Category: Politics

MIL-OSI USA: Kamlager-Dove Secures $500k for Youth Anti-Recidivism Initiative in South LA

Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

LOS ANGELES, CA — Today, Congresswoman Sydney Kamlager-Dove (CA-37) presented a $500,000 check to Brotherhood Crusade for its Trauma-Informed Anti-Recidivism Initiative. This project is one of fifteen that Congresswoman Kamlager-Dove secured a total of $12.4 million for through Fiscal Year 2024 government funding legislation.

The Trauma-Informed Anti-Recidivism Initiative will engage system-impacted youth ages 12-24 in a two-stage program to facilitate successful reentry into society and reduce recidivism rates. The first stage involves a ten-step, evidence-based curriculum to curb high risk behaviors. The second stage equips participants with the tools they need to become their best selves through 12 months of mentorship and workforce development training. All aspects of the initiative are tailored to address the specific needs of system-impacted youth in South Los Angeles.

“Everyone deserves a second chance—especially young people. But more than that, our system-impacted youth must be supported as they reenter society and start a new chapter in their lives,” said Congresswoman Kamlager-Dove. “Through its Trauma-Informed Anti-Recidivism Initiative, Brotherhood Crusade is doing the work to ensure that system-impacted youth not only get back on their feet but reach their full potential. This program is an investment in our youth and our community that will help us build a brighter, more prosperous future for South Los Angeles.”

“We are forever thankful to Congresswoman Kamlager-Dove for her support of the Brotherhood Crusade’s Trauma-Informed Anti-Recidivism Initiative. Every day, we are working intentionally to help keep youth from re-offending in our communities by offering engaging, impactful, and culturally supportive programs. The $500,000 grant will assist in continuing and growing our transformative, evidenced and research-based programs that has resulted in the significant drop of recidivism rates for youth participating in our programs,” said Charisse Bremond Weaver, President and CEO of the Brotherhood Crusade. “We are humbled and appreciative of the confidence that Congresswoman Kamlager-Dove has in our 56-year institution that serves youth and families every day in South Los Angeles.”

ABOUT BROTHERHOOD CRUSADE:

The Los Angeles Brotherhood Crusade is a grassroots 501(c)(3) nonprofit providing human and social services to more than 100,000 South Los Angeles residents annually. Brotherhood Crusade’s mission is to help individuals overcome the barriers that deter their pursuit of success in life and facilitate opportunities for a better quality of life. Brotherhood Crusade believes that South Los Angeles can be a safe, thriving, culturally relevant and inclusive community that provides all residents equitable access to human and social services and continually improves their quality of life.

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MIL OSI USA News –

January 25, 2025
MIL-OSI China: New disaster film grapples with radiation leak crisis

Source: China State Council Information Office 3

The new disaster film “Cesium Fallout” kept audiences on the edge of their seats at its premiere, telling a cautionary tale about battling a Cesium-137 radiation leak in China’s Hong Kong region.

An IMAX poster for “Cesium Fallout.” [Photo courtesy of IMAX China]

Cesium-137 is a radioactive isotope that is used by many commercial and industrial sectors. Having a half-life of 30 years, Cesium-137 during its period of decay emits gamma rays, which can negatively impact “human health.” The radioactive isotope can even cause death.

Directed by Anthony Pun and starring Andy Lau, Bai Yu and Karen Mok, “Cesium Fallout” delivers an apocalyptic scenario in which government officials, firefighters and experts race against the clock to address a Cesium-137 radiation leak and save millions of lives. The film also explores themes of heroism, complex human nature, corruption among officials and businessmen, and environmental pollution.

Veteran producer Bill Kong shared at the Beijing premiere on Oct. 28 that his inspiration for creating the film came after seeing news about illegal transshipment of foreign waste and wanting “to let the whole world know.”

“Waste recycling sites and imported trash pose many safety hazards,” he said, “we interviewed environmental experts and learned that, in the past, some foreign companies, to save on recycling costs, dumped electronic waste overseas, with some of it sent to Hong Kong. Electronic waste contains many harmful substances and, if they seep into soil and water sources, they can severely damage the environment. Through this film, I hope to spark public concern about these issues.”

At the Beijing premiere, real-life firefighters brought hazmat suits similar to those used in the film, adding authenticity that impressed the audience. They explained that the 27-kilogram suit’s oxygen supply “only lasts for 30 minutes.”

Director Pun shared that filming the scene where Andy Lau and Bai Yu wore these suits to locate hazardous substances was especially challenging, as the real breathing apparatus and 20-minute countdown intervals added intense tension both on and off set.

Cast and crew interact with the audience at the premiere for “Cesium Fallout” in Beijing, Oct. 28, 2024. [Photo courtesy of Dark Horse Entertainment]

A pre-record speech by the prominent Chinese director Zhang Yimou was also played at the premiere. In his video address, Zhang described the film as a rare disaster blockbuster that portrays a “doomsday scenario triggered by a hazardous substance leak,” adding that it “fills a gap in Hong Kong cinema.”

Zhang also noted that this film is not just a commercial blockbuster but a profound message that addresses the critical issue of environmental pollution, provoking people to think about how to face the future of planet Earth.

“Cesium Fallout” will hit theaters nationwide on Nov. 1, with advanced limited screenings having already started on Oct. 25, receiving positive feedback from moviegoers.

MIL OSI China News –

January 25, 2025
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

Julien Jean Zayatz/Shutterstock

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: Minister Shorten doorstop interview at Services Australia, Mount Barker

Source: Ministers for Social Services

31 October 2024

E&OE TRANSCRIPT

SUBJECTS: $241 million in outstanding Medicare payments owed to Australians; MP’s declaration of flights; academic pressure on politicians re: abortion laws.

REBECCA SHARKIE, MEMBER FOR MAYO: I’d like to now welcome the Minister for NDIS, Government Services Minister Bill Shorten, who I – I’m allowed to have favourites, the Minister is my favourite Minister in the government. There we go. Mic drop over to you.

BILL SHORTEN, MINISTER FOR THIS NDIS AND GOVERNMENT SERVICES: Look, it is great to be in Rebecca Sharkie’s electorate of Mayo. The truth of the matter is, Rebecca is one of the hardest working members of Parliament. She’s highly respected in all parts. And I was very keen to come and visit, hear her issues on the ground. It’s great to be here at Service Australia and the NDIA office. The Services Australia staff here look after over 100 people every day, making sure that people can get their pensions, their entitlements, their Medicare. And it’s fantastic, what this hard-working team do.

It’s also great to be here with staff from the National Disability Insurance Agency. The NDIS is changing hundreds of thousands of lives for the better. There’s been a lot of change. We’re making the scheme better. We’re making it true to its original purpose. We’re ensuring it’s sustainable. But all of that happens because we’ve got great people. So, the fact that call waiting times in Centrelink are down, processing payment times are now shorter in Medicare because of the hard work. And in the NDIS, we’re getting better outcomes for people daily, is due to hard work in Commonwealth public servants here in Mount Barker.

But I’m not just here to listen and not just here to say thank you to the public servants who look after people when they’re vulnerable or in distress. I’ve got some good news for South Australians and good news for Australians generally, during a cost-of-living crisis. At the moment, there is $241 million of Medicare payments which people have accrued. In other words, the money is there for them. There’s 930,000 of our fellow Australians, from every corner of this continent and all walks of life, who actually are entitled to get rebates for the health system. They just haven’t collected them.

In South Australia alone, there’s $19 million, just basically sitting in the government bank accounts for 73,800 South Australians who, all they have to do is because we don’t have their current bank details, we can’t just automatically send it to them. So, this is good news, but it’s also a request. People should go to the myGov website or the myGov app, link up their Medicare card to their myGov account, and then make sure that the bank details are up to date. You will receive any outstanding money within three working days. That’s all you’ve got to do. Like, if finding treasure was this easy, we’d all be treasure hunters.

But the reality is we’ve got a national treasure. It’s called Medicare. It’s there to help people defray the costs of their health system. And what we find is that there’s $241 million which people legitimately can claim, just tell us your bank account details and then we will pay you. And you know, when you think about a million people and a quarter of $1 billion, that’s not small change. For some people, I think the average that’s owed is about $260, which is just great. But some people, there’s thousands of people who are owed tens of thousands of dollars. So, my request, my plea, my invitation is, go online to myGov, download the myGov app, link up the Medicare card, make sure you’ve got your bank details up to date, and then if you’re owed money, bang, in three days, it’s in your account. This process will take you about ten minutes if you have to set up a myGov account and link it to Medicare. It’s a lot quicker if you’ve already got your myGov app and Medicare linked. Just update your bank details. Anyway, that’s good news and happy to take questions on this or any other matter.

JOURNALIST: How did this get uncovered in the first place?

SHORTEN: Well, it’s always been a thing. I’m just not sure my predecessors always talked about it. I want the money which is the money of the Australian people to be in Australian people’s bank accounts. So, it is possible, you know, you change banks, you can lose track of different things that you put in. You’re not sure. So, I can understand how in busy lives and changing details, thinking about whether or not the government’s got your current bank account details, it’s probably not your number one issue. If you’ve got to, you know, feed the dog, get the kids to school, you know, go to work. But it’s 241 million. We’ve been pushing this a bit to get money back to people. Since the end of last year, we have reunited $117 million with Australians who had outstanding payments, but literally, you don’t have to go on a treasure hunt. Just go to myGov. It’s your money. We just want to try and give it to you. Please just update your bank details.

JOURNALIST: It might be possible that scammers might jump on this and try.

SHORTEN: Oh yeah. One thing, listen, there’s a lot of – you know, scammers are wicked, wicked people. Um, and you know, international scammers, terrible. Don’t open a link. We won’t be sending you a link to open. You go to myGov website, you download the myGov app. We won’t be sending you a link to click and open. Do not click a link. You go to myGov website, and you go to the myGov app. Download that.

JOURNALIST: Is there a certain age group which is owed significantly more than others?

SHORTEN: Well, the Millennials. The Millennials, Gen Z. There is about 224,000 Gen Z-ers who are owed some money, so that’s the biggest group. But what is interesting when you look at the age cohorts are there’s children, so, through their parents, Gen Z is the biggest group, but it’s right up to people in their 80s. So everywhere in Australia, there’s 930,000 people who are owed money. And literally, it’s not that hard to get. You’ve just got to sort of prioritize it for about ten minutes of your life. I’m not saying you might well be up to date with your Medicare payments, so that’s good, that doesn’t mean you get any more. But for 930,000 of our fellow citizens, it’s just there. Like, it’s like picking apples off a tree.

JOURNALIST: And this obviously isn’t just in the last financial year. Has this been accruing over time?

SHORTEN: It accrues over time, yes. I mean, this year, last financial year, this nation of ours paid out $30 billion in Medicare payments, but there’s a quarter of a billion which is ready to be paid, which hasn’t been collected.

JOURNALIST: As you said, this keeps happening. Do processes perhaps need to be a bit more streamlined?

SHORTEN: Yeah, we do so – well, the good news is we’re taking a lot of government services online so we can digitally notify a lot of people. Until we had the myGov app, once upon a time, you’d get, you know, myGov, “you have mail”. And that was sort of almost like a nightmare for people because they’d have to try different systems. Very clunky. You’d have to go to the site. The myGov app is great. It’s in the Google shop, just download it. So, we can notify people digitally. We’ve got 30 different campaigns on campuses to let students know, but I think this is something which we can more proactively push, which is why we’re doing it today. We’re doing it in Rebekha Sharkie’s electorate. She has people in Mount Barker, 795 who are owed some money. They’ve just got to update their bank registration details.

JOURNALIST: It doesn’t run out. Does the government going to hold on to these?

SHORTEN: Yeah, we’re not spending it. No, there’s no there’s no due date where then it’s garnisheed. It just builds up. But let’s just get it out the door. Cost of living crisis. This is this is really good practical stuff, by the way. It’s not inflationary. This is money which has already been accrued, banked, allocated. We just need to help people reunite with it.

JOURNALIST: On other matters if that’s okay. Minister. Police are currently investigating the death of a woman in Port Augusta, apparently living with quite significant disability, but wasn’t on the NDIS. She was just living in squalor. How can something, how does someone fall through the cracks like this? Or is the onus on the person with the disability to get onto the NDIS?

SHORTEN: First of all, this woman’s passing is a tragedy. I understand she was about 26. It’s just tragic. That’s the first point I’d want to make. People with disabilities are vulnerable. It’s a tragedy when someone dies. As I understand in 20 – I’ve only just heard about this matter – in 2017, there was an initial expression of interest to be on the scheme. Then documentation was sent back, and then nothing more was ever heard. South Australian police, you know, they’re the professionals. We’re going to let them investigate. Obviously, we want to see what the findings are. But I think this is an issue not just for government. You know, the great people here or, you know, a local member can’t know what’s going on behind the fence and behind the door in every house. But communities, we’ve all got to look after each other, look out for each other more. Um, and sometimes people with disabilities can be socially isolated, or they might just have a relationship, and if that breaks down, then no one cares. So, I think it is a tragedy and a disaster. And the challenge here, though, is how do we as a community make sure that if someone isn’t seen for a while, what are we doing about it? So, I think this is not just one on government. This is one on all of us, to keep an eye out for each other.

JOURNALIST: When there is a request to NDIS and you don’t hear back, are steps taken to follow up or is that it?

SHORTEN: I don’t know what the system was in 2017. Yeah, we do follow up and we do go back to people. But at the end of the day, if someone doesn’t want to persist with an application, you’re not going to make them. It’s not compulsory to be on the NDIS.

JOURNALIST: Do you think there needs to be more independent processes or safeguards for people to report concerns?

SHORTEN: I think the question really is, and I’ll be interested in what the South Australian police say, from 2017, who knew about her circumstances? That’s a pretty relevant question, isn’t it? I don’t expect every politician in Australia to know every one of 110,000 adults in their electorate, but one thing they have in some states are community visitor programs. There’s a role also here for the state government. I know Nat Cook is a very conscientious Minister, though. I don’t think there’s a better Disability Minister in the country at the state level. But I think that we need to have a discussion with councils because councils often know where – I mean, maybe I don’t know if anything could have been done to avoid this death. I don’t know. But generally, your council bylaw officers often know where the dodgy houses are. They know what’s happening. I think community visitor programs are very good, where you’ve got volunteers who want to just pop in and check in on people. I think the community generally needs to notice if your neighbours aren’t around, or if they haven’t seen them in a while. What we do though, of course when we get someone who seeks a plan, is we have red flags. So, if you get to sit down and you want your individual plan, we look at their social circumstances. Are they vulnerable where they might just have a carer as a relationship or just one person? o that’s something we certainly take into account in the planning stage, but it’s not compulsory to be on the NDIS.

JOURNALIST: Do you think this was an extreme case or do you are you concerned with how many others there might be out there like this?

SHORTEN: It’s an extreme case, but I also am concerned, and it might be rare, but that doesn’t make it acceptable. But let’s let South Australian police see what they say and recommend will, of course. Watch the findings.

JOURNALIST: We just might move on to the whole Qantas saga at the moment and the whole flights. Peter Dutton now has admitted to taking flights from Gina Rinehart. Do you think MPs are going to be looking at their flight logs?

SHORTEN: First of all, let’s go to the heart of the matter. The Prime Minister has done everything according to the rules that are in place. He’s made that clear. He’s also made clear that he didn’t approach Alan Joyce for upgrades. That’s the sort of – that’s where this this debate started. Now, of course, it’s cascading into the adequacy of reporting, you know, the role of upgrades. Just two observations. The Liberals have been holding themselves out to be pretty pure and pretty holier than thou, but then it turns out they’ve got problems.

This reminds me of when Malcolm Turnbull went on the attack, when he was an opposition leader, and there was a whistleblower who I believe was called Godwin Grech and said somehow Kevin Rudd had done something wrong on a used car scheme and it was just wrong. So, I think oppositions need to be very careful about playing the man and going after the Prime Minister because they, I think, have their own problems. They clearly don’t live in a glass house.

But the other observation I want to make is this I think politicians work incredibly hard. I think they’re very committed. They want to make a difference. I think the opposition fascination with airlines lets the big issue of cost of living off the hook. You know, I’m here today with Rebecca. We want to talk about, how do we get money, which people are owed, in their pockets so they’ve got a little bit more for Christmas. So, you know, I think the opposition’s sort of made a meal of this. They’ve held themselves up to be saintly and they’re not. And I think they’re in danger of overreaching. And maybe they might even shoot themselves in the foot.

JOURNALIST: But do you do you think that the Prime Minister, by using terminology like he didn’t call Alan Joyce, he could have cleared it up by clarifying it from the outset?

SHORTEN: Well, first of all, there’s been a book written. Everyone got excited about that. Or at least Mr. Albanese’s enemies did. He’s cleared it up. We want to get on with talking about cost of living.

JOURNALIST: Sorry, one quick question. Do you recall working with a Professor Joanna Howe?

SHORTEN: Not in the Parliament, no. Way back when I was a union official, I don’t really recall, but that would be 20 years ago.

JOURNALIST: This is a question from another network, but there was, she was championing an anti-abortion bill lately, and she’s admitted to pressuring a politician to abandon a pair vote. Your thoughts on, you know, an academic trying to pressure MPs to vote a certain way?

SHORTEN: Listen, I’ve accused of being ambitious. I’ve been ambitious for the Australian people, but I’ve never been ambitious enough to run for the South Australian parliament. I think Peter Malinauskas is outstanding. I’m not really wanting to get into South Australia and the entrails of South Australian politics. I do make this point about a woman’s right to choose nationally. I think Mr. Dutton needs to come out and be very clear that if he was ever elected Prime Minister, he wouldn’t use federal powers to roll back the protections that women have to accessing our safe and healthy treatment.

JOURNALIST: Sorry, Minister, I just have to take you back to the flights. Can I ask, does Bridget McKenzie have anything to question for, any questions to answer? If she hasn’t declared flights, should she be found in contempt of the Senate?

SHORTEN: Oh, man, the Senate. We have enough time in the Reps. I think the point here is that the Liberals got on their high horse, and they’ve been throwing a lot of mud, but I think what’s ended up is they’ve ended up with most of it on their own face.

MIL OSI News –

January 25, 2025
MIL-OSI Russia: Moscow Mayor: Two More Production Facilities to Be Created Under Offset Contracts

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

The city plans to conclude two offset contracts – for the supply of SAM (Secure Access Module) secure access modules for public transport fare payment devices and for the provision of services for the disposal of abandoned vehicles. For this purpose, the Moscow Government will organize electronic tenders. The corresponding orders were signed by Sergei Sobyanin.

Supply of secure access modules

Under the terms of the first offset contract, the winner of the competition will undertake to create a new or modernize an existing production of SAM modules in the capital within three years. They are necessary for equipping turnstiles, validators, cash desks, terminals and ticket machines in public transport.

“Electronic products will ensure the security of storing information on Troika travel tickets and transactions on them,” wrote Sergei Sobyanin

in his telegram channel.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

It is planned to purchase a total of at least 172 thousand SAM modules over seven years. Organizing their production is part of the project for the transition of Moscow city transport to domestic technologies. This will allow building a multi-level system for protecting travel tickets and transactions on them.

The Troika card is the main instrument for paying for travel on the capital’s public transport. Since its launch in 2013, more than 50 million unified transport cards have been issued.

Provision of recycling services

Under the terms of the second offset contract, the winner of the competition will undertake to create a new or modernize an existing enterprise for the disposal of decommissioned vehicles in the capital within two years.

“This will also help ensure environmentally safe recycling of technical liquids, heavy metals and other chemical waste,” added the Moscow Mayor.

For its part, the Moscow Government guarantees a recycling volume of no less than 200 thousand tons of vehicles and used spare parts over 10 years.

About 100 new jobs will be created at the production site. By refusing to use third-party contractors, the city budget will save up to 100 million rubles a year.

Every year, city services evacuate about three thousand abandoned and dismantled vehicles, including at the request of Muscovites. on the portal “Our City”.

Moscow Offset Contracts

In 2017–2024, the Moscow Government concluded 22 offset contracts for the supply of medicines, medical products, food products for milk kitchens, landscaping elements, traction batteries for electric transport, municipal equipment and other products important for the city. The total volume of purchases under them will amount to about 413 billion rubles. In total, about seven thousand new jobs will be created.

Under eight offset contracts, investors have already completed the creation of production facilities and started delivering products. The city receives drugs for the treatment of oncological, cardiological, endocrine and autoimmune diseases, as well as antiglaucoma, antibacterial, analgesic drugs, antidepressants and neuroleptics. Medical products are supplied to Moscow social institutions, and baby food is supplied to milk distribution points.

Of the concluded offset contracts, three are inter-subject in nature. Moscow’s partners are the Republic of Karelia, Vladimir and Orenburg regions. Under these contracts, the city will receive crushed stone and stabilizing additives for road construction, as well as tulip planting kits.

Sobyanin: Offset contracts allow us to guarantee the receipt of important products

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/major/themes/11972050/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Asia-Pac: Mentorship scheme applications open

Source: Hong Kong Information Services

The Strive & Rise Programme began the recruitment of 4,000 mentees for its third cohort today.

Secondary One to Secondary Four students from underprivileged families, particularly those living in subdivided units, can now submit applications through the programme’s mobile application.

Formulated and implemented by an interdepartmental task force led by the Chief Secretary, the programme comprises three key elements – mentorship, personal development plans and financial support.

Delivered over the course of a year, it combines mentorship with a structured programme involving orientation, basic training, diverse group activities, and Mainland study and exchange tours. Overall, it aims to help mentees broaden their horizons, build self-confidence, develop a positive outlook on life, set goals for the future, and strive for upward mobility.

The programme will provide startup financial support of $5,000 for mentees to implement their personal development plans under their mentors’ guidance. Upon successful completion of the programme, mentees will be awarded a $5,000 scholarship and granted Alumni Club membership.

Applications will close on November 20.

Interested students may approach their schools or any of the non-governmental organisations that assist the Government in implementing the programme.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Russia: Sobyanin: Mosconcert held 870 performances in the SVO zone and border regions

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Mosconcert artists have performed over 870 times in the country’s border regions, new territories and in the special military operation (SVO) zone. Sergei Sobyanin reported this in his telegram channel.

“In military units, in dugouts, in hospitals along the entire front line, artists inspire soldiers with songs and music, bring news from relatives, and distribute humanitarian aid,” the Mayor of Moscow noted.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

The capital’s artists always go to the Kursk and Belgorod regions with humanitarian aid. They conduct master classes in acting for children and perform concerts for adults.

In new regions of Russia, Mosconcert artists delight children with theatrical performances and gifts. For young people, they hold cultural and educational events, including talking about the various development opportunities that the capital offers.

In addition, Mosconcert constantly invites military personnel and their family members to events in the capital.

Sergei Sobyanin: SVO participants and their relatives are provided with assistance in career development Sergei Sobyanin spoke about support for SVO participants and their families in Moscow

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/major/themes/11973050/

MIL OSI Russia News –

January 25, 2025

MIL-OSI: Societe Generale: Third quarter 2024 earnings

Source: GlobeNewswire (MIL-OSI)

RESULTS AT 30 SEPTEMBER 2024

Press release
Paris, 31 October 2024

SOLID BUSINESS PERFORMANCE IN Q3 24,
GROUP NET INCOME OF EUR 1.4 BILLION

Revenues of EUR 6.8 billion, up +10.5% vs. Q3 23¹, driven notably by the strong rebound in net interest income in France, in line with end of year estimate, and by another solid performance of Global Banking and Investor Solutions, in particular in Equities and Transaction Banking

Strong positive jaws, control of operating expenses, down by -0.8% vs. Q3 23

Cost-to-income ratio at 63.3% in Q3 24, improved by 7.1 points vs. Q3 23

Stable cost of risk at 27 basis points in Q3 24

Profitability (ROTE) at 9.6% vs. 3.8% for Q3 23

9M 24 NET INCOME UP 53% VS. 9M 23 AT EUR 3.2 BILLION,
DRIVEN BY THE IMPROVEMENT IN OPERATING PERFORMANCE

Revenues of EUR 20.2 billion, up +5.3% vs. 9M 23

Stable operating expenses, +0.1% vs. 9M 23

Cost-to-income ratio at 68.8%, improved by 3.6 percentage points vs. 9M 23

Profitability (ROTE) at 7.1% vs. 5.0% for 9M 23

SOLID CAPITAL AND LIQUIDITY RATIOS

CET 1 ratio of 13.2%²at end of Q3 24, around 300 basis points above the regulatory requirement

Liquidity Coverage Ratio at 152% at end of Q3 24

Distribution provision of EUR 1.66³per share at end-September 2024

DECISIVE EXECUTION OF THE STRATEGIC PLAN

Capital build-up ahead of Capital Markets Day trajectory

Continuous improvement in efficiency and profitability

Reshaping of the business portfolio well underway

Slawomir Krupa, the Group’s Chief Executive Officer, commented:
“We are publishing solid quarterly results that continue to show strong improvement. It demonstrates that we are executing our strategic plan which is impacting our results in a positive and tangible way. Our revenues are up thanks to the solid performance of our businesses with a strong rebound of the net interest income in France and another remarkable contribution from Global Banking and Investor Solutions. Operating expenses are stable and cost of risk is contained. We are posting a clear improvement of cost-to-income ratio and profitability, and our capital ratio continues to strengthen.
For the past year we have been working relentlessly. Our teams are mobilized and we have made progress in three fundamental areas: capital build-up, improvement of profitability, and the reshaping of our business portfolio. We continue to implement our various strategic initiatives such as BoursoBank’s development, LeasePlan’s integration within Ayvens and the acceleration of our contribution to the energy transition. Our goal remains unchanged: a sustainable performance that will create long-term value.”

GROUP CONSOLIDATED RESULTS

In EURm	Q3 24	Q3 23	Change		9M 24	9M 23	Change
Net banking income	6,837	6,189	+10.5%	+11.8%*	20,167	19,147	+5.3%	+6.5%*
Operating expenses	(4,327)	(4,360)	-0.8%	-0.3%*	(13,877)	(13,858)	+0.1%	+0.5%*
Gross operating income	2,511	1,829	+37.3%	+41.0%*	6,290	5,289	+18.9%	+22.4%*
Net cost of risk	(406)	(316)	+28.4%	+30.5%*	(1,192)	(664)	+79.6%	+81.0%*
Operating income	2,105	1,513	+39.1%	+43.2%*	5,098	4,625	+10.2%	+13.9%*
Net profits or losses from other assets	21	6	x 3.5	x 3.4*	(67)	(92)	+27.5%	+27.3%*
Income tax	(535)	(624)	-14.3%	-12.7%*	(1,188)	(1,377)	-13.7%	-11.3%*
Net income	1,591	563	x 2.8	x 3.0*	3,856	2,836	+35.9%	+41.3%*
O.w. non-controlling interests	224	268	-16.5%	-16.1%*	696	774	-10.1%	-11.2%*
Reported Group net income	1,367	295	x 4.6	x 5.1*	3,160	2,062	+53.2%	+62.2%*
ROE	8.4%	0.9%			6.2%	3.6%	+0.0%	+0.0%*
ROTE	9.6%	3.8%			7.1%	5.0%	+0.0%	+0.0%*
Cost to income	63.3%	70.4%			68.8%	72.4%	+0.0%	+0.0%*

Societe Generale’s Board of Directors, which met on 30 October 2024 under the chairmanship of Lorenzo Bini Smaghi, examined Societe Generale Group’s results for Q3 24 and for the first nine months of 2024.

Net banking income

Net banking income stood at EUR 6.8 billion, up by +10.5% vs. Q3 23.

Revenues of French Retail, Private Banking and Insurance were up by +18.7% vs. Q3 23 and totalled EUR 2.3 billion in Q3 24. Net interest income continued its rebound in Q3 24 (+43% excluding PEL/CEL provision vs. Q3 23), in line with latest estimates, in the context of a still muted loan environment and the pursuit of increasing interest-bearing deposits. Assets under management in the Private Banking and Insurance businesses continued to rise, respectively recording a growth of +8% and +10% in Q3 24 vs. Q3 23. Last, BoursoBank continued its controlled client acquisition, onboarding once again more than 300,000 new clients over the quarter, reaching close to 6.8 million clients at end-September 2024. Likewise, assets under administration rose by over 14% vs. Q3 23. As in Q2 24, BoursoBank posted a positive contribution to Group net income in Q3 24.

Global Banking and Investor Solutions registered a +4.9% increase in revenues relative to Q3 23. Revenues totalled EUR 2.4 billion over the quarter, still driven by strong dynamics of Global Markets’ and Global Transaction & Payment Services’ activities, with revenues increasing by a respective +7.6% and +9.0% in Q3 24 vs. Q3 23. Within Global Markets, revenues of Equity businesses grew by +10.1%. This is the second best third quarter ever. Fixed income and Currencies also recorded a solid performance, with a +6.1% increase in revenues amid a falling interest rates. Financing and Advisory’s revenues totalled EUR 843 million, stable vs. Q3 23. The commercial momentum in the securitisation businesses remained very solid and the performance of financing activities continued to be good, albeit slower relative to an elevated Q3 23. Likewise, Global Transaction & Payment Services’ activities posted an +9.0% increase in revenues vs. Q3 23, driven by a favourable market environment and sustained commercial development in the cash management and correspondent banking activities.

Mobility, International Retail Banking and Financial Services’ revenues were down by -5.4% vs. Q3 23 mainly owing to base effects at Ayvens. International Retail Banking recorded a +1.4% increase in revenues vs. Q3 23 to EUR 1.1 billion, driven by favourable momentum across all regions. Mobility and Financial Services’ revenues contracted by -11.4% vs. Q3 23 owing to an unfavourable non-recurring base effect on Ayvens.

The Corporate Centre recorded revenues of EUR +54 million in Q3 24. They include the booking of exceptional proceeds of approximately EUR 0.3 billion⁴.

Over 9M 24, net banking income increased by +5.3% vs. 9M 23.

Operating expenses

Operating expenses came to EUR 4,327 million in Q3 24, down -0.8% vs. Q3 23.

The cost-to-income ratio stood at 63.3% in Q3 24, a sharp decrease vs. Q3 23 (70.4%) and Q2 24 (68.4%).

Over 9M 24, operating expenses were stable (+0.1% vs. 9M 23) and the cost-to-income ratio came to 68.8% (vs. 72.4% for 9M 23), which is lower than the 71% target set for FY 2024.

Cost of risk

The cost of risk was stable and contained over the quarter at 27 basis points, i.e., EUR 406 million. This comprises a EUR 400 million provision for doubtful loans (around 27 basis points) and a provision on performing loan outstandings for EUR +6 million.

At end-September 2024, the Group’s provisions on performing loans amounted to EUR 3,122 million, down by a slight EUR -56 million relative to 30 June 2024 notably as per the application of IFRS5 accounting standards on activities under disposal. The EUR -450 million contraction relative to 31 December 2023 is mainly owing to the application of IFRS 5 accounting standards for activities under disposal.

The gross non-performing loan ratio stood at 2.95%⁵^,⁶ at 30 September 2024, down vs. end of June 2024 (3.03%). The net coverage ratio on the Group’s non-performing loans stood at 84%⁷ at 30 September 2024 (after netting of guarantees and collateral).

Net profits from other assets

In Q3 24, the Group booked net profit of EUR 21 million driven, on the one hand, by the sale of the headquarters of KB in the Czech Republic and, on the other hand, by the accounting impacts mainly owing to the current sale of assets.

Group net income

Group net income stood at EUR 1,367 million in Q3 24, equating to a Return on Tangible Equity (ROTE) of 9.6%.

Over 9M 24, Group net income came to EUR 3,160 million, equating to a Return on Tangible Equity (ROTE) of 7.1%.

2. STRATEGIC PLAN FULLY ON TRACK

Since announcing its strategic plan in September 2023, the Group has made significant progress in its implementation, the benefits of which are starting to materialise, including on financials aspects. Fundamental milestones have notably been reached in three major areas: capital build-up, the continuous improvement in efficiency and profitability and the reshaping of the business portfolio.

Regarding the business portfolio, the Group has been proactive in recent months, announcing the disposal of several non-core and non-synergistic assets. These latest divestments not only contribute to simplifying the Group but will also reinforce the capital ratio by around 60 basis points, of which around 15 basis points are expected by year-end.

At the same time, the Group is preparing the future by investing in our core franchises, as demonstrated by the development of BoursoBank, the integration of LeasePlan in Ayvens, the creation of Bernstein, the partnership with Brookfield, the merger of our networks in France and the digitalization of our networks in the Czech Republic.

The rollout of our ESG roadmap is also progressing well, particularly on the alignment of our portfolio. The Group has already reduced by more than 50% its upstream Oil & Gas exposure at Q2 24 compared to 2019⁸.

Last quarter, the Group reached its EUR 300 billion sustainable finance target set between 2022-2025. Societe Generale announces today a new sustainable finance target to facilitate EUR 500 billion over the 2024-2030 period that breaks down as follows:
– EUR 400 billion in financing and EUR 100 billion in sustainable bonds⁹
– EUR 400 billion in environmental activities and EUR 100 billion in social

A major portion of financing will be for dedicated transactions in clean energy, sustainable real estate, low carbon mobility, and other industry and environmental transition topics.

3. THE GROUP’S FINANCIAL STRUCTURE

At 30 September 2024, the Group’s Common Equity Tier 1 ratio stood at 13.2%¹⁰, around 300 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well ahead of regulatory requirements at 152% at end-September 2024 (156% on average for the quarter), and the Net Stable Funding Ratio (NSFR) stood at 116% at end-September 2024.

All liquidity and solvency ratios are well above the regulatory requirements.

	30.09.2024	31.12.2023	Requirements
CET1⁽¹⁾	13.2%	13.1%	10.22%
CET1 fully loaded	13.2%	13.1%	10.22%
Tier 1 ratio ⁽¹⁾	15.5%	15.6%	12.15%
Total Capital⁽¹⁾	18.2%	18.2%	14.71%
Leverage ratio ⁽¹⁾	4.25%	4.25%	3.60%
TLAC (% RWA)⁽¹⁾	27.8%	31.9%	22.29%
TLAC (% leverage)⁽¹⁾	7.6%	8.7%	6.75%
MREL (% RWA)⁽¹⁾	32.2%	33.7%	27.56%
MREL (% leverage)⁽¹⁾	8.8%	9.2%	6.23%
End of period LCR	152%	160%	>100%
Period average LCR	156%	155%	>100%
NSFR	116%	119%	>100%

In EURbn	30.09.2024	31.12.2023
Total consolidated balance sheet	1,580	1,554
Group shareholders’ equity	67	66
Risk-weighted assets	392	389
O.w. credit risk	331	326
Total funded balance sheet	948	970
Customer loans	453	497
Customer deposits	608	618

At 11 October 2024, the parent company had issued a total of EUR 38.0 billion in medium/long-term debt, of which EUR 17.5 billion in vanilla notes. The 2024 long-term vanilla funding programme is completed. The subsidiaries had issued EUR 4.6 billion. In all, the Group has issued a total of EUR 42.6 billion.

The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1” (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1” (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.
4. FRENCH RETAIL, PRIVATE BANKING AND INSURANCE

In EURm	Q3 24	Q3 23	Change	9M 24	9M 23	Change
Net banking income	2,254	1,900	+18.7%	6,390	6,090	+4.9%
Net banking income excl. PEL/CEL	2,259	1,895	+19.2%	6,392	6,090	+5.0%
Operating expenses	(1,585)	(1,608)	-1.4%	(4,962)	(5,073)	-2.2%
Gross operating income	669	292	x 2.3	1,428	1,017	+40.5%
Net cost of risk	(178)	(144)	+23.4%	(597)	(342)	+74.7%
Operating income	491	148	x 3.3	831	675	+23.1%
Net profits or losses from other assets	(1)	0	n/s	7	4	x 2.1
Reported Group net income	368	109	x 3.4	631	506	+24.8%
RONE	9.4%	2.8%		5.4%	4.4%
Cost to income	70.3%	84.7%		77.7%	83.3%

Commercial activity

SG Network, Private Banking and Insurance

Average outstanding deposits of the SG Network amounted to EUR 236 billion in Q3 24, up by +0.6% vs. the previous quarter (-1% vs. Q3 23), with a continued rise in interest-bearing deposits and financial savings.

The SG Network’s average loan outstandings contracted by -5% vs. Q3 23 to EUR 195 billion. Outstanding loans to corporate and professional clients were stable vs. Q3 23 (excluding government-guaranteed PGE loans), with the share of medium to long-term loans increasing relative to Q2 24. Home loan production continued its recovery (2.4x vs. Q3 23 and +15% vs. Q2 24).

The average loan to deposit ratio came to 82.5% in Q3 24, down by -3.3 percentage points relative to Q3 23.

Private Banking activities saw their assets under management¹¹ reach a new record of EUR 154 billion in Q3 24, up by +8% vs. Q3 23. Net gathering stood at EUR 5.9 billion in 9M 24, the net asset gathering pace (net new money divided by AuM) has risen by +5.5% since the start of the year. Net banking income stood at EUR 368 million over the quarter, stable vs. Q3 23. Over 9M 24, net banking income came to EUR 1,121 million, a +1% increase vs. 9M 23.

Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +10% vs. Q3 23 to reach a record EUR 145 billion at end-September 2024. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 3.6 billion in Q3 24, up by +35% vs. Q3 23.

Personal protection and P&C premia were up by +5% vs. Q3 23.

BoursoBank

BoursoBank registered almost 6.8 million clients at end-September 2024, a +27% increase vs. Q3 23 (an increase of around 1.4 million clients year on year). The pace of new client acquisition (around 310,000 new clients in Q3 24) is fully in line with the target of 7 million clients by the end of 2024. BoursoBank can build on an active, loyal and high-quality client base. The brokerage activity registered two million transactions, up by +18% vs. Q3 23. Last, proof of the efficiency of the model and of the very high client satisfaction level, the churn rate has remained low at around 3% and below the market rate.

Average loan outstandings rose by +4,2% compared to Q3 23, at EUR 15 billion in Q3 24.

Average outstanding savings including deposits and financial savings were +13.8% higher vs. Q3 23 at EUR 63 billion. Deposits outstanding totalled EUR 38 billion at Q3 24, posting another sharp increase of +16.2% vs. Q3 23. Life insurance outstandings came to EUR 12 billion in Q3 24 and rose by +7.3% vs. Q3 23 (o/w 47% unit-linked products, a +3.3 percentage points increase vs. Q3 23). The activity continued to register strong gross inflows over the quarter (+55% vs. Q3 23, around 53% unit-linked products).

For the second quarter in a row, BoursoBank recorded a positive contribution to Group net income in Q3 24.

Net banking income

Over the quarter, revenues came to EUR 2,254 million, up +19% vs. Q3 23 and up +6% vs Q2 24. Net interest income grew by +43% vs. Q3 23 (excluding PEL/CEL) and +19% (EUR 169 million) vs. Q2 24. Fee income rose by +5.0% relative to Q3 23.

Over 9M 24 revenues came to EUR 6,390 million, up by +4.9% vs. 9M 23. Net interest income excluding PEL/CEL was up by +15.9% vs. 9M 23. Fee income increased by +1.7% relative to 9M 23.

Operating expenses

Over the quarter, operating expenses came to EUR 1,585 million, down -1.4% vs. Q3 23. Operating expenses for Q3 24 include EUR 12 million in transformation costs. The cost-to-income ratio stood at 70.3% for Q3 24, improving by more than +14 percentage points vs. Q3 23.

Over 9M 24, operating expenses came to EUR 4,962 million (-2.2% vs. 9M 23). The cost-to-income ratio stood at 77.7% and improved by +5.7 percentage points vs. 9M 23.

Cost of risk

In Q3 24, the cost of risk amounted to EUR 178 million or 30 basis points stable on Q2 24
(29 basis points).

Over 9M 24, the cost of risk totalled EUR 597 million or 34 basis points.

Group net income

Over the quarter, Group net income totalled EUR 368 million. RONE stood at 9.4% in Q3 24.

Over 9M 24, Group net income totalled EUR 631 million. RONE stood at 5.4% in 9M 24.
5. GLOBAL BANKING AND INVESTOR SOLUTIONS

In EUR m	Q3 24	Q3 23	Variation		9M 24	9M 23	Change
Net banking income	2,422	2,309	+4.9%	+5.2%*	7,666	7,457	+2.8%	+2.8%*
Operating expenses	(1,494)	(1,478)	+1.1%	+1.3%*	(4,898)	(5,187)	-5.6%	-5.5%*
Gross operating income	928	831	+11.6%	+12.0%*	2,768	2,270	+21.9%	+21.8%*
Net cost of risk	(27)	(14)	+95.3%	x 2.0*	(29)	8	n/s	n/s
Operating income	901	817	+10.2%	+10.5%*	2,739	2,278	+20.2%	+20.0%*
Reported Group net income	699	645	+8.2%	+8.5%*	2,160	1,814	+19.1%	+18.8%*
RONE	18.0%	16.8%	+0.0%	+0.0%*	19.0%	15.6%	+0.0%	+0.0%*
Cost to income	61.7%	64.0%	+0.0%	+0.0%*	63.9%	69.6%	+0.0%	+0.0%*

Net banking income

Global Banking and Investor Solutions continued to deliver very strong performances, posting revenues of EUR 2,422 million, up +4.9% versus Q3 23.

Over 9M 24, revenues climbed by +2.8% vs. 9M 23 (EUR 7,666 million vs. EUR 7,457 million).

Global Markets and Investor Services recorded a rise in revenues over the quarter vs. Q3 23 of +7.6% to EUR 1,579 million. Over 9M 24, revenues totalled EUR 5,063 million, i.e., a +3.1% increase vs. 9M 23. Growth was mainly driven by Global Markets which recorded revenues of EUR 1,410 million in Q3 24, up by +8.6% relative to Q3 23 amid a positive environment that was particularly conducive to Equities. Over 9M 24, revenues totalled EUR 4,553 million, up by +4.5% vs. 9M 23.

The Equities business again delivered a solid performance, recording revenues of EUR 880 million in Q3 24, up by a strong +10.1% vs. Q3 23, notably on the back of a very good performance from derivatives amid favourable market conditions. This is the second best third quarter ever. Over 9M 24, revenues increased sharply by +12.9% relative to 9M 23 to EUR 2,739 million.

Fixed Income and Currencies registered a +6.1% increase in revenues to EUR 530 million in Q3 24, notably owing to robust demand for rates and forex flow activities, particularly from US clients. Over 9M 24, revenues decreased by -6.0% to EUR 1,814 million.

Securities Services’ revenues were up +0.6% versus Q3 23 at EUR 169 million, but increased by +9.9% excluding the impact of equity participations. The business continued to reap the benefit of a positive fee generation trend and robust momentum in private market and fund distribution. Over 9M 24, revenues were down by -8.2%, but rose by +2.1% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 4,975 billion and EUR 614 billion, respectively.

The Financing and Advisory business posted revenues of EUR 843 million, stable versus Q3 23. Over 9M 24, revenues totalled EUR 2,602 million, up by +2.3% vs. 9M 23.

The Global Banking and Advisory business posted a -3.2% decline in revenues relative to Q3 23. Securitised products again delivered a solid performance and momentum was strong in the distribution activity. Financing activities posted a good performance, albeit down on the high baseline in Q3 23. Investment banking activities turned in resilient performances. Over 9M 24, revenues dipped slightly by -0.3% relative to 9M 23.

Global Transaction & Payment Services again delivered a very robust performance compared with Q3 23, posting an +9.0% increase in revenues, driven by strong momentum in cash management and the correspondent banking activities. Over 9M 24, revenues grew by +10.1%.

Operating expenses

Operating expenses came to EUR 1,494 million over the quarter and included EUR 21 million in transformation costs. Operating expenses rose by +1.1% compared with Q3 23, equating to a cost-to-income ratio of 61.7% in Q3 24.

Over 9M 24, operating expenses decreased by -5.6% compared with 9M 23 and the cost-to-income ratio came to 63.9%.

Cost of risk

Over the quarter, the cost of risk was low at EUR 27 million, or 7 basis points vs. 3 basis points in Q3 23.

Over 9M 24, the cost of risk was EUR 29 million, or 2 basis points.

Group net income

Group net income increased by +8.2% vs. Q3 23 to EUR 699 million. Over 9M 24, Group net income rose sharply by +19.1% to EUR 2,160 million.

Global Banking and Investor Solutions reported high RONE of 18.0% for the quarter and RONE of 19.0% for 9M 24.

6. MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES

In EURm	Q3 24	Q3 23	Change		9M 24	9M 23	Change
Net banking income	2,108	2,228	-5.4%	-2.8%*	6,403	6,491	-1.4%	+1.8%*
Operating expenses	(1,221)	(1,239)	-1.4%	+0.3%*	(3,832)	(3,479)	+10.2%	+12.7%*
Gross operating income	887	989	-10.4%	-6.6%*	2,570	3,013	-14.7%	-10.9%*
Net cost of risk	(201)	(175)	+14.9%	+18.1%*	(572)	(349)	+63.7%	+65.9%*
Operating income	685	814	-15.8%	-12.0%*	1,998	2,663	-25.0%	-21.2%*
Net profits or losses from other assets	94	1	x 77.0	x 76.7*	98	0	x 375.7	x 304.1
Non-controlling interests	223	237	-6.1%	-3.6%*	623	674	-7.6%	-7.8%*
Reported Group net income	367	377	-2.4%	+3.1%*	956	1,325	-27.8%	-22.1%*
RONE	14.1%	14.9%			12.2%	18.6%
Cost to income	57.9%	55.6%			59.9%	53.6%

⁽¹²2⁾()

Commercial activity

International Retail Banking

International Retail Banking1 posted robust commercial momentum in Q3 24, with an increase in loan outstandings of +4.2%* vs. Q3 23 (+1.8%, outstandings of EUR 68 billion in Q3 24) and growth of +4.1%* vs. Q3 23 (+1.2%, outstandings of EUR 83 billion in Q3 24).

Activity in Europe was solid across client segments for both entities. Loan outstandings increased by +6.0%* vs. Q3 23 (+3.1% at current perimeter and exchange rates, outstandings of EUR 43 billion in Q3 24), driven by home loans and medium and long-term corporate loans in a lower rates environment. Deposit outstandings increased by +4.6%* vs. Q3 23 (+1.9% at current perimeter and exchange rates, outstandings of EUR 55 billion in Q3 24), mainly on interest-bearing products.

In Africa, Mediterranean Basin and French Overseas Territories, loan outstandings totalled EUR 25 billion in Q3 24 (+1.2%* vs. Q3 23, stable at current perimeter and exchange rates) on back of a +5.6%* rise vs. Q3 23 in sub-Saharan Africa (stable vs. Q3 23 at current perimeter and exchange rates). Deposit outstandings totalled EUR 27 billion at Q3 24. They increased by +3.0%* vs. Q3 23 (stable at current perimeter and exchange rates) across all client segments in Africa.

Mobility and Financial Services

Overall, Mobility and Financial Services maintained a good commercial performance.

Ayvens’ earning assets totalled EUR 53.1 billion at end-September 2024, a +5.8% increase vs. end-September 2023.

The Consumer Finance business posted loans outstanding of EUR 23 billion for Q3 24, down -4.5% vs. Q3 23 in a still uncertain environment.

Equipment Finance posted outstandings of EUR 15 billion in Q3 24, the same level as in Q3 23.

Net banking income

Over the quarter, Mobility, International Retail Banking and Financial Services’ revenues totalled EUR 2,108 million, a decrease of -2.8%* vs. Q3 23 (-5.4% at current perimeter and exchange rates).

Over 9M 24, revenues came to EUR 6,403 million, up slightly by +1.8%* vs. 9M 23 (-1.4% at current perimeter and exchange rates).

International Retail Banking recorded a solid performance over the quarter, with a net banking income of EUR 1,058 million, up by +5.1%* vs. Q3 23 (+1.4% at current perimeter and exchange rates). Over 9M 24, revenues totalled EUR 3,131 million, a +4.0%* increase vs. 9M 23 (stable at current perimeter and exchange rates).

Europe recorded revenues of EUR 506 million in Q3 24, an increase for both entities (+3.0%* vs. Q3 23, stable at current perimeter and exchange rates).

The Africa, Mediterranean Basin and French Overseas Territories region continued to post robust commercial momentum with revenues of EUR 552 million in Q3 24. These increased by +7.2%* vs. Q3 23 (+2.8% at current perimeter and exchange rates), driven by a significant rise in net interest income in Africa (+10.5%* vs. Q3 23).

In Q3 24, Mobility and Financial Services’ revenues decreased by -11.4% vs. Q3 23 to EUR 1,049 million. Over the first nine months of 2024, they contracted by -2.9% to EUR 3,271 million.

Ayvens’ net banking income stood at EUR 732 million, a decrease of -14,8% in Q3 24 vs. Q3 23 and of
-4,0% restated from non-recurring items¹³. The amount of underlying margins was stable vs. Q3 23 at around EUR 690 million¹. The average used car sale result per vehicle (UCS) continued to normalise but remained at a high level of EUR 1,420¹ per unit in Q3 24 vs. EUR 1,480¹ in Q2 24.

Consumer Finance activities, down by -3.5% vs. Q3 23, have stabilised since Q2 24 with the business posting net banking income of EUR 218 million in Q3 24. Equipment Finance revenues were also stable vs. Q3 23 (EUR 99 million in Q3 24).

Operating expenses

Over the quarter, operating expenses were stable (+0.3%* vs. Q3 23, -1.4%) at EUR 1,221 million and included EUR 29 million in transformation costs. The cost-to-income ratio came to 57.9% in Q3 24.

Over 9M 24, operating expenses totalled EUR 3,832 million, up +12.7%* vs. 9M 23 (+10.2% at current perimeter and exchange rates). They include around EUR 148 million of transformation charges.

In a context of a strong transformation, International Retail Banking costs rose by +3.4%* vs. Q3 23 (stable at current perimeter and exchange rates, EUR 567 million in Q3 24), notably due to the impact of a new banking tax in Romania which entered into force in January 2024.

The Mobility and Financial Services business recorded a decrease in operating expenses compared to Q3 23 (-2.4% vs. Q3 23, EUR 654 million in Q3 24).

Cost of risk

Over the quarter, the cost of risk normalised at 48 basis points (or EUR 201 million).

Over 9M 24, the cost of risk stood at 45 basis points vs. 32 basis points in 9M 23.

Group net income

Over the quarter, Group net income came to EUR 367 million, down -2.4% vs. Q3 23. RONE stood at 14.1% in Q3 24. RONE was 21.4% for International Retail Banking (positive impact on Group net income of around EUR 40 million related to the sale of KB head office premises), and 9.2% in Mobility and Financial Services in Q3 24.

Over 9M 24, Group net income came to EUR 956 million, down by -27.8% vs. 9M 23. RONE stood at 12.2% for 9M 24. RONE was 16.4% in International Retail Banking, and 9.5% in Mobility and Financial Services in 9M 24.
7. CORPORATE CENTRE

In EURm	Q3 24	Q3 23	Change		9M 24	9M 23	Change
Net banking income	54	(249)	n/s	n/s	(291)	(891)	+67.3%	+67.8%*
Operating expenses	(27)	(35)	-22.8%	-25.8%*	(185)	(119)	+55.2%	+48.2%*
Gross operating income	27	(283)	n/s	n/s	(476)	(1,010)	+52.9%	+54.2%*
Net cost of risk	1	17	+95.9%	+95.9%*	6	19	+70.6%	+70.6%*
Net profits or losses from other assets	(73)	4	n/s	n/s	(172)	(96)	-78.9%	-79.1%*
Income tax	(26)	(214)	-87.7%	-87.5%*	118	(85)	n/s	n/s
Reported Group net income	(67)	(836)	+92.0%	+92.2%*	(587)	(1,582)	+62.9%	+63.7%*

The Corporate Centre includes:

the property management of the Group’s head office,
the Group’s equity portfolio,
the Treasury function for the Group,
certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-invoiced to the businesses.

Net banking income

Over the quarter, the Corporate Centre’s net banking income totalled EUR +54 million vs. EUR -249 million in Q3 23. It includes the booking of exceptional proceeds received of approximately EUR 0.3 billion¹⁴.

Operating expenses

Over the quarter, operating expenses totalled EUR 27 million vs. EUR 35 million in Q3 23.

Net losses from other assets

Pursuant notably to the application of IFRS 5, the Group booked in Q3 24 various impacts from ongoing disposals of assets.

Group net income

Over the quarter, the Corporate Centre’s Group net income totalled EUR -67 million vs. EUR -836 million in Q3 23.

8. 2024 AND 2025 FINANCIAL CALENDAR

2024 and 2025 Financial communication calendar

February 6^th, 2025 Fourth quarter and full year 2024 results
April 30^th, 2025 First quarter 2025 results
May 20^th, 2025 2024 Combined General Meeting

The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

– anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

– evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.

9. APPENDIX 1: FINANCIAL DATA

GROUP NET INCOME BY CORE BUSINESS

In EURm	Q3 24	Q3 23	Variation	9M 24	9M 23	Variation
French Retail, Private Banking and Insurance	368	109	x 3.4	631	506	+24.8%
Global Banking and Investor Solutions	699	645	+8.2%	2,160	1,814	+19.1%
Mobility, International Retail Banking & Financial Services	367	377	-2.4%	956	1,325	-27.8%
Core Businesses	1,434	1,131	+26.7%	3,747	3,644	+2.8%
Corporate Centre	(67)	(836)	+92.0%	(587)	(1,582)	+62.9%
Group	1,367	295	x 4.6	3,160	2,062	+53.2%

MAIN EXCEPTIONAL ITEMS

In EURm	Q3 24	Q3 23	9M 24	9M 23
Net Banking Income – Total exceptional items	287	0	287	(240)
One-off legacy items – Corporate Centre	0	0	0	(240)
Exceptional proceeds received – Corporate Centre	287	0	287	0

Operating expenses – Total one-off items and transformation charges	(62)	(145)	(538)	(662)
Transformation charges	(62)	(145)	(538)	(627)
Of which French Retail, Private Banking and Insurance	(12)	(46)	(139)	(330)
Of which Global Banking & Investor Solutions	(21)	(41)	(204)	(102)
Of which Mobility, International Retail Banking & Financial Services	(29)	(58)	(148)	(195)
Of which Corporate Centre	0	0	(47)	0
One-off items	0	0	0	(35)
Of which French Retail, Private Banking and Insurance	0	0	0	60
Of which Global Banking & Investor Solutions	0	0	0	(95)

Other one-off items – Total	13	(625)	13	(704)
Net profits or losses from other assets	13	(17)	13	(96)
Of which Mobility, International Retail Banking and Financial Services	86	0	86	0
Of which Corporate Centre	(73)	(17)	(73)	(96)
Goodwill impairment – Corporate Centre	0	(338)	0	(338)
Provision of Deferred Tax Assets – Corporate Centre	0	(270)	0	(270)

CONSOLIDATED BALANCE SHEET

In EUR m	30.09.2024	31.12.2023
Cash, due from central banks	199,140	223,048
Financial assets at fair value through profit or loss	528,259	495,882
Hedging derivatives	8,265	10,585
Financial assets at fair value through other comprehensive income	93,795	90,894
Securities at amortised cost	29,908	28,147
Due from banks at amortised cost	87,153	77,879
Customer loans at amortised cost	446,576	485,449
Revaluation differences on portfolios hedged against interest rate risk	(330)	(433)
Insurance and reinsurance contracts assets	438	459
Tax assets	4,535	4,717
Other assets	75,523	69,765
Non-current assets held for sale	39,940	1,763
Investments accounted for using the equity method	384	227
Tangible and intangible fixed assets	60,970	60,714
Goodwill	5,031	4,949
Total	1,579,587	1,554,045

In EUR m	30.09.2024	31.12.2023
Due to central banks	10,134	9,718
Financial liabilities at fair value through profit or loss	391,788	375,584
Hedging derivatives	14,621	18,708
Debt securities issued	162,997	160,506
Due to banks	105,320	117,847
Customer deposits	526,100	541,677
Revaluation differences on portfolios hedged against interest rate risk	(5,074)	(5,857)
Tax liabilities	2,516	2,402
Other liabilities	93,909	93,658
Non-current liabilities held for sale	29,802	1,703
Insurance contracts related liabilities	150,295	141,723
Provisions	3,954	4,235
Subordinated debts	15,985	15,894
Total liabilities	1,502,347	1,477,798
Shareholder’s equity	–	–
Shareholders’ equity, Group share	–	–
Issued common stocks and capital reserves	21,166	21,186
Other equity instruments	8,918	8,924
Retained earnings	34,074	32,891
Net income	3,160	2,493
Sub-total	67,318	65,494
Unrealised or deferred capital gains and losses	128	481
Sub-total equity, Group share	67,446	65,975
Non-controlling interests	9,794	10,272
Total equity	77,240	76,247
Total	1,579,587	1,554,045

10. APPENDIX 2: METHODOLOGY

1 –The financial information presented for the third quarter and nine-month 2024 was examined by the Board of Directors on October 30^th, 2024 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. This information has not been audited.

2 – Net banking income

The pillars’ net banking income is defined on page 42 of Societe Generale’s 2024 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

3 – Operating expenses

Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31^st, 2023. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 42 of Societe Generale’s 2024 Universal Registration Document.

4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

The cost of risk is defined on pages 43 and 770 of Societe Generale’s 2024 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

In EURm		Q3 24	Q3 23	9M 24	9M 23
French Retail, Private Banking and Insurance	Net Cost Of Risk	178	144	597	342
	Gross loan Outstandings	234,420	243,740	236,286	248,757
	Cost of Risk in bp	30	24	34	18
Global Banking and Investor Solutions	Net Cost Of Risk	27	14	29	(8)
	Gross loan Outstandings	163,160	167,057	163,482	170,165
	Cost of Risk in bp	7	3	2	(1)
Mobility, International Retail Banking & Financial Services	Net Cost Of Risk	201	175	572	349
	Gross loan Outstandings	168,182	162,873	167,680	145,227
	Cost of Risk in bp	48	43	45	32
Corporate Centre	Net Cost Of Risk	(1)	(17)	(6)	(19)
	Gross loan Outstandings	25,121	22,681	24,356	19,364
	Cost of Risk in bp	(1)	(31)	(3)	(13)
Societe Generale Group	Net Cost Of Risk	406	316	1,192	664
	Gross loan Outstandings	590,882	596,350	591,804	583,512
	Cost of Risk in bp	27	21	27	15

The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

5 – ROE, ROTE, RONE

The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 43 and 44 of Societe Generale’s 2024 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 44 of Societe Generale’s 2024 Universal Registration Document.
Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders if deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

ROTE calculation: calculation methodology

End of period (in EURm)	Q3 24	Q3 23	9M 24	9M 23
Shareholders’ equity Group share	67,446	68,077	67,446	68,077
Deeply subordinated and undated subordinated notes	(8,955)	(11,054)	(8,955)	(11,054)
Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	(45)	(102)	(45)	(102)
OCI excluding conversion reserves	560	853	560	853
Distribution provision⁽²⁾	(1,319)	(1,059)	(1,319)	(1,059)
Distribution N-1 to be paid	–	–	–	–
ROE equity end-of-period	57,687	56,715	57,687	56,715
Average ROE equity	57,368	56,572	56,896	56,326
Average Goodwill⁽³⁾	(4,160)	(4,279)	(4,079)	(3,991)
Average Intangible Assets	(2,906)	(3,390)	(2,933)	(3,128)
Average ROTE equity	50,302	48,903	49,884	49,207

Group net Income	1,367	295	3,160	2,063
Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation	(165)	(165)	(521)	(544)
Cancellation of goodwill impairment	–	338	–	338
Adjusted Group net Income	1,202	468	2,639	1,858
ROTE	9.6%	3.8%	7.1%	5.0%

¹⁵¹⁶¹⁷

RONE calculation: Average capital allocated to Core Businesses (in EURm)

In EURm	Q3 24	Q3 23	Change	9M 24	9M 23	Change
French Retail , Private Banking and Insurance	15,695	15,564	+0.8%	15,602	15,457	+0.9%
Global Banking and Investor Solutions	15,490	15,324	+1.1%	15,149	15,485	-2.2%
Mobility, International Retail Banking & Financial Services	10,433	10,136	+2.9%	10,425	9,505	+9.7%
Core Businesses	41,618	41,024	+1.4%	41,177	40,448	+1.8%
Corporate Center	15,750	15,548	+1.3%	15,719	15,878	-1.0%
Group	57,368	56,572	+1.4%	56,896	56,326	+1.0%

6 – Net assets and tangible net assets

Net assets and tangible net assets are defined in the methodology, page 45 of the Group’s 2024 Universal Registration Document. The items used to calculate them are presented below:
¹⁸¹⁹

End of period (in EURm)	9M 24	H1 24	2023
Shareholders’ equity Group share	67,446	66,829	65,975
Deeply subordinated and undated subordinated notes	(8,955)	(9,747)	(9,095)
Interest of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	(45)	(19)	(21)
Book value of own shares in trading portfolio	97	96	36
Net Asset Value	58,543	57,159	56,895
Goodwill⁽²⁾	(4,178)	(4,143)	(4,008)
Intangible Assets	(2,895)	(2,917)	(2,954)
Net Tangible Asset Value	51,471	50,099	49,933

Number of shares used to calculate NAPS⁽³⁾	796,498	787,442	796,244
Net Asset Value per Share	73.5	72.6	71.5
Net Tangible Asset Value per Share	64.6	63.6	62.7

7 – Calculation of Earnings Per Share (EPS)

The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 44 of Societe Generale’s 2024 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
The calculation of Earnings Per Share is described in the following table:

Average number of shares (thousands)	9M 24	H1 24	2023
Existing shares	802,314	802,980	818,008
Deductions
Shares allocated to cover stock option plans and free shares awarded to staff	4,548	4,791	6,802
Other own shares and treasury shares	2,930	3,907	11,891
Number of shares used to calculate EPS⁽⁴⁾	794,836	794,282	799,315
Group net Income (in EUR m)	3,160	1,793	2,493
Interest on deeply subordinated notes and undated subordinated notes (in EUR m)	(521)	(356)	(759)
Adjusted Group net income (in EUR m)	2,638	1,437	1,735
EPS (in EUR)	3.32	1.81	2.17

²⁰
8 – The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance with applicable CRR2/CRD5 rules. The fully loaded solvency ratios are presented pro forma for current earnings, net of dividends, for the current financial year, unless specified otherwise. When there is reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is also calculated according to applicable CRR2/CRD5 rules including the phased-in following the same rationale as solvency ratios.

9 – Funded balance sheet, loan to deposit ratio

The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
Wholesale funding: Includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
(2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

Societe Generale

Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for nearly 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com. or visit our website societegenerale.com.

Asterisks* in the document refer to data at constant perimeter and exchange rates
1 +5.8% excluding exceptional proceeds recorded in Corporate Centre (~EUR 0.3bn)
2 Including IFRS 9 phasing, proforma including Q3 24 results
3 Based on a pay-out ratio of 50% of the Group net income, at the high-end of the 40%-50% pay-out ratio, as per regulation, restated from non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes
4 As stated in Q2 24 results press release
5 Ratio calculated according to European Banking Authority (EBA) methodology published on 16 July 2019
⁶ Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
⁷ Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
8 Target: -80% upstream exposure reduction by 2030 vs. 2019, with an intermediary step in 2025 at -50% vs. 2019
9 Only the Societe Generale participation is taken into account
10 Including IFRS 9 phasing, proforma including Q3 24 results
11 France and International, including Switzerland and United Kingdom
1 Including entities reported under IFRS 5
1 Excluding non-recurring items on either margins or UCS (mainly linked to fleet revaluation at EUR 114m in Q3 23 vs EUR 0m in Q3 24, the net impact related to prospective depreciation and Purchase Price Allocation for ~EUR 35m vs. Q3 23, hyperinflation in Turkey at EUR 46m in Q3 23 vs. EUR 10m in Q3 24 and MtM of derivatives at EUR -82m in Q3 23 vs. EUR -55m in Q3 24)
14 As stated in Q2 24 results press release
15 Interest net of tax
16 The dividend to be paid is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes
17 Excluding goodwill arising from non-controlling interests
18 Interest net of tax
19 Excluding goodwill arising from non-controlling interests
20 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousand of shares)
4 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group.

Attachment

Societe-Generale-Q3-2024-Financial-Results-Press-release-en

The MIL Network –

January 25, 2025

MIL-OSI Europe: Christine Lagarde: Interview with Le Monde

Source: European Central Bank

Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024

31 October 2024

In September, former ECB President Mario Draghi published an alarming report on how the European economy is falling behind. Do you agree with this assessment?

Europe is falling behind. It’s true. And so is France. Mario Draghi’s report highlights the productivity gap, which is largely due to the tech sector. Tech players in Europe and the United States believe that the gap first emerged during the digital revolution that began in the mid-1990s.

The question now is whether the boost that the United States got from the mid-1990s will continue with artificial intelligence, the accumulation of data centres and the exploitation of these data. This is the key issue. In Europe we need to roll up our sleeves and make an effort to keep those companies that start out here and then develop themselves elsewhere. We need to try to make them stay.

So what is the solution? Do you think the gap will remain?

We need to look at why Europe is falling behind. The energy component is key, especially as regards data centres. Labour is also important, with mobility being much greater in the United States. And regulation is a crucial issue, too. In overly simple terms, the United States is developing AI very quickly, and already has a number of major players. In the meantime, not only is Europe lacking such big players, but it has also become a pioneer in AI regulation. This causes players in this sector to say “OK, let’s do this elsewhere. It’ll be easier and we’ll have fewer obstacles and fewer restrictions”.

What about the public funding provided to businesses in the United States?

The fourth factor that is contributing to Europe falling behind is the “light” industrial policy pursued by the United States. It’s not light in terms of money because the Inflation Reduction Act of August 2022 is very large, but there are relatively few criteria to qualify for funding to start a company on US soil. When I ask manufacturers, they pretty much all agree that in Europe, the process is complicated and unwieldy. And on top of the multi-layered European system, you then have those of the Member States.

The final factor is private funding. In the United States there are pension fund plans and other financial instruments that make it possible to channel savings and get savers (employees or retirees) interested in the future of the economy or the evolution of the stock market. In many European countries, these plans are still a long way off of those mechanisms, especially share participation and company profit sharing. Hence the need to develop a capital markets union.

But we have been talking about this project for the past 15 years. And when Mario Draghi’s report was published, Germany immediately opposed common borrowing. Is Europe really capable of reacting?

You’re right. We have been talking about a capital markets union since the time of Jean-Claude Juncker (President of the European Commission from 2014 to 2019), and little progress has been made. The Letta and Draghi reports are a wake-up call for Europeans, a warning. The assessment is severe but fair and provides specific recommendations. It suggests that all Europeans should gear up and be ready to give up a bit of sovereignty to ‘combine the best,’ to paraphrase what Paul Valéry once said. But what gives me hope is the engagement of all European institutions on the capital markets union. The ECB’s Governing Council is firmly engaged as well. We must use this momentum.

In 2020, the plan for a collective European loan of €750 billion was a major step forward. Four years later, less than half of the loan has been allocated. Should we see this as another example of European slowness?

We had exactly the same problem during the Greek crisis. The administrations of the different countries are not always able to quickly manage the incoming funds. The finance ministers of countries receiving a lot of funds tell you that they have of course identified what bridge or railway line should be constructed, but that they need to obtain local authorisations as well as permissions to expropriate property, and that environmental organisations are taking court actions. All of this takes a lot of time.

In this context, what consequences could the US elections on Tuesday 5 November have for Europe?

I do not want to give an opinion on any particular candidate. But US international trade policy will of course have an impact on economic activity in the rest of the world, and primarily on China. Whoever wins, if trade fragmentation worsens, the effect on global GDP will be negative, with losses reaching 9% in a severe scenario of full decoupling according to ECB simulations. But remember: when Joe Biden was elected, everyone thought that he would remove the customs barriers erected by his predecessor (Donald Trump). Nothing came of that.

Between China, which is withdrawing towards Asia, and the United States, which is closing up again, isn’t Europe, as a partner to both powers, the big loser?

That’s why we need to act and roll up our sleeves. Will Europe need to undergo another crisis for it to bring about reforms? It’s always in times of crisis that we are able to make things happen. That may be why Mario Draghi speaks of “agony”, it’s a way of saying “the crisis is here, now, do something!”.

There is talk of a European decoupling. But isn’t there a French decoupling within Europe?

If you compare today’s GDP figures with those of 2019, the United States has grown by 10.7%, the European average by 4.8% and France by 3.7%. France is lagging behind the European average.

What is your view of the surge in the French deficit?

The prospect of returning in line with European standards by applying European fiscal rules should serve as a binding guideline.

And are the French promises to restore public finances credible?

As I said, applying European fiscal rules should serve as a binding guideline.

Will we be heading towards a recession in Europe in 2025?

Based on the information now available and our current assessment, we don’t see a recession in 2024, nor in 2025, nor in 2026.

What will drive this growth, given the weakness in demand?

The two levers are exports and domestic demand, which is set to pick up. Today, with wages rising and inflation falling, disposable income is increasing. For the moment, this benefits savings more than consumption. But we are convinced, and economic history shows us, that this additional disposable income will ultimately flow towards consumption.

How do you explain the fact that it is proving so difficult for consumption to recover?

We can indeed ask why households are choosing to save their money instead of spending it. It could be that people are reluctant to make major purchases owing to geopolitical uncertainty. A second explanation could be related to the return on their savings, which is still fairly high in the euro area. A third could be that people are deciding it’s better to save rather than spend when they expect their taxes or other contributions to go up.

Euro area inflation was at 1.7% in September, below your 2% target. Is it now under control?

The target is in sight but I’m not going to tell you that inflation is defeated yet. Inflation stood at 1.7% in September. Excluding energy and food, it was still at 2.7%. We are pleased about the 1.7% figure, but we also know that inflation is going to rise again in the coming months simply because of base effects. In September energy prices were 6.1% lower than a year earlier, bringing down the cost of the consumption basket. Besides, inflation in the services sector – which is highly dependent on wages – is still at 3.9%. So, prudence is warranted.

How do you respond to those who say the ECB was too late in reacting to the rise in inflation?

I tell them we should look at the facts. Don’t forget that inflation was at 10.6% two years ago. It has fallen back to 1.7%. Perhaps we could have started a few months earlier. But we raised rates at the fastest pace ever and we managed to bring down inflation considerably in a short period of time. I now want to see inflation reach the 2% target on a sustained and durable basis. Unless there is a major shock, this will happen during the course of 2025.

And what do you say to those who now accuse you of cutting rates too late and not quickly enough?

The pace at which interest rates are cut will be determined by the economic data we receive in the coming weeks and months – based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. And to revitalise growth, urgent action is needed in the area of structural reforms.

The spread between France and Germany has increased from 0.5% to 0.8% since the French National Assembly was dissolved. The ECB has an instrument that it can use to intervene and calm the markets. Are you ready to use it?

We have clearly outlined the conditions under which we will use this instrument. And that is not an issue today.

A number of emerging countries brought together by the BRICS (Brazil, Russia, India, China and South Africa) are thinking about a payments system to circumvent the dollar. Is dedollarisation happening?

That would require another country to be able to take on the role of reserve currency. China is preparing for that, but it isn’t ready yet. I won’t see the renminbi take the place of the dollar in my lifetime.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Australia: Public Fertility Care turns two

Source: Government of Victoria 2

30/10/24

Two years on from the launch

This month Public Fertility Care is celebrating two years of making fertility services more affordable and accessible for Victorians wanting to start or grow their family. Public Fertility Care was established in October 2022 and provides a range of services – including in vitro fertilisation (IVF), intrauterine insemination (IUI) or Intracytoplasmic Sperm Injection (ICSI) for free. Since its launch, Public Fertility Care has been accessed by more than 4,000 Victorians and over 50 babies have been born.

Caring for those who need it most

Public Fertility Care is a government-funded fertility service available to all eligible Victorians, but the service has a particular focus on helping people with limited access to the private fertility sector. This includes lower-income earners, rural and regional Victorians, people who need donor services such as LGBTIQA+ and single people, people who need fertility preservation for medical reasons, and people needing testing for specific genetic conditions.

Delivering fertility care across Victoria

Public Fertility Care is led by the Royal Women’s Hospital, who work with partner sites across the state, providing a range of services closer to home for more Victorians. Partner sites enable patients to access consultations with a fertility specialist, diagnostics tests, ultrasounds, and medications closer to home, reducing the need for travel. Patients can access Public Fertility Care via a referral from their GP or specialist which is sent to the Royal Women’s Hospital. The Women’s then organise eligible patients to receive fertility treatment at their nearest partner site. In the past two years over 600 patients have accessed the service through partner sites.

Launch of the egg and sperm bank

The service is supported by Australia’s first public egg and sperm bank, which opened in July last year and is located at the Royal Women’s Hospital. The bank provides critical access to donated eggs and sperm for Victorians who need support to start or grow their families. Interest from potential donors in the Victorian community has been strong, with more than 650 people expressing interest since the bank’s launch.

Visit Public Fertility Care on Better Health Channel to find out more.

MIL OSI News –

January 25, 2025

MIL-OSI: ING posts 3Q2024 net result of €1,880 million, supported by commercial growth and strong income

Source: GlobeNewswire (MIL-OSI)

ING posts 3Q2024 net result of €1,880 million,
supported by commercial growth and strong income

3Q2024 profit before tax of €2,668 million with a four-quarter rolling average return on equity of 13.8%
•	Resilient net interest income, supported by volume growth in lending and deposits
•	Fee income increasing 11% year-on-year, surpassing €1 billion, with significant growth in both Retail and Wholesale Banking
•	Increase of 189,000 mobile primary customers and strong growth in mortgages
•	€2.5 billion distribution announced as we continue to align our capital to our target level

CEO statement “In the third quarter of 2024, we have again delivered strong results and are executing well on our strategy to accelerate growth, increase impact and deliver value for all stakeholders,” said Steven van Rijswijk, CEO of ING. “We have grown our customer base and taken important steps in our climate action approach. Our good commercial momentum has led to robust income growth, specifically in fee income. We have also seen increased lending and deposit volumes and resilient margins. “Fee income has continued to increase in line with our ambition to diversify our income and surpassed €1 billion for the first time. Fee income from retail investment products has continued to rise, reflecting an increase in assets under management and customer trading activity. Wholesale Banking has in particular benefited from higher deal flow in Global Capital Markets. “In Retail Banking, performance was supported by strong core lending growth of €6 billion, mainly in residential mortgages across all Retail markets. Our market share of new mortgage production has increased significantly in the Netherlands, as our quick processing of digital applications and our flexible operations helped us in a very competitive market. This is a clear example of how we increase impact and deliver value for customers. “Wholesale Banking income was resilient, supported by volume growth in lending and deposits in addition to strong results in Payments & Cash Management and Financial Markets. Our Capital Markets Advisory business continues to grow following investments to further build on our expertise. We aim to optimise our capital efficiency and during this quarter we have significantly reduced our risk-weighted assets (RWA) in Wholesale Banking. “Expenses have risen 2% from the last quarter as we invest in growing our business. Risk costs were €336 million, in line with our through-the-cycle-average. Our four-quarter rolling return on equity came out at 13.8% and our CET1 ratio increased to 14.3%, driven by our strong profitability and lower RWA. “We continue to take steps to converge our CET1 capital ratio to our target level of around 12.5%. The share buyback programme announced in May 2024 has been completed and we today announce a next distribution of €2.5 billion, which will have a pro forma impact of 76 basis points on our CET1 ratio. Operating at the right level of capital is in the best interest of all our stakeholders and allows us to support customers and the economy in the countries we operate in. “In September, we have published our Climate Progress Update 2024, which shares our sharpened approach to client engagement, our updated energy policy and the latest on our Terra approach. We aim to make an impact by working with clients on their transitions to net zero while financing the technologies and solutions needed for a sustainable future. “We are well positioned to continue to execute our strategy and grow our business, and I would like to thank our customers for their loyalty and our employees for their contributions to our excellent third-quarter performance.”

Further information All publications related to ING’s 3Q 2024 results can be found at the quarterly results publications page on ING.com. For more on investor information, go to www.ing.com/investors. A short ING ON AIR video with CEO Steven van Rijswijk discussing our 3Q 2024 results is available on Youtube. For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news X-feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

Investor conference call, Media meeting and webcasts Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 31 October 2024 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com. Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will also discuss the results in a Media conference call on 31 October 2024 at 11:00 a.m. CET. Journalists can dial-in via +31 20 708 5073 (NL), or +44 330 551 0200 (UK) – quote ING Media Call when prompted by the operator. The conference call can also be followed via live audio webcast at www.ing.com.

Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 20 576 5000 E: media.relations@ing.com


ING Profile ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Important legal information Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’). ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) noncompliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

Attachment

Full ING 3Q2024 results Press Release (PDF)

The MIL Network –

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: ING announces shareholder distribution of up to €2.5 billion

Source: GlobeNewswire (MIL-OSI)

ING announces shareholder distribution of up to €2.5 billion

ING announced today an additional shareholder distribution of up to €2.5 billion. The distribution consists of a share buyback programme for a maximum total amount of €2 billion and a cash dividend payment of €500 million. The purpose of the additional distribution is to converge our CET1 ratio towards our target of around 12.5%.

ING Group’s CET1 ratio was 14.3% at the end of the third quarter of 2024, which is well above the prevailing CET1 ratio requirement of 10.71%. The additional distribution will have an expected pro-forma impact of approximately 76 bps on our CET1 ratio. The share buyback programme will commence on 31 October 2024 and is expected to end no later than 30 April 2025. The cash dividend will be paid on 16 January 2025.

The ECB has approved the distribution, and the share buyback programme will be executed in compliance with the Market Abuse Regulation and within the limitations of the existing authority to acquire a maximum of 20% of the issued shares as granted by the general meeting of shareholders on 22 April 2024. ING has entered a non-discretionary arrangement with a financial intermediary to conduct the buyback.

ING will provide weekly updates on the progress of the programme via a press release and on the Investor Relations section of the ING website: https://www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm.

Note for editors

For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news Twitter feed. Photos of ING operations, buildings and its executives are available for download at Flickr. ING presentations are available at SlideShare.

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

ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

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

Sustainability is an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING’s Environmental, Social and Governance (ESG) rating by MSCI was affirmed ‘AA’ in July 2023. As of December 2023, Sustainalytics considers ING’s management of ESG material risk to be ‘strong’. ING Group shares are also included in major sustainability and ESG index products of leading providers Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

Important legal information

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

ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

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

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

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Attachment

ING announces shareholder distribution of up to €2.5 billion

The MIL Network –

January 25, 2025

MIL-OSI Russia: A unique center for collective use, Omix Technologies, has opened in Moscow

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

A shared use center (SUC) “Omics Technologies” has opened in Moscow, which will allow research teams from all over Russia to develop advanced methods of diagnosing and preventing diseases. This was reported by Anastasia Rakova, Deputy Mayor of Moscow for Social Development.

“The opening of the Omics Technologies shared use center is a landmark step in the development of Russian medicine. Located in the Moscow Center for Innovative Technologies in Healthcare (Medtech), it unites the efforts of Moscow doctors and leading Russian scientists. The center uses cutting-edge technologies, which allows testing new products and accelerating their introduction into medical practice. Thanks to this comprehensive approach, scientific teams will be able to use the most modern equipment to develop new methods of diagnostics, prevention and detection of diseases at the earliest stages. This creates opportunities for the introduction of a personalized approach to treatment and improvement of medical care. Moreover, the center’s high-tech laboratories are open to research teams from all over the country, which makes it truly unique,” the vice-mayor noted.

Omics technologies are a modern method for generating large volumes of human biological and biomedical data. Such innovations help doctors more accurately select treatment methods, conduct early diagnostics and detect diseases before their first symptoms appear. To do this, scientists are implementing developments that will allow them to immediately read the entire genome of a specific person and analyze the full spectrum of its biomolecules, such as proteins, lipids and metabolites. As a result of the comprehensive analysis, a database is formed, on the basis of which molecular models of the human body can be created.

Large-scale research work is carried out on high-precision equipment, which is presented in the new center for collective use of Medtech. To conduct research using omics technologies, the latest equipment was installed for a total of more than 160 million rubles. It includes liquid and gas mass spectrometers, capillary genetic analyzers and high-performance sequencers of the new generation.

The opening of such a high-tech laboratory makes the shared use center one of the most accessible in Russia for scientific teams in the field of omics data research.

Conducting research in the new shared use center for residents and supported projects of Medtech, as well as research teams of the capital’s medical organizations within the framework of the grant program of the Mayor of Moscow will be possible on preferential terms.

Large-scale research work is being carried out on the basis of the Moscow Center for Innovative Technologies in Healthcare, which has become the place for creating innovative solutions and implementing them in the city’s healthcare. To use the services of the shared use center, you must submit an application on the website with a description of the project and the work plan for it.

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/145984073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Remembering Common History and Listening to Folklore: How to Celebrate National Unity Day in the Capital

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

From November 3 to 4, Moscow will celebrate one of the warmest holidays of autumn — National Unity Day. The capital will traditionally be decorated with congratulatory posters. They will be placed on billboards and bus stops. Russian tricolors will appear on the streets and in public transport. Residents and guests of the city will enjoy concerts, plays, reenactors’ performances, exhibitions and master classes. In total, over 200 events will be held. You can join them in parks, libraries, estates, museums and cultural centers. Most of the events will be free, but some will require pre-registration. You can follow the holiday schedule in the section “Poster” on the mos.ru portal.

Particularly spectacular programs on the occasion of National Unity Day await guests atVDNKh and in the cinema park “Moschino”. At the country’s main exhibition, Muscovites and tourists will see the most famous places, learn about space programs, and will also be able to attend the “Bread Ear – Russia’s Gold” festival. It will include master classes with theatrical performances reflecting different eras in the country’s history. A large tent with four zones will be prepared for guests. They will be transported to the 12th, 17th, 19th and 20th centuries. There they will learn how to bake gingerbread, kalachi and bread according to traditional recipes. Admission is free, with prior registration on the exhibition website. http://vdnkh.ru/specials/day-of-national-unity/

And on November 3 and 4, the Moskino cinema park will present a large-scale historical reconstruction dedicated to the liberation of Moscow from the Polish-Lithuanian invaders in 1612. It was this event that united the country. Guests of the cinema park will be able to travel back to those times and see how the militia of Kuzma Minin and Dmitry Pozharsky defeats the invaders in a decisive battle. Additional information and conditions of visit are published on the cinema park website “Moschino”.

In order to visit several sites and not miss the most interesting, it is worth planning your weekend leisure in advance. You can move around the city comfortably on public transport. On Saturday, November 2, the metro, Moscow Central Circle, trams and ground transport will operate according to the working day schedule. On November 3 and 4 – according to the weekend schedule. For those who use a personal car, the Sunday parking payment regime will be in effect on November 3. You will have to pay only on streets with rates of 380, 450 and 600 rubles per hour, as well as in places where a dynamic rate is in effect. On National Unity Day, November 4, parking on all streets will be free. Parking lots with barriers will continue to operate on a paid basis on both weekends.

Attend concerts and master classes in parks

On November 4, the Severnoye Tushino Park is planning an entertainment program called “People’s Games.” Children and adults will be able to get in a good mood, find new friends, and just have fun. The events will start at 11:00 on the central square of the park. At 13:00, a master class on painting wooden spoons will be held in the Development and Creativity Club pavilion. Beautiful painted spoons can be used as interior decoration or as a gift for loved ones. From 15:00, the same pavilion is waiting for those interested in ancient Chinese writing. At the Chinese language master class, you can not only learn words and learn to write hieroglyphs, but also learn more about the rich culture of China. The classes are suitable for children aged six and older and adults. Admission is free.

Thematic classes will be held in Kuzminki Park on November 4. During the classes, everyone will be taught how to make a traditional toy “Bird” using decoupage technique, making a magnet “Heart” using coffee beans, and will also help you select materials and compose a greeting card “I love Russia”. A festive concert will be held on the park stage. The guests will be treated to performances by the pop song theater “Dream”, dance studio “Pearl” and many others. The concert starts at 11:00. Also, as part of the “Kind Letters” project, you can send good wishes to the soldiers taking part in the special military operation, put handmade souvenirs in the envelopes, or write poems for the soldiers.

At 16:00 on November 4, a free patriotic concert “In Unity Is Our Strength” will begin at the Fili Hall exhibition center in Fili Park. Musical and dance groups will perform for the guests, and songs about love for the native land will be heard.

And on the central square of Lianozovsky Park from 18:00 to 20:00 guests will be shown the documentary film “Minin and Pozharsky”.

A master class on creating national costumes of the peoples of Russia will be held in Krasnaya Presnya Park. First, participants will be told about the types of ornaments and their meaning, and then they will be asked to repeat the patterns in their sketches forcostumes.

A concert featuring performers from the Tagansky District will be held in Tagansky Park on Monday at 1:00 p.m. The audience will be treated to more than just musical numbers. They will also be given a master class on drawing costumes of the peoples of Russia.

On November 4, in Sokolniki Park, everyone will be able to take part in the games of the chess and checkers club (6th Luchevoy Prosek, Building 3). Checkers tournaments will start at 12:00. You can register on site at 11:30. And chess tournaments are scheduled for 17:00. You can also register on site half an hour before the start. The number of participants is limited.

In addition, on November 4 at 11:30 in the pagoda in 4th Luchevoy Prosek there will be a lecture by historian and publicist Evgeny Norin on the topic “The origin of the holiday of National Unity Day. Its historical and modern significance.”

Exhibitions in museums and elsewhere

National Unity Day is a great opportunity to organize a themed trip to a museum for the whole family. Especially since Moscow hosts many exhibitions and excursions dedicated to the art, architecture, history and nature of Russia, the traditions and customs of its peoples.

On November 3 at 12:00, the Moscow State Art Gallery of the People’s Artist of the USSR Ilya Glazunov (Volkhonka Street, Building 13) will host a tour entitled “Defenders of the Russian Land in the Works of Ilya Glazunov.” Art lovers will be taken around the gallery and told about paintings dedicated to great victories, military valor, and glorious pages of Russian history. Participation in the tour is free with an entrance ticket.

In addition, on November 3 from 2:00 pm to 3:30 pm, Gogol’s House (Nikitsky Boulevard, Building 7a) invites you to the world of an old Moscow estate, where you can learn how guests were received in the old days and what a real Moscow tea party is. Admission by prior arrangement registration.

On November 3 from 15:00 to 16:00 in the Alexander Shilov Gallery (5 Znamenka Street) there will be a thematic excursion “Cultural Heritage of Moscow”. This is a wonderful opportunity to go through the halls of an old mansion accompanied by a guide, look into the gallery’s courtyard and see the back facade of an architectural monument – the creation of one of the most outstanding architects of the 19th century E.D. Tyurin. Guests will visit a cozy park in front of the gallery, admire the view of the historical center and listen to the history of the creation of the chapel of St. Nicholas the Wonderworker. They will have a fascinating acquaintance with the works of Alexander Shilov. You can register by phone: 7 495 697⁠-73⁠-10.

On the same day from 4:00 PM to 5:00 PM, the Burganov House Museum (Bolshoy Afanasyevsky Lane, Building 15, Building 9) will hold a sightseeing tour called “The Burganov House Surroundings”. Guests will see the sculptor’s works located near the museum building: in the Ecology Park, in the People-Legends Gallery, and on Arbat. Entrance by prior registration: 7 495 695⁠-04⁠-29.

Not only museums have prepared exhibitions for city residents. On November 4, a joint exhibition with the Russian Geographical Society called “Peoples of Russia” will open at the Dynamo metro station. The public will be presented with photos by participants in the annual photo contest of the Russian Geographical Society “The Most Beautiful Country”.

Folk art and eternal classics in cultural centers

The cultural centers on November 3 and 4 are worth visiting for those who are partial to symphonic and instrumental music, as well as folklore.

On November 3, the Vdokhnovenie cultural center (Litovsky Boulevard, Building 7) will host a concert of the brass band of the Moscow State Institute of Music named after A.G. Schnittke, “On the Day of National Unity.” The musicians, under the direction of conductor Honored Artist of Russia Alexey Karabanov, will perform works by Russian composers. The concert will begin at 19:00.

And in the cultural center “Zelenograd” (Central Square, Building 1) on November 3 at 12:00 a festival of national cultures of Russia will begin, which will unite the traditions of the peoples living in it.

On November 4, the Vnukovo Cultural Center (6 Bolshaya Vnukovskaya Street) is hosting a gala concert of the VIII All-Russian Festival of Traditional Folk Art “Narodnoye Siyaniye”. Creative groups and individual performers will take part in it. There will be nominations for amateur folk groups, folk song ensembles and soloists. The event will start at 12:00.

The ZIL Cultural Center (4 Vostochnaya Street, Building 1) will help prolong the holiday feeling. There will be a large free concert there on November 5. The program includes performances by members of the Ozherelye folklore ensemble, the Karnaval variety and sports dance ensemble, the Children’s Ballet Theater, the Orpheus opera studio, and other groups. The host is theater and film actor Mikhail Dorozhkin.

National Unity Day is a national holiday that was established in 2005. It is dedicated to an important historical event – the victory of the people’s militia led by Kuzma Minin and Dmitry Pozharsky over the Polish invaders in 1612. Their feat is considered the embodiment of the courage and unity of the people.

On National Unity Day, the capital traditionally organizes festive concerts with the participation of popular musicians and folk groups, and holds a variety of cultural and educational events.

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/146002073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: About 40 thousand Muscovite cards for first-graders were issued in a simplified manner over four years

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Over the past four years, about 40 thousand Muscovite cards have been issued to first-graders in the capital using a simplified procedure.Department of Information Technology of Moscow They said that every year, parents whose children are going to first grade receive notifications with pre-filled applications in their personal account on the mos.ru portal and to the email address specified in their profile.

“The simplified procedure for obtaining a Muscovite card for a first-grader has been available to Moscow parents since 2019. This service is provided proactively: at the beginning of the school year, draft applications are automatically generated and sent to those users of the mos.ru portal whose children went to first grade this year and who had confirmed data in their personal account. This simplifies the card application process, since parents only need to check the information and upload a photo of their child. Thus, this year alone, thanks to the smart service, more than 11.7 thousand parents of first-graders submitted applications on time so that their children could receive a Muscovite card and use all its capabilities,” said Dmitry Ivanov, Deputy Head of the Moscow Department of Information Technology.

Today, almost 275 thousand schoolchildren have a Muscovite card. It allows them to use discounted travel on public transport, as well as free visits to museums under the Museums for Children program. In the capital’s libraries, the card can be used as a single library card, and in clinics, it can be used to make an appointment with a doctor through information terminals. The Moskvёnok service identifier can also be connected to the card, so that it can be used to enter school and pay for meals in the cafeteria.

In addition, the card allows you to receive discounts on goods and services from more than 8.5 thousand partner enterprises. These include supermarkets, bookstores and children’s goods stores, as well as cafes, cultural and entertainment institutions. You can find out more about the Muscovite card in the project’s telegram channel.

How to apply for a Muscovite card

The card can be obtained by all students of Moscow schools and colleges with state accreditation, as well as those who are registered in Moscow but are receiving education outside the city. You can apply on the mos.ru portal, you will need a standard or full account. Children over 14 can do this on their own, but for younger children, a parent or legal guardian must apply for the service.

You can check the status of your card in your personal account on the mos.ru portal. using the service in the section “Applications and notifications”, as well as by calling the hotline: 7 495 539-55-55 and in the official groups on social networks “VKontakte” And“Classmates”.

The Muscovite card will be ready within 30 days from the date of application. The corresponding notification will be sent to your personal account on the mos.ru portal and by e-mail. Future first-graders over the age of seven, school and college students can pick up the ready card at the educational institution, and those who are studying in private organizations or outside Moscow, and other preferential categories of citizens – at the selected My Documents government services center.

Receipt of a Muscovite card for a student must be confirmed in the personal account on mos.ru within 90 days. In other cases, this is not required.

Increasing the availability of mass socially significant services in electronic form corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project “Digital Public Administration”. More information about this and other national projects implemented in Moscow can be found on a special page.

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/145961073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Residents of two old houses in Losinoostrovsky district will move to a new building under the renovation program

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Almost 200 residents of two old buildings in the north-east of the capital received letters at the end of October with offers of new apartments under the renovation program. They will move to a new building on Startovaya Street. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

“In the Losinoostrovsky district, about 200 residents of two houses are starting to inspect new apartments under the renovation program. A modern residential complex located at 3/1 Startovaya Street has been handed over for their settlement. In total, more than 4.6 thousand families from 68 old houses will receive new apartments in the district,” said Vladimir Efimov.

The area around the new building was landscaped. Trees and bushes were planted, a children’s playground and a sports ground were created, as well as a quiet recreation area for city residents.

“The city offered modern apartments with improved finishing to 86 residents of building 5, block 2 on Startovaya Street and 100 residents of building 8, block 2 on Taimyrskaya Street. To make the resettlement process more comfortable and faster for them, a resettlement information center will open on November 6, 2024, on the first floor of the new building. There, city residents will be able to consult on issues related to the registration of documents for new housing,” said the Minister of the Moscow Government, Head of the Department of City Property

Maxim Gaman.

The two-section residential complex has 141 apartments. It is located 200 meters from the old buildings. This is an example of how the renovation program preserves the social ties of Muscovites, while providing them with new comfortable and spacious housing, added the Minister of the Moscow Government, Head of the Department of Urban Development Policy Vladislav Ovchinsky.

The new building is the eighth to be handed over for occupancy in this area since the renovation program began. Hospitals, a school, a medical college and public infrastructure facilities are within walking distance.

Residents can view the offered housing at a date and time convenient for them. To do this, they need to register online on the mos.ru portal.

Earlier Sergei Sobyanin reported, that since the beginning of the year, 23 new buildings have been commissioned in the capital under the renovation program and 44 residential complexes have been handed over for occupancy.

The renovation program was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the resettlement of over 47 thousand people was ensured. Earlier, Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

Moscow is one of the leaders among regions in terms of construction rates and volumes. Over the past five years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential properties in the capital has doubled: from three million to five to seven million square meters per year. More information about this and other national projects being implemented in Moscow can be found Here.

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/145979073/

MIL OSI Russia News –

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 Australia: Mayor’s Christmas Appeal 2024
Source: Government of Western Australia
1. Home
2. Latest news
3. Mayor’s Christmas Appeal 2024
Published Thursday, 31st October 2024

The Mayor’s Christmas Appeal is back for 2024! Help locals doing it tough this Christmas by donating toys, non-perishable food and living essentials to those currently facing hardship.

Until Sunday 24 November, you can drop donations in one of the Appeal bins at the Civic Centre, the City’s libraries and community centres or at one of 60 participating locations within the City.

Please donate if you can and help us make this Christmas a special time for all City of Wanneroo residents.

To find out more about this year’s charities; their desired donations and donation collection points, please click here.

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MIL OSI News –
January 25, 2025
MIL-OSI Russia: Yuri Trutnev inspected the construction of the airport in Blagoveshchensk

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Yuri Trutnev got acquainted with the progress of reconstruction, modernization and operation of infrastructure facilities of the Blagoveshchensk International Airport named after N.N. Muravyov-Amursky (Ignatievo)

October 31, 2024

Yuri Trutnev got acquainted with the progress of reconstruction, modernization and operation of infrastructure facilities of the Blagoveshchensk International Airport named after N.N. Muravyov-Amursky (Ignatievo)

October 31, 2024

Construction of Blagoveshchensk Airport named after N.N. Muravyov-Amursky (Ignatievo)

October 31, 2024

Construction of Blagoveshchensk Airport named after N.N. Muravyov-Amursky (Ignatievo)

October 31, 2024

Construction of Blagoveshchensk Airport named after N.N. Muravyov-Amursky (Ignatievo)

October 31, 2024

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Yuri Trutnev got acquainted with the progress of reconstruction, modernization and operation of infrastructure facilities of the Blagoveshchensk International Airport named after N.N. Muravyov-Amursky (Ignatievo)

During a working visit to the Amur Region, Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev familiarized himself with the progress of reconstruction, modernization and operation of infrastructure facilities at the Blagoveshchensk International Airport named after N.N. Muravyov-Amursky (Ignatievo).

Large-scale reconstruction is underway at Blagoveshchensk International Airport. As part of the airfield infrastructure upgrade, a taxiway connecting the new runway with the new apron has been put into operation. Its length is 320 m, and its width, taking into account the reinforced asphalt shoulders, is 46 m. Aircraft servicing has already been accelerated. Thanks to the new taxiway, aircraft can taxi to the parking areas of the new apron under their own power, without waiting to be towed by a tractor. In addition to the taxiway, the airport also received additional parking areas for aircraft. They are located on the new apron, part of which was put into operation in March of this year. Until today, up to three aircraft could be serviced here at a time. The new areas make it possible to place up to five narrow-body aircraft or up to three wide-body aircraft on the apron. A special area for de-icing aircraft has also been equipped here.

Work continues on the construction of the new terminal of the Blagoveshchensk airport. The new airport complex will be 3.5 times larger than the current one. The total area is more than 25 thousand square meters. The throughput capacity is at least 600 passengers per hour on domestic flights and 400 passengers per hour on international flights. The terminal will be equipped with two galleries, each of which will have two jet bridges, as well as comfortable business lounges. Completion of construction and commissioning is scheduled for 2025.

The work on erecting the reinforced concrete structures of the airport complex building has already been completed, the columns and floors of the building have been fully completed, and all the necessary reinforced concrete structures have been installed. The installation of the metal structures of the building is in progress: 745 tons (78%) of the 960 tons of the main structures of the airport complex have been installed, the installation of the main metal structures of the building is planned to be completed in the first ten days of November. The installation of the roof of the building is more than 40% complete. The installation of profile facade systems and the manufacture of double-glazed windows is underway. Engineering equipment for the airport is being purchased. Work is being carried out on laying external networks: the laying of water supply networks has been completed, the piping of water supply chambers is in progress, the laying of the heating main to the airport has been completed, a block-modular boiler house has been delivered and installed at the site, the laying of sewerage and power supply networks on the station square is being completed.

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: Flow Traders 3Q 2024 Trading Update

Source: GlobeNewswire (MIL-OSI)

Flow Traders 3Q 2024 Trading Update

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 3Q 2024 trading update.

Highlights

Flow Traders recorded Net Trading Income of €107.3m and Total Income of €114.6m in 3Q24, compared to €67.6m and €67.7m, respectively, in 3Q23.
Flow Traders’ ETP Value Traded increased 9% in 3Q24 when compared to the same period last year.
Total Operating Expenses were €64.0m in 3Q24, compared to €55.3m in 3Q23, with Fixed Operating Expenses of €45.3m in the quarter, compared to €47.6m in 3Q23 (including one-off expenses).
EBITDA was €50.5m in 3Q24, generating an EBITDA margin of 44%, compared to €12.4m and 18%, respectively, in 3Q23.
Net Profit was €37.5m in 3Q24, yielding a basic EPS of €0.87, compared to a Net Profit of €6.3m and EPS of €0.15 in 3Q23.
Trading capital stood at €668m at the end of 3Q24 and generated a 58% return on trading capital¹, compared to €624m and 56% in 2Q24.
Shareholders’ equity was €666m at the end of 3Q24, compared to €638m at the end of 2Q24.
Flow Traders employed 646 FTEs at the end of 3Q24, compared to 635 at the end of 2Q24.

Financial Overview

€million	3Q24	3Q23	Change	YTD24	YTD23	Change
Net trading income	107.3	67.6	59%	313.9	227.6	38%
Other income	7.2	0.1		6.4	2.0
Total income	114.6	67.7	69%	320.4	229.6	40%
Revenue by region²
Europe	70.2	33.6	109%	187.2	125.2	50%
Americas	20.8	22.0	(5%)	75.5	64.1	18%
Asia	23.6	12.1	96%	57.7	40.3	43%
Employee expenses
Fixed employee expenses	20.4	19.3	6%	61.5	58.5	5%
Variable employee expenses	18.8	7.7	143%	53.7	35.8	50%
Technology expenses	17.2	15.8	8%	49.7	49.1	1%
Other expenses	7.7	11.5	(33%)	22.4	26.0	(14%)
One-off expenses³	0.0	1.0	(100%)	0.0	4.3	(100%)
Total operating expenses	64.0	55.3	16%	187.4	173.8	8%
EBITDA	50.5	12.4	309%	133.0	55.8	138%
Interest Expense	0.5	0.0		0.6	0.0
Depreciation & amortisation	4.1	4.5	(8%)	12.8	14.1	(9%)
Profit/(loss) on equity-accounted investments	(1.3)	0.2	(614%)	(1.9)	(4.4)	(57%)
Profit before tax	44.7	8.1	450%	117.7	37.2	216%
Tax expense	7.1	1.8	294%	21.2	7.9	170%
Net profit	37.5	6.3	495%	96.4	29.3	228%
Basic EPS⁴ (€)	0.87	0.15	498%	2.23	0.68	228%
Fully diluted EPS⁵ (€)	0.85	0.14	507%	2.18	0.65	236%
EBITDA margin	44%	18%		42%	24%

Revenue by Region

€million	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24
Europe	58.5	33.1	33.6	42.6	68.4	48.6	70.2
Americas	32.8	9.3	22.0	18.1	41.3	13.4	20.8
Asia	19.2	9.0	12.1	13.6	19.9	14.2	23.6

Value Traded Overview

€billion	3Q24	3Q23	Change	YTD24	YTD23	Change
Flow Traders ETP Value Traded	365	334	9%	1,121	1,089	3%
Europe	161	127	26%	460	467	(1%)
Americas	177	181	(2%)	583	551	6%
Asia	28	26	8%	78	71	9%
Flow Traders non-ETP Value Traded	1,192	994	20%	3,470	3,041	14%
Flow Traders Value Traded	1,557	1,328	17%	4,591	4,130	11%
Equity	835	723	15%	2,408	2,248	7%
Fixed income	225	253	(11%)	706	865	(18%)
Currency, Crypto, Commodity	440	303	45%	1,327	890	49%
Other	57	49	18%	150	127	18%
Market ETP Value Traded⁶	11,748	10,146	16%	34,741	31,367	11%
Europe	612	446	37%	1,790	1,482	21%
Americas	9,536	8,301	15%	28,590	25,997	10%
Asia	1,600	1,399	14%	4,361	3,888	12%
Asia ex China	555	457	22%	1,438	1,195	20%

Trading Capital

	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24
Trading Capital (€m)	651	647	574	585	584	609	624	668
Return on Trading Capital¹	71%	65%	67%	59%	51%	52%	56%	58%
Average VIX⁷	25.4	21.0	16.7	15.1	15.4	13.9	14.2	17.1

Market Environment

Europe

Equity trading volumes in the quarter increased when compared to the same period a year ago but declined when compared to last quarter. Market volatility, on average, was roughly flat compared to the same period a year ago and increased compared to last quarter.

Fixed Income trading volumes increased compared to the same period a year ago but declined compared to last quarter.

Americas

Equity trading volumes in the U.S. increased when compared to the same period a year ago but declined when compared to last quarter. Market volatility in the U.S. increased when compared to the same period a year ago as well as last quarter.

Fixed Income trading volumes in the U.S. increased both when compared to the same period a year ago as well as last quarter. Volatility declined when compared to the same period a year ago but increased when compared to last quarter.

Asia

Equity trading volumes in Asia increased across the region (Japan, Hong Kong, and China) both when compared to the same period a year ago as well as last quarter. Market volatility was mixed across the region as volatility increased both year-on-year and quarter-on-quarter in Japan but declined both year-on-year and quarter-on-quarter in Hong Kong and China.

Digital Assets

Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in Bitcoin (the barometer of the industry) declined when compared to the same period a year ago but increased compared to last quarter. Volatility, as indicated by the BitVol index, remains higher than the same period a year ago but declined when compared to last quarter.

Trading Capital Expansion Plan

In recent years, Flow Traders has successfully diversified its core trading model across different asset classes and geographies, which resulted in increased optionality for the business. The Board sees a range of emerging opportunities to accelerate growth for the firm by systematically expanding its trading capital base.

At the last results update, the Board declared a suspension of the dividend and announced a €25 million bank term loan as the first steps in boosting the firm’s trading capital. The additional capital immediately helped increase the capacity of the firm to capture the opportunities that arose during early August given the significant spike in volatility and dislocation across financial markets around the world. Looking ahead, the Board will look for the most economical debt financing options to further expand the firm’s trading capital to accelerate the firm’s growth.

Completion of Share Buyback Program

€2.2m worth of shares were repurchased during the quarter. This completes the €15m share buyback extension program originally announced on 27 October 2022, of which the period of execution was announced on 28 July 2023 to be extended by 12 months to 26 October 2024. The total number of shares purchased under the program was 850,882 shares, with an average price of €17.63, and represents 1.9% of total outstanding shares.

Outlook

Fixed operating expenses guidance for the year remains unchanged and is expected to be in the same range as FY23 as headcount is expected to be roughly flat for the year, offset by continued technology investments and inflationary pressures.

CEO Statement

Mike Kuehnel, CEO
“Following the strategic decision to accelerate the expansion of our trading capital base last quarter, we successfully demonstrated the validity of our growth and diversification strategy and capital expansion plan by delivering another triple-digit NTI quarter. This is the second time this year and the best third quarter result in the company’s 20-year history. The additional capital, following the suspension of the firm’s dividend payments and the addition of a bank term loan, coupled with the increase in volatility, enabled us to deliver a 58% return on trading capital in the quarter. The ability to effectively capture the opportunities that arose during the sudden, but short-lived, spike in volatility in early August across financial markets globally demonstrated the continued robustness of our trading strategies and further validates our growth and diversification strategy.

During the third quarter, market trading volumes increased when compared to the same period a year ago but were flat-to-down when compared to the second quarter. However, volatility levels increased given the macroeconomic uncertainties, the geopolitical turmoil around the world and the unexpected changes in central bank interest rate policies, which resulted in sudden and unexpected asset rotations. The quick but widespread nature of these asset movements resulted in temporary price dislocations that we were able to capture, while continuing to provide stability and liquidity to the financial markets we operate in. With pockets of opportunities coming from different segments of the market throughout the year so far (e.g. Digital Assets in 1Q, EMEA Equities in 2Q, and EMEA and APAC Equities in 3Q), the strategic investments we made over the years to diversify our business across different regions and asset classes continue to yield strong results.

As we continue to invest in new trading capabilities, we will also look to leverage these capabilities by enhancing our proprietary technology stack. With Owain, our new CTO, on board, we are excited about advancements in our technological capabilities, particularly around the quantitative insights to be gained from the treasure trove of data available to us. These new technological initiatives can help us with further improving our pricing and hedging competence to capture more opportunities across the markets we trade in. They are on top of the firm-wide streamlining and automation work that continues in the background to systematically improve efficiency and strengthen our core operations as the firm continues to grow and scale.

We believe this is a pivotal time for Flow Traders. With a unique combination of our trading talent and technology infrastructure, the opportunity set we see across all financial markets globally, and our recently announced trading capital expansion plan, we are excited about driving the company into the next phase of its growth.”

Preliminary Financial Calendar

13 February 2025 Release of 4Q24 and FY24 financial results

Analyst Conference Call and Webcast

The 3Q24 results analyst conference call will be held at 10:00 am CET on Thursday 31 October 2024. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

Contact Details

Flow Traders Ltd.

Investors
Eric Pan
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media
Laura Peijs
Phone: +31 20 7996799
Email: press@flowtraders.com

About Flow Traders

Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading ETPs to expand into fixed income, commodities, digital assets and FX. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With nearly two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

Notes

Return on trading capital defined as LTM NTI divided by end of period trading capital.
Revenue by region includes NTI, Other Income, and inter-company revenue.
One-off expenses related to the completed corporate holding structure update and capital structure review work.
Weighted average shares outstanding: 3Q24 – 43,095,744; 2Q24 – 43,270,311; 3Q23 – 43,293,467.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
Source – Flow Traders analysis.
Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

Important Legal Information

This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

All results published in this release are unaudited.

Market Abuse Regulation

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

3Q24 Trading Update Press Release

The MIL Network –

January 25, 2025

MIL-OSI: Improving macroeconomic environment and good customer activity drive progress, supported by cost focus and strong credit quality. Net profit of DKK 17.6bn for Q1-Q3 of 2024. 2024 net profit outlook revised upwards to DKK 22.5-23.5 billion
Source: GlobeNewswire (MIL-OSI)

Press release
Bernstorffsgade 40
DK – 1577 København V
Tel. +45 45 14 14 00

31 October 2024

Improving macroeconomic environment and good customer activity drive progress, supported by cost focus and strong credit quality
Net profit of DKK 17.6 billion for the first nine months of 2024
2024 net profit outlook revised upwards. Now expects a net profit of DKK 22.5-23.5 billion, against previously 21-23 billion

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

“During the first nine months of 2024, we consistently delivered satisfactory financial results, while progressing with our strategic priorities. Stable core income, consistent cost management, improved customer activity and continually strong credit quality led to an increase in net profit of 14% for the first nine months of the year relative to the same period last year.

On the back of lower inflation, central banks have started to lower policy rates. In response to this, we lowered selected customer rates on lending and deposits during the first nine months of the year, while ensuring our offerings remain attractive across customer segments. This has resulted in an increase of 4% in deposit volumes for personal customers in Denmark during the period coupled with a substantial shift towards placing excess liquidity in our wide range of investment solutions, which contributed to a 10% increase in net fee income year-on-year. With continued growth in customer business volumes at our Business Customers unit and good traction during the year so far in our capital markets business at our Large Corporates & Institutions unit, there was progress across our business.

We continue to execute on our Forward ’28 strategy, and with a return on equity of 13.4% and a cost/income ratio of 45.5%, we remain on track to meet our financial targets.”

First nine months of 2024 vs first nine months of 2023
Total income of DKK 41.8 billion (up 8.4% against the first nine months of 2023)
Operating expenses of DKK 19.0 billion (up 1.0% against the first nine months of 2023)
Loan impairments of DKK -436 million (against DKK 294 million in the first nine months of 2023)
Net profit of DKK 17.6 billion (up 13.8% against the first nine months of 2023)
Return on shareholders’ equity of 13.4% (against 12.5% in the first nine months of 2023)
Strong capital position, with a total capital ratio of 23% and a CET1 capital ratio of 19.1%

Macroeconomic environment more positive
In the third quarter, the macroeconomic outlook improved, as inflation got under control and interest rates were lowered, which all in all is paving the way for an outlook for stable growth. Among the Nordic countries, the macroeconomic outlook is especially positive in Denmark where the labour market remains strong, inflation is low and economic growth is expected to be solid, even without the significant contribution from the pharmaceutical sector. Despite the more positive macroeconomic outlook, we remain prudently aware of the downside risks stemming from the geopolitical situation and concerns about a potential slowdown in economic activity.

Although geopolitical tension has unfortunately become permanent and continues to be the global backdrop, the macroeconomic picture in the Nordic countries has improved, and we maintain our strong focus on our customers and are delivering according to the plan set out in our Forward ’28 strategy. Our focus on execution and our efforts to improve Danske Bank to the benefit of all stakeholders are moving us forward as expected.

Improved commercial momentum in core banking
We continue to see improved commercial momentum and good interest in our leading advisory solutions for customers with complex needs, and we continue to enhance our products to make everyday banking both simpler and safer.

At our Personal Customers unit, we saw an increase in net fee income, particularly from everyday banking and investment fees, higher net interest income from deposits and a net loan impairment reversal. Good growth in customer business volumes across our Business Customers unit supported an increase in bank lending volumes in local currency across our Nordic markets, except for Denmark. And at our Large Corporates & Institutions unit, the positive momentum continued, among other things with good activity in Loan Capital Markets, where we in the third quarter supported the financing of some of the largest transactions in Europe.

The improved momentum shows that Danske Bank’s underlying business is strong, our treasury asset and liability management is prudent, and our capital and liquidity positions continue to be strong, with significant buffers well above regulatory requirements.

“Supported by the improving macroeconomic environment, our diversified business model and core activities continued to ensure commercial progress. Net interest income increased 6% in the first nine months of the year and net fee income was up 10% for the period as a result of both solid customer activity and our ongoing development of customer offerings across the business. We continued our consistent focus on costs and on creating further efficiency improvements in our processes, allowing us to keep operating expenses on par while still developing according to plan. Our sustained commercial momentum and focus on operational efficiency thus resulted in a cost/income ratio of 45.5% and a return on equity of 13.4%, with credit quality remaining strong, as reflected in a net loan impairment reversal across all countries. The continued cost focus and strong credit quality is furthermore the basis for our second upward revision this year, which is a testament to the robustness of the bank and our customers,” says Stephan Engels, CFO.

Personal Customers
During the first nine months of 2024, we continued to support our customers in managing their finances in a market environment characterised by falling interest rate levels. Our Danske Bolig Fri home finance products were in high demand and were named ‘Best in Test’ by the Danish Consumer Council. The same was the case for our loans targeting first-time home buyers. We also saw an increased flow of customers into our Private Banking unit. Profit before tax amounted to DKK 7.48 billion in the first nine months of 2024, representing an increase of 21% from the year-earlier period. The result was fuelled primarily by an increase in net fee income, particularly from everyday banking and investment fees, and a net loan impairment reversal.

Business Customers
In the first nine months of 2024, the economic landscape in which we operate continued to improve, due primarily to a stabilisation of interest rates in the first part of the period, followed by interest rate cuts by the central banks towards the latter part of the period. We continued to expand the customer base in our focus segments. In addition, we took strategic repricing actions and continued to enhance support for our customers by providing the best possible advice tailored to their needs. Profit before tax for the first nine months of 2024 amounted to DKK 6.69 billion, a decrease of 6% from the same period last year. Net fee income rose as a result of our subscription-based fee service model as well as repricing actions. However, we saw an increase in operating expenses attributable to investments made under our Forward ’28 strategy.

Large Corporates & Institutions
In the first nine months of 2024, we continued to see a positive underlying momentum, particularly in our fee business as higher fees from assets under management, everyday banking products and capital markets activities mitigated the decline in net trading income, thus demonstrating the value of our diversified business model. Furthermore, we continued to leverage our strategic commercial strengths as reflected in growth in our corporate customer portfolio outside Denmark, an increased market share of cash management services and the maintaining of our leading position in sustainable finance. Profit before tax increased to DKK 7.03 billion, an increase of 6% from the same period last year. The increase was driven by higher net fee income and loan impairment reversals, although the increase was partly offset by lower net trading income.

Danica Pension
Through high levels of volatility, the global markets continued their positive trend in the third quarter of 2024. The investment return on our pension customers’ savings in the first nine months of the year profited from the favourable trend in the global financial markets. We have thus had a prolonged period throughout 2023 and 2024 during which we have been able to deliver significant returns for our customers. However, we continued to see challenges in the health and accident business due to a rise in new health and accident claims. This reflects the general trend in society. Net income at Danica Pension increased to DKK 1.41 billion in the first nine months of 2024, up 53% from the level in the first nine months of 2023, due to an increase in the net financial result.

Northern Ireland
The strong underlying financial performance reflects business growth in a higher interest rate environment. Profit before loan impairments was 7% higher than in the first nine months of 2023, while profit before tax of DKK 1.51 billion represented an increase of 3% year-on-year.

Outlook for 2024
The outlook for 2023 is revised upwards to a net profit in the range of DKK 22.5-23.5 billion. At the release of our upward adjustment on 26 June 2024, we guided for a full-year 2024 net profit in the range of DKK 21-23 billion. The change in outlook is based on better cost trajectory as well as lower than expected loan impairments.

The outlook is subject to uncertainty and depends on economic conditions.

Danske Bank

Contact: Stefan Singh Kailay, Head of Media Relations, tel. +45 45 14 14 00

More information about Danske Bank’s financial results is available at danskebank.com/reports.

Attachments
- Danske Bank Interim Report – first nine months 2024
- Danske Bank press release 31 October 2024
The MIL Network –
January 25, 2025
MIL-OSI Russia: SPbGASU remembers victims of political repressions

Translation. Region: Russian Federation –

Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Participants of the event dedicated to the Day of Remembrance of Victims of Political Repression. Left – Irina Lapina

On the Day of Remembrance of Victims of Political Repression, first-year students of the Faculty of Forensic Science and Law in Construction and Transport of SPbGASU held an event dedicated to this sad date.

“Political repression is terrible. When a person is declared an “enemy of the people,” tortured, sent to camps. When the children of “enemies of the people” are placed in special shelters. Almost every family has experienced the roller of these repressions. Particularly terrible events took place in the 1930s,” Irina Lapina, head of the Department of History and Philosophy, addressed the audience.

Yana Bak, Polina Tumanova and Valeria Kolodiy spoke about what political repression is and why it is important to remember it. The students gave a presentation to their classmates, prepared by their group. The audience learned about the chronology of political repression in the USSR and other countries, as well as what a deep mark they left on history and culture.

According to the students, studying cases of political repression helps to understand the mechanisms of suppression of dissent and the importance of protecting human rights. Understanding the consequences of repressive actions can help prevent them in the future. Remembering repression, people can express support for those who suffered from it and contribute to the restoration of justice.

“This was our initiative. We wanted to study this topic in more depth and tell others about what we learned,” said Jana Bak.

“This is a date that should be remembered. In addition, participation in such events develops political culture,” believes Polina Tumanova.

The Day of Remembrance of Victims of Political Repression is celebrated on October 30. It was established by the Resolution of the Supreme Soviet of the RSFSR of October 18, 1991 “On the establishment of the Day of Remembrance of Victims of Political Repression” in connection with the adoption of the law “On the rehabilitation of victims of political repression”. The date was chosen in memory of the hunger strike of prisoners of the Mordovian and Perm camps, which began on October 30, 1974 in protest against political repression in the USSR.

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: 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.

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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.

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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.

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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, 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

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

Page 9



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.

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

—

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)

1,104

(Gain)/loss reclassified to profit or loss

1,127

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)

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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

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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: OP Corporate Bank plc’s Interim Report 1 January–30 September 2024

Source: GlobeNewswire (MIL-OSI)

OP Corporate Bank plc
Interim Report 1 January–30 September 2024
Stock Exchange Release 31 October 2024 at 9.00 EET

OP Corporate Bank plc’s Interim Report 1 January–30 September 2024

OP Corporate Bank plc’s operating profit rose to EUR 336 million (259).
Net interest income increased by 11% to EUR 466 million (421). Investment income fell by 57% to EUR 23 million (53). Net commissions and fees totalled EUR 53 million (52).
Impairment loss on receivables decreased to EUR 15 million (63).
Total operating expenses decreased by 5% to EUR 217 million (229). The cost/income ratio improved to 38% (42).
Year on year, the loan portfolio decreased by 1.8% to EUR 27.5 billion (28.0). The deposit portfolio increased by 31.9% to EUR 16.2 billion (12.3).
The Corporate Banking and Capital Markets segment’s operating profit increased to EUR 216 million (150). Net interest income increased by 23% to EUR 287 million (233). Investment income fell by 54% to EUR 19 million (42). Operating expenses decreased by 10% to EUR 88 million (97). Impairment loss on receivables totalled EUR 9 million (32).
The Asset and Sales Finance Services and Payment Transfers segment’s operating profit increased to EUR 123 million (100). Net interest income increased by 3% to EUR 162 million (157). Net commissions and fees totalled EUR 44 million (47). Operating expenses remained at the previous year’s level at EUR 88 million (88). Impairment loss on receivables totalled EUR 9 million (27).
The Baltics segment’s operating profit rose to EUR 31 million (27). Net interest income decreased to EUR 44 million (50). Net commissions and fees totalled EUR 8 million (7). Operating expenses decreased by 7% to EUR 24 million (26). Impairment loss on receivables reversed came to EUR 3 million. A year ago, impairment loss on receivables totalled EUR 4 million.
The Group Functions segment’s operating loss was EUR –35 million. A year ago, the operating loss amounted to EUR –18 million. Financial position and liquidity remained strong.
OP Corporate Bank plc’s CET1 ratio rose 14.0% (13.0), which exceeds the minimum regulatory requirement by 5.3 percentage points.

OP Corporate Bank plc’s key indicators

Operating profit (loss), € million	Q1–3/2024	Q1–3/2023	Change, %	Q1–4/2023
Corporate Banking and Capital Markets	216	150	43.9	198
Asset and Sales Finance Services and Payment Transfers	123	100	23.4	126
Baltics	31	27	15.7	27
Group Functions	-35	-18	–	-22
Total	336	259	29.5	329
Total income	568	551	3.1	738
Total expenses	-217	-229	-5.2	-313
Cost/income ratio, %	38.2	41.5	-3.4*	42.4
Return on equity (ROE), %	7.6	6.2	1.4*	5.9
Return on assets (ROA), %**	0.46	0.32	0.15*	0.30
	30 Sep 2024	30 Sep 2023	Change, %	31 Dec 2023
CET1 ratio, %	14.0	13.0	1.1*	13.0
Loan portfolio, € million	27,536	28,040	-1.8	28,076
Guarantee portfolio, € million	2,727	2,865	-5.3	3,184
Other exposures, € million	5,398	6,103	-11.6	5,745
Deposits, € million	16,229	12,301	31.9	14,629
Ratio of non-performing exposures to exposures, %	2.0	2.0	0.02*	2.2
Ratio of impairment loss on receivables to loan and guarantee portfolio, %	0.07	0.27	-0.20*	0.31

Comparatives for the income statement are based on the corresponding figures in 2023. Unless otherwise specified, figures from 31 December 2023 are used as comparatives for balance-sheet and other cross-sectional items.
*Change in ratio, percentage point(s).
**The presentation of interest receivables and liabilities related to derivative contracts was changed in the second quarter of 2024. Comparative information has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.

Outlook for 2024

The Finnish economy was sluggish in the first half. GDP contracted over the previous year and unemployment increased. Forecast data suggests that the Finnish economy began to grow in the third quarter of 2024. Falling inflation and falling interest rates provide the basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises may abruptly affect capital markets and the economic environment.

A full-year earnings estimate for 2024 will only be provided at Group level, in OP Financial Group’s financial statements bulletin and in its interim and half-year financial reports.

The key uncertainties affecting OP Corporate Bank’s earnings performance in late 2024 relate to developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. In addition, future earnings performance will be affected by the market growth rate and the change in the competitive situation.

Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view of the future development in the business environment and the future financial performance of OP Corporate Bank plc’s and its various functions, and actual results may differ materially from those expressed in the forward-looking statements.

Time of publication of 2024 reports:

OP Corporate Bank’s Report by the Board of Directors and Financial Statements for 2024	Week 11, 2025
OP Corporate Bank’s Corporate Governance Statement 2024	Week 11, 2025

Schedule for Financial Statements Bulletin 2024 and Interim Reports and Half-year Financial Report in 2025:

Financial Statements Bulletin 1 January–31 December 2024	6 February 2025
Interim Report 1 January–31 March 2025	7 May 2025
Half-year Financial Report 1 January–30 June 2025	30 July 2025
Interim Report 1 January–30 September 2025	28 October 2025

Helsinki, 31 October 2024

OP Corporate Bank plc
Board of Directors

Additional information:

Katja Keitaanniemi, CEO, tel. +358 (0)10 252 1387
Piia Kumpulainen, CCO, tel. +358 (0)10 252 7317

DISTRIBUTION
Nasdaq Helsinki Oy
Euronext Dublin (Irish Stock Exchange)
LSE London Stock Exchange
Major media
op.fi

OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP’s funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other’s debts and commitments. OP Corporate Bank acts as OP Financial Group’s central bank.

The MIL Network –

January 25, 2025

MIL-OSI: OP Financial Group’s Interim Report for 1 January–30 September 2024: Strong business performance continued – operating profit EUR 1,948 million

Source: GlobeNewswire (MIL-OSI)

OP Financial Group
Interim Report 1 January–30 September 2024
Stock Exchange Release 31 October 2024 at 9.00 EET

OP Financial Group’s Interim Report for 1 January–30 September 2024: Strong business performance continued – operating profit EUR 1,948 million

Operating profit was EUR 1,948 million (1,570).
Income from customer business, or net interest income, insurance service result and net commissions and fees, increased by 7% to EUR 2,813 million (2,634). Net interest income grew by 10% to EUR 2,118 million (1,919). The insurance service result grew by 63% to EUR 95 million (58). Net commissions and fees decreased by 9% to EUR 599 million (656). The decrease was affected by the fact that owner-customers are being provided with daily banking services free of monthly charges in 2024. The value of this benefit was EUR 67 million during the reporting period.
Impairment loss on receivables in the income statement was EUR 72 million (170), accounting for 0.10% (0.22) of the loan and guarantee portfolio.
Investment income increased by 43% to EUR 419 million (294).
Total expenses grew by 4% to EUR 1,629 million (1,564). The cost/income ratio improved to 45% (47).
In the year to September, the loan portfolio decreased by 1% to EUR 98.0 billion (98.9). Deposits increased by 5% to EUR 76.2 billion (72.6).
CET1 ratio strengthened to 21.4% (19.2), which exceeds the minimum regulatory requirement by 7.9 percentage points.
Retail Banking segment’s operating profit rose to EUR 1,037 million (919). Net interest income grew by 11% to EUR 1,615 million (1,459). Impairment loss on receivables decreased by EUR 50 million to EUR 57 million (107). Net commissions and fees decreased by 13% to EUR 458 million (524). The cost/income ratio improved to 48% (49). The loan portfolio decreased by 1% year on year, to EUR 70.6 billion. Deposits increased by 1% to EUR 62.4 billion.
Corporate Banking segment’s operating profit rose to EUR 418 million (321). Net interest income grew by 12% to EUR 493 million (441). Impairment loss on receivables decreased by EUR 48 million to EUR 15 million (63). Net commissions and fees increased by 2% to EUR 146 million (143). The cost/income ratio improved to 37% (40). In the year to September, the loan portfolio decreased by 2% to EUR 27.5 billion. Deposits increased by 26% to EUR 14.4 billion.
Insurance segment’s operating profit rose to EUR 458 million (298). Insurance service result grew by 63% to EUR 95 million (58). Investment income increased by 52% to EUR 365 million (241). Combined ratio reported by non-life insurance was 95% (95).
Group Functions operating profit was EUR 4 million (–2).
OP Financial Group will increase the OP bonuses to be earned by owner-customers for 2025 by 40% compared to the normal level of 2022. In addition, owner-customers will get daily banking services free of monthly charges until the end of 2025. Together, these benefits are estimated to add up to more than EUR 400 million in value for owner-customers next year.
On 14 October 2024, OP Financial Group raised its earnings outlook for 2024. Operating profit for 2024 is expected to be higher than that for 2023. For more detailed information on the outlook, see “Outlook towards the year end”.

OP Financial Group’s key indicators

	Q1–3/2024	Q1–3/2023	Change, %	Q1–4/2023
Operating profit, € million	1,948	1,570	24.1	2,050
Retail Banking	1,037	919	12.8	1,223
Corporate Banking	418	321	30.3	408
Insurance	458	298	53.6	414
Group Functions	4	-2	–	-26
New OP bonuses accrued to owner-customers, € million	-233	-204	14.1	-275
Total income**	3,650	3,304	10.5	4,520
Total expenses	-1,629	-1,564	4.2	-2,201
Cost/income ratio, %**	44.6	47.3	-2.7*	48.7
Return on equity (ROE), %	12.3	11.1	1.2*	10.6
Return on equity, excluding OP bonuses, %	13.7	12.5	1.2*	12.0
Return on assets (ROA), %	1.30	1.02	0.29*	0.98
Return on assets, excluding OP bonuses, %	1.46	1.15	0.31*	1.11
	30 Sep 2024	30 Sep 2023	Change, %	31 Dec 2023
CET1 ratio, %	21.4	19.1	2.3*	19.2
Loan portfolio, € billion	98.0	98.9	-1.0	98.9
Deposits, € billion	76.2	72.6	5.0	74.5
Ratio of non-performing exposures to exposures, %	2.91	2.73	0.18*	2.94
Ratio of impairment loss on receivables to loan and guarantee portfolio, %	0.10	0.22	-0.13*	0.26
Owner-customers (1,000)	2,107	2,083	1.2	2,094

Comparatives for the income statement are based on the corresponding figures in 2023. Unless otherwise specified, figures from 31 December 2023 are used as comparatives for balance-sheet and other cross-sectional items.
* Change in ratio, percentage point(s).
** OP bonuses to owner-customers, which were previously shown on a separate line in the income statement, have been divided under the following items based on their accrual: interest income, interest expenses, and commission income from mutual funds. The line ‘OP bonuses to owner-customers’ is no longer shown in the income statement. Comparative information has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.

Comments by the President and Group Chief Executive Officer

The Finnish economy is recovering as forecast – inflation continued to slow and market rates fell markedly

Finland’s recovery, which began in the first half of the year, seems to be continuing into late 2024, mainly because the domestic market has been stronger than forecast. Consumer demand has been the mainstay of the economy this year. In contrast, investments have sharply reduced and exports are slightly down.

Finland’s economy seems to have bottomed out in the summer. Annual GDP growth is expected to reach 2% next year, when exports should clearly outpace the current year’s performance as industry perks up and service exports recover.

Inflation in Finland fell to 0.8%, which was clearly below the average for the euro area (1.7%). Short-term market rates fell sharply in the third quarter and the 12-month Euribor (the most commonly used reference rate for home loans) was at 2.75% at the end of September. Consumers, in particular, have benefited from lower inflation and interest rates.

Third-quarter home purchase volumes and home loan demand were clearly higher than in the same period last year: there are signs of a gradual recovery in the housing market.

Stock markets continued to perform well in July–September due to enduringly moderate global growth, better private-sector results and falling market rates.

OP Financial Group’s business operations continued to grow strongly – the excellent results will benefit OP’s owner-customers

OP Financial Group’s operating profit continued its excellent trend into the third quarter, growing by 24% year on year to EUR 1,948 million in January–September. This strong profit performance guarantees the continuance of highly competitive benefits for our owner-customers.

We will increase the OP bonuses earned by owner-customers for 2025 by 40% compared to the normal level of 2022. Moreover, in 2025, we will not collect monthly charges from our owner-customers for use of daily banking services. Next year, these benefits will add up to more than EUR 400 million in value for our owner-customers. Being customer-owned, OP Financial Group will continue to share its financial success through a range of financial and other benefits for its owner-customers.

OP Financial Group’s CET1 ratio strengthened again in the third quarter, to 21.4%, which exceeds the minimum regulatory requirement by 7.9 percentage points. OP Financial Group is one of Europe’s most financially solid large banks. Excellent profitability and strong capital adequacy and liquidity are critical factors for banks and insurance companies, building trust among customers, partners and other stakeholders. Trust is vital in the banking and insurance businesses.

OP Financial Group’s income from customer business grew considerably in January–September 2024, mainly owing to the strong increase in net interest income. Net commissions and fees decreased by 9%, due to the benefit (provided for owner-customers) of zero monthly charges for daily banking services.

The insurance service result for January–September clearly improved year on year, rising to EUR 95 million. It also improved considerably compared to the first half of 2024. Since the first quarter, there have been fewer large claims than usual and vehicle and health insurance claims fell in the summer months as favourable weather began and the flu season ended.

Income from investment activities has fared extremely well this year, the result of EUR 419 million being 43% higher than for the same period in 2023. Total income was EUR 3,650 million, or 10% more year on year.

At EUR 1,629 million, total expenses in January–September were 4% higher than in the same period in 2023, mainly due to rising personnel costs and higher investments in ICT development. OP Financial Group’s cost/income ratio markedly improved year on year, to an excellent 45%.

All three business segments performed well in January–September. The Retail Banking segment’s operating profit rose by 13% from the same period in 2023, to EUR 1,037 million. Corporate Banking’s operating profit was EUR 418 million, up by 30% year on year. Operating profit in the Insurance segment totalled EUR 458 million, a rise of 54% on January–September 2023, largely because of the excellent result in investment income.

Deposits grew strongly – but the loan portfolio decreased slightly

OP Financial Group’s deposit portfolio grew by 5% year on year. There was moderate growth both in household and corporate deposits. OP Financial Group strengthened its position as Finland’s leading deposit bank in the first half of 2024; OP’s market share is now almost 40%.

OP Financial Group’s loan portfolio shrank by around 1% year on year. Demand for new home loans and corporate loans remained fairly low. In the first half of 2024, OP Financial Group further strengthened its position as a provider of home loans in Finland; with a market share of 39%, it is the clear market leader. OP’s home loan customers have continued to manage their repayments well despite the general economic downturn. The number of loan modification applications was lower than the year before. Non-performing exposures totalled 2.9% (2.9). Impairment loss on receivables markedly decreased year on year.

Strong growth in wealth management continued

OP Financial Group aims to coach its customers to help them make better financial choices. We are therefore investing heavily in the range, quality and availability of the wealth management services we provide for our various customer categories. We want to promote our customers’ long-term financial wellbeing.

Our customers remain interested in systematically investing in funds, with 33% more new systematic investment agreements being made in January–September than in the same period last year. The number of OP mutual fund unitholders rose to almost 1.38 million. There was also considerable growth in the number of active equity investors. At EUR 111 billion in value, investment assets managed by OP Financial Group grew by 13% year on year.

Corporate Banking succeeded well as a provider of financing for big companies

Corporate Banking had a highly successful nine months as a versatile intermediary of financing for large corporations. It was the lead arranger or arranger of 11 bond issues, which raised EUR 2.6 billion for companies from the capital markets. Sustainable financing provided by Corporate Banking also grew in the first half of 2024. By the end of September, the commitment portfolio totalled EUR 8.0 billion.

The insurance business’s profitability improved in the third quarter

Insurance revenue for January–September grew by 7% year on year. The rapid growth in claims expenditure of early 2024 slowed in the third quarter, but claims expenditure in January–September was still 8% higher than in the same period in 2023. Non-life insurance reported a combined ratio of 95%. Compensation was paid for 94% of all claims reported to Pohjola Insurance. There was a clear improvement in non-life insurance’s profitability in the third quarter.

Life insurance’s performance has been excellent this year, with 10% growth in unit-linked insurance assets. Growing this business is one of OP Financial Group’s strategic focus areas.

Strong growth in the number of customer interactions through the AI-based OP Aina

In June, we launched OP Aina, a new personal assistant on OP-mobile. OP Aina helps our customers with a range of banking and insurance matters on a 24/7 basis. It is the first financial service in Finland to use artificial intelligence and alerts. We use the service to provide even more personalised and readily available services than before. Customers have been actively using the service. There have already been 4.8 million customer interactions with OP Aina and feedback has been positive.

Cybersecurity is at the core of our operations

OP Financial Group’s service availability has been excellent despite the rapidly growing number of denial of service attacks. We are investing strongly in cybersecurity to ensure that our customers’ money and data are secure and our service level is maintained under all circumstances. As phishing and scam attempts directed at our customers have proliferated, we have created several new ways of providing even better protection.

Owner-customers have been benefiting from OP bonuses for more than 25 years and will continue to do so

A total of more than EUR 3.7 billion in OP bonuses have accumulated for OP Financial Group’s owner-customers in more than 25 years. OP Financial Group has prepared for the possible change in the tax treatment of financial-sector customer bonuses in early 2026. A bill has been presented to the Finnish Parliament, which would bring OP bonuses accumulated from banking services under capital gains tax if they were used for non-banking services – to pay insurance premiums, for example. However, there is no need for concern among OP Financial Group’s 2.1 million owner-customers, who will continue to receive at least the same level of financial benefits as before, regardless of possible changes in the law. It therefore pays to be an owner-customer of OP Financial Group. In line with our mission, we will continue to promote the sustainable prosperity, security and wellbeing of our owner-customers.

OP Financial Group is an attractive employer

This year, OP Financial Group was ranked for the first time as Finland’s most attractive employer by business sector professionals, and as the fourth most attractive by IT professionals, in an annual employer branding survey by Universum. Year after year in the survey, professionals and students have ranked us as top performers.

Over the years, one of our strategic priorities has been to ensure that our personnel are highly skilled, motivated and satisfied. The survey results are strong evidence of our success in fulfilling this priority. Our employer image, as a genuinely inclusive workplace based on high-level competencies, is critical to retaining our current talent and continuing to recruit the best for OP Financial Group.

Together through time

OP Financial Group is in great shape to be there for its customers through economic ups and downs. We want to be a pioneer in Finnish society, pointing the way towards futures filled with hope. The success of Finland and all those who live here is our number one priority now and in the future.

My warm thanks to all our customers for the trust they have shown in OP Financial Group. We want to continue being worthy of your trust going forward. I would also like to give my heartfelt thanks to our employees and governing bodies for their fine work and commitment during the year. We have a superb basis for continuing to be successful in the times ahead.

Timo Ritakallio
President and Group CEO

January–September

OP Financial Group’s operating profit was EUR 1,948 million (1,570), up by 24.1% or EUR 378 million year on year. Income from customer business, or net interest income, net commissions and fees and insurance service result, increased by a total of 6.8% to EUR 2,813 million (2,634). The cost/income ratio improved to 44.6% (47.3). New OP bonuses accrued to owner-customers, which are included in earnings, increased by 14.1% to EUR 233 million.

Net interest income grew by 10.4% to EUR 2,118 million. The development of market rates continued to increase net interest income. Net interest income reported by the Retail Banking segment increased by 10.7% to EUR 1,615 million and that by the Corporate Banking segment increased by 11.9% to EUR 493 million. OP Financial Group’s loan portfolio decreased by 1.0% to EUR 98.0 billion while deposits grew by 5.0% to EUR 76.2 billion, year on year. Household deposits increased by 1.7% year on year, to EUR 47.8 billion. New loans drawn down by customers during the reporting period totalled EUR 15.0 billion (16.0).

Impairment loss on loans and receivables, which reduces earnings, totalled EUR 72 million (170). A year ago, expected credit losses concerning the real estate and construction sector increased the impairment loss on receivables. Final credit losses totalled EUR 38 million (42). At the end of the reporting period, loss allowance was EUR 964 million (929), of which management overlay accounted for EUR 85 million (109). Non-performing exposures accounted for 2.9% (2.9) of total exposures. Impairment loss on loans and receivables accounted for 0.10% (0.22) of the loan and guarantee portfolio.

Owner-customers have received daily banking services without monthly charges since October 2023. This contributed to the decrease in payment transfer net commissions and fees. Net commissions and fees decreased by a total of 8.7% to EUR 599 million. Net commissions and fees for payment transfer services decreased by EUR 58 million to EUR 175 million, and those for residential brokerage by EUR 4 million to EUR 43 million. Meanwhile, commission income from life insurance investment contracts increased by EUR 3 million to EUR 21 million.

Insurance service result increased by EUR 37 million to EUR 95 million. Insurance service result includes EUR 387 million (348) in operating expenses. Non-life insurance net insurance revenue including reinsurer’s share grew by 7.3% to EUR 1,299 million. Net claims incurred after reinsurer’s share grew by 7.9% to EUR 859 million. Combined ratio reported by non-life insurance was 95.0% (94.8).

Investment income, or net investment income, net insurance finance expenses and income from financial assets held for trading, increased by a total of 42.7% to EUR 419 million. Investment income grew as a result of the increase in the value of equity and fixed income investments. Net investment income together with net finance income describe investment profitability in the insurance business. The combined return on investments at fair value of OP Financial Group’s insurance companies was 6.4% (2.7).

Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR 1,605 million (591). Net income from investment contract liabilities totalled EUR –689 million (–241). Net insurance finance expenses totalled EUR –565 million (–102). In banking, net income from financial assets held for trading grew by 77.2% to EUR 43 million due to the increase in interest income from derivatives.

Other operating income increased to EUR 31 million (28).

Total expenses grew by 4.2% to EUR 1,629 million. Personnel costs rose by 11.3% to EUR 781 million. The increase was affected by headcount growth and pay increases. OP Financial Group’s personnel increased by approximately 1,061 year on year. Depreciation/amortisation and impairment loss on PPE and intangible assets decreased by 22.1% to EUR 107 million. Other operating expenses grew by 2.3% to EUR 741 million. ICT costs increased to EUR 372 million (318). Development costs were EUR 249 million (194) and capitalised development expenditure EUR 43 million (66). Charges of financial authorities fell by EUR 62 million to EUR 1 million. The EU’s Single Resolution Board (SRB) will not collect stability contributions from banks for 2024. In 2023, OP Financial Group paid a total of EUR 62 million in stability contributions.

The new OP bonuses to owner-customers have been divided under the following items based on their accrual: EUR 125 million (116) under interest income, EUR 61 million (49) under interest expenses, EUR 36 million (29) under commission income from mutual funds, and EUR 12 million (11) under insurance service result.

Income tax amounted to EUR 388 million (312). The effective tax rate for the reporting period was 19.9% (19.9). Comprehensive income after tax totalled EUR 1,644 million (1,279).

OP Financial Group’s equity amounted to EUR 17.7 billion (16.3). Equity included EUR 3.2 billion (3.3) in Profit Shares, terminated Profit Shares accounting for EUR 0.3 billion (0.4).

OP Financial Group’s funding position and liquidity is strong. At the end of the reporting period, the Group’s LCR was 214% (199) and NSFR was 130% (130).

Outlook towards the year end

The Finnish economy was sluggish in the first half. GDP contracted over the previous year and unemployment increased. Forecast data suggests that the Finnish economy began to grow in the third quarter of 2024. Falling inflation and interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises may abruptly affect capital markets and the economic environment.

OP Financial Group’s operating profit for 2024 is expected to be higher than that for 2023.

The key uncertainties affecting OP Financial Group’s earnings performance in late 2024 relate to developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.

Press conference

OP Financial Group’s financial performance will be presented to the media by President and Group Chief Executive Officer Timo Ritakallio in a press conference on 31 October 2024 at 11am at Gebhardinaukio 1, Vallila, Helsinki.

Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

OP Corporate Bank plc and OP Mortgage Bank will publish their own interim reports.

Schedule for financial reports for 2024:

OP Amalgamation Pillar 3 Tables 30 September 2024	Week 45, 2024
Report by the Board of Directors (incl. Sustainability Report) and Financial Statements 2024	Week 11, 2025
OP Financial Group’s Corporate Governance Statement 2024	Week 11, 2025
OP Financial Group’s Annual Report 2024	Week 11, 2025
OP Amalgamation Pillar 3 Disclosures 2024	Week 11, 2025
OP Financial Group’s Remuneration Report for Governing Bodies 2024	Week 11, 2025
Remuneration Policy for Governing Bodies at OP Financial Group	Week 11, 2025

Schedule for Financial Statements Bulletin 2024 and Interim Reports and Half-year Financial Report in 2025:

Financial Statements Bulletin 1 January‒31 December 2024	6 February 2025
Interim Report 1 January–31 March 2025	7 May 2025
Half-year Financial Report 1 January–30 June 2025	30 July 2025
Interim Report 1 January–30 September 2025	28 October 2025
OP Amalgamation Pillar 3 Disclosures 31 March 2025	Week 19, 2025
OP Amalgamation Pillar 3 Disclosures 30 June 2025	Week 32, 2025
OP Amalgamation Pillar 3 Disclosures 30 September 2025	Week 45, 2025

Helsinki, 31 October 2024

OP Cooperative
Board of Directors

Additional information:

Timo Ritakallio, President and Group Chief Executive Officer, tel. +358 (0)10 252 4500
Mikko Timonen, Chief Financial Officer, tel. +358 (0)10 252 1325
Piia Kumpulainen, Chief Communications Officer, tel. +358 (0)10 252 7317

DISTRIBUTION

Nasdaq Helsinki Ltd
Euronext Dublin (Irish Stock Exchange)
London Stock Exchange
Major media
op.fi

OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

The MIL Network –

January 25, 2025

MIL-OSI: LanzaTech and Eramet announce plans for first-of-a-kind integrated Carbon Capture, Utilization and Storage (CCUS) project in Norway

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 31, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech”), the carbon recycling company transforming above-ground carbon into sustainable fuels, chemicals, materials, and proteins, today announced plans to develop a commercial-scale Carbon Capture and Utilization (“CCU”) facility (the “facility”, “plant”, or “project”) at Herøya Industrial Park in Porsgrunn, Norway. The plant will produce ethanol and is expected to begin operations in 2028. Eramet will supply furnace gas as feedstock to the facility from the Porsgrunn Manganese Alloys smelter but will not participate in its financing.

To unlock further emissions reductions, the two companies also intend to build upon the CCU infrastructure and, if demonstrated to be feasible, integrate Carbon Capture and Storage (“CCS”) technology as part of a second phase of the project. The integration of LanzaTech’s CCU technology with CCS, two commercially proven carbon management solutions, is expected to establish a first-of-a-kind, integrated facility that drives leading-edge carbon abatement metrics.

The new plant at Herøya will complement the six other commercial scale plants already using LanzaTech’s carbon recycling technology to produce ethanol and the first for which LanzaTech will manage the full scope of project design, construction, and operations. The project’s Front-end Engineering Design (FEED) phase was completed with global engineering firm Fluor Corporation, which brings deep experience and expertise across the project scope and has partnered with LanzaTech in creating a baseline plant design that can be replicated for projects around the world. The project is also being supported by Sweco Group, which brings best-in-class sustainability expertise and design acumen. From a project financing standpoint, LanzaTech’s infrastructure investment partner Brookfield Asset Management will have right of first refusal for financing and owning the project, with a Final Investment Decision (FID) expected within the next six months.

LanzaTech’s proprietary technology is a fermentation process that biologically converts carbon-rich gases into sustainable raw materials, such as ethanol, for use in clothing, personal care products, packaging, fuel, and more. The facility’s maximum production capacity is expected to be 24 kilotons per annum of fuel-grade ethanol. Demand markets for this ethanol are wide ranging and include chemicals and sustainable aviation fuel. Given LanzaTech’s growing ethanol product sales business, the company intends to market the produced ethanol through its existing and emerging sales channels.

Eramet Norway’s Porsgrunn smelter has two closed furnaces producing manganese alloys. Manganese smelting falls into the category of hard-to-abate, as carbon is necessary for the chemical reduction of manganese ore. Eramet Group, headquartered in France, is engaged in an ambitious decarbonization pathway, with a target of a 40% reduction of its scope 1 & 2 emissions by 2035 set by the company’s “Act for positive mining” CSR roadmap. CCUS has been identified by Eramet as a major lever of decarbonization for its metallurgical assets. Since metallurgy represents ~90% of Eramet’s scope 1 & 2 emissions, this project makes an important contribution to the validation of a path to Near Zero CO₂-emission Manganese Alloys.

The planned integration of LanzaTech’s CCU process with CCS technology demonstrates the ability of LanzaTech’s carbon recycling platform to partner with and enable other carbon management technologies to further reduce carbon footprints. Residual output from LanzaTech’s gas fermentation process at this facility will take the form of highly concentrated CO₂, suitable for CCS, which reduces further operating and capital costs compared to a standalone CCS project.

“We are thrilled to announce plans for Norway’s first commercial carbon recycling facility using LanzaTech’s technology,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “Carbon is an incredibly important resource that requires a wide range of solutions to manage responsibly. By recycling above-ground carbon with our CCU process, this groundbreaking project gets us another step closer to realizing an enduring global circular carbon economy.”

The facility in Porsgrunn would allow the Eramet Norway Porsgrunn smelter to achieve a significant reduction in its CO₂ emissions. The potential inclusion of CCS in the project is pending results of a feasibility study and financing, though the companies remain optimistic about its implementation as further support of Norway’s position as a frontrunner in the deployment of CCUS.

In addition to CO₂ emissions reductions, the LanzaTech-Eramet collaboration will positively impact the local community by creating new jobs in the thriving industrial region of Grenland, and furthers the municipality’s reputation for technological innovation.

Geoff Streeton, Chief Development Officer, in charge of strategy, innovation and business development at Eramet, stated (to be quoted for the global version), ‘Eramet is pleased to be collaborating with LanzaTech on this first-of-its-kind decarbonization project of our manganese smelters. Firstly, to ensure optimal circular value creation in the use our energy-rich furnace gas. Secondly, this creates an attractive option to further liquefy and ultimately sequester the remaining CO₂streams. On a combined basis these CCU & CCS projects at Porsgrunn could bring a reduction of the company’s CO₂emissions by ~200 kt of Eramet’s Scope 1 & 2 emissions. This project brings Eramet closer towards its target of producing and offering a Zero CO₂manganese alloy product for the benefit of decarbonizing the value chain of steel.’

About LanzaTech
LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

About Eramet
Eramet transforms the Earth’s mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition. Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present. Manganese, nickel, mineral sands, and lithium: Eramet recovers and develops metals that are essential to the construction of a more sustainable world. As a privileged partner of its industrial clients, the Group contributes to making robust and resistant infrastructures and constructions, more efficient means of mobility, safer health tools and more efficient telecommunications devices. Fully committed to the era of metals, Eramet’s ambition is to become a reference for the responsible transformation of the Earth’s mineral resources for living well together.
www.eramet.com

Eramet Norway
Operating manganese smelters in Porsgrunn, Sauda and Kvinesdal, Eramet Norway AS is fully owned by the French mining and metallurgical group Eramet SA and part of the Group’s manganese alloy business unit.
Eramet Norway AS has a world leading market position on refined manganese alloys with one of the industry’s lowest carbon footprints, and is ambitiously pursuing the ultimate target of producing Zero CO₂ manganese alloys for the benefit of decarbonizing the value chain of steel.
www.eramet.no

Forward Looking Statements
This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements.

Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) timing delays in the advancement of projects to the final investment decision stage or into construction; (b) failure by customers to adopt new technologies and platforms; (c) fluctuations in the availability and cost of feedstocks and other process inputs; (d) the availability and continuation of government funding and support; (e) broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; (f) unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and (g) other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission.

Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media contact LanzaTech:
LanzaTech Global, Inc.
Investor Relations
Kate Walsh
VP, Investor Relations & Tax
Investor.Relations@lanzatech.com

Media Relations
Kit McDonnell
Director of Communications
press@lanzatech.com

Media contact Eramet:
Fanny Mounier
Media Manager
fanny.mounier@eramet.com
+33 145383732

Media contact Eramet Norway:
Kåre Bjarte Bjelland
Director Public Affairs
kare.bjarte.bjelland@eramet.com
+47 91636493

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

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.

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

Category: Politics

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

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

Invest in community-led strategies to improve uptake

Supply of secure access modules

Provision of recycling services

Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024

Two years on from the launch

Caring for those who need it most

Delivering fertility care across Victoria

Launch of the egg and sperm bank

Attend concerts and master classes in parks

Exhibitions in museums and elsewhere

Folk art and eternal classics in cultural centers

How to apply for a Muscovite card

Yuri Trutnev got acquainted with the progress of reconstruction, modernization and operation of infrastructure facilities of the Blagoveshchensk International Airport named after N.N. Muravyov-Amursky (Ignatievo)

Yuri Trutnev got acquainted with the progress of reconstruction, modernization and operation of infrastructure facilities of the Blagoveshchensk International Airport named after N.N. Muravyov-Amursky (Ignatievo)

Construction of Blagoveshchensk Airport named after N.N. Muravyov-Amursky (Ignatievo)

Construction of Blagoveshchensk Airport named after N.N. Muravyov-Amursky (Ignatievo)

Construction of Blagoveshchensk Airport named after N.N. Muravyov-Amursky (Ignatievo)