NewzIntel.com

Category: Ukraine

  • MIL-OSI United Nations: World News in Brief: First UN mission to Syria’s Sweida, fresh displacement in Haiti, new lightning record

    Source: United Nations 2

    The team went to Sweida City, as well as two districts – Shahba and Salkhad – where they met with local community representatives and partners, in addition to visiting displacement sites and reception centres. 

    Members also conducted assessments in the three districts of the governorate, where hundreds of people have been killed, and some 175,000 people displaced, in recent sectarian violence amid Syria’s ongoing political transition since the fall of the Assad regime last December.

    A senior UN official told the Security Council earlier this week that a fragile ceasefire is “largely holding”.

    More aid delivered

    OCHA said a fifth humanitarian aid convoy organized by the Syrian Arab Red Crescent also arrived in Sweida on Thursday. It was the largest so far, with 40 trucks.

    The convoy, which included UN assistance, delivered medical supplies, flour, fuel, canned goods, hygiene kits and shelter materials, among other assistance. 

    On Wednesday, the Syrian Arab Red Crescent also delivered four tankers carrying more than 120,000 litres of fuel.

    Haiti: Armed groups expand activities

    Armed groups in Haiti are expanding their presence and activities in the Artibonite region which has sparked waves of displacement, according to OCHA. 

    Last Monday, violence linked to armed groups flared in the town of Liancourt, where a vehicle and several homes were set on fire. This followed a week of violent clashes.

    As of 19 July, nearly 15,000 people have been displaced across four communes in Artibonite. They are staying with host families, many of whom were already finding it hard to meet basic needs.

    OCHA said response efforts are underway, led by local humanitarian partners. They have distributed hygiene kits to more than 500 displaced households and host communities, as well as hundreds of hot meals.

    2017 lightning flash in US Great Plains sets new world record

    A lightning flash in a notorious storm hotspot in the United States nearly a decade ago has been certified as the longest on record, the World Meteorological Organization (WMO) announced on Thursday.

    The megaflash – an incredible 829 kilometres long (515 miles) – occurred during a major storm in the Great Plains in October 2017 and was some 61 kilometres greater than the previous record, also set in the same region.

    It extended from eastern Texas to near Kansas City, equivalent to the distance between Paris and Venice in Europe: a journey that would take roughly eight to nine hours by car, or at least 90 minutes by plane.

    Value of early warning systems 

    The flash was not identified in the original 2017 analysis of the storm but was discovered through re-examination. 

    WMO’s Committee on Weather and Climate Extremes recognized the new record with the help of the latest satellite technologies and the findings were published in the Bulletin of the American Meteorological Society.

    “Lightning is a source of wonder but also a major hazard that claims many lives around the world every year and is therefore one of the priorities for the international Early Warnings for All initiative,” said WMO Secretary-General Celeste Saulo.

    Launched in 2022, the initiative aims to ensure that everyone on the planet is protected from hazardous weather, water, or climate events through early warning systems by the end of 2027. 

    MIL OSI United Nations News –

  • MIL-OSI USA: Senate Appropriations Committee Approves Defense and Labor, Health and Human Services, and Education Bills

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Committee approves Defense funding bill in a 26-3 vote — BILL SUMMARY HERE

    Committee approves LHHS bill in a 26-3 vote — BILL SUMMARY HERE

    ***WATCH and READ: Senator Murray’s opening remarks***

    Washington, D.C. – Today, the Senate Appropriations Committee met for a full committee markup to consider its draft fiscal year 2026 Defense and Labor, Health and Human Services, Education, and Related Agencies appropriations acts.

    “These are not the bills I would have written on my own—but they nevertheless represent serious bipartisan work to make some truly critical investments in families and our country’s future. From defense funding that supports our military and keeps our country safe to funding for health care, child care, schools, seniors, medical research, public health, workforce training and safety—and so many other programs that keep our communities strong,” said Vice Chair Patty Murray in her opening remarks. “So I’m glad this Committee was able to reach a bipartisan compromise to write bills that deliver essential funds to help people, solve problems, and reject so many of the absolutely devastating cuts and so much of the chaos that President Trump is pushing for.”

    Speaking on the path ahead for appropriations, Senator Murray said: “It remains clear as ever to me that we cannot afford to go down the path Trump and Russ Vought want to push us down. Their vision is one where this Committee becomes less bipartisan and less powerful. Where the president and the OMB director call the shots and Republicans in Congress spend their time cutting what they are told to cut, even at the expense of their own constituents. Where instead of securing new investments for folks back home through bipartisan agreements, lawmakers have to plead their case to this administration to unlock funds we’ve already delivered or secure special exceptions for spending cuts. Where biomedical research and education funding gets held up for no reason at all. Where we gut investments in working families while letting Trump’s corruption run rampant.That’s what Trump and Vought want. And we can—and must—reject it.”

    In her opening remarks, Senator Murray also discussed the importance of accountability for this administration as it ignores existing laws and betrays working families nationwide: “I am clear-eyed: the investments we make in these bills today are really only half of the equation. Because the fact of the matter is we have an administration right now that is intent on ignoring Congress, breaking the law, and doing everything it can without any transparency to dismantle programs and agencies that help families. There is no magic bullet that will change that unfortunate reality. Our bills reject devastating cuts—and reject so many of this administration’s absurd proposals—to dismantle the Department of Education, destroy HHS, and more. But I still want to see us to do much more when it comes to demanding accountability, demanding transparency, and demanding the administration actually follow our laws. …. We need more members across the aisle to not only reject these [President Trump’s proposed] cuts but to speak up and speak out against what this administration is already doing to defy our laws and hurt the folks we represent.”

    In a 26-3 vote, the Committee approved the draft fiscal year 2026 Defense appropriations bill.

    “I’m proud of this bipartisan bill. First and foremost, it takes care of our troops with pay raises and quality of life improvements. It also recognizes that we are confronting a world more dangerous today than at any time since the Cold War, and that we all need to sober up, put politics aside, and get to work. This bill focuses on deterring China, and it strengthens our allies—our asymmetric advantage worldwide—from Ukraine to the Pacific to Africa. The strong bipartisan vote is also a powerful rebuke to Trump’s idea that we can run our national security apparatus, or any other part of our nation, on full-year continuing resolutions. I am committed to completing the appropriations process and getting all 12 of these bills across the finish line,” said Senator Chris Coons (D-DE), ranking member of the Defense Subcommittee.

    “Thank you, Chair McConnell and Ranking Member Coons, for working to put together a bill that makes crucial investments in our military—and not just in weapons and infrastructure, though we do have important investments to modernize our military and strengthen our defense base, but we also have investments to support our allies and strengthen partnerships across globe,” said Vice Chair Murray in comments on the bill. “This bill makes crucial investments in the Indo-Pacific, Africa, Europe, and the Middle East—and it rejects dangerous Trump cuts to support our allies in Ukraine and the Baltics. And this legislation invests in our most important security asset: our brave men and women in uniform—from a pay increase for servicemembers to robust child care funding to new investments in preventing suicide, and sexual assault, and conducting lifesaving medical research.”

    The following amendments to the bill were considered during today’s mark up:

    • Manager’s package offered by Chair McConnell.
      • Adopted unanimously.
    • Shaheen amendment to prevent the use of taxpayer funds appropriated in this or any other act from being used to operate or modify a Boeing 747-8i from Qatar.
      • Debated; withdrawn.
    • Durbin amendment to prohibit DOD from providing support to DHS on a non-reimbursable basis to conduct immigration enforcement—ensuring that funds provided by Congress for our national defense are used for our national defense.
      • Republicans rejected the amendment in a 15-14 party line vote.
    • Murphy amendment to prevent the transfer of any presidential aircraft to a non-governmental entity—ensuring President Trump cannot take the plane gifted by Qatar with him after leaving office and the plane cannot be transferred to a future Trump presidential library.
      • Republicans rejected the amendment in a 15-14 party line vote.
    • Merkley amendment to require DOD to produce a report on the use of the chemical 6PPD in the design and production of tires procured by DOD—with a listing of any relevant DOD initiatives researching potential alternatives.
      • Adopted by voice vote.
    • Merkley amendment to prohibit funds provided in any fiscal year 2026 appropriations act from being eligible for rescissions or deferrals under the Impoundment Control Act’s fast-track procedures, ensuring they can only be considered through annual appropriations bills.
      • Republicans rejected the amendment in a 15-14 party line vote.

    A summary of the bill is available HERE.

    Final bill text, report, and adopted amendments are available HERE.

    In a 26-3 vote, the Committee approved the draft fiscal year 2026 Labor, Health and Human Services, Education, and Related Agencies appropriations bill.

    “At the end of the day, my North Star is delivering for the people of Wisconsin. While no one got everything they wanted in this bill, I’m proud to say we found common ground and are doing just that to address the challenges facing working families across the country. From investing in cancer and Alzheimer’s research, to protecting the Department of Education and early education funding, to strengthening my 988 Suicide Lifeline, we came together to deliver for our constituents. This bill not only puts Donald Trump’s budget in the trash, it also reins in this President’s efforts to dismantle and withhold funding for critical programs our constituents rely on. This bill takes on the kitchen table issues families face by addressing childcare costs, connecting more Americans with good-paying jobs, and taking on the mental health and opioid epidemics. While it is not perfect, I look forward to getting it over the finish line on behalf of Wisconsinites who want to see a Washington that works for them,” said Senator Tammy Baldwin (D-WI), Ranking Member of the Labor, Health and Human Services, Education, and Related Agencies Subcommittee.

    “This bill rejects Trump’s cuts that would devastate our work to fight substance use disorders, HIV, and pandemics, eliminate women’s health investments like Title X funding and the Teen Pregnancy Prevention program and essentially saw CDC in half. It rejects backward proposals from Trump that would hurt our students and workers—like eliminating preschool grants, slashing PELL, gutting public school funding, and ending Job Corps and AmeriCorps. It rejects efforts to gut agencies that protect the rights of patients, students, and workers. And, I’m especially pleased to note it rejects Trump’s 40% cut to lifesaving medical research—and increases the NIH budget by $400 million so that we continue making progress against cancer, Alzheimer’s disease, and so much more,” Vice Chair Murray said in comments on the bill. “At the end of the day, this isn’t about rejecting Trump, it is about investing in families—investing in schools, investing in medical research, investing in workforce training, and community health. In fact, this bill even increases funding for crucial programs with new investments to allow the Social Security Administration to actually help people and undo some of the damage Trump and DOGE have so recklessly caused—and increased investments in child care, something I will never stop fighting to make more progress on.”

    The following amendments to the bill were considered during today’s mark up:

    • Manager’s package offered by Chair Capito.
      • Adopted unanimously.
    • Baldwin amendment to restore funding for the Corporation for Public Broadcasting (CPB) after Republicans single-handedly rescinded funding for CPB earlier this month.
      • Debated; withdrawn.
    • Durbin amendment to reinstate grants and other awards that have been terminated by the Trump administration at agencies—like NIH—that are funded by the bill—and to require disbursements to be made to payees within 72 hours of a request. The amendment contains an exception for cases of a finding of financial mismanagement, fraud, or malfeasance.
      • Republicans rejected the amendment in a 15-14 party line vote.
    • Hyde Smith amendment to require CMS to notify the Committee, conduct an analysis, and consult with States prior to terminating critical access hospital (CAH) status for any hospital that met certain distance requirements prior to the 2022 CMS rulemaking. Senator Durbin and Appropriations Democrats voiced support for updating the amendment to provide better support for all rural hospitals, not just those impacted by the 2022 rules.
      • Adopted in a 16-13 vote.
    • Van Hollen amendment to claw back the $100 million slush fund Republicans provided for Russ Vought’s Office of Management and Budget (OMB) in their reconciliation bill earlier this month and instead provide $95 million for the Social Security Administration to improve customer service for Americans seeking to access the benefits they are owed.
      • Republicans rejected the amendment in a 15-14 party line vote.
    • Murphy amendment to withhold funds from the Department of Education’s Office of Civil Rights until the Department’s Inspector General certifies that all enforcement actions taken against colleges since January 20 are in accordance with existing laws. Since taking office, President Trump has withheld federal funding from colleges over claims of discrimination on campuses and other infractions. Instead of following established procedures under civil rights laws to thoroughly investigate such claims, President Trump continues to withhold federal funding from certain colleges unless they submit to his administration’s demands.
      • Republicans rejected the amendment in a 15-14 party line vote.

    A summary of the bill is available HERE.

    Final bill text, report, Congressionally Directed Spending (CDS) projects, and adopted amendments are available HERE.

    MIL OSI USA News –

  • MIL-OSI China: Chinese envoy rejects US accusations over Ukraine crisis

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

    A Chinese envoy on Thursday rejected U.S. accusations against China over its role in the Russia-Ukraine conflict.

    At a Security Council meeting on Ukraine, the U.S. representative accused China of being “the most important supplier” of Russia’s war efforts.

    In response, Geng Shuang, China’s deputy permanent representative to the United Nations, dismissed the false and slanderous narratives against China from the U.S. side as completely unacceptable.

    China did not start the Ukraine crisis and is not a party to it. China has never supplied lethal weapons to either side of the conflict and has strictly controlled the export of dual-use goods, including drones, said Geng.

    “The parties to the conflict are not under Security Council sanctions. China has normal trade relations with Russia and Ukraine. By doing so, it does not violate international law or breach its international obligations. China’s legitimate rights and interests must not be infringed upon,” he said. “In fact, till now, the United States has maintained its trade with Russia. If the United States is doing that itself, why doesn’t it allow others to do the same?”

    The Ukraine crisis is at a critical juncture where there are prospects and hopes for a political solution. It is not right for the United States, on the one hand, to expect China to play a role in putting an early end to the conflict, and on the other hand, to keep on smearing and pressurizing China, said Geng.

    China, once again, urges the United States to stop its pointless blame game, stop shifting responsibilities, and play a constructive role in ending the fighting and promoting peace talks, he said.

    To resolve the Ukraine crisis, what is needed is unity and cooperation, not division and confrontation, he added.

    On the supply of weapons to Ukraine, Geng expressed concern about the expanding variety and range of weapons flowing to the battlefield, as well as a growing lethality and destructive power.

    The reckless supply of weapons to the battlefield will only intensify confrontation, prolong the conflict, cause risks of proliferation, and inflict further casualties and suffering on the people of both sides and the broader region, he warned.

    The urgent priority for Russia and Ukraine is to work together to de-escalate the situation on the battlefield as soon as possible. They should maintain the momentum of talks, continue to build consensus and ultimately reach a comprehensive, lasting and binding peace agreement, said Geng.

    Since day one of the conflict, China has advocated for the peaceful resolution of disputes and has called on the parties to the conflict to end hostilities, start negotiations and restore peace sooner rather than later. China will continue to work with the international community to play a constructive role in an early political settlement of the crisis, he said.

    MIL OSI China News –

  • MIL-OSI Russia: China’s Deputy Permanent Representative to the UN Rejects US Accusations Over Ukraine Crisis

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    UNITED NATIONS, Aug. 1 (Xinhua) — China’s Deputy Permanent Representative to the United Nations Geng Shuang on Thursday rejected U.S. accusations against China over its role in the Russia-Ukraine conflict.

    At a Security Council meeting on Ukraine, a US envoy accused China of being the “most important supplier” to Russia’s military efforts.

    In response, the Chinese diplomat rejected the false and slanderous statements against China by the United States as absolutely unacceptable.

    China did not create the Ukrainian crisis and is not a party to it. China has never supplied lethal weapons to either side in the conflict and strictly controls the export of dual-use goods, including drones, Geng Shuang said.

    “The parties to the conflict are not under sanctions by the Security Council. China maintains normal trade relations with Russia and Ukraine. In doing so, it does not violate international law or its international obligations. China’s legitimate rights and interests should not be infringed upon,” the deputy permanent representative said. “In fact, the United States has still maintained trade with Russia. If the United States itself does this, why does it not allow others to do the same?” he added.

    The Ukrainian crisis is at a critical stage, and there is hope for a political solution. The United States cannot, on the one hand, expect China to play its role in ending the conflict as soon as possible, and on the other hand, continue to denigrate China and put pressure on it, Geng Shuang said.

    China once again calls on the United States to stop playing meaningless blame games, stop shifting responsibility to others, and play a constructive role in ending the fighting and advancing peace talks, the diplomat said.

    Resolving the Ukrainian crisis requires unity and cooperation, not division and confrontation, the deputy permanent representative added.

    Speaking about arms supplies to Ukraine, Geng Shuang expressed concern about the expanding variety and range of weapons entering the battlefield, as well as their growing lethality and destructive power.

    Reckless transfers of weapons to the battlefield will only escalate the confrontation, prolong the conflict, create risks of its spread and lead to further casualties and suffering for the populations of both sides and the entire region, he warned.

    The first priority for Russia and Ukraine is to work together to de-escalate the situation on the battlefield as quickly as possible. They must maintain the momentum of the talks, continue to seek consensus, and ultimately reach a comprehensive, lasting and binding peace agreement, the diplomat said.

    Since the first day of the conflict, China has advocated peaceful resolution of disputes and called on the parties to the conflict to stop hostilities, start negotiations and restore peace as soon as possible, Geng Shuang said, adding that China will continue to cooperate with the international community to play a constructive role in an early political settlement of the crisis. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Interactive multimedia theatre “Home” from Netherlands to stage in August (with photos)

    Source: Hong Kong Government special administrative region

    Interactive multimedia theatre “Home” from Netherlands to stage in August  
         “Home” is inspired by the creator Anastasiia’s own journey from Ukraine to the Netherlands. The story revolves around Anastasiia and her dog Djonnik, whose house is carried away by a storm. While searching for a new home, they meet and listen to stories of a number of animal friends, including a giraffe living in a skyscraper and a penguin in an ice house, and eventually discover the true meaning of home. Through engaging storytelling, vibrant animation and gentle music, audiences are encouraged to reflect on home not being about just four walls, but also as an irreplaceable bond in everyone’s heart.
     
         The performance schedule is as follows:
     
    Date and time: August 9 (Saturday), 2.30pm and 4.30pm
                           *August 10 (Sunday), 11am and 3pm
    Place:              Hong Kong Cultural Centre Studio Theatre
    Ticket price:     $320 (free seating)
     
    * For the more relaxed performances on August 10, lighting and sound will be adjusted to a softer level. The house rules will also be relaxed, allowing audience members to make noise and freely enter or exit the theatre at any time during the show. A designated chill-out area outside the theatre will be available for those who need a break.
     
    Date and time: August 16 (Saturday), 2.30pm and 4.30pm
    Place:              Sha Tin Town Hall Cultural Activities Hall
    Ticket price:     $280 and $320
     
    Date and time: August 17 (Sunday), 2.30pm and 4.30pm
    Place:              Ngau Chi Wan Civic Centre Cultural Activities Hall
    Ticket price:     $280 and $320
     
         The programme contains limited English dialogue. A “Draw your dream home” post-performance activity will be held after each performance. Tickets are now available at URBTIX (www.urbtix.hk 
          A “Mime Time” parent-child mime workshop will also be held on August 13 and 14. For programme enquiries and concessionary schemes, please call 2370 1044 or visit the IAC website     www.hkiac.gov.hk/2025/en/home.html#programme 
         This year’s IAC is running from July 11 to August 17, featuring a wide array of fun-filled educational programmes by overseas, Mainland and local art groups and artists.
    Issued at HKT 17:28

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Death toll from Russian strikes on Ukrainian capital rises to 28

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

    The death toll from Thursday’s Russian missile and drone strikes on Kiev has risen to 28, including three children, authorities said on Friday.

    Ukraine’s State Emergency Service reported that 159 people were injured in the attack.

    The heaviest casualties occurred in the Sviatoshinskyi district, where part of a nine-story apartment building was destroyed.

    Search and rescue efforts are ongoing at the scene.

    MIL OSI China News –

  • MIL-OSI: Marquette National Corporation Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Aug. 01, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today reported year-to-date net income of $6.6 million compared to net income of $13.2 million for the first six months of 2024. Earnings per share for the first six months of 2025 were $1.52, as compared to income of $3.02 per share for the comparable period in 2024.

    At June 30, 2025, total assets were $2.23 billion, an increase of $22 million, or 1%, compared to $2.21 billion at December 31, 2024. Total loans increased by $32 million to $1.44 billion compared to $1.41 billion at the end of 2024. Total deposits increased by $20 million, or 1%, to $1.76 billion compared to $1.74 billion at the end of 2024.

    Paul M. McCarthy, Chairman & CEO, said, “the primary reason for the decrease in consolidated earnings was a lower level of unrealized gains on the Company’s equity portfolio in 2025. The decrease in unrealized gains on the Company’s equity portfolio was partially offset by an increase in realized gains on the Company’s equity portfolio and an increase in net interest income. Other comprehensive income was positive for the first six months of 2025 and helped deliver an increase to tangible book value per share in 2025. Tangible book value per share increased by $2.69 during the first six months of 2025.”

    Marquette National Corporation is a diversified financial holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois.

    For further information on financial results, visit: https://www.otcmarkets.com/stock/MNAT/disclosure.

    Special Note Concerning Forward-Looking Statements. 
    This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    Marquette National Corporation and Subsidiaries
    Financial Highlights
    (Unaudited)
    (in thousands, except share and per share data)
                 
                 
    Balance Sheet        
               06/30/25       12/31/24 Percent
    Change
      Total assets   $2,229,653 $2,207,663 1%
      Total loans, net     1,421,815   1,390,799 2%
      Total deposits     1,759,649   1,739,799 1%
      Total stockholders’ equity   185,298   173,579 7%
             
      Shares outstanding   4,366,911   4,367,477 0%
      Book value per share $42.43 $39.74 7%
      Tangible book value per share $34.34 $31.65 8%
             
             
    Operating Results        
        Six Months Ended June 30,
    		 Percent
    Change
         2025   2024 
    		  
      Net Interest income $25,003 $22,486 10%
      Provision for credit losses   619   1,894 -67%
      Realized securities gains, net   9,996   1,261 *
      Unrealized holding gains (losses) on equity securities and exchange traded funds   (4,825)   16,294 *
      Other income   7,767   8,264 -6%
      Other expense   28,453   28,533 0%
      Income tax expense   2,233   4,645 -52%
      Net income   6,636   13,233 -50%
             
      Basic and fully diluted earnings per share $1.52 $3.02 -50%
      Weighted average shares outstanding   4,367,277   4,381,037 0%
             
      Cash dividends declared per share $0.62 $0.56 11%
             
      Comprehensive income $14,442 $12,348 17%
               
      * Not meaningful        
               

    For more information:
    Patrick Hunt
    EVP & CFO
    708-364-9019           
    phunt@emarquettebank.com 

    The MIL Network –

  • India-US partnership has endured transitions and challenges: MEA

    Source: Government of India

    Source: Government of India (4)

    India and the United States share a comprehensive global strategic partnership rooted in shared interests, democratic values, and strong people-to-people ties, a relationship that has withstood various transitions and challenges over time, the Ministry of External Affairs (MEA) said on Friday.

    “India and the United States share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties. This partnership has weathered several transitions and challenges. We remain focused on the substantive agenda that both countries have committed to and are confident that the relationship will continue to move forward,” MEA spokesperson Randhir Jaiswal stated during a weekly media briefing in New Delhi. His remarks came in response to a question on India-US ties following Washington’s recent tariff announcement.

    Earlier this week, US President Donald Trump announced the imposition of 25 per cent reciprocal tariffs on Indian goods, along with an unspecified penalty over India’s purchases of Russian energy, effective from August 1.

    “India will be paying a tariff of 25 per cent,” Trump posted on his social media platform, Truth Social.

    He also warned of an additional tariff penalty on India for its continued energy trade with Russia. Trump had earlier declared that all countries purchasing Russian energy would face secondary tariffs of up to 100 per cent if Moscow failed to agree to a ceasefire in Ukraine.

    Initially, the threat to India was perceived by experts as a negotiating tactic aimed at expediting a trade agreement. Both Trump and Commerce Secretary Howard Lutnick had recently indicated optimism about reaching a deal with India, describing it as one of the first countries likely to finalize an agreement.

     

    –IANS

  • MIL-OSI Analysis: Flawed notions of objectivity are hampering Canadian newsrooms when it comes to Gaza

    Source: The Conversation – Canada – By Gabriela Perdomo, Assistant Professor, Mount Royal University

    The response of Canada’s legacy news media to the Israeli government’s military action in Gaza for more than 640 days points to a problem within major Canadian news organizations, according to a new Canadian book, When Genocide Wasn’t News.

    In the book, journalists — some writing under pseudonyms — say their newsrooms have been severely hampered by a culture of fear and an adherence to a notion of objectivity that no longer serves the public.

    Israel’s relentless military actions in the Gaza Strip following the Oct. 7, 2023 attack and taking of 251 hostages by Hamas should be prominently featured news. The Israeli Defence Forces’ illegal attacks on children, hospitals and aid workers should also be making constant headlines. But news coverage on these attacks is scarce or misleading.

    I research and teach media, monitor the news and edit an online publication about journalism in Canada. My PhD thesis focused on Latin America and examined how the mandate to be objective can be confusing in times of war. I also explored questions about how journalists understand and apply objectivity in different contexts.

    I found journalists who support peace efforts can easily be accused of being “biased” in favour of those promoting peace.

    Not all wars covered equally

    Not all wars are covered the same. Noureddine Miladi, a media and communications professor at Qatar University, found Russia’s invasion of Ukraine in 2022 received far greater coverage in mainstream media than the war in Gaza. Part of this difference in coverage lies in the ability to send reporters to cover events first hand, which is impossible in the Gaza Strip, where outside journalists are banned from entry.



    Read more:
    The chilling effects of trying to report on the Israel-Gaza war

    Another major factor affecting coverage is how newsrooms understand and apply their norms, including objectivity. Journalism production is influenced and impacted by the dynamics of place and power that surround it.

    As Carleton University journalism professor Duncan McCue argues, an unexamined adherence to objectivity can perpetuate colonial points of view. University of British Columbia journalism professors Candis Callison and Mary Lynn Young, authors of a book about journalism’s racial reckoning in Canada, also make this argument.

    Accusations of antisemitism

    Accusations of bias can have an outsized impact on reporting and be used to silence journalists.

    According to some journalists, there is an atmosphere of fear when it comes to reporting on the Middle East in mainstream newsrooms in Canada. Some have self-censored in response to threats.

    Not only do journalists say they are facing threats, they also face a context in which governments, such as the province of Ontario, are adhering to definitions of antisemitism that equate it to criticism of Israel.

    In Canada, news organizations and individual journalists attempting to report on the violence in the Gaza Strip are being accused of antisemitism by groups such as Honest Reporting, according to the Canadian Press Freedom Project. This means almost anyone reporting on the Israeli government’s actions in Gaza will receive hundreds of messages claiming the report is antisemitic.

    Since many scholars and the United Nations Special Committee to investigate Israeli practices have called the Israeli government’s methods “consistent with genocide, including use of starvation as weapon of war,” urgent reporting is needed — and it’s not antisemitism to call out what experts have labelled global injustices.

    Left-wing bias?

    The culmination of decades of this type of criticism of news media has included a right-wing narrative that accuses media of a liberal bias. The trope of the liberal media as a threat has had a steady hold of the public imagination across North America since the Cold War.

    Reporters who focused on stories about human rights, questioned the tactics and budgets of the military industrial complex or challenged the mistreatment of socialist activists as being unpatriotic were accused of having a liberal, left-wing, even communist, slant.

    This isn’t a phemomenon limited to North America. Latin American politicians have a long history of using “left-wing bias” labels as a powerful tool to intimidate journalists.



    Read more:
    How news coverage influences countries’ emergency aid budgets – new research

    What do journalists owe peace?

    Research shows that audiences value objective journalism, or reporting that they deem non-partisan and keeps opinions at bay. But consumers also increasingly value journalism that is empathetic and emotionally resonant.

    After United States President Donald Trump was first elected in 2016, journalism scholars recognized that a major failure of news coverage during the presidential campaign was not calling things what they were. For example, journalists used euphemisms such as “he misspoke” instead of reporting that Trump was lying, contributing to a crisis of relevance in journalism.

    According to the Committee to Protect Journalists, the Israel-Gaza war has killed more journalistsr than in any other conflict it’s documented. But the allegedly deliberate targeting of journalists in Gaza, of whom at least 225 have been killed, has garnered little attention in newsrooms, despite calls by dozens of independent journalists to make the issue more visible.

    This is another unprecedented set of events that should be reported on for Canadian audiences.

    How will Canadian newsrooms do better? One idea could be that newsrooms join forces to fend off accusations of bias and antisemitism. They could start with reclaiming objectivity as a practice of information-gathering and moving away from objectivity as an ideal of dispassionate reporting.

    They could also embrace, instead of fear, journalism’s liberal roots and reclaim journalism from a standpoint of clarity where actions against the rule of law, abuses of power, war profiteering, crimes against humanity — any illiberal acts — clearly fall on the wrong side of the liberal-democratic balance and therefore demand to be denounced. As veteran CBC journalist Carol Off has said, we need to denounce illiberal acts as anti-democratic ideology.

    Every inhabitant of Gaza remains in imminent peril today, and the media have a responsibility to inform us about it.

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

    – ref. Flawed notions of objectivity are hampering Canadian newsrooms when it comes to Gaza – https://theconversation.com/flawed-notions-of-objectivity-are-hampering-canadian-newsrooms-when-it-comes-to-gaza-260552

    MIL OSI Analysis –

  • MIL-OSI Analysis: Why Donald Trump has stopped some conflicts but is failing with Ukraine and Gaza

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    In yet another twist in his unpredictable decision making, US president Donald Trump has dramatically shortened his original 50-day ultimatum to Vladimir Putin to call a ceasefire in Ukraine to a mere ten days. It’s an unmistakable sign of Trump’s frustration with the Russian leader who he now appears to view as the main obstacle to ending the war.

    Progress has been similarly limited on another of Trump’s flagship foreign policy projects: ending the war in Gaza. As a humanitarian catastrophe engulfs the territory, Trump and some of his Maga base are finally challenging Israel’s denials that, after almost two years of war, many Gazans now face a real risk of starvation.

    In neither case have his efforts to mediate and bring an end to the violence borne any fruit. But not all of Trump’s efforts to stop violence in conflicts elsewhere in the world have been similarly futile. The administration brokered a ceasefire between Rwanda and the Democratic Republic of Congo (DRC), which the two countries’ foreign ministers signed in Washington on June 27.

    The US president has also claimed to be behind the ceasefire between India and Pakistan in May after the two sides had engaged in several days of fierce combat following a terror attack in Indian-administered Kashmir by a Pakistan-backed rebel group. And, drawing a clear parallel between this conflict and the border clashes between Cambodia and Thailand in July, Trump announced he had pushed both countries’ leaders to negotiate a ceasefire.

    All of these ceasefires, so far, have held. By contrast, the ceasefire in the war between Israel and Hamas in Gaza, to which Trump contributed in January, even before he was inaugurated for his second term, broke down in March and fighting has escalated ever since. A short-lived ceasefire in Ukraine in April was barely worth its name given the countless violations.

    Mixed record

    Three factors can explain Trump’s mixed record of peacemaking to date. First, the US president is more likely to succeed in stopping the fighting where he has leverage and is willing to use it to force foreign leaders to bend to his will. For example, Trump was very clear that there would be no trade negotiations with Thailand or Cambodia “until such time as the fighting STOPS”.

    The crucial difference, so far, with the situation in the war against Ukraine is that Trump has, and has used, similar leverage only with the Ukrainian president, Volodymyr Zelensky. This led to a US-Ukraine agreement on a 30-day ceasefire proposal just two weeks after the now-notorious row between Trump and Zelensky in the Oval Office.

    The mere threat of sanctions against Russia, by contrast, has done little to persuade Putin to accept whatever deal might Trump offer him. Trump’s threats – which he has never followed through on – did not work in January or May. The Kremlin’s initial reactions to the latest ultimatum from the White House do not indicate a change in Putin’s attitude.

    A second factor that may explain why Trump has had peacemaking success in some cases but not others is the level of complexity of US interests involved. When it comes to US relations with Russia and Israel, there is a lot more at stake for Trump.

    The US president still appears keen to strike a grand bargain with Russia and China under which Washington, Beijing and Moscow would agree to recognise, and not interfere in, their respective spheres of influence. This could explains his hesitation so far to follow through on his threats to Putin.

    Similarly, US interests in the Middle East – whether it’s over Iran’s nuclear programme or relations with America’s Gulf allies – have put strains on the alliance with Israel. Trump also needs to weigh carefully the impact of any move against, or in support of, Israel on his domestic support base.

    In the deal Trump brokered between Rwanda and the DRC, the issues at stake were much simpler: access for US investors to the mineral riches of the eastern DRC. Just days into his second term, Trump acknowledged that the conflict was a “very serious problem”. Congo’s president, Felix Tshisekedi, responded by offering the US access to minerals in exchange for pushing Rwanda to a deal to end the invasion and stop supporting proxy forces in the DRC.

    This leads to the third factor that has enabled Trump’s peace-making success so far: simpler solutions are easier to achieve. Thailand and Cambodia and India and Pakistan can go back to the situation before their recent fighting. That does not resolve any of the underlying issues in their conflicts, but returns their relations to some form of non-violent stability.

    It is ultimately also in the interests of the conflict parties. They have had a chance to make their violent statements and reinforce what they will and won’t tolerate from the other side. The required investment by an external mediator to end battles that have achieved what the warring sides want anyway – to avoid further escalation – is consequently quite limited.

    Complex conflicts

    Getting to any kind of stability in Ukraine or the Middle East by contrast requires prolonged engagement and attention to detail. These conflicts are at a stage in which a return to how things were before is not in the interests of the parties or their external backers. Nudging warring parties along on the path to agreement under such conditions requires a well-designed process, which is absent in Ukraine and failing in Gaza.

    Thanks to funding and personnel cuts, the US secretary of state, Marco Rubio, is now required to perform multiple roles. Trump relies on personal envoys with at best limited foreign policy expertise, while insisting he makes all the decisions. This ultimately suggests that the White House simply may not have the bandwidth for the level of engagement that would be necessary to get to a deal in Ukraine and the Middle East.

    This is a self-inflicted opportunity lost, not only for the United States but also for the long-suffering people of Ukraine and the Middle East.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. Why Donald Trump has stopped some conflicts but is failing with Ukraine and Gaza – https://theconversation.com/why-donald-trump-has-stopped-some-conflicts-but-is-failing-with-ukraine-and-gaza-262241

    MIL OSI Analysis –

  • MIL-OSI United Nations: SECURITY COUNCIL LIVE: Meeting on the situation in Ukraine

    Source: United Nations 2

    The UN Security Council meets Thursday morning to discuss threats to international peace and security, with a focus on the situation in Ukraine. The meeting was requested by Russia. Follow our live updates as UN News, in coordination with UN Meetings Coverage, brings you key highlights and takeaways from today’s session. UN News App users can follow the coverage here.

    MIL OSI United Nations News –

  • MIL-OSI Submissions: Medieval skeletons reveal the lasting damage of childhood malnutrition – new study

    Source: The Conversation – UK – By Julia Beaumont, Researcher in Biological Anthropology, University of Bradford

    Beneath churchyards in London and Lincolnshire lie the chemical echoes of famine, infection and survival preserved in the teeth of those who lived through some of the most catastrophic periods in English history.

    In a new study, my colleagues and I examined over 270 medieval skeletons to investigate how early-life malnutrition affected long-term health and life expectancy.

    We focused on people who lived through the devastating period surrounding the Black Death (1348-1350), which included years of famine during the little ice age and the great bovine pestilence (an epidemic that killed two-thirds of cattle in England and Wales). We found that the biological scars of childhood deprivation during this time left lasting marks on the body.

    These findings suggest that early nutritional stress, whether in the 14th century or today, can have consequences that endure well beyond childhood.

    Children’s teeth act like tiny time capsules. The hard layer inside each tooth, called dentine, sits beneath the enamel and forms while we’re growing up. Once formed, it stays unchanged for life, creating a permanent record of what we ate and experienced.

    As our teeth develop, they absorb different chemical versions (isotopes) of carbon and nitrogen from our food, and these get locked into the tooth structure. This means scientists can read the story of someone’s childhood diet by analysing their teeth.

    A method of measuring the chemical changes in sequential slices of the teeth is a recent advance used to identify dietary changes in past populations with greater accuracy.

    When children are starving, their bodies break down their fat stores and muscle to continue growing. This gives a different signature in the newly formed dentine than the isotopes from food. These signatures make centuries-old famines visible today, showing exactly how childhood trauma affected health in medieval times.

    We identified a distinctive pattern that had been seen before in victims of the great Irish famine. Normally, when people eat a typical diet, the levels of carbon and nitrogen in their teeth move in the same direction. For example, both might rise or fall together if someone eats more plants or animals. This is called “covariance” because the two markers vary together.

    But during starvation, nitrogen levels in the teeth rise while carbon levels stay the same or drop. This opposite movement – called “opposing covariance” – is like a red flag in the teeth that shows when a child was starving. These patterns helped us pinpoint the ages at which people experienced malnutrition.

    Lifelong legacy

    Children who survived this period reached adulthood during the plague years, and the effect on their growth was recorded in the chemical signals in their teeth. People with famine markers in their dentine had different mortality rates than those who lacked these markers.

    Children who are nutritionally deprived have poorer outcomes in later life: studies of modern children have suggested that children of low birth weight or who suffer stresses during the first 1,000 days of life have long-term effects on their health.

    For example, babies born small, a possible sign of nutritional stress, seem to be more prone to illnesses such as heart disease and diabetes in adulthood than the population at large. These characteristics can also be passed to future offspring through changes in how genes are switched on or off, known as “epigenetic effects” – which can endure for three generations.

    Epigenetics explained.

    In medieval England, early nutritional deprivation may have been beneficial during catastrophic times by producing adults of short stature and the capacity to store fat, but these people were much more likely to die after the age of 30 than their peers with healthy childhood dentine patterns.

    The patterns for childhood starvation increased in the decades leading up to the Black Death and declined after 1350. This suggests the pandemic may have indirectly improved living conditions by reducing population pressure and increasing access to food.

    The medieval teeth tell us something urgent about today. Right now, millions of children worldwide are experiencing the same nutritional crises that scarred those long-dead English villagers – whether from wars in Gaza and Ukraine or poverty in countless countries.

    Their bodies are writing the same chemical stories of survival into their growing bones and teeth, creating biological problems that will emerge decades later as heart disease, diabetes and early death.

    Our latest findings aren’t just historical curiosities; they’re an urgent warning that the children we fail to nourish today will carry those failures in their bodies for life and pass them on to their own children. The message from the medieval graves couldn’t be clearer: feed the children now or pay the price for generations.

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

    Julia Beaumont receives funding from Arts and Humanities research council, British Academy/Leverhulme.

    – ref. Medieval skeletons reveal the lasting damage of childhood malnutrition – new study – https://theconversation.com/medieval-skeletons-reveal-the-lasting-damage-of-childhood-malnutrition-new-study-262081

    MIL OSI –

  • MIL-OSI USA: Chairman McConnell Opening Statement at FY26 Defense Appropriations Markup

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell

    WASHINGTON, D.C. – U.S. Senator Mitch McConnell (R-KY), Chairman of the Senate Appropriations Defense Subcommittee, delivered an opening statement at this morning’s full Senate Appropriations Committee markup of the FY26 Defense bill. Below is the opening statement as prepared for delivery:

    I’d like to thank Ranking Member Coons, and our combined staff for their dedicated, and often exhausting, work to produce the FY26 Defense Appropriations bill.

    And I’d like to thank our fellow members of the Subcommittee, who I know share our sense of duty to provide for the common defense, year after year. Just briefly, I’ll sum up the rationale behind this year’s legislation.

    First, the Senate bill recognizes the Administration’s intention to restore peace through strength, the Department of Defense’s desire to achieve “drone dominance”, and the President’s interest in having more missiles than any other country.

    It reflects the need to build more ships for a Navy that must compete with China. It acknowledges that America’s adversaries are increasingly aligned and investing more heavily in undermining our interests… and that America must take the risk of simultaneous conflict in multiple theaters seriously.

    But ultimately, our topline allocation of $852.5 billion – which sits higher than either the President’s budget request or the House’s mark – underscores that we cannot seriously address these challenges while artificially constraining our resources.

    We can’t build a Golden Dome… or restock our munitions magazines… or bring back American shipbuilding… without sustained, increasing investments in our national defense.

    And we can’t treat reconciliation like a cure-all. I was glad to vote for the One Big Beautiful Bill. But let’s not kid ourselves – it was not the additive defense spending some of us had hoped for. Moving must-pay bills for major long-standing programs from base to reconciliation still makes little sense to me.

    And somehow, the process seems to have also allowed important programs to slip through the cracks. In fact, senior Pentagon officials have already come to me and the Ranking Member to report that they’re still billions of dollars short on programs that we were told reconciliation would address. 

    There is no substitute for robust, full-year defense appropriations. And this is a strong, bipartisan bill that proves we can do our job, and keep our commitments to the men and women of the U.S. military. They deserve no less.

    Here are a few of the items we address:

    First, recent operations in the Middle East illustrates how quickly modern warfare can exhaust our arsenal of critical munitions.

    The Administration’s request did not fully maximize production capacity for certain critical munitions, so we added $5.2 billion to buy larger quantities of air-defense interceptors, long-range fires, and other key munitions. We also added $2.1 billion to expand production capacity of munitions, and included some important initial investments in restoring America’s organic industrial base.

    Second, we’ve also added $4.6 billion to address growing demand for more extensive air and missile defenses. But developing a more layered missile defense shield that can protect the homeland and our forces abroad from growing threats is going to take years of sustained resources.

    Third, we’ve tried to help the Department meet requirements that the final reconciliation bill and the FY26 base budget request left unfunded, including advanced procurement for Virginia- and Columbia-class submarines, cost-to-compete for surface vessels, major renovations to dilapidated Marine Corps barracks, and ship operations costs for our Navy.

    We also included more funding for destroyer construction, shipyard infrastructure, and workforce development to help fix our ailing shipbuilding industry and get production back on track.

    Fourth, we invest in ally and partner militaries. We know that confronting Chinese aggression will require collective deterrence. Helping grow our friends’ capacity to defend themselves in the Indo-Pacific – as in Europe or the Middle East – enhances deterrence and helps our allies share more of the burden.

    It also means more investment in interoperable, U.S-made systems and lower risks for U.S. servicemembers. These are investments that pay dividends, and I’m not just talking about treaty allies.

    The Secretary of the Army rightly calls Ukraine “the Silicon Valley of warfare”. The Navy considers the maritime fight between Russia and Ukraine as the Black Sea Battle Lab and recognizes the need for rapid innovation. So we added $216 million on top of the Administration’s request for drone and counter-drone capabilities, consistent with the intention of achieving “drone dominance.”

    But abandoning the foremost experts of drone warfare would be strategic self-harm. Shutting off engagement with Ukraine would undermine our military’s efforts to prepare for the modern battlefield.

    So, like our friends on the Armed Services Committee, we are restoring funding for the Ukraine Security Assistance Initiative and other security assistance programs that make America safer.

    Madam Chair, I’m proud of the work of the Defense Subcommittee in producing this bill for our colleagues’ consideration. And I hope it’ll earn the support of the entire Committee. But allow me to close with just one note:

    None of the challenges we’re facing today can be solved by a single bill or over the course of a single budget cycle.

    Readiness is not a box to be checked – it’s a state to achieve and maintain. In this era of major power competition, security for future generations of Americans means steady, consistent, predictable, increasing investments in the common defense… year after year after year.

    If we’re tempted to treat successful FY26 appropriations like a finish line, we’re thinking about our obligations all wrong.

    MIL OSI USA News –

  • MIL-OSI United Nations: Council Holds Briefing on Situation in Ukraine

    Source: United Nations MIL OSI b

    9970th Meeting (AM)

    The Council meets this morning, at the request of the Russian Federation, under its agenda item “threats to international peace and security” to discuss the situation in Ukraine. 

    The delegation of Ukraine will participate in the meeting under Rule 37 of the Council’s provisional rules of procedure.

    …

    For information media. Not an official record.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: This current state of war remains a choice that President Putin is making: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Speech

    This current state of war remains a choice that President Putin is making: UK statement at the UN Security Council

    Statement by Fergus Eckersley, Minister Counsellor, at the Security Council meeting on Ukraine.

    How is it that Russia can sit here and claim any sort of commitment to diplomacy, while at the same time ramping up missile and drone strikes on Kyiv?

    A six-year-old boy was amongst those killed last night by Russian missiles in Kyiv.

    The problem is that for all its words, the Russian state has geared itself for war.

    A war of aggression, a war of Russia’s own making.

    The government bolsters its legitimacy and suppresses opposition by stoking fears about external enemies.

    Russia’s economy is now highly dependent on military industrial production, with almost 40% of government spending on defence, more than 8% of GDP.

    And the President has defined himself politically as the man who can conquer so-called neo-Nazism in Ukraine, and the threat that he claims NATO poses to Russia.

    In reality, these are challenges of his own creation. 

    Ukraine is not ruled by neo-Nazis, and NATO does not pose a threat to Russia.

    NATO merely stands with Ukraine in the face of Russia’s unprovoked and illegal invasion.

    The consequences of a militarised Russian state are not limited to the appalling tragedies felt every day by Ukraine’s brave people.

    Russia itself has suffered over a million casualties as a result of its own war.

    The wider region is also directly dealing with the effects of Russia’s aggression. 

    And ultimately, we all are. Russia’s actions are an affront to the UN Charter principles and international law. 

    The very foundations of all of our peace and security. 

    The consequences for the wider international system are also clear. 

    While members of this Council discuss how to bring peace to Sudan, Russia tries to leverage access to a naval base. 

    While we discuss peace in Mali, Russia has pushed out the UN to secure advantage for its private military contractors. 

    While we discuss sanctions to prevent nuclear proliferation on the Korean peninsula, Russia tries to undermine those sanctions to access military supplies for its war machine.

    There is another pathway. 

    President Putin could accept the truth that there is no threat to Russia, not from Neo-Nazis and not from NATO. 

    He could choose to engage in good faith in a ceasefire and in peace talks based on the UN Charter.

    Until then, this state of war remains a choice that President Putin is making.

    We need to continue to show that there is no good outcome for Russia from its aggression, that we will remain staunch in our support for the defence of Ukraine, including through the provision of weapons systems in the face of relentless Russian attacks on critical national infrastructure and civilians.

    We must be vigilant in clamping down on any military industrial support for Russia, including by preventing the export of dual-use items.

    And we need to continue to demonstrate to Russia the economic costs of the choice it is making, and not give its militarised state a lifeline that it can feed on. 

    Ultimately, we must not let up in affirming the principles of the UN Charter.

    Every Member State at the UN has a responsibility in this, to support a peace process that only Russia, only Russia is currently rejecting.

    As President Trump has made clear, there is no reason for delay.

    Russia must make progress towards a meaningful peace immediately.

    But the world has seen Russia’s response. 

    That is why, as President Zelenskyy said, peace without strength is impossible.

    So it is now that we need to meet our responsibility to stand together and to demand that Russia immediately ceases its aggression and adheres to the call for a just and a lasting peace.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Penalty issued for breach of Russia Sanctions

    Source: United Kingdom – Government Statements

    Press release

    Penalty issued for breach of Russia Sanctions

    The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML)

    The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML) for a breach of UK financial sanctions imposed against Russia following the 2014 annexation of Crimea.

    The breach relates to MML’s involvement in the making of a payment of £416,590.92 to a designated person, who remains subject to an asset freeze under current Russia sanctions. This payment was in breach of the UK sanctions in force at the time in response to Russia’s annexation of Crimea.

    MML gave instructions to make the payment from another company’s bank account with the knowledge that the recipient was a designated person, showing a disregard for proper sanctions and failure to have in place adequate compliance and controls procedures.

    As a result of this breach, OFSI imposed a penalty of £300,000 on MML.

    The imposition of this penalty highlights some key lessons for industry. All firms, regardless of their size, should take appropriate steps to understand and address their exposure to sanctions risks; have adequate sanctions processes to ensure compliance including to promptly identify as well as report suspected breaches of financial sanctions to OFSI; and be alert to the risks of making payments in haste. 

    The UK considers financial sanctions to be a vital foreign policy tool. They remain central to the UK’s efforts to hold Russia to account, place Ukraine on the strongest footing possible, and deter malign activity around the world.

    To date western sanctions have resulted in Russia’s oil and gas revenues falling every year since 2022 – losing over a third of its value in three years. Sanctions and the cost of Putin’s barbaric war are causing the Russian economy to stall – with the wealth fund hollowed out, inflation rising and government spend on defence and security spiralling.  

    This case is the latest in a series of monetary penalties announced over the past year. The UK will continue to prioritise sanctions enforcement, through public actions, such as monetary penalties, as well as actions which are not made public, such as warning letters and referrals to partner agencies and regulators.

    On the 22 July, OFSI launched a consultation on proposed changes aiming to improve the effectiveness of its enforcement processes. These proposals, if implemented, will double the value of penalties for the worst sanctions breaches, and potentially speed up the resolution of certain penalty cases.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Analysis: European gloom over the Trump deal is misplaced. It’s probably the best the EU could have achieved

    Source: The Conversation – UK – By Maha Rafi Atal, Adam Smith Senior Lecturer in Political Economy, School of Social and Political Sciences, University of Glasgow

    The trade deal between the US and the European Union, squeezed in days before the re-introduction of Donald Trump’s “liberation day” tariffs, is reflective of the new politics of global trade. Faced with the threat of 30% baseline tariffs from Washington, as well as additional levies on specific sectors, the EU has secured a partial reprieve of a flat 15% tariff on all goods.

    Was this the best the bloc could have achieved? In the time available, it may well have been. The 15% rate is higher than the UK secured earlier this year, but it’s significantly below the level applied to China and Mexico, and on par with Japan.

    The EU has also managed a “zero-for-zero” tariffs deal on some hi-tech goods, notably semiconductors vital for products like phones and laptops. This is something the UK did not push for or secure in its own framework agreed with the US president.



    Read more:
    Donald Trump has reduced tariffs on British metals and cars, but how important is this trade deal? Experts react

    What’s more, EU leaders have argued that agreeing to the deal has security benefits in protecting dwindling US support for European defence. The urgency of Europe’s security concerns in Ukraine made these talks different from trade negotiations in the first Trump administration, when Europe could afford to be more aggressive.

    The biggest winners in this deal are Europe’s carmakers. The US has collapsed various sector-specific duties on goods like aircraft, cars and automotive parts into the 15% ceiling. This effectively reduces tariffs on EU-made cars (from 27.5%).

    American automakers, meanwhile, rely heavily on parts from Mexico and China – still subject to higher tariffs at the time of writing. This makes EU vehicles more competitive for US consumers than “American” cars that rely on overseas parts.

    Most importantly however, like the UK deal before it, the new EU agreement is a statement of understanding between the White House and the European Commission, rather than a formal treaty. A treaty would be subject to parliamentary ratification on both sides.

    But the semi-formal nature of this agreement allows both Trump and European leaders to portray the deal as a “win” by playing fast and loose with what’s actually in it.

    For example, the Trump administration will celebrate an EU commitment to buy US$250 billion (£189 billion) in US energy imports annually. Yet the concession holds no legal weight in the EU. The European Commission, which negotiated with Trump, does not buy any energy nor does it manage the power grid inside its 27 member states.

    The commission can encourage, but cannot compel, those states to buy American. (Indeed, it might want to do so anyway, since it helps it to pivot away from Russian gas). But ultimately, member states and businesses decide where their energy supply comes from, and they are not direct parties to the deal. Only a formal treaty ratified by the European parliament would compel them.

    No guarantees from Trump

    The informal nature of this agreement also allows EU member states to protest against what they see as capitulation to Trump’s demands without real consequence. After all, there is not yet a treaty text they would be required to vote on or implement.

    The Trump administration similarly imposed its sweeping tariff threats in early spring without a vote from Congress, and has been making ad hoc changes to the rates in the same way.

    On the one hand, this means European countries may not ultimately be required to implement some of the deal’s less savoury elements such as the energy purchases or lowering the bloc’s own tariffs on US goods.

    On the other hand, this means the Trump administration – notorious for abrupt changes of turn – can also renege at any time. In reality, there is little the EU can do about this. The question of leverage looms large. Trump’s longstanding antipathy towards the EU – seeing it less as an ally and more as a rival – meant that Brussels was never negotiating from a position of strength.

    The fact that the EU avoided the worst-case scenario, protected key sectors and secured other sector-specific advantages suggests a deal shaped not by triumph, but by containment of Trump. Since the deal was announced, the picture emerging from many European leaders has been one of gloom. True, the EU didn’t win – but it survived. And that, for now, is probably enough.

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

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

    – ref. European gloom over the Trump deal is misplaced. It’s probably the best the EU could have achieved – https://theconversation.com/european-gloom-over-the-trump-deal-is-misplaced-its-probably-the-best-the-eu-could-have-achieved-262369

    MIL OSI Analysis –

  • MIL-OSI Analysis: Will the latest diplomatic moves to end the war in Gaza work?

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor, The Conversation

    This article was first published in The Conversation UK’s World Affairs Briefing email newsletter. Sign up to receive weekly analysis of the latest developments in international relations, direct to your inbox.

    It feels as if things are moving at completely different speeds in Gaza and in the outside world. From the embattled Gaza Strip the narrative is depressingly familiar. Dozens more Palestinian civilians have been killed in the past 24 hours as they try to get hold of scarce supplies of food.

    Aid agencies report that despite air drops of supplies and “humanitarian pauses” in the fighting, the amount of food getting through to the starving people of Gaza remains pitifully insufficient.

    Two more children are reported to have died of starvation, bringing the total number of hunger-related deaths to 159, according to Palestinian sources quoted by al-Jazeera.

    US envoy Steve Witkoff arrived in Jerusalem for more talks as the US president Donald Trump posted his latest bout of social media diplomacy on his TruthSocial site, a message which appears pretty faithful to the Netanyahu government’s position: “The fastest way to end the Humanitarian Crises in Gaza is for Hamas to SURRENDER AND RELEASE THE HOSTAGES!!”

    Both sides continue to reject the other side’s demands, bringing ceasefire negotiations to an effective standstill.

    In the outside world, meanwhile, events seem to be gathering pace. A “high-level conference” at the United Nations in New York brought together representatives of 17 states, the European Union and the Arab League, resulting in “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    What first catches the eye about this proposal, which was signed by Saudi Arabia,
    Qatar, Egypt and Jordan, is that it links a peace deal with the disarming and disbanding of Hamas. It also condemns the militant group’s savage attack on southern Israel on October 23 2023, which was the catalyst for the latest and arguably most grievous chapter of this eight-decade conflict. It’s the first time the Arab League has taken either of these positions.

    The New York declaration, as it has been dubbed, envisages the complete withdrawal of Israeli security forces from Gaza and an end to the displacement of Palestinians. Government will be the responsibility of the Palestinian Authority (PA), and a conference to be scheduled in Egypt will design a plan for the reconstruction of Gaza, much of which has been destroyed in the 20-month assault by the Israel Defense Forces.

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

    Lucas, an expert in US and Middle East politics at the Clinton Institute of University College Dublin, is not particularly sanguine about the short-term prospects for a ceasefire and the alleviation of the desperate conditions for the people of Gaza. But what it represents more than anything else, is “yet another marker of Israel’s increasing isolation”.

    He points to recent announcements that France, the UK (subject to conditions) and Canada will recognise the state of Palestine at the UN general assembly in September. The prospect of normalisation between Israel and Arab states, at the top of the agenda a few short years ago, is now very unlikely. And in the US, which remains Israel’s staunchest ally, a Gallup poll recently found that public opinion is turning against Israel and its prime minister, Benjamin Netanyahu.



    Read more:
    New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

    But how important are the declarations by France, the UK and Canada of intent to potentially recognise Palestinian statehood, asks Malak Benslama-Dabdoub. As expert in international law at Royal Holloway University of London, who has focused on the question of Palestinian statelessness, Benslama-Dabdoub thinks that the French and British pledges bear closer examination.

    The French declaration was made on July 24 on Twitter by the president, Emmanuel Macron. Macron envisages a “demilitarised” state, something Benslama-Dabdoub sees as a serious problem, as it effectively denies the fundamental right of states to self-determination and would rob a future Palestinian state of the necessary right to self-defence.

    The declaration by the UK prime minister that Britain may also recognise Palestinian statehood in September is framed as a threat rather than a pledge. Unless Israel agrees to a ceasefire, allows the UN to recommence humanitarian efforts and engages in a long-term sustainable peace process, the UK will go ahead with recognising Palestine at the UN.

    You have to consider that the UK government’s statement said that the position has always been that “Palestinian statehood is the inalienable right of the Palestinian people”. So to frame this as a threat rather than a demand is arguably to deny that “inalienable right”.



    Read more:
    UK to recognise Palestinian statehood unless Israel agrees to ceasefire – here’s what that would mean

    Paul Rogers also sees serious problems with the pledges to recognise Palestinian statehood. Demands for Hamas to disarm and play no further role in Palestinian government he sees as a non-starter as is the thought of a demilitarised Palestine. “Neither plan has the slightest chance of getting off the ground.”

    Rogers, who has researched and written on the Middle East for more than 30 years, also thinks that without the full backing of the US there is very little chance that a peace plan could succeed.

    Rogers finds it hard to believe that Washington will change tack on the Palestinian question, “unless the US president somehow gets the idea that his own reputation is being damaged”. There’s always a chance of this. News from the Gaza Strip is relentlessly horrifying and the aforementioned polls suggest many voters are reassessing their views of the conflict. But Trump is heavily indebted for his re-election to the far-right Christian Zionist movement, who wield a great deal of power with the White House.

    The other thing that might influence the conflict is if enough of the IDF’s top brass recognise the futility of waging what has always been an unwinnable conflict. This, writes Rogers, is whispered about in Israel’s military circles and one eminent retired general, Itzhak Brik, has come out and said: “Hamas has defeated us.”

    These, writes Rogers, are currently the only routes to an end to the conflict.



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

    Inside Trumpian diplomacy

    We mentioned earlier that the Canadian prime minister, Mark Carney, has also pledged to recognise the state of Palestine in September. This was immediately greeted by Trump with the threat that he does so it will derail a trade deal with the US. Whether this will cut any ice with Carney, who had to make concessions to get the trade deal done in the first place, remains to be seen.

    But there’s a broader point here, writes Stefan Wolff. As Wolff reports, this week the foreign ministers of the Democratic Republic of Congo and Rwanda got together in Washington to sign a ceasefire deal, brokered by the US. Trump also claims to have successfully ended a conflict between India and Pakistan at the end of May and hostilities between Thailand and Cambodia earlier this month.

    Meanwhile his efforts to secure peace deals, or even a lasting ceasefire, in Gaza or Ukraine have been unsuccessful.

    Wolff considers why some countries respond to Trump’s diplomatic efforts while others don’t. There are a number of reasons, principally the US president’s ability to apply leverage through trade deals or sanctions and the differing complexity of the conflicts.

    He also points to the depleted resources of the US state department, Trump’s use of personal envoys with little foreign affairs experience and the US president’s insistence on making all the important decisions himself. He concludes: “The White House simply may not have the bandwidth for the level of engagement that would be necessary to get to a deal in Ukraine and the Middle East.”



    Read more:
    Why Donald Trump has stopped some conflicts but is failing with Ukraine and Gaza

    One US government department whose resources haven’t been depleted under Donald Trump is the US Immigration and Customs Enforcement agency, known as Ice. Part of the Department of Homeland Security, Ice has been responsible for identifying and detaining non-citizens and undocumented migrants.

    Their agents carry guns, wear masks and typically operate in plain clothes, although they often wear military kit. The agency received massive funding via Trump’s One Bzig Beautiful Bill Act earlier this month, which will allow the agency to recruit hundreds, if not thousands, of new agents. The number of arrests is increasing steadily, as is the disquiet their operations are prompting in many American cities, where opposition protests are also growing.

    Dafydd Townley, an expert in US politics at the University of Portsmouth, explains how Ice operates and where it sits in Donald Trump’s plan to deport millions of illegal migrants from the US.



    Read more:
    Masked and armed agents are arresting people on US streets as aggressive immigration enforcement ramps up

    World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.

    – ref. Will the latest diplomatic moves to end the war in Gaza work? – https://theconversation.com/will-the-latest-diplomatic-moves-to-end-the-war-in-gaza-work-262380

    MIL OSI Analysis –

  • Trump wants deal to end Russia’s war in Ukraine by August 8, US tells UN

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump has made clear that he wants a deal to end Russia’s war in Ukraine by August 8, the United States told the United Nations Security Council on Thursday.

    “Both Russia and Ukraine must negotiate a ceasefire and durable peace. It is time to make a deal. President Trump has made clear this must be done by August 8. The United States is prepared to implement additional measures to secure peace,” senior U.S. diplomat John Kelley told the 15-member council.

    Trump said on Tuesday that the United States would start imposing tariffs and other measures on Russia “10 days from today” if Moscow showed no progress toward ending its war in Ukraine.

    Kyiv and Moscow have held three rounds of talks in Istanbul this year that yielded exchanges of prisoners and bodies, but no breakthrough to defuse the more than three-year conflict.

    “We intend to continue the negotiations in Istanbul,” Russia’s deputy U.N. Ambassador Dmitry Polyanskiy told the council, but he added: “Despite the meetings in Istanbul, in the West, the war party did not go away … We continue hearing voices of those who think that diplomacy is just a way of criticizing Russia and exerting pressure on it.”

    Ukraine’s deputy U.N. Ambassador Khrystyna Hayovyshyn said Russia must be confronted with “unity, resolve and action.”

    “We seek a comprehensive, just and lasting peace grounded in the principles of the U.N. Charter and nothing less. We repeat – a full, immediate and unconditional ceasefire is essential. It is the first step to halting Russia’s war of aggression against Ukraine,” she told the council.

    (Reuters)

  • MIL-OSI United Nations: Russian attack on Ukrainian capital kills at least 11 civilians

    Source: United Nations 2-b

    Among the confirmed dead is a six-year-old boy. At least 10 of the injured were children, the mission said, and news reports indicate that figure is rising.

    City-wide damage

    Russia reportedly launched 309 drones and eight cruise missiles during the night,  and despite air defences managing to destroy many of them, the damage across the capital was severe.  

    At least 27 locations across Kyiv were hit by the attack, with the heaviest damage seen in the Solomianskyi and Sviatoshynskyi districts, where UN rescue efforts are ongoing.  

    In the Sviatoshynskyi district, a missile destroyed a section of a nine-story apartment building.

    In the Solomianskyi district, a five-story apartment building was severely damaged, and at least two people were killed.

    UN Ukraine reported that witnesses described shock at the strike, which happened so quickly that they did not have time to seek shelter.

    “Homes, businesses and public buildings are being destroyed, and it may take years to rebuild them. And each new attack compounds the psychological toll on people who have to spend night after night in shelters,” said Danielle Bell, Head of HRMMU.

    More than 100 buildings were reportedly damaged in the capital, including homes, schools, kindergartens, medical facilities and universities, according to news reports.  

    Unprecedented civilian toll

    This attack follows a wave of violence close and far from the frontline, including weekend assaults that killed at least 20 civilians and injured over 120, a prison attack on Monday that killed 16 inmates, a hospital strike that killed three and the death of five civilians in the east on Tuesday.

    This violent pattern continues from June, when HRMMU reported that Russia launched 10 times more missile and loitering munitions attacks against Ukraine compared with June 2024, killing 232 and injuring 1,343.

    The UN Humanitarian Coordinator for Ukraine, Matthias Schmale, stressed on social media that “international humanitarian law must be respected. All efforts must be taken to protect civilians. They are not a target.” 

    MIL OSI United Nations News –

  • MIL-OSI USA: Cassidy Introduces Legislation to Crack Down on Money Laundering, Terror Financing in Art Market

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Art Market Integrity Act to require art dealers and auction houses to comply with anti-money-laundering (AML) and counter-terrorism financing regulations under the Bank Secrecy Act (BSA). Currently, the art market, a $25 billion industry in the United States and the largest of its kind globally, is one of the last major markets not required to meet these standards, making it vulnerable to exploitation by criminals, terrorist financiers, and other sanctioned individuals.
    “Criminals and terrorists use art sales to fund their crimes,” said Dr. Cassidy. “We have similar rules for jewelry, precious metals, real estate, and more. Let’s do it for art too.”
    Cassidy was joined by U.S. Senators John Fetterman (D-PA), Chuck Grassley (R-IA), Sheldon Whitehouse (D-RI), David McCormick (R-PA), and Andy Kim (D-NJ) in introducing the legislation. 
    Background
    In recent years, the U.S. Department of the Treasury identified the art market as particularly susceptible to money laundering and sanctions evasion. High-profile cases have spotlighted the urgent need for reform, including the indictment of Hezbollah financier Nazem Ahmad using art as part of his scheme to launder over $160 million. Multiple Kremlin cronies have used art to evade sanctions: Arkady and Boris Rotenberg used $18 million worth of art to get around sanctions, Roman Abramovich transferred almost $1 billion in art to his wife ahead of new sanctions, and last year the DOJ indicted Anastasia Simes for laundering money on behalf of sanctioned Kremlin crony Aleksander Udadov.
    The bill is endorsed by the Antiquities Coalition, Transparency International U.S., the FACT Coalition, FDD Action, the American Jewish Committee, Razom for Ukraine, American Coalition for Ukraine, the Initiative for the Recovery of Venezuelan Assets(INRAV), the National Border Patrol Council, and the Federal Law Enforcement Officers Association (FLEOA).

    MIL OSI USA News –

  • MIL-OSI: Monolithic Power Systems Provides Earnings Commentary for the Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., July 31, 2025 (GLOBE NEWSWIRE) — MPS will report its results after the market closes on July 31, 2025 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/98147401910.

    Q2 2025 Financial Summary           (Unaudited)
    GAAP
     
      Q2’25 Q1’25 Q2’24   QoQ Change YoY Change
    Revenue ($k) $664,574 $637,554 $507,431   Up 4.2% Up 31.0%
    Gross Margin 55.1% 55.4% 55.3%   Down 0.3 pts Down 0.2 pts
    Opex ($k) $201,258 $184,471 $164,042   Up 9.1% Up 22.7%
    Operating Margin 24.8% 26.5% 23.0%   Down 1.7 pts Up 1.8 pts
    Net income ($k) $133,726 $133,791 $100,366   Flat Up 33.2%
    Diluted EPS $2.78 $2.79 $2.05   Down 0.4% Up 35.6%
    Non-GAAP
     
      Q2’25 Q1’25 Q2’24   QoQ Change YoY Change
    Revenue ($k) $664,574 $637,554 $507,431   Up 4.2% Up 31.0%
    Gross Margin 55.5% 55.7% 55.7%   Down 0.2 pts Down 0.2 pts
    Opex ($k) $137,604 $133,526 $111,667   Up 3.1% Up 23.2%
    Operating Margin 34.8% 34.7% 33.7%   Up 0.1 pts Up 1.1 pts
    Net income ($k) $202,180 $193,813 $155,076   Up 4.3% Up 30.4%
    Diluted EPS $4.21 $4.04 $3.17   Up 4.2% Up 32.8%
    Tax Rate 15.0% 15.0% 12.5%   Flat Up 2.5 pts
    Revenue by End Market
     
        Revenue   YoY Change  % of Revenue
    End Market ($M)   Q2’25 Q2’24   $   % Q2’25   Q2’24  
    Storage & Computing     $195.3   $114.9     $80.4   70.0 % 29.4 % 22.7 %
    Automotive     145.1   87.2     57.9   66.4 % 21.8   17.2  
    Enterprise Data     144.0   187.2     (43.2 ) (23.1 %) 21.7   36.9  
    Communications     73.8   43.6     30.2   69.3 % 11.1   8.5  
    Consumer     59.7   42.2     17.5   41.5 % 9.0   8.3  
    Industrial     46.7   32.3     14.4   44.6 % 7.0   6.4  
    Total     $664.6   $507.4     $157.2   31.0 % 100 % 100 %


    Ongoing Business Conditions

    In Q2 2025, MPS achieved record quarterly revenue of $664.6 million, 4.2% higher than revenue in the first quarter of 2025 and 31.0% higher than revenue in the second quarter of 2024.

    Our performance during the quarter reflected the resilience of our diversified market strategy as we continued to see strong broad-based ordering patterns.

    Q2 2025 highlights include:

    • We continued to see diversified revenue growth across all our end markets.
    • We began initial shipments of our power solutions to support our customers new ASIC based AI products.
    • Storage and Compute revenue grew sequentially off a strong Q1 as we continued to see demand for both memory and notebook power solutions.

    MPS continues to focus on innovation, solving our customers’ most challenging problems, and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets, and to diversify our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and swiftly adapt to market changes as they occur.

    “Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.

    Q2’25 Revenue Results

    MPS reported second quarter revenue of $664.6 million, 4.2% higher than the first quarter of 2025 and 31.0% higher than the second quarter of 2024. Compared with the first quarter of 2025, sales improved sequentially across all end markets.

    Second quarter 2025 Industrial revenue of $46.7 million increased 9.6% from the first quarter of 2025 primarily due to higher sales for instrumentation and security applications. Second quarter 2025 Industrial revenue was up 44.6% year over year. Industrial revenue represented 7.0% of our total second quarter 2025 revenue compared with 6.7% in the first quarter of 2025.

    In our Enterprise Data market, second quarter 2025 revenue of $144.0 million increased 8.4% from the first quarter of 2025 from higher sales of our power management solutions for AI and server applications. Second quarter 2025 Enterprise Data revenue was down 23.1% year over year. Enterprise Data revenue represented 21.7% of our total second quarter 2025 revenue compared with 20.8% in the first quarter of 2025. Second quarter 2025 Consumer revenue of $59.7 million increased 4.9% from the first quarter of 2025 primarily from higher sales in monitors and gaming solutions. Second quarter 2025 Consumer revenue was up 41.5% year over year. Consumer revenue represented 9.0% of our total second quarter 2025 revenue compared with 8.9% in the first quarter of 2025.

    Second quarter 2025 Storage and Computing revenue of $195.3 million increased 3.6% from the first quarter of 2025. The sequential increase was primarily driven by higher sales of power solutions for notebooks as well as memory. Second quarter 2025 Storage and Computing revenue was up 70.0% year over year. Storage and Computing revenue represented 29.4% of MPS’s second quarter 2025 revenue compared with 29.6% in the first quarter of 2025.

    Second quarter 2025 Communications revenue of $73.8 million was up 2.8% from the first quarter of 2025 primarily on higher sales of power solutions for optical modules and routers. Second quarter 2025 Communications revenue was up 69.3% year over year. Communications sales represented 11.1% of our total second quarter 2025 revenue compared with 11.3% the first quarter of 2025.

    Second quarter Automotive revenue of $145.1 million increased 0.1% from the from the first quarter of 2025. Second quarter 2025 Automotive revenue was up 66.4% year over year. Automotive revenue represented 21.8% of MPS’s second quarter 2025 revenue compared with 22.7% in the first quarter of 2025.

    Q2’25 Gross Margin & Operating Income

    GAAP gross margin was 55.1%, down 0.3 percentage points compared to the first quarter of 2025. Our GAAP operating income was $164.8 million compared to $168.8 million reported in the first quarter of 2025.

    Non-GAAP gross margin for the second quarter of 2025 was 55.5%, down 0.2 percentage points compared to the first quarter of 2025. Our non-GAAP operating income was $231.2 million compared to $221.5 million reported in the first quarter of 2025.

    Q2’25 Operating Expenses

    Our GAAP operating expenses were $201.3 million in the second quarter of 2025 compared with $184.5 million in the first quarter of 2025.

    Our Non-GAAP operating expenses were $137.6 million, up from $133.5 million in the first quarter of 2025.

    The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan expense.

    Total stock-based compensation and related expenses, including approximately $1.9 million charged to cost of goods sold, was $60.3 million compared with $53.8 million recorded in the first quarter of 2025.

    The Bottom Line

    Second quarter 2025 GAAP net income was $133.7 million or $2.78 per fully diluted share, compared with $133.8 million or $2.79 per share in the first quarter of 2025.

    Second quarter 2025 non-GAAP net income was $202.2 million or $4.21 per fully diluted share, compared with $193.8 million or $4.04 per fully diluted share in the first quarter of 2025.

    Second quarter 2025 non-GAAP tax rate of 15% was flat to the first quarter of 2025.

    There were 48 million fully diluted shares outstanding at the end of the second quarter of 2025.

    Balance Sheet and Cash Flow

    Cash, cash equivalents and short-term investments were $1,146.1 million at the end of the second quarter of 2025 compared to $1,026.7 million at the end of the first quarter of 2025. For the second quarter of 2025, MPS generated operating cash flow of $237.6 million compared with the first quarter of 2025 operating cash flow of $256.4 million.

    Accounts receivable at the end of the second quarter of 2025 were $194.8 million, representing 27 days of sales outstanding, which was 4 days lower than the 31 days reported at the end of the first quarter of 2025.

    Our internal inventories at the end of the second quarter of 2025 were $490.6 million, up from $454.8 million at the end of the first quarter of 2025. Days of inventory of 150 days at the end of the second quarter of 2025 was 4 days higher than at the end of the first quarter of 2025.

    We continue to manage our internal inventories, balancing the uncertainty in the market with being prepared to capture market upturns as they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the second quarter of 139 days was flat to the end of the first quarter of 2025.

    Selected Balance Sheet and Inventory Data (Unaudited)
           
      Q2’25 Q1’25 Q2’24
    Cash, Cash Equivalents, and Short-Term Investments $ 1,146.1 M $ 1,026.7 M $ 1,307.2 M
    Operating Cash Flow $ 237.6 M $ 256.4 M $ 141.0 M
    Accounts Receivable $ 194.8 M $ 214.9 M $ 157.9 M
    Days of Sales Outstanding 27 Days 31 Days 28 Days
    Internal Inventories $ 490.6 M $ 454.8 M $ 426.8 M
    Days of Inventory (current quarter revenue) 150 Days 146 Days 171 Days
    Days of Inventory (next quarter revenue) 139 Days 139 Days 140 Days


    Q3’25 Business Outlook

    For the third quarter of 2025 ending September 30, we are forecasting:

    • Revenue in the range of $710 million to $730 million.
    • GAAP gross margin in the range of 54.9% to 55.5%.
    • Non-GAAP gross margin in the range of 55.2% to 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
    • Total stock-based compensation and related expenses in the range of $60.1 million to $62.1 million including approximately $1.8 million that would be charged to cost of goods sold.
    • GAAP operating expenses between $201.3 million and $207.3 million.
    • Non-GAAP operating expenses in the range of $143.0 million to $147.0 million. This estimate excludes stock-based compensation and related expenses in the range of $58.3 million to $60.3 million.
    • Interest and other income in the range from $6.4 million to $6.8 million before foreign exchange gains or losses.
    • Non-GAAP tax rate of 15% for 2025.
    • Fully diluted shares outstanding in the range of 47.9 to 48.3 million shares.

    For further information, contact:
    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com

    Safe Harbor Statement

    This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Q3’25 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain, our statement regarding the expected ramping of ASIC AI power products, our statement regarding geographically balanced capacity, our statement regarding our ability to capture future growth opportunities, maintain supply stability and swiftly adapt to market changes as they occur, and the quote from our CEO and founder, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the third quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our end markets, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures and announcements regarding same, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws (including the recent H.R.1 Act signed into law on July 4, 2025) or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures and announcements regarding same, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.

    Non-GAAP Financial Measures

    This earnings commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net, and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income, net, operating income and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense, amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.

    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
    (Unaudited, in thousands, except per share amounts)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Net income   $ 133,726     $ 100,366     $ 267,517     $ 192,907  
                                     
    Adjustments to reconcile net income to non-GAAP net income:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense, net     281       106       275       153  
    Tax effect     7,573       1,528       13,470       (5,628 )
    Non-GAAP net income   $ 202,180     $ 155,076     $ 395,993     $ 292,568  
                                     
    Non-GAAP net income per share:                                
    Basic   $ 4.22     $ 3.19     $ 8.27     $ 6.01  
    Diluted   $ 4.21     $ 3.17     $ 8.25     $ 5.98  
                                     
    Shares used in the calculation of non-GAAP net income per share:                                
    Basic     47,887       48,687       47,869       48,660  
    Diluted     48,019       48,945       48,012       48,935  
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Gross profit   $ 366,016     $ 280,578     $ 719,246     $ 533,019  
    Gross margin     55.1 %     55.3 %     55.2 %     55.2 %
                                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                                
    Stock-based compensation and related expenses     1,915       1,635       3,621       3,535  
    Amortization of acquisition-related intangible assets     287       339       574       597  
    Deferred compensation plan expense     605       100       442       540  
    Non-GAAP gross profit   $ 368,823     $ 282,652     $ 723,883     $ 537,691  
    Non-GAAP gross margin     55.5 %     55.7 %     55.6 %     55.7 %
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total operating expenses   $ 201,258     $ 164,042     $ 385,729     $ 320,996  
                                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                                
    Stock-based compensation and related expenses     (58,365 )     (51,069 )     (110,470 )     (100,938 )
    Amortization of acquisition-related intangible assets     (33 )     (33 )     (66 )     (66 )
    Deferred compensation plan expense     (5,256 )     (1,273 )     (4,063 )     (4,899 )
    Non-GAAP operating expenses   $ 137,604     $ 111,667     $ 271,130     $ 215,093  
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total operating income   $ 164,758     $ 116,536     $ 333,517     $ 212,023  
                                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense     5,861       1,373       4,505       5,439  
    Non-GAAP operating income   $ 231,219     $ 170,985     $ 452,753     $ 322,598  
    RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total other income, net   $ 12,220     $ 7,512     $ 17,351     $ 17,052  
                                     
    Adjustments to reconcile other income, net to non-GAAP other income, net:                                
    Deferred compensation plan income     (5,580 )     (1,266 )     (4,230 )     (5,285 )
    Non-GAAP other income, net   $ 6,640     $ 6,246     $ 13,121     $ 11,767  
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total income before income taxes   $ 176,978     $ 124,048     $ 350,868     $ 229,075  
                                     
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense, net     281       106       275       153  
    Non-GAAP income before income taxes   $ 237,859     $ 177,230     $ 465,874     $ 334,364  
    2025 THIRD QUARTER OUTLOOK
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
           
        Three Months Ending  
        September 30, 2025  
        Low
    		   High
    Gross margin     54.9 %     55.5 %
    Adjustment to reconcile gross margin to non-GAAP gross margin:                
    Stock-based compensation and other expenses     0.3 %     0.3 %
    Non-GAAP gross margin     55.2 %     55.8 %
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
         
        Three Months Ending
        September 30, 2025
        Low   High
    Operating expenses   $ 201,300     $ 207,300  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:                
    Stock-based compensation and other expenses     (58,300 )     (60,300 )
    Non-GAAP operating expenses   $ 143,000     $ 147,000  

    The MIL Network –

  • MIL-OSI: Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., July 31, 2025 (GLOBE NEWSWIRE) — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended June 30, 2025.

    The financial results for the quarter ended June 30, 2025 were as follows:

    • Revenue was $664.6 million for the quarter ended June 30, 2025, a 4.2% increase from $637.6 million for the quarter ended March 31, 2025 and a 31.0% increase from $507.4 million for the quarter ended June 30, 2024.
    • GAAP gross margin was 55.1% for the quarter ended June 30, 2025, compared with 55.3% for the quarter ended June 30, 2024.
    • Non-GAAP gross margin (1) was 55.5% for the quarter ended June 30, 2025, excluding the impact of $1.9 million for stock-based compensation and related expenses, $0.6 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with 55.7% for the quarter ended June 30, 2024, excluding the impact of $1.6 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan expense.
    • GAAP operating expenses were $201.3 million for the quarter ended June 30, 2025, compared with $164.0 million for the quarter ended June 30, 2024.
    • Non-GAAP operating expenses (1) were $137.6 million for the quarter ended June 30, 2025, excluding $58.4 million for stock-based compensation and related expenses and $5.3 million for deferred compensation plan expense, compared with $111.7 million for the quarter ended June 30, 2024, excluding $51.1 million for stock-based compensation and related expenses and $1.3 million for deferred compensation plan expense.
    • GAAP operating income was $164.8 million for the quarter ended June 30, 2025, compared with $116.5 million for the quarter ended June 30, 2024.
    • Non-GAAP operating income (1) was $231.2 million for the quarter ended June 30, 2025, excluding $60.3 million for stock-based compensation and related expenses, $5.9 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with $171.0 million for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $1.4 million for deferred compensation plan expense and $0.4 million for amortization of acquisition-related intangible assets.
    • GAAP other income, net was $12.2 million for the quarter ended June 30, 2025, compared with $7.5 million for the quarter ended June 30, 2024.
    • Non-GAAP other income, net (1) was $6.6 million for the quarter ended June 30, 2025, excluding $5.6 million for deferred compensation plan income, compared with $6.2 million for the quarter ended June 30, 2024, excluding $1.3 million for deferred compensation plan income.
    • GAAP income before income taxes was $177.0 million for the quarter ended June 30, 2025, compared with $124.0 million for the quarter ended June 30, 2024.
    • Non-GAAP income before income taxes (1) was $237.9 million for the quarter ended June 30, 2025, excluding $60.3 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.3 million for net deferred compensation plan expense, compared with $177.2 million for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $0.4 million for amortization of acquisition-related intangible assets and $0.1 million for net deferred compensation plan expense.
    • GAAP net income was $133.7 million and $2.78 per diluted share for the quarter ended June 30, 2025. Comparatively, GAAP net income was $100.4 million and $2.05 per diluted share for the quarter ended June 30, 2024.
    • Non-GAAP net income (1) was $202.2 million and $4.21 per diluted share for the quarter ended June 30, 2025, excluding $60.3 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets, $0.3 million for net deferred compensation plan expense and $7.6 million for related tax effects, compared with $155.1 million and $3.17 per diluted share for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $0.4 million for amortization of acquisition-related intangible assets, $0.1 million for net deferred compensation plan expense and $1.5 million for related tax effects.

    The financial results for the six months ended June 30, 2025 were as follows:

    • Revenue was $1,302.1 million for the six months ended June 30, 2025, a 34.9% increase from $965.3 million for the six months ended June 30, 2024.
    • GAAP gross margin was 55.2% for the six months ended June 30, 2025, flat as compared to the six months ended June 30, 2024.
    • Non-GAAP gross margin (1) was 55.6% for the six months ended June 30, 2025, excluding the impact of $3.6 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets and $0.4 million for deferred compensation plan expense, compared with 55.7% for the six months ended June 30, 2024, excluding the impact of $3.5 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets and $0.5 million for deferred compensation plan expense.
    • GAAP operating expenses were $385.7 million for the six months ended June 30, 2025, compared with $321.0 million for the six months ended June 30, 2024.
    • Non-GAAP operating expenses (1) were $271.1 million for the six months ended June 30, 2025, excluding $110.5 million for stock-based compensation and related expenses, $4.1 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets, compared with $215.1 million for the six months ended June 30, 2024, excluding $100.9 million for stock-based compensation and related expenses, $4.9 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets.
    • GAAP operating income was $333.5 million for the six months ended June 30, 2025, compared with $212.0 million for the six months ended June 30, 2024.
    • Non-GAAP operating income (1) was $452.8 million for the six months ended June 30, 2025, excluding $114.1 million for stock-based compensation and related expenses, $4.5 million for deferred compensation plan expense and $0.6 million for amortization of acquisition-related intangible assets, compared with $322.6 million for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $5.4 million for deferred compensation plan expense and $0.7 million for amortization of acquisition-related intangible assets.
    • GAAP other income, net was $17.4 million for the six months ended June 30, 2025, compared with $17.1 million for the six months ended June 30, 2024.
    • Non-GAAP other income, net (1) was $13.1 million for the six months ended June 30, 2025, excluding $4.2 million for deferred compensation plan income, compared with $11.8 million for the six months ended June 30, 2024, excluding $5.3 million for deferred compensation plan income.
    • GAAP income before income taxes was $350.9 million for the six months ended June 30, 2025, compared with $229.1 million for the six months ended June 30, 2024.
    • Non-GAAP income before income taxes (1) was $465.9 million for the six months ended June 30, 2025, excluding $114.1 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets and $0.3 million for net deferred compensation plan expense, compared with $334.4 million for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $0.7 million for amortization of acquisition-related intangible assets and $0.2 million for net deferred compensation plan expense.
    • GAAP net income was $267.5 million and $5.57 per diluted share for the six months ended June 30, 2025. Comparatively, GAAP net income was $192.9 million and $3.94 per diluted share for the six months ended June 30, 2024.
    • Non-GAAP net income (1) was $396.0 million and $8.25 per diluted share for the six months ended June 30, 2025, excluding $114.1 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets, $0.3 million for net deferred compensation plan expense and $13.5 million for related tax effects, compared with $292.6 million and $5.98 per diluted share for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $0.7 million for amortization of acquisition-related intangible assets, $0.2 million for net deferred compensation plan expense and $5.6 million for related tax effects.

    The following is a summary of revenue by end market (in thousands):

        Three Months Ended June 30,   Six Months Ended June 30,
    End Market   2025   2024   2025   2024
    Storage and Computing   $ 195,320     $ 114,955     $ 383,831     $ 221,076  
    Automotive     145,132       87,193       290,036       174,285  
    Enterprise Data     143,964       187,211       276,888       336,938  
    Communications     73,783       43,566       145,454       90,211  
    Consumer     59,663       42,229       116,610       80,303  
    Industrial     46,712       32,277       89,309       62,503  
    Total   $ 664,574     $ 507,431     $ 1,302,128     $ 965,316  

    “Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS. 

    Business Outlook

    The following are MPS’s financial targets for the third quarter ending September 30, 2025:

    • Revenue in the range of $710.0 million to $730.0 million.
    • GAAP gross margin between 54.9% and 55.5%. Non-GAAP gross margin (1) between 55.2% and 55.8%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
    • GAAP operating expenses between $201.3 million and $207.3 million. Non-GAAP operating expenses (1) between $143.0 million and $147.0 million, which excludes estimated stock-based compensation and related expenses in the range of $58.3 million to $60.3 million.
    • Total stock-based compensation and related expenses of $60.1 million to $62.1 million including approximately $1.8 million that would be charged to cost of goods sold.
    • Interest and other income in the range of $6.4 million to $6.8 million before foreign exchange gains or losses.
    • Non-GAAP tax rate of 15% for 2025.
    • Fully diluted shares outstanding between 47.9 million and 48.3 million.

    (1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, operating income, other income, net and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense, amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to non-GAAP reconciliations in the tables set forth below.

    Earnings Commentary
    Earnings commentary on the results of operations for the quarter ended June 30, 2025 is available under the Investor Relations page on the MPS website.

    Earnings Webinar
    MPS plans to host a question-and-answer webinar covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, July 31, 2025. The live event will be held via a Zoom webcast, which can be accessed at: https://mpsic.zoom.us/j/98147401910. The Zoom webcast can also be accessed live over the phone by dialing (669) 444-9171; the webcast ID is 98147401910. A replay of the event will be archived and available for replay for one year under the Investor Relations page on the MPS website.

    Safe Harbor Statement
    This press release contains, and statements that will be made during the accompanying earnings webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Business Outlook” section and the quote from our CEO herein, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the third quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying earnings webinar are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures and announcements regarding same, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws (including the recent H.R.1 Act signed into law on July 4, 2025) or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if our tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures and announcements regarding same, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this press release or in the accompanying earnings webinar.

    About Monolithic Power Systems

    Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

    Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries. 

    Contact:
    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com 

     
    Monolithic Power Systems, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited, in thousands, except par value)
     
        June 30,   December 31,
        2025   2024
    ASSETS                
    Current assets:                
    Cash and cash equivalents   $ 787,382     $ 691,816  
    Short-term investments     358,695       171,130  
    Accounts receivable, net     194,821       172,518  
    Inventories     490,642       419,611  
    Other current assets     87,217       109,978  
    Total current assets     1,918,757       1,565,053  
    Property and equipment, net     563,885       494,945  
    Acquisition-related intangible assets, net     9,364       9,938  
    Goodwill     25,944       25,944  
    Deferred tax assets, net     1,309,981       1,326,840  
    Other long-term assets     144,279       194,377  
    Total assets   $ 3,972,210     $ 3,617,097  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Current liabilities:                
    Accounts payable   $ 129,919     $ 102,526  
    Accrued compensation and related benefits     81,296       63,918  
    Other accrued liabilities     172,293       128,123  
    Total current liabilities     383,508       294,567  
    Income tax liabilities     73,185       65,193  
    Other long-term liabilities     113,449       111,570  
    Total liabilities     570,142       471,330  
    Commitments and contingencies                
    Stockholders’ equity:                
    Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 47,892 and 47,823, respectively     822,582       706,817  
    Retained earnings     2,603,177       2,487,461  
    Accumulated other comprehensive loss     (23,691 )     (48,511 )
    Total stockholders’ equity     3,402,068       3,145,767  
    Total liabilities and stockholders’ equity   $ 3,972,210     $ 3,617,097  
                     
    Monolithic Power Systems, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited, in thousands, except per share amounts)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Revenue   $ 664,574     $ 507,431     $ 1,302,128     $ 965,316  
    Cost of revenue     298,558       226,853       582,882       432,297  
    Gross profit     366,016       280,578       719,246       533,019  
    Operating expenses:                                
    Research and development     96,266       77,945       188,493       153,935  
    Selling, general and administrative     104,992       86,097       197,236       167,061  
    Total operating expenses     201,258       164,042       385,729       320,996  
    Operating income     164,758       116,536       333,517       212,023  
    Other income, net     12,220       7,512       17,351       17,052  
    Income before income taxes     176,978       124,048       350,868       229,075  
    Income tax expense     43,252       23,682       83,351       36,168  
    Net income   $ 133,726     $ 100,366     $ 267,517     $ 192,907  
                                     
    Net income per share:                                
    Basic   $ 2.79     $ 2.06     $ 5.59     $ 3.96  
    Diluted   $ 2.78     $ 2.05     $ 5.57     $ 3.94  
    Weighted-average shares outstanding:                                
    Basic     47,887       48,687       47,869       48,660  
    Diluted     48,019       48,945       48,012       48,935  
                                     
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
    (Unaudited, in thousands, except per share amounts)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Net income   $ 133,726     $ 100,366     $ 267,517     $ 192,907  
                                     
    Adjustments to reconcile net income to non-GAAP net income:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense, net     281       106       275       153  
    Tax effect     7,573       1,528       13,470       (5,628 )
    Non-GAAP net income   $ 202,180     $ 155,076     $ 395,993     $ 292,568  
                                     
    Non-GAAP net income per share:                                
    Basic   $ 4.22     $ 3.19     $ 8.27     $ 6.01  
    Diluted   $ 4.21     $ 3.17     $ 8.25     $ 5.98  
                                     
    Shares used in the calculation of non-GAAP net income per share:                                
    Basic     47,887       48,687       47,869       48,660  
    Diluted     48,019       48,945       48,012       48,935  
                                     
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Gross profit   $ 366,016     $ 280,578     $ 719,246     $ 533,019  
    Gross margin     55.1 %     55.3 %     55.2 %     55.2 %
                                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                                
    Stock-based compensation and related expenses     1,915       1,635       3,621       3,535  
    Amortization of acquisition-related intangible assets     287       339       574       597  
    Deferred compensation plan expense     605       100       442       540  
    Non-GAAP gross profit   $ 368,823     $ 282,652     $ 723,883     $ 537,691  
    Non-GAAP gross margin     55.5 %     55.7 %     55.6 %     55.7 %
                                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total operating expenses   $ 201,258     $ 164,042     $ 385,729     $ 320,996  
                                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                                
    Stock-based compensation and related expenses     (58,365 )     (51,069 )     (110,470 )     (100,938 )
    Amortization of acquisition-related intangible assets     (33 )     (33 )     (66 )     (66 )
    Deferred compensation plan expense     (5,256 )     (1,273 )     (4,063 )     (4,899 )
    Non-GAAP operating expenses   $ 137,604     $ 111,667     $ 271,130     $ 215,093  
                                     
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total operating income   $ 164,758     $ 116,536     $ 333,517     $ 212,023  
                                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense     5,861       1,373       4,505       5,439  
    Non-GAAP operating income   $ 231,219     $ 170,985     $ 452,753     $ 322,598  
                                     
    RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total other income, net   $ 12,220     $ 7,512     $ 17,351     $ 17,052  
                                     
    Adjustments to reconcile other income, net to non-GAAP other income, net:                                
    Deferred compensation plan income     (5,580 )     (1,266 )     (4,230 )     (5,285 )
    Non-GAAP other income, net   $ 6,640     $ 6,246     $ 13,121     $ 11,767  
                                     
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Total income before income taxes   $ 176,978     $ 124,048     $ 350,868     $ 229,075  
                                     
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:                                
    Stock-based compensation and related expenses     60,280       52,704       114,091       104,473  
    Amortization of acquisition-related intangible assets     320       372       640       663  
    Deferred compensation plan expense, net     281       106       275       153  
    Non-GAAP income before income taxes   $ 237,859     $ 177,230     $ 465,874     $ 334,364  
                                     
    2025 THIRD QUARTER OUTLOOK
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
        Three Months Ending
        September 30, 2025
        Low   High
    Gross margin     54.9 %     55.5 %
    Adjustment to reconcile gross margin to non-GAAP gross margin:                
    Stock-based compensation and other expenses     0.3 %     0.3 %
    Non-GAAP gross margin     55.2 %     55.8 %
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
        Three Months Ending
        September 30, 2025
        Low   High
    Operating expenses   $ 201,300     $ 207,300  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:                
    Stock-based compensation and other expenses     (58,300 )     (60,300 )
    Non-GAAP operating expenses   $ 143,000     $ 147,000  
                     

    The MIL Network –

  • MIL-OSI USA: Kaptur, Quigley, Pingree Call for Trump Administration to Preserve Legal Status for Ukrainians

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Toledo, OH – Today, Congresswoman Marcy Kaptur (OH-09), and Congressman Mike QuigleyCo-Chairs of the Congressional Ukraine Caucus, together with Congresswoman Chellie Pingree (ME-01), led 33 members of Congress in calling on the Trump administration to rapidly address applications for legal status and work authorization by Ukrainians currently in the United States.

     “Murderous Dictator Putin continues his unprovoked war of aggression, unleashing daily barrages of rockets and terror on innocent Ukrainian civilians. The United States and the Free World have a moral obligation to protect those who may yet fall under his murderous rampage. Since the full scale escalation of Russia’s war in Ukraine in February, 2022, more than 270,000 Ukrainians have sought refuge in America. For more than 3 years, Ukrainian refugees have contributed greatly to communities nationwide, including in the greater Toledo and Cleveland areas in my home state of Ohio.” said Congresswoman Marcy Kaptur (OH-09), Co-Founder and Co-Chair of the Congressional Ukraine Caucus. “The success of the U4U program is unquestioned, with more than 175,000 Ukrainian nationals currently in the United States through this program. I was pleased to hear and echo President Trump’s sentiment earlier this week that we must continue to grant them the safety and shelter that prevents them from being forced back into the setting of war. America has long been a refuge for those whose lives are threatened by immediate danger, and we must continue serving as a shining light for Liberty for those fleeing tyranny and terror.” 

    Since Russia invaded Ukraine, tens of thousands of Ukrainians have sought refuge in the United States through the Uniting for Ukraine (U4U) program. Now, many are seeing their statuses lapse as a massive backlog has developed within US Citizenship and Immigration Services. Following President Trump’s recent encouraging comments about the U4U program, the bipartisan group of members is urging the administration to adjudicate outstanding requests for legal status and work authorization and to extend parole for Ukrainians with expiring statuses.

    The members wrote, in part in their letter, “After years of being employed, paying taxes, and contributing to our neighborhoods, Ukrainians in our districts now live in uncertainty–a state of limbo that hurts communities and employers alike who’ve sought to help this population.”

    Other signers of the letter include Representatives: Ukraine Caucus Co-Chair Brian Fitzpatrick (PA-01), Eleanor Holmes Norton (DC-00), Danny Davis (IL-07), Dan Goldman (NY-10), Josh Gottheimer (NJ-05), Hank Johnson (GA-04), Seth Magaziner (RI-02), Pramila Jayapal (WA-07), Eugene Vindman (VA-07), Tom Suozzi (NY-03), Jennifer McClellan (VA-04), Marilyn Strickland (WA-10), Lloyd Doggett (TX-37), Seth Moulton (MA-06), Nikema Williams (GA-05), Eric Swalwell (CA-14), Greg Landsman (OH-01), Steve Cohen (TN-09), Raja Krishnamoorthi (IL-08), Brendan Boyle (PA-02), Adam Smith (WA-09), Dina Titus (NV-01), Joe Morelle (NY-25), Mary Gay Scanlon (PA-05), Rick Larsen (WA-02), Rob Menendez (NJ-08), Bill Keating (MA-09), Chrissy Houlahan (PA-06), Greg Casar (TX-35), Shri Thanedar (MI-13), Jason Crow (CO-06), Maggie Goodlander (NH-02), and Jim Costa (CA-21). 

    A copy of the signed letter is available HERE. The full text of the letter is available below:

    Dear Secretary Noem and Director Edlow,

    We write to express our continued support for Ukrainians who have been granted temporary status in the United States through the Uniting for Ukraine program. We ask your administration to take swift, decisive actions to preserve legal status and work authorization for Ukrainians who have found safety in the United States amid the devastating conflict brought upon their homeland.

    Five months ago, we marked three years since Vladimir Putin launched his full-scale, unprovoked, and illegal invasion of Ukraine. This brutal assault on Ukraine’s sovereignty and democracy has forced millions to flee their homeland in search of safety. Since February 24, 2022, tens of thousands of Ukrainians have sought refuge in the United States. For many of them, the Uniting for Ukraine (U4U) program has provided a vital humanitarian lifeline, offering a pathway to safety, dignity, and hope.

    Many individuals and families from Ukraine received travel authorization to the United States, a lawful status and temporary basis for work authorization through the Uniting for Ukraine program for up to two years. However, Ukrainians in our districts are increasingly seeing their statuses and work authorization lapse under expiring grants of parole offered under the program. After years of being employed, paying taxes, and contributing to our neighborhoods, Ukrainians in our districts now live in uncertainty–a state of limbo that hurts communities and employers alike who’ve sought to help this population. We believe a series of limited, concrete actions within your authority could protect this population as hostilities continue in Ukraine, such as:

    1)      Adjudicate outstanding requests for lawful status, work authorization: Many Ukrainians have applied for re-parole, Temporary Protected Status, and work authorization but have not had their applications adjudicated by U.S. Citizenship and Immigration Services (USCIS) under an administrative hold. We urge USCIS to swiftly adjudicate outstanding employment authorization and other benefits requests from U4U beneficiaries under the June 9 “Adjudication of Requests filed by Parolees Under Specified Parole Programs” memo. Backlog reduction efforts would make a substantial difference in providing certainty and clarity to thousands of Ukrainian individuals and families who sought relief in a timely manner.

    2)      Re-parole and/or parole extensions for Ukrainians with expiring parole: Under the operational lifting of the USCIS administrative pause, DHS should accept, consider, and adjudicate new applications for re-parole from U4U beneficiaries, or deploy a limited parole extension process on a case-by-case basis. These processes would provide an orderly framework for Ukrainians to preserve an expiring status and/or work authorization outside of the backlogged asylum system.

    We are grateful for your administration’s support for peace in Ukraine. Until that is achieved, we ask you to preserve protections for those affected by this terrible war.

    # # #

    MIL OSI USA News –

  • MIL-OSI: Fairfax India Holdings Corporation: Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    (Note:   All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)
         

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces net earnings of $278.1 million ($2.06 net earnings per diluted share) in the second quarter of 2025, compared to net earnings of $254.1 million in the second quarter of 2024 ($1.88 net earnings per diluted share). The company’s book value per share increased 10.4% to $21.43 at June 30, 2025 from $19.41 at March 31, 2025 ($20.96 at December 31, 2024), primarily due to unrealized gains recorded on the company’s publicly listed investments.

    Highlights for the second quarter of 2025 included the following:

    • Net change in unrealized gains on investments of $330.9 million principally arose from increases in the fair values of the company’s publicly listed investments of $329.1 million, including IIFL Capital ($129.2 million), IIFL Finance ($110.2 million), CSB Bank ($73.3 million), Fairchem Organics ($11.4 million) and 5paisa ($5.0 million), and private company investments of $0.8 million including BIAL ($6.3 million) and Seven Islands ($3.5 million), partially offset by unrealized losses on the company’s investment in Sanmar ($12.3 million).
    • The company continued to buy back shares under its normal course issuer bid and during the second quarter of 2025 purchased for cancellation 28,758 subordinate voting shares at a net cost of $0.4 million ($15.19 per subordinate voting share).

    Fairfax India is in strong financial health, with cash and marketable securities at June 30, 2025 of $107.0 million and $79.2 million available under its revolving credit facility.

    There were 134.8 million and 135.2 million weighted average common shares outstanding during the second quarters of 2025 and 2024, respectively. At June 30, 2025 there were 104,810,704 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

    Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed second quarter report can be accessed at its website www.fairfaxindia.ca.

    Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

    For further information, contact: John Varnell, Vice President, Corporate Affairs
    (416) 367-4755
       

    CONSOLIDATED BALANCE SHEETS
    as at June 30, 2025 and December 31, 2024
    (unaudited – US$ thousands except per share amounts)

        June 30, 2025
    		     December 31, 2024
    		  
    Assets        
    Cash and cash equivalents     20,216       59,322  
    Bonds     110,134       180,507  
    Common stocks     3,738,804       3,381,206  
    Total cash and investments     3,869,154       3,621,035  
             
    Interest and dividends receivable     3,173       8,849  
    Income taxes refundable     174       174  
    Other assets     582       722  
    Total assets     3,873,083       3,630,780  
             
    Liabilities        
    Accounts payable and accrued liabilities     1,019       1,300  
    Accrued interest expense     9,004       8,611  
    Income taxes payable     844       5,379  
    Payable to related parties     10,572       10,099  
    Payable for securities purchased     170,850       —  
    Deferred income taxes     163,039       149,780  
    Borrowings     498,610       498,349  
    Total liabilities     853,938       673,518  
             
    Equity        
    Common shareholders’ equity     2,888,397       2,826,495  
    Non-controlling interests     130,748       130,767  
    Total equity     3,019,145       2,957,262  
          3,873,083       3,630,780  
             
             
    Book value per share   $ 21.43     $ 20.96  

    CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
    for the three and six months ended June 30, 2025 and 2024
    (unaudited – US$ thousands except per share amounts)

      Second quarter   First six months
        2025       2024       2025       2024  
    Income              
    Interest   1,814       4,730       5,010       9,768  
    Dividends   274       489       3,272       7,538  
    Net realized gains on investments   83       101,400       699       218,324  
    Net change in unrealized gains (losses) on investments   330,883       183,812       108,021       (227,115 )
    Net foreign exchange gains (losses)   (2,129 )     364       1,116       (12 )
        330,925       290,795       118,118       8,503  
    Expenses              
    Investment and advisory fees   10,643       10,122       20,042       19,606  
    General and administration expenses   1,363       2,108       3,011       4,644  
    Interest expense   7,232       6,381       13,987       12,761  
        19,238       18,611       37,040       37,011  
                   
    Earnings (loss) before income taxes   311,687       272,184       81,078       (28,508 )
    Provision for income taxes   33,128       18,037       13,986       10,554  
    Net earnings (loss)   278,559       254,147       67,092       (39,062 )
                   
    Attributable to:              
    Shareholders of Fairfax India   278,113       254,142       66,889       (39,362 )
    Non-controlling interests   446       5       203       300  
        278,559       254,147       67,092       (39,062 )
                   
    Net earnings (loss) per basic and diluted share $ 2.06     $ 1.88     $ 0.50     $ (0.29 )
    Shares outstanding (weighted average)   134,813,388       135,152,447       134,826,353       135,259,190  

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
    for the three and six months ended June 30, 2025 and 2024
    (unaudited – US$ thousands)

      Second quarter   First six months
      2025     2024     2025     2024  
                   
    Net earnings (loss) 278,559     254,147     67,092     (39,062 )
    Other comprehensive loss, net of income taxes              
    Item that may be subsequently reclassified to net earnings (loss)              
    Unrealized foreign currency translation losses, net of income taxes of nil
    (2024 – nil)    		 (6,843 )   (633 )   (4,797 )   (6,341 )
    Comprehensive income (loss) 271,716     253,514     62,295     (45,403 )
                   
    Attributable to:              
    Shareholders of Fairfax India 271,705     253,486     62,314     (45,440 )
    Non-controlling interests 11     28     (19 )   37  
      271,716     253,514     62,295     (45,403 )

    This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. 

    Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

    Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

    GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES

    Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

    Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

    Cash and marketable securities – The company uses this measure to monitor short term liquidity risk. This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds.

    The MIL Network –

  • MIL-OSI USA: Ranking Member Coons statement on SAC-D markup

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senator Chris Coons (D-Del.), ranking member of the Senate Appropriations Subcommittee on Defense (SAC-D), issued the following statement after the Senate Appropriations Committee marked up and passed the SAC-D bill out of committee by a vote of 26-3:

    “Our nation faces critical and pressing national security challenges, from China and Russia to cyberattacks and drone warfare. In the face of those dangers, the Trump administration has focused on fighting culture wars instead of deterring real wars, forcing our military to be funded by its first continuing resolution in its history and dragging their feet with a delayed and error-filled budget process for fiscal year 2026. We cannot prepare for tomorrow’s battles with yesterday’s funding plans.

    “This administration may not take funding our military seriously, but it’s clear that the Senate still does. Today’s successful markup shows a strong, bipartisan commitment to funding a military that stands with Ukraine and our allies, that deters Chinese and Russian aggression, that modernizes our defense based on lessons we’re learning in Ukraine, and that better supports our servicemembers and military families. From investing in shipbuilding to expanding our munitions production capacity to fill critical shortages, this bill is responsive to what our nation’s military leaders and combatant commands have directly told us they need.

    “I’m proud to have worked with Chairman McConnell to look to the future and advance a bipartisan defense appropriations bill. I urge my Senate colleagues to swiftly take up and pass our bill to reassert our constitutional authority over the appropriations process and ensure our military is equipped to face the challenges of this decade and beyond. I also encourage them to support the rest of the appropriations process so we can ensure that our nation’s soft power matches our hard power. If we spend less on diplomacy and development, we will have to spend more on ammunition.”

    MIL OSI USA News –

  • MIL-OSI Europe: Minister for Social Services Camilla Waltersson Grönvall visits Ukraine

    Source: Government of Sweden

    On Thursday 20 April, Minister for Social Services Camilla Waltersson Grönvall visited the Ukrainian capital, Kyiv, where she met President Zelenskyy’s wife, Olena Zelenska, and representatives of the Ukrainian Government. At the meeting, they discussed how children have been affected by Russia’s full-scale invasion of Ukraine.

    MIL OSI Europe News –

  • 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

             Page 19

    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

             Page 20

    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.

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    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

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    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.

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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

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

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    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

             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: Shell plc publishes second quarter 2025 press release

    Source: GlobeNewswire (MIL-OSI)

    London, July 31, 2025

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

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

    Shell plc Chief Executive Officer, Wael Sawan

    ROBUST CASH GENERATION; STRONG OPERATIONAL PERFORMANCE

    • Adjusted Earnings1 of $4.3 billion despite lower trading contribution in a weaker margin environment.
    • Robust CFFO of $11.9 billion, supported by strong operational performance, enables commencement of another $3.5 billion share buyback programme for the next three months.
    • Strong balance sheet, with gearing of 19%. 2025 cash capex outlook unchanged at $20 – 22 billion. Total shareholder distributions paid over the last 4 quarters were 46% of CFFO.
    • Achieved $0.8 billion of structural cost reductions in the first half of 2025, of which $0.5 billion is through non-portfolio actions; cumulative reductions since 2022 are $3.9 billion, against CMD25 target of $5 – 7 billion by end of 2028.
    • First cargo shipped from LNG Canada, strengthening our leading LNG position and supporting our ambition to achieve LNG sales cumulative annual growth rate of 4 – 5% to 2030.
    • Further enhanced peer-leading deep-water position with start-up of Mero-4 (Brazil) and announced increase of interests in Gato do Mato (Brazil) and Bonga (Nigeria); continued to high-grade Downstream and R&ES portfolio.
    $ million1 Adj. Earnings Adj. EBITDA CFFO Cash capex
    Integrated Gas 1,737 3,875 3,629 1,196
    Upstream 1,732 6,638 6,500 2,826
    Marketing 1,199 2,181 2,718 429
    Chemicals & Products2 118 864 1,372 775
    Renewables & Energy Solutions (R&ES) (9) 102 1 555
    Corporate (463) (346) (2,283) 36
    Less: Non-controlling interest (NCI) 50      
    Shell Q2 2025 4,264 13,313 11,937 5,817
    Q1 2025 5,577 15,250 9,281 4,175

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

    • CFFO excluding working capital of $12.3 billion is helped by derivative inflows and JV dividends received.
    • Working capital outflow of $0.4 billion reflects a reduction in JV deposits. $1.7 billion of the JV dividends received were previously held in deposit in the Corporate segment.
    • Net debt excluding leases is $14.3 billion.
    $ billion1 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
    Working capital (0.3) 2.7 2.4 (2.7) (0.4)
    Divestment proceeds 0.8 0.2 0.8 0.6 (0.0)
    Free cash flow 10.2 10.8 8.7 5.3 6.5
    Net debt 38.3 35.2 38.8 41.5 43.2

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

    Q2 2025 FINANCIAL PERFORMANCE DRIVERS

    INTEGRATED GAS

    Key data Q1 2025 Q2 2025 Q3 2025 outlook
    Realised liquids price ($/bbl) 64 60 —
    Realised gas price ($/thousand scf) 7.4 7.2 —
    Production (kboe/d) 927 913 910 – 970
    LNG liquefaction volumes (MT) 6.6 6.7 6.7 – 7.3
    LNG sales volumes (MT) 16.5 17.8 —
    • Adjusted Earnings were lower than in Q1 2025, reflecting lower prices and significantly lower trading and optimisation results.

    UPSTREAM

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

    MARKETING

    Key data Q1 2025 Q2 2025 Q3 2025 outlook
    Marketing sales volumes (kb/d) 2,674 2,813 2,600 – 3,100
    Mobility (kb/d) 1,964 2,044 —
    Lubricants (kb/d) 87 85 —
    Sectors & Decarbonisation (kb/d) 623 684 —
    • Adjusted Earnings were higher than in Q1 2025, driven mainly by improved Mobility unit margins and seasonally higher volumes.

    CHEMICALS & PRODUCTS

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

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

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

    RENEWABLES & ENERGY SOLUTIONS

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

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

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

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

    CORPORATE

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

    UPCOMING INVESTOR EVENTS

    October 30, 2025 Third quarter 2025 results and dividends

    USEFUL LINKS

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

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

    CAUTIONARY STATEMENT

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

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

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

    Shell’s Net Carbon Intensity

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

    Shell’s Net-Zero Emissions Target

    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.

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

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

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

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

    CONTACTS

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

    The MIL Network –

  • MIL-OSI: Shell plc Second Quarter 2025 Interim Dividend

    Source: GlobeNewswire (MIL-OSI)

    London, July 31, 2025 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the second quarter of 2025 of US$ 0.358 per ordinary share.  

    Details relating to the second quarter 2025 interim dividend

    Per ordinary share
    (GB00BP6MXD84)    		 Q2 2025
    Shell Shares (US$) 0.358

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

    An alternative ‘Electronic Election Entitlement’ (‘EEE’) process is available in CREST for dividends with options elections.

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

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

    The pound sterling and euro equivalent dividend payments will be announced on September 8, 2025.

    Per ADS
    (US7802593050)    		 Q2 2025
    Shell ADSs (US$) 0.716

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

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

    Dividend timetable for the second quarter 2025 interim dividend

    Event Date
    Announcement date July 31, 2025
    Ex- Dividend Date for ADSs August 15, 2025
    Ex- Dividend Date for ordinary shares August 14, 2025
    Record date August 15, 2025
    Closing of currency election date (see Note below) September 1, 2025
    Pound sterling and euro equivalents announcement date September 8, 2025
    Payment date September 22, 2025

    Note

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

    Taxation – cash dividends

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

    Dividend Reinvestment Programmes (“DRIP”)

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

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

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

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

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

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

    Cautionary Note

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

    Forward-Looking statements

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

    Shell’s net carbon intensity

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

    Shell’s net-zero emissions target

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

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

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

    LEI number of Shell plc: 21380068P1DRHMJ8KU70
    Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom

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