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Category: Vehicles

  • MIL-OSI United Nations: Japan’s ambassador to Afghanistan visits WFP nutrition site

    Source: World Food Programme

    KABUL – H.E. Takayoshi Kuromiya, Japanese Ambassador to Afghanistan, and Mutinta Chimuka, acting WFP Country Director in Afghanistan, visited a malnutrition clinic in the country’s capital Kabul, where hundreds of pregnant and breastfeeding mothers and their children receive life-saving nutrition services. The visit highlights Japan’s strong and steadfast commitment to WFP’s operations in Afghanistan, where nearly one third of the population is in need of emergency food assistance.

    “It was heartbreaking to see a number of Afghan mothers and children suffering from malnutrition, but it was also encouraging to see the work done by WFP and its partners to provide critical assistance to them and improve their nutrition and health,” said Takayoshi Kuromiya, Japanese Ambassador to Afghanistan. “The Government of Japan remains committed to help Afghan families through the crisis.”

    The visit followed a recent US$7 million contribution from the Government of Japan to WFP in Afghanistan. This funding enables WFP to deliver emergency food assistance to 30,000 families (200,000 people) for three months and to support 60,000 malnourished pregnant and breastfeeding mothers and children. The contribution will also support daily school snacks for 30,000 school children, enhancing their ability to learn and focus during their classes.

    “Women and girls continue to bear the brunt of the crisis in Afghanistan, which is currently witnessing the highest levels of child malnutrition in recent history,” said Harald Mannhardt, WFP Deputy Country Director in Afghanistan. “Only thanks to the generosity of partners like the Government of Japan, can WFP still support women and children across the country despite critical funding shortfalls.”

    Last year, WFP supported 3 million children and 1.8 million pregnant and breastfeeding mothers with malnutrition treatment or prevention services across the country. 

    The Government of Japan has been a steadfast supporter to WFP’s mission in Afghanistan. Since 2021, Japan has contributed US$93 million towards WFP’s emergency food assistance, nutrition and school meals programmes. After the devastating earthquake that struck the west of the country in October 2023, Japan also provided US$1 million for immediate emergency response for the affected population.

    #                     #                         #

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change.

    Follow us on Twitter: @wfp_media @WFP_Afghanistan

    MIL OSI United Nations News –

    May 3, 2025
  • MIL-OSI Europe: AFRICA/CENTRAL AFRICAN REPUBLIC – Coadjutor of the Bishop of Bangassou: “With Pope Francis’ visit, a positive change has been felt”

    Source: Agenzia Fides – MIL OSI

    Bangui (Fides Agency) – “Pope Francis has always been very important for the Central African Republic,” Aurelio Gazzera, who has lived and worked as a Carmelite missionary in the Central African Republic for 34 years and is now coadjutor bishop of Bangassou, told Fides. “The beginning of his pontificate in 2013 coincided with one of the many wars that continue to afflict this country. His focus on Central Africa became clear with his visit in 2015. We were nearing the end of the war, but it did not lead to lasting peace. Pope Francis wanted to come here and open the first Holy Door of the Jubilee of Mercy in Bangui, the Central African capital. I remember it very well because I was in Bozoum, from where it was almost impossible to reach Bangui, 300 km away, in the previous months because the road was besieged by rebels who attacked convoys and individual vehicles. When the announcement of the Pope’s visit came, we didn’t believe it, and we didn’t believe it almost until the end, because the situation was really very tense and there was a lot of fear.”“I remember that Pope Francis was in Uganda or Kenya on the eve of his arrival in Central Africa, and French radio announced that the Central African stop of his trip had been canceled. We were in Bangui with many faithful, we had involved the various parishes, and I was accompanying a group of 50 people with whom we had traveled for a day and a night in a truck,” the missionary continues. “When the Pope actually arrived, we were in the Cathedral of Bangui to open the Holy Door. When the Pope announced that Bangui was the spiritual capital of the world and opened the Holy Door (a very simple wooden door), it was as if a fresh wind had blown in. This feeling was confirmed the next day when, before going to the stadium to celebrate Mass, Pope Francis visited a refugee camp and met with Muslims in a mosque in a neighborhood that had been inaccessible for more than a year, traveling in a very simple truck without any protection.This was a slap in the face for the United Nations and the various countries that had advised against the Pope’s visit until the very last moment.” “We were waiting for him in the stadium when we suddenly heard the crowd cheering,” Father Gazzera reports. We thought it was the Holy Father, but instead it was the Imam, the president of the Higher Islamic Council of the Central African Republic, who was working with Cardinal Dieudonné Nzapalainga, the archbishop of Bangui, and Pastor Nicolas Guerekoyame, the president of the Central African Evangelical Alliance, in the platform of religious leaders for peace, who went alone to the stadium. When we saw how the people cheered, we realized that the climate had really changed.” “This was followed by Mass, which was attended by an extraordinary number of faithful. It was a very ‘African’ celebration, very beautiful and at the same time very simple. Finally, the moment when the Pope left the stadium was spectacular: people were celebrating everywhere. In a country at war, where you cannot travel or leave your home, seeing people in cars and on motorcycles honking their horns and waving flags was a sign that something has changed,” the missionary affirms.In conclusion, the coadjutor bishop says: “Central Africa owes a great deal to Pope Francis: a cardinal, his visit in 2015, his constant attention to the poorest and most marginalized countries, ‘on the periphery,’ as he used to say. We are grateful to him, and for this we entrust him to the Lord.” (LM) (Fides Agency 2/5/2025)
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    MIL OSI Europe News –

    May 3, 2025
  • MIL-OSI Security: Former Velda City Police Chief, Who Also Served as City’s Administrator, Accused of Stealing $313,000 From City

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    ST. LOUIS – The former police chief and city administrator of Velda City, Missouri was accused in an indictment Wednesday of fraudulently obtaining $313,420 in city funds through a series of fraudulent transactions.

    Daniel Paulino, 51, was indicted in U.S. District Court in St. Louis with three counts of wire fraud.

    The indictment says Paulino used the city’s credit card to make about 828 charges for his personal expenses totaling about $145,428. The indictment says Paulino used the city credit card on about 17 additional occasions to transfer Velda City funds totaling about $43,870 to a business he owned, R & B Towing, and one owned by his spouse, Renovations-STL. The city funds were ultimately transferred to either Paulino’s personal bank account or the account for another company he owned, D and H Towing, the indictment says.

    Paulino caused about eight city checks to be issued in a total amount of about $34,374 to pay third party vendors for his personal expenses, the indictment says. One $25,500 city check was used to pay for a 2007 International tow truck that was then registered in Paulino’s name and used by Paulino’s privately-owned towing company, the indictment says. Paulino caused Automated Clearing House (ACH) transactions to be made from a city account to pay third party vendors for $2,575 in personal expenses, the indictment says.

    Paulino also caused about 20 direct deposits totaling $30,667 in city funds, purportedly for additional payroll, into his personal account, the indictment says. He caused about 55 direct deposits of a total of about $54,693 in Velda City funds, purportedly for his spouse’s payroll, to be sent to his personal bank account, the indictment says. Paulino’s spouse was being paid for work that was not actually performed in the city’s public works division during the years 2021 through 2023 and Paulino used that money for his own personal expenses, the indictment says.

    The indictment also alleges that Paulino caused three city checks totaling $1,800 to be fraudulently issued to him.

    The money was transferred without the authority or knowledge of the city, its mayor, treasurer or Board of Aldermen, the indictment says. Paulino used the money for travel, automobiles, pool supplies, utilities at his personal residence and food and beverage charges, the indictment says.

    During the scheme, Paulino transferred about $58,171 from his personal or business bank accounts to Velda City’s bank account or the city’s credit card to conceal his crimes, the indictment says.

    Paulino was appointed to the city administrator position in 2021. He was police chief until the department was dissolved in 2024.

    Charges set forth in an indictment are merely accusations and do not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.

    The FBI investigated the case. Assistant U.S. Attorney Hal Goldsmith is prosecuting the case.

    MIL Security OSI –

    May 3, 2025
  • MIL-OSI: Form 8.3 – AXA INVESTMENT MANAGERS: Aquis Exchange Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: AXA Investment Managers S.A.
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
     
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    Aquis Exchange plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    1 May 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”

    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 10p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 0 0.00    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 0 0.00    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    10p ordinary Sale 304,580 GBP 7.15

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
           

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 2 May 2025
    Contact name: Anthony GILSOUL
    Telephone number*: +33 1 44 45 97 54

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

    May 3, 2025
  • MIL-OSI New Zealand: Awards – Winners will not know they have won until it is announced at tonight’s awards

    Source: Master Plumbers Gasfitters and Drainlayers
    Taupō-based apprentice Blake Jones-Downes has been awarded one of three prestigious Plumbing World Scholarships, recognising his initiative, professionalism, and versatility at such an early stage in his career.

    The third-year Masterlink apprentice received the Scholarship at the 2025 New Zealand Plumbing Awards held on Friday 2 May in Brisbane, Australia.
    Blake’s journey has been one of grit, growth, and drive to succeed. From managing his own vehicle to delivering top-tier service and continually finding ways to overcome challenges, he exemplifies everything the industry looks for in its future leaders. His reputation among clients and colleagues alike speaks volumes – he is dependable, skilled, and committed.
    Nina Andrews, host employer and Director of McBeth Plumbing & Gas in Taupō, described Blake as a “rising star” in support of his nomination for the scholarship, adding that he is “more than an asset to the business; he’s a shining example of what’s possible when passion, resilience, and innovation come together.”
    When asked what achievements and contributions he’s most proud of, Blake says:
    “I’m most proud of the work I do that genuinely makes a difference – whether it’s solving a problem for a customer or getting a system back up and running. I’ve always been someone who enjoys problem-solving and figuring out how things work, so being able to do this professionally as part of my trade qualification is something I really love.”
    “Blake’s combination of technical expertise, initiative, and work ethic make him an essential part of the business. He goes beyond simply completing tasks – he consistently adds value, demonstrating that he’s not just an apprentice but a future leader in the industry,” says Ms Andrews.
    “There is no doubt that he has a bright future ahead, and this award would be a well-earned recognition of his dedication and achievements,” says Ms Andrews.
    The Plumbing World Scholarship recognises three Masterlink apprentices each year who demonstrate exceptional commitment, personal growth, and maturity. Recipients receive a $1,000 Plumbing World credit. The overall winner also earns registration, flights, accommodation, and a guest pass for the 2026 New Zealand Plumbing Conference.
    Blake was joined by fellow scholarship recipient Rory Van Vroonhoven, while Trent Toomey was honoured as the overall winner of the 2025 Plumbing World Scholarship.
    About Master Plumbers:
    Master Plumbers, Gasfitters and Drainlayers NZ Inc (Master Plumbers) is the national membership organisation for plumbing, gasfitting and drainlaying businesses, with 18 regional Associations and Branches across New Zealand. Companies go through a Quality Assurance programme in order to become a member. We provide members with a wide range of resources and training opportunities to support them in staying up with the latest technologies, products and compliance requirements. We advocate on behalf of our members and our industry.
    About Masterlink:
    Masterlink, a group training scheme owned by Master Plumbers, provides managed mentored apprenticeships across New Zealand, with Regional Managers supporting the apprentices and the businesses who host them during their training.
    About NZ Plumber:
    NZ Plumber is the award-winning, bi-monthly magazine for New Zealand’s plumbers, gasfitters and drainlayers. It is owned by Master Plumbers.

    MIL OSI New Zealand News –

    May 3, 2025
  • MIL-OSI: Arbor Realty Trust Reports First Quarter 2025 Results and Declares Dividend of $0.30 per Share

    Source: GlobeNewswire (MIL-OSI)

    Company Highlights:

    • GAAP net income of $0.16 per diluted common share
    • Distributable earnings1 of $0.28, or $0.31 per diluted common share, excluding $7.1 million of realized losses from the sale of two real estate owned properties that were previously reserved
    • Declares cash dividend on common stock of $0.30 per share
    • Closed on a new $1.15 billion repurchase facility to unwind in full two CLO vehicles; enhancing leverage, reducing pricing and generated ~$80 million of additional liquidity
    • Servicing portfolio of ~$33.48 billion, agency loan originations of $605.9 million
    • Structured loan portfolio of ~$11.49 billion, originations of $747.1 million and runoff of $421.9 million
    • Foreclosed on seven non-performing loans as real estate owned assets totaling $196.7 million

    UNIONDALE, N.Y., May 02, 2025 (GLOBE NEWSWIRE) — Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the first quarter ended March 31, 2025. Arbor reported net income for the quarter of $30.4 million, or $0.16 per diluted common share, compared to net income of $57.9 million, or $0.31 per diluted common share for the quarter ended March 31, 2024. Distributable earnings for the quarter was $57.3 million, or $0.28 per diluted common share, compared to $96.7 million, or $0.47 per diluted common share for the quarter ended March 31, 2024.

    Agency Business

    Loan Origination Platform

      Agency Loan Volume (in thousands)
      Quarter Ended
      March 31, 2025   December 31, 2024
    Fannie Mae $ 357,811     $ 556,676  
    Freddie Mac   178,020       675,244  
    Private Label   44,925       27,650  
    FHA   16,041       119,050  
    SFR-Fixed Rate   9,111       —  
    Total Originations $ 605,908     $ 1,378,620  
           
    Total Loan Sales $ 730,854     $ 1,270,048  
           
    Total Loan Commitments $ 645,401     $ 1,353,527  
                   

    For the quarter ended March 31, 2025, the Agency Business generated revenues of $62.9 million, compared to $78.7 million for the fourth quarter of 2024. Gain on sales, including fee-based services, net was $12.8 million for the quarter, reflecting a margin of 1.75%, compared to $22.2 million and 1.75% for the fourth quarter of 2024. Income from mortgage servicing rights was $8.1 million for the quarter, reflecting a rate of 1.26% as a percentage of loan commitments, compared to $13.3 million and 0.99% for the fourth quarter of 2024.

    At March 31, 2025, loans held-for-sale was $314.6 million, with financing associated with these loans totaling $279.4 million.

    Fee-Based Servicing Portfolio

    The Company’s fee-based servicing portfolio totaled $33.48 billion at March 31, 2025. Servicing revenue, net was $25.6 million for the quarter and consisted of servicing revenue of $43.4 million, net of amortization of mortgage servicing rights totaling $17.8 million.

      Fee-Based Servicing Portfolio ($ in thousands)
      March 31, 2025   December 31, 2024
      UPB   Wtd. Avg. Fee (bps)   Wtd. Avg. Life (years)   UPB   Wtd. Avg. Fee (bps)   Wtd. Avg. Life (years)
    Fannie Mae $ 22,683,885     46.2   6.2   $ 22,730,056     46.4   6.4
    Freddie Mac   6,123,074     21.4   6.6     6,077,020     21.5   6.8
    Private Label   2,603,122     18.7   5.3     2,605,980     18.7   5.5
    FHA   1,519,675     14.0   19.0     1,506,948     14.1   19.2
    Bridge   278,293     10.4   2.8     278,494     10.4   3.0
    SFR-Fixed Rate   276,839     20.1   4.1     271,859     20.1   4.4
    Total $ 33,484,888     37.5   6.7   $ 33,470,357     37.8   6.9
                                   

    Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.7 million for the fair value of the guarantee obligation undertaken at March 31, 2025. The Company recorded a $1.9 million net provision for loss sharing associated with CECL for the first quarter of 2025. At March 31, 2025, the Company’s total CECL allowance for loss-sharing obligations was $50.8 million, representing 0.22% of the Fannie Mae servicing portfolio.

    Structured Business

    Portfolio and Investment Activity

      Structured Portfolio Activity ($ in thousands)
      Quarter Ended
      March 31, 2025   December 31, 2024
      UPB   %   UPB   %
    Bridge:              
    Multifamily $ 367,750       49 %   $ 371,250       54 %
    SFR   356,294       48 %     273,087       40 %
        724,044       97 %     644,337       94 %
              .    
    Mezzanine/Preferred Equity   4,440       1 %     35,592       5 %
    Construction – Multifamily   18,637       2 %     4,368       1 %
    Total Originations $ 747,121       100 %   $ 684,297       100 %
                   
    Number of Loans Originated   20           28      
                   
    Commitments:              
    SFR $ 162,400         $ 375,894      
    Construction – Multifamily   92,000           54,000      
    Total Commitments $ 254,400         $ 429,894      
                   
    Loan Runoff $ 421,941         $ 900,583      
                           
      Structured Portfolio ($ in thousands)
      March 31, 2025   December 31, 2024
      UPB   %   UPB   %
    Bridge:              
    Multifamily $ 8,637,773       75 %   $ 8,725,429       76 %
    SFR   2,247,817       20 %     1,993,890       18 %
    Other   171,952       1 %     173,787       2 %
        11,057,542       96 %     10,893,106       96 %
                   
    Mezzanine/Preferred Equity   405,770       4 %     404,401       3 %
    Construction – Multifamily   23,005       <1 %     4,367       <1 %
    SFR Permanent   3,076       <1 %     3,082       <1 %
    Total Portfolio $ 11,489,393       100 %   $ 11,304,956       100 %
                                   

    At March 31, 2025, the loan and investment portfolio’s unpaid principal balance (“UPB”), excluding loan loss reserves, was $11.49 billion, with a weighted average interest rate of 6.94%, compared to $11.30 billion and 6.90% at December 31, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average interest rate was 7.85% at March 31, 2025, compared to 7.80% at December 31, 2024.

    The average balance of the Company’s loan and investment portfolio during the first quarter of 2025, excluding loan loss reserves, was $11.39 billion with a weighted average yield of 8.15%, compared to $11.46 billion and 8.52% for the fourth quarter of 2024. The decrease in yield was primarily due to a decrease in the average SOFR rate in the first quarter of 2025.

    During the first quarter of 2025, the Company recorded an $8.4 million net provision for loan losses associated with CECL. At March 31, 2025, the Company’s total allowance for loan losses was $240.9 million. The Company had twenty-three non-performing loans with a UPB of $511.1 million, before related loan loss reserves of $35.3 million, compared to twenty-six loans with a UPB of $651.8 million, before loan loss reserves of $23.8 million at December 31, 2024.

    In addition, at March 31, 2025, the Company had five loans with a total UPB of $142.8 million (before related loan loss reserves of $7.3 million) that were less than 60 days past due classified as non-accrual, compared to nine loans with a total UPB of $167.4 million at December 31, 2024. Interest income on these loans is only being recorded to the extent cash is received.

    During the first quarter of 2025, the Company modified twenty-one loans with a total UPB of $949.8 million, most of which had borrowers investing additional capital to recapitalize their deals. Nineteen of these loans with a total UPB of $849.4 million, contained interest rates based on pricing over SOFR ranging from 3.10% to 4.25% and were modified to provide temporary rate relief through a pay and accrual feature. At March 31, 2025, these modified loans had a weighted average pay rate of 5.18% and a weighted average accrual rate of 2.56%. In addition, of the total modified loans for the first quarter, $16.5 million were less than 60 days past due and $38.3 million were non-performing at December 31, 2024, and are now current in accordance with their modified terms.

    Financing Activity

    The balance of debt that finances the Company’s loan and investment portfolio at March 31, 2025 was $9.49 billion with a weighted average interest rate including fees of 6.82%, as compared to $9.46 billion and a rate of 6.88% at December 31, 2024.

    The average balance of debt that finances the Company’s loan and investment portfolio for the first quarter of 2025 was $9.42 billion, as compared to $9.67 billion for the fourth quarter of 2024. The average cost of borrowings for the first quarter of 2025 was 6.96%, compared to 7.10% for the fourth quarter of 2024.

    In March 2025, the Company closed a $1.15 billion repurchase facility and transferred approximately $1.43 billion of assets into this facility, $1.34 billion of which were from two of the Company’s existing CLO vehicles that were redeemed in full and at par. The facility is match funded with 80% leverage and pricing of SOFR plus 1.85%, well below the pricing of SOFR plus 2.24% and 77% leverage of the CLOs replaced at the time of redemption. Additionally, this facility is 88% non-recourse to the Company and has a 24-month reinvestment period. As a result of these transactions, the Company created approximately $80 million of additional liquidity and has increased the returns on these assets through enhanced leverage and reduced pricing.

    Dividend

    The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.30 per share of common stock for the quarter ended March 31, 2025. The dividend is payable on May 30, 2025 to common stockholders of record on May 16, 2025.

    Earnings Conference Call

    The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website, or you can access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1789 for international callers. Please use participant passcode ABRQ125 when prompted by the operator.

    A telephonic replay of the call will be available until May 9, 2025. The replay dial-in numbers are (800) 934-2127 for domestic callers and (402) 220-1139 for international callers.

    About Arbor Realty Trust, Inc.

    Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender and Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

    Safe Harbor Statement

    Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

    Notes

    1. During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on the last two pages of this release.
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Consolidated Statements of Income – (Unaudited)
    ($ in thousands—except share and per share data)
     
      Quarter Ended March 31,
        2025       2024  
    Interest income $ 240,693     $ 321,292  
    Interest expense   165,251       217,676  
    Net interest income   75,442       103,616  
    Other revenue:      
    Gain on sales, including fee-based services, net   12,781       16,666  
    Mortgage servicing rights   8,131       10,199  
    Servicing revenue, net   25,603       31,526  
    Property operating income   4,387       1,570  
    Gain (loss) on derivative instruments, net   3,400       (5,257 )
    Other income, net   4,419       2,333  
    Total other revenue   58,721       57,037  
    Other expenses:      
    Employee compensation and benefits   46,036       47,694  
    Selling and administrative   16,312       13,933  
    Property operating expenses   3,474       1,678  
    Depreciation and amortization   3,744       2,571  
    Provision for loss sharing (net of recoveries)   1,786       273  
    Provision for credit losses (net of recoveries)   9,075       19,118  
    Total other expenses   80,427       85,267  
    Income before extinguishment of debt, loss on real estate, (loss) income from equity affiliates and income taxes   53,736       75,386  
    Loss on extinguishment of debt   (2,319 )     —  
    Loss on real estate   (2,810 )     —  
    (Loss) income from equity affiliates   (1,634 )     1,418  
    Provision for income taxes   (3,591 )     (3,592 )
    Net income   43,382       73,212  
    Preferred stock dividends   10,342       10,342  
    Net income attributable to noncontrolling interest   2,602       4,997  
    Net income attributable to common stockholders $ 30,438     $ 57,873  
           
    Basic earnings per common share $ 0.16     $ 0.31  
    Diluted earnings per common share $ 0.16     $ 0.31  
           
    Weighted average shares outstanding:      
    Basic   190,060,776       188,710,390  
    Diluted   206,862,320       222,926,076  
           
    Dividends declared per common share $ 0.43     $ 0.43  
                   
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    ($ in thousands—except share and per share data)
     
      March 31, 2025
    (Unaudited)
      December 31, 2024
    Assets:      
    Cash and cash equivalents $ 308,842     $ 503,803  
    Restricted cash   40,563       156,376  
    Loans and investments, net (allowance for credit losses of $240,937 and $238,967)   11,215,625       11,033,997  
    Loans held-for-sale, net   314,635       435,759  
    Capitalized mortgage servicing rights, net   357,220       368,678  
    Securities held-to-maturity, net (allowance for credit losses of $10,767 and $10,846)   158,658       157,154  
    Investments in equity affiliates   77,095       76,312  
    Real estate owned, net   302,158       176,543  
    Due from related party   9,605       12,792  
    Goodwill and other intangible assets   87,727       88,119  
    Other assets   495,221       481,448  
    Total assets $ 13,367,349     $ 13,490,981  
           
    Liabilities and Equity:      
    Credit and repurchase facilities $ 4,780,753     $ 3,559,490  
    Securitized debt   3,286,395       4,622,489  
    Senior unsecured notes   1,237,160       1,236,147  
    Convertible senior unsecured notes   286,555       285,853  
    Junior subordinated notes to subsidiary trust issuing preferred securities   144,890       144,686  
    Mortgage notes payable — real estate owned   123,851       74,897  
    Due to related party   1,458       4,474  
    Due to borrowers   52,062       47,627  
    Allowance for loss-sharing obligations   85,515       83,150  
    Other liabilities   239,251       280,198  
    Total liabilities   10,237,890       10,339,011  
           
    Equity:      
    Arbor Realty Trust, Inc. stockholders’ equity:      
    Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period:   633,682       633,684  
    Special voting preferred shares – 16,173,761 shares      
    6.375% Series D – 9,200,000 shares      
    6.25% Series E – 5,750,000 shares      
    6.25% Series F – 11,342,000 shares      
    Common stock, $0.01 par value: 500,000,000 shares authorized – 192,161,707 and 189,259,435 shares issued and outstanding   1,922       1,893  
    Additional paid-in capital   2,410,499       2,375,469  
    (Accumulated deficit) retained earnings   (38,600 )     13,039  
    Total Arbor Realty Trust, Inc. stockholders’ equity   3,007,503       3,024,085  
    Noncontrolling interest   121,956       127,885  
    Total equity   3,129,459       3,151,970  
    Total liabilities and equity $ 13,367,349     $ 13,490,981  
                   
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Statement of Income Segment Information – (Unaudited)
    (in thousands)
     
      Quarter Ended March 31, 2025
      Structured
    Business
      Agency
    Business
      Other (1)   Consolidated
    Interest income $ 230,087     $ 10,606     $ —     $ 240,693  
    Interest expense   161,579       3,672       —       165,251  
    Net interest income   68,508       6,934       —       75,442  
    Other revenue:              
    Gain on sales, including fee-based services, net   —       12,781       —       12,781  
    Mortgage servicing rights   —       8,131       —       8,131  
    Servicing revenue   —       43,361       —       43,361  
    Amortization of MSRs   —       (17,758 )     —       (17,758 )
    Property operating income   4,387       —       —       4,387  
    Gain on derivative instruments, net   —       3,400       —       3,400  
    Other income, net   2,078       2,341       —       4,419  
    Total other revenue   6,465       52,256       —       58,721  
    Other expenses:              
    Employee compensation and benefits   18,157       27,879       —       46,036  
    Selling and administrative   8,932       7,380       —       16,312  
    Property operating expenses   3,474       —       —       3,474  
    Depreciation and amortization   3,352       392       —       3,744  
    Provision for loss sharing   —       1,786       —       1,786  
    Provision for credit losses (net of recoveries)   9,154       (79 )     —       9,075  
    Total other expenses   43,069       37,358       —       80,427  
    Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes   31,904       21,832       —       53,736  
    Loss on extinguishment of debt   (2,319 )     —       —       (2,319 )
    Loss on real estate   (2,810 )     —       —       (2,810 )
    Loss from equity affiliates   (1,634 )     —       —       (1,634 )
    Benefit from (provision for) income taxes   639       (4,230 )     —       (3,591 )
    Net income   25,780       17,602       —       43,382  
    Preferred stock dividends   10,342       —       —       10,342  
    Net income attributable to noncontrolling interest   —       —       2,602       2,602  
    Net income attributable to common stockholders $ 15,438     $ 17,602     $ (2,602 )   $ 30,438  
                                   

    (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.

    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Balance Sheet Segment Information – (Unaudited)
    (in thousands)
     
      March 31, 2025
      Structured Business   Agency Business   Consolidated
    Assets:          
    Cash and cash equivalents $ 55,328     $ 253,514     $ 308,842  
    Restricted cash   15,943       24,620       40,563  
    Loans and investments, net   11,215,625       —       11,215,625  
    Loans held-for-sale, net   —       314,635       314,635  
    Capitalized mortgage servicing rights, net   —       357,220       357,220  
    Securities held-to-maturity, net   —       158,658       158,658  
    Investments in equity affiliates   77,095       —       77,095  
    Real estate owned, net   302,158       —       302,158  
    Goodwill and other intangible assets   12,500       75,227       87,727  
    Other assets and due from related party   249,904       254,922       504,826  
    Total assets $ 11,928,553     $ 1,438,796     $ 13,367,349  
               
    Liabilities:          
    Debt obligations $ 9,580,201     $ 279,403     $ 9,859,604  
    Allowance for loss-sharing obligations   —       85,515       85,515  
    Other liabilities and due to related parties   206,181       86,590       292,771  
    Total liabilities $ 9,786,382     $ 451,508     $ 10,237,890  
                           
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Reconciliation of Distributable Earnings to GAAP Net Income – (Unaudited)
    ($ in thousands—except share and per share data)
     
      Quarter Ended March 31,
        2025       2024  
    Net income attributable to common stockholders $ 30,438     $ 57,873  
           
    Adjustments:      
    Net income attributable to noncontrolling interest   2,602       4,997  
    Income from mortgage servicing rights   (8,131 )     (10,199 )
    Deferred tax benefit   (137 )     (3,952 )
    Amortization and write-offs of MSRs   20,864       18,418  
    Depreciation and amortization   4,568       3,193  
    Loss on extinguishment of debt   2,319       —  
    Provision for credit losses, net   756       14,804  
    (Gain) loss on derivative instruments, net   (4,697 )     5,523  
    Loss on real estate   2,810       —  
    Stock-based compensation   5,935       6,020  
           
    Distributable earnings (1) $ 57,327     $ 96,677  
           
    Diluted distributable earnings per share (1) $ 0.28     $ 0.47  
           
    Diluted weighted average shares outstanding (1) (2)   206,862,320       205,511,529  
                   

    (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company’s option for shares of the Company’s common stock on a one-for-one basis.

    (2) The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company’s convertible senior notes principal balance.

    The Company is presenting distributable earnings because management believes it is an important supplemental measure of the Company’s operating performance and is useful to investors, analysts and other parties in the evaluation of REITs and their ability to provide dividends to stockholders. Dividends are one of the principal reasons investors invest in REITs. To maintain REIT status, REITs are required to distribute at least 90% of their REIT-taxable income. The Company considers distributable earnings in determining its quarterly dividend and believes that, over time, distributable earnings is a useful indicator of the Company’s dividends per share.

    The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax provision (benefit), CECL provisions for credit losses (adjusted for realized losses as described below) and gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock.

    The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable in whole or in part. Loans are deemed nonrecoverable upon the earlier of: (1) when the loan receivable is settled (i.e., when the loan is repaid, or in the case of foreclosure, when the underlying asset is sold); or (2) when management determines that it is nearly certain that all amounts due will not be collected. The realized loss amount is equal to the difference between the cash received, or expected to be received, and the book value of the asset.

    Distributable earnings is not intended to be an indication of the Company’s cash flows from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company’s cash needs, including its ability to make cash distributions. The Company’s calculation of distributable earnings may be different from the calculations used by other companies and, therefore, comparability may be limited.

    The MIL Network –

    May 3, 2025
  • MIL-OSI Global: Can Keir Starmer learn anything from Mark Carney’s near-miraculous election win in Canada?

    Source: The Conversation – UK – By Steve Hewitt, Associate Professor in North American History, University of Birmingham

    The greatest comeback since Lazarus. So went some of the sentiment around novice politician Mark Carney’s near-miraculous victory in the April 28 Canadian federal election.

    His Liberal party was on political life support in January. The highly unpopular Justin Trudeau had just resigned and, after nearly ten years in office, the governing centrist Liberals seemed destined for an historic defeat. The Conservative party led by over 20 points in opinion polls and looked certain to enter government.

    Then came a two-part salvation. First was the arrival of Carney as Liberal leader. Without a previous political record, Carney avoided the contamination attached to the Liberals’ time in office.

    The other part of the revival came courtesy of President Donald J. Trump, who repeatedly referred to the outgoing Trudeau as “governor” and mused continually, including on the day of the Canadian election, about his desire for Canada to become the “51st state” of the United States. Applying tariffs on Canadian goods made it clear that the threat was real and triggered a dramatic nationalistic reaction on the part of Canadians.

    They began avoiding travel to the United States and boycotting American products. Carney rode such sentiments to a near majority parliamentary victory and the highest Liberal share of the popular vote at the federal level since 1980.

    But are there lessons from the Carney triumph that might aid other struggling leaders, such as British prime minister Keir Starmer? Having achieved a large majority less than a year ago, Labour has lost a safe seat to Reform in a byelection and languishes in the polls.

    Whereas Carney and the Liberals have been vocal in their resistance to Trump, Starmer and Labour have followed a path of obsequiousness, even to the point of avoiding criticism of the US president over threats to Canada. Instead of speaking out, Starmer has managed Trump by flattering him through an invitation for a second state visit.

    Starmer and Labour seem determined to curry favour with Trump to gain a free trade agreement with the US. Setting aside the value of such an agreement, given how Trump has simply ignored the deal his first administration struck with Mexico and Canada in 2020, the toadying appears to have all been for naught.

    According to the Guardian, the Trump administration has made a free-trade agreement with the UK a second or third level priority. So much for the “special relationship”.

    This apparent disinterest would imply that Starmer and Labour have little to risk by taking a more aggressive stance. Playing a more overtly nationalistic card might play well with more centrist voters in the UK, as it did in Canada. There is clear evidence from opinion polls of growing unhappiness with the United States among Britons, along with increasing disdain for the idea of the “special relationship”.

    Such an approach might undermine some of the momentum that the Reform Party has enjoyed over the last few months. Tying Nigel Farage to the Trump administration might be especially effective given his close connections over several years to the president.

    Certainly, tarring your opponent as a mini-Trump represented an effective tool by the Liberal campaign against the Conservative leader Pierre Poilievre, who not only lost the election but also was defeated in his own constituency after having won there seven previous times.

    A case could be made that the Canadian situation has a uniqueness that isn’t necessarily transferrable elsewhere. There is, for instance, a long history in the country of anti-Americanism as a potent political force, especially on the left of the political spectrum.

    Efforts to distance Canada from the US culturally and intellectually in the 1960s and 1970s were popular and led to a cultural flourishing. And elections in 1911 and 1988 were fought directly over the issue of free trade with the United States.

    Major public concerns over American domination of Canada were key in both contests, even though the latter election was a victory for the Progressive Conservative party that advocated free trade with the US. Additionally, a significant element of Canadian identity outside of Quebec has long been defined in oppositional terms to Canada’s southern neighbour.


    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.


    Even though the Canadian example may be unique, other countries are certainly looking towards it. Taking an aggressive stance against Trump tariffs appears to be helping the Labor party in Australia. It may also have an impact in New Zealand. At this point, with Starmer and Labour struggling in troubled polling waters, Trump may be the best political lifeline available.

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

    – ref. Can Keir Starmer learn anything from Mark Carney’s near-miraculous election win in Canada? – https://theconversation.com/can-keir-starmer-learn-anything-from-mark-carneys-near-miraculous-election-win-in-canada-255735

    MIL OSI – Global Reports –

    May 3, 2025
  • MIL-OSI: Maris-Tech Expands European Reach with New Distribution Agreement in Poland

    Source: GlobeNewswire (MIL-OSI)

    Collaboration with Armit Addresses Growing Demand for Defense Video & AI Solutions

    Rehovot, Israel, May 02, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)- based edge computing technology, today announced that it has entered into a new distribution agreement with Armit Sp. z o.o. (“Armit”), a leading Polish defense solutions provider. The collaboration represents a key step in Maris-Tech’s European growth strategy, which is to expand access to its advanced video streaming, AI, and situational awareness platforms in one of Europe’s most strategically important defense markets.

    Founded in 2015 and headquartered in Warsaw, Poland, Armit specializes in defense system integration, communications infrastructure, and electronic components and serves as a trusted partner to Poland’s armed forces and security agencies. Pursuant to the agreement, Armit will distribute Maris-Tech’s suite of ruggedized video processing and intelligence platforms, including products designed for armored vehicles, drones, naval systems, and mobile tactical units.

    This announcement follows Maris-Tech’s broader strategy to expand its global distribution network, bringing real-time video intelligence and AI-driven situational awareness to more defense customers across Europe and beyond.

    “We’re excited to collaborate with Armit as part of our European expansion,” said Israel Bar, Chief Executive Officer of Maris-Tech. “Armit is an ideal collaborator to help us grow our footprint in this market, enabling a larger customer base to benefit from our innovative AI and video solutions.”

    “At Armit, we pride ourselves on offering the best technology to our customers. We are proud to collaborate with Maris-Tech and look forward to introducing their innovative video and AI edge computing solutions to the Polish market,” said Mr. Dariusz Sobczak, President of Armit.

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing the Company’s European growth strategy, the Company’s broader strategy to expand its global distribution network, that Armit is an ideal collaborator to help the Company grow its footprint in the market, enabling a larger customer base to benefit from its innovative AI and video solutions and introduction of the Company’s innovative video and AI edge computing solutions to the Polish market . The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

    May 3, 2025
  • MIL-OSI United Kingdom: Dame Angela McLean’s speech at the Royal Institution

    Source: United Kingdom – Executive Government & Departments

    Speech

    Dame Angela McLean’s speech at the Royal Institution

    This is a draft text of the speech ‘Discourse: The future of engineering biology’ delivered by Government Chief Scientific Adviser Professor Dame Angela McLean at The Royal Institution on 25 April 2025.

    I want to start by asking you all to think about how you got here tonight.

    I don’t mean in some philosophical sense; that kind of question is better left to other speakers. I mean literally: how did you make your way, here, to the Royal Institution?

    If you’re anything like me, you relied on Google Maps to show you the way (although I may be obliged to say “Other providers are available”). Perhaps you also used your phone to pay for the bus or Tube.

    If you’re joining us online – hello to you all! – you’ll be watching on a phone, tablet or laptop. So, one way or another, most of us made it here thanks to 1 of these devices.

    Now I want you to think about the battery in your phone. Chances are it’s a lithium-ion battery. And if you came in an electric car or bus, you would also have depended on a lithium-ion battery.

    The advantage of lithium-ion batteries compared to traditional alkaline batteries – the kind you may still put in the back of your TV remote – is that they can provide more energy and are rechargeable. People old enough to have depended entirely on alkaline batteries for many more devices besides the TV remote will remember the frustration when they ran out of power – and trying to cobble together another set of batteries to get them working again. Our phones may go dead, but it’s simple and convenient to recharge them.

    But there is a downside, namely all the metals that go into making these modern batteries and electrical products, including lithium, cobalt and other rare earth elements.

    Getting hold of these metals is hard. Most are currently extracted and purified from compounds in rocks, a process which can be very energy-intensive as well as very polluting.

    Recycling and reusing these same metals is also hard.

    This is the periodic table of the elements created by Dmitri Mendeleev, first published in 1869 and subsequently presented right here at the Royal Institution some 20 years later.

    How many elements do you think are used in electronic products?

    Electronic products can contain up to 60 different elements – around 52 of them metals (those are the elements highlighted in blue on the slide) – and we currently rely on inefficient and environmentally damaging methods to isolate and recycle individual metals.

    Indeed, many electronic items cannot be recycled. They simply go to landfill. This is already a serious issue and it’s 1 that will only get worse as global demand for electronics increases.

    Well, what if I told you that researchers here in the UK have identified naturally occurring bacteria, which have the ability to extract and recycle metals from this sort of waste?

    Hats off to anyone in the audience familiar with the strain of bacteria called Shewanella oneidensis MR-1, which can remove manganese from lithium-ion batteries. Or the bacteria Desulfovibrio alaskensis, which is capable of precipitating cobalt out from a mixture of the different metals and chemicals in lithium-ion batteries.

    I’m only aware of these bacteria thanks to amazing research taking place in the UK, including by Louise Horsfall’s group at the University of Edinburgh. Louise’s team have been collaborating with researchers from across the country as part of the ReLib project, which stands for the reuse and recycling of lithium-ion batteries.

    Actually, 1 of the funders for this project is the Faraday Institution, the UK’s flagship battery research programme named for the great Michael Faraday whose desk is in front of me.

    On his desk I have a few items to use to help explain battery recycling.

    Louise’s team have primarily been focused on recycling metals from large lithium-ion batteries used in electric vehicles. However, they can be pretty large – too large for me to bring here tonight. Nevertheless, many of you will know what a lithium-ion battery looks like from your phone – and the science behind how we can recycle these batteries is no different.

    Once lithium-ion batteries reach the end of their life they can be disassembled and shredded using mechanical methods to produce this. In this case, the shredded material has come from part of the battery called the cathode, which contains lots of the metals we want to recycle.

    Once we’ve dissolved this shredded material using chemical or biological methods, we get this solution here… called metal leachate. This contains the useful metals we’re interested in and it’s at this point that we introduce the bacteria I mentioned earlier.

    The bacteria collect and excrete specific metals as tiny nanoparticles which we can recover to give us something like this… which is manganese that Louise’s team has produced in the way I’ve just described from this exact process! We can then use this manganese to build new batteries or other devices.

    You might be wondering what do we do with what’s left behind in the leachate solution. Well, after the bacteria have done their work we are left with this biobrine which is rich in lithium – and resembles what you might find in lithium deposits in South America. This too can be used to make new batteries.

    And I’m not just talking about using a few types of microorganism to improve the extraction and recycling of 1 or 2 metals. There appear to be lots of different microbes out there capable of extracting different metals. Indeed, it’s possible that the bacteria have evolved this capability in a way that detoxifies their own environment, collecting up and excreting harmful metals and so not being poisoned.

    So if we use combinations of these bacteria and we tweak the characteristics of these strains, we can increase the efficiency with which metals are purified and recycled from waste.

    That word tweaking is important and it doesn’t do justice to the science involved. What we’re really talking about is engineering existing microbes to extract and recycle metals.

    Extracting metals from the ground is a hugely expensive and damaging process. It looks rather like this:

    What you can see on the bottom part of this slide is an open cast manganese mine.

    And once we’re finished with products needing such metals, we throw them away. The top part of this slide shows a landfill site after a fire. There have been reports of lithium-ion batteries causing fires at landfill sites across the world.

    With engineering biology, we only need to remove metals from the ground once; thereafter they can become part of a genuine circular economy through continual re-use.

    We use physics, chemistry and engineering to get them out of the ground but then we can and should use biology and engineering to keep recycling them.

    And this is just 1 example of what is within our grasp thanks to the power and potential of the scientific field called engineering biology.

    I’m speaking about engineering biology this evening because I believe it could be the most significant branch of science for decades to come.

    I want to explain why I think that’s the case – and to share my excitement about this field for 2 main reasons.

    The first is that the science and engineering involved in this field is, frankly, beautiful.

    The second – and more important – reason is that both current and future applications will make a huge difference to the everyday lives of people in the UK and across the world.

    I’m here to try to convince you of both these things, but if I can convince you of only 1, I want it to be the latter.

    I’m really keen for people to recognise that the scientists and engineers in this field are working to  produce solutions that most, if not all, of us can agree are necessary… urgently necessary even.

    To kick off, I ought to say that – as Government Chief Scientific Adviser – my role is to advise the Prime Minister and the Government on all matters related to science, technology and engineering.

    The job – and the advice – is a mixture of proactive and reactive work. It covers everything from providing scientific and technical advice during a national emergency to explaining the risks and opportunities around emerging technologies like artificial intelligence and engineering biology.

    Now, in getting to grips with the promise of engineering biology, I did have a little bit of a head start.

    I am a mathematical biologist by background. My own research focused on using mathematical models to improve our understanding of the evolution and spread of infections like measles and HIV.

    I don’t, however, have any background in engineering, nor in biochemistry. So I have had to get up to speed over the past few years.

    At this point let me explain what engineering biology actually is.

    Engineering biology involves applying engineering to biological processes in order to bend biology to our will.

    In other words, it’s the practice of using ideas and tools taken from engineering to design and modify living organisms or biological systems.

    Using tools and ideas developed over recent decades, the goal is to develop new materials and energy sources; to improve animal, plant and human health; to address environmental issues in new and sustainable ways.

    What we’re talking about is the ability to harness and control biology predictably, repeatably and – I’ve said this already – usefully. Sometimes that will mean working with what’s already available in nature; at other times, it will involve genetic modification techniques.

    Let me unpack some of this a bit further.

    Firstly, on the engineering side. Here, I want to start with the design-build-test-learn cycle – DBTL for short.

    This approach has been central to product development in engineering disciplines for some time. It drives continuous refinement and innovation, making research and development faster and more efficient.

    In engineering biology, design-build-test-learn is brought to bear on biological processes – by which I mean the activities occurring within living organisms.

    Image of the design-build-test-learn cycle. Each element is located in a different quarter and all 4 quarters make up a circle.

    Essentially, I’m talking about designing something biological – like a version of a cell, or it could be a biological process (such as cell division) or a genetically-engineered system…

    Then building it, maybe in the lab…

    Then testing it to see how well it works…

    Before finally, and perhaps most importantly, learning from what did and didn’t work and then feeding the lessons into another round of design, making improvements again and again around this cycle, towards an end goal.

    This looks like being a more efficient way of recycling metals, to use the case study I gave at the start.

    And why is this approach necessary? Well, because living organisms are highly complex, with many different parts and networks of interactions between those parts.

    One could argue that physical or chemical systems are a bit more straightforward, more predictable, more easily quantifiable. We’ve been using this design-build-test-learn process to bend chemistry and physics to our will for more than a century – very successfully.

    The complex and often unpredictable nature of biological systems means we need to work through multiple permutations to get to a desired outcome – and that’s where the engineering in engineering biology comes in.

    If we can get this approach right – and I’m going to offer some further examples later showing where we already are – then we have the power to systematically develop biological systems to meet some of the biggest challenges we face.

    Let me be more definitive. If the nineteenth century was chemistry’s golden age, and the twentieth century was the same thing for physics, I believe the twenty-first century should be the golden age for biology.

    Why am I so optimistic?

    This century can belong to biology because of a series of extraordinary advances in scientific understanding.

    Where to begin? Of course, we have spent thousands of years modifying the living world.

    But I’m not going to go all the way back to the domestication of wild crops. I’m not even going back to Darwin and Mendel.

    Instead I’ll start with Watson, Crick and Wilkins – as well as the often overlooked Rosalind Franklin; 3 of the 4 received a Nobel Prize in 1962. By determining the structure of DNA, they discovered what we can call the language of biology.

    Understanding the structure of DNA opened the door to reading this complex language, then editing it, then actually writing it ourselves.

    Our ability to read DNA took a big step forward thanks to Walter Gilbert and Fred Sanger, who shared half of the 1980 Nobel Prize in Chemistry. Gilbert and Sanger did lots of work to understand the building blocks of DNA – the nucleotide alphabet of biology, if you like.

    The next game-changer was in 1983 when an American biochemist, Kary Mullis, developed something called the Polymerase Chain Reaction. Better known as PCR, it is a laboratory technique that’s used to make copies of particular pieces of DNA. Think of it as a photocopier for DNA.

    The technique lets scientists easily – and cheaply – create many millions of copies of DNA segments from very small original amounts – and that makes reading the DNA in a sample possible even if it is only there in tiny amounts.

    You will all have become familiar with PCR during the Covid pandemic, when it was used to make many copies of the viral genetic material to allow reliable diagnosis of a Covid infection. That was the test where you did a swab, popped it in a test tube and then sent it away in the post. It was particularly important early on, before we had home testing kits.    

    The invention of PCR also earned a share of the 1993 Nobel Prize in Chemistry – that’s DNA Nobel number 3.

    Fast forward 10 years to 2003 and the completion of the Human Genome Project. Researchers across the world spent some 13 years cataloguing the precise sequence of all the DNA in the cells of a human being. It was a huge effort and that first whole genome sequence of a human cost an estimated £2.5 billion.

    Thankfully – but also remarkably – sequencing technology has come on leaps and bounds over the past 20 years. Now, it is possible to sequence the same amount of DNA analysed by the Human Genome Project in a single day – and for just a few hundred pounds! We’ve even developed pocket-sized machines which are capable of reading DNA in real-time.

    In fact, I have 1 here: a portable sequencing device made by Oxford Nanopore. You simply add your sample into the middle here – this contains the sensor that will help to read the DNA sequence of your sample. Then simply close the lid and press go. And the results are delivered straight to your laptop via a USB-C cable which plugs into the end here.

    This is useful for situations where we can’t send off a sample for analysis and wait days for the results – if, say, we’re urgently trying to identify the cause of an infection in some far-flung corner of the world.

    So… we’ve learned to amplify DNA using PCR and we’ve learned to read DNA – fast – using rapid sequencing technologies.

    We’ve also started learning – and do emphasise “started” – to accurately and precisely “edit” DNA.

    Previously, when we wanted to do this, the methods were somewhat cruder – such as gene guns, which were used to literally fire DNA into cells.

    We now have tools like CRISPR-Cas9 (another Nobel prize-winning technology developed by Emmanuelle Charpentier and Jennifer Doudna), and we can now take a targeted portion of DNA and change it very accurately in specific places. Some people have compared CRISPR to using a pair of genetic scissors.

    Some of you might be wondering whether engineering biology is any different from another common term: synthetic biology. They are often applied interchangeably, although different countries interpret them in different ways.

    The way I see it, synthetic biology refers to tools like CRISPR, used to design and build new biological components. Engineering biology is taking these tools – with or without genetic modification – and using the DBTL cycle to apply these tools at scale to find solutions to problems in the world around us.

    There are still challenges with the accuracy of such tools, but the possibilities are vast.

    We know that certain diseases are caused by mutations in a single gene. Sickle cell disease, for example, is caused by mutations in the beta-globin gene, resulting in red blood cells which are misshapen. As a result, these red cells don’t flow around the body as well as they should. This can cause those affected – roughly 17,500 people in the UK – to suffer from anaemia as well as complications like terrible pain and organ damage.

    In the past, the only treatment was to rely on regular blood transfusions or a bone marrow transplant, neither of which comes without risks or complications. However, researchers have been using CRISPR to precisely edit the gene responsible for sickle cell with great success – so much so that, in January this year, the treatment was approved for use in the NHS as the world’s first gene-editing treatment for blood disorders.

    And this is just 1 of many gene-editing clinical trials going on right now, including treatments for liver disease, heart disease and some cancers.

    The possibilities are not confined to human diseases. We can use these genetic scissors to develop crops that are better at withstanding drought and more resistant to insects, so we don’t have to rely so much on pesticides.

    And it’s these tools that are being used to modify the bacteria designed for metal recycling that I spoke about at the start.

    Now, it would be remiss of me to talk about the tools of the future without mentioning AI and the transformative impacts it could have.

    A prime example is the challenge of understanding and predicting how proteins fold up intricately and precisely in all of our cells. Decoding this process is something scientists have been trying to achieve for decades.

    And in 2018, DeepMind came along with its AI model AlphaFold. AlphaFold has since been used to calculate the structure of hundreds of millions of proteins. And, yes, it earned the UK’s Demis Hassabis a share of last year’s Nobel prize in chemistry.

    Timeline starting with images of James Watson, Francis Crick, Maurice Wilkins and Rosalind Franklin above the year 1962. Images of Walter Gilbert and Frederick Sanger are next to the year 1980. Image of Kary Mullis is next to the year 1993. Images of Emmanuelle Charpentier and Jennifer Doudna are below the year 2020 and an image of Demis Hassabis is below the year 2024.

    All that’s missing on my timeline now is the capacity to design a new protein from scratch de novo. That will bring us into the realm of being able to write the language of biology – designing and printing a sequence of synthetic DNA to produce a protein with the properties that we want, from scratch.

    I’ve just been talking about how technologies such as AI, and tools such as CRISPR, are helping to broaden the range of biological powers at our disposal and increase our ability to design and optimise biological systems.

    And all this comes with valid concerns about risks. An example which springs to my mind was when scientists in Australia created a version of a mouse virus back in 2001 that instead of causing the normal mild symptoms, killed all of the mice within nine days. They were conducting some innocent genetic engineering research to try and make a mouse contraceptive vaccine for pest control and inadvertently found a way of creating a much more deadly version of the mousepox virus. Unsurprisingly, this made quite a splash in the media – although I think it was good that such a story was not buried.

    The point I want to make is that we must develop the right practices and regulation so that we ensure that research is carried out safely and responsibly but we do not stifle innovation.

    We refer to this as “responsible innovation” and it is 1 of the pillars of our government vision for engineering biology. That has given rise to new guidance on which genetic sequences people should be allowed to order for their research – welcome progress.

    Having the UK take a lead in this kind of responsible innovation – where we are thinking carefully about the desired benefits of our research as well as about how to avoid negative impacts – lets us manage the risks and harness the wealth of opportunities that engineering biology can offer.

    There are also other challenges to overcome. What’s standing in the way of us exploiting engineering biology for good? I won’t dwell for long on this, because you’re here to hear about science, not policy – but it is important to talk about the barriers.

    We’ve already spoken about proper regulation for engineering biology. We also need to have proper ways of funding the basic research that drives this wonderful new technology and also the application of that research that lets us solve real-world problems. Then there’s also the task of making more people aware of the potential for progress here.

    But a key area for me – and also a common issue across all areas of science and technology – is making sure we have the right skills in our future workforce to perform the future jobs that come with new technologies.

    The skill set for engineering biology is particularly broad: the field is a combination many different skill-sets and mindsets. Mostly we train people either to become biologists or to become engineers, and for this technology we need people who can think with both those mindsets. So we need to think about a pipeline which starts in schools, with children getting the right grounding in key subjects – and children also hearing about the exciting careers they can pursue through developing and using the technologies I’ve talked about.

    I think it’s vital that we don’t think exclusively about technical skills: communication skills are extremely important too. It’s a wonderful thing to do pioneering, cutting-edge research but we also need to be able to explain what that’s about and why people should want it.

    So far, I’ve told you a bit about what engineering biology is and how we’ve got to this point, poised for biological century. I’ve also talked a bit about risks and challenges, but I think it’s now time to delve further into the applications that I think are so inspiring.

    Today, I launched a report called “Engineering Biology Aspirations”. It’s our attempt to share our excitement about the possibilities that this technology opens up – and we want to share it with everyone, my colleagues inside government and also much more widely.

    It contains case studies, written by UK-based experts, that illustrate some of the diverse problems we can address using engineering biology. Microbial metal extraction is 1 of them. I want to highlight some others during the rest of this talk – and to recognise some of the amazing research taking place in the UK.

    One of the reasons that I commissioned the report is that all too often, when someone mentions engineering biology or synthetic biology, the examples will involve vaccines or medicines.

    Of course those are fantastic, important applications: with the Covid pandemic such a fresh memory, we are all acutely aware of the life-saving importance of rapid and effective vaccine production. And I’m in awe of those researchers who can edit the gene that causes sickle cell disease.

    But I want to make sure that we also shine a light on the true breadth of opportunities that engineering biology presents, not only in health, but across agriculture, materials, chemicals, energy, defence.

    So, let’s shift gear and think about the fashion industry. Unlike metal recycling, it’s a sector familiar to all of us. We all buy and wear clothes, but we don’t often stop to think about where they’ve come from, how they’ve been made, and at what cost to the environment.

    Putting aside issues around workforce conditions and waste, the fashion industry is 1 of the world’s largest polluters, responsible for up to 8 per cent of carbon emissions globally…

    Not to mention the pollution generated in the form of clothing and textiles dumped in landfills, like this 1 in Bangladesh, never to biodegrade.

    At the same time, 1/5 of the pollution of clean water around the world is caused by dyeing and treating textiles.

    And there’s also growing awareness of the environmental damage caused by the microfibres shed by polyester clothing.

    So it’s no surprise that plenty of researchers and companies here in the UK and beyond are seeking inspiration from biological processes to make new materials that don’t rely on fossil fuels or on animal products such as leather.

    You may have been wondering why there are bottled drinks and a handbag beside each other on the Faraday desk. Well, they’re made of essentially the same material.

    The process of making both items starts with microbes that naturally produce a material called nanocellulose.

    In the case of Mogu Mogu – a coconut water drink you might find in your local supermarket – the nanocellulose is responsible for the lumps of jelly you can see in this bowl. 

    It is a polymer produced through fermentation – the same process used to make beer.

    Now, 1 company I visited last year is called Modern Synthesis, based in South London and founded by Jen Keane and Ben Reeve. They’re aiming to develop scalable solutions to meet the fashion industry’s need for high-performing, versatile materials that don’t pollute the planet.

    Modern Synthesis make nanocellulose fibres and then combine them with textiles such as cotton or linen to create new composites. These are then finished with natural coatings like waxes and oils to improve performance and to enhance look and feel, which are of course critical to customers. The result is this handbag!

    Image of black, biologically derived material

    And on the slide behind me, you can see in more detail the fibres that make up the handbag. These miniscule nanocellulose fibres are actually really, really strong – 8 times stronger than stainless steel relative to weight!

    Modern Synthesis is just 1 example of a pioneering UK company making waves in this area. Another example is Solena Materials who are using AI to help design completely new materials from scratch, including fibres that are effective at absorbing energy. This makes them relevant for the military and the police, who need blast-, ballistic- and stab-proof clothing. As the ex-Chief Scientific Adviser for the Ministry of Defence, it’s great to see engineering biology applications offering benefits for defence.

    Developing new materials like these can significantly reduce greenhouse gas emissions compared to traditional material production. This includes minimising the environmental impacts of raising livestock for leather or the energy-intensive processes involved in creating synthetic textiles such as polyesters and nylons. Better still, these materials can be designed for biodegradability, getting away from the big problem of plastic pollution.

    Allow me to quote from our report for a second: “Imagine a world where every piece of your clothing has minimal cost to the environment, with zero waste going to landfills. Even if a piece of clothing is accidentally discarded into the environment, it safely biodegrades to leave no trace of its existence. This is the future of fashion, and engineering biology is helping to make it happen.”

    Let me move now to another pervasive problem: inefficiencies in food production. Most of you will be aware that fertilisers are used by farmers across the world to supply nitrogen to their crops. Without fertilisers, yields suffer.

    But there are 2 problems. First, the process for making nitrogen fertilisers is very energy-intensive. It’s responsible for between 1 and 2% of the entire world’s energy use – and generates matching CO2 emissions. Second, using fertilisers has considerable environmental impacts, releasing further greenhouse gas emissions and damaging waterways thanks to fertiliser runoff from fields.

    This slide shows excessive algae growth – a common impact of fertiliser runoff – in the River Wantsum in Kent.

    Currently, farmers across the world use more than 200 million tonnes of chemical fertilisers every year.

    Diagram showing molecules of nitrogen and hydrogen converted into molecules of ammonia, with a chemical equilibrium sign betweem ammonia and molecules of nitrogen that combine with molecules of hydrogen

    Now, this ability to produce nitrogen at scale – via the Haber-Bosch process – was without question the most important chemical breakthrough of the 20th century. The reaction that underpins this industrial process is shown behind me – converting nitrogen and hydrogen into ammonia, which is commonly used in fertilisers. It was discovered by Fritz Haber. Over half the global population depends for survival on foods fertilised using industrial production of nitrogen. But for the reasons I’ve outlined, we do need to do better.   

    So how can engineering biology help?

    What if we could engineer cereals crops to absorb their own nitrogen from the environment, without relying on fertilisers? We call that “fixing” nitrogen.

    There are actually examples of this happening in nature. There are bacteria in the soil called rhizobia which are particularly good at fixing nitrogen; in fact, they convert nitrogen gas from the atmosphere into ammonia – which is precisely the form of nitrogen that plants need. Legumes such as peas, clover and lupins attract these rhizobia bacteria to live in their roots – in small structures called nodules. In return for a steady supply of ammonia, the plant houses and feeds the bacteria, forming an ideal symbiotic relationship.

    Behind me is an illustration of a plant with root nodules… but in classic Blue Peter style, here are a couple I grew earlier!

    This clover plant from my lawn has nodules on its roots – but, because they are a bit tiny, I have also brought a photo of the same plant.

    For these sort of plants, we can already coat their seeds with rhizobia and achieve increases in yields. And we can even go a step further by adding the bacteria directly to fields in a process called soil inoculation.

    But the trouble with cereal crops like wheat, barley and maize is that they don’t have those root nodules and nor do they produce the special signalling chemicals that legumes use to attract bacteria.

    Image showing a clover plant with roots that have small circular nodules on them in the bottom left-hand corner and a sweet-corn plant with roots without nodules in the top right-hand corner

    Here is another plant that I’ve brought in from my garden. This 1 is sweet-corn, a variety of maize and a major cereal crop worldwide. You can see its roots here on the top part of the slide… no nodules! These kinds of crops do not set up this kind of symbiotic relationship with nitrogen-fixing bacteria.

    So what researchers, like Phil Poole at the University of Oxford, are doing is trying to engineer a new generation of fertiliser-free crops, drawing on plant genetics, biochemistry and soil ecology.

    One approach, given what I’ve just described, is to engineer cereals to form nodules on their roots that can host nitrogen-fixing bacteria.

    The UK is leading the way on this – Oxford and Cambridge universities have major programmes backed by investment from our research councils and from the Gates Foundation. In fact, the teams involved work together as part of a larger collaboration, and have recently made some significant advances, engineering barley to form nodule-like structures and engineering barley roots to release the chemical signal rhizopine that prompts rhizobia to start fixing nitrogen.

    The design-build-test-learn cycle I described earlier is a part of this research. All of the progress made so far has built on round after round of modifying, testing and redesigning organisms.

    There are still many hurdles to overcome, both from a technical perspective and societally; genetic modification of crops is a very sensitive issue. But the value of the prize here is large, and I think scientists should not be shy about describing it.

    Imagine a world where humanity’s main source of carbohydrates – cereal crops like wheat and barley – are able to generate their own nitrogen fertiliser.

    We could tackle global food shortages on a much more sustainable basis and at the same solve 1 of the most urgent climate challenges, consigning industrially-produced nitrogen to the past.

    Now, let’s just think about crops in a further context, because harvesting doesn’t have to be the end of their engineering biology journey!

    At the start of this talk, I name-dropped a couple of bacterial strains in relation to metal recycling. Well the biologist in me can’t help but tell you another 1 – this time being a type of bacteria called Halomonas.

    Researchers like Nigel Scrutton up at the University of Manchester, are engineering these bacteria to act as efficient factories for converting food waste into fuel via fermentation. When I say factories, I’m not talking about the massive industrial sites we would normally associate with fuel production.

    This photo is of Fawley oil refinery in Hampshire.

    Diagram showing drawings representing bacteria, food waste feedstock, a cylinder that produces fuel and container. The diagram shows that the result of feeding bacteria and food waste feedstock is fermentation that then produces fuel, which can be housed in a portable and scalable container

    By contrast, these fuel-producing bacteria can be housed in different-sized containers like the ones on this slide – some of them not too dissimilar to shipping containers.

    The beauty of this technology, therefore, is that it is inherently portable and scaleable to meet demand – with transformative implications for remote areas of the world where energy infrastructure can be scarce. And crucially, these are cleaner, fossil-free fuels that can be used to power homes, businesses, even aircraft.

    Let’s focus on that last application for a second. At the moment, the aviation industry relies almost completely on kerosene-based fuels, which account for a staggering 3% of global CO2 emissions.

    Burning fossil fuels is generally accepted as the main cause of global warming, so it is essential that we find ways to transition to sustainable sources of energy.

    Engineering biology solutions like Nigel’s can therefore play a significant role in creating a future without fossil fuels. One of the benefits of using bacteria to turn waste into useful fuels is that this can create another circular economy in which we no longer need to extract and burn more and more harmful fossil fuels; instead we recycle the carbon we already have.

    Personally, I think the environmental benefits are reason enough to get excited by this technology. But 1 of the great benefits of bacteria-fuel factories is how portable they are! In other words, they remove the need for large-scale bioreactor infrastructure.

    Imagine a world where clean fuels could be produced locally and on demand – including in all those remote and sparsely populated regions which currently struggle to access the fuels they require.

    Now, I argued just a moment ago that I want to convince people that engineering biology is about so much more than vaccines and medicines – and I hope that I’ve surprised at least some of you with the breadth of the examples I’ve described so far.

    But I do have 1 example from medicine that is just too fascinating to leave out, and that’s research into laboratory-grown blood.

    Why would we need such a product?

    Currently, the world relies almost entirely on human blood donations to treat disease and for emergency medicine. In many countries, including the UK, donation rates fluctuate, and shortages can happen. On top of that, donated blood has a limited shelf life. It is challenging to store and challenging to distribute. When you consider the fact that some countries don’t have the infrastructure to deliver blood products safely, or think about conflict or humanitarian emergencies, the problems associated with donated blood become even clearer.

    There are a few more issues too. It can be very difficult to source some rare blood types. And although blood services of course use screening to avoid known pathogens, there is always a risk of new ones arising, and being passed on to patients who receive blood transfusions.

    For all these reasons, finding new ways to produce blood would be another game changer, and, once more engineering biology can help us.

    Researchers, like Ash Toye at the University of Bristol, are exploring the possibility of banking unlimited supplies of red blood cells, either by transforming stem cells or genetically reprogramming donated precursor blood cells.

    What you can see on the screen is a beautiful illustration by artist Claudia Stocker, which provides a visualisation of CRISPR – the “genetic scissors” technology I mentioned earlier – being used here to edit the genetic material of the precursor cells that will go on to become red blood cells.

    The part of the image to focus on is the centre of the slide and specifically the spiral spools of DNA emanating from the big blue circle in the middle – the cell that will eventually give rise to the red blood cells around the outside of the slide. The little blue doughnuts represent the CRISPR technology in action, actively and precisely editing the DNA as we have instructed it to do.

    This editing can enable us to produce precursor cells that can grow and divide indefinitely in a controlled environment, giving us unlimited blood supplies.

    The Bristol team pioneering this research has been working closely with NHS Blood and Transplant and other partners in a ground-breaking clinical trial called RESTORE – RESTORE being the acronym for REcovery and survival of STem cell Originated REd cells.

    It’s the first time in the world that red blood cells grown in a laboratory have been given to another person as part of a trial into blood transfusion – you might have seen media coverage of this programme, which has attracted interest from all over the world. The trial should produce further results by the end of this year or early next.

    In the future, we could go a step further and use CRISPR to delete the genes responsible for blood groups, and – in doing so – create “universal” blood that would be invaluable in providing blood transfusions for individuals with rarer blood types.

    Image of a table containing the combinations of blood types of a donor and a recipient that match each other and ones that do not. The matches are highlighted in purple and the mismatches in red

    This slide is a brief reminder of the complexities around ensuring blood compatibility between donors and recipients. Only the combinations in purple are suitable.

    The prospects here are again tantalising. Imagine a world where no patient dies due to a lack of compatible blood following an accident or during surgery. Where safe blood is available on demand, can be stored for longer and is free of disease transmission risks.

    So there are all these amazing opportunities, which you can tell I love talking about!

    We’ve covered a fair bit of ground about engineering biology: not just historically but geographically, in universities and companies, and across a range of applications.

    I’m so proud that our country can lay claim to so much ingenuity. Microbial metal recycling from Edinburgh. Biosynthetic fuels from Manchester. Lab-grown blood from Bristol. Nitrogen-fixing cereals from Oxford.  And nanocellulose-based materials from right here in London.

    I want to end, though on a broader point concerning emerging technologies such as engineering biology and others besides.

    Earlier, you heard me talk about risks and challenges, including the need for responsible innovation.

    Another challenge – though – is about how we, as a society, talk about science and technology in general.

    Clearly, 1 of my aims this evening has been to raise awareness of engineering biology.

    But it strikes me that we’re living through a period where public engagement around science is getting harder.

    That’s not just because of the unprecedented volumes of misinformation circulating around us.

    We now live in a less paternalistic society – which is surely a good thing – it is no longer enough for scientists to tell people what’s good for them and expect them to toe the line. Instead, we know we need to have a proper, well-informed debate about these issues.

    Clearly, it would be possible for the promise of engineering biology to be compromised by public opposition. We need to listen to public concerns – really listen! – and understand that if we don’t respond to those concerns people will be perfectly within their rights to not support, or actively block, the engineering biology advances that we’re trying to create.

    There is a lot of work to do here. I don’t think we can ever be finished listening to the public.

    Essentially, the technologies we’re developing in engineering biology need to offer solutions to problems that people actually care about.

    Health, nutrition, climate, the environment, sustainability, global equity. I know that these are problems that billions of people care about.

    I hope I’ve persuaded you that when it comes to these problems, engineering biology can provide solutions.

    Image of the front cover of the ‘Engineering Biology Aspirations’ report on the left-hand side and a QR code to the webpage with the report on the right-hand side

    Thank you for listening – do read our report; here it is – and thank you to the Royal Institution for asking me to speak in this 200th anniversary year for discourses.

    Read the Engineering Biology Aspirations report.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom –

    May 3, 2025
  • MIL-OSI: TurnOnGreen, Inc. Reports Strong Electric Vehicle Charging Network Growth in 2024

    Source: GlobeNewswire (MIL-OSI)

    MILPITAS, Calif., May 02, 2025 (GLOBE NEWSWIRE) — TurnOnGreen, Inc. (OTC:TOGI) (“TurnOnGreen” or the “Company”), a developer and provider of electric vehicle (“EV”) charging solutions and mission-critical power electronics products, today announced significant operational growth and market expansion for the fiscal year 2024, reinforcing the Company’s upward trajectory in the North American EV infrastructure sector.

    Key 2024 Highlights:

    • Network Expansion: EV charging infrastructure footprint grew to 28 U.S. states and two provinces in Canada.
    • Port Growth: 37% year-over-year increase in networked EV charging ports.
    • Energy Dispensed: 735,942 kWh delivered across the TurnOnGreen network — a 98% increase year-over-year.
    • User Growth: 13,460 unique drivers accessed TurnOnGreen charging ports or a 89% year-over-year increase.
    • Charging Time: Drivers spent 74,620 hours charging on the TurnOnGreen network in 2024 an increase of 164% compared to 2023.

    “These metrics reflect accelerating demand for TurnOnGreen’s reliable and scalable charging infrastructure,” said Marcus Charuvastra, President of TurnOnGreen. “Our continued expansion across North America, coupled with a sharp increase in network activity, demonstrates the strong execution of our growth strategy and the rapid adoption of our recurring user base.”

    The Company attributes its growth to a combination of strategic partnerships, expanded deployment in key metropolitan and secondary markets, and increased utilization across its municipal fleets, hospitality, education and commercial segments. TurnOnGreen’s integrated hardware and network management platform enables real-time data analysis, dynamic pricing and driver engagement, which the Company sees as core differentiators in the highly competitive EV charging sector.

    “As the preferred charging partner for school districts, utilities and major hotel brands, TurnOnGreen is committed to continuing to expand its North American EV charging footprint,” said Amos Kohn, the Company’s Chairman and Chief Executive Officer. “We continue to focus on capturing high-growth market opportunities and expanding our subscription base on an annual basis,” added Mr. Kohn.

    Outlook
    TurnOnGreen intends to capitalize on the momentum built in 2024 with further network expansion, ongoing R&D investment, and pursuit of high-impact opportunities across the public and private sectors. Management remains focused on delivering long-term shareholder value through disciplined execution, scalable infrastructure development, and revenue growth.

    About TurnOnGreen

    TurnOnGreen, Inc. (OTC: TOGI) designs and manufactures innovative, feature-rich, top-quality power products for mission-critical applications, lifesaving and sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications, and e-mobility. TurnOnGreen brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. TurnOnGreen headquarters are located in Milpitas, CA; www.TurnOnGreen.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q, and 8-K. All filings are available at www.sec.gov and the Company’s website at www.TurnOnGreen.com.

    TurnOnGreen Investor Contact:
    IR@TurnOnGreen.com or (877) 634-0982

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e939d485-a2dc-43f7-9f1e-7ca7c4765557

    The MIL Network –

    May 3, 2025
  • MIL-OSI: Form 8.3 – [GLOBALDATA PLC – 01 05 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
    N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    GLOBALDATA PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    01 MAY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.01p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 11,093,205 1.3748    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 11,093,205 1.3748    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.01p ORDINARY PURCHASE 7,500 181.9p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 02 MAY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

    May 3, 2025
  • MIL-OSI: Form 8.3 – [TRAKM8 HOLDINGS PLC – Opening Disclosure – 01 05 2025] – (CGAML)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY ASSET MANAGEMENT LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
    N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    TRAKM8 HOLDINGS PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    01 MAY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 893,000 1.7869    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 893,000 1.7869    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    None      

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 02 MAY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

    May 3, 2025
  • MIL-OSI USA: For Entrepreneurs, Mistakes and Losing are Critical for Winning

    Source: US State of Connecticut

    There were a variety of inspiring messages at UConn’s recent entrepreneurial workshop, but the recurring theme was about failure as a foundation for achieving success – every speaker spoke about the importance of failing and persevering, learning from mistakes, self-belief, collaboration, and constantly pushing forward.

    Called Entrepreneurship as a Career Path Workshop, the event, hosted by the UConn College of Engineering (CoE), was open to undergraduate and graduate students and researchers from engineering and relevant disciplines. Held at the Innovation Partnership Building at UConn Tech Park, it featured panel discussions on climate and energy, and on manufacturing and AI. The keynote guest was Al Subbloie, founder and CEO of Budderfly, a leader in the clean-tech sector, and promoter of energy-efficiency-as-a-service startups.

    In addition to the panel discussions and keynote, presentations included curricular practical training for international students, an overview of CoE programs and activities, and sessions on opportunities at a variety of technology incubation ventures and related resources. The event was also cohosted by the Connecticut Center for Entrepreneurship and Innovation (CCEI) and ClimateHaven.

    George Bollas, associate dean of Research for CoE and director of the Pratt & Whitney Institute for Advanced Systems Engineering, says the workshop provided a valuable opportunity to gain insights, network with fellow innovators, and connect with the entrepreneurial ecosystem in Connecticut.

    George Bollas, associate dean of research for CoE, hosted the Entrepreneurship Workshop (Christopher LaRosa/UConn Photo)

    “This workshop offered graduate students a unique opportunity to explore entrepreneurship as a viable career path, gaining direct insights from founders who have successfully launched startups in climate, energy, manufacturing, and AI,” Bollas explains. “The workshop offered valuable networking opportunities, connecting attendees with like-minded peers, mentors, and key players, and provided useful introductions to critical resources such as funding opportunities, incubators, and mentorship programs that can support aspiring entrepreneurs in transforming ideas into successful ventures.”

    Entrepreneurship, Bollas adds, is an important vehicle for technology development, transfer and deployment. The workshop, he says, offers a new paradigm of career paths and jobs critical for industrial sustainability and competitive advantage, and will be offered again next year.

    “In the currently challenged funding landscape,” Bollas says, “these efforts also enable faculty researchers and students increased access to capital and industry partnerships to engage with the growing Connecticut entrepreneurship ecosystem, bringing additional economic growth and job creation to our state.”

    The panelists shared insights and tough lessons. “Prepare like you know nothing, but deliver like you know everything,” said John Toribio at the event, who is developing a smart-clothing platform for health monitoring and other applications. “Take advantage of the expertise around you at UConn – you don’t have to know how to do everything yourself,” said Laron Burrows, founder and CEO of Andros, a company focused on chemical engineering and sustainability.

    Casey Pickett, managing director of Incubation at ClimateHaven, moderated an energy and climate panel discussion that included, from left, Pickett, Laron Burrows, Alaa Selim, and Yidan Zhang. (Christopher LaRosa/UConn Photo)

    Yiden Zhang, co-founder of SeaSol, a company developing advanced materials from seaweed, echoed Burrows’s comments, addressing the benefits of learning from the many experts available at CoE and UConn, but also cautioning that entrepreneurship isn’t right for everyone. “But one of the beauties of being in this rich academic research environment,” said Zhang, “is that you can discuss and try out your ideas in a creative, safe, supportive arena and see what works best for you.”

    Subbloie’s presentation, billed as a “fireside chat,” was an interview conducted by Michelle Cote, lead instructor and director of Launc[H] at CCEI. Subbloie was ranked in the 2021 Worthy 100 by Worth Magazine for his entrepreneurship around environmental benefits. Prior to starting Budderfly, he founded and served as CEO of Tangoe, an industry-leading telecommunications expense-management solutions company.

    During the interview, Subbloie shared his perspective on business challenges, leadership, management approaches and taking companies public.

    “It’s a jungle out there,” Subbloie reflected, “and my first important lesson was that it helps to work for someone else and gain operational knowledge, experience and financial acumen before going out on your own. That said,” he added, “like many of you in this room, I always knew I wanted to start up my own company and be a CEO, so that remained my goal and I pursued it vigorously.”

    Michelle Cote interviews keynote presenter Al Subbloie. (Christopher LaRosa/UConn Photo)

    Subbloie talked about his early days, and the need to focus on competencies beyond technical expertise required to successfully raise capital and get others to buy in to your vision. As an example, he cited the importance of developing strong presentation skills and shared how he’d made thousands of presentations during his career. And like the other speakers, he talked about failure as motivation, however frustrating.

    “Failing and losing is winning, ultimately,” Subbloie said. “When you’re young and ambitious you think you know it all, but that’s very naïve…  though the poorer you are when you start out means you have little to lose – your dedication and investment in time makes up for early weaknesses or doubts. However, you must be able to separate fear from recklessness, chase those things relevant to the longer gain, make mistakes, and learn from each step in your journey.”

    Entrepreneurship options are offered through the UConn College of Engineering and led by the Entrepreneurship Hub. The eHub was developed to actively promote the exchange of ideas, and to provide a space for collaborations and partnerships among UConn’s Tech community.

    More photos from the event are available on Flickr.

    MIL OSI USA News –

    May 3, 2025
  • MIL-OSI: Brookfield Business Partners Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, News, May 02, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended March 31, 2025.

    “We had an active start to the year, generating over $1.5 billion from our capital recycling initiatives, progressing the acquisition of two market-leading industrial operations and investing approximately $140 million to repurchase our units and shares,” said Anuj Ranjan, CEO of Brookfield Business Partners. “During periods of uncertainty and volatility, our consistent strategy of owning market leading businesses and executing on our operational improvement plans is more important than ever. With the enhanced strength of our balance sheet, we are well positioned to support our capital allocation priorities and continue compounding long-term value for our investors.”

      Three Months Ended
    March 31,
    US$ millions (except per unit amounts), unaudited   2025   2024  
    Net income (loss) attributable to Unitholders1 $ 80 $ 48  
    Net income (loss) per limited partnership unit2 $ 0.38 $ 0.23  
         
    Adjusted EBITDA3 $ 591 $ 544  

    Net income attributable to Unitholders for the three months ended March 31, 2025 was $80 million ($0.38 per limited partnership unit) compared to net income of $48 million ($0.23 per limited partnership unit) in the prior period.

    Adjusted EBITDA for the three months ended March 31, 2025 was $591 million compared to $544 million in the prior period. Current period results included contribution from the recent acquisition of our electric heat tracing systems manufacturer in January 2025. Prior period results included $37 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    Operational Update

    The following table presents Adjusted EBITDA by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Industrials $ 304   $ 228  
    Business Services   213     205  
    Infrastructure Services   104     143  
    Corporate and Other   (30 )   (32 )
    Adjusted EBITDA $ 591   $ 544  

    Our Industrials segment generated Adjusted EBITDA of $304 million for the three months ended March 31, 2025, compared to $228 million during the same period in 2024. Current period results included $72 million of tax benefits at our advanced energy storage operation and contribution from our electric heat tracing manufacturer which was acquired in January 2025.

    Our Business Services segment generated Adjusted EBITDA of $213 million for the three months ended March 31, 2025, compared to $205 million during the same period in 2024. Strong performance at our residential mortgage insurer and increased contribution from our construction operation was partially offset by the impact of higher costs associated with technology upgrades at dealer software and technology services. Prior period results included contribution from our road fuels operation which was sold in July 2024.

    Our Infrastructure Services segment generated Adjusted EBITDA of $104 million for the three months ended March 31, 2025, compared to $143 million during the same period in 2024. Prior period results included contribution from our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    The following table presents Adjusted EFO4 by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Adjusted EFO    
    Industrials $ 130   $ 180  
    Business Services   117     168  
    Infrastructure Services   166     72  
    Corporate and Other   (68 )   (89 )

    Adjusted EFO in the current period included a $114 million of net gain related to the disposition of the shuttle tanker operation at our offshore oil services. Industrials Adjusted EFO included the impact of withholding taxes on a distribution received from our advanced energy storage operation during the quarter. Adjusted EFO in the prior period included $62 million of net gains primarily related to the sale of public securities and $50 million of other income related to a distribution at our entertainment operation.

    Strategic Initiatives

    • Specialty Equipment Manufacturer
      In February, we agreed to acquire Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. Brookfield Business Partners expects to invest approximately $160 million for an approximate 25% economic interest. The transaction is expected to close in the second quarter, subject to customary closing conditions and regulatory approvals.
    • Unit Repurchase Program
      During the quarter and subsequent to quarter end, we invested approximately $140 million to repurchase 5.9 million5 units and shares of Brookfield Business Partners at an average price of approximately $24 per unit and share. The repurchases were completed under our normal course issuer bid (NCIB) which we plan to renew once it expires in August this year.

    Liquidity

    We ended the quarter with approximately $2.4 billion of liquidity at the corporate level including $59 million of cash and liquid securities, $25 million of remaining preferred equity commitment from Brookfield Corporation and approximately $2.3 billion of availability on our corporate credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is $2.3 billion.

    Distribution

    The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on June 30, 2025 to unitholders of record as at the close of business on May 30, 2025.

    Additional Information

    The Board has reviewed and approved this news release, including the summarized unaudited interim consolidated financial statements contained herein.

    Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

    Notes:

    1. Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
    2. Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three months ended March 31, 2025 which was 80.0 million (March 31, 2024: 74.3 million).
    3. Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
    4. Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.
    5. Inclusive of all limited partnership units and BBUC exchangeable shares repurchased under our NCIB during the three months ended March 31, 2025 and up to market close on May 1, 2025, based on settlement date.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    Media:
    Marie Fuller
    Tel: +44 207 408 8375
    Email: marie.fuller@brookfield.com
    Investors:
    Alan Fleming
    Tel: +1 (416) 645-2736
    Email: alan.fleming@brookfield.com
       

    Conference Call and Quarterly Earnings Webcast Details

    Investors, analysts and other interested parties can access Brookfield Business Partners’ first quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

    The results call can be accessed via webcast on May 2, 2025 at 10:00 a.m. Eastern Time at BBU2025Q1Webcast or participants can preregister at BBU2025Q1ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

                               
    Brookfield Business Partners L.P.
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 3,442       $ 3,239  
    Financial assets     11,642         12,371  
    Accounts and other receivable, net     6,948         6,279  
    Inventory and other assets     5,063         5,728  
    Property, plant and equipment     12,529         13,232  
    Deferred income tax assets     1,767         1,744  
    Intangible assets     19,157         18,317  
    Equity accounted investments     2,307         2,325  
    Goodwill     13,032         12,239  
    Total Assets   $ 75,887       $ 75,474  
               
    Liabilities and Equity          
    Liabilities          
    Corporate borrowings   $ 1,017       $ 2,142  
    Accounts payable and other     15,085         16,691  
    Non-recourse borrowings in subsidiaries of the partnership     42,316         36,720  
    Deferred income tax liabilities     2,614         2,613  
               
    Equity          
    Limited partners $ 2,158       $ 1,752    
    Non-controlling interests attributable to:          
    Redemption-exchange units   1,246         1,644    
    Special limited partner   —         —    
    BBUC exchangeable shares   1,732         1,721    
    Preferred securities   740         740    
    Interest of others in operating subsidiaries   8,979         11,451    
          14,855         17,308  
    Total Liabilities and Equity   $ 75,887       $ 75,474  
                 
    Brookfield Business Partners L.P.
    Consolidated Statements of Operating Results
     
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 6,749   $ 12,015  
    Direct operating costs   (5,402 )   (10,878 )
    General and administrative expenses   (311 )   (317 )
    Interest income (expense), net   (770 )   (796 )
    Equity accounted income (loss)   (8 )   23  
    Impairment reversal (expense), net   —     10  
    Gain (loss) on acquisitions/dispositions, net   214     15  
    Other income (expense), net   (83 )   116  
    Income (loss) before income tax   389     188  
    Income tax (expense) recovery    
    Current   (197 )   (90 )
    Deferred   64     105  
    Net income (loss) $ 256   $ 203  
    Attributable to:    
    Limited partners $ 30   $ 17  
    Non-controlling interests attributable to:    
    Redemption-exchange units   23     15  
    Special limited partner   —     —  
    BBUC exchangeable shares   27     16  
    Preferred securities   13     13  
    Interest of others in operating subsidiaries   163     142  
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2025
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $ —     $ 156     $ 145     $ (45 )   $ 256  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     222       165       343       —       730  
    Gain (loss) on acquisitions/dispositions, net     —       (214 )     —       —       (214 )
    Other income (expense), net1     68       (79 )     93       1       83  
    Income tax (expense) recovery     18       25       101       (11 )     133  
    Equity accounted income (loss)     (3 )     26       (15 )     —       8  
    Interest income (expense), net     230       149       366       25       770  
    Equity accounted Adjusted EBITDA2     24       33       15       —       72  
    Amounts attributable to non-controlling interests3     (346 )     (157 )     (744 )     —       (1,247 )
    Adjusted EBITDA   $ 213     $ 104     $ 304     $ (30 )   $ 591  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $125 million of gains recorded at our offshore oil services due to vessel upgrades and unrealized gains recorded on reclassification of property, plant and equipment to finance leases, $78 million of business separation expenses, stand-up costs and restructuring charges, $50 million of net revaluation losses, $35 million of transaction costs and $45 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2024
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $ 240     $ (65 )   $ 98     $ (70 )   $ 203  
                         
    Add back or deduct the following:                    
    Depreciation and amortization expense     254       212       342       —       808  
    Impairment reversal (expense), net     (4 )     (12 )     6       —       (10 )
    Gain (loss) on acquisitions/dispositions, net     (15 )     —       —       —       (15 )
    Other income (expense), net1     (140 )     (18 )     32       10       (116 )
    Income tax expense (recovery)     24       (3 )     (27 )     (9 )     (15 )
    Equity accounted income (loss)     (1 )     (4 )     (18 )     —       (23 )
    Interest income (expense), net     252       180       327       37       796  
    Equity accounted Adjusted EBITDA2     17       39       16       —       72  
    Amounts attributable to non-controlling interests3     (422 )     (186 )     (548 )     —       (1,156 )
    Adjusted EBITDA   $ 205     $ 143     $ 228     $ (32 )   $ 544  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $158 million of net revaluation gains, $50 million of other income related to a distribution at our entertainment operation, $21 million of transaction costs, $19 million of business separation expenses, stand-up costs and restructuring charges and $52 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Corporation Reports First Quarter 2025 Results

    BROOKFIELD, News, May 2, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended March 31, 2025.

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Net income (loss) attributable to Brookfield Business Partners $ (58 ) $ (150 )

    Net loss attributable to Brookfield Business Partners for the three months ended March 31, 2025 was $58 million compared to net loss of $150 million during the same period in 2024. Current period results included $7 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS. As at March 31, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $23.46 per unit.

    Dividend

    The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on June 30, 2025 to shareholders of record as at the close of business on May 30, 2025.

    Additional Information

    Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

    In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

                               
    Brookfield Business Corporation
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 968       $ 1,008  
    Financial assets     324         353  
    Accounts and other receivable, net     3,397         3,229  
    Inventory, net     59         52  
    Other assets     641         627  
    Property, plant and equipment     2,479         2,480  
    Deferred income tax assets     206         197  
    Intangible assets     6,031         5,966  
    Equity accounted investments     201         198  
    Goodwill     4,993         4,988  
    Total Assets   $ 19,299       $ 19,098  
               
    Liabilities and Equity          
    Liabilities          
    Accounts payable and other   $ 5,371       $ 5,276  
    Non-recourse borrowings in subsidiaries of the company     8,711         8,490  
    Exchangeable and class B shares     1,682         1,709  
    Deferred income tax liabilities     951         988  
               
    Equity          
    Brookfield Business Partners $ (78 )     $ (59 )  
    Non-controlling interests   2,662         2,694    
          2,584         2,635  
    Total Liabilities and Equity   $ 19,299       $ 19,098  
       
    Brookfield Business Corporation
    Consolidated Statements of Operating Results
       
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 1,966   $ 1,865  
    Direct operating costs   (1,789 )   (1,652 )
    General and administrative expenses   (75 )   (64 )
    Interest income (expense), net   (219 )   (210 )
    Equity accounted income (loss)   3     1  
    Impairment reversal (expense), net   —     (2 )
    Remeasurement of exchangeable and class B shares   (7 )   (111 )
    Other income (expense), net   (34 )   (11 )
    Income (loss) before income tax   (155 )   (184 )
    Income tax (expense) recovery    
    Current   (23 )   (44 )
    Deferred   43     54  
    Net income (loss) $ (135 ) $ (174 )
    Attributable to:    
    Brookfield Business Partners $ (58 ) $ (150 )
    Non-controlling interests   (77 )   (24 )


    Cautionary Statement Regarding Forward-looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

    Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Statement Regarding the Use of a Non-IFRS Measure

    This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

    References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the first quarter ended March 31, 2025 furnished on Form 6-K.

    The MIL Network –

    May 2, 2025
  • MIL-OSI Russia: A new thematic train has arrived on the Arbatsko-Pokrovskaya line. We dedicated it to the Moscow ambulance service.

    Translation. Region: Russian Federal

    The train’s exterior is designed in the style of medical vehicles. Inside, there are many facts about the Moscow ambulance service. Passengers will learn about:

    Equipment of cars, including unique equipment in the world. Contents of the orange suitcase. Digitalization of medicine, thanks to which assistance is provided even faster and more efficiently. Comparison of the principles of ambulance work in Soviet and modern times.

    You’ll also see quotes from a variety of employees, from drivers to intensive care doctors, telling passengers why they love their jobs.

    “The capital’s transport complex supports important city projects on behalf of Moscow Mayor Sergei Sobyanin. For the Day of the Ambulance Worker, we launched a new themed train, which will run along the Arbatsko-Pokrovskaya line for six months. Previously, we issued thematic cards “Troika” dedicated to the capital’s medicine, and launched a branded train with thanks to medical workers. Since last year, for the comfort of ambulance drivers, work has been underway to improve traffic conditions at 19 medical institutions in the capital,” said Maxim Liksutov.

    MIL OSI Russia News –

    May 2, 2025
  • MIL-OSI Russia: A new themed train hits Line 3, dedicated to Moscow emergency medical service workers.

    A new themed train has been launched on Line 3, dedicated to the employees of Moscow’s emergency medical service. The exterior of the train is styled like medical vehicles, and the interior is filled with numerous facts about the Moscow emergency medical service. Passengers will learn about:

    • The equipment in the vehicles, including unique world-class devices.
    • The contents of the iconic orange medical suitcase.
    • The digitization of medicine, which allows for faster and more efficient care.
    • The comparison of emergency medical service principles from Soviet times to the present.

    Additionally, passengers will see quotes from a variety of employees, ranging from drivers to resuscitation doctors, sharing why they love their jobs.

    The capital’s transport complex supports important city projects under the directive of Moscow Mayor Sergey Sobyanin. In honor of the Emergency Medical Service Worker’s Day, we have launched a new themed train that will run on Line 3 for six months. Previously, we released themed Troika cards dedicated to Moscow’s healthcare system and launched a branded train expressing gratitude to medical workers. Since last year, efforts have been made to improve traffic conditions around 19 medical institutions in the capital for the comfort of emergency vehicle drivers, — noted Maksim Liksutov.

    MIL OSI Russia News –

    May 2, 2025
  • MIL-OSI Australia: Call for information – Aggravated robbery – Katherine

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information in relation to an aggravated robbery in Katherine yesterday.

    About 11:30am, police received reports of a group of youths allegedly robbing an elderly woman who was getting in her vehicle on Railway Terrace. The victim’s bag was stolen and she was assaulted at the time of the incident. She suffered minor injuries and self-presented at Katherine Regional Hospital for treatment.

    Katherine police have carriage of the investigation.

    Anyone with information in relation to the incident, particularly anyone with dash cam footage from within the area at the time, to contact police on 131 444 and reference job number NTP2500045006. You can anonymously report via Crime Stoppers on 1800 333 000.

    MIL OSI News –

    May 2, 2025
  • MIL-OSI United Kingdom: Man convicted of fly-tipping offence after successful prosecution by council

    Source: City of Winchester

    Winchester City Council has achieved another successful prosecution for a fly-tipping offence.

    A West Sussex man has been convicted of the fly-tipping offence after an incident at Alresford Road, Ovington, Winchester in April 2024.  

    Philip Henry Exall, 68 years-old and a resident of Willett Close, Petworth, West Sussex, pleaded guilty on Friday 4 April 2025 in Basingstoke Magistrates Court.

    The court heard that surveillance camera images captured an open-back tipper truck in a lane with concrete boulders in the rear, boulders which were later discovered dumped in the same area.

    Mr Exall was ordered to pay a fine, victim surcharge and full prosecution costs, totalling £1,315.73.

    Winchester City Council Deputy Leader and Cabinet Member for Finance and Performance Cllr Neil Cutler said: “This case once again reinforces Winchester City Council’s zero-tolerance approach to fly-tipping; the latest Defra figures show that there has been a reduction of 15% in fly tipping incidents in the Winchester District and we will continue to look to prosecute all of those who commit this environmental crime wherever possible.

    “Fly-tipping causes huge damage to our local communities, wildlife and the environment, and we also rely on reports and witness statements from the public to prosecute – I’d encourage anyone who witnesses or captures footage of someone dumping waste illegally in our district to report it.”

    Reports of fly-tipping can be made on the council’s website at www.winchester.gov.uk/report, via the Your Winchester app or by calling 0300 300 0013. 

    Last Updated: Friday 2 May 2025

    MIL OSI United Kingdom –

    May 2, 2025
  • MIL-OSI Asia-Pac: March retail sales drop 3.5%

    Source: Hong Kong Information Services

    The value of total retail sales in March, provisionally estimated at $30.1 billion, was down 3.5% compared with the same month in 2024, the Census & Statistics Department announced today.

     

    After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month was 4.8% lower year-on-year.

     

    Of the total retail sales value in March, online sales accounted for 8.1%. Provisionally estimated at $2.4 billion, the value of online retail sales decreased 0.5% compared with a year earlier.
     

    The value of sales of jewellery, watches and clocks, and valuable gifts decreased 3.9% in March compared with a year earlier.
     

    There were also declines in the value of sales of wearing apparel (-10.8%); commodities in department stores (-5%); motor vehicles and parts (-46.4%); fuels (-3.9%); footwear, allied products and other clothing accessories (-7.7%); Chinese drugs and herbs (-1.0%); books, newspapers, stationery and gifts (-0.9%); furniture and fixtures (-17.3%); and optical shops (-2.7%).

     

    By contrast, the value of sales of other consumer goods not elsewhere classified increased by 0.6% for the period. Also up were sales of commodities in supermarkets (+5.2%); medicines and cosmetics (+1.2%); food, alcoholic drinks and tobacco (+7.8%); and electrical goods and other consumer durable goods not elsewhere classified (+6.7%).

     

    The Government said the sustained steady growth of the Mainland economy, the Government’s proactive efforts to boost the consumption market through the promotion of tourism and mega events, as well as the increase in employment earnings will continue to support the retail sector.

     

    However, it said the increased level of uncertainty in the global economic outlook and the ongoing impact of the change in consumption patterns will pose challenges to the sector. 

    MIL OSI Asia Pacific News –

    May 2, 2025
  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for March 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (May 2).

         The value of total retail sales in March 2025, provisionally estimated at $30.1 billion, decreased by 3.5% compared with the same month in 2024. The revised estimate of the combined value of total retail sales in January and February 2025 decreased by 7.8% compared with the same period a year earlier. For the first quarter of 2025, it was provisionally estimated that the value of total retail sales decreased by 6.5% compared with the same period in 2024.

         Of the total retail sales value in March 2025, online sales accounted for 8.1%. The value of online retail sales in that month, provisionally estimated at $2.4 billion, decreased by 0.5% compared with the same month in 2024. The revised estimate of the combined value of online retail sales in January and February 2025 decreased by 2.4% compared with the same period a year earlier. For the first quarter of 2025, it was provisionally estimated that the value of online retail sales decreased by 1.7% compared with the same period in 2024.

         After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in March 2025 decreased by 4.8% compared with a year earlier. The revised estimate of the combined volume of total retail sales in January and February 2025 decreased by 9.9% compared with the same period a year earlier. For the first quarter of 2025, the provisional estimate of the total retail sales decreased by 8.3% in volume compared with the same period in 2024.

         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing March 2025 with March 2024, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 3.9%. This was followed by sales of wearing apparel (-10.8% in value); commodities in department stores (-5.0%); motor vehicles and parts (-46.4%); fuels (-3.9%); footwear, allied products and other clothing accessories (-7.7%); Chinese drugs and herbs (-1.0%); books, newspapers, stationery and gifts (-0.9%); furniture and fixtures (-17.3%); and optical shops (-2.7%).

         On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 0.6% in March 2025 over a year earlier. This was followed by sales of commodities in supermarkets (+5.2% in value); medicines and cosmetics (+1.2%); food, alcoholic drinks and tobacco (+7.8%); and electrical goods and other consumer durable goods not elsewhere classified (+6.7%).

         Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 3.8% in the first quarter of 2025 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales increased by 2.2%.

    Commentary

         A government spokesman said that the value of total retail sales increased further in March 2025 over the preceding month on a seasonally adjusted comparison, and its year-on-year decline continued to narrow. For the first quarter as a whole, the value of total retail sales resumed an increase over the preceding quarter on a seasonally adjusted comparison. 

         Looking ahead, the spokesman said the sustained steady growth of the Mainland economy, the Government’s proactive efforts to boost the consumption market through promotion of tourism and mega events, as well as the increase in employment earnings will continue to support the retail sector. However, the increased level of uncertainty in the global economic outlook and the ongoing impact of the change in consumption patterns will pose challenges to the sector. 

    Further information

         Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for February 2025 as well as the provisional figures for March 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first quarter of 2025 are also shown.

         Table 2 presents the revised figures on value of online retail sales for February 2025 as well as the provisional figures for March 2025. The provisional figures on year-on-year changes for the first quarter of 2025 are also shown.

         Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for February 2025 as well as the provisional figures for March 2025. The provisional figures on year-on-year changes for the first quarter of 2025 are also shown.

         Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

         The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

         These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

         The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.

         Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

         More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

         Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7400; E-mail: mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

    May 2, 2025
  • MIL-OSI Asia-Pac: Incoming driver convicted and jailed for importing duty-not-paid cigarettes (with photos)

    Source: Hong Kong Government special administrative region

    Incoming driver convicted and jailed for importing duty-not-paid cigarettes  
    Through risk assessment and intelligence analysis, Hong Kong Customs intercepted an inbound private car, declared to be empty, at the Hong Kong-Zhuhai-Macao Bridge Hong Kong Port on December 11, 2024. Upon inspection, Customs officers seized 86 000 sticks of duty-not-paid cigarettes at the boot, rear seats and under the front passenger’s seat of the vehicle. The driver was subsequently arrested, and the private car was also seized. The estimated market value of the duty-not-paid cigarettes seized in the case was about $430,000, and the duty potential was about $280,000.
     
    Customs welcomes the sentence. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences. Customs reminds members of the public that under the DCO, tobacco products are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.

    Customs will continue to combat cross-boundary smuggling activities with firm enforcement action.Issued at HKT 16:53

    NNNN

    CategoriesMIL-OSI

    MIL OSI Asia Pacific News –

    May 2, 2025
  • MIL-OSI Asia-Pac: A grand ceremonial send off for the Holy Relic of the Buddha from Hindon Air Base for Vietnam

    Source: Government of India

    Posted On: 01 MAY 2025 10:56PM by PIB Delhi

    A huge gathering of devotees chanted prayers and participated in the final ‘Darshan’ of Sarnath’s Holy Relic of the Buddha that was placed in the secure precincts of the National Museum for one day.

    Among the dignitaries who participated in the prayers was Mr. Nguyen Thanh Hai, the Ambassador of Vietnam.

    The Sacred Relic of the Buddha was carried out with reverance from the National Museum as a couple of hundred devotees lined the path and thronged at the gates of the Museum.

    The cavalcade of vehicles with monks, nuns and delegates attending the Holy Relic exposition in Vietnam and the UN Day of Vesak celebrations reached Hindon air base where a ceremonial send off was held, with full State Honours for an onward journey to Vietnam.

    As a special gesture, around 120 monks flew down from Vietnam to pay their obeisance to the holy relic and then returned to their country on the same day, before the Relic arrived in Vietnam , in order to receive the Holy Relic .

    The delegation was led by Most Ven. Thic Hue Thong, Vice President of the Vietnam Buddhist Sangha. Most Ven. Dr Thich Nhat Tu, Vice President IBC and the Standing Vice Chancellor, Vietnam Buddhist University also flew down especially for receiving the Holy Relic.

    The Ministry of Culture, Government of India in collaboration with the International Buddhist Confederation (IBC) New Delhi is organising for the first time the Holy Relic exposition in four cities of Vietnam from the 3- 21 May, 2025.

    ****

    Sunil Kumar Tiwari

    pibculture[at]gmail[dot]com

    (Release ID: 2126028) Visitor Counter : 75

    MIL OSI Asia Pacific News –

    May 2, 2025
  • MIL-OSI United Kingdom: Would be street racers warned of consequences of breaching ban

    Source: City of Wolverhampton

    It comes after another individual admitted being in contempt of court following an incident of street racing, also known as car cruising, in Bearwood, Smethwick in late March.

    Qamar Hussain, of William Road, Smethwick, appeared before the High Court in Birmingham on Thursday 25 April and admitted racing against another vehicle along the Hagley Road between Wolverhampton Road and Bearwood Road. He received a 21 day custodial sentence, suspended for 12 months, and ordered to pay £2,950.30 in costs.

    The High Court injunction, led by the City of Wolverhampton Council on behalf of Dudley Council, Sandwell Council and Walsall Council and supported by West Midlands Police, prohibits people from participating in, as a driver, rider or passenger, street racing; from promoting, organising or publicising gatherings; or from participating as a spectator.

    The injunction covers the whole of the boroughs of Wolverhampton, Dudley, Sandwell and Walsall and anyone found to be breaching it will be in contempt of court and may be imprisoned, fined or have their assets seized. They may also be ordered to pay the council’s legal costs of any hearing.

    Councillor Obaida Ahmed, the City of Wolverhampton Council’s Cabinet Member for Digital and Community, said: “The existence of the street racing injunction is widely known across the Black Country, but we are still seeing occasional incidents such as the one which occurred in Smethwick in March.

    “As we have seen once again, the court will not hesitate to take tough action against anyone who breaches the injunction.

    “We know that street racing activity typically increases with the lighter nights and warmer weather of spring and summer, and anyone who is thinking of taking part in this wholly anti social activity should recognise the severe consequences that they will face.”

    Councillor Suzanne Hartwell, Sandwell Council’s Deputy Leader and Cabinet Member for Neighbourhoods and Community, added: “Street racing puts people’s lives at risk and can lead to tragedies on our roads.

    “This is the 10th person we have taken to court for breaching the injunction by racing on Sandwell’s roads, and we will continue to work in partnership with the police and other Black Country councils to respond to people’s concerns and protect our communities.”

    For more information about the street racing injunction, including copies of the latest documentation and court orders, including very recent orders made on 29 and 30 April, please visit the street racing pages of the applicants – Wolverhampton, Walsall, Sandwell, or Dudley – which are in the process of being updated.

    Incidents of street racing in Wolverhampton should be reported via asbu@wolverhamptonhomes.org.uk and in Sandwell at Report anti social behaviour, or to West Midlands Police on 101. In an emergency, always dial 999.

    Police are also inviting members of the public to submit dash cam or mobile phone footage of street racing events or dangerous driving via its Op Snap website.

    The High Court originally granted the full and final injunction in February 2024 with the injunction and power of arrest remaining in force until at least 2027 subject to annual review, the next of which is scheduled to take place on 26 February, 2026 at the High Court of Justice, King’s Bench Division, Birmingham District Registry at Birmingham Civil and Family Justice Centre, The Priory Courts, 33 Bull Street, Birmingham, B4 6DS.

    Any existing defendants who wish to file any evidence in respect of the review hearing should do so no later than 14 days before the hearing by writing to FAO: Black Country Car Cruise, Legal Services, City of Wolverhampton Council, Civic Centre, St Peter’s Square, Wolverhampton WV1 1RG, emailing litigation@wolverhampton.gov.uk or calling 01902 556556.

    MIL OSI United Kingdom –

    May 2, 2025
  • MIL-OSI Australia: School road safety operation results

    Source: New South Wales – News

    South Australia Police detected multiple speeding, licence and drug offences during a state-wide operation focussed on road safety around school zones.

    Operation Return to School was conducted from Monday 28 to Tuesday 29 April around pick up and drop off times. It focussed on the safety of children and pedestrians around schools at the commencement of a school term.

    Police detected:

    • 37 speeding offences
    • 28 other offences including parking and stopping offences
    • 13 licence and vehicle registration offences
    • Two drug driving offences.

    Police also defected four vehicles.

    Officer in Charge, Traffic Services Branch Superintendent Shane Johnson said police will not tolerate drivers putting vulnerable school children at risk.

    “Drivers are reminded that the speed around school zones is 25 kilometres per hour when children are present and this is for everyone’s safety,” Superintendent Johnson said.

    “During school hours there will be increased traffic in these areas and the lower speed limit provides drivers with more time to react and stop if they need to.

    “Reduced speed limits apply regardless of whether children are on the road, footpath, median strip or on a bicycle.

    “The 25 kilometres per hour speed limit also applies when school crossing lights are flashing and when passing a school bus that has stopped to pick up or drop off children.

    “Speeding drivers are reminded that they not only risk a fine but could cause a serious injury or death.”

    An incident of note involved a 40-year-old woman of Taperoo who tested positive for drug driving within the vicinity of a school zone.

    Drivers can revise speed limits on the My Licence SA website here.

    MIL OSI News –

    May 2, 2025
  • MIL-OSI: Shell Plc 1st Quarter 2025 Unaudited Results

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS
           
                                             
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million    
    Q1 2025 Q4 2024 Q1 2024 %¹   Reference      
    4,780    928    7,358    +415 Income/(loss) attributable to Shell plc shareholders        
    5,577    3,661    7,734    +52 Adjusted Earnings A      
    15,250    14,281    18,711    +7 Adjusted EBITDA A      
    9,281    13,162    13,330    -29 Cash flow from operating activities        
    (3,959)   (4,431)   (3,528)     Cash flow from investing activities        
    5,322    8,731    9,802      Free cash flow G      
    4,175    6,924    4,493      Cash capital expenditure C      
    8,575    9,401    8,997    -9 Operating expenses F      
    8,453    9,138    9,054    -7 Underlying operating expenses F      
    10.4% 11.3% 12.0%   ROACE D      
    76,511    77,078    79,931      Total debt E      
    41,521    38,809    40,513      Net debt E      
    18.7% 17.7% 17.7%   Gearing E      
    2,838    2,815    2,911    +1 Oil and gas production available for sale (thousand boe/d)        
    0.79    0.15    1.14 +427 Basic earnings per share ($)        
    0.92    0.60    1.20    +53 Adjusted Earnings per share ($) B      
    0.3580    0.3580    0.3440    — Dividend per share ($)        

    1.Q1 on Q4 change

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the fourth quarter 2024, reflected lower exploration well write-offs, lower operating expenses and higher Products margins.

    First quarter 2025 income attributable to Shell plc shareholders also included a charge of $0.5 billion related to the UK Energy Profits Levy and impairment charges. These items are included in identified items amounting to a net loss of $0.8 billion in the quarter. This compares with identified items in the fourth quarter 2024 which amounted to a net loss of $2.8 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.

    Cash flow from operating activities for the first quarter 2025 was $9.3 billion and primarily driven by Adjusted EBITDA, partly offset by tax payments of $2.9 billion and working capital outflows of $2.7 billion. The working capital outflows mainly reflected accounts receivable and payable movements.

    Cash flow from investing activities for the first quarter 2025 was an outflow of $4.0 billion, and included cash capital expenditure of $4.2 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, partly offset by divestment proceeds of $0.6 billion.

    Net debt and Gearing: At the end of the first quarter 2025, net debt was $41.5 billion, compared with $38.8 billion at the end of the fourth quarter 2024. This reflects free cash flow of $5.3 billion, which included working capital outflows of $2.7 billion, more than offset by share buybacks of $3.3 billion, cash dividends paid to Shell plc shareholders of $2.2 billion, lease additions of $1.3 billion including those related to the Pavilion Energy Pte. Ltd. acquisition and interest payments of $0.8 billion. Gearing was 18.7% at the end of the first quarter 2025, compared with 17.7% at the end of the fourth quarter 2024, mainly driven by higher net debt.


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.5 billion comprising repurchases of shares of $3.3 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the first quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the fourth quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the second quarter 2025 results announcement.

    This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3.

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

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

    3.Not incorporated by reference.

    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).

    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 February 2025, we signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company in the Shell-operated Ursa platform in the Gulf of America. The transaction completed on May 1, 2025 which increases Shell’s working interest in the Ursa platform from 45.3884% to 61.3484%.

    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).

    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 2


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                             
                       
    INTEGRATED GAS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024 %¹   Reference      
    2,789    1,744    2,761    +60 Income/(loss) for the period        
    306    (421)   (919)     Of which: Identified items A      
    2,483    2,165    3,680    +15 Adjusted Earnings A      
    4,735    4,568    6,136    +4 Adjusted EBITDA A      
    3,463    4,391    4,712    -21 Cash flow from operating activities A      
    1,116    1,337    1,041      Cash capital expenditure C      
    126    116    137    +9 Liquids production available for sale (thousand b/d)        
    4,644    4,574    4,954    +2 Natural gas production available for sale (million scf/d)        
    927    905    992    +2 Total production available for sale (thousand boe/d)        
    6.60    7.06    7.58    -6 LNG liquefaction volumes (million tonnes)        
    16.49    15.50    16.87    +6 LNG sales volumes (million tonnes)        

    1.Q1 on Q4 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 fourth quarter 2024, reflected lower exploration well write-offs ($277 million), partly offset by lower LNG liquefaction volumes (decrease of $68 million). The net effect of contributions from trading and optimisation and realised prices was in line with the fourth quarter 2024 despite higher unfavourable (non-cash) impact of expiring hedging contracts.

    Identified items in the first quarter 2025 included favourable movements of $362 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. These favourable movements compare with the fourth quarter 2024 which included impairment charges of $339 million and a loss of $96 million related to sale of assets, partly offset by favourable movements of $109 million due 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 quarter was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $542 million, partly offset by tax payments of $773 million and working capital outflows of $687 million.

    Total oil and gas production, compared with the fourth quarter 2024, increased by 2% mainly due to lower planned maintenance in Pearl GTL (Qatar), partly offset by unplanned maintenance and weather constraints in Australia. LNG liquefaction volumes decreased by 6% mainly due to unplanned maintenance and weather constraints in Australia.

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

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

             Page 3


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    UPSTREAM          
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024 %¹   Reference      
    2,080    1,031    2,272    +102 Income/(loss) for the period        
    (257)   (651)   339      Of which: Identified items A      
    2,337    1,682    1,933    +39 Adjusted Earnings A      
    7,387    7,676    7,888    -4 Adjusted EBITDA A      
    3,945    4,509    5,727    -13 Cash flow from operating activities A      
    1,923    2,076    2,010      Cash capital expenditure C      
    1,335    1,332    1,331    — Liquids production available for sale (thousand b/d)        
    3,020    3,056    3,136    -1 Natural gas production available for sale (million scf/d)        
    1,855    1,859    1,872    — Total production available for sale (thousand boe/d)        

    1.Q1 on Q4 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 fourth quarter 2024, reflected lower exploration well write-offs ($346 million), lower depreciation, depletion and amortisation expenses (decrease of $330 million), lower operating expenses ($194 million) and comparative favourable tax movements ($179 million), partly offset by lower volumes (decrease of $359 million).

    Identified items in the first quarter 2025 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. These charges and favourable movements compare with the fourth quarter 2024 which included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and impairment charges of $152 million.

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

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,999 million and working capital outflows of $913 million.

    Total production, compared with the fourth quarter 2024, decreased mainly due to the SPDC divestment, largely offset by new oil production.

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

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

             Page 4


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    MARKETING        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024 %¹   Reference      
    814    103    896    +688 Income/(loss) for the period        
    (49)   (736)   (7)     Of which: Identified items A      
    900    839    781    +7 Adjusted Earnings A      
    1,869    1,709    1,686    +9 Adjusted EBITDA A      
    1,907    1,363    1,319    +40 Cash flow from operating activities A      
    256    811    465      Cash capital expenditure C      
    2,674    2,795    2,763    -4 Marketing sales volumes (thousand b/d)        

    1.Q1 on Q4 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, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

    Quarter Analysis1

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

    Adjusted Earnings, compared with the fourth quarter 2024, reflected lower operating expenses (decrease of $69 million), and higher Marketing margins (increase of $54 million) mainly due to higher Lubricants unit margins and seasonal impact of higher volumes partly offset by lower Mobility margins due to seasonal impact of lower volumes and lower Sectors and Decarbonisation margins. These net gains were partly offset by unfavourable tax movements ($109 million).

    Identified items in the first quarter 2025 included net losses of $61 million related to sale of assets. These losses compare with the fourth quarter 2024 which included impairment charges of $458 million, and net losses of $247 million related to sale of assets.

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

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $540 million, and dividends (net of profits) from joint ventures and associates of $203 million. These inflows were partly offset by working capital outflows of $344 million and tax payments of $174 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2024, decreased mainly due to seasonality.

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

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

             Page 5


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    CHEMICALS AND PRODUCTS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024 %¹   Reference      
    (77)   (276)   1,311    +72 Income/(loss) for the period        
    (581)   (99)   (458)     Of which: Identified items A      
    449    (229)   1,615    +296 Adjusted Earnings A      
    1,410    475    2,826    +197 Adjusted EBITDA A      
    130    2,032    (349)   -94 Cash flow from operating activities A      
    458    1,392    500      Cash capital expenditure C      
    1,362    1,215    1,430    +12 Refinery processing intake (thousand b/d)        
    2,813    2,926    2,883    -4 Chemicals sales volumes (thousand tonnes)        

    1.Q1 on Q4 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 fourth quarter 2024, reflected higher Products margins (increase of $546 million) mainly driven by higher margins from trading and optimisation and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $115 million). In addition, the first quarter 2025 reflected lower operating expenses (decrease of $134 million). These net gains were partly offset by comparative unfavourable tax movements ($96 million).

    In the first quarter 2025, Chemicals had negative Adjusted Earnings of $137 million and Products had positive Adjusted Earnings of $586 million.

    Identified items in the first quarter 2025 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. These charges and unfavourable movements compare with the fourth quarter 2024 which included impairment charges of $224 million, partly offset by favourable deferred tax movements of $114 million..

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

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, and inflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $125 million. These inflows were partly offset by working capital outflows of $1,081 million, and net cash outflows relating to commodity derivatives of $508 million.

    Chemicals manufacturing plant utilisation was 81% compared with 75% in the fourth quarter 2024, mainly due to lower planned and unplanned maintenance.

    Refinery utilisation was 85% compared with 76% in the fourth quarter 2024, mainly due to lower planned maintenance.

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

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

             Page 6


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024 %¹   Reference      
    (247)   (1,226)   553    +80 Income/(loss) for the period        
    (205)   (914)   390      Of which: Identified items A      
    (42)   (311)   163    +87 Adjusted Earnings A      
    111    (123)   267    +190 Adjusted EBITDA A      
    367    850    2,466    -57 Cash flow from operating activities A      
    403    1,277    438      Cash capital expenditure C      
    76    76    77    +1 External power sales (terawatt hours)2        
    184    165    190    +12 Sales of pipeline gas to end-use customers (terawatt hours)3        

    1.Q1 on Q4 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 fourth quarter 2024, reflected higher margins (increase of $99 million) mainly due to higher trading and optimisation in the Americas as a result of higher seasonal demand and volatility, lower operating expenses (decrease of $90 million) and comparative favourable tax movements ($89 million). Most Renewables and Energy Solutions activities were loss-making in the first quarter 2025, which was partly offset by positive Adjusted Earnings from trading and optimisation.

    Identified items in the first quarter 2025 included a charge of $143 million related to the disposal of assets. These charges compare with the fourth quarter 2024 which included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 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 first quarter 2025 was primarily driven by net cash inflows relating to working capital of $380 million and Adjusted EBITDA, partially offset by outflows related to derivatives of $169 million.

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

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

    Additional Growth Measures

                                             
    Quarters      
    Q1 2025 Q4 2024 Q1 2024 %¹          
            Renewable power generation capacity (gigawatt):        
    3.5    3.4    3.2    +4 – In operation2        
    4.0    4.0    3.5    -1 – Under construction and/or committed for sale3        

    1.Q1 on Q4 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.

             Page 7


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                     
                 
    CORPORATE      
    Quarters $ million          
    Q1 2025 Q4 2024 Q1 2024   Reference    
    (483)   (335)   (354)   Income/(loss) for the period      
    (26)   45    14    Of which: Identified items A    
    (457)   (380)   (368)   Adjusted Earnings A    
    (261)   (24)   (92)   Adjusted EBITDA A    
    (531)   16    (545)   Cash flow from operating activities A    

    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 fourth quarter 2024, reflected unfavourable currency exchange rate effects, partly offset by lower operating expenses.

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

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

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

             Page 8


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    OUTLOOK FOR THE SECOND 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 890 – 950 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.3 – 6.9 million tonnes. Second quarter 2025 outlook reflects scheduled maintenance across the portfolio.

    Upstream production is expected to be approximately 1,560 – 1,760 thousand boe/d. Production outlook reflects the SPDC divestment in March 2025 and the scheduled maintenance across the portfolio.

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

    Refinery utilisation is expected to be approximately 87% – 95%. Chemicals manufacturing plant utilisation is expected to be approximately 74% – 82%. Second quarter 2025 utilisation outlook reflects the sale of the Energy and Chemicals Park in Singapore which was completed in April 2025.

    Corporate Adjusted Earnings1 were a net expense of $457 million for the first quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $400 – $600 million in the second quarter 2025.

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

    FORTHCOMING EVENTS

               
     
    Date Event
    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

             Page 9


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

                               
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    69,234    66,281    72,478    Revenue1    
    615    (156)   1,318    Share of profit/(loss) of joint ventures and associates    
    302    683    907    Interest and other income/(expenses)2    
    70,152    66,807    74,703    Total revenue and other income/(expenses)    
    45,849    43,610    46,867    Purchases    
    5,549    5,839    5,810    Production and manufacturing expenses    
    2,840    3,231    2,975    Selling, distribution and administrative expenses    
    185    331    212    Research and development    
    210    861    750    Exploration    
    5,441    7,520    5,881    Depreciation, depletion and amortisation2    
    1,120    1,213    1,164    Interest expense    
    61,194    62,605    63,659    Total expenditure    
    8,959    4,205    11,044    Income/(loss) before taxation    
    4,083    3,164    3,604    Taxation charge/(credit)2    
    4,875    1,041    7,439    Income/(loss) for the period    
    95    113    82    Income/(loss) attributable to non-controlling interest    
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders    
    0.79    0.15    1.14    Basic earnings per share ($)3    
    0.79    0.15    1.13    Diluted earnings per share ($)3    

    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        
    Q1 2025 Q4 2024 Q1 2024      
    4,875    1,041    7,439    Income/(loss) for the period    
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    1,711    (4,899)   (1,995)   – Currency translation differences1    
    6    (11)   (6)   – Debt instruments remeasurements    
    (25)   224    53    – Cash flow hedging gains/(losses)    
    (42)   (50)   (14)   – Deferred cost of hedging    
    74    (91)   (12)   – Share of other comprehensive income/(loss) of joint ventures and associates    
    1,723    (4,827)   (1,974)   Total    
          Items that are not reclassified to income in later periods:    
    306    239    439    – Retirement benefits remeasurements    
    (16)   (50)   78    – Equity instruments remeasurements    
    (36)   46    10    – Share of other comprehensive income/(loss) of joint ventures and associates    
    254    235    528    Total    
    1,977    (4,592)   (1,445)   Other comprehensive income/(loss) for the period    
    6,852    (3,552)   5,994    Comprehensive income/(loss) for the period    
    105    50    56    Comprehensive income/(loss) attributable to non-controlling interest    
    6,748    (3,602)   5,937    Comprehensive income/(loss) attributable to Shell plc shareholders    

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

             Page 10


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      March 31, 2025 December 31, 2024
    Assets    
    Non-current assets    
    Goodwill 16,072    16,032   
    Other intangible assets1 11,365    9,480   
    Property, plant and equipment 183,712    185,219   
    Joint ventures and associates 24,236    23,445   
    Investments in securities 2,284    2,255   
    Deferred tax 6,989    6,857   
    Retirement benefits 10,266    10,003   
    Trade and other receivables 7,269    6,018   
    Derivative financial instruments² 400    374   
      262,593    259,683   
    Current assets    
    Inventories 22,984    23,426   
    Trade and other receivables 48,247    45,860   
    Derivative financial instruments² 8,941    9,673   
    Cash and cash equivalents 35,601    39,110   
      115,773    118,069   
    Assets classified as held for sale1 10,881    9,857   
      126,654    127,926   
    Total assets 389,248    387,609   
    Liabilities    
    Non-current liabilities    
    Debt 65,120    65,448   
    Trade and other payables 5,487    3,290   
    Derivative financial instruments² 1,565    2,185   
    Deferred tax 13,257    13,505   
    Retirement benefits 6,756    6,752   
    Decommissioning and other provisions 20,313    21,227   
      112,498    112,407   
    Current liabilities    
    Debt 11,391    11,630   
    Trade and other payables 60,870    60,693   
    Derivative financial instruments² 6,371    7,391   
    Income taxes payable 4,343    4,648   
    Decommissioning and other provisions 5,104    4,469   
      88,079    88,831   
    Liabilities directly associated with assets classified as held for sale1 8,001    6,203   
      96,080    95,034   
    Total liabilities 208,578    207,441   
    Equity attributable to Shell plc shareholders 178,813    178,307   
    Non-controlling interest 1,856    1,861   
    Total equity 180,670    180,168   
    Total liabilities and equity 389,248    387,609   

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

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

             Page 11


    SHELL PLC
    1st QUARTER 2025 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 —    —    1,967    4,780    6,748    105      6,852   
    Transfer from other comprehensive income —    —    11    (11)   —    —      —   
    Dividends³ —    —    —    (2,179)   (2,179)   (86)     (2,265)  
    Repurchases of shares4 (8)   —    8    (3,513)   (3,513)   —      (3,513)  
    Share-based compensation —    500    (663)   (405)   (567)   —      (567)  
    Other changes —    —    —    23    22    (24)     (2)  
    At March 31, 2025 502    (304)   21,090    157,527    178,813    1,856      180,670   
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    (1,420)   7,358    5,937    56      5,994   
    Transfer from other comprehensive income —    —    138    (138)   —    —      —   
    Dividends3 —    —    —    (2,210)   (2,210)   (68)     (2,278)  
    Repurchases of shares4 (7)   —    7    (3,502)   (3,502)   —      (3,502)  
    Share-based compensation —    543    (426)   (392)   (275)   —      (275)  
    Other changes —    —    —    8    8    (4)     4   
    At March 31, 2024 537    (455)   19,445    167,038    186,565    1,739      188,304   

    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 12


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                     
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million  
    Q1 2025   Q4 2024 Q1 2024      
    8,959      4,205    11,044    Income before taxation for the period    
            Adjustment for:    
    636      665    576    – Interest expense (net)    
    5,441      7,520    5,881    – Depreciation, depletion and amortisation1    
    28      649    554    – Exploration well write-offs    
    127      288    (10)   – Net (gains)/losses on sale and revaluation of non-current assets and businesses    
    (615)     156    (1,318)   – Share of (profit)/loss of joint ventures and associates    
    523      1,241    738    – Dividends received from joint ventures and associates    
    854      131    (608)   – (Increase)/decrease in inventories    
    (2,610)     751    (195)   – (Increase)/decrease in current receivables    
    (907)     1,524    (1,949)   – Increase/(decrease) in current payables    
    (244)     111    1,386    – Derivative financial instruments    
    (100)     (58)   (61)   – Retirement benefits    
    (480)     (256)   (600)   – Decommissioning and other provisions    
    570      (856)   509    – Other1    
    (2,900)     (2,910)   (2,616)   Tax paid    
    9,281      13,162    13,330    Cash flow from operating activities    
    (3,748)     (6,486)   (3,980)      Capital expenditure    
    (413)     (421)   (500)      Investments in joint ventures and associates    
    (15)     (17)   (13)      Investments in equity securities    
    (4,175)     (6,924)   (4,493)   Cash capital expenditure    
    559      493    323    Proceeds from sale of property, plant and equipment and businesses    
    33      305    133    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans    
    5      6    569    Proceeds from sale of equity securities    
    508      581    577    Interest received    
    506      1,762    857    Other investing cash inflows    
    (1,394)     (655)   (1,494)   Other investing cash outflows1    
    (3,959)     (4,431)   (3,528)   Cash flow from investing activities    
    80      65    (107)   Net increase/(decrease) in debt with maturity period within three months    
            Other debt:    
    139      (13)   167    – New borrowings    
    (2,514)     (2,664)   (1,532)   – Repayments    
    (846)     (1,379)   (911)   Interest paid    
    326      (833)   (297)   Derivative financial instruments    
    (25)     (10)   (4)   Change in non-controlling interest    
            Cash dividends paid to:    
    (2,179)     (2,114)   (2,210)   – Shell plc shareholders    
    (86)     (53)   (68)   – Non-controlling interest    
    (3,311)     (3,579)   (2,824)   Repurchases of shares    
    (768)     (309)   (462)   Shares held in trust: net sales/(purchases) and dividends received    
    (9,183)     (10,889)   (8,248)   Cash flow from financing activities    
    353      (985)   (379)   Effects of exchange rate changes on cash and cash equivalents    
    (3,509)     (3,142)   1,175    Increase/(decrease) in cash and cash equivalents    
    39,110      42,252    38,774    Cash and cash equivalents at beginning of period    
    35,601      39,110    39,949    Cash and cash equivalents at end of period    

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

             Page 13


    SHELL PLC
    1st QUARTER 2025 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 Form 20-F (pages 223 to 296) 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.

    Key accounting considerations, significant judgements and estimates

    Future commodity price assumptions and management’s view on the future development of refining and chemicals margins represent a significant estimate and were subject to change in 2024. These assumptions continue to apply for impairment testing purposes in the first quarter 2025. As per the normal process outlined in the 2024 Annual Report and Accounts and Form 20-F, these assumptions are subject to review later this year.

    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 quarter 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 14


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                               
     
    REVENUE AND ADJUSTED EARNINGS BY SEGMENT    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
          Third-party revenue    
    9,602    9,294    9,195    Integrated Gas    
    1,510    1,652    1,759    Upstream    
    27,083    27,524    30,041    Marketing    
    21,610    19,992    23,735    Chemicals and Products    
    9,417    7,808    7,737    Renewables and Energy Solutions    
    12    10    11    Corporate    
    69,234    66,281    72,478    Total third-party revenue1    
          Inter-segment revenue    
    2,675    2,024    2,404    Integrated Gas    
    9,854    9,931    10,287    Upstream    
    1,849    984    1,355    Marketing    
    8,255    8,656    10,312    Chemicals and Products    
    1,164    1,879    1,005    Renewables and Energy Solutions    
    —    —    —    Corporate    
          Adjusted Earnings    
    2,483    2,165    3,680    Integrated Gas    
    2,337    1,682    1,933    Upstream    
    900    839    781    Marketing    
    449    (229)   1,615    Chemicals and Products    
    (42)   (311)   163    Renewables and Energy Solutions    
    (457)   (380)   (368)   Corporate    
    5,670    3,766    7,804    Total Adjusted Earnings2    
    5,577    3,661    7,734    Adjusted Earnings attributable to Shell plc shareholders    
    94    106    70    Adjusted Earnings attributable to non-controlling interest    

    1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

    2.See Reconciliation of income for the period to Adjusted Earnings below.

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

                               
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
          Capital expenditure    
    943    1,123    858    Integrated Gas    
    1,727    2,205    1,766    Upstream    
    252    798    427    Marketing    
    451    1,121    474    Chemicals and Products    
    358    1,214    421    Renewables and Energy Solutions    
    17    25    34    Corporate    
    3,748    6,486    3,980    Total capital expenditure    
          Add: Investments in joint ventures and associates    
    174    214    184    Integrated Gas    
    197    (117)   244    Upstream    
    4    13    38    Marketing    
    7    271    26    Chemicals and Products    
    30    36    8    Renewables and Energy Solutions    
    1    4    —    Corporate    
    413    421    500    Total investments in joint ventures and associates    
          Add: Investments in equity securities    
    —    —    —    Integrated Gas    
    —    (11)   —    Upstream    
    —    —    —    Marketing    
    —    —    —    Chemicals and Products    
    14    28    10    Renewables and Energy Solutions    
    —    —    3    Corporate    
    15    17    13    Total investments in equity securities    
          Cash capital expenditure    
    1,116    1,337    1,041    Integrated Gas    
    1,923    2,076    2,010    Upstream    
    256    811    465    Marketing    
    458    1,392    500    Chemicals and Products    
    403    1,277    438    Renewables and Energy Solutions    
    19    30    37    Corporate    
    4,175    6,924    4,493    Total Cash capital expenditure    

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    1st QUARTER 2025 UNAUDITED RESULTS

                               
                 
    RECONCILIATION OF INCOME FOR THE PERIOD TO ADJUSTED EARNINGS    
    Quarters $ million        
    Q1 2025 Q4 2024 Q1 2024      
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders    
    95    113    82    Income/(loss) attributable to non-controlling interest    
    4,875    1,041    7,439    Income/(loss) for the period    
    (15)   (75)   (360)   Add: Current cost of supplies adjustment before taxation    
    (2)   23    84    Add: Tax on current cost of supplies adjustment    
    (510) (3,008) (1,244) Less: Identified items adjustment before taxation    
    301 (230) (604) Add: Tax on identified items adjustment    
    5,670    3,766    7,804    Adjusted Earnings    
    5,577    3,661    7,734    Adjusted Earnings attributable to Shell plc shareholders    
    94    106    70    Adjusted Earnings attributable to non-controlling interest    

    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.

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (106) (1) 154 (57) (15) (187) —
    Impairment reversals/(impairments) (341) — (21) 10 (293) (38) —
    Redundancy and restructuring (44) (1) (15) (9) (13) (9) 4
    Fair value accounting of commodity derivatives and certain gas contracts1 194 420 (1) 12 (258) 20 —
    Other2 (212) (70) 4 — (101) (46) —
    Total identified items included in Income/(loss) before taxation (510) 348 121 (44) (679) (260) 4
    Less: Total identified items included in Taxation charge/(credit) 301 43 378 4 (99) (54) 29
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (208) — 8 (61) (12) (143) —
    Impairment reversals/(impairments) (317) — (15) 6 (277) (31) —
    Redundancy and restructuring (24) (1) (5) (1) (12) (7) 2
    Fair value accounting of commodity derivatives and certain gas contracts1 187 362 — 7 (202) 20 —
    Impact of exchange rate movements and inflationary adjustments on tax balances3 108 4 132 — — — (28)
    Other2 (558) (59) (377) — (77) (45) —
    Impact on Adjusted Earnings (811) 306 (257) (49) (581) (205) (26)
    Impact on Adjusted Earnings attributable to non-controlling interest — — — — — — —
    Impact on Adjusted Earnings attributable to Shell plc shareholders (811) 306 (257) (49) (581) (205) (26)

    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

             Page 17


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    1st QUARTER 2025 UNAUDITED RESULTS

    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).

                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (288) (99) (66) (216) 42 51 —
    Impairment reversals/(impairments) (2,554) (523) (183) (493) (288) (1,065) (1)
    Redundancy and restructuring (175) (27) (62) (70) (5) (11) (1)
    Fair value accounting of commodity derivatives and certain gas contracts1 209 136 (14) 58 (38) 67 —
    Other1 (200) — (165) (33) (2) — —
    Total identified items included in Income/(loss) before taxation (3,008) (514) (491) (753) (291) (958) (2)
    Less: Total identified items included in Taxation charge/(credit) (230) (92) 160 (17) (191) (43) (47)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (321) (96) (51) (247) 33 40 —
    Impairment reversals/(impairments) (2,170) (339) (152) (458) (224) (996) (1)
    Redundancy and restructuring (115) (16) (34) (52) (3) (8) (1)
    Fair value accounting of commodity derivatives and certain gas contracts1 184 109 (4) 46 (17) 50 —
    Impact of exchange rate movements and inflationary adjustments on tax balances1 (210) (57) (199) — — — 46
    Other1 (147) (22) (212) (25) 113 — —
    Impact on Adjusted Earnings (2,778) (421) (651) (736) (99) (914) 45
    Impact on Adjusted Earnings attributable to non-controlling interest — — — — — — —
    Impact on Adjusted Earnings attributable to Shell plc shareholders (2,778) (421) (651) (736) (99) (914) 45

    1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

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    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 10 (3) 27 (15) (9) 10 —
    Impairment reversals/(impairments) (227) (8) (96) (4) (178) 59 —
    Redundancy and restructuring (74) (1) (13) (20) (18) (15) (6)
    Fair value accounting of commodity derivatives and certain gas contracts1 (1,079) (1,068) (2) 6 (416) 400 —
    Other1 126 4 38 23 45 16 —
    Total identified items included in Income/(loss) before taxation (1,244) (1,075) (46) (11) (575) 469 (6)
    Less: Total identified items included in Taxation charge/(credit) (604) (157) (385) (4) (118) 80 (20)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (4) (2) 10 (11) (7) 6 —
    Impairment reversals/(impairments) (186) (5) (102) (3) (152) 77 —
    Redundancy and restructuring (53) (1) (9) (15) (14) (11) (4)
    Fair value accounting of commodity derivatives and certain gas contracts1 (896) (887) — 5 (319) 306 —
    Impact of exchange rate movements and inflationary adjustments on tax balances1 403 (27) 412 — — — 18
    Other1 95 3 28 17 34 12 —
    Impact on Adjusted Earnings (641) (919) 339 (7) (458) 390 14
    Impact on Adjusted Earnings attributable to non-controlling interest — — — — — — —
    Impact on Adjusted Earnings attributable to Shell plc shareholders (641) (919) 339 (7) (458) 390 14

    1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

    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    
    Q1 2025 Q4 2024 Q1 2024      
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders ($ million)    
               
          Weighted average number of shares used as the basis for determining:    
    6,033.5    6,148.4    6,440.1    Basic earnings per share (million)    
    6,087.8    6,213.9    6,504.3    Diluted earnings per share (million)    

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    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 (98,948,766)     (8)    
    At March 31, 2025 6,016,082,392      502     
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (88,893,999)     (7)    
    At March 31, 2024 6,435,215,050      537     

    At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    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 —    —    —    —    1,967    1,967   
    Transfer from other comprehensive income —    —    —    —    11    11   
    Repurchases of shares —    —    8    —    —    8   
    Share-based compensation —    —    —    (663)   —    (663)  
    At March 31, 2025 37,298    154    279    754    (17,394)   21,090   
    At January 1, 2024 37,298    154    236    1,308    (17,851)   21,145   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (1,420)   (1,420)  
    Transfer from other comprehensive income —    —    —    —    138    138   
    Repurchases of shares —    —    7    —    —    7   
    Share-based compensation —    —    —    (426)   —    (426)  
    At March 31, 2024 37,298    154    244    882    (19,132)   19,445   

    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 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 March 31, 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.

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    The movement of the derivative financial instruments between December 31, 2024 and March 31, 2025 is a decrease of $732 million for the current assets and a decrease of $1,020 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 March 31, 2025 December 31, 2024
    Carrying amount1 48,023    48,376   
    Fair value2 44,240    44,119   

    1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the first quarter 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  
    Q1 2025 Q4 2024 Q1 2024      
    302    683    907    Interest and other income/(expenses)    
          Of which:    
    481    548    588    Interest income    
    1    25    23    Dividend income (from investments in equity securities)    
    (127)   (288)   10    Net gains/(losses) on sales and revaluation of non-current assets and businesses    
    (137)   267    66    Net foreign exchange gains/(losses) on financing activities    
    85    131    219    Other    

    Depreciation, depletion and amortisation

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    5,441    7,520    5,881    Depreciation, depletion and amortisation    
          Of which:    
    5,130 5,829 5,654 Depreciation    
    311 1,797 382 Impairments    
    (1) (106) (154) Impairment reversals    

    Impairments recognised in the first quarter 2025 of $311 million pre-tax ($287 million post-tax) principally relate to Chemicals and Products.

    Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax ($2,245 million post-tax), of which $1,797 million recognised in depreciation, depletion and amortisation and $863 million recognised in share of profit of joint ventures and associates, mainly relate to Renewables and Energy Solutions ($1,068 million pre-tax; $1,000 million post-tax), Integrated Gas ($532 million pre-tax; $345 million post-tax), Marketing ($495 million pre-tax; $459 million post-tax), Chemicals and Products ($315 million pre-tax; $247 million post-tax) and Upstream ($248 million pre-tax; $194 million post-tax).

    Impairments recognised in the first quarter 2024 of $382 million pre-tax ($332 million post-tax) include smaller

    impairments in various segments.

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    Taxation charge/credit

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    4,083    3,164    3,604    Taxation charge/(credit)    
          Of which:    
    4,024 3,125 3,525 Income tax excluding Pillar Two income tax    
    59 39 79 Income tax related to Pillar Two income tax    

    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  
    Q1 2025 Q4 2024 Q1 2024      
    1,711    (4,899)   (1,995)   Currency translation differences    
          Of which:    
    1,618 (5,028) (1,983) Recognised in Other comprehensive income    
    92 129 (12) (Gain)/loss reclassified to profit or loss    

    Condensed Consolidated Balance Sheet

    Other intangible assets

                       
       
    $ million      
      March 31, 2025 December 31, 2024  
    Other intangible assets 11,365    9,480     
           

    The increase in other intangible assets as at March 31, 2025 compared with December 31, 2024 is mainly related to initial recognition at fair value of favourable LNG, gas offtake and sales contracts. These were recognised following completion of the acquisition of Pavilion Energy Pte. Ltd. during the first quarter 2025. The fair value of unfavourable LNG, gas offtake and sales contracts acquired was recognised under trade and other payables.

    Assets classified as held for sale

                       
       
    $ million      
      March 31, 2025 December 31, 2024  
    Assets classified as held for sale 10,881    9,857     
    Liabilities directly associated with assets classified as held for sale 8,001    6,203     

    Assets classified as held for sale and associated liabilities at March 31, 2025 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada and an energy and chemicals park in Singapore, both 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 March 31, 2025, are Property, plant and equipment ($8,866 million; December 31, 2024: $8,283 million), Inventories ($1,003 million; December 31, 2024: $1,180 million), Decommissioning and other provisions ($3,228 million; December 31, 2024: $3,053 million), deferred tax liabilities ($2,823 million; December 31, 2024: $2,042 million), Trade and other payables ($1,000 million; December 31, 2024: $484 million) and Debt ($839 million; December 31, 2024: $624 million).

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    1st QUARTER 2025 UNAUDITED RESULTS

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    570    (856)   509    Other    

    ‘Cash flow from operating activities – Other’ for the first quarter 2025 includes $652 million of net inflows (fourth quarter 2024: $1,447 million net outflows; first quarter 2024: $188 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $255 million in relation to reversal of currency exchange gains on Cash and cash equivalents (fourth quarter 2024: $672 million losses; first quarter 2024: $253 million losses).

    Cash flow from investing activities – Other investing cash outflows

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    (1,394)   (655)   (1,494)   Other investing cash outflows    

    ‘Cash flow from investing activities – Other investing cash outflows’ for the first quarter 2025 includes $818 million secured term loans provided to The Shell Petroleum Development Company of Nigeria Limited (SPDC) upon completion of the sale of SPDC. The first quarter 2024 includes $645 million of debt securities acquired in the Corporate segment.

    8. Reconciliation of Operating expenses and Total Debt

                               
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    5,549    5,839    5,810    Production and manufacturing expenses    
    2,840    3,231    2,975    Selling, distribution and administrative expenses    
    185    331    212    Research and development    
    8,575    9,401    8,997    Operating expenses    
                               
                 
    RECONCILIATION OF TOTAL DEBT    
    March 31, 2025 December 31, 2024 March 31, 2024 $ million    
    11,391    11,630    11,046    Current debt    
    65,120    65,448    68,886    Non-current debt    
    76,511    77,078    79,931    Total debt    

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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.

    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.

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 4,875 2,789 2,080 814 (77) (247) (483)
    Add: Current cost of supplies adjustment before taxation (15)     52 (67)    
    Add: Tax on current cost of supplies adjustment (2)     (14) 12    
    Less: Identified items (811) 306 (257) (49) (581) (205) (26)
    Less: Income/(loss) attributable to non-controlling interest 95            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (1)            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 5,577            
    Add: Non-controlling interest 94            
    Adjusted Earnings plus non-controlling interest 5,670 2,483 2,337 900 449 (42) (457)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,784 803 2,619 391 99 63 (191)
    Add: Depreciation, depletion and amortisation excluding impairments 5,130 1,404 2,213 566 852 90 6
    Add: Exploration well write-offs 28 — 29        
    Add: Interest expense excluding identified items 1,119 51 200 12 14 2 841
    Less: Interest income 481 4 11 — 4 2 461
    Adjusted EBITDA 15,250 4,735 7,387 1,869 1,410 111 (261)
    Less: Current cost of supplies adjustment before taxation (15)     52 (67)    
    Joint ventures and associates (dividends received less profit) (178) (286) (159) 203 54 10 —
    Derivative financial instruments (38) 542 14 10 (508) (169) 73
    Taxation paid (2,900) (773) (1,999) (174) 63 52 (68)
    Other (206) (68) (386) 396 125 (17) (257)
    (Increase)/decrease in working capital (2,663) (687) (913) (344) (1,081) 380 (19)
    Cash flow from operating activities 9,281 3,463 3,945 1,907 130 367 (531)

             Page 24


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 1,041 1,744 1,031 103 (276) (1,226) (335)
    Add: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Add: Tax on current cost of supplies adjustment 23     2 21    
    Less: Identified items (2,778) (421) (651) (736) (99) (914) 45
    Less: Income/(loss) attributable to non-controlling interest 113            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (7)            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 3,661            
    Add: Non-controlling interest 106            
    Adjusted Earnings plus non-controlling interest 3,766 2,165 1,682 839 (229) (311) (380)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,371 635 2,618 266 (198) 97 (46)
    Add: Depreciation, depletion and amortisation excluding impairments 5,829 1,440 2,803 587 896 96 8
    Add: Exploration well write-offs 649 277 372 — — — —
    Add: Interest expense excluding identified items 1,213 54 201 17 16 2 923
    Less: Interest income 548 3 — — 10 7 529
    Adjusted EBITDA 14,281 4,568 7,676 1,709 475 (123) (24)
    Less: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Joint ventures and associates (dividends received less profit) 451 110 (22) 172 139 51 —
    Derivative financial instruments 319 120 (28) (8) 230 533 (527)
    Taxation paid (2,910) (635) (2,019) (130) 36 (41) (120)
    Other (1,461) 114 (486) (1,227) (313) 77 375
    (Increase)/decrease in working capital 2,407 114 (611) 845 1,394 353 312
    Cash flow from operating activities 13,162 4,391 4,509 1,363 2,032 850 16
                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 7,439 2,761 2,272 896 1,311 553 (354)
    Add: Current cost of supplies adjustment before taxation (360)     (153) (207)    
    Add: Tax on current cost of supplies adjustment 84     30 54    
    Less: Identified items (641) (919) 339 (7) (458) 390 14
    Less: Income/(loss) attributable to non-controlling interest 82            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (12)            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 7,734            
    Add: Non-controlling interest 70            
    Adjusted Earnings plus non-controlling interest 7,804 3,680 1,933 781 1,615 163 (368)
    Add: Taxation charge/(credit) excluding tax impact of identified items 4,124 996 2,522 358 338 — (91)
    Add: Depreciation, depletion and amortisation excluding impairments 5,654 1,410 2,727 535 870 106 6
    Add: Exploration well write-offs 554 8 546 — — — —
    Add: Interest expense excluding identified items 1,163 42 169 12 17 1 922
    Less: Interest income 588 — 10 — 14 4 560
    Adjusted EBITDA 18,711 6,136 7,888 1,686 2,826 267 (92)
    Less: Current cost of supplies adjustment before taxation (360)     (153) (207)    
    Joint ventures and associates (dividends received less profit) (582) (197) (546) 93 56 13 —
    Derivative financial instruments 306 (1,080) (3) (39) (402) 1,978 (149)
    Taxation paid (2,616) (467) (1,802) (175) (19) (244) 91
    Other (97) 45 (231) 393 (378) (30) 104
    (Increase)/decrease in working capital (2,752) 275 421 (792) (2,639) 481 (499)
    Cash flow from operating activities 13,330 4,712 5,727 1,319 (349) 2,466 (545)

    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.

             Page 25


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    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
      Q1 2025 Q4 2024 Q1 2024
    Current debt 11,046 9,931 9,044
    Non-current debt 68,886 71,610 76,098
    Total equity 188,304 188,362 195,530
    Less: Cash and cash equivalents (39,949) (38,774) (42,074)
    Capital employed – opening 228,286 231,128 238,598
    Current debt 11,391 11,630 11,046
    Non-current debt 65,120 65,448 68,886
    Total equity 180,670 180,168 188,304
    Less: Cash and cash equivalents (35,601) (39,110) (39,949)
    Capital employed – closing 221,580 218,134 228,286
    Capital employed – average 224,933 224,630 233,442

             Page 26


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                           
     
    $ million Quarters
      Q1 2025 Q4 2024 Q1 2024
    Adjusted Earnings – current and previous three quarters (Reference A) 21,558 23,716 26,338
    Add: Income/(loss) attributable to NCI – current and previous three quarters 441 427 295
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 25 14 (24)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 18 18 (11)
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 22,005 24,139 26,620
    Add: Interest expense after tax – current and previous three quarters 2,639 2,701 2,718
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,329 1,389 1,368
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 23,315 25,452 27,971
    Capital employed – average 224,933 224,630 233,442
    ROACE on an Adjusted Earnings plus NCI basis 10.4% 11.3% 12.0%

    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  
      March 31, 2025 December 31, 2024 March 31, 2024
    Current debt 11,391    11,630    11,046   
    Non-current debt 65,120    65,448    68,886   
    Total debt 76,511    77,078    79,931   
    Of which: Lease liabilities 28,488    28,702    26,885   
    Add: Debt-related derivative financial instruments: net liability/(asset) 1,905    2,469    1,888   
    Add: Collateral on debt-related derivatives: net liability/(asset) (1,295)   (1,628)   (1,357)  
    Less: Cash and cash equivalents (35,601)   (39,110)   (39,949)  
    Net debt 41,521    38,809    40,513   
    Total equity 180,670    180,168    188,304   
    Total capital 222,190    218,974    228,817   
    Gearing 18.7  % 17.7  % 17.7  %

    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 27


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,549 947 2,139 349 1,621 486 8
    Selling, distribution and administrative expenses 2,840 38 42 2,053 442 153 111
    Research and development 185 22 32 42 25 21 43
    Operating expenses 8,575 1,006 2,213 2,444 2,088 661 162
                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,839 982 2,470 270 1,632 480 5
    Selling, distribution and administrative expenses 3,231 39 96 2,258 471 241 126
    Research and development 331 40 69 73 46 37 66
    Operating expenses 9,401 1,061 2,635 2,602 2,149 757 196
                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,810 956 2,269 366 1,634 579 5
    Selling, distribution and administrative expenses 2,975 62 58 2,188 420 158 89
    Research and development 212 26 58 34 34 12 49
    Operating expenses 8,997 1,044 2,385 2,587 2,088 749 144

    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.

                               
         
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    8,575    9,401    8,997    Operating expenses    
    (44)   (174)   (73)   Redundancy and restructuring (charges)/reversal    
    (101)   (88)   —    (Provisions)/reversal    
    23    —    130    Other    
    (121)   (262)   57    Total identified items    
    8,453    9,138    9,054    Underlying operating expenses    

    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.

             Page 28


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    9,281    13,162    13,330    Cash flow from operating activities    
    (3,959)   (4,431)   (3,528)   Cash flow from investing activities    
    5,322    8,731    9,802    Free cash flow    
    597    805    1,025    Less: Divestment proceeds (Reference I)    
    45    1    —    Add: Tax paid on divestments (reported under “Other investing cash outflows”)    
    130    525    62    Add: Cash outflows related to inorganic capital expenditure1    
    4,899    8,453    8,839    Organic free cash flow2    

    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  
    Q1 2025 Q4 2024 Q1 2024      
    9,281    13,162    13,330    Cash flow from operating activities    
    854    131    (608)   (Increase)/decrease in inventories    
    (2,610)   751    (195)   (Increase)/decrease in current receivables    
    (907)   1,524    (1,949)   Increase/(decrease) in current payables    
    (2,663)   2,407    (2,752)   (Increase)/decrease in working capital    
    11,944    10,755    16,082    Cash flow from operating activities excluding working capital movements    

    I.    Divestment proceeds

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

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    559    493 323 Proceeds from sale of property, plant and equipment and businesses    
    33    305 133 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans    
    5    6 569 Proceeds from sale of equity securities    
    597    805 1,025 Divestment proceeds    

             Page 29


    SHELL PLC
    1st QUARTER 2025 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 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, May 2, 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.

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

             Page 30


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    This announcement contains inside information.

    May 2, 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: Inside Information

             Page 31

    The MIL Network –

    May 2, 2025
  • MIL-OSI: Middlefield Canadian Income PCC – Proposed Rollover into UCITS ETF

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

    This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

    The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the United Kingdom pursuant to The European Union Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

    Middlefield Canadian Income PCC (the “Company”)
    Including Middlefield Canadian Income – GBP PC (the “Fund”), a cell of the Company
    Registered No:  93546 Legal Entity Identifier: 2138007ENW3JEJXC8658

                    
    2 May 2025

    Proposed Rollover into UCITS ETF

    Middlefield Canadian Income PCC (the “Company”) and Middlefield Canadian Income – GBP PC (the “Fund”) today announce their intention to propose a transaction whereby shareholders in the Fund (the “Shareholders”) would have the option to receive shares in a newly established, actively managed, listed and London Stock Exchange traded fund in the form of an authorised UCITS (Undertakings for Collective Investment in Transferable Securities) (the “ETF”) in exchange for their shareholding in the Fund (the “Transaction”). It is envisaged that the Transaction would involve the voluntary winding up of the Company and the Fund. The ETF would be managed by Middlefield Limited, the Company’s investment manager (“Middlefield”) and would offer continued exposure to the Company’s existing investment objective and policy. Advisory work on the structure of the Transaction is ongoing, and the Company will release an announcement with further details in due course.

    Under the proposed terms of the Transaction, Shareholders who do not wish to continue their exposure to the Company’s existing investment objective and policy via the ETF (whether with respect to their entire shareholding, or part thereof) would be able to participate in an uncapped cash exit at close to the Company’s net asset value (“NAV”) per share, or elect to receive a combination of both shares in the ETF and cash.

    As previously announced on 13 February 2025, the Company received a requisition notice from Saba Capital Management, L.P. (“Saba”) proposing that Shareholders be asked to consider, and, if thought fit, approve, the taking by the Company of all necessary steps to implement a scheme or process by which Shareholders would have the option of becoming shareholders of a UK-listed open-ended investment vehicle with a substantially similar strategy as that of the Company and managed by the Company’s existing manager (the “Requisition Notice”).

    Following receipt of the Requisition Notice, the board of the Company (the “Board”) consulted with a number of the Company’s largest Shareholders, including Saba. Following constructive discussions, Saba agreed to withdraw the Requisition Notice for a period of 60 days to enable the Company and its advisers to formulate proposals that would best serve the interests of all Shareholders.

    Further to the feedback received, the Board has concluded that the interests of Shareholders would be best served by proposing the Transaction and an alternative investment vehicle which would address the issue of limited liquidity in the Company’s shares and the discount to NAV at which the shares have been trading, whilst enabling those Shareholders who wish to retain exposure to high quality, Canadian and US large capitalisation businesses focusing on high levels of stable and increasing income, the option to do so. Further to ongoing discussions with the Company’s legal, tax and financial advisers and Middlefield, and having considered other potential closed-end fund rollover options, the Board has concluded that the ETF represents the most suitable rollover option for Shareholders.

    The intention in proposing the ETF as an alternative investment option for Shareholders would be to create a cost-effective vehicle which is positioned to grow and which should benefit from a tight bid-offer spread, a total expense ratio (“TER”) lower than the Company’s current TER and a share price that trades close to or at the NAV per share of the ETF, whilst offering continued exposure to the Company’s existing investment objective and policy. ETFs trade at prices close to or at NAV due to the in-kind creation and redemption mechanism which underpins their structure and which is utilised by authorised participants to address any material surplus or deficit of ETF shares in the market.

    The Company notes that over the last ten years, Middlefield has successfully rolled several of its Canadian closed-end funds into exchange traded funds listed on the Toronto Stock Exchange. For the year ended 31 December 2024, three of the exchange traded funds managed by Middlefield were ranked among the Top 10 Best-Performing Canadian ETFs, as recognised by Morningstar*.

    Saba has publicly expressed its support for enhanced liquidity options and, consistent with its earlier requisition, has indicated that it would vote in favour of the Transaction at any general meeting of Shareholders to be convened in due course to approve the Transaction.

    The ETF

    It is proposed that shares in the ETF would be admitted to trading on the London Stock Exchange’s main market for listed securities. In due course, the ETF may also seek listings on additional European exchanges to broaden investor access. The ETF would adopt the Company’s current investment objective and policy, maintaining a focus on delivering a high level of income and long-term capital growth through investment in a portfolio of larger capitalisation, high-yielding Canadian equities, with a focus on companies that consistently pay and grow their dividends. The ETF is expected to pay quarterly distributions at a level similar to the current dividends paid by the Company and to operate with a lower TER, targeted to be below 1 per cent. The Company uses short term borrowings to support its dividend policy. It is intended that the ETF may seek to use financial derivative instruments, such as total return equity swaps, to support its dividend policy with a similar effect to that provided by the use of borrowings by the Company.

    Middlefield has appointed HANetf, a leading white-label provider of exchange traded products, to advise on the structuring and establishment of the ETF. HANetf has extensive experience in structuring, distributing and marketing exchange traded funds and will provide ongoing operational, administrative and marketing support to Middlefield in its capacity as the manager of the ETF. The set-up costs of the ETF will be borne by Middlefield.

    Expected timetable

    Subject to the satisfactory completion of ongoing advisory work, the ETF is expected to be established and a circular relating to the Transaction sent to Shareholders by August 2025. The Transaction would be subject to usual regulatory and tax approvals.

    Michael Phair, the Chair of the Company and Fund, commented:

    “The Board continues to have strong conviction in the Company’s investment proposition and its ability to deliver a high level of income and long-term capital growth. However, the Board has listened to feedback from Shareholders and recognises that the constrained liquidity and persistent discount to NAV remain impediments to new and further investment.

    Accordingly, the Board is actively working on the terms of the Transaction, which, if approved, would provide Shareholders with an opportunity to continue their investment in the existing strategy through the ETF option, or the realisation of their investment at close to NAV, or a combination of both.”

    For further information, please contact:

    Middlefield Canadian Income – GBP PC                                via Investec Bank plc
    Michael Phair (Chairman)

    Investec Bank plc
    Corporate Broker
    Helen Goldsmith/David Yovichic/Denis Flanagan
    Tel: 020 7597 4000

    JTC Fund Solutions (Jersey) Limited
    Secretary
    Matt Tostevin/Hilary Jones/Jade Livesey
    Tel: 01534 700 000

    Burson Buchanan
    PR Advisers
    Charles Ryland/Henry Wilson
    Tel: 020 7466 5000

    * Middlefield Innovation Dividend ETF (Global Equity): over 5 years; Middlefield Sustainable Global Dividend ETF (Global Dividend & Income Equity): over 3, 5 and 10 years; Middlefield U.S. Equity Dividend ETF (US Dividend & Income Equity): over 5 years (source: Morningstar, Inc.) All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

    The MIL Network –

    May 2, 2025
  • MIL-OSI Australia: Two in custody following alleged Tasman Highway evade

    Source: New South Wales Community and Justice

    Two in custody following alleged Tasman Highway evade

    Friday, 2 May 2025 – 4:00 pm.

    Two people remain in custody and are assisting police with their inquiries following an alleged evade incident in Southern Tasmania earlier today.
    Significant police resources were deployed after a vehicle allegedly evaded police at Colebrook just after 12.30pm.  
    The Westpac Rescue Helicopter assisted by safely maintaining observations and reducing the risk posed to the public and police. 
    A blue Ford Courier ute was observed by the helicopter allegedly driving dangerously on the highway, travelling on the incorrect side of the road and into oncoming traffic.
    The ute was successfully spiked by police before the alleged offenders were provided with another vehicle by a person known to them and they were again detected driving erratically in a silver Ford Laser.
    The alleged offenders were safely taken into custody at Brighton just before 2pm after their sedan crashed into another vehicle and they unsuccessfully attempted to carjack another vehicle.  
    The driver and passenger of the vehicle the alleged offenders crashed into were taken to the Royal Hobart Hospital as a precaution.
    Investigations are ongoing and police would like to thank members of the public who reported the vehicles during the incident.
    Anyone with information about a blue Ford Courier ute or a silver Ford Laser driving dangerously on the Tasman Highway in the Colebrook, Lindisfarne or Risdon Vale areas between 12.30pm and 2pm should contact police on 131 444 and quote ESCAD 185-02052025
    Dash cam footage can be uploaded here

    MIL OSI News –

    May 2, 2025
  • MIL-OSI New Zealand: Nowhere to go for robbery offenders

    Source: New Zealand Police (District News)

    Police had eyes in many places, arresting a group of offenders following an aggravated robbery in Titirangi last night.

    The trio were eventually arrested in Takanini after being tracked across the region.

    Waitematā CIB’s Detective Senior Sergeant Megan Goldie says offenders arrived at a dairy on Titirangi Road just after 8.30pm.

    “The offenders attempted to steal a range of items from the store, including the till, but only managed to take some food items.

    “During the course of the offending, the store worker was knocked to the ground and threatened with a weapon, but was not injured.”

    Both offenders fled in a vehicle from the scene.

    A Police camera operator soon located this vehicle travelling on Portage Road.

    “The camera operator was able to guide the Police helicopter to its location, where it took over observations,” Detective Senior Sergeant Goldie says.

    “It was seen travelling onto the South-Western motorway where it failed to stop for a unit.”

    The vehicle was successfully spiked on Porchester Road, before eventually coming to a stop.

    Detective Senior Sergeant Goldie says three occupants fled from the vehicle and were soon arrested by Police.

    Those arrested include the 20-year-old driver and two passengers, aged 13 and 14.

    The driver faces charges of aggravated robbery, dangerous driving and failing to stop.

    A 14-year-old has also been charged with aggravated robbery.

    ENDS.

    Jarred Williamson/NZ Police 

    MIL OSI New Zealand News –

    May 2, 2025
  • MIL-OSI New Zealand: Name Release, Fatal Crash, Owhata

    Source: New Zealand Police (National News)

    Police can now release the name of the man who died in a two-vehicle crash on Te Ngae Road, Owhata, on Friday 25 April.

    He was Shubhkarman Singh, 33, of Owhata.

    Police extend their condolences to his loved ones at this difficult time.

    All occupants involved in the crash have been identified. The Police investigation into the circumstances surrounding the crash are ongoing.

    ENDS

    Issued by Police Media Centre 

    MIL OSI New Zealand News –

    May 2, 2025
  • MIL-OSI New Zealand: Arrests made following Hastings gang-related tangi

    Source: New Zealand Police (National News)

    Attributable to Inspector Caroline Martin, Hawke’s Bay Area Prevention Manager

    Hawke’s Bay Police monitored a gang-related tangi taking place in the Hastings area today.

    During the tangi gang insignia breaches and traffic offending were identified.

    Police made a number of arrests and seized and impounded three vehicles involved in the tangi.

    Where breaches and traffic offending were not able to be dealt with at the time by Police, information has been collated to assist with further follow up action. Police will not tolerate unlawful activity, and will be working to hold people to account.

    Police encourage the public to report any instances of unlawful activity to police so we can take appropriate action. If you have any information in relation to the tangi today please contact police online at 105.police.govt.nz or by calling 105.

    Please reference file number 250502/1280.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

    May 2, 2025
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