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Category: Vehicles

  • MIL-OSI Economics: Global MBBF 2024: Accelerating 5.5G and AI Convergence to Lead the Mobile AI Era

    Source: Huawei

    Headline: Global MBBF 2024: Accelerating 5.5G and AI Convergence to Lead the Mobile AI Era

    [Istanbul, Türkiye, October 30, 2024] The Global Mobile Broadband Forum 2024 (MBBF 2024) has kicked off in Istanbul, Türkiye with the theme “5.5G Leads Mobile AI Era”. More than 1,000 guests from mobile network carriers, ecosystem players, and leaders from vertical industries have gathered to discuss a wide range of topics, from business model innovation to industry development and key technological directions in the Mobile AI era.
    This forum was set up to further promote the convergence of 5.5G and intelligent applications to create greater value for the mobile industry. During the forum, Huawei and Türkiye network carriers have jointly provided diverse intelligent 5.5G field experiences. Also, various players in the Mobile AI ecosystem will be displaying their intelligent connectivity applications for people, homes, things, vehicles, and industries.
    MBBF 2024 began with the opening remarks from Ken Hu, Huawei’s Rotating Chairman. “In the future, AI will change everything. Everyone will be able to use it, anytime and anywhere. Mobile networks and devices will play an important role to make that happen, just like what we have done to enable telephones and mobile Internet as a universal service,” said Hu.
    Ken Hu, Huawei’s Rotating Chairman, delivering the opening remarks

    2024 has brought both the commercial launch of 5.5G and the unprecedented expansion of artificial intelligence (AI) into our everyday life and work. Globally, more than 3 million AI-capable applications have been developed, more than the total number of non-AI apps available in the app store. That early commercial 5.5G rollout coincides with the first year of AI adoption in various devices is tremendously significant — it heralds the dawn of the Mobile AI era.
    Li Peng, Huawei’s Senior Vice President and President of ICT Sales & Service delivered a keynote on how to maximize new growth opportunities in the mobile AI era. “The mobile AI era is here,” said Li. “We will see new forms of interaction with devices, new intelligent services, and structural changes in traffic models. This will bring huge new opportunities for the mobile industry.”
    Li Peng, Huawei’s Senior Vice President and President of ICT Sales & Service, speaking at Global MBB Forum 2024 in Istanbul

    Li then detailed how carriers can make the most of these new opportunities and drive new growth by reshaping services, network infrastructure, O&M, and business models. He shared how leading carriers around the world have already verified AI service capabilities on live 5.5G networks across a wide range of scenarios for individuals, homes, travel, and business.
    “Moving forward, there are two things we can do to capitalize on new opportunities in the mobile AI era,” said Li. “First, we should prepare our networks to support AI. That means boosting network capabilities, especially uplink, latency, and capacity. Second, we can use AI to support our networks. With more complex networks, we can use AI to help automate O&M, optimize network efficiency, and guarantee a solid user experience.”
    This forum features boutique exhibitions of new intelligent connectivity for people, homes, things, industries, and vehicles. Across the indoor booths and outdoor fields, multimodal AI devices and diverse Mobile AI applications are presented, including AI phones, AI glasses, intelligent cockpits, humanoid intelligence, AI-generated content (AIGC), digital human interaction, and AI-powered real-time call translation, thanks to the joint efforts of Huawei, operators, and industry players. Another highlight is the continuous 5.5G coverage across the indoor and outdoor areas of the venues, showcasing the multidimensional capabilities of 5.5G networks and the cutting-edge products and solutions that power them.
    The 15th Global Mobile Broadband Forum, with a tagline of ‘5.5G Leads Mobile AI Era’, runs from October 30 to 31 in Istanbul, Türkiye. It will be hosted by Huawei with support from our industry partners GSMA and GTI. Together with operators, vertical industry leaders, and ecosystem partners, we will share the industry’s latest advancements and explore new opportunities. Industry stakeholders will discuss how to achieve 5.5G business success in the Mobile AI era, and leverage the success of 5G to attain even greater achievements with 5.5G. For more information, please visit MBBF2024 at: https://www.huawei.com/en/events/mbbf2024.

    MIL OSI Economics –

  • MIL-OSI China: FAW-Volkswagen executives share industry trends

    Source: China State Council Information Office

    Executives from FAW-Volkswagen (FAW-VW) discussed automotive industry trends and engaged with students during a forum at Tsinghua University in Beijing on Oct. 25.

    Participants gather at Tsinghua University in Beijing during FAW-Volkswagen’s industry vision presentation to students, Oct. 25, 2024. [Photo courtesy of FAW-VW]

    A joint venture between FAW Group and Volkswagen Group, FAW-VW plays a crucial role in the Volkswagen Group’s “In China, For China” strategy. Since its establishment in 1991, FAW-VW has created nearly 500,000 jobs and generated more than 700 billion yuan ($98 billion) in tax revenue, contributing greatly to China’s automobile industry.

    Dr. Oliver Gruenberg, vice president of technology at FAW-VW, emphasized the company’s commitment to sustainable development and innovation in his speech.

    “FAW-VW actively responds to the national ‘dual carbon’ call, implementing full lifecycle carbon reduction through practical actions in green research and development, green supply chain, green production, green logistics, and green product use,” said Gruenberg. 

    Gruenberg praised China’s rapidly expanding new energy vehicle industry and emphasized the importance of green transformation in driving sustainable growth.

    FAW-VW Vice President of Technology Oliver Gruenberg addresses students at Tsinghua University in Beijing, Oct. 25, 2024. [Photo courtesy of FAW-VW]

    Gruenberg highlighted research and development (R&D) and innovation as crucial elements of the automotive sector’s future. He detailed FAW-Volkswagen’s achievements in localized R&D, intelligent manufacturing and quality assurance, while forecasting AI-enabled autonomous driving as the industry’s next major advancement.

    During the forum, FAW-VW executives answered questions from Tsinghua University students on topics ranging from career opportunities to industry developments.

    Cheng Wanli, human resources director at FAW-VW, stressed the company’s people-oriented approach and its commitment to attracting and developing top talent.

    Cheng Wanli, human resources director at FAW-VW, addresses students during Times forum at Tsinghua University in Beijing, Oct. 25, 2024. [Photo courtesy of FAW-VW]

    MIL OSI China News –

  • MIL-OSI Australia: Fire safety first for caravan park operators

    Source: Victoria Country Fire Authority

    Caravan parks provide accommodation for visitors and permanent residents alike. However, the high risk of injury and fatality with caravan fires and fires at caravan parks makes fire safety education and training crucial for park operators – particularly those in high-tourism areas.

    Not only can fires in caravans and caravan parks lead to serious injuries and fatalities due to their inherent intensity and ability to spread quickly, if a fire breaks out in a tourist area it is critical that park staff and guests know what to do to evacuate safely and efficiently. 

    Education is vital to ensure park operators understand fire hazards so they can implement measures to prevent fires, protecting both property and guests. 

    CFA’s Bellarine Group of brigades, supported by CFA’s District 7 team, recently worked with the Victorian Caravan Parks Association to deliver a full day of fire safety education and training to more than 60 caravan park operators from across the state. 


    Held at Portarlington Fire Station on 18 October, the day covered fire risk, caravan park legislation, emergency management and evacuation planning, first attack firefighting and use of extinguishers, and property preparation.     

    Participants heard from CFA’s Community Infrastructure and Community Education  teams, witnessing a demonstration of a gas cylinder flare off and learning how to use a fire blanket and test gas bottles for leaks.

    They also used CFA’s Virtual Reality technology to experience putting out a small fire. 

    CFA district staff then helped owners familiarise themselves with how emergency services operate and respond in the event of a fire, discussing whether a truck could fit on the premises if a fire broke out at their park.  

    CFA’s Industry Fire Prevention Manager Leigh Marsh said educating caravan park operators, staff and ultimately their guests about fire safety could save lives and reduce injury in the event of a fire. 

    “Fire safety risks can vary in parks depending on where they are located, however the flammability of caravans and their small size means that if a fire starts from cooking, an accident or faulty equipment, there is a high risk of fatality,” Leigh said.

    “The fire is also likely to spread quickly due to its proximity to other caravans and park facilities. 

    “For those parks situated in holiday areas such as our coastal hamlets, the risk of bushfire impacting the park is high and inadequate planning can lead to delays in people being able to evacuate safely. 

    “Knowledge of fire safety allows caravan park operators to develop and communicate effectively to their guests about emergency plans, ensuring a quick response if a fire occurs.” 

    Leigh said education and training was also important to help caravan park operators better understand their legal obligations in relation to fire safety. 

    “Caravan parks must comply with a range of legislative requirements in Victoria in relation to fire safety, including the CFA Caravan Park Fire Safety Guidelines, which were updated this year,” Leigh said. 

    “Caravan parks also often operate within local communities so being proactive in fire safety fosters goodwill and promotes community safety – as well as encourages visitors to come back.” 

    The Caravan Parks Information and Training Day was originally the brainchild of Ocean Grove brigade volunteers and was held each year at their station for about seven years prior to the COVID-19 pandemic.  

    David Wynn from Wynndean Holiday Resorts said it was great to see the day up and running again, especially given the release of new Caravan Park Guidelines. 

    “Relationship building is critical in the interpretation of the guidelines and their application,” David said. 

    “The day allowed park operators and staff to use firefighting equipment in a controlled setting which assisted greatly in understanding our fire safety and emergency management obligations.”  

    David, who is also a volunteer with Wye River Fire Brigade, said the timing of the event was perfect preparation for the peak holiday period and the upcoming fire danger period.   

    “We are very lucky to have access to this day in our region and the highly-credentialled and experienced presenters,” he said.  

    “The CFA team made it clear they were there to support us. Thank you to them and the many volunteers, local brigades and CFA district staff who contributed to the day’s success.   

    “We are looking forward to next year’s event, and if you are a park operator please go out and meet with your local brigade, invite them into your park and actively build those relationships.” 

    CFA Bellarine Group manager and Wallington brigade firefighter Alistair Drayton said part of CFA’s role was to help communities build resilience to fire and other emergencies through education, upskilling and developing relationships with sectors most at risk. 

    “Events such as this are important in building that momentum and supporting and promoting a safer response for all brigades across the state,” Alistair said. 

    “Thanks to the park operators for giving their time and enthusiasm. Their feedback was extremely positive including that the content presented was what was needed and easy to understand and implement. 

    “We look forward to continuing to build relationships with them in our ongoing efforts to foster resilient and safer communities.”  

    Submitted by CFA News

    MIL OSI News –

  • MIL-OSI Australia: Arrests – Aggravated robbery – Palmerston

    Source: Northern Territory Police and Fire Services

    Northern Territory Police have arrested a female youth and a male adult in relation to an aggravated robbery that occurred in Palmerston yesterday evening.

    Around 6:30pm, police received reports of an adult male and a female youth allegedly threatening bar staff at a licenced premises on University Avenue, demanding alcohol.

    A short time later, the two offenders allegedly threatened a man before stealing his golf buggy and travelling to another business on University Avenue, in the golf buggy, where they stole multiple items.

    While attempting to flee in the stolen buggy, the offenders collided with a parked vehicle, the male offender fled the scene, and the female offender was apprehended nearby members of the public.

    The 38-year-old male offender has since been apprehended by Strike Force Trident.

    Both offenders remain in custody and are expected to be charged later today.

    Strike Force Trident are continuing investigations into the incidents.

    Police urge anyone with information about the incident to make contact on 131 444 and quote P24300362.

    Anonymous reports can be made through Crime Stoppers on 1800 333 000 or through https://crimestoppersnt.com.au/.

    MIL OSI News –

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

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

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

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

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

    Department of Information Technology of the City of Moscow.

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

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

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

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

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

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

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

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

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

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

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Serious crash, road blocked Tuakau

    Source: New Zealand Police (District News)

    Emergency services are in attendance at a serious crash in Tuakau this afternoon.

    Police were notified of the crash between a vehicle and motorbike, on Buckland Road, at about 4.38pm.

    Early indications suggest one person has received critical injuries.

    Road closures are in place at Wright and Buckland Roads, Logan and Buckland Roads and Ray White and Tuakau Roads.

    Motorists are advised to expect delays or seek an alternate route.

    The Serious Crash Unit has been advised.

    ENDS.

    Holly McKay/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: One person due to appear in Court after crash, Napier

    Source: New Zealand Police (District News)

    Attributable to Senior Sergeant Craig Vining:

    One man is due to appear in court following a serious crash in Onekawa this morning.

    At around 8.05am, Police were called to the intersection of Taradale Road and Riverbend Road after reports of a vehicle rolling multiple times and colliding with another vehicle.

    One person received critical injuries and was transported to hospital.

    Police are making enquiries into the circumstance of the crash.

    A 31-year-old man is due to appear in Napier District Court on Friday 1 November, facing multiple charges including unlawful taking of a motor vehicle and reckless driving.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Serious crash following fleeing driver incident, Waterview Tunnel, Southwestern Motorway

    Source: New Zealand Police (District News)

    Attributable to Inspector Juliet Burgess, Tamaki Makaurau Road Policing Manager

    One person has been injured following a crash in the Waterview Tunnel, Southwestern Motorway after fleeing Police.

    Shortly before 2.30pm Police received reports of a motorcycle riding on the wrong side of the road, in the northbound lane of the Southwestern Motorway near Walmsley.

    Police signalled for the motorcycle to stop but it failed to do so and instead fled from Police. Police blocked the northern end of the Waterview Tunnel and again signalled for the motorcycle to stop. It did not stop and fled back into the tunnel.

    A short time later the motorcycle collided with a Police vehicle in the tunnel. The motorcyclist was transported to Auckland Hospital in a serious condition.

    One southbound lane in Waterview Tunnel was blocked while emergency services attended, and the Serious Crash Unit conducted a scene examination.

    All lanes have now re-opened but there is still congestion, Police advise motorists to expect delays on the Southwestern Motorway and surrounding roading network.

    As standard practice, the matter will be referred to the Independent Police Conduct Authority.

    Any further information will be issued proactively when available.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Russia: Moscow Mayor: Two More Production Facilities to Be Created Under Offset Contracts

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The city plans to conclude two offset contracts – for the supply of SAM (Secure Access Module) secure access modules for public transport fare payment devices and for the provision of services for the disposal of abandoned vehicles. For this purpose, the Moscow Government will organize electronic tenders. The corresponding orders were signed by Sergei Sobyanin.

    Supply of secure access modules

    Under the terms of the first offset contract, the winner of the competition will undertake to create a new or modernize an existing production of SAM modules in the capital within three years. They are necessary for equipping turnstiles, validators, cash desks, terminals and ticket machines in public transport.

    “Electronic products will ensure the security of storing information on Troika travel tickets and transactions on them,” wrote Sergei Sobyanin

    in his telegram channel.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

    It is planned to purchase a total of at least 172 thousand SAM modules over seven years. Organizing their production is part of the project for the transition of Moscow city transport to domestic technologies. This will allow building a multi-level system for protecting travel tickets and transactions on them.

    The Troika card is the main instrument for paying for travel on the capital’s public transport. Since its launch in 2013, more than 50 million unified transport cards have been issued.

    Provision of recycling services

    Under the terms of the second offset contract, the winner of the competition will undertake to create a new or modernize an existing enterprise for the disposal of decommissioned vehicles in the capital within two years.

    “This will also help ensure environmentally safe recycling of technical liquids, heavy metals and other chemical waste,” added the Moscow Mayor.

    For its part, the Moscow Government guarantees a recycling volume of no less than 200 thousand tons of vehicles and used spare parts over 10 years.

    About 100 new jobs will be created at the production site. By refusing to use third-party contractors, the city budget will save up to 100 million rubles a year.

    Every year, city services evacuate about three thousand abandoned and dismantled vehicles, including at the request of Muscovites. on the portal “Our City”.

    Moscow Offset Contracts

    In 2017–2024, the Moscow Government concluded 22 offset contracts for the supply of medicines, medical products, food products for milk kitchens, landscaping elements, traction batteries for electric transport, municipal equipment and other products important for the city. The total volume of purchases under them will amount to about 413 billion rubles. In total, about seven thousand new jobs will be created.

    Under eight offset contracts, investors have already completed the creation of production facilities and started delivering products. The city receives drugs for the treatment of oncological, cardiological, endocrine and autoimmune diseases, as well as antiglaucoma, antibacterial, analgesic drugs, antidepressants and neuroleptics. Medical products are supplied to Moscow social institutions, and baby food is supplied to milk distribution points.

    Of the concluded offset contracts, three are inter-subject in nature. Moscow’s partners are the Republic of Karelia, Vladimir and Orenburg regions. Under these contracts, the city will receive crushed stone and stabilizing additives for road construction, as well as tulip planting kits.

    Sobyanin: Offset contracts allow us to guarantee the receipt of important products

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://vvv.mos.ru/major/themes/11972050/

    MIL OSI Russia News –

  • MIL-OSI: Societe Generale: Third quarter 2024 earnings

    Source: GlobeNewswire (MIL-OSI)

    RESULTS AT 30 SEPTEMBER 2024

    Press release                                                        
    Paris, 31 October 2024

    SOLID BUSINESS PERFORMANCE IN Q3 24,
    GROUP NET INCOME OF EUR 1.4 BILLION

    Revenues of EUR 6.8 billion, up +10.5% vs. Q3 231, driven notably by the strong rebound in net interest income in France, in line with end of year estimate, and by another solid performance of Global Banking and Investor Solutions, in particular in Equities and Transaction Banking

    Strong positive jaws, control of operating expenses, down by -0.8% vs. Q3 23

    Cost-to-income ratio at 63.3% in Q3 24, improved by 7.1 points vs. Q3 23

    Stable cost of risk at 27 basis points in Q3 24

    Profitability (ROTE) at 9.6% vs. 3.8% for Q3 23

    9M 24 NET INCOME UP 53% VS. 9M 23 AT EUR 3.2 BILLION,
    DRIVEN BY THE IMPROVEMENT IN OPERATING PERFORMANCE

    Revenues of EUR 20.2 billion, up +5.3% vs. 9M 23

    Stable operating expenses, +0.1% vs. 9M 23

    Cost-to-income ratio at 68.8%, improved by 3.6 percentage points vs. 9M 23

    Profitability (ROTE) at 7.1% vs. 5.0% for 9M 23

    SOLID CAPITAL AND LIQUIDITY RATIOS

    CET 1 ratio of 13.2%2at end of Q3 24, around 300 basis points above the regulatory requirement

    Liquidity Coverage Ratio at 152% at end of Q3 24

    Distribution provision of EUR 1.663per share at end-September 2024

    DECISIVE EXECUTION OF THE STRATEGIC PLAN

    Capital build-up ahead of Capital Markets Day trajectory

    Continuous improvement in efficiency and profitability

    Reshaping of the business portfolio well underway

    Slawomir Krupa, the Group’s Chief Executive Officer, commented:
    “We are publishing solid quarterly results that continue to show strong improvement. It demonstrates that we are executing our strategic plan which is impacting our results in a positive and tangible way. Our revenues are up thanks to the solid performance of our businesses with a strong rebound of the net interest income in France and another remarkable contribution from Global Banking and Investor Solutions. Operating expenses are stable and cost of risk is contained. We are posting a clear improvement of cost-to-income ratio and profitability, and our capital ratio continues to strengthen.
    For the past year we have been working relentlessly. Our teams are mobilized and we have made progress in three fundamental areas: capital build-up, improvement of profitability, and the reshaping of our business portfolio. We continue to implement our various strategic initiatives such as BoursoBank’s development, LeasePlan’s integration within Ayvens and the acceleration of our contribution to the energy transition. Our goal remains unchanged: a sustainable performance that will create long-term value.”

    1. GROUP CONSOLIDATED RESULTS
    In EURm Q3 24 Q3 23 Change 9M 24 9M 23 Change
    Net banking income 6,837 6,189 +10.5% +11.8%* 20,167 19,147 +5.3% +6.5%*
    Operating expenses (4,327) (4,360) -0.8% -0.3%* (13,877) (13,858) +0.1% +0.5%*
    Gross operating income 2,511 1,829 +37.3% +41.0%* 6,290 5,289 +18.9% +22.4%*
    Net cost of risk (406) (316) +28.4% +30.5%* (1,192) (664) +79.6% +81.0%*
    Operating income 2,105 1,513 +39.1% +43.2%* 5,098 4,625 +10.2% +13.9%*
    Net profits or losses from other assets 21 6 x 3.5 x 3.4* (67) (92) +27.5% +27.3%*
    Income tax (535) (624) -14.3% -12.7%* (1,188) (1,377) -13.7% -11.3%*
    Net income 1,591 563 x 2.8 x 3.0* 3,856 2,836 +35.9% +41.3%*
    O.w. non-controlling interests 224 268 -16.5% -16.1%* 696 774 -10.1% -11.2%*
    Reported Group net income 1,367 295 x 4.6 x 5.1* 3,160 2,062 +53.2% +62.2%*
    ROE 8.4% 0.9%     6.2% 3.6% +0.0% +0.0%*
    ROTE 9.6% 3.8%     7.1% 5.0% +0.0% +0.0%*
    Cost to income 63.3% 70.4%     68.8% 72.4% +0.0% +0.0%*

    Societe Generale’s Board of Directors, which met on 30 October 2024 under the chairmanship of Lorenzo Bini Smaghi, examined Societe Generale Group’s results for Q3 24 and for the first nine months of 2024.

    Net banking income 

    Net banking income stood at EUR 6.8 billion, up by +10.5% vs. Q3 23.

    Revenues of French Retail, Private Banking and Insurance were up by +18.7% vs. Q3 23 and totalled EUR 2.3 billion in Q3 24. Net interest income continued its rebound in Q3 24 (+43% excluding PEL/CEL provision vs. Q3 23), in line with latest estimates, in the context of a still muted loan environment and the pursuit of increasing interest-bearing deposits. Assets under management in the Private Banking and Insurance businesses continued to rise, respectively recording a growth of +8% and +10% in Q3 24 vs. Q3 23. Last, BoursoBank continued its controlled client acquisition, onboarding once again more than 300,000 new clients over the quarter, reaching close to 6.8 million clients at end-September 2024. Likewise, assets under administration rose by over 14% vs. Q3 23. As in Q2 24, BoursoBank posted a positive contribution to Group net income in Q3 24.

    Global Banking and Investor Solutions registered a +4.9% increase in revenues relative to Q3 23. Revenues totalled EUR 2.4 billion over the quarter, still driven by strong dynamics of Global Markets’ and Global Transaction & Payment Services’ activities, with revenues increasing by a respective +7.6% and +9.0% in Q3 24 vs. Q3 23. Within Global Markets, revenues of Equity businesses grew by +10.1%. This is the second best third quarter ever. Fixed income and Currencies also recorded a solid performance, with a +6.1% increase in revenues amid a falling interest rates. Financing and Advisory’s revenues totalled EUR 843 million, stable vs. Q3 23. The commercial momentum in the securitisation businesses remained very solid and the performance of financing activities continued to be good, albeit slower relative to an elevated Q3 23. Likewise, Global Transaction & Payment Services’ activities posted an +9.0% increase in revenues vs. Q3 23, driven by a favourable market environment and sustained commercial development in the cash management and correspondent banking activities.

    Mobility, International Retail Banking and Financial Services’ revenues were down by -5.4% vs. Q3 23 mainly owing to base effects at Ayvens. International Retail Banking recorded a +1.4% increase in revenues vs. Q3 23 to EUR 1.1 billion, driven by favourable momentum across all regions. Mobility and Financial Services’ revenues contracted by -11.4% vs. Q3 23 owing to an unfavourable non-recurring base effect on Ayvens.

    The Corporate Centre recorded revenues of EUR +54 million in Q3 24. They include the booking of exceptional proceeds of approximately EUR 0.3 billion4.

    Over 9M 24, net banking income increased by +5.3% vs. 9M 23.

    Operating expenses 

    Operating expenses came to EUR 4,327 million in Q3 24, down -0.8% vs. Q3 23.

    The cost-to-income ratio stood at 63.3% in Q3 24, a sharp decrease vs. Q3 23 (70.4%) and Q2 24 (68.4%).

    Over 9M 24, operating expenses were stable (+0.1% vs. 9M 23) and the cost-to-income ratio came to 68.8% (vs. 72.4% for 9M 23), which is lower than the 71% target set for FY 2024.

    Cost of risk

    The cost of risk was stable and contained over the quarter at 27 basis points, i.e., EUR 406 million. This comprises a EUR 400 million provision for doubtful loans (around 27 basis points) and a provision on performing loan outstandings for EUR +6 million.

    At end-September 2024, the Group’s provisions on performing loans amounted to EUR 3,122 million, down by a slight EUR -56 million relative to 30 June 2024 notably as per the application of IFRS5 accounting standards on activities under disposal. The EUR -450 million contraction relative to 31 December 2023 is mainly owing to the application of IFRS 5 accounting standards for activities under disposal.

    The gross non-performing loan ratio stood at 2.95%5,6 at 30 September 2024, down vs. end of June 2024 (3.03%). The net coverage ratio on the Group’s non-performing loans stood at 84%7 at 30 September 2024 (after netting of guarantees and collateral).

    Net profits from other assets

    In Q3 24, the Group booked net profit of EUR 21 million driven, on the one hand, by the sale of the headquarters of KB in the Czech Republic and, on the other hand, by the accounting impacts mainly owing to the current sale of assets.

    Group net income

    Group net income stood at EUR 1,367 million in Q3 24, equating to a Return on Tangible Equity (ROTE) of 9.6%.

    Over 9M 24, Group net income came to EUR 3,160 million, equating to a Return on Tangible Equity (ROTE) of 7.1%.

    2.   STRATEGIC PLAN FULLY ON TRACK

    Since announcing its strategic plan in September 2023, the Group has made significant progress in its implementation, the benefits of which are starting to materialise, including on financials aspects. Fundamental milestones have notably been reached in three major areas: capital build-up, the continuous improvement in efficiency and profitability and the reshaping of the business portfolio.

    Regarding the business portfolio, the Group has been proactive in recent months, announcing the disposal of several non-core and non-synergistic assets. These latest divestments not only contribute to simplifying the Group but will also reinforce the capital ratio by around 60 basis points, of which around 15 basis points are expected by year-end.

    At the same time, the Group is preparing the future by investing in our core franchises, as demonstrated by the development of BoursoBank, the integration of LeasePlan in Ayvens, the creation of Bernstein, the partnership with Brookfield, the merger of our networks in France and the digitalization of our networks in the Czech Republic.

    The rollout of our ESG roadmap is also progressing well, particularly on the alignment of our portfolio. The Group has already reduced by more than 50% its upstream Oil & Gas exposure at Q2 24 compared to 20198.

    Last quarter, the Group reached its EUR 300 billion sustainable finance target set between 2022-2025. Societe Generale announces today a new sustainable finance target to facilitate EUR 500 billion over the 2024-2030 period that breaks down as follows:
    – EUR 400 billion in financing and EUR 100 billion in sustainable bonds9
    – EUR 400 billion in environmental activities and EUR 100 billion in social

    A major portion of financing will be for dedicated transactions in clean energy, sustainable real estate, low carbon mobility, and other industry and environmental transition topics.

    3.   THE GROUP’S FINANCIAL STRUCTURE

    At 30 September 2024, the Group’s Common Equity Tier 1 ratio stood at 13.2%10, around 300 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well ahead of regulatory requirements at 152% at end-September 2024 (156% on average for the quarter), and the Net Stable Funding Ratio (NSFR) stood at 116% at end-September 2024.

    All liquidity and solvency ratios are well above the regulatory requirements.

      30.09.2024 31.12.2023 Requirements
    CET1(1) 13.2% 13.1% 10.22%
    CET1 fully loaded 13.2% 13.1% 10.22%
    Tier 1 ratio (1) 15.5% 15.6% 12.15%
    Total Capital(1) 18.2% 18.2% 14.71%
    Leverage ratio (1) 4.25% 4.25% 3.60%
    TLAC (% RWA)(1) 27.8% 31.9% 22.29%
    TLAC (% leverage)(1) 7.6% 8.7% 6.75%
    MREL (% RWA)(1) 32.2% 33.7% 27.56%
    MREL (% leverage)(1) 8.8% 9.2% 6.23%
    End of period LCR 152% 160% >100%
    Period average LCR 156% 155% >100%
    NSFR 116% 119% >100%
    In EURbn 30.09.2024 31.12.2023
    Total consolidated balance sheet 1,580 1,554
    Group shareholders’ equity 67 66
    Risk-weighted assets 392 389
    O.w. credit risk 331 326
    Total funded balance sheet 948 970
    Customer loans 453 497
    Customer deposits 608 618

    At 11 October 2024, the parent company had issued a total of EUR 38.0 billion in medium/long-term debt, of which EUR 17.5 billion in vanilla notes. The 2024 long-term vanilla funding programme is completed. The subsidiaries had issued EUR 4.6 billion. In all, the Group has issued a total of EUR 42.6 billion.

    The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1” (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1” (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.
    4.   FRENCH RETAIL, PRIVATE BANKING AND INSURANCE

    In EURm Q3 24 Q3 23 Change 9M 24 9M 23 Change
    Net banking income 2,254 1,900 +18.7% 6,390 6,090 +4.9%
    Net banking income excl. PEL/CEL 2,259 1,895 +19.2% 6,392 6,090 +5.0%
    Operating expenses (1,585) (1,608) -1.4% (4,962) (5,073) -2.2%
    Gross operating income 669 292 x 2.3 1,428 1,017 +40.5%
    Net cost of risk (178) (144) +23.4% (597) (342) +74.7%
    Operating income 491 148 x 3.3 831 675 +23.1%
    Net profits or losses from other assets (1) 0 n/s 7 4 x 2.1
    Reported Group net income 368 109 x 3.4 631 506 +24.8%
    RONE 9.4% 2.8%   5.4% 4.4%  
    Cost to income 70.3% 84.7%   77.7% 83.3%  

    Commercial activity

    SG Network, Private Banking and Insurance 

    Average outstanding deposits of the SG Network amounted to EUR 236 billion in Q3 24, up by +0.6% vs. the previous quarter (-1% vs. Q3 23), with a continued rise in interest-bearing deposits and financial savings.

    The SG Network’s average loan outstandings contracted by -5% vs. Q3 23 to EUR 195 billion. Outstanding loans to corporate and professional clients were stable vs. Q3 23 (excluding government-guaranteed PGE loans), with the share of medium to long-term loans increasing relative to Q2 24. Home loan production continued its recovery (2.4x vs. Q3 23 and +15% vs. Q2 24).

    The average loan to deposit ratio came to 82.5% in Q3 24, down by -3.3 percentage points relative to Q3 23.

    Private Banking activities saw their assets under management11 reach a new record of EUR 154 billion in Q3 24, up by +8% vs. Q3 23. Net gathering stood at EUR 5.9 billion in 9M 24, the net asset gathering pace (net new money divided by AuM) has risen by +5.5% since the start of the year. Net banking income stood at EUR 368 million over the quarter, stable vs. Q3 23. Over 9M 24, net banking income came to EUR 1,121 million, a +1% increase vs. 9M 23.

    Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +10% vs. Q3 23 to reach a record EUR 145 billion at end-September 2024. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 3.6 billion in Q3 24, up by +35% vs. Q3 23.

    Personal protection and P&C premia were up by +5% vs. Q3 23.

    BoursoBank 

    BoursoBank registered almost 6.8 million clients at end-September 2024, a +27% increase vs. Q3 23 (an increase of around 1.4 million clients year on year). The pace of new client acquisition (around 310,000 new clients in Q3 24) is fully in line with the target of 7 million clients by the end of 2024. BoursoBank can build on an active, loyal and high-quality client base. The brokerage activity registered two million transactions, up by +18% vs. Q3 23. Last, proof of the efficiency of the model and of the very high client satisfaction level, the churn rate has remained low at around 3% and below the market rate.

    Average loan outstandings rose by +4,2% compared to Q3 23, at EUR 15 billion in Q3 24.

    Average outstanding savings including deposits and financial savings were +13.8% higher vs. Q3 23 at EUR 63 billion. Deposits outstanding totalled EUR 38 billion at Q3 24, posting another sharp increase of +16.2% vs. Q3 23. Life insurance outstandings came to EUR 12 billion in Q3 24 and rose by +7.3% vs. Q3 23 (o/w 47% unit-linked products, a +3.3 percentage points increase vs. Q3 23). The activity continued to register strong gross inflows over the quarter (+55% vs. Q3 23, around 53% unit-linked products).

    For the second quarter in a row, BoursoBank recorded a positive contribution to Group net income in Q3 24.

    Net banking income

    Over the quarter, revenues came to EUR 2,254 million, up +19% vs. Q3 23 and up +6% vs Q2 24. Net interest income grew by +43% vs. Q3 23 (excluding PEL/CEL) and +19% (EUR 169 million) vs. Q2 24. Fee income rose by +5.0% relative to Q3 23.

    Over 9M 24 revenues came to EUR 6,390 million, up by +4.9% vs. 9M 23. Net interest income excluding PEL/CEL was up by +15.9% vs. 9M 23. Fee income increased by +1.7% relative to 9M 23.

    Operating expenses

    Over the quarter, operating expenses came to EUR 1,585 million, down -1.4% vs. Q3 23. Operating expenses for Q3 24 include EUR 12 million in transformation costs. The cost-to-income ratio stood at 70.3% for Q3 24, improving by more than +14 percentage points vs. Q3 23.

    Over 9M 24, operating expenses came to EUR 4,962 million (-2.2% vs. 9M 23). The cost-to-income ratio stood at 77.7% and improved by +5.7 percentage points vs. 9M 23.

    Cost of risk

    In Q3 24, the cost of risk amounted to EUR 178 million or 30 basis points stable on Q2 24
    (29 basis points).

    Over 9M 24, the cost of risk totalled EUR 597 million or 34 basis points.

    Group net income

    Over the quarter, Group net income totalled EUR 368 million. RONE stood at 9.4% in Q3 24.

    Over 9M 24, Group net income totalled EUR 631 million. RONE stood at 5.4% in 9M 24.
    5.   GLOBAL BANKING AND INVESTOR SOLUTIONS

    In EUR m Q3 24 Q3 23 Variation 9M 24 9M 23 Change
    Net banking income 2,422 2,309 +4.9% +5.2%* 7,666 7,457 +2.8% +2.8%*
    Operating expenses (1,494) (1,478) +1.1% +1.3%* (4,898) (5,187) -5.6% -5.5%*
    Gross operating income 928 831 +11.6% +12.0%* 2,768 2,270 +21.9% +21.8%*
    Net cost of risk (27) (14) +95.3% x 2.0* (29) 8 n/s n/s
    Operating income 901 817 +10.2% +10.5%* 2,739 2,278 +20.2% +20.0%*
    Reported Group net income 699 645 +8.2% +8.5%* 2,160 1,814 +19.1% +18.8%*
    RONE 18.0% 16.8% +0.0% +0.0%* 19.0% 15.6% +0.0% +0.0%*
    Cost to income 61.7% 64.0% +0.0% +0.0%* 63.9% 69.6% +0.0% +0.0%*

    Net banking income

    Global Banking and Investor Solutions continued to deliver very strong performances, posting revenues of EUR 2,422 million, up +4.9% versus Q3 23.

    Over 9M 24, revenues climbed by +2.8% vs. 9M 23 (EUR 7,666 million vs. EUR 7,457 million).

    Global Markets and Investor Services recorded a rise in revenues over the quarter vs. Q3 23 of +7.6% to EUR 1,579 million. Over 9M 24, revenues totalled EUR 5,063 million, i.e., a +3.1% increase vs. 9M 23. Growth was mainly driven by Global Markets which recorded revenues of EUR 1,410 million in Q3 24, up by +8.6% relative to Q3 23 amid a positive environment that was particularly conducive to Equities. Over 9M 24, revenues totalled EUR 4,553 million, up by +4.5% vs. 9M 23.

    The Equities business again delivered a solid performance, recording revenues of EUR 880 million in Q3 24, up by a strong +10.1% vs. Q3 23, notably on the back of a very good performance from derivatives amid favourable market conditions. This is the second best third quarter ever. Over 9M 24, revenues increased sharply by +12.9% relative to 9M 23 to EUR 2,739 million.

    Fixed Income and Currencies registered a +6.1% increase in revenues to EUR 530 million in Q3 24, notably owing to robust demand for rates and forex flow activities, particularly from US clients. Over 9M 24, revenues decreased by -6.0% to EUR 1,814 million.

    Securities Services’ revenues were up +0.6% versus Q3 23 at EUR 169 million, but increased by +9.9% excluding the impact of equity participations. The business continued to reap the benefit of a positive fee generation trend and robust momentum in private market and fund distribution. Over 9M 24, revenues were down by -8.2%, but rose by +2.1% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 4,975 billion and EUR 614 billion, respectively.

    The Financing and Advisory business posted revenues of EUR 843 million, stable versus Q3 23. Over 9M 24, revenues totalled EUR 2,602 million, up by +2.3% vs. 9M 23.

    The Global Banking and Advisory business posted a -3.2% decline in revenues relative to Q3 23. Securitised products again delivered a solid performance and momentum was strong in the distribution activity. Financing activities posted a good performance, albeit down on the high baseline in Q3 23. Investment banking activities turned in resilient performances. Over 9M 24, revenues dipped slightly by -0.3% relative to 9M 23.

    Global Transaction & Payment Services again delivered a very robust performance compared with Q3 23, posting an +9.0% increase in revenues, driven by strong momentum in cash management and the correspondent banking activities. Over 9M 24, revenues grew by +10.1%.

    Operating expenses

    Operating expenses came to EUR 1,494 million over the quarter and included EUR 21 million in transformation costs. Operating expenses rose by +1.1% compared with Q3 23, equating to a cost-to-income ratio of 61.7% in Q3 24.

    Over 9M 24, operating expenses decreased by -5.6% compared with 9M 23 and the cost-to-income ratio came to 63.9%.

    Cost of risk

    Over the quarter, the cost of risk was low at EUR 27 million, or 7 basis points vs. 3 basis points in Q3 23.

    Over 9M 24, the cost of risk was EUR 29 million, or 2 basis points.

    Group net income

    Group net income increased by +8.2% vs. Q3 23 to EUR 699 million. Over 9M 24, Group net income rose sharply by +19.1% to EUR 2,160 million.

    Global Banking and Investor Solutions reported high RONE of 18.0% for the quarter and RONE of 19.0% for 9M 24.

    6.   MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES

    In EURm Q3 24 Q3 23 Change   9M 24 9M 23 Change
    Net banking income 2,108 2,228 -5.4% -2.8%*   6,403 6,491 -1.4% +1.8%*
    Operating expenses (1,221) (1,239) -1.4% +0.3%*   (3,832) (3,479) +10.2% +12.7%*
    Gross operating income 887 989 -10.4% -6.6%*   2,570 3,013 -14.7% -10.9%*
    Net cost of risk (201) (175) +14.9% +18.1%*   (572) (349) +63.7% +65.9%*
    Operating income 685 814 -15.8% -12.0%*   1,998 2,663 -25.0% -21.2%*
    Net profits or losses from other assets 94 1 x 77.0 x 76.7*   98 0 x 375.7 x 304.1
    Non-controlling interests 223 237 -6.1% -3.6%*   623 674 -7.6% -7.8%*
    Reported Group net income 367 377 -2.4% +3.1%*   956 1,325 -27.8% -22.1%*
    RONE 14.1% 14.9%       12.2% 18.6%    
    Cost to income 57.9% 55.6%       59.9% 53.6%    

    (122)()

    Commercial activity

    International Retail Banking

    International Retail Banking1 posted robust commercial momentum in Q3 24, with an increase in loan outstandings of +4.2%* vs. Q3 23 (+1.8%, outstandings of EUR 68 billion in Q3 24) and growth of +4.1%* vs. Q3 23 (+1.2%, outstandings of EUR 83 billion in Q3 24).

    Activity in Europe was solid across client segments for both entities. Loan outstandings increased by +6.0%* vs. Q3 23 (+3.1% at current perimeter and exchange rates, outstandings of EUR 43 billion in Q3 24), driven by home loans and medium and long-term corporate loans in a lower rates environment. Deposit outstandings increased by +4.6%* vs. Q3 23 (+1.9% at current perimeter and exchange rates, outstandings of EUR 55 billion in Q3 24), mainly on interest-bearing products.

    In Africa, Mediterranean Basin and French Overseas Territories, loan outstandings totalled EUR 25 billion in Q3 24 (+1.2%* vs. Q3 23, stable at current perimeter and exchange rates) on back of a +5.6%* rise vs. Q3 23 in sub-Saharan Africa (stable vs. Q3 23 at current perimeter and exchange rates). Deposit outstandings totalled EUR 27 billion at Q3 24. They increased by +3.0%* vs. Q3 23 (stable at current perimeter and exchange rates) across all client segments in Africa.

    Mobility and Financial Services

    Overall, Mobility and Financial Services maintained a good commercial performance.

    Ayvens’ earning assets totalled EUR 53.1 billion at end-September 2024, a +5.8% increase vs.                                end-September 2023.

    The Consumer Finance business posted loans outstanding of EUR 23 billion for Q3 24, down -4.5% vs. Q3 23 in a still uncertain environment.

    Equipment Finance posted outstandings of EUR 15 billion in Q3 24, the same level as in Q3 23.

    Net banking income

    Over the quarter, Mobility, International Retail Banking and Financial Services’ revenues totalled EUR 2,108 million, a decrease of -2.8%* vs. Q3 23 (-5.4% at current perimeter and exchange rates).

    Over 9M 24, revenues came to EUR 6,403 million, up slightly by +1.8%* vs. 9M 23 (-1.4% at current perimeter and exchange rates).

    International Retail Banking recorded a solid performance over the quarter, with a net banking income of EUR 1,058 million, up by +5.1%* vs. Q3 23 (+1.4% at current perimeter and exchange rates). Over 9M 24, revenues totalled EUR 3,131 million, a +4.0%* increase vs. 9M 23 (stable at current perimeter and exchange rates).

    Europe recorded revenues of EUR 506 million in Q3 24, an increase for both entities (+3.0%* vs. Q3 23, stable at current perimeter and exchange rates).

    The Africa, Mediterranean Basin and French Overseas Territories region continued to post robust commercial momentum with revenues of EUR 552 million in Q3 24. These increased by +7.2%* vs. Q3 23 (+2.8% at current perimeter and exchange rates), driven by a significant rise in net interest income in Africa (+10.5%* vs. Q3 23).

    In Q3 24, Mobility and Financial Services’ revenues decreased by -11.4% vs. Q3 23 to EUR 1,049 million. Over the first nine months of 2024, they contracted by -2.9% to EUR 3,271 million.

    Ayvens’ net banking income stood at EUR 732 million, a decrease of -14,8% in Q3 24 vs. Q3 23 and of
    -4,0% restated from non-recurring items13. The amount of underlying margins was stable vs. Q3 23 at around EUR 690 million1. The average used car sale result per vehicle (UCS) continued to normalise but remained at a high level of EUR 1,4201 per unit in Q3 24 vs. EUR 1,4801 in Q2 24.

    Consumer Finance activities, down by -3.5% vs. Q3 23, have stabilised since Q2 24 with the business posting net banking income of EUR 218 million in Q3 24. Equipment Finance revenues were also stable vs. Q3 23 (EUR 99 million in Q3 24).

    Operating expenses

    Over the quarter, operating expenses were stable (+0.3%* vs. Q3 23, -1.4%) at EUR 1,221 million and included EUR 29 million in transformation costs. The cost-to-income ratio came to 57.9% in Q3 24.

    Over 9M 24, operating expenses totalled EUR 3,832 million, up +12.7%* vs. 9M 23 (+10.2% at current perimeter and exchange rates). They include around EUR 148 million of transformation charges.

    In a context of a strong transformation, International Retail Banking costs rose by +3.4%* vs. Q3 23 (stable at current perimeter and exchange rates, EUR 567 million in Q3 24), notably due to the impact of a new banking tax in Romania which entered into force in January 2024.

    The Mobility and Financial Services business recorded a decrease in operating expenses compared to Q3 23 (-2.4% vs. Q3 23, EUR 654 million in Q3 24).

    Cost of risk

    Over the quarter, the cost of risk normalised at 48 basis points (or EUR 201 million).

    Over 9M 24, the cost of risk stood at 45 basis points vs. 32 basis points in 9M 23.

    Group net income

    Over the quarter, Group net income came to EUR 367 million, down -2.4% vs. Q3 23. RONE stood at 14.1% in Q3 24. RONE was 21.4% for International Retail Banking (positive impact on Group net income of around EUR 40 million related to the sale of KB head office premises), and 9.2% in Mobility and Financial Services in Q3 24.

    Over 9M 24, Group net income came to EUR 956 million, down by -27.8% vs. 9M 23. RONE stood at 12.2% for 9M 24. RONE was 16.4% in International Retail Banking, and 9.5% in Mobility and Financial Services in 9M 24.
    7.   CORPORATE CENTRE

    In EURm Q3 24 Q3 23 Change 9M 24 9M 23 Change
    Net banking income 54 (249) n/s n/s (291) (891) +67.3% +67.8%*
    Operating expenses (27) (35) -22.8% -25.8%* (185) (119) +55.2% +48.2%*
    Gross operating income 27 (283) n/s n/s (476) (1,010) +52.9% +54.2%*
    Net cost of risk 1 17 +95.9% +95.9%* 6 19 +70.6% +70.6%*
    Net profits or losses from other assets (73) 4 n/s n/s (172) (96) -78.9% -79.1%*
    Income tax (26) (214) -87.7% -87.5%* 118 (85) n/s n/s
    Reported Group net income (67) (836) +92.0% +92.2%* (587) (1,582) +62.9% +63.7%*

    The Corporate Centre includes:

    • the property management of the Group’s head office,
    • the Group’s equity portfolio,
    • the Treasury function for the Group,
    • certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-invoiced to the businesses.

    Net banking income

    Over the quarter, the Corporate Centre’s net banking income totalled EUR +54 million vs.  EUR -249 million in Q3 23. It includes the booking of exceptional proceeds received of approximately EUR 0.3 billion14.

    Operating expenses

    Over the quarter, operating expenses totalled EUR 27 million vs. EUR 35 million in Q3 23.

    Net losses from other assets

    Pursuant notably to the application of IFRS 5, the Group booked in Q3 24 various impacts from ongoing disposals of assets.

    Group net income

    Over the quarter, the Corporate Centre’s Group net income totalled EUR -67 million vs. EUR -836 million in Q3 23.

    8.   2024 AND 2025 FINANCIAL CALENDAR

    2024 and 2025 Financial communication calendar
    February 6th, 2025 Fourth quarter and full year 2024 results
    April 30th, 2025 First quarter 2025 results
    May 20th, 2025 2024 Combined General Meeting
    The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

    This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

    These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

    These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

    – anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

    – evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

    Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

    More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

    Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.

    9.   APPENDIX 1: FINANCIAL DATA

    GROUP NET INCOME BY CORE BUSINESS

    In EURm Q3 24 Q3 23 Variation 9M 24 9M 23 Variation
    French Retail, Private Banking and Insurance 368 109 x 3.4 631 506 +24.8%
    Global Banking and Investor Solutions 699 645 +8.2% 2,160 1,814 +19.1%
    Mobility, International Retail Banking & Financial Services 367 377 -2.4% 956 1,325 -27.8%
    Core Businesses 1,434 1,131 +26.7% 3,747 3,644 +2.8%
    Corporate Centre (67) (836) +92.0% (587) (1,582) +62.9%
    Group 1,367 295 x 4.6 3,160 2,062 +53.2%

    MAIN EXCEPTIONAL ITEMS

    In EURm Q3 24 Q3 23 9M 24 9M 23
    Net Banking Income – Total exceptional items 287 0 287 (240)
    One-off legacy items – Corporate Centre 0 0 0 (240)
    Exceptional proceeds received – Corporate Centre 287 0 287 0
             
    Operating expenses – Total one-off items and transformation charges (62) (145) (538) (662)
    Transformation charges (62) (145) (538) (627)
    Of which French Retail, Private Banking and Insurance (12) (46) (139) (330)
    Of which Global Banking & Investor Solutions (21) (41) (204) (102)
    Of which Mobility, International Retail Banking & Financial Services (29) (58) (148) (195)
    Of which Corporate Centre 0 0 (47) 0
    One-off items 0 0 0 (35)
    Of which French Retail, Private Banking and Insurance 0 0 0 60
    Of which Global Banking & Investor Solutions 0 0 0 (95)
             
    Other one-off items – Total 13 (625) 13 (704)
    Net profits or losses from other assets 13 (17) 13 (96)
    Of which Mobility, International Retail Banking and Financial Services 86 0 86 0
    Of which Corporate Centre (73) (17) (73) (96)
    Goodwill impairment – Corporate Centre 0 (338) 0 (338)
    Provision of Deferred Tax Assets – Corporate Centre 0 (270) 0 (270)

    CONSOLIDATED BALANCE SHEET

    In EUR m   30.09.2024 31.12.2023
    Cash, due from central banks   199,140 223,048
    Financial assets at fair value through profit or loss   528,259 495,882
    Hedging derivatives   8,265 10,585
    Financial assets at fair value through other comprehensive income   93,795 90,894
    Securities at amortised cost   29,908 28,147
    Due from banks at amortised cost   87,153 77,879
    Customer loans at amortised cost   446,576 485,449
    Revaluation differences on portfolios hedged against interest rate risk   (330) (433)
    Insurance and reinsurance contracts assets   438 459
    Tax assets   4,535 4,717
    Other assets   75,523 69,765
    Non-current assets held for sale   39,940 1,763
    Investments accounted for using the equity method   384 227
    Tangible and intangible fixed assets   60,970 60,714
    Goodwill   5,031 4,949
    Total   1,579,587 1,554,045
    In EUR m   30.09.2024 31.12.2023
    Due to central banks   10,134 9,718
    Financial liabilities at fair value through profit or loss   391,788 375,584
    Hedging derivatives   14,621 18,708
    Debt securities issued   162,997 160,506
    Due to banks   105,320 117,847
    Customer deposits   526,100 541,677
    Revaluation differences on portfolios hedged

    against interest rate risk

    		   (5,074) (5,857)
    Tax liabilities   2,516 2,402
    Other liabilities   93,909 93,658
    Non-current liabilities held for sale   29,802 1,703
    Insurance contracts related liabilities   150,295 141,723
    Provisions   3,954 4,235
    Subordinated debts   15,985 15,894
    Total liabilities   1,502,347 1,477,798
    Shareholder’s equity   – –
    Shareholders’ equity, Group share   – –
    Issued common stocks and capital reserves   21,166 21,186
    Other equity instruments   8,918 8,924
    Retained earnings   34,074 32,891
    Net income   3,160 2,493
    Sub-total   67,318 65,494
    Unrealised or deferred capital gains and losses   128 481
    Sub-total equity, Group share   67,446 65,975
    Non-controlling interests   9,794 10,272
    Total equity   77,240 76,247
    Total   1,579,587 1,554,045

    10.    APPENDIX 2: METHODOLOGY

    1 –The financial information presented for the third quarter and nine-month 2024 was examined by the Board of Directors on October 30th, 2024 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. This information has not been audited.

    2 – Net banking income

    The pillars’ net banking income is defined on page 42 of Societe Generale’s 2024 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

    3 – Operating expenses

    Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2023. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 42 of Societe Generale’s 2024 Universal Registration Document.

    4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

    The cost of risk is defined on pages 43 and 770 of Societe Generale’s 2024 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

    In EURm   Q3 24 Q3 23 9M 24 9M 23
    French Retail, Private Banking and Insurance Net Cost Of Risk 178 144 597 342
    Gross loan Outstandings 234,420 243,740 236,286 248,757
    Cost of Risk in bp 30 24 34 18
    Global Banking and Investor Solutions Net Cost Of Risk 27 14 29 (8)
    Gross loan Outstandings 163,160 167,057 163,482 170,165
    Cost of Risk in bp 7 3 2 (1)
    Mobility, International Retail Banking & Financial Services Net Cost Of Risk 201 175 572 349
    Gross loan Outstandings 168,182 162,873 167,680 145,227
    Cost of Risk in bp 48 43 45 32
    Corporate Centre Net Cost Of Risk (1) (17) (6) (19)
    Gross loan Outstandings 25,121 22,681 24,356 19,364
    Cost of Risk in bp (1) (31) (3) (13)
    Societe Generale Group Net Cost Of Risk 406 316 1,192 664
    Gross loan Outstandings 590,882 596,350 591,804 583,512
    Cost of Risk in bp 27 21 27 15

    The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

    5 – ROE, ROTE, RONE

    The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 43 and 44 of Societe Generale’s 2024 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
    RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 44 of Societe Generale’s 2024 Universal Registration Document.
    Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders if deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
    Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

    ROTE calculation: calculation methodology

    End of period (in EURm) Q3 24 Q3 23 9M 24 9M 23
    Shareholders’ equity Group share 67,446 68,077 67,446 68,077
    Deeply subordinated and undated subordinated notes (8,955) (11,054) (8,955) (11,054)
    Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) (45) (102) (45) (102)
    OCI excluding conversion reserves 560 853 560 853
    Distribution provision(2) (1,319) (1,059) (1,319) (1,059)
    Distribution N-1 to be paid – – – –
    ROE equity end-of-period 57,687 56,715 57,687 56,715
    Average ROE equity 57,368 56,572 56,896 56,326
    Average Goodwill(3) (4,160) (4,279) (4,079) (3,991)
    Average Intangible Assets (2,906) (3,390) (2,933) (3,128)
    Average ROTE equity 50,302 48,903 49,884 49,207
             
    Group net Income 1,367 295 3,160 2,063
    Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation (165) (165) (521) (544)
    Cancellation of goodwill impairment – 338 – 338
    Adjusted Group net Income 1,202 468 2,639 1,858
    ROTE 9.6% 3.8% 7.1% 5.0%

    151617

    RONE calculation: Average capital allocated to Core Businesses (in EURm)

    In EURm Q3 24 Q3 23 Change 9M 24 9M 23 Change
    French Retail , Private Banking and Insurance 15,695 15,564 +0.8% 15,602 15,457 +0.9%
    Global Banking and Investor Solutions 15,490 15,324 +1.1% 15,149 15,485 -2.2%
    Mobility, International Retail Banking & Financial Services 10,433 10,136 +2.9% 10,425 9,505 +9.7%
    Core Businesses 41,618 41,024 +1.4% 41,177 40,448 +1.8%
    Corporate Center 15,750 15,548 +1.3% 15,719 15,878 -1.0%
    Group 57,368 56,572 +1.4% 56,896 56,326 +1.0%

    6 – Net assets and tangible net assets

    Net assets and tangible net assets are defined in the methodology, page 45 of the Group’s 2024 Universal Registration Document. The items used to calculate them are presented below:
    1819

    End of period (in EURm) 9M 24 H1 24 2023
    Shareholders’ equity Group share 67,446 66,829 65,975
    Deeply subordinated and undated subordinated notes (8,955) (9,747) (9,095)
    Interest of deeply & undated subordinated notes, issue premium amortisation(1) (45) (19) (21)
    Book value of own shares in trading portfolio 97 96 36
    Net Asset Value 58,543 57,159 56,895
    Goodwill(2) (4,178) (4,143) (4,008)
    Intangible Assets (2,895) (2,917) (2,954)
    Net Tangible Asset Value 51,471 50,099 49,933
           
    Number of shares used to calculate NAPS(3) 796,498 787,442 796,244
    Net Asset Value per Share 73.5 72.6 71.5
    Net Tangible Asset Value per Share 64.6 63.6 62.7

    7 – Calculation of Earnings Per Share (EPS)

    The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 44 of Societe Generale’s 2024 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
    The calculation of Earnings Per Share is described in the following table:

    Average number of shares (thousands) 9M 24 H1 24 2023
    Existing shares 802,314 802,980 818,008
    Deductions      
    Shares allocated to cover stock option plans and free shares awarded to staff 4,548 4,791 6,802
    Other own shares and treasury shares 2,930 3,907 11,891
    Number of shares used to calculate EPS(4) 794,836 794,282 799,315
    Group net Income (in EUR m) 3,160 1,793 2,493
    Interest on deeply subordinated notes and undated subordinated notes (in EUR m) (521) (356) (759)
    Adjusted Group net income (in EUR m) 2,638 1,437 1,735
    EPS (in EUR) 3.32 1.81 2.17

    20
    8 – The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance with applicable CRR2/CRD5 rules. The fully loaded solvency ratios are presented pro forma for current earnings, net of dividends, for the current financial year, unless specified otherwise. When there is reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is also calculated according to applicable CRR2/CRD5 rules including the phased-in following the same rationale as solvency ratios.

    9 – Funded balance sheet, loan to deposit ratio

    The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

    • A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

    Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
    Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
    Wholesale funding: Includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
    Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
    Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

    • A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

    The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

    NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
    (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

    Societe Generale

    Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for nearly 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com. or visit our website societegenerale.com.

    Asterisks* in the document refer to data at constant perimeter and exchange rates
    1 +5.8% excluding exceptional proceeds recorded in Corporate Centre (~EUR 0.3bn)
    2 Including IFRS 9 phasing, proforma including Q3 24 results
    3 Based on a pay-out ratio of 50% of the Group net income, at the high-end of the 40%-50% pay-out ratio, as per regulation, restated from non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes
    4 As stated in Q2 24 results press release
    5 Ratio calculated according to European Banking Authority (EBA) methodology published on 16 July 2019
    6 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
    7 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
    8 Target: -80% upstream exposure reduction by 2030 vs. 2019, with an intermediary step in 2025 at -50% vs. 2019
    9 Only the Societe Generale participation is taken into account
    10 Including IFRS 9 phasing, proforma including Q3 24 results
    11 France and International, including Switzerland and United Kingdom
    1 Including entities reported under IFRS 5
    1 Excluding non-recurring items on either margins or UCS (mainly linked to fleet revaluation at EUR 114m in Q3 23 vs EUR 0m in Q3 24, the net impact related to prospective depreciation and Purchase Price Allocation for ~EUR 35m vs. Q3 23, hyperinflation in Turkey at EUR 46m in Q3 23 vs. EUR 10m in Q3 24 and MtM of derivatives at EUR -82m in Q3 23 vs. EUR -55m in Q3 24)
    14 As stated in Q2 24 results press release
    15 Interest net of tax
    16 The dividend to be paid is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes
    17 Excluding goodwill arising from non-controlling interests
    18 Interest net of tax
    19 Excluding goodwill arising from non-controlling interests
    20 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousand of shares)
    4 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Fatal crash – Moulden

    Source: Northern Territory Police and Fire Services

    Northern Territory Police are investigating a fatal crash that occurred in Moulden this afternoon.

    Around 2:30pm, police received reports of a collision involving a vehicle and a motorcycle at the Chung Wah Terrace and Elrundie Avenue intersection.

    Upon arrival, St John Ambulance commenced CPR on the 56-year-old motorcycle rider, however he was pronounced deceased at the scene.

    A 28-year-old driver of the vehicle was taken to RDH with non-life-threatening injuries and is assisting Police with their enquiries.

    A crime scene was established, and Major Crash Investigation Unit are investigating.

    Anyone who may have witnessed the crash or has dashcam of the incident is urged to contact Police on 131 444 and quote the reference number P24301158.

    Diversions are in place and police urge motorists to drive with caution or avoid the area if possible.

    The Lives Lost on Territory Roads in 2024 now stands at 53.

    MIL OSI News –

  • MIL-OSI: SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS    		        
                                                         
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    4,291    3,517    7,044    +22 Income/(loss) attributable to Shell plc shareholders   15,166    18,887    -20
    6,028    6,293    6,224    -4 Adjusted Earnings A 20,055    20,944    -4
    16,005    16,806    16,336    -5 Adjusted EBITDA A 51,523    52,204    -1
    14,684    13,508    12,332    +9 Cash flow from operating activities   41,522    41,622    —
    (3,857)   (3,338)   (4,827)     Cash flow from investing activities   (10,723)   (12,080)    
    10,827    10,170    7,505      Free cash flow G 30,799    29,542     
    4,950    4,719    5,649      Cash capital expenditure C 14,161    17,280     
    9,570    8,950    10,097    +7 Operating expenses F 27,517    29,062    -5
    8,864    8,651    9,735    +2 Underlying operating expenses F 26,569    28,635    -7
    12.8% 12.8% 13.9%   ROACE2 D 12.8% 13.9%  
    76,613    75,468    82,147      Total debt E 76,613    82,147     
    35,234    38,314    40,470      Net debt E 35,234    40,470     
    15.7% 17.0% 17.3%   Gearing E 15.7% 17.3%  
    2,801    2,817    2,706    -1 Oil and gas production available for sale (thousand boe/d)   2,843    2,779    +2
    0.69    0.55    1.06 +25 Basic earnings per share ($)   2.39    2.78    -14
    0.96    0.99    0.93    -3 Adjusted Earnings per share ($) B 3.16    3.08    +3
    0.3440    0.3440    0.3310    — Dividend per share ($)   1.0320    0.9495    +9

    1.Q3 on Q2 change

    2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the second quarter 2024, reflected lower refining margins, lower realised oil prices and higher operating expenses partly offset by favourable tax movements, and higher Integrated Gas volumes.

    Third quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, charges related to redundancy and restructuring, and net impairment charges and reversals. These items are included in identified items amounting to a net loss of $1.3 billion in the quarter. This compares with identified items in the second quarter 2024 which amounted to a net loss of $2.7 billion.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.5 billion.

    Cash flow from operating activities for the third quarter 2024 was $14.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.7 billion partly offset by tax payments of $3.0 billion. The working capital inflow mainly reflected inventory movements due to lower oil prices and lower volumes.

    Cash flow from investing activities for the quarter was an outflow of $3.9 billion, and included cash capital expenditure of $4.9 billion.

    Net debt and Gearing: At the end of the third quarter 2024, net debt was $35.2 billion, compared with $38.3 billion at the end of the second quarter 2024, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, lease additions and interest payments. Gearing was 15.7% at the end of the third quarter 2024, compared with 17.0% at the end of the second quarter 2024, mainly driven by lower net debt.

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.5 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the third quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the second quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2024 results announcement.

    Nine Months Analysis1

    Income attributable to Shell plc shareholders, compared with the first nine months 2023, reflected lower refining margins, lower LNG trading and optimisation margins, lower realised LNG and gas prices as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, higher Marketing margins and volumes, higher realised Chemicals margins, and higher Integrated Gas and Upstream volumes.

    First nine months 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring, partly offset by favourable differences in exchange rates and inflationary adjustments on deferred tax. These charges, reclassifications and movements are included in identified items amounting to a net loss of $4.6 billion. This compares with identified items in the first nine months 2023 which amounted to a net loss of $2.2 billion.

    Adjusted Earnings and Adjusted EBITDA2 for the first nine months 2024 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.3 billion.

    Cash flow from operating activities for the first nine months 2024 was $41.5 billion, and primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $1.2 billion and cash inflows relating to commodity derivatives of $1.2 billion, partly offset by tax payments of $9.1 billion, and working capital outflow of $0.3 billion.

    Cash flow from investing activities for the first nine months 2024 was an outflow of $10.7 billion and included cash capital expenditure of $14.2 billion, partly offset by divestment proceeds of $2.0 billion, and interest received of $1.8 billion.

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

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

    2.Adjusted EBITDA is without taxation.

    3.Not incorporated by reference.

    THIRD QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Integrated Gas

    In July 2024, we announced the final investment decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

    In July 2024, we signed an agreement to invest in the Abu Dhabi National Oil Company’s (ADNOC) Ruwais LNG project in Abu Dhabi through a 10% participating interest. The Ruwais LNG project will consist of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa.

    In August 2024, Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), announced plans to develop Phase 2 of Arrow Energy’s Surat Gas Project in Queensland, Australia. The gas from the project will flow to the Shell-operated QCLNG LNG (joint venture between Shell (73.75%), CNOOC (25%) and MidOcean Energy (1.25%)) facility on Curtis Island, near Gladstone.

    Upstream

    In July 2024, the operator of the Jerun field in Malaysia, SapuraOMV Upstream Sdn Bhd, announced that first gas has been achieved. Jerun is operated by SapuraOMV Upstream (40%) in partnership with Sarawak Shell Berhad (30%) and PETRONAS Carigali Sdn Bhd (30%).

    In August 2024, we announced the FID on a ‘waterflood’ project at our Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil.

             Page 2

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Marketing

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

    Renewables and Energy Solutions

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

             Page 2

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

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

    1.Q3 on Q2 change

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

    Quarter Analysis1

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

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

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

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

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

    Nine Months Analysis1

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

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

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

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    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,320 million and net cash outflows related to derivatives of $1,586 million.

    Total oil and gas production, compared with the first nine months 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia, and lower maintenance in Australia. LNG liquefaction volumes increased by 4% mainly due to lower unplanned maintenance in Australia.

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

    2.Adjusted EBITDA is without taxation.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    UPSTREAM          
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    2,289    2,179    1,999    +5 Segment earnings   6,741    6,388    +6
    (153)   (157)   (238)     Of which: Identified items A 28    (357)    
    2,443    2,336    2,237    +5 Adjusted Earnings A 6,712    6,746    —
    7,871    7,829    7,433    +1 Adjusted EBITDA A 23,588    22,750    +4
    5,268    5,739    5,336    -8 Cash flow from operating activities A 16,734    15,663    +7
    1,974    1,829    2,007      Cash capital expenditure C 5,813    5,906     
    1,321    1,297    1,311    +2 Liquids production available for sale (thousand b/d)   1,316    1,313    —
    2,844    2,818    2,564    +1 Natural gas production available for sale (million scf/d)   2,933    2,687    +9
    1,811    1,783    1,753    +2 Total production available for sale (thousand boe/d)   1,822    1,776    +3

    1.Q3 on Q2 change

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

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower well write-offs (decrease of $139 million), favourable tax movements ($96 million), lower operating expenses (decrease of $63 million), and lower depreciation charges (decrease of $57 million), partly offset by lower realised liquids prices (decrease of $304 million).

    Third quarter 2024 segment earnings also included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions. These charges are part of identified items, and compare with the second quarter 2024 which included a loss of $143 million related to the impact of the weakening Brazilian real on a deferred tax position, and a loss of $122 million related to a tax settlement in Brazil, partly offset by a gain of $139 million related to the impact of inflationary adjustments in Argentina on a deferred tax position.

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

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,074 million.

    Total production, compared with the second quarter 2024, increased mainly due to new oil production.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected unfavourable tax movements ($351 million), higher well write-offs (increase of $327 million) and the net impact of lower realised gas and higher realised liquids prices (decrease of $278 million), partly offset by the comparative favourable impact of $910 million mainly relating to gas storage effects.

    First nine months 2024 segment earnings also included gains of $676 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position. These gains and charges are part of identified items, and compare with the first nine months 2023 which included charges of $188 million from impairments, legal provisions of $169 million and deferred tax charges of $132 million due to amendments to IAS 12, partly offset by favourable movements of $106 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $5,832 million.

    Total production, compared with the first nine months 2023, increased mainly due to new oil production, partly offset by field decline.

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

    2.Adjusted EBITDA is without taxation.

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    MARKETING        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    760    257    629    +196 Segment earnings2   1,791    2,832    -37
    (422)   (825)   (12)     Of which: Identified items2 A (1,255)   314     
    1,182    1,082    641    +9 Adjusted Earnings2 A 3,046    2,518    +21
    2,081    1,999    1,453    +4 Adjusted EBITDA2 A 5,767    4,837    +19
    2,722    1,958    397    +39 Cash flow from operating activities2 A 5,999    3,794    +58
    525    644    959      Cash capital expenditure2 C 1,634    4,406     
    2,945    2,868    3,138    +3 Marketing sales volumes (thousand b/d)2   2,859    3,062    -7

    1.Q3 on Q2 change

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

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

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected higher Marketing margins (increase of $139 million) mainly driven by improved Mobility unit margins and impact of seasonally higher volumes partly offset by lower lubricants and Sectors and Decarbonisation margins. Segment earnings also reflected favourable tax movements ($55 million). These were partly offset by higher operating expenses (increase of $63 million).

    Third quarter 2024 segment earnings also included impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets. These charges and unfavourable movements are part of identified items, and compare with the second quarter 2024 impairment charges of $783 million mainly relating to an asset in the Netherlands, and charges of $50 million related to redundancy and restructuring.

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

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $792 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $427 million. These inflows were partly offset by non-cash cost of supplies adjustment of $334 million and tax payments of $241 million.

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

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected higher Marketing margins (increase of $582 million) including higher unit margins in Mobility, Lubricants and higher Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $170 million). These were partly offset by higher depreciation charges (increase of $128 million) mainly due to asset acquisitions, and unfavourable tax movements ($94 million).

    First nine months 2024 segment earnings also included impairment charges of $965 million mainly relating to an asset in the Netherlands, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets. These charges are part of identified items and compare with the first nine months 2023 which included gains of $298 million related to indirect tax credits, and favourable movements of $60 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

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    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $966 million, and working capital inflows of $153 million. These inflows were partly offset by tax payments of $432 million, and non-cash cost of supplies adjustment of $256 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2023, decreased mainly in Mobility including increased focus on value over volume.

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

    2.Adjusted EBITDA is without taxation.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    341    587    1,250    -42 Segment earnings2   2,085    3,310    -37
    (122)   (499)   (213)     Of which: Identified items2 A (1,078)   (278)    
    463    1,085    1,463    -57 Adjusted Earnings2 A 3,163    3,588    -12
    1,240    2,242    2,661    -45 Adjusted EBITDA2 A 6,308    6,819    -7
    3,321    2,249    2,862    +48 Cash flow from operating activities2 A 5,221    6,364    -18
    761    638    837      Cash capital expenditure2 C 1,898    2,027     
    1,305    1,429    1,334    -9 Refinery processing intake (thousand b/d)   1,388    1,360    +2
    3,015    3,052    2,998    -1 Chemicals sales volumes (thousand tonnes)   8,950    8,656    +3

    1.Q3 on Q2 change

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

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

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower Products margins (decrease of $492 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $189 million) mainly due to lower utilisation and lower realised prices. In addition, the third quarter 2024 reflected higher operating expenses (increase of $88 million). These were partly offset by favourable tax movements ($133 million).

    Third quarter 2024 segment earnings also included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items, and compare with the second quarter 2024 which included net impairment charges and reversals of $708 million mainly relating to assets in Singapore, partly offset by favourable movements of $156 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the third quarter 2024, Chemicals had negative Adjusted Earnings of $111 million and Products had positive Adjusted Earnings of $573 million.

    Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $2,131 million, Adjusted EBITDA, cash inflows relating to commodity derivatives of $88 million and dividends (net of profits) from joint ventures and associates of $63 million. These inflows were partly offset by non-cash cost of supplies adjustment of $331 million.

    Chemicals manufacturing plant utilisation was 76% compared with 80% in the second quarter 2024, due to higher planned and unplanned maintenance.

    Refinery utilisation was 81% compared with 92% in the second quarter 2024, due to higher planned and unplanned maintenance.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected lower Products margins (decrease of $1,458 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($106 million). These were partly offset by higher Chemicals margins (increase of $516 million) due to higher realised prices and higher utilisation. In addition, the first nine months 2024 reflected lower operating expenses (decrease of $658 million).

    First nine months 2024 segment earnings also included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable

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

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

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

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

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

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

    2.Adjusted EBITDA is without taxation.

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

    1.Q3 on Q2 change

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

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

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

    Quarter Analysis1

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

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

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

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

    Nine Months Analysis1

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

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

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

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

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

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    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

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

    1.Q3 on Q2 change

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

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

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

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

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

    Quarter Analysis1

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

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

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

    Nine Months Analysis1

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

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

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

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

    2.Adjusted EBITDA is without taxation.

    OUTLOOK FOR THE FOURTH QUARTER 2024

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

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

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

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

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

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

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

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

    FORTHCOMING EVENTS

               
     
    Date Event
    January 30, 2025 Fourth quarter 2024 results and dividends
    March 13, 2025 Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
    May 2, 2025 First quarter 2025 results and dividends
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

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    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

                                       
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    71,089    74,463    76,350    Revenue1 218,031    237,888   
    933    898    747    Share of profit/(loss) of joint ventures and associates 3,150    2,957   
    440    (305)   913    Interest and other income/(expenses)2 1,042    2,207   
    72,462    75,057    78,011    Total revenue and other income/(expenses) 222,222    243,052   
    48,225    49,417    49,144    Purchases 144,509    158,138   
    6,138    5,593    6,384    Production and manufacturing expenses 17,541    18,433   
    3,139    3,094    3,447    Selling, distribution and administrative expenses 9,208    9,811   
    294    263    267    Research and development 768    817   
    305    496    436    Exploration 1,551    1,283   
    5,916    7,555    5,911    Depreciation, depletion and amortisation2 19,352    20,069   
    1,174    1,235    1,131    Interest expense 3,573    3,507   
    65,190    67,653    66,720    Total expenditure 196,502    212,058   
    7,270    7,404    11,291    Income/(loss) before taxation 25,717    30,993   
    2,879    3,754    4,115    Taxation charge/(credit)2 10,237    11,891   
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    0.69    0.55    1.06    Basic earnings per share ($)3 2.39    2.78   
    0.68    0.55    1.05    Diluted earnings per share ($)3 2.36    2.75   

    1.See Note 2 “Segment information”.

    2.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    3.See Note 4 “Earnings per share”.

                                       
     
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    2,947    698    (1,460)   – Currency translation differences1 1,651    (1,174)  
    35    (12)   1    – Debt instruments remeasurements 16    13   
    (75)   14    141    – Cash flow hedging gains/(losses) (7)   61   
    —    —    —    – Net investment hedging gains/(losses) —    (44)  
    (2)   (6)   (39)   – Deferred cost of hedging (22)   (94)  
    35    (50)   (72)   – Share of other comprehensive income/(loss) of joint ventures and associates (27)   (118)  
    2,940    644    (1,429)   Total 1,610    (1,357)  
          Items that are not reclassified to income in later periods:    
    419    310    180    – Retirement benefits remeasurements 1,169    125   
    80    (81)   (38)   – Equity instruments remeasurements 77    (15)  
    (53)   44    17    – Share of other comprehensive income/(loss) of joint ventures and associates 1    (15)  
    446    273    159    Total 1,247    95   
    3,386    917    (1,270)   Other comprehensive income/(loss) for the period 2,857    (1,262)  
    7,777    4,567    5,906    Comprehensive income/(loss) for the period 18,337    17,840   
    177    123    149    Comprehensive income/(loss) attributable to non-controlling interest 357    217   
    7,600    4,443    5,757    Comprehensive income/(loss) attributable to Shell plc shareholders 17,981    17,622   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

             Page 14

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      September 30, 2024 December 31, 2023
    Assets    
    Non-current assets    
    Goodwill 16,600    16,660   
    Other intangible assets 8,188    10,253   
    Property, plant and equipment 191,721    194,835   
    Joint ventures and associates 25,764    24,457   
    Investments in securities 3,062    3,246   
    Deferred tax 6,114    6,454   
    Retirement benefits1 10,564    9,151   
    Trade and other receivables 6,883    6,298   
    Derivative financial instruments² 498    801   
      269,394    272,155   
    Current assets    
    Inventories 24,143    26,019   
    Trade and other receivables 46,782    53,273   
    Derivative financial instruments² 10,233    15,098   
    Cash and cash equivalents 42,252    38,774   
      123,411    133,164   
    Assets classified as held for sale1 2,144    951   
      125,555    134,115   
    Total assets 394,949    406,270   
    Liabilities    
    Non-current liabilities    
    Debt 64,597    71,610   
    Trade and other payables 3,864    3,103   
    Derivative financial instruments² 1,749    2,301   
    Deferred tax 15,487    15,347   
    Retirement benefits1 7,110    7,549   
    Decommissioning and other provisions 22,979    22,531   
      115,786    122,441   
    Current liabilities    
    Debt 12,015    9,931   
    Trade and other payables 61,076    68,237   
    Derivative financial instruments² 6,775    9,529   
    Income taxes payable 4,289    3,422   
    Decommissioning and other provisions 4,171    4,041   
      88,327    95,160   
    Liabilities directly associated with assets classified as held for sale1 1,298    307   
      89,625    95,467   
    Total liabilities 205,411    217,908   
    Equity attributable to Shell plc shareholders 187,673    186,607   
    Non-controlling interest 1,865    1,755   
    Total equity 189,538    188,362   
    Total liabilities and equity 394,949    406,270   

    1.    See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.    See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

             Page 15

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    2,815    15,166    17,981    357      18,337   
    Transfer from other comprehensive income —    —    166    (166)   —    —      —   
    Dividends³ —    —    —    (6,556)   (6,556)   (242)     (6,798)  
    Repurchases of shares4 (25)   —    25    (10,536)   (10,536)   —      (10,536)  
    Share-based compensation —    542    (24)   (400)   119    —      119   
    Other changes —    —    —    60    60    (5)     55   
    At September 30, 2024 519    (456)   24,127    163,482    187,673    1,865      189,538   
    At January 1, 2023 584    (726)   21,132    169,482    190,472    2,125      192,597   
    Comprehensive income/(loss) for the period —    —    (1,263)   18,886    17,622    217      17,840   
    Transfer from other comprehensive income —    —    (111)   111    —    —      —   
    Dividends3 —    —    —    (6,193)   (6,193)   (636)     (6,829)  
    Repurchases of shares4 (30)   —    30    (11,058)   (11,058)   —      (11,058)  
    Share-based compensation —    466    (18)   (100)   349    —      349   
    Other changes —    —    —    8    8    37      45   
    At September 30, 2023 555    (261)   19,769    171,136    191,199    1,745      192,943   

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

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

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

             Page 16

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                             
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million Nine months
    Q3 2024   Q2 2024 Q3 2023   2024 2023
    7,270      7,404    11,291    Income before taxation for the period 25,717    30,993   
            Adjustment for:    
    554      619    513    – Interest expense (net) 1,749    1,789   
    5,916      7,555    5,911    – Depreciation, depletion and amortisation1 19,352    20,069   
    150      269    186    – Exploration well write-offs 973    626   
    154      (143)   74    – Net (gains)/losses on sale and revaluation of non-current assets and businesses —    (24)  
    (933)     (898)   (747)   – Share of (profit)/loss of joint ventures and associates (3,150)   (2,957)  
    860      792    749    – Dividends received from joint ventures and associates 2,390    2,529   
    2,705      (954)   (3,151)   – (Increase)/decrease in inventories 1,143    2,237   
    4,057      1,965    (1,126)   – (Increase)/decrease in current receivables 5,827    13,105   
    (4,096)     (1,269)   4,498    – Increase/(decrease) in current payables2 (7,314)   (10,881)  
    735      253    (2,807)   – Derivative financial instruments 2,373    (6,050)  
    125      (332)   1    – Retirement benefits (267)   31   
    359      (332)   282    – Decommissioning and other provisions2 (572)   (210)  
    (144)     2,027    (150)   – Other1 2,392    474   
    (3,028)     (3,448)   (3,191)   Tax paid (9,092)   (10,108)  
    14,684      13,508    12,332    Cash flow from operating activities 41,522    41,622   
    (4,690)     (4,445)   (5,259)      Capital expenditure (13,114)   (16,033)  
    (222)     (261)   (350)      Investments in joint ventures and associates (983)   (1,093)  
    (38)     (13)   (40)      Investments in equity securities (63)   (154)  
    (4,950)     (4,719)   (5,649)   Cash capital expenditure (14,161)   (17,280)  
    94      710    184    Proceeds from sale of property, plant and equipment and businesses 1,128    2,024   
    94      57    68    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 284    425   
    6      2    7    Proceeds from sale of equity securities 576    28   
    593      648    586    Interest received 1,818    1,555   
    1,074      883    701    Other investing cash inflows 2,814    3,308   
    (769)     (920)   (724)   Other investing cash outflows (3,183)   (2,141)  
    (3,857)     (3,338)   (4,827)   Cash flow from investing activities (10,723)   (12,080)  
    (89)     (179)   88    Net increase/(decrease) in debt with maturity period within three months (375)   (185)  
            Other debt:    
    78      132    187    – New borrowings 377    964   
    (1,322)     (4,154)   (3,368)   – Repayments (7,008)   (6,596)  
    (979)     (1,287)   (1,049)   Interest paid (3,177)   (3,076)  
    652      (115)   (26)   Derivative financial instruments 239    22   
    —      (1)   6    Change in non-controlling interest (5)   (22)  
            Cash dividends paid to:    
    (2,167)     (2,177)   (2,179)   – Shell plc shareholders (6,554)   (6,192)  
    (92)     (82)   (51)   – Non-controlling interest (242)   (636)  
    (3,537)     (3,958)   (2,725)   Repurchases of shares (10,319)   (10,640)  
    6      (24)   (30)   Shares held in trust: net sales/(purchases) and dividends received (480)   (176)  
    (7,452)     (11,846)   (9,147)   Cash flow from financing activities (27,545)   (26,535)  
    729      (126)   (421)   Effects of exchange rate changes on cash and cash equivalents 224    (222)  
    4,105      (1,801)   (2,063)   Increase/(decrease) in cash and cash equivalents 3,478    2,785   
    38,148      39,949    45,094    Cash and cash equivalents at beginning of period 38,774    40,246   
    42,252      38,148    43,031    Cash and cash equivalents at end of period 42,252    43,031   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

             Page 17

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

    The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

    2. Segment information

    Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

    From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

             Page 18

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                       
     
    REVENUE AND CCS EARNINGS BY SEGMENT    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
          Third-party revenue    
    9,748    9,052    8,338    Integrated Gas 27,996    27,208   
    1,605    1,590    1,617    Upstream 4,954    5,212   
    30,519    32,005    35,236    Marketing2 92,564    98,799   
    22,608    24,583    22,119    Chemicals and Products2 70,926    72,121   
    6,599    7,222    9,032    Renewables and Energy Solutions 21,558    34,517   
    10    11    7    Corporate 33    31   
    71,089    74,463    76,350    Total third-party revenue1 218,031    237,888   
          Inter-segment revenue    
    2,131    2,157    2,472    Integrated Gas 6,691    8,946   
    9,618    10,102    10,277    Upstream 30,008    30,282   
    1,235    1,363    1,456    Marketing2 3,953    4,056   
    9,564    9,849    11,942    Chemicals and Products2 29,725    32,653   
    1,131    957    894    Renewables and Energy Solutions 3,093    3,140   
    —    —    —    Corporate —    —   
          CCS earnings    
    2,631    2,454    2,156    Integrated Gas 7,846    5,325   
    2,289    2,179    1,999    Upstream 6,741    6,388   
    760    257    629    Marketing2 1,791    2,832   
    341    587    1,250    Chemicals and Products2 2,085    3,310   
    (481)   (75)   616    Renewables and Energy Solutions (3)   3,361   
    (647)   (1,656)   (497)   Corporate3 (2,656)   (2,315)  
    4,894    3,747    6,152    Total CCS earnings4 15,804    18,901   

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

    2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly, by $5,659 million and $16,369 million respectively for Third-party revenue and by $(73) million and $22 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the third quarter 2023 and the nine months 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,302 million and $3,616 million respectively and an increase in the Chemicals and Products segment of $11,373 million and $31,011 million respectively.

    3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the third quarter 2023 and the nine months 2023 have been revised by $37 million and $91 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

    4.See Note 3 “Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt”.

             Page 19

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

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

                                       
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
          Capital expenditure    
    1,090    1,024    958    Integrated Gas 2,971    2,458   
    1,998    1,769    2,013    Upstream 5,533    5,701   
    488    644    935    Marketing1 1,559    4,358   
    748    601    761    Chemicals and Products1 1,822    1,944   
    327    377    523    Renewables and Energy Solutions 1,124    1,382   
    39    30    68    Corporate 104    190   
    4,690    4,445    5,259    Total capital expenditure 13,114    16,033   
          Add: Investments in joint ventures and associates    
    147    127    141    Integrated Gas 457    543   
    (37)   60    (6)   Upstream 268    205   
    37    —    25    Marketing 75    48   
    13    37    76    Chemicals and Products 76    81   
    59    35    114    Renewables and Energy Solutions 103    205   
    3    1    1    Corporate 5    11   
    222    261    350    Total investments in joint ventures and associates 983    1,093   
          Add: Investments in equity securities    
    —    —    —    Integrated Gas —    —   
    12    —    —    Upstream 12    —   
    —    —    —    Marketing —    —   
    —    —    —    Chemicals and Products —    2   
    23    13    21    Renewables and Energy Solutions 45    68   
    3    —    19    Corporate 6    84   
    38    13    40    Total investments in equity securities 63    154   
          Cash capital expenditure    
    1,236    1,151    1,099    Integrated Gas 3,429    3,000   
    1,974    1,829    2,007    Upstream 5,813    5,906   
    525    644    959    Marketing1 1,634    4,406   
    761    638    837    Chemicals and Products1 1,898    2,027   
    409    425    659    Renewables and Energy Solutions 1,272    1,655   
    45    32    87    Corporate 114    285   
    4,950    4,719    5,649    Total Cash capital expenditure 14,161    17,280   

    1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $42 million and $133 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

             Page 20

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt

                                       
     
    RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
          Current cost of supplies adjustment:    
    668    137    (1,304)   Purchases 473    (275)  
    (162)   (36)   327    Taxation (114)   60   
    (2)   (5)   (47)   Share of profit/(loss) of joint ventures and associates (35)   14   
    503    97    (1,024)   Current cost of supplies adjustment 324    (201)  
          Of which:    
    477    89    (969)   Attributable to Shell plc shareholders 302    (162)
    26    7    (55)   Attributable to non-controlling interest 22    (39)
    4,894    3,747    6,152    CCS earnings 15,804    18,901   
          Of which:    
    4,768    3,606    6,075    CCS earnings attributable to Shell plc shareholders 15,468    18,725   
    126    140    77    CCS earnings attributable to non-controlling interest 336    176   
                                       
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    6,138    5,593    6,384    Production and manufacturing expenses 17,541    18,433   
    3,139    3,094    3,447    Selling, distribution and administrative expenses 9,208    9,811   
    294    263    267    Research and development 768    817   
    9,570    8,950    10,097    Operating expenses 27,517    29,062   
                                       
     
    RECONCILIATION OF TOTAL DEBT    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    September 30, 2024 June 30, 2024 September 30, 2023   September 30, 2024 September 30, 2023
    12,015    10,849    10,119    Current debt 12,015    10,119   
    64,597    64,619    72,028    Non-current debt 64,597    72,028   
    76,613    75,468    82,147    Total debt 76,613    82,147   

    4. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders ($ million) 15,166    18,887   
               
          Weighted average number of shares used as the basis for determining:    
    6,256.5    6,355.4    6,668.1    Basic earnings per share (million) 6,350.3    6,792.5   
    6,320.9    6,417.6    6,736.7    Diluted earnings per share (million) 6,414.0    6,856.7   

             Page 21

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    5. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (299,830,201)     (25)    
    At September 30, 2024 6,224,278,848      519     
    At January 1, 2023 7,003,503,393      584     
    Repurchases of shares (357,368,014)     (30)    
    At September 30, 2023 6,646,135,379      555     

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

    6. Other reserves

                                             
     
    OTHER RESERVES
    $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
    At January 1, 2024 37,298    154    236    1,308    (17,851)   21,145   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    2,815    2,815   
    Transfer from other comprehensive income —    —    —    —    166    166   
    Repurchases of shares —    —    25    —    —    25   
    Share-based compensation —    —    —    (24)   —    (24)  
    At September 30, 2024 37,298    154    261    1,284    (14,870)   24,127   
    At January 1, 2023 37,298    154    196    1,140    (17,656)   21,132   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (1,263)   (1,263)  
    Transfer from other comprehensive income —    —    —    —    (111)   (111)  
    Repurchases of shares —    —    30    —    —    30   
    Share-based compensation —    —    —    (18)   —    (18)  
    At September 30, 2023 37,298    154    227    1,121    (19,029)   19,769   

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

    7. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

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    date. The movement of the derivative financial instruments between December 31, 2023 and September 30, 2024 is a decrease of $4,865 million for the current assets and a decrease of $2,754 million for the current liabilities.

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

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million September 30, 2024 December 31, 2023
    Carrying amount 51,022    53,832   
    Fair value¹ 48,489    50,866   

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

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

    Consolidated Statement of Income

    Interest and other income

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    440    (305)   913    Interest and other income/(expenses) 1,042    2,207   
          Of which:    
    619    616    618    Interest income 1,824    1,718   
    4    30    7    Dividend income (from investments in equity securities) 58    36   
    (154)   143    (75)   Net gains/(losses) on sales and revaluation of non-current assets and businesses 0    35   
    (189)   (1,169)   168    Net foreign exchange gains/(losses) on financing activities (1,292)   (60)  
    159    74    195    Other 452    478   

    Net foreign exchange gains/(losses) on financing activities in the second quarter 2024 includes a loss of $1,104 million related to cumulative currency translation differences that were reclassified to profit and loss. The reclassification of these cumulative currency translation differences was principally triggered by changes in the funding structure of some of Shell’s businesses in the United Kingdom. These currency translation differences were previously directly recognised in equity as part of accumulated other comprehensive income.

    Depreciation, depletion and amortisation

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    5,916    7,555    5,911    Depreciation, depletion and amortisation 19,352    20,069   
          Of which:    
    5,578 5,642 5,716 Depreciation 16,874    17,120   
    340 1,984 359 Impairments 2,706    3,438   
    (2) (71) (163) Impairment reversals (228)   (489)  

    Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Impairments recognised in the second quarter 2024 of $1,984 million pre-tax ($1,778 million post-tax) mainly relate to Marketing ($1,055 million), Chemicals and Products ($690 million) and Renewables and Energy Solutions ($141 million). The impairment in Marketing principally relates to a biofuels facility located in the Netherlands, triggered by a temporary pause of on-site construction work. The impairment in Chemicals and Products relates to an Energy and Chemicals Park located in Singapore, due to remeasurement of the fair value less costs of disposal triggered by a sales agreement reached. Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly relate to various assets in Renewables and Energy Solutions and Chemicals and Products.

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    Taxation charge/credit

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    2,879    3,754    4,115    Taxation charge/(credit) 10,237    11,891   
          Of which:    
    2,834 3,666 4,115 Income tax excluding Pillar Two income tax 10,026    11,891   
    45 88 — Income tax related to Pillar Two income tax 212    —

    On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

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

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    2,947    698    (1,460)   Currency translation differences 1,651    (1,174)  
          Of which:    
    2,912 (406) (1,469) Recognised in Other comprehensive income 524    (1,181)  
    35 1,104 9 (Gain)/loss reclassified to profit or loss 1,127    7

    Amounts reclassified to profit and loss in the second quarter 2024 relate to cumulative currency translation differences that were reclassified to income (refer to Interest and other income above).

    Condensed Consolidated Balance Sheet

    Retirement benefits

                     
     
    $ million    
      September 30, 2024 December 31, 2023
    Non-current assets    
    Retirement benefits 10,564    9,151   
    Non-current liabilities    
    Retirement benefits 7,110    7,549   
    Surplus/(deficit) 3,454    1,602   

    Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at September 30, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

    Assets classified as held for sale

                       
       
    $ million      
      September 30, 2024 December 31, 2023  
    Assets classified as held for sale 2,144    951     
    Liabilities directly associated with assets classified as held for sale 1,298    307     

    Assets classified as held for sale and associated liabilities at September 30, 2024 relate to an energy and chemicals park asset in Chemicals and Products in Singapore and various smaller assets. The major classes of assets and liabilities classified as held for sale at September 30, 2024, are Inventories ($1,273 million; December 31, 2023: $463 million), Property, plant and equipment ($544 million; December 31, 2023: $250 million), Decommissioning and other provisions ($634 million; December 31, 2023: $75 million) and Debt ($425 million; December 31, 2023: $84 million).

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    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    (144)   2,027    (150)   Other 2,392    474   

    ‘Cash flow from operating activities – Other’ for the third quarter 2024 includes $432 million of net inflows (second quarter 2024: $620 million net inflows; third quarter 2023: $630 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $539 million in relation to reversal of currency exchange gains on Cash and cash equivalents (second quarter 2024: $96 million losses; third quarter 2023: $336 million losses). For the second quarter 2024 ‘Cash flow from operating activities – Other’ also includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income (refer to Interest and other income above).

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

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

                                       
         
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    477    89    (969)   Add: Current cost of supplies adjustment attributable to Shell plc shareholders 302    (162)  
    26    7    (55)   Add: Current cost of supplies adjustment attributable to non-controlling interest 22    (39)  
    4,894    3,747    6,152    CCS earnings 15,804    18,901   
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 4,894 2,631 2,289 760 341 (481) (647)
    Less: Identified items (1,259) (240) (153) (422) (122) (319) (3)
    Less: CCS earnings attributable to non-controlling interest 126            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,028            
    Add: Non-controlling interest 126            
    Adjusted Earnings plus non-controlling interest 6,153 2,871 2,443 1,182 463 (162) (643)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,571 949 2,413 322 (73) (1) (39)
    Add: Depreciation, depletion and amortisation excluding impairments 5,578 1,369 2,691 564 862 86 6
    Add: Exploration well write-offs 150 2 148        
    Add: Interest expense excluding identified items 1,173 49 183 13 14 2 912
    Less: Interest income 619 5 8 — 25 — 581
    Adjusted EBITDA 16,005 5,234 7,871 2,081 1,240 (75) (346)
    Less: Current cost of supplies adjustment before taxation 665     334 331    
    Joint ventures and associates (dividends received less profit) (62) (146) (90) 51 63 61 —
    Derivative financial instruments 133 (373) 47 98 88 (106) 380
    Taxation paid (3,028) (814) (2,074) (241) 23 (33) 112
    Other (365) (32) (406) 275 107 (75) (234)
    (Increase)/decrease in working capital 2,665 (247) (78) 792 2,131 (136) 204
    Cash flow from operating activities 14,684 3,623 5,268 2,722 3,321 (364) 115

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    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 3,747 2,454 2,179 257 587 (75) (1,656)
    Less: Identified items (2,669) (220) (157) (825) (499) 112 (1,080)
    Less: CCS earnings attributable to non-controlling interest 140            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 6,293            
    Add: Non-controlling interest 122            
    Adjusted Earnings plus non-controlling interest 6,415 2,675 2,336 1,082 1,085 (187) (576)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,947 940 2,312 359 297 (10) 49
    Add: Depreciation, depletion and amortisation excluding impairments 5,642 1,375 2,750 548 867 95 6
    Add: Exploration well write-offs 269 5 264 — — — —
    Add: Interest expense excluding identified items 1,149 44 166 10 23 1 904
    Less: Interest income 616 — (1) — 30 (9) 595
    Adjusted EBITDA 16,806 5,039 7,829 1,999 2,242 (91) (213)
    Less: Current cost of supplies adjustment before taxation 133     74 59    
    Joint ventures and associates (dividends received less profit) (135) 96 (288) (54) 46 64 —
    Derivative financial instruments 713 (133) 9 7 304 607 (79)
    Taxation paid (3,448) (1,039) (1,955) (17) (186) (138) (113)
    Other (38) (104) (341) (57) 263 180 20
    (Increase)/decrease in working capital (258) 324 484 153 (361) 225 (1,083)
    Cash flow from operating activities 13,508 4,183 5,739 1,958 2,249 847 (1,468)
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 6,152 2,156 1,999 629 1,250 616 (497)
    Less: Identified items (149) (375) (238) (12) (213) 667 22
    Less: CCS earnings attributable to non-controlling interest 77            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,224            
    Add: Non-controlling interest 77            
    Adjusted Earnings plus non-controlling interest 6,302 2,531 2,237 641 1,463 (51) (519)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,621 845 2,160 269 253 70 24
    Add: Depreciation, depletion and amortisation excluding impairments 5,716 1,413 2,771 528 918 82 4
    Add: Exploration well write-offs 186 35 151 — — — —
    Add: Interest expense excluding identified items 1,130 51 119 23 41 1 895
    Less: Interest income 618 1 5 8 13 1 590
    Adjusted EBITDA 16,336 4,874 7,433 1,453 2,661 101 (186)
    Less: Current cost of supplies adjustment before taxation (1,351)     (624) (727)    
    Joint ventures and associates (dividends received less profit) (13) (40) 43 (19) (19) 21 —
    Derivative financial instruments (2,549) (454) (20) 10 (375) (1,407) (304)
    Taxation paid (3,191) (679) (2,090) (226) 54 (258) 8
    Other 177 (44) (57) (485) 167 327 269
    (Increase)/decrease in working capital 221 352 28 (960) (354) 1,182 (27)
    Cash flow from operating activities 12,332 4,009 5,336 397 2,862 (34) (238)

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 15,804 7,846 6,741 1,791 2,085 (3) (2,656)
    Less: Identified items (4,569) (1,379) 28 (1,255) (1,078) 183 (1,069)
    Less: CCS earnings attributable to non-controlling interest 336            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 20,055            
    Add: Non-controlling interest 318            
    Adjusted Earnings plus non-controlling interest 20,373 9,225 6,712 3,046 3,163 (186) (1,588)
    Add: Taxation charge/(credit) excluding tax impact of identified items 11,642 2,885 7,247 1,039 562 (10) (81)
    Add: Depreciation, depletion and amortisation excluding impairments 16,874 4,154 8,169 1,647 2,599 287 18
    Add: Exploration well write-offs 973 14 959        
    Add: Interest expense excluding identified items 3,485 136 518 35 54 4 2,737
    Less: Interest income 1,824 5 17 1 69 (5) 1,736
    Adjusted EBITDA 51,523 16,410 23,588 5,767 6,308 101 (650)
    Less: Current cost of supplies adjustment before taxation 438     256 182    
    Joint ventures and associates (dividends received less profit) (779) (247) (924) 89 165 138 —
    Derivative financial instruments 1,153 (1,586) 53 66 (10) 2,479 152
    Taxation paid (9,092) (2,320) (5,832) (432) (182) (415) 89
    Other (500) (90) (978) 612 (8) 75 (111)
    (Increase)/decrease in working capital (344) 352 827 153 (869) 570 (1,377)
    Cash flow from operating activities 41,522 12,518 16,734 5,999 5,221 2,948 (1,898)
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 18,901 5,325 6,388 2,832 3,310 3,361 (2,315)
    Less: Identified items (2,219) (4,625) (357) 314 (278) 2,778 (50)
    Less: CCS earnings attributable to non-controlling interest 176            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 20,944            
    Add: Non-controlling interest 176            
    Adjusted Earnings plus non-controlling interest 21,120 9,951 6,746 2,518 3,588 583 (2,266)
    Add: Taxation charge/(credit) excluding tax impact of identified items 11,553 2,773 6,720 808 558 345 349
    Add: Depreciation, depletion and amortisation excluding impairments 17,120 4,300 8,358 1,479 2,667 303 13
    Add: Exploration well write-offs 625 59 566 — — — —
    Add: Interest expense excluding identified items 3,504 110 372 40 39 3 2,941
    Less: Interest income 1,718 2 13 8 33 5 1,657
    Adjusted EBITDA 52,204 17,189 22,750 4,837 6,819 1,229 (619)
    Less: Current cost of supplies adjustment before taxation (261)     (94) (167)    
    Joint ventures and associates (dividends received less profit) (167) 32 (443) 85 85 72 2
    Derivative financial instruments (5,112) (3,071) — (18) 225 (1,719) (528)
    Taxation paid (10,108) (2,843) (6,455) (478) (197) (350) 214
    Other 82 (84) (530) 23 284 304 85
    (Increase)/decrease in working capital 4,462 2,700 342 (748) (1,019) 4,713 (1,526)
    Cash flow from operating activities 41,622 13,923 15,663 3,794 6,364 4,249 (2,372)

    Identified Items

    Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

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    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (154) 1 (2) (110) (19) (20) (3)
    Impairment reversals/(impairments) (338) (6) (3) (195) (120) (14) —
    Redundancy and restructuring (552) (69) (189) (136) (141) (26) 10
    Provisions for onerous contracts (7) — — (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (602) (252) (13) (78) 126 (385) —
    Other (136) — (141) (1) (11) 16 —
    Total identified items included in Income/(loss) before taxation (1,789) (327) (348) (526) (165) (430) 7
    Less: total identified items included in Taxation charge/(credit) (530) (87) (195) (104) (43) (111) 10
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (129) 1 (6) (84) (15) (23) (2)
    Impairment reversals/(impairments) (288) (4) (2) (179) (92) (10) —
    Redundancy and restructuring (397) (48) (138) (98) (101) (19) 7
    Provisions for onerous contracts (5) — — (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (456) (213) (3) (56) 95 (279) —
    Impact of exchange rate movements and inflationary adjustments on tax balances 120 24 104 — — — (8)
    Other (105) — (108) — (8) 12 —
    Impact on CCS earnings (1,259) (240) (153) (422) (122) (319) (3)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (1,259) (240) (153) (422) (122) (319) (3)

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    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 143 2 131 (60) (8) 79 —
    Impairment reversals/(impairments) (1,932) (18) (80) (1,055) (619) (161) —
    Redundancy and restructuring (211) (9) (56) (69) (30) (45) (2)
    Provisions for onerous contracts (17) (3) (14) — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 461 (102) (29) 63 211 318 —
    Other1 (1,271) (130) (168) 10 113 7 (1,103)
    Total identified items included in Income/(loss) before taxation (2,826) (260) (215) (1,111) (333) 198 (1,105)
    Less: total identified items included in Taxation charge/(credit) (157) (40) (58) (286) 165 87 (25)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 135 1 114 (45) (6) 71 —
    Impairment reversals/(impairments) (1,728) (15) (67) (783) (708) (155) —
    Redundancy and restructuring (147) (6) (33) (50) (23) (33) (1)
    Provisions for onerous contracts (14) (3) (11) — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 319 (98) (7) 45 156 223 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 49 10 (4) — — — 43
    Other1 (1,284) (111) (148) 7 83 5 (1,122)
    Impact on CCS earnings (2,669) (220) (157) (825) (499) 112 (1,080)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,687) (220) (157) (825) (517) 112 (1,080)

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

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    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (75) 6 23 (10) 3 (98) —
    Impairment reversals/(impairments) (196) — (15) (2) (103) (76) —
    Redundancy and restructuring (20) (3) (4) (5) (4) (2) (3)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 258 (350) 38 (2) (88) 659 —
    Other 50 (25) (236) — (97) 408 —
    Total identified items included in Income/(loss) before taxation 17 (371) (194) (18) (288) 891 (3)
    Less: total identified items included in Taxation charge/(credit) 166 4 44 (6) (75) 225 (25)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (68) 4 8 (7) 2 (76) —
    Impairment reversals/(impairments) (167) — (12) (1) (79) (75) —
    Redundancy and restructuring (14) (2) (2) (4) (3) (1) (2)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 121 (340) 13 — (59) 506 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (51) (13) (62) — — — 24
    Other 29 (25) (184) — (74) 312 —
    Impact on CCS earnings (149) (375) (238) (12) (213) 667 22
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (149) (375) (238) (12) (213) 667 22

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) — — 155 (185) (35) 68 (3)
    Impairment reversals/(impairments) (2,498) (32) (179) (1,254) (917) (116) —
    Redundancy and restructuring (837) (79) (258) (226) (190) (86) 3
    Provisions for onerous contracts (24) (3) (14) (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,221) (1,421) (44) (9) (79) 332 —
    Other1 (1,281) (126) (271) 32 148 39 (1,103)
    Total identified items included in Income/(loss) before taxation (5,859) (1,663) (609) (1,649) (1,073) 238 (1,104)
    Less: total identified items included in Taxation charge/(credit) (1,290) (284) (638) (394) 5 55 (35)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 2 — 118 (140) (28) 54 (2)
    Impairment reversals/(impairments) (2,201) (24) (171) (965) (952) (89) —
    Redundancy and restructuring (597) (55) (179) (163) (139) (63) 2
    Provisions for onerous contracts (19) (3) (11) (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,032) (1,198) (11) (6) (69) 250 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 573 8 512 — — — 53
    Other1 (1,293) (107) (228) 24 110 30 (1,122)
    Impact on CCS earnings (4,569) (1,379) 28 (1,255) (1,078) 183 (1,069)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (4,587) (1,379) 28 (1,255) (1,096) 183 (1,069)

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

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 35 (1) 76 32 (12) (59) —
    Impairment reversals/(impairments) (2,952) (2,274) (199) (49) (300) (130) —
    Redundancy and restructuring (54) — (10) (22) (4) (1) (16)
    Provisions for onerous contracts (24) — — — (24) — —
    Fair value accounting of commodity derivatives and certain gas contracts 939 (3,047) 387 66 77 3,455 —
    Other 116 (25) (445) 298 (119) 408 —
    Total identified items included in Income/(loss) before taxation (1,941) (5,347) (192) 324 (382) 3,672 (16)
    Less: total identified items included in Taxation charge/(credit) 278 (722) 165 11 (104) 894 34
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 50 — 80 24 (9) (45) —
    Impairment reversals/(impairments) (2,284) (1,700) (188) (50) (227) (119) —
    Redundancy and restructuring (35) — (3) (17) (3) (1) (11)
    Provisions for onerous contracts (18) — — — (18) — —
    Fair value accounting of commodity derivatives and certain gas contracts 52 (2,821) 106 60 75 2,632 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 8 (31) 78 — — — (39)
    Other 7 (74) (431) 297 (96) 312 —
    Impact on CCS earnings (2,219) (4,625) (357) 314 (278) 2,778 (50)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,219) (4,625) (357) 314 (278) 2,778 (50)

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

    Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

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

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

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

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    3rd QUARTER 2024 UNAUDITED RESULTS

    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

    C.    Cash capital expenditure

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

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

    D.    Capital employed and Return on average capital employed

    Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

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

    Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

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

                           
     
    $ million Quarters
      Q3 2024 Q2 2024 Q3 2023
    Current debt 10,119 12,114 8,046
    Non-current debt 72,028 72,252 73,944
    Total equity 192,943 192,094 190,237
    Less: Cash and cash equivalents (43,031) (45,094) (35,978)
    Capital employed – opening 232,059 231,366 236,250
    Current debt 12,015 10,849 10,119
    Non-current debt 64,597 64,619 72,028
    Total equity 189,538 187,190 192,943
    Less: Cash and cash equivalents (42,252) (38,148) (43,031)
    Capital employed – closing 223,898 224,511 232,059
    Capital employed – average 227,979 227,939 234,154

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    3rd QUARTER 2024 UNAUDITED RESULTS
                           
     
    $ million Quarters
      Q3 2024 Q2 2024 Q3 2023
    Adjusted Earnings – current and previous three quarters (Reference A) 27,361 27,558 30,758
    Add: Income/(loss) attributable to NCI – current and previous three quarters 376 409 275
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 56 (25) (12)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 7 7 13
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 27,787 27,935 31,008
    Add: Interest expense after tax – current and previous three quarters 2,698 2,650 2,685
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,392 1,395 1,179
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 29,093 29,190 32,514
    Capital employed – average 227,979 227,939 234,154
    ROACE on an Adjusted Earnings plus NCI basis 12.8% 12.8% 13.9%

    E.    Net debt and gearing

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

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

                           
     
    $ million  
      September 30, 2024 June 30, 2024 September 30, 2023
    Current debt 12,015    10,849    10,119   
    Non-current debt 64,597    64,619    72,028   
    Total debt 76,613    75,468    82,147   
    Of which lease liabilities 25,590    25,600    27,854   
    Add: Debt-related derivative financial instruments: net liability/(asset) 1,694    2,460    3,116   
    Add: Collateral on debt-related derivatives: net liability/(asset) (821)   (1,466)   (1,762)  
    Less: Cash and cash equivalents (42,252)   (38,148)   (43,031)  
    Net debt 35,234    38,314    40,470   
    Total equity 189,538    187,190    192,943   
    Total capital 224,772    225,505    233,414   
    Gearing 15.7  % 17.0  % 17.3  %

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

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

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,138 1,164 2,394 367 1,766 453 (6)
    Selling, distribution and administrative expenses 3,139 (1) (39) 2,408 453 209 110
    Research and development 294 27 75 55 34 22 81
    Operating expenses 9,570 1,190 2,430 2,830 2,253 684 185
                                                   
     
    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,593 1,050 2,219 320 1,573 422 10
    Selling, distribution and administrative expenses 3,094 64 62 2,295 293 279 101
    Research and development 263 32 61 47 37 24 62
    Operating expenses 8,950 1,146 2,341 2,662 1,902 725 173
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,384 1,125 2,266 335 1,900 760 (1)
    Selling, distribution and administrative expenses1 3,447 50 42 2,448 501 286 121
    Research and development1 267 30 77 60 44 (26) 81
    Operating expenses 10,097 1,204 2,384 2,843 2,444 1,021 201
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 17,541 3,170 6,881 1,052 4,973 1,454 10
    Selling, distribution and administrative expenses 9,208 125 80 6,891 1,166 646 300
    Research and development 768 85 194 136 104 58 192
    Operating expenses 27,517 3,380 7,156 8,079 6,243 2,158 501
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 18,433 3,341 6,591 1,030 5,579 1,878 14
    Selling, distribution and administrative expenses1 9,811 114 217 6,906 1,494 787 293
    Research and development1 817 84 216 184 129 2 202
    Operating expenses 29,062 3,540 7,024 8,120 7,201 2,667 509

    1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see Note 2).

    Underlying operating expenses

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

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                       
         
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    9,570    8,950    10,097    Operating expenses 27,517    29,062   
    (552)   (210)   (19)   Redundancy and restructuring (charges)/reversal (834)   (51)  
    (154)   (212)   (343)   (Provisions)/reversal (366)   (376)  
    —    123    —    Other 252    —   
    (706)   (299)   (362)   Total identified items (948)   (426)  
    8,864    8,651    9,735    Underlying operating expenses 26,569    28,635   

    G.    Free cash flow and Organic free cash flow

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

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

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    14,684    13,508    12,332    Cash flow from operating activities 41,522    41,622   
    (3,857)   (3,338)   (4,827)   Cash flow from investing activities (10,723)   (12,080)  
    10,827    10,170    7,505    Free cash flow 30,799    29,542   
    194    769    259    Less: Divestment proceeds (Reference I) 1,988    2,477   
    —    —    (3)   Add: Tax paid on divestments (reported under “Other investing cash outflows”) —    —   
    —    189    3    Add: Cash outflows related to inorganic capital expenditure1 251    2,316   
    10,633    9,590    7,246    Organic free cash flow2 29,062    29,381   

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

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

    H.    Cash flow from operating activities and cash flow from operating activities excluding working capital movements

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

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

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    14,684    13,508    12,332    Cash flow from operating activities 41,522    41,622   
    2,705    (954)   (3,151)   (Increase)/decrease in inventories 1,143    2,237   
    4,057    1,965    (1,126)   (Increase)/decrease in current receivables 5,827    13,105   
    (4,096)   (1,269)   4,498    Increase/(decrease) in current payables1 (7,314)   (10,881)  
    2,665    (258)   221    (Increase)/decrease in working capital (344)   4,462   
    12,019    13,766    12,111    Cash flow from operating activities excluding working capital movements 41,867    37,160   

    1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

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    3rd QUARTER 2024 UNAUDITED RESULTS

    I.    Divestment proceeds

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

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

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    3rd QUARTER 2024 UNAUDITED RESULTS

    CAUTIONARY STATEMENT

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

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

    Forward-Looking Statements

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

    Shell’s Net Carbon Intensity

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

    Shell’s Net-Zero Emissions Target

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

    Forward-Looking Non-GAAP measures

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

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

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

    This Unaudited Condensed Interim Financial Report contains inside information.

             Page 39

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    October 31, 2024

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

    Contacts:

    – Sean Ashley, Company Secretary

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

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

    The MIL Network –

  • MIL-OSI: OP Financial Group’s Interim Report for 1 January–30 September 2024: Strong business performance continued – operating profit EUR 1,948 million

    Source: GlobeNewswire (MIL-OSI)

    OP Financial Group
    Interim Report 1 January–30 September 2024
    Stock Exchange Release 31 October 2024 at 9.00 EET

    OP Financial Group’s Interim Report for 1 January–30 September 2024: Strong business performance continued – operating profit EUR 1,948 million

    • Operating profit was EUR 1,948 million (1,570).
    • Income from customer business, or net interest income, insurance service result and net commissions and fees, increased by 7% to EUR 2,813 million (2,634). Net interest income grew by 10% to EUR 2,118 million (1,919). The insurance service result grew by 63% to EUR 95 million (58). Net commissions and fees decreased by 9% to EUR 599 million (656). The decrease was affected by the fact that owner-customers are being provided with daily banking services free of monthly charges in 2024. The value of this benefit was EUR 67 million during the reporting period.
    • Impairment loss on receivables in the income statement was EUR 72 million (170), accounting for 0.10% (0.22) of the loan and guarantee portfolio.
    • Investment income increased by 43% to EUR 419 million (294).
    • Total expenses grew by 4% to EUR 1,629 million (1,564). The cost/income ratio improved to 45% (47).
    • In the year to September, the loan portfolio decreased by 1% to EUR 98.0 billion (98.9). Deposits increased by 5% to EUR 76.2 billion (72.6).
    • CET1 ratio strengthened to 21.4% (19.2), which exceeds the minimum regulatory requirement by 7.9 percentage points.
    • Retail Banking segment’s operating profit rose to EUR 1,037 million (919). Net interest income grew by 11% to EUR 1,615 million (1,459). Impairment loss on receivables decreased by EUR 50 million to EUR 57 million (107). Net commissions and fees decreased by 13% to EUR 458 million (524). The cost/income ratio improved to 48% (49). The loan portfolio decreased by 1% year on year, to EUR 70.6 billion. Deposits increased by 1% to EUR 62.4 billion.
    • Corporate Banking segment’s operating profit rose to EUR 418 million (321). Net interest income grew by 12% to EUR 493 million (441). Impairment loss on receivables decreased by EUR 48 million to EUR 15 million (63). Net commissions and fees increased by 2% to EUR 146 million (143). The cost/income ratio improved to 37% (40). In the year to September, the loan portfolio decreased by 2% to EUR 27.5 billion. Deposits increased by 26% to EUR 14.4 billion.
    • Insurance segment’s operating profit rose to EUR 458 million (298). Insurance service result grew by 63% to EUR 95 million (58). Investment income increased by 52% to EUR 365 million (241). Combined ratio reported by non-life insurance was 95% (95).
    • Group Functions operating profit was EUR 4 million (–2).
    • OP Financial Group will increase the OP bonuses to be earned by owner-customers for 2025 by 40% compared to the normal level of 2022. In addition, owner-customers will get daily banking services free of monthly charges until the end of 2025. Together, these benefits are estimated to add up to more than EUR 400 million in value for owner-customers next year.
    • On 14 October 2024, OP Financial Group raised its earnings outlook for 2024. Operating profit for 2024 is expected to be higher than that for 2023. For more detailed information on the outlook, see “Outlook towards the year end”.

    OP Financial Group’s key indicators

      Q1–3/2024 Q1–3/2023 Change, % Q1–4/2023
    Operating profit, € million 1,948 1,570 24.1 2,050
    Retail Banking 1,037 919 12.8 1,223
    Corporate Banking 418 321 30.3 408
    Insurance 458 298 53.6 414
    Group Functions 4 -2 – -26
    New OP bonuses accrued to owner-customers,
    € million    		 -233 -204 14.1 -275
    Total income** 3,650 3,304 10.5 4,520
    Total expenses -1,629 -1,564 4.2 -2,201
    Cost/income ratio, %** 44.6 47.3 -2.7* 48.7
    Return on equity (ROE), % 12.3 11.1 1.2* 10.6
    Return on equity, excluding OP bonuses, % 13.7 12.5 1.2* 12.0
    Return on assets (ROA), % 1.30 1.02 0.29* 0.98
    Return on assets, excluding OP bonuses, % 1.46 1.15 0.31* 1.11
      30 Sep 2024 30 Sep 2023 Change, % 31 Dec 2023
    CET1 ratio, % 21.4 19.1 2.3* 19.2
    Loan portfolio, € billion 98.0 98.9 -1.0 98.9
    Deposits, € billion 76.2 72.6 5.0 74.5
    Ratio of non-performing exposures to exposures, % 2.91 2.73 0.18* 2.94
    Ratio of impairment loss on receivables to loan and guarantee portfolio, % 0.10 0.22 -0.13* 0.26
    Owner-customers (1,000) 2,107 2,083 1.2 2,094

     Comparatives for the income statement are based on the corresponding figures in 2023. Unless otherwise specified, figures from 31 December 2023 are used as comparatives for balance-sheet and other cross-sectional items.
    * Change in ratio, percentage point(s).
    ** OP bonuses to owner-customers, which were previously shown on a separate line in the income statement, have been divided under the following items based on their accrual: interest income, interest expenses, and commission income from mutual funds. The line ‘OP bonuses to owner-customers’ is no longer shown in the income statement. Comparative information has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.

    Comments by the President and Group Chief Executive Officer

    The Finnish economy is recovering as forecast – inflation continued to slow and market rates fell markedly

    Finland’s recovery, which began in the first half of the year, seems to be continuing into late 2024, mainly because the domestic market has been stronger than forecast. Consumer demand has been the mainstay of the economy this year. In contrast, investments have sharply reduced and exports are slightly down.

    Finland’s economy seems to have bottomed out in the summer. Annual GDP growth is expected to reach 2% next year, when exports should clearly outpace the current year’s performance as industry perks up and service exports recover.

    Inflation in Finland fell to 0.8%, which was clearly below the average for the euro area (1.7%). Short-term market rates fell sharply in the third quarter and the 12-month Euribor (the most commonly used reference rate for home loans) was at 2.75% at the end of September. Consumers, in particular, have benefited from lower inflation and interest rates.

    Third-quarter home purchase volumes and home loan demand were clearly higher than in the same period last year: there are signs of a gradual recovery in the housing market.

    Stock markets continued to perform well in July–September due to enduringly moderate global growth, better private-sector results and falling market rates.

    OP Financial Group’s business operations continued to grow strongly – the excellent results will benefit OP’s owner-customers

    OP Financial Group’s operating profit continued its excellent trend into the third quarter, growing by 24% year on year to EUR 1,948 million in January–September. This strong profit performance guarantees the continuance of highly competitive benefits for our owner-customers.

    We will increase the OP bonuses earned by owner-customers for 2025 by 40% compared to the normal level of 2022. Moreover, in 2025, we will not collect monthly charges from our owner-customers for use of daily banking services. Next year, these benefits will add up to more than EUR 400 million in value for our owner-customers. Being customer-owned, OP Financial Group will continue to share its financial success through a range of financial and other benefits for its owner-customers.

    OP Financial Group’s CET1 ratio strengthened again in the third quarter, to 21.4%, which exceeds the minimum regulatory requirement by 7.9 percentage points. OP Financial Group is one of Europe’s most financially solid large banks. Excellent profitability and strong capital adequacy and liquidity are critical factors for banks and insurance companies, building trust among customers, partners and other stakeholders. Trust is vital in the banking and insurance businesses.

    OP Financial Group’s income from customer business grew considerably in January–September 2024, mainly owing to the strong increase in net interest income. Net commissions and fees decreased by 9%, due to the benefit (provided for owner-customers) of zero monthly charges for daily banking services.

    The insurance service result for January–September clearly improved year on year, rising to EUR 95 million. It also improved considerably compared to the first half of 2024. Since the first quarter, there have been fewer large claims than usual and vehicle and health insurance claims fell in the summer months as favourable weather began and the flu season ended.

    Income from investment activities has fared extremely well this year, the result of EUR 419 million being 43% higher than for the same period in 2023. Total income was EUR 3,650 million, or 10% more year on year.

    At EUR 1,629 million, total expenses in January–September were 4% higher than in the same period in 2023, mainly due to rising personnel costs and higher investments in ICT development. OP Financial Group’s cost/income ratio markedly improved year on year, to an excellent 45%.

    All three business segments performed well in January–September. The Retail Banking segment’s operating profit rose by 13% from the same period in 2023, to EUR 1,037 million. Corporate Banking’s operating profit was EUR 418 million, up by 30% year on year. Operating profit in the Insurance segment totalled EUR 458 million, a rise of 54% on January–September 2023, largely because of the excellent result in investment income.

    Deposits grew strongly – but the loan portfolio decreased slightly

    OP Financial Group’s deposit portfolio grew by 5% year on year. There was moderate growth both in household and corporate deposits. OP Financial Group strengthened its position as Finland’s leading deposit bank in the first half of 2024; OP’s market share is now almost 40%.

    OP Financial Group’s loan portfolio shrank by around 1% year on year. Demand for new home loans and corporate loans remained fairly low. In the first half of 2024, OP Financial Group further strengthened its position as a provider of home loans in Finland; with a market share of 39%, it is the clear market leader. OP’s home loan customers have continued to manage their repayments well despite the general economic downturn. The number of loan modification applications was lower than the year before. Non-performing exposures totalled 2.9% (2.9). Impairment loss on receivables markedly decreased year on year.

    Strong growth in wealth management continued

    OP Financial Group aims to coach its customers to help them make better financial choices. We are therefore investing heavily in the range, quality and availability of the wealth management services we provide for our various customer categories. We want to promote our customers’ long-term financial wellbeing.

    Our customers remain interested in systematically investing in funds, with 33% more new systematic investment agreements being made in January–September than in the same period last year. The number of OP mutual fund unitholders rose to almost 1.38 million. There was also considerable growth in the number of active equity investors. At EUR 111 billion in value, investment assets managed by OP Financial Group grew by 13% year on year.

    Corporate Banking succeeded well as a provider of financing for big companies

    Corporate Banking had a highly successful nine months as a versatile intermediary of financing for large corporations. It was the lead arranger or arranger of 11 bond issues, which raised EUR 2.6 billion for companies from the capital markets. Sustainable financing provided by Corporate Banking also grew in the first half of 2024. By the end of September, the commitment portfolio totalled EUR 8.0 billion.

    The insurance business’s profitability improved in the third quarter

    Insurance revenue for January–September grew by 7% year on year. The rapid growth in claims expenditure of early 2024 slowed in the third quarter, but claims expenditure in January–September was still 8% higher than in the same period in 2023. Non-life insurance reported a combined ratio of 95%. Compensation was paid for 94% of all claims reported to Pohjola Insurance. There was a clear improvement in non-life insurance’s profitability in the third quarter.

    Life insurance’s performance has been excellent this year, with 10% growth in unit-linked insurance assets. Growing this business is one of OP Financial Group’s strategic focus areas.

    Strong growth in the number of customer interactions through the AI-based OP Aina

    In June, we launched OP Aina, a new personal assistant on OP-mobile. OP Aina helps our customers with a range of banking and insurance matters on a 24/7 basis. It is the first financial service in Finland to use artificial intelligence and alerts. We use the service to provide even more personalised and readily available services than before. Customers have been actively using the service. There have already been 4.8 million customer interactions with OP Aina and feedback has been positive.

    Cybersecurity is at the core of our operations

    OP Financial Group’s service availability has been excellent despite the rapidly growing number of denial of service attacks. We are investing strongly in cybersecurity to ensure that our customers’ money and data are secure and our service level is maintained under all circumstances. As phishing and scam attempts directed at our customers have proliferated, we have created several new ways of providing even better protection.

    Owner-customers have been benefiting from OP bonuses for more than 25 years and will continue to do so

    A total of more than EUR 3.7 billion in OP bonuses have accumulated for OP Financial Group’s owner-customers in more than 25 years. OP Financial Group has prepared for the possible change in the tax treatment of financial-sector customer bonuses in early 2026. A bill has been presented to the Finnish Parliament, which would bring OP bonuses accumulated from banking services under capital gains tax if they were used for non-banking services – to pay insurance premiums, for example. However, there is no need for concern among OP Financial Group’s 2.1 million owner-customers, who will continue to receive at least the same level of financial benefits as before, regardless of possible changes in the law. It therefore pays to be an owner-customer of OP Financial Group. In line with our mission, we will continue to promote the sustainable prosperity, security and wellbeing of our owner-customers.

    OP Financial Group is an attractive employer

    This year, OP Financial Group was ranked for the first time as Finland’s most attractive employer by business sector professionals, and as the fourth most attractive by IT professionals, in an annual employer branding survey by Universum. Year after year in the survey, professionals and students have ranked us as top performers.

    Over the years, one of our strategic priorities has been to ensure that our personnel are highly skilled, motivated and satisfied. The survey results are strong evidence of our success in fulfilling this priority. Our employer image, as a genuinely inclusive workplace based on high-level competencies, is critical to retaining our current talent and continuing to recruit the best for OP Financial Group.

    Together through time

    OP Financial Group is in great shape to be there for its customers through economic ups and downs. We want to be a pioneer in Finnish society, pointing the way towards futures filled with hope. The success of Finland and all those who live here is our number one priority now and in the future.

    My warm thanks to all our customers for the trust they have shown in OP Financial Group. We want to continue being worthy of your trust going forward. I would also like to give my heartfelt thanks to our employees and governing bodies for their fine work and commitment during the year. We have a superb basis for continuing to be successful in the times ahead.

    Timo Ritakallio
    President and Group CEO

    January–September

    OP Financial Group’s operating profit was EUR 1,948 million (1,570), up by 24.1% or EUR 378 million year on year. Income from customer business, or net interest income, net commissions and fees and insurance service result, increased by a total of 6.8% to EUR 2,813 million (2,634). The cost/income ratio improved to 44.6% (47.3). New OP bonuses accrued to owner-customers, which are included in earnings, increased by 14.1% to EUR 233 million.

    Net interest income grew by 10.4% to EUR 2,118 million. The development of market rates continued to increase net interest income. Net interest income reported by the Retail Banking segment increased by 10.7% to EUR 1,615 million and that by the Corporate Banking segment increased by 11.9% to EUR 493 million. OP Financial Group’s loan portfolio decreased by 1.0% to EUR 98.0 billion while deposits grew by 5.0% to EUR 76.2 billion, year on year. Household deposits increased by 1.7% year on year, to EUR 47.8 billion. New loans drawn down by customers during the reporting period totalled EUR 15.0 billion (16.0).

    Impairment loss on loans and receivables, which reduces earnings, totalled EUR 72 million (170). A year ago, expected credit losses concerning the real estate and construction sector increased the impairment loss on receivables. Final credit losses totalled EUR 38 million (42). At the end of the reporting period, loss allowance was EUR 964 million (929), of which management overlay accounted for EUR 85 million (109). Non-performing exposures accounted for 2.9% (2.9) of total exposures. Impairment loss on loans and receivables accounted for 0.10% (0.22) of the loan and guarantee portfolio.

    Owner-customers have received daily banking services without monthly charges since October 2023. This contributed to the decrease in payment transfer net commissions and fees. Net commissions and fees decreased by a total of 8.7% to EUR 599 million. Net commissions and fees for payment transfer services decreased by EUR 58 million to EUR 175 million, and those for residential brokerage by EUR 4 million to EUR 43 million. Meanwhile, commission income from life insurance investment contracts increased by EUR 3 million to EUR 21 million.

    Insurance service result increased by EUR 37 million to EUR 95 million. Insurance service result includes EUR 387 million (348) in operating expenses. Non-life insurance net insurance revenue including reinsurer’s share grew by 7.3% to EUR 1,299 million. Net claims incurred after reinsurer’s share grew by 7.9% to EUR 859 million. Combined ratio reported by non-life insurance was 95.0% (94.8).

    Investment income, or net investment income, net insurance finance expenses and income from financial assets held for trading, increased by a total of 42.7% to EUR 419 million. Investment income grew as a result of the increase in the value of equity and fixed income investments. Net investment income together with net finance income describe investment profitability in the insurance business. The combined return on investments at fair value of OP Financial Group’s insurance companies was 6.4% (2.7).

    Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR 1,605 million (591). Net income from investment contract liabilities totalled EUR –689 million (–241). Net insurance finance expenses totalled EUR –565 million (–102). In banking, net income from financial assets held for trading grew by 77.2% to EUR 43 million due to the increase in interest income from derivatives.

    Other operating income increased to EUR 31 million (28).

    Total expenses grew by 4.2% to EUR 1,629 million. Personnel costs rose by 11.3% to EUR 781 million. The increase was affected by headcount growth and pay increases. OP Financial Group’s personnel increased by approximately 1,061 year on year. Depreciation/amortisation and impairment loss on PPE and intangible assets decreased by 22.1% to EUR 107 million. Other operating expenses grew by 2.3% to EUR 741 million. ICT costs increased to EUR 372 million (318). Development costs were EUR 249 million (194) and capitalised development expenditure EUR 43 million (66). Charges of financial authorities fell by EUR 62 million to EUR 1 million. The EU’s Single Resolution Board (SRB) will not collect stability contributions from banks for 2024. In 2023, OP Financial Group paid a total of EUR 62 million in stability contributions.

    The new OP bonuses to owner-customers have been divided under the following items based on their accrual: EUR 125 million (116) under interest income, EUR 61 million (49) under interest expenses, EUR 36 million (29) under commission income from mutual funds, and EUR 12 million (11) under insurance service result.

    Income tax amounted to EUR 388 million (312). The effective tax rate for the reporting period was 19.9% (19.9). Comprehensive income after tax totalled EUR 1,644 million (1,279).

    OP Financial Group’s equity amounted to EUR 17.7 billion (16.3). Equity included EUR 3.2 billion (3.3) in Profit Shares, terminated Profit Shares accounting for EUR 0.3 billion (0.4).

    OP Financial Group’s funding position and liquidity is strong. At the end of the reporting period, the Group’s LCR was 214% (199) and NSFR was 130% (130).

    Outlook towards the year end

    The Finnish economy was sluggish in the first half. GDP contracted over the previous year and unemployment increased. Forecast data suggests that the Finnish economy began to grow in the third quarter of 2024. Falling inflation and interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises may abruptly affect capital markets and the economic environment.

    OP Financial Group’s operating profit for 2024 is expected to be higher than that for 2023.

    The key uncertainties affecting OP Financial Group’s earnings performance in late 2024 relate to developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.

    Press conference

    OP Financial Group’s financial performance will be presented to the media by President and Group Chief Executive Officer Timo Ritakallio in a press conference on 31 October 2024 at 11am at Gebhardinaukio 1, Vallila, Helsinki.

    Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    OP Corporate Bank plc and OP Mortgage Bank will publish their own interim reports.

    Schedule for financial reports for 2024:

    OP Amalgamation Pillar 3 Tables 30 September 2024 Week 45, 2024
    Report by the Board of Directors (incl. Sustainability Report) and Financial Statements 2024 Week 11, 2025 
    OP Financial Group’s Corporate Governance Statement 2024 Week 11, 2025 
    OP Financial Group’s Annual Report 2024 Week 11, 2025 
    OP Amalgamation Pillar 3 Disclosures 2024 Week 11, 2025 
    OP Financial Group’s Remuneration Report for Governing Bodies 2024 Week 11, 2025 
    Remuneration Policy for Governing Bodies at OP Financial Group Week 11, 2025 

    Schedule for Financial Statements Bulletin 2024 and Interim Reports and Half-year Financial Report in 2025:

    Financial Statements Bulletin 1 January‒31 December 2024 6 February 2025
    Interim Report 1 January–31 March 2025 7 May 2025
    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025
    OP Amalgamation Pillar 3 Disclosures 31 March 2025 Week 19, 2025 
    OP Amalgamation Pillar 3 Disclosures 30 June 2025 Week 32, 2025 
    OP Amalgamation Pillar 3 Disclosures 30 September 2025 Week 45, 2025 

    Helsinki, 31 October 2024

    OP Cooperative
    Board of Directors

    Additional information:

    Timo Ritakallio, President and Group Chief Executive Officer, tel. +358 (0)10 252 4500
    Mikko Timonen, Chief Financial Officer, tel. +358 (0)10 252 1325
    Piia Kumpulainen, Chief Communications Officer, tel. +358 (0)10 252 7317

    DISTRIBUTION

    Nasdaq Helsinki Ltd
    Euronext Dublin (Irish Stock Exchange)
    London Stock Exchange
    Major media
    op.fi

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

    The MIL Network –

  • MIL-OSI USA: The First 100 Hours: Historic Action to Kick off America’s Golden Age

    US Senate News:

    Source: The White House
    class=”has-text-align-left”>President Donald Trump’s second term is off to an historic start. The President is wasting no time delivering on the promises he made to the American people. The President signed more executive orders on his first day in office than any other president in history. Within the first 100 hours of his second administration, President Trump taken hundreds of executive actions to secure the border, deport criminal illegal immigrants, unleash American prosperity, lower costs, increase government transparency, and reinstitute merit-based hiring in the federal government. The President has already secured over $1 trillion in historic new investments. 
    We’re witnessing the Trump Effect:
    President Trump is securing historic investments just days after being sworn in.
    President Trump secured $500 billion in private sector investment for the largest AI infrastructure project in history, with Softbank CEO Masayoshi Son, Oracle co-founder Larry Ellison and OpenAI CEO Sam Altman all stating that it would not have been possible if not for President Trump’s election victory and leadership.
    Saudi Arabia “wants to invest $600 billion in the United States over the next four years.”
    Stellantis announced it will restart an assembly plant in Illinois and build the new Dodge Durango in Detroit.
    The Detroit Free Press: “The news, announced in a letter Wednesday to employees from North America Chief Operating Officer Antonio Filosa, also provided some good news to workers in Toledo, Ohio, and Kokomo, Indiana, where investments are planned. The Belvidere plant will start production of a new midsize truck in the next two years. The letter said company Chairman John Elkann had met last week with President Donald Trump before his inauguration on Monday. Elkann shared ‘our enthusiasm for his strong commitment to the United States auto industry and all that this means for American jobs and the broader economy.’”

    President Trump is already securing the border and arresting criminal illegal immigrants.
    The Border Patrol is reporting a significant drop already in attempted illegal crossings.
    Fox News: “The U.S. southern border has seen a sharp drop in illegal immigrant encounters in the first days of the Trump administration, compared to the final few days of the Biden administration.”
    ICE is at work rounding up criminal aliens.
    Fox News: “Information obtained by Fox News Digital, shows that between midnight Jan. 21 and 9 a.m. Jan 22, a 33-hour period, ICE Enforcement and Removal Operations (ERO) arrested more than 460 illegal immigrants that include criminal histories of sexual assault, robbery, burglary, aggravated assault, drugs and weapons offenses, resisting arrest and domestic violence.”
    Breitbart News: “President Donald Trump’s administration arrested 538 illegal aliens on Thursday, ranging from child predators to gang members and a suspected terrorist.”

    The Trump Administration immediately shut down the CBP One app, which “paroled” over 1 million illegal immigrants.
    Deportation flights have already started and the military is assisting with the effort.
    The Department of Homeland Security reinstated official use of the term “illegal alien” over “undocumented noncitizen,” and the DOJ announced it would be taking action against lawless sanctuary city policies.
    President Donald Trump signed an executive order to designate the cartels as terrorist organizations.

    Common sense has been restored to the government.
    President Trump signed a series of executive orders ensuring the elimination of discriminatory DEI practices and ensuring merit-based hiring.
    DEI staff are being placed on leave.
    The Federal Aviation Administration must now return to merit-based hiring.
    President Trump ended an affirmative action mandate in federal government hiring.
    President Trump signed an executive order affirming the reality that there are only two sexes.
    The State Department issued guidance that embassies should only be flying the American flag, and not any activist flags.
    President Donald Trump signed an executive order telling agencies to stop remote work practices and directing workers to return to the office.
    The State Department subsequently ordered workers to return to working in the office.
    President Donald Trump is unleashing American energy.
    President Trump declared a National Energy Emergency to unlock America’s full energy potential and bring down costs for American families.
    President Trump rescinded every one of Joe Biden’s industry-killing, pro-China, and anti-American energy regulations, empowering consumer choice in vehicles, showerheads, toilets, washing machines, lightbulbs, and dishwashers.
    President Trump withdrew the United States from the disastrous Paris Climate Agreement that unfairly ripped off our country.
    President Trump paused all new federal leasing and permitting for massive wind farms that degrade our natural landscapes and fail to serve American energy consumers.
    President Trump reversed the burdensome regulations that impeded Alaska’s ability to develop its vast natural resources.
    President Trump terminated Biden’s harmful electric vehicle mandate.

      These opening few days can be summarized as Promises Made, Promises Kept: 
    President Donald Trump said he would declassify the JFK Files. He did.
    President Donald Trump said he would end the EV mandate. He did.
    President Donald Trump said he would have the backs of the brave men and women in law enforcement. He did just that by pardoning two Washington D.C. Police officers that were unjustly prosecuted. The Metropolitan Police Department thanked President Trump for the pardon.
    President Donald Trump said he would use the military to secure the border. The Pentagon is deploying troops to the border and the Coast Guard is surging assets to the Gulf of America.
    President Trump said we would drill, baby, drill. The President signed executive orders to open up offshore drilling and allow more energy exploration in Alaska.
    President Donald Trump said he would end the weaponization of government. He signed an executive order doing just that.
    President Donald Trump said he would pardon the J6 Hostages. He did.
    President Donald Trump said he would end government censorship. On his first day in office, he signed an executive order restoring freedom of speech and ending government censorship.
    President Trump is being praised for his historic leadership:
    The Steel Manufacturers Association: “President Trump has repeatedly demonstrated his strong support for American steel workers. He reiterated that support on day one by directing his agencies to investigate unfair trade and its impact on domestic manufacturing.”
    American Fuel & Petrochemical Manufacturers President and CEO Chet Thompson: “President Trump promised to end gas car bans and vehicle mandates on Day 1 of his new administration, and we are pleased to see that work already underway. Thank you, President Trump.”
    American Petroleum Institute President and CEO Mike Sommers: “Americans sent a clear message at the ballot box, and President Trump is answering the call on Day 1. U.S. energy dominance will drive our nation’s economic and security agenda. This is a new day for American energy, and we applaud President Trump for moving swiftly to chart a new path where U.S. oil and natural gas are embraced, not restricted.”
    Job Creators Network CEO Alfredo Ortiz: “Trump’s two-fold approach of boosting oil and gas production and repealing the Biden administration’s green energy mandates will make American energy cheaper, reliable and more efficient.”
    Mortgage Bankers Association President and CEO Bob Broeksmit: “President Trump campaigned on lowering costs for Americans, and we appreciate housing supply and affordability being included in an executive order on this issue. We support efforts to cut unnecessary regulatory red tape and to pursue federal housing program enhancements that make renting and homeownership more attainable and sustainable.”
    Professional Trucking Association Group: “President Trump’s decision to freeze regulations and curtail bureaucratic overreach is commendable. This is precisely what America needs: reduced government interference and increased freedom for small trucking businesses and entrepreneurs to flourish.”
    NetChoice CEO Steve DelBianco: “Upon returning to office, President Trump showed that America is ready to lead in tech and innovation again. By repealing Biden’s restrictive rules on energy production and AI development, the president is steering America to remain dominant in creating the best technology in the world.”
    United Against Nuclear Iran Chairman Governor Jeb Bush and CEO Ambassador Mark Wallace: “We applaud President Trump for his decision today to redesignate the Houthis as an FTO. UANI in its recommended action plan for the Trump administration’s first 100 days suggested that the president redesignate the Houthis as an FTO. This will now provide the U.S. government additional authorities to hold the Houthis accountable for their threats to international commerce and U.S. allies and partners.”

    MIL OSI USA News –

  • MIL-OSI Russia: Vitaly Savelyev: Pumping out fuel oil from the tanker Volgoneft-239 is completely completed

    Translartion. Region: Russians Fedetion –

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

    Specialists from the Marine Rescue Service of the Ministry of Transport of Russia completed the pumping out of fuel oil from the main and ballast tanks of the aft section of the Volgoneft-239 tanker, which sank near Cape Panagia on December 15, 2024, ahead of schedule. The cleaning of the tanks for dismantling and subsequent disposal has begun. This was reported by the chairman of the government commission for the elimination of the consequences of the tanker wreck, Deputy Prime Minister Vitaly Savelyev.

     

    Between January 19 and 25, 1,488 tons of fuel oil were pumped from the tanker into bitumen carriers, after which it was transferred to 20 railway tank cars.

     

    To be able to pump out the fuel oil, specialists restored the ship’s standard equipment, including the pumping and cargo heating system. In order for the fuel oil to become fluid, its temperature had to reach 45 degrees.

     

    A temporary road was built to allow equipment to reach the tanker, and a protective embankment was created around the hull. This embankment served as an artificial hydraulic structure, protecting the vessel from the storm and preventing fuel oil from spilling into the sea.

     

    A special platform reinforced with concrete slabs was built on the embankment close to the tanker. It provided passage for loaded bitumen carriers transporting fuel oil from the ship.

     

    Eight machines were involved in the round-the-clock pumping operations. During the entire period of the work, 87 bitumen trucks were removed from the tanker. The remaining fuel oil that could not be unloaded by ship equipment was pumped out using hand pumps.

     

    To ensure the environmental safety of the area, even before the work began, the Marine Rescue Service concentrated a group of emergency rescue fleet in the amount of up to 10 vessels. The fleet’s tasks included setting up boom barriers in the work area, which ensured the localization of oil products and the prevention of further pollution of the sea.

     

    Currently, a project for the disposal of the stern of the vessel as sunken property is being prepared. According to the order of the captain of the seaport of Taman, the development of the project should have been completed by January 30. Before the start of work on cutting the vessel, a number of special events will be held. Also, the order of the captain of the seaport of Taman states that by March 31, all work on cutting the vessel and its removal should be completely completed.

     

    Vitaly Savelyev thanked all the participants of this complex technological operation: sailors, divers, road workers, railway workers, volunteers, the OTEKO company, and employees of regional and federal authorities.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Security: Previously Convicted Felon Is Sentenced To Prison For Possession Of Ammunition

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    CHARLOTTE, N.C. – David Matthew Lowe, 33, of Shelby, N.C., was sentenced today to 57 months in prison followed by three years of supervised release for possession of ammunition by a convicted felon, announced Dena J. King, U.S. Attorney for the Western District of North Carolina.

    Bennie Mims, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Charlotte Field Division, and Chief Gerald Childress of the Kings Mountain Police Department, join U.S. Attorney King in making today’s announcement.

    According to court documents and court proceedings, on August 12, 2023, at approximately 1:45 a.m., officers with the Kings Mountain Police Department were dispatched to a Comfort Inn in the area for a service call for an assault. Upon entering the hotel lobby, an officer encountered a female, identified in court documents as L.T., and the defendant. L.T. told the officers that Lowe had hit her, and she could not see out of her eye. At that point, Lowe fled toward the back of the hotel. Officers chased after Lowe and ultimately Lowe was taken into custody.

    As part of the investigation, law enforcement obtained CCTV footage from the hotel that depicted Lowe possessing a firearm during his assault of L.T. Specifically, the footage depicted L.T. and Lowe having an altercation, L.T. running away from the hotel room, and Lowe following her. Lowe then removed a firearm from his pants and struck L.T. in the side of her head. This caused the firearm’s magazine to break and ammunition along with several firearm parts fell to the floor. The defendant then struck L.T. several more times with a closed fist, causing L.T. to fall to the ground. Lowe then left the scene. Law enforcement recovered the firearms parts from the scene and 15 rounds of mixed ammunition. Court records indicate that Lowe has prior criminal convictions, including a federal conviction in the Western District of North Carolina for conspiracy to participate in racketeering activity – RICO conspiracy. Because of the criminal convictions, Lowe is prohibited from possessing firearms or ammunition.

    Lowe is in federal custody and will be transferred to the custody of the federal Bureau of Prisons upon designation of a federal facility.

    The investigation was conducted by the ATF and the Kings Mountain Police Department.

    Special Assistant U.S. Attorney Eric Frick of the U.S. Attorney’s Office in Charlotte prosecuted the case.

    * * *

    According to the National Coalition Against Domestic Violence, 19% of domestic violence involves a weapon. The presence of a gun in a domestic situation increases the risk of homicide by 500%.

    To understand more about domestic violence, visit: https://www.justice.gov/ovw/domestic-violence#dv. If you require immediate help, please call the National Domestic Violence Hotline at 1-800-799-SAFE (1-800-799-7233) or Strong Hearts Native Helpline at 1-844-762-8483.

     

     

    MIL Security OSI –

  • MIL-OSI China: Fire in Sichuan leaves over 20 hospitalized

    Source: China State Council Information Office 2

    More than 20 people have been hospitalized following a fire in southwest China’s Chengdu City on Thursday, local authorities said.
    The district fire department said it received the fire alert at 11:02 a.m., and they were able to quickly put out the fire in the city’s Wuhou District at 11:15 a.m., adding that those affected by the incident have been hospitalized but are not in any critical condition.
    Witnesses at the scene said open flames were pouring out from the shop on the ground floor, but a number of fire trucks and ambulances quickly participated in the rescue mission.
    The cause of the fire is under investigation.

    MIL OSI China News –

  • MIL-OSI United Kingdom: UK approves use of export finance to secure critical minerals

    Source: United Kingdom – Executive Government & Departments 4

    UK Export Finance can now provide financial support for overseas projects that source critical minerals for use in major UK industries.

    Lithium, an example of a critical mineral

    • Chancellor announces availability of export credit financing to help British industries access a stable, long-term supply of critical minerals. 

    • There is high global demand for critical minerals which are increasingly vital to long-term industrial growth, emerging technology and the net zero transition. 

    The Chancellor has announced that UK Export Finance (UKEF), the government’s export credit agency, will offer financial support for overseas projects that supply critical minerals fuelling UK industrial growth and the net zero transition.  

    By securing contracts which increase and diversify UK access to critical minerals, this will help the UK to build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence and aerospace. 

    ‘Critical minerals’ are raw materials like lithium, graphite and cobalt which are essential to the UK’s largest exporting sectors. They are used in range of emerging and sustainable technologies like electric vehicles, solar panels and wind turbines. 

    Financing will be offered in the form of credit guarantees to overseas companies, helping them access debt financing for projects which supply UK exporters with critical mineral products – including both raw and processed materials.  

    It is expected that UKEF will work with other ECAs and public financial institutions to finance eligible projects and support investment into new supply routes.   

    This would make it easier for UK manufacturers to secure contracts with critical mineral suppliers in countries with vast mineral deposits, including Australia, which holds large deposits of lithium.  

    Jonathan Reynolds, Secretary of State for Business and Trade, said: 

    There is intense global competition for critical minerals like lithium, tin and cobalt which are essential for industrial growth, British industries and our journey towards net zero. 

    As the energy transition pushes demand to new highs, this financing offer will help UK companies to get a seat at the table, build international partnerships and secure their critical mineral needs.  

    Helping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.

    Kirsty Benham, Chief Executive Officer, Critical Minerals Association (UK), said:  

    We welcome the new export finance offering for critical minerals, which supports UK manufacturers and supply chain security. The offer demonstrates the importance of critical minerals to UK Government, and showcases the UK’s strengths as a serious buyer of these strategically important materials.  

    We look forward to working closely with UKEF and supporting the development of this offer into secure, resilient, responsible critical mineral supply chains for the UK and MSP partners.

    Sean Sargent, Chief Executive Officer, Green Lithium, added: 

    Green Lithium’s refinery in Teesside will be a future importer of critical raw materials and, following processing, a UK exporter of battery chemicals. This new export finance offering from UKEF is precisely the sort of initiative that will help UK businesses strengthen relationships with international partners and contribute to the development of stronger international supply chains, while also supporting critical minerals industrial development in the UK.  

    It is a welcome development from the UK Government, and a facility that will be of interest to several of our international supply chain partners.

    The UK government is a founding member of the US-initiated Minerals Security Partnership (MSP), which aims to help member economies secure a stable access to critical minerals. 

    Today’s announcement follows the recent launch of an MSP finance network, in which UKEF is working with other export credit agencies and financial bodies to help de-risk and increase financing for critical minerals projects.  

    UKEF has also used its existing products to support UK capability in critical minerals production. It recently announced a guarantee supporting machinery exports to one of Central Asia’s largest copper-production facilities.

    Contact

    Media enquiries:

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Sectoral Deployment of Bank Credit – September 2024

    Source: Reserve Bank of India

    Data on sectoral deployment of bank credit for the month of September 20241 collected from 41 select scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.

    On a year-on-year (y-o-y) basis, non-food bank credit2 in September 20243 grew at 14.4 per cent, as compared to 15.3 per cent a year ago.

    Highlights of the sectoral deployment of bank credit3 are given below:

    • Credit to agriculture and allied activities continued to be robust with the growth of 16.4 per cent (y-o-y) in September 2024, compared with 16.7 per cent in September 2023.

    • Credit growth to industry improved to 9.1 per cent (y-o-y) in September 2024 compared with 6.0 per cent a year ago. The improved industrial credit growth was broad-based across ‘micro & small’, ‘medium’ and ‘large’ industries. Among major industries, credit to ‘chemicals and chemical products’, ‘food processing’, ‘petroleum, coal products and nuclear fuels’, and ‘all engineering’ recorded a higher growth in September 2024 as compared to their respective growth rates a year ago, while credit growth to ‘basic metal and metal product’, and ‘textiles’ moderated.

    • Credit growth to services sector decelerated to 15.2 per cent (y-o-y) in September 2024 from 21.6 per cent a year ago, primarily due to lower growth in credit to ‘non-banking financial companies’ (NBFCs). However, within the segment, during the same period, growth (y-o-y) in credit to ‘commercial real estate’ accelerated.

    • Personal loans growth moderated to 16.4 per cent (y-o-y) in September 2024 as compared with 18.2 per cent a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’. However, ‘housing’ – the largest constituent of this segment – recorded accelerated growth.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1407

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Overspeed near Manor Park

    Source: United Kingdom – Executive Government & Departments

    Overspeeding of a passenger train near to Manor Park station, east London, 24 September 2024.

    FFCCTV image showing the points where the overspeeding occurred (courtesy of MTREL).

    At around 08:11 on 24 September 2024, a passenger train passed over a set of points east of Manor Park station at a speed of 45 mph (72 km/h). This was above the permitted maximum speed for these points of 25 mph (40 km/h). Passing over the points at this speed caused the train to jolt sideways.

    Although there were no reported injuries, the sudden movement of the train resulted in some passengers losing their footing and at least one passenger falling to the floor. The train did not derail during the incident and no damage was caused to the infrastructure or to the vehicles involved.

    We have undertaken a preliminary examination into the circumstances surrounding this incident. Having assessed the evidence which has been gathered to date, we have decided to publish a safety digest.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Contractors fined for violation of safety legislation

    Source: Hong Kong Government special administrative region

         Aggressive Construction Engineering Limited, High Grade Engineering Limited and a contractor were fined $36,000, $43,000 and $35,000 respectively at Kwun Tong Magistrates’ Courts today (October 31). The prosecutions were launched by the Labour Department.
          
         Aggressive Construction Engineering Limited violated the Factories and Industrial Undertakings Ordinance (FIUO), the Construction Sites (Safety) Regulations (CSSR) and the Factories and Industrial Undertakings (Safety Management) Regulation, whereas High Grade Engineering Limited and the other contractor violated the FIUO and the CSSR.
          
         The case involved a fatal accident that occurred on December 14, 2022, at a construction site in Yau Tong. A worker, while dismantling an I-beam mounted on a wall, was struck and killed by the suddenly collapsed I-beam. 

         The Labour Department is examining the sentences and considering further actions.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Seized for suspected fly-tipping

    Source: City of Sunderland

    A vehicle suspected of being involved in fly-tipping has been seized.

    The white Ford Transit flatbed pick-up was seized in Eskdale Street, Hetton, on Sunday 27 October at 3.47pm in a coordinated operation between the City Council and Northumbria Police.

    This seizure was part of Project Shield, a focused initiative addressing community concerns in and around the Easington Lane area. The project brings together the council, police, and other partners to tackle criminal and anti-social behaviour, including fly-tipping, burglary, and youth disorder.

    The vehicle is suspected of being used to dispose of waste unlawfully at the former Frosterley Close site (known as the Cosy) in Easington Lane.

    This seizure marks the 29th vehicle the City Council has confiscated on suspicion of involvement in fly-tipping since August 2019. Of these, subsequent investigations have led to 17 vehicles being destroyed or sold and 12 returned to their owners.

    Vehicle owners may request the return of their vehicle, but the council will decide on a case-by-case basis. If a decision is made not to return a vehicle, it may be crushed or sold.

    Enhanced enforcement against fly-tipping and anti-social behaviour was one of the main public concerns identified in the City Council’s 2020 “Let’s Talk” consultation.

    The City Council’s Cabinet Member for the Environment, Transport and Net Zero, Councillor Lindsey Leonard said: “Fly-tipping and anti-social behaviour continue to be two of our residents’ biggest concerns and what many people contact the council about.

    “Fly-tipping is not only illegal but seriously anti-social. It blights communities, creates eye-sores and pollution, and as we have the powers to seize vehicles that may have been used from fly-tipping, we will use these powers and that’s exactly what we have done.

    “As householders, we all have a legal ‘Duty of Care’ to make sure that our waste is disposed of lawfully so if you are arranging a private collection you need to check where the waste is going and whether they have a valid waste carrier’s licence. If you don’t and it’s found dumped, you could be the one left to pick up the bill.”

    Anyone planning to use a private waste collector should check with the Environment Agency that the person, or company concerned has a valid waste carriers licence by visiting the website https://www.gov.uk/guidance/access-the-public-register-for-environmental-information

    If you witness fly-tipping you can report it anonymously to https://www.sunderland.gov.uk/report-flytipping or by calling 0191 520 5550.

    MIL OSI United Kingdom –

  • MIL-OSI: OTC Markets Group Welcomes Brazilian Rare Earths Ltd. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Brazilian Rare Earths Ltd. (ASX: BRE; OTCQX: BRETF, BRELY), an Australian exploration and mining company, has qualified to trade on the OTCQX® Best Market. Brazilian Rare Earths Ltd. upgraded to OTCQX from the Pink® market.

    Brazilian Rare Earths Ltd. begins trading today on OTCQX under the symbol “BRETF, BRELY.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.  For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.  

    Viriathus Capital LLC served as Brazilian Rare Earths Ltd’s advisor.

    “We are thrilled to see our shares and ADRs now trading on the OTCQX market. This quotation broadens our investor base and offers U.S. investors enhanced access to participate in our growth story as we advance our world-class rare earth projects. The increased visibility and liquidity on the OTCQX will accelerate our progress towards developing a leading global supplier of critical rare earth elements.”

    About Brazilian Rare Earths Ltd.
    Brazilian Rare Earths is a critical minerals development company that controls the world-class Rocha da Rocha rare earth province in Bahia, Brazil. Brazilian Rare Earths’ flagship project, Monte Alto, contains some of the highest rare earth grades ever reported globally, along with high concentrations of uranium, niobium, tantalum, and scandium.

    The Monte Alto project is strategically positioned to be an important future source of critical minerals, with the project containing 18 of the 50 critical minerals identified by the U.S. government as essential to economic and national security. Brazilian Rare Earths aims to become a leading global supplier of these critical materials, supporting industries such as renewable energy, electric vehicles, advanced robotics, and defence technologies.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Allegro MicroSystems Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MANCHESTER, N.H., Oct. 31, 2024 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its second quarter ended September 27, 2024.

    “We delivered results in-line with our commitments. Second quarter sales were $187 million, with sequential growth in both Automotive and Industrial and Other end markets. Non-GAAP EPS was $0.08, at the high end of our outlook,” said Vineet Nargolwala, President and CEO of Allegro. “We are encouraged by the continued demand for our differentiated solutions and the progress made by our customers and partners to rebalance their inventories. We continue to invest for growth to extend our market leadership. The accelerating pace of our new product introductions, as evidenced by our latest product releases, sets the stage for significant growth momentum in the near future.”

    Second Quarter Financial Highlights:

    In thousands, except per share data   Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
    Net Sales                              
    Automotive   $ 141,893     $ 131,184     $ 197,321     $ 273,077     $ 382,751  
    Industrial and other     45,498       35,735       78,188       81,233       171,051  
    Total net sales   $ 187,391     $ 166,919     $ 275,509     $ 354,310     $ 553,802  
    GAAP Financial Measures                              
    Gross margin %     45.7 %     44.8 %     57.9 %     45.3 %     57.3 %
    Operating margin %     2.2 %     (6.4 )%     26.5 %     (1.9 )%     25.9 %
    Diluted EPS   $ (0.18 )   $ (0.09 )   $ 0.34     $ (0.27 )   $ 0.65  
    Non-GAAP Financial Measures                              
    Gross margin %     48.8 %     48.8 %     58.3 %     48.8 %     58.1 %
    Operating margin %     11.7 %     6.0 %     31.3 %     9.0 %     31.0 %
    Diluted EPS   $ 0.08     $ 0.03     $ 0.40     $ 0.11     $ 0.79  

    Business Outlook

    For the third quarter of fiscal year 2025 ending December 27, 2024, the Company expects net sales to be in the range of $170 million to $180 million. This outlook comprehends continued progress toward vehicle electrification and ongoing inventory rebalancing as reflected in the latest third-party estimates, as well as typical December quarter seasonality. The Company also estimates the following results on a non-GAAP basis:

    • Gross Margin is expected to be between 49% and 51%,
    • The Company made a voluntary $25 million payment on its term loan facility on October 31, 2024 and now expects Interest Expense to be approximately $6 million, and
    • Diluted Earnings per Share are expected to be between $0.04 and $0.08.

    Allegro has not provided a reconciliation of its third fiscal quarter outlook for non-GAAP Gross Margin, non-GAAP Interest Expense, and non-GAAP Diluted Earnings per Share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking U.S. generally accepted accounting principles (“GAAP”) measures. Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

    Earnings Webcast

    A webcast will be held on Thursday, October 31, 2024 at 8:30 a.m., Eastern Time. Vineet Nargolwala, President and Chief Executive Officer, and Derek P. D’Antilio, Executive Vice President and Chief Financial Officer, will discuss Allegro’s business and financial results.

    The webcast will be available on the Investor Relations section of the Company’s website at investors.allegromicro.com. A recording of the webcast will be posted in the same location shortly after the call concludes and will be available for at least 90 days.

    About Allegro MicroSystems

    Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Allegro’s diverse product portfolio provides efficient and reliable solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power saving technologies for data centers and clean energy applications.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release including statements regarding our future results of operations and financial position, business strategy, prospective products and the plans and objectives of management for future operations, including, among others, statements regarding the liquidity, growth and profitability strategies and factors affecting our business are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

    Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.

    Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 29, 2024, as any such factors may be updated from time to time in our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or our manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to effectively manage our growth and to retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; our principal stockholders has substantial control over us; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; any failure to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the physical, transition and litigation risks presented by climate change; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

    You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

    This press release includes certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non-GAAP financial measures as tools for comparison.

    This press release may not be reproduced, forwarded to any person or published, in whole or in part.

       
    ALLEGRO MICROSYSTEMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share amounts)
    (Unaudited)    		  
       
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
    Net sales   $ 187,391     $ 275,509     $ 354,310     $ 553,802  
    Cost of goods sold     101,729       116,006       193,877       236,349  
    Gross profit     85,662       159,503       160,433       317,453  
    Operating expenses:                        
    Research and development     43,510       43,428       88,714       86,403  
    Selling, general and administrative     38,085       43,160       78,282       87,389  
    Total operating expenses     81,595       86,588       166,996       173,792  
    Operating income (loss)     4,067       72,915       (6,563 )     143,661  
    Interest and other (expense) income     (12,398 )     156       (18,341 )     (2,486 )
    Loss on change in fair value of forward repurchase contract     (34,752 )     —       (34,752 )     —  
    (Loss) income before income taxes     (43,083 )     73,071       (59,656 )     141,175  
    Income tax (benefit) provision     (9,470 )     7,400       (8,430 )     14,615  
    Net (loss) income     (33,613 )     65,671       (51,226 )     126,560  
    Net income attributable to non-controlling interests     62       54       124       93  
    Net (loss) income attributable to Allegro MicroSystems, Inc.   $ (33,675 )   $ 65,617     $ (51,350 )   $ 126,467  
    Net (loss) income per common share attributable to Allegro MicroSystems, Inc.:                        
    Basic   $ (0.18 )   $ 0.34     $ (0.27 )   $ 0.66  
    Diluted   $ (0.18 )   $ 0.34     $ (0.27 )   $ 0.65  
    Weighted average shares outstanding:                        
    Basic     189,182,850       192,431,094       191,324,281       192,214,210  
    Diluted     189,182,850       195,100,855       191,324,281       195,055,495  
                                     

    Supplemental Schedule of Total Net Sales

    The following table summarizes total net sales by market within the Company’s unaudited condensed consolidated statements of operations:

        Three-Month Period Ended     Change     Six-Month Period Ended     Change  
        September 27,
    2024    		     September 29,
    2023    		     Amount     %     September 27,
    2024    		     September 29,
    2023    		     Amount     %  
        (Dollars in thousands)     (Dollars in thousands)  
    Automotive   $ 141,893     $ 197,321     $ (55,428 )     (28 )%   $ 273,077     $ 382,751     $ (109,674 )     (29 )%
    Industrial and other     45,498       78,188       (32,690 )     (42 )%     81,233       171,051       (89,818 )     (53 )%
    Total net sales   $ 187,391     $ 275,509     $ (88,118 )     (32 )%   $ 354,310     $ 553,802     $ (199,492 )     (36 )%
     
    ALLEGRO MICROSYSTEMS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
        September 27,
    2024    		     March 29,
    2024    		  
        (Unaudited)        
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 188,751     $ 212,143  
    Restricted cash     10,287       10,018  
    Trade accounts receivable, net     76,985       118,508  
    Inventories     176,648       162,302  
    Prepaid income taxes     38,636       31,908  
    Prepaid expenses and other current assets     32,253       33,584  
    Current portion of related party notes receivable     —       3,750  
    Total current assets     523,560       572,213  
    Property, plant and equipment, net     325,051       321,175  
    Deferred income tax assets     61,839       54,496  
    Goodwill     203,151       202,425  
    Intangible assets, net     266,753       276,854  
    Related party notes receivable, less current portion     —       4,688  
    Equity investment in related party     30,186       26,727  
    Other assets     81,577       72,025  
    Total assets   $ 1,492,117     $ 1,530,603  
    Liabilities, Non-Controlling Interests and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable   $ 50,245     $ 35,964  
    Amounts due to related party     5,546       1,626  
    Accrued expenses and other current liabilities     62,742       76,389  
    Current portion of long-term debt     5,475       3,929  
    Total current liabilities     124,008       117,908  
    Long-term debt     396,056       249,611  
    Other long-term liabilities     33,345       31,368  
    Total liabilities     553,409       398,887  
    Commitments and contingencies            
    Stockholders’ Equity:            
    Preferred stock     —       —  
    Common stock     1,840       1,932  
    Additional paid-in capital     993,988       694,332  
    (Accumulated deficit) retained earnings     (31,931 )     463,012  
    Accumulated other comprehensive loss     (26,583 )     (28,841 )
    Equity attributable to Allegro MicroSystems, Inc.     937,314       1,130,435  
    Non-controlling interests     1,394       1,281  
    Total stockholders’ equity     938,708       1,131,716  
    Total liabilities, non-controlling interests and stockholders’ equity   $ 1,492,117     $ 1,530,603  
       
    ALLEGRO MICROSYSTEMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    (Unaudited)    		  
       
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
    Cash flows from operating activities:                        
    Net (loss) income   $ (33,613 )   $ 65,671     $ (51,226 )   $ 126,560  
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:                        
    Depreciation and amortization     15,997       15,080       32,455       29,353  
    Amortization of deferred financing costs     306       73       1,087       107  
    Deferred income taxes     (2,796 )     (9,772 )     (7,795 )     (18,134 )
    Stock-based compensation     11,545       10,877       21,663       21,919  
    Loss on change in fair value of forward repurchase contract     34,752       —       34,752       —  
    Provisions for inventory and expected credit losses     2,111       4,239       4,488       9,422  
    Change in fair value of marketable securities     —       (72 )     —       3,579  
    Other non-cash reconciling items     6,563       43       6,577       43  
    Changes in operating assets and liabilities:                        
    Trade accounts receivable     (13,717 )     2,676       41,417       (7,645 )
    Inventories     (2,845 )     (3,274 )     (18,831 )     (31,221 )
    Prepaid expenses and other assets     (14,093 )     (6,253 )     (15,808 )     (16,453 )
    Trade accounts payable     13,470       (15,736 )     13,670       2,695  
    Due to and from related parties     695       (3,990 )     4,132       6,112  
    Accrued expenses and other current and long-term liabilities     (2,828 )     (12,832 )     (16,838 )     (29,944 )
    Net cash provided by operating activities     15,547       46,730       49,743       96,393  
    Cash flows from investing activities:                        
    Purchases of property, plant and equipment     (9,972 )     (31,191 )     (20,949 )     (76,101 )
    Sales of marketable securities     —       6,204       —       16,175  
    Net cash used in investing activities     (9,972 )     (24,987 )     (20,949 )     (59,926 )
    Cash flows from financing activities:                        
    Loan made to affiliate     —       (4,000 )     —       (4,000 )
    Net proceeds from Refinanced 2023 Term Loan Facility     193,483       —       193,483       —  
    Payment of borrowings under 2023 Term Loan Facility     —       —       (50,000 )     —  
    Finance lease payments     (240 )     —       (385 )     —  
    Receipts on related party notes receivable     937       937       1,875       1,875  
    Payments for taxes related to net share settlement of equity awards     (1,126 )     (1,669 )     (12,297 )     (14,091 )
    Proceeds from issuance of common stock under employee stock purchase plan     1,987       —       1,987       1,899  
    Repurchases of common stock     (853,805 )     —       (853,805 )     —  
    Net proceeds from issuance of common stock     665,850       —       665,850       —  
    Payment of debt issuance costs     —       —       —       (1,450 )
    Net cash provided by (used in) financing activities     7,086       (4,732 )     (53,292 )     (15,767 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash     2,200       (901 )     1,375       (974 )
    Net increase (decrease) in cash and cash equivalents and restricted cash     14,861       16,110       (23,123 )     19,726  
    Cash and cash equivalents and restricted cash at beginning of period     184,177       362,321       222,161       358,705  
    Cash and cash equivalents and restricted cash at end of period:   $ 199,038     $ 378,431     $ 199,038     $ 378,431  
                                     

    Non-GAAP Financial Measures

    In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures, defined as non-GAAP Financial Measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Profit before Tax, non-GAAP Income Tax Provision, non-GAAP Effective Tax Rate, non-GAAP Net Income Attributable to Allegro MicroSystems, Inc, non-GAAP Basic and Diluted Earnings per Share, non-GAAP Free Cash Flow, and non-GAAP Free Cash Flow as percentage of net sales (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Income Tax Provision, management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Income Tax Provision across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.

    The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP Financial Measures, such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges, such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These Non-GAAP Financial Measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related party activities and other non-operational costs.

    Non-GAAP Income Tax Provision

    In calculating non-GAAP Income Tax Provision, we have added back the following to GAAP Income Tax Provision:

    • Tax effect of adjustments to GAAP results—Represents the estimated income tax effect of the adjustments to non-GAAP Profit before Tax described below and elimination of discrete tax adjustments.
       
    Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Gross Profit   $ 85,662     $ 74,771     $ 159,503     $ 160,433     $ 317,453  
    GAAP Gross Margin (% of net sales)     45.7 %     44.8 %     57.9 %     45.3 %     57.3 %
                                   
    Non-GAAP adjustments                              
    Transaction-related costs     10       (1 )     —       9       —  
    Purchased intangible amortization     4,875       4,875       273       9,750       675  
    Restructuring costs     16       1,200       —       1,216       —  
    Stock-based compensation     817       561       946       1,378       3,552  
    Total Non-GAAP Adjustments   $ 5,718     $ 6,635     $ 1,219     $ 12,353     $ 4,227  
                                   
    Non-GAAP Gross Profit   $ 91,380     $ 81,406     $ 160,722     $ 172,786     $ 321,680  
    Non-GAAP Gross Margin (% of net sales)     48.8 %     48.8 %     58.3 %     48.8 %     58.1 %
       
    Reconciliation of Non-GAAP Operating Expenses  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Operating Expenses   $ 81,595     $ 85,401     $ 86,588     $ 166,996     $ 173,792  
                                   
    Research and Development Expenses                              
    GAAP Research and Development Expenses     43,510       45,204       43,428       88,714       86,403  
    Non-GAAP adjustments                              
    Transaction-related costs     206       1,029       2       1,235       9  
    Restructuring costs     260       169       —       429       —  
    Stock-based compensation     3,523       3,735       3,602       7,258       6,470  
    Other costs(1)     3       —       —       3       —  
    Non-GAAP Research and Development Expenses     39,518       40,271       39,824       79,789       79,924  
                                   
    Selling, General and Administrative Expenses                              
    GAAP Selling, General and Administrative Expenses     38,085       40,197       43,160       78,282       87,389  
    Non-GAAP adjustments                              
    Transaction-related costs     275       814       1,804       1,089       4,876  
    Purchased intangible amortization     535       535       357       1,070       715  
    Restructuring costs     2,046       1,045       —       3,091       —  
    Stock-based compensation     7,205       5,822       6,329       13,027       11,897  
    Other costs(1)     (1,820 )     811       100       (1,009 )     100  
    Non-GAAP Selling, General and Administrative Expenses     29,844       31,170       34,570       61,014       69,801  
                                   
    Total Non-GAAP Adjustments     12,233       13,960       12,194       26,193       24,067  
                                   
    Non-GAAP Operating Expenses   $ 69,362     $ 71,441     $ 74,394     $ 140,803     $ 149,725  
                                   
    (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.  
       
    Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Margin  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Operating Income (Loss)   $ 4,067     $ (10,630 )   $ 72,915     $ (6,563 )   $ 143,661  
    GAAP Operating Margin (% of net sales)     2.2 %     (6.4 )%     26.5 %     (1.9 )%     25.9 %
                                   
    Transaction-related costs     491       1,842       1,806       2,333       4,885  
    Purchased intangible amortization     5,410       5,410       630       10,820       1,390  
    Restructuring costs     2,322       2,414       —       4,736       —  
    Stock-based compensation     11,545       10,118       10,877       21,663       21,919  
    Other costs(1)     (1,817 )     811       100       (1,006 )     100  
    Total Non-GAAP Adjustments   $ 17,951     $ 20,595     $ 13,413     $ 38,546     $ 28,294  
                                   
    Non-GAAP Operating Income   $ 22,018     $ 9,965     $ 86,328     $ 31,983     $ 171,955  
    Non-GAAP Operating Margin (% of net sales)     11.7 %     6.0 %     31.3 %     9.0 %     31.0 %
                                   
    (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.  
       
    Reconciliation of EBITDA and Adjusted EBITDA  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Net (Loss) Income   $ (33,613 )   $ (17,613 )   $ 65,671     $ (51,226 )   $ 126,560  
    GAAP Net (Loss) Income Margin (% of net sales)     (17.9 )%     (10.6 )%     23.8 %     (14.5 )%     22.9 %
                                   
    Interest expense     10,353       5,377       758       15,730       1,527  
    Interest income     (420 )     (494 )     (850 )     (914 )     (1,693 )
    Income tax (benefit) provision     (9,470 )     1,040       7,400       (8,430 )     14,615  
    Depreciation & amortization     15,997       16,458       15,145       32,455       29,418  
    EBITDA   $ (17,153 )   $ 4,768     $ 88,124     $ (12,385 )   $ 170,427  
                                   
    Transaction-related costs     3,295       1,842       1,806       5,137       4,885  
    Restructuring costs     2,067       2,414       —       4,481       —  
    Stock-based compensation     11,545       10,118       10,877       21,663       21,919  
    Loss on change in fair value of forward repurchase contract     34,752       —       —       34,752       —  
    Other costs(1)     (2,195 )     2,807       1,301       612       5,890  
    Adjusted EBITDA   $ 32,311     $ 21,949     $ 102,108     $ 54,260     $ 203,121  
    Adjusted EBITDA Margin (% of net sales)     17.2 %     13.1 %     37.1 %     15.3 %     36.7 %
                                   
    (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.  
       
    Reconciliation of Non-GAAP Profit before Tax  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP (Loss) Income before Income Taxes   $ (43,083 )   $ (16,573 )   $ 73,071     $ (59,656 )   $ 141,175  
                                   
    Transaction-related costs     3,295       1,842       1,806       5,137       4,885  
    Transaction-related interest     141       709       —       850       —  
    Purchased intangible amortization     5,410       5,410       630       10,820       1,390  
    Restructuring costs     2,067       2,414       —       4,481       —  
    Stock-based compensation     11,545       10,118       10,877       21,663       21,919  
    Loss on change in fair value of forward repurchase contract     34,752       —       —       34,752       —  
    Other costs(1)     1,428       2,807       1,301       4,235       5,890  
    Total Non-GAAP Adjustments   $ 58,638     $ 23,300     $ 14,614     $ 81,938     $ 34,084  
                                   
    Non-GAAP Profit before Tax   $ 15,555     $ 6,727     $ 87,685     $ 22,282     $ 175,259  
                                   
    (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.  
       
    Reconciliation of Non-GAAP Income Tax Provision and Non-GAAP Effective Tax Rate  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Income Tax (Benefit) Provision   $ (9,470 )   $ 1,040     $ 7,400     $ (8,430 )   $ 14,615  
    GAAP effective tax rate     22.0 %     (6.3 )%     10.1 %     14.1 %     10.4 %
                                   
    Tax effect of adjustments to GAAP results     10,071       (395 )     2,554       9,676       6,380  
                                   
    Non-GAAP Income Tax Provision   $ 601     $ 645     $ 9,954     $ 1,246     $ 20,995  
    Non-GAAP effective tax rate     3.9 %     9.6 %     11.4 %     5.6 %     12.0 %
       
    Reconciliation of Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. and Non-GAAP Earnings per Share  
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc.(1)   $ (33,675 )   $ (17,675 )   $ 65,617     $ (51,350 )   $ 126,467  
    GAAP Basic weighted average common shares     189,182,850       193,465,708       192,431,094       191,324,281       192,214,210  
    GAAP Diluted weighted average common shares     189,182,850       193,465,708       195,100,855       191,324,281       195,055,495  
    GAAP Basic (Loss) Earnings per Share   $ (0.18 )   $ (0.09 )   $ 0.34     $ (0.27 )   $ 0.66  
    GAAP Diluted (Loss) Earnings per Share   $ (0.18 )   $ (0.09 )   $ 0.34     $ (0.27 )   $ 0.65  
                                   
    Transaction-related costs     3,295       1,842       1,806       5,137       4,885  
    Transaction-related interest     141       709       —       850       —  
    Purchased intangible amortization     5,410       5,410       630       10,820       1,390  
    Restructuring costs     2,067       2,414       —       4,481       —  
    Stock-based compensation     11,545       10,118       10,877       21,663       21,919  
    Loss on change in fair value of forward repurchase contract     34,752       —       —       34,752       —  
    Other costs(2)     1,428       2,807       1,301       4,235       5,890  
    Total Non-GAAP Adjustments     58,638       23,300       14,614       81,938       34,084  
    Tax effect of adjustments to GAAP results(3)     (10,071 )     395       (2,554 )     (9,676 )     (6,380 )
    Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc.   $ 14,892     $ 6,020     $ 77,677     $ 20,912     $ 154,171  
    Basic weighted average common shares     189,182,850       193,465,708       192,431,094       191,324,281       192,214,210  
    Diluted weighted average common shares     189,710,595       194,705,716       195,100,855       192,154,185       195,055,495  
    Non-GAAP Basic Earnings per Share   $ 0.08     $ 0.03     $ 0.40     $ 0.11     $ 0.80  
    Non-GAAP Diluted Earnings per Share   $ 0.08     $ 0.03     $ 0.40     $ 0.11     $ 0.79  
                                   
    (1) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc. represents GAAP Net (Loss) Income adjusted for Net Income Attributable to non-controlling interests.  
    (2) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consists of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, income (loss) in earnings of equity investments, and unrealized losses (gains) on investments.  
    (3) To calculate the tax effect of adjustments to GAAP results, the Company considers each Non-GAAP adjustment by tax jurisdiction and reverses all discrete items to calculate an annual Non-GAAP effective tax rate (“NG ETR”). This NG ETR is then applied to Non-GAAP Profit Before Tax to arrive at the tax effect of adjustments to GAAP results.  
             
    Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow as Percentage of Net Sales        
                                   
        Three-Month Period Ended     Six-Month Period Ended  
        September 27,
    2024    		     June 28,
    2024    		     September 29,
    2023    		     September 27,
    2024    		     September 29,
    2023    		  
        (Dollars in thousands)     (Dollars in thousands)  
    GAAP Operating Cash Flow   $ 15,547     $ 34,196     $ 46,730     $ 49,743     $ 96,393  
    GAAP Operating Cash Flow (% of net sales)     8.3 %     20.5 %     17.0 %     14.0 %     17.4 %
    Non-GAAP adjustments                              
    Purchases of property, plant and equipment     (9,972 )     (10,977 )     (31,191 )     (20,949 )     (76,101 )
                                   
    Non-GAAP Free Cash Flow   $ 5,575     $ 23,219     $ 15,539     $ 28,794     $ 20,292  
    Non-GAAP Free Cash Flow (% of net sales)     3.0 %     13.9 %     5.6 %     8.1 %     3.7 %
                                             

    Investor Contact:
    Jalene Hoover
    VP of Investor Relations & Corporate Communications
    +1 (512) 751-6526
    jhoover@allegromicro.com

    The MIL Network –

  • MIL-OSI Video: Gaza: Report on destruction of Healthcare system – Press Conference | United Nations

    Source: United Nations (Video News)

    The Chairperson of the UN Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem and Israel, Navanethem Pillay, presented the commission’s latest investigative report to the UN General Assembly. Pillay and Chris Sidoti spoke to reporters in New York.

    Israel has perpetrated a concerted policy to destroy Gaza’s healthcare system as part of a broader assault on Gaza, committing war crimes and the crime against humanity of extermination with relentless and deliberate attacks on medical personnel and facilities, the UN Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel said in a new report.

    The Commission also investigated the treatment of Palestinian detainees in Israel and of Israeli and foreign hostages in Gaza since 7 October 2023, and concluded that Israel and Palestinian armed groups are responsible for torture and sexual and gender-based violence.

    The report found that Israeli security forces have deliberately killed, detained and tortured medical personnel and targeted medical vehicles while tightening their siege on Gaza and restricting permits to leave the territory for medical treatment. These actions constitute the war crimes of wilful killing and mistreatment and of the destruction of protected civilian property and the crime against humanity of extermination.

    Attacks on medical facilities in Gaza, particularly those devoted to paediatric and neonatal care, have led to incalculable suffering of child patients, including newborns, the report said. In continuing these attacks, Israel has violated children’s right to life, denied children access to basic healthcare, and deliberately inflicted conditions of life resulting in the destruction of generations of Palestinian children and, potentially, the Palestinian people as a group.

    Regarding the detention of Palestinians in Israeli military camps and detention facilities, the report found that thousands of child and adult detainees, many of whom were arbitrarily detained, have been subjected to widespread and systematic abuse, physical and psychological violence, and sexual and gender-based violence amounting to the war crime and crime against humanity of torture and the war crime of rape and other forms of sexual violence. Male detainees were subjected to rape, as well as attacks on their sexual and reproductive organs and forced to perform humiliating and strenuous acts while naked or stripped as a form of punishment or intimidation to extract information. The deaths of detainees as a result of abuse or neglect amount to the war crimes of wilful killing or murder and violations of the right to life.

    Child detainees released by Israeli authorities have returned to Gaza severely traumatized, unaccompanied, with limited ability to locate or communicate with their families.

    The report found that the institutionalized mistreatment of Palestinian detainees, a longstanding characteristic of the occupation, took place under direct orders from the Israeli Minister in charge of the prison system, Itamar Ben-Gvir, and was fuelled by Israeli government statements inciting violence and retribution.

    “The appalling acts of abuse committed against Palestinian detainees require accountability and reparations for the victims,” said Pillay. “The lack of accountability for actions ordered by senior Israeli authorities and carried out by individual members of Israeli security forces and the increasing acceptance of violence against Palestinians have allowed such conduct to continue uninterrupted, becoming systematic and institutionalized.”

    Regarding the Israeli and foreign hostages held in Gaza by Palestinian armed groups, the report found that many were mistreated to inflict physical pain and severe mental suffering, including physical violence, abuse, sexual violence, forced isolation, limited access to hygiene facilities, water and food, threats and humiliation. Hamas and other Palestinian armed groups forced hostages to participate in videos with the intent of inflicting psychological torture on the families of hostages, to achieve political aims. Several hostages were killed in captivity. Hamas and other Palestinian armed groups committed the war crimes of torture, inhuman or cruel treatment, and the crimes against humanity of enforced disappearance and other inhumane acts causing great suffering or serious injury.

    “Palestinian armed groups must release immediately and unconditionally all Israeli and foreign hostages held in Gaza. Hostages must be treated in accordance with the requirements of international humanitarian law and international human rights law until they are released,” said Pillay.

    https://www.youtube.com/watch?v=ajhdGV0Nyf4

    MIL OSI Video –

  • MIL-OSI Video: Lebanon: Over 800,000 people forced from homes – Press Conference | United Nations

    Source: United Nations (Video News)

    Press conference by Andrea Tenenti, Spokesperson for the United Nations Interim Force in Lebanon (UNIFIL), on the peacekeeping mission in the country.

    ———–

    Civilians in southern Lebanon are bearing the brunt of escalating violence, with more than 2,700 deaths reported in Lebanon since October last year said Andrea Tenenti, the spokesperson for UN Interim Force in Lebanon (UNIFIL).

    “According to the Lebanese Ministry of Public Health, the death toll in Lebanon since October last year has reached over 2,700 people, and the number of wounded to over 12,700, around 25 percent women and children. More than 2,000 deaths have occurred since 23 September of this year,” Tenenti said at a press briefing in New York on Wednesday (30 Oct).

    Over 800,000 people have been forced from their homes, with 60 percent of the displaced coming from areas within UNIFIL’s operational zone in southern Lebanon, Tenenti said, citing statistics from the International Organization for Migration. “Statistics like this cannot fully capture the human cost of conflict, and it’s the civilians who continue to suffer,” he added.

    The mounting violence has also impacted UN peacekeeping operations, with more than 30 incidents of damage to UN property or injury to peacekeepers reported since the start of October. Tenenti noted that 20 of these incidents were linked to actions by the Israel Defense Forces (IDF), with seven identified as deliberate.

    “In an incident yesterday, a rocket likely fired by Hezbollah or affiliated group, hit UNIFIL headquarters in Naqoura, where a vehicle workshop was set on fire, with some peacekeepers suffering minor injuries,” Tenenti said and added, “for about a dozen other incidents, the origin of the fire could not be determined.”

    Amid the ongoing conflict, Tenenti underscored UNIFIL’s role in supporting peace efforts under UN Security Council Resolution 1701, which has governed the mandate since 2006. “We are here to implement the mission’s mandate, but any changes will be up to the Security Council. At the moment, the rules of engagement that have been used have been adequate to the situation on the ground,” he said.

    Responding to criticism that UNIFIL has not fully implemented its mandate, Tenenti pointed to the need for cooperation from all parties involved in the conflict. “The mandate has to be implemented by the parties. UNIFIL is here to support the parties in the implementation of the mandate, so we need the commitment of the parties in order to implement resolution 1701,” he said. “From 2006 until October last year, the South of Lebanon had witnessed one of its quietest periods in recent history.”

    According to UNIFIL, around 500,000 people have fled southern Lebanon, with the population in the area estimated at 600,000. “The vast majority of the population in the South has left, though some people still remain in the area today,” Tenenti said. “It’s a very dramatic situation, as most villages are being completely destroyed and the shelling continues.”

    https://www.youtube.com/watch?v=UE52-tb1_FE

    MIL OSI Video –

  • MIL-OSI Europe: European Hydrogen Week

    Source: European Union 2

    Building on the success of the European Hydrogen Week 2023, also this year Hydrogen Europe, the European Commission and the Clean Hydrogen Partnership have teamed up to bring the entire hydrogen sector in one place for a whole week of conferences, exhibition and great networking opportunities. 

    In the conference streams, featured panels consisting of some of the most prominent stakeholders in the hydrogen industry covering the most pressing topics facing this new industry: the need for both urgency and pragmatism in creating the regulatory framework, the unique challenges different sectors face to decarbonise and how hydrogen can help, and how to remain a leader in an industry that has caught the attention of the rest of the world..

    Across the exhibition room, attendees can get a first-hand view of the latest in electrolyser and fuel cell technologies as well as touch with hand and test hydrogen trucks, buses, and cars.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: AFCD and Shenzhen Customs sign co-operation arrangements to strengthen quarantine and clearance for horse racing (with photos)

    Source: Hong Kong Government special administrative region

    AFCD and Shenzhen Customs sign co-operation arrangements to strengthen quarantine and clearance for horse racing (with photos)
    AFCD and Shenzhen Customs sign co-operation arrangements to strengthen quarantine and clearance for horse racing (with photos)
    ******************************************************************************************

         To further strengthen co-operation between the Mainland and Hong Kong in quarantine and customs clearance arrangements of horses, forage feed and biological products, the Director of Agriculture, Fisheries and Conservation, Mr Mickey Lai, today (October 31) signed the Co-operation Arrangement on Strengthening Quarantine Clearance for Horse Racing with the Director General in Shenzhen Customs District, Mr Zheng Jugang. The Acting Permanent Secretary for Environment and Ecology (Food), Ms Ivy Law, also attended the signing ceremony.     Horses currently can travel between Hong Kong and the Equine Disease Free Zone in Conghua in Guangzhou through the Shenzhen Bay Port. The Co-operation Arrangement established the Liantang/Heung Yuen Wai Port as a backup port for cross-border horse transport, further enhancing horse transport arrangements between the two places.      Mr Lai said, “The Agriculture, Fisheries and Conservation Department expresses gratitude to Shenzhen Customs for supporting the establishment of the Liantang/Heung Yuen Wai Port as a backup port for cross-border horse transport. This will further improve cross-border horse transport and ensure that horses can travel between Guangdong and Hong Kong safely and conveniently.”     Under the Co-operation Arrangement, both parties will regularly inform each other through a liaison mechanism of the quarantine and regulatory status of horses, forage feed, biological products, vehicles, etc; use a one-stop inspection platform to carry out port inspections; and jointly organise academic exchanges, technical exchanges, work seminars, and business training, with a view to promoting the development of the equine industry in the Guangdong-Hong Kong-Macao Greater Bay Area.

     
    Ends/Thursday, October 31, 2024Issued at HKT 19:38

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Huawei’s Yang Chaobin: 5.5G Unleashes the Potential of Mobile AI Oct 31, 2024

    Source: Huawei

    Headline: Huawei’s Yang Chaobin: 5.5G Unleashes the Potential of Mobile AI
    Oct 31, 2024

    [Istanbul, Türkiye, October 31, 2024] Yang Chaobin, Huawei’s Board Member and President of ICT Products and Solutions, delivered a keynote speech today at the Global MBB Forum 2024, saying, “The upcoming mobile AI era will create huge opportunities for the mobile industry and profoundly shape the decade to come. Evolving 5.5G technology will be the key to unleashing the potential of mobile AI. Huawei looks forward to collaborating with all industry partners to evolve 5.5G and solidify the foundation of the mobile AI era. Together, we can help society and industry go intelligent.”
    According to Yang, two trends have emerged thanks to rapidly evolving 5.5G and AI technologies that will reshape industry and usher in an “era of mobile AI”. The first trend he calls “Mobile going AI”, where mobile internet services are being transformed by new service and business models. The second trend is “AI going Mobile”, where enormous business opportunities are being unlocked by new mobile services like smart vehicles and robots. These developments, he claims, are creating new momentum and opportunities for both society and the mobile industry.
    Huawei says these trends will influence the ICT industry in three specific ways. First, AI agents for individuals will reshape mobile internet services such that everyone has a personal smart assistant, which means AI agent networks will need to support real-time services. Second, smart driving will transform mobility by turning vehicles into flexible and smart spaces, which means smart vehicle networks will need to deliver high uplink speeds. Third, generalized embodied intelligence will make its way into different scenarios to unlock new productivity and a 10 billion-unit AI-robot market, which means future robotics networks will need comprehensively higher capabilities.
    Yang explained that 5.5G networks can support the diversified connections, experiences, and services that are needed to address these new requirements coming from AI agents, smart vehicles, and embodied intelligence as the networks drive innovation and evolution in five key areas:
    First, 5.5G can address diversified experience requirements by providing high-bandwidth networks. As users increasingly require diversified experiences, sub-100 GHz bands can be integrated on demand to flexibly deliver the network capabilities needed for superior multi-factor experiences. “0 Bit 0 Watt” technology can also be used to enable superior energy efficiency.
    Second, 5.5G can be used to optimize device TCO as it enables a single network to integrate all-scenario IoT connections. RedCap and passive IoT technologies are lowering the cost of IoT, and 5.5G is needed to maximize the number of connections that can be simultaneously supported. Upgraded network capabilities are also needed to empower devices and bring IoT connections everywhere.
    Third, 5.5G can provide unified portals that support differentiated experience assurance and monetization, something that carriers will need to cope with increasingly diverse service requirements. 5.5G core networks have the capacity to deliver the user-, service-, and network-awareness capabilities needed for differentiated experience-based monetization.
    Fourth, 5.5G can provide a unified service portal that makes mobile AI more affordable and supports diversified smart services. Carriers will need the native AI service portal that 5.5G core networks provide to share network capabilities with third parties. This will make smart services available on more affordable mobile devices.
    Fifth, 5.5G can use the Telecom Foundation Model to enable high-level network autonomy and realize the concept of “0 Touch, 0 Wait, 0 Fault”. The Telecom Foundation Model enables high-level autonomous networks with full-stack intelligence by providing two types of applications—copilots and agents—and three types of digital experts. This will be a new trend in network operations.
    The 15th Global Mobile Broadband Forum, with a tagline of “5.5G Leads Mobile AI Era”, runs from October 30 to 31 in Istanbul, Türkiye. It will be hosted by Huawei with support from our industry partners GSMA and GTI. Together with operators, vertical industry leaders, and ecosystem partners, we will share the industry’s latest advancements and explore new opportunities. Industry stakeholders will discuss how to achieve 5.5G business success in the Mobile AI era, and leverage the success of 5G to attain even greater achievements with 5.5G. For more information, please visit MBBF2024 at: https://www.huawei.com/en/events/mbbf2024

    MIL OSI Economics –

  • MIL-OSI Economics: Huawei’s Yang Chaobin: 5.5G Unleashes the Potential of Mobile AI

    Source: Huawei

    Headline: Huawei’s Yang Chaobin: 5.5G Unleashes the Potential of Mobile AI

    [Istanbul, Türkiye, October 31, 2024] Yang Chaobin, Huawei’s Board Member and President of ICT Products and Solutions, delivered a keynote speech today at the Global MBB Forum 2024, saying, “The upcoming mobile AI era will create huge opportunities for the mobile industry and profoundly shape the decade to come. Evolving 5.5G technology will be the key to unleashing the potential of mobile AI. Huawei looks forward to collaborating with all industry partners to evolve 5.5G and solidify the foundation of the mobile AI era. Together, we can help society and industry go intelligent.”
    According to Yang, two trends have emerged thanks to rapidly evolving 5.5G and AI technologies that will reshape industry and usher in an “era of mobile AI”. The first trend he calls “Mobile going AI”, where mobile internet services are being transformed by new service and business models. The second trend is “AI going Mobile”, where enormous business opportunities are being unlocked by new mobile services like smart vehicles and robots. These developments, he claims, are creating new momentum and opportunities for both society and the mobile industry.
    Huawei says these trends will influence the ICT industry in three specific ways. First, AI agents for individuals will reshape mobile internet services such that everyone has a personal smart assistant, which means AI agent networks will need to support real-time services. Second, smart driving will transform mobility by turning vehicles into flexible and smart spaces, which means smart vehicle networks will need to deliver high uplink speeds. Third, generalized embodied intelligence will make its way into different scenarios to unlock new productivity and a 10 billion-unit AI-robot market, which means future robotics networks will need comprehensively higher capabilities.
    Yang explained that 5.5G networks can support the diversified connections, experiences, and services that are needed to address these new requirements coming from AI agents, smart vehicles, and embodied intelligence as the networks drive innovation and evolution in five key areas:
    First, 5.5G can address diversified experience requirements by providing high-bandwidth networks. As users increasingly require diversified experiences, sub-100 GHz bands can be integrated on demand to flexibly deliver the network capabilities needed for superior multi-factor experiences. “0 Bit 0 Watt” technology can also be used to enable superior energy efficiency.
    Second, 5.5G can be used to optimize device TCO as it enables a single network to integrate all-scenario IoT connections. RedCap and passive IoT technologies are lowering the cost of IoT, and 5.5G is needed to maximize the number of connections that can be simultaneously supported. Upgraded network capabilities are also needed to empower devices and bring IoT connections everywhere.
    Third, 5.5G can provide unified portals that support differentiated experience assurance and monetization, something that carriers will need to cope with increasingly diverse service requirements. 5.5G core networks have the capacity to deliver the user-, service-, and network-awareness capabilities needed for differentiated experience-based monetization.
    Fourth, 5.5G can provide a unified service portal that makes mobile AI more affordable and supports diversified smart services. Carriers will need the native AI service portal that 5.5G core networks provide to share network capabilities with third parties. This will make smart services available on more affordable mobile devices.
    Fifth, 5.5G can use the Telecom Foundation Model to enable high-level network autonomy and realize the concept of “0 Touch, 0 Wait, 0 Fault”. The Telecom Foundation Model enables high-level autonomous networks with full-stack intelligence by providing two types of applications—copilots and agents—and three types of digital experts. This will be a new trend in network operations.
    The 15th Global Mobile Broadband Forum, with a tagline of “5.5G Leads Mobile AI Era”, runs from October 30 to 31 in Istanbul, Türkiye. It will be hosted by Huawei with support from our industry partners GSMA and GTI. Together with operators, vertical industry leaders, and ecosystem partners, we will share the industry’s latest advancements and explore new opportunities. Industry stakeholders will discuss how to achieve 5.5G business success in the Mobile AI era, and leverage the success of 5G to attain even greater achievements with 5.5G. For more information, please visit MBBF2024 at: https://www.huawei.com/en/events/mbbf2024

    MIL OSI Economics –