Category: Russian Federation

MIL-OSI Russia: Fusion of academic and practical: students and postgraduates explore creative economy

Translation. Region: Russian Federation –

Source: State University Higher School of Economics – State University Higher School of Economics –

The HSE hosted The Fourth International Forum of Young Researchers in Creative Economy. The authors of scientific papers that passed the competitive selection presented their reports: Russian and foreign researchers under 35 years of age, postgraduates and students studying the socio-economic aspects of the development of the creative economy and creative industries.

The Fourth International Forum of Young Researchers in the Creative Economy took place on the second day of the IV International Scientific Conference “Creative Economy: Key Development Trends and State Policy”. The event is being held Institute for Statistical Research and Economics of Knowledge (ISSEZ) under the auspices of the Decade of Science and Technology in Russia, within the framework of the activities of the World-Class Scientific Center “Center for Interdisciplinary Research on Human Potential» HSE University, with the support of the Russian Ministry of Education and Science.

The researchers studied key trends in the development of the creative economy and creative industries, digitalization of creative industries, analysis of creative clusters, creative potential of cities and regions, etc.

Every year more and more people participate in the competition, and now the competition was serious, emphasized the forum moderator, director of the center “Russian Cluster Observatory» Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics Evgeny Kutsenko.

The three best works were awarded diplomas and prizes. Elizaveta Fainshtein from the National Research University Higher School of Economics studied the perception of visitors to various public spaces based on a semantic analysis of reviews. The jury noted the relevance of the work and its practical focus. “Such spaces are appearing in many cities in Russia, and your research shows how they can help themselves, because, of course, there is not always enough money to develop them through the state,” noted Evgeny Kutsenko.

The work of Ivan Slipchenko from the Central University of Finance and Economics (China) was devoted to the impact of government support measures on the dynamics of China’s creative goods exports in 2016–2023. The researcher analyzed which support measures are most important and used a panel model for this purpose, which allows assessing cause-and-effect relationships.

Timur Malikov from the National Research University Higher School of Economics studied the reasons for overtime work in the video game industry. The jury noted the deep study of the topic, as well as the high-quality fusion of academicism and practicality.

In addition, the members of the competition committee additionally singled out four more works that they liked. A team of HSE students presented the study “Bread and Wine: Defining the Boundaries of Influence of Modern Creative Clusters in Moscow Using the Example of Spaces Near the Dmitrovskaya and Kurskaya Metro Stations”. Another team of HSE students studied the phenomenon of “catch-up” creativity in northern regions using the example of the Murmansk Region. Vitaly Saakov from the Russian State University of Economics (RINH) conducted an analysis of the creative industries of the Rostov Region. Anastasia Makukhina from the State Institute of Art Studies studied social networks as a factor in shaping demand for theatrical goods.

In conclusion, Evgeny Kutsenko called on the contestants to refine their research in accordance with the recommendations and take part in the HSE competition next year.

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 Global: Japan election: voters took aim at an untrustworthy government beset by scandal

Source: The Conversation – UK – By Julie Gilson, Reader in Asian Studies, University of Birmingham

Japan’s ruling Liberal Democratic party (LDP) suffered a severe blow on October 27 when, alongside its smaller coalition partner, Komeito, it lost its majority in a snap general election. The ruling coalition took 215 seats, fewer than the 233 required, with the centre-left opposition Constitutional Democratic party making big gains.

Prime Minister Shigeru Ishiba called the election after winning his bid for party leadership in September. He had hoped to cement his position and draw a line under the tenure of his predecessor, Fumio Kishida, who had stepped down earlier that month amid a string of corruption scandals and public discontent over the rising cost of living.

Ishiba has admitted that voters, who turned out in their third-lowest numbers in Japan’s post-war era, have dealt the LDP a “severe judgment”. But he has vowed to continue ruling the country.

For its part, the opposition is not unified and therefore not in a position to offer a viable alternative. However, the ability of Ishiba’s government to push through the changes it needs to win back voter support will be severely restricted if the LDP fails to enter into coalition or garner key allies on particular issues.

The LDP sits at the heart of the so-called “1955 system”, which has seen the party retain almost uninterrupted government control since the end of the second world war. But recent events have rocked Japanese politics.

At the end of 2023, the public became aware of funding scandals involving dozens of LDP politicians. They were found to have diverted over ¥600 million (£3 million) of campaign donations into slush funds without recording the transactions as they were legally required to do.

These scandals involved cabinet ministers and close allies of Kishida, who had already faced criticism over their links with the controversial Unification church. The church, whose members are commonly known as the Moonies, has been called a “dangerous cult” by its critics and is accused of exploiting its members financially.

Japan’s former prime minister, Shinzo Abe, was shot dead in July 2022 by a man who said he held the church responsible for bankrupting his family. Abe was not a member of the church, but his grandfather was a key figure in its establishment in Japan in the 1950s. Kishida ordered party members to end their ties with the church in the aftermath of Abe’s assassination.

These scandals have taken place against the backdrop of rising prices, stagnant wages and a generally sluggish economy. Consumer price inflation accelerated to 3% in August, a ten-month high. The dreary outlook contributed to voter disillusionment.

According to a survey by Tokyo-based news agency Kyodo News, the approval rating of Ishiba’s cabinet fell to 32.1% after the vote, from its pre-election rating of 50.7%.

The electorate has expressed its doubt that a new government could end the distrust caused by the scandals. Rebuilding this trust will only become harder as the yen continues to fall, and Japan’s economic uncertainty, ageing population, and disaffection among young voters persist.

Regional insecurity

The electoral body blow could also weaken Japanese foreign policy, with China emerging as the main beneficiary. To its democratic allies, a stable Japan is crucial for securing geopolitical stability in a region that also includes a dominant China, a belligerent Russia and a nuclear-armed North Korea.

The LDP has traditionally always had a hawkish foreign policy stance. And in recent decades it has moved towards a desire to revise Japan’s “pacifist” constitution in favour of enabling the military to take a more flexible approach to security threats.

Kishida was lauded abroad for his foreign policy, having proposed increases in the defence budget and more cooperation with the US in the Indo-Pacific region. And Ishiba has previously advocated for an “Asian Nato” to counter China. He has even visited Taiwan’s capital city, Taipei – much to Beijing’s disapproval.

At the same time, Komeito’s more conservative position on foreign policy has supported an approach towards building diplomatic bridges with China. But should the LDP enter into coalition with the right-wing Japan Innovation party, which is a possibility given it won 38 seats in the recent election, a more assertive stance towards China may arise.

Led by politician Nobuyuki Baba, the party supports the revision of Japan’s constitution and an increase in defence spending as a means of countering China’s regional influence.

That said, a prolonged period of incapacitated politics within Japan presents a good opportunity for China to escalate its incursions into Japanese airspace and military manoeuvres around Taiwan. Japan’s leadership now needs to get its house in order quickly if the balance of security in the Indo-Pacific is to be maintained.

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

– ref. Japan election: voters took aim at an untrustworthy government beset by scandal – https://theconversation.com/japan-election-voters-took-aim-at-an-untrustworthy-government-beset-by-scandal-242406

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Russia: Alexander Novak held a meeting on the formation of a general plan for the placement of electric power facilities until 2042

Translation. Region: Russian Federation –

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

Alexander Novak held a meeting on the formation of a general plan for the placement of electric power facilities until 2042

Deputy Prime Minister of the Russian Federation Alexander Novak held a meeting on the formation of the General Scheme for the placement of electric power facilities until 2042. The event was attended by heads and representatives of the Ministry of Energy, the Ministry of Economic Development, energy companies, industry and business associations.

The parties discussed the parameters for the functioning of the Russian energy system until 2042, taking into account the projected increase in energy consumption due to the accelerated growth of the economy.

In order to reliably meet the needs of citizens and industry for electricity, it is planned to introduce new modern generation by 2042. This concerns facilities of both traditional and renewable and nuclear energy.

In addition, the modernization of generating equipment will continue. There is also the task of further increasing the installed capacity, taking into account the need to balance consumption peaks, ensure the reliability of the energy system and export obligations.

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: Asure Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Reports Third Quarter Revenues of $29.3 Million

Recurring Revenues Grew 20% Versus Prior Year Third Quarter

AUSTIN, Texas, Oct. 31, 2024 (GLOBE NEWSWIRE) — Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Revenue of $29.3 million, nearly unchanged versus the same period of the prior year
Revenue (excluding ERTC revenue) of $29.2 million, up 20% from $24.4 million versus the same period of the prior year
Recurring revenue of $28.6 million, up 20% year over year. Recurring revenue was 98% of total revenue versus 81% the same period of the prior year
Net loss of $3.9 million versus a net loss of $2.2 million during the same period of the prior year
EBITDA⁽¹⁾ of $2.2 million versus $3.0 million during the same period of the prior year
Adjusted EBITDA⁽¹⁾ of $5.4 million versus $6.2 million during the same period of the prior year
Gross profit of $19.7 million versus $21.3 million during the same period of the prior year
Non-GAAP gross profit⁽¹⁾ of $21.4 million (Non-GAAP gross margin⁽¹⁾ of 73%) versus $22.4 million (and 76% during the same period of the prior year)

Nine Months 2024 Financial Highlights

Revenue of $89.0 million down 4% versus the first nine months of prior year
Revenue (excluding ERTC revenue) of $87.4 million up 15% from $75.7 million in the first nine months of prior year
Recurring revenue (excluding ERTC revenue) of $86.0 million up 16% from $74.4 million in the first nine months of prior year
Net loss of $8.6 million versus a net loss of $5.6 million the first nine months of prior year
EBITDA⁽¹⁾ of $8.0 million versus $13.2 million the first nine months of prior year
Adjusted EBITDA⁽¹⁾ of $16.3 million versus $20.5 million the first nine months of prior year
Gross profit of $61.2 million versus $67.7 million during the first nine months of the prior year
Non-GAAP gross profit⁽¹⁾ of $65.6 million (Non-GAAP gross margin⁽¹⁾ of 74%) versus $71.5 million (and 77% during the first nine months of the prior year)

_______________
(1)This financial measure is not calculated in accordance with GAAP and is defined on page 4 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

Recent Business Highlights

Payroll Tax Management Expansion: Asure’s Payroll Tax Management product gained significant momentum, going live with additional Workday and SAP clients during the third quarter. Key sales wins include one of America’s largest grocery chains and a nationally known HCM system integrator who assists large enterprises with Workday, SAP, and Oracle HCM implementations. These enterprise bookings have grown our backlog and still represent additional product and professional services opportunities.
HCM Architectural Milestone: Employee self-service capabilities have been decoupled from disparate payroll platforms and modularized as a single API-based service. This enhancement improves scalability and stability of the end-to-end HCM suite and further consolidates our technical footprint to a more flexible service-oriented architecture.
Entering Beta of New AI Agent: More than a chatbot, this new Generative-AI Agent handles inquiries related to payroll and payroll taxes takes secure action on behalf of the user. Through dynamic, interactive sessions, the AI Agent will answer questions and take actions on HR requests including time off requests, demographic changes, or changes to W-4 allowances.
Leadership Recognition: Asure Chairman and CEO, Pat Goepel, was named Austin Business Journal’s Best CEO of a Public Company for 2024, recognizing his leadership and commitment to Asure’s growth and success.
New financial services product to launch November 2024: Asure is introducing AsurePay™, an innovative financial solution offering working Americans a comprehensive online banking alternative. AsurePay™ combines features such as debit card access, fee-free ATM withdrawals, and paycheck advances through a unique interest-bearing banking solution, designed to improve employee engagement, while also improving overall employer efficiency. This solution is easily accessible through an intuitive mobile app.

Management Commentary

Asure Chairman and CEO, Pat Goepel, stated, “Our third quarter performance reflects strong, continued growth, with recurring revenue up 20% year-over-year. We’ve made great strides in transitioning to a more valuable revenue model, with 98% of our revenues now recurring, compared to 81% in the same quarter last year. Additionally, new bookings were up 141% year-over-year. Our backlog has grown significantly — over 35% from Q2 2024 and over 250% from Q3 2023. While large enterprise tax product deals have contributed to our success, their pace of implementation can vary. That said, we remain confident in our ability to maintain this positive trajectory.”

Goepel continued, “We’re seeing strong demand for our Payroll Tax Management product, we’re introducing new solutions, upgrading our technology, and making strategic acquisitions. Earlier in the year, we faced the challenge of replacing ERTC revenue, but those headwinds have now dissipated as we close out 2024 and this change in the composition of our revenues offers us strong momentum going into 2025. We are optimistic about the opportunities ahead for both the remainder of this year and into next year.”

Fourth Quarter 2024 and Full Year 2025 Revenue Guidance Ranges

The Company is providing the following guidance for the fourth quarter 2024 based on the Company’s year-to-date results and recent business trends. Management is initiating full year 2025 guidance to a range of $134M-$138M which does not include revenue from potential future acquisitions.

Guidance for 2024

Guidance Range		Q4-2024		FY-2024
Revenue	$	30M – 32M	$	119M -121M
Adjusted EBITDA⁽¹⁾	$	6M -7M		18% -19%

Guidance for 2025

Guidance Range		FY-2025
Revenue	$	134M – 138M
Adjusted EBITDA⁽¹⁾		23% – 24%

Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way that management does.

Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results.

Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort.

Management’s projections are based on management’s current beliefs and assumptions about the Company’s business, and the industry and markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2024 and 2025 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 6 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry.

Conference Call Details

Asure management will host a conference call on Thursday, October 31, 2024, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

About Asure Software, Inc.

Asure Software (Nasdaq: ASUR) is a leading provider of Human Capital Management (“HCM”) software solutions. We help small and mid-sized companies grow by assisting them in building better teams with skills to stay compliant with ever-changing federal, state, and local tax jurisdictions and labor laws, and better allocate cash so they can spend their financial capital on growing their business rather than back-office overhead expenses. Asure’s Human Capital Management suite, named AsureHCM®, includes cloud-based Payroll, Tax Services, and Time & Attendance software and Asure Marketplace™ as well as human resources (“HR”) services ranging from HR projects to completely outsourcing payroll and HR staff. We also offer these products and services through our network of reseller partners. Visit us at asuresoftware.com.

Non-GAAP and Adjusted Financial Measures

This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations.

Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items.

Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items.

Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items.

Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items.

EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue.

Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances.

Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than motivating or rewarding operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs.

Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs.

Income Taxes. The Company excludes income taxes, both at the federal and state levels.

One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature.

Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business.

Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs.

Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants.

Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.

Use of Forward-Looking Statements

This press release contains certain statements made by management that may constitute “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of “forward-looking statements” include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

The risks and uncertainties referred to above include—but are not limited to—the expiration of major revenue streams such as Employee Retention Tax Credits (“ERTC”) and the impact of the Internal Revenue Service recent measures regarding ERTC claims; risks associated with breaches of the Company’s security measures; risks associated with the Company’s rate of growth and anticipated revenue run rate, including impact of the current economic environment; the Company’s ability to convert deferred revenue and unbilled deferred revenue into revenue and cash flow, and ability to maintain continued growth of deferred revenue and unbilled deferred revenue; privacy concerns and laws and other regulations may limit the effectiveness of our applications; the financial and other impact of any previous and future acquisitions; the Company’s ability to continue to release, gain customer acceptance of and provide support for new and improved versions of the Company’s services; successful customer deployment and utilization of the Company’s existing and future services; interruptions to supply chains and extended shut down of businesses; issues in the use of artificial intelligence in our HCM products and services; political unrest, including the current conflict between Russia and Ukraine and the ongoing conflict involving Israel in the Middle East; reductions in employment and an increase in business failures, specifically among our clients; possible fluctuations in the Company’s financial and operating results; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; domestic and international regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; technological developments; the nature of the Company’s business model; interest rates; competition; various financial aspects of the Company’s subscription model; impairment of intangible assets; interruptions or delays in the Company’s services or the Company’s Web hosting; access to additional capital; the Company’s ability to hire, retain and motivate employees and manage the Company’s growth; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; volatility and weakness in bank and capital markets; factors affecting the Company’s deferred tax assets and ability to value and utilize them; volatility and low trading volume of our common stock; collection of receivables; and general developments in the economy, financial markets, credit markets and the impact of current and future accounting pronouncements and other financial reporting standards. Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2024, and its quarterly reports on Form 10-Q filed with the SEC on August 1, 2024, and October 31, 2024.

The forward-looking statements, including the financial guidance 2024 and 2025 outlooks, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based.

ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (Unaudited)

	September 30, 2024			December 31, 2023

ASSETS
Current assets:
Cash and cash equivalents	$	11,248		$	30,317
Accounts receivable, net of allowance for credit losses of $6,150 and $4,787 at September 30, 2024 and December 31, 2023, respectively		17,233			14,202
Inventory		233			155
Prepaid expenses and other current assets		4,586			3,471
Total current assets before funds held for clients		33,300			48,145
Funds held for clients		193,589			219,075
Total current assets		226,889			267,220
Property and equipment, net		18,490			14,517
Goodwill		94,724			86,011
Intangible assets, net		73,429			62,082
Operating lease assets, net		4,401			4,991
Other assets, net		10,176			9,047
Total assets	$	428,109		$	443,868
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of notes payable	$	—		$	27
Accounts payable		1,317			2,570
Accrued compensation and benefits		4,277			6,519
Operating lease liabilities, current		1,600			1,490
Other accrued liabilities		8,287			3,862
Deferred revenue		3,029			6,853
Total current liabilities before client fund obligations		18,510			21,321
Client fund obligations		193,951			220,019
Total current liabilities		212,461			241,340
Long-term liabilities:
Deferred revenue		2,276			16
Deferred tax liability		2,116			1,728
Notes payable, net of current portion		7,506			4,282
Operating lease liabilities, noncurrent		3,832			4,638
Other liabilities		765			209
Total long-term liabilities		16,495			10,873
Total liabilities		228,956			252,213
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding		—			—
Common stock, $0.01 par value; 44,000 shares authorized; 26,540 and 25,382 shares issued, 26,540 and 24,998 shares outstanding at September 30, 2024 and December 31, 2023, respectively		265			254
Treasury stock at cost, zero(1) and 384 shares at September 30, 2024 and December 31, 2023, respectively		—			(5,017	)
Additional paid-in capital		502,920			487,973
Accumulated deficit		(304,022	)		(290,440	)
Accumulated other comprehensive loss		(10	)		(1,115	)
Total stockholders’ equity		199,153			191,655
Total liabilities and stockholders’ equity	$	428,109		$	443,868
(1) The aggregate Treasury stock of prior repurchases of the Company’s own common stock was retired and subsequently issued effective January 1, 2024. See the Condensed Consolidated Statement of Changes in Stockholders’ Equity for the impact of this transaction.

ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share amounts) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023

Revenue:
Recurring	$	28,626		$	23,833		$	85,950		$	74,749
Professional services, hardware and other		678			5,501			3,050			18,069
Total revenue		29,304			29,334			89,000			92,818
Cost of sales		9,600			8,054			27,821			25,120
Gross profit		19,704			21,280			61,179			67,698
Operating expenses:
Sales and marketing		6,680			6,597			21,371			22,312
General and administrative		10,378			9,294			30,559			29,586
Research and development		1,973			1,803			5,704			5,107
Amortization of intangible assets		4,295			3,333			11,790			9,929
Total operating expenses		23,326			21,027			69,424			66,934
(Loss) income from operations		(3,622	)		253			(8,245	)		764
Interest income		165			437			762			1,015
Interest expense		(274	)		(1,219	)		(662	)		(5,336	)
Loss on extinguishment of debt		—			(1,517	)		—			(1,517	)
Other (expense) income, net		—			(283	)		10			(291	)
Loss from operations before income taxes		(3,731	)		(2,329	)		(8,135	)		(5,365	)
Income tax expense (benefit)		170			(123	)		434			267
Net loss		(3,901	)		(2,206	)		(8,569	)		(5,632	)
Other comprehensive loss:
Unrealized income (loss) on marketable securities		1,340			(201	)		1,105			(213	)
Comprehensive loss	$	(2,561	)	$	(2,407	)	$	(7,464	)	$	(5,845	)

Basic and diluted loss per share
Basic	$	(0.15	)	$	(0.10	)	$	(0.33	)	$	(0.27	)
Diluted	$	(0.15	)	$	(0.10	)	$	(0.33	)	$	(0.27	)

Weighted average basic and diluted shares
Basic		26,429			22,591			25,870			21,204
Diluted		26,429			22,591			25,870			21,204

ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)

	Nine Months Ended September 30,
		2024			2023

Cash flows from operating activities:
Net loss	$	(8,569	)	$	(5,632	)
Adjustments to reconcile loss to net cash (used) in provided by operations:
Depreciation and amortization		16,200			14,243
Amortization of operating lease assets		1,025			1,129
Amortization of debt financing costs and discount		531			548
Non-cash interest expense		—			1,471
Net accretion of discounts on available-for-sale securities		(273	)		(63	)
Provision for expected losses		111			2,004
Provision for deferred income taxes		388			111
Loss on extinguishment of debt		—			1,208
Net realized gains on sales of available-for-sale securities		(1,929	)		(1,645	)
Share-based compensation		4,981			4,170
Loss on disposals of long-term assets		—			132
Change in fair value of contingent purchase consideration		—			175
Changes in operating assets and liabilities:
Accounts receivable		(3,142	)		(5,014	)
Inventory		(78	)		159
Prepaid expenses and other assets		(1,656	)		4,031
Operating lease right-of-use assets		—			473
Accounts payable		(1,253	)		(498	)
Accrued expenses and other long-term obligations		(1,052	)		918
Operating lease liabilities		(1,139	)		(895	)
Deferred revenue		(4,539	)		(5,190	)
Net cash (used) in provided by operating activities		(394	)		11,835
Cash flows from investing activities:
Acquisition of intangible asset		(12,397	)		(697	)
Purchases of property and equipment		(546	)		(1,365	)
Software capitalization costs		(7,677	)		(5,029	)
Purchases of available-for-sale securities		(10,914	)		(21,513	)
Proceeds from sales and maturities of available-for-sale securities		13,325			10,428
Net cash used in investing activities		(18,209	)		(18,176	)
Cash flows from financing activities:
Payments of notes payable		(420	)		(35,627	)
Debt extinguishment costs		—			(468	)
Payments made on amounts due for the acquisition of intangible assets		(658	)		—
Net proceeds from issuance of common stock		902			45,986
Capital raise fees		(47	)		(258	)
Net change in client fund obligations		(26,068	)		(31,033	)
Net cash used in financing activities		(26,291	)		(21,400	)
Net decrease in cash and cash equivalents		(44,894	)		(27,741	)
Cash and cash equivalents, beginning of period		177,622			164,042
Cash and cash equivalents, end of period	$	132,728		$	136,301

ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (in thousands) (Unaudited)

	Nine Months Ended September 30,
		2024		2023

Reconciliation of cash and cash equivalents to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	$	11,248	$	32,787
Cash and cash equivalents included in funds held for clients		121,480		103,514
Total cash and cash equivalents	$	132,728	$	136,301

Supplemental information:
Cash paid for interest	$	—	$	3,140
Cash paid for income taxes	$	15	$	532

Non-cash investing and financing activities:
Acquisition of intangible assets	$	6,918	$	332
Notes payable issued for acquisitions	$	3,138	$	—
Shares issued for acquisitions	$	9,125	$	2,543

ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (unaudited)

(in thousands)	Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23			Q1-23			Q4-22
Revenue⁽¹⁾	$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420		$	33,064		$	29,292

Gross Profit to non-GAAP Gross Profit
Gross Profit	$	19,704		$	18,868		$	22,607		$	17,839		$	21,280		$	22,018		$	24,400		$	21,139
Gross Margin		67.2	%		67.3	%		71.4	%		67.9	%		72.5	%		72.4	%		73.8	%		72.2	%

Share-based Compensation		44			43			40			32			28			46			31			34
Depreciation		1,232			1,145			1,110			921			984			1,309			1,009			871
Amortization – intangibles		50			50			50			50			50			50			268			298
One-time expenses
Settlements, penalties & interest		2			3			—			(6	)		8			—			4			3
Acquisition and transaction costs		367			264			39			—			—			—			—			—
Non-GAAP Gross Profit	$	21,399		$	20,373		$	23,846		$	18,836		$	22,350		$	23,423		$	25,712		$	22,345
Non-GAAP Gross Margin		73.0	%		72.6	%		75.3	%		71.7	%		76.2	%		77.0	%		77.8	%		76.3	%

Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
Sales and Marketing Expense	$	6,680		$	6,924		$	7,767		$	6,422		$	6,597		$	8,515		$	7,200		$	6,022

Share-based Compensation		269			237			243			180			210			149			124			93
Depreciation		1			—			1			1			—			—			—			—
One-time expenses
Settlements, penalties & interest		(5	)		5			18			6			30			4			11			—
Acquisition and transaction costs		68			37			11			—			—			—			—			—
Other non-recurring expenses		—			—			—			—			—			180			—			—
Non-GAAP Sales and Marketing Expense	$	6,347		$	6,645		$	7,494		$	6,235		$	6,357		$	8,182		$	7,065		$	5,929

General and Administrative Expense to non-GAAP General and Administrative Expense
General and Administrative Expense	$	10,378		$	10,118		$	10,063		$	9,747		$	9,294		$	10,336		$	9,956		$	9,720

Share-based Compensation		1,187			1,122			1,535			980			936			1,298			1,142			641
Depreciation		264			256			251			225			200			234			210			168
One-time expenses
Settlements, penalties & interest		377			304			98			284			101			432			102			34
Acquisition and transaction costs		371			245			57			51			—			—			—			—
Other non-recurring expenses		253			—			86			53			—			453			—			—
Non-GAAP General and Administrative Expense	$	7,926		$	8,191		$	8,036		$	8,154		$	8,057		$	7,919		$	8,502		$	8,877

Research and Development Expense to non-GAAP Research and Development Expense
Research and Development Expense	$	1,973		$	1,962		$	1,769		$	1,739		$	1,803		$	1,325		$	1,979		$	1,627

Share-based Compensation		90			86			85			69			76			89			40			70
One-time expenses
Settlements, penalties & interest		—			27			31			—			—			—			—			25
Acquisition and transaction costs		195			369			147			—			—			—			—			—
Non-GAAP Research and Development Expense	$	1,688		$	1,480		$	1,506		$	1,670		$	1,727		$	1,236		$	1,939		$	1,532

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

ASURE SOFTWARE, INC. RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.) (unaudited)

(in thousands)	Q3-24			Q2-24			Q1-24			Q4-23			Q3-23			Q2-23			Q1-23			Q4-22
Revenue⁽¹⁾	$	29,304		$	28,044		$	31,652		$	26,264		$	29,334		$	30,420		$	33,064		$	29,292

GAAP Net (Loss) Income to Adjusted EBITDA
GAAP Net (Loss) Income	$	(3,901	)	$	(4,360	)	$	(308	)	$	(3,582	)	$	(2,206	)	$	(3,765	)	$	339		$	(1,056	)

Interest expense, net		109			(53	)		(156	)		(24	)		782			1,593			1,944			1,429
Income taxes		170			231			33			(158	)		(123	)		627			(237	)		(94	)
Depreciation		1,497			1,402			1,361			1,148			1,185			1,542			1,219			1,039
Amortization – intangibles		4,345			4,096			3,499			3,743			3,384			3,343			3,570			3,648
EBITDA	$	2,220		$	1,316		$	4,429		$	1,127		$	3,022		$	3,340		$	6,835		$	4,966
EBITDA Margin		7.6	%		4.7	%		14.0	%		4.3	%		10.3	%		11.0	%		20.7	%		17.0	%

Share-based Compensation		1,591			1,488			1,902			1,260			1,251			1,582			1,337			838
One Time Expenses
Settlements, penalties & interest		375			339			147			283			140			436			117			62
Acquisition and transaction costs		1,001			914			254			51			—			—			—			—
Other non-recurring expenses		253			—			86			53			—			633			—			—
Other (expense) income, net		—			—			(10	)		1			1,800			93			(83	)		139
Adjusted EBITDA	$	5,440		$	4,057		$	6,808		$	2,775		$	6,213		$	6,084		$	8,206		$	6,005
Adjusted EBITDA Margin		18.6	%		14.5	%		21.5	%		10.6	%		21.2	%		20.0	%		24.8	%		20.5	%

⁽¹⁾Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

Investor Relations Contact
Patrick McKillop
Vice President, Investor Relations
617-335-5058
patrick.mckillop@asuresoftware.com

The MIL Network –

January 25, 2025

MIL-OSI Security: 56th Security Consultative Meeting Joint Communique

Source: United States INDO PACIFIC COMMAND

1. The 56th United States (U.S.)-Republic of Korea (ROK) Security Consultative Meeting (SCM) was held in Washington, D.C., on October 30, 2024. U.S. Secretary of Defense Lloyd J. Austin III and ROK Minister of National Defense Kim Yong Hyun led their respective delegations, which included senior defense and foreign affairs officials. On October 17, 2024, the U.S. Chairman of the Joint Chiefs of Staff, General Charles Q. Brown Jr., and ROK Chairman of the Joint Chiefs of Staff, Admiral Kim Myung-soo, presided over the 49th ROK-U.S. Military Committee Meeting (MCM).

2. The Secretary and the Minister reaffirmed that the U.S.-ROK Alliance is the linchpin of peace, stability, and prosperity on the Korean Peninsula and beyond based on our shared values, including freedom, human rights, and the rule of law. The two leaders reviewed progress taken during 2024 to implement the “Defense Vision of the U.S.-ROK Alliance,” including enhancing extended deterrence against the Democratic People’s Republic of Korea (DPRK), modernizing Alliance capabilities based on science and technology cooperation, and strengthening solidarity and regional security cooperation with like-minded partners. They noted that the SCM has played a pivotal role in developing the ROK-U.S. Alliance into a Global Comprehensive Strategic Alliance and would continue maintaining its role as a core consultative mechanism to discuss the future development of the Alliance and provide strategic direction. The two leaders also provided direction and guidance for continued progress in 2025 through a newly endorsed framework of U.S.-ROK bilateral defense consultative mechanisms that effectively and efficiently support Alliance objectives. Both concurred that the current U.S.-ROK Alliance is stronger than ever and reaffirmed the two nations’ unwavering mutual commitment to a combined defense posture to defend the ROK as stated in the U.S-ROK Mutual Defense Treaty, and as reflected in the Washington Declaration. The two leaders also resolved to continue to strengthen the Alliances’ deterrence and defense posture against DPRK aggression and promote stability on the Korean Peninsula and throughout the region.

3. The Secretary and the Minister reviewed the current security environment in and around the Korean Peninsula and discussed cooperative measures between the two nations. The Secretary and Minister expressed grave concern that the DPRK continues to modernize and diversify its nuclear and ballistic missile capabilities. The two sides condemned the DPRK’s multiple missile launches, including ballistic missiles, its attempted launches of a space launch vehicle, and Russian-DPRK arms trade as clear violations of existing UN Security Council resolutions (UNSCRs). They noted that these actions present profound security challenges to the international community and pose an increasingly serious threat to peace and stability on the Korean Peninsula and throughout the Indo-Pacific region, as well as in the Euro-Atlantic region.

4. Secretary Austin reiterated the firm U.S. commitment to provide extended deterrence to the ROK, utilizing the full range of U.S. defense capabilities, including nuclear, conventional, missile defense, and advanced non-nuclear capabilities. He noted that any nuclear attack by the DPRK against the United States or its Allies and partners is unacceptable and would result in the end of the Kim regime in line with the 2022 U.S. Nuclear Posture Review. He highlighted the increased frequency and routinization of U.S. strategic asset deployments as committed to by President Biden in the Washington Declaration, and noted that these were tangible evidence of the U.S. commitment to defend the ROK.

5. The two leaders highly appreciated the work of the Nuclear Consultative Group (NCG) inaugurated following the Washington Declaration. Both applauded the completion on July 11, 2024, of “United States and Republic of Korea Guidelines for Nuclear Deterrence and Nuclear Operations on the Korean Peninsula,” which represents tremendous progress of the NCG commended and endorsed by President Biden and President Yoon. The two leaders affirmed that the completion of the Guidelines established the foundation for enhancing ROK-U.S. extended deterrence in an integrated manner. Minister Kim noted that, through such progress, the ROK-U.S. Alliance was elevated to a nuclear-based alliance. The two leaders stressed that the principles and procedures contained in the Guidelines enable Alliance policy and military authorities to maintain an effective nuclear deterrence policy and posture. The Secretary and Minister also welcomed the successful execution of the ROK-U.S. NCG table-top simulations and table-top exercises to enhance decision-making about nuclear deterrence and operations, and planning for potential nuclear contingencies on the Korean Peninsula. Both sides affirmed that the full capabilities of the two countries would contribute to the Alliance’s combined deterrence and defense posture, and in this regard the Secretary welcomed the recent establishment of the ROK Strategic Command. The Secretary and Minister directed the NCG to continue swift progress on NCG workstreams, including security protocols and expansion of information sharing; nuclear consultation processes in crises and contingencies; nuclear and strategic planning; ROK conventional support to U.S. nuclear operations in a contingency through conventional-nuclear integration (CNI); strategic communications; exercises, simulations, training, and investment activities; and risk reduction practices. They noted that such efforts would be coordinated to strengthen capabilities of the ROK and United States to enhance U.S.-ROK extended deterrence cooperation in an integrated manner, and looked forward to receiving regular updates on NCG progress activities at future SCMs.

6. The two sides pledged to continue coordinating efforts to deter DPRK’s nuclear threat with the Alliance’s overwhelming strength, while continuing to pursue efforts through sanctions and pressure to dissuade and delay DPRK’s nuclear development. Both leaders stressed the importance of full implementation of UNSCRs by the entire international community, including the People’s Republic of China (PRC) and Russia, both permanent members of the UN Security Council. The two leaders urged the international community to prevent and respond to DPRK’s sanctions evasion so that it abandons its illegal nuclear and ballistic missile development. To this end, they decided to work closely with each other and the international community to combat the DPRK’s illegal and malicious cyber activities, cryptocurrency theft, overseas laborer dispatches, and ship-to-ship transfers. The Secretary and Minister expressed concern that Russia-DPRK military cooperation, which has been intensified since the signing of a Comprehensive Strategic Partnership Treaty between the two, is deepening regional instability. The two leaders made clear that military cooperation, including illegal arms trade and high-technology transfers between Russia and the DPRK, constitute a clear violation of UNSCRs, and called on Russia to uphold its commitments. The two leaders also strongly condemned in the strongest terms with one voice that the military cooperation between Russia and the DPRK has expanded beyond transfers of military supplies to actual deployment of forces, and pledged to closely coordinate with the international community regarding this issue.

7. Both leaders reiterated the willingness of their Presidents to pursue dialogue and diplomacy, backed by a robust and credible deterrence and defense posture. In this regard, Secretary Austin expressed support for the goals of the ROK’s Audacious Initiative and President Yoon’s vision of a free, peaceful, and prosperous unified Korean Peninsula, and welcomed President Yoon’s desire to open a path for serious and sustained diplomacy with the DPRK. Both sides reaffirmed that they remain open to dialogue with the DPRK without preconditions and pledged to continue close coordination.

8. The Minister and the Secretary noted concerns that the DPRK’s claims of “two hostile countries,” and activities near the Military Demarcation Line (MDL) could threaten peace and the Armistice on the Korean Peninsula. The two leaders strongly condemned DPRK’s activities that raise tension on the Korean Peninsula, such as multiple unmanned aerial vehicle (UAV) infiltrations in the past, as well as the recent unilateral detonation of sections of inter-Korean roads and ongoing launches of “filth and trash balloons,” and urged the DPRK to immediately cease such activities. The Secretary and the Minister concurred that the Armistice Agreement remains in effect as an international norm guaranteeing the stable security order on the Korean Peninsula, and that all parties of the Korean War should abide by it while it remains in force. Both sides noted that the Northern Limit Line (NLL) has been an effective means of separating military forces and preventing military tension over the past 70 years, and urged the DPRK to respect the NLL.

9. Secretary Austin and Minister Kim reaffirmed the role of the United Nations Command (UNC) in implementing, managing, and enforcing the Korean Armistice Agreement, deterring DPRK aggression, and coordinating a multinational, united response in case of contingencies on the Korean Peninsula. They reaffirmed that UNC has successfully contributed to those aims for more than 70 years and continues to carry out its mission with the utmost respect for the sovereignty of ROK, the primary host nation. Both sides welcomed the successful organization of the second ROK-UNC Member States Defense Ministerial Meeting and expressed their appreciation for UNC Member State contributions. They welcomed the addition of Germany to UNC, and noted that peace and prosperity in the Indo-Pacific, including the Korean Peninsula, and Euro-Atlantic regions are increasingly connected. The two leaders are determined to continue seeking the expanded participation in UNC by like-minded countries that share the values of the 1953 Washington Declaration, anchored in the principles of the UN Charter and mandates of relevant UNSCRs. Secretary Austin thanked Minister Kim for the ROK’s efforts to support the UNC’s role to maintain and enforce the Armistice Agreement, and to support the defense of the ROK against DPRK aggression. In this regard, the Secretary and Minister both highlighted their desire to expand combined exercises, information sharing, and interoperability between the ROK, the Combined Forces Command, and UNC Member States.

10. The Secretary and the Minister also noted the critical role that U.S. forces in the ROK have played for more than 70 years and reaffirmed that U.S. Forces Korea (USFK) continues to play a decisive role in preventing armed conflict on the Korean Peninsula, and in promoting peace and stability in Northeast Asia. Secretary Austin reiterated the U.S. commitment to maintain current USFK force levels to defend the ROK.

11. The Secretary and Minister also reviewed the work of the various bilateral mechanisms such as the U.S.-Korea Integrated Defense Dialogue (KIDD). They welcomed efforts to enhance information sharing through the U.S. Shared Early Warning System (SEWS) for strengthening the Alliance’s detection capabilities in response to advancing DPRK missile threats. They also commended the work of the Counter-Missile Working Group (CMWG) and reviewed “the Joint Study on Alliance Comprehensive Counter-Missile Strategy” aimed at informing recommendations for counter-missile capabilities and posture of ROK and United States. The Secretary and Minister also discussed concrete efforts to strengthen cooperation in space and cyber to robustly deter and defend against growing threats. They endorsed efforts by the Space Cooperation Working Group (SCWG) to improve space situational awareness information sharing and interoperability, and acknowledged the need to expand ROK participation in exercises and training that can strengthen Alliance space capability and improve resilience against growing space threats. In particular, the Secretary also welcomed ROK participation in the Joint Commercial Operations (JCO) cell to leverage space industry and strengthen allied space capabilities. The Secretary and Minister also pledged to deepen cyber cooperation through the Cyber Cooperation Working Group and improve coordination through cyber defense exercises, such as Cyber Alliance and Cyber Flag. Overall, both leaders expressed appreciation for the continuing cooperation to ensure the Alliance’s space, cyber, and counter-missile efforts to keep pace with the evolving threats posed by the DPRK.

12. Noting the importance of science and technology (S&T) cooperation, the Secretary and Minister decided to establish the Defense Science and Technology Executive Committee (DSTEC) at the Vice-Minister-Under Secretary level within this year, to guide and prioritize Alliance defense S&T cooperation. They noted priority areas for cooperation including autonomy, artificial intelligence, and crewed-uncrewed teaming are particularly vital to ensure the ROK is able to achieve the goals of Defense Innovation 4.0 and modernize Alliance capabilities. Both leaders also welcomed future S&T cooperation related to quantum technologies, future-generation wireless communication technologies, and directed energy to ensure that S&T advancements enhance the combined capabilities of the Alliance. This included efforts to identify potential areas of collaboration on AUKUS Pillar II. The Secretary welcomed the Minister’s proposal to host a Defense Science and Technology conference in 2025, and concurred that the DSTEC should leverage this conference to baseline and prioritize Alliance defense S&T collaboration.

13. The Secretary and Minister also reviewed efforts to improve the interoperability, interchangeability, and resilience of the U.S. and ROK defense industrial base. They underscored the need to improve efficient and effective collaboration in the development, acquisition, fielding, logistics, sustainment, and maintenance of defense capabilities, and to ensure that S&T advancements are swiftly and seamlessly transitioned into acquisition and sustainment efforts. Both leaders welcomed progress under the U.S. Regional Sustainment Framework (RSF) and welcomed ROK participation in a Maintenance, Repair, and Overhaul (MRO) pilot project on Air Force aviation maintenance. The two leaders noted that this pilot project could lead to more bilateral co-sustainment opportunities, and also expand defense industrial collaboration with like-minded partners in the region in light of the ROK’s key role in the Partnership for Indo-Pacific Industrial Resilience (PIPIR) contact group. The Secretary and Minister also noted with satisfaction the recent U.S. Navy contract with ROK shipyards to conduct MRO services for U.S. vessels, and underscored the potential to expand such work to improve the resilience of the Alliance’s posture in the Indo-Pacific Region. The Secretary and Minister also recognized the need to improve reciprocal market access to deepen defense industrial cooperation and enhance supply chain resiliency, and are committed to accelerate cooperation with the goal of signing the Reciprocal Defense Procurement Agreement next year based on guidance from both Presidents.

14. The Secretary and the Minister received and endorsed the MCM Report to the SCM presented by the U.S. Chairman of the Joint Chiefs of Staff, General Charles Q. Brown. They welcomed the efforts of General Brown, Admiral Kim, and the MCM to enhance military plans, posture, training, exercises, and efforts to coordinate U.S.-ROK Combined Forces Command (CFC) activities and enhance military strength of the Alliance. The Secretary and Minister concurred that the Freedom Shield 24 (FS 24) and Ulchi Freedom Shield 24 (UFS 24) exercises, which included realistic threats from the DPRK advancing nuclear, missile, space, and cyber threats, enhanced the Alliance’s crisis management and strengthened deterrence and defense capabilities. In addition, they assessed that combined field training exercises (FTX), which were more extensive than the past year and conducted in land, maritime and air domains, enhanced interoperability and combined operations execution capabilities. Based on such outcomes, both leaders decided to continue strengthening combined exercises and training in line with the rapidly changing security environment of the Korean Peninsula, and further decided that future combined exercises should include appropriate and realistic scenarios including responses to DPRK nuclear use. The Secretary and the Minister also emphasized that ensuring consistent training opportunities for USFK is critical to maintaining a strong combined defense posture. Secretary Austin noted the efforts of ROK Ministry of National Defense (MND) to improve the training conditions for U.S. and ROK forces and stressed the importance of maintaining close cooperation between USFK and MND for the joint use of ROK facilities and airspace for training.

15. Given the growth and diversification of the DPRK’s chemical, biological, radiological, and nuclear (CBRN) weapons and delivery systems, both leaders assessed efforts and works to ensure execution of Alliance missions under a CBRN-challenged environment. In particular, they welcomed progress by the Countering Weapons of Mass Destruction Committee (CWMDC), including the expansion of information sharing required for nuclear elimination operations consistent with the Nuclear Weapons Non-proliferation Treaty (NPT), and the strengthening of cooperation to prevent proliferation of WMD in the Indo-Pacific region. Both leaders welcomed continued multinational counter-proliferation activities in the region amidst advancements of DPRK nuclear and missile program and intensification of arms trade between Russia and the DPRK following the Comprehensive Strategic Partnership Treaty. Secretary Austin expressed appreciation for ROK contributions to various global security efforts such as Proliferation Security Initiative (PSI), and the Minister and the Secretary concurred on the importance of maintaining cooperative efforts to enforce relevant counter-proliferation UNSCRs.

16. The Secretary and Minister also reviewed the progress and works to fulfill the Conditions-based Wartime Operational Control (OPCON) Transition Plan (COTP). Both leaders reaffirmed that the conditions stated in the bilaterally approved COTP must be met before wartime OPCON is transitioned in a stable and systematic manner. They received the results of the annual U.S.-ROK bilateral evaluation on the capabilities and systems for conditions #1 and #2 based on the bilaterally-approved assessment criteria and standards. Both leaders affirmed that there was a significant progress of this year’s bilateral evaluation on readiness posture and capabilities, and pledged to continue close consultations between the ROK and the United States. for the establishment of the Future-CFC. The Secretary and the Minister also reaffirmed that Future-CFC Full Operational Capability (FOC) Certification would be pursued when the results of the bilateral evaluation on the capabilities and systems of conditions #1 and #2 meet the mutually approved levels. Regarding condition #3, the Secretary and the Minister decided to remain in close consultation for the assessment of the security environment. Both sides pledged to support continued evaluation and progress in wartime OPCON transition implementation through annual MCMs and SCMs, and affirmed that the wartime OPCON transition would strengthen ROK and Alliance capabilities and the combined defense posture.

17. The Secretary and the Minister reviewed the regional security environment, and plans to expand U.S.-ROK security cooperation throughout the Indo-Pacific region to support maintaining a free and open Indo-Pacific that is connected, prosperous, secure, and resilient. They also reaffirmed support for Association of Southeast Asian Nation (ASEAN) centrality and the ASEAN-led regional architecture as well as regional efforts of the Pacific Islands Forum. In particular, the two leaders noted the importance of enhancing cooperation during the implementation of both the ROK and U.S. respective strategies for the Indo-Pacific region. To this end, the Secretary and the Minister endorsed the “Regional Cooperation Framework for U.S.-ROK Alliance Contributions to Security in the Indo-Pacific,” and discussed priorities areas and partners to better respond to the complex regional and global security situation. After reviewing the work of the ROK-U.S. Regional Cooperation Working Group (RCWG), both leaders reaffirmed their commitment to strengthen defense cooperation with ASEAN members and work together with the Pacific Island Countries to contribute to regional security. The Secretary and the Minister also acknowledged the importance of preserving peace and stability in the Taiwan Strait as reflected in the April 2023 “Joint Statement in Commemoration of the 70th Anniversary of the Alliance between the United States of America and the Republic of Korea.”

18. The Secretary and the Minister reflected on the remarkable progress made during 2024 to fulfill the historic understandings at the Camp David Summit. They welcomed the Memorandum of Cooperation on the Trilateral Security Cooperation Framework (TSCF), signed by the Ministers and the Secretary of the United States, ROK, and Japan in July, along with enhanced sharing of missile warning information and efforts to systematically conduct trilateral exercises, including the first execution of the multi-domain trilateral exercise FREEDOM EDGE. The Secretary and the Minister reaffirmed their commitment to continuing to promote and expand trilateral security cooperation including senior-level policy consultations, trilateral exercises, information sharing, and defense exchange cooperation.

19. The two sides also took the opportunity to reaffirm that expediting the relocation and return of U.S. military bases in the ROK is in the interests of both countries, and decided to work closely to ensure the timely return of the bases in accordance with the Status of Forces Agreement (SOFA) and related agreements. The two leaders noted the significance of the complete construction of Yongsan Park, and pledged to expedite the remaining return of Yongsan Garrison. The Minister and the Secretary also reaffirmed their mutual commitment to discuss the return of other U.S. military bases through regular consultations through SOFA channels to reach mutually acceptable outcomes in the future.

20. Secretary Austin expressed his gratitude that the ROK is contributing toward ensuring a stable environment for U.S. Forces Korea. The Secretary and Minister also welcomed the recent conclusion of consultations related to a 12th Special Measures Agreement (SMA), and concurred that it would greatly contribute to the strengthening of the U.S.-ROK combined defense posture.

21. Secretary Austin and Minister Kim affirmed that the discussions during the 56th SCM and the 49th MCM contributed to strengthening the U.S.-ROK Alliance with a vision toward the further development of a truly global alliance. The two leaders commended the U.S. and ROK military and civilian personnel that worked to strengthen the bond of the Alliance, and expressed appreciation for their shared commitment and sacrifice. Both sides expect to hold the 57th SCM and 50th MCM in Seoul at a mutually convenient time in 2025.

MIL Security OSI –

January 25, 2025

MIL-OSI Russia: IMF Releases the 2024 Financial Access Survey Results

Source: IMF – News in Russian

October 30, 2024

Washington, DC: The International Monetary Fund (IMF) released the results of the 2024 Financial Access Survey (FAS), marking the 15th anniversary of the FAS. The report “FAS: 2024 Highlights,” published along with the data release, summarizes the key trends on access to and usage of financial services over the past few years. Established in 2009, the FAS has played a crucial role in providing essential data to develop and evaluate financial inclusion policies, a topic of key relevance for the IMF, as it fosters broader economic participation, reduces inequalities, promotes inclusive growth, and aids in achieving the Sustainable Development Goals (SDGs). The FAS stands as the most comprehensive annual supply-side database on financial inclusion, boasting nearly complete global coverage. It covers 192 economies, featuring 121 series and 70 normalized indicators for global comparison. The FAS dataset spans from 2004 to 2023, and it continues to evolve in line with financial innovations such as the provision of digital financial services and the increasing demand for gender-disaggregated data.

Digital Financial Services Continue to Make Gains

There has been a substantial increase in the usage of non-traditional financial services, including mobile and internet banking, with mobile money being particularly important in Sub-Saharan Africa. Yet, usage of traditional financial services remains essential in many economies. For example, from 2013 to 2019, deposit accounts per 100 adults increased by over 40% in emerging and developing Europe and Sub-Saharan Africa. The growth of digital financial services has also led to an increase in non-traditional access points, such as retail and mobile money agents, while traditional access methods like ATMs and bank branches have seen a decline, especially since the COVID-19 pandemic (Figure).

Traditional and Non-traditional Access Points in Recent Years (2019 to 2023)

(Number of Access Points Per 100,000 Adults)

Source: Financial Access Survey and IMF staff calculations.

Notes: These charts show the weighted average by region for economies whose data are available for 2019–2023. Country coverage differs across indicators depending on data availability. While three economies from Latin America and the Caribbean (El Salvador, Colombia, and Haiti) report data on number of registered mobile money agents, none provide data for all five years covered in this chart and are therefore not included.

Microfinance Institutions Have Continued Supporting Economically Marginalized Groups

Financing by microfinance institutions has shown resilience amid recent economic shocks. In various economies, borrowing from microfinance institutions increased, as indicated by the growth in the number of accounts and outstanding loans. While commercial banks usually provide larger loan amounts, microfinance institutions serve a broader client base, as evidenced by the larger number of loan accounts compared to those at commercial banks.

Challenges in Narrowing Gender Gaps Remain

Despite the benefits of incorporating women into the financial system, substantial gender gaps in the usage of financial services persist. These gaps are particularly evident in the usage of deposit and loan accounts. Globally, women’s outstanding deposit amounts as percentage of men’s stand at 64 percent, while their outstanding loan balances account for only 46 percent of men’s. In terms of regional differences, advanced economies demonstrate a more gender-equal financial inclusion compared to emerging economies. Among the latter, emerging and developing Europe and Latin America and the Caribbean show relatively higher gender equality.

Lending to SMEs Declined

Data from FAS indicate a decrease in the outstanding amounts of SME loans from 2021 to 2023 in most economies that reported this information. Although several supportive policies were introduced during the COVID-19 Pandemic, subsequent developments, including tighter financial conditions and geopolitical tensions, may have contributed to the decline in SME loans.

Additional Enhancements to the FAS are Being Tested

To ensure the FAS data remain vital for informing financial inclusion policy, a pilot exercise is underway to assess the potential for enhancing the FAS. This includes incorporating additional gender disaggregation, information on new fintech services, and important factors such as loan pricing and risks, especially for underserved populations.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/10/30/pr-24400-imf-releases-the-2024-financial-access-survey-results

MIL OSI

MIL OSI Russia News –

January 25, 2025

MIL-OSI China: Kazan singer feels blossoming bond for Chinese folk music

Source: China State Council Information Office 3

In a small studio in Kazan, the capital of Russia’s Tatarstan Republic, the air was suffused with the melodic strains of the famous Chinese folk song “Jasmine Flower”, or Mo Li Hua in Chinese.

This impressive rendition of the iconic Chinese song came from an unexpected source: Saida Mukhametzyanova, a 23-year-old Tatar singer who has developed a special affinity for Chinese music.

Saida’s endeavor at Chinese folk music began over a year ago, driven by her curiosity and love for exploring music from different cultures.

Upon hearing “Jasmine Flower” for the first time, she perceived its striking similarities to the Tatar folk song “Galiyabanu” and was captivated by its beauty. Both songs feature a pentatonic scale and share flowing melodies and themes about the pursuit of love.

“That’s why I had the idea to blend these two beautiful folk songs,” Saida said.

Later, she discovered a seamless and natural way to blend the two songs, alternating between Chinese and Tatar lyrics while combining their melodies.

To perfect her performance of the Chinese portion, Saida dedicated herself to learning the language, focusing on every detail of the tone and pronunciation.

When she released this cultural mashup online, it garnered significant attention, with listeners praising the fresh take on both traditions.

This experience with Chinese folk songs has opened up more opportunities for Saida to perform at various China-Russia cultural exchange events, including one during the Games of the Future, a national event held in Kazan earlier this year.

Saida’s keen apprehension about Chinese music has profoundly influenced her artistic vision. “Chinese culture often draws parallels between people and nature, which captivates me because it brings us closer to nature,” she said.

“The melody is very beautiful, everything in it is harmonious, and it touches the soul. I told my parents that I need to focus my creativity and resources on China and Asia,” she added.

She has embarked on a project to create an album featuring both Chinese and Tatar folk songs, which she hopes will serve as a musical bridge between the two cultures.

Saida also dreams of visiting China, a country of which she has yet to gain firsthand experience.

“I’ve sung Chinese songs, but I’ve never been to China,” she said. “It has such a rich culture that has preserved its uniqueness for thousands of years. I want to see it with my own eyes.”

MIL OSI China News –

January 25, 2025
MIL-OSI China: Chinese FM meets with Russian deputy FM in Beijing

Source: China State Council Information Office

Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Russian Deputy Foreign Minister Andrey Rudenko in Beijing, capital of China, Oct. 30, 2024. [Photo/Xinhua]

Chinese Foreign Minister Wang Yi met with Russian Deputy Foreign Minister Andrey Rudenko in Beijing on Wednesday.

Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that the China-Russia comprehensive strategic partnership of coordination is grounded in a natural logic of history and driven by strong internal dynamics, no matter how the international situation changes.

The development of the China-Russia relations does not target any third party or is subject to interference by any third party, he said.

Wang said under the leadership of the two heads of state, the China-Russia relations have maintained a sound momentum of development, which serves common interests of the people of both nations and allows them to make their respective contributions to safeguarding the purposes and principles of the UN Charter.

He noted that not long ago, the BRICS Summit was successfully held in Russia’s Kazan, making positive progress on the BRICS mechanism, promoting unity and self-strengthening of the Global South, and playing an important and constructive role in world peace and stability.

He urged the two sides to make joint efforts to coordinate cooperation in various fields and exchanges at all levels, and implement the consensus reached by the two heads of state.

China has taken over the rotating presidency of the Shanghai Cooperation Organization (SCO) and stands ready to work closely with Russia to promote new development of the SCO, Wang added.

Rudenko said that the head-of-state diplomacy has laid a good foundation for the development of bilateral relations.

Russia is ready to work with China to earnestly implement the arrangements made by the two heads of state, maintain close high-level exchanges, strengthen practical cooperation, continue to maintain coordination on international and regional affairs, and push for new development of the Russia-China relations, Rudenko said.

They exchanged views on the Ukraine crisis.

MIL OSI China News –

January 25, 2025
MIL-OSI China: Zelensky confirms Ukraine asked for Tomahawk missiles from US

Source: China State Council Information Office 3

Ukrainian President Volodymyr Zelensky confirmed on Wednesday that the country has requested long-range Tomahawk missiles from the United States, the Ukrayinska Pravda media outlet reported.

“This was confidential information between Ukraine and the White House,” Zelensky said, commenting on recent media reports that suggested Kiev had requested for Tomahawk missiles.

The president said Ukraine asked for the long-range missiles as part of its “victory plan” planning to use them only if Russia “continues escalating” the conflict.

“I said it was a preventive tool,” Zelensky said.

Earlier this week, western media reported that Zelensky asked for Tomahawk missiles from the United States as part of the “non-nuclear deterrence package” in his “victory plan.”

The Tomahawk missiles have a range of about 2,400 km, according to local media reports.

MIL OSI China News –

January 25, 2025
MIL-OSI Russia: VK Coworking Zone Opens at NSU

Translation. Region: Russian Federation –

Source: Novosibirsk State University – Novosibirsk State University –

The new study and recreation area is located in the university’s academic building (Pirogov, 1) in block 1 on the 1st floor. The opening of the coworking area was attended by the dean Faculty of Information Technology, Doctor of Physical and Mathematical Sciences, Professor Mikhail Mikhailovich Lavrentyev and VK Ambassador Elizaveta Zhitnik.

— This is the first example of an IT company creating a workspace for our faculty. What I want to say is, it is incredibly beautiful! It depends only on you how beautiful and useful this area will remain. Guys, this is yours and it is for your comfort, all conditions have been created here. Friends, this is a window of opportunity! Sitting here on the couch, you will directly feel involved in one of the flagships of the IT business of our country. The faculty does not stop here, we are moving forward and we expect that together with you we will maintain this place in the same wonderful condition, — Mikhail Lavrentyev emphasized, addressing the students.

The Dean promised that this is not the last coworking area at the Faculty of Information Technology.

— VK has created a convenient place for NSU students to study and work. The new coworking space has everything they need. The area is designed so that they can do group and individual work. I am sure that students will be able to spend time here usefully, create new projects and just relax, — noted VK ambassador, third-year student of the NSU Faculty of Information Technology Elizaveta Zhitnik.

VK has been cooperating with the NSU Faculty of Information Technology in various areas for a long time: it acts as a partner of the faculty’s events, offers students the opportunity to take part in free educational projects of VK Education and provides the opportunity to complete internships in in-demand IT and digital specialties.

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 Russia: Suppliers of the fish markets “Moscow – on the wave” support participants of the special military operation

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Fish Market Suppliers “Moscow is on the wave”have been supporting the participants of the special military operation for a long time. They send canned goods and other non-perishable products to the combat zone, affected areas and hospitals.

Thus, one of the fish factories located in the northwest of Russia provides its fellow countrymen on the front lines with canned goods: sprat pates, sprats with vegetables, sardines and meatballs made from ocean fish. Nourishing, tasty and easy to store products are indispensable in extreme conditions. The same humanitarian aid is regularly sent to residents of the border areas of the Kursk region.

Since 2023, a supplier from Siberia has also offered its support. The fighters from Yakutia who are being treated in hospitals were sent their favorite northern fish – omul and muksun, and the victims in the Kursk region were sent more than 300 cans of stewed deer, elk and wild boar meat.

The Moscow-on-the-Wave fish market opened in the Kosino-Ukhtomsky district in November 2023, and in Mitino in September 2024. The area of each of them is several thousand square meters. Here you can buy fish and seafood caught in three oceans and 13 seas washing Russia.

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/145911073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: “Antigone,” “Beethoven,” “The Entertainer.” Actress Elena Zakharova recommends this season’s performances

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

The repertoire of Moscow theatres this season includes classic works in unexpected interpretations and modern plays, anticipated premieres and performances that have been on stage for many years. Theatre and film actress Elena Zakharova told mos.ru readers about the productions that particularly impressed her.

“I have a pretty busy schedule: work in the theater, filming, touring. And going to the theater as a spectator does not happen as often as I would like. Nevertheless, I try not to miss interesting theater events in Moscow whenever possible. Visiting the theater always means new emotions and vivid impressions. I am happy to share with you a short list of performances that can transform gloomy autumn evenings,” says the actress.

“Sashashishin” at the Sovremennik Theatre

Address: Chistoprudny Boulevard, Building 19, Building 1

Dates: November 27 and 28, December 14 and 15

Age limit: 12

The play “Sasha Shishin” is a reason to remember childhood, to be touched and to think at the same time. The main character Sasha Shishin lives with a despotic mother, is in love with the neighbor girl Tanya and hates his classmate Bobrykin. In his imaginary world of childhood, he experiences all feelings with equal intensity and does not want to grow up at all. Sasha likes to look at the Moscow courtyard of the 1980s through bottle glass and see the Emerald City, where there is no hostility, malice and the hated Bobrykin. There is only joy, naive dreams and incredible love for Tanya.

A magical phantasmagoric world comes to life on stage thanks to animation, choreographic numbers, double puppets, songs by Petr Nalich and spectacular tricks.

You can buy tickets at mos.ru.

“Solo for a Chiming Clock” at the Mossovet Theatre

Address: Bolshaya Sadovaya street, house 16, building 1

Dates: November 20, December 6 and 22

Age limit: 12

Every Friday, František Abel’s old friends from the nursing home gather in his small apartment, which he shares with his grandson Pavel, and reminisce about the happy past. Pavel, having decided to get married, suggests that his grandfather move in with his friends – he thinks it will be better for everyone. But he does not understand how important his home is to František – the only place where reality is not so harsh.

Oswald Zahradnik’s play is tragicomic, but its parable essence immerses the characters in a fantasy world, a timelessness between the past and the present.

Tickets can be purchased at mos.ru.

“The Marriage of Figaro” at the Moscow A.S. Pushkin Drama Theatre

Address: Tverskoy Boulevard, Building 23, Building 1

Dates: November 4th and 5th, December 17th and 18th

Age limit: 12

Director Evgeny Pisarev turned Beaumarchais’ classic comedy of situations into a real celebration with spectacular sets and beautiful costumes, charming characters extricating themselves from complex intrigues, and an inevitable happy ending.

Figaro is pursued by failures in all his endeavors, but the hero, full of dignity and love of life, does not despair. Even having experienced the betrayal of a friend and the imaginary betrayal of a young wife, he does not lose faith in love and himself.

Tickets can be purchased at mos.ru.

“An absolutely incredible event” at the “Pyotr Fomenko Workshop”

Address: Taras Shevchenko Embankment, Building 29

Date: November 13

Age limit: 12

The main conflict of the famous Gogol’s play is at first glance very clear – matchmaking, albeit involving trickery and confusion, but still with an inevitable wedding in the finale. And how far from this the comedy turns out to be – everything in it seems to be turned inside out, everything is the opposite.

A simple everyday story turns into a wonderfully absurd and ridiculous buffoonery, a carnival with grooms’ viewing and a lot that the bride is ready to draw. That is why “The Marriage” by director Evgeny Kamenkovich turned into “An Absolutely Incredible Event”.

Tickets are available at mos.ru.

“The Lady of the Camellias” at the Theatre on Trubnaya

Address: Neglinnaya street, house 29, building 1

Dates: November 15 and 16, December 12, 13, 26 and 27

Age limit: 18

“The Lady of the Camellias” is the most famous work of Alexandre Dumas (fils), it is based on real events: the prototype of the Parisian courtesan Marguerite was the author’s beloved. The novel was transferred to the stage of the Theater on Trubnaya this season by Dmitry Astrakhan, the main roles are played by Valeria Lanskaya and Sukhrab Khaylobekov.

Margarita loves camellias because they have no scent, candied grapes because they have no taste, and rich men because they have no heart. But behind the desire to escape from feelings lies fragility, vulnerability, and a thirst for true love. A chance encounter gives Margarita hope for a different life, but will the heroine be able to allow herself to be real?

Tickets can be purchased at mos.ru.

“The Entertainer” at the Sfera Theatre

Address: Karetny Ryad Street, Building 3, Bldg. 3

Dates: November 16 and 29, December 5 and 18

Age limit: 16

Two friends who haven’t seen each other for a long time meet at a sanatorium on the Black Sea coast. Valentin is a successful civil servant, a married man who came to relax, and Sergey, a lonely entertainer, works and lives at this recreation center. In the past, they courted the same girl, Galina – then Valentin won thanks to his influential father. How will this love story end many years later?

The plot is based on the play of the same name by Viktor Rozov.

Tickets can be purchased at mos.ru.

“Beethoven” at the Praktika Theatre

Address: Bolshoy Kozikhinsky Lane, Building 30

Date: November 25

Age limit: 16

Beethoven has come a long way from obscurity to worldwide fame, from despair to hope. The path that lay through the struggle with the most terrible illness for a musician and composer – deafness. However, the life of a genius is not limited to the years indicated in the biography, Beethoven lives today – in his works.

The Praktika Theatre’s production is about a composer who wanted to “embrace all of humanity.” The creators told his story without pathos, through acting and mummery, an endless change of masks, and in the diverse and contradictory context of his time.

Tickets are available at mos.ru.

“Fathers and Sons” at the Moscow Theatre of Illusion

Address: Perovskaya street, house 75

Date: November 8

Age limit: 12

The novel Fathers and Sons became a landmark for its time, and the image of the main character, Yevgeny Bazarov, was perceived by young people as an example to follow – they were enchanted by his uncompromising nature, his lack of worship of authorities and old truths.

The worldview conflict of generations intersects in the play with love triangles. “Fathers” defend their foundations from rebellious “children”, women defend their rights. The line between the modern and classical vision of Ivan Turgenev’s work at the Moscow Theatre of Illusion is very thin.

Tickets can be purchased at mos.ru.

“The Storm. Temptation” at the N.V. Gogol Theatre

Address: Kazakova street, house 8

Dates: November 2 and 22, December 6 and 30

Age limit: 16

The classic play by Alexander Ostrovsky for the renovated Moscow Drama Theatre named after N.V. Gogol was interpreted by Anton Yakovlev. His production immerses the viewer in the world of mystical drama with elements of tragicomedy, revealing the story of a person’s struggle with temptations – absurd, funny and sometimes frightening.

The plot centers on Katerina, for whom forbidden love becomes a source of internal conflict. Perceiving passion as a challenge from the surrounding reality, the heroine is forced to fight the moral foundations and pressure of a stagnant conservative society. And the path to liberation will be a very difficult test.

You can buy tickets at mos.ru.

“Antigone” at the M.N. Ermolova Theatre

Address: Tverskaya street, building 5/6

Dates: November 8 and 19, December 8 and 17

Age limit: 16

In Athens they used to say: “The law is above all in human life, and the unwritten law is above the written.” This is what Antigone, written by Sophocles in 442 BC, is dedicated to. In the early 1940s, Jean Anouilh created his own version of the famous tragedy – and the image of the main character then became one of the embodiments of the highest morality.

The play is based on the mythological plot of the Theban cycle. Polynices, the son of King Oedipus, fought with his brother for power after the death of his father and died at the walls of Thebes. The new king Creon forbade the burial of Polynices’ body, while the defender of the city Eteocles was buried according to the law. Their younger sister Antigone, who disagreed with this decision, buries Polynices at night, bypassing the guards, knowing that she would die for it.

Fate or will? Laws of the country or laws of conscience? What is a person willing to do, driven by love? Answers to these eternal questions have not been found for many centuries, but everyone has the opportunity to make their own choice. And director Vladimir Kimmelman considers the play more relevant today than ever.

Tickets are available at mos.ru.

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.

http://vvv.mos.ru/nevs/item/145977073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Five Moscow projects have become laureates of the All-Russian award “Route of the Year”

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Moscow projects win the XI All-Russian Tourism Prize “Route of the Year”. The following were awarded in various nominations: the exhibition “Digital Technologies of Moscow: for the 30th Anniversary of Runet” in the “Smart City” pavilion at VDNKh, the AR quest “Conquering Space” and the interactive route “Architectural Secrets of the Past: Augmented Reality Journey” in the “Discover Moscow” application, the Mostourism project “Moscow Vladimir Region. Journey to a Russian Fairy Tale”, as well as a gamified tour of “MetaVDNKh” with Vanya Dmitrienko.

More than 450 applications from 62 regions of Russia were submitted to participate in this year’s award.

“All the Moscow projects nominated this year were developed for city residents who not only love to travel, walk around the capital and learn something new, but also actively use modern technologies for this. Routes, excursions and quests with augmented reality allow you to immerse yourself in the history of familiar places and get a completely new experience of interacting with space. And thanks to the unique exhibition dedicated to the 30th anniversary of the Runet, you can learn how technologies and IT solutions have been created and developed in the capital since 1994,” the press service noted.

Department of Information Technology of the City of Moscow.

In the nomination “Best online route in the city”, the grand prix of the award was given to a unique educational tour of “MetaVDNKh” using game mechanics. The VDNKh metaverse is an exact virtual copy of the main exhibition of the country, created on the basis of a 3D model from a digital twin of Moscow, to which the smallest details of buildings and interiors were added using gaming industry technologies. In the year of the 85th anniversary of VDNKh, all RuNet users were given the opportunity to walk through the metaverse of the exhibition. Tour participants can, without leaving home, take an interactive journey through time and learn the history of the development of the nuclear industry, the conquest of space and film production technologies, and thanks to the interactive format, take a new look at the familiar and familiar pavilions of VDNKh.

The Grand Prix in the nomination “Best modern digital technologies in tourism” was awarded to the exposition “Digital Technologies of Moscow: for the 30th Anniversary of Runet” in the Smart City pavilion at VDNKh. The first place in the same nomination went to the AR quest Conquering Space, a project developed by the capital’s Department of Information Technology together with the Moscow Museum of Cosmonautics and available in the online guide Discover Moscow.

The exhibition for the 30th anniversary of the Runet in the Smart City pavilion at VDNKh is dedicated to the history of Moscow’s digitalization. Today, Moscow is one of the smartest megacities in the world, a city where technology helps people every day. Many Muscovites can no longer imagine their lives without convenient services, gadgets, and an intelligent urban environment. However, just 30 years ago, there was no mobile Internet, no smartphones, no electronic services in Moscow. The exhibition features more than 30 interactive exhibits that tell how digital solutions have been created and developed in the capital over three decades, and how familiar areas of urban life have changed along with them. Since its opening, the exhibition has already been visited by more than 100,000 people.

The AR quest “Conquering Space” in the mobile application of the online guide “Discover Moscow” is the first interactive route through the Moscow Museum of Cosmonautics. It allows you to learn more about space and look at legendary rockets, satellites and devices in augmented reality. Thanks to the presented 3D models of space technology samples, users can imagine themselves, for example, witnessing the launch of the Vostok launch vehicle or see how the docking unit created for the Soyuz and Apollo spacecraft works.

The second place in two nominations at once – “Best Interregional Route” and “Best Tourist Guide” – was awarded to the project Mosturism “Moscow Vladimir Region. Journey into a Russian Fairytale”. It offers travelers a unique opportunity to explore the wealth of both tangible and intangible cultural heritage, linking two ancient principalities – Vladimir and Moscow. Participants can immerse themselves in an atmosphere full of amazing stories and traditions, as well as get to know local attractions and take part in exciting master classes.

The Moscow Vladimir Region project is being implemented within the framework of the “Improving the Availability of Tourist Services” initiative of the national project “Tourism and Hospitality Industry” with the aim of popularizing short interregional trips. More information about the national projects being implemented in Moscow can be found find out here.

In the special nomination “Best City Tour” for an innovative approach to creating a mass city tour, the route “Architectural Secrets of the Past: Augmented Reality Journey” in the “Discover Moscow” application was noted. It allows you to study in detail the iconic monuments of the past and architectural objects of the present using augmented reality technology. Participants of the walk rediscover Moscow of the 18th-19th centuries, plunging into the era of two centuries ago. At the same time, you can examine three-dimensional models of lost historical architectural monuments, for example Sukharev tower AndRed Gate, and also imagine how the capital has changed over the years.

All-Russian Tourism Award “Route of the Year” has been held since 2014. It was established as an industry award, awarded based on the results of an open all-Russian competition of projects for achievements in the field of creating and developing tourist routes. Over 10 years, the award has become a significant project for domestic tourism, which helps to identify and support the best initiatives in this area.

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.

http://vvv.mos.ru/nevs/item/145987073/

MIL OSI Russia 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 Russia: Timely prevention: veterinarians tell how to protect pets from ticks

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

With the onset of cold weather, the tick season is coming to an end, from the bites of which domestic animals suffer, becoming infected with dangerous infections. According to data as of the end of October 2024, 5,340 dogs bitten by ticks were admitted to the veterinary clinics of the State Budgetary Institution “Mosvetoedinenie”. Of these, 1,857 pets tested positive for babesiosis (piroplasmosis) – they required treatment.

The largest number of calls were recorded at the animal disease control stations (ADCS) of the Eastern and South-Eastern districts (1309), as well as the Western and South-Western (996). The smallest number of patients were registered at state veterinary clinics – ADCS of TiNAO (300).

Head of the Kuntsevo State Veterinary Clinic in the capital, Elena Aleshina, said that ticks were most often found on dogs after trips to the region and to the dacha. There were isolated cases in Moscow as well. Moreover, the age and breed of the dogs did not play a role – the patients included a wide variety of pets.

According to veterinarians, the peaks of visits with tick bites occurred in April-May and September-October. Now the activity of parasites is declining, but nevertheless the risk of “catching a tick” remains, and therefore it is necessary to treat dogs with drugs against ixodid ticks until stable subzero temperatures.

Ticks affected mainly those pets that had not undergone regular preventive treatment. The majority of affected dogs were completely without it, and other patients received bites due to improper use of drugs against ectoparasites. For example, veterinarians noted violations in the number of treatments or a reduction in the recommended dose of the drug. At the same time, the state veterinary service of the capital explained that most Moscow dog owners are responsible for protecting their pets.

Babesiosis (piroplasmosis) is a dangerous disease of dogs caused by the bite of an ixodid tick. The protozoa of the genus babesia, getting into the animal’s blood, affect and destroy red blood cells, which leads to severe damage to the liver and other organs, and in the absence of treatment – to death in 95 percent of cases.

Signs of piroplasmosis include refusal to eat, lethargy, dark urine, pale or yellow mucous membranes and whites of the eyes, increased temperature to 41–42 degrees, weakness or failure of the hind limbs.

The sooner you notice at least one of these symptoms and start treatment, the easier and more successful your pet’s recovery will be. The course of therapy can last from three to 14 days. It is impossible to cure piroplasmosis at home or with any folk remedies. The best prevention of a tick bite is timely treatment with tablets or drops on the withers.

There are 26 state veterinary clinics in Moscow where pets can receive the necessary care. You can make an appointment online at mos.ru or by calling the single contact center of the state veterinary service: 7 495 612-04-25 (24 hours).

What to do if a dog or cat is bitten by a tick: a veterinarian gave advice to owners

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/145983073/

MIL OSI Russia 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 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: 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: 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’).

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Attachment

ING announces shareholder distribution of up to €2.5 billion

The MIL Network –

January 25, 2025

MIL-OSI Russia: The metro has switched to winter operating mode

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

The Moscow Metro has carried out work to prepare for the cold weather. More than six thousand second doors have been installed in the vestibules, and air conditioners in the carriages have been switched to winter mode. Thanks to this, the stations and trains will remain warm.

“The Moscow metro prepares its infrastructure for the change of seasons twice a year – summer and winter. We start work in advance so that the temperature at stations and in trains remains comfortable when the weather changes. We make sure that it is convenient to use Moscow transport at any time of the year, this task was set by Sergei Sobyanin,” said Deputy Mayor of Moscow for Transport and Industry

Maxim Liksutov.

Previously, experts checked and washed the air-heat curtains. They provide heating of the air at the exits from the stations.

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.

http://vvv.mos.ru/nevs/item/145919073/

MIL OSI Russia News –

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: Regional customers have made over 33,000 purchases based on their needs on the supplier portal since the beginning of the year

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

From January to September 2024, regional customers conducted more than 33.5 thousand purchases on the supplier portal based on their needs. This trading format allowed them to save about 400 million rubles, Maria Bagreeva, Deputy Mayor of Moscow, Head of the City Department of Economic Policy and Development.

“The capital’s supplier portal is a dynamically developing interregional platform for small-volume purchases. It enables state and municipal customers to post information on operational needs for 350 thousand suppliers. Over the first nine months of this year, regions have concluded more than 33.5 thousand contracts on the portal based on the results of purchases based on needs for a total of 5.9 billion rubles. Reducing the initial maximum price based on supplier proposals allowed them to save about 400 million rubles when concluding contracts,” said Maria Bagreeva.

Purchases based on needs allow regional customers to quickly purchase various products on the supplier portal: medical and construction goods, household appliances and equipment, food, office supplies, textbooks, and also to conclude contracts for services and work on the security and maintenance of institutions. As part of the purchase based on needs, the customer publishes a list of necessary goods, works or services. At the same time, he specifies the period during which suppliers can submit their price offers. After the specified time, the customer can conclude a contract with the supplier, the terms of which best meet the stated needs.

“The largest number of purchases based on needs on the supplier portal from January to September were made by customers from the Yamalo-Nenets Autonomous Okrug: they concluded 9.6 thousand contracts worth 1.76 billion rubles. The top five most active regions also included Perm Krai – customers from this region signed 7.6 thousand contracts worth 864 million rubles, Khanty-Mansi Autonomous Okrug – 4.7 thousand contracts worth 781 million rubles, Tyumen Oblast – 3.2 thousand contracts worth 664.4 million rubles and Kemerovo Oblast – 2.3 thousand contracts worth 519.6 million rubles,” added the head of the Moscow City Department for Competition Policy.

Kirill Purtov.

As noted in the capital Department of Information Technology, for the convenience of users, when visiting the supplier portal, the location is automatically determined and relevant purchases by region are displayed. Thus, by default, an entrepreneur sees local purchases, and when changing the location in the filter, he can offer products to state and municipal organizations from other entities and thereby expand his sales market. Regional users have access to all the digital capabilities of the capital’s platform: customers can unite to conduct joint purchases, suppliers can subscribe to notifications about the publication of suitable purchases in the selected region, and also use analytical tools for working with the product catalog.

Suppliers portal was created in 2013 to automate small-volume purchases. The list of goods, works and services offered by entrepreneurs includes more than 2.9 million unique items. The platform’s development is facilitated by a technical support service and an AI assistant for prompt consultations. The training section “Supplier School” helps novice specialists quickly master the principles of working on the platform.

Representative offices are opened in the constituent entities of the Russian Federation to support users of the portal. There, specialists provide training on how to work on the platform, answer questions from customers and suppliers, hold face-to-face meetings, and collect proposals for improving functionality and solving technical problems. In addition, users can contact the support service at a single federal number: 7 800 303-12-34 or leave a request on the website.

The functional customer of the supplier portal is Moscow City Department of Competition Policy, and technical development is supervised by the capital’s Department of Information Technology.

The development of electronic services for business corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the Moscow regional project “Digital Public Administration”. More information about the national projects implemented in Moscow can be found Here.

More than 35 thousand contracts were concluded by customers on the supplier portal this summer An effective tool for conducting purchases: another region has been connected to the supplier portal

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.

http://vvv.mos.ru/nevs/item/145963073/

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 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 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.

Page 2



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Marketing

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

Renewables and Energy Solutions

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

Page 2



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



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

1.Q3 on Q2 change

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

Quarter Analysis1

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

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

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

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

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

Nine Months Analysis1

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

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

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

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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.

Page 4



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.

Page 6



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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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

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

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

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

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

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

2.Adjusted EBITDA is without taxation.

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS



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

1.Q3 on Q2 change

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

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

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

Quarter Analysis1

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

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

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

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

Nine Months Analysis1

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

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

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

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

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

2.Adjusted EBITDA is without taxation.

Additional Growth Measures


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

1.Q3 on Q2 change

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

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



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

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

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

Quarter Analysis1

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

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

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

Nine Months Analysis1

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

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

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

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

2.Adjusted EBITDA is without taxation.

OUTLOOK FOR THE FOURTH QUARTER 2024

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

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

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SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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

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

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

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

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).

Page 24



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.

Page 37



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

I. Divestment proceeds

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



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

Page 38



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

CAUTIONARY STATEMENT

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

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

Forward-Looking Statements

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

Shell’s Net Carbon Intensity

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

Shell’s Net-Zero Emissions Target

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

Forward-Looking Non-GAAP measures

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

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

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

This Unaudited Condensed Interim Financial Report contains inside information.

Page 39



SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

October 31, 2024


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

Contacts:

– Sean Ashley, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

Page 40

The MIL Network –

January 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

London, October 31, 2024

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

Shell plc Chief Executive Officer, Wael Sawan

STRONG RESULTS, CONSISTENT DISTRIBUTIONS

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

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

¹Income/(loss) attributable to shareholders for Q3 2024 is $4.3 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

²Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.1) billion and Products $0.6 billion.

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

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

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

Q3 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

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

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

UPSTREAM

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

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

MARKETING

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

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

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

CHEMICALS & PRODUCTS

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

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

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

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

RENEWABLES & ENERGY SOLUTIONS

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

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

Adjusted Earnings were in line with Q2 2024.

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

CORPORATE

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

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

UPCOMING ANNOUNCED INVESTOR EVENTS

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

USEFUL LINKS

Results materials Q 3 2024

Quarterly Databook Q 3 2024

Webcast registration Q3 2024

Dividend announcement Q 3 2024

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

CAUTIONARY STATEMENT

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

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

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

Shell’s Net Carbon Intensity

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

Shell’s Net-Zero Emissions Target

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

Category: Russian Federation

Regional insecurity

IMF Communications Department

MEDIA RELATIONS

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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)

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