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The securities referred to herein will not be, and have not been, registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
This release contains certain forward-looking statements, including “forward-looking” statements made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “outlook”, “target” and similar expressions. These include statements regarding our deleverage target, Smokeless customer growth ambitions, Smokeless revenue target and sustainability targets, as well as statements regarding the intended use of proceeds of the Block Trade Shares.
All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations reflected in this release are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found by referring to the information contained under the headings “Cautionary Statement”, “Group Principal Risks” and “Group Risk Factors” in the 2024 Annual Report and Form 20-F of BAT.
Additional information concerning these and other factors can be found in BAT’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Annual Report on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC’s website, www.sec.gov and BAT’s Annual Reports, which may be obtained free of charge from the BAT website www.bat.com.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect knowledge and information available at the date of preparation of this release and BAT undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.
To strengthen this growth pillar, BBVA Chile has appointed David Velasco to lead local initiatives related to project finance and structured finance. With a solid track record, he has been involved in some of the most high-profile transactions in the Chilean market. His appointment aims to reinforce the team’s capabilities, with the goal of not only supporting transactions, but also leading them, as the bank already does in other markets.
At the same time, the technical capabilities and senior expertise of BBVA CIB’s team in Chile allow the bank to deliver a broader suite of financial solutions that complement these transactions, ranging from corporate and syndicated financing to the structuring of bonds and risk management derivatives. In doing so, the bank offers its clients a comprehensive value proposition that supports every stage of their investment and development cycles.
Moreover, BBVA CIB is committed to deepening its client relationships, providing ongoing and strategic support throughout their project lifecycles. “The bank maintains a constant dialogue with each company, with the goal of building strong, long-lasting partnerships based on trust, specialisation and a shared vision for sustainable growth,” says Serani.
In line with this growth trajectory, BBVA CIB in Chile continues to strengthen its market position through the expansion of additional business lines that enhance its reach and connectivity with the bank’s global network.
From Santiago, BBVA CIB’s multidisciplinary team delivers a wide array of Global Trade & International Banking (GTB) solutions, ranging from traditional structures to complex, bespoke transactions tailored to each client’s needs. All deals have a significant cross-border component, coordinated through the bank’s international platform and in close collaboration with affiliates in Peru, Argentina, Colombia, Mexico, and Brazil, as well as financial hubs in New York and Madrid.
“Sustainability is no longer just a narrative: it is now a way to structure capital”
This model reinforces BBVA CIB’s role as a natural bridge between global investors and transformative projects, helping to channel international capital into local opportunities. At the same time, it positions Chile as a regional benchmark in sustainable finance and a key node within the bank’s Latin American network.
“The development of sustainable projects requires global coordination, technical know-how and local presence. That combination is what enables us to deliver differentiated value to our clients,” Serani explains.
BBVA CIB’s strategy in Chile brings together sustainable growth, sectoral specialisation and regional collaboration, with the goal of advancing the energy transition and supporting infrastructure modernisation. With this vision, the bank reaffirms its role as a long-term financial partner, committed to projects that deliver tangible value and progress for the country.
“Chile is where global capital meets opportunity,” Serani concludes. “Our aim is to help turn that connection into development, innovation, and a sustainable future for the country.”
OP2B is strengthening its Board with the appointment of two new Co-Chairs Jan Derck van Karnebeek, CEO of Royal FrieslandCampina, and Ewan Andrew, President, Global Supply & Chief Sustainability Officer of Diageo.
Their extensive experience will be fundamental in moving forward the work to support European farmers, reward environmental performance, and accelerate the transition to regenerative agriculture. OP2B brings together 25 global companies committed to expand regenerative farming practices that help farmers stay resilient, protect nature and strengthen supply chains. Since its inception in 2019, OP2B promotes regenerative agriculture principles and aligns companies around results-based indicators to catalyze collective investment and action across production basins.
The appointment of Jan Derck van Karnebeek and Ewan Andrew as OP2B’s new Co-Chairs comes at a decisive moment, as the major steps that will shape the next Common Agricultural Policy (CAP) are set to unfold in the coming year – decisions that will determine how Europe supports farmers, rewards environmental performance and accelerates the transition to regenerative agriculture. With OP2B’s ambition to help transform 40 million hectares to regenerative practices by 2030, the coalition is stepping into the CAP debate with renewed leadership focused on practical, farmer-centred solutions—solutions that directly align with ongoing discussions on how the next CAP can better integrate soil health, water, biodiversity outcomes and long-term resilience into agricultural support frameworks.
Both leaders bring deep experience in supply-chain transformation, performance-based sustainability and cross-sector collaboration. Their appointment strengthens OP2B’s ability to make the business case for a policy environment that rewards outcome-based approaches, supports landscape-level collaboration and ensures farmers have predictable incentives to adopt nature-positive practices. As CAP reform will go through major steps in 2026, OP2B will leverage this leadership transition to align its corporate membership, mobilize evidence from its landscape projects and advocate for a policy architecture capable of tripling today’s rate of regenerative adoption.
Under its new Co-Chairs, OP2B will continue engaging European institutions, national governments and financial actors to ensure the next CAP, and policies such as the Carbon Removals and Carbon Farming (CRCF) and Nature Credits Roadmap, support profitable farming models that regenerative natural capital and secure resilient value chains. The coalition’s cross-sector membership and proven track record position it to contribute constructively to the policy dialogue, helping bridge market-driven initiatives with the regulatory frameworks needed to deliver systemic change in agriculture and nature conservation across Europe.
Incoming OP2B Co-Chair Jan Derck van Karnebeek: “It is an honour to join OP2B as Co-Chair. I’m driven by a deep commitment to advancing business practices that give more access to nutrition, but also regenerate soils, and mitigate climate impact. At FrieslandCampina, ‘Nourishing by nature’ is our purpose. We believe that farming in harmony with nature is essential not only for the planet, but also for the long-term resilience of our member farmers and the communities we serve. I look forward to working with Peter and the OP2B members to scale nature-positive practices across value chains and contribute to a more sustainable food system.
Incoming OP2B Co-Chair Ewan Andrew: “Stepping into the role of OP2B Co-Chair is a privilege, particularly at a moment when bold collaboration across the food and beverage sector is essential to scaling regenerative agriculture. Businesses and farmers must work together to make this transition practical, consistent and economically viable. At Diageo, we see OP2B as a catalyst for aligning action across value chains, and I’m eager to help drive tangible, nature-positive solutions that strengthen biodiversity and build resilience across global supply chains.
One Planet Business for Biodiversity (OP2B) is an international cross-sectoral, action-oriented business coalition on biodiversity with a specific focus on agriculture. We are determined to drive transformational systemic change and catalyze action to protect and restore cultivated and natural biodiversity within the value chains, engage institutional and financial decision-makers and develop and promote policy recommendations.
OP2B members include Arla, Boortmalt, Boston Consulting Group, Carlsberg, Clarmondial, Danone, Diageo, FrieslandCampina, Griffith Foods, HowGood, IKEA, Inditex, InVivo group, Kering, L’Oréal, Livelihoods Funds, LVMH, McCain Foods, Mirova, Nestlé, PepsiCo, Pernod Ricard, Rabobank, Tikehau Capital, Unilever.
OP2B board members include Anita Wälz (Head of Sustainability Europe,Nestlé),Antoine de Saint-Affrique (CEO, Danone), Arnaud de Saignes (President, Maison Chandon, LVMH), Ezgi Barcenas (Chief Responsibility Officer, L’Oréal), Greg Metschke (Global VP Purchasing & Sustainable Sourcing, Griffith Foods), Guillaume le Cunff (CEO Europe, Nestlé), Laurent Martel (CEO, Bioline by InVivo), Max Koeune (CEO, McCain), Peter Bakker (President & CEO, WBCSD), Robbert de Vreede (General Manager Foods Europe).
For more information, see www.wbcsd.org/OP2B or follow OP2B LinkedIn
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Warner Bros Discovery has begun exclusive talks with Netflix for a sale of the legendary Hollywood group’s streaming and studio businesses, according to sources familiar with the auction.
Netflix, Paramount and Comcast have spent the past week scrambling to convince the board — and indirectly, Washington regulators — that they offer the clearest path forward. The bidding kicked off in November, with many Hollywood observers viewing Paramount, led by David Ellison and backed by his billionaire father Larry, as the frontrunner.
But Netflix has put forward the highest offer for WBD’s studio and streaming business, according to people involved in the process.
The streaming pioneer, which has disrupted the traditional film business and drawn the ire of many in Hollywood, is attracted to Warner Bros assets including HBO and its extensive library of films and television.
Netflix has also surprised many in Hollywood by offering assurances that it would continue to allow Warner Bros films to enjoy wide cinematic releases.
However, antitrust specialists warn a Netflix deal could be difficult to approve, given it would combine two of the top US streaming platforms.
People close to the Trump administration’s regulatory officials have privately echoed that concern.
Netflix’s bid continues to face rising resistance inside Hollywood. James Cameron, the famed director of Titanic, The Terminator and the Avatar series, warned this week that selling Warner Bros to the streaming giant would trigger “a catastrophic loss of long-term value” for the industry. Other top talent have expressed similar unease, according to people familiar with the conversations.
Despite those tensions, WBD chief executive David Zaslav favours a merger with Netflix, partly because he would retain operational independence, a crucial consideration as he seeks to preserve his influence in Hollywood, according to people briefed about the matter.
Paramount has made a slightly lower offer for WBD, according to people familiar with the matter. However, the group stunned rivals by committing to pay WBD a $5bn termination fee if the deal is agreed but not completed — a move that reflects its confidence that its bid could clear regulators swiftly.
People close to the Trump administration say the US president prefers a Paramount merger, as he likes the idea of CNN, now owned by WBD, and Paramount-owned CBS being controlled by the Ellisons.
Still, a Paramount takeover presents complications for Zaslav. Paramount has offered the WBD leader a co-chief executive role in the newly formed company, a role he does not find attractive, according to people familiar with the matter. Netflix would allow him to retain sole control of the Warner studio. But people briefed on the matter say the WBD board is not chiefly concerned with Zaslav’s future.
Comcast, meanwhile, is seen as slipping out of contention, though people close to the company insist it remains “very much in the mix”. They argue that the regulatory case for a Comcast-Warner Bros combination is cleaner than portrayed and reject the idea that Trump could sink the deal out of personal animus.
Bloomberg first reported that Netflix was in exclusive talks with WBD.
Ellison began pursuing WBD only weeks after closing an $8bn acquisition of Paramount this year, as he makes an ambitious push to build a Hollywood empire with the backing of his father, one of the wealthiest people in the world.
Acquiring WBD — which owns the movie studio, HBO and franchises including Harry Potter, DC Comics and Batman — would help Paramount compete against larger rivals such as Netflix and Amazon.
Any deal would dramatically reshape Hollywood, which has suffered thousands of lay-offs in recent years.
WBD and Paramount did not respond to requests for comment. Netflix and Comcast declined to comment.
Louise CullenAgriculture and environment correspondent, BBC News NI
Getty ImagesRenewable energy generation in Northern Ireland “is sliding backwards” an industry body has said, with the latest figures confirming another decrease.
In the 12 months to September 2025, 44.2% of electricity came from renewable sources, down 0.3% on the same time the previous year.
This is the third consecutive year that has shown a decline in renewable generation, since a peak of 51% in 2022.
The director of RenewableNI Mark Richardson said delays in policy and infrastructure reform were contributing to the ongoing decline.
A final design for the Renewable Energy Price Guarantee (REPG) scheme was launched earlier this year, but the terms and conditions have yet to come before the Northern Ireland Assembly.
Northern Ireland has a target of generating 80% of electricity from renewable energy by 2030.
While less renewable energy was generated in the year to September 2025, slightly more of it came from wind – about 82.2% compared to 81.9% in 2024.
Wind supplies most of the renewable energy in Northern Ireland, with the remainder coming from biogas (6.5%) and biomass (5%), solar (4%), landfill gas (1.4%) and other (0.9%).
Mr Richardson said there was “growing concern” across the sector.
“Quarterly figures will always shift slightly with changes in weather, but overall, the trend should be rising as we approach the Climate Act obligation of 80% renewable electricity by 2030,” he added.
“Instead, because we have no market support scheme in place, very few new projects are progressing, and generation is sliding backwards.”
RenewablesNIMr Richardson warned with 500 days left in the assembly mandate, the clock is ticking.
“The renewable electricity sector is ready with enough projects in pre- and planning to meet future demand,” he said.
“We can prepare for de-carbonising heat and transport, but we cannot do it while market security and planning timelines need to be addressed to stop stagnating as RoI and GB power ahead.”
While wind and solar are familiar, the figures show the increasing role biogas and biomass are playing.
Biomass is material like wood, straw and energy crops including willow, that can be burned to produce electricity, heat and power.
Biogas comes from the fermentation of biomass in anaerobic digesters to produce .
Landfill gas is primarily methane, produced by decomposition of organic waste. It can be captured and used to generate electricity.
Getty ImagesThe REPG was launched in September.
It could lead to reduced bills by providing support for additional locally generated renewable energy.
But its terms and conditions have not been published and a draft bill has yet to be laid before the Assembly.
With the first auction to award generation contracts under the scheme expected in early 2027, Mr Richardson said that, without “urgent action”, there is concern the timetable will slip.
“The legislative timetable is tight, but all parties signed up to the target of 80% by 2030.
“The same cross-party support can ensure the support scheme goes through at pace unlocking investment in Northern Ireland as well as a secure energy supply.”
Viking Holdings (VIK) just logged its highest quarterly Adjusted EBITDA on record, supported by strong advanced bookings and high utilization for 2025 and 2026. This performance puts its ROI focused growth strategy firmly in the spotlight.
See our latest analysis for Viking Holdings.
The market has taken notice of this momentum, with a roughly 54 percent year to date share price return and a 1 year total shareholder return of about 47 percent reinforcing the idea that confidence in Viking’s growth story is building rather than fading.
If Viking’s performance has you rethinking where growth could come from next, it might be worth exploring fast growing stocks with high insider ownership as another way to spot under the radar opportunities.
With the shares now hovering just below analyst targets and trading at a premium to some valuation models, the key question is whether Viking is still mispriced, presenting a buying opportunity, or if the market is already discounting its next leg of growth.
With the narrative fair value sitting just above Viking Holdings’ last close, the story hinges on whether today’s premium can power tomorrow’s earnings.
Consistent investment in standardized, modern, and energy-efficient fleet across ocean and river segments enables tight operational control, better shipyard pricing, and scalable cost efficiencies that are expected to support ongoing margin expansion and improved long-term profitability.
Read the complete narrative.
Want to see what kind of revenue engine and margin climb could justify this near premium pricing? The narrative leans on ambitious growth, disciplined profitability, and a future earnings multiple that might surprise you. Curious how those moving parts combine into a fair value just ahead of today’s price? Read on to unpack the full blueprint behind this call.
Result: Fair Value of $68.32 (ABOUT RIGHT)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, this outlook could be challenged if stricter environmental rules or sustained cost inflation squeeze margins faster than Viking’s efficiency gains can offset them.
Find out about the key risks to this Viking Holdings narrative.
Step away from narratives and the numbers look less forgiving. On a price to earnings basis, Viking trades around 32 times earnings, well above the US Hospitality average of 21.2 times and its own 37.1 times fair ratio anchor, leaving less room for error if growth stumbles.
See what the numbers say about this price — find out in our valuation breakdown.
GrundonA campaign is warning about the dangers of sleeping in bins to seek refuge as temperatures plummet this winter.
Grundon Waste Management has teamed up with homelessness charity Crisis to raise awareness of the risks of seeking shelter in them.
The company, which has depots in Banbury and Wallingford in Oxfordshire, as well as Beenham in Berkshire, said one of its drivers found a man sleeping inside one of them last December.
David Goodwin, who works in Banbury, found the bin was heavy and on investigating further found the occupant.
“As drivers, we are always trained to be alert to anything unusual and it was one of those split-second moments when you realise something isn’t right,” he said.
“I immediately stepped back from the bin and was hugely relieved to find that although the gentleman inside was a bit shaken up, he was unharmed.
“He told me that previously, he would listen out for the sound of a diesel engine as a warning of a vehicle approaching.
“Because I was in an electric vehicle, which is much quieter, he didn’t hear it approach.”
Reg Hodson, Grundon’s head of safety, health, environment and quality, said as quieter electric vehicles became more common, its staff would need to be “more vigilant”.
Typical signs that someone might be inside a bin might include broken locks, rubbish scattered on the ground and evidence of a person’s belongings nearby.
Francesca Albanese, Crisis’s executive director of policy and social change, said: “We are tragically seeing more and more people forced to sleep on our streets.
“Faced with danger and uncertainty, people can seek shelter from the cold and to keep themselves hidden from view for their own safety.
“We are pleased to be able to work with Grundon on this campaign, which we hope will keep more people safe from harm.”
Brussels (Belgium), December 5, 2025 – 07:00 (CET) – UCB today announced an additional upgrade to its 2025 financial guidance, reflecting excellent launch execution for UCB’s growth drivers and its unwavering ambition to deliver sustainable growth and to transform lives through breakthrough science.
2025 performance sets a strong foundation: With revenue expected to exceed €7.6 billion (+24% year-on-year), UCB is poised for continued and focused growth. The upgraded guidance reflects – next to the continued growth of RYSTIGGO®, ZILBRYSQ®, FINTEPLA® and EVENITY® – the exceptional performance of BIMZELX®, including a strong momentum in hidradenitis suppurativa (HS) and a favorable payer mix in the U.S.
Underlying profitability -adjusted EBITDA- is set to benefit from a sale of established brands completed as part of UCB’s ongoing portfolio-simplification efforts. Excluding this non-recurring impact, the 2025 adjusted EBITDA margin is anticipated to be higher than 31%, driven by an enhanced gross margin profile, greater operating leverage, and the increasing earnings contribution from EVENITY®.
UCB’s strong 2025 guidance further reinforces confidence in the company’s decade-plus growth ambition. While BRIVIACT® is expected to face loss-of-exclusivity in 2026 and the expanding use of BIMZELX® in the U.S. may affect its net pricing, UCB remains committed through disciplined execution to sustain its long-term growth trajectory.
Sandrine Dufour, CFO UCB says: “UCB’s continued growth reflects our unwavering commitment to delivering value for patients and executing our strategic vision. With exceptional commercial performance and remarkable R&D accomplishments, we approach 2026 with confidence and a clear path forward delivering continued growth. Our focus remains on driving sustainable growth while making a profound impact on the lives of those we serve.”
UCB will publish the Full Year 2025 results and formal financial guidance for 2026 on February 26, 2026.
*Adjusted EBITDA is set to benefit from a sale of established brands. Excluding this non-recurring impact, the 2025 adjusted EBITDA margin is anticipated to be higher than 31%.
For further information, contact UCB:
Investor Relations
Antje Witte
T +32.2.559.94.14
email antje.witte@ucb.com
Sahar Yazdian
T +32.2.559.91.37
email sahar.yazdian@ucb.com
Corporate Communications
Laurent Schots
T +32.2.559.92.64
Email laurent.schots@ucb.com
About UCB
UCB, Brussels, Belgium (www.ucb.com) is a global biopharmaceutical company focused on the discovery and development of innovative medicines and solutions to transform the lives of people living with severe diseases of the immune system or of the central nervous system. With approximately 9,000 people in approximately 40 countries, the company generated revenue of €6.1 billion in 2024. UCB is listed on Euronext Brussels (symbol: UCB).
Forward looking statements
This document contains forward-looking statements, including, without limitation, statements containing the words “potential”, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will”, “continue” and similar expressions. These forward-looking statements are based on current plans, estimates and beliefs of management. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements, including estimates of revenues, operating margins, capital expenditures, cash, other financial information, expected legal, arbitration, political, regulatory or clinical results or practices and other such estimates and results. By their nature, such forward-looking statements are not guaranteeing future performance and are subject to known and unknown risks, uncertainties, and assumptions which might cause the actual results, financial condition, performance or achievements of UCB, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements contained in this document.
Important factors that could result in such differences include but are not limited to: global spread and impacts of wars, pandemics and terrorism, the general geopolitical environment, climate change, changes in general economic, business and competitive conditions, the inability to obtain necessary regulatory approvals or to obtain them on acceptable terms or within expected timing, costs associated with research and development,
changes in the prospects for products in the pipeline or under development by UCB, effects of future judicial decisions or governmental investigations, safety, quality, data integrity or manufacturing issues, supply chain disruption and business continuity risks; potential or actual data security and data privacy breaches, or disruptions of UCB’s information technology systems, product liability claims, challenges to patent protection for products or product candidates, competition from other products including biosimilars or disruptive technologies/business models, changes in laws or regulations, exchange rate fluctuations, changes or uncertainties in laws and/or rules pertaining to tax and duties or the administration of such laws and/or rules, and hiring, retention and compliance of employees. There is no guarantee that new product candidates will be discovered or identified in the pipeline, or that new indications for existing products will be developed and approved. Movement from concept to commercial product is uncertain; preclinical results do not guarantee safety and efficacy of product candidates in humans. So far, the complexity of the human body cannot be reproduced in computer models, cell culture systems or animal models. The length of the timing to complete clinical trials and to get regulatory approval for product marketing has varied in the past and UCB expects similar unpredictability going forward. Products or potential products which are the subject of partnerships, joint ventures or licensing collaborations may be subject to disputes between the partners or may prove to be not as safe, effective or commercially successful as UCB may have believed at the start of such partnership. UCB’s efforts to acquire other products or companies and to integrate the operations of such acquired companies may not be as successful as UCB may have believed at the moment of acquisition. Also, UCB or others could discover safety, side effects or manufacturing problems with its products and/or devices after they are marketed. The discovery of significant problems with a product similar to one of UCB’s products that implicate an entire class of products may have a material adverse effect on sales of the entire class of affected products. Moreover, sales may be impacted by international and domestic trends toward managed care and health care cost containment, including pricing pressure, political and public scrutiny, customer and prescriber patterns or practices, and the reimbursement policies imposed by third-party payers as well as legislation affecting biopharmaceutical pricing and reimbursement activities and outcomes. Finally, a breakdown, cyberattack or information security breach could compromise the confidentiality, integrity and availability of UCB’s data and systems.
Given these uncertainties, the public is cautioned not to place any undue reliance on such forward-looking statements. These forward-looking statements are made only as of the date of this document, and do not reflect any potential impacts from the evolving event or risk as mentioned above as well as any other adversity, unless indicated otherwise. The company continues to follow the development diligently to assess the financial significance of these events, as the case may be, to UCB.
UCB expressly disclaims any obligation to update any forward-looking statements in this document, either to confirm the actual results or to report or reflect any change in its forward-looking statements with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless such statement is required pursuant to applicable laws and regulations.
Strong investment in energy infrastructure drove a 2.2% rise in energy jobs last year, nearly double the rate of employment growth for the wider global economy, according to a new IEA report, which highlights the dynamic trends across the sector as well as bottlenecks for skilled labour in key areas.
The World Energy Employment 2025 report released today finds that global energy sector employment reached 76 million people worldwide in 2024, up more than 5 million from 2019. The sector has contributed 2.4% of all net jobs created across the global economy over the past five years.
The power sector is leading the way on job creation, accounting for three-quarters of recent employment growth, and is now the largest employer in energy, overtaking fuel supply. Solar PV is a key driver of growth, complemented by rapid expansions in hiring in nuclear power, grids and storage. Increasing electrification of other sectors of the economy is also reshaping employment trends, with jobs in EV manufacturing and batteries surging by nearly 800,000 in 2024.
Fossil fuel employment remained resilient in 2024. Coal jobs rebounded in India, China and Indonesia, pushing employment in the coal industry 8% above its 2019 levels despite steep declines in advanced economies. The oil and gas industry has also regained most of the jobs lost in 2020, although low prices and economic uncertainties have triggered job cuts in 2025. Based on early data, energy employment growth is expected to moderate to 1.3% in 2025, reflecting persistently tight labour markets and heightened trade and geopolitical tensions that are making some firms more cautious about hiring.
Despite the strong recent performance of the overall energy sector, the report warns of deepening skilled labour shortages. Out of 700 energy-related companies, unions and training institutions participating in the IEA’s Energy Employment Survey, more than half of them reported critical hiring bottlenecks that threaten to slow the building of energy infrastructure, delay projects and raise system costs.
“Energy has been one of the strongest and most consistent engines of job creation in the global economy during a period marked by significant uncertainties,” said IEA Executive Director Fatih Birol. “But this momentum cannot be taken for granted. The world’s ability to build the energy infrastructure it needs depends on having enough skilled workers in place. Governments, industry and training institutions must come together to close the labour and skills gap. Left unaddressed, these shortages could slow progress, raise costs and weaken energy security.”
Applied technical roles such as electricians, pipefitters, line workers, plant operators and nuclear engineers are in especially short supply. These occupations alone have added 2.5 million positions since 2019 and now represent over half of the entire global energy workforce, more than double their share of total employment in the broader economy.
An ageing workforce is intensifying the pressure, with 2.4 energy workers in advanced economies nearing retirement for every new entrant under 25. Nuclear- and grid-related professions face some of the steepest demographic challenges, with retirements outnumbering new entrants by ratios of 1.7 and 1.4 to 1 respectively.
At the same time, the supply of newly qualified workers is not keeping pace with the sector’s needs. To prevent the skills gap from widening further by 2030, the number of new qualified entrants into the energy sector globally would need to rise by 40%. The report shows that this would require an additional $2.6 billion per year of investment globally, representing less than 0.1% of spending on education worldwide.
Policy measures can make a major difference. According to the IEA’s Energy Employment Survey, the main barriers preventing people from entering energy-related training include costs, foregone wages and limited awareness of available programmes. Effective policy tools include targeted financial incentives for learners, expanded apprenticeships, greater private-sector involvement in curriculum design, and investment in training facilities. Reskilling within the energy sector itself is also essential. Some regions already face declines in fossil fuel employment, but targeted retraining could help workers transfer into other parts of the energy system that are growing.
