NewzIntel.com

Category: United Kingdom

  • MIL-OSI USA: Senator Marshall: Let’s Get Government Employees Closer to the People They Serve

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Joins RFD-TV to Discuss USDA Relocation & Trump Trade Deal
    Washington – On Thursday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Suzanne Alexander on RFD-TV’s Market Day Report to discuss the USDA coming to Kansas City as part of their relocation efforts, President Trump’s trade deals and their significance to American agriculture, and his legislation to bring farmers more clarity, the Clear Waters Act.

    Click HERE or on the image above to listen to Senator Marshall’s full interview.
    On USDA reorganization:
    “You know, the farmers and ranchers were the original conservationists, and we need to keep bragging on the USDA reorganization. Look, I’m excited to get government employees closer to the people that they serve. So, 4000 USDA employees here in DC, by the way, only 6% of them were working in the offices until January of this year, February of this year. So, we’re going to move about half of those out to the country, and one of those places is Kansas City. And what I’m excited about moving more workers to the Kansas City offices, number one, we get more Kansas City Chiefs fans. But beyond that, they’re going to be closer to my alma mater, Kansas State University, Iowa State University, Nebraska, really some of the strongest ag schools in America, and that’s going to help populate that USDA program there in Kansas City. It’s agriculture economics they focus on, as well as handing out the grants for agriculture research. So, I just think getting USDA workers closer to their customers has to be a good thing. So, I’m excited.”
    On USDA relocation pushback in Congress:
    “Look, I have a great deal of respect for Senator Klobuchar. She’s a good friend, but I we respectfully disagree. This has been well thought out. The first time I met Secretary Rollins in person, back in, goodness, it may have been November, December of last year, she talked about this reorganization. So, I think every member on that committee has had a chance to have her come in and talk about this. This isn’t half-baked. The Assistant Secretary, Steven Vaden, former Judge Vaden, international trade court judge is in charge of this plan. I think it’s well thought out. And again, I just don’t know what American is going to come up to me and say, “It’s not a good idea to move people out of Washington, DC.” I would take two-thirds of the Federal officers that are working here in DC and move them out to those flyover states. It’s just such a different culture here in Washington, DC – it is the swamp. I just think when you have USDA workers going to church, going to soccer games, going to a Kansas State football game together, that they’re going to just have a better product when it’s all said and done.”
    On the Clear Waters Act:
    “Yeah, think about Waters of the US. This has been going on since 1972. You get a Democrat president in office, and they expand what water the US has. And we get President Trump in office, and he tries to cut it back. But what our bill does is clarify this and give our farmers certainty. Look, your listeners understand that a pothole, that a pond, that is not a navigable stream. So, we clearly define what navigable streams are, that it needs to be a body of water that can continuously flow and touches one of those main navigable streams. Kansas only has three navigable streams, for instance, throughout the years. So, it just gives us some clarity. But I want to emphasize to anyone on the other side of this that farmers and ranchers are the best environmentalists. Those that are that are practicing modern precision agriculture are decreasing the drift from their fields by 90% using modern-day agriculture techniques. We’re decreasing 90% of the drip from those fields. But I just want to get the farmers, the ranchers, some certainty, our dairy farmers, people that have feed lots, we need certainty in this area. And look, we’re going to do our best to take care of the environment as well.”
    On the Dairy Pride Act:
    “Well, I think there’s a lot of fake products out there, right? And with all due respect to almond juice and some of the other juices out there, they’re not milk products. As far as I’m concerned. I don’t know why they’re in the milk portion of the grocery store, just like I don’t want plant-based protein sitting beside a hamburger born and raised and processed in Kansas. So, I think again, we just want customers to know what they’re drinking or eating. And almond juice is not milk. And by the way, we’re getting closer and closer to getting whole milk, there it is, whole milk back into schools as well.”
    On how Trump trade deals are benefiting American agriculture:
    “I’m just so ecstatic to see these chickens come home to roost, right? President Trump has used these tariffs to negotiate better trade deals, trade deals that I hope are going to let our grandchildren continue to work on our farms. Look, we’ve not sold a cheeseburger to Europe, a gallon of ethanol to England in my lifetime. So, beyond just the tariffs, what the President is doing is removing non-tariff barriers. And again, your listeners are educated. They understand what China [and] the EU does to keep American agriculture products out of those countries. So, by removing those, we’re going to sell more and more products. And I just, you know, there are lots of things we could talk about, but look at President Trump’s strategy here, how he’s boxing in China. Last night, he announced a deal with South Korea, but beyond that, the EU, Indonesia, the Philippines, Vietnam, Japan, Australia, basically, he’s boxed China in here. China was doing a lot of trans shipments. So, they would make, say, t-shirts or tennis shoes. They would send it to Vietnam and bring it into this country on Vietnam tariff levels. Well, President Trump wasn’t born yesterday, so he’s tightening up that portion, and we’ll get that China trade deal soon, hopefully before the fall. Fall crops need to be harvested.”

    MIL OSI USA News –

  • MIL-OSI Europe: EUROPE/ENGLAND – Saint John Henry Newman, from Propaganda Fide seminarian to Doctor of the Church

    Source: Agenzia Fides – MIL OSI

    Thursday, 31 July 2025

    Rome (Agenzia Fides) – Saint John Henry Newman will be proclaimed a Doctor of the Church. This was established by Pope Leo XIV, who confirmed the decision of the Plenary Session of Cardinals and Bishops, Members of the Dicastery for the Causes of Saints. The English Cardinal, founder of the Oratory of St. Philip Neri in England, will be the 38th saint to hold the title of Doctor.Already in 2010, during his apostolic journey to England, Benedict XVI, speaking to journalists during the papal flight, defined Newman as “a figure of a Doctor of the Church for us and for all,” as well as “a bridge between Anglicans and Catholics” (see Fides, 17/9/2010).Born in London on February 21, 1801, to an Anglican family, Newman studied at Great Ealing School, where he fervently embraced Calvinist doctrines. In June 1824, he was ordained a deacon in the Anglican Church and, the following year, a priest. In 1832, he accompanied his friend, Father Froude, on a trip to southern Europe.At the English College in Rome, he met Father Nicholas Wiseman, the future Catholic Archbishop of Westminster. Between 1833 and 1841, Newman and other exponents of the so-called “Oxford Movement” wrote the “Tracts for the Times,” a collection of 90 essays written to support and attest to the Catholic identity of the Anglican Church. The texts were not well received, and the protests they provoked led the Bishop of Oxford to suspend publication of the Tracts. Condemned by the Hebdomadal Board of Oxford University and disavowed by 42 bishops, in April 1842 he retired with some friends to Littlemore to write the famous “Essay development of christian Doctrine.” After these experiences, his decision to join the Catholic Church fully matured.In 1846, he returned to Rome with some Anglicans who had converted to Catholicism. After careful consideration, he decided to join the Congregation of the Oratory of St. Philip Neri. He attended the Roman church of Chiesa Nuova and frequented the priests of that community. In 1845, he began his studies to become a priest at the College of Propaganda Fide, then located in the Palazzo Ferratini, overlooking Piazza di Spagna.Cardinal Ivan Dias (1936-2017), Prefect of the then Congregation for the Evangelization of Peoples, when inaugurating the Missionary Museum of Propaganda Fide in 2010, described the stay of the future Doctor of the Church in the palace designed by Bernini and Borromini as follows: “Newman describes in his letters the great care shown by Cardinal Fransoni, Prefect of the Congregation of Propaganda Fide, by Monsignor Brunelli, his Secretary General, and by Father Bresciani, Rector of the Urban College, to make them feel at home, adapting everything to ‘English customs’. They were quite moved by the fact that their windows in Propaganda overlooked the church of Sant’Andrea delle Fratte, where Our Lady of the Miraculous Medal had appeared three years earlier to Alphonse Ratisbonne, on January 20, 1842: ‘It is so wonderful to be here in Propaganda is like a dream, and yet so calm, so secure, so happy, as if I had always belonged there, as if there had been no violent rupture or vicissitude in my life, indeed, calmer and happier than before.’The eminent theologian, Cardinal Dias further explained, “he found himself among young priests and seminarians, most of whom came from mission countries. Among the 120 or 150 resident students, 32 different languages were spoken. Newman remembers Indians, Africans, Babylonians, Scots, and Americans, and also Chinese (…) Egyptians, Albanians, Germans, and Irish.” He and Ambrose St. John were the only English students. John Henry Newman was ordained a Catholic priest in the Magi Chapel (in the Palace of Propaganda Fide) on May 30, 1847, and celebrated his first Mass in the upper chapel that now bears his name.”The chapel mentioned by Cardinal Dias, which today also houses a relic of the saint, future Doctor of the Church, is the work of Borromini. Conceived as an oratory for the first floor of the palace, Borromini created it with a vault decorated with angels’ heads, represented as six-winged seraphim. Today, on the right wall, you can admire a painting depicting Newman behind a reliquary containing some hairs of the English saint between two candlesticks. (F.B.) (Agenzia Fides, 31/7/2025)

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    MIL OSI Europe News –

  • MIL-OSI Submissions: A World of Water exhibition asks: ‘Can the seas survive us?’

    Source: The Conversation – UK – By John Kenneth Paranada, Curator of Art and Climate Change, University of East Anglia

    Water is at the heart of the disruption wrought by climate change. The seas, once seen as vast and stable, are now unpredictable and restless.

    That tidy, looping diagram of the water cycle once pinned up in primary school classrooms – clouds, rivers, evaporation and rain – now reads more like a fragmented recollection than a dependable process. Human impact has cracked that once-stable loop wide open.

    Sea levels inch upward year on year. Droughts grow more prolonged and severe. Rainfall becomes erratic and violent. What was once spoken of in future tense is now present and pressing.

    In Norfolk, land and sea have long coexisted in an uneasy truce. Here, the threat of sea level rise is not a speculative concern, it is data-backed, visible and accelerating.

    According to research from the Tyndall Centre for Climate Change Research, vast swathes of Norfolk risk being submerged by rising seas if global temperatures rise by even two degrees celsius. It is one of the most at-risk areas in the UK.

    Against this backdrop comes the Sainsbury Centre’s exhibition, A World of Water (part of the Can the Seas Survive Us? season). In the show, water is explored as subject, medium and metaphor. It is both agent and witness, shaping civilisations, sustaining life, and now challenging our ability to coexist with it.

    Curated through an interdisciplinary lens, the exhibition was shaped by deep collaboration with scientists, artists, ecologists, activists and coastal communities. Rooted in lived experience, from a two-day walk along the Wherry Man’s Way to a 36-hour sail aboard a 1921 fishing smack, the curatorial process traced fragile coastlines and the North Sea’s rapid transformation into an industrial nexus of energy infrastructures.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    The curatorial approach to the show embraces the multifaceted nature of water by weaving together maritime history, Indigenous knowledge and contemporary works rooted in the artists’ experiences.

    Many of the participating artists hail from communities already wrestling with rising tides and the realities of climate disruption. Their contributions form three thematic currents: Mudplume, Water Water Everywhere and In a State of Flux.

    These overlapping threads investigate how water connects, nourishes and imperils. Rather than positioning the sea as a line of division, the exhibition reframes it as a living, connective tissue linking culture, history and ecology.

    A curatorial geomorphology of the sea

    Guidance for the exhibition’s conceptual framework came, fittingly, from water itself. Its mutable nature – solid, liquid, vapour – shaped the rhythm of the curatorial process. Rather than impose a rigid thesis, the exhibition offers an ever-shifting constellation of perspectives.

    The exhibition journey begins with sound. Visitors are welcomed by a low murmur, tides lapping, water dripping, echoing through the museum entrance. This leads to Spiral Fosset (2024), a sculptural work by the Dutch collective De Onkruidenier.

    Mirroring the central staircase of the museum, the piece suggests the brackish confluence where fresh and saltwater mingle. From here, the viewer descends into the lower galleries, reimagined as an estuary.

    Within the lower galleries, artworks unfold like coastal mudflats at low tide. Seventeenth-century Dutch seascapes hang alongside photographs, video works and sculptures made from plastic waste. Sands from the beaches of Cromer, Happisburgh and Cley are featured, anchoring the exhibition in local terrain.

    East Anglia’s centuries-old ties with the Low Countries form a steady through line. Hendrick van Anthonissen’s View of Scheveningen Sands (1641) shares space with works by Norwich School masters such as John Sell Cotman, John Crome and Robert Ladbrooke.

    This approach privileges resonance over chronology. The exhibition avoids a linear march through time in favour of prioritising association, connection and drift. For instance, Shore Compass by Olafur Eliasson (2019) sits in subtle dialogue with Jodocus Hondius’s 1589 Drake Map an early cartographic rendering of Sir Francis Drake’s circumnavigation of the world.

    Created during the height of European maritime expansion and colonialism, the map illustrates the interplay between empire, navigation and power. Time, like tide, is allowed to meander.

    The exhibition adopts what might be called a “curatorial geomorphology”: a way of curating that draws on the sculpting force of water. In the natural sciences, geomorphology examines how landscapes are formed and reshaped by flowing water, storms and tides, while hydrology traces water’s movement through the environment.

    This curatorial approach translates those scientific ideas into a cultural and creative practice. Like a river, it flows through histories, stories and meanings. What unfolds is a tidal narrative, an estuary of thought where time loosens, the present deepens and new futures begin to surface.

    Visitors to A World of Water can expect something different from a traditional gallery experience. It invites you to think with the seas, to tune into their rhythms, tensions and secret lives.

    As you wander through the galleries, you enter a realm shaped by flux, expect to feel and reimagine a world where land, water and life move as one. And perhaps, by moving as water does, we may begin to sense an answer to the question: Can the Seas Survive Us? Not in certainty, but through our collective and individual actions toward a more regenerative and sustainable future.

    A World of Water is at the Sainsbury Centre Norwich until August 3. It’s part of a six-month season of interlinked exhibitions and events that explore the question: “Can the seas survive us?”

    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.

    John Kenneth Paranada received funding from the John Ellerman Foundation; the Art Fund’s Jonathan Ruffer Curatorial Grant; the Association of Art Museum Curators’ EPIC Curatorial Fellowship Award; the Mondriaan Fund’s International Art Presentation Grant; the Kingdom of the Netherlands’ Cultural Diplomacy Grant; and Arts Council England’s National Lottery Fund for the project A World of Water: Can the Seas Survive Us? at the Sainsbury Centre.

    – ref. A World of Water exhibition asks: ‘Can the seas survive us?’ – https://theconversation.com/a-world-of-water-exhibition-asks-can-the-seas-survive-us-262057

    MIL OSI –

  • MIL-OSI United Kingdom: Highland Council hails the importance of Nigg, as port changes hands

    Source: Scotland – Highland Council

    Wind turbine components at Nigg Bay. Pic Highland Council

    Highland Council has today hailed the importance of the Port of Nigg to the region’s economy after ownership of the facility formally changed hands.

    The multi-sector energy port forms part of the Inverness and Cromarty Firth Green Freeport – a partnership of public and private sector organisations, including The Highland Council, which aims to ensure the Cromarty Firth and wider region becomes a major global hub for green energy, delivering transformational benefits to Highland communities and the decarbonisation agenda.

    The Port of Nigg has been sold by Global Energy Group (GEG) to Mitsui Group, a Japanese trading and investment group which has been an investor in GEG since 2012 and which will now drive the next stage of development at Nigg.

    Highland Council praised the contributions made by Roy MacGregor and Global Energy Group, and wished the new owners continued success.

    Highland Council leader Raymond Bremner said: “Roy MacGregor and the Global Energy Group have established an outstanding facility which has been integral to the establishment of the Inverness and Cromarty Firth Green Freeport and which has led the way in supporting the country’s energy transition.

    “The legacy they leave is a substantial one – significant inward investment and jobs for the Highlands.

    “We wish the new owners every success as they drive the next stage of development at Nigg, building on the solid foundations which have delivered long-term, secure, skilled employment.”

    Highland Council convener Bill Lobban said: “Green energy continues to offer hope and opportunity for present and future generations to develop a highly skilled career without having to leave the region.

    “Though under new ownership, we have no doubt the port will continue to innovate and grow as Scotland’s energy transition continues apace, and Nigg will continue to be a tribute to all that Roy has achieved to date.”

    31 Jul 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM call with President El-Sisi of Egypt: 31 July 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    PM call with President El-Sisi of Egypt: 31 July 2025

    The Prime Minister spoke to President of Egypt Abdel Fattah El-Sisi this evening.

    The Prime Minister spoke to President of Egypt Abdel Fattah El-Sisi this evening to discuss the situation in Gaza.

    The leaders agreed the situation on the ground was a humanitarian catastrophe, and all possible efforts needed to be made to get more aid into Gaza at a greater pace and scale.

    The Prime Minister outlined his peace plan and pathway to recognition and thanked the President for his leadership in the region to secure a lasting and durable two state solution.

    It was vital there was an immediate ceasefire and the release of all hostages, the Prime Minister added.

    The leaders also discussed the relationship between the UK and Egypt, including how both countries could work closer together to support regional security.

    The leaders agreed to stay in close touch.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: African Peace Award 2025

    Source: APO – Report:

    I bring you compliments from the board and management of African Peace Magazine UK (https://AfricanPeace.org).

    On behalf of the Chairman Justice Suleiman Galadima, JSC, OFR, CFR (Rtd.) African Peace Magazine UK, humbly wish to specially invite you to attend the Hybrid and in person Award.

    The African Peace Magazine UK, in conjunction with her strategic partners: Rethink Africa Foundation, African Fact Checkers, Centre for peace and Conflict management in Africa, African Right Watch Television Ltd and several others is set to host the 15th Edition of the prestigious African Peace Awards, it is scheduled to hold in London England with the theme “The Magic of Peace”.

    African Peace Magazine UK, has been publishing for well over 15 years, and we are committed to promoting Peace, business networking, good governance and improved condition of living for Africans.

    Established in 2009, African Peace Award is an international award presented annually to honor individuals and organizations in various fields that have made outstanding contributions toward the realization of a peaceful and harmonious world as envisioned in the Declaration for All Life on Earth. They are selected not only in recognition of their past achievements, but for their ongoing contribution to building a better future. www.AfricanPeaceAwards.com

    African Peace Award is usually presented at a ceremony during the annual dinner and lecture, where the laureate takes center stage to deliver a commemorative address and receive a medal and a diploma together with a monetary prize.

    In addition to this annual award, the Culture of Peace Special Award is presented occasionally to honor individuals and organizations in various fields that have notably contributed to spreading and fostering a Culture of Peace around the world.

    The event is designed to host business, political, and diplomatic leaders. It is set to have in attendance, policy makers and think-tanks on Africa and Africa related issues.

    The African Peace Awards 2025 seeks to honor persons, institutions, organization, governments and others whose actions, and efforts have in one way improved or contributed to peace keeping and conflict management in Africa as well as improving the lives of Africans. 

    The African Peace brand has noted that Peace promotion and conflict management in any society alleviates uncertainty and risk which in turn promotes economic growth in any given community. It contributes to the economic growth of the community by increasing the productivity in capital and labour as well as good governance.

    The African Peace brand introduces its awards in the hopes of promoting peace globally and specifically in Africa with the hope of effecting change in Africa first and then globally.

    Several African Presidents, heads of Government, first ladies, past president and Vice presidents, top business CEOs, diplomats and others have received the Award in the past.

    – on behalf of African Peace Magazine.

    Contact Information:
    Attendance is strictly by invitation. For your VIP and VVIP Access cards
    To get you invite kindly contact us:
    +447771217805
    +2348033975746
    +447407399766
    +1(443)8835678

    For sponsorship, partnership, Exhibition and speaking opportunities and all other enquiries please contact:
    Chia Sandra
    International Affairs
    +2348033975746
    +447407399766

    Nigeria Abuja Office:
    Suite FT 12B Alibro Atrium Plaza Utako Abuja
    +2348033975746

    South African Office:
    16 Ridge Road Vorna Valley Midland 1686 South Africa
    +27662449117

    Angola:
    Call +244928690892
    +244993656970
    +244927589884

    London Office:
    10 Saint Andrew Road Bedford MK 402LJ England
    Call +447777121780
    WhatsApp +447407399766 

    Email: africanpeacemag@gmail.com

    Social Media:
    Twitter: https://apo-opa.co/4l31pm5
    Facebook: https://apo-opa.co/4fhNOWK
    Instagram: https://apo-opa.co/3UBY3eS
    LinkedIn: https://apo-opa.co/4lTpnBc

    About African Peace Magazine:
    The African Peace Magazine is published by African Peace Magazine (U.K.) Limited, a company registered in the United Kingdom. We are also registered in Nigeria, Angola and South Africa. The magazine focuses on bringing the best of Africa to a global audience, telling the African story from an African perspective, while evolving solutions to peculiar challenges being faced by the continent today.

    Websites: https://AfricanPeace.org
    www.AfricanPeaceAwards.com
    https://AfricanOilAndGasSummit.com

    Media files

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    MIL OSI Africa –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About Trisura Group

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

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

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

    The MIL Network –

  • MIL-Evening Report: Shark tales, a sinking city and a breathless cop thriller: what to watch in August

    Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University

    As the cool nights continue, it’s the perfect time to cozy up with a new batch of captivating films and series.

    This month’s streaming highlights bring a little bit of everything, from gripping true crime, to thought-provoking political drama, and a nostalgic music documentary on the life and times of piano man Billy Joel.

    So grab a blanket (and maybe a snack or two). Your next binge-watch awaits.

    One Night in Idaho: The College Murders

    Prime Video

    I remember seeing the gruesome 2022 murder of four college students in Moscow, Idaho, splashed all over the news in Australia. The world seemed momentarily gripped by the brutality of the killings, which happened in off-campus housing, while two other roommates slept downstairs.

    The ensuing investigation was given significantly less attention, though. So when Prime Video dropped this four-episode limited series, well, that was my weekend sorted.

    The docuseries features exclusive interviews with the friends and families of the victims, so it doesn’t feel gratuitous. It respectfully recounts the tragedy and explores its continued impact, while honouring the victims. It also builds the kind of tension and disquiet that is so beloved in the true crime genre, but not in a way that makes you feel gross watching it.

    Notably, legal proceedings for the case were still underway when One Night in Idaho was released. And the series made it clear there was more to the story which couldn’t be shared with, or by, the producers.

    However, the trial has since concluded, with more information now available for anyone wanting to dive deeper into the case. This makes the series an absorbing watch.

    – Alexa Scarlata

    The Night of the Hunter

    Various platforms

    In 1955, director Charles Laughton crafted The Night of the Hunter: one of the darkest, strangest fairy tales ever to come out of Hollywood.

    Shortly before Ben Harper is hanged for robbing a bank and killing two men, he hides the $10,000 loot in the toy doll of his young daughter Pearl. Only Pearl and her brother John know the secret – until the deranged serial killer-priest Harry Powell hears about the money and sets out to recover it.

    Harry marries Willa, Harper’s widow, and then, after killing her, pursues John and Pearl relentlessly across West Virginia.

    Robert Mitchum’s depiction of pure evil is one of cinema’s most vivid creations, with LOVE and HATE tattooed on the fingers of each hand.

    The film did not align with the mainstream tastes of the era. Audiences and reviewers didn’t know what to make of this abnormal mix of fairy tale logic, nightmarish imagery and biblical allegory.

    Successive generations of critics and filmmakers have caught on to its brilliance. Critic Roger Ebert said it was “one of the greatest of all American films”. In 2008, French film magazine Cahiers du cinéma voted it as the second-best film of all time, behind only Citizen Kane (1941).

    The Night of the Hunter remains unsettlingly modern, 70 years on.

    – Ben McCann



    Read more:
    After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever

    Families Like Ours

    SBS On Demand

    The highest point in Denmark, Mollehoj, is 171 metres above sea level, so it is plausible to imagine the whole country being overrun by water due to rising sea levels, leading to mass evacuation. This is the basic premise of the Danish series Families Like Ours.

    The cleverness of this premise is that it turns comfortable middle-class Danes into refugees, facing hostility, poverty and violence as they seek to resettle. Given Denmark’s hard line on refugees, this makes the series politically powerful, equally so for us in Australia.

    The central figure is a young woman, Laura (Amaryllis August), who creates disaster for her family through what she believes is an act of huge empathy. The same is true of Henrik (Magnus Millang), who shoots an innocent man in what he believes is an act of self-defence.

    Families Like Ours is not a comfortable series to watch, but it manages to raise central issues of our time, without ever seeming didactic or preachy. It succeeds in combining the personal and the political in a six-part show that is powerful – and leaves enough loose ends for a potential second season.

    – Dennis Altman

    The Man from Hong Kong

    Various platforms

    A cinematic firecracker of a film exploded onto international screens 50 years ago, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger.

    From its audacious visual style; to its complex, life-threatening stunts; to its pioneering status as an international co-production, Brian Trenchard-Smith’s The Man from Hong Kong has solidified its place as a cult classic.

    A Sydney-based crime lord’s activities come under the scrutiny of a determined Hong Kong detective, Inspector Fang Sing Leng. A fiery East-meets-West martial arts showdown explodes across the Australian landscape, pushing both sides to their limits.

    The movie is a playful pastiche that confidently combines martial arts action, police procedurals, spy thrillers, and Westerns, all filtered through a distinctly Australian “crash-zoom” lens.

    The film was an influence to Quentin Tarantino and paved the way for films such as Mad Max (1979), particularly in what Trenchard-Smith and his partner in film, stunt legend Grant Page, might call its “cunning stunts”.

    The elaborate car chases and explosive stunt setups in The Man from Hong Kong served as prototypes for iconic sequences that would inspire the Mad Max films, among others, a testament to a bygone era of practical effects and thrill seeking audacity.

    The Man from Hong Kong remains an exhilarating piece of pure cinema, despite its relatively small budget. It’s an exemplar (and occasional cautionary tale) for filmmakers in terms of international co-production, its cunning stunts, and genre blending.

    – Gregory Ferris



    Read more:
    The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic

    Dept Q

    Netflix

    Based on the book series by Jussi Adler-Olsen, Dept Q is a gripping television adaptation for fans of Nordic noir and British crime drama.

    In Edinburgh, Scotland, Detective Chief Inspector Carl Morck (Matthew Goode) has returned to work after a shooting which left him physically and psychologically wounded, his colleague partially paralysed, and another colleague dead.

    With the dregs of a budget assigned to cold cases, and a team of misfit officers, Morck sets out to solve the four-year-old case of missing Crown prosecutor, Merritt Lingard (Chloe Pirrie).

    We follow Merritt’s story across various stages of her life. We see her as a teenager in the lead-up to a devastating crime that left her brother with a traumatic brain injury, as well as later in life, when she loses a major case involving a wealthy man on trial for his wife’s death.

    Shortly after the devastating verdict, Merritt went missing on a ferry ride to her childhood home, on the fictionalised island of Mhòr. Returning to the present, we see she has been held captive inside a hyperbaric chamber for the past four years.

    The pressure under which Merritt is kept makes Morck’s investigation high stakes from the start, while the movement between past and present highlights the impacts of past traumatic events on both characters.

    Dept Q is a fast-paced, breathless thriller which will leave viewers craving its rumoured second season.

    – Jessica Gildersleeve

    Billy Joel: And So It Goes

    HBO Max

    Produced by Tom Hanks, this two-part documentary about singer/songwriter Billy Joel covers more than five decades of music. Created very much from Joel’s perspective, who is also the main narrator, the archival content is fascinating, and the music difficult to deny.

    Discussion of Joel’s early suicide attempts are a shocking and terrible reminder of how different things might have been. From here, the role of the women in his life – his wives, daughters, and mother (“his champion”) – becomes vital. Beyond the headlines (particularly with his second wife Christie Brinkley), are partners who were muses, business supporters and emotional support pillars – some of whom gave Joel ultimatums when the time came to battle his alcohol addiction.

    Brinkley, as well as Joel’s first wife, Elizabeth Weber, are particularly moving interviewees. They would wait at home, or stand nervously backstage as Joel “went to work” to earn, repair and rebuild against the odds. No spoilers, but let’s just say Joel ended up in trouble more than once.

    On the other hand, the men in Joel’s life are often distant: Jewish grandparents who escaped Nazi Germany; a father who left when Joel was small; a half-brother discovered later in life. These losses are never really healed.

    Billy Joel: And So It Goes is a five-hour epic, a story of survival and ultimately, of peace. It is, of course, also a reminder of an incredible catalogue of music – joyful, ordinary and wonderful – and the extraordinary life behind it.

    – Liz Giuffre

    If you or someone you know needs help, contact Lifeline on 13 11 14

    Gardening Australia, season 36

    ABC iView

    Since it first aired in 1990, Gardening Australia has offered tips and inspiration from every state and territory on a weekly basis. A perennial favourite, the show seems to possess perpetual appeal for world-weary viewers open to slowing down by growing plants.

    The no-nonsense host Peter Cundall helmed the series until 2008 (Cundall died in 2021 at the age of 94). The honour of “King of Compost” now rests with the gregarious Costa Georgiadis, and a wider cast of presenters that has expanded to be more diverse and engaging. One stalwart from the start, Jane Edmanson, is still flourishing in season 36: her episode 4 segment titled “Fronds with Benefits” certainly caught my eye.

    Topics covered this season range from small-space innovation and passion projects, to Indigenous knowledge and bush foods, through to permaculture and climate change. Episodes 6 and 20 – specials on native plants and NAIDOC Week, respectively – are both worth a watch.

    While the series can distance renters, and might not be edgy enough for younger audiences, it has managed to stake out ground in the digital realm – with a blooming online presence for budding green thumbs.

    One of the longest-running Australian shows still on air, it doesn’t look as though Gardening Australia will be pulling up roots anytime soon.

    – Phoebe Hart

    The Buccaneers, season two

    Apple TV

    Loosen your corsets, The Buccaneers is back for a second season of feminist sisterhood and fabulous gowns.

    Adapted from Edith Wharton’s unfinished final novel, the series follows a group of outspoken young American women navigating the marriage market in 1870s Victorian England. Gleefully anachronistic with feisty girl power speeches and a contemporary pop music soundtrack, The Buccaneers is equal parts Bridgerton and Gossip Girl (complete with a character played by Leighton Meester).

    Season two picks up where the first left off, with Jinny (Imogen Waterhouse) and Guy (Matthew Broome) fleeing the country to escape Jinny’s violent husband Lord James Seadown (Barney Fishwick).

    Meanwhile, sister Nan (Kristine Froseth) is busy back home leveraging her position as Duchess of Tintagel to help facilitate Jinny’s return – a campaign that includes wearing a showstopping red gown to a black and white ball. In keeping with the series’ M.O., this might be narrative nonsense, but it looks exquisite.

    While trysts and love triangles continue to provide escapist entertainment, Jinny’s abusive marriage dominates later episodes. If season one sought to expose the isolation and entrapment Jinny endured in her marriage, season two foregrounds her resistance in the face of it, intent on highlighting how perpetrators of violence manipulate legal and medical systems to tighten the noose around victims’ necks.

    Season two’s veering between frothy excess and melodrama arguably results in some tonal patchiness. Nonetheless, it should be commended for its careful treatment of the corrosive impacts and dangers of coercive control. This – more than the downloadable soundtrack and dazzling costumes – makes it good viewing.

    – Rachel Williamson

    Dangerous Animals

    Prime Video

    Dangerous Animals is perhaps the most original and entertaining shark horror film we have seen since Jaws – incorporating traditional elements of the shark thriller genre, while challenging them at the same time.

    The film starts with the primal fear of being eaten alive by monstrous sharks, with gruesome shock-thrill scenes of tourists being torn apart in a blood red ocean.

    But later, the narrative reminds us it is the boat captain, not the great white, who is the real sadistic killer. Predictably, we see a young bikini-clad woman who gets horribly dismembered (just like the first unforgettable victim in Jaws).

    However, it is also a fearless bikini-clad woman, Zephyr (Hassie Harrison) who turns the tables on the boat captain, outwits him, rescues her boyfriend and even makes friends with the shark.

    Dangerous Animals includes some interesting subtext and commentary, such as when it compares women to fish – creatures hunted for sport – and when it highlights the inherent cruelty of fishing, and the hook that impales the prey.

    The film delivers sophisticated special effects and gruesome eco-horror entertainment. It is a fun, self-aware and postmodern watch that will leave you thinking.

    The Australian influence is delightfully evident in the irreverent humour. And for anyone who has been to the Gold Coast, there is much pleasure in seeing the film play out across its iconic locations.

    This film will trigger your childhood fear of Jaws – but with a twist.

    – Susan Hopkins

    Shark Whisperer

    Netflix

    In Shark Whisperer, the great white shark gets an image makeover – from Jaws villain to misunderstood friend and admirer.

    However the star of the documentary is not so much the shark, but the model and marine conservationist Ocean Ramsey (yes, that’s her real name).

    The film centres on Ramsey’s self-growth journey, with the shark co-starring as a quasi-spiritual medium for finding meaning and purpose (not to mention celebrity status).

    Whisperer and the Ocean Ramsey website tap into the collective fascination with dangerous sharks fuelled by popular culture. Many online images show Ramsey in a bikini or touching sharks – she’s small, and vulnerable in the face of great whites. As with forms of celebrity humanitarianism, what I have dubbed “sexy conservationism” leaves itself open to criticism about its methods – even if its intentions are good.

    Globally at least 80 million sharks are killed every year. Thanks in part to the hashtag activism of Ocean Ramsey and her millions of fans and followers, Hawaii was the first state in the United States to outlaw shark fishing.

    So, Ramsey may be right to argue her ends justify the means.

    – Susan Hopkins



    Read more:
    Netflix’s Shark Whisperer wants us to think ‘sexy conservation’ is the way to save sharks – does it have a point?

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Shark tales, a sinking city and a breathless cop thriller: what to watch in August – https://theconversation.com/shark-tales-a-sinking-city-and-a-breathless-cop-thriller-what-to-watch-in-august-261952

    MIL OSI Analysis – EveningReport.nz –

  • 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.

             Page 23

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

             Page 24

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

    3. Earnings per share

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

             Page 25

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

    4. Share capital

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

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

    5. Other reserves

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

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

    6. Derivative financial instruments and debt excluding lease liabilities

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

             Page 26

    SHELL PLC
    2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS

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

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

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

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

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

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

    Consolidated Statement of Income

    Interest and other income

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

    Depreciation, depletion and amortisation

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

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

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

    Taxation charge/credit

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

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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

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    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.

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    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 –

  • PM Narendra Modi pays tribute to freedom fighter Udham Singh on his Shaheedi Diwas

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Thursday paid tribute to freedom fighter Udham Singh on his “Shaheedi Diwas,” calling his bravery a lasting inspiration for the people of India.

    In a post on X, PM Modi said, “My humble tribute to the immortal son of Mother India, martyr Udham Singh, on his martyrdom day. His saga of patriotism and bravery will always remain a source of inspiration for the people of the nation.”

    Defence Minister Rajnath Singh also honoured the revolutionary, saying Udham Singh’s supreme sacrifice continues to inspire generations.

    “My heartfelt tribute to the great freedom fighter and revolutionary Sardar Udham Singh on his ‘Shaheedi Diwas’ today. His unparalleled courage and supreme sacrifice remain a source of inspiration for generations. India will always remember his unwavering spirit and deep love for the nation,” he posted on X.

    Home Minister Amit Shah shared a detailed tribute, highlighting Udham Singh’s fierce resistance to colonial atrocities and his role in the freedom struggle.

    “Udham Singh dedicated his life to self-respect and freedom. He launched an armed rebellion against British atrocities. The Jallianwala Bagh massacre deeply disturbed him, prompting him to travel to England to avenge the killings. Through the Ghadar Party, he inspired patriotism among Indians living abroad. His courage, bravery, and sacrifice gave greater strength to India’s freedom movement. He will forever inspire the youth to put the nation above all.
    My respectful tribute to the embodiment of bravery and sacrifice, martyr Sardar Udham Singh, on his martyrdom day,” he said on X.

    Born in 1899 in Sangrur, Punjab, Udham Singh lost his parents at an early age. He was hanged on July 31, 1940, for assassinating Michael O’Dwyer, the former Lieutenant Governor of Punjab, in London — an act of revenge for the 1919 Jallianwala Bagh massacre.

    The Jallianwala Bagh massacre took place on April 13, 1919, when British Indian Army troops under Colonel Reginald Dyer opened fire on a peaceful gathering of unarmed protesters and pilgrims in Amritsar, Punjab, on the occasion of Baisakhi.

    The crowd had assembled to protest the arrest of nationalist leaders Satya Pal and Saifuddin Kitchlew. The indiscriminate firing led to massive casualties.

    According to official British records, 379 people were killed and around 1,200 injured. However, other estimates put the death toll at over 1,000.

    — ANI

  • MIL-OSI Australia: Serious crash Ethelton

    Source: New South Wales – News

    Police are on the scene of a serious crash at Ethelton.

    Just after 5pm today emergency services were called to the intersection of Maud Street and Carlisle Street after reports of a crash involving a motorbike.

    Carlisle Road is currently closed to traffic.

    Major Crash Investigators are attending the scene.

    Please avoid the area.

    MIL OSI News –

  • MIL-OSI Australia: Arrest after fatal crash at Tranmere

    Source: New South Wales – News

    A man has been arrested following a fatal crash last week.

    A pedestrian was struck by a Honda sedan on Glynburn Road, near Richardson Avenue, Tranmere, just before 6am on Friday 25 July.

    Sadly, the 53-year-old Tranmere woman died at the scene.

    Neither the driver, a 21-year-old Hectorville man, nor his 24-year-old passenger were physically injured in the collision.

    Today, Thursday 31 July, Major Crash Investigators arrested the driver of the Honda. He has been charged with causing death by dangerous driving.

    He was granted police bail to appear in Adelaide Magistrates Court on 15 October.

    MIL OSI News –

  • MIL-OSI United Kingdom: MHRA outlines intent to speed up patient access to innovative medical devices

    Source: United Kingdom – Executive Government & Departments

    News story

    MHRA outlines intent to speed up patient access to innovative medical devices

    Statement of Policy Intent sets out initial thinking on a new Early Access service to help patients benefit sooner from innovative medical devices that address unmet clinical needs.

    The Medicines and Healthcare products Regulatory Agency (MHRA) is setting out its intention to enable earlier access to innovative medical devices that address unmet clinical needs within the NHS. As part of this, capability will be invested to establish a new Early Access service to provide time-limited, conditional access to promising technologies ahead of full regulatory approval, where there is clear clinical need and supporting evidence of benefit for patients.

    Designed to support innovators, including small and medium-sized enterprises, the Early Access service aims to help bring safe and effective medical devices to patients more quickly. Focus initially will be on innovative diagnostic devices, particularly those supporting the NHS’s most urgent needs.  

    This forms part of the MHRA’s wider contribution to the UK Government’s Life Sciences Sector Plan and the 10-Year Health Plan, and supports the UK’s ambition to be a global leader in medical device innovation.

    The Early Access service will use learnings from the Unmet Clinical Need Authorisation (UCNA) tool piloted in the Innovative Devices Access Pathway (IDAP), and be shaped by stakeholder engagement with key sector representatives.

    The initiative sits within a broader programme of regulatory reform, including strengthened post-market surveillance and increased international collaboration. The MHRA will continue to work with industry, clinicians, NHS leaders and other partners to shape the pathway and support growth across the UK MedTech sector.

    Notes to editors  

    1. For more information on the statement of policy intent, visit [Statement of Policy Intent: Early Access to Innovative Medical Devices] (https://gov.uk/government/publications/statement-of-policy-intent-early-access-to-innovative-medical-devices)

    2. For more information on the Innovative Devices Accelerated Pathway (IDAP) visit the MHRA website: The Innovative Devices Access Pathway (IDAP) – GOV.UK

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Ofqual to fine WJEC after 1,500 GCSE students received wrong results

    Source: United Kingdom – Executive Government & Departments

    Press release

    Ofqual to fine WJEC after 1,500 GCSE students received wrong results

    Awarding body faces £350,000 penalty for breaches that led to incorrect grades and reviews of marking failures that affected nearly 4,000 other exam papers.

    Ofqual is to fine awarding organisation WJEC £350,000 in total for breaching exams rules in 2 separate cases – including one that meant over 1,500 students received the wrong GCSE grades on results day. 

    The 1,527 students who received the incorrect results had taken WJEC’s Eduqas GCSE Food Preparation and Nutrition qualification in summer 2024. 

    WJEC had failed to adjust teachers’ marking of coursework – which made up 50% of the qualification – to ensure results were in line with national standards. 

    It subsequently found that, while 17,610 results did not need to be changed, 847 students received lower grades and 680 got higher grades than they should have.  

    The students who received the incorrect lower grades were eventually issued with the correct grade in October 2024. In considering Ofqual guidance, WJEC decided those who received the incorrect higher grades should keep them, to avoid unfairly penalising students who may have already used those results.  

    Ofqual is set to fine WJEC £175,000 for this case, caused by an error in WJEC’s external moderation of teachers’ marking. 

    In the second case, WJEC reported that between 2017 and 2023 it had allowed 3,926 exam papers, out of 120,094 reviews of marking across 38 Ofqual-regulated qualifications, to be reviewed by the same assessors who had originally marked at least part of them, breaking regulations. 

    In this case, WJEC will be fined another £175,000 for breaching its Conditions of Recognition concerning how it conducted ‘reviews of marking’. 

    One student had their grade increased in 2024 after a fully independent review of marking was conducted. In response to the incident, WJEC issued credit notes as financial compensation to schools and colleges, for all affected reviews, totalling just over £219,000. 

    Amanda Swann, Ofqual’s Executive Director for General Qualifications, said:

    Students must be able to trust that their results accurately reflect their performance, and what they know, understand and can do. 

    These proposed fines reflect the serious nature of WJEC’s failures and our commitment to protecting the interests of students and maintaining the integrity of our qualifications system. This includes the requirement that GCSE, AS and A levels students are entitled to an independent review of their exam marks.

    Ofqual’s enforcement panel concluded a fine was appropriate and also took into account several mitigating factors. These included that WJEC had admitted the breaches, fully accepted responsibility, taken steps to prevent the problems happening again, and engaged fully with Ofqual. 

    Ofqual has today published 2 Notice of Intention (to accept a settlement proposal) documents for each case against WJEC. The documents give more details of the cases and invite interested parties to make representations ahead of final decisions:

    We continue to work closely with WJEC to ensure the mitigations they have put in place for this summer and subsequent exam series are effective. 

    Background information 

    Ofqual’s Taking Regulatory Action Policy  sets out how it will use its powers to take regulatory action.

    Updates to this page

    Published 31 July 2025

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  • MIL-OSI United Kingdom: Flagship play centre for disabled children

    Source: Scottish Government

    Three-year funding commitment supports expanded play and family support.

    A charity that supports disabled children and young people and their families can provide 300 more places throughout the year after opening new premises in Glasgow for the first time.

    The dedicated play centre, supported with £500,000 from the Scottish Government, joins existing premises in Dundee, Fife and Edinburgh where The Yard supports disabled children and young people, and their families.

    The new facility provides children with a sensory room, play hall and outdoor space, while also providing a meeting room for parents and carers to receive family support.

    The Scottish Government funding is part of a £2 million commitment over three years from 2024-25 to support The Yard to grow its services, including tailored support, and expand its spaces for disabled children and young people to play and socialise.

    Children and Young People’s Minister Natalie Don-Innes officially opened the new facility and joined a family session as part of The Yard’s school holiday programme.

    Ms Don-Innes said:

    “Working with charities is vital to improving outcomes for disabled children and their families. Our three-year funding will help The Yard to continue to grow and support more families across Scotland.

    “This wonderful new facility, backed by £500,000 Scottish Government funding, has allowed the Yard to expand to new premises in Glasgow for the first time. The smiles on the faces of the children and families who rely on The Yard for support show what a difference this service makes to their lives.”

    Celine Sinclair, CEO of The Yard said;

    “We are incredibly proud to launch our new Glasgow service, building on the success of our centres in Edinburgh, Dundee and Fife. The Yard team provide exemplary, safe, inclusive spaces where children can play, grow and connect, while families feel supported, empowered and included. We are just thrilled to be in the West of Scotland and would like to thank Scottish Government and our funders for helping us realise this ambition.

    “Working alongside our partners in Glasgow, this new service builds on our legacy and expands our reach to meet the needs of families and schools. As we continue developing The Yard into a nationally recognised Centre of Excellence, the opening of our Glasgow centre marks a major step forward in our mission to inspire and to help build meaningful inclusion across the country.”

    Background

    Up to £2 million funding for The Yard over three financial years from 2024-25 was confirmed in October 2023, subject to due diligence and approval of the budget by the Scottish Parliament.

    Providing this additional capital and resource funding has enabled The Yard to take forward development of a site in Glasgow and refurbishment in Dundee and to expand their existing services in Edinburgh and Fife.

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  • MIL-OSI United Kingdom: Exciting new future for waterfront location

    Source: City of Plymouth

    One of the Plymouth’s waterfront locations is set for an exciting future thanks to a long-term agreement with Cattewater Harbour Commissioners.

    A 30-year lease on Commercial Wharf on Madeira Road is to be granted to the commissioners who want to invest, improve and manage the location, to continue to grow the visitor economy of marine visitors to our city from the water.

    The wharf is already home to 19 boathouses, which are used for a variety of commercial purposes, including marine, storage and leisure. The site includes the quay wall, a 17th century quay from the Mayflower Steps to a public access slipway as well as a public open space.

    The commissioner’s plan is to make the area a destination in itself, to create a more welcoming feel to this historic wharf, to attract more tourists, events, visitors and marine tourism including cruise, tall ships, superyacht and leisure passengers embarking or disembarking from the nearby Barbican Landing Stage, and visitor moorings.

    Cattewater Harbour Commissioners (CHC) took back ownership and responsibility for managing and maintaining the Barbican Landing Stage from the Council in early 2023 – a decision that not only saved the Council future maintenance costs, but meant that, CHC, as the Statutory Harbour Authority, had better access to resources and expertise to maintain the safe operation of the facility.

    Council leader Tudor Evans said: “We constantly review all our assets and as we have said before, try to find creative solutions for some of our properties that can unlock jobs, opportunities and prospects – and this certainly hits the mark.

    “It just makes sense for the wider good of the city. We do not have the resources or the expertise to carry out repairs to the sea wall – they do.

    “We still retain the long-term interest in the wharf, but this deal will allow the commissioners to create something special and look after this landmark using the expertise they have on tap. I can’t wait to see what they do!”

    Captain Richard Allan, CEO and Harbour Master, Cattewater Harbour Commissioners: “As we continue to grow the number of visiting leisure vessels to the Port, and invest in nearby facilities including toilets and showers, it’s a logical next step that we take on the lease of the wharf.

    “We have thousands of visitors who’s first experience of Plymouth is coming ashore at Commercial Wharf, we want to make this experience better, and we’re looking forward to ensuring the site provides one of the best step off points in the South West.”

    Cattewater Harbour is a trust port, an independent statutory body. There are no shareholders, or owners, and any surplus generated is reinvested into the port for the benefit of its stakeholders.

    Since April 2020, the Council’s Facilities Management have spent over £400,000 including over £300,000 on capital repairs to the sea wall. Significant capital expenditure, major repair and maintenance issues remain.

    As part of the tenancy agreement CHC will ensure the wharf remains in good repair – including structures, surfaces and sea walls. They will also be responsible for keeping the public spaces neat and tidy and have agreed to invest in critical maintenance and improvements to the site.

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  • MIL-OSI United Kingdom: York welcomes over £1 million to tackle economic inactivity

    Source: City of York

    The Get Britain Working Trailblazer programme is aimed at reducing economic inactivity and supporting residents into good jobs, volunteering, and training opportunities.

    The funding, totalling £1,038,250, comes from the York and North Yorkshire Combined Authority (YNYCA) and will support a wide range of local projects targeting groups most affected by long-term unemployment, including young people, disabled residents, unpaid carers, and veterans.

    Peter Roderick, Director of Public Health at City of York Council, said:

    “This funding is a real opportunity to make a difference in the lives of York residents who face barriers to employment due to health or personal circumstances. We’re proud to be delivering a programme that puts people first—offering tailored support, improving wellbeing, and helping individuals find meaningful work. It’s about building a healthier, more inclusive city.”

    Cllr Pete Kilbane, Deputy Leader and Executive Member for Economy & Culture, added:

    “This investment aligns perfectly with our Economic Strategy and our ambition to create good jobs and a thriving local economy. By working with partners across the city, we’re scaling up what works and piloting new, innovative approaches. It’s a bold step forward in unlocking York’s hidden talent and ensuring no one is left behind.”

    The funding will support 15 York-specific schemes, including mental health hubs, youth mentoring, workplace health checks, and employer engagement initiatives. It also complements wider regional programmes such as wage subsidies and primary care interventions.

    The Council has committed to delivering all projects within the 2025/26 financial year, with a focus on collaboration, innovation, and measurable impact. A report detailing the funding will go to a joint councillor decision session on 5 August.

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  • MIL-OSI United Kingdom: RSV vaccine prevents hospitalisation in older people and newborns

    Source: United Kingdom – Executive Government & Departments

    News story

    RSV vaccine prevents hospitalisation in older people and newborns

    RSV vaccines are 82% effective for older people and 72% for newborns when mothers are vaccinated at least 14 days before birth.

    A new UK Health Security Agency study – Effectiveness of RSV Vaccine Against RSV Associated Hospitalisation Among Adults Aged 75 to 79 years in England – in partnership with Nottingham University Hospitals and other NHS trusts, shows the RSV vaccine provided strong protection for older people, around 82% effective in preventing hospital admissions with RSV infection.

    The study also found that the vaccine is highly effective in preventing hospitalisation for older people with a chronic respiratory condition and those living with immunosuppression.

    Two new Respiratory Syncytial Virus (RSV) vaccination programmes were introduced to the NHS Vaccination Schedule in September last year; an older adults programme and a maternal programme.

    The programme for older adults offers the vaccine to those turning 75, as well as a one-off catch up campaign for all adults aged 75 to79 years.

    The maternal vaccination programme is offered to women from 28 weeks of pregnancy to protect newborns, who are at higher risk of severe illness from RSV.

    A separate new study – Vaccination in Pregnancy and RSV Hospitalisation in Infants in the UK, led by NHS paediatricians, published in the Lancet Child and Adolescent Health – found that  the maternal RSV vaccine was 72% effective in preventing hospitalisation for infants whose mothers were vaccinated more than 14 days before delivery.

    UKHSA has also today published the latest vaccine uptake figures for both RSV programmes, including the:

    • older adults programme: overall coverage as of 30 June 2025 in the catch-up cohort (adults aged 75 to 79) reached 62.9%, up from the 60.3% reported in March
    • maternal programme: of the 36,657 women reported as having given birth in March 2025, 20,051 (54.7%) had received an RSV vaccine
    • maternal coverage varied by ethnic group with the highest coverage reported among the Chinese ethnic group (73.3%) and lowest among Black and Black British Caribbean (26.4%)

    Greta Hayward, Consultant Midwife at the UK Health Security Agency, said:

    Having the RSV vaccine during every pregnancy is the best way for women to protect their newborn against RSV, as the vaccine boosts their immune system to produce more antibodies against the virus, and these then pass through the placenta to help protect their baby from the day they are born. RSV infects around 90% of children in their first 2 years of life.

    The RSV season usually starts in October and while there is no risk-free birth month, babies born in late summer or the autumn are most likely to be admitted to hospital. Hundreds of babies attend Emergency Departments each day for bronchiolitis through most of November and December. That is why it is so important that over the summer pregnant women reaching 28 weeks of pregnancy, ensure they are vaccinated as soon as possible.

    Dr Conall Watson, Immunisation Consultant at the UK Health Security Agency, said:

    The evidence clearly shows the RSV vaccine for pregnant women is highly effective and will give much reassurance to parents, knowing their newborn is protected from birth, when they are at much greater risk from RSV.

    As a parent and health professional I can’t stress enough the importance of getting the RSV vaccine during every pregnancy. We recommend vaccination in week 28 or soon after but if you are later on in your pregnancy and still haven’t had your vaccine please contact your maternity service or GP practice to arrange one.

    RSV can be a particularly serious infection for older people, so this new evidence will also give much reassurance that having the RSV jab will greatly reduce their chances of ending up in hospital.

    While the uptake of the RSV vaccine continues to rise, we want to see every single pregnant woman and eligible older person getting protected. The virus picks up in the autumn, so don’t put if off over the summer – as soon as you reach your 75th birthday or week 28 of pregnancy get the vaccine for healthy peace of mind.

    UKHSA has published its first RSV Annual Report, which looks back at the 2024 to 2025 RSV season, providing analysis on disease pattern, vaccine uptake and vaccine impact.

    The surveillance shows RSV activity started across all UK nations around week 42 of 2024 (week starting 14 October) and peaked around weeks 47 to 49 2024 (18 November to 8 December), before steadily declining and reaching baseline activity around weeks 7 to 8 2025 (10 to 23 February).

    The Report also details UKHSA’s analysis from the primary care surveillance, which involves swabbing in around 300 GP Practices in England when a patient presents with an acute respiratory infection (ARI). This found that by age group, the highest RSV positivity (% of laboratory confirmed RSV cases out of total ARI swabs) was observed in children under 5 years; with positivity peaking at 53.1% in week 46 (11-17 November).

    Among those aged 75 years and above, the highest RSV positivity rate was 18.5% reported in week 49 (2 to 8 December).

    Surveillance of patients attending hospital emergency departments (ED) in England found that among infants (babies under 1), bronchiolitis peaked in late November. This is the main clinical presentation of infant RSV and RSV is the primary pathogen causing bronchiolitis.

    Updates to this page

    Published 31 July 2025

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  • MIL-OSI United Kingdom: Directors banned after Stoke firm made hundreds of thousands of nuisance calls

    Source: United Kingdom – Executive Government & Departments

    Press release

    Directors banned after Stoke firm made hundreds of thousands of nuisance calls

    The company also received a £150,000 fine from the Information Commissioner’s Office

    • Mohammed Liaqat and Rubani Ghulam were directors of a company which harassed people with nuisance cold-calls in 2020 and 2021 

    • Posh Windows UK Ltd, based in Stoke-on-Trent, made more than 400,000 unsolicited marketing calls trying to sell home improvements within a nine-month period 

    • Both have now been disqualified as company directors following investigations by the Insolvency Service 

    Two businessmen from Stoke-on-Trent who allowed their home improvements company to make hundreds of thousands of nuisance cold-calls have been banned as directors. 

    Mohammed Liaqat, 37, and Rubani Ghulam, 55, were directors of Posh Windows UK Ltd, which specialised in a range of products including windows, doors and conservatories. 

    However, the company made 461,062 unsolicited marketing calls in a nine-month period between August 2020 and April 2021. 

    The calls were to people who had registered with the Telephone Preference Service (TPS), a statutory register of people who have said they do not want to receive marketing calls.  

    Posh Windows UK Ltd was fined £150,000 by the Information Commissioner’s Office (ICO) in 2022 but went into liquidation in the same year without having paid any of the fine. 

    Liaqat, of Clarke Street, and Ghulam, of Thorndyke Street, have now been disqualified as company directors for four years. 

    Simon Gillett, Chief Investigator at the Insolvency Service, said: 

    Mohammed Liaqat and Rubani Ghulam allowed their company to make nearly half a million nuisance calls to people who had explicitly said they did not want to receive marketing calls, causing significant inconvenience to members of the public. 

    Many of the victims were also subjected to aggressive pressure tactics and repeated calls. 

    Directors who ignore privacy regulations and allow their companies to harass the public through relentless cold-calling will face the consequences. In this case, both Liaqat and Ghulam have been banned from running companies for four years, protecting consumers from further misconduct.

    Posh Windows UK Ltd was based on Cheapside in Stoke-on-Trent, with Liaqat and Ghulam appointed as directors in 2018. 

    The company first came to the attention of the ICO in January 2021 when one of its employees received an unsolicited direct marketing call in the evening. 

    During the call, the caller referred to government grants for home improvements and wanted to book an appointment for the following day. 

    They only hung up when the recipient told them that the telephone number was registered with the TPS. 

    Further complaints to the TPS and ICO indicated that pressure tactics were being used and constant calls were made, often outside standard business hours. Some callers were called more than 10 times, even after they had told them to stop. 

    In total, Posh Windows UK Ltd made 630,971 calls between 1 August 2020 and 30 April 2021. Of those, 461,062 were made to subscribers whose telephone numbers had been registered with the TPS for more than 28 days 

    All but 84 of the 461,062 calls were made from a withheld number, breaching privacy regulations. 

    ICO investigations began in March 2021 but Liaqat still allowed the company to trade for more than a year without the ability to adequately screen numbers against the TPS register. 

    Andy Curry, Head of Investigations at the ICO, said:  

    We welcome the decision to disqualify Mohammed Liaqat and Rubani Ghulam as directors of Posh Windows UK Ltd.  

    Nobody should be made to feel uncomfortable or distressed after simply answering the phone, and our investigation found that this company showed complete disregard for both the law and the thousands of people they were aggressively pestering.  

    Our Financial Investigation Unit works closely with the Insolvency Service to bring companies and directors to account. By disrupting the non-compliant activities of directors such as Mohammed Liaqat and Rubani Ghulam, we can help ensure they can’t easily resurface under a different name and continue to cause further harm to people.

    The Secretary of State for Business and Trade accepted disqualification undertakings from Liaqat and Ghulam, and their bans started on Thursday 31 July. 

    The undertakings prevent them from being involved in the promotion, formation or management of a company, without the permission of the court.  

    Further information  

    About us 

    The Insolvency Service is a government agency that helps to deliver economic confidence by supporting those in financial distress, tackling financial wrongdoing and maximising returns to creditors. 

    The Insolvency Service is an executive agency, sponsored by the Department for Business and Trade. 

    Read more about what we do 

    Press Office 

    Journalists with enquiries can call the Insolvency Service Press Office on 0303 003 1743 or email press.office@insolvency.gov.uk (Monday to Friday, 9am to 5pm). 

    Out of hours 

    For any out of hours media enquiries, please contact the Department for Business and Trade (DBT) newsdesk on 020 7215 2000.

    Updates to this page

    Published 31 July 2025

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  • MIL-OSI United Kingdom: AI to stop prison violence before it happens

    Source: United Kingdom – Executive Government & Departments

    Press release

    AI to stop prison violence before it happens

    Prison officers will use artificial intelligence (AI) to stop violence before it breaks out under new plans set out by the Lord Chancellor today (31 July).

    • Clampdown on violence in prisons as AI helps to identify dangerous prisoners and bring them under tight supervision
    • AI will also be used to uncover secret messages sent by prisoners and stop weapons or contraband getting into prisons  
    • Ministry of Justice’s AI Action Plan sets out how tech will cut reoffending and make streets safe as part of Plan for Change

    Under the Ministry of Justice’s AI Action Plan artificial intelligence predicts the risk an offender could pose and informs decisions to put dangerous prisoners under tighter supervision to cut crime and deliver swifter justice for victims. This will help to cut reoffending and make our streets safe, part of the Plan for Change. 

    AI will be used across prisons, probation and courts to better track offenders and assess the risk they pose with tools that can predict violence behind bars, uncover secret messages sent by prisoners and connect offender records across different systems. 

    The AI violence predictor analyses different factors such as a prisoner’s age and previous involvement in violent incidents while in custody. This will help prison officers assess threat levels on wings and intervene or move prisoners before violence escalates. 

    Another AI tool will be able to digitally scan the contents of mobile phones seized from prisoners to rapidly flag messages that could provide intelligence on potential crimes being committed behind bars, such as secret code words. 

     This will allow staff to discover potential threats of violence to other inmates or prison officers as well as plans to escape and smuggle in weapons or contraband. 

     These phones – often used for gang activity, drug trafficking and intimidation – are a major source of violence in prisons. 

    This technology, which uses AI-driven language analysis, has already been trialled across the prison estate and has analysed over 8.6 million messages from 33,000 seized phones.  

    Lord Chancellor and Secretary of State for Justice, Shabana Mahmood, said:

    Artificial intelligence will transform the justice system. We are embracing its full potential as part of our Plan for Change.

    These tools are already fighting violence in prisons, tracking offenders, and releasing our staff to focus on what they do best: cutting crime and making our streets safer.

    The AI Action Plan also outlines how the department will create a single digital ID for all offenders with AI helping to link separate records across courts, prisons and probation for the first time. 

    This will match records that may never be linked through old search systems due to slight typos or missing words, meaning greater monitoring and more effective sentencing. 

    In the Probation Service, AI pilots have already shown a 50% reduction in note-taking time, allowing officers to focus on risk management, monitoring and face-to-face meetings with offenders.  

     Building on this success, the tool will be rolled out to all probation officers, and potentially in prisons and courts too. 

    The AI Action Plan also sets out how technology can ease pressure on courts and improve services for the public.  This includes a digital assistant is being developed to help families resolve child arrangement disputes outside of court. 

    Alexander Iosad, Director of Government Innovation Policy at the Tony Blair Institute, said:

    This Action Plan shows exactly the kind of ambition we need across government to embrace AI for a genuine renewal of our public services. If implemented well and at pace, these technologies won’t just ease the pressure on our prisons but also help offenders receive the personalised support they need for effective rehabilitation, making streets safer, and ensuring that victims facing incredibly difficult moments get the justice they deserve. This is what modern, data-driven public service reform to deliver real change for citizens should look like.

    Earlier this year, the Lord Chancellor set out her vision for the Probation Service, which included a £8 million pledge to introduce new technology to help risk assess offenders and cut back on admin, increasing focus on those offenders who pose the greatest risk to the public.  

    In the Spending Review, the Government announced that the Probation Service will receive up to £700 million, an almost 45% increase in funding. This new funding will mean tens of thousands more offenders can be tagged and monitored in the community.

    Updates to this page

    Published 31 July 2025

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  • London’s Heathrow hit by more flight cancellations after air traffic failure

    Source: Government of India

    Source: Government of India (4)

    At least 16 flights to and from London’s Heathrow Airport were cancelled on Thursday, a day after technical problems with Britain’s air traffic control system caused widespread disruption across the country’s airports.

    National Air Traffic Services (NATS), which provides air traffic control services for planes flying in UK airspace and the eastern part of the North Atlantic, said on Wednesday its systems were fully operational with capacity returning to normal after it switched to a back-up system.

    The second outage in as many years at NATS also affected Gatwick Airport near London, Edinburgh Airport in Scotland and other locations, resulting in 122 cancellations as of 1830 GMT on Wednesday, according to aviation analytics firm Cirium.

    Heathrow’s website showed that at least 16 flights, including departures to Brussels and Toronto and arrivals from New York and Berlin, had been cancelled on Thursday.

    Heathrow, Britain’s largest and Europe’s busiest airport, did not immediately respond to a Reuters request for comment on the latest cancellations.

    Ryanair Chief Operating Officer Neal McMahon called on NATS chief executive Martin Rolfe to resign, saying no lessons had been learnt since the August 2023 disruption caused by a malfunctioning in the automatic processing of flight plans.

    NATS, which on Wednesday apologised to those affected by the failure, did not immediately respond to a Reuters request for a response to McMahon’s comments.

    Heathrow was also hit by a fire at a power sub-station in March which stranded thousands of passengers.

    (Reuters)

  • MIL-OSI United Kingdom: SSRO highlights ongoing challenges in reporting against non-competitive defence contracts

    Source: United Kingdom – Executive Government & Departments

    News story

    SSRO highlights ongoing challenges in reporting against non-competitive defence contracts

    The Compliance Bulletin examines how well defence contractors followed the reporting regulations for non-competitive (also known as single source) defence contracts.

    Defence contractors must report information about their single-source defence contracts to the MOD and the Single Source Regulations Office (the SSRO). This is performed using the SSRO’s Defence Contract Analysis and Reporting System (DefCARS). 

    This information is a key element of the regulatory framework, providing the MOD with ongoing information throughout the contract period to support informed purchasing decisions and effective contract management for vital defence equipment and services. 

    The Compliance Bulletin presents compliance data relating to reports expected to be submitted between 1 May 2024 and 30 April 2025. Data is also presented against historical compliance records going back to May 2018.    

    The bulletin indicates that while most expected reports are being made by contractors, there remains scope to improve the quality of initial data. Additionally, the MOD must ensure that the information received is effectively considered and used, by increasing the amount of reported information accessed and reviewed in DefCARS. 

    The bulletin finds that the majority of expected reports are eventually received, with timeliness (being delivered in line with the timescales set out in the legislation) improving for contract reports and remaining constant for supplier reports when compared to last year. The quality of reports (complying with the legislative requirements) remains similar to last year with 48% of contract and supplier reports meeting the quality threshold on the first attempt. Both timeliness and quality remain below the SSRO’s Key Performance Indicator (KPI) of 75 per cent, but when allowing for additional time, beyond the expected submission date, most of the reports are eventually received and the proportion of all report types correct upon subsequent submission is 75% or greater showing that actions are taken by contractors when issues are raised. 

    Since 1 April 2024, the legislation has provided a definition of a component of the contract price, and components have their own reporting requirements. Examples of a component are where a contract uses a different contract pricing method to the contract pricing method used in any other part of the contract; has a different contract profit rate to the contract profit rate used in any other part of the contract; or has a price which has been re-determined. 

    Our review of data also showed that new reporting requirements related to components of contracts were not being followed, with three quarters not submitting the information in time. 

    The MOD was also only verifying around a quarter of the data submitted in contract reports. This is the lowest rate of MOD reviews since compliance data started to be collected in DefCARS and presents a challenge to data quality. 

    The SSRO will seek to improve compliance with the Single Source Contract Regulations 2014 (the “Regulations”) by providing: 

    • guidance on Regulations that may benefit from further interpretation; 

    • regular engagement with industry through reporting workshops;  

    • contractors who have many QDCs with monthly management information to assist in tracking required reports; 

    • management information and analysis to the MOD to help prioritise compliance activities; and 

    • an arbitration route for contractors and the MOD to settle compliance disagreements. 

    The SSRO’s Head of Compliance, Reporting and IT, Akhlaq Shah, said: 

    “Beyond monitoring and reporting on compliance, the SSRO will continue to support contractors and the MOD in meeting their responsibilities. We will keep investing in efforts to clarify requirements, guide industry in meeting them, and help the MOD use the data effectively and consistently”. 

    We continue to work with the MOD and industry so that the SSRO is best able to support compliance outcomes to help deliver value for money defence procurement while ensuring fair and reasonable prices are paid to industry. 

    Take a look at the Compliance Bulletin for more information on contractors are doing in timeliness and quality of their reporting.

    Updates to this page

    Published 31 July 2025

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  • MIL-OSI United Kingdom: What’s The Story? Grassroots glory – Council reveals plan to turn big gig revenue into support for smaller venues

    Source: City of Manchester

    Manchester City Council is set to earmark almost £250,000 to support grassroots music venues in the city and help them share the success of the city’s summer of music.

    In recent weeks, hundreds of thousands of music fans have converged on the city to celebrate its music scene – 340,000 at the five Oasis Heaton Park homecoming gigs alone. Other star names appearing in Manchester this summer include Olivia Rodrigo, Billie Eilish, Charlie XCX, Elbow, Fontaines DC and Robbie Williams.

    Over the course of the summer it has been estimated that Manchester will have attracted 1.3 million music tourists – a tremendous boost for the city’s economy as a whole, especially the hospitality industry.

    These huge events are also generating income for the Council, either by being hosted in the city’s largest parks – with commercial arrangements for their use – or through the business rates paid by major venues.

    As well as reinvesting part of this revenue in parks, the Council is planning to set aside £245,000 to be made available in financial support for Manchester’s grassroots venues.

    While exact details are being finalised, the intention is that the scheme will be administered by Music Venue Trust to ensure that the money gets to where it is needed as quickly and effectively as possible.

    It comes as small venues across the country face a difficult economic climate, with a combination of increasing costs and reducing incomes leaving some in a precarious position. One particular challenge is an increase in nationally-set business rates. These had been significantly reduced for the sector in response to the impacts of the pandemic, but this financial year (2025/26) – while still being lower than pre-pandemic levels – they have gone back up significantly.

    Councillor Bev Craig, Leader of Manchester City Council, said: “Manchester is a big noise in the music world. This summer all eyes have been on the city as we’ve hosted some huge concerts and seen unprecedented success in our large venues as the EMA MTV Music Awards showed.

    “But while the biggest gigs – in the city’s arenas and parks – might dominate the headlines, we know they are only possible because they are part of a wider ecosystem with smaller, grassroots venues providing the launchpads for acts to develop and grow.

    “We know that across the country grassroots venues are struggling. That’s why we want to ensure that our grassroots venues can share some of the benefit from the success of those big events.

    “We’re blessed in Manchester with an array of great smaller venues. They are there to be enjoyed and I’d encouraged anyone who values them to get out and support them.”

    Jay Taylor, Music Venue Trust National Co-ordinator, said: “Music Venue Trust wants to thank and congratulate Manchester City Council for leading on this crucial support for grassroots music venues. It’s inspiring to see Manchester recognise its place as one of the world’s leading music cities, and acknowledge that the fantastic grassroots music venue network in the city is an essential cornerstone of the amazing music being produced by Manchester artists.

    “In April, the government reduced business rates relief in England for many grassroots music venues, significantly impacting their long-term sustainability. Manchester City Council has taken the lead with this bold and innovative action and we hope many more cities and towns across the country can join their efforts to secure the future of the UK’s grassroots music venue network.”

    Kate Lowes, Director, Brighter Sound (sector lead Manchester Music City) said: “Grassroots venues sit at the heart of our city’s music scene – supporting emerging artists, bringing people together, and enriching local communities.

    “Recent research, commissioned by Manchester Music City and delivered by the hub, has shown that business rates relief is one of the sector’s most pressing concerns. We therefore welcome this announcement and are encouraged to see Manchester City Council and Music Venue Trust working in partnership to deliver meaningful and targeted support.

    “Manchester Music City is now working with the council to shape a full sector response and action plan, with a further set of actions to be announced this autumn. This type of collaborative approach and investment is essential to ensuring that Manchester remains a city where music and creativity can thrive at every level.”

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  • MIL-OSI United Kingdom: New supported living service to empower young adults with disabilities

    Source: City of Derby

    Derby City Council plans to create a new local supported living provision for young adults aged 18-25 living with learning disabilities, neurodiversity, or autism. The project, in partnership with an external service provider, aims to bridge a gap in local specialist provisions, enabling young people to transition successfully into adulthood. 

    The service will repurpose two former children’s homes to provide support for up to 12 individuals. The focus is on empowering residents to develop essential skills, maximise their potential, and ultimately move towards independent living.

    The proposal to commission an external service provider to deliver, manage and operate the provision in close partnership with the Council will be discussed by Cabinet members at a meeting on Wednesday 6 August.

    The Council is committed to enhancing adult social care in Derby by developing innovative care models. This includes integrating Technology-Enabled Care (TEC) to promote independence, improve safety, and provide reassurance to both individuals and their families. This can include a range of devices and apps, from basic community alarms and wearables to more advanced systems like fall detectors and remote monitoring.

    Councillor Alison Martin, Derby City Council Cabinet Member for Health and Adult Care, said:

    This exciting initiative aims to enhance the lives of young adults with additional needs by fostering greater independence and facilitating a smooth transition into adulthood. 

    Collaborating with an external provider will enable us to strengthen supported living services in Derby, ensuring we deliver high-quality and sustainable solutions that genuinely promote independence.

    Currently, Derby City Council supports 366 adults in various Supported Living settings, at an annual cost of approximately £21 million. 

    Looking ahead, the need for supported accommodation is expected to rise, with the 18-25 age group projected to increase from 13% to 18% of the younger adult population by 2030. Annually, the Council’s Preparing for Adulthood team consistently supports around 40 new entrants to adult social care.

    While some young adults currently need out-of-area placements, this project presents an opportunity to expand suitable options within Derby. Many individuals have said they’d prefer to live in the local area, so developing provision in the city will create a positive impact.

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  • MIL-OSI United Kingdom: RSV vaccine highly effective in preventing hospitalisation

    Source: United Kingdom – Government Statements

    News story

    RSV vaccine highly effective in preventing hospitalisation

    RSV vaccines are 82% effective for older people and 72% for newborns when mothers are vaccinated at least 14 days before birth.

    A new UK Health Security Agency study – Effectiveness of RSV Vaccine Against RSV Associated Hospitalisation Among Adults Aged 75 to 79 years in England – in partnership with Nottingham University Hospitals and other NHS trusts, shows the RSV vaccine provided strong protection for older people, around 82% effective in preventing hospital admissions with RSV infection.

    The study also found that the vaccine is highly effective in preventing hospitalisation for older people with a chronic respiratory condition and those living with immunosuppression.

    Two new Respiratory Syncytial Virus (RSV) vaccination programmes were introduced to the NHS Vaccination Schedule in September last year; an older adults programme and a maternal programme.

    The programme for older adults offers the vaccine to those turning 75, as well as a one-off catch up campaign for all adults aged 75 to79 years.

    The maternal vaccination programme is offered to women from 28 weeks of pregnancy to protect newborns, who are at higher risk of severe illness from RSV.

    A separate new study – Vaccination in Pregnancy and RSV Hospitalisation in Infants in the UK, led by NHS paediatricians, published in the Lancet Child and Adolescent Health – found that  the maternal RSV vaccine was 72% effective in preventing hospitalisation for infants whose mothers were vaccinated more than 14 days before delivery.

    UKHSA has also today published the latest vaccine uptake figures for both RSV programmes, including the:

    • older adults programme: overall coverage as of 30 June 2025 in the catch-up cohort (adults aged 75 to 79) reached 62.9%, up from the 60.3% reported in March
    • maternal programme: of the 36,657 women reported as having given birth in March 2025, 20,051 (54.7%) had received an RSV vaccine
    • maternal coverage varied by ethnic group with the highest coverage reported among the Chinese ethnic group (73.3%) and lowest among Black and Black British Caribbean (26.4%)

    Greta Hayward, Consultant Midwife at the UK Health Security Agency, said:

    Having the RSV vaccine during every pregnancy is the best way for women to protect their newborn against RSV, as the vaccine boosts their immune system to produce more antibodies against the virus, and these then pass through the placenta to help protect their baby from the day they are born. RSV infects around 90% of children in their first 2 years of life.

    The RSV season usually starts in October and while there is no risk-free birth month, babies born in late summer or the autumn are most likely to be admitted to hospital. Hundreds of babies attend Emergency Departments each day for bronchiolitis through most of November and December. That is why it is so important that over the summer pregnant women reaching 28 weeks of pregnancy, ensure they are vaccinated as soon as possible.

    Dr Conall Watson, Immunisation Consultant at the UK Health Security Agency, said:

    The evidence clearly shows the RSV vaccine for pregnant women is highly effective and will give much reassurance to parents, knowing their newborn is protected from birth, when they are at much greater risk from RSV.

    As a parent and health professional I can’t stress enough the importance of getting the RSV vaccine during every pregnancy. We recommend vaccination in week 28 or soon after but if you are later on in your pregnancy and still haven’t had your vaccine please contact your maternity service or GP practice to arrange one.

    RSV can be a particularly serious infection for older people, so this new evidence will also give much reassurance that having the RSV jab will greatly reduce their chances of ending up in hospital.

    While the uptake of the RSV vaccine continues to rise, we want to see every single pregnant woman and eligible older person getting protected. The virus picks up in the autumn, so don’t put if off over the summer – as soon as you reach your 75th birthday or week 28 of pregnancy get the vaccine for healthy peace of mind.

    UKHSA has published its first RSV Annual Report, which looks back at the 2024 to 2025 RSV season, providing analysis on disease pattern, vaccine uptake and vaccine impact.

    The surveillance shows RSV activity started across all UK nations around week 42 of 2024 (week starting 14 October) and peaked around weeks 47 to 49 2024 (18 November to 8 December), before steadily declining and reaching baseline activity around weeks 7 to 8 2025 (10 to 23 February).

    The Report also details UKHSA’s analysis from the primary care surveillance, which involves swabbing in around 300 GP Practices in England when a patient presents with an acute respiratory infection (ARI). This found that by age group, the highest RSV positivity (% of laboratory confirmed RSV cases out of total ARI swabs) was observed in children under 5 years; with positivity peaking at 53.1% in week 46 (11-17 November).

    Among those aged 75 years and above, the highest RSV positivity rate was 18.5% reported in week 49 (2 to 8 December).

    Surveillance of patients attending hospital emergency departments (ED) in England found that among infants (babies under 1), bronchiolitis peaked in late November. This is the main clinical presentation of infant RSV and RSV is the primary pathogen causing bronchiolitis.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Letter from Martyn Oliver to the Secretary of State for Justice about Oakhill Secure Training Centre

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Letter from Martyn Oliver to the Secretary of State for Justice about Oakhill Secure Training Centre

    Ofsted’s Chief Inspector sets out the intention to invoke the urgent notification process for Oakhill Secure Training Centre, along with findings from recent visits.

    Applies to England

    Documents

    Letter to Secretary of State for Justice: urgent notification – Oakhill Secure Training Centre

    PDF, 136 KB, 5 pages

    Details

    This letter was sent from Sir Martyn Oliver to the Secretary of State for Justice, Rt Hon Shabana Mahmood MP. The letter sets out the intention to invoke the urgent notification process for Oakhill Secure Training Centre.

    It also provides a summary of findings from previous visits.

    Updates to this page

    Published 31 July 2025

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  • MIL-OSI United Kingdom: Urgent notification issued for Oakhill STC after inspectors find profound and systemic failures

    Source: United Kingdom – Executive Government & Departments

    Press release

    Urgent notification issued for Oakhill STC after inspectors find profound and systemic failures

    In response to the serious risk of harm to children, Ofsted, CQC and HMI Prisons have issued an urgent notification about Oakhill STC to the Secretary of State for Justice, Rt Hon Shabana Mahmood MP.

    The urgent notification comes after an inspection earlier this month found a palpable change in culture at Oakhill Secure Training Centre (STC) since its last inspection. Inspectors uncovered serious and systemic failures at the centre, with safeguarding systems in disarray.

    Read the letter from Martyn Oliver to the Secretary of State for Justice about Oakhill Secure Training Centre

    Inspectors reported that Oakhill is no longer child-centred and staff conduct is of significant concern. Twenty-three staff were suspended between November 2024 and 13 July 2025, including 16 in response to allegations about their conduct with children. Since 14 July 2025, 7 more staff members have been suspended relating to their conduct with children.

    Inspectors found a fractured leadership team. The centre director and one of the two deputy directors are suspended from their duties, and the other deputy director was recently dismissed from employment. An interim director and new deputy director have started work at the centre, but have had limited opportunity to make any meaningful impact.    

    Oakhill was judged inadequate at its last full inspection in October 2024. Since 2017, it has not been judged higher than ‘requires improvement to be good’.

    The Secretary of State now has 28 days to respond with an action plan for improvement at the centre.

    Notes to editors

    The inspection of Oakhill Secure Training Centre took place from 21 to 25 July 2025; the full report will be published in line with Ofsted’s usual inspection timelines.

    Press office

    8.30am to 6pm Monday to Friday 0300 013 0415

    Updates to this page

    Published 31 July 2025

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  • MIL-OSI United Kingdom: New members appointed to OPSS Advisory Board

    Source: United Kingdom – Executive Government & Departments

    News story

    New members appointed to OPSS Advisory Board

    New members appointed to the Office for Product Safety and Standards Advisory Board.

    Five new members have been appointed to the Office for Product Safety and Standards (OPSS) Advisory Board. They are:

    • Jen Dinmore – Legal Director, Digital, Commerce and Creative team, Lewis Silk 
    • Frank Given – Founder, Close Focus
    • Amanda Long – Chief Executive, Construction Product Information
    • Professor John Loughhead – Industrial Professor of Clean Energy at the University of Birmingham and Chair of the Redwheel-Turquoise ClimateTech fund
    • John McDermid – Professor of Software Engineering, University of York

    OPSS welcomes these new members of its Advisory Board, who have a wealth of experience in areas including engineering, regulation, research and standards development.

    The OPSS Advisory Board typically meets once a quarter. Its members act as critical friends, providing external challenge and bringing fresh perspectives and ideas, ensuring OPSS is best prepared to deal with current and future challenges. The group is not involved in operational decisions, such as handling individual regulatory incidents.

    Updates to this page

    Published 31 July 2025

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  • MIL-OSI United Kingdom: Homebuyers warning as HMRC gets tough on bogus Stamp Duty claims

    Source: United Kingdom – Executive Government & Departments

    Press release

    Homebuyers warning as HMRC gets tough on bogus Stamp Duty claims

    HMRC is actively pursuing dishonest agents who make false Stamp Duty Land Tax repayment claims

    • Landmark Court of Appeal decision confirms that properties needing repair remain chargeable to residential rates of SDLT.
    • Homebuyers warned about rogue agents advertising misleading SDLT repayment claims.

    Homebuyers are being warned to avoid Stamp Duty Land Tax scams, following a landmark Court of Appeal decision.

    HM Revenue and Customs (HMRC) is warning people purchasing properties to be vigilant of tax agents offering to secure Stamp Duty Land Tax (SDLT) repayments on their behalf where repairs are needed to a property they have bought.

    Some agents have suggested that, for a fee, they can reclaim SDLT the buyer has already paid by saying that the property is non-residential because it’s uninhabitable. But making claims of this kind often leave the homeowner liable for the full amount of SDLT, plus penalties and interest.

    A recent Court of Appeal judgment in the case of Mudan & Anor v HMRC has confirmed that housing (“dwellings”) in need of repair are chargeable at the residential rates of SDLT, and that repayment claims based solely on a property’s condition are not valid.

    This decision confirms HMRC’s long-standing view that if a property requires repairs but retains the fundamental characteristics of a dwelling, it is still suitable for use as a dwelling and attracts residential rates of SDLT. A key factor in determining suitability is whether a property had been previously used as a dwelling.

    HMRC is taking decisive action on spurious SDLT repayment claims, using civil and criminal powers to deal with the minority who undermine the tax system.

    Anthony Burke, HMRC’s Deputy Director of Compliance Assets, said:

    The Court of Appeal’s decision is a major win, protecting public funds. Homebuyers should be cautious of allowing someone to make a Stamp Duty Land Tax repayment claim on their behalf. If the claim is inaccurate, you could end up paying more than the amount you were trying to recover.

    Anyone who is unsure of the rules should check the SDLT guidance on GOV.UK.

    As an example, if Joe bought a house in London for £1,100,000 and his solicitor filed the SDLT return, SDLT was calculated at the residential rates (£53,750). As the house required modernisation and repair, Joe couldn’t move in straight away. The house needed a new boiler, rewiring and damp proofing.

    Shortly after moving in, Joe received an advert in the post from a repayment agent which incorrectly suggested that due to the required repairs they could get him a refund of SDLT on a ‘no win, no fee’ basis. In Joe’s case the refund amounted to £9,250 (the difference between residential and non-residential rates), less the agent’s 30% fee. Joe agreed for the agent to make a claim on his behalf, and he received his repayment. Later in the year, HMRC opened a compliance check into the repayment claim and concluded that the property was residential. 

    Consequently, Joe found out that he owed £9,250 SDLT, plus interest and a penalty, even though the agent only sent him £6,475, after deducting their fee. He is now out of pocket as the agent refused to cover the interest and penalty and the agent has since refused to respond to his emails and phone calls. 

    Further information

    For more information visit HMRC’s Stamp Duty Land Tax guidance

    SDLT is a self-assessed tax, so when claiming a repayment of SDLT it is the responsibility of the taxpayer to get it right.

    In the case of Mudan & Anor v HMRC, the claimant had requested a refund of SDLT paid on a property transaction from August 2019. The property was in a poor state of repair. Their claim was submitted by their tax agent who persuaded them that the condition of the purchased property would qualify for a repayment. The dispute centred on the definition of residential property for SDLT purposes, and specifically whether the legal term ‘suitable for use as a dwelling’ meant that the purchaser should be able to move in straight away.

    The primary findings from the Upper Tribunal decision include:

    • being suitable for use as a dwelling does not mean the same thing as ready for immediate occupation
    • taxpayers should assess to what extent the building has the fundamental characteristics of a dwelling, and is structurally sound
    • if a property has previously been used as a dwelling, this will be relevant for considering whether it is suitable for use as a dwelling
    • the question to consider is whether the defects have the result that the building no longer has the characteristics of a dwelling

    The Court of Appeal firmly dismissed the appeal, finding that the Upper Tribunal decision was legally sound, and that the principles laid down in that decision are practical and workable. The decision confirms that the definition of ‘residential property’ should be considered against its statutory context, bearing in mind what the “ordinary speaker of English” would characterise as residential property (that being the “sort of property that people live in”). Past use of the building and whether it retains its identity or character as residential property, despite any disrepair and the requirement for renovations, will therefore be important considerations.

    HMRC has a high success-rate litigating cases where the refund claimed is not due. We encourage customers to carefully consider the terms of engagement with the reclaims specialist including understanding any fee that might be taken.

    Where a claim is due, it can be made directly by the customer at no cost.

    Updates to this page

    Published 31 July 2025

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