Director/PDMR Shareholding

Rhea-AI Summary

Shell plc (SHEL) notified that several Persons Discharging Managerial Responsibilities acquired dividend shares following the interim dividend payment on 18 December 2025. The acquisitions occurred on 22 December 2025 across Amsterdam, London and New York.

Key disclosed transactions: Wael Sawan bought 3,054.9554 AMS shares at EUR 31.0198 (€94,764.11) and 656.18285 LSE shares at GBP 27.05954 (£17,756.01); Sinead Gorman bought 2,145.9574 LSE shares at GBP 27.05954 (£58,068.62); Machteld de Haan bought 291.35253 AMS shares at EUR 31.0198 and 21.62565 SHEL ADS at USD 72.97.

Key Figures

Wael Sawan dividend shares (AMS) 3,054.9554 shares at EUR 31.0198 Dividend shares acquired on 22/12/2025 in Amsterdam

Wael Sawan dividend shares (LSE) 656.18285 shares at GBP 27.05954 Dividend shares acquired on 22/12/2025 in London

Sinead Gorman dividend shares 2,145.9574 shares at GBP 27.05954 Dividend shares acquired on 22/12/2025 in London

Peter Costello dividend shares (LSE) 1,007.40788 shares at GBP 27.05954 Dividend shares acquired on 22/12/2025 in London

Machteld De Haan ADS dividend 21.62565 ADS at USD 72.97 Dividend shares acquired on 22/12/2025 in New York

Robertus Mooldijk dividend shares 703.89909 shares at EUR 31.0198 Dividend shares acquired on 22/12/2025 in Amsterdam

Andrew Smith dividend shares 420.71812 shares at EUR 31.0198 Dividend shares acquired on 22/12/2025 in Amsterdam

Rachel Solway dividend shares 84.59008 shares at GBP 27.05954 Dividend shares acquired on 22/12/2025 in London

Market Reality Check

$72.84 Last Close

Volume Volume 2,412,298 vs 20-day average 3,893,171 ahead of this disclosure. low

Technical Price 73.07 is trading above 200-day MA at 70.87 before this filing.

Peers on Argus

Large-cap integrated peers CVX, XOM, TTE, BP and PBR all show modest gains between 0.2% and 0.8%, similar in direction to SHEL’s pre-news move of 0.68%, but momentum scanners do not flag a broad sector momentum event.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 22	Share buy-back update	Positive	+0.8%	Disclosure of 1,464,165 shares repurchased for cancellation across LSE and XAMS.
Dec 19	Share buy-back update	Positive	+1.0%	Nearly 1.97M shares bought back for cancellation across UK and Dutch venues.
Dec 18	Share buy-back update	Positive	-0.3%	1,486,776 shares repurchased under the ongoing capital return programme.
Dec 17	Share buy-back update	Positive	+1.6%	1,504,212 shares purchased across LSE and XAMS for cancellation.
Dec 16	Share buy-back update	Positive	-2.5%	Disclosure of 2,393,719 shares cancelled following buy-backs on LSE and XAMS.

Pattern Detected

Recent news flow has been dominated by share buy-back activity, which has more often than not been followed by positive 24-hour price reactions, though there are instances of negative follow-through.

Recent Company History

Over the last several sessions, Shell has repeatedly reported daily share repurchases for cancellation under its ongoing buy-back programme, with disclosures on Dec 16–22, 2025. These updates detail multi-venue purchases on LSE and Euronext Amsterdam with varying VWAP levels, and most days showed positive next-day price moves. Today’s PDMR dividend-share acquisitions occur against this backdrop of ongoing capital returns and regular market disclosures.

Market Pulse Summary

This announcement details routine acquisitions of dividend shares by multiple PDMRs following Shell’s interim dividend for the third quarter of 2025, across listings in Amsterdam, London and New York. Set against a recent series of buy-back disclosures in mid-December 2025, it reinforces ongoing capital-return and governance transparency. Investors may monitor future insider-related filings, ongoing repurchase updates, and broader sector developments when assessing Shell’s risk-reward profile.

Key Terms

persons discharging managerial responsibilities regulatory

"following the payment of the interim dividend... the following Persons Discharging Managerial Responsibilities"

Persons Discharging Managerial Responsibilities are the key people in a company who make big decisions, like top managers or executives. Knowing who they are is important because their actions can influence the company’s success or failure, and they are often required to share information about their dealings to ensure transparency for investors and the public.

PDMR regulatory

"PDMR | Date Acquired | Share Type | Number of dividend shares acquired"

A PDMR (person discharging managerial responsibilities) is an individual who can shape a company’s strategy or finances—typically senior executives, board members, or close advisors with decision-making authority. Investors care because PDMRs often hold material, non‑public information and their buying or selling of shares must be reported; monitoring those disclosures is like watching a ship’s captain to read the likely course and spot possible insider risk.

Market Abuse regulatory

"REQUIREMENTS OF THE EU AND UK MARKET ABUSE REGIMES"

Market abuse is illegal or unethical behavior that distorts the price or fairness of buying and selling financial assets, such as using secret information to trade, spreading false or misleading news, or creating fake buying and selling to give a false impression of demand. It matters to investors because it can cause unfair losses, unreliable prices and legal or reputational fallout; like cheating in a game or tampering with a scale, it destroys confidence that markets reflect true value.

ordinary shares financial

"Description of the financial instrument | Ordinary shares of €0.07 each"

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

American Depository Shares financial

"Description of the financial instrument | American Depository Shares (SHEL)"

American depository shares are U.S.-listed securities that stand in for a foreign company’s ordinary shares, held by a U.S. bank which issues the ADS so investors can trade the foreign stock in U.S. dollars and on U.S. exchanges. Think of them like a locally wrapped version of a foreign product—easier to buy and sell at home—but they still carry risks from currency differences, foreign rules and potential limits on voting rights, so they affect access, liquidity and investment risk.

Legal Entity Identifier code regulatory

"Legal Entity Identifier code | 21380068P1DRHMJ8KU70"

A legal entity identifier code (LEI) is a unique, standardized 20-character code that works like a passport number for companies and other organizations, letting anyone unambiguously identify who is behind a financial transaction or filing. Investors care because it improves transparency and reduces fraud or confusion—making it easier to track ownership, confirm counterparties, and comply with reporting rules, much like a clear ID speeds up background checks.

dividend shares financial

"Nature of the transaction | Dividend shares in respect of shares previously delivered"

Dividend shares are additional company shares issued to shareholders as a payout instead of cash, effectively increasing the number of shares you own without a purchase. They matter to investors because they raise your ownership stake and potential future income from the stock, change how gains and income are taxed, and can signal a company’s approach to returning value — like receiving extra slices of pizza now rather than money to spend.

Share Plan Account financial

"vested under employee share plans and held in a Share Plan Account."

A share plan account is a designated record that holds stock allocated to an individual under a formal share scheme, such as employee ownership programs or dividend reinvestment arrangements. It tracks how many shares are owned, any vesting or sale restrictions, and transaction history, acting like a locker that keeps those shares separate from ordinary brokerage holdings so investors know what they can sell, when, and how their ownership will affect their finances.

AI-generated analysis. Not financial advice.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES IN ACCORDANCE WITH THE REQUIREMENTS OF THE EU AND UK MARKET ABUSE REGIMES
December 24, 2025
Shell plc (the "Company") has been notified that following the payment of the interim dividend on December 18, 2025 in respect of the third quarter of 2025, the following Persons Discharging Managerial Responsibilities ("PDMRs") acquired dividend shares in respect of shares previously delivered to them under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Further information can be found in the Shell plc Annual Report and Form 20-F for the year ended December 31, 2024 (www.shell.com/annualreport).
PDMR	Date Acquired	Share Type	Number of dividend shares acquired	Purchase price per Share
Wael Sawan	22 December 2025	SHELL (AMS)	3,054.9554	EUR 31.0198
Wael Sawan	22 December 2025	SHEL (LSE)	656.18285	GBP 27.05954
Sinead Gorman	22 December 2025	SHEL (LSE)	2,145.9574	GBP 27.05954
Philippa Bounds	22 December 2025	SHELL (AMS)	0.00593	EUR 31.0198
Philippa Bounds	22 December 2025	SHEL (LSE)	307.48192	GBP 27.05954
Peter Costello	22 December 2025	SHELL (AMS)	30.33224	EUR 31.0198
Peter Costello	22 December 2025	SHEL (LSE)	1,007.40788	GBP 27.05954
Cederic Cremers	22 December 2025	SHELL (AMS)	337.96228	EUR 31.0198
Machteld de Haan	22 December 2025	SHELL (AMS)	291.35253	EUR 31.0198
Machteld de Haan	22 December 2025	SHEL ADS (NYSE)	21.62565	USD 72.97
Robertus Mooldijk	22 December 2025	SHELL (AMS)	703.89909	EUR 31.0198
Andrew Smith	22 December 2025	SHELL (AMS)	420.71812	EUR 31.0198
Rachel Solway	22 December 2025	SHEL (LSE)	84.59008	GBP 27.05954
The Notification of Dealing Form for each PDMR can be found below.
Julie Keefe
Deputy Company Secretary
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

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Wael
Last Name(s)	Sawan
2. Reason for the notification
Position/status	Chief Executive Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	EUR
Price	31.0198
Volume	3,054.9554
Total	94,764.11
Aggregated information
Volume	3,054.9554
Price	31.0198
Total	94,764.11
Date of transaction	22/12/2025
Place of transaction	Amsterdam

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Wael
Last Name(s)	Sawan
2. Reason for the notification
Position/status	Chief Executive Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	GBP
Price	27.05954
Volume	656.18285
Total	17,756.01
Aggregated information
Volume	656.18285
Price	27.05954
Total	17,756.01
Date of transaction	22/12/2025
Place of transaction	London

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Sinead
Last Name(s)	Gorman
2. Reason for the notification
Position/status	Chief Financial Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	GBP
Price	27.05954
Volume	2,145.9574
Total	58,068.62
Aggregated information
Volume	2,145.9574
Price	27.05954
Total	58,068.62
Date of transaction	22/12/2025
Place of transaction	London

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Philippa
Last Name(s)	Bounds
2. Reason for the notification
Position/status	Chief Legal Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	EUR
Price	31.0198
Volume	0.00593
Total	0.18
Aggregated information
Volume	0.00593
Price	31.0198
Total	0.18
Date of transaction	22/12/2025
Place of transaction	Amsterdam

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Philippa
Last Name(s)	Bounds
2. Reason for the notification
Position/status	Chief Legal Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	GBP
Price	27.05954
Volume	307.48192
Total	8,320.32
Aggregated information
Volume	307.48192
Price	27.05954
Total	8,320.32
Date of transaction	22/12/2025
Place of transaction	London

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Peter
Last Name(s)	Costello
2. Reason for the notification
Position/status	President, Upstream
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	EUR
Price	31.0198
Volume	30.33224
Total	940.90
Aggregated information
Volume	30.33224
Price	31.0198
Total	940.90
Date of transaction	22/12/2025
Place of transaction	Amsterdam

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Peter
Last Name(s)	Costello
2. Reason for the notification
Position/status	President, Upstream
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	GBP
Price	27.05954
Volume	1,007.40788
Total	27,259.99
Aggregated information
Volume	1,007.40788
Price	27.05954
Total	27,259.99
Date of transaction	22/12/2025
Place of transaction	London

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Cederic
Last Name(s)	Cremers
2. Reason for the notification
Position/status	President, Integrated Gas
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	EUR
Price	31.0198
Volume	337.96228
Total	10,483.52
Aggregated information
Volume	337.96228
Price	31.0198
Total	10,483.52
Date of transaction	22/12/2025
Place of transaction	Amsterdam

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Machteld
Last Name(s)	De Haan
2. Reason for the notification
Position/status	President, Downstream, Renewables and Energy Solutions
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	EUR
Price	31.0198
Volume	291.35253
Total	9,037.70
Aggregated information
Volume	291.35253
Price	31.0198
Total	9,037.70
Date of transaction	22/12/2025
Place of transaction	Amsterdam

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Machteld
Last Name(s)	De Haan
2. Reason for the notification
Position/status	President, Downstream, Renewables and Energy Solutions
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	American Depository Shares (SHEL)
Identification Code	US7802593050
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	USD
Price	72.97
Volume	21.62565
Total	1,578.02
Aggregated information
Volume	21.62565
Price	72.97
Total	1,578.02
Date of transaction	22/12/2025
Place of transaction	New York

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Robertus
Last Name(s)	Mooldijk
2. Reason for the notification
Position/status	President, Projects and Technology
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	EUR
Price	31.0198
Volume	703.89909
Total	21,834.81
Aggregated information
Volume	703.89909
Price	31.0198
Total	21,834.81
Date of transaction	22/12/2025
Place of transaction	Amsterdam

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Andrew
Last Name(s)	Smith
2. Reason for the notification
Position/status	President, Trading and Supply
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	EUR
Price	31.0198
Volume	420.71812
Total	13,050.59
Aggregated information
Volume	420.71812
Price	31.0198
Total	13,050.59
Date of transaction	22/12/2025
Place of transaction	Amsterdam

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Rachel
Last Name(s)	Solway
2. Reason for the notification
Position/status	Chief Human Resources & Corporate Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account.
Currency	GBP
Price	27.05954
Volume	84.59008
Total	2,288.97
Aggregated information
Volume	84.59008
Price	27.05954
Total	2,288.97
Date of transaction	22/12/2025
Place of transaction	London

FAQ

What did Shell (SHEL) announce on December 24, 2025 about PDMR shareholdings?

Shell announced that multiple PDMRs acquired dividend shares on 22 December 2025 following the interim dividend paid on 18 December 2025.

How many dividend shares did Shell CEO Wael Sawan acquire on 22 December 2025 (SHEL)?

Wael Sawan acquired 3,054.9554 AMS shares at EUR 31.0198 and 656.18285 LSE shares at GBP 27.05954.

What was the total value of Wael Sawan's AMS dividend share acquisition for Shell (SHEL)?

The AMS acquisition totalled €94,764.11 (3,054.9554 shares at EUR 31.0198).

Which Shell (SHEL) PDMR acquired American Depositary Shares on 22 December 2025 and at what price?

Machteld de Haan acquired 21.62565 SHEL ADS on 22 December 2025 at USD 72.97 per ADS.

Where were the PDMR dividend-share transactions for Shell (SHEL) executed on 22 December 2025?

Transactions were executed in Amsterdam, London and New York depending on the listing and currency.

How can investors view the full notifications of Shell (SHEL) PDMR transactions from December 2025?

The company provided detailed Notification of Dealing Forms for each PDMR and referenced the Shell annual report and Form 20-F for further information.