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Category: Trade

  • MIL-OSI USA News: ICYMI: “Trump nailed the biggest trade deal in American history and proved everyone wrong – again!”

    Source: US Whitehouse

    President Donald J. Trump’s trade deal with the European Union has been hailed as among the most consequential trade deals in history — securing massive investments, finally addressing the lopsided trade deficit, securing new market access, and more.

    It’s just the latest example of just how wrong President Trump’s critics have been — a fact highlighted by the New York Post’s Miranda Devine in a new op-ed:

    “When President Trump nailed the biggest deal in history on Sunday with the European Union on trade, you could almost hear the sound of egg splattering all over the faces of experts across the Atlantic.

    Economists, Democrats and Never-Trumpers have confidently predicted economic doom and gloom, ever since the self-proclaimed Tariff Man declared April 2 as ‘Liberation Day,’ fulfilling his long-held personal theory that tariffs are key to economic wealth.

    Trade war! Recession! Stagflation! Skyrocketing inflation! Stock market crash!

    You name it, they predicted Trump’s tariffs would sink the economy.

    Trump was defying economic orthodoxy, so he just had to be wrong.

    But it’s turned out that the lofty group-thinkers were wrong, not that most of them will admit it.”

    Click here to read the full article.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Issues Consumer Alert Amid Increase in Reported Scams Targeting the Military Community

    Source: US State of California

    Thursday, July 31, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    Does an offer seem too good to be true? Take a tactical pause to evaluate  

    OAKLAND — In recognition of Military Consumer Month, Attorney General Rob Bonta today issued a consumer alert to help protect California service members, veterans, and their family members from targeted common scams and fraud. The military community and their families are often targets for predatory scammers: According to the Federal Trade Commission, military consumers nationwide reported over 99,400 fraud complaints last year — an increase from 2023’s approximately 93,000 complaints — including 44,587 imposter scams that reportedly cost them and their families over $199 million.  

    “More and more often, service members, veterans, and their families are targets for predatory scammers promising everything from home loans to jobs, and continuing education. This is absolutely unacceptable. As part of our commitment to protect those who protect us, my office will continue to bring the full force of the law against those who seek to exploit California’s military community,” said Attorney General Bonta. “If you have fallen victim to a scam or suspect fraudulent activity, get help and share your story so that we can help your fellow service members. You can report fraud to your local military or civilian law enforcement agency, or to the California Department of Justice at oag.ca.gov/report.”

    Why is the Military Community Targeted? 

    Military service members, veterans, and their families are frequently targeted by scammers who want access to their pay and benefits, and who know that military members will often pay even fraudulent or over-stated debts to avoid security clearance issues or other disruptions to their military careers. In addition, the camaraderie that unites the military community is often exploited by impostors who claim to be veterans in attempts to perpetrate scams or access personal information for fraudulent purposes.   

    Common Scams Targeting the Military Community:

    Scammers use a variety of tactics to gain trust. Protect yourself by staying up to date on common military- and veteran-targeted scams. Beware of the following: 

    • Charity Scams: Just because a charity includes the word “veteran” in its name doesn’t mean that veterans are members of the group, or that veterans or their families will benefit from a donation. Scammers will use names that sound legitimate or those that mimic the names of well-known charities to create confusion. Take the time to make an informed decision and be wary of aggressive solicitations. Go to oag.ca.gov/charities, under the Resources & Tools section, and click on Registry Verification Search. If a charity is not listed, it should not be soliciting funds in California. If it is listed, you can view its financial reports, including the IRS Form 990 that the charity is required to file with DOJ’s Registry of Charitable Trusts.
    • Predatory Schools: The GI Bill and other military education programs offer you the chance to attend school and plan for your future, but for-profit schools sometimes target service members and veterans with false promises. Slow down and take the time you need to make the right decision. Predatory schools often use high-pressure sales tactics to try to get you to sign up. It’s important to ask for information about the programs, such as graduation rates, job placement, and graduate salary information. Offers that seem too good to be true generally are. Further, don’t forget that educational opportunities at the California Community Colleges, California State University, and University of California may be available to you. 
    • Home Loan Scams: Be aware of scammers that — through phone calls or fraudulent mailers — claim to be affiliated with the government, the Department of Veterans Affairs, or your home loan servicer. These fraudsters may attempt to convince you to agree to loan modifications, refinance your home, or make payments on your loans. Be cautious of any individual or lender that contacts you and asks you to pay fees upfront before receiving any services; tells you to cancel your mortgage payment and resend the funds elsewhere; tells you to make payments to someone other than your current loan servicer; or pressures you to sign papers you haven’t had a chance to read thoroughly or that you don’t understand — including asking you to sign over the title to your property. 
    • Identity Theft and Fraud: Some scammers will pretend to be from the Department of Defense, Department of Veterans Affairs, or other official organizations in order to get your personal information so that they can commit identity theft or fraud. Before you provide any information, always make sure a request is coming from an official organization by doing a quick search on the internet or consulting a trusted source to get the organization’s real contact information. Never trust the contact information given by the person that is asking for your personal information, as scammers often give out fake contact information. Be wary of letters and emails that have misspellings, look unprofessional, or send you to a non-government website for information or action, as these are almost always fake. Lastly, never give out your Social Security number to receive military or veteran discounts. Scammers often promise military or veteran discounts in order to obtain personal information. 
    • Job Scams: Service members looking for new career opportunities after leaving service are a target for scammers posting fictitious job listings with the goal of stealing their personal information and finances. Avoid becoming a victim of job scams by conducting thorough research on the company. Additionally, stick to well-known job search platforms and government career websites when looking for job opportunities. Remember, legitimate employers will never require you to pay fees for applications, interviews, or background checks. You should also look out for fake check scams, which occur when a scammer posing as an employer sends you a counterfeit check to deposit into your account. The scammer will then ask you to send a portion of the funds back to them or a third party, while letting you keep some as payment. Eventually, the bank reverses the fake check, leaving you stuck paying the money back to the bank. If something feels off or suspicious during the job search, trust your instincts and end communication immediately.
    • Pension Scams: Veterans ages 65 and over are targeted by scam financial advisers who try to persuade senior veterans to buy costly annuities or transfer their assets into trusts, or pay unnecessary and illegal fees for help with a veterans pension application. These “advisers” claim to help veterans qualify for Aid and Attendance or other veterans benefits, but may cause you to lose eligibility or access to pension, disability, or healthcare benefits. If you are interested in Aid and Attendance or other veterans benefits, you can get free help from your County Veterans Service Office here.
    • Affinity Fraud: Affinity scams target members of identifiable groups, including the military. The perpetrators are — or pretend to be — members of the targeted group, and use sales pitches that rely on group trust and loyalty. In the military community, this includes exploiting the trust that service members have for their fellow service members, and for veterans who previously served. Don’t make a significant purchase, or an investment decision, based on the salesperson’s supposed military service, or the claim that a business is military-friendly or endorsed by the Armed Forces. Take a tactical pause, and shop around for the best deal.
    • Debt Collection and Illegal Threats: Debt collectors may try to trick or scare service members into making payments on debts. It is illegal for debt collectors to do any of the following: revoke your security clearance; contact your command in order to collect a debt (unless they have your consent, given after the debt came due, to do so); discipline or demote you; or garnish your pay. If a debt collector is trying to collect a debt that you do not owe or have already paid, dispute the debt in writing. Tell the debt collector why you do not owe the debt, include copies of any evidence you have, and mail this dispute to the debt collector using registered mail so that you have proof that the collector received it — and make sure to keep copies of everything for yourself. If you dispute the debt within 30 days after the collector first contacted you, the collector must stop collection until it shows you written proof of the debt.
    • Rental Housing Scams: These scams target military personnel looking for housing near a base, especially prevalent during the Permanent Change of Station season. Scammers pretend to be real estate agents and post fake ads for rental properties on websites, sometimes promising military discounts and other incentives in order to get service members to send them money for fees and deposits upfront. If someone insists on receiving money or other payments before a property has been seen, it is likely a rental scam. Avoid wiring money to reserve apartments, and use your installation housing office or established property management companies to locate potential housing. 
    • Predatory Auto Sales and Financing: Car dealers located near military bases may try to lure service members with promises of special deals for military personnel. Often, these so-called deals conceal the terms of purchase for the vehicle and result in the service member drastically overpaying for both the vehicle and the cost of financing. For example, dealers may insist that military personnel will not qualify for financing unless they purchase overpriced and unnecessary add-ons. Other times, the dealer may tell a service member who just purchased a car that the initial financing fell through and insist on renegotiating for worse terms. You should not rely on oral promises, nor feel pressured to enter into any purchase, without first reading and understanding the contract. If you are looking to purchase a car, you should explore all of your options for financing — including by contacting your bank or credit union — before making a purchase.  

    Protect Yourself from Scams:  

    • Bring a battle buddy when making big decisions, and take a tactical pause: Take your time with big decisions and get advice. A business that pressures you to make a quick decision or to not talk with your family, friends, a military financial counselor, or an officer or NCO that you trust may be out to scam you.
    • Take advantage of free annual credit reports: You are entitled to one free credit report every year from each of the three national credit bureaus: Equifax, Experian and TransUnion. Your credit history contains information from financial institutions, utilities, landlords, insurers, and others. By checking your credit reports at least once a year, you can identify signs of identity theft, as well errors in your report that could be raising the cost of your credit. Order your free annual credit reports by phone, toll-free, at 1-877-322-8228, or online at www.annualcreditreport.com.
    • Place a Fraud Alert: If your identity is stolen, put a fraud alert on your credit report by contacting the three main credit reporting agencies: Equifax, Experian, and TransUnion. Also, consider requesting a credit freeze, which will restrict access to your credit file, making it difficult for identity thieves to open new accounts in your name. Report identity theft right away and get a recovery plan at identitytheft.gov. Additionally, file a police report with your local sheriff or police department and keep a copy for your records.
    • Report Suspicious Activity: Never give out personal information to a lender or servicer that contacts you out of the blue. If you are feeling unsure, hang up and call your loan servicer directly at the number that is listed on your mortgage statement. Report suspicious activity to the Office of the Attorney General at oag.ca.gov/report and file a complaint with the FTC at reportfraud.ftc.gov.
    • Protect your online information and accounts with strong passwords: Protect yourself by using different, unique passwords for each of your online accounts. Make sure that the passwords you use are at least eight characters, including a mix of letters, numbers, and symbols.
    • Check your credit card bills and bank statements often: Look for unauthorized charges, withdrawals, or unexpected bills, and report irregular activity to your bank as soon as you see it. If you notice that a bill didn’t arrive on time, it may mean that someone has changed the contact information on your account in order to hide fraudulent charges. Don’t share personal information: Be careful about what personal information you share, such as your address or financial information.
    • Sign up for the Enhanced Homeowner Notification Program: If you reside in Los Angeles County, you may sign up to receive mailed copies of documents recorded against your home, allowing you to review recorded real estate documents so you are aware of actions taken against your property.

    If you believe you have been the victim or target of a scam, immediately contact your local police department or reach out to your base legal office. For the legal office’s contact information, ask your command or visit to legalassistance.law.af.mil/. California National Guard personnel can also obtain legal help at calguard.ca.gov. You may also file a complaint with the Office of the Attorney General at oag.ca.gov/report. For additional information on military-targeted scams, visit our website at oag.ca.gov/consumers/general/military.

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Congressman Nathaniel Moran Joins NewsNation to Discuss Israel, Trade with Europe and China

    Source: Congressman Nathaniel Moran (R-TX-01)

    In case you missed it, Congressman Nathaniel Moran (TX-01) joined NewsNation’s Morning in America to weigh in on key national and international issues, including the humanitarian situation in Gaza, trade negotiations with the EU and China.

    Congressman Moran, a member of the House Ways and Means Committee and the House Select Committee on the Chinese Communist Party, offered the following remarks:

    On the Gaza humanitarian crisis and Israel’s responsibility:

    “I’m glad to see more is being done to address the humanitarian crisis in Gaza. But let’s not forget that the cause of this crisis is Hamas. Hamas is the aggressor and a terrorist organization. It could end this overnight by laying down its arms and choosing peace—but it won’t.”

    On President Trump’s Trade Talks with the EU:

    “President Trump is being very effective. He’s shown power and prowess on the world stage. Because he’s engaged, so many countries are coming to the table. We’re getting closer and closer to finalizing deals that prioritize fair and reciprocal trade.”

    On Treasury-Led Talks with China:

    “I’m glad to see the U.S. Treasury engaging China directly. But we must remember: China sees us as an adversary. Any agreement must include strong enforcement mechanisms—because they will try to circumvent the rules and cheat to their advantage.”

    Watch the full interview HERE.

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: Financial News: Official Analytical Information Publication Calendar for August 2025

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    31.07.202516: 00Total international reserve assets, end of working week*weekly values31.07.2025—Banking System Review (in accordance with the requirements of the IMF SDDS)*01.07.202501.08.202511: 00Monetary base in narrow definition (Weekly values)weekly values06.08.2025—Average monthly actual rates on loans provided by Moscow banks in rubles and US dollars (MIACR, MIACR-IG, MIACR-B, MIACR USD)July 202506.08.2025—Average weighted interest rates on loans and deposits and the structure of loans and deposits by maturity (information on loans provided to non-financial organizations)June 202506.08.2025—Information on allocated funds (information on loans granted to legal entities and individual entrepreneurs; small and medium-sized businesses)01.07.202506.08.2025 –Brief commentary “Lending to legal entities and individual entrepreneurs”01.07.202506.08.2025 –Information bulletin “Information on the mortgage housing lending market in Russia”01.07.202507.08.2025 –Financial assets and liabilities of the Households sector for selected financial instruments01.07.202507.08.2025 –Non-financial sector and household debt ratio for bank loans and issued debt securities01.07.202507.08.2025 –Key performance indicators of mutual investment fundsJune 202507.08.2025—Households sector transactions with financial assets and liabilities for individual financial instruments01.07.202507.08.202516: 00Total international reserve assets, end of working week*weekly values07.08.202516:00International reserves of the Russian Federation (as of the beginning of the reporting date)08.08.202507.08.202516: 00International reserve assets (end of period) (in accordance with IMF SDDS requirements)*July 202507.08.2025—Dynamic series of key performance indicators of mutual investment funds and joint-stock investment fundsJune 202508.08.2025—Average weighted interest rates on loans and deposits and the structure of loans and deposits by maturity (information on loans granted to individuals; deposits of individuals and non-financial organizations)June 202508.08.2025—Information on average arithmetic interest rates on deposits of individuals in rubles, US dollars and eurosJune 202508.08.2025—Brief commentary “Interest rates on credit and deposit operations of credit institutions in rubles”June 202508/08/202511:00Monetary base in narrow definition (Weekly values)weekly values08.08.2025—Monetary base in a narrow definition01.08.202511.08.202516: 00Foreign trade of the Russian Federation in goods (according to the balance of payments methodology)*June 202512.08.2025—Key Stock Market Indicators*July 202513.08.2025—Statistical Bulletin “Lending to Small and Medium-Sized Businesses”June 2025 08/14/2025 16:00Assessment of the balance of payments of the Russian FederationJanuary-June 2025 08/14/2025 16:00Assessment of key aggregates of the balance of payments of the Russian FederationJanuary-June 2025 08/14/2025 16:00Assessment of the external debt of the Russian Federation01.07.202514.08.202516: 00Total international reserve assets, end of working week*weekly values14.08.2025—Central Bank Survey (in accordance with IMF SDDS requirements)*01.08.202514.08.2025 –Short-term external debt of the Russian Federation by remaining maturity01.04.202514.08.2025 –Debt securities owned by Russian banks transferred under repo transactions with the Bank of Russia01.08.202514.08.2025 –Monetary base in a broad definition01.08.202515.08.2025 –Information on early repayment and refinancing of mortgage housing loansII quarter 2025 08/15/2025—Average daily turnover indicators of the interbank loan (deposit) market and repo transactionsJuly 2025 08/15/2025—Key derivative indicators of the ruble exchange rate dynamicsJuly 2025 08/15/2025 16:00The share of non-resident investments in the volume of bond issues of external bond loans of the Russian Federation01.07.202515.08.2025 –Dynamic series of the main indicators of the segment of individual investment accounts (IIA)II quarter 2025 08/15/202511:00Monetary base in narrow definition (Weekly values)weekly values15.08.202516:00Foreign trade of the Russian Federation in services by monthJune 2025 08/15/2025—Currency structure of settlements for the supply of goods and provision of services under foreign trade contracts by geographic zones and currencies of states in accordance with the Order of the Government of the Russian Federation dated 05.03.2022 No. 430-rJune 202520.08.202516:00Assessment of upcoming changes in international reserves and other liquidity in foreign currency of the monetary authorities of the Russian Federation*01.08.202521.08.202516: 00Total international reserve assets, end of working week*weekly values21.08.2025—Central Bank Review01.08.202521.08.2025 –Review of credit institutions01.08.202521.08.2025 –Overview of the banking system01.08.202521.08.2025 –Listed shares of Russian issuers traded on the domestic market01.08.202521.08.2025 –Money supply M2 (national definition)01.08.202521.08.2025 –Variable coupon debt securities issued on the domestic market by type of base indicator01.08.202521.08.2025 –Domestic debt securities issued by interest rate types01.08.202521.08.2025 –Domestic debt securities01.08.202522.08.2025 –International investment position of the Russian Federation in national and foreign currencies01.04.202522.08.202511: 00Monetary base in narrow definition (Weekly values)weekly values26.08.202516:00The share of non-resident investments in the volume of federal loan bond issues01.08.202527.08.202516: 00The share of non-resident investments in the volume of federal loan bond issues01.08.202528.08.202516: 00Total international reserve assets, end of working week*weekly values28.08.2025—Domestic debt securities included in the sustainable development sector01.08.202529.08.2025 –Financial accounts and balance sheets of financial assets and liabilities of the system of national accounts of the Russian Federation01.04.202529.08.2025 –Information on deposited funds (information on loans granted to individuals)01.08.202529.08.2025 –Information on attracted funds (information on funds of organizations, bank deposits (deposits) and other attracted funds of legal entities and individuals, budget funds in accounts opened in credit institutions)01.08.202529.08.2025 –Indicators of the housing (mortgage housing) lending market01.08.202529.08.2025 –Key performance indicators of non-state pension funds operating in the area of compulsory pension insuranceII quarter 2025 08/29/2025—Key performance indicators of non-state pension funds operating in non-state pension provisionII quarter 2025 08/29/2025—Banking System Review (in accordance with the requirements of the IMF SDDS)*01.08.202529.08.202511: 00Monetary base in narrow definition (Weekly values)weekly values01.09.2025—Dynamic series of the main performance indicators of professional participants in the securities marketII quarter 2025 09/01/2025—Dynamic series of the main indicators of brokers’ activitiesII quarter 202502.09.2025—Key indicators of the balance sheet and financial performance report of management companiesII quarter 2025 09/02/2025—Financial Sector Review01.04.202502.09.2025 –Review of other financial institutions01.04.202502.09.2025 –Dynamic series of key performance indicators of management companiesII quarter 2025 09/02/2025—Dynamic series of key performance indicators of trust managersII quarter 202509/04/2025—Average monthly actual rates on loans provided by Moscow banks in rubles and US dollars (MIACR, MIACR-IG, MIACR-B, MIACR USD)August 202509/04/202516:00Total international reserve assets, end of working week*weekly values05.09.2025—Information on the main performance indicators of the insurerJanuary-June 202505.09.2025—Non-financial sector and household debt ratio for bank loans and issued debt securities08.08.202505.09.202516: 00International reserves of the Russian Federation (as of the beginning of the reporting date)09.09.202505.09.202516: 00International reserve assets (end of period) (in accordance with IMF SDDS requirements)*August 202509/05/2025—Information bulletin “Information on the mortgage housing lending market in Russia”08.08.202505.09.202511: 00Monetary base in narrow definition (Weekly values)weekly values05.09.2025—Monetary base in a narrow definition01.09.202508.09.2025 –Financial assets and liabilities of the Households sector for selected financial instruments01.08.202508.09.2025 –Average weighted interest rates on loans and deposits and the structure of loans and deposits by maturity (information on loans granted to individuals; deposits of individuals and non-financial organizations)July 202509/08/2025—Average weighted interest rates on loans and deposits and the structure of loans and deposits by maturity (information on loans provided to non-financial organizations)July 202509/08/2025—Information on average arithmetic interest rates on deposits of individuals in rubles, US dollars and eurosJuly 202509/08/2025—Information on allocated funds (information on loans granted to legal entities and individual entrepreneurs; small and medium-sized businesses)01.08.202508.09.2025 –Households sector transactions with financial assets and liabilities for individual financial instruments01.08.202508.09.2025 –Brief commentary “Interest rates on credit and deposit operations of credit institutions in rubles”July 202509/08/2025—Brief commentary “Lending to legal entities and individual entrepreneurs”08.08.202509.09.2025 –Key performance indicators of mutual investment fundsJuly 202509.09.2025—Dynamic series of key performance indicators of mutual investment funds and joint-stock investment fundsJuly 202511.09.202516:00Total international reserve assets, end of working week*weekly values11.09.202516:00Foreign trade of the Russian Federation in goods (according to the balance of payments methodology)*July 202512.09.2025—Key derivative indicators of the ruble exchange rate dynamicsAugust 2025 09/12/2025—Key Stock Market Indicators*August 2025 09/12/2025—Key performance indicators of housing savings cooperativesII quarter 2025 09/12/2025—Central Bank Survey (in accordance with IMF SDDS requirements)*01.09.202512.09.2025 –Monetary base in a broad definition01.09.202512.09.202511: 00Monetary base in narrow definition (Weekly values)weekly values15.09.2025—Statistical Bulletin “Lending to Small and Medium-Sized Businesses”July 202515.09.2025—Average daily turnover indicators of the interbank loan (deposit) market and repo transactionsAugust 202509/15/202516:00Assessment of the balance of payments of the Russian FederationJanuary-July 2025 09/15/2025 16:00Assessment of key aggregates of the balance of payments of the Russian FederationJanuary-July 202515.09.2025—Currency structure of settlements for the supply of goods and provision of services under foreign trade contracts by geographic zones and currencies of states in accordance with the Order of the Government of the Russian Federation dated 05.03.2022 No. 430-rJuly 202516.09.2025—Debt securities owned by Russian banks transferred under repo transactions with the Bank of Russia01.09.202516.09.202516: 00Foreign trade of the Russian Federation in services by monthJuly 2025 09/18/2025 16:00Total international reserve assets, end of working week*weekly values19.09.202516:00Assessment of upcoming changes in international reserves and other liquidity in foreign currency of the monetary authorities of the Russian Federation*01.09.202519.09.202511: 00Monetary base in narrow definition (Weekly values)weekly values22.09.2025—Central Bank Review01.09.202522.09.2025 –Review of credit institutions01.09.202522.09.2025 –Overview of the banking system01.09.202522.09.2025 –Money supply M2 (national definition)01.09.202523.09.2025 –Listed shares of Russian issuers traded on the domestic market01.09.202523.09.2025 –Variable coupon debt securities issued on the domestic market by type of base indicator01.09.202523.09.2025 –Domestic debt securities issued by interest rate types01.09.202523.09.2025 –Domestic debt securities01.09.202525.09.202516: 00Total international reserve assets, end of working week*weekly values25.09.202516:00The share of non-resident investments in the volume of federal loan bond issues01.09.202526.09.202511: 00Monetary base in narrow definition (Weekly values)weekly values29.09.2025—Domestic debt securities included in the sustainable development sector01.09.202530.09.2025 –Information on deposited funds (information on loans granted to individuals)01.09.202530.09.2025 –Information on attracted funds (information on funds of organizations, bank deposits (deposits) and other attracted funds of legal entities and individuals, budget funds in accounts opened in credit institutions)01.09.202530.09.2025 –Indicators of the housing (mortgage housing) lending market01.09.202530.09.202516: 00Balance of payments, international investment position and external debt of the Russian FederationII quarter 2025 09.30.202516:00Balance of Payments of the Russian Federation. Analytical PresentationII quarter 2025 09.30.202516:00Balance of Payments of the Russian Federation. Standard Components*II quarter 2025 09/30/2025—Banking System Review (in accordance with the requirements of the IMF SDDS)*01.09.202530.09.202516: 00International Investment Position of the Russian Federation. Standard Components (as of date)*01.07.202530.09.202516: 00International Investment Position of the Russian Federation. Main AggregatesII quarter 2025 09.30.202516:00External debt of the Russian Federation by maturity and financial instruments*01.07.202530.09.202516: 00External debt of the Russian Federation in national and foreign currencies01.07.202530.09.202516: 00External debt of the Russian Federation01.07.202501.10.2025 –Financial assets and liabilities of the Households sector01.07.202501.10.2025 –Households sector transactions with financial assets and liabilities01.07.202502.10.202516: 00Total international reserve assets, end of working week*weekly values03.10.202511:00Monetary base in narrow definition (Weekly values)weekly values03.10.2025—Monetary base in a narrow definition01.10.202506.10.2025 –Average monthly actual rates on loans provided by Moscow banks in rubles and US dollars (MIACR, MIACR-IG, MIACR-B, MIACR USD)September 202507.10.2025—Average weighted interest rates on loans and deposits and the structure of loans and deposits by maturity (information on loans provided to non-financial organizations)August 2025 10/07/2025—Information on allocated funds (information on loans granted to legal entities and individual entrepreneurs; small and medium-sized businesses)09.09.202507.10.2025 –Non-financial sector and household debt ratio for bank loans and issued debt securities01.09.202507.10.202516: 00International reserves of the Russian Federation (as of the beginning of the reporting date)01.10.202507.10.202516: 00International reserve assets (end of period) (in accordance with IMF SDDS requirements)*September 202507.10.2025—Brief commentary “Lending to legal entities and individual entrepreneurs”09.09.202507.10.2025 –Information bulletin “Information on the mortgage housing lending market in Russia”09.09.202507.10.2025 –Foreign trade of the Russian Federation in services in the structure of the extended classification of services (according to the balance of payments methodology)II quarter 2025 10/08/2025—Financial assets and liabilities of the Households sector for selected financial instruments09.09.202508.10.2025 –Average weighted interest rates on loans and deposits and the structure of loans and deposits by maturity (information on loans granted to individuals; deposits of individuals and non-financial organizations)August 2025 10/08/2025—Information on average arithmetic interest rates on deposits of individuals in rubles, US dollars and eurosAugust 2025 10/08/2025—Key performance indicators of mutual investment fundsAugust 2025 10/08/2025—Households sector transactions with financial assets and liabilities for individual financial instruments09.09.202508.10.2025 –Brief commentary “Interest rates on credit and deposit operations of credit institutions in rubles”August 2025 10/08/2025—Dynamic series of key performance indicators of mutual investment funds and joint-stock investment fundsAugust 2025 10/09/2025—Current account of the balance of payments of the Russian Federation with seasonal adjustmentII quarter 2025 09.10.2025—Main aggregates of the current account of the balance of payments of the Russian Federation with seasonal adjustmentII quarter 202509.10.202516:00Total international reserve assets, end of working week*weekly values09.10.2025—Dynamics of individual indicators of the current account with seasonal adjustmentII quarter 2025 10.10.2025—Direct investments of the Russian Federation by the asset/liability principle and the directional principle01.07.202510.10.2025 –List of financial sector organizations01.10.202510.10.2025 –Key Stock Market Indicators*September 202510.10.2025—Accumulated balances on direct investments of the Russian Federation on direct investment instruments (by the principle of direction)01.07.202510.10.202511: 00Monetary base in narrow definition (Weekly values)weekly values13.10.202516:00Foreign trade of the Russian Federation in goods (according to the balance of payments methodology)*August 2025 10/14/2025—Export of certain types of services by subjects of the Russian FederationII quarter 2025 October 14, 2025—Statistical Bulletin “Lending to Small and Medium-Sized Businesses”August 2025 10/14/2025—Key derivative indicators of the ruble exchange rate dynamicsSeptember 202510/14/2025—Central Bank Survey (in accordance with IMF SDDS requirements)*01.10.202514.10.2025 –Import of certain types of services by subjects of the Russian FederationII quarter 2025 October 14, 2025—Monetary base in a broad definition01.10.202515.10.2025 –Average daily turnover indicators of the interbank loan (deposit) market and repo transactionsSeptember 202510/15/202516:00Assessment of the balance of payments of the Russian FederationJanuary-August 202510/15/202516:00Assessment of key aggregates of the balance of payments of the Russian FederationJanuary-August 202510/15/2025—Currency structure of settlements for the supply of goods and provision of services under foreign trade contracts by geographic zones and currencies of states in accordance with the Order of the Government of the Russian Federation dated 05.03.2022 No. 430-rAugust 202510/16/202516:00Total international reserve assets, end of working week*weekly values16.10.2025—Debt securities owned by Russian banks transferred under repo transactions with the Bank of Russia01.10.202516.10.202516: 00Foreign trade of the Russian Federation in services by monthAugust 2025 10/17/2025—Extended Non-Financial Sector and Household Debt Measure01.07.202517.10.202511: 00Monetary base in narrow definition (Weekly values)weekly values20.10.2025—Export of certain types of services by types of economic activity of residents of the Russian FederationII quarter 202510/20/202516:00Assessment of upcoming changes in international reserves and other liquidity in foreign currency of the monetary authorities of the Russian Federation*01.10.202520.10.2025 –Central Bank Review01.10.202520.10.2025 –Review of credit institutions01.10.202520.10.2025 –Overview of the banking system01.10.202520.10.2025 –Import of certain types of services by types of economic activity of residents of the Russian FederationII quarter 2025 October 20, 2025—Money supply M2 (national definition)01.10.202522.10.2025 –Listed shares of Russian issuers traded on the domestic market01.10.202522.10.2025 –Variable coupon debt securities issued on the domestic market by type of base indicator01.10.202522.10.2025 –Domestic debt securities issued by interest rate types01.10.202522.10.2025 –Domestic debt securities01.10.202523.10.202516: 00Total international reserve assets, end of working week*weekly values24.10.202511:00Monetary base in narrow definition (Weekly values)weekly values27.10.202516:00The share of non-resident investments in the volume of federal loan bond issues01.10.202530.10.2025 –Information on deposited funds (information on loans granted to individuals)01.10.202530.10.2025 –Information on attracted funds (information on funds of organizations, bank deposits (deposits) and other attracted funds of legal entities and individuals, budget funds in accounts opened in credit institutions)01.10.202530.10.2025 –Indicators of the housing (mortgage housing) lending market01.10.202530.10.202516: 00Total international reserve assets, end of working week*weekly values30.10.2025—Domestic debt securities included in the sustainable development sector01.10.202531.10.2025 –Banking System Review (in accordance with the requirements of the IMF SDDS)*01.10.202531.10.202511: 00Monetary base in narrow definition (Weekly values)weekly values

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Three incoming passengers convicted and jailed for importing or possessing duty-not-paid cigarettes and importing alternative smoking products (with photos)

    Source: Hong Kong Government special administrative region – 4

    Three incoming male passengers were sentenced to three to seven months’ imprisonment and fined between $1,000 and $2,000 at the West Kowloon Magistrates’ Courts yesterday (July 30) and today (July 31) for importing or possessing duty-not-paid cigarettes and failing to declare them to Customs officers, as well as for importing alternative smoking products, in contravention of the Dutiable Commodities Ordinance (DCO) and the Import and Export Ordinance (IEO).
     
    Customs officers intercepted the three incoming male passengers, aged between 30 and 46, at Hong Kong International Airport on May 19 and July 23. A total of about 80 000 duty-not-paid cigarettes and about 24 000 alternative smoking products, with an estimated market value of about $425,000 and a duty potential of about $264,000, were seized from their personal baggage. They were subsequently arrested.
     
    Customs welcomes the sentence. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences.
     
    Under the DCO, tobacco products are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.
     
    Under the IEO, any person who imports an alternative smoking product into Hong Kong commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.
     
    Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Rep. Dan Goldman’s Bipartisan Legislation Supporting Families of Fallen Law Enforcement Officers Passes Senate

    Source: US Congressman Dan Goldman (NY-10)

    Senate Adoption Tees Up Final Passage by the House in the Fall 

    ‘Chief Herbert D. Proffitt Act’ Ensures Those Who Give the Ultimate Sacrifice Are Not Unjustly Denied Benefits 

    Read the Bill Here 

    Washington, D.C. – Congressman Dan Goldman (NY-10) today celebrated the Senate’s passage of his bipartisan ‘Chief Herbert D. Proffitt Act,’ which would ensure the families of law enforcement officers who are killed as a result of their work on behalf of their communities are not unjustly denied benefits due to arbitrary retirement status restrictions. Under current law, families of officers who have retired but are later targeted and killed because of their past service are denied death benefits under the Public Safety Officers’ (PSOB) program. The unanimous Senate vote sets the legislation on a glide path to final passage by the House when members come back in session in September. Congressman Goldman introduced the legislation with Congressman Barr (KY-06) in February.  

    “We have an obligation to care for those who pay the ultimate price while serving in the line of duty, even after they have retired,” Congressman Dan Goldman said. “At a time when partisan gridlock is grinding Congress to a halt, I’m encouraged that both parties came together to pass this commonsense legislation honoring our fallen heroes. I urge Republican leadership to bring this bill to the House Floor in September and ensure that any law enforcement officers killed or injured in the line of duty receive the benefits they deserve—regardless of retirement status.” 

    Chief Herbert D. Proffitt dedicated his life to serving others, first as a U.S. Army veteran of the Korean War and then as a law enforcement officer for 55 years before retiring in 2009 as Chief of the Tompkinsville, Kentucky Police Department. On August 28, 2012, Chief Proffitt was tragically shot and killed in his driveway by an individual he had arrested a decade earlier. Although his murder was a direct retaliation for his service in uniform, his family was denied benefits under the PSOB program simply because he had retired. 

    Congressman Dan Goldman has made safeguarding public safety officers and first responders a key priority of his time in office.   

    In the Winter of 2024, Goldman publicly condemned the House Republican’s rejection of the bipartisan budget bill, which would have fully funded the World Trade Center Health Program (WTCHP).  
    In the Summer of 2024, Goldman, alongside other New York lawmakers, introduced a bipartisan, bicameral bill to address any funding gap or shortfall for World Trade Center Health Program. The ‘9/11 Responder and Survivor Health Funding Correction Act of 2024’ intended to secure permanent and mandatory funding for the WTCHP, to prevent any future funding shortfall.   
    In the Fall of 2023, Goldman joined Congressman Bill Pascrell (NJ-09), Senator Amy Klobuchar (D-MN), and Senator Kevin Cramer (R-ND) in introducing the ‘Honoring Our Fallen Heroes Act’ (Honor Act). This legislation would recognize occupational cancer deaths as line-of-duty deaths, and ensure fire fighters, police, and EMS personnel receive benefits under the Public Safety Officers’ Benefits (PSOB) program. 

    ### 

    MIL OSI USA News –

  • US appeals court scrutinizes Trump’s use of tariffs as trade deadline looms

    Source: Government of India

    Source: Government of India (4)

    U.S. appeals court judges sharply questioned on Thursday whether President Donald Trump’s tariffs were justified by the president’s emergency powers, as lawyers for states and businesses challenging the measures argued he exceeded his authority.

    The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., is considering the legality of “reciprocal” tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China, Canada and Mexico.

    In hearing arguments in two cases brought by five small U.S. businesses and 12 Democratic-led U.S. states, judges pressed government lawyer Brett Shumate to explain how the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctioning enemies or freezing their assets, gave Trump the power to impose tariffs.

    Shumate said that the law allows the president to have “extraordinary” authority in an emergency, including the ability to stop imports completely. He said IEEPA authorizes tariffs because it allows a president to “regulate” imports in a crisis.

    The judges seemed dubious of this sweeping argument.

    “IEEPA doesn’t even say tariffs, doesn’t even mention them,” Judge Jimmie Reyna said.

    The arguments – one day before Trump plans to increase tariff rates on imported goods from nearly all U.S. trading partners – mark the first test before a U.S. appeals court of the scope of his tariff authority. The president has made tariffs a central instrument of his foreign policy, wielding them aggressively in his second term as leverage in trade negotiations and to push back against what he has called unfair practices.

    The court adjourned after about an hour-and-a-half of oral arguments. The judges did not say when they would rule, and the losing side will almost certainly appeal quickly to the U.S. Supreme Court.

    Trump, the first president to use IEEPA to impose tariffs, has said the April tariffs were a response to persistent U.S. trade imbalances and declining U.S. manufacturing power.

    He said the tariffs against China, Canada and Mexico were appropriate because those countries were not doing enough to stop illegal fentanyl from crossing U.S. borders, a claim the countries have denied.

    The states and businesses challenging the tariffs argued that they are not permissible under IEEPA and that the U.S. Constitution grants Congress, and not the president, authority over tariffs and other taxes.

    “No trade law in 200 years has been interpreted to give the president this power,” Neal Katyal, a lawyer for the businesses, said.

    Judge Kimberly Moore challenged Benjamin Gutman, representing the state of Oregon, on his argument that the U.S. trade deficit is not an “unusual and extraordinary” threat that would trigger IEEPA’s emergency powers, noting that Trump said the trade deficit contributed to compromised military readiness.

    “That bothers me – I’m a little concerned about compromised military readiness,” Moore said. “How about you?”

    The case is being heard by a panel of all of the court’s active judges, eight appointed by Democratic presidents and three appointed by former Republican presidents.

    TRADE NEGOTIATIONS

    Tariffs are starting to build into a significant revenue source for the federal government, with customs duties in June quadrupling to about $27 billion, a record, and through June have topped $100 billion for the current fiscal year. That income could be crucial to offset lost revenue from Trump’s tax bill passed into law earlier this month.

    But economists say the duties threaten to raise prices for U.S. consumers and reduce corporate profits. Trump’s on-again, off-again tariff threats have roiled financial markets and disrupted U.S. companies’ ability to manage supply chains, production, staffing and prices.

    On May 28, a three-judge panel of the U.S. Court of International Trade said IEEPA did not authorize tariffs related to longstanding trade deficits.

    The Federal Circuit has allowed the tariffs to remain in place while the litigation continues.

    The case will have no impact on tariffs levied under more traditional legal authority, such as duties on steel and aluminum imports.

    Trump’s Department of Justice has argued that limiting the president’s tariff authority could undermine ongoing trade negotiations, while other Trump officials have said that negotiations have continued with little change after the initial setback in court.

    The president recently announced trade deals that set tariff rates on goods from the European Union and Japan, following smaller trade agreements with Britain, Indonesia and Vietnam.

    Trump has set an August 1 date for higher tariffs on countries that don’t negotiate new trade deals.

    Mexican President Claudia Sheinbaum said on Thursday that Trump would pause new tariffs set to go into effect on the U.S.’s southern neighbor and a 90-day period to work on a trade deal.

    (Reuters)

  • MIL-OSI: Carronade Shares Perspectives on Viasat

    Source: GlobeNewswire (MIL-OSI)

    Carronade Supports Spin-Off or IPO of the Defense and Advanced Technologies Business

    Potential 215% to 520% Upside in the Stock if Company Completes a Separation

    Defense and Advanced Technologies is Worth $50/share Alone

    DARIEN, Conn., July 31, 2025 (GLOBE NEWSWIRE) — Carronade Capital Management, LP on behalf of its managed entities (“Carronade Capital”, “our” or “we”), have beneficial ownership of approximately 2.6% of the outstanding shares of Viasat, Inc., (NASDAQ: VSAT) (“Viasat” or the “Company”) today issued the following open letter outlining its perspective on Viasat’s ongoing strategic review and offering a clear and effective way to unlock the substantial, unrealized value embedded within the Company.

    Carronade’s letter underscores a compelling case for separating the undervalued and underappreciated Defense and Advanced Technologies (“DAT”) segment, which could be one of the most attractive pure-play defense-technology platforms in the market today, with best-in-class margins, double-digit revenue growth and significant exposure to next-gen defense technologies. Carronade believes a successful execution of a DAT separation would crystallize value for shareholders, empower both DAT and Communications Services segments to chart focused, capital-efficient growth strategies and bolster financial flexibility to drive the share price up to $100 per share. Carronade believes the remaining Communications Services segment would have less debt and be positioned for free cash flow generation.

    Carronade urges Viasat’s Board and management team to prioritize a DAT spin as the key outcome of the ongoing strategic review and believes it would garner strong investor support.

    The full letter follows:

    Carronade Capital Management, LP on behalf of its managed entities (“Carronade Capital,” “our,” or “we”) have beneficial ownership of approximately 2.6% of the outstanding shares of Viasat, Inc., (“Viasat” or the “Company”), making us one of Viasat’s top investors. We have been investors in Viasat since 2023 and are long-term believers in the Company’s mission, the strength of its leadership team, and the extraordinary strategic position the Company holds at the intersection of secure communications, global connectivity, and aerospace and defense technology.

    Today, we wanted to share our view that the current valuation of Viasat fails to reflect the value of its most important asset — the Defense and Advanced Technologies (“DAT”) business. We believe that the time has come to separate this crown jewel through a spin-off or IPO, a step which we believe should unlock tremendous value and can result in the pre-event Viasat shares trading at a range of ~$50 to $100+ per share. With the strategic review process already underway, we believe this is the clearest, most effective way to unlock the substantial, unrealized value embedded within the Company.

    Highlight A Premier High-Growth Aerospace and Defense Tech Platform

    The case for separation is compelling. In our view, the DAT segment could be one of the most attractive standalone defense-technology platforms in the public markets today. With best-in-class margins, double-digit revenue growth, and significant exposure to next-generation defense and dual-use technologies, DAT is already delivering on a vision to which many public and private peers can only aspire.

    Excluding the non-recurring contribution from the litigation settlement in Q2 FY2024, as reported revenue within DAT grew almost 17% in the last 12 months, with LTM EBITDA margins of 28%. Demonstrating the continued rapid trajectory of this business, the Company reported in Q4 FY2025 that the backlog within DAT grew 50% year over year with a book-to-bill of 1.2x. These figures also screen extremely well under the “Rule of 40”, combining profitability with robust growth, and we strongly believe the business would be rewarded accordingly on a standalone basis.

    We believe DAT’s business lines span critical and rapidly growing areas. This is further enhanced by market share gains, driving growth that continues to exceed overall TAM growth. DAT has the potential to benefit across the following new initiatives and new technologies:

    • Golden Dome – falls under Tactical Networking and Space & Mission Systems within DAT (providing encrypted mesh networking, battle management systems, ISR integration)
      • DAT’s tactical networking and secure communications systems are highly applicable to layered air and missile defense systems such as the Golden Dome. Its encrypted mesh networks and ISR data links can help integrate interceptors, radars, and command nodes in contested environment        
    • Next-Generation Encryption – part of Information Security & Cyber Defense, a core DAT unit
      • Develops advanced, Type 1-certified encryption for high-assurance military communications. As defense agencies adopt edge-resilient encryption, we believe DAT stands to benefit from long-cycle upgrades across satellites, tactical radios, and classified networks
    • Drones (UAVs and UAS) – spans Tactical Networking and Space & Mission Systems
      • Anti-jam networking solutions for a wide range of unmanned aerial systems. As demand accelerates for autonomous ISR and strike platforms, we believe DAT is well positioned to scale its footprint across drone technology
    • Direct-to-Device (D2D) – supported by both Advanced Technology & Other and Space & Mission Systems
      • DAT is advancing D2D capabilities through both government waveform programs and a commercial joint initiative with UAE-based Space42, focused on developing a global, 3GPP-compliant multi-orbit NTN platform designed to enable future connectivity directly to unmodified smartphones and IoT devices using licensed L-band and S-band spectrum
    • Low Earth Orbit (LEO) – squarely in Space & Mission Systems
      • The Space & Mission Systems team provides space-qualified hardware, optical inter-satellite links, and advanced ground integration tools that support LEO network resilience. As multi-orbit architectures gain traction, they benefit from integration roles across both government and commercial constellations

    The above are all long-cycle, durable growth markets with deep commercial and government demand, and we believe DAT is already winning. Yet despite this backdrop, from our perspective the market is barely valuing DAT at all — its performance is being obscured by broader investor concerns with respect to Communication Services, as evidenced by a nearly 20% short interest in the stock.

    Carronade’s Analysis Supports $50 – $100+ per Share Valuation

    This disconnect is further underscored by the current valuation environment for DAT’s aerospace and defense peers. Mid-cap defense-technology companies such as Kratos Defense & Security Solutions, AeroVironment, Karman Holdings, Redwire, and Mercury Systems (“Comp Set”) have historically traded between 20x-40x EV/EBITDA, and in many cases are significantly higher today, as public investors seek exposure to the growth in the aerospace and defense industry. By contrast, the market appears to be pricing Viasat as a structurally challenged communications conglomerate. We believe this framing fails to recognize both the profitability and the growth trajectory of DAT.

    It is not an overstatement to say that from a value perspective, Viasat is an aerospace and defense tech focused company first, that also happens to be in the satellite communications business. Our analysis suggests, utilizing a 20% discount to the median 2025E EBITDA multiple of the DAT Comp Set, less overall net debt, a valuation of over $50/share – more than 3x the current stock price – excluding any value for the $1.3 billion EBITDA Communication Services business or the $8/share in value from the Ligado Networks settlement. In total, using the historical ranges for the DAT Comp Set and 4.0x1 on the Communication Services business, we believe the stock is worth between ~$50-$100/share, and well in excess of $100/share if DAT trades at the current median of the Comp Set.

    While each peer has a distinct focus, they are all aerospace and defense technology companies that we believe are well positioned to benefit from similar tailwinds. Over the past five years, this Comp Set has generally traded at 20x to 40x EBITDA, with further multiple expansion seen in 2025. The chart below illustrates the implied Viasat share price after applying these historical ranges to DAT, alongside a fixed 4.0x multiple for Communication Services and our assumptions for the present value of the recent Ligado Networks settlement.

    DAT’s implied size, revenue growth, leading margins, and exposure to the most exciting aerospace and defense themes, highlight the favorable comparability to the Comp Set as shown below. With 50% year over year backlog growth, strong book-to-bill, and new recent awards, we believe growth trends are supported into 2026 and beyond.

    We believe the separation of DAT would not only catalyze a re-rating of that business but also deliver material benefits to the remaining company. Viasat could retain a portion of the spin-off for future monetization. If an IPO were pursued, proceeds could be used to de-lever the balance sheet, bolstering capital flexibility, while reducing financial risk. Moreover, the current stock price implies standalone valuation near the lows after adjusting for the approximately $8/share Ligado Networks settlement value that was unanticipated by most market participants. Finally, we believe separating DAT would allow both businesses to be valued on their own strategic and financial merits and create transparency into the dramatically different growth, TAMs, margin profiles, and capital requirements of each.

    Resilient Global Communications Business

    Carronade also believes the Communications Services segment is materially misunderstood by the market with competitors such as Starlink and Kuiper catalyzing a substantial amount of pessimism on the shares. We believe a separation will help shine a light on the positive trajectory of this business.

    With five-to-ten year contract terms in the in-flight connectivity (“IFC”) business, this unit of Communication Services has approximately 1,600 additional commercial aircraft that will be put into service under existing customer agreements with commercial airlines over time, on top of the 4,120 currently in-service aircraft, representing 39% growth2. The durability of IFC growth, coupled with a high-growth government business and an inflecting maritime business, as evidenced by NexusWave recently exceeding 1,000 vessel orders3, in our view demonstrates the long-term viability of the core satellite business. Critically, in our view Communication Services is set to generate consistent positive free cash flow in the coming quarters, and more significantly, the long-term cash generation of the satellite business is set to inflect strongly after the successful deployment of the ViaSat-3 F2 and F3 satellites. According to a research report from Deutsche Bank on March 24th4, each new ViaSat-3 satellite has the potential to add 2 to 3 percentage points of growth to Communication Services revenue, while also shifting the revenue mix toward higher-margin, internally provisioned capacity and reducing reliance on low-margin wholesale sales. Once capital expenditures for the ViaSat-3 constellation are complete, we expect annual capex to decline to below $1 billion (from ~$1.3 billion in FY2026), creating substantial room for accelerated free cash flow generation and debt paydown.

    Given all of the above, we believe our valuation of 4.0x on the Communication Services segment is conservative and unjustifiably below similar business valuations. SES, when accounting for the present value of 100MHz of possible C-band monetization, and pro forma for the Intelsat acquisition, trades at 4.25x-4.50x on the base business. Similarly, both Eutelsat and Iridium trade at high-single-digit EBITDA multiples5. In our view, the growth opportunities, end customers, and stickiness of contracts are significantly more attractive for Viasat’s Communication Services business.

    As a result of the settlement with Ligado Networks, the Company is set to receive $568 million in fiscal year 2026, coupled with a lease stream through 2107 that increases 3% per year6 that is worth north of $500 million from a present value perspective, which positions it for further de-levering. The Company’s remaining spectrum portfolio offers substantial flexibility for future monetization to which we ascribe no value in this analysis. In our view, these dynamics are obscured in the current structure and would be far more visible in a standalone Communications Services business.

    The Time to Act is Now

    With strong commercial momentum across both segments, from NexusWave surpassing 1,000 vessel orders and sustained growth in in-flight connectivity for the Communication Services business, and a proven track record of growth and profitability within DAT, we believe Viasat is at a critical inflection point. In our view, the growth and profitability of DAT is only set to accelerate due to rapidly increasing investment within drone technology, direct-to-device, advanced encryption, Golden Dome, and LEO. Yet we are seeing that public markets continue to discount the stock due to a misplaced narrative. We believe executing a spin-off or IPO of DAT, the Company’s most valuable asset, would not only crystallize value for shareholders, it would empower both businesses to chart focused, capital-efficient growth strategies with improved investor visibility.

    We applaud management exploring various paths to unlock portfolio value, drive returns and shareholder value, but urge them to consider our proposed path forward. We believe a spin-off or IPO of DAT would be met with broad investor support and would position Viasat to emerge as two distinct, category-leading companies: one a premier, high-growth aerospace and defense tech platform; the other a resilient, cash-generating global connectivity business while unlocking tremendous value resulting in ~$50 to $100+ per share.

    About Carronade Capital

    Carronade Capital Management, LP (“Carronade Capital Management”) is a multi-strategy investment firm based in Connecticut with approximately $2.5 billion in assets under management that focuses on process driven investments in catalyst-rich situations. Carronade Capital Management, founded in 2019 by industry veteran Dan Gropper, currently firm employs 14 team members and is based in Darien, Connecticut. Carronade Capital was launched on July 1, 2020. Dan Gropper brings with him nearly three decades of special situations credit experience serving in senior roles at distinguished investment firms, including Aurelius Capital Management, LP, Fortress Investment Group and Elliott Management Corporation.

    Important Disclaimers

    Not an Offer or Solicitation. This press release is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person.

    Not Financial Advice. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Viasat, Inc. (the “Company”) will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide financial, legal or investment advice. Each shareholder of the Company should conduct their own financial research and analysis and make a decision that aligns with their own financial interests, consulting with their own advisers, as necessary.

    Forward-Looking Statements. This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will be” and similar expressions. Although Carronade Capital and its affiliates believe that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Carronade Capital or the Company—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in the Company’s public filings with the U.S. Securities and Exchange Commission, including those listed under “Risk Factors” in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q . The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Carronade Capital does not undertake any obligation to update or revise any forward-looking information or statements.

    Data and Analysis. Certain information included in this press release is based on data obtained from sources considered to be reliable. Any analysis provided herein is intended to assist the reader in evaluating the matters described herein and maybe based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Projected information presented herein is generated using an internal Carronade model and is therefore inherently limited. This information is generated based on certain estimates and assumptions which are subject to change based on prevailing market and economic conditions, as well as Carronade’s ongoing assessment of the Company. All figures are estimates and, unless required by law, are subject to revision without notice.

    Holdings and Trading. Certain of the funds(s) and/or account(s) (“Accounts”) managed by Carronade Capital Management, LP (“Carronade Capital Management”) currently beneficially own shares of the Company. Carronade Capital Management in the business of trading (i.e., buying and selling) securities and intends to continue trading in the securities of the Company. You should assume the Accounts will from time to time sell all or a portion of its holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Carronade Capital Management’s beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without regard to Carronade Capital Management’s views of the Company’s business, prospects, or valuation (including the market price of the Company’s shares), including, without limitation, other investment opportunities available to Carronade Capital Management, concentration of positions in the portfolios managed by Carronade Capital Management, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in the Company’s share price on or following the date hereof, Carronade Capital Management may buy additional shares or sell all or a portion of its Account’s holdings of the Company (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments relating to the Company’s shares). Carronade Capital Management also reserves the right to change the opinions expressed herein and its intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.

    Media Contact:
    Paul Caminiti / Jacqueline Zuhse
    Reevemark
    (212) 433-4600
    Carronade@reevemark.com

    Investor Contacts:
    Andy Taylor / Stas Futoransky
    Carronade Capital Management, LP
    (203) 485-0880
    ir@carronade.com

    1Derived by using a discount to SES SA, Eutelsat Communications, and Iridium Communications as the peer set for Communications Services; for illustrative purposes only.
    2Viasat 2025 Annual Report
    3Viasat July 1, 2025 Press Release
    4Deutsche Bank report “Multiple Paths to Unlocking Value; Upgrade to Buy”
    5Source: Bloomberg
    6Viasat June 13, 2025 Press Release

    Charts accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1b382282-b275-4da4-a882-c526b3387fc4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/710e4232-9a2e-4280-9767-20bd501b699a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1786b60d-3b34-4f9e-8100-77a6b4c15b9a

    The MIL Network –

  • MIL-OSI: Alpine Banks of Colorado announces financial results for second quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    GLENWOOD SPRINGS, Colo., July 31, 2025 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced results (unaudited) for the second quarter ended June 30, 2025. The Company reported net income of $17.6 million, or $1.10 per basic Class A common share and basic Class B common share, for second quarter 2025.

    Highlights in second quarter 2025 include:

    • Basic earnings per Class A and Class B common shares increased 23.1%, or $0.21, during second quarter 2025.
    • Basic earnings per Class A and Class B common shares increased 44.3%, or $0.61, compared to second quarter 2024.
    • Net interest margin for second quarter 2025 was 3.50%, compared to 3.38% in first quarter 2025, and 2.87% in second quarter 2024.

    “Our second quarter results reflect our continued improvement in both earnings and loan portfolio growth,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “Net income through the first six months of 2025 is up 43% over the first six months of 2024. Loan growth through the first half of 2025 is running at a 7.5% annualized pace. We look forward to what is to come in the second half of the year.”

    Net Income
    Net income for second quarter 2025 and first quarter 2025 was $17.6 million and $14.3 million, respectively. Interest income increased $3.0 million in second quarter 2025 compared to first quarter 2025, primarily due to increases in yields on the loan portfolio and due from bank balances along with increased volume in the loan portfolio. These increases were partially offset by decreases in yields and balances in the securities portfolio and decreased volume in due from bank balances. Interest expense increased $0.1 million in second quarter 2025 compared to first quarter 2025, primarily due to decreases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits. These increases were partially offset by a decrease in volume of deposits. Noninterest income increased $0.7 million in second quarter 2025 compared to first quarter 2025, primarily due to increases in service charges on deposit accounts and increases in other income. Noninterest expense decreased $0.5 million in second quarter 2025 compared to first quarter 2025, due to decreases in salary and employee benefit expenses and occupancy expenses, slightly offset by increases in furniture and fixture expenses and other expenses. A provision for loan losses of $1.6 million was recorded in second quarter 2025 compared to a $1.8 million provision for loan losses recorded in the first quarter 2025. Net income for the six months ended June 30, 2025, and June 30, 2024, was $31.9 million and $22.3 million, respectively. Interest income increased $7.7 million in the first six months of 2025 compared to the first six months of 2024, primarily due to increases in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio and the securities portfolio. These increases were slightly offset by a decrease in volume in the securities portfolio and a decrease in yield on the balances due from banks. Interest expense decreased $10.5 million in the first six months of 2025 compared to the first six months of 2024, primarily due to decreases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits. These decreases were partially offset by an increase in the volume of deposit balances. Noninterest income increased $1.8 million in the first six months of 2025 compared to the first six months of 2024, primarily due to increases in earnings on bank‐owned life insurance, service charges on deposit accounts, and other income. Noninterest expense increased $3.8 million in the first six months of 2025 compared to the first six months of 2024, due to increases in other expenses, salary and employee benefit expenses, and occupancy expenses, partially offset a decrease in furniture and fixtures expenses, Provision for loan losses increased $3.9 million in the six months ended June 30, 2025 due to loan portfolio increases and a small volume of loan charge‐offs, compared to the six months ended June 30, 2024.

    Net interest margin increased from 3.38% to 3.50% from first quarter 2025 to second quarter 2025. Net interest margin for the six months ended June 30, 2025, and June 30, 2024, were 3.44% and 2.84%, respectively.

    Assets
    Total assets decreased $57.6 million, or 0.9%, to $6.61 billion as of June 30, 2025, compared to March 31, 2025, primarily due to decreased cash and due from banks and investment securities balances partially offset by increased loans receivable. The Alpine Bank Wealth Management* division had assets under management of $1.36 billion on June 30, 2025, compared to $1.32 billion on March 31, 2025, an increase of 3.0%.

    Loans
    Loans outstanding as of June 30, 2025, totaled $4.2 billion. The loan portfolio increased $87.0 million, or 2.1%, during second quarter 2025 compared to March 31, 2025. This increase was driven by a $81.8 million increase in commercial real estate loans, a $77.0 million increase in residential real estate loans, a $3.0 million increase in consumer loans, and a $1.6 million increase in commercial and industrial loans. This increase was slightly offset by a $76.8 million decrease in real estate construction loans.

    Loans outstanding as of June 30, 2025, reflected an increase of $145.7 million, or 3.6%, compared to loans outstanding of $4.1 billion on June 30, 2024. This growth was driven by a $131.2 million increase in commercial real estate loans, a $70.3 million increase in residential real estate loans, and a $8.8 million increase in consumer loans. This increase was slightly offset by a $56.7 million decrease in real estate construction loans and a $8.2 million decrease in commercial and industrial loans.

    Deposits
    Total deposits decreased $68.4 million, or 1.2%, to $5.9 billion during second quarter 2025 compared to March 31, 2025, primarily due to a $74.2 million decrease in demand deposits, a $7.8 million decrease in certificate of deposit accounts, and a $5.6 million decrease in savings accounts. This decrease was partially offset by a $15.2 million increase in money market accounts and a $2.9 million increase in interest‐bearing checking accounts. Brokered certificates of deposit decreased 13.5% to $160.0 million on June 30, 2025, compared to $185.0 million on March 31, 2025. Noninterest‐bearing demand accounts comprised 29.9% of all deposits on June 30, 2025, compared to 30.8% on March 31, 2025.

    Total deposits of $5.87 billion on June 30, 2025, reflected an increase of $76.6 million, or 1.3%, compared to total deposits of $5.79 billion on June 30, 2024. This increase was due to a $228.2 million increase in money market accounts, a $64.4 million increase in demand deposits and a $18.9 million increase in interest‐bearing checking accounts. This increase was partially offset by a $226.6 million decrease in certificate of deposit accounts and a $8.4 million decrease in savings accounts. Brokered certificates of deposit decreased 59.0% to $160.0 million on June 30, 2025, compared to $390.5 million on June 30, 2024. Noninterest‐bearing demand accounts comprised 29.9% of all deposits on June 30, 2025, compared to 29.2% on June 30, 2024.

    Amended and Restated Articles of Incorporation
    On April 10, 2025, the shareholders of Alpine approved amended and restated articles of incorporation to affect the following actions, among other things:

    • Increase from 15,100,000 to 30,000,000 the total authorized shares of common stock that the Company is authorized to issue;
    • Increase from 100,000 to 15,000,000 the authorized shares of the Class A common stock;
    • Effect a forward stock split of the outstanding shares of the Class A common stock by a ratio of 150‐for‐one;
    • Provide that holders of Class A common stock and Class B common stock shall be entitled to share equally, on a per share basis based upon the number of shares issued and outstanding, in dividends and other distributions;
    • Provide that each one share of Class B common stock shall be entitled to one vote;
    • Provide that each one share of Class A common stock shall be entitled to twenty votes;
    • Provide that unless otherwise required by law the Class A common stock and Class B common stock will vote together as a single class on all matters, including the election of directors;
    • Provide that a majority of the total voting power of the outstanding shares of common stock entitled to vote shall constitute a quorum at any meeting of shareholders; and
    • Provide that the approval of certain corporate actions requires the approval of more than 66 2/3% of the voting power of the outstanding shares of common stock entitled to vote.

    The amended and restated articles of incorporation and related stock split of the Class A common stock became effective on May 1, 2025. All Class A share and per share information for the quarter and six months ended June 30, 2024, set forth herein have been adjusted to reflect the 150‐for‐1 stock split. The stock split has no impact on the Class B share and per share information.

    Capital
    The Bank continues to be designated as a “well capitalized” institution as its capital ratios exceed the minimum requirements for this designation. As of June 30, 2025, the Bank’s Tier 1 Leverage Ratio was 9.90%, Tier 1 Risk‐Based Capital Ratio was 14.08%, and Total Risk‐Based Capital Ratio was 15.21%. On a consolidated basis, the Company’s Tier 1 Leverage Ratio was 9.63%, Tier 1 Risk‐Based Capital Ratio was 13.69%, and Total Risk‐Based Capital Ratio was 15.68% as of June 30, 2025.

    Book value per share on June 30, 2025, was $33.97 per Class A and Class B common shares, an increase of $1.03 per share from March 31, 2025.

    Dividends
    During second quarter 2025, the Company paid cash dividends of $0.21 per Class A and Class B common shares. On July 10, 2025, the Company declared cash dividends of $0.21 per Class A and Class B common shares payable on July 28, 2025, to shareholders of record on July 21, 2025.

    About Alpine Banks of Colorado
    Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.6 billion, independent, employee‐owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. Alpine Bank employs 890 people and serves 170,000 customers with personal, business, wealth management*, mortgage, and electronic banking services across Colorado’s Western Slope, mountains and Front Range. Alpine Bank has a five‐star rating – meaning it has earned a superior performance classification – from BauerFinancial, an independent organization that analyzes and rates the performance of financial institutions in the United States. Shares of the Class B voting common stock of Alpine Banks of Colorado trade under the symbol “ALPIB” on the OTCQX® Best Market. Learn more at www.alpinebank.com.

    *Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.

    Contacts:   Glen Jammaron   Eric A. Gardey
        President and Vice Chairman    Chief Financial Officer
        Alpine Banks of Colorado   Alpine Banks of Colorado
        2200 Grand Avenue   2200 Grand Avenue
        Glenwood Springs, CO 81601   Glenwood Springs, CO 81601
        (970) 384‐3266   (970) 384‐3257
             

    A note about forward‐looking statements
    This press release contains “forward‐looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward‐looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “reflects,” “believes,” “can,” “would,” “should,” “will,” “estimates,” “looks forward to,” “continues,” “expects” and similar references to future periods. Examples of forward‐looking statements include, but are not limited to, statements we make regarding our evaluation of macro‐environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward‐looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward‐looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward‐looking statements. We caution you therefore against relying on any of these forward‐looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward‐looking statement include, but are not limited to:

    • The ability to attract new deposits and loans;
    • Demand for financial services in our market areas;
    • Competitive market‐pricing factors;
    • Changes in assumptions underlying the establishment of allowances for loan losses and other estimates;
    • Effects of future economic, business and market conditions, including higher inflation;
    • Adverse effects of public health events, such as the COVID‐19 pandemic, including governmental and societal responses;
    • Deterioration in economic conditions that could result in increased loan losses;
    • Actions by competitors and other market participants that could have an adverse impact on expected performance;
    • Risks associated with concentrations in real estate‐related loans;
    • Risks inherent in making loans, such as repayment risks and fluctuating collateral values;
    • Market interest rate volatility, including changes to the federal funds rate;
    • Stability of funding sources and continued availability of borrowings;
    • Geopolitical events, including global tariffs, acts of war, international hostilities and terrorist activities;
    • Assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate, or not predictive of actual results;
    • Actions of government regulators, including potential future changes in the target range for the federal funds rate by the Board of Governors of the Federal Reserve;
    • Sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs;
    • Any increases in FDIC assessments;
    • Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
    • The ability to maintain adequate liquidity and regulatory capital, and comply with evolving federal and state banking regulations;
    • Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
    • The ability to recruit and retain key management and staff;
    • The ability to raise capital or incur debt on reasonable terms; and
    • Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.

    There are many factors that could cause actual results to differ materially from those contemplated by forward‐looking statements. Any forward‐looking statement made by us in this press release or in any subsequent written or oral statements attributable to the Company are expressly qualified in their entirety by the cautionary statements above. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward‐looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Key Financial Measures
    The attached tables highlight the Company’s key financial measures for the periods indicated (unaudited).
    https://alpinebank.kcmspreview.com/_/kcms-doc/1507/92807/Alpine-Banks-of-Colorado-Consolidated-Financial-Statements_06.30.25.pdf

    Contact:   Eric A. Gardey, Chief Financial Officer
        Alpine Banks of Colorado
        (970) 384‐3257
        ericgardey@alpinebank.com 

    The MIL Network –

  • MIL-OSI United Nations: Trade critical to ending plastic pollution

    Source: United Nations 2

    That assessment by UN trade and development body, UNCTAD, comes in an update published on Thursday ahead of the final round of talks to develop a legally binding international instrument against plastic pollution.

    “Although plastics are directly linked to the triple planetary crisis – pollution, biodiversity loss, and climate change – there is still no comprehensive international treaty governing their composition, design, production, trade, and disposal,” UNCTAD said.

    Polluting our oceans

    In 2023, plastic production reached 436 million metric tonnes worldwide, with the traded value surpassing $1.1 trillion.  It also accounted for 5 per cent of total merchandise trade.

    However, 75 per cent of all plastics ever produced have become waste, most of which has ended up in the world’s oceans and ecosystems.

    This pollution also threatens food systems and human well-being, especially in small island and coastal developing countries with limited capacity to cope.

    Support for substitutes

    UNCTAD is advocating for tariff and non-tariff measures to support ecologically sustainable plastic substitutes which often are derived from natural sources such as minerals, plants or animals, and can be recycled or turned into compost.

    Global trade in these substitutes reached $485 billion in 2023, with an annual growth of 5.6 per cent in developing economies.

    Scaling up will require action to address challenges related to tariff and non-tariff measures, limited market access and weak regulatory incentives.

    Tariff disparities

    UNCTAD explained that a reduction in tariffs on plastic and rubber products over the past 30 years – from 34 per cent to 7.2 per cent – has made them “artificially inexpensive”.  Meanwhile, alternatives such as paper, bamboo, natural fibres and seaweed face average tariffs of 14.4 per cent

    “These disparities in how materials are treated discourage investment in alternative products and hinder innovation in developing countries that aim to export safer and more sustainable alternatives to fossil fuel-based plastics,” it said.

    Currently, 98 per cent of plastics are derived from fossil fuels, meaning that emissions and environmental damage are expected to rise if left unchecked. In response, many countries are using non-tariff measures such as bans, labelling requirements and product standards.

    However, these regulations differ, leading to fragmentation and increased compliance costs. Furthermore, small businesses and low-income exporters struggle in the face of overlapping or inconsistent requirements, thus affecting how they can both participate in and benefit from sustainable trade.

    Hope for treaty talks

    For UNCTAD, the talks towards the plastic pollution treaty are promising. They began in 2022, with the final round taking place next week at the UN in Geneva.

    The treaty would cover the entire life cycle of plastics – production, consumption, and waste – within a fair and comprehensive framework.

    The UN agency said a successful treaty should include tariff and non-tariff measures to support sustainable substitutes for plastic, investment in waste management and circular infrastructure, digital tools for traceability and customs compliance, as well as policy coherence across frameworks reached through the World Trade Organization (WTO); the UN climate secretariat, UNFCCC; the Basel Convention on hazardous waste, and related regional measures.

    MIL OSI United Nations News –

  • MIL-OSI Economics: Services trade growth slows in first quarter of 2025

    Source: World Trade Organization

    Services exports in Europe and North America increased by only 3% year-on-year in the first quarter of 2025, down from 8% and 11% respectively in the first quarter of 2024. In contrast, strong growth was sustained in Asia at 9%.

    The overall slowdown in services trade was mainly due to “Other commercial services,” a category that encompasses a wide variety of mostly digitally deliverable services ranging from financial to professional services (Chart 1). In 2024, “Other commercial services” accounted for some 60% of global services trade, with Europe contributing 40% of those exports (Chart 2).

    Chart 1: Commercial services trade growth by main sector, 2024Q1-2025Q1
    Year-on-year % change

    Note: Services trade measured as exports.
    Source: WTO-UNCTAD estimates.

    Chart 2: Structure of world exports of commercial services, 2024
    % shares

    Source: WTO-UNCTAD estimates.

    Chart 3 shows a deceleration across selected subsectors of “Other commercial services” in the first quarter of 2025 compared with the same period of 2024. Growth in “Other business services,” covering various professional, technical and trade-related services, as well as research and development services, moderated. The United States posted a subdued 4% year-on-year increase in “Other business services” following an 8% expansion in the same period of 2024. Exports by the European Union remained flat in US dollar terms, although they rose by 4% when measured in euros.

    Financial services exports grew by only 3% year-on-year in the first quarter of 2025, reflecting reduced investment activity amid increased global economic uncertainty. The sector was also affected by exchange rate movements, which dampened US dollar-denominated growth. Exports from both the European Union and the United States rose just 2% year-on-year while Switzerland’s exports fell by 3%. The United Kingdom, on the contrary, posted a robust 10% year-on-year increase sustained by double digit growth in exports to the United States (+13%).

    Intellectual property related services expanded by 4% year-on-year in the first three months of 2025 in comparison with a 7% growth in the same quarter of 2024. Global trade in IP-related services remains highly concentrated, with the European Union and the United States accounting for nearly 70% of exports in 2024. EU exports, measured in US dollars, rose by just 3% year-on-year, held back by exchange rate volatility, despite stronger underlying growth of 6% in euro terms.

    Global construction exports fell by 15% year-on-year in the first quarter of 2025, reversing part of the strong 25% growth recorded during the same period in 2024. The decline reflects weaker performance across several key economies, including China (-25%), which alone accounted for over 28% of global construction exports in 2024, the Republic of Korea (-15%), and the European Union (-6%). The downturn in the first quarter likely reflects delayed investment due to uncertainty and rising costs.

    Computer services exports were only marginally affected by the broader slowdown, as strong global demand for artificial intelligence (AI), digital transformation, and cybersecurity solutions continued to drive growth. This momentum is expected to persist, supported by ongoing business adaptation to new technologies and rising consumer preferences for digital services. During the period, India’s computer services exports grew by 13%, while Ireland recorded a 9% increase.

    Chart 3: Other commercial services exports by selected subsector, 2024 and Q1 2025
    Year-on-year % change

    Note: Sectors are ranked according to their relative share in services trade in 2024.
    Source: WTO estimates for Q1 2025 and Q1 2024; WTO-UNCTAD estimates for 2024.

     As for the other main sectors of commercial services, global transport exports were up 3% year-on-year in the first quarter of 2025, following rapid growth especially in the third and fourth quarter of 2024 due to frontloading. Asia recorded the fastest growth, up 10%, driven by a 31% rise in China, while Singapore and the Republic of Korea posted modest gains of 2%. Payments for shipping services increased by 19% in South and Central America and the Caribbean, as demand for goods surged.

    Despite a difficult economic and geopolitical context, international travel expanded by 5% year-on-year in the first quarter of 2025. For the first time since the pandemic, international tourist arrivals were 3% above 2019 levels according to UN Tourism data. In Asia, travel receipts grew by 13%, driven by China (+96%), Viet Nam (+33%), Japan (+25%) and Thailand (+18%) as tourism continues to recover in the region. By contrast, North America’s travel receipts fell by 1%.

    Services trade performance varied across major traders in the first five months of 2025 according to available monthly statistics. Double digit exports growth was recorded in Asian economies such as China (+13%, through June), India (+12%) and Japan (+11%). In North America, the United States and Canada saw diverging trends. US service exports rose by 5%, while Canada recorded a 6% decline. The EU’s service exports to non-member countries rose by 3%, while imports from outside the Union grew more sharply, increasing by 6%. The United Kingdom recorded marked growth, with exports up 9% and imports rising by 13%.

    Chart 4: Services export and import growth of selected economies, January-May 2025
    Year-on-year % change

    Note: Statistics for Brazil, China and Pakistan refer to January-June.
    Source : National sources and Eurostat.

    Quarterly statistics are estimates as of time of publication and subject to frequent revisions. They are available for download at WTO Stats, as well as monthly statistics. Annual services trade data and related visualizations can be accessed at WTO | Statistics — Global Services Trade Data Hub and WTO | World Trade Statistics 2024.

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    MIL OSI Economics –

  • MIL-OSI Security: Two Men Charged For Nationwide Fraud Scheme Targeting Hundreds Of Elderly Victims

    Source: Office of United States Attorneys

    Jingbin Jiang and Su Jian Liu Are Charged With Participating in a Scheme That Attempted to Steal Over $18 Million From Over 350 Victims

    United States Attorney for the Southern District of New York, Jay Clayton; Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia; and Commissioner of the New York City Police Department (“NYPD”), Jessica S. Tisch,  announced charges against JINGBIN JIANG and SU JIAN LIU, a/k/a “Fatty,” a/k/a “Ah Pang,” for a scheme to defraud elderly victims across the United States, which attempted to steal over $18 million from over 350 victims and resulted in actual losses of over $5 million to over 70 victims.  JIANG was arrested in Staten Island this morning and will be presented today before U.S. Magistrate Judge Stewart D. Aaron.  LIU is still at large.  The case is assigned to U.S. District Judge Mary Kay Vyskocil.

    “As alleged, Jingbin Jiang and Su Jian Liu worked together with others to steal the hard-earned money of some our most vulnerable New Yorkers and others around the country,” said U.S. Attorney Jay Clayton.  “Taking advantage of our elderly after they have worked so hard to save and contributed so much to our city and this country is heartless and despicable.  These charges, and the efforts of the FBI and the NYPD, should serve as a warning to fraudsters and cybercriminals: New Yorkers want you held accountable for your crimes, and the women and men of our Office are committed to doing so.”

    “Jingbin Jiang and Su Jian Liu allegedly defrauded elderly victims of more than $5 million by utilizing extortionate tactics to coerce withdrawals of significant cash or purchases of gold,” said FBI Assistant Director Christopher G. Raia.  “This alleged conspiracy wielded fear of bankruptcy and arrest to ensure victims complied with the unlawful requests for money.  The FBI is committed to apprehending any individual who utilizes online platforms to target and exploit vulnerable victims across the country.”

    “These defendants allegedly led a nationwide fraud scheme with the goal of targeting innocent, elderly victims and stealing millions of their hard-earned savings,” said NYPD Commissioner Jessica S. Tisch.  “Jingbin Jiang and Su Jian Liu allegedly participated in a plot involving elaborate, fictitious narratives to manipulate elderly victims and trick them into participating in their scheme, which involved attempts to steal over $18 million from 350 people.  I am grateful to the members of the NYPD, FBI, and the U.S. Attorney’s Office for holding these alleged predatory fraudsters accountable.”

    According to the allegations in the Indictment unsealed today in Manhattan federal court:[1]

    Between at least in or about 2023 and in or about July 2025, JIANG and LIU participated with others in a fraudulent scheme that primarily targeted elderly victims located all across the United States, including in New York, New Jersey, Pennsylvania, Massachusetts, Texas, Washington, Wisconsin, California, Connecticut, Arizona, North Carolina, South Carolina, Missouri, Mississippi, Kentucky, Utah, Oregon, Colorado, and Montana.

    The scheme proceeded in the following manner: First, victims would typically see a pop-up message on their computers indicating that they needed to call a particular phone number controlled by members of the scheme.  The pop-up message would typically claim to come from a technology company, a bank, or the government.  Second, when victims called the phone number, they were told a fictitious narrative that would ultimately lead to a suggestion that the victims withdraw money from their bank account.  For example, some victims were falsely told that their computers had a virus, or that their computers had been hacked into and used to commit serious crimes, like downloading child sexual abuse material.  Others were falsely told that their bank accounts had been compromised and were vulnerable to unauthorized withdrawals.  To avoid arrest or protect their bank accounts from being compromised, victims were instructed to withdraw large amounts of cash from their bank accounts or purchase large quantities of gold.  Some victims were even told that their money would be safely held in the custody of a consumer protection agency like the Federal Trade Commission, and they were sent notices on fake federal government letterhead purporting to bear the signature of a federal government official:

    Third, many victims were told that a courier would be arriving at their home (or other coordinated pick-up location) to retrieve the gold and/or cash.  Victims were often provided with the courier’s name (which was fictitious), a description of the courier’s clothing, and sometimes a password, purportedly to ensure the courier was authorized to pick up the gold and/or cash.  Other victims were told to purchase and transfer cryptocurrency or gift cards, which did not require a courier.  Victims were typically under the impression that this gold and/or cash would then be deposited, on the victims’ behalf, into a new, safe, uncompromised bank account (or with the Federal Trade Commission, as noted above) that they could access without concern in the future.  In reality, these funds were stolen and never returned to the victims.  Some victims engaged in multiple transactions before realizing the fraudulent nature of the scheme.

    JIANG and LIU participated in the scheme by managing and supervising the couriers that traveled to meet the victims to pick up the cash and gold, which was then transported back to New York City.  JIANG and LIU received information about potential victims from other members of the scheme on text-messaging platforms, in messages that typically included the zip codes and the amounts of cash or gold to be collected from each victim. JIANG and LIU could then decide whether to accept the pick-up, and if they did, the other members of the scheme would provide more specific details about the victim and when and where to pick up the cash or gold.  After arranging for couriers to make the pick-ups, JIANG and LIU would provide updates to other members of the scheme about the couriers’ progress.  After the victims provided the criminal proceeds to the couriers, JIANG and LIU arranged for the criminal proceeds to be distributed to other members of the scheme, including by converting cash and gold into cryptocurrency to be easily transmitted to members of the scheme located overseas, including in India and China.  In total, members of the conspiracy have attempted to steal at least approximately $18 million from over 350 victims, and they have successfully stolen at least approximately $5 million from over 70 victims.

    If you or someone you know has been victimized by this scheme, please file a complaint with the FBI’s Internet Crime Complaint Center, which is available at ic3.gov.

    *                *                *

    JIANG, 37, of Staten Island, New York, and LIU, 38 of Edmond, Oklahoma, are both charged with one count of wire fraud conspiracy, which carries a maximum sentence of 20 years in prison; and one count of conspiracy to commit interstate transportation of stolen property, which carries a maximum sentence of five years in prison.

    The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendants will be determined by the judge.

    Mr. Clayton praised the investigative work of the FBI and NYPD’s Joint Organized Crime Task Force.  Mr. Clayton also thanked the New York State Police and the Bedford Police Department for their assistance in the investigation of this case.

    This case is being handled by the Office’s Violent & Organized Crime Unit. Assistant U.S. Attorneys Andrew K. Chan and Angela Zhu are in charge of the prosecution. 

    The charges contained in the Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

    [1] As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described herein should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI: Silvercrest Asset Management Group Inc. Reports Q2 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter ended June 30, 2025.

    Business Update

    Discretionary assets under management (“AUM”) increased $1.0 billion during the second quarter, primarily due to strong markets. While net flows were negative, Silvercrest added $80.0 million in organic new client accounts and has added $0.5 billion in new client accounts during the first half of 2025. That is on pace to be one of the stronger levels of organic new client flows over the past several years. Silvercrest has added approximately $2.0 billion in organic new client accounts over the past four quarters.

    Discretionary AUM, which drives revenue, now stands at $23.7 billion, which is a 4.4% sequential quarterly increase and an increase of 9.7% year-over-year. Total AUM at the end of the second quarter hit a new high for the firm at $36.7 billion.

    Barring short-term market volatility, the increase in AUM bodes well for future revenue, as Silvercrest primarily bills quarterly in advance. Silvercrest’s strategic investments continue to promote growth, and our earnings and Adjusted EBITDA1 reflect a concerted effort to invest capital to support our long-term strategic priorities. We remain highly optimistic about securing more significant organic flows over the course of 2025 and 2026, as our investments bear fruit.

    Our strategic initiatives highlight Silvercrest in both the institutional and wealth markets. The firm continues to invest in talent across the firm to drive new growth and successfully transition the business toward the next generation. Our new business pipeline remains robust.

    As previously discussed, Silvercrest will continue to monitor and adjust our interim compensation ratio to match important investments in the business as long as we have compelling opportunities to grow the firm and build our return on invested capital.

    We completed a $12.0 million stock repurchase program at the beginning of the second quarter. As a result, we announced a new buyback program of $25.0 million on May 23, 2025. Our strong balance sheet supports ongoing capital returns as well as our growth initiatives. 

    We will continue to look for opportunities to return capital to or accrete shareholders, especially as we invest in the business.

    On July 30, 2025, the Company’s Board of Directors approved an increase of 5% to the Company’s quarterly dividend, from $0.20 per share of Class A common stock to $0.21 per share of Class A common stock.  The dividend will be paid on or about September 19, 2025 to stockholders of record as of the close of business on September 12, 2025.

    Second Quarter 2025 Highlights

    • Total AUM of $36.7 billion, inclusive of discretionary AUM of $23.7 billion and non-discretionary AUM of $13.0 billion, at June 30, 2025.
    • Revenue of $30.7 million.
    • U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $3.1 million and $1.9 million, respectively.
    • Basic and diluted net income per share of $0.21.
    • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)1 of $5.7 million.
    • Adjusted net income1 of $3.3 million.
    • Adjusted basic and diluted earnings per share1,2 of $0.26 and $0.25, respectively.

    The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

        For the Three Months
    Ended June 30,    		     For the Six Months
    Ended June 30,    		  
    (in thousands except as indicated)   2025     2024     2025     2024  
    Revenue   $ 30,673     $ 30,993     $ 62,065     $ 61,265  
    Income before other income (expense), net   $ 4,041     $ 5,309     $ 8,878     $ 11,213  
    Net income   $ 3,149     $ 4,380     $ 7,077     $ 9,295  
    Net income margin     10.3 %     14.1 %     11.4 %     15.2 %
    Net income attributable to Silvercrest   $ 1,918     $ 2,665     $ 4,387     $ 5,665  
    Net income per basic share   $ 0.21     $ 0.28     $ 0.47     $ 0.60  
    Net income per diluted share   $ 0.21     $ 0.28     $ 0.47     $ 0.60  
    Adjusted EBITDA1   $ 5,735     $ 7,232     $ 12,232     $ 14,685  
    Adjusted EBITDA Margin1     18.7 %     23.3 %     19.7 %     24.0 %
    Adjusted net income1   $ 3,258     $ 4,402     $ 7,152     $ 9,121  
    Adjusted basic earnings per share1, 2   $ 0.26     $ 0.31     $ 0.57     $ 0.65  
    Adjusted diluted earnings per share1, 2   $ 0.25     $ 0.30     $ 0.54     $ 0.63  
    Assets under management at period end (billions)   $ 36.7     $ 33.4     $ 36.7     $ 33.4  
    Average assets under management (billions)3   $ 36.0     $ 34.0     $ 36.6     $ 33.4  
    Discretionary assets under management (billions)   $ 23.7     $ 21.6     $ 23.7     $ 21.6  
    1 Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3.
    2 Adjusted basic and diluted earnings per share measures for the three and six months ended June 30, 2025 are based on the number of shares of Class A common stock and Class B common stock outstanding as of June 30, 2025. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period.
    3 We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.
       

    AUM at $36.7 Billion

    Silvercrest’s discretionary AUM increased by $2.1 billion, or 9.7%, to $23.7 billion at June 30, 2025, from $21.6 billion at June 30, 2024. Silvercrest’s total AUM increased by $3.3 billion, or 9.9%, to $36.7 billion at June 30, 2025, from $33.4 billion at June 30, 2024. The increase in total AUM was attributable to market appreciation of $2.8 billion and net client inflows of $0.5 billion.

    Silvercrest’s discretionary assets under management increased by $1.0 billion, or 4.4%, to $23.7 billion at June 30, 2025, from $22.7 billion at March 31, 2025. The increase was attributable to market appreciation of $1.4 billion partially offset by net client outflows of $0.4 billion. Silvercrest’s total AUM increased by $1.4 billion, or 4.0%, to $36.7 billion at June 30, 2025, from $35.3 billion at March 31, 2025. The increase was attributable to market appreciation of $1.8 billion partially offset by net client outflows of $0.4 billion.

    Second Quarter 2025 vs. Second Quarter 2024

    Revenue decreased by $0.3 million, or 1.0%, to $30.7 million for the three months ended June 30, 2025, from $31.0 million for the three months ended June 30, 2024. This decrease was driven by a decrease in the average annual management fee rate.

    Total expenses increased by $0.9 million, or 3.7%, to $26.6 million for the three months ended June 30, 2025, from $25.7 million for the three months ended June 30, 2024. Compensation and benefits expense increased by $0.3 million, or 1.7%, to $18.8 million for the three months ended June 30, 2025 from $18.5 million for the three months ended June 30, 2024. The increase was primarily attributable to an increase in salaries and benefits of $1.2 million primarily as a result of merit-based increases and newly-hired staff, partially offset by decreases in the accrual for bonuses of $0.8 million and equity-based compensation of $0.1 million. General and administrative expenses increased by $0.6 million, or 8.8%, to $7.8 million for the three months ended June 30, 2025 from $7.2 million for the three months ended June 30, 2024. This was primarily attributable to increases in professional fees of $0.2 million, occupancy and related costs of $0.1 million primarily related to new office space in Singapore, marketing and advertising costs of $0.1 million, shareholder expenses of $0.1 million and travel and entertainment expenses of $0.1 million.

    Consolidated net income was $3.1 million, or 10.3% of revenue, for the three months ended June 30, 2025, as compared to consolidated net income of $4.4 million, or 14.1% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $1.9 million, or $0.21 per basic and diluted share, for the three months ended June 30, 2025. Our adjusted net income1 was $3.3 million, or $0.26 per adjusted basic share and $0.25 per adjusted diluted share2, for the three months ended June 30, 2025.

    Adjusted EBITDA1 was $5.7 million, or 18.7% of revenue, for the three months ended June 30, 2025, as compared to $7.2 million, or 23.3% of revenue, for the same period in the prior year.

    Six Months Ended June 30, 2025 vs. Six Months Ended June 30, 2024

    Revenue increased by $0.8 million, or 1.3%, to $62.1 million for the six months ended June 30, 2025, from $61.3 million for the six months ended June 30, 2024. This increase was driven by market appreciation partially offset by net client outflows.

    Total expenses increased by $3.1 million, or 6.3%, to $53.2 million for the six months ended June 30, 2025, from $50.1 million for the six months ended June 30, 2024. Compensation and benefits expense increased by $1.5 million, or 4.2%, to $37.7 million for the six months ended June 30, 2025, from $36.2 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase in salaries and benefits of $2.7 million primarily as a result of merit-based increases and newly-hired staff, partially offset by decreases in the accrual for bonuses of $1.1 million and severance expense of $0.1 million.  General and administrative expenses increased by $1.6 million, or 11.6%, to $15.5 million for the six months ended June 30, 2025, from $13.9 million for the six months ended June 30, 2024. This was primarily attributable to increases in professional fees of $0.6 million, occupancy and related costs of $0.1 million primarily related to new office space in Singapore, portfolio and systems expense of $0.3 million, shareholder expenses of $0.1 million, marketing and advertising costs of $0.1 million, office expenses of $0.1 million, sub-advisory and referral fees of $0.1 million and travel and entertainment expenses of $0.2 million.

    Consolidated net income was $7.1 million, or 11.4% of revenue, for the six months ended June 30, 2025, as compared to consolidated net income of $9.3 million, or 15.2% of revenue, for the same period in the prior year.  Net income attributable to Silvercrest was $4.4 million, or $0.47 per basic share and diluted share for the six months ended June 30, 2025.  Our adjusted net income1 was $7.2 million, or $0.57 per adjusted basic share and $0.54 per adjusted diluted share2 for the six months ended June 30, 2025.

    Adjusted EBITDA1 was $12.2 million, or 19.7% of revenue, for the six months ended June 30, 2025, as compared to $14.7 million, or 24.0% of revenue, for the same period in the prior year.

    Liquidity and Capital Resources

    Cash and cash equivalents were $30.0 million at June 30, 2025, compared to $68.6 million at December 31, 2024. As of June 30, 2025, there was nothing outstanding under our term loan with City National Bank and nothing outstanding on our revolving credit facility with City National Bank.

    Silvercrest Asset Management Group Inc.’s total equity was $100.0 million at June 30, 2025. We had 8,501,241 shares of Class A common stock outstanding and 4,126,476 shares of Class B common stock outstanding at June 30, 2025.

    Non-GAAP Financial Measures

    To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

    • EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
    • We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
    • Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
    • Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our partners, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
    • Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

    Conference Call

    The Company will host a conference call on August 1, 2025, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/. 

    Forward-Looking Statements

    This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets, adverse economic or market conditions; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    About Silvercrest

    Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

    Silvercrest Asset Management Group Inc.

    Contact: Richard Hough
    212-649-0601
    rhough@silvercrestgroup.com

    Exhibit 1

    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited and in thousands, except share and per share amounts or as noted)
                 
        For the Three Months
    Ended June 30,    		     For the Six Months
    Ended June 30,    		  
        2025     2024     2025     2024  
                             
    Revenue                        
    Management and advisory fees   $ 29,515     $ 29,900     $ 59,783     $ 59,065  
    Family office services     1,158       1,093       2,282       2,200  
    Total revenue     30,673       30,993       62,065       61,265  
    Expenses                        
    Compensation and benefits     18,805       18,493       37,686       36,162  
    General and administrative     7,827       7,191       15,501       13,890  
    Total expenses     26,632       25,684       53,187       50,052  
    Income before other (expense) income, net     4,041       5,309       8,878       11,213  
    Other (expense) income, net                        
    Other (expense) income, net     20       7       27       15  
    Interest income     163       289       436       636  
    Interest expense     (15 )     (29 )     (30 )     (80 )
    Total other (expense) income, net     168       267       433       571  
    Income before provision for income taxes     4,209       5,576       9,311       11,784  
    Provision for income taxes     (1,060 )     (1,196 )     (2,234 )     (2,489 )
    Net income     3,149       4,380       7,077       9,295  
    Less: net income attributable to non-controlling interests     (1,231 )     (1,715 )     (2,690 )     (3,630 )
    Net income attributable to Silvercrest   $ 1,918     $ 2,665     $ 4,387     $ 5,665  
    Net income per share:                        
    Basic   $ 0.21     $ 0.28     $ 0.47     $ 0.60  
    Diluted   $ 0.21     $ 0.28     $ 0.47     $ 0.60  
    Weighted average shares outstanding:                        
    Basic     9,095,966       9,509,711       9,337,530       9,494,869  
    Diluted     9,124,278       9,547,879       9,370,217       9,531,730  
                                     

    Exhibit 2

    Silvercrest Asset Management Group Inc.
    Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure
    (Unaudited and in thousands, except share and per share amounts or as noted)
                 
    Adjusted EBITDA   For the Three Months
    Ended June 30,    		     For the Six Months
    Ended June 30,    		  
        2025     2024     2025     2024  
    Reconciliation of non-GAAP financial measure:                        
    Net income   $ 3,149     $ 4,380     $ 7,077     $ 9,295  
    Provision for income taxes     1,060       1,196       2,234       2,489  
    Delaware Franchise Tax     50       50       100       100  
    Interest expense     15       29       30       80  
    Interest income     (163 )     (289 )     (436 )     (636 )
    Depreciation and amortization     1,079       1,058       2,118       2,077  
    Equity-based compensation     401       485       855       839  
    Other adjustments (A)     144       323       254       441  
    Adjusted EBITDA   $ 5,735     $ 7,232     $ 12,232     $ 14,685  
    Adjusted EBITDA Margin     18.7 %     23.3 %     19.7 %     24.0 %
                                     

    (A) Other adjustments consist of the following:

        Three Months Ended
    June 30,    		     Six Months Ended
    June 30,    		  
        2025     2024     2025     2024  
    Severance   $ —     $ —     $ —     $ 60  
    Other (a)     144       323       254       381  
    Total other adjustments   $ 144     $ 323     $ 254     $ 441  
                                     
    (a) For the three months ended June 30, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal fees of $84 related to our application for licensure in the European Union (the “EU”) and rent expense of $12.  For the six months ended June 30, 2025, represents an ASC 842 rent adjustment of $96 related to the amortization of property lease incentives, legal fees of $84 related to our application for licensure in the EU, sign-on bonuses paid to certain employees of $62 and rent expense of $12.  For the three months ended June 30, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, sign on bonuses paid to certain employees of $188, professional fees of $26 related to a transfer pricing project, legal fees of $46 and software implementation costs of $3.  For the six months ended June 30, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $96 related to the amortization of property lease incentives, sign on bonuses paid to certain employees of $188, professional fees of $26 related to a transfer pricing project, legal fees of $46 and software implementation costs of $13.
       

    Exhibit 3

    Silvercrest Asset Management Group Inc.
    Reconciliation of GAAP to non-GAAP (“Adjusted”)
    Adjusted Net Income and Adjusted Earnings Per Share Measures
    (Unaudited and in thousands, except per share amounts or as noted)
                 
    Adjusted Net Income and Adjusted Earnings Per Share   Three Months Ended
    June 30,    		     Six Months Ended
    June 30,    		  
        2025     2024     2025     2024  
    Reconciliation of non-GAAP financial measure:                        
    Net income   $ 3,149     $ 4,380     $ 7,077     $ 9,295  
    Consolidated GAAP Provision for income taxes     1,060       1,196       2,234       2,489  
    Delaware Franchise Tax     50       50       100       100  
    Other adjustments (A)     144       323       254       441  
    Adjusted earnings before provision for income taxes     4,403       5,949       9,665       12,325  
    Adjusted provision for income taxes:                        
    Adjusted provision for income taxes (26% assumed tax rate)     (1,145 )     (1,547 )     (2,513 )     (3,205 )
                             
    Adjusted net income   $ 3,258     $ 4,402     $ 7,152     $ 9,121  
                             
    GAAP net income per share (B):                        
    Basic   $ 0.21     $ 0.28     $ 0.47     $ 0.60  
    Diluted   $ 0.21     $ 0.28     $ 0.47     $ 0.60  
                             
    Adjusted earnings per share/unit (B):                        
    Basic   $ 0.26     $ 0.31     $ 0.57     $ 0.65  
    Diluted   $ 0.25     $ 0.30     $ 0.54     $ 0.63  
                             
    Shares/units outstanding:                        
    Basic Class A shares outstanding     8,501       9,547       8,501       9,547  
    Basic Class B shares/units outstanding     4,127       4,443       4,127       4,443  
    Total basic shares/units outstanding     12,628       13,990       12,628       13,990  
                             
    Diluted Class A shares outstanding (C)     8,525       9,586       8,525       9,586  
    Diluted Class B shares/units outstanding (D)     4,630       5,038       4,630       5,038  
    Total diluted shares/units outstanding     13,155       14,624       13,155       14,624  
      (A) See A in Exhibit 2.   
      (B) GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.
      (C) Includes 23,426 and 38,936 unvested restricted stock units at June 30, 2025 and 2024, respectively.
      (D) Includes 137,100 and 228,118 unvested restricted stock units at June 30, 2025 and 2024, respectively, and 366,293 unvested non-qualified options at June 30, 2025 and 2024.
         

    Exhibit 4

    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Financial Condition
    (Unaudited and in thousands)
                 
        June 30,
    2025    		     December 31,
    2024    		  
    Assets            
    Cash and cash equivalents   $ 30,041     $ 68,611  
    Investments     164       1,354  
    Receivables, net     13,129       12,225  
    Due from Silvercrest Funds     875       945  
    Furniture, equipment and leasehold improvements, net     7,302       7,387  
    Goodwill     63,675       63,675  
    Operating lease assets     15,127       16,032  
    Finance lease assets     189       254  
    Intangible assets, net     15,547       16,644  
    Deferred tax asset     2,737       4,220  
    Prepaid expenses and other assets     3,925       3,085  
    Total assets   $ 152,711     $ 194,432  
    Liabilities and Equity            
    Accounts payable and accrued expenses   $ 3,190     $ 1,953  
    Accrued compensation     17,811       39,865  
    Operating lease liabilities     21,071       22,270  
    Finance lease liabilities     197       262  
    Deferred tax and other liabilities     10,488       10,389  
    Total liabilities     52,757       74,739  
    Commitments and Contingencies (Note 10)            
    Equity            
    Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued
    and outstanding    		     —       —  
    Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,801,353
    and 8,501,241 issued and outstanding, respectively, as of June 30, 2025;
    10,450,559 and 9,376,280 issued and outstanding, respectively, as of December 31, 2024    		     108       104  
    Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,126,476
    and 4,373,315 issued and outstanding as of June 30, 2025 and December 31, 2024,
    respectively    		     40       42  
    Additional Paid-In Capital     58,704       56,369  
    Treasury Stock, at cost, 2,300,112 and 1,074,279 shares as of June 30, 2025 and
    December 31, 2024, respectively    		     (38,866 )     (19,728 )
    Accumulated other comprehensive income (loss)     (41 )     (43 )
    Retained earnings     44,660       43,953  
    Total Silvercrest Asset Management Group Inc.’s equity     64,605       80,697  
    Non-controlling interests     35,349       38,996  
    Total equity     99,954       119,693  
    Total liabilities and equity   $ 152,711     $ 194,432  

    Exhibit 5

    Silvercrest Asset Management Group Inc.
    Total Assets Under Management
    (Unaudited and in billions)
                 
    Total Assets Under Management:            
        Three Months Ended
    June 30,    		     % Change from June 30,  
        2025     2024     2024  
    Beginning assets under management   $ 35.3     $ 34.5       2.3 %
                       
    Gross client inflows     0.9       0.6       50.0 %
    Gross client outflows     (1.3 )     (1.5 )     -13.3 %
    Net client flows     (0.4 )     (0.9 )     55.6 %
                       
    Market appreciation/(depreciation)     1.8       (0.2 )   NM  
    Ending assets under management   $ 36.7     $ 33.4       9.9 %
        Six Months Ended
    June 30,    		     % Change from June 30,  
        2025     2024     2024  
    Beginning assets under management   $ 36.5     $ 33.3       9.6 %
                       
    Gross client inflows     2.3       1.7       35.3 %
    Gross client outflows     (2.5 )     (3.0 )     -16.7 %
    Net client flows     (0.2 )     (1.3 )     84.6 %
                       
    Market appreciation     0.4       1.4       -71.4 %
    Ending assets under management   $ 36.7     $ 33.4       9.9 %

    NM = Not Meaningful

    Exhibit 6

    Silvercrest Asset Management Group Inc.
    Discretionary Assets Under Management
    (Unaudited and in billions)
                 
    Discretionary Assets Under Management:            
                 
        Three Months Ended
    June 30,    		     % Change from June 30,  
        2025     2024     2024  
    Beginning assets under management   $ 22.7     $ 22.7       0.0 %
                       
    Gross client inflows     0.6       0.6       0.0 %
    Gross client outflows     (1.0 )     (1.5 )     -33.3 %
    Net client flows     (0.4 )     (0.9 )     55.6 %
                       
    Market appreciation/(depreciation)     1.4       (0.2 )   NM  
    Ending assets under management   $ 23.7     $ 21.6       9.7 %
        Six Months Ended
    June 30,    		     % Change from June 30,  
        2025     2024     2024  
    Beginning assets under management   $ 23.3     $ 21.9       6.4 %
                       
    Gross client inflows     1.6       1.2       33.3 %
    Gross client outflows     (1.7 )     (2.5 )     -32.0 %
    Net client flows     (0.1 )     (1.3 )     -92.3 %
                       
    Market appreciation     0.5       1.0       -50.0 %
    Ending assets under management   $ 23.7     $ 21.6       9.7 %

    NM = Not Meaningful

    Exhibit 7

    Silvercrest Asset Management Group Inc.
    Non-Discretionary Assets Under Management
    (Unaudited and in billions)
                 
    Non-Discretionary Assets Under Management:            
                 
        Three Months Ended
    June 30,    		     % Change from June 30,  
        2025     2024     2024  
    Beginning assets under management   $ 12.6     $ 11.8       6.8 %
                       
    Gross client inflows     0.3       —       100.0 %
    Gross client outflows     (0.3 )     —       100.0 %
    Net client flows     —       —       100.0 %
                       
    Market appreciation     0.4       —       100.0 %
    Ending assets under management   $ 13.0     $ 11.8       10.2 %
        Six Months Ended
    June 30,    		     % Change from June 30,  
        2025     2024     2024  
    Beginning assets under management   $ 13.2     $ 11.4       15.8 %
                       
    Gross client inflows     0.7       0.5       40.0 %
    Gross client outflows     (0.8 )     (0.5 )     60.0 %
    Net client flows     (0.1 )     —       -100.0 %
                       
    Market (depreciation)/appreciation     (0.1 )     0.4       -125.0 %
    Ending assets under management   $ 13.0     $ 11.8       10.2 %
                             

    Exhibit 8

    Silvercrest Asset Management Group Inc.
    Assets Under Management
    (Unaudited and in billions)
           
        Three Months Ended
    June 30,    		  
        2025     2024  
    Total AUM as of March 31,   $ 35.328     $ 34.509  
    Discretionary AUM:            
    Total Discretionary AUM as of March 31,   $ 22.655     $ 22.681  
    New client accounts/assets (1)     0.080       0.068  
    Closed accounts (2)     (0.071 )     (0.036 )
    Net cash inflow/(outflow) (3)     (0.426 )     (0.955 )
    Non-discretionary to Discretionary AUM (4)     —       —  
    Market appreciation/(depreciation)     1.430       (0.112 )
    Change to Discretionary AUM     1.013       (1.035 )
    Total Discretionary AUM at June 30,     23.668       21.646  
    Change to Non-Discretionary AUM (5)     0.332       (0.044 )
    Total AUM as of June 30,   $ 36.673     $ 33.430  
        Six Months Ended
    June 30,    		  
        2025     2024  
    Total AUM as of January 1,   $ 36.455     $ 33.281  
    Discretionary AUM:            
    Total Discretionary AUM as of January 1,   $ 23.319     $ 21.885  
    New client accounts/assets (1)     0.517       0.103  
    Closed accounts (2)     (0.125 )     (0.475 )
    Net cash inflow/(outflow) (3)     (0.540 )     (0.948 )
    Non-discretionary to Discretionary AUM (4)     0.001       (0.002 )
    Market appreciation     0.497       1.083  
    Change to Discretionary AUM     0.350       (0.239 )
    Total Discretionary AUM at June 30,     23.669       21.646  
    Change to Non-Discretionary AUM (5)     (0.132 )     0.388  
    Total AUM as of June 30,   $ 36.673     $ 33.430  
    (1) Represents new account flows from both new and existing client relationships.
    (2) Represents closed accounts of existing client relationships and those that terminated.
    (3) Represents periodic cash flows related to existing accounts.
    (4) Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
    (5) Represents the net change to Non-Discretionary AUM.
       

    Exhibit 9

    Silvercrest Asset Management Group Inc.
    Equity Investment Strategy Composite Performance1, 2
    As of June 30, 2025
    (Unaudited)
           
    PROPRIETARY EQUITY PERFORMANCE 1, 2   ANNUALIZED PERFORMANCE  
        INCEPTION   1-YEAR     3-YEAR     5-YEAR     7-YEAR     INCEPTION  
    Large Cap Value Composite   4/1/02     10.1       12.6       13.4       10.7       9.6  
    Russell 1000 Value Index         13.7       12.8       13.9       9.6       8.0  
                                       
    Small Cap Value Composite   4/1/02     -0.1       7.4       11.9       6.0       9.7  
    Russell 2000 Value Index         5.5       7.5       12.5       4.9       7.5  
                                       
    Smid Cap Value Composite   10/1/05     8.7       8.6       11.8       6.4       9.2  
    Russell 2500 Value Index         10.5       10.7       14.0       6.9       7.7  
                                       
    Multi Cap Value Composite   7/1/02     11.4       11.3       12.0       8.5       9.6  
    Russell 3000 Value Index         13.3       12.5       13.9       9.3       8.4  
                                       
    Equity Income Composite   12/1/03     9.6       9.9       11.4       7.7       10.7  
    Russell 3000 Value Index         13.3       12.5       13.9       9.3       8.6  
                                       
    Focused Value Composite   9/1/04     15.1       8.0       9.1       5.7       9.4  
    Russell 3000 Value Index         13.3       12.5       13.9       9.3       8.4  
                                       
    Global Value Opportunity Composite   1/1/20     19.5       16.2       15.3       —       11.0  
    MSCI ACWI Value – Net Index         15.6       13.1       13.0       —       7.8  
                                       
    Small Cap Opportunity Composite   7/1/04     3.0       11.4       11.1       7.6       10.4  
    Russell 2000 Index         7.7       10.0       10.0       5.5       7.8  
                                       
    Small Cap Growth Composite   7/1/04     6.5       8.8       9.2       8.0       10.1  
    Russell 2000 Growth Index         9.7       12.4       7.4       5.7       8.3  
                                       
    Smid Cap Growth Composite   1/1/06     16.2       11.3       8.9       11.3       10.7  
    Russell 2500 Growth Index         8.8       12.1       7.5       7.5       9.2  
    1 Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS®).
    2 The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
      The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.

    The MIL Network –

  • MIL-OSI: LPL Financial Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Key Financial Results:

    • Net Income was $273 million, translating to diluted earnings per share (“EPS”) of $3.40, up 5% from a year ago
    • Adjusted EPS* increased 16% year-over-year to $4.51
      • Gross profit* increased 21% year-over-year to $1,304 million
      • Core G&A* increased 15% year-over-year to $426 million
      • Adjusted pre-tax income* increased 23% year-over-year to $490 million

    Key Business Results:

    • Total advisory and brokerage assets increased 28% year-over-year to $1.9 trillion
      • Advisory assets increased 28% year-over-year to $1.1 trillion
      • Advisory assets as a percentage of total assets decreased to 55.3%, down from 55.4% a year ago
    • Total organic net new assets were $21 billion, representing 5% annualized growth
      • This included $0.1 billion of assets from Wintrust Investments, LLC and certain private client business at Great Lakes Advisors, LLC (collectively, “Wintrust”), and $4 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $24 billion, translating to a 5% annualized growth rate
    • Recruited assets(1)were $18 billion, down 24% from a year ago
      • Recruited assets over the trailing twelve months were $161 billion
    • Total client cash balances were $51 billion, a decrease of $2 billion sequentially and an increase of $7 billion year-over-year
      • Client cash balances as a percentage of total assets were 2.6%, down from 3.0% in the prior quarter and down from 2.9% in the prior year

    Key Capital and Liquidity Measures:

    • Corporate cash(2)was $3.6 billion
    • Leverage ratio(3)was 1.23x
    • Dividends paid were $24.0 million

    *See the Non-GAAP Financial Measures section and the endnotes to this release for further details about these non-GAAP financial measures

    Key Updates

    Large Institutions:

    • First Horizon Bank (“First Horizon”): Expect to onboard in the third quarter of 2025. First Horizon supports approximately 120 advisors, managing approximately $17 billion of brokerage and advisory assets

    M&A:

    • Atria Wealth Solutions, Inc. (“Atria”): Completed the conversion of Atria to the LPL platform
    • Commonwealth Financial Network (“Commonwealth”): Expect to close the acquisition of Commonwealth on August 1, 2025 and complete the conversion in the fourth quarter of 2026. Commonwealth supports approximately 3,000 advisors in the U.S., managing approximately $305 billion of brokerage and advisory assets(4)
    • Liquidity & Succession: Deployed approximately $105 million of capital to close nine deals in Q2, including one external practice

    Core G&A:

    • Given our performance to date, we are lowering our 2025 Core G&A* outlook to a range of $1,720-1,750 million, including $170-180 million related to Prudential and Atria
    • Additionally, we are increasing the range by $160-170 million to include costs related to the acquisition of Commonwealth, resulting in an updated range of $1,880-1,920 million

    Capital Management:

    • Debt Rating: On July 14, 2025, Fitch Ratings assigned LPL a long-term issuer default rating of BBB, further improving our profile in the investment grade market

    SAN DIEGO, July 31, 2025 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”) today announced results for its second quarter ended June 30, 2025, reporting net income of $273 million, or $3.40 per share. This compares with $244 million, or $3.23 per share, in the second quarter of 2024 and $319 million, or $4.24 per share, in the prior quarter.

    “We continue to execute on our vision to be the best firm in wealth management,” said Rich Steinmeier, CEO. “In Q2, we delivered another quarter of strong business performance and excellent financial results, while continuing to advance key initiatives.”

    “In the second quarter, we recorded industry-leading organic growth, continued preparation to onboard First Horizon, and successfully onboarded Atria. In addition, we expect to complete our acquisition of Commonwealth tomorrow morning,” said Matt Audette, President and CFO. “Looking ahead, our business momentum and financial strength position us well to continue delivering long-term shareholder value.”

    Dividend Declaration

    The Company’s Board of Directors declared a $0.30 per share dividend to be paid on August 29, 2025 to all stockholders of record as of August 15, 2025.

    Conference Call and Additional Information

    The Company will hold a conference call to discuss its results at 5:00 p.m. ET on Thursday, July 31, 2025. The conference call will be accessible and available for replay at investor.lpl.com/events.

    Contacts

    Investor Relations
    investor.relations@lplfinancial.com

    Media Relations
    media.relations@lplfinancial.com

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace(5), LPL supports over 29,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $1.9 trillion in brokerage and advisory assets on behalf of approximately 7 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit https://lpl.com/.

    Securities and advisory services offered through LPL Financial LLC (“LPL Financial”) or its affiliate LPL Enterprise, LLC (“LPL Enterprise”), both registered investment advisers and broker-dealers. Members FINRA/SIPC.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial or LPL Enterprise.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    Forward-Looking Statements

    This press release contains statements regarding:

    • the expected closing of the Company’s acquisition of Commonwealth, the Company’s retention of Commonwealth advisors following the closing and Commonwealth’s future financial and operating performance;
    • the amount and timing of the onboarding of acquired, recruited or transitioned brokerage and advisory assets, including Commonwealth and First Horizon;
    • the Company’s future financial and operating results, growth, plans, priorities and business strategies, including forecasts and statements related to the Company’s ICA yield, service and fee revenue, transaction revenue, tax rate, core G&A expense, promotional expense, interest expense and income, depreciation and amortization, leverage ratio (including plans to reduce leverage), payout rate, corporate cash, run-rate EBITDA, transaction revenue, operating margin and share repurchases; and
    • future capabilities, future advisor service experience, future investments and capital deployment, including share repurchase activity and dividends, if any, and long-term shareholder value.

    These and any other statements that are not related to present facts or current conditions, or that are not purely historical, constitute forward-looking statements. They reflect the Company’s expectations and objectives as of July 31, 2025 and are not guarantees that expectations or objectives expressed or implied will be achieved. The achievement of such expectations and objectives involves risks and uncertainties that may cause actual results, levels of activity or the timing of events to differ materially from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include:

    • the failure to satisfy the closing conditions applicable to the Company’s purchase agreement with Commonwealth;
    • difficulties and delays in onboarding the assets of acquired, recruited or transitioned advisors, including the receipt and timing of regulatory approvals that may be required;
    • disruptions in the businesses of the Company and Commonwealth that could make it more difficult to maintain relationships with advisors and their clients;
    • the choice by clients of acquired or recruited advisors not to open brokerage and/or advisory accounts at the Company;
    • changes in general economic and financial market conditions, including retail investor sentiment;
    • changes in interest rates and fees payable by banks participating in the Company’s client cash programs, including the Company’s success in negotiating agreements with current or additional counterparties;
    • the Company’s strategy and success in managing client cash program fees;
    • fluctuations in the levels of advisory and brokerage assets, including net new assets, and the related impact on revenue;
    • effects of competition in the financial services industry and the success of the Company in attracting and retaining financial advisors and institutions, and their ability to provide financial products and services effectively;
    • whether retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company;
    • changes in the growth and profitability of the Company’s fee-based offerings and asset-based revenues;
    • the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by federal and state regulators and self-regulatory organizations;
    • the cost of defending, settling and remediating issues related to regulatory matters or legal proceedings, including civil monetary penalties or actual costs of reimbursing customers for losses in excess of our reserves or insurance;
    • changes made to the Company’s services and pricing, including in response to competitive developments and current, pending and future legislation, regulation and regulatory actions, and the effect that such changes may have on the Company’s gross profit streams and costs;
    • the execution of the Company’s capital management plans, including its compliance with the terms of the Company’s amended and restated credit agreement, the committed revolving credit facilities of the Company and LPL Financial, and the indentures governing the Company’s senior unsecured notes;
    • strategic acquisitions and investments, including pursuant to the Company’s Liquidity & Succession solution, and the effect that such acquisitions and investments may have on the Company’s capital management plans and liquidity;
    • the price, availability and trading volumes of shares of the Company’s common stock, which will affect the timing and size of future share repurchases by the Company, if any;
    • the execution of the Company’s plans and its success in realizing the synergies, expense savings, service improvements or efficiencies expected to result from its investments, initiatives and acquisitions, expense plans and technology initiatives;
    • whether advisors affiliated with Commonwealth and First Horizon will transition registration to the Company and whether assets reported as serviced by such financial advisors will translate into assets of the Company;
    • the performance of third-party service providers to which business processes have been transitioned;
    • the Company’s ability to control operating risks, information technology systems risks, cybersecurity risks and sourcing risks; and
    • the other factors set forth in the Company’s most recent Annual Report on Form 10-K, as may be amended or updated in the Company’s Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission.

    Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this earnings release, and you should not rely on statements contained herein as representing the Company’s view as of any date subsequent to the date of this press release.


    LPL Financial Holdings Inc.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data)
    (Unaudited)
        Three Months Ended   Three Months Ended  
        June 30, March 31,   June 30,  
          2025     2025   Change   2024   Change
    REVENUE            
    Advisory   $ 1,717,738   $ 1,689,245   2% $ 1,288,163   33%
    Commission:            
    Sales-based     619,792     610,038   2%   423,070   46%
    Trailing     418,295     437,719   (4%)   363,976   15%
    Total commission     1,038,087     1,047,757   (1%)   787,046   32%
    Asset-based:            
    Client cash     397,332     392,031   1%   341,475   16%
    Other asset-based     305,015     303,210   1%   259,533   18%
    Total asset-based     702,347     695,241   1%   601,008   17%
    Service and fee     151,839     145,199   5%   135,000   12%
    Interest income, net     76,941     43,851   75%   47,478   62%
    Transaction     60,541     67,864   (11%)   58,935   3%
    Other     87,532     (19,150 ) n/m   14,139   n/m
        Total revenue     3,835,025     3,670,007   4%   2,931,769   31%
    EXPENSE            
    Advisory and commission     2,483,165     2,353,925   5%   1,819,027   37%
    Compensation and benefits     319,100     305,546   4%   274,000   16%
    Promotional     177,552     145,645   22%   136,125   30%
    Interest expense on borrowings     105,636     85,862   23%   64,341   64%
    Depreciation and amortization     96,231     92,356   4%   70,999   36%
    Occupancy and equipment     81,443     77,240   5%   69,529   17%
    Amortization of other intangibles     46,103     43,521   6%   30,607   51%
    Brokerage, clearing and exchange     43,290     44,138   (2%)   32,984   31%
    Professional services     41,092     36,326   13%   22,100   86%
    Communications and data processing     21,417     19,506   10%   19,406   10%
    Other     51,192     48,689   5%   62,580   (18%)
        Total expense     3,466,221     3,252,754   7%   2,601,698   33%
    INCOME BEFORE PROVISION FOR INCOME TAXES     368,804     417,253   (12%)   330,071   12%
    PROVISION FOR INCOME TAXES     95,555     98,680   (3%)   86,271   11%
    NET INCOME   $ 273,249   $ 318,573   (14%) $ 243,800   12%
    EARNINGS PER SHARE            
    Earnings per share, basic   $ 3.42   $ 4.27   (20%) $ 3.26   5%
    Earnings per share, diluted   $ 3.40   $ 4.24   (20%) $ 3.23   5%
    Weighted-average shares outstanding, basic     79,984     74,600   7%   74,725   7%
    Weighted-average shares outstanding, diluted     80,373     75,112   7%   75,548   6%
    LPL Financial Holdings Inc.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data)
    (Unaudited)
        Six Months Ended  
        June 30,  
          2025     2024   Change
    REVENUE        
    Advisory   $ 3,406,983   $ 2,487,974   37%
    Commission:        
    Sales-based     1,229,830     808,305   52%
    Trailing     856,014     725,187   18%
    Total commission     2,085,844     1,533,492   36%
    Asset-based:        
    Client cash     789,363     693,857   14%
    Other asset-based     608,225     507,872   20%
    Total asset-based     1,397,588     1,201,729   16%
    Service and fee     297,038     267,172   11%
    Transaction     128,405     116,193   11%
    Interest income, net     120,792     91,003   33%
    Other     68,382     66,799   2%
        Total revenue     7,505,032     5,764,362   30%
    EXPENSE        
    Advisory and commission     4,837,090     3,552,514   36%
    Compensation and benefits     624,646     548,369   14%
    Promotional     323,197     262,744   23%
    Interest expense on borrowings     191,498     124,423   54%
    Depreciation and amortization     188,587     138,157   37%
    Occupancy and equipment     158,683     135,793   17%
    Amortization of other intangibles     89,624     60,159   49%
    Brokerage, clearing and exchange     87,428     63,516   38%
    Professional services     77,418     35,379   119%
    Communications and data processing     40,923     39,150   5%
    Other     99,881     99,895   —%
        Total expense     6,718,975     5,060,099   33%
    INCOME BEFORE PROVISION FOR INCOME TAXES     786,057     704,263   12%
    PROVISION FOR INCOME TAXES     194,235     171,699   13%
    NET INCOME   $ 591,822   $ 532,564   11%
    EARNINGS PER SHARE        
    Earnings per share, basic   $ 7.66   $ 7.13   7%
    Earnings per share, diluted   $ 7.61   $ 7.05   8%
    Weighted-average shares outstanding, basic     77,307     74,644   4%
    Weighted-average shares outstanding, diluted     77,760     75,529   3%
    LPL Financial Holdings Inc.
    Condensed Consolidated Statements of Financial Condition
    (In thousands, except share data)
    (Unaudited)
        June 30, 2025 March 31, 2025 December 31, 2024
    ASSETS
    Cash and equivalents   $ 4,185,337   $ 1,229,181   $ 967,079  
    Cash and equivalents segregated under federal or other regulations     1,611,200     1,513,037     1,597,249  
    Restricted cash     116,675     112,458     119,724  
    Receivables from clients, net     710,463     613,766     633,834  
    Receivables from brokers, dealers and clearing organizations     129,490     112,249     76,545  
    Advisor loans, net     2,536,190     2,468,033     2,281,088  
    Other receivables, net     951,063     939,411     902,777  
    Investment securities ($124,639, $122,729, and $42,267 at fair value at June 30, 2025, March 31, 2025, and December 31, 2024, respectively)     139,962     138,007     57,481  
    Property and equipment, net     1,278,991     1,237,693     1,210,027  
    Goodwill     2,213,393     2,213,100     2,172,873  
    Other intangibles, net     1,641,133     1,570,558     1,482,988  
    Other assets     1,959,779     1,815,729     1,815,739  
    Total assets   $ 17,473,676   $ 13,963,222   $ 13,317,404  
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    LIABILITIES:        
    Client payables   $ 2,090,520   $ 2,045,285   $ 1,898,665  
    Payables to brokers, dealers and clearing organizations     273,593     252,035     129,228  
    Accrued advisory and commission expenses payable     303,614     303,837     323,996  
    Corporate debt and other borrowings, net     7,175,032     5,686,678     5,494,724  
    Accounts payable and accrued liabilities     556,086     479,803     588,450  
    Other liabilities     2,000,415     2,071,801     1,951,739  
    Total liabilities     12,399,260     10,839,439     10,386,802  
    STOCKHOLDERS’ EQUITY:        
    Common stock, $0.001 par value; 600,000,000 shares authorized; 136,603,206, 131,194,549, and 130,914,541 shares issued at June 30, 2025, March 31, 2025, and December 31, 2024, respectively     136     131     131  
    Additional paid-in capital     3,787,009     2,089,155     2,066,268  
    Treasury stock, at cost — 56,599,471, 56,611,181, and 56,253,909 shares at June 30, 2025, March 31, 2025, and December 31, 2024, respectively     (4,332,275 )   (4,331,582 )   (4,202,322 )
    Retained earnings     5,619,546     5,366,079     5,066,525  
    Total stockholders’ equity     5,074,416     3,123,783     2,930,602  
    Total liabilities and stockholders’ equity   $ 17,473,676   $ 13,963,222   $ 13,317,404  
    LPL Financial Holdings Inc.
    Management’s Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
    Certain information in this release is presented as reviewed by the Company’s management and includes information derived from the Company’s unaudited condensed consolidated statements of income, non-GAAP financial measures and operational and performance metrics. For information on non-GAAP financial measures, please see the section titled“Non-GAAP Financial Measures”in this release.
        Quarterly Results
        Q2 2025 Q1 2025 Change Q2 2024 Change
    Gross Profit(6)            
    Advisory   $ 1,717,738   $ 1,689,245   2% $ 1,288,163   33%
    Trailing commissions     418,295     437,719   (4%)   363,976   15%
    Sales-based commissions     619,792     610,038   2%   423,070   46%
    Advisory fees and commissions     2,755,825     2,737,002   1%   2,075,209   33%
    Production-based payout(7)     (2,406,692 )   (2,374,368 ) 1%   (1,812,050 ) 33%
    Advisory fees and commissions, net of payout     349,133     362,634   (4%)   263,159   33%
    Client cash(8)     413,516     408,224   1%   361,316   14%
    Other asset-based(9)     305,015     303,210   1%   259,533   18%
    Service and fee     151,839     145,199   5%   135,000   12%
    Transaction     60,541     67,864   (11%)   58,935   3%
    Interest income, net(10)     60,738     27,637   120%   27,618   120%
    Other revenue(11)     6,785     2,023   n/m   6,621   2%
    Total net advisory fees and commissions and attachment revenue     1,347,567     1,316,791   2%   1,112,182   21%
    Brokerage, clearing and exchange expense     (43,290 )   (44,138 ) (2%)   (32,984 ) 31%
    Gross Profit(6)     1,304,277     1,272,653   2%   1,079,198   21%
    G&A Expense            
    Core G&A(12)     425,595     413,069   3%   370,912   15%
    Regulatory charges     7,267     6,887   6%   7,594   (4%)
    Promotional (ongoing)(13)(14)     163,575     151,932   8%   147,830   11%
    Acquisition costs excluding interest(14)     71,562     43,407   65%   36,876   94%
    Employee share-based compensation     19,504     18,366   6%   19,968   (2%)
    Total G&A     687,503     633,661   8%   583,180   18%
    EBITDA(15)     616,774     638,992   (3%)   496,018   24%
    Depreciation and amortization     96,231     92,356   4%   70,999   36%
    Amortization of other intangibles     46,103     43,521   6%   30,607   51%
    Interest expense on borrowings(16)     102,323     80,725   27%   64,341   59%
    Acquisition costs – interest(14)     3,313     5,137   (36%)   —   100%
    INCOME BEFORE PROVISION FOR INCOME TAXES     368,804     417,253   (12%)   330,071   12%
    PROVISION FOR INCOME TAXES     95,555     98,680   (3%)   86,271   11%
    NET INCOME   $ 273,249   $ 318,573   (14%) $ 243,800   12%
    Earnings per share, diluted   $ 3.40   $ 4.24   (20%) $ 3.23   5%
    Weighted-average shares outstanding, diluted     80,373     75,112   7%   75,548   6%
    Adjusted EBITDA(15)   $ 688,336   $ 682,399   1% $ 532,894   29%
    Adjusted pre-tax income(17)   $ 489,782   $ 509,318   (4%) $ 397,554   23%
    Adjusted EPS(18)   $ 4.51   $ 5.15   (12%) $ 3.88   16%
    LPL Financial Holdings Inc.
    Operating Metrics
    (Dollars in billions, except where noted)
    (Unaudited)
        Q2 2025 Q1 2025 Change Q2 2024 Change
    Market Drivers            
    S&P 500 Index (end of period)     6,205     5,612   11%   5,460   14%
    Russell 2000 Index (end of period)     2,175     2,012   8%   2,048   6%
    Fed Funds daily effective rate (average bps)     433     433   —bps   533   (100bps)
                 
    Advisory and Brokerage Assets(19)            
    Advisory assets   $ 1,060.7   $ 977.4   9% $ 829.1   28%
    Brokerage assets     858.5     817.5   5%   668.7   28%
    Total Advisory and Brokerage Assets   $ 1,919.2   $ 1,794.9   7% $ 1,497.8   28%
    Advisory as a % of Total Advisory and Brokerage Assets     55.3 %   54.5 % 80bps   55.4 % (10bps)
                 
    Assets by Platform            
    Corporate advisory assets(20)   $ 766.4   $ 699.1   10% $ 567.8   35%
    Independent RIA advisory assets(20)     294.3     278.3   6%   261.3   13%
    Brokerage assets     858.5     817.5   5%   668.7   28%
    Total Advisory and Brokerage Assets   $ 1,919.2   $ 1,794.9   7% $ 1,497.8   28%
                 
    Centrally Managed Assets            
    Centrally managed assets(21)   $ 183.5   $ 164.4   12% $ 126.9   45%
    Centrally Managed as a % of Total Advisory Assets     17.3 %   16.8 % 50bps   15.3 % 200bps
    LPL Financial Holdings Inc.
    Operating Metrics
    (Dollars in billions, except where noted)
    (Unaudited)
        Q2 2025 Q1 2025 Change Q2 2024 Change
    Organic Net New Assets (NNA)(22)            
    Organic net new advisory assets   $ 23.1   $ 35.7   n/m $ 26.6   n/m
    Organic net new brokerage assets     (2.6 )   35.2   n/m   2.5   n/m
    Total Organic Net New Assets   $ 20.5   $ 70.9   n/m $ 29.0   n/m
                 
    Acquired Net New Assets(22)            
    Acquired net new advisory assets   $ —   $ 1.9   n/m $ 0.3   n/m
    Acquired net new brokerage assets     —     6.0   n/m   4.8   n/m
    Total Acquired Net New Assets   $ —   $ 7.9   n/m $ 5.0   n/m
                 
    Total Net New Assets(22)            
    Net new advisory assets   $ 23.1   $ 37.6   n/m $ 26.8   n/m
    Net new brokerage assets     (2.6 )   41.2   n/m   7.2   n/m
    Total Net New Assets   $ 20.5   $ 78.8   n/m $ 34.0   n/m
                 
    Net brokerage to advisory conversions(23)   $ 6.4   $ 5.9   n/m $ 3.7   n/m
    Organic advisory NNA annualized growth(24)     9.5 %   14.9 % n/m   13.4 % n/m
    Total organic NNA annualized growth(24)     4.6 %   16.3 % n/m   8.1 % n/m
                 
    Net New Advisory Assets(22)            
    Corporate RIA net new advisory assets   $ 24.8   $ 31.7   n/m $ 23.4   n/m
    Independent RIA net new advisory assets     (1.7 )   5.9   n/m   3.4   n/m
    Total Net New Advisory Assets   $ 23.1   $ 37.6   n/m $ 26.8   n/m
    Centrally managed net new advisory assets(22)   $ 6.1   $ 6.5   n/m $ 4.4   n/m
                 
    Net buy (sell) activity(25)   $ 36.6   $ 42.0   n/m $ 39.3   n/m
    Note: Totals may not foot due to rounding.
    LPL Financial Holdings Inc.
    Client Cash Data
    (Dollars in thousands, except where noted)
    (Unaudited)
        Q2 2025 Q1 2025 Change Q2 2024 Change
    Client Cash Balances (in billions)(26)            
    Insured cash account sweep   $ 34.2   $ 36.1   (5%) $ 31.0   10%
    Deposit cash account sweep     10.8     10.7   1%   9.2   17%
    Total Bank Sweep     44.9     46.8   (4%)   40.2   12%
    Money market sweep     3.7     4.3   (14%)   2.3   61%
    Total Client Cash Sweep Held by Third Parties     48.6     51.1   (5%)   42.5   14%
    Client cash account (CCA)     2.0     1.9   5%   1.5   33%
    Total Client Cash Balances   $ 50.6   $ 53.1   (5%) $ 44.0   15%
    Client Cash Balances as a % of Total Assets     2.6 %   3.0 % (40bps)   2.9 % (30bps)
    Note: Totals may not foot due to rounding.
      Three Months Ended
      June 30, 2025 March 31, 2025 June 30, 2024
    Interest-Earnings Assets Average Balance (in billions) Revenue Net Yield (bps)(27) Average Balance (in billions) Revenue Net Yield (bps)(27) Average Balance (in billions) Revenue Net Yield (bps)(27)
    Insured cash account sweep $ 34.4 $ 293,420 342 $ 36.0 $ 299,618 337 $ 31.7 $ 250,804 318
    Deposit cash account sweep   10.7   101,298 381   10.2   89,728 356   9.0   89,070 399
    Total Bank Sweep   45.1   394,718 351   46.2   389,346 341   40.7   339,874 336
    Money market sweep   4.0   2,614 26   4.1   2,685 26   2.3   1,601 28
    Total Client Cash Held ByThird Parties   49.1   397,332 325   50.4   392,031 316   43.0   341,475 320
    Client cash account (CCA)   1.7   16,184 378   1.8   16,193 368   1.7   19,841 472
    Total Client Cash   50.8   413,516 326   52.2   408,224 317   44.7   361,316 326
    Margin receivables   0.6   12,080 807   0.6   11,444 789   0.5   10,521 889
    Other interest revenue   4.4   48,658 448   1.3   16,193 512   1.3   17,097 545
    Total Client Cash andInterest Income, Net $ 55.8 $ 474,254 341 $ 54.0 $ 435,861 327 $ 46.5 $ 388,934 337
    Note: Totals may not foot due to rounding.
    LPL Financial Holdings Inc.
    Monthly Metrics
    (Dollars in billions, except where noted)
    (Unaudited)
        June 2025 May 2025 Change April 2025 March 2025
    Advisory and Brokerage Assets(19)            
    Advisory assets   $ 1,060.7   $ 1,021.6   4% $ 978.6   $ 977.4  
    Brokerage assets     858.5     832.9   3%   809.4     817.5  
    Total Advisory and Brokerage Assets   $ 1,919.2   $ 1,854.5   3% $ 1,787.9   $ 1,794.9  
                 
    Organic Net New Assets (NNA)(22)            
    Organic net new advisory assets   $ 7.9   $ 8.3   n/m $ 6.9   $ 12.7  
    Organic net new brokerage assets     0.1     (1.8 ) n/m   (0.8 )   0.5  
    Total Organic Net New Assets   $ 8.0   $ 6.5   n/m $ 6.1   $ 13.1  
                 
    Acquired Net New Assets(22)            
    Acquired net new advisory assets   $ —   $ —   n/m $ —   $ 1.8  
    Acquired net new brokerage assets     —     —   n/m   —     5.3  
    Total Acquired Net New Assets   $ —   $ —   n/m $ —   $ 7.1  
                 
    Total Net New Assets(22)            
    Net new advisory assets   $ 7.9   $ 8.3   n/m $ 6.9   $ 14.5  
    Net new brokerage assets     0.1     (1.8 ) n/m   (0.8 )   5.8  
    Total Net New Assets   $ 8.0   $ 6.5   n/m $ 6.1   $ 20.2  
    Net brokerage to advisory conversions(23)   $ 2.4   $ 2.2   n/m $ 1.7   $ 1.9  
                 
    Client Cash Balances(26)            
    Insured cash account sweep   $ 34.2   $ 33.4   2% $ 35.2   $ 36.1  
    Deposit cash account sweep     10.8     10.6   2%   10.7     10.7  
    Total Bank Sweep     44.9     44.0   2%   45.9     46.8  
    Money market sweep     3.7     3.9   (5%)   4.2     4.3  
    Total Client Cash Sweep Held by Third Parties     48.6     47.9   1%   50.2     51.1  
    Client cash account (CCA)     2.0     1.3   54%   1.6     1.9  
    Total Client Cash Balances   $ 50.6   $ 49.2   3% $ 51.8   $ 53.1  
                 
    Net buy (sell) activity(25)   $ 12.7   $ 13.5   n/m $ 10.4   $ 13.2  
                 
    Market Drivers            
    S&P 500 Index (end of period)     6,205     5,912   5%   5,569     5,612  
    Russell 2000 Index (end of period)     2,175     2,066   5%   1,964     2,012  
    Fed Funds effective rate (average bps)     433     433   —bps   433     433  
    Note: Totals may not foot due to rounding.
    LPL Financial Holdings Inc.
    Financial Measures
    (Dollars in thousands, except where noted)
    (Unaudited)
        Q2 2025 Q1 2025 Change Q2 2024 Change
    Commission Revenue by Product            
    Annuities   $ 629,763   $ 615,594   2% $ 469,100   34%
    Mutual funds     223,317     233,895   (5%)   187,432   19%
    Fixed income     53,014     61,553   (14%)   53,192   —%
    Equities     47,811     49,074   (3%)   34,434   39%
    Other     84,182     87,641   (4%)   42,888   96%
    Total commission revenue   $ 1,038,087   $ 1,047,757   (1%) $ 787,046   32%
                 
    Commission Revenue by Sales-based and Trailing                    
    Sales-based commissions            
    Annuities   $ 393,654   $ 365,767   8% $ 260,188   51%
    Mutual funds     52,301     55,607   (6%)   42,981   22%
    Fixed income     53,014     61,553   (14%)   53,192   —%
    Equities     47,811     49,074   (3%)   34,434   39%
    Other     73,012     78,037   (6%)   32,275   126%
    Total sales-based commissions   $ 619,792   $ 610,038   2% $ 423,070   46%
    Trailing commissions            
    Annuities   $ 236,109   $ 249,827   (5%) $ 208,912   13%
    Mutual funds     171,016     178,288   (4%)   144,451   18%
    Other     11,170     9,604   16%   10,613   5%
    Total trailing commissions   $ 418,295   $ 437,719   (4%) $ 363,976   15%
    Total commission revenue   $ 1,038,087   $ 1,047,757   (1%) $ 787,046   32%
                 
    Payout Rate(7)     87.33 %   86.75 % 58bps   87.32 % 1bps
    LPL Financial Holdings Inc.
    Capital Management Measures
    (Dollars in thousands, except where noted)
    (Unaudited)
        Q2 2025 Q1 2025 Q4 2024
    Cash and equivalents   $ 4,185,337   $ 1,229,181   $ 967,079  
    Cash at regulated subsidiaries     (1,288,722 )   (1,085,459 )   (884,779 )
    Excess cash at regulated subsidiaries per the Credit Agreement     720,359     476,908     397,138  
    Corporate Cash(2)   $ 3,616,974   $ 620,630   $ 479,438  
             
    Corporate Cash(2)        
    Cash at LPL Holdings, Inc.   $ 2,841,718   $ 104,080   $ 39,782  
    Excess cash at regulated subsidiaries per the Credit Agreement     720,359     476,908     397,138  
    Cash at non-regulated subsidiaries     54,897     39,642     42,518  
    Corporate Cash   $ 3,616,974   $ 620,630   $ 479,438  
             
    Leverage Ratio        
    Total debt   $ 7,220,000   $ 5,720,000   $ 5,517,000  
    Total corporate cash     3,616,974     620,630     479,438  
    Credit Agreement Net Debt   $ 3,603,026   $ 5,099,370   $ 5,037,562  
    Credit Agreement EBITDA (trailing twelve months)(28)   $ 2,922,433   $ 2,797,285   $ 2,665,033  
    Leverage Ratio     1.23 x   1.82 x   1.89 x
        June 30, 2025  
    Total Debt   Balance Current Applicable Margin Interest Rate Maturity
    Revolving Credit Facility(a)   $ —   ABR+37.5 bps / SOFR+147.5 bps 5.797 % 5/20/2029
    Broker-Dealer Revolving Credit Facility     —   SOFR+125 bps 5.700 % 5/18/2026
    Senior Unsecured Term Loan A     1,020,000   SOFR+147.5 bps(b) 5.791 % 12/5/2026
    Senior Unsecured Notes     500,000   5.700% Fixed 5.700 % 5/20/2027
    Senior Unsecured Notes     400,000   4.625% Fixed 4.625 % 11/15/2027
    Senior Unsecured Notes     500,000   4.900% Fixed 4.900 % 4/3/2028
    Senior Unsecured Notes     750,000   6.750% Fixed 6.750 % 11/17/2028
    Senior Unsecured Notes     900,000   4.000% Fixed 4.000 % 3/15/2029
    Senior Unsecured Notes     750,000   5.200% Fixed 5.200 % 3/15/2030
    Senior Unsecured Notes     500,000   5.150% Fixed 5.150 % 6/15/2030
    Senior Unsecured Notes     400,000   4.375% Fixed 4.375 % 5/15/2031
    Senior Unsecured Notes     500,000   6.000% Fixed 6.000 % 5/20/2034
    Senior Unsecured Notes     500,000   5.650% Fixed 5.650 % 3/15/2035
    Senior Unsecured Notes     500,000   5.750% Fixed 5.750 % 6/15/2035
    Total / Weighted Average   $ 7,220,000     5.352 %  
    (a) Unsecured borrowing capacity of $2.25 billion at LPL Holdings, Inc.
    (b) The SOFR rate option is a one-month SOFR rate and subject to an interest rate floor of 0 bps.
    LPL Financial Holdings Inc.
    Key Business and Financial Metrics
    (Dollars in thousands, except where noted)
    (Unaudited)
        Q2 2025 Q1 2025 Change Q2 2024 Change
    Business Metrics            
    Advisors     29,353     29,493   —%   23,462   25%
    Net new advisors     (140 )   605   (123%)   578   (124%)
    Annualized advisory fees and commissions per advisor(29)   $ 375   $ 375   —% $ 358   5%
    Average total assets per advisor ($ in millions)(30)   $ 65.4   $ 60.9   7% $ 63.8   3%
    Transition assistance loan amortization ($ in millions)(31)   $ 89.4   $ 81.8   9% $ 61.9   44%
    Total client accounts (in millions)     10.5     10.4   1%   8.6   22%
    Recruited AUM ($ in billions)     18.4     38.6   (52%)   24.3   (24%)
                 
    Employees(32)     9,389     9,097   3%   8,625   9%
                 
    AUM retention rate (quarterly annualized)(33)     97.6 %   98.2 % (60bps)   98.4 % (80bps)
                 
    Capital Management            
    Capital expenditures ($ in millions)(34)   $ 137.0   $ 119.5   15% $ 128.9   6%
     Acquisitions, net ($ in millions)(35)   $ 102.8   $ 95.1   8% $ 115.1   n/m
                 
    Share repurchases ($ in millions)   $ —   $ 100.0   (100%) $ —   —%
    Dividends ($ in millions)     24.0     22.4   7%   22.4   7%
    Total Capital Returned ($ in millions)   $ 24.0   $ 122.4   (80%) $ 22.4   7%


    Non-GAAP Financial Measures

    Management believes that presenting certain non-GAAP financial measures by excluding or including certain items can be helpful to investors and analysts who may wish to use this information to analyze the Company’s current performance, prospects and valuation. Management uses this non-GAAP information internally to evaluate operating performance and in formulating the budget for future periods. Management believes that the non-GAAP financial measures and metrics discussed below are appropriate for evaluating the performance of the Company.

    Adjusted EPS and Adjusted net income

    Adjusted EPS is defined as adjusted net income, a non-GAAP measure defined as net income plus the after-tax impact of amortization of other intangibles and acquisition costs, divided by the weighted average number of diluted shares outstanding for the applicable period. The Company presents adjusted net income and adjusted EPS because management believes that these metrics can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items, acquisition costs, and certain other charges that management does not believe impact the Company’s ongoing operations. Adjusted net income and adjusted EPS are not measures of the Company’s financial performance under GAAP and should not be considered as alternatives to net income, earnings per diluted share or any other performance measure derived in accordance with GAAP. For a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS, please see the endnote disclosures in this release.

    Gross profit

    Gross profit is calculated as total revenue less advisory and commission expense; brokerage, clearing and exchange expense; and market fluctuations on employee deferred compensation. All other expense categories, including depreciation and amortization of property and equipment and amortization of other intangibles, are considered general and administrative in nature. Because the Company’s gross profit amounts do not include any depreciation and amortization expense, the Company considers gross profit to be a non-GAAP financial measure that may not be comparable to similar measures used by others in its industry. Management believes that gross profit can provide investors with useful insight into the Company’s core operating performance before indirect costs that are general and administrative in nature. For a calculation of gross profit, please see the endnote disclosures in this release.

    Core G&A

    Core G&A consists of total expense less the following expenses: advisory and commission; depreciation and amortization; interest expense on borrowings; brokerage, clearing and exchange; amortization of other intangibles; market fluctuations on employee deferred compensation; promotional (ongoing); employee share-based compensation; regulatory charges; and acquisition costs. Management presents core G&A because it believes core G&A reflects the corporate expense categories over which management can generally exercise a measure of control, compared with expense items over which management either cannot exercise control, such as advisory and commission, or which management views as promotional expense necessary to support advisor growth and retention, including conferences and transition assistance. Core G&A is not a measure of the Company’s total expense as calculated in accordance with GAAP. For a reconciliation of the Company’s total expense to core G&A, please see the endnote disclosures in this release. The Company does not provide an outlook for its total expense because it contains expense components, such as advisory and commission, that are market-driven and over which the Company cannot exercise control. Accordingly, a reconciliation of the Company’s outlook for total expense to an outlook for core G&A cannot be made available without unreasonable effort.

    EBITDA and Adjusted EBITDA

    EBITDA is defined as net income plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles. Adjusted EBITDA is defined as EBITDA, a non-GAAP measure, plus acquisition costs. The Company presents EBITDA and adjusted EBITDA because management believes that they can be useful financial metrics in understanding the Company’s earnings from operations. EBITDA and adjusted EBITDA are not measures of the Company’s financial performance under GAAP and should not be considered as alternatives to net income or any other performance measure derived in accordance with GAAP. For a reconciliation of net income to EBITDA and adjusted EBITDA, please see the endnote disclosures in this release.

    Adjusted pre-tax income

    Adjusted pre-tax income is defined as income before provision for income taxes plus amortization of other intangibles and acquisition costs. The Company presents adjusted pre-tax income because management believes that it can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items, acquisition costs, and certain other charges that management does not believe impact the Company’s ongoing operations. Adjusted pre-tax income is not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to income before provision for income taxes or any other performance measure derived in accordance with GAAP. For a reconciliation of income before provision for income taxes to adjusted pre-tax income, please see the endnote disclosures in this release.

    Credit Agreement EBITDA

    Credit Agreement EBITDA is defined in, and calculated by management in accordance with, the Company’s amended and restated credit agreement (“Credit Agreement”) as “Consolidated EBITDA,” which is Consolidated Net Income (as defined in the Credit Agreement) plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles, and is further adjusted to exclude certain non-cash charges and other adjustments, and to include future expected cost savings, operating expense reductions or other synergies from certain transactions. The Company presents Credit Agreement EBITDA because management believes that it can be a useful financial metric in understanding the Company’s debt capacity and covenant compliance under its Credit Agreement. Credit Agreement EBITDA is not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. For a reconciliation of net income to Credit Agreement EBITDA, please see the endnote disclosures in this release.

    Endnote Disclosures

    (1) Represents the estimated total advisory and brokerage assets expected to transition to the Company’s primary broker-dealer subsidiary, LPL Financial, in connection with advisors who transferred their licenses to LPL Financial during the period. The estimate is based on prior business reported by the advisors, which has not been independently and fully verified by LPL Financial. The actual transition of assets to LPL Financial generally occurs over several quarters and the actual amount transitioned may vary from the estimate.

    (2) Corporate cash, a component of cash and equivalents, is the sum of cash and equivalents from the following: (1) cash and equivalents held at LPL Holdings, Inc., (2) cash and equivalents held at regulated subsidiaries as defined by the Company’s Credit Agreement, which include LPL Financial, LPL Enterprise, LLC, The Private Trust Company, N.A. and certain of Atria’s introducing broker-dealer subsidiaries, in excess of the capital requirements of the Company’s Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries.

    (3) Compliance with the Leverage Ratio is only required under the Company’s revolving credit facility.

    (4) Based on unaudited information of Commonwealth for the quarter ended June 30, 2025.

    (5) The Company was named a Top RIA custodian (Cerulli Associates, 2024 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (based on total revenues, Financial Planning magazine 1996-2022); and, among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors (2021-2022 Kehrer Bielan Research and Consulting Annual TPM Report). Fortune 500 as of June 2021.

    (6) Gross profit is a non-GAAP financial measure. Please see a description of gross profit under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a calculation of gross profit for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q2 2024
    Total revenue   $ 3,835,025   $ 3,670,007   $ 2,931,769  
    Advisory and commission expense     2,483,165     2,353,925     1,819,027  
    Brokerage, clearing and exchange expense     43,290     44,138     32,984  
    Employee deferred compensation     4,293     (709 )   560  
    Gross profit   $ 1,304,277   $ 1,272,653   $ 1,079,198  

    (7) Production-based payout is a financial measure calculated as advisory and commission expense plus (less) advisor deferred compensation. The payout rate is calculated by dividing the production-based payout by total advisory and commission revenue. Below is a reconciliation of the Company’s advisory and commission expense to the production-based payout and a calculation of the payout rate for the periods presented (in thousands, except payout rate):

        Q2 2025 Q1 2025 Q2 2024
    Advisory and commission expense   $ 2,483,165   $ 2,353,925   $ 1,819,027  
    Plus (Less): Advisor deferred compensation     (76,473 )   20,443     (6,977 )
    Production-based payout   $ 2,406,692   $ 2,374,368   $ 1,812,050  
             
    Advisory and commission revenue   $ 2,755,825   $ 2,737,002   $ 2,075,209  
             
    Payout rate     87.33 %   86.75 %   87.32 %

    (8) Below is a reconciliation of client cash revenue per Management’s Statements of Operations to client cash revenue, a component of asset-based revenue, on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

             
        Q2 2025 Q1 2025 Q2 2024
    Client cash on Management’s Statement of Operations   $ 413,516   $ 408,224   $ 361,316  
    Interest income on CCA balances segregated under federal or other regulations(10)     (16,184 )   (16,193 )   (19,841 )
    Client cash on Condensed Consolidated Statements of Income   $ 397,332   $ 392,031   $ 341,475  

    (9) Consists of revenue from the Company’s sponsorship programs with financial product manufacturers, omnibus processing and networking services but does not include fees from client cash programs.

    (10) Below is a reconciliation of interest income, net per Management’s Statements of Operations to interest income, net on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q2 2024
    Interest income, net on Management’s Statement of Operations   $ 60,738   $ 27,637     27,618  
    Interest income on CCA balances segregated under federal or other regulations(8)     16,184     16,193     19,841  
    Interest income on deferred compensation     19     21     19  
    Interest income, net on Condensed Consolidated Statements of Income   $ 76,941   $ 43,851   $ 47,478  

    (11) Below is a reconciliation of other revenue per Management’s Statements of Operations to other revenue on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q2 2024
    Other revenue on Management’s Statement of Operations   $ 6,785   $ 2,023   $ 6,621  
    Interest income on deferred compensation     (19 )   (21 )   (19 )
    Deferred compensation     80,766     (21,152 )   7,537  
    Other revenue on Condensed Consolidated Statements of Income   $ 87,532   $ (19,150 ) $ 14,139  

    (12) Core G&A is a non-GAAP financial measure. Please see a description of core G&A under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of the Company’s total expense to core G&A for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q2 2024
    Core G&A Reconciliation        
    Total expense   $ 3,466,221   $ 3,252,754   $ 2,601,698  
    Advisory and commission     (2,483,165 )   (2,353,925 )   (1,819,027 )
    Depreciation and amortization     (96,231 )   (92,356 )   (70,999 )
    Interest expense on borrowings(16)     (105,636 )   (85,862 )   (64,341 )
    Brokerage, clearing and exchange     (43,290 )   (44,138 )   (32,984 )
    Amortization of other intangibles     (46,103 )   (43,521 )   (30,607 )
    Employee deferred compensation     (4,293 )   709     (560 )
    Total G&A     687,503     633,661     583,180  
    Promotional (ongoing)(13)(14)     (163,575 )   (151,932 )   (147,830 )
    Acquisition costs excluding interest(14)     (71,562 )   (43,407 )   (36,876 )
    Employee share-based compensation     (19,504 )   (18,366 )   (19,968 )
    Regulatory charges     (7,267 )   (6,887 )   (7,594 )
    Core G&A   $ 425,595   $ 413,069   $ 370,912  

    (13) Promotional (ongoing) includes $21.2 million, $14.8 million and $12.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively, of support costs related to full-time employees that are classified within Compensation and benefits expense in the condensed consolidated statements of income and excludes costs that have been incurred as part of acquisitions that have been classified within acquisition costs.

    (14) Acquisition costs include the costs to setup, onboard and integrate acquired entities and other costs that were incurred as a result of the acquisitions. The below table summarizes the primary components of acquisition costs for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q2 2024
    Acquisition costs        
    Change in fair value of contingent consideration(36)   $ 309   $ 6,594   $ 24,624  
    Compensation and benefits     16,054     17,417     6,827  
    Professional services     11,057     6,145     3,567  
    Promotional(13)     35,198     8,538     539  
    Interest(16)     3,313     5,137     —  
    Other     8,944     4,713     1,319  
    Acquisition costs   $ 74,875   $ 48,544   $ 36,876  

    (15) EBITDA and adjusted EBITDA are non-GAAP financial measures. Please see a description of EBITDA and adjusted EBITDA under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of net income to EBITDA and adjusted EBITDA for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q2 2024
    EBITDA and adjusted EBITDA Reconciliation        
    Net income   $ 273,249   $ 318,573   $ 243,800  
    Interest expense on borrowings(16)     105,636     85,862     64,341  
    Provision for income taxes     95,555     98,680     86,271  
    Depreciation and amortization     96,231     92,356     70,999  
    Amortization of other intangibles     46,103     43,521     30,607  
    EBITDA   $ 616,774   $ 638,992   $ 496,018  
    Acquisition costs excluding interest(14)     71,562     43,407     36,876  
    Adjusted EBITDA   $ 688,336   $ 682,399   $ 532,894  

    (16) Below is a reconciliation of interest expense on borrowings per Management’s Statements of Operations to interest expense on borrowings on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q2 2024
    Interest expense on borrowings on Management’s Statement of Operations   $ 102,323   $ 80,725   $ 64,341  
    Cost of debt issuance related to Commonwealth acquisition(14)     3,313     5,137     —  
    Interest expense on borrowings on Condensed Consolidated Statements of Income   $ 105,636   $ 85,862   $ 64,341  

    (17) Adjusted pre-tax income is a non-GAAP financial measure. Please see a description of adjusted pre-tax income under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of income before provision for income taxes to adjusted pre-tax income for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q2 2024
    Income before provision for income taxes   $ 368,804   $ 417,253   $ 330,071  
    Amortization of other intangibles     46,103     43,521     30,607  
    Acquisition costs(14)     74,875     48,544     36,876  
    Adjusted pre-tax income   $ 489,782   $ 509,318   $ 397,554  

    (18) Adjusted net income and adjusted EPS are non-GAAP financial measures. Please see a description of adjusted net income and adjusted EPS under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS for the periods presented (in thousands, except per share data):

        Q2 2025 Q1 2025 Q2 2024
        Amount Per Share Amount Per Share Amount Per Share
    Net income / earnings per diluted share   $ 273,249   $ 3.40   $ 318,573   $ 4.24   $ 243,800   $ 3.23  
    Amortization of other intangibles     46,103     0.57     43,521     0.58     30,607     0.41  
    Acquisition costs(14)     74,875     0.93     48,544     0.65     36,876     0.49  
    Tax benefit     (31,433 )   (0.39 )   (23,937 )   (0.32 )   (17,816 )   (0.24 )
    Adjusted net income / adjusted EPS   $ 362,794   $ 4.51   $ 386,701   $ 5.15   $ 293,467   $ 3.88  
    Diluted share count     80,373       75,112       75,548    
    Note: Totals may not foot due to rounding.

    (19) Consists of total advisory and brokerage assets under custody at the Company’s primary broker-dealer subsidiary, LPL Financial, as well as assets under custody of a third-party custodian related to Atria’s seven introducing broker-dealer subsidiaries.

    (20) Assets on the Company’s corporate advisory platform are serviced by investment advisor representatives of LPL Financial. Assets on the Company’s independent RIA advisory platform are serviced by investment advisor representatives of separate registered investment advisor firms rather than representatives of LPL Financial.

    (21) Consists of advisory assets in LPL Financial’s Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms.

    (22) Consists of total client deposits into advisory or brokerage accounts less total client withdrawals from advisory or brokerage accounts, plus dividends, plus interest, minus advisory fees. The Company considers conversions from and to brokerage or advisory accounts as deposits and withdrawals, respectively.

    (23) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.

    (24) Calculated as annualized current period organic net new assets divided by preceding period assets in their respective categories of advisory assets or total advisory and brokerage assets.

    (25) Represents the amount of securities purchased less the amount of securities sold in client accounts custodied with LPL Financial.

    (26) Client cash balances include CCA and exclude purchased money market funds. CCA balances include cash that clients have deposited with LPL Financial that is included in Client payables in the condensed consolidated balance sheets. The following table presents purchased money market funds for the periods presented (in billions):

        Q2 2025 Q1 2025 Q2 2024
    Purchased money market funds   $ 47.0   $ 44.7   $ 35.7  

    (27) Calculated by dividing revenue for the period by the average balance during the period.

    (28) EBITDA and Credit Agreement EBITDA are non-GAAP financial measures. Please see a description of EBITDA and Credit Agreement EBITDA under the “Non-GAAP Financial Measures” section of this release for additional information. Under the Credit Agreement, management calculates Credit Agreement EBITDA for a trailing twelve month period at the end of each fiscal quarter and in doing so may make further adjustments to prior quarters. Below are reconciliations of trailing twelve month net income to trailing twelve month EBITDA and Credit Agreement EBITDA for the periods presented (in thousands):

        Q2 2025 Q1 2025 Q4 2024
    EBITDA and Credit Agreement EBITDA Reconciliations        
    Net income   $ 1,117,874   $ 1,088,425   $ 1,058,616  
    Interest expense on borrowings     341,256     299,961     274,181  
    Provision for income taxes     356,812     347,528     334,276  
    Depreciation and amortization     358,957     333,725     308,527  
    Amortization of other intangibles     164,699     149,203     135,234  
    EBITDA   $ 2,339,598   $ 2,218,842   $ 2,110,834  
    Credit Agreement Adjustments:        
    Acquisition costs and other(14)(37)   $ 269,638   $ 249,870   $ 223,614  
    Employee share-based compensation     84,226     84,690     88,957  
    M&A accretion(38)     222,150     237,160     235,048  
    Advisor share-based compensation     2,838     2,740     2,597  
    Loss on extinguishment of debt     3,983     3,983     3,983  
    Credit Agreement EBITDA   $ 2,922,433   $ 2,797,285   $ 2,665,033  

    (29) Calculated based on the average advisor count from the current period and prior periods.

    (30) Calculated based on the end of period total advisory and brokerage assets divided by end of period advisor count.

    (31) Represents amortization expense on forgivable loans for transition assistance to advisors and institutions.

    (32) During the first quarter of 2025, the Company updated its reporting of employees to include all full-time employees, including those reflected in Core G&A, promotional (ongoing) and advisory and commission expense. Prior period disclosures have been updated to reflect this change as applicable.

    (33) Reflects retention of total advisory and brokerage assets, calculated by deducting quarterly annualized attrition from total advisory and brokerage assets, divided by the prior quarter total advisory and brokerage assets.

    (34) Capital expenditures represent cash payments for property and equipment during the period.

    (35) Acquisitions, net represent cash paid for acquisitions, net of cash acquired during the period. Acquisitions, net for the three months ended March 31, 2025 excludes $70.2 million related to The Investment Center, Inc., which was prefunded on October 1, 2024 in conjunction with the close of the Atria acquisition, as well as cash inflows associated with working capital and other post-closing adjustments.

    (36) Represents a fair value adjustment to our contingent consideration liabilities that is reflected in other expense in the condensed consolidated statements of income.

    (37) Acquisition costs and other primarily include acquisition costs related to Atria, costs incurred related to the integration of the strategic relationship with Prudential Advisors, a $26.4 million reduction related to the departure of the Company’s former Chief Executive Officer and related clawback of share-based compensation awards, and an $18.0 million regulatory charge recognized during the three months ended September 30, 2024 reflecting the amount of a penalty proposed by the SEC as part of its civil investigation of the Company’s compliance with certain elements of the Company’s AML compliance program.

    (38) M&A accretion is an adjustment to reflect the annualized expected run rate EBITDA of an acquisition as permitted by the Credit Agreement for up to eight fiscal quarters following the close of such acquisition.

    The MIL Network –

  • MIL-OSI: Bimini Capital Management Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VERO BEACH, Fla., July 31, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended June 30, 2025.

    Second Quarter 2025 Highlights

    • Net income of approximately $43 thousand, or $0.00 per common share
    • Book value per share of $0.74
    • Company to discuss results on Friday, August 1, 2025, at 10:00 AM ET

    Management Commentary

    Commenting on the second quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “When we announced our first quarter results, the second quarter of 2025 was off to a very rough start.  Markets were in turmoil as a result of the extensive reciprocal tariffs announced by the Trump administration. While these conditions abated gradually, all the companies in the mortgage REIT sector that have reported second quarter earnings to date reported losses for the quarter. Our MBS segment produced a loss of $1.3 million as well but our advisory services segment generated earnings of $1.9 million and Bimini as a whole generated modest net income of approximately $43 thousand.  For the six months ended June 30, 2025, Bimini recorded net income of $0.6 million, or $0.06 per share, representing a return on stockholders’ equity of 8.7%, unannualized.

    “Our advisory service revenues for the quarter and six months ended June 30, 2025 increased by 20% and 21%, respectively, over the comparable 2024 periods. While we sold $9.8 million of MBS early in the second quarter in response to the adverse market conditions mentioned above, our interest revenues for the quarter and six months ended June 30, 2025 increased 23% and 24%, respectively, over the comparable 2024 periods. As our cash positions have increased over the past few months, we anticipate resuming growth of the RMBS portfolio in the near-term.

    “As the third quarter unfolds markets are considerably calmer than when the second quarter was starting, and Agency RMBS are still trading at attractive levels.  Market conditions generally are quite favorable for RMBS – a positive development for both Bimini and Orchid Island as well.  As long as we have no new adverse developments with respect to reciprocal tariffs and interest rate volatility remains low, the sector should perform well.  With respect to the macroeconomic backdrop, the economy has remained surprisingly resilient, but in the event that conditions deteriorate, the Federal Reserve appears likely to act and reduce over-night rates, which should buttress the economy.”

    Details of Second Quarter 2025 Results of Operations

    Orchid reported a net loss for the second quarter of 2025 of $33.6 million and generated a (4.66)% return on its book value for the quarter – not annualized. Orchid also raised $139.4 million during the quarter and its stockholders’ equity increased from $855.9 million at March 31, 2025 to $912.0 million at June 30, 2025. As a result, Bimini’s advisory service revenues of approximately $3.8 million represented a 20% increase over the second quarter of 2024 and a 6% increase over the first quarter of 2025. 

    Royal Palm sold approximately $9.8 million of its MBS portfolio in the second quarter of 2025 after increasing its MBS holdings throughout 2024. Interest revenue increased 23% over the second quarter of 2024, but decreased 9% from the first quarter of 2025.  With funding costs down as a result of Fed rates cuts late in 2024, net interest income, inclusive of dividends from holdings of Orchid common shares, increased approximately 78% over the second quarter of 2024, but decreased by approximately 7% from the first quarter of 2025 owing primarily to the sale of assets in the MBS portfolio.  These amounts represent the net interest income from the investment portfolio and do not include interest charges on our trust preferred or other long-term debt.

    Interest charges on the trust preferred and other long-term debt of $0.54 million were virtually unchanged from the first quarter of 2025 and were down 11% from the second quarter of 2024. Expenses of $2.82 million decreased by 4% from the first quarter of 2025 and increased by 1% over the second quarter of 2024.  Bimini recorded an income tax provision of $6.5 thousand for the second quarter of 2025.

    Management of Orchid Island Capital, Inc.

    Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of a management agreement, our subsidiary, Bimini Advisors, provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid, which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended June 30, 2025, Bimini’s statement of operations included a fair value adjustment of $(0.3) million and dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended June 30, 2025, Bimini recorded $3.8 million in advisory services revenue for managing Orchid’s portfolio, consisting of $3.0 million of management fees, $0.6 million in overhead reimbursement, and $0.2 million in repurchase, clearing and administrative fees.

    Book Value Per Share

    The Company’s book value per share on June 30, 2025 was $0.74. The Company computes book value per share by dividing total stockholders’ equity by the total number of outstanding shares of the Company’s Class A Common Stock. At June 30, 2025, the Company’s stockholders’ equity was $7.4 million, with 10,005,457 Class A Common shares outstanding.

    Capital Allocation and Return on Invested Capital

    The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio and the structured MBS portfolio, consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

    Portfolio Activity for the Quarter
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    Market Value – March 31, 2025 $ 118,704,355     $ 2,252,898     $ 7,871     $ 2,260,769     $ 120,965,124  
    Securities purchased   –       –       –       –       –  
    Securities sold   (9,786,053 )     –       –       –       (9,786,053 )
    (Losses) gains on sales   (178,140 )     –       –       –       (178,140 )
    Return of investment   n/a       (79,850 )     (379 )     (80,229 )     (80,229 )
    Pay-downs   (3,198,435 )     n/a       n/a       n/a       (3,198,435 )
    Discount accreted due to pay-downs   (42,251 )     n/a       n/a       n/a       (42,251 )
    Mark to market (losses) gains   (65,709 )     10,292       (970 )     9,322       (56,387 )
    Market Value – June 30, 2025 $ 105,433,767     $ 2,183,340     $ 6,522     $ 2,189,862     $ 107,623,629  

    The tables below present the allocation of capital between the respective portfolios at June 30, 2025 and March 31, 2025, and the return on invested capital for each sub-portfolio for the three-month period ended June 30, 2025. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

    Capital Allocation
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    June 30, 2025                                      
    Market value $ 105,433,767     $ 2,183,340     $ 6,522     $ 2,189,862     $ 107,623,629  
    Cash equivalents and restricted cash   6,583,906       –       –       –       6,583,906  
    Repurchase agreement obligations   (101,742,000 )     –       –       –       (101,742,000 )
    Total $ 10,275,673     $ 2,183,340     $ 6,522     $ 2,189,862     $ 12,465,535  
    % of Total   82.4 %     17.5 %     0.1 %     17.6 %     100.0 %
    March 31, 2025                                      
    Market value $ 118,704,355     $ 2,252,898     $ 7,871     $ 2,260,769     $ 120,965,124  
    Cash equivalents and restricted cash   5,500,438       –       –       –       5,500,438  
    Repurchase agreement obligations   (115,510,999 )     –       –       –       (115,510,999 )
    Total $ 8,693,794     $ 2,252,898     $ 7,871     $ 2,260,769     $ 10,954,563  
    % of Total   79.4 %     20.5 %     0.1 %     20.6 %     100.0 %

    The returns on invested capital in the PT MBS and structured MBS portfolios were approximately (4.1)% and 1.9%, respectively, for the three months ended June 30, 2025. The combined portfolio generated a return on invested capital of approximately (2.9)%.

    Returns for the Quarter Ended June 30, 2025  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    Interest income (net of repo cost) $ 357,713     $ 33,052     $ 23     $ 33,075     $ 390,788  
    Realized and unrealized losses (gains)   (286,100 )     10,292       (970 )     9,322       (276,778 )
    Hedge losses   (430,791 )     n/a       n/a       n/a       (430,791 )
    Total Return $ (359,178 )   $ 43,344     $ (947 )   $ 42,397     $ (316,781 )
    Beginning capital allocation $ 8,693,794     $ 2,252,898     $ 7,871     $ 2,260,769     $ 10,954,563  
    Return on invested capital for the quarter(1)   (4.1 )%     1.9 %     (12.0 )%     1.9 %     (2.9 )%
     
    (1)   Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.


    Prepayments

    For the second quarter of 2025, the Company received approximately $3.3 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 9.9%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

      PT   Structured    
      MBS Sub-   MBS Sub-   Total
    Three Months Ended Portfolio   Portfolio   Portfolio
    June 30, 2025 10.3   7.3   9.9
    March 31, 2025 7.5   6.2   7.3
    December 31, 2024 10.9   12.5   11.1
    September 30, 2024 6.3   6.7   6.3
    June 30, 2024 10.9   5.5   10.0
    March 31, 2024 18.0   9.2   16.5


    Portfolio

    The following tables summarize the MBS portfolio as of June 30, 2025 and December 31, 2024:

    ($ in thousands)                                      
                              Weighted          
              Percentage             Average          
              of     Weighted     Maturity          
      Fair     Entire     Average     in     Longest  
    Asset Category Value     Portfolio     Coupon     Months     Maturity  
    June 30, 2025                                      
    Fixed Rate MBS $ 105,434       98.0 %     5.60 %     333       1-Aug-54  
    Structured MBS   2,190       2.0 %     2.87 %     277       15-May-51  
    Total MBS Portfolio $ 107,624       100.0 %     5.25 %     332       1-Aug-54  
    December 31, 2024                                      
    Fixed Rate MBS $ 120,056       98.1 %     5.60 %     341       1-Jan-55  
    Structured MBS   2,292       1.9 %     2.85 %     281       15-May-51  
    Total MBS Portfolio $ 122,348       100.0 %     5.26 %     340       1-Jan-55  
    ($ in thousands)                              
      June 30, 2025     December 31, 2024  
              Percentage of             Percentage of  
    Agency Fair Value     Entire Portfolio     Fair Value     Entire Portfolio  
    Fannie Mae $ 30,700       28.5 %   $ 32,692       26.7 %
    Freddie Mac   76,924       71.5 %     89,656       73.3 %
    Total Portfolio $ 107,624       100.0 %   $ 122,348       100.0 %
      June 30, 2025     December 31, 2024  
    Weighted Average Pass Through Purchase Price $ 102.99     $ 102.72  
    Weighted Average Structured Purchase Price $ 4.48     $ 4.48  
    Weighted Average Pass Through Current Price $ 100.84     $ 99.63  
    Weighted Average Structured Current Price $ 14.01     $ 13.71  
    Effective Duration (1)   2.931       3.622  
    (1) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 2.931 indicates that an interest rate increase of 1.0% would be expected to cause a 2.931% decrease in the value of the MBS in the Company’s investment portfolio at June 30, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.


    Financing and Liquidity

    As of June 30, 2025, the Company had outstanding repurchase obligations of approximately $101.7 million with a net weighted average borrowing rate of 4.49%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $107.8 million. At June 30, 2025, the Company’s liquidity was approximately $5.7 million, consisting of unpledged MBS and cash and cash equivalents.

    We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at June 30, 2025.

    ($ in thousands)                              
    Repurchase Agreement Obligations
                      Weighted     Weighted  
      Total             Average     Average  
      Outstanding     % of     Borrowing     Maturity  
    Counterparty Balances     Total     Rate     (in Days)  
    Marex Capital Markets Inc. $ 22,925       22.6 %     4.47 %     53  
    DV Securities, LLC Repo   18,420       18.1 %     4.48 %     28  
    Mirae Asset Securities (USA) Inc.   18,238       17.9 %     4.53 %     136  
    South Street Securities, LLC   15,806       15.5 %     4.47 %     85  
    Clear Street LLC   15,696       15.4 %     4.48 %     84  
    Mitsubishi UFJ Securities (USA), Inc.   10,657       10.5 %     4.52 %     15  
      $ 101,742       100.0 %     4.49 %     69  


    Summarized Consolidated Financial Statements

    The following is a summarized presentation of the unaudited consolidated balance sheets as of June 30, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the six and three month periods ended June 30, 2025 and 2024. Amounts presented are subject to change.

     
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited – Amounts Subject to Change)
     
      June 30, 2025     December 31, 2024  
    ASSETS              
    Mortgage-backed securities $ 107,623,629     $ 122,348,170  
    Cash equivalents and restricted cash   6,583,906       7,422,746  
    Orchid Island Capital, Inc. common stock, at fair value   3,989,188       4,427,372  
    Accrued interest receivable   525,593       601,640  
    Deferred tax assets, net   15,743,570       15,930,953  
    Other assets   4,281,649       4,122,776  
    Total Assets $ 138,747,535     $ 154,853,657  
                   
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Repurchase agreements $ 101,742,000     $ 117,180,999  
    Long-term debt   27,357,495       27,368,158  
    Other liabilities   2,231,331       3,483,093  
    Total Liabilities   131,330,826       148,032,250  
    Stockholders’ equity   7,416,709       6,821,407  
    Total Liabilities and Stockholders’ Equity $ 138,747,535     $ 154,853,657  
    Class A Common Shares outstanding   10,005,457       10,005,457  
    Book value per share $ 0.74     $ 0.68  
     
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited – Amounts Subject to Change)
     
      Six Months Ended June 30,     Three Months Ended June 30,  
      2025     2024     2025     2024  
    Advisory services $ 7,393,135     $ 6,096,316     $ 3,810,846     $ 3,167,055  
    Interest and dividend income   3,733,656       3,091,156       1,786,616       1,492,191  
    Interest expense   (3,575,435 )     (3,577,794 )     (1,731,415 )     (1,762,116 )
    Net revenues   7,551,356       5,609,678       3,866,047       2,897,130  
    Other (expense) income   (1,025,540 )     646,728       (997,795 )     (280,003 )
    Expenses   5,743,131       5,811,971       2,818,974       2,782,576  
    Net income (loss) before income tax provision   782,685       444,435       49,278       (165,449 )
    Income tax provision   187,383       505,172       6,546       108,396  
    Net income (loss) $ 595,302     $ (60,737 )   $ 42,732     $ (273,845 )
                                   
    Basic and Diluted Net (Loss) Income Per Share of:                              
    CLASS A COMMON STOCK $ 0.06     $ (0.01 )   $ 0.00     $ (0.03 )
    CLASS B COMMON STOCK $ 0.06     $ (0.01 )   $ 0.00     $ (0.03 )
      Three Months Ended June 30,  
    Key Balance Sheet Metrics 2025     2024  
    Average MBS(1) $ 114,294,375     $ 87,539,021  
    Average repurchase agreements(1)   108,626,500       83,737,499  
    Average stockholders’ equity(1)   7,395,343       8,203,927  
                   
    Key Performance Metrics              
    Average yield on MBS(2)   5.54 %     5.88 %
    Average cost of funds(2)   4.39 %     5.53 %
    Average economic cost of funds(3)   3.97 %     5.32 %
    Average interest rate spread(4)   1.15 %     0.35 %
    Average economic interest rate spread(5)   1.57 %     0.56 %
    (1) Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
    (2) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
    (3) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
    (4) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
    (5) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.


    About Bimini Capital Management, Inc.

    Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

    Forward Looking Statements

    Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by applicable law.

    Earnings Conference Call Details

    An earnings conference call and live audio webcast will be hosted Friday, August 1, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BI93827b97dab34b2f8cabd3a04f5bddd5. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/jgk2gti4 or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

    CONTACT:
    Bimini Capital Management, Inc.
    Robert E. Cauley, 772-231-1400
    Chairman and Chief Executive Officer
    https://ir.biminicapital.com

    The MIL Network –

  • MIL-OSI: NCS Multistage Holdings, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter Results

    • Total revenues of $36.5 million, a 23% year-over-year improvement
    • Net income of $0.9 million and diluted earnings per share of $0.34, which includes a positive impact of $1.4 million related to the release of our deferred tax valuation allowance in Canada
    • Adjusted EBITDA of $2.2 million, a $1.3 million year-over-year improvement   
    • $25.4 million in cash and $7.7 million of total debt as of June 30, 2025

    HOUSTON, July 31, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended June 30, 2025.

    Review and Outlook

    NCS’s Chief Executive Officer, Ryan Hummer commented, “Our team at NCS has continued to enable strong operational and financial performance in an industry and market environment marked by uncertainty. Our revenue and Adjusted EBITDA for the second quarter exceeded the high end of the expectations we provided in our last earnings call and our year-over-year revenue improvement for the quarter of 23% outperformed industry activity levels, demonstrating the value we bring to our customers.

    Furthermore, our revenue and Adjusted EBITDA for the first six months of 2025 have improved by $12.9 million, or 18%, and $3.4 million, or 49%, respectively, as compared to 2024, as we continue to benefit from our core strategies of building upon our leading market positions, capitalizing on international and offshore opportunities and commercializing innovative solutions to complex customer challenges.

    We have maintained our strong balance sheet, ending the second quarter with over $25 million in cash and over $17 million in availability under our undrawn credit facility and only $8 million in debt, comprised entirely of capital leases.

    We’re also excited to announce today’s acquisition of Reservoir Metrics, LLC, and its related entities (“ResMetrics”). ResMetrics, a leader in reservoir analysis utilizing chemical tracer technology, is a profitable and rapidly growing business serving a high-quality customer base in the U.S. and internationally. For the trailing twelve months ended June 30, 2025, ResMetrics’ unaudited revenue was over $10 million with an EBITDA margin of over 30%. We believe that ResMetrics’ business is highly complementary with NCS’s tracer diagnostics service line, and we look forward to working with the ResMetrics team to deliver valuable and actionable reservoir insights to our customers. This all-cash transaction represents a strategic fit for NCS operationally, a strategic use of our balance sheet, and adds to our talented team.

    This has been a strong start to 2025 for NCS and we remain cautiously optimistic about the second half of the year. That optimism is tempered by market conditions that have continued to deteriorate, with continued U.S. rig count declines, a slower than normal rig count recovery in Canada following spring break-up, the potential for an oversupplied oil market in late 2025 as announced OPEC+ oil supply increases materialize, and ongoing uncertainties related to tariffs and trade.

    I want to extend my continued appreciation to the outstanding teams at NCS and Repeat Precision and welcome the ResMetrics team to NCS. Our results, and the opportunities ahead, reflect the vision, ability and commitment of our people and our aligned pursuit of NCS’s strategic priorities. We have the right people, the right technology, and the right strategies in place to deliver tangible benefits to our customers, develop industry solutions, and create shareholder value.”

    Financial Review

    Total revenues were $36.5 million for the quarter ended June 30, 2025 compared to $29.7 million for the second quarter of 2024. Revenue growth was driven primarily by increased fracturing systems activity and frac plug sales in Canada and the United States. The increase for Canada occurred despite a decline in Canadian rig counts during 2025, reflecting more activity with customers that remained active during spring break-up. Our international revenues decreased primarily due to reduced tracer diagnostics activity in the Middle East, partially offset by higher sales of well construction products in the Middle East and fracturing systems equipment in the North Sea.

    Compared to the first quarter of 2025, total revenues decreased by 27%, primarily due to a decrease in Canada of 52%, attributable to the normal seasonal decline associated with spring break-up, partially offset by an increase of 67% in international revenues and a 45% increase in U.S. revenues.

    Gross profit was $12.3 million, or a gross margin of 34%, for the second quarter of 2025, compared to $11.3 million, or a gross margin of 38%, for the second quarter of 2024. Gross margin for 2025 declined, reflecting the mix of products sold and services provided during the respective periods. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $13.0 million, or an adjusted gross margin of 36%, for the second quarter of 2025, compared to $12.0 million, or 40%, for the second quarter of 2024.

    Selling, general and administrative (“SG&A”) expenses totaled $13.6 million for the second quarter of 2025, a decrease of $1.2 million compared to the same period in 2024, with a decrease in professional fees, lower payroll and employee benefit expenses, and a decrease in research and development expense, partially offset by higher share-based compensation expense attributable to cash settled awards remeasured at the balance sheet date based on the price of our common stock.

    Other income was $1.6 million for the second quarter of 2025 compared to $2.2 million for the second quarter of 2024. The decline in other income reflects a reduction in the amount attributable to the technical services and assistance agreement with our local partner in Oman, as the program ended in November 2024, with no contribution associated with this agreement in the second quarter of 2025. In addition, there was a year-over-year decrease in royalty income earned from licensees for these periods, as the second quarter of 2024 included an initial payment from a new licensee reflecting both current and certain historical volumes.

    Income tax benefit was $1.0 million for the second quarter of 2025 compared to an expense of $0.3 million for the second quarter of 2024. As of June 30, 2025, we reversed a portion of the valuation allowance previously recorded against the deferred tax assets of our Canadian operating subsidiary due to sustained improvements in operating results, including a return to profitability and forecasts of future taxable income that are sufficient to realize the remaining deferred tax assets. The reversal of the valuation allowance resulted in a deferred income tax benefit of $1.4 million during the period ended June 30, 2025. 

    Net income was $0.9 million, or $0.34 per diluted share, for the quarter ended June 30, 2025 compared to a net loss of $(3.1) million, or $(1.21) per share for the quarter ended June 30, 2024. 

    Adjusted EBITDA was $2.2 million for the quarter ended June 30, 2025, an increase of $1.3 million compared to the same period a year ago. This improvement is primarily the result of an increase in revenues and lower SG&A expenses. Adjusted EBITDA margin of 6% for the quarter ended June 30, 2025, compared to 3% for the same period a year ago. 

    Cash flow from operating activities for the six months ended June 30, 2025 was a source of cash of $1.9 million, a $2.2 million decrease compared to the same period in 2024. For the six months ended June 30, 2025, free cash flow less distributions to non-controlling interest was a source of cash of $0.5 million compared to $3.2 million for the same period in 2024. The overall change in free cash flow was largely attributed to our change in net working capital including payment of incentive bonuses and cash-settled awards in the first quarter of 2025 and an increase in the amount distributed to our non-controlling interest in 2025, partially offset by an increase in net income in 2025.

    Liquidity and Capital Expenditures

    As of June 30, 2025, NCS had $25.4 million in cash, $7.7 million in total indebtedness related to finance lease obligations, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $17.2 million. Our working capital, defined as current assets minus current liabilities, was $87.2 million and $80.2 million as of June 30, 2025 and December 31, 2024, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.0 million and $56.4 million as of June 30, 2025 and December 31, 2024, respectively. The increase in net working capital was primarily attributable to an increase in accounts receivable and inventory and a decrease in accrued expenses and other current liabilities due in part to payment of our 2024 incentive bonus and cash-settled awards in the first quarter of 2025, partially offset by an increase in accounts payable. 

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.5 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.

    Strategic Acquisition of Reservoir Metrics, LLC

    On July 31, 2025, we acquired 100% of the equity interests of ResMetrics, a provider of tracer diagnostics services, for $5.9 million, on a cash-free, debt-free basis, in cash and assumed debt, subject to a working capital adjustment, with an additional earn-out of up to $1.3 million to be paid in early 2026, depending solely on changes in international trade tariff rates for certain chemical imports during 2025. We believe the purchase of ResMetrics will further expand and complement our existing tracer diagnostics offerings.

    Conference Call

    The Company will host a conference call to discuss its second quarter 2025 results and latest earnings guidance on Friday, August 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. The live webcast can also be accessed by visiting the Investors section of the Company’s website at ir.ncsmultistage.com. It is recommended that participants join at least 10 minutes prior to the event start.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including tax policies, anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning; our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Revenues                                
    Product sales   $ 27,776     $ 19,022     $ 62,842     $ 50,780  
    Services     8,678       10,668       23,617       22,768  
    Total revenues     36,454       29,690       86,459       73,548  
    Cost of sales                                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     18,214       12,209       38,566       31,901  
    Cost of services, exclusive of depreciation and amortization expense shown below     5,242       5,510       13,040       12,105  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     23,456       17,719       51,606       44,006  
    Selling, general and administrative expenses     13,626       14,820       29,821       28,650  
    Depreciation     1,235       1,134       2,439       2,207  
    Amortization     167       167       334       334  
    (Loss) income from operations     (2,030 )     (4,150 )     2,259       (1,649 )
    Other income (expense)                                
    Interest expense, net     (68 )     (115 )     (110 )     (215 )
    Other income, net     1,563       2,203       2,446       3,340  
    Foreign currency exchange gain (loss), net     1,201       (507 )     1,198       (1,005 )
    Total other income     2,696       1,581       3,534       2,120  
    Income (loss) before income tax     666       (2,569 )     5,793       471  
    Income tax (benefit) expense     (1,032 )     270       (359 )     757  
    Net income (loss)     1,698       (2,839 )     6,152       (286 )
    Net income attributable to non-controlling interest     774       256       1,172       739  
    Net income (loss) attributable to NCS Multistage Holdings, Inc.   $ 924     $ (3,095 )   $ 4,980     $ (1,025 )
    Earnings (loss) per common share                                
    Basic earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 0.36     $ (1.21 )   $ 1.93     $ (0.41 )
    Diluted earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 0.34     $ (1.21 )   $ 1.84     $ (0.41 )
    Weighted average common shares outstanding                                
    Basic     2,594       2,548       2,581       2,528  
    Diluted     2,734       2,548       2,704       2,528  
     
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    (Unaudited)
     
        June 30,     December 31,  
        2025     2024  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 25,372     $ 25,880  
    Accounts receivable—trade, net     34,216       31,513  
    Inventories, net     43,510       40,971  
    Prepaid expenses and other current assets     2,707       2,063  
    Other current receivables     5,165       5,143  
    Total current assets     110,970       105,570  
    Noncurrent assets                
    Property and equipment, net     20,470       21,283  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,356       3,690  
    Operating lease assets     5,468       5,911  
    Deposits and other assets     622       712  
    Deferred income taxes, net     1,869       424  
    Total noncurrent assets     47,007       47,242  
    Total assets   $ 157,977     $ 152,812  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 9,997     $ 8,970  
    Accrued expenses     6,803       8,351  
    Income taxes payable     790       683  
    Operating lease liabilities     1,685       1,602  
    Current maturities of long-term debt     2,200       2,141  
    Other current liabilities     2,331       3,672  
    Total current liabilities     23,806       25,419  
    Noncurrent liabilities                
    Long-term debt, less current maturities     5,462       6,001  
    Operating lease liabilities, long-term     4,338       4,891  
    Other long-term liabilities     206       206  
    Deferred income taxes, net     186       186  
    Total noncurrent liabilities     10,192       11,284  
    Total liabilities     33,998       36,703  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024     —       —  
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,607,362 shares issued and 2,540,849 shares outstanding at June 30, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024     26       26  
    Additional paid-in capital     448,582       447,384  
    Accumulated other comprehensive loss     (85,916 )     (87,604 )
    Retained deficit     (254,044 )     (259,024 )
    Treasury stock, at cost, 66,513 shares at June 30, 2025 and 56,549 shares at December 31, 2024     (2,211 )     (1,943 )
    Total stockholders’ equity     106,437       98,839  
    Non-controlling interest     17,542       17,270  
    Total equity     123,979       116,109  
    Total liabilities and stockholders’ equity   $ 157,977     $ 152,812  
     
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
      Six Months Ended  
      June 30,  
      2025   2024  
    Cash flows from operating activities            
    Net income (loss) $ 6,152   $ (286 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
    Depreciation and amortization   2,773     2,541  
    Amortization of deferred loan costs   104     103  
    Share-based compensation   2,837     2,062  
    Provision for inventory obsolescence   191     679  
    Deferred income tax (benefit) expense   (1,398 )   21  
    Gain on sale of property and equipment   (475 )   (340 )
    Provision for (recovery of) credit losses   19     (5 )
    Net foreign currency unrealized (gain) loss   (1,854 )   956  
    Proceeds from note receivable   —     61  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (1,827 )   (1,024 )
    Inventories, net   (1,476 )   (1,501 )
    Prepaid expenses and other assets   972     (619 )
    Accounts payable—trade   1,719     1,353  
    Accrued expenses   (1,680 )   1,761  
    Other liabilities   (4,101 )   (2,092 )
    Income taxes receivable/payable   (80 )   429  
    Net cash provided by operating activities   1,876     4,099  
    Cash flows from investing activities            
    Purchases of property and equipment   (745 )   (633 )
    Purchase and development of software and technology   —     (53 )
    Proceeds from sales of property and equipment   271     293  
    Net cash used in investing activities   (474 )   (393 )
    Cash flows from financing activities            
    Payments on finance leases   (1,072 )   (932 )
    Line of credit borrowings   2,338     2,974  
    Payments of line of credit borrowings   (2,338 )   (2,974 )
    Treasury shares withheld   (268 )   (237 )
    Distribution to noncontrolling interest   (900 )   (500 )
    Net cash used in financing activities   (2,240 )   (1,669 )
    Effect of exchange rate changes on cash and cash equivalents   330     (143 )
    Net change in cash and cash equivalents   (508 )   1,894  
    Cash and cash equivalents beginning of period   25,880     16,720  
    Cash and cash equivalents end of period $ 25,372   $ 18,614  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $ 723   $ 1,821  
    Assets obtained in exchange for new operating lease liabilities $ 247   $ —  
                 
    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    United States                                
    Product sales   $ 11,930     $ 8,550     $ 18,797     $ 16,317  
    Services     1,682       3,241       4,187       5,485  
    Total United States     13,612       11,791       22,984       21,802  
    Canada                                
    Product sales     13,021       8,263       39,864       30,938  
    Services     4,948       3,795       15,823       12,789  
    Total Canada     17,969       12,058       55,687       43,727  
    Other Countries                                
    Product sales     2,825       2,209       4,181       3,525  
    Services     2,048       3,632       3,607       4,494  
    Total other countries     4,873       5,841       7,788       8,019  
    Total                                
    Product sales     27,776       19,022       62,842       50,780  
    Services     8,678       10,668       23,617       22,768  
    Total revenues   $ 36,454     $ 29,690     $ 86,459     $ 73,548  
     

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income (loss), income (loss) from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income (loss), income (loss) from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period relative to the performance of other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        June 30,     December 31,  
        2025     2024  
    Working capital   $ 87,164     $ 80,151  
    Cash and cash equivalents     (25,372 )     (25,880 )
    Current maturities of long term debt     2,200       2,141  
    Net working capital   $ 63,992     $ 56,412  
     


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Total revenues   $ 36,454     $ 29,690     $ 86,459     $ 73,548  
    Total cost of sales, exclusive of depreciation and amortization expense     23,456       17,719       51,606       44,006  
    Total depreciation and amortization associated with cost of sales     729       653       1,444       1,269  
    Gross Profit   $ 12,269     $ 11,318     $ 33,409     $ 28,273  
    Gross Margin     34 %     38 %     39 %     38 %
    Exclude total depreciation and amortization associated with cost of sales     (729 )     (653 )     (1,444 )     (1,269 )
    Adjusted Gross Profit   $ 12,998     $ 11,971     $ 34,853     $ 29,542  
    Adjusted Gross Margin     36 %     40 %     40 %     40 %
     


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that do not reflect the Company’s ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Net income (loss)   $ 1,698     $ (2,839 )   $ 6,152     $ (286 )
    Income tax (benefit) expense     (1,032 )     270       (359 )     757  
    Interest expense, net     68       115       110       215  
    Depreciation     1,235       1,134       2,439       2,207  
    Amortization     167       167       334       334  
    EBITDA     2,136       (1,153 )     8,676       3,227  
    Share-based compensation (a)     646       667       1,198       1,433  
    Professional fees (b)     370       677       1,359       930  
    Foreign currency exchange (gain) loss (c)     (1,201 )     507       (1,198 )     1,005  
    Other (d)     272       218       402       398  
    Adjusted EBITDA   $ 2,223     $ 916     $ 10,437     $ 6,993  
    Adjusted EBITDA Margin     6 %     3 %     12 %     10 %
    Adjusted EBITDA Less Share-Based Compensation   $ 1,577     $ 249     $ 9,239     $ 5,560  

    _______________________

    (a) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (b) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions.
    (c) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (d) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.
       


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Six Months Ended  
        June 30,  
        2025     2024  
    Net cash provided by operating activities   $ 1,876     $ 4,099  
    Purchases of property and equipment     (745 )     (633 )
    Purchase and development of software and technology     —       (53 )
    Proceeds from sales of property and equipment     271       293  
    Free cash flow   $ 1,402     $ 3,706  
    Distributions to non-controlling interest     (900 )     (500 )
    Free cash flow less distributions to non-controlling interest   $ 502     $ 3,206  

    The MIL Network –

  • MIL-OSI USA: Larsen: Trade War with Canada Harms Washington Families

    Source: United States House of Representatives – Congressman Rick Larsen (2nd Congressional District Washington)

    Larsen: Trade War with Canada Harms Washington Families

    Everett, WA, July 31, 2025

    Today, Representative Rick Larsen (WA-02) released the following statement:

    “President Trump’s unnecessary trade war with Canada is hurting families and businesses in Northwest Washington state.  

    • As of last month, Canadian travelers from B.C. to Washington state via Whatcom County have decreased by 43% compared to 2024.
    • Online purchases from U.S. retailers are down 14% and travel purchases in the U.S. are down 27%.
    • Northwest Yarns, a small business in Bellingham, lost 20% of their sales because of Canadian shoppers choosing to spend their money at home. 
    • Point to Point Parcel, a local Point Roberts shipping company that survived 24 years, closed in May because of the President’s reckless tariffs.
    • An international company shifted manufacturing work from Washington state to Canada and a maritime employer moved a project from Bellingham to Canada because of tariff uncertainty.

    “Instead of a pointless trade war, the President should work with Canada to address the challenges facing both Americans and Canadians. A positive, effective agenda would include rebuilding manufacturing jobs, bringing down the cost of living, building stronger cross-border energy and critical minerals sectors, and confronting unfair competition from non-market economies.

    “With Trump’s arbitrary deadline of August 1st approaching, any deal that locks in U.S. tariffs will cause further harm for families in Northwest Washington state. The Administration should be working with Canada to reduce barriers between our two economies, create jobs and lower prices.”

    Rep. Larsen is a member of the New Democrat Coalition Trade and Tariffs Task Force and has been a leader in opposing the Trump administration’s tariffs.

    ###

    MIL OSI USA News –

  • MIL-OSI: Trisura Announces Timing of Second Quarter Results Release and Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, announces the timing of second quarter 2025 results release and earnings conference call.

    Trisura will release its second quarter 2025 results after market close on Thursday, August 7th, 2025. The company will host a conference call for analysts and investors on Friday, August 8th, 2025 at 9:00 a.m. ET. Conference call participants will be David Clare, President and Chief Executive Officer and David Scotland, Chief Financial Officer.

    To listen to the call via live audio webcast, please follow the link below:
    https://edge.media-server.com/mmc/p/tta4p4qp

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:
    Name: Bryan Sinclair
    Tel: 416 607 2135
    Email: bryan.sinclair@trisura.com

    The MIL Network –

  • MIL-OSI USA: CFTC Staff Issues No-Action Letter Regarding Swap Data Error Correction Notification Requirements

    Source: US Commodity Futures Trading Commission

    CFTC Staff Issues No-Action Letter Regarding Swap Data Error Correction Notification Requirements | CFTC

    /PressRoom/PressReleases/9103-25
    Skip to main content

    July 31, 2025

    WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight today has taken a no-action position with respect to reporting counterparties that fail to submit a swap data error correction notification with respect to an error if, at the time the reporting counterparty initially discovers and assesses the impact of an error; the reporting counterparty makes a reasonable determination that the number of reportable trades affected by the error does not exceed five percent of the reporting counterparty’s open swaps for the relevant asset class in swaps for which it was the reporting counterparty. 

    -CFTC-

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Announces Finance Committee Staff Updates

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–Senate Finance Committee Chairman Mike Crapo (R-Idaho) today announced the following staff updates:

    Molly Newell, Chief International Trade Counsel

    Molly has been promoted to Chief International Trade Counsel. Molly joined the Finance Committee in January 2023 from Hogan Lovells US LLP, where she was an associate in the International Trade and Investment practice group working on issues involving trade remedies, customs, and U.S. trade policy. Before Hogan Lovells, she was a Senior Legislative Assistant in Representative Luke Messer’s (R-Indiana) office. Molly holds a J.D. from Georgetown University Law Center; a Master in Economic Law from Sciences Po; and a B.A. in French and International Studies from Indiana University.

    Brian Bombassaro, International Trade Counsel

    Brian rejoined the Committee in March after working as a Senior Associate at Arnold & Porter LLP. Prior to that, he served under former Finance Committee Chairmen Chuck Grassley (R-Iowa) and Orrin Hatch (R-Utah). He received his J.D. from Yale Law School, M.P.P. from the Harvard Kennedy School and B.S.B.A. and B.A. from the University of Florida.

    Caitlin Wilson, Senior Health Counsel

    Caitlin joins the Committee from the Senate Budget Committee, where she participated in the reconciliation process to pass the One Big Beautiful Bill Act as senior counsel. She previously served as counsel to Senators John Cornyn (R-Texas), Roy Blunt (R-Missouri) and the House Energy and Commerce Committee under Chair Cathy McMorris Rodgers (R-Washington). She received her J.D. from Catholic University in Washington, D.C., and her B.A. in Political Science from Gettysburg College.

     

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Statement at USTR, HHS, Treasury Nominations Hearing

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.—U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at a hearing to consider Bryan Switzer to be a Deputy United States Trade Representative (USTR), Gustav Chiarello III to be an Assistant Secretary of Health and Human Services (HHS), Michael Stuart to be General Counsel of HHS and Derek Theurer to be a Deputy Under Secretary of the Treasury.

    As prepared for delivery:

    “This meeting will come to order. Thank you to our nominees, Mr. Switzer, Mr. Chiarello, Mr. Stuart and Mr. Theurer for being here today. Congratulations on your nominations and thank you all for your willingness to serve.

    “We will first hear from Rick Switzer, who is nominated to serve as the Deputy United States Trade Representative (USTR) for Asia, Textiles, Investment, Services and Intellectual Property.

    “Mr. Switzer has over 25 years of experience advancing U.S. strategic interests both domestically and internationally. Throughout his career as a Foreign Service Officer at the Department of State, he negotiated international agreements, expanded market access for U.S. businesses, and protected American firms from unfair trade practices such as intellectual property theft and forced technology transfer. I look forward to working with him, if confirmed, to ensure that USTR implements policies that promote U.S. competitiveness, build supply chain resilience and address emerging global challenges.

    “Next, we will hear from Gus Chiarello, who is nominated to serve as the Assistant Secretary for Financial Resources (ASFR) at the Department of Health and Human Services (HHS).

    “The ASFR is responsible for providing advice and guidance to the Secretary on all aspects of budget, financial management, acquisition policy and grants supervision. If confirmed, Mr. Chiarello would play a vital role in managing and overseeing the allocation of resources across the full range of HHS programs. His experience in consumer protection, regulatory reform, competition and antitrust issues will make him a valuable addition to the HHS team. As an attorney who served at both the Federal Trade Commission and with the House Judiciary Committee, he is prepared to ensure HHS resources are stewarded to benefit all Americans.

    “We will also hear from Mike Stuart, who is nominated to serve as General Counsel of HHS.

    “The General Counsel supports the development and implementation of the Department’s programs by providing the highest quality legal services to the Secretary and the organization’s various agencies and divisions. Mr. Stuart will be instrumental in making sure that new laws and regulations are effectively implemented at HHS. He is well suited for the position given his decades of legal experience, including previous service as the U.S. Attorney for the Southern District of West Virginia. His experience prosecuting cases related to the opioid crisis and Medicaid fraud demonstrates a strong commitment to protect patients and root out waste and abuse in health care systems.

    “Finally, we will hear from Derek Theurer, who is nominated to serve as Deputy Under Secretary for Legislative Affairs at the Treasury Department.

    “The Deputy Under Secretary is responsible for advising the Secretary on congressional relations matters in order to assist in the formulation of policy and to determine the overall direction of the Department. Mr. Theurer is a veteran of Capitol Hill and undoubtedly understands the importance of keeping Congress informed of Departmental actions. Given his experience, I also expect him to prioritize timeliness in responding to inquiries from Congress.

    “Thank you again to our nominees for their time today.”

     

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Markey, Reps. Schakowsky, Ruiz, Jayapal Introduce Dr. Paul Farmer Memorial Resolution Outlining 21st Century Global Health Strategy

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Resolution Text (PDF)

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

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

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

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

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

    The proposals in the resolution are as follows:

    • Increase global health aid to $125 billion per year
      • Close the essential universal health care financing gap for low-income countries
      • Allow the U.S. to meet the U.N. aid target of 0.7% GNI for the first time ever
    • Reform global health aid
      • Focus on building national health systems and direct funding to local partners, not the development industry
      • Develop new medical technologies for diseases of poverty and ensure their availability as global public goods
    • Make the global economy more fair, just, and democratic
      • Democratizing the IMF, World Bank, and World Trade Organization, so that poor countries have greater say over decisions that affect their economies and their ability to finance health systems
      • Global debt cancelation for all developing countries that need it
      • Ending harmful licit and illicit financial flows from poor countries—ending global tax havens and illegal practices like trade misinvoicing
      • Supporting global labor rights, such as a global minimum wage

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

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

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

    In addition to Reps. Schakowsky, Ruiz, and Jayapal, this resolution is cosponsored in the House of Representatives by Reps. Raja Krishnamoorthi (IL-08), Betty McCollum (MN-04), Jim McGovern (MA-02), Seth Moulton (MA-06), Ayanna Pressley (MA-07), Delia Ramirez (IL-03), Juan Vargas (CA-52).

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto Calls on Trump Administration to Increase Transparency on Trade Negotiations

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

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

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

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

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

    Read the full letter here.

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

    MIL OSI USA News –

  • MIL-OSI: Flow Traders 2Q 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 2Q 2025 Results

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 2Q 2025 results.

    Highlights

    • Flow Traders recorded Net Trading Income of €143.4m and Total Income of €143.9m in 2Q25, an increase of 80% and 89% when compared to €79.5m and €76.2m in 2Q24, respectively.
    • Flow Traders’ ETP Value Traded increased by 42% in 2Q25 to €492bn from €347bn in 2Q24.
    • Fixed Operating Expenses were €49.8m in the quarter, an increase of 15% when compared to the €43.1m in 2Q24, due mostly to increased Employee and Other expenses.
    • Total Operating Expenses were €76.0m in 2Q25, an increase of 40% when compared to the €54.3m in 2Q24, due mostly to higher variable employee expenses.
    • EBITDA was €68.0m in the quarter, an increase of 210% when compared to €21.9m in 2Q24. EBITDA margin was 47% in 2Q25 vs. 29% in 2Q24.
    • Net Profit came in at €51.3m in 2Q25, yielding a basic EPS of €1.18 and diluted EPS of €1.16, a 295% increase compared to a Net Profit of €13.0m, basic EPS of €0.30, and diluted EPS of €0.29 in 2Q24.
    • Trading Capital stood at €831m at the end of 2Q25, a 33% and 4% increase from €624m and €803m at the end of 2Q24 and 1Q25, respectively, and generated a 75% return on average trading capital1.
    • Shareholders’ equity was €821m at the end of 2Q25, compared to €638m at the end of 2Q24 and €787m at the end of 1Q25.
    • Flow Traders employed 607 FTEs at the end of 2Q25, compared to 594 at the end of 2Q24 and 619 at the end of 1Q25.

    Leadership Update

    In a separate release today, Flow Traders announced that Thomas Spitz will join Flow Traders on 1 September 2025 and be nominated as Chief Executive Officer and Executive Director of the Flow Traders Board, subject to regulatory and shareholder approval. In his role as Chief Executive Officer, Thomas will be responsible for executing Flow Traders’ strategic agenda, which includes the Company’s growth and diversification strategy and Trading Capital Expansion Plan.

    Financial Overview

    €million 2Q25 2Q24 Change 1H25 1H24 Change
    Net trading income 143.4 79.5 80% 283.6 206.6 37%
    Other income 0.5 (3.3) – (4.6) (0.8) –
    Total income 143.9 76.2 89% 279.0 205.8 36%
    Revenue by region2            
    Europe 78.7 48.6 62% 158.6 117.0 35%
    Americas 30.2 13.4 125% 41.7 54.7 (24%)
    Asia 35.1 14.2 147% 78.8 34.1 131%
    Fixed employee expenses 23.4 20.4 15% 47.7 41.1 16%
    Technology expenses 16.8 16.8 0% 34.2 32.6 5%
    Other expenses 9.5 5.9 61% 18.6 13.6 37%
    Fixed operating expenses 49.8 43.1 15% 100.5 87.2 15%
    Variable employee expenses 26.2 11.2 134% 48.2 35.0 38%
    Total operating expenses 76.0 54.3 40% 148.7 122.2 22%
    EBITDA 68.0 21.9 210% 130.3 83.6 56%
    Interest expenses 0.4 0.1 321% 0.9 0.1 738%
    Lease expenses 0.5 0.6 (21%) 1.0 1.1 (15%)
    Depreciation & amortisation 5.0 4.4 13% 9.7 8.7 12%
    (Reversal of) Impairment of intangible assets3 (2.5) – N/A 8.0 – N/A
    Profit/(loss) on equity-accounted investments (1.1) (0.2) 359% (2.9) (0.6) 369%
    Profit before tax 63.5 16.6 283% 107.8 73.0 48%
    Tax expense 12.3 3.6 238% 20.3 14.2 43%
    Net profit 51.3 13.0 295% 87.5 58.8 49%
    Basic EPS4 (€) 1.18 0.30 293% 2.01 1.36 49%
    Fully diluted EPS4 (€) 1.16 0.29 294% 1.98 1.33 49%
    EBITDA margin 47% 29%   47% 41%  

    Revenue by Region

    €million 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
    Europe 33.1 33.6 42.6 68.4 48.6 70.2 86.9 79.9 78.7
    Americas 9.3 22.0 18.1 41.3 13.4 20.8 18.2 11.4 30.2
    Asia 9.0 12.1 13.6 19.9 14.2 23.6 53.8 43.7 35.1

    Value Traded Overview

    €billion 2Q25 2Q24 Change 1H25 1H24 Change
    Flow Traders ETP Value Traded 492 347 42% 999 755 32%
    Europe 220 147 49% 465 300 55%
    Americas 233 177 32% 446 406 10%
    Asia 39 23 71% 88 50 76%
    Flow Traders non-ETP Value Traded 1200 1,132 6% 2,418 2,278 6%
    Flow Traders Value Traded 1,692 1,479 14% 3,417 3,034 13%
    Equity 918 754 22% 1,928 1,573 23%
    FICC 680 677 0% 1,305 1369 (5%)
    Other 94 48 98% 184 92 99%
    Market ETP Value Traded5 16,509 11,014 50% 30,934 22,993 35%
    Europe 835 583 43% 1,717 1,178 45%
    Americas 13,214 9,090 45% 24,278 19,054 27%
    Asia 2,460 1,341 83% 4,938 2,761 79%
    Asia ex China 632 444 42% 1,277 883 45%

    Trading Capital

      2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
    Trading Capital (€m) 574 585 584 609 624 668 775 803 831
    Return on Avg Trading Capital1 65% 56% 49% 50% 58% 62% 69% 68% 75%
    Average VIX7 16.7 15.1 15.4 13.9 14.2 17.1 17.3 18.5 23.6

    Market Environment

    Europe

    Equity trading volumes in the quarter across major exchanges saw low double-digit percentage point increases when compared to the same period a year ago, but declined slightly compared to the first quarter. Market volatility increased by mid double-digit percentage points when compared to both the same period a year ago and low double-digits compared to the first quarter. However, a substantial portion of the increase in market activity, in terms of both volume and volatility, was seen in the first half of April, with activity returning to more normal levels in May and June.

    Within Fixed Income, market trading volumes increased compared to the same period a year ago but declined when compared to the first quarter.

    Americas

    Equity trading volumes in the U.S. increased by low double-digit percentage points when compared to the same period a year ago, and high single-digits to low double-digits when compared to the first quarter. Market volatility increased by high double-digit percentage points year-on-year and low double-digits quarter-on-quarter.

    Within Fixed Income, market trading volumes increased slightly when compared to the same period a year ago, but declined slightly when compared to the first quarter. Market volatility was relatively flat both year-on-year and quarter-on-quarter.

    Asia

    Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases when compared to the same period a year ago, but slight declines when compared to the first quarter, while Japan saw slight increases both year-on-year and quarter-on-quarter. Market volatility increased in Hong Kong and China when compared to the same period a year ago and was relatively flat when compared to the first quarter. Japan saw an increase in volatility both year-on-year and quarter-on-quarter.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in cryptocurrencies saw a slight increase when compared to the same period a year ago but a meaningful decline when compared to the first quarter. Volatility decreased meaningfully both year-on-year and quarter-on-quarter.

    Outlook

    Fixed operating expenses guidance for the year remains unchanged and is expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

    CEO Statement

    Mike Kuehnel, CEO
    “Flow Traders posted another strong set of results in the second quarter, delivering the fourth straight quarter of triple-digit NTI for the first time in the Company’s history. In addition, the fifth triple-digit NTI quarter in the last six quarters serves as strong validation of our growth and diversification strategy. The Company was able to deliver solid results through periods of mostly below average market volatility throughout most of 2024 with strong contributions from Digital Assets. We then had strong contributions from Asia in the second half of 2024, and now from Europe and the Americas in the first half of 2025. We continue to reap the rewards of our eight-year investment into Digital Assets as it has proven to be a dependable countercyclical offset to the traditional asset classes.

    The second quarter saw a sharp increase in volatility in traditional asset classes, particularly in Equity, after nearly two years of relatively muted activity. While the rebound in volumes and volatility we saw in early April was not nearly as extreme and was relatively short-lived when compared to COVID, we were able to leverage the additional profits retained as part of the Trading Capital Expansion Plan. We were able to capture the opportunities that arose and record one of the best months ever in the Company’s history. The return of market activity on the back of continued record ETP fund inflows around the world drove improved performance across all regions, particularly in the Americas and Asia. We are especially excited about the significant opportunity in China, where trading volumes have doubled vs. a year ago and is now two-to-three times the volumes seen in Europe.

    In Digital Assets, trading volumes declined quarter-on-quarter as traditional asset classes garnered more attention given the tariff news headlines. Nevertheless, we continue to see positive sentiment shifts as institutional interests grow amidst a more conducive regulatory environment. The ecosystem around digital assets continues to expand, as evidenced by a raft of digital asset-related IPOs. We are particularly excited about the regulatory approval of AllUnity, our partnership with DWS and Galaxy Digital, which will launch a MiCAR-compliant Euro-denominated stablecoin later this year. As one of the earliest adopters of digital assets, Flow Traders remains instrumental in providing liquidity to this asset class and helping to expand the ecosystem.

    Looking forward, I am proud of what we have achieved at Flow Traders over my tenure. The Company remains committed to enhancing its trading capabilities by strategically investing in cutting-edge technology and talent. The strong return on trading capital over the last 12 months validates the strategic decision taken last July to retain more profits to reinvest back into the business. I’m certain that the combination of improving and expanding the Company’s trading capabilities and growing the trading capital base will undoubtedly accelerate the growth of Flow Traders in the years to come.”

    Preliminary Financial Calendar

    30 October 2025                3Q25 Trading Update

    Analyst Conference Call and Webcast

    The 2Q25 trading update analyst conference call will be held at 10:00 am CEST on Thursday 31 July 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

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

    About Flow Traders

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

    Notes

    1. Return on average trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
    2. Revenue by region includes NTI, Other Income, and inter-company revenue.
    3. There was a €2.5m reversal in 2Q25 of the €10.5m impairment of intangible assets in 1Q25.
    4. Weighted average shares outstanding: 2Q25 – 43,565,347; 1Q25 – 43,394,080; 2Q24 – 43,270,311.
    5. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    6. Source – Flow Traders analysis.
    7. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

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

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

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

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

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

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

    All results published in this release are unaudited.

    Market Abuse Regulation

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

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    The MIL Network –

  • MIL-OSI: NOMINATION OF THOMAS SPITZ AS CHIEF EXECUTIVE OFFICER

    Source: GlobeNewswire (MIL-OSI)

    NOMINATION OF THOMAS SPITZ AS CHIEF EXECUTIVE OFFICER

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces the nomination of Thomas Spitz as Chief Executive Officer and Executive Director of the Board.

    Thomas Spitz will join Flow Traders on 1 September 2025 and is nominated as Chief Executive Officer and Executive Director of the Board, subject to regulatory and shareholder approval. In his role as Chief Executive Officer, Thomas will be responsible for executing Flow Traders’ strategic agenda, which includes the Company’s growth and diversification strategy and Trading Capital Expansion Plan.

    Mr. Spitz is a distinguished senior financial markets executive with over two decades of experience building and leading world-class trading operations across markets globally. He possesses both the technical knowledge and the innovation mindset needed to further drive Flow Traders’ strategic agenda. Mr. Spitz has a proven track record of leading trading, sales and research organizations, managing diverse international teams, and driving significant growth. His expertise extends to managing stakeholder relationships across all layers of an organization and building strategic partnerships.

    Prior to joining Flow Traders, Mr. Spitz was the CEO of QuantCube Middle East, a technology firm specializing in alternative data and analytics. He also served as Head of Global Markets at First Abu Dhabi Bank from 2022 to 2024. Before that, Thomas spent more than 20 years at Crédit Agricole, in several leadership roles across all asset classes. He last held the role of Head of Global Markets Trading, FICC & EQD. Thomas comes with long-standing international experience, having managed teams in over 15 countries.

    The Board of Flow Traders has nominated Mr. Spitz for election as Executive Director of the Board at a Special General Meeting of shareholders scheduled to take place later this year. The convening notice, agenda and other documentation relating to the meeting will be published in due course.

    Rudolf Ferscha, Chairman of the Board, commented:
    “We are pleased that Thomas is joining Flow Traders as Chief Executive Officer and Executive Director of the Board. He brings a wealth of experience leading trading, sales and research organizations at global financial institutions while driving growth through innovative business strategies. We are confident that he will excel at executing our strategic agenda and lead Flow Traders into its next phase of growth.

    On behalf of the entire Board I would also like to thank Mike Kuehnel, whose term has been extended to 31 August, for his leadership at Flow Traders over the past four years and for supporting and assisting the Board throughout the additional transition period since our AGM in June. This allows for a seamless transition, both at the CEO and Board level. We wish Mike every success in all his future endeavors”

    Thomas Spitz, added:
    “I am honored and excited to be nominated as the next CEO of Flow Traders. I see tremendous opportunities given the extraordinary capabilities the Company has built over the past two decades. I look forward to meeting the team and together expand our market leadership, drive our strategic growth agenda, and provide exceptional value to all of our stakeholders.”

    Contact Details
    Flow Traders Ltd.

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

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

    Important Legal Information

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Highlights 

    • Second quarter Adjusted EBITDA of $360 million, up 23% on the prior year period, equating to a margin of 21%
    • Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 21% and 17% respectively
    • Guidance for full year 2025 re-affirmed
    • A high-quality backlog of $11.8 billion gives over 90% visibility on 2025 revenue guidance
    • Balance sheet remains strong with net debt including lease liabilities of $695 million, equating to 0.6 times the Adjusted EBITDA generated in the last four quarters
    • On 23 July 2025 a definitive agreement with Saipem was signed for a merger of equals that will create a global leader in energy services
      Second Quarter Half Year
    For the period (in $ millions, except Adjusted EBITDA margin and per share data) Q2 2025
    Unaudited    		 Q2 2024
    Unaudited    		 1H 2025
    Unaudited    		 1H 2024
    Unaudited
    Revenue 1,756 1,739 3,285 3,134
    Adjusted EBITDA(a) 360 292 596 454
    Adjusted EBITDA margin(a) 21% 17% 18% 15%
    Net operating income 186 137 263 157
    Net income 131 63 148 92
             
    Earnings per share – in $ per share        
    Basic 0.45 0.20 0.52 0.29
    Diluted(b) 0.45 0.20 0.51 0.29
             
    At (in $ millions)      

    30 June 2025
    Unaudited

    		  

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

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

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

    John Evans, Chief Executive Officer, said:

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

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

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

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

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

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

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

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

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

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

    Guidance

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

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

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

    Special Note Regarding Forward-Looking Statements

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

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

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

    Source: GlobeNewswire (MIL-OSI)

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

    1.Q2 on Q1 change

    Quarter Analysis1

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

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

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

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

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

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

    Shareholder distributions

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

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    Half Year Analysis1

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

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

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

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

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

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

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

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

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

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

    4.Not incorporated by reference.

    PORTFOLIO DEVELOPMENTS

    Integrated Gas

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

    Upstream

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

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

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

    Chemicals and Products

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

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

             Page 2

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                                         
     
    INTEGRATED GAS        
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    1,838    2,789    2,454    -34 Income/(loss) for the period   4,627    5,215    -11
    101    306    (220)     Of which: Identified items A 407    (1,139)    
    1,737    2,483    2,675    -30 Adjusted Earnings A 4,220    6,354    -34
    3,875    4,735    5,039    -18 Adjusted EBITDA A 8,610    11,175    -23
    3,629    3,463    4,183    +5 Cash flow from operating activities A 7,092    8,895    -20
    1,196    1,116    1,151      Cash capital expenditure C 2,313    2,192     
    129    126    137    +2 Liquids production available for sale (thousand b/d)   128    137    -7
    4,545    4,644    4,885    -2 Natural gas production available for sale (million scf/d)   4,594    4,919 -7
    913    927    980    -2 Total production available for sale (thousand boe/d)   920    986    -7
    6.72    6.60    6.95    +2 LNG liquefaction volumes (million tonnes)   13.32    14.53    -8
    17.77    16.49    16.41    +8 LNG sales volumes (million tonnes)   34.26    33.28    +3

    1.Q2 on Q1 change

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

    Quarter Analysis1

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

             Page 3

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

             Page 4

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    UPSTREAM          
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    2,008    2,080    2,179    -3 Income/(loss) for the period   4,088    4,451    -8
    276    (257)   (157)     Of which: Identified items A 19    182     
    1,732    2,337    2,336    -26 Adjusted Earnings A 4,068    4,270    -5
    6,638    7,387    7,829    -10 Adjusted EBITDA A 14,024    15,717    -11
    6,500    3,945    5,739    +65 Cash flow from operating activities A 10,445    11,466    -9
    2,826    1,923    1,829      Cash capital expenditure C 4,749    3,839     
    1,334    1,335    1,297    — Liquids production available for sale (thousand b/d)   1,334    1,314    +2
    2,310    3,020    2,818    -24 Natural gas production available for sale (million scf/d)   2,663    2,977    -11
    1,732    1,855    1,783    -7 Total production available for sale (thousand boe/d)   1,793    1,828    -2

    1.Q2 on Q1 change

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

    Quarter Analysis1

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

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

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

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

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

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

             Page 5

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    MARKETING        
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    766    814    202    -6 Income/(loss) for the period   1,580    1,099    +44
    (354)   (49)   (825)     Of which: Identified items A (402)   (832)    
                     
    1,199    900    1,082    +33 Adjusted Earnings A 2,100    1,863    +13
    2,181    1,869    1,999    +17 Adjusted EBITDA A 4,049    3,686    +10
    2,718    1,907    1,958    +43 Cash flow from operating activities A 4,625    3,277    +41
    429    256    644      Cash capital expenditure C 684    1,109     
    2,813    2,674    2,868    +5 Marketing sales volumes (thousand b/d)   2,744    2,816    -3

    1.Q2 on Q1 change

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

    Quarter Analysis1

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

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

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

             Page 6

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

             Page 7

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    (174)   (77)   545    -125 Income/(loss) for the period   (252)   1,856    -114
    (51)   (581)   (499)     Of which: Identified items A (631)   (956)    
                     
    118    449    1,085    -74 Adjusted Earnings A 567    2,700    -79
    864    1,410    2,242    -39 Adjusted EBITDA A 2,274    5,068    -55
    1,372    130    2,249    +956 Cash flow from operating activities A 1,502    1,900    -21
    775    458    638      Cash capital expenditure C 1,233    1,138     
    1,156    1,362    1,429    -15 Refinery processing intake (thousand b/d)   1,258    1,429    -12
    2,164    2,813    3,052    -23 Chemicals sales volumes (thousand tonnes)   4,977    5,934    -16

    1.Q2 on Q1 change

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

    Quarter Analysis1

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

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

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

             Page 8

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

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

             Page 9

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024 %¹   Reference 2025 2024 %
                     
    (254)   (247)   (75)   -3 Income/(loss) for the period   (501)   478    -205
    (245)   (205)   112      Of which: Identified items A (450)   501     
    (9)   (42)   (187)   +78 Adjusted Earnings A (51)   (24)   -116
    102    111    (91)   -8 Adjusted EBITDA A 213    175    +21
    1    367    847    -100 Cash flow from operating activities A 368    3,313    -89
    555    403    425      Cash capital expenditure C 958    863     
    70    76    74    -9 External power sales (terawatt hours)2   146    151    -3
    132    184    148    -28 Sales of pipeline gas to end-use customers (terawatt hours)3   315    338    -7

    1.Q2 on Q1 change

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

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

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

    Quarter Analysis1

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

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

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

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

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

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

    Half Year Analysis1

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

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

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

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

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

             Page 10

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

    Additional Growth Measures

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

    1.Q2 on Q1 change

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

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

                                             
     
    CORPORATE      
    Quarters $ million   Half year
    Q2 2025 Q1 2025 Q2 2024   Reference 2025 2024
                 
    (539)   (483)   (1,656)   Income/(loss) for the period   (1,022)   (2,010)  
    (77)   (26)   (1,080)   Of which: Identified items A (102)   (1,066)  
    (463)   (457)   (576)   Adjusted Earnings A (920)   (944)  
    (346)   (261)   (213)   Adjusted EBITDA A (607)   (304)  
    (2,283)   (531)   (1,468)   Cash flow from operating activities A (2,814)   (2,013)  

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

    Quarter Analysis1

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

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

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

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

    Half Year Analysis1

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

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

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

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

    accumulated other comprehensive income.

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

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

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

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

             Page 11

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    OUTLOOK FOR THE THIRD QUARTER 2025

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

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

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

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

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

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

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

    FORTHCOMING EVENTS

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

             Page 12

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

    1.See Note 2 “Segment information”.

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

    3.See Note 3 “Earnings per share”.

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

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

             Page 13

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

             Page 14

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2025 510    (803)   19,766    158,834    178,307    1,861      180,168   
    Comprehensive income/(loss) for the period —    —    6,159    8,381    14,540    227      14,767   
    Transfer from other comprehensive income —    —    18    (18)   —    —      —   
    Dividends³ —    —    —    (4,302)   (4,302)   (113)     (4,415)  
    Repurchases of shares4 (17)   —    17    (7,038)   (7,038)   —      (7,038)  
    Share-based compensation —    516    (486)   (426)   (396)   —      (396)  
    Other changes —    —    —    29    29    (24)     5   
    At June 30, 2025 493    (288)   25,473    155,458    181,137    1,951      183,088   
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    (494)   10,874    10,381    180      10,560   
    Transfer from other comprehensive income —    —    170    (170)   —    —      —   
    Dividends3 —    —    —    (4,387)   (4,387)   (150)     (4,537)  
    Repurchases of shares4 (17)   —    17    (7,020)   (7,020)   —      (7,020)  
    Share-based compensation —    544    (213)   (406)   (76)   —      (76)  
    Other changes —    —    —    (96)   (96)   (1)     (98)  
    At June 30, 2024 528    (454)   20,625    164,709    185,407    1,783      187,190   

    1.    See Note 4 “Share capital”.

    2.    See Note 5 “Other reserves”.

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

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

             Page 15

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

             Page 16

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

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

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

    Going Concern

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

    Key accounting considerations, significant judgements and estimates

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

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

    2. Segment information

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

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

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

             Page 17

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    ADJUSTED EARNINGS BY SEGMENT

                                                   
     
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             3,601
    Income/(loss) attributable to non-controlling interest             43
    Income/(loss) for the period 1,838    2,008    766    (174)   (254)   (539)   3,644   
    Add: Current cost of supplies adjustment before taxation     104    333        436
    Add: Tax on current cost of supplies adjustment     (24)   (91)       (115)
    Less: Identified items before taxation (102)   271    (460)   (64)   (300)   (63)   (717)
    Add: Tax on identified items (203)   (5)   (106)   (13)   (55)   14    (369)
    Adjusted Earnings 1,737    1,732    1,199    118    (9)   (463)   4,314   
    Adjusted Earnings attributable to Shell plc shareholders             4,264
    Adjusted Earnings attributable to non-controlling interest             50
                                                   
     
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             4,780
    Income/(loss) attributable to non-controlling interest             95
    Income/(loss) for the period 2,789    2,080    814    (77)   (247)   (483)   4,875
    Add: Current cost of supplies adjustment before taxation     52    (67)       (15)
    Add: Tax on current cost of supplies adjustment     (14)   12        (2)
    Less: Identified items before taxation 348    121    (44)   (679)   (260)   4    (510)
    Add: Tax on identified items 43    378    4    (99)   (54)   29    301
    Adjusted Earnings 2,483    2,337    900    449    (42)   (457)   5,670
    Adjusted Earnings attributable to Shell plc shareholders             5,577
    Adjusted Earnings attributable to non-controlling interest             94
                                                   
     
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             3,517
    Income/(loss) attributable to non-controlling interest             133
    Income/(loss) for the period 2,454    2,179    202    545    (75)   (1,656)   3,650
    Add: Current cost of supplies adjustment before taxation     74    59        133
    Add: Tax on current cost of supplies adjustment     (19)   (17)       (36)
    Less: Identified items before taxation (260)   (215)   (1,111)   (333)   198    (1,105)   (2,826)
    Add: Tax on identified items (40)   (58)   (286)   165    87    (25)   (157)
    Adjusted Earnings 2,675    2,336    1,082    1,085    (187)   (576)   6,415
    Adjusted Earnings attributable to Shell plc shareholders             6,293
    Adjusted Earnings attributable to non-controlling interest             122

             Page 18

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
     
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             8,381
    Income/(loss) attributable to non-controlling interest             138
    Income/(loss) for the period 4,627    4,088    1,580    (252)   (501)   (1,022)   8,519
    Add: Current cost of supplies adjustment before taxation     156    266        422
    Add: Tax on current cost of supplies adjustment     (38)   (79)       (116)
    Less: Identified items before taxation 246    392    (504)   (743)   (559)   (59)   (1,227)
    Add: Tax on identified items (160)   373    (102)   (111)   (110)   43    (68)
    Adjusted Earnings 4,220    4,068    2,100    567    (51)   (920)   9,984
    Adjusted Earnings attributable to Shell plc shareholders             9,841
    Adjusted Earnings attributable to non-controlling interest             144
                                                   
     
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Income/(loss) attributable to Shell plc shareholders             10,874
    Income/(loss) attributable to non-controlling interest             215
    Income/(loss) for the period 5,215    4,451    1,099    1,856    478    (2,010)   11,089
    Add: Current cost of supplies adjustment before taxation     (79)   (148)       (227)
    Add: Tax on current cost of supplies adjustment     11    37        48
    Less: Identified items before taxation (1,336)   (261)   (1,123)   (908)   668    (1,111)   (4,070)
    Add: Tax on identified items (197)   (443)   (290)   48    167    (45)   (761)
    Adjusted Earnings 6,354    4,270    1,863    2,700    (24)   (944)   14,219
    Adjusted Earnings attributable to Shell plc shareholders             14,027
    Adjusted Earnings attributable to non-controlling interest             192

    CASH CAPITAL EXPENDITURE BY SEGMENT

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

                                                   
     
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 988    2,774    427    704    468    32    5,393
    Add: Investments in joint ventures and associates 209    52    1    71    72    1    406
    Add: Investment in equity securities —    —    —    —    16    2    17
    Cash capital expenditure 1,196    2,826    429    775    555    36    5,817
                                                   
     
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 943    1,727    252    451    358    17    3,748
    Add: Investments in joint ventures and associates 174    197    4    7    30    1    413
    Add: Investments in equity securities —    —    —    —    14    —    15
    Cash capital expenditure 1,116    1,923    256    458    403    19    4,175

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    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
     
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 1,024    1,769    644    601    377    30    4,445
    Add: Investments in joint ventures and associates 127    60    —    37    35    1    261
    Add: Investments in equity securities —    —    —    —    13    —    13
    Cash Capital expenditure 1,151    1,829    644    638    425    32    4,719
                                                   
     
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 1,930    4,501    679    1,155    826    49    9,141
    Add: Investments in joint ventures and associates 383    248    5    78    102    3    819
    Add: Investment in equity securities —    —    —    —    30    2    32
    Cash capital expenditure 2,313    4,749    684    1,233    958    54    9,993
                                                   
     
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Capital expenditure 1,882    3,535    1,071    1,074    797    64    8,424
    Add: Investments in joint ventures and associates 310    304    38    63    43    2    761
    Add: Investments in equity securities —    —    —    —    22    3    25
    Cash capital expenditure 2,192    3,839    1,109    1,138    863    69    9,211

    REVENUE BY SEGMENT

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

                                                   
     
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 9,576    1,193    28,241    18,388    7,996    12    65,406
         Inter-segment 2,412    8,502    2,177    8,775    835    —    22,701
                                                   
     
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 9,602    1,510    27,083    21,610    9,417    12    69,234
         Inter-segment 2,675    9,854    1,849    8,255    1,164    —    23,797

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    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
     
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 9,052    1,590    32,005    24,583    7,222    11    74,463
         Inter-segment 2,157    10,102    1,363    9,849    957    —    24,428
                                                   
     
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 19,179    2,703    55,324    39,998    17,413    23    134,640
         Inter-segment 5,086    18,356    4,026    17,030    1,999    —    46,498
                                                   
     
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Revenue:              
         Third-party 18,247    3,349    62,045    48,319    14,959    22    146,942
         Inter-segment 4,560    20,390    2,718    20,161    1,962    —    49,791

    Identified items

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

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

             Page 21

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

             Page 22

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

             Page 23

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

             Page 24

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

    3. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    3,601    4,780    3,517    Income/(loss) attributable to Shell plc shareholders ($ million) 8,381    10,874   
               
          Weighted average number of shares used as the basis for determining:    
    5,947.9    6,033.5    6,355.4    Basic earnings per share (million) 5,990.5    6,397.7   
    6,004.7    6,087.8    6,417.6    Diluted earnings per share (million) 6,046.0    6,461.0   

             Page 25

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    4. Share capital

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

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

    5. Other reserves

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

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

    6. Derivative financial instruments and debt excluding lease liabilities

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

             Page 26

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

    Consolidated Statement of Income

    Interest and other income

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

    Depreciation, depletion and amortisation

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

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

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

    Taxation charge/credit

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    2,332    4,083    3,754    Taxation charge/(credit) 6,415    7,358   
          Of which:    
    2,277 4,024 3,666 Income tax excluding Pillar Two income tax 6,301    7,192   
    55 59 88 Income tax related to Pillar Two income tax 113    167

             Page 27

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    4,127    1,711    698    Currency translation differences 5,837    (1,296)  
          Of which:    
    4,117 1,618 (406) Recognised in Other comprehensive income 5,736    (2,388)  
    9 92 1,104 (Gain)/loss reclassified to profit or loss 101    1,092

    Condensed Consolidated Balance Sheet

    Assets classified as held for sale

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

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

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

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    684    570    2,027    Other 1,254    2,536   

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

    Dividends received from joint ventures and associates

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    2,361    523    792    Dividends received from joint ventures and associates 2,884    1,530   

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

    Proceeds from sale of property, plant and equipment and businesses

             Page 28

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    (57)   559    710    Proceeds from sale of property, plant and equipment and businesses 502    1,033   

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

    8. Reconciliation of Operating expenses and Total Debt

                                       
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    4,909    5,549    5,593    Production and manufacturing expenses 10,459    11,403   
    3,077    2,840    3,094    Selling, distribution and administrative expenses 5,917    6,069   
    278    185    263    Research and development 464    475   
    8,265    8,575    8,950    Operating expenses 16,840    17,947   
                                       
     
    RECONCILIATION OF TOTAL DEBT    
         
               
    June 30, 2025 March 31, 2025 June 30, 2024 $ million June 30, 2025 June 30, 2024
    10,457    11,391    10,849    Current debt 10,457    10,849   
    65,218    65,120    64,619    Non-current debt 65,218    64,619   
    75,675    76,511    75,468    Total debt 75,675    75,468   

    9. Post-balance sheet events

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

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

             Page 29

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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

                                                   
     
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             4,264
    Add: Non-controlling interest             50
    Adjusted Earnings plus non-controlling interest 1,737 1,732 1,199 118 (9) (463) 4,314
    Add: Taxation charge/(credit) excluding tax impact of identified items 497 2,205 413 (103) 20 (217) 2,815
    Add: Depreciation, depletion and amortisation excluding impairments 1,585 2,353 557 872 90 6 5,463
    Add: Exploration well write-offs 3 203 — — — — 206
    Add: Interest expense excluding identified items 53 171 12 16 2 820 1,074
    Less: Interest income — 26 — 39 2 492 559
    Adjusted EBITDA 3,875 6,638 2,181 864 102 (346) 13,313
    Less: Current cost of supplies adjustment before taxation     104 333     436
    Joint ventures and associates (dividends received less profit) 92 1,542 161 70 10 — 1,876
    Derivative financial instruments 542 25 13 3 (66) 410 928
    Taxation paid (967) (1,948) (132) (87) (60) (238) (3,432)
    Other (265) (413) 533 471 142 (395) 74
    (Increase)/decrease in working capital 352 655 67 383 (128) (1,715) (386)
    Cash flow from operating activities 3,629 6,500 2,718 1,372 1 (2,283) 11,937
                                                   
     
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             5,577
    Add: Non-controlling interest             94
    Adjusted Earnings plus non-controlling interest 2,483 2,337 900 449 (42) (457) 5,670
    Add: Taxation charge/(credit) excluding tax impact of identified items 803 2,619 391 99 63 (191) 3,784
    Add: Depreciation, depletion and amortisation excluding impairments 1,404 2,213 566 852 90 6 5,130
    Add: Exploration well write-offs — 29 — — — — 28
    Add: Interest expense excluding identified items 51 200 12 14 2 841 1,119
    Less: Interest income 4 11 — 4 2 461 481
    Adjusted EBITDA 4,735 7,387 1,869 1,410 111 (261) 15,250
    Less: Current cost of supplies adjustment before taxation     52 (67)     (15)
    Joint ventures and associates (dividends received less profit) (286) (159) 203 54 10 — (178)
    Derivative financial instruments 542 14 10 (508) (169) 73 (38)
    Taxation paid (773) (1,999) (174) 63 52 (68) (2,900)
    Other (68) (386) 396 125 (17) (257) (206)
    (Increase)/decrease in working capital (687) (913) (344) (1,081) 380 (19) (2,663)
    Cash flow from operating activities 3,463 3,945 1,907 130 367 (531) 9,281

             Page 30

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
     
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             6,293
    Add: Non-controlling interest             122
    Adjusted Earnings plus non-controlling interest 2,675 2,336 1,082 1,085 (187) (576) 6,415
    Add: Taxation charge/(credit) excluding tax impact of identified items 940 2,312 359 297 (10) 49 3,947
    Add: Depreciation, depletion and amortisation excluding impairments 1,375 2,750 548 867 95 6 5,642
    Add: Exploration well write-offs 5 264 — — — — 269
    Add: Interest expense excluding identified items 44 166 10 23 1 904 1,149
    Less: Interest income — (1) — 30 (9) 595 616
    Adjusted EBITDA 5,039 7,829 1,999 2,242 (91) (213) 16,806
    Less: Current cost of supplies adjustment before taxation     74 59     133
    Joint ventures and associates (dividends received less profit) 96 (288) (54) 46 64 — (135)
    Derivative financial instruments (133) 9 7 304 607 (79) 713
    Taxation paid (1,039) (1,955) (17) (186) (138) (113) (3,448)
    Other (104) (341) (57) 263 180 20 (38)
    (Increase)/decrease in working capital 324 484 153 (361) 225 (1,083) (258)
    Cash flow from operating activities 4,183 5,739 1,958 2,249 847 (1,468) 13,508
                                                   
     
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             9,841
    Add: Non-controlling interest             144
    Adjusted Earnings plus non-controlling interest 4,220 4,068 2,100 567 (51) (920) 9,984
    Add: Taxation charge/(credit) excluding tax impact of identified items 1,299 4,824 804 (3) 83 (408) 6,599
    Add: Depreciation, depletion and amortisation excluding impairments 2,988 4,566 1,123 1,724 180 13 10,593
    Add: Exploration well write-offs 3 232 — — — — 234
    Add: Interest expense excluding identified items 104 371 24 29 4 1,661 2,193
    Less: Interest income 4 37 1 43 3 953 1,040
    Adjusted EBITDA 8,610 14,024 4,049 2,274 213 (607) 28,563
    Less: Current cost of supplies adjustment before taxation     156 266     422
    Joint ventures and associates (dividends received less profit) (194) 1,384 365 124 20 — 1,698
    Derivative financial instruments 1,084 39 23 (504) (235) 484 891
    Taxation paid (1,741) (3,946) (306) (24) (8) (306) (6,331)
    Other (332) (799) 928 597 126 (651) (132)
    (Increase)/decrease in working capital (335) (257) (277) (698) 252 (1,734) (3,049)
    Cash flow from operating activities 7,092 10,445 4,625 1,502 368 (2,814) 21,218
                                                   
     
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Adjusted Earnings             14,027
    Add: Non-controlling interest             192
    Adjusted Earnings plus non-controlling interest 6,354 4,270 1,863 2,700 (24) (944) 14,219
    Add: Taxation charge/(credit) excluding tax impact of identified items 1,936 4,834 717 635 (9) (42) 8,071
    Add: Depreciation, depletion and amortisation excluding impairments 2,785 5,477 1,084 1,737 201 12 11,296
    Add: Exploration well write-offs 13 811 — — — — 823
    Add: Interest expense excluding identified items 87 335 22 40 2 1,825 2,312
    Less: Interest income — 9 — 44 (5) 1,155 1,204
    Adjusted EBITDA 11,175 15,717 3,686 5,068 175 (304) 35,517
    Less: Current cost of supplies adjustment before taxation     (79) (148)     (227)
    Joint ventures and associates (dividends received less profit) (101) (834) 38 102 78 — (717)
    Derivative financial instruments (1,213) 5 (32) (98) 2,585 (228) 1,019
    Taxation paid (1,506) (3,757) (191) (205) (382) (23) (6,064)
    Other (59) (572) 337 (115) 151 124 (135)
    (Increase)/decrease in working capital 599 905 (639) (3,000) 706 (1,581) (3,010)
    Cash flow from operating activities 8,895 11,466 3,277 1,900 3,313 (2,013) 26,838

             Page 31

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    Identified items

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

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

    See Note 2 “Segment information” for details.

    B.    Adjusted Earnings per share

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

    C.    Cash capital expenditure

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

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

    D.    Capital employed and Return on average capital employed

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

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

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

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

             Page 32

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    E.    Net debt and gearing

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

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

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

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

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

             Page 33

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                                   
       
    Q2 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 899 1,940 179 1,459 431 — 4,909
    Selling, distribution and administrative expenses 30 43 2,319 441 138 106 3,077
    Research and development 36 71 49 38 23 61 278
    Operating expenses 965 2,055 2,547 1,939 592 168 8,265
                                                   
       
    Q1 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 947 2,139 349 1,621 486 8 5,549
    Selling, distribution and administrative expenses 38 42 2,053 442 153 111 2,840
    Research and development 22 32 42 25 21 43 185
    Operating expenses 1,006 2,213 2,444 2,088 661 162 8,575
                                                   
       
    Q2 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 1,050 2,219 320 1,573 422 10 5,593
    Selling, distribution and administrative expenses 64 62 2,295 293 279 101 3,094
    Research and development 32 61 47 37 24 62 263
    Operating expenses 1,146 2,341 2,662 1,902 725 173 8,950
                                                   
       
    Half year 2025 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 1,846 4,079 528 3,080 916 8 10,459
    Selling, distribution and administrative expenses 67 85 4,371 884 292 218 5,917
    Research and development 57 103 92 63 44 104 464
    Operating expenses 1,971 4,268 4,991 4,027 1,253 330 16,840
                                                   
       
    Half year 2024 $ million
      Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
    Production and manufacturing expenses 2,006 4,487 685 3,207 1,001 16 11,403
    Selling, distribution and administrative expenses 126 120 4,483 713 437 190 6,069
    Research and development 58 119 81 71 36 111 475
    Operating expenses 2,190 4,726 5,249 3,990 1,475 317 17,947

    Underlying operating expenses

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

             Page 34

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

                                       
         
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    8,265    8,575    8,950    Operating expenses 16,840    17,947   
    (119)   (44)   (210)   Redundancy and restructuring (charges)/reversal (162)   (283)  
    (1)   (101)   (212)   (Provisions)/reversal (102)   (212)  
    —    23    123    Other 23    252   
    (120)   (121)   (299)   Total identified items (241)   (242)  
    8,145    8,453    8,651    Underlying operating expenses 16,598    17,704   

    G.    Free cash flow and Organic free cash flow

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

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

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

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

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

    H.    Cash flow from operating activities excluding working capital movements

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

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

                                       
     
    Quarters $ million Half year
    Q2 2025 Q1 2025 Q2 2024   2025 2024
    11,937    9,281    13,508    Cash flow from operating activities 21,218    26,838   
    (27)   854    (954)   (Increase)/decrease in inventories 827    (1,562)  
    3,635    (2,610)   1,965    (Increase)/decrease in current receivables 1,025    1,770   
    (3,994)   (907)   (1,269)   Increase/(decrease) in current payables (4,901)   (3,218)  
    (386)   (2,663)   (258)   (Increase)/decrease in working capital (3,049)   (3,010)  
    12,323    11,944    13,766    Cash flow from operating activities excluding working capital movements 24,267    29,848   

    I.    Divestment proceeds

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

             Page 35

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    J.    Structural cost reduction

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

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

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

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

               
       
      $ million
    Structural cost reduction up to second quarter 2025 compared with 2022 levels (3,905)  
       
    Underlying operating expenses 2024 35,707
    Underlying operating expenses 2022 39,456
    Total decrease in Underlying operating expenses (3,749)  
    Of which:  
    Structural cost reductions (3,119)  
    Change in Underlying operating expenses excluding structural cost reduction (630)  
       
    Underlying operating expenses first half 2025 16,598
    Underlying operating expenses first half 2024 17,704   
    Total decrease in Underlying operating expenses (1,106)  
    Of which:  
    Structural cost reductions (786)  
    Change in Underlying operating expenses excluding structural cost reduction (320)  

             Page 36

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    PRINCIPAL RISKS AND UNCERTAINTIES

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

    1.Portfolio risks

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

    2.Climate change and the energy transition

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

    3.Country risks

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

    4.Financial risks

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

    5.Trading risks

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

    6.Health, safety, security and the environment

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

    7.Information technology and cybersecurity risks

    We rely heavily on information technology systems in our operations.

    8.Litigation and regulatory compliance

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

    9.Reputation and risks to our licence to operate

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

    10.Our people and culture

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

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

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

             Page 37

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    2025 PORTFOLIO DEVELOPMENTS

    Integrated Gas

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

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

    Upstream

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

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

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

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

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

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

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

    Chemicals and Products

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

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

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

    Renewables and Energy Solutions

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

             Page 38

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    RESPONSIBILITY STATEMENT

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

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

    On behalf of the Board

                                 
    Wael Sawan   Sinead Gorman    
    Chief Executive Officer   Chief Financial Officer    
    July 31, 2025   July 31, 2025    

             Page 39

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    INDEPENDENT REVIEW REPORT TO SHELL PLC

    Conclusion

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

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

    Basis for Conclusion

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

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

    Conclusions Relating to Going Concern

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

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

    Responsibilities of the Directors

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

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

    Auditor’s Responsibilities for the review of the financial information

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

    Use of our report

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

    Ernst & Young LLP

    London

    July 31, 2025

             Page 40

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

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

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

    Forward-Looking statements

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

    Shell’s net carbon intensity

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

    Shell’s net-zero emissions target

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

    Forward-Looking non-GAAP measures

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

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

             Page 41

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

    This announcement contains inside information.

    July 31, 2025

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

    Contacts:

    – Sean Ashley, Company Secretary

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

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

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

             Page 42

    The MIL Network –

  • MIL-OSI: ANNOUNCEMENT OF A VOLUNTARY SHARE EXCHANGE OFFER MADE BY EURONEXT N.V. TO ACQUIRE THE ORDINARY REGISTERED SHARES OF HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. IN CONSIDERATION FOR SHARES OF EURONEXT N.V.

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY, OR CONSTITUTE A VIOLATION OF, THE RELEVANT LAWS OF THAT JURISDICTION OR REQUIRE EURONEXT AND/OR ATHEX TO TAKE ANY FURTHER ACTION.

    PLEASE SEE THE IMPORTANT DISCLAIMERS AT THE END OF THIS ANNOUNCEMENT.

    ANNOUNCEMENT OF A VOLUNTARY SHARE EXCHANGE OFFER MADE BY EURONEXT N.V. TO ACQUIRE THE ORDINARY REGISTERED SHARES OF HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. IN CONSIDERATION FOR SHARES OF EURONEXT N.V.

    31 July 2025

    Executive Summary

    Euronext N.V. (“Euronext” or the “Offeror”, and together with any and all of its directly, or indirectly, wholly, or partially, owned subsidiaries, the “Euronext Group”) announces today the submission of a voluntary share exchange offer (the “Tender Offer”) to acquire all common registered shares, each having a nominal value of €0.42 (each, an “ATHEX Share”) of HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (“ATHEX” or the “Company” and together with its subsidiaries, the “ATHEX Group”), for newly issued ordinary shares in the capital of the Offeror, with a nominal value of €1.60 each (each, a “Consideration Share”) on a ratio of 0.050 Consideration Share for 1 ATHEX Share, in accordance with Greek Law 3461/2006 (the “Law”). Based on Euronext’s 1-week VWAP of €147.24 as of 29 July 2025, the Offer values the entire issued and to be issued ordinary share capital1 of ATHEX at approximately €425.9 million on a fully diluted basis.

    The purpose of the Tender Offer is for the Offeror to acquire direct control over ATHEX and integrate the ATHEX Group into the Euronext Group. Pursuant to the Tender Offer, the Offeror seeks to become the direct parent company of ATHEX and the ultimate parent company of ATHEX Group with a shareholding structure where all ATHEX shareholders will become shareholders of the Offeror.

    The principal objective of the Tender Offer is to acquire and integrate ATHEX into Euronext, a comprehensive pan-European business model characterized by a single liquidity pool, a single order book, a single trading technology platform, a common approach to listing and a unified post-trading framework in order to reduce fragmentation in European financial markets, reinforcing the Savings and Investment Union endeavors, and finance the real European economy effectively.

    The integration of ATHEX Group within the Euronext group is expected to (i) strengthen access to financing for Greek corporates, (ii) embed ATHEX within a pan-European trading framework, (iii) reinforce the operating resiliency of the local capital markets and (iv) create a unified post-trade infrastructure.

    Greek ecosystem to be fully part of the Offeror’s governance and supervision through (i) the CEO of ATHEX joining the Managing Board of Euronext, (ii) HCMC joining Euronext’s College of Regulators and (iii) subject to the Offeror’s shareholders’ and regulatory approvals, an independent director representing the Greek ecosystem will join the Offeror’s Supervisory Board.

    ATHEX Group will maintain its ties to Greece after the Tender Offer, retaining its head office in Athens, while ATHEX’s tax residence will remain in Greece.

    On 30 July 2025, the Offeror and ATHEX entered into a Cooperation Agreement that outlines the terms and conditions under which both the Offeror and ATHEX agree to work together towards the completion of the Tender Offer.

    In addition, all members of the Board of Directors of ATHEX owning ATHEX shares including CEO Yannos Kontopoulos have agreed to tender ATHEX shares they own today or may own during Tender Offer subject to the issuance of a reasoned opinion of ATHEX’s Board of Directors in favour of the Tender Offer.

    Deutsche Bank AG is acting as advisor to Euronext in connection with the Tender Offer.

    The Tender Offer

    In accordance with the Law, Euronext, announces the submission of the Tender Offer to acquire all of the outstanding ordinary registered shares of ATHEX, as at 30 July 2025 (the “Date of the Tender Offer”), i.e. 60,348,000 ATHEX Shares representing 100% of the total issued share capital and voting rights of ATHEX as at that date.

    ATHEX is a Greek société anonyme under the name “HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A.”, registered with the General Commercial Registry with registration number 003719101000 and registered seat at 110 Athinon Ave, 104 42, Athens. The share capital of ATHEX amounts to €25,346,160.00 and is divided into 60,348,000 shares, with a par value of €0.42 each, which has been fully paid-up. The ATHEX’s shares are commonly registered with a voting right. According to the announcements that ATHEX has published until and including 30 July 2025, ATHEX held an aggregate of 2,498,000 of issued ATHEX Shares (the “Treasury Shares”). ATHEX’s shares were admitted to trading on the Athens Stock Exchange in August 2000 and are currently traded on the main market of the Athens Stock Exchange under the trading symbol EXAE.

    The Date of the Tender Offer is the date on which Euronext initiated the Tender Offer process by informing the Hellenic Capital Market Commission (the “HCMC”) and the board of directors of ATHEX of the Tender Offer and submitting to them a draft of the Greek information circular (the “Information Circular”), in accordance with article 10, paragraph 1 of the Law.

    The Offeror will publish by way of separate announcement the commencement of the acceptance period of the Tender Offer (the “Acceptance Period”) and the means to tender.

    The companies of the Euronext Group are acting in concert with the Offeror for the purposes of the Tender Offer, pursuant to article 2, case (e) of the Law .There are no other persons acting in concert with the Offeror for the purposes of the Tender Offer, pursuant to article 2, case (e) of the Law. As at the Date of the Tender Offer, no ATHEX Shares were held, directly or indirectly, by the Euronext Group.

    The Offeror may purchase ATHEX Shares in the market or over-the-counter until and including the end of the Acceptance Period.

    On 30 July 2025, the Offeror and ATHEX entered into a cooperation agreement which details the cooperation between the Offeror and ATHEX in relation to the Tender Offer (the “Cooperation Agreement”). The Cooperation Agreement provides, among others, that ATHEX will not tender the Treasury Shares in the Tender Offer.

    Other than the Cooperation Agreement and the aforementioned written statements received by the Offeror from the ATHEX directors, there are no special agreements relating to the Tender Offer or the exercise of rights arising from the ATHEX Shares to which the Offeror is a party.

    The purpose of the Tender Offer is for the Offeror to acquire direct control over ATHEX and integrate the ATHEX Group into the Euronext Group. Pursuant to the Tender Offer, the Offeror seeks to become the direct parent company of ATHEX and the ultimate parent company of ATHEX Group with a shareholding structure where ATHEX shareholders will become shareholders of the Offeror.

    Consideration and Tender Offer Structure

    In consideration for every ATHEX Share lawfully and validly tendered in the Tender Offer, and in accordance with the first clause of paragraph 1 of article 9 of the Law, Euronext offers five hundredths (0.050) of a Consideration Share for 1 ATHEX Share (the “Offer Consideration”). The shares of the Offeror are held in book-entry form through the Central Securities Depository for the Offeror Shares (“Euronext Securities”).

    The Offer Consideration meets the criteria of “fair and equitable” consideration under article 9, paragraphs 4 and 5 of the Law.

    1. The Offer Consideration of the Tender Offer means the amount of 0.050 Consideration Shares for 1 ATHEX Share, to be issued pursuant to the Tender Offer.
    2. As provided for in article 9, paragraph 5 (a) of the Law, the following shall be taken into account for the price of the ATHEX share:

    a)   its VWAP during the six months preceding the Date of the Tender Offer, where in this case the VWAP of ATHEX’s share during the six months preceding 30 July 2025, is €5.9770.

    b)   the Offeror did not acquire ATHEX Shares during the twelve (12) months preceding the Date of the Tender Offer.

    C. A valuation is not required for ATHEX based on the provisions of par. 6 of article 9 of the Law, as none of the conditions referred to therein are met, namely:

    • no sanctions have been imposed by the Board of Directors of HCMC for manipulation of ATHEX Shares that took place within the 18-month period preceding the Date of the Tender Offer,
    • during the six (6) months preceding the Date of the Tender Offer, (i) Share transactions have been carried out on the Athens Stock Exchange on more than three-fifths (3/5) of the operating days of the relevant market, and specifically, they amounted to 100% of them and (ii) Share transactions that have been carried out exceed ten percent (10%) of the total number of Shares of ATHEX, and specifically, they amounted to 39.1% of them.
    • The “fair and equitable” consideration as determined by the criteria of paragraph 4 of Article 9 of the Law, exceeds eighty percent (80%) of the book value per share, based on the data of the average of the last two published financial statements of Law 3556/2007, on a consolidated basis.

    D.         As provided for in article 9 par. 5 (b) of the Law, for the price of the Offeror’s share provided as consideration, the VWAP of the Offeror’s share during the six months preceding the Date of the Tender Offer is taken into account, where in this case the VWAP of the Offeror’s share during the six months preceding 30 July 2025 is €135.0369.

    E. Therefore, 0.050 of the Offeror’s share provided as consideration is equal to €6.7518 per ATHEX Share, taking into account the VWAP of the Offeror Share. Therefore, the Offer Consideration meets the criteria of “fair and equitable” consideration, as described in Article 9, paragraphs 4 and 5 of the Law.

    This amount on the Date of the Tender Offer exceeds by 13.0% the “fair and equitable” consideration, as defined in Article 9, paragraphs 4 and 5, as on the one hand the VWAP of ATHEX during the six months preceding the Tender Offer is €5.9770, and on the other hand the Offeror did not acquire Shares during the twelve (12) months preceding the Date of the Tender Offer.

    This amount on the Date of the Tender Offer represents a 7.51% discount to the closing price of the ATHEX Share on the Athens Stock Exchange on the date preceding the Date of the Tender Offer, which amounted to €7.3000, as both ATHEX and Euronext shares have appreciated over the past six months.

    In addition:

    • the Offer Consideration calculated on the basis of the price of the Offeror Share on the date preceding the Date of the Tender Offer represents a 1.7% discount to the closing price of the ATHEX Share on the Athens Stock Exchange on the date preceding the Date of the Tender Offer.
    • the Offer Consideration calculated on the basis of the price of the Offeror Share on 27 June 2025, being the date when the Offeror issued a statement confirming its discussions with ATHEX (the “Date of the Initial Statement”) exceeds by 21.3% the closing price of the ATHEX Share on the Athens Stock Exchange on the Date of the Initial Statement.

    On 15 May 2025, the general meeting of the Offeror has designated the Managing Board of the Offeror for a period of eighteen (18) months as the competent body to, subject to the approval of the Supervisory Board of the Offeror, issue ordinary shares and to grant rights to subscribe for ordinary shares up to a total of 10% of the issued ordinary share capital at the date of the annual general meeting held in 2025, and to restrict or exclude the pre-emptive rights of shareholders pertaining to (the right to subscribe for) ordinary shares upon any issuance of ordinary shares (the AGM Delegation). Pursuant to the AGM-Delegation, the Managing Board of the Offeror resolved on 29 July 2025 to issue Consideration Shares, subject to the terms and conditions set forth in this Information Circular. On the same date, the Supervisory Board of the Offeror approved the resolution adopted by the Managing Board in accordance with the AGM-Delegation. The maximum number of Consideration Shares that Euronext will issue in connection with the Tender Offer, the Right of Squeeze-Out and the Right to Sell-Out (being 3,017,400 Consideration Shares) is smaller than the number of Offeror Shares that the Euronext boards are capable of issuing pursuant to such mandate (being 10,423,550 Offeror Shares). Euronext will assume payment of the duties levied in favor of the Hellenic Central Securities Depository S.A. (the “ATHEXCSD”) on the registration of the over-the-counter transfer of the Transferred Shares in accordance with the codified decision 18 (Meeting 311/22.02.2021) of the Board of Directors of ATHEXCSD, which would otherwise be payable by the accepting shareholders of ATHEX. Such duties amount to 0.08% and are calculated in accordance with the provisions of such decision.

    Shareholders who offer the ATHEX Shares they hold in the context of the Tender Offer, including those electing to receive the Cash Consideration in the context of the exercise of the Right of Squeeze-out or the Right to Sell-out, will also be responsible for all charges and taxes that are due in connection with the Tender Offer, and the Offeror assumes no responsibility nor liability in the payment of said charges and taxes other than the duties levied in favor of the ATHEXCSD expressly set forth in this Information Circular. Notably, based on the letter of the circular issued by the Greek Independent Authority for Public Revenue with reference number Ε.2048/2024, the transfer of the Transferred Shares to the Offeror in consideration for Consideration Shares can be excluded from the tax provided for in article 9 paragraph 2 of Law 2579/1998 in favor of the Greek State provided all conditions mentioned therein are met, which amounts to 0.10%, and is imposed on sales of shares listed on the Athens Stock Exchange, since such transfer does not constitute a sale under the abovementioned provision. Shareholders are advised to consult their own tax advisors regarding the tax implications of the Tender Offer that may concern them in Greece or abroad.

    Euronext will publish, through a separate announcement, the commencement of the Acceptance Period and the means to tender.

    If after the end of the Acceptance Period, Euronext possesses the Minimum Number of Shares but less than 52.065.000 ATHEX Shares representing 90% of the voting rights of ATHEX, ATHEX shares will continue to be traded in the Athens Stock Exchange.

    Squeeze-Out and Sell-Out Procedures, Delisting of ATHEX

    If, at the end of the Acceptance Period, Euronext holds at least 52,065,000 ATHEX Shares representing 90% of ATHEX’s total voting rights (the “Relevant Threshold”):

    (a)   Euronext will initiate the squeeze-out procedure under the Law to cause any remaining holders of Company Shares to transfer those ATHEX Shares to Euronext, in accordance with the Law (the “Right of Squeeze-Out”); and

    (b)   holders of ATHEX Shares who have not accepted the Tender Offer will be entitled, within a period of three (3) months from the publication of the results of the Tender Offer, to exercise the right to sell-out, in accordance with the Law (the “Right to Sell-Out”).

    The consideration offered for each Company Share regarding both the Right of Squeeze-Out and the Right to Sell-Out, will be in accordance with the provisions of Articles 27 and 28 of the Law.

    If the Relevant Threshold is reached or exceeded at the end of the Acceptance Period, the Offeror expects that the Right of Squeeze-out process will be completed within four to eight weeks after Closing. The Offeror intends to apply for the commencement of unconditional listing and trading on Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris of any Offeror Shares which may be issued as consideration in connection with the Right of Squeeze-out as soon as practicable following completion of the Right of Squeeze-out process.

    If the Relevant Threshold is reached or exceeded at the end of the Acceptance Period, the Right to Sell-out will automatically expire upon completion of the Right of Squeeze-Out. As a result, the Offeror expects that completion of the Right to Squeeze-out process will precede the completion of the Right of Sell-out process. If completion of the Right to Sell-out process does not precede the completion of the Right of Squeeze-out out process, the Offeror intends to apply for the commencement of unconditional listing and trading on Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris of any Offeror Shares which may be issued as consideration pursuant to the Right to Sell-out as soon as practicable following completion of the Right to Sell-out process.

    If, following completion of the Tender Offer or after the exercise of the Right of Squeeze-out or the Right to Sell-out, as the case may be, the Offeror holds 95% of ATHEX’s share capital, the Offeror intends to request the convocation of a General Meeting of the Shareholders to resolve upon the submission of an application to the HCMC requesting the delisting of the ATHEX Shares from the Athens Stock Exchange, in accordance with article 17 paragraph 5 of Law 3371/2005, at which (General Meeting) the Offeror will exercise its voting rights in favor of such resolution.

    Plans for ATHEX and Euronext following the Tender Offer

    Embed ATHEX within a pan-European trading framework

    As part of the combined group, ATHEX will be able to join the Euronext Group’s single liquidity pool, enabled by a single order book and powered by a single technology platform, where members can access all its markets in a seamless manner, with the ambition of deepening investor interest and creating greater liquidity as well as fair and transparent markets. Today, more than €13 billion worth of equities are traded daily on the Offeror’s seven (7) European markets that are part of the single liquidity pool. Thanks to its highly flexible architecture, the Offeror expects to see reduced time to market for new products in the combined group. This integration aims to deepen investor interest, create greater liquidity, and ensure fair and transparent markets.

    Strengthen access to financing for Greek corporates

    With ATHEX joining the Euronext Group, Greece will become a key hub for listings under a harmonized framework, offering greater scale, visibility, and access to European liquidity. In addition to listing larger Greek companies, the Offeror will bolster its capabilities in financing Greek SMEs. The pan-European pre-IPO educational program “IPOready” will be deployed across Greece. This program has already enabled over 1,200 companies to understand the benefits of listing, resulting in 33 new listings (€1.6 billion raised at listing, €5.7 billion aggregate market cap at listing). The Offeror will also provide a platform for Greek companies to list debt, diversifying their financing sources.

    Following the successful completion of the Tender Offer, ATHEX will be incorporated into a trusted framework for European and international investors. The Offeror has a proven track record of delivering substantial benefits to the local ecosystems of acquired market operators.

    Reinforce the operating resiliency of the local capital markets

    The Offeror’s size and operational DNA enable it to operate within extremely high reliability standards. The Offeror is investing massively in market technology and has built the best-in-class technology operations with cyber-security excellence. The Offeror has been granted the highest security ratings in its recent annual technology audit performed by Bitsight. The Offeror is a technology business first and foremost, with more than 875 technology and operations employees (35% of total employees), mainly located in Milan, Porto and Paris. ATHEX will benefit from an immediate change in scale in terms of technology platforms and operations, notably from a fully integrated cybersecurity and operational framework operation ensuring maximum resilience of the Greek market in a world of increasingly complex technology threats.

    Create a unified post-trade infrastructure

    The Offeror relies on a single clearing house, clearing all of its European market flows across cash and derivatives products. As part of the combined group, the Offeror intends to expand Euronext Clearing, which centralizes clearing for the whole Euronext Group, and which has benefitted from significant investments over the past few years, to Greek securities. This central European clearing expansion is key to the integration of Greek markets within the Offeror’s framework.

    The Offeror relies on a converging technology framework to create the conditions of success for the custody and settlement of financial products across Europe. As part of the combined group, the CSD function of ATHEX will be part of Euronext Securities’ convergence program, aiming at delivering a unified post-trading core settlement service through a single platform for securities settlement (TARGET2-Securities or T2S) by leveraging the CSDs of the Euronext Group.

    ATHEX as the cornerstone of the Offeror in Southeast Europe

    As the largest exchange group in the highly dynamic Southeastern region of Europe, ATHEX is best placed to lead the Offeror’s expansion across the region. As part of the Euronext Group, ATHEX will be the cornerstone of the Offeror’s expansion in the region, where business opportunities are numerous.

    Greek ecosystem to be fully part of the Offeror’s governance and supervision

    After and subject to successful completion of the Tender Offer, the composition of the Offeror’s Supervisory Board and the structure of its corporate governance will be amended. Subject to the Offeror’s shareholders and regulatory approvals, an independent director representing the Greek ecosystem will join the Offeror’s Supervisory Board.

    In addition, the Chief Executive Officer of the ATHEX will join the Offeror’s Managing Board, subject to the Offeror shareholders’ and regulatory approvals.

    In terms of regulatory framework, the Offeror is supervised at group level by a College of Regulators. The College of Regulators is made up of the seven (7) national regulatory authorities supervising the respective Euronext’s national regulated markets. After and subject to Closing occurring, the Offeror will recommend inviting HCMC to join the Offeror’s College of Regulators, pari passu with the national regulatory authorities currently supervising the Offeror, with a rotating chair every semester to exercise supervision at group level of the combined group. The direct regulatory oversight of ATHEX and the Greek market will remain unchanged. This will allow HCMC to continue regulating ATHEX and the Greek market and be part of the supervision of ATHEX at group-level through the Offeror’s College of Regulators.

    Reunite complementary skills and expertise

    Should the potential combination occur, it could create opportunities for knowledge sharing, career development, and cross-functional collaboration, fostering an environment where talent thrives. Euronext would aim to cultivate an inclusive, collaborative, and entrepreneurial work environment. With a long-standing commitment to diversity and inclusion, Euronext believes that recognizing and valuing diversity benefits both employees and the business’s long-term success. Euronext would ensure that ATHEX employees have opportunities for career development, encouraging them to take on wider responsibilities and roles in the pan-European development of their activities. They would also be encouraged to explore opportunities across various locations to embrace new challenges within Euronext. The diversification of Euronext’s businesses would consistently offer opportunities for high-performing employees, not only in traditional exchange roles but also in new activities developed through the innovation program.

    Following the successful completion of the Tender Offer and upon approval of the ATHEX shareholders meeting, the Offeror intends to modify, subject to ATHEX’s shareholders approval by a simple majority, ATHEX’s trademark name. As such, it will operate under the name “Euronext Athens”, fully embedding the Greek financial infrastructure and creating a sense of togetherness.

    Tender Offer Conditions

    Completion of the Tender Offer is subject to the satisfaction of the following conditions and minimum number of shares:

    (a)   the approval of the HCMC in relation to the direct change of control of ATHEX;

    (b)   the approval of the HCMC in relation to the indirect change of control of ΑΤΗΕΧClear;

    (c)   the approval of the HCMC in relation to the indirect change of control of ATHEXCSD;

    (d)   the approval of RAEWW and the HCMC in relation to the change of control of ATHEX due to its participation in Hellenic Energy Exchange (“HenEx”) and EnEx Clearing House (“EnExClear”);

    (e)   the approval of the HCMC in relation to the acquisition by the Euronext Reference Shareholders2 of an indirect qualifying holding between 20% and 50% of ATHEX, ATHEXCSD and ATHEXClear;

    (f)   the issuance of a declaration of non-objection from the competent foreign authorities regarding the coordinated regulation and supervision of Euronext being the AMF, AFM, CBI, NFSA, FSMA, CMVM, and CONSOB (together with (a)-(f), the “Conditions”); and

    (g)   no later than the end of the Acceptance Period, at least 38,759,500 ATHEX Shares, corresponding to at least 67% of ATHEX’s total paid-up voting share capital, shall have been lawfully and validly tendered to the Offeror (the “Minimum Number of Shares”). This condition may be amended in accordance with the provisions of the Law.

    If (i) the Minimum Number of Shares is not fulfilled as at the end of the Acceptance Period and/or (ii) the Conditions are not satisfied, the Tender Offer will ipso jure lapse, with retroactive effect, and have no legal effect, and the ATHEX Shares tendered to the Offeror will be returned to their holders.

    The Offeror may revoke the Tender Offer if (i) a competing offer, as provided by the Law, has been submitted, or (ii) subject to the HCMC’s approval, if an unforeseen change in circumstances beyond the control of the Offeror occurs that makes the Tender Offer particularly onerous.

    The declarations of acceptance which are submitted cannot be revoked, unless a competing offer, as provided by the Law, has been submitted, in which case the accepting shareholder will be entitled to exercise a revocation right.

    Shareholders’ Statements – Undertakings

    All members of the Board of Directors of ATHEX owning ATHEX shares including CEO Ioannis Kontopoulos have provided irrevocable undertakings to tender their shares in the Tender Offer subject to the issuance of a reasoned opinion of ATHEX’s Board of Directors in favour of the Tender Offer.

    Name Number of shares held
    George Ηandjinicolaou 15,000
    Ioannis Kontopoulos 95,000

    Euronext Advisors

    Deutsche Bank AG, a credit institution incorporated under the laws of the Federal Republic of Germany with its principal office in Frankfurt am Main, registered address Taunusanlage 12, 60325 Frankfurt am Main, acts as advisor of Euronext in respect of the Tender Offer, in accordance with article 12 of the Law (the “Advisor”).

    For the purpose of the Tender Offer only, Deutsche Bank AG has certified to the HCMC that Euronext (i) has taken all appropriate measures to be able to issue and deliver the Euronext Shares to the shareholders who will accept the Tender Offer and (ii) has the necessary wherewithal to pay in full the total amount in respect of the 0.16% clearing duties, namely 0.08% payable by Euronext and 0.08% payable by each of ATHEX’s shareholders who lawfully and validly accept the Tender Offer, payable by Euronext to the Hellenic Central Securities Depository S.A., in connection with the registration of the over-the-counter transfer of all the ordinary shares of ATHEX tendered to Euronext by ATHEX’s shareholders. It is clarified that this certificate does not constitute any offer of financing or any other type of commitment and/or assumption of any obligation whatsoever, and that this certificate is not provided as nor does it constitute advice, or recommendation within the meaning of Article 729 of the Greek Civil Code. Deutsche Bank AG, by means of this certificate, does not provide any guarantee (within the meaning of Article 847 of the Greek Civil Code) or letter of guarantee, for the fulfillment of the delivery obligations, monetary or other obligations undertaken by the Offeror in the context of the Tender Offer.

    About Euronext

    Euronext is a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands on 15 March 2014 and is domiciled in the Netherlands. Euronext’s statutory seat (statutaire zetel) is in Amsterdam, the Netherlands, and its registered office and principal place of business is at Beursplein 5, 1012 JW Amsterdam, the Netherlands. The Company is registered with the trade register of the Chamber of Commerce for Amsterdam, the Netherlands, under number 60234520, and the telephone number is +31 (0)20-7214444. Euronext’s LEI is 724500QJ4QSZ3H9QU415 and its corporate website is https://www.euronext.com/en.

    Under its Articles of Association, the Offeror’s authorized share capital amounts to €200,000,001.60 and is divided into 125,000,000 Ordinary Shares, each with a nominal value of €1.60 and one priority share with a nominal value of €1.60. The priority share has not been issued. All of Euronext’s shares have been or will be issued under Dutch law.

    As of December 31st, 2024, the Offeror’s issued share capital amounted to €166,776,811.20 and was divided into 104,235,507 ordinary shares, whereas the Offeror held 1,475,395 treasury shares.

    On 11 March 2025, the Offeror announced the completion of its €300 million share repurchase programme for which 2,692,979 shares, or approximately 2.58% of Euronext’s share capital, were repurchased.

    Following the repurchase programme, and as of the cancellation of the purchased shares under this programme which is expected to occur on 5 August 2025, the Offeror’s issued share capital amounts to €162,468,044.80 and divided into 101,542,528 ordinary shares.

    On 22 May 2025, the Offeror launched an offering of bonds due 2032 convertible into new shares and/or exchangeable for existing shares (“OCEANEs”) for a nominal amount of €425 million. Bondholders will be granted the right to convert or exchange the Bonds into new and/or existing Shares (the “Conversion/Exchange Right”) which they may exercise at any time from the 41st day (inclusive) following the Issue Date (30 May 2025) up to the 7th business day (inclusive) preceding the Maturity Date (30 May 2032) or, as the case may be, the relevant early redemption date. For illustrative purposes, considering a nominal amount of €425 million, a reference share price of €145 and a 32.5% conversion premium corresponding to the mid-point of the marketing range, the potential dilution would represent approximately 2.1% of the Company’s outstanding share capital, if the Conversion/Exchange Right was exercised for all the Bonds and the Company decided to deliver new Shares only upon exercise of the Conversion/Exchange Right.

    The Offeror is subject to the provisions of the Dutch Civil Code, the Dutch Financial Supervision Act and the Articles of Association with regard to the issue of shares following admission. The shares are in registered form and are only available in the form of an entry in the Offeror’s shareholders’ register and not in certificated form.

    The Euronext Group provides exchange listing, trading, post trade and related services in Europe. The Company operates Regulated Markets and Multilateral Trading Facilities (each a “MTF”) in seven European countries (Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal). The Group operates these venues under a regulatory licence, under national legislation implementing MiFID II / MiFIR granted to the local market operator and the relevant National Competent Authority (each a “NCA”) or Ministry when appropriate. Each market operator is subject to the national laws and regulations supervised by the NCAs, central banks and finance ministries as appropriate. As part of their regular supervision, NCAs perform from time-to-time audits, inspections and on-site visits. This may lead to recommendations or other measures as appropriate. The Group also operates central securities depositories (each a “CSD”) in four European countries (Denmark, Italy, Norway and Portugal). Each of the CSDs is a limited liability company subject to national laws and regulations; however, they all operate under the brand “Euronext Securities”. VP Securities A/S (Euronext Securities Copenhagen), Monte Titoli S.p.A. (Euronext Securities Milan), Interbolsa S.A. (Euronext Securities Porto), and Verdipapirsentralen ASA (Euronext Securities Oslo) hold a licence under the CSDR, under limited national implementing provisions, granted by their NCA on 3 January 2018, 18 December 2019, 12 July 2018, and 28 January 2022 respectively.

    Euronext, through Euronext Securities Copenhagen, Euronext Securities Milan and Euronext Securities Porto, participates in the ECB’s TARGET2-Securities (T2S) platform. The CSDs migrated respectively in September 2016 (with EUR in 2016 and with Danish Kroner in 2018), August 2015 and March 2016.

    Moreover, the Group operates a Central Counterparty in Italy, Cassa di Compensazione e Garanzia S.p.A (“Euronext Clearing“). The company was incorporated on 31 March 1992, holds its registered office in Rome at Via Tomacelli 146, and is registered with the Italian Register of Companies under no. 04289511000. It is authorised by the Bank of Italy as a CCP pursuant to Article 17 of EMIR with effect from 20 May 2014.

    Important Notices

    General

    The Tender Offer described herein is addressed to holders of ATHEX Shares and only to persons to whom it may be lawfully addressed. The Tender Offer will be made in the territory of the Hellenic Republic. The making of the Tender Offer to specific persons who are residents in or nationals or citizens of jurisdictions outside the Hellenic Republic or to custodians, nominees or trustees of such persons (the “Excluded Shareholders”) may be made only in accordance with the laws of the relevant jurisdiction. It is the responsibility of the Excluded Shareholders and each person wishing to accept the Tender Offer to inform themselves of and ensure compliance with the laws of their respective jurisdictions in relation to the Tender Offer. If you have any doubts as to your status, you should consult with your professional advisor in the relevant jurisdiction.

    The Tender Offer is not being made, directly or indirectly, by mail or by any means in or into any jurisdiction within which, under its laws, rules and regulations, the submission, the making or the presentation of the Tender Offer or the mailing or distribution of the Information Circular to be approved by the HCMC a declaration of acceptance and any other document or material relevant thereto (together, the “Relevant Documents”) is illegal or contravenes any applicable legislation, rule or regulation (together, the “Excluded Territories”). Accordingly, copies of any such Relevant Documents and materials will not be, and must not be, directly or indirectly, mailed, distributed or otherwise sent to anyone or from anyone in or into or from any Excluded Territory.

    No Offeror Shares have been offered or will be offered pursuant to the Tender Offer to the public in the United Kingdom, except that the Offeror Shares may be offered to the public in the United Kingdom at any time: (a) to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation; (b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation); or (c) in any other circumstances falling within Section 86 of the FSMA. Provided that no such offer of the Offeror Shares shall require Euronext or the Advisor to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. For the purposes of this provision, the expression an “offer to the public” in relation to the Offeror Shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any Offeror Shares to be offered so as to enable an investor to decide to purchase or subscribe for any Offeror Shares and the expression “UK Prospectus Regulation” means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

    The Consideration Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States absent registration, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state and other securities laws of the United States. This release does not constitute an offer to sell or solicitation of an offer to buy any of the Consideration Shares in the United States. Euronext has no intention to register any part of the Tender Offer in the United States or make a public offering of the Consideration Shares in the United States. Any Consideration Shares offered in the United States will be offered only to (i) holders of the Company Shares located outside of the United States and (ii) holders of Company Shares located within the United States that are “Qualified Institutional Buyers” (as defined in Rule 144A under the Securities Act). Such holders of Company Shares will be required to make such acknowledgements and representations to, and agreements with, Euronext as Euronext may require establishing that they are entitled to receive Consideration Shares pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. Accordingly, any holder of Company Shares located within the United States who is not a Qualified Institutional Buyer or who does not make such acknowledgement and representation to establish their entitlement to receive the Consideration Shares is ineligible to participate in the Tender Offer, and any purported acceptance of the Tender Offer by such holder will be ineffective and disregarded.

    The Tender Offer is being made in the U.S. in reliance on the expected availability of the Tier II exemption pursuant to Rule 14d-1(d) of, and otherwise in compliance with Section 14E of, and Regulation 14E promulgated under, the U.S. Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and otherwise in accordance with the requirements of Greek law. The Tender Offer is not subject to Section 14(d)(1) of, or Regulation 14D promulgated under, the Exchange Act. The Company is not currently subject to the periodic reporting requirements under the Exchange Act and is not required to, and does not, file any reports with the SEC thereunder.

    Pursuant to exemptive relief granted by the SEC from Rule 14e-5 under the Exchange Act, during the period of the Tender Offer, Euronext may purchase, or arrange to purchase, whether directly or through any of its affiliates, any broker or other financial institution acting as its agent or any affiliates of any broker or other financial institution acting as its agent, shares of the Company as permitted by applicable law. The Offeror Shares are issued to the Company’s existing shareholders in Singapore without the intention of being on-sold there, and no documents issued by or on behalf of the Company may be used in any subsequent sale by these shareholders. The Information Circular has not been and will not be lodged with or registered as a prospectus under the Securities and Futures Act 2001 of Singapore with the Monetary Authority of Singapore. Therefore, the Information Circular does not constitute an offer or invitation for the sale or purchase of the Offeror Shares in Singapore, whether directly or indirectly, and shall not form the basis of any contract for the issue or sale of the Consideration Shares in Singapore.

    This announcement is only made available to a limited number of “Professional Investors” within the meaning of the SCA’s Board of Directors Decision No. 13 of 2021 Concerning the Financial Activities Rule Book, as amended. By receiving this announcement, the entity to whom it has been issued understands, acknowledges and agrees that it has not been approved by or filed with the UAE Central Bank, the UAE Securities and Commodities Authority, the Dubai Financial Services Authority (“DFSA“), the Financial Services Regulatory Authority of Abu Dhabi (“FSRA“) or any other relevant regulatory or licensing authorities in the UAE, nor has the originator, or any other related party received authorization or licensing from the UAE Central Bank, the UAE Securities and Commodities Authority, the DFSA, the FSRA, or any other authorities in the UAE. This announcement does not constitute a public offer of Offeror Shares in the UAE in accordance with the UAE SCA Chairman of the Board Resolution No. (11/R.M) of 2016 On the Regulations for Issuing and Offering Shares of Public Joint Stock Companies, Federal Decree-No. 32 of 2021 on Commercial Companies, or otherwise.

    The Offeror Shares may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (“FinSA“) and no application has or will be made to admit the Offeror Shares to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. The Information Circular and any related offering or marketing materials regarding the Offeror Shares do not constitute a prospectus under the FinSA and must not be publicly distributed or made available in Switzerland.

    The Offeror Shares have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the Offeror Shares in Kuwait on the basis a private placement or public offering is, therefore, restricted in accordance with Law No. 7 of 2010 and the bylaws thereto (as amended). No private or public offering of the Offeror Shares is being made in Kuwait, and no agreement relating to the sale of the Ordinary Shares will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the Offeror Shares in Kuwait.

    The Offeror Shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Offeror Shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

    The Offeror Shares have not been and will not be registered in Japan pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended, the “FIEA“) in reliance upon the exemption from the registration requirements since the offering constitutes the private placement to qualified institutional investors only as provided for in “i” of Article 2, Paragraph 3, Item 2 of the FIEA. A transferor of the Offeror Shares shall not transfer or resell them except where a transferee is a qualified institutional investor under Article 10 of the Cabinet Office Ordinance concerning Definitions provided in Article 2 of the Financial Instruments and Exchange Act of Japan (the Ministry of Finance Ordinance No. 14 of 1993, as amended).

    This announcement does not constitute an invitation to the public in the Cayman Islands. Any invitation to participate in the Tender Offer is not being conducted in or from with the Cayman Islands or a place of business in the Cayman Islands.

    No person receiving a copy of this announcement or of any Relevant Document in any jurisdiction outside the Hellenic Republic may treat any such document as if it constituted a solicitation or offer to such person and under no circumstances may such person use any Relevant Document if, in the relevant jurisdiction, such solicitation or offer may not be lawfully made to such person or if such Relevant Document may not be lawfully used without breaching any legal requirements. In those instances, any such Relevant Document is sent for information purposes only.

    This regulatory announcement does not contain, constitute or form part of any offer or invitation to sell or subscribe or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, and neither this regulatory announcement (nor any part of it) nor the fact of its distribution form the basis of, or may be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever.

    Cautionary Statement Regarding Forward-Looking Statements

    The information contained in this announcement does not purport to be full or complete. The exact dates of the Tender Offer may change.

    This announcement contains forward-looking statements which are subject to numerous assumptions, risks and uncertainties which change over time and relate to, amongst others, the business activities and certain plans and objectives that Euronext has in respect of the ATHEX Group and the Euronext Group. In some cases, the forward-looking statements may be identified by words such as “may”, “hope”, “might”, “can”, “could”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue” and the negative of these terms accordingly. There are many factors (for instance, without limitation, commercial, operational, economic, political and financial), as a consequence of which the actual results and the actual developments may potentially substantially differ from the plans and the objectives of Euronext and the ATHEX Group set out in this announcement. As such, Euronext and the ATHEX Group evolve in a highly competitive landscape and rapidly changing environment, where new risks and uncertainties not specifically described herein this announcement may emerge from time to time and it is not possible to predict all risks and uncertainties.

    Although Euronext believes that, as of the date of this announcement, the expectations reflected in the forward-looking statements are reasonable, Euronext cannot assure you that future events will meet these expectations. Moreover, neither Euronext nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of this announcement, unless Euronext is required by applicable law to update these forward-looking statements, Euronext will not necessarily update any of these forward-looking statements to conform them either to actual results or to changes in expectations.

    1 Based on a total number of shares as at 30 June 2025 of 57,850,000, which exclude the number of treasury shares of 2,498,000
    2 These are the Reference Shareholders:

    Attachment

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  • MIL-OSI Europe: The Government’s participation in UN Climate Change Conference COP28

    Source: Government of Sweden

    From 30 November to 12 December, the world is gathering in Dubai for the UN Climate Change Conference (COP28). The Swedish Government is being be represented there by Prime Minister Ulf Kristersson, Minister for Energy, Business and Industry Ebba Busch, Minister for Climate and the Environment Romina Pourmokhtari and Minister for International Development Cooperation and Foreign Trade Johan Forssell.

    MIL OSI Europe News –

  • MIL-OSI: ACTFORE Secures Patent for Intelligent Data Extraction from Unstructured Documents, Revolutionising Breach Response

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., July 31, 2025 (GLOBE NEWSWIRE) — ACTFORE, a leading provider of AI-powered breach response and data mining solutions, announced today the company has been granted a patent from the United States Patent and Trademark Office for its proprietary technology enabling targeted data extraction from unstructured document sets, a first-of-its kind patent in the data mining industry.

    Unlike many industries, the data mining and breach response fields have historically lacked patentable innovations due to their reliance on human-driven workflows and off-the-shelf automation. ACTFORE’s achievement represents a major advancement in automated breach response workflows: the first recognized patent for precision data extraction designed specifically to efficiently and accurately extract sensitive data from massive, unstructured information environments following a breach.

    “This patent isn’t just a milestone for ACTFORE, but for the entire industry,” said CEO Christian Geyer. “In a space where most work is still done manually or through tedious and inaccurate workflows, we’ve introduced a scalable, intelligent solution that truly learns and adapts and can work alongside our team of onshore experts to create an approach that merges manual precision with deep learning to create a hybrid workflow that is both fast and legally defensible.”

    The patent, “Techniques for Targeted Data Extraction from Unstructured Sets of Documents”, refers to ACTFORE’S dynamic interface that allows operators to define “visual boxes” around regions of interest on a document page, then automatically propagate those selections across structurally similar files using deep learning and FAISS-based clustering. Paired with advanced optical character recognition (OCR), the system can extract high-fidelity text, even from scanned or non-machine-readable documents. This allows for targeted, scalable parsing with minimal redundancy and dramatically reduced review time.

    “We’ve essentially built a facial recognition system, but for document layouts,” said Yumna Zaidi, Innovations Team Lead at ACTFORE and Lead Inventor on the patent. “Our tech creates unique embedding vectors for each document structure, letting us match and process them with unprecedented speed and accuracy.”

    This combination of automation and expert-driven human review ensures that sensitive information such as names, account numbers, or health data can be extracted quickly, accurately, and consistently, even across large and messy data sets.

    “Data breaches happen in chaotic, inconsistent environments and ACTFORE is built to handle the complexity,” added Dhiraj Sharma, Senior Data Scientist and Co-Inventor. “By integrating the latest automation and data mining tools with human judgment, we’re able to respond more efficiently and accurately than traditional methods. That’s where this patent truly delivers value.”

    The platform supports a wide range of document types—including unstructured and semi-structured PDFs, images, and text files—and automatically preserves selected coordinates for batch processing at scale. This not only accelerates review but also ensures consistent, defensible results across complex, multi-jurisdictional engagements.

    “We didn’t just apply automation for the sake of speed. We designed a product that understands the complexity of each task and empowers humans to make better decisions, faster,” said Sanskriti Shivhare, Team Lead and Co-Inventor.

    This newly issued patent strengthens ACTFORE’s growing intellectual property portfolio and reflects its continued investment in transforming breach response through applied AI. As data breach volumes rise and regulatory timelines tighten, ACTFORE’s patented technology sets a new industry benchmark for intelligent, scalable remediation.

    About ACTFORE
    ACTFORE delivers advanced AI/ML-powered data mining solutions for legal counsel, insurance carriers, and corporations, specialising in swiftly detecting and uncovering compromised sensitive information in cyber breaches. Capable of processing over 1 million files per hour, ACTFORE’s on-premises, on-shore, technology-first approach offers the fastest and most accurate assessments, enabling clients to quickly understand the scope of exfiltration, mitigate risk, and make informed decisions about ransom payments. Clients maintain full control of their data through ACTFORE’s secure lab or local deployment options. Trusted by over 25 insurance carriers and 35 law firms, including premier Am Law 100 firms, ACTFORE sets the new standard in incident response and data forensics. For more information, please visit www.actfore.com.

    Press Contact:

    Gilda Safowaa
    Communications & Content Strategist
    240-482-9570
    Gilda.Safowaa@actfore.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ab26563-863e-4323-9b45-45a6c178bd92

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