Market Signal Briefing

Pi Network Ventures has made its first-ever investment by backing OpenMind, a company developing a decentralized OS for robots, building on the momentum of OpenMind’s earlier $20M funding round.

Summary

OpenMind is developing OM1, a hardware-agnostic OS for robots, and FABRIC, a protocol that enables secure identity verification, collaboration, and coordination across machines.
A proof-of-concept experiment using Pi Network’s 350,000+ nodes demonstrated that the decentralized network can handle real AI workloads, allowing node operators to earn Pi for contributing compute power.
Following the pilot, OpenMind plans to expand OM1 and FABRIC development, refine pilot programs, and onboard additional partners over the next year.

Pi Network Ventures makes its first-ever strategic investment
Pi Network Ventures, the investment arm of Pi Network (PI), has announced its first-ever investment, backing OpenMind, a company developing a decentralized OS for robots.

OpenMind is building OM1, an OS designed to give robots a unified way to perceive, reason, and act across different hardware platforms. Built on top of it is FABRIC, a protocol that enables robots to identify, verify, and collaborate with each other securely in both physical and digital environments.

The investment aims to connect Pi Network’s global decentralized node ecosystem with OpenMind’s robotics technology, enabling a shared computational and economic framework for both humans and machines.

According to OpenMind CTO Boyuan Chen, “Our mission has always been to create open infrastructure for intelligence that exists in the real world, not just in the cloud. Working with Pi Network helps us extend that idea across both robotics and decentralized computing.”

OpenMind previously closed a $20M funding round led by Pantera Capital in August 2025, with backing from Coinbase Ventures, Ribbit, Topology, Pebblebed, and other prominent investors.

Ahead of the investment, OpenMind and Pi Network conducted a proof-of-concept experiment to test distributed AI processing using Pi’s global node network. Over 350,000 active Pi Nodes participated by providing unused computing resources for OpenMind’s image recognition models.

The results confirmed that Pi’s decentralized network could handle real AI workloads, turning the system into a large-scale, peer-powered AI cluster. Node operators were able to earn Pi for contributing their compute power, showcasing the potential of distributed AI training and inference without relying on centralized cloud providers.

Following the successful pilot, OpenMind plans to expand development of OM1 and FABRIC, refine pilot deployments, and onboard additional partners over the next year.

Whale transactions in BTC and ETH surge as exchange reserves fall and CME ETH futures hit record highs amid rising institutional demand.

Large crypto holders appear to be increasing their exposure to Bitcoin and Ethereum. On-chain and derivatives data show recent spikes in large transactions, institutional interest, and asset outflows from exchanges.

Consequently, this activity is gaining attention as both assets rebound from recent lows, despite short-term market swings and policy shifts.

Whale Transactions on the Bitcoin Network Surge
Bitcoin network activity shows a clear increase in high-value transactions. According to crypto analyst Ali Martinez, the number of Bitcoin transactions exceeding $1 million has reached 6,311, marking the highest level in the past two months. This activity peaked around October 26–28, based on whale transaction data.

Whale activity on the Bitcoin $BTC network is climbing, hitting a two-month high of 6,311 transactions exceeding $1 million each. pic.twitter.com/ydym8VjJ5H

— Ali (@ali_charts) October 29, 2025

At the same time, Bitcoin rebounded from around $106,000 to a local high of $116,000 before yesterday’s correction. The asset is currently priced at $110,700, showing a -2% change in the past 24 hours and a minor gain over the past week. This recovery follows a recent drop to under $108,000 despite a US Federal Reserve rate cut announced just one day prior.

Moreover, data from CryptoQuant confirms that Bitcoin exchange netflows have remained negative through October. This means more BTC is being withdrawn from exchanges than deposited.

Source: CryptoQuant
Such withdrawal trends typically point to holders moving funds to cold storage, often seen during accumulation periods. Combined with the spike in large transactions, this supports the view that some large investors may be repositioning for the months ahead.

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Whales Boost ETH as Futures and Wallets Grow
Ethereum is also showing growing institutional activity. According to CryptoQuant data shared by Crypto Rover, CME Ethereum futures open interest has reached a record high of over 2.25 million contracts. The growth spans multiple expiry periods, mostly within 1 to 6 months.

BIG PLAYERS ARE COMING FOR $ETH! pic.twitter.com/RZ9RJtcEi5

— Crypto Rover (@cryptorover) October 29, 2025

In addition, this increase in open interest has happened alongside a steady price recovery. ETH has moved from below $1,400 to a peak of $4,950 in 2025 before pulling back. As of press time, the asset is trading at around $3,900, with a 24-hour drop of 3% and a 7-day rise of 2%.

Additional data from Alphractal shows a rise in the number of Ethereum addresses holding over 1,000 ETH, as we reported. These large wallets have grown more active in recent weeks. Meanwhile, CryptoQuant reports that ETH reserves across all exchanges have declined by about 1 million coins since late September.

CryptoPotato reported that institutional accumulation of Ethereum has expanded at a faster pace than Bitcoin during the past year. This trend suggests institutional portfolios are increasing their exposure to Ethereum faster than Bitcoin.

TLDR:

Table of Contents

TLDR:VanEck and Canary Join the Solana ETF QueueRegulators Acknowledge the New Filing TrendGet 3 Free Stock Ebooks

Fidelity removes its delaying amendment, paving the way for its Solana ETF to go auto-effective soon.
The move mirrors Bitwise’s $BSOL ETF launch, which used the same 20-day auto-effective path.
VanEck and Canary Funds updated their Solana ETF filings, likely targeting mid-November launches.
SEC Chair Paul Atkins supports companies using the 20-day rule to move forward during shutdowns.

The Solana ETF race is heating up. Just a day after Bitwise launched its BSOL fund, Fidelity Digital Assets updated its S-1 filing for its own Solana ETF. 

The update removes a delaying amendment that usually lets the Securities and Exchange Commission decide when a registration becomes effective. This change means Fidelity’s ETF could go live automatically after the 20-day statutory window.

Crypto journalist Eleanor Terrett shared the filing update on X, explaining that Fidelity followed the same approach Bitwise used earlier this week. Her report aligns with growing market expectations that other issuers would jump on this faster route.

The method allows ETFs to take effect automatically if the SEC does not act within 20 days, giving issuers more control over timing. The approach first gained traction when Bitwise launched its Solana ETF using the same structure.

VanEck and Canary Join the Solana ETF Queue
Fidelity’s update is not an isolated move. Terrett noted that both VanEck and Canary Funds have also adjusted their Solana ETF filings in recent days. Each removed delaying amendments, setting up their products for mid-November launches, if the listing exchanges approve their 8-A forms on schedule.

These filings show clear momentum behind Solana-based exchange-traded products. As the process accelerates, several issuers appear to be lining up for near-term debuts.

The trend began when Bitwise’s BSOL ETF became the first to use this route, signaling that issuers were ready to bypass delays caused by the ongoing SEC backlog. The new wave of filings suggests a coordinated industry shift toward self-timed registrations.

Regulators Acknowledge the New Filing Trend
While the SEC has not issued direct comments on these ETF launches, its leadership seems aware of the growing trend. Terrett mentioned that SEC Chair Paul Atkins recently welcomed companies using the 20-day waiting rule during the current government shutdown.

His remarks came after MapLight completed a public listing using the same legal mechanism. That statement reinforced the legitimacy of this auto-effective process, giving issuers like Bitwise, Fidelity, and VanEck confidence to move forward.

The next few weeks may mark a decisive period for Solana-based funds. If approvals hold, investors could see multiple SOL ETFs trading before the year ends. This further expands institutional access to one of crypto’s fastest-growing ecosystems.

SpaceX moved 281 BTC (about $31.28 million) to a new wallet in its third major transfer in 10 days.Analysts debate whether repeated transfers are simple custody moves or hint at a new strategy for SpaceX's digital assets.Together, Tesla and SpaceX hold over $2 billion in Bitcoin as Elon Musk continues to back BTC over fiat.SpaceX has moved 281 Bitcoin (BTC), worth about $31.28 million, to a new wallet, marking its third major transfer in under two weeks.

The firm’s repeated transfers of Bitcoin have fueled industry debate, including speculation of reorganizing internal custody and potential changes in digital asset strategy.

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Frequent Transfers Signal Active ManagementBlockchain analysis by Lookonchain identified the most recent transfer, confirming that SpaceX shifted almost $31.3 million in Bitcoin to a new address. This marks its third significant transaction within 10 days.

Arkham previously tracked SpaceX’s large movement of 2,495 BTC (about $257 million) on October 21, 2025, showing a pattern of ongoing on-chain reorganization.

Despite these potential explanations, the high transfer frequency has led some to believe SpaceX could be preparing for broader strategy shifts, with these transfers presenting as efforts to enhance custody and treasury management.

While many assume SpaceX is moving Bitcoin for security or custodial reasons, some market watchers speculate these shifts could signal upcoming announcements or changes in strategy.

“3 transfers in 10 days isn’t ‘custody.’ It’s positioning before a major policy shift,” one user remarked.

Some community voices, including BlockTempo, suggest these transactions could indicate preparations for partial liquidations. However, SpaceX has not issued any official statements or confirmations.

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According to Arkham Intelligence, SpaceX’s Bitcoin portfolio is valued at around $790.95 million and comprises 7,258 BTC tokens.

SpaceX BTC Holdings. Source: ArkhamBeyond SpaceX, Elon Musk’s Tesla holds 11,509 BTC tokens valued at $1.25 billion. Collectively, therefore, the two firms now hold BTC worth $2.04 billion.

Both firms have seen their portfolios decline due to broader market downturns, but remain among the world’s largest institutional Bitcoin holders.

Musk Reaffirms Support for BitcoinMeanwhile, these developments come just over two weeks after Elon Musk endorsed Bitcoin over fiat. Positioning the pioneer crypto as the future of money, Musk said Bitcoin is based on energy, a pedigree that positions it at an advantage over fiat currency.

True.

That is why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.

— Elon Musk (@elonmusk) October 14, 2025
According to the tech executive, Bitcoin’s reliance on energy and consistency sets it apart from government-issued currency, which is more vulnerable to manipulation.

Therefore, Tesla and SpaceX’s ongoing Bitcoin activity reinforces their commitment to digital assets. Yet, many in the market are watching closely for any future transfers or official comments from Musk and his companies in the weeks ahead.

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Terrill Dicki
Oct 30, 2025 06:55

Dogwifhat (WIF) struggles to maintain its $0.48 support as diminishing trading volume raises concerns of a possible downside risk. Analysts emphasize the need for increased demand.

The Dogwifhat (WIF) token is facing a critical juncture as it struggles to maintain its support level at $0.48. According to CoinMarketCap, the cryptocurrency is experiencing diminishing trading volume, which signals weakening momentum and raises concerns about a potential downside risk if bullish demand does not return.

Volume Pressure and Market Dynamics
Currently, Dogwifhat is holding onto its $0.48 support, but the pressure from low trading volume is evident. This lack of bullish momentum could lead to a further decline in price if the market fails to see a resurgence in demand. Analysts suggest that sustained volume growth is essential to drive the token's price back up toward the $0.75 mark.

Technical Analysis and Market Sentiment
The WIF token's price is at a pivotal technical level, consolidating tightly above the $0.48 support. This suggests that the market might be at an inflection point, with two possible outcomes: a relief rally or a deeper correction. The outcome will largely depend on whether demand can be sustained or increased in the short term.

Wider Market Context
In the broader cryptocurrency market, fluctuations in trading volumes and price volatility are not uncommon. Investors are advised to keep an eye on market trends and trading volumes as indicators of potential price movements. The cryptocurrency market's inherent volatility often leads to sharp price swings, making it crucial for investors to remain informed and cautious.

For further insights into Dogwifhat's market performance, visit the official CoinMarketCap page.

Image source: Shutterstock

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On Wednesday, 21Shares, the world’s largest issuer of cryptocurrency exchange-traded products (ETPs), submitted a regulatory filing with the US Securities and Exchange Commission (SEC), seeking approval to launch a passive Hyperliquid ETF designed to track the price of the HYPE token. 

Passive exchange-traded funds, like the one proposed by 21Shares, are structured to track the performance of a specific index or asset by holding it in consistent proportions, rather than actively selecting and managing investments. 

This passive management approach typically results in lower expense ratios and reduced management fees, as there is no need for a highly compensated portfolio manager to make frequent trading decisions. 

Additionally, passive ETFs usually disclose their holdings on a daily basis, offering investors clear insight into the fund’s assets. They are also known for their tax efficiency, as lower portfolio turnover generally leads to fewer capital gains taxes.

In its Hyperliquid ETF filing, 21Shares announced that it has selected Coinbase (COIN) and BitGo as custodians for the Hyperliquid ETF. The Trust will hold the HYPE token and assess its value daily based on a specified Pricing Benchmark. 

Furthermore, 21Shares disclosed that it may explore alternative methods for engaging in staking activities, specifically through liquid staking protocols (LSPs). These protocols allow for the issuance of a freely tradeable digital token, known as a “Liquid Staking Token,” which represents the HYPE staked with the protocol.

The Youngest Crypto Asset To Seek ETF Approval 
Notably, the HYPE token is the youngest cryptocurrency asset to have an ETF application submitted to date, underscoring the growing interest from money managers and institutions in gaining exposure to these digital assets. 

Additionally, HYPE has been among the top performers since its launch back in November 2024, with a major 1,140% surge since its market debut, with a market cap nearing the $13 billion market capitalization. 

The US Securities and Exchange Commission (SEC) has received a wave of ETF filings related to cryptocurrencies such as Solana (SOL), XRP, and Dogecoin (DOGE) as the demand continues to rise throughout the year. However, it is important to note that the approval process for these numerous crypto ETF applications remains pending. 

The SEC is currently operating with limited staff due to a government shutdown, which has slowed down the review process. In September, the agency did remove the last significant barrier for several new spot ETFs linked to various cryptocurrencies, paving the way for potential future approvals.

The daily chart shows HYPE’s price recovery. Source: HYPEUSDT on TradingView.com
Despite the Hyperliquid ETF application, the HYPE token has failed to react positively to the news with a 2% drop toward $46 in the 24-hour time frame. This puts the token 20% below its record peak of $59 reached earlier this year. 

Featured image from DALL-E, chart from TradingView.com 

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U.S. spot Bitcoin exchange-traded funds returned to net outflows on Wednesday as investors took profits and repositioned themselves ahead of Fed Chair Jerome Powell’s speech.

Summary

U.S. Bitcoin ETFs recorded $470.7 million in net outflows on Wednesday.
Spot ETF funds broke the inflow streak as Bitcoin failed to rally even after rate cuts were announced in the U.S.
Fed Chair Jerome Powell has cast doubt on the likelihood of another rate cut this year.

According to data from SoSovalue, the 12 spot Bitcoin ETFs recorded $470.71 million in net outflows on Oct. 29, ending a streak of consecutive inflows seen over the prior four days that drew in around $462.7 million into the funds.

Fidelity’s FBTC and ARK 21Share’s ARKB led the outflows with $164.36 million and $143.8 million, leaving the funds. BlackRock’s IBIT and Grayscale’s GBTC funds shed $88 million and $65 million, respectively. None of the BTC funds saw any inflows on the day.

Trading volume for these investment vehicles stood at $7.07 billion, significantly higher than $4.18 billion recorded the previous day.

Meanwhile, their Ethereum counterparts also resumed outflows with $81.44 million flowing out of the funds following two straight days of net inflows.

Outflows from both Ethereum and Bitcoin ETFs likely came as investors opted to book profits and adopt a more cautious stance ahead of Federal Reserve Chair Jerome Powell’s press statement following the conclusion of the FOMC meeting yesterday.

Although the Fed’s 25bps rate cut came in line with most analysts’ expectations, Bitcoin (BTC) and Ethereum (ETH) slipped as traders sold the news, a classic case of “buy the rumor, sell the news.”

Powell also threw cold water on hopes for another rate cut this year, dashing the optimism bulls had built up in recent weeks.

“A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it, policy is not on a preset course,” Powell told reporters, adding that the decision would be heavily dependent on incoming economic data.

At the time of writing, both BTC and ETH were down nearly 3% over the past 24 hours, trading around $110,000 and $3,910, respectively.

Another key reason why these assets saw losses was a significant jump in liquidations from the broader crypto market. Data from CoinGlass showed that crypto liquidations surged 75% to $594 million yesterday, with over 146,000 traders liquidated. Bitcoin and Ethereum accounted for the largest portions of those losses.

Bitcoin is still poised for new highs
Commenting on the broader macro setup, Andrew Forson, president of DeFi Technologies, told crypto.news that as earnings season unfolds, market sentiment will likely remain reactive to corporate results and forward guidance. He added that while strong earnings could reinforce the market’s confidence in a recovery narrative, disappointing numbers might reveal the uneven toll of current economic conditions. 

“Overall, a lower-rate environment tends to be constructive for both equities and digital assets, and we view this backdrop as broadly positive for crypto as investors look toward alternative and growth-oriented assets,” Forson said.

Nevertheless, some analysts remain bullish on the longer-term outlook. Among them was Matt Mena, a Crypto Research Strategist at 21Shares, who believes Bitcoin could hit fresh all-time highs by the end of the year, supported by “policy tailwinds, liquidity rotation, and positive sentiment converge.”

“The stage is set for Bitcoin to decisively surpass its $124k peak and potentially end the year in the $130K–$150K range, with Ethereum trading in the $5k-6k range,” Mena wrote in comments to crypto.news.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

SharpLink Gaming has revealed an ambitious multi-year plan to deploy $200 million in Ethereum (ETH) on Consensys' Linea network, marking one of the most significant institutional moves into Layer 2 ecosystems to date. The company aims to combine staking, restaking, and DeFi incentives under an institutional framework, leveraging Anchorage Digital for custody and compliance.

Bitcoin (BTC) slips below $110,000 as investor conviction weakens and selling pressure from long-term holders caps recovery attempts.The STH-NUPL metric signals fading bullish momentum, with sentiment turning fragile as profit-taking limits sustained accumulation.BTC trades near $108,590, holding above $108,000 support; reclaiming $110,000 and breaching $115,000 are key to reviving bullish momentum.Bitcoin (BTC) extended its decline this week, slipping below the key $110,000 mark as investor conviction weakened amid shifting market conditions. 

The crypto king’s failure to sustain its previous recovery attempts reflects fading bullish momentum and growing uncertainty over near-term support levels. With selling pressure intensifying, Bitcoin’s path to recovery may face delays.

Bitcoin Holders Are At FaultThe Cost Basis Distribution Heatmap highlights how Bitcoin’s price rebounded from the midline near $116,000 before retreating to around $113,000. This pattern closely resembles previous post-all-time-high (ATH) bounces observed in Q2–Q3 2024 and Q1 2025. In those instances, short-lived rallies were quickly met with heavy supply, capping any meaningful upward movement.

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Renewed selling from long-term holders (LTHs) is now amplifying resistance within this zone. Many investors who accumulated during prior highs appear to be taking profits, creating additional headwinds for BTC. As a result, each attempt to recover toward $115,000 has been absorbed by overhead supply, suggesting that sentiment remains fragile.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Bitcoin Cost Basis Distribution Heatmap. Source: GlassnodeBitcoin’s Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) metric shows that the market sits in a delicate balance. Conditions have not yet entered full capitulation, but bullish momentum is fading as conviction erodes. 

Historically, such transitions often precede prolonged consolidation periods, especially when investor confidence weakens. If time continues to work against the bulls, BTC may face deeper corrections. The lack of sustained accumulation or renewed inflows could result in additional selling, especially as traders move to secure profits before volatility increases further.

Bitcoin STH-NUPL. Source: GlassnodeBTC Price Is Looking to Reclaim Its LossesAt the time of writing, Bitcoin trades at $108,590, holding slightly above the critical $108,000 support. The decline follows another failed attempt to break past $115,000 — the second in less than a month.

Continued selling by long-term holders is likely restricting Bitcoin’s growth. For now, BTC’s immediate goal is to maintain its position above the $105,000 support. A stable base here could prevent deeper losses and attract new buyers at discounted levels.

Bitcoin Price Analysis. Source: TradingViewTo invalidate the bearish thesis, Bitcoin must reclaim $110,000 as a support floor and breach $115,000 decisively. Doing so could restore momentum and push prices toward $117,261, opening the door for renewed optimism heading into November.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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In the latest development, the Pi Network Ventures announced its investment in artificial intelligence (AI) firm OpenMind, a company building an open-source operating system and protocol designed for robots to think, learn, and collaborate. This is a major move in the company’s mission to expand Pi’s role in real-world technological ecosystems. This investment focuses on increasing the utility of Pi for real-world use cases amid the rising demand for AI.

Pi Network and OpenMind: A Perfect Match
OpenMind’s technology creates a shared intelligence layer that allows robots to collaborate and learn collectively in a decentralized network. This vision complements Pi Network’s strategy of building a blockchain-powered infrastructure that promotes open innovation and equitable access.

Both companies recently collaborated on a proof-of-concept project in which volunteer Pi Node operators ran image recognition AI models for OpenMind. The test showed that Pi Nodes can execute third-party computations, while showcasing a new utility for more than 350,000 active Pi Nodes, just beyond securing the Pi Ledger.

This capability will allow AI developers to source computing power from Pi Nodes. Additionally, it will also allow node operators to earn Pi through AI computation services in addition to mining rewards. Such a development positions Pi Network as a potential decentralized computation layer. Besides it also supports AI model training nd machine collaboration globally. This latest development comes as the Pi blockchain mainnet is set to get the Protocol 23 upgrade by the year end.

Catering to the AI-Driven Economy
Pi Network views AI as a transformative force reshaping productivity, labor, and value distribution. In this context, blockchain can ensure transparent identity, authentication, payments, and incentive mechanisms for AI agents operating autonomously in the economy. The Pi ecosystem has recently shown its intention to expand into decentralized finance (DeFi).

At the same time, OpenMind’s shared intelligence layer aims to power collaboration across industries, thereby bridging AI infrastructure with real-world applications. Pi Network also sees this layer as critical to ensuring that AI-driven productivity benefits are distributed equitably among human participants.

This investment will allow Pi Ventures to play a foundational role in the evolving intersection of blockchain and AI. Thus, it would cater to decentralized coordination, payments, and computation in an increasingly machine-led world.

The native cryptocurrency Pi Coin has shown some momentum, gaining 30% over the past weeks. However, the bulls continue to face a strong resistance at $0.28 as the Pi coin price once again drop by 3% today.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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U.S. President Donald Trump and Chinese President Xi Jinping met in South Korea this week to cool down the rising trade tensions that have been shaking global markets, including the crypto and AI sectors. The two leaders discussed reducing tariffs that recently caused volatility across industries, especially in Bitcoin mining and digital assets.

Trump hinted at progress even before the talks began, saying, “We’ve already agreed to a lot of things and we’ll agree to some more right now.” After the meeting, he called it the start of a “fantastic relationship for a long period of time,” expressing optimism about future ties between the U.S. and China.

Tariffs That Sparked Crypto SelloffsIn a video shared by the White House on X, Trump again emphasized his positive outlook on U.S.–China relations. The meeting, confirmed by the Rapid Response 47 account, was seen as a key move toward restoring economic stability.

President Donald J. Trump meets with Chinese President Xi Jinping in South Korea.

"I think we're going to have a fantastic relationship for a long period of time, and it is an honor to have you with us." pic.twitter.com/ISpVBzkvN3

— The White House (@WhiteHouse) October 30, 2025 In recent months, Trump’s tough tariff policies and China’s retaliatory actions, including limits on rare earth exports, have raised fears of a global slowdown. These tensions directly contributed to the October 10 crypto market crash, when Bitcoin plunged from $121,560 to below $103,000 in just hours, wiping out billions in value.

Many traders blamed the drop on uncertainty surrounding the trade war, as tariffs threatened not just traditional markets but also sectors tied to crypto and blockchain technology.

Signs of CompromiseReports now suggest both sides are stepping away from their most extreme positions. U.S. officials say Trump is unlikely to move ahead with his proposed 100% import tax on Chinese goods, while China may relax export limits on rare earth materials essential for tech production and Bitcoin mining equipment. Beijing may also consider resuming U.S. soybean imports.

These steps could help restore confidence in global markets and provide some relief to the crypto industry, which has faced liquidity shocks driven by geopolitical uncertainty.

Why It Matters for Bitcoin and AIThe ongoing trade dispute has hit U.S. Bitcoin miners hard, as many rely on importing equipment from Asia, especially China and Malaysia. With Trump also meeting Malaysian officials recently, hopes are rising for smoother supply chains and possible tariff relief.

Meanwhile, China’s restrictions on rare earth exports key materials for AI chips and mining rigs  have caused further worries about production delays.

If these diplomatic efforts continue positively, markets could see a boost in sentiment. Bitcoin is currently trading around $109,689, while Ethereum sits near $3,914, both slightly lower as traders remain cautious. For now, easing tensions have brought temporary stability, but investors are still watching closely for policy updates or potential Fed rate moves that could spark the next big crypto rally.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQsWhy did Donald Trump and Xi Jinping meet in South Korea?

Trump and Xi met in South Korea to ease trade tensions and discuss reducing tariffs that have been shaking global markets, including crypto and AI sectors.

How have U.S.–China tariffs affected the crypto market?

Rising tariffs fueled fear and volatility, leading to a sharp crypto selloff on October 10 when Bitcoin plunged from $121,560 to below $103,000.

What’s the current market reaction to easing trade tensions?

Bitcoin trades near $109,689 and Ethereum around $3,914 as easing tensions bring short-term stability but traders remain cautious about future policies.

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After the debut of two Solana ETFs on the U.S market, the crypto community is anticipating major price moves from the token as it chases the ETF hype. Will it reach $200?

Summary

Bitwise’s Solana Staking ETF has dominated early market activity with over $116 million in net inflows, fueling renewed institutional interest and making up more than 90% of total Solana ETF investments.
Despite brief rejections below $200, Solana’s price consolidation near $195 suggests the market is building support for a potential breakout, driven by growing ETF inflows and investor confidence.

Having made its debut as the first Solana ETF to be listed on the U.S market on Oct. 28, Bitwise Solana Staking ETF has accumulated a total net inflow that has broken through the $100 million threshold. At press time, the exchange-traded fund has reached a cumulative total net inflow of $116 million.

Meanwhile Grayscale’s Solana (SOL) ETF, which was launched a day after Bitwise’s Solana ETF, is still lagging far behind as its net inflow has only generated about $1.40 million since it was launched only a day prior based on data from SoSoValue.

Bitwise Solana Staking ETF made history as the first Solana ETF that was approved for a listing on the New York Stock Exchange. Within the first 30 minutes after it was listed, the Solana-backed fund had already generated about $10 million in trading volume which indicated mounting investor interest.

Solana ETFs have accumulated $432.3 million in total net assets within the past two days | Source: SoSoValue
So far the hype surrounding Solana ETFs has continued, the combined net inflows from both funds have reached $117.4 million, with BSOL contributing to more than 90% of the total inflows. The trading volume for Solana ETFs has amounted to $79.5 million, just $500,000 shy of reaching $80 million.

Overall, Solana ETFs make up about 0.40% of the token’s total market cap with total net assets amounting to $432.29 million. At the moment, SOL’s market cap stands at $106 billion, making it the sixth largest crypto asset by value.

Despite seeing minor dips, the token is currently trending on the market, possibly due to the hype surrounding the launch of Solana ETFs as other firms such as Canary, VanEck and 21Shares are eyeing their own Solana ETF launches in the near future.

Can Solana ETFs fuel another $200 breakout?
Within the past 24 hours, the token managed to reach a daily high of $201.42. However, the breakthrough was short-lived as the token retracted back below the $200 mark, slipping further down to $191.5 before rebounding to $195 as it attempted to climb back to its previous high.

The 30-period moving average is hovering around $195.82, acting as a short-term pivot level that reflects indecision between buyers and sellers. Meanwhile, momentum indicators like the Relative Strength Index sit near 49, signaling that it is neither in overbought nor oversold territory. This suggests that the market is consolidating before its next major move.

The launch of Solana ETFs in the market has brought fresh institutional interest, helping SOL reclaim momentum above the $190 level after brief corrections. However, the price action shows that investors are still digesting this development, with volume and volatility tapering off slightly following the initial hype.

Solana managed to climb above $200 but has since retracted back below $195 | Source: TradingView
This period of consolidation could be interpreted as the market building a new base of support before attempting another breakout toward the psychological $200 ceiling.

To maintain the bullish momentum, Solana would need to maintain stability above the $193 to $195 range. A strong hourly close above $198 to $200, ideally with an increase in trading volume, would likely confirm a new leg up toward the $210 to $225 zone.

However, if SOL fails to hold current support, it could experience a short-term pullback towards the $185 to $188 range, where previous demand has historically re-entered the market.

ETF inflows and rising confidence in Solana’s ecosystem could serve as fundamental catalysts for a sustained move above the $200 mark. If institutional participation continues to grow alongside improving technical structure, SOL could turn this consolidation into a launchpad for a more decisive breakout.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Key Takeaways
Can ASTER reverse its October losses? 
Bulls attempted to mark a bottom at $1, so a recovery could be likely if broader market sentiment improves. 

Can the buyback become a recovery catalyst? 
The spot market was flat and was yet to pick up momentum to confirm the update as a catalyst. 

Aster [ASTER] announced another round of token buybacks, but bulls remained unimpressed.

On the 29th of October, the YZi Labs-backed perpetual DEX said that it would use up to 80% of the trading fees to drive the latest buyback program.

Source: X

The first “deflation” drive happened about two weeks ago. It scooped 100,000,000 ASTER tokens on October 10th. 

But this was the same day the market experienced the flash crash that liquidated over $19B. So, using past drive to gauge ASTER’s past price reaction would be futile.

What’s next for ASTER price?
Nonetheless, there was less excitement after the latest update. 

In fact, one critic retorted, 

“Maybe they write wrong, This is sellback, not a buyback.” 

The user wished the tokens could be burned instead of keeping them in a buyback address for a future sell-off. 

Meanwhile, ASTER slipped about 2.5%, which was likely accelerated by the FOMC meeting risk-off. Even so, the altcoin had dropped nearly 60% from its record high of $2.4 to around $0.90. 

Source: ASTER/USDT, TradingView

While there was an attempt to mark the $1 area as the bottom, technical chart indicators were still screaming bearish.

The On Balance Volume (OBV), for example, had dropped and remained flat with no meaningful recovery to signal a potential price rebound. 

Similarly, the RSI (Relative Strength Index) on the 12-hour chart has struggled below the average level since October 10th. To put it differently, short-sellers still had the market edge, at least as of writing. 

A calm before a storm?
On the supply and demand side, Arkham data showed that the market was neutral with no selling and no buying demand.

Unlike the spike in flows into on-chain exchanges in late August and early October, the activity collapsed and stagnated in the past few days. 

This meant more tokens moved into on-chain exchanges (selling pressure) but tapered off and went sideways. In other words, the spot market was neutral to bullish, per the On-Chain Exchange Flows. 

Source: Arkham

On the derivatives side, the leveraged traders were surprisingly bullish. In the past 24 hours, they only trimmed long positions by about 1%, perhaps to derisk against the FOMC meeting.

But overall, the long positions commanded a whopping 77%, a strong addition in the past five days. Taken together, leveraged players were bullish, but the spot market was yet to flip positive to drive a sustainable recovery. 

Source: Coinglass

Bitcoin regained ground early Thursday after initial post-Fed losses, following a positive outcome from the meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Speaking aboard Air Force One, Trump announced a one-year U.S.-China trade agreement with potential extensions, confirming that the rare earths issue had been resolved. He also revealed that U.S. tariffs on China would be lowered from 57% to 47%, with plans for reciprocal state visits in the coming months.

The news helped Bitcoin (BTC) recover from an overnight dip to $108,000 after Federal Reserve Chair Jerome Powell signaled uncertainty about a December rate cut. The cryptocurrency had fallen from $113,000 to $110,000 before rebounding as traders reacted to easing geopolitical tensions. Major altcoins like XRP and DOGE dropped around 4%, while Ether (ETH), Solana (SOL), BNB, and Cardano (ADA) fell up to 3%. U.S. stock futures weakened slightly, and the dollar index held steady near 99.00.

The Federal Reserve’s decision to cut its benchmark interest rate to 3.75%-4% and end quantitative tightening on December 1 marks a shift toward looser financial conditions. This policy pivot increases liquidity, reduces real yields, and generally supports risk assets like cryptocurrencies. As liquidity returns, investors may rotate from cash into growth and alternative stores of value, bolstering Bitcoin’s outlook.

However, geopolitical dynamics remain the key swing factor. If the U.S.-China deal solidifies and tariffs are further eased, Bitcoin could extend gains beyond $115,000 amid improving global risk sentiment. Conversely, if talks falter, the dollar could strengthen, curbing crypto’s rally. For now, the convergence of softer monetary policy and easing trade tensions offers a favorable setup for crypto markets heading into November.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Meta and Microsoft shares fell in after-hours trading on Wednesday after the tech giants disclosed spending on AI data centers filled with humming servers. Meta warned that 2026 outlays would be “notably larger” than in 2025, but CEO Mark Zuckerberg, said he wasn't worried about overspending on AI infrastructure.

Nvidia GB10 Grace Blackwell Superchip is displayed at the company's GTC conference in San Jose, California, U.S., March 19, 2025. REUTERS/Max A. Cherney Purchase Licensing Rights, opens new tab

SummaryCompaniesTrump had called the chip 'super-duper', stoking hopes it could be discussedChina has cooled towards Nvidia's products in favour of local productsSome US lawmakers opposed to China having access to Blackwell chipsABOARD AIR FORCE ONE/GYEONGJU, Oct 30 (Reuters) - U.S. President Donald Trump may have teased that he could discuss Nvidia's

(NVDA.O), opens new tab state-of-the-art artificial intelligence Blackwell chips with Chinese President Xi Jinping, but in the end, he said the topic didn't come up.

After meeting with Xi in South Korea on Thursday, Trump told reporters aboard Air Force One that semiconductors had been discussed and that China is "going to be talking to Nvidia and others about taking chips," but added: "We're not talking about the Blackwell."

Sign up here.

A day earlier, Trump had praised the Blackwell chip as "super-duper", adding he might speak to Xi about that - comments that likely helped Nvidia make history as the first company to reach a $5 trillion valuation.

THORNY TOPICThe extent to which China has access to Nvidia's chips has been a key point of friction between the U.S. and China.

Washington currently imposes export controls on sales of Nvidia's most advanced AI chips to China, seeking to limit its tech progress, particularly in any applications that could help its military.

Nvidia has been working on a new chip for China based on its latest Blackwell architecture that will be more powerful than the H20 model it is currently allowed to sell there, sources have previously said.

But while private Chinese companies are believed to be very much interested in purchasing such a chip, the Chinese government has turned cool towards Nvidia and is instead promoting domestic chip manufacturers like Huawei(HWT.UL).

Nvidia CEO Jensen Huang said earlier this week that his company had not applied for U.S. export licenses to send its newest chips to China because of the Chinese position.

"They've made it very clear that they don't want Nvidia to be there right now," he said during the company's developers' event, adding it needs access to the China market to fund U.S.-based research and development.

A range of U.S. lawmakers, both Democratic and Republican, have also expressed their opposition to giving China more access to advanced chips like Nvidia's Blackwell.

On Thursday at least, Trump did not appear to want to get into the thick of the issue.

"I said (to Xi) that's really between you and Nvidia, but we're sort of the arbitrator or the referee," he said.

Reporting by Trevor Hunnicutt and Eduardo Baptista; Writing by Eduardo Baptista; Editing by Edwina Gibbs

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This powerful industry collaboration highlights how mobile networks, APIs, and AI can transform banking

HOLMDEL, N.J.--(BUSINESS WIRE)--Vonage, a part of Ericsson (NASDAQ: ERIC), today announced that, together with leaders from Aduna, Deutsche Telekom, and mBank, it is participating in the World Banking Forum in Athens. The event convenes senior banking executives and technology leaders from around the world to advance modern banking through technology innovation and digital transformation.

An increase in fraud has emerged from the rise of digital channels in financial services and continues to evolve and grow with new technologies such as AI that enable more sophisticated threats. As cyber threats continue to escalate and regulations tighten, it is more critical than ever for banks to deploy advanced fraud protection strategies. Cybercrime damages are projected to reach $11.9 trillion annually by 2026 and technology innovation is needed to meet regulatory demands and strengthen a financial institution's overall fraud defenses.1

At the World Banking Forum, Aduna, Deutsche Telekom, mBank, and Vonage will explore how the convergence of 5G, Network APIs, and AI can revolutionize fraud prevention and redefine customer experience across the financial services industry. The industry leaders will discuss current security challenges and how embedding mobile network capabilities directly into banking applications delivers breakthroughs in seamless and secure customer interactions.

Exposing network capabilities through APIs provides banks like mBank with access to previously untapped and verified network data in real-time, enabling frictionless customer experiences and intelligently reducing fraud. Aduna, a joint venture of leading telecommunications industry giants, including Deutsche Telekom and Ericsson, drives the global availability of network capabilities by acting as an aggregator. Vonage, through its APIs and complementary tools, such as SDKs, makes these network capabilities accessible for developers to build innovative solutions with advanced fraud protection capabilities.

Fraud remains a persistent and increasing challenge for banks, across retail services and digital transactions. Innovation in prevention and detection technologies is crucial to stay ahead of the threat landscape and deliver a seamless customer experience.

"The collaboration between telcos, aggregators, and developer platform partners is crucial," said Peter Arbitter, Chief Commercial Officer for Aduna. "Aduna’s role as an aggregator of telco network capabilities enables developer platform partners to drive the adoption of network APIs by developers, and expose digital innovation that advances secure banking services on a global scale."

David Darmon, VP of International Sales, API, at Vonage, added, “Vonage Network APIs give developers a platform to build solutions for banks to automate verification processes at scale, leveraging programmable network capabilities and verified network data for fraud protection. This elevates how banks deliver security, reduces revenue loss resulting from fraud, and transforms the customer experience.”

Andrzej Ochocki, Head of Identity Management at Deutsche Telekom, commented, "From a telecom perspective, the digitization of banking has significantly increased demands on network security. Deutsche Telekom is committed to offering specific network APIs that directly address these evolving fraud and security needs."

"At mBank, we are constantly seeking innovative solutions to deliver a seamless and secure digital banking experience," stated Pawel Kowalski, Digital Security Product Owner at mBank. "Adopting network APIs in our fraud and authentication workflows has shown significant benefits, enhancing the customer experience and reinforcing trust."

1Global Cybercrime Report 2025 - Proxyrack, December, 2024

About World Banking Forum:

The World Banking Forum brings together senior banking executives, regulators, and technology leaders for focused discussions and practical insights. The program, built on independent research and real-world experience, delivers clear perspectives on trends shaping modern banking, from digital transformation and security to payments innovation, regulation, risk, and customer experience.

About mBank

Set up in 1986, mBank is Poland’s fifth largest universal banking group in terms of total assets (at the end of H1/2025). The bank services approximately 4.7 million retail clients and 36.8 thousand corporate clients in Poland and nearly 1.2 million retail clients in the Czech Republic and Slovakia. The institution’s offering includes retail, SME, corporate and investment banking as well as other financial services such as leasing, factoring, commercial real estate financing, brokerage, wealth management, distribution of insurance, corporate finance and advisory in the scope of capital markets. Commerzbank is mBank’s strategic shareholder and owns 69.0% of the shares.

About Aduna

Aduna is a landmark venture between some of the world's leading telecom operators and Ericsson, dedicated to enabling developers worldwide to accelerate innovation by leveraging networks to their full potential via common network Application Programming Interfaces (APIs). Its venture partners include AT&T, Bharti Airtel, Deutsche Telekom, KDDI, Orange, Reliance Jio, Singtel, Telefonica, Telstra, T-Mobile, Verizon, and Vodafone. Aduna’s developer partner platforms include Google Cloud, Infobip, Sinch, and Vonage. By combining network APIs from multiple operators globally under a unified platform based on the CAMARA open-source project, driven by the GSMA and the Linux Foundation, Aduna provides a standardized platform to foster collaboration, enhance user experiences, and drive industry growth.

About Deutsche Telekom

https://www.telekom.com/companyprofile

About Vonage

Vonage, a part of Ericsson, creates technology that empowers enterprises and equips developers to lead in the next era of digital transformation. Its AI-powered platforms and tools enable new value creation and innovative customer experiences across mobile networks and the cloud.

The company's technology portfolio includes Network APIs, CPaaS, CCaaS, and UCaaS solutions. Trusted by enterprises across industries and embraced by developers around the world, Vonage is committed to reimagining every digital interaction.

Vonage is a wholly-owned subsidiary of Ericsson (NASDAQ: ERIC) and operates within Ericsson Group Business Area Global Communications Platform (BGCP). For more information visit www.vonage.com and follow @Vonage.

Copyright © 2025 Vonage. All rights reserved. VONAGE®, the V logo, and other Vonage marks are registered trademarks of Vonage or its affiliates in the United States and other countries.

Assays for three holes from the Pepas MRE infill and metallurgical program include: PEP065 - 33.3m @ 2.84g/t Au PEP065B - 33.8m @ 2.79g/t Au PEP066 (met hole) - 112m @ 5.25g/t Au from surface Resource consultants plan to be on site next week to begin the MRE process. Soil geochemistry completed at El Cedro, high grade potential confirmed.

LONDON, UK / ACCESS Newswire / October 30, 2025 / Empire Metals Limited - (LON:EEE)(OTCQX:EPMLF) - Sector: Natural Resources THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY UK MAR.

DUBLIN--(BUSINESS WIRE)--Avolon, a leading global aviation finance company, announces results for the third quarter (‘Q3') of 2025. 2025 THIRD QUARTER | FINANCIAL HIGHLIGHTS Income Statement (US$M) Q3 2025 Q3 2024 US$ Change % Change Lease Revenue 691 677 +14 +2% Operating Cashflow 539 536 +3 +1% Net Income 149 120 +29 +24% Balance Sheet (US$M) Q3 2025 FY 2024 US$ Change % Change Total Available Liquidity 9,049 11,634 (2,585) (22%) Total Assets 34,385 33,637 +748 +2% Unsecured Debt / Total Debt.

               SHELL PLC
 3rd QUARTER 2025 UNAUDITED RESULTS   
                              SUMMARY OF UNAUDITED RESULTSQuarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%5,322  3,601  4,291  +48Income/(loss) attributable to Shell plc shareholders 13,703  15,166  -105,432  4,264  6,028  +27Adjusted EarningsA15,273  20,055  -2414,773  13,313  16,005  +11Adjusted EBITDAA43,336  51,523  -1612,207  11,937  14,684  +2Cash flow from operating activities 33,425  41,522  -20(2,257) (5,406) (3,857)  Cash flow from investing activities (11,622) (10,723)  9,950  6,531  10,827   Free cash flowG21,803  30,799   4,907  5,817  4,950   Cash capital expenditureC14,899  14,161   9,275  8,265  9,570  +12Operating expensesF26,115  27,517  -58,998  8,145  8,864  +10Underlying operating expensesF25,596  26,569  -49.4%9.4%12.8% ROACED9.4%12.8% 73,977  75,675  76,613   Total debtE73,977  76,613   41,204  43,216  35,234   Net debtE41,204  35,234   18.8%19.1%15.7% GearingE18.8%15.7% 2,821  2,682  2,801  +5Oil and gas production available for sale (thousand boe/d) 2,781  2,843  -20.91  0.61  0.69+49Basic earnings per share ($) 2.31  2.39  -30.93  0.72  0.96  +29Adjusted Earnings per share ($)B2.57  3.16  -190.3580  0.3580  0.3440  —Dividend per share ($) 1.0740  1.0320  +4 1.Q3 on Q2 change

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the second quarter 2025, reflected higher trading and optimisation margins, higher sales volumes and favourable tax movements, partly offset by higher operating expenses.

Third quarter 2025 income attributable to Shell plc shareholders also included gains on disposal of assets and impairment charges. These items are included in identified items amounting to a net loss of $0.1 billion in the quarter. This compares with identified items in the second quarter 2025 which amounted to a net loss of $0.3 billion.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.

Cash flow from operating activities for the third quarter 2025 was $12.2 billion and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $2.7 billion.

Cash flow from investing activities for the third quarter 2025 was an outflow of $2.3 billion, and included cash capital expenditure of $4.9 billion. This outflow was partly offset by divestment proceeds of $1.8 billion.

Net debt and Gearing: At the end of the third quarter 2025, net debt was $41.2 billion, compared with $43.2 billion at the end of the second quarter 2025. This reflects free cash flow of $10.0 billion, partly offset by share buybacks of $3.6 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.1 billion and interest payments of $0.8 billion. Gearing was 18.8% at the end of the third quarter 2025, compared with 19.1% at the end of the second quarter 2025, mainly driven by lower net debt, partly offset by lower equity which included a 0.4 percentage point increase related to a non-cash adjustment to the previously recognised pension surplus in the Netherlands, following formal acceptance by the Trustee Board of the transition plan related to changes in pension legislation3.

Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.6 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends to be paid to Shell plc shareholders for the third quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS billion of share buybacks announced in the second quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2025 results announcement.

Nine Months Analysis1

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

First nine months 2025 income attributable to Shell plc shareholders also included impairment charges and gains on disposal of assets, a charge related to the UK Energy Profits Levy and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $1.2 billion. This compares with identified items in the first nine months 2024 which amounted to a net loss of $4.6 billion.

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

Cash flow from operating activities for the first nine months 2025 was $33.4 billion, and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $9.0 billion and working capital outflows of $3.1 billion.

Cash flow from investing activities for the first nine months 2025 was an outflow of $11.6 billion and included cash capital expenditure of $14.9 billion. This outflow was partly offset by divestment proceeds of $2.3 billion and interest received of $1.5 billion.

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

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

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

3.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements” for further details.

4.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Upstream

In October 2025, we announced, together with Sunlink Energies and Resources Limited, a final investment decision (FID) on the HI gas project offshore Nigeria (Shell interest 40%).

Marketing

In September 2025, we announced the decision not to restart the construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam, which was paused in 2024. Following an in-depth commercial and technical evaluation to reassess the project's competitiveness, Shell will no longer proceed with the project.

Chemicals and Products

In July 2025, we completed the previously announced sale of our 16.125% interest in Colonial Enterprises, Inc. to Colossus Acquire Co LLC.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS PERFORMANCE BY SEGMENT

                            INTEGRATED GAS    Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%2,355  1,838  2,631  +28Income/(loss) for the period 6,982  7,846  -11212  101  (240)  Of which: Identified itemsA619  (1,379)  2,143  1,737  2,871  +23Adjusted EarningsA6,363  9,225  -314,257  3,875  5,234  +10Adjusted EBITDAA12,867  16,410  -223,038  3,629  3,623  -16Cash flow from operating activitiesA10,129  12,518  -191,169  1,196  1,236   Cash capital expenditureC3,482  3,429   130  129  136  —Liquids production available for sale (thousand b/d) 128  137  -64,667  4,545  4,669  +3Natural gas production available for sale (million scf/d) 4,619  4,835-4934  913  941  +2Total production available for sale (thousand boe/d) 925  971  -57.29  6.72  7.50  +8LNG liquefaction volumes (million tonnes) 20.61  22.03  -618.88  17.77  17.04  +6LNG sales volumes (million tonnes) 53.14  50.32  +6 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

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

Adjusted Earnings, compared with the second quarter 2025, reflected the net effect of higher contributions from trading and optimisation and lower realised prices (increase of $208 million), and higher volumes (increase of $237 million), partly offset by higher operating expenses (increase of $108 million).

Identified items in the third quarter 2025 included favourable movements of $129 million due to the fair value accounting of commodity derivatives, and onerous contract related remeasurement of $99 million. These favourable movements compare with the second quarter 2025 which included favourable movements of $454 million due to the fair value accounting of commodity derivatives, partly offset by impairment charges of $423 million. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by working capital outflows of $802 million and tax payments of $796 million.

Total oil and gas production, compared with the second quarter 2025, increased by 2% mainly due to lower maintenance across the portfolio. LNG liquefaction volumes increased by 8% mainly due to lower maintenance across the portfolio and LNG Canada ramp-up.

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2024, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $2,634 million), lower volumes (decrease of $482 million), and higher depreciation, depletion and amortisation expenses (increase of $275 million), partly offset by favourable deferred tax movements ($316 million), and lower operating expenses (decrease of $186 million).

Identified items in the first nine months 2025 included favourable movements of $946 million due to the fair value accounting of commodity derivatives, partly offset by impairment charges of $455 million. These favourable movements and charges are part of identified items and compare with the first nine months 2024 which included unfavourable movements of $1,198 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business,

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $1,168 million. These inflows were partly offset by tax payments of $2,537 million and working capital outflows of $1,137 million.

Total oil and gas production, compared with the first nine months 2024, decreased by 5% mainly due to field decline and higher maintenance across the portfolio. LNG liquefaction volumes decreased by 6% mainly due to ownership restructuring in Trinidad and Tobago, and higher maintenance across the portfolio.

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

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                             UPSTREAM     Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%1,707  2,008  2,289  -15Income/(loss) for the period 5,795  6,741  -14(97) 276  (153)  Of which: Identified itemsA(78) 28   1,804  1,732  2,443  +4Adjusted EarningsA5,873  6,712  -136,557  6,638  7,871  -1Adjusted EBITDAA20,582  23,588  -134,841  6,500  5,268  -26Cash flow from operating activitiesA15,286  16,734  -91,885  2,826  1,974   Cash capital expenditureC6,634  5,813   1,399  1,334  1,321  +5Liquids production available for sale (thousand b/d) 1,356  1,316  +32,513  2,310  2,844  +9Natural gas production available for sale (million scf/d) 2,613  2,933  -111,832  1,732  1,811  +6Total production available for sale (thousand boe/d) 1,806  1,822  -1 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

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

Adjusted Earnings, compared with the second quarter 2025, reflected higher volumes (increase of $298 million), favourable tax movements ($161 million) and lower well write-offs (decrease of $114 million), partly offset by higher depreciation, depletion and amortisation expenses (increase of $241 million) and unfavourable movements related to the rebalancing of participation interests in Brazil ($271 million)2.

Identified items in the third quarter 2025 included losses of $101 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position, partly offset by a gain of $42 million related to the impact of the strengthening Brazilian real on a deferred tax position. These net unfavourable movements compare with the second quarter 2025 which included gains of $350 million related to disposal of assets.

Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,611 million.

Total production, compared with the second quarter 2025, increased mainly due to new oil production and comparative help from higher planned maintenance in the second quarter of 2025.

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2024, reflected lower realised liquids prices (decrease of $2,117 million), the comparative unfavourable impact of gas storage effects (decrease of $536 million), and unfavourable movements related to the rebalancing of participation interests in Brazil ($271 million)2. These net unfavourable movements were partly offset by higher volumes (increase of $660 million), lower well write-offs (decrease of $604 million), lower depreciation, depletion and amortisation expenses (decrease of $198 million) and lower operating expenses (decrease of $163 million).

Identified items in the first nine months 2025 included a charge of $509 million related to the UK Energy Profits Levy4, partly offset by gains of $524 million from disposal of assets. These net unfavourable movements compare with the first nine months 2024 which included gains of $676 million related to the impact of inflationary adjustments in Argentinian peso 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.

Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $1,305 million. These inflows were partly offset by tax payments of $5,557 million.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS Total production, compared with the first nine months 2024, decreased mainly due to the Shell Petroleum Development Company of Nigeria (SPDC) Limited divestment and field decline largely offset by new oil production.

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

2.Reflects the finalisation of the redetermination proposal for the unitised Tupi field and subsequent submission to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).

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

4.Included in Other identified items. See Note 2 "Segment Information".

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                             MARKETING    Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%576  766  507  -25Income/(loss) for the period 2,155  1,606  +34(759) (354) (422) 
 Of which: Identified itemsA(1,161) (1,255)  1,316  1,199  1,182  +10Adjusted EarningsA3,416  3,046  +122,340  2,181  2,081  +7Adjusted EBITDAA6,389  5,767  +111,788  2,718  2,722  -34Cash flow from operating activitiesA6,414  5,999  +7489  429  525   Cash capital expenditureC1,173  1,634   2,824  2,813  2,945  —Marketing sales volumes (thousand b/d) 2,771  2,859  -3 1.Q3 on Q2 change

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

Quarter Analysis1

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

Adjusted Earnings, compared with the second quarter 2025, reflected higher Marketing margins (increase of $270 million) including higher Mobility margins due to seasonal impact of higher volumes and higher Sectors and Decarbonisation margins, partly offset by lower Lubricants margins. These net gains were partly offset by higher operating expenses (increase of $145 million).

Identified items in the third quarter 2025 included impairment charges of $579 million and provisions of $186 million2, both mainly relating to the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam. These charges and provisions compare with the second quarter 2025 which included net impairment charges and reversals of $285 million, net losses of $44 million related to the sale of assets, and charges of $44 million related to redundancy and restructuring.

Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA. This inflow was partly offset by working capital outflows of $220 million, the timing impact of payments related to emission certificates and biofuel programmes of $135 million, and tax payments of $111 million.

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

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2024, reflected higher Marketing margins (increase of $292 million) including higher Mobility and Lubricants margins due to improved unit margins, partly offset by lower Sectors and Decarbonisation margins, as well as lower operating expenses (decrease of $201 million).

Identified items in the first nine months 2025 included net impairment charges and reversals of $857 million and provisions of $186 million2, both of which included the impact of the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam. These charges and provisions compare with the first nine months 2024 which included impairment charges of $965 million, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets.

Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA, the timing impact of payments related to emission certificates and biofuel programmes of $920 million and dividends (net of profits/

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS losses) from joint ventures and associates of $421 million. These inflows were partly offset by working capital outflows of $497 million and tax payments of $417 million.

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

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

2.Included in Other identified items. See Note 2 "Segment Information".

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                             CHEMICALS AND PRODUCTS    Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%1,074  (174) 91  +716Income/(loss) for the period 822  1,946  -58564  (51) (122)  Of which: Identified itemsA(67) (1,078)  550  118  463  +366Adjusted EarningsA1,117  3,163  -651,667  864  1,240  +93Adjusted EBITDAA3,941  6,308  -382,088  1,372  3,321  +52Cash flow from operating activitiesA3,591  5,221  -31813  775  761   Cash capital expenditureC2,046  1,898   1,176  1,156  1,305  +2Refinery processing intake (thousand b/d) 1,230  1,388  -112,147  2,164  3,015  -1Chemicals sales volumes (thousand tonnes) 7,124  8,950  -20 1.Q3 on Q2 change

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

Quarter Analysis1

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

Adjusted Earnings, compared with the second quarter 2025, reflected higher Products margins (increase of $706 million) mainly driven by higher margins from trading and optimisation, and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $96 million). These net gains were partly offset by unfavourable tax movements ($200 million) and higher operating expenses (increase of $133 million).

In the third quarter 2025, Chemicals had negative Adjusted Earnings of $207 million and Products had positive Adjusted Earnings of $758 million.

Identified items in the third quarter 2025 included net gains from the sale of assets of $710 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., and impairment charges of $107 million. These net gains compare with the second quarter 2025 which included impairment charges of $62 million.

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

Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, the timing impact of payments for emission certificates and biofuel programmes of $493 million, and working capital inflows of $143 million. These inflows were partly offset by net cash outflows related to commodity derivatives of $165 million.

Refinery utilisation was 96% compared with 94% in the second quarter 2025.

Chemicals manufacturing plant utilisation was 80% compared with 72% in the second quarter 2025, mainly due to lower unplanned maintenance.

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2024, reflected lower Products margins (decrease of $1,619 million) driven mainly by lower margins from trading and optimisation and lower refining margins. Adjusted Earnings also reflected lower Chemicals margins (decrease of $458 million) and unfavourable tax movements ($168 million). These net losses were partly offset by lower operating expenses (decrease of $205 million).

In the first nine months 2025, Chemicals had negative Adjusted Earnings of $536 million and Products had positive Adjusted Earnings of $1,654 million.

Identified items in the first nine months 2025 included net gains from the sale of assets of $691 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., impairment charges of $447 million, unfavourable movements of $168 million due to the fair value accounting of commodity derivatives, and charges of $70 million related to redundancy and restructuring. As part of Shell's normal business, commodity derivative contracts are entered into as

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS hedges for mitigation of economic exposures on future purchases, sales and inventory. These net charges and unfavourable movements compare with the first nine months 2024 which 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 movements of $69 million relating to the fair value accounting of commodity derivatives.

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

Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA and the timing impact of payments for emission certificates and biofuel programmes of $985 million. These inflows were partly offset by net cash outflows relating to commodity derivatives of $669 million, working capital outflows of $555 million, and non-cash cost of supplies adjustment of $318 million.

Refinery utilisation was 91% compared with 88% in the first nine months 2024, , mainly due to lower planned and unplanned maintenance in 2025.

Chemicals manufacturing plant utilisation was 78% compared with 77% in the first nine months 2024.

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

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                             RENEWABLES AND ENERGY SOLUTIONS    Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%110  (254) (481) +143Income/(loss) for the period (391) (3) -12,47718  (245) (319)  Of which: Identified itemsA(432) 183   92  (9) (162) +1,092Adjusted EarningsA41  (186) +122223  102  (75) +118Adjusted EBITDAA436  101  +333660  1  (364) +60,737Cash flow from operating activitiesA1,028  2,948  -65517  555  409   Cash capital expenditureC1,475  1,272   72  70  79  +4External power sales (terawatt hours)2 218  230  -5150  132  148  +14Sales of pipeline gas to end-use customers (terawatt hours)3 465  487  -4 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

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

Adjusted Earnings, compared with the second quarter 2025, reflected higher margins (increase of $131 million), partly offset by higher operating expenses (increase of $31 million).

Most Renewables and Energy Solutions activities were loss-making in the third quarter 2025, these were more than offset by positive Adjusted Earnings from trading and optimisation and energy marketing.

Identified items in the third quarter 2025 included gains of $134 million related to the disposal of assets, partly offset by unfavourable movements of $87 million due to the fair value accounting of commodity derivatives. These gains and unfavourable movements compare with the second quarter 2025 which included unfavourable movements of $217 million due to the fair value accounting of commodity derivatives and impairment charges of $136 million, partly offset by gains of $108 million on sales of assets. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the third quarter 2025 was primarily driven by working capital inflows of $960 million and Adjusted EBITDA. These inflows were partly offset by net cash outflows related to derivatives of $272 million and payments relating to emissions programmes of $264 million.

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2024, reflected lower operating expenses (decrease of $165 million) and higher margins (increase of $64 million), mainly due to higher generation and energy marketing margins, partly offset by lower trading and optimisation margins.

Most Renewables and Energy Solutions activities were loss-making for the first nine months 2025, these were more than offset by positive Adjusted Earnings from trading and optimisation.

Identified items in the first nine months 2025 included unfavourable movements of $284 million relating to the fair value accounting of commodity derivatives and impairment charges of $177 million, partly offset by gains on disposals of assets of $99 million. These net charges compare with the first nine months 2024 which included favourable movements of $250 million due to the fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS $89 million. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the first nine months 2025 was primarily driven by working capital inflows of $1,212 million and Adjusted EBITDA. These inflows were partly offset by net cash outflows related to derivatives of $507 million.

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

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

Additional Growth Measures

                           Quarters  Nine monthsQ3 2025Q2 2025Q3 2024%¹  20252024%    Renewable power generation capacity (gigawatt):    3.8  3.9  3.4  -1– In operation2 3.8  3.4  +132.6  3.8  3.9  -32– Under construction and/or committed for sale3 2.6  3.9  -34 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.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                       CORPORATE   Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024 Reference20252024(402) (539) (647) Income/(loss) for the period (1,424) (2,656) (20) (77) (3) Of which: Identified itemsA(122) (1,069) (383) (463) (643) Adjusted EarningsA(1,302) (1,588) (272) (346) (346) Adjusted EBITDAA(879) (650) (208) (2,283) 115  Cash flow from operating activitiesA(3,022) (1,898)  The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate Adjusted Earnings rather than in the earnings of business segments.

Quarter Analysis1

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

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

Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects partly offset by higher operating expenses.

Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA.

Nine Months Analysis1

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

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

Identified items in the first nine months 2024 included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

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

Cash flow from operating activities for the first nine months 2025 was primarily driven by working capital outflows of $1,809 million, which included a reduction in joint venture deposits, as well as Adjusted EBITDA and tax payments of $464 million.

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

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS OUTLOOK FOR THE FOURTH QUARTER 2025

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

Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.4 - 8.0 million tonnes.

Upstream production is expected to be approximately 1,770 - 1,970 thousand boe/d.

Marketing sales volumes are expected to be approximately 2,500 - 3,000 thousand b/d.

Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 71% - 79%.

Corporate Adjusted Earnings1 were a net expense of $383 million for the third quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the fourth quarter 2025.

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

FORTHCOMING EVENTS

       DateEventFebruary 5, 2026Fourth quarter 2025 results and dividendsMarch 12, 2026Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2025May 7, 2026First quarter 2026 results and dividendsJuly 30, 2026Second quarter 2026 results and dividendsOctober 29, 2026Third quarter 2026 results and dividends     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

                   CONSOLIDATED STATEMENT OF INCOME  Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 2025202468,153  65,406  71,089  Revenue1202,793  218,031  507  712  933  Share of profit/(loss) of joint ventures and associates1,834  3,150  1,751  326  440  Interest and other income/(expenses)22,379  1,042  70,410  66,443  72,462  Total revenue and other income/(expenses)207,006  222,222  45,145  44,099  48,225  Purchases135,093  144,509  5,609  4,909  6,138  Production and manufacturing expenses16,068  17,541  3,258  3,077  3,139  Selling, distribution and administrative expenses9,175  9,208  409  278  294  Research and development872  768  175  360  305  Exploration745  1,551  6,607  6,670  5,916  Depreciation, depletion and amortisation218,718  19,352  1,284  1,075  1,174  Interest expense3,478  3,573  62,486  60,468  65,190  Total expenditure184,148  196,502  7,924  5,975  7,270  Income/(loss) before taxation22,858  25,717  2,504  2,332  2,879  Taxation charge/(credit)28,918  10,237  5,420  3,644  4,391  Income/(loss) for the period13,940  15,480  98  43  100  Income/(loss) attributable to non-controlling interest236  314  5,322  3,601  4,291  Income/(loss) attributable to Shell plc shareholders13,703  15,166  0.91  0.61  0.69  Basic earnings per share ($)32.31  2.39  0.90  0.60  0.68  Diluted earnings per share ($)32.28  2.36   1.See Note 2 “Segment information”.

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

3.See Note 3 “Earnings per share”.

                   CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME  Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520245,420  3,644  4,391  Income/(loss) for the period13,940  15,480     Other comprehensive income/(loss) net of tax:     Items that may be reclassified to income in later periods:  (268) 4,127  2,947  – Currency translation differences15,569  1,651  10  7  35  – Debt instruments remeasurements23  16  (86) (109) (75) – Cash flow hedging gains/(losses)(221) (7) 11  5  (2) – Deferred cost of hedging(26) (22) (18) 113  35  – Share of other comprehensive income/(loss) of joint ventures and associates169  (27) (351) 4,143  2,940  Total5,515  1,610     Items that are not reclassified to income in later periods:  (4,628) 158  419  – Retirement benefits remeasurements1(4,163) 1,169  (31) (8) 80  – Equity instruments remeasurements(55) 77  —  (23) (53) – Share of other comprehensive income/(loss) of joint ventures and associates(59) 1  (4,659) 128  446  Total(4,277) 1,247  (5,010) 4,270  3,386  Other comprehensive income/(loss) for the period1,238  2,857  411  7,914  7,777  Comprehensive income/(loss) for the period15,178  18,337  140  122  177  Comprehensive income/(loss) attributable to non-controlling interest366  357  271  7,792  7,600  Comprehensive income/(loss) attributable to Shell plc shareholders14,811  17,981   1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS           CONDENSED CONSOLIDATED BALANCE SHEET$ million   September 30, 2025December 31, 2024Assets  Non-current assets  Goodwill16,034  16,032  Other intangible assets9,546  9,480  Property, plant and equipment183,907  185,219  Joint ventures and associates23,729  23,445  Investments in securities1,592  2,255  Deferred tax18,088  6,857  Retirement benefits15,527  10,003  Trade and other receivables7,472  6,018  Derivative financial instruments2665  374   256,562  259,683  Current assets  Inventories22,913  23,426  Trade and other receivables45,287  45,860  Derivative financial instruments29,103  9,673  Cash and cash equivalents33,053  39,110   110,357  118,069  Assets classified as held for sale110,819  9,857   121,176  127,926  Total assets377,738  387,609  Liabilities  Non-current liabilities  Debt63,955  65,448  Trade and other payables4,671  3,290  Derivative financial instruments2885  2,185  Deferred tax111,955  13,505  Retirement benefits17,632  6,752  Decommissioning and other provisions21,197  21,227   110,296  112,407  Current liabilities  Debt10,022  11,630  Trade and other payables56,816  60,693  Derivative financial instruments25,924  7,391  Income taxes payable3,447  4,648  Decommissioning and other provisions5,657  4,469   81,865  88,831  Liabilities directly associated with assets classified as held for sale17,755  6,203   89,620  95,034  Total liabilities199,916  207,441  Equity attributable to Shell plc shareholders175,823  178,307  Non-controlling interest1,999  1,861  Total equity177,822  180,168  Total liabilities and equity377,738  387,609   1.    See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                             CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to Shell plc shareholders   $ millionShare capital1Shares held in trustOther reserves²Retained earningsTotalNon-controlling interest Total equityAt January 1, 2025510  (803) 19,766  158,834  178,307  1,861   180,168  Comprehensive income/(loss) for the period—  —  1,108  13,703  14,811  366   15,178  Transfer from other comprehensive income—  —  19  (19) —  —   —  Dividends³—  —  —  (6,405) (6,405) (119)  (6,524) Repurchases of shares4(25) —  25  (10,556) (10,556) —   (10,556) Share-based compensation—  360  (293) (419) (352) —   (352) Other changes—  —  —  22  22  (109)  (87) At September 30, 2025485  (444) 20,625  155,157  175,823  1,999   177,822  At January 1, 2024544  (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, 2024519  (456) 24,127  163,482  187,673  1,865   189,538   1.    See Note 4 “Share capital”.

2.    See Note 5 “Other reserves”.

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

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                       CONSOLIDATED STATEMENT OF CASH FLOWS  Quarters$ millionNine monthsQ3 2025 Q2 2025Q3 2024 202520247,924   5,975  7,270  Income before taxation for the period22,858  25,717      Adjustment for:  822   515  554  – Interest expense (net)1,973  1,749  6,607   6,670  5,916  – Depreciation, depletion and amortisation118,718  19,352  49   206  150  – Exploration well write-offs283  973  (1,068)  (128) 154  – Net (gains)/losses on sale and revaluation of non-current assets and businesses(1,069) —  (507)  (712) (933) – Share of (profit)/loss of joint ventures and associates(1,834) (3,150) 700   2,361  860  – Dividends received from joint ventures and associates3,584  2,390  352   (27) 2,705  – (Increase)/decrease in inventories1,178  1,143  569   3,635  4,057  – (Increase)/decrease in current receivables1,594  5,827  (949)  (3,994) (4,096) – Increase/(decrease) in current payables(5,850) (7,314) (153)  626  735  – Derivative financial instruments229  2,373  (61)  (17) 125  – Retirement benefits(179) (267) 515   (425) 359  – Decommissioning and other provisions(391) (572) 74   684  (144) – Other1,328  2,392  (2,668)  (3,432) (3,028) Tax paid(8,999) (9,092) 12,207   11,937  14,684  Cash flow from operating activities33,425  41,522  (4,557)  (5,393) (4,690)    Capital expenditure(13,698) (13,114) (342)  (406) (222)    Investments in joint ventures and associates(1,161) (983) (8)  (17) (38)    Investments in equity securities(40) (63) (4,907)  (5,817) (4,950) Cash capital expenditure(14,899) (14,161) 747   (57) 94  Proceeds from sale of property, plant and equipment and businesses1,249  1,128  1,023   1  94  Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans1,057  284  2   19  6  Proceeds from sale of equity securities27  576  468   508  593  Interest received1,484  1,818  903   360  1,074  Other investing cash inflows11,768  2,814  (494)  (420) (769) Other investing cash outflows(2,308) (3,183) (2,257)  (5,406) (3,857) Cash flow from investing activities(11,622) (10,723) (72)  (208) (89) Net increase/(decrease) in debt with maturity period within three months(200) (375)     Other debt:  176   180  78  – New borrowings495  377  (2,801)  (4,075) (1,322) – Repayments(9,390) (7,008) (848)  (1,212) (979) Interest paid(2,907) (3,177) (61)  896  652  Derivative financial instruments1,161  239  7  
 —  —  Change in non-controlling interest(17) (5)     Cash dividends paid to:  (2,103)  (2,122) (2,167) – Shell plc shareholders(6,403) (6,554) (6)  (27) (92) – Non-controlling interest(119) (242) (3,610)  (3,533) (3,537) Repurchases of shares(10,454) (10,319) (155)  (5) 6  Shares held in trust: net sales/(purchases) and dividends received(927) (480) (9,473)  (10,106) (7,452) Cash flow from financing activities(28,762) (27,545) (106)  655  729  Effects of exchange rate changes on cash and cash equivalents902  224  371   (2,919) 4,105  Increase/(decrease) in cash and cash equivalents(6,057) 3,478  32,682   35,601  38,148  Cash and cash equivalents at beginning of period39,110  38,774  33,053   32,682  42,252  Cash and cash equivalents at end of period33,053  42,252   1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

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

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

Key accounting considerations, significant judgements and estimates

Future commodity price assumptions, which represent a significant estimate, were changed in the second quarter 2025 (See Note 7). These remained unchanged in the third quarter 2025. Noting continued volatility in markets, price assumptions remain under review.

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

2. Segment information

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

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

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

ADJUSTED EARNINGS BY SEGMENT

                         Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      5,322Income/(loss) attributable to non-controlling interest      98Income/(loss) for the period2,355  1,707  576  1,074  110  (402) 5,420  Add: Current cost of supplies adjustment before taxation  (25) 53    28Add: Tax on current cost of supplies adjustment  6  (12)   (6)Less: Identified items before taxation215  (60) (988) 720  (8) (13) (133)Less: Tax on identified items(2) (37) 230  (156) 26  (7) 53Adjusted Earnings2,143  1,804  1,316  550  92  (383) 5,523  Adjusted Earnings attributable to Shell plc shareholders      5,432Adjusted Earnings attributable to non-controlling interest      91     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      3,601Income/(loss) attributable to non-controlling interest      43Income/(loss) for the period1,838  2,008  766  (174) (254) (539) 3,644Add: Current cost of supplies adjustment before taxation  104  333    436Add: Tax on current cost of supplies adjustment  (24) (91)   (115)Less: Identified items before taxation(102) 271  (460) (64) (300) (63) (717)Less: Tax on identified items203  5  106  13  55  (14) 369Adjusted Earnings1,737  1,732  1,199  118  (9) (463) 4,314Adjusted Earnings attributable to Shell plc shareholders      4,264Adjusted Earnings attributable to non-controlling interest      50                          Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      4,291Income/(loss) attributable to non-controlling interest      100Income/(loss) for the period2,631  2,289  507  91  (481) (647) 4,391Add: Current cost of supplies adjustment before taxation  334  331    665Add: Tax on current cost of supplies adjustment  (81) (81)   (162)Less: Identified items before taxation(327) (348) (526) (165) (430) 7  (1,789)Less: Tax on identified items87  195  104  43  111  (10) 530Adjusted Earnings2,871  2,443  1,182  463  (162) (643) 6,153Adjusted Earnings attributable to Shell plc shareholders      6,028Adjusted Earnings attributable to non-controlling interest      126                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      13,703Income/(loss) attributable to non-controlling interest      236Income/(loss) for the period6,982  5,795  2,155  822  (391) (1,424) 13,940Add: Current cost of supplies adjustment before taxation  131  318    449Add: Tax on current cost of supplies adjustment  (32) (91)   (122)Less: Identified items before taxation461  332  (1,493) (22) (567) (72) (1,361)Less: Tax on identified items158  (410) 332  (45) 135  (50) 120Adjusted Earnings6,363  5,873  3,416  1,117  41  (1,302) 15,507Adjusted Earnings attributable to Shell plc shareholders      15,273Adjusted Earnings attributable to non-controlling interest      235     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                          Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      15,166Income/(loss) attributable to non-controlling interest      314Income/(loss) for the period7,846  6,741  1,606  1,946  (3) (2,656) 15,480Add: Current cost of supplies adjustment before taxation  256  182    438Add: Tax on current cost of supplies adjustment  (70) (44)   (114)Less: Identified items before taxation(1,663) (609) (1,649) (1,073) 238  (1,104) (5,859)Less: Tax on identified items284  638  394  (5) (55) 35  1,290Adjusted Earnings9,225  6,712  3,046  3,163  (186) (1,588) 20,373Adjusted Earnings attributable to Shell plc shareholders      20,055Adjusted Earnings attributable to non-controlling interest      318 CASH CAPITAL EXPENDITURE BY SEGMENT

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

                         Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure1,002  1,947  481  769  325  32  4,557Add: Investments in joint ventures and associates167  (62) 8  44  184  2  342Add: Investments in equity securities—  —  —  —  9  —  8Cash capital expenditure1,169  1,885  489  813  517  34  4,907                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure988  2,774  427  704  468  32  5,393Add: Investments in joint ventures and associates209  52  1  71  72  1  406Add: Investments in equity securities—  —  —  —  16  2  17Cash capital expenditure1,196  2,826  429  775  555  36  5,817                          Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure1,090  1,998  488  748  327  39  4,690Add: Investments in joint ventures and associates147  (37) 37  13  59  3  222Add: Investments in equity securities—  12  —  —  23  3  38Cash capital expenditure1,236  1,974  525  761  409  45  4,950     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure2,932  6,448  1,160  1,924  1,151  81  13,698Add: Investments in joint ventures and associates550  186  13  122  286  5  1,161Add: Investments in equity securities—  —  —  —  38  2  40Cash capital expenditure3,482  6,634  1,173  2,046  1,475  88  14,899                          Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure2,971  5,533  1,559  1,822  1,124  104  13,114Add: Investments in joint ventures and associates457  268  75  76  103  5  983Add: Investments in equity securities—  12  —  —  45  6  63Cash capital expenditure3,429  5,813  1,634  1,898  1,272  114  14,161 REVENUE BY SEGMENT

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

                         Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party9,736  844  29,648  19,418  8,500  6  68,153     Inter-segment2,397  9,313  1,796  9,774  1,162  —  24,442                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party9,576  1,193  28,241  18,388  7,996  12  65,406     Inter-segment2,412  8,502  2,177  8,775  835  —  22,701                          Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party9,748  1,605  30,519  22,608  6,599  10  71,089     Inter-segment2,131  9,618  1,235  9,564  1,131  —  23,679                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party28,915  3,546  84,973  59,417  25,913  30  202,793     Inter-segment7,484  27,669  5,822  26,804  3,161  —  70,940     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                          Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party27,996  4,954  92,564  70,926  21,558  33  218,031     Inter-segment6,691  30,008  3,953  29,725  3,093  —  73,470 Identified items

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

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

                         Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation       Divestment gains/(losses)31726917149—1,130Impairment reversals/(impairments)(36)(3)(730)(144)(13)(2)(930)Redundancy and restructuring(29)(5)(36)(36)(18)(10)(134)Fair value accounting of commodity derivatives and certain gas contracts1147(4)(24)(22)(121)—(23)Other2101(55)(224)5(4)—(176)Total identified items included in Income/(loss) before taxation215(60)(988)720(8)(13)(133)Total identified items included in Taxation (charge)/credit(2)(37)230(156)26(7)53Identified items included in Income/(loss) for the period       Divestment gains/(losses)321632710134—923Impairment reversals/(impairments)(32)6(579)(107)(11)(2)(724)Redundancy and restructuring(21)(3)(27)(28)(14)(7)(100)Fair value accounting of commodity derivatives and certain gas contracts1129(1)(26)(14)(87)——Impact of exchange rate movements and inflationary adjustments on tax balances35(59)———(11)(65)Other299(55)(159)4(4)—(115)Impact on Income/(loss) for the period212(97)(759)56418(20)(81)Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders212(97)(759)56418(20)(81) 1.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

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

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation       Divestment gains/(losses)63344(56)(9)119(4)457Impairment reversals/(impairments)(672)(3)(370)(78)(138)—(1,261)Redundancy and restructuring(7)(6)(57)(37)(1)(12)(119)Fair value accounting of commodity derivatives and certain gas contracts151412361(280)—319Other1—(65)—(1)—(47)(113)Total identified items included in Income/(loss) before taxation(102)271(460)(64)(300)(63)(717)Total identified items included in Taxation (charge)/credit20351061355(14)369Identified items included in Income/(loss) for the period       Divestment gains/(losses)54350(44)(7)108(3)458Impairment reversals/(impairments)(423)(2)(285)(62)(136)—(908)Redundancy and restructuring(4)(2)(44)(29)—(8)(88)Fair value accounting of commodity derivatives and certain gas contracts1454—1949(217)—307Impact of exchange rate movements and inflationary adjustments on tax balances12022———(19)23Other1—(92)—(1)—(47)(139)Impact on Income/(loss) for the period101276(354)(51)(245)(77)(348)Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders101276(354)(51)(245)(77)(348) 1.For a detailed description, see the corresponding footnotes to the Q3 2025 identified items table above.

                         Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation       Divestment gains/(losses)1(2)(110)(19)(20)(3)(154)Impairment reversals/(impairments)(6)(3)(195)(120)(14)—(338)Redundancy and restructuring(69)(189)(136)(141)(26)10(552)Fair value accounting of commodity derivatives and certain gas contracts1(252)(13)(78)126(385)—(602)Other1—(141)(8)(11)16—(143)Total identified items included in Income/(loss) before taxation(327)(348)(526)(165)(430)7(1,789)Total identified items included in Taxation (charge)/credit8719510443111(10)530Identified items included in Income/(loss) for the period       Divestment gains/(losses)1(6)(84)(15)(23)(2)(129)Impairment reversals/(impairments)(4)(2)(179)(92)(10)—(288)Redundancy and restructuring(48)(138)(98)(101)(19)7(397)Fair value accounting of commodity derivatives and certain gas contracts1(213)(3)(56)95(279)—(456)Impact of exchange rate movements and inflationary adjustments on tax balances124104———(8)120Other1—(108)(6)(8)12—(110)Impact on Income/(loss) for the period(240)(153)(422)(122)(319)(3)(1,259)Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders(240)(153)(422)(122)(319)(3)(1,259) 1.For a detailed description, see the corresponding footnotes to the Q3 2025 identified items table above.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation       Divestment gains/(losses)94505(87)89381(4)1,481Impairment reversals/(impairments)(708)(27)(1,090)(515)(189)(2)(2,532)Redundancy and restructuring(37)(26)(103)(85)(28)(19)(298)Fair value accounting of commodity derivatives and certain gas contracts11,081(4)11(218)(381)—489Other132(116)(224)(97)(50)(47)(501)Total identified items included in Income/(loss) before taxation461332(1,493)(22)(567)(72)(1,361)Total identified items included in Taxation (charge)/credit158(410)332(45)135(50)120Identified items included in Income/(loss) for the period       Divestment gains/(losses)85373(73)69199(3)1,173Impairment reversals/(impairments)(455)(11)(857)(447)(177)(2)(1,949)Redundancy and restructuring(26)(10)(72)(70)(21)(13)(212)Fair value accounting of commodity derivatives and certain gas contracts1946(1)1(168)(284)—494Impact of exchange rate movements and inflationary adjustments on tax balances12995———(58)66Other140(524)(159)(74)(49)(47)(812)Impact on Income/(loss) for the period619(78)(1,161)(67)(432)(122)(1,240)Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders619(78)(1,161)(67)(432)(122)(1,240) 1.For a detailed description, see the corresponding footnotes to the Q3 2025 identified items table above.

                         Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation       Divestment gains/(losses)—155(185)(35)68(3)—Impairment reversals/(impairments)(32)(179)(1,254)(917)(116)—(2,498)Redundancy and restructuring(79)(258)(226)(190)(86)3(837)Fair value accounting of commodity derivatives and certain gas contracts1(1,421)(44)(9)(79)332—(1,221)Other1,2(129)(284)2514839(1,103)(1,304)Total identified items included in Income/(loss) before taxation(1,663)(609)(1,649)(1,073)238(1,104)(5,859)Total identified items included in Taxation (charge)/credit284638394(5)(55)351,290Identified items included in Income/(loss) for the period       Divestment gains/(losses)—118(140)(28)54(2)2Impairment reversals/(impairments)(24)(171)(965)(952)(89)—(2,201)Redundancy and restructuring(55)(179)(163)(139)(63)2(597)Fair value accounting of commodity derivatives and certain gas contracts1(1,198)(11)(6)(69)250—(1,032)Impact of exchange rate movements and inflationary adjustments on tax balances18512———53573Other1,2(110)(240)1911030(1,122)(1,313)Impact on Income/(loss) for the period(1,379)28(1,255)(1,078)183(1,069)(4,569)Impact on Income/(loss) attributable to non-controlling interest———18——18Impact on Income/(loss) attributable to Shell plc shareholders(1,379)28(1,255)(1,096)183(1,069)(4,587)     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS 1.For a detailed description, see the corresponding footnotes to the Q3 2025 identified items table above.

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

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

3. Earnings per share

                   EARNINGS PER SHAREQuarters Nine monthsQ3 2025Q2 2025Q3 2024 202520245,322  3,601  4,291  Income/(loss) attributable to Shell plc shareholders ($ million)13,703  15,166           Weighted average number of shares used as the basis for determining:  5,845.8  5,947.9  6,256.5  Basic earnings per share (million)5,941.7  6,350.3  5,906.0  6,004.7  6,320.9  Diluted earnings per share (million)5,998.8  6,414.0   4. Share capital

             ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH Number of shares Nominal value
($ million)At January 1, 20256,115,031,158   510  Repurchases of shares(303,598,711)  (25) At September 30, 20255,811,432,447   485  At January 1, 20246,524,109,049   544  Repurchases of shares(299,830,201)  (25) At September 30, 20246,224,278,848   519   At Shell plc’s Annual General Meeting on May 20, 2025, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €140 million (representing approximately 2,007 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 19, 2026, or the end of the Annual General Meeting to be held in 2026, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS 5. Other reserves

                      OTHER RESERVES$ millionMerger reserveShare premium reserveCapital redemption reserveShare plan reserveAccumulated other comprehensive incomeTotalAt January 1, 202537,298  154  270  1,417  (19,373) 19,766  Other comprehensive income/(loss) attributable to Shell plc shareholders—  —  —  —  1,108  1,108  Transfer from other comprehensive income—  —  —  —  19  19  Repurchases of shares—  —  25  —  —  25  Share-based compensation—  —  —  (293) —  (293) At September 30, 202537,298  154  296  1,124  (18,246) 20,625  At January 1, 202437,298  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, 202437,298  154  261  1,284  (14,870) 24,127   The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

6. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2024, presented in the Annual Report and Accounts and Form 20-F/A for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2025, are consistent with those used in the year ended December 31, 2024, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2024 and September 30, 2025, is a decrease of $570 million for the current assets and a decrease of $1,467 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$ millionSeptember 30, 2025December 31, 2024Carrying amount145,406  48,376  Fair value242,214  44,119   1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes since November 2021 and September 2020, respectively. During the third quarter 2025 the Company regained access to its US shelf programme.

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS 7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

Consolidated Statement of Income

Interest and other income

                   Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520241,751  326  440  Interest and other income/(expenses)2,379  1,042     Of which:  468  559  619  Interest income1,508  1,824  16  44  4  Dividend income (from investments in equity securities)61  58  1,068  128  (154) Net gains/(losses) on sales and revaluation of non-current assets and businesses1,069  —  82  (447) (189) Net foreign exchange gains/(losses) on financing activities(503) (1,292) 117  42  159  Other245  452   Net gains/(losses) on sales and revaluation of non-current assets and businesses in the third quarter 2025 principally relates to the sale of Shell's 16.125% interest in Colonial Enterprises, Inc.

Depreciation, depletion and amortisation

                   Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520246,607  6,670  5,916  Depreciation, depletion and amortisation18,718  19,352     Of which:  5,8235,4635,578Depreciation16,417  16,874  7871,238340Impairments2,336  2,706  (3)(31)(2)Impairment reversals(35) (228)  Impairments recognised in the third quarter 2025 of $787 million pre-tax ($580 million post-tax) mainly relate to Marketing ($588 million) and Chemicals and Products ($144 million). The impairment in Marketing was principally triggered by the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam.

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

Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products.

Taxation charge/credit

                   Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520242,504  2,332  2,879  Taxation charge/(credit)8,918  10,237     Of which:  2,3972,2772,834Income tax excluding Pillar Two income tax8,699  10,026  1065545Income tax related to Pillar Two income tax220  212 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.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS Consolidated Statement of Comprehensive Income

Currency translation differences

                   Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 20252024(268) 4,127  2,947  Currency translation differences5,569  1,651     Of which:  (234)4,1172,912Recognised in Other comprehensive income5,501  524  (33)935(Gain)/loss reclassified to profit or loss68  1,127 Retirement benefits remeasurements

                   Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 20252024(4,628)158419Retirement benefits remeasurements(4,163) 1,169 Retirement benefits remeasurements in the third quarter 2025 principally relate to recognition of an adjustment to reduce the Dutch pension fund surplus and recognising a minimum funding liability (see Retirement benefits below).

Condensed Consolidated Balance Sheet

Deferred tax

          $ million   September 30, 2025December 31, 2024Non-current assets  Deferred tax8,088  6,857Non-current liabilities  Deferred tax11,955  13,505Net deferred liability(3,867) (6,648) The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines whether a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities.

Shell's net deferred tax position was a liability of $3,867 million at September 30, 2025 (December 31, 2024: $6,648 million). The net decrease in the net deferred tax liability is mainly driven by retirement benefits remeasurements in the third quarter 2025 (see Retirement benefits below) and various other smaller items.

Retirement benefits

          $ million   September 30, 2025December 31, 2024Non-current assets  Retirement benefits5,527  10,003  Non-current liabilities  Retirement benefits7,632  6,752  Surplus/(deficit)(2,105) 3,251   On July 1, 2023, new pension legislation ("Wet Toekomst Pensioenen" (WTP)) came into effect in the Netherlands, with an expected implementation required prior to January 1, 2028. In July 2025, the Trustee Board of the Stichting Shell Pensioen Fonds (“SSPF”), Shell's defined benefit pension fund in the Netherlands, formally accepted the transition plan to transition from a defined benefit pension fund to a defined contribution plan with effect from January 1, 2027, subject to the local funding level of the plan remaining above an agreed level (125%) during a predetermined transition period.

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS In accordance with asset ceiling principles, in July 2025, Shell recognised an adjustment to reduce the pension fund surplus of $5,521 million to nil, and recognised a liability for a minimum funding requirement estimated at $750 million, resulting in a loss in Other comprehensive income. In addition, a net deferred tax liability (see Deferred tax above) of $1,617 million was unwound, leading to an overall net post-tax loss of $4,654 million recognised in Other comprehensive income (see Retirement benefits remeasurements above). The asset ceiling recognised will continue to be monitored and remeasured in accordance with IAS 19 Employee Benefits.

Subsequently, at the date of transition and settlement (expected December 31, 2026), the surplus at that date will be de-recognised, resulting in an identified loss in the Consolidated Statement of Income. The extent to which the funding level will meet the agreed 125% threshold is subject to uncertainty.

Assets classified as held for sale

          $ million   September 30, 2025December 31, 2024Assets classified as held for sale10,819  9,857  Liabilities directly associated with assets classified as held for sale7,755  6,203   Assets classified as held for sale and associated liabilities at September 30, 2025, principally relate to Shell's UK offshore oil and gas assets in Upstream and mining interests in Canada in Chemicals and Products. Upon completion of the sale, Shell's UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.

The major classes of assets and liabilities classified as held for sale at September 30, 2025, are Property, plant and equipment ($9,977 million; December 31, 2024: $8,283 million), Deferred tax liabilities ($3,428 million; December 31, 2024: $2,042 million) and Decommissioning and other provisions ($3,159 million; December 31, 2024: $3,053 million).

Consolidated Statement of Cash Flows

Other investing cash inflows

                   Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 20252024903  360  1,074  Other investing cash inflows1,768  2,814   Cash flow from investing activities - Other investing cash inflows for the third quarter 2025 mainly relates to the sale of

pension-related debt securities and repayments of short-term loans.

8. Reconciliation of Operating expenses and Total Debt

                   RECONCILIATION OF OPERATING EXPENSES  Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520245,609  4,909  6,138  Production and manufacturing expenses16,068  17,541  3,258  3,077  3,139  Selling, distribution and administrative expenses9,175  9,208  409  278  294  Research and development872  768  9,275  8,265  9,570  Operating expenses26,115  27,517                      RECONCILIATION OF TOTAL DEBT  September 30, 2025June 30, 2025September 30, 2024$ millionSeptember 30, 2025September 30, 202410,022  10,457  12,015  Current debt10,022  12,015  63,955  65,218  64,597  Non-current debt63,955  64,597  73,977  75,675  76,613  Total debt73,977  76,613       SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

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

                         Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      5,432Add: Non-controlling interest      91Adjusted Earnings plus non-controlling interest2,1431,8041,31655092(383)5,523Add: Taxation charge/(credit) excluding tax impact of identified items5111,90143325441(578)2,562Add: Depreciation, depletion and amortisation excluding impairments1,5792,6755888819465,823Add: Exploration well write-offs147————49Add: Interest expense excluding identified items5517515821,0291,283Less: Interest income324512266346468Adjusted EBITDA4,2576,5572,3401,667223(272)14,773Less: Current cost of supplies adjustment before taxation  (25)53  28Joint ventures and associates (dividends received less profit)92(78)56(27)(1)—42Derivative financial instruments83(9)(3)(165)(272)230(136)Taxation paid(796)(1,611)(111)(20)28(158)(2,668)Other20216(299)543(277)68252(Increase)/decrease in working capital(802)(34)(220)143960(75)(28)Cash flow from operating activities3,0384,8411,7882,088660(208)12,207                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      4,264Add: Non-controlling interest      50Adjusted Earnings plus non-controlling interest1,7371,7321,199118(9)(463)4,314Add: Taxation charge/(credit) excluding tax impact of identified items4972,205413(103)20(217)2,815Add: Depreciation, depletion and amortisation excluding impairments1,5852,3535578729065,463Add: Exploration well write-offs3203————206Add: Interest expense excluding identified items53171121628201,074Less: Interest income—26—392492559Adjusted EBITDA3,8756,6382,181864102(346)13,313Less: Current cost of supplies adjustment before taxation  104333  436Joint ventures and associates (dividends received less profit)921,5421617010—1,876Derivative financial instruments54225133(66)410928Taxation paid(967)(1,948)(132)(87)(60)(238)(3,432)Other(265)(413)533471142(395)74(Increase)/decrease in working capital35265567383(128)(1,715)(386)Cash flow from operating activities3,6296,5002,7181,3721(2,283)11,937     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS                          Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      6,028Add: Non-controlling interest      126Adjusted Earnings plus non-controlling interest2,8712,4431,182463(162)(643)6,153Add: Taxation charge/(credit) excluding tax impact of identified items9492,413322(73)(1)(39)3,571Add: Depreciation, depletion and amortisation excluding impairments1,3692,6915648628665,578Add: Exploration well write-offs2148————150Add: Interest expense excluding identified items49183131429121,173Less: Interest income58—25—581619Adjusted EBITDA5,2347,8712,0811,240(75)(346)16,005Less: Current cost of supplies adjustment before taxation  334331  665Joint ventures and associates (dividends received less profit)(146)(90)516361—(62)Derivative financial instruments(373)479888(106)380133Taxation paid(814)(2,074)(241)23(33)112(3,028)Other(32)(406)275107(75)(234)(365)(Increase)/decrease in working capital(247)(78)7922,131(136)2042,665Cash flow from operating activities3,6235,2682,7223,321(364)11514,684                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      15,273Add: Non-controlling interest      235Adjusted Earnings plus non-controlling interest6,3635,8733,4161,11741(1,302)15,507Add: Taxation charge/(credit) excluding tax impact of identified items1,8116,7251,237251124(986)9,161Add: Depreciation, depletion and amortisation excluding impairments4,5677,2411,7112,6052741916,417Add: Exploration well write-offs4279————283Add: Interest expense excluding identified items158546383772,6893,476Less: Interest income36821369101,2991,508Adjusted EBITDA12,86720,5826,3893,941436(879)43,336Less: Current cost of supplies adjustment before taxation  131318  449Joint ventures and associates (dividends received less profit)(102)1,3054219619—1,739Derivative financial instruments1,1683020(669)(507)713755Taxation paid(2,537)(5,557)(417)(44)20(464)(8,999)Other(130)(783)6291,139(151)(584)121(Increase)/decrease in working capital(1,137)(292)(497)(555)1,212(1,809)(3,077)Cash flow from operating activities10,12915,2866,4143,5911,028(3,022)33,425                          Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      20,055Add: Non-controlling interest      318Adjusted Earnings plus non-controlling interest9,2256,7123,0463,163(186)(1,588)20,373Add: Taxation charge/(credit) excluding tax impact of identified items2,8857,2471,039562(10)(81)11,642Add: Depreciation, depletion and amortisation excluding impairments4,1548,1691,6472,5992871816,874Add: Exploration well write-offs14959————973Add: Interest expense excluding identified items136518355442,7373,485Less: Interest income517169(5)1,7361,824Adjusted EBITDA16,41023,5885,7676,308101(650)51,523Less: Current cost of supplies adjustment before taxation  256182  438Joint ventures and associates (dividends received less profit)(247)(924)89165138—(779)Derivative financial instruments(1,586)5366(10)2,4791521,153Taxation paid(2,320)(5,832)(432)(182)(415)89(9,092)Other(90)(978)612(8)75(111)(500)(Increase)/decrease in working capital352827153(869)570(1,377)(344)Cash flow from operating activities12,51816,7345,9995,2212,948(1,898)41,522     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS Identified items

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

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

See Note 2 “Segment information” for details.

B.    Adjusted Earnings per share

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

C.    Cash capital expenditure

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

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

D.    Capital employed and Return on average capital employed

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

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

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

             $ millionQuarters Q3 2025Q2 2025Q3 2024Current debt12,01510,84910,119Non-current debt64,59764,61972,028Total equity189,538187,190192,943Less: Cash and cash equivalents(42,252)(38,148)(43,031)Capital employed – opening223,898224,511232,059Current debt10,02210,45712,015Non-current debt63,95565,21864,597Total equity177,822183,088189,538Less: Cash and cash equivalents(33,053)(32,682)(42,252)Capital employed – closing218,745226,081223,898Capital employed – average221,322225,296227,979     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS              $ millionQuarters Q3 2025Q2 2025Q3 2024Adjusted Earnings - current and previous three quarters (Reference A)18,93319,52927,361Add: Income/(loss) attributable to NCI - current and previous three quarters349351376Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters(9)2556Less: Identified items attributable to NCI (Reference A) - current and previous three quarters——7Adjusted Earnings plus NCI excluding identified items - current and previous three quarters19,27419,90427,787Add: Interest expense after tax - current and previous three quarters2,6632,5772,698Less: Interest income after tax on cash and cash equivalents - current and previous three quarters1,0611,2061,392Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters20,87621,27429,093Capital employed – average221,322225,296227,979ROACE on an Adjusted Earnings plus NCI basis9.4%9.4%12.8% E.    Net debt and gearing

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

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

             $ million  September 30, 2025June 30, 2025September 30, 2024Current debt10,022  10,457  12,015  Non-current debt63,955  65,218  64,597  Total debt73,977  75,675  76,613  Of which: Lease liabilities28,571  28,955  25,590  Add: Debt-related derivative financial instruments: net liability/(asset)684  589  1,694  Add: Collateral on debt-related derivatives: net liability/(asset)(403) (366) (821) Less: Cash and cash equivalents(33,053) (32,682) (42,252) Net debt41,204  43,216  35,234  Total equity177,822  183,088  189,538  Total capital219,026  226,304  224,772  Gearing18.8 %19.1 %15.7 %     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS 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.

                          Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses9402,1983591,63646795,609Selling, distribution and administrative expenses25(22)2,5414181651303,258Research and development4771704628146409Operating expenses1,0122,2472,9702,1006602859,275                           Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses8991,9401791,459431—4,909Selling, distribution and administrative expenses30432,3194411381063,077Research and development367149382361278Operating expenses9652,0552,5471,9395921688,265                           Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses1,1642,3943671,766453(6)6,138Selling, distribution and administrative expenses(1)(39)2,4084532091103,139Research and development277555342281294Operating expenses1,1902,4302,8302,2536841859,570                           Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses2,7876,2788874,7161,3831716,068Selling, distribution and administrative expenses92636,9121,3024573489,175Research and development10417416210973250872Operating expenses2,9846,5157,9616,1271,91361526,115                           Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses3,1706,8811,0524,9731,4541017,541Selling, distribution and administrative expenses125806,8911,1666463009,208Research and development8519413610458192768Operating expenses3,3807,1568,0796,2432,15850127,517     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS Underlying operating expenses

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

                     Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520249,275  8,265  9,570  Operating expenses26,115  27,517  (133) (119) (552) Redundancy and restructuring (charges)/reversal(296) (834) (145) (1) (154) (Provisions)/reversal(247) (366) 1  —  —  Other24  252  (277) (120) (706) Total identified items(518) (948) 8,998  8,145  8,864  Underlying operating expenses25,596  26,569   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$ millionNine monthsQ3 2025Q2 2025Q3 2024 2025202412,207  11,937  14,684  Cash flow from operating activities33,425  41,522  (2,257) (5,406) (3,857) Cash flow from investing activities(11,622) (10,723) 9,950  6,531  10,827  Free cash flow21,803  30,799  1,773  (36) 194  Less: Divestment proceeds (Reference I)2,333  1,988  —  98  —  Add: Tax paid on divestments (reported under "Other investing cash outflows")143  —  85  792  —  Add: Cash outflows related to inorganic capital expenditure11,007  251  8,263  7,458  10,633  Organic free cash flow220,620  29,062   1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell's activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

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

H.    Cash flow from operating activities excluding working capital movements

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

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

                   Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 2025202412,207  11,937  14,684  Cash flow from operating activities33,425  41,522  352  (27) 2,705  (Increase)/decrease in inventories1,178  1,143  569  3,635  4,057  (Increase)/decrease in current receivables1,594  5,827  (949) (3,994) (4,096) Increase/(decrease) in current payables(5,850) (7,314) (28) (386) 2,665  (Increase)/decrease in working capital(3,077) (344) 12,235  12,323  12,019  Cash flow from operating activities excluding working capital movements36,502  41,867       SHELL PLC
3rd QUARTER 2025 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$ millionNine monthsQ3 2025Q2 2025Q3 2024 20252024747  (57)94Proceeds from sale of property, plant and equipment and businesses1,2491,1281,023  194Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans1,0572842  196Proceeds from sale of equity securities275761,773  (36)194Divestment proceeds2,3331,988     SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS CAUTIONARY STATEMENT

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

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

Forward-Looking statements

This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

Shell’s net carbon intensity

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

Shell’s net-zero emissions target

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

Forward-Looking non-GAAP measures

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

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

    SHELL PLC
3rd QUARTER 2025 UNAUDITED RESULTS We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F and any amendment thereto, File No 1-32575, available on the SEC website www.sec.gov.

This announcement contains inside information.

October 30, 2025

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

- Sean Ashley, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

Stellantis Reports 13% Year-Over-Year Increase in Q3 2025 Shipments and Net Revenues

Important Strategic Actions Taken and Early Signs of Commercial Progress;
Significant Investments for Future Growth Already Announced

Net revenues of €37.2 billion, up 13% compared to Q3 2024, primarily driven by growth in North America, Enlarged Europe and Middle East & Africa, while South America saw a moderate decrease.Consolidated shipments(1) totaled 1.3 million units, marking a 13% year-over-year increase (up 152,000 units). Of this growth, 104,000 units were attributed to North America, primarily due to normalized inventory dynamics compared to the prior-year period, which was affected by the U.S. dealer stock reduction initiative.Global sales increased by 4% year-over-year, driven by growth across Middle East & Africa, North America, and Enlarged Europe regions.Total inventories of 1,252 thousand units (Company inventory of 363 thousand units) on September 30, 2025, +4% compared with mid-year, reflecting disciplined stock management while launching several new vehicles.Commercial progress continues, highlighted by six of the 10 planned 2025 introductions launching by the end of Q3 2025, the return of the 5.7-liter HEMI® V-8-powered Ram 1500, and the ramp-up of several newly-introduced European models.On October 14, 2025, the Company announced a strategic U.S. investment program of $13 billion over the next 4 years, aimed at fueling future growth and reinforcing its manufacturing footprint and brand presence across the U.S.The Company reiterates its H2 2025 financial guidance, which anticipates improvement in Net revenues, AOI(2) margin(3) and Industrial free cash flows(4). "As we continue to implement important strategic changes in order to provide our customers with greater freedom of choice, we have seen positive sequential progress and solid year-over-year performance in Q3, marked by the return of top-line growth. This is encouraging and we are continuing to build on these gains. We are also taking decisive actions to align Stellantis’ resources, programs and plans to support long-term, profitable growth, including our recently announced $13 billion investment in the U.S."Antonio Filosa, CEO

  Jeep® Cherokee  Q3 2025 Q3 2024 Change H2 2025 FINANCIAL GUIDANCENet revenues: Increased vs. H1 2025

AOI margin: Low-single digits

Industrial free cash flows: Improved vs. H1 2025

As we continue making important and necessary changes to our strategic and product plans, also in response to regulatory, geopolitical, macro-economic and other external and internal developments, we anticipate incurring charges in H2 2025, which, once finalized, we expect will largely be excluded from AOIWe have also initiated a review of our warranty estimation process, which we expect to result in changes in those estimates and one-off charges in H2 2025     Combined shipments (000 units) 1,334 1,174 +14% Consolidated shipments (000 units) 1,300 1,148 +13% Net revenues (€ billion) 37.2 33.0 +13%            YTD 2025 YTD 2024 Change Combined shipments (000 units) 4,024 4,105 (2)% Consolidated shipments (000 units) 3,964 4,020 (1)% Net revenues (€ billion) 111.5 118.0 (6)%  ____________________________________________________________________________________________________________________________________
All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.

AMSTERDAM, October 30, 2025 - Stellantis N.V. today announced its Q3 2025 results, reporting a 13% year-over-year increase in Net revenues to €37.2 billion, primarily driven by growth in North America, Enlarged Europe and Middle East & Africa, while South America saw a moderate decrease. Consolidated shipments(1) totaled 1.3 million units, up 13% (152,000 units), with most of the increase due to a 35% improvement in North America reflecting the benefits of normalized inventory dynamics, compared to the prior year in which the U.S. dealer stock reduction initiative temporarily decreased production.

Progressing Product Launches
By the end of Q3, six of the ten new vehicles planned for 2025 introduction were successfully launched. Additional launches in the fourth quarter will reintroduce several volume nameplates which exemplify important, decisive changes already made in the Company's strategy to provide customers with greater freedom to choose the cars and the configurations they want. Ordering is now open for the SIXPACK-powered Dodge Charger Scat Pack (2-door), the four-door Dodge Charger Daytona, Jeep® Cherokee, Fiat 500 Hybrid and DS No.8.

Sales momentum in the U.S. improved, with a 6% increase in Q3 sales year-over-year. This trend was evidenced across the Jeep®, Ram, Chrysler, and Dodge brands - taking the Company to a monthly market share of 8.7% in September, the highest in 15 months. Another milestone in September was the return to market of the HEMI® V-8-powered Ram 1500.

In Enlarged Europe, several recently introduced models, including the Citroën C3, C3 Aircross, Opel/Vauxhall Frontera and Fiat Grande Panda, supported an improved market share in the B-segment, underpinned by increased production. Net revenues rose 4% compared to the prior year period. Market share in EU30 fell to 15.4%, affected by market declines in France and Italy, where Stellantis has greater exposure and a moderately lower market share in the LCV segment.

Outside North America and Enlarged Europe, Stellantis delivered solid commercial results. Aggregated sales grew 6% year-over-year, led by Middle East & Africa, partially offset by South America.

Stellantis Leadership Team
On October 8, Stellantis announced a number of new appointments to its Leadership Team, promoting exceptional talent from both inside and outside the Company to sharpen regional focus and drive long-term sustainable success.

$13 Billion Investment to Grow in the United States
On October 14, Stellantis unveiled a strategic $13 billion investment program for the next four years to accelerate growth and expand its manufacturing footprint in the United States. This marks the largest investment in the Company’s 100-year U.S. history and will include the launch of five new vehicles and the creation of over 5,000 jobs.

Belvidere, Illinois, plant to reopen for production of two new Jeep models - Cherokee and CompassAll-new Ram midsize truck to be assembled in Toledo, OhioWarren, Michigan, plant to produce all-new large SUV with both range-extended EV and internal combustion engine powertrainsNext-generation Dodge Durango to be built in DetroitKokomo, Indiana, facilities to produce all-new GMET4 EVO engine The new investment will further expand Stellantis’ already significant U.S. footprint, increasing annual finished vehicle production by 50% over current levels. The new product launches will be in addition to a regular cadence of 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029.

Stellantis H2 2025 Financial Guidance
Stellantis reiterates its H2 2025 financial guidance, which anticipates continued improvement in Net revenues, AOI and Industrial free cash flows compared to H1 2025.

As we continue making important and necessary changes to our strategic and product plans, also in response to regulatory, geopolitical, macro-economic and other external and internal developments, we anticipate incurring charges in H2 2025, which, once finalized, we expect will largely be excluded from AOI.

We have also initiated a review of our warranty estimation process, which we expect to result in changes in those estimates and one-off charges in H2 2025.

Upcoming Events
On October 30, 2025, at 1:00 p.m. CET/8:00 a.m. EDT, a live webcast and conference call will be held to present Stellantis' Third Quarter 2025 Shipments and Revenues, with the presentation expected to be posted at approximately 8:00 a.m. CET/3:00 a.m. EDT. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website (www.stellantis.com).

About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit https://www.stellantis.com.

SEGMENT PERFORMANCE

NORTH AMERICA         Q3 2025 Q3 2024 Change Shipments up 35%, reflects the benefits of normalized inventory dynamics, in comparison to the prior year's inventory reduction initiative, which temporarily reduced productionNet revenues up 29%, primarily driven by increased volume, specifically in Jeep® Wrangler and Ram light duty trucks, partially offset by FX translation headwinds  YTD 2025 YTD 2024Shipments (000s)403 299 +104 1,050 1,137Net revenues (€ million)16,047 12,425 +3,622 44,245 50,778ENLARGED EUROPE         Q3 2025 Q3 2024 Change Shipments up 8%, primarily driven by increases in B-segment nameplates: Citroën C3, Citroën C3 Aircross, Opel/Vauxhall Frontera and Fiat Grande PandaNet revenues up 4%, due to higher shipment volumes and improved mix, partially offset by higher incentives and unfavorable FX translation headwinds  YTD 2025 YTD 2024Shipments (000s)534 496 +38 1,823 1,883Net revenues (€ million)12,973 12,482 +491 42,214 42,451MIDDLE EAST & AFRICA         Q3 2025 Q3 2024 Change Consolidated shipments up 21%, primarily driven by production growth in Algeria, where local production of FIAT products has been expanding, as well as positive market developments in Türkiye and EgyptNet revenues up 9%, driven by higher shipment volumes in Algeria, Türkiye and Egypt combined with positive net price, partially offset by negative translation effects related to the Turkish Lira  YTD 2025 YTD 2024Combined shipments (000s)(1)128 104 +24 379 377Consolidated shipments (000s)(1)94 78 +16 319 292Net revenues (€ million)2,053 1,892 +161 6,997 6,897SOUTH AMERICA         Q3 2025 Q3 2024 Change Shipments down 3%, primarily reflects an unusually high comparison base in Q3 '24, when Stellantis recovered Brazilian shipments that had been delayed by the Q2 '24 flood in Rio Grande do SulNet revenues down 5%, driven by lower volumes in Brazil vs. prior year's elevated levels from Q2 '24 flood recovery as well as unfavorable FX translation effects from Brazilian Real and Argentine Peso, partially offset by positive net price and mix impacts  YTD 2025 YTD 2024Shipments (000s)252 259 (7) 723 653Net revenues (€ million)3,989 4,215 (226) 11,758 11,582CHINA AND INDIA & ASIA PACIFIC        Q3 2025 Q3 2024 Change Consolidated shipments up 7%, driven by an increase in IAP, particularly in New Zealand and Japanese markets, despite challenging economic pressuresNet revenues up 0.2%, due to higher shipments and mix in IAP and favorable y-o-y pricing in China, offset by lower volume of parts and services in China and unfavorable FX translation impacts  YTD 2025 YTD 2024Combined shipments (000s)(1)15 14 +1 43 46Consolidated shipments (000s)(1)15 14 +1 43 46Net revenues (€ million)427 426 +1 1,350 1,498MASERATI         Q3 2025 Q3 2024 Change Shipments down 14%, resulting from a significantly reduced portfolioNet revenues down 4%, primarily due to lower shipment volumes, unfavorable FX translation impacts, partially offset by higher mix  YTD 2025 YTD 2024Shipments (000s)1.8 2.1 (0.3) 5.9 8.6Net revenues (€ million)188 195 (7) 557 826 Reconciliations
Net revenues from external customers to Net revenues

                 Q3 2025(€ million) NORTH AMERICA ENLARGED EUROPE MIDDLE EAST & AFRICA SOUTH AMERICA CHINA AND INDIA & ASIA PACIFIC MASERATI OTHER(*) STELLANTISNet revenues from external customers         16,039                 12,933                 2,046                 3,927                 427                 186                 1,648                 37,206        Net revenues from transactions with other segments         8                 40                 7                 62                 —                 2                 (119)                 —        Net revenues         16,047                 12,973                 2,053                 3,989                 427                 188                 1,529                 37,206         ___________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations

                 Q3 2024(€ million) NORTH AMERICA ENLARGED EUROPE MIDDLE EAST & AFRICA SOUTH AMERICA CHINA AND INDIA & ASIA PACIFIC MASERATI OTHER(*) STELLANTISNet revenues from external customers         12,424                 12,458                 1,892                 4,216                 426                 193                 1,351                 32,960        Net revenues from transactions with other segments         1                 24                 —                 (1)                 —                 2                 (26)                 —        Net revenues         12,425                 12,482                 1,892                 4,215                 426                 195                 1,325                 32,960         ___________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations

                 YTD 2025(€ million) NORTH AMERICA ENLARGED EUROPE MIDDLE EAST & AFRICA SOUTH AMERICA CHINA AND INDIA & ASIA PACIFIC MASERATI OTHER(*) STELLANTISNet revenues from external customers         44,237                 42,096                 6,984                 11,623                 1,346                 554                 4,627                 111,467        Net revenues from transactions with other segments         8                 118                 13                 135                 4                 3                 (281)                 —        Net revenues         44,245                 42,214                 6,997                 11,758                 1,350                 557                 4,346                 111,467         ___________________________________________________________________________________________________________________

(*) Other activities, unallocated items and eliminations

                 YTD 2024(€ million) NORTH AMERICA ENLARGED EUROPE MIDDLE EAST & AFRICA SOUTH AMERICA CHINA AND INDIA & ASIA PACIFIC MASERATI OTHER(*) STELLANTISNet revenues from external customers         50,775                 42,306                 6,897                 11,589                 1,497                 824                 4,089                 117,977        Net revenues from transactions with other segments         3                 145                 —                 (7)                 1                 2                 (144)                 —        Net revenues         50,778                 42,451                 6,897                 11,582                 1,498                 826                 3,945                 117,977         ___________________________________________________________________________________________________________________

(*) Other activities, unallocated items and eliminations

NOTES

(1) Combined shipments include shipments by the Company's consolidated subsidiaries and unconsolidated joint ventures, whereas Consolidated shipments only include shipments by the Company's consolidated subsidiaries. This includes the vehicles produced by our joint ventures and associates (including Leapmotor) which are distributed by our consolidated subsidiaries. In addition to the volumes included in consolidated shipments, combined shipments also includes the vehicles distributed by our joint ventures (such as Tofas). Figures by segments may not add up due to rounding.
(2) Adjusted operating income/(loss) excludes from Net profit/(loss) adjustments comprising restructuring and other termination costs, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit).
Unusual operating income/(expense) are impacts from strategic decisions, as well as events considered rare or discrete and infrequent in nature, as
inclusion of such items is not considered to be indicative of the Company's ongoing operating performance. Unusual operating income/(expense)
includes, but may not be limited to: impacts from strategic decisions to rationalize Stellantis' core operations; facility-related costs stemming from
Stellantis' plans to match production capacity and cost structure to market demand, and convergence and integration costs directly related to
significant acquisitions or mergers.

(3) Adjusted operating income/(loss) margin is calculated as Adjusted operating income/(loss) divided by Net revenues.
(4) Industrial free cash flows is our key cash flow metric and is calculated as Cash flows from operating activities less: (i) cash flows from operating activities from discontinued operations; (ii) cash flows from operating activities related to financial services, net of eliminations; (iii) investments in property, plant and equipment and intangible assets for industrial activities; (iv) contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments; and adjusted for: (i) net intercompany payments between continuing operations and discontinued operations; (ii) proceeds from disposal of assets and (iii) contributions to defined benefit pension plans, net of tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables, factoring and the payment of accounts payables, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the Company’s control. In addition, Industrial free cash flows is one of the metrics used in the determination of the annual performance bonus for eligible employees, including members of the senior management.

Rankings, market share and other industry information are derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Ministry of Infrastructure and Sustainable Mobility (MIMS), S&P Global, Ward’s Automotive) and internal information unless otherwise stated.

For purposes of this document, and unless otherwise stated industry and market share information are for passenger cars (PC) plus light commercial vehicles (LCV), except as noted below:

Enlarged Europe excludes Russia and Belarus. From 2025, this includes Israel and Palestine (prior periods have not been restated); Middle East & Africa excludes Iran, Sudan and Syria. From 2025, this excludes Israel and Palestine (prior periods have not been restated);South America excludes Cuba;India & Asia Pacific reflects aggregate for major markets where Stellantis competes (Japan (PC), India (PC), South Korea (PC + Pickups), Australia, New Zealand and South East Asia);China represents PC only and includes licensed sales from DPCA; andMaserati reflects aggregate for 17 major markets where Maserati competes and is derived from S&P Global data, Maserati competitive segment and internal information. Prior period figures have been updated to reflect current information provided by third-party industry sources.

EU30 = EU 27 (excluding Malta), Iceland, Norway, Switzerland and UK.

Low emission vehicles (LEV) = battery electric (BEV), plug-in hybrid (PHEV), range-extender electric vehicle (REEV) and fuel cell electric (FCEV) vehicles.

All Stellantis reported BEV and LEV sales include Citroën Ami, Opel Rocks-e and Fiat Topolino; in countries where these vehicles are classified as quadricycles, they are excluded from Stellantis reported combined sales, industry sales and market share figures.

SAFE HARBOR STATEMENT

This document, in particular references to “H2 2025 Financial Guidance”, contains forward looking statements. In particular, statements regarding future financial performance and the Company’s expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Company’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.

Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the Company’s ability to launch new products successfully and to maintain vehicle shipment volumes; the Company’s ability to attract and retain experienced management and employees; changes in trade policy, the imposition of global and regional tariffs or tariffs targeted to the automobile industry; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; the Company’s ability to successfully manage the industry-wide transition from internal combustion engines to full electrification and accurately predict the market demand for electrified vehicles; the Company’s ability to offer innovative, attractive products and to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; the Company’s ability to produce or procure electric batteries with competitive performance, cost and at required volumes; the Company’s ability to successfully launch new businesses and integrate acquisitions; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Company’s vehicles; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company’s vehicles; changes in local economic and political conditions; the enactment of tax reforms or other changes in tax laws and regulations; the level of governmental economic incentives available to support the adoption of battery electric vehicles; the impact of increasingly stringent regulations regarding fuel efficiency and greenhouse gas and tailpipe emissions; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; exposure to shortfalls in the funding of the Company’s defined benefit pension plans; the Company’s ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the operations of financial services companies; the Company’s ability to access funding to execute its business plan; the Company’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with the Company’s relationships with employees, dealers and suppliers; the Company’s ability to maintain effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; and other risks and uncertainties.

Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forward looking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission and AFM.

EN-Stellantis-NV-Q3-2025-Press-Release

October 30, 2025 03:02 ET

 | Source:

Shell plc

London, October 30, 2025 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the third quarter of 2025 of US$ 0.358 per ordinary share.

Details relating to the third quarter 2025 interim dividend

Per ordinary share
(GB00BP6MXD84)Q3 2025Shell Shares (US$)0.358 Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.

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

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

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

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

Per ADS
(US7802593050)Q3 2025Shell ADSs (US$)0.716 Cash dividends on American Depositary Shares (“ADSs”) will be paid, by default, in US dollars.

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

Dividend timetable for the third quarter 2025 interim dividend

EventDateAnnouncement dateOctober 30, 2025Ex- Dividend Date for ADSsNovember 14, 2025Ex- Dividend Date for ordinary sharesNovember 13, 2025Record dateNovember 14, 2025Closing date for currency election (see Note below)November 28, 2025Pound sterling and euro equivalents announcement dateDecember 8, 2025Payment dateDecember 18, 2025 Note

The closing time for the dividend currency election is 11:00am GMT on 28 November 2025. A different currency election date / time may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

Taxation - cash dividends

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

Dividend Reinvestment Programmes (“DRIP”)

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

Equiniti Financial Services Limited (“EFSL”), for those holding shares (a) directly on the register as certificate holder or as CREST Member and (b) via the Shell Corporate Nominee; ABN-AMRO NV (“ABN”) for Financial Intermediaries holding shares via Euroclear Nederland; JPMorgan Chase Bank, N.A. (“JPM”) for holders of ADSs; and Other DRIPs may also be available from the intermediary through which investors hold their shares and ADSs. These DRIP offerors provide their DRIPs fully on their account and not on behalf of the Company. Interested parties should contact the relevant DRIP offeror directly.

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

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

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

Cautionary Note

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

Forward-Looking statements
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy, or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader.  Each forward-looking statement speaks only as of the date of this announcement, October 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Shell’s net carbon intensity

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

Shell’s net-zero emissions target

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

Forward-Looking non-GAAP measures

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

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

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

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

Hyundai Motor holds groundbreaking ceremony for its new hydrogen fuel cell production facility in Ulsan, Korea
With an investment of KRW 930 billion, the facility—set for completion in 2027—will mass-produce 30,000 fuel cell units annually, along with PEM electrolyzers
… Improved fuel cell technology, with enhanced durability and cost competitiveness, is expected to support Hyundai Motor's goal of achieving global market leadership
… Developing PEM electrolyzers as a cornerstone for green hydrogen production while leveraging fuel cell expertise for domestic manufacturing
, /PRNewswire/ -- Hyundai Motor Company today held a groundbreaking ceremony for its new hydrogen fuel cell production plant in Ulsan, South Korea, marking a major step in its efforts to position the country as a global leader in the energy transition.

Hyundai Motor Breaks Ground on Hydrogen Fuel Cell Production Facility in Korea

The groundbreaking ceremony was attended by Jaehoon Chang, Vice Chair of Hyundai Motor Group; Minister Sungwhan Kim of the Ministry of Climate, Energy and Environment; Vice Minister Shinhak Moon of the Ministry of Trade, Industry and Resources; and several National Assembly members. Their presence alongside Ulsan Mayor Doo-gyeom Kim and other local officials highlighted the importance of hydrogen as a national strategic industry and the strength of public-private collaboration.

International hydrogen industry leaders also attended, including Ivana Jemelkova, CEO of the Hydrogen Council — a global CEO-led initiative that brings together leading companies with a united vision and ambition for hydrogen to accelerate the clean energy transition. Jemelkova was visiting Korea for the 2025 APEC CEO Summit in Gyeongju.

"This plant embodies Hyundai Motor Group's strategic commitment to advancing the hydrogen society transition," Vice Chair Chang said in his opening remarks. "It will serve as a critical foundation for securing national economic growth momentum and establishing Korea's leadership in the global hydrogen industry."

The new facility will occupy 43,000 square meters on the site of a former internal combustion engine transmission plant — a symbolic shift that underscores Hyundai Motor's pivot toward future mobility.

Scheduled for completion in 2027, the plant will integrate chemical processing and assembly operations with annual production capacity of 30,000 fuel cell units. The facility will operate under Hyundai Motor Group's hydrogen brand and business platform HTWO brand, which symbolizes 'Hydrogen for Humanity.'

The plant represents an investment of KRW 930 billion and will produce next-generation hydrogen fuel cells and electrolyzers for various mobility applications including passenger vehicles, commercial trucks and buses, construction equipment and marine vessels.

Advancing Core Technologies

The facility aims to position Hyundai Motor at the forefront of global hydrogen technology through two key products:

Next-generation hydrogen fuel cell: Hyundai Motor targets enhancing both power output and durability compared to current models while achieving price competitiveness to lead the global market.
PEM electrolyzers: The plant will produce high-efficiency polymer electrolyte membrane (PEM) electrolyzers as first production in Korea.
SOURCE Hyundai Motor Company

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