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  • Gold slips under $5,200 as Iran conflict lifts oil prices and the dollar

    Gold slips under $5,200 as Iran conflict lifts oil prices and the dollar

    Gold prices declined during Asian trading on Thursday, falling back into the range that has held for more than a week as the ongoing conflict involving the U.S., Israel and Iran continued to boost both crude oil prices and the U.S. dollar.

    Even so, bullion remained broadly supported within the $5,000 to $5,200 per ounce band, as geopolitical tensions continued to sustain some demand for safe-haven assets.

    Spot gold dropped 0.6% to $5,147.05 per ounce by 01:33 ET (05:33 GMT), while gold futures slipped 0.5% to $5,151.86 per ounce.

    Gold pressured as Iran tensions lift inflation risks and the dollar

    Gold weakened as the continued confrontation between the U.S., Israel and Iran kept investors focused on the strengthening dollar and rising oil prices.

    The dollar index gained 0.2% in Asian trading, remaining close to a two-month high.

    Crude prices jumped sharply on Thursday, briefly climbing above $100 per barrel after reports that two international oil tankers had been struck near Iraq. Additional reports indicated that Oman was evacuating a major oil export terminal, while Iran was believed to be blocking the Strait of Hormuz, a critical shipping route responsible for roughly one-fifth of global oil supply.

    The surge in oil prices heightened concerns that inflation could accelerate over the longer term. That in turn increased expectations that central banks could adopt a more hawkish stance in the coming months — an environment that tends to weigh on gold.

    Other precious metals also edged lower on Thursday. Spot silver declined 0.2% to $85.5635 per ounce, while spot platinum slipped 0.1% to $2,167.26 per ounce.

    Uncertain developments surrounding the Iran conflict have also driven volatile swings in metal markets this week. U.S. President Donald Trump and other officials have repeatedly suggested that the war with Iran may be nearing its conclusion, even as fighting between the U.S., Israel and Iran continues.

    February CPI offers limited signals; focus shifts to PCE data

    Gold briefly moved above $5,200 per ounce on Wednesday before falling back below that level following the release of U.S. consumer price index data.

    Although February’s CPI reading matched market expectations, it did little to ease worries about a potential rise in inflation driven by higher energy prices.

    Market attention is now turning to January’s PCE price index data, scheduled for release on Friday, which could provide clearer signals on inflation trends.

    The PCE index is the Federal Reserve’s preferred gauge of inflation and is expected to play an important role in shaping longer-term expectations for price growth.

    While the upcoming data is unlikely to reflect the immediate impact of the oil price surge tied to the Iran conflict, it is expected to offer further insight into the condition of the U.S. economy during the first month of 2026.

  • Oil climbs back above $100 as Middle East tensions rise; Adobe earnings ahead: Dow Jones, S&P, Nasdaq, Wall Street Futures

    Oil climbs back above $100 as Middle East tensions rise; Adobe earnings ahead: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. equity futures moved lower early Thursday as investors monitored escalating conflict in the Middle East. Oil prices once again moved above the $100-per-barrel level following attacks on vessels near a key shipping route south of Iran, heightening concerns about potential disruptions to global supply. Gold prices steadied but remained pressured amid fears that the oil surge could fuel inflation. Meanwhile, Adobe (NASDAQ:ADBE) is set to report earnings later in the day, while energy major Shell has already released its latest results.

    Futures drift lower

    U.S. stock futures indicated a weaker start to Thursday’s session as crude prices surged again, even as authorities attempted to offset the impact of the conflict involving Iran by releasing significant volumes of strategic reserves.

    As of 04:10 ET, Dow Jones Industrial Average futures were down 218 points, or 0.5%. Futures linked to the S&P 500 declined by 25 points, or 0.4%, while Nasdaq 100 futures dropped 93 points, also down 0.4%.

    In Wednesday’s session, the Dow Jones Industrial Average closed at its lowest level of the year so far, reflecting investor concerns that higher oil prices could weigh on both businesses and consumers in the United States.

    The S&P 500 ended the day only slightly lower, while the technology-heavy Nasdaq Composite managed to record a modest gain. Market sentiment received some support from better-than-expected earnings from cloud computing company Oracle, which offered an upbeat outlook for demand related to artificial intelligence data centers. February consumer inflation figures in the U.S. also matched expectations, although the jump in oil prices has clouded the future inflation outlook.

    While the conflict involving the U.S., Israel and Iran remains the central focus for markets, other themes continue to influence investor sentiment. These include stress within the private credit market, ongoing uncertainty surrounding U.S. tariff policies, and questions about the returns on massive investments in artificial intelligence.

    Oil climbs above $100

    Crude oil prices briefly surpassed the $100-per-barrel mark again as concerns about supply disruptions persisted while the conflict involving Iran continued to escalate across the Middle East.

    At 04:05 ET, Brent crude futures, the global benchmark, rose 4.3% to $95.92 per barrel. U.S. West Texas Intermediate crude increased 3.8% to $90.54 per barrel.

    Energy markets have experienced sharp volatility in recent days, highlighting how closely traders are watching developments related to the conflict. Earlier this week, Brent prices surged to nearly $120 per barrel, the highest level seen since 2022.

    The primary concern for oil markets centers on the possibility of disrupted shipments through the Strait of Hormuz, a narrow maritime corridor south of Iran through which roughly one-fifth of global oil and gas supply passes, much of it bound for Asia and Europe.

    Tanker traffic through the strait has slowed dramatically as threats of Iranian attacks have raised serious safety concerns for shipping crews. Shipping companies have also struggled to obtain insurance coverage for voyages through the region, further limiting activity.

    Iran has intensified attacks in the area, while the U.S. Navy has declined to provide escorts for commercial vessels passing through the strait. At least six ships were reportedly struck in the past day, and Bahrain said its oil infrastructure had also been targeted.

    These developments come despite efforts by the International Energy Agency to calm markets through the largest emergency oil reserve release in its history. The U.S. Department of Energy also said it would release 172 million barrels from the country’s strategic petroleum reserves.

    Gold steadies

    Gold prices stabilized after declines during Asian trading hours as continued tensions in the conflict involving the U.S., Israel and Iran pushed energy prices higher and increased concerns about inflation.

    Spot gold rose 0.1% to $5,178.65 per ounce by 04:54 ET, while gold futures also gained 0.1% to $5,184.75 per ounce.

    Bullion has been trading within a range of roughly $5,000 to $5,200 per ounce. Some analysts warn that the spike in oil prices could reignite inflation, potentially forcing central banks such as the Federal Reserve to reconsider expectations for interest rate cuts in the near term.

    Such a shift could strengthen the U.S. dollar, which typically weighs on gold because it makes the metal more expensive for buyers using other currencies. The dollar index was last up about 0.2%, near a two-month high.

    Adobe earnings in focus

    Adobe (NASDAQ:ADBE) is scheduled to release its quarterly results after markets close on Thursday, with investors keen to see how the company is navigating growing concerns about the role of artificial intelligence in the software industry.

    Although AI was initially viewed as a major growth opportunity for software firms, the rapid emergence of new tools has sparked fears of disruption across the software-as-a-service sector. Investors are particularly concerned that advanced AI agents could reduce demand for services ranging from marketing tools to data analytics platforms.

    The S&P 500 Information Technology sector, which includes Adobe, has fallen by more than 3% since the start of the year. This represents a notable reversal from 2025, when the index generated a total return of 24%.

    Adobe’s share price has mirrored this trend, declining more than 18% year-to-date.

    Even before the latest concerns emerged, Adobe had already been pursuing its own artificial intelligence strategy by integrating AI features into products such as Firefly and Adobe Express. These tools allow users to quickly generate images and videos directly within the company’s Creative Cloud ecosystem.

    The company’s efforts to monetize AI capabilities appear to be supporting its outlook. Executives forecast fiscal 2026 revenue and profit above Wall Street expectations, projecting annual revenue between $25.90 billion and $26.10 billion and earnings per share between $23.30 and $23.50.

    Shell results

    Energy company Shell (LSE:SHEL) reported adjusted earnings of $18.5 billion for 2025, compared with $23.7 billion recorded in 2024.

    Cash flow from operating activities totaled $42.9 billion, down from $54.7 billion the previous year. Free cash flow came in at $26.1 billion, compared with $39.5 billion in 2024.

    The company continued to deliver significant returns to shareholders. Total distributions reached approximately $22.4 billion, including $8.5 billion in dividends and $13.9 billion in share buybacks. These payouts accounted for around 52% of operating cash flow, placing them at the upper end of the company’s target distribution range of 40% to 50%.

    The results were released one day after Reuters reported that Shell, the world’s largest trader of liquefied natural gas, declared force majeure on LNG cargoes purchased from QatarEnergy and supplied to customers worldwide. The development followed Qatar’s decision to halt production at its 77-million-tonne-per-year LNG facility and declare force majeure on shipments.

    Analysts estimate that Shell receives roughly 6.8 million tonnes per year of LNG from Qatar under supply agreements, while TotalEnergies is estimated to receive about 5.2 million tonnes annually, according to the report.

  • European stocks open lower as oil prices surge amid Iran conflict: DAX, CAC, FTSE100

    European stocks open lower as oil prices surge amid Iran conflict: DAX, CAC, FTSE100

    European equities started Thursday’s session in negative territory as oil prices surged, briefly topping $100 per barrel again amid continued disruptions to shipping linked to the war involving Iran.

    By 08:04 GMT, the pan-European STOXX Europe 600 Index was down 0.4%. Germany’s DAX Index had slipped 0.2%, France’s CAC 40 Index fell 0.5%, and the U.K.’s FTSE 100 Index declined 0.5%.

    Crude oil futures jumped sharply, extending recent volatility in energy markets despite efforts by the International Energy Agency to release what would be its largest-ever drawdown of strategic oil reserves to stabilize prices.

    The United States has also indicated it plans to release oil from its own strategic reserves. However, analysts warn these steps may only provide short-term relief, noting that a meaningful easing in market tensions will likely depend on the reopening of tanker routes through the Strait of Hormuz, a key global shipping corridor.

    Roughly one-fifth of the world’s oil supply moves through the narrow waterway south of Iran, but maritime traffic has nearly halted as Tehran threatens to target vessels attempting to cross the strait.

    Reports suggest Iran may have deployed naval mines in the area, while the United States Navy has not yet committed to escorting commercial ships because of safety concerns.

    The near halt in tanker traffic through the strait has disrupted oil flows, pushed crude prices higher and intensified concerns about rising inflation worldwide. Europe and Asia are especially vulnerable, as both regions rely heavily on oil and gas shipments that typically pass through the strategic waterway, leaving them exposed to the conflict involving the U.S., Israel and Iran that began more than a week ago.

    At 04:05 ET, Brent Crude Oil futures, the global benchmark, were up 4.3% at $95.92 per barrel, while West Texas Intermediate crude rose 3.8% to $90.54 per barrel.

  • Beacon Energy PLC to Acquire Strategic Stake in LNEnergy and Advance Italian Gas Development

    Beacon Energy PLC to Acquire Strategic Stake in LNEnergy and Advance Italian Gas Development

    Beacon Energy PLC (LSE:BCE) is preparing for a strategic relaunch following the announcement of a proposed reverse takeover and strategic investment in LNEnergy, a move that could significantly reshape the company’s portfolio and position it as a development-led European energy producer.

    Speaking on The Watchlist, Chief Executive Officer Stewart MacDonald outlined how the transaction, agreed with Reabold Resources PLC, will provide Beacon with exposure to the Colle Santo gas project in Italy alongside a £3.79 million capital raise to support the next stage of development.

    Transformational Deal for Beacon

    The transaction centres on Beacon acquiring a 48% shareholding in LNEnergy, a privately held UK company that holds a 90% working interest and operatorship of the Colle Santo gas field in central Italy.

    According to MacDonald, the deal effectively represents a relaunch of Beacon Energy PLC, transitioning the company toward a development-focused strategy with a defined pathway to production.

    “Through the deal we gain exposure to a material gas project with proven reserves, a clear route to production and multiple value catalysts over the next 18 months,” he said.

    The Colle Santo field is considered one of the largest undeveloped onshore gas fields in Western Europe. Independent audits estimate 2P reserves of 73 billion cubic feet (BCF), equivalent to roughly 12 million barrels of oil equivalent, with more than 80% classified as proven reserves.

    The Colle Santo Development

    Located roughly 35 kilometres from the Adriatic coast in central Italy, the Colle Santo project has already undergone extensive appraisal.

    Two wells have been drilled and completed on site and are expected to serve as the future production wells, meaning no additional development drilling will be required.

    The development concept involves a small-scale LNG solution, enabling gas to be produced and liquefied on site before being transported to end users in specialised containers.

    The project received full Environmental Impact Assessment (EIA) approval earlier in 2026, marking a major step toward development.

    MacDonald noted that the approach is very similar to the micro-LNG model deployed by Sound Energy in Morocco, which recently entered commissioning and first production.

    Key Milestones Ahead

    Beacon’s near-term focus will be on achieving a Final Investment Decision (FID) within the next six months.

    Several operational milestones are required to reach that point:

    • Completion of final technical work, including well integrity testing and front-end engineering and design (FEED)
    • Securing the production concession award, the final regulatory approval required
    • Finalising project financing arrangements for construction

    The development will be delivered by LNEnergy in partnership with Italfluid, a specialist oil and gas contractor with significant project delivery experience.

    Once FID is reached, Beacon expects an 18-month construction period before the project reaches first gas production.

    Funding the Development

    Beacon’s £3.79 million capital raise supports LNEnergy through the early phase of development leading up to FID.

    MacDonald explained that the project requires approximately €2 million during the pre-FID phase, which is already fully funded.

    The construction phase, however, will require about €75 million.

    A key element of the financing structure comes through an agreement with Italfluid that defers €50 million of capital expenditure, allowing repayment from future production revenues.

    The remaining €25 million is expected to be financed through a mix of:

    • Third-party debt
    • Prepayment arrangements
    • Potential energy transition grant funding, reflecting the project’s relatively low-carbon development profile

    Commercial Support and Project Economics

    LNEnergy has also secured an offtake and financing agreement with a leading Italian energy wholesaler and distributor, providing both additional capital ahead of FID and validation of commercial demand for the gas.

    Independent consultants RPS Energy have produced a Competent Person’s Report valuing the project at approximately €62 million net present value (NPV).

    Beacon’s share of that value equates to roughly €27 million, significantly higher than the company’s current market capitalisation of around £5 million.

    The project is forecast to generate around €10 million in annual free cash flow based on a gas price assumption of $10 per MMBtu. With European gas prices recently rising toward $15 per MMBtu, potential cash flow could almost double.

    Energy Security Tailwinds

    MacDonald also pointed to the broader geopolitical environment as a supportive backdrop for the project.

    Ongoing instability in global energy markets has sharpened Europe’s focus on domestic energy security, increasing support for regional gas developments.

    “As countries focus more on strengthening domestic supply, projects like Colle Santo become increasingly important,” MacDonald said.

    A Strategic Reset

    With completion occurring last week, the LNEnergy transaction marks a major strategic shift for Beacon Energy PLC, transforming it from an AIM listed cash shell into a development-led European gas producer with a clear route to cash flow.

    For investors, the coming year will be defined by the push toward FID and the regulatory approvals needed to unlock one of Western Europe’s most significant undeveloped onshore gas resources.

    For more on the company visit – https://beaconenergyplc.com/

  • Vesuvius reports FY profit above forecasts despite margin pressure

    Vesuvius reports FY profit above forecasts despite margin pressure

    Vesuvius Plc (LSE:VSVS) on Thursday released preliminary results for full-year 2025 that met or slightly exceeded analyst expectations, while the company said performance is expected to improve from the second half of 2026 as protective trade measures begin to take effect.

    The industrial materials group reported sales of £1,810 million for 2025, unchanged on a reported basis and up 1% organically at constant currency compared with the previous year.

    Earnings before interest, tax and amortization totaled £151.1 million, representing a 17% decline year-over-year on a constant currency basis but still ahead of analyst estimates ranging from £147 million to £151 million.

    Pretax profit came in at £133.7 million, down 23% from 2024 but slightly above consensus expectations of £133 million. Earnings per share were 34.2 pence, a 21% decrease year-over-year but around 3% above forecasts.

    The company reported an EBITA margin of 8.4%, reflecting a contraction of 170 basis points compared with the prior year.

    Net debt at the end of the year reached £452 million after IFRS adjustments, marginally above the £439 million forecast. The increase was driven by higher capital expenditure, foreign exchange effects and tax payments. The net debt to EBITDA ratio stood at 2.0 times on a pro-forma basis.

    Within the Steel Division, which generates the majority of group revenue, sales increased 1.4% year-over-year on a constant currency basis. However, EBITA fell 18% to £120 million, with the division’s EBITA margin declining 210 basis points to 8.9%.

    Flow Control sales remained broadly flat, as price increases were offset by relatively stable volumes. Advanced Refractories recorded sales growth of 3.9%, supported by favorable pricing, higher volumes and gains in market share.

    The Foundry Division reported a 2% decline in constant currency sales, reflecting weaker pricing and volumes across the Americas and the Europe, Middle East and Africa regions. This was partly offset by 3% growth in Asia Pacific, driven by stronger performance in India and China. Division EBITA fell 11% to £31.1 million, while margins declined 70 basis points to 6.7%.

    Management indicated that 2026 is expected to represent a transition toward recovery in both divisions, particularly as the year progresses. Year-over-year EBITA growth is anticipated to be supported by cost reductions, merger and acquisition activity and modest volume improvements.

    The company said EBITA for 2026 is expected to be in line with market expectations on a constant foreign exchange basis.

    Vesuvius continues to target EBITA margins of 12.5% over the longer term alongside strong free cash flow generation, supported by gradually improving end markets. Analysts expect limited changes to current 2026 consensus EBITA forecasts of £174 million following the results.

    More about Vesuvius

    Vesuvius Plc (LSE:VSVS) provides advanced engineering and refractory solutions primarily for the global steel and foundry industries. Its products and technologies help improve manufacturing efficiency, reduce waste and enhance metal casting processes across industrial markets worldwide.

  • AB Dynamics reports mixed H1 results as China testing services weigh on performance

    AB Dynamics reports mixed H1 results as China testing services weigh on performance

    AB Dynamics plc (LSE:ABDP) reported mixed results for the first half of fiscal 2026 on Thursday, posting revenue of £49 million while maintaining its full-year EBITA outlook despite challenges in its China-based testing services operations.

    The automotive testing equipment company recorded order intake of £64 million during the period. This was 3% lower than in the first half of 2025 but represented a 45% increase compared with the second half of last year.

    As of December 31, 2025, the company’s order book totaled £47 million, an increase of £5 million year-over-year and providing around 70% coverage of expected revenue for fiscal 2026.

    AB Dynamics said demand remained encouraging within its Testing Products division, particularly across Asia-Pacific and North America.

    The Simulation division also reported solid momentum, supported by an equipment contract with a major original equipment manufacturer and continued strong software sales.

    However, the Testing Services division encountered significant difficulties in China. Volumes tied to a new contract with a European OEM were roughly 50% below expectations, reducing revenue from this activity to less than £3 million. Performance from the company’s U.S. testing services business remained in line with forecasts.

    Due to the challenges in China, AB Dynamics recorded an impairment charge of approximately £16 million, largely non-cash, and initiated a strategic review of the business.

    The company said fiscal 2026 EBITA is still expected to align with consensus estimates of £24.4 million, implying a full-year margin above 20%. Net cash totaled £39.3 million as of February 28, 2026, up from £35.5 million at the end of December 2025.

    More about AB Dynamics

    AB Dynamics plc (LSE:ABDP) develops advanced testing systems and simulation technology for the automotive industry. Its products and services support vehicle safety, driver assistance systems, and autonomous driving development for automotive manufacturers and suppliers worldwide.

  • Informa reports strong 2025 growth, expands share buyback to £250m

    Informa reports strong 2025 growth, expands share buyback to £250m

    Informa PLC (LSE:INF) reported full-year 2025 results on Thursday that broadly met expectations, while reaffirming its 2026 outlook despite some travel disruption in the Middle East. The company also increased its share buyback program by £50 million, bringing the total to £250 million.

    The international B2B events and academic publishing group recorded revenue of £4,041.4 million for 2025, representing a 13.7% increase on a reported basis and 6.3% underlying growth compared with £3,553.1 million in 2024.

    Adjusted operating profit rose 14.6% year-over-year to £1,139.8 million from £995.0 million. Adjusted diluted earnings per share increased 11.0% to 55.6 pence, up from 50.1 pence a year earlier, marking the company’s fifth consecutive year of double-digit growth.

    The B2B Live Events division — which includes Informa Markets, Informa Connect, and Informa Festivals — reported underlying revenue growth of 9.5%, reaching £3,002.6 million.

    In contrast, Taylor & Francis posted an underlying revenue decline of 2.1% to £670.8 million when excluding non-recurring data contracts. Informa TechTarget also recorded a modest underlying revenue decline of 1.7% to £368.0 million.

    “The Informa Group delivered an outstanding performance in 2025, delivering double-digit growth in revenues, adjusted earnings per share and cash flow,” said Stephen A. Carter, Group Chief Executive.

    For 2026, Informa expects underlying revenue growth of approximately 6%, with its B2B Live Events segment projected to expand by more than 7%.

    The company noted that roughly 40% of revenue generated from its India, Middle East and Africa (IMEA) region has already been delivered or relates to brands operating in locations unaffected by disruption.

    After successfully rescheduling affected events, the remaining brands are expected to run as planned or have secured confirmed dates during the final four months of the year.

    Free cash flow increased 9.0% to £884.8 million, compared with £812.1 million in the previous year, representing operating cash conversion of 106%. Net debt declined to £3,066.2 million from £3,201.8 million, while leverage stood at 2.4 times adjusted EBITDA.

    The board recommended a final dividend of 15.0 pence per share, bringing total dividends for 2025 to 22.0 pence per share, a 10% increase from 20.0 pence in the prior year.

    More about Informa

    Informa PLC (LSE:INF) is a global provider of business-to-business events, digital services, and academic publishing. Its portfolio includes major international exhibitions, specialist conferences, and the Taylor & Francis academic publishing business, serving industries ranging from finance and healthcare to technology and energy.

  • Helios Towers tops Q4 forecasts, lifts capital spending outlook for 2026

    Helios Towers tops Q4 forecasts, lifts capital spending outlook for 2026

    Helios Towers Plc (LSE:HTWS) reported fourth-quarter results that came in ahead of expectations for new site additions, profitability, and free cash flow, according to a report released Thursday by Jefferies.

    The telecommunications infrastructure provider recorded revenue growth of 5.9% year-over-year during the quarter, while earnings before interest, taxes, depreciation and amortization rose 15% compared with the same period last year. Recurring free cash flow increased by 2.4% in the quarter.

    For the full year 2025, Helios generated approximately $66 million in free cash flow on a last-twelve-months basis, marking a 249% year-over-year increase. The company exceeded EBITDA forecasts by about 40 basis points and delivered recurring free cash flow roughly 17% above expectations.

    During the fourth quarter, Helios added 413 tenancies, including 125 new sites and 288 colocations. These additions lifted the company’s tenancy ratio to 2.2x for fiscal 2025, representing a 0.1x improvement from the previous year. Return on invested capital reached 13.5% for the year.

    Looking ahead to 2026, Helios guided for organic net tenancy additions between 2,000 and 2,500, compared with the company consensus estimate of 2,301. Adjusted EBITDA is expected to range from $510 million to $525 million, versus consensus projections of $520.3 million.

    The company forecast discretionary capital expenditure of $110 million to $140 million, with a midpoint of $125 million. This outlook reflects an increase compared with consensus expectations of $162.2 million for total capital spending.

    Jefferies said the higher capex outlook signals sustained demand from customers and underpins the company’s growth projections.

    Recurring free cash flow for 2026 is expected to reach $210 million to $225 million, above the consensus estimate of $207.1 million.

    Helios also plans to complete a $51 million share buyback next year, representing the remaining portion of its previously announced $75 million repurchase program. In addition, the company expects to pay a dividend of $25 million for the fiscal year.

    More about Helios Towers

    Helios Towers Plc (LSE:HTWS) operates telecommunications tower infrastructure across several African and Middle Eastern markets. The company provides tower space and related services to mobile network operators, enabling network expansion while supporting shared infrastructure and improved connectivity.

  • Shell posts $18.5 billion adjusted earnings for 2025 as cash flow declines

    Shell posts $18.5 billion adjusted earnings for 2025 as cash flow declines

    Shell (LSE:SHEL) reported adjusted earnings of $18.5 billion for 2025, compared with $23.7 billion recorded in 2024.

    Cash flow from operating activities totaled $42.9 billion during the year, down from $54.7 billion in the previous year. Free cash flow reached $26.1 billion, compared with $39.5 billion in 2024.

    The company continued to return significant capital to shareholders. Total distributions amounted to about $22.4 billion, including $8.5 billion paid in dividends and $13.9 billion used for share buybacks. These payouts represented roughly 52% of operating cash flow, placing them at the upper end of Shell’s 40%–50% distribution target.

    Shell reported total capital expenditure of $18.9 billion, while cash capital expenditure came in at $20.9 billion in 2025, within the company’s planned annual investment range of $20 billion to $22 billion.

    Operationally, Shell produced around 2.8 million barrels of oil equivalent per day available for sale in 2025, slightly below the 2.836 million boe/d reported the year before. LNG liquefaction volumes for the year totaled 28 million tonnes.

    The company also made progress on cost efficiency and emissions goals. Shell reported $5.1 billion in structural cost reductions compared with 2022 levels and lowered Scope 1 and 2 emissions to 53 million tonnes of CO2 equivalent in 2025, down from 58 million tonnes the previous year.

    The results were released a day after Reuters reported that Shell, the world’s largest trader of liquefied natural gas, declared force majeure on LNG cargoes it purchases from QatarEnergy and supplies to customers worldwide. The move followed Qatar’s suspension of production at its 77 million-tonne-per-year LNG facility and its own declaration of force majeure on shipments.

    According to analysts cited in the report, Shell receives about 6.8 million tonnes per year of Qatari LNG under supply agreements, while TotalEnergies is estimated to receive around 5.2 mtpa.

    More about Shell

    Shell (LSE:SHEL) (NYSE:SHEL) is a global energy company engaged in oil and gas exploration, production, liquefied natural gas trading, refining, chemicals, and energy marketing. The company is also investing in lower-carbon energy solutions while continuing to supply oil, natural gas, and related products worldwide.

  • FTSE 100 today: UK equities slip while pound falls below $1.34 as oil jumps past $100

    FTSE 100 today: UK equities slip while pound falls below $1.34 as oil jumps past $100

    UK equities opened in negative territory on Thursday as the pound weakened below $1.34 and a sharp rise in oil prices dampened investor sentiment across European markets. The move came as geopolitical tensions pushed crude higher and several major UK-listed companies released updates.

    Oil surged above $100 per barrel after Iran reportedly targeted tanker vessels, raising fears of potential supply disruptions. Authorities in Oman also evacuated ships from a key export terminal as a precaution, further fuelling concerns about energy flows in the Middle East and driving crude prices higher.

    At around 08:22 GMT, the benchmark FTSE 100 index was down about 0.5%. The British pound also declined, with GBP/USD slipping 0.2% to around 1.3385. Other major European markets followed suit, with Germany’s DAX down 0.2% and France’s CAC 40 falling 0.6%.

    UK market round-up

    Shell plc (LSE:SHEL) reported adjusted earnings of $18.5 billion for 2025, compared with $23.7 billion in 2024. Operating cash flow reached $42.9 billion, down from $54.7 billion a year earlier, while free cash flow totalled $26.1 billion, compared with $39.5 billion previously.

    The energy major continued significant shareholder distributions during the year. Combined payouts amounted to roughly $22.4 billion, including $8.5 billion in dividends and $13.9 billion in share buybacks. These returns represented around 52% of operating cash flow, placing distributions at the upper end of the company’s 40%–50% target range.

    Computacenter plc (LSE:CCC) also released its full-year 2025 results, reporting adjusted pre-tax profit of £272.0 million, up 7.1% year-on-year and in line with previously guided expectations.

    Revenue climbed 32% to £9.19 billion, largely driven by expansion in the Technology Sourcing segment, where gross invoiced income rose 37.8% at constant currency. The technology services group reported strong momentum in North America while continuing to invest across the business.

    Bridgepoint Group plc (LSE:BPT) posted full-year 2025 results ahead of forecasts, delivering an adjusted EBITDA result roughly 4% above expectations. The outperformance was attributed to higher catch-up fees and stronger performance-related earnings.

    Underlying management fee income reached £427.7 million for the year ended 31 December 2025, representing 13% growth excluding catch-up fees booked in the prior year. The company reaffirmed forward guidance that exceeds analysts’ expectations for revenue growth and margin expansion.

    Trainline plc (LSE:TRN) reported FY26 trading results showing total revenue of £453 million, an increase of 2% and at the top end of company guidance. The figure was slightly above market forecasts of £449 million.

    Net ticket sales rose 6% on a constant-currency basis, within the group’s guidance range of 6%–9%, though at the lower end. The company also reported strong growth in ancillary revenue, which increased 17%.

    M&G plc (LSE:MNG) reported net inflows of £7.8 billion from open business in 2025, reversing net outflows of £1.9 billion recorded in 2024.

    Adjusted operating profit before tax came in at £838 million, broadly unchanged from £837 million the previous year. Assets under management and administration rose to £375.9 billion, up from £345.9 billion at the end of 2024.

    Halma plc (LSE:HLMA) said it remains on track to meet its upgraded expectations for the 2026 financial year, first announced alongside its interim results.

    The safety technology group reported that order intake continues to run ahead of both year-to-date revenue and the previous year’s performance, reflecting continued strong demand during the second half of the fiscal year.

    Informa plc (LSE:INF) reported full-year 2025 results broadly in line with expectations and reiterated its outlook for 2026 despite disruption to travel in parts of the Middle East.

    The B2B events and academic publishing company generated revenue of £4,041.4 million in 2025, representing reported growth of 13.7% and underlying growth of 6.3% from £3,553.1 million in 2024. Informa also increased its share buyback programme by £50 million, taking the total to £250 million.

    Helios Towers plc (LSE:HTWS) reported fourth-quarter results that surpassed expectations for new site additions, profitability and free cash flow, according to analysis from Jefferies.

    The telecommunications infrastructure company recorded revenue growth of 5.9% year-on-year for the quarter, while EBITDA increased 15%. Recurring free cash flow also rose 2.4% during the period.

    Separately, Tesla Energy Ventures Limited has been granted a licence to supply electricity to domestic and business customers across Great Britain.

    The licence was approved by the Office of Gas and Electricity Markets following a regulatory review process conducted between July 2025 and March 2026. The approval allows the company to enter the UK retail electricity market and provide power to both household and commercial customers nationwide.