SHELL PLC 3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS

ARC adds approximately 370 thousand barrels of oil equivalent daily, while LNG Canada Phase 2 will double the project's production capacity.

Rhea-AI Summary

Shell (SHEL) reported third-quarter 2026 shareholder income of $12.057 billion and announced a new share buyback programme alongside its results. Income rose from $10.821 billion in Q2 and $5.322 billion a year earlier. Adjusted earnings reached $10.814 billion, versus $9.836 billion in Q2. Operating cash flow declined to $21.043 billion from $21.432 billion, while net debt fell to $39.733 billion from $41.754 billion.

The new $5.0 billion buyback is expected to finish by the fourth-quarter results announcement. The quarterly dividend is $0.3906 per share. Shell completed the ARC Resources acquisition at an equity value of $14.0 billion, using cash and shares, and approved LNG Canada Phase 2, with commercial operations expected in the early 2030s. Nine-month shareholder income rose to $28.573 billion from $13.703 billion; oil and gas production fell to 2,593 thousand barrels of oil equivalent daily from 2,781.

31 points · 0 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 23 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.$5.0 billion share buyback announced, expected to finish by the fourth-quarter 2026 results announcement. 1.7% of market cap
• Moderate pointQ3 shareholder income increased to $12.057 billion from $10.821 billion in Q2 and $5.322 billion a year earlier.
• Moderate pointNine-month operating cash flow rose to $48.538 billion from $33.425 billion in 2025.
• Moderate pointNet debt declined to $39.733 billion from $41.754 billion at the end of Q2.
• Moderate pointARC acquisition completed in September, adding approximately 370 thousand barrels of oil equivalent daily.
• Moderate point. Forward-looking: it has not happened yet and may not happen.LNG Canada Phase 2 approved, expanding capacity from 14 million to 28 million tonnes annually.
• Moderate pointIntegrated Gas Q3 production increased 22% sequentially, mainly reflecting ARC, partly offset by planned maintenance.
• Moderate pointNine-month LNG liquefaction volumes increased 12%, mainly reflecting LNG Canada ramp-up, partly offset by reduced Qatari volumes.

23 minor points

• Minor pointQ3 adjusted earnings rose to $10.814 billion from $9.836 billion in Q2 and $5.432 billion a year earlier.
• Minor pointQ3 basic earnings per share rose to $2.15 from $1.94 in Q2 and $0.91 a year earlier.
• Minor pointNine-month shareholder income increased to $28.573 billion from $13.703 billion in 2025.
• Minor pointNine-month adjusted earnings increased to $27.565 billion from $15.273 billion in 2025.
• Minor pointNine-month basic earnings per share increased to $5.09 from $2.31 in 2025.
• Minor pointNine-month free cash flow increased to $36.773 billion from $21.803 billion in 2025.
• Minor pointGearing, the debt share of capital, fell to 16.6% from 18.7% at the end of Q2.
• Minor pointQ3 dividend of $0.3906 per share was unchanged sequentially and above $0.3580 a year earlier.
• Minor point$4.2 billion buyback announced with Q2 results has been completed.
• Minor pointQ3 operating expenses fell to $9.033 billion from $9.275 billion a year earlier, despite rising sequentially.
• Minor point. Forward-looking: it has not happened yet and may not happen.Shell's additional LNG entitlement from the expansion is nearly 6 million tonnes annually, expected in the early 2030s.
• Minor pointNa Kika and Coulomb sale completed for approximately $840 million in cash proceeds.
• Minor pointAphrodite interest sale agreed for up to $720 million for Shell's 35% non-operated interest.
• Minor pointTri Star Energy acquisition agreed, increasing ownership from 33% to 100%, including supply agreements with 552 dealer-owned locations.
• Minor pointSolenergi sale agreed with Aditya Birla Renewables for $1.8 billion.
• Minor pointEuropean onshore renewables portfolio sale agreed, covering assets in Italy, the Netherlands, Spain and the UK.
• Minor pointHunlock Creek acquisition agreed for 100% ownership of 169 MW of gas-fired generation capacity.
• Minor pointRISEC interests sale agreed for $715 million.
• Minor pointIntegrated Gas Q3 adjusted earnings rose to $3.037 billion from $2.691 billion in Q2.
• Minor pointIntegrated Gas nine-month adjusted earnings increased to $7.546 billion from $6.363 billion a year earlier.
• Minor pointUpstream Q3 operating cash flow increased to $7.281 billion from $6.835 billion in Q2.
• Minor pointUpstream nine-month adjusted earnings increased to $9.052 billion from $5.873 billion a year earlier.
• Minor pointUpstream nine-month cash capital expenditure declined to $5.483 billion from $6.634 billion a year earlier.

Negative

• Moderate pointQ3 oil and gas production fell to 2,574 thousand barrels of oil equivalent daily from 2,821 a year earlier.
• Moderate pointARC consideration of CAD 8.20 cash and 0.40247 Shell ordinary shares per ARC share entails cash outlay and dilution.
• Moderate pointNine-month working capital outflows totalled $8.4 billion. 2.8% of market cap
• Moderate pointIntegrated Gas nine-month production decreased 17%, mainly reflecting the Middle East conflict's impact on Qatari volumes.
• Minor pointQ3 operating cash flow declined to $21.043 billion from $21.432 billion in Q2, despite exceeding $12.207 billion a year earlier.

18 minor points

• Minor pointQ3 free cash flow declined to $16.322 billion from $17.524 billion in Q2, despite exceeding $9.950 billion a year earlier.
• Minor pointNine-month oil and gas production fell to 2,593 thousand barrels of oil equivalent daily from 2,781 a year earlier.
• Minor pointQ3 cash capital expenditure increased to $7.922 billion from $4.237 billion in Q2, including ARC cash consideration.
• Minor pointNine-month cash capital expenditure increased to $16.361 billion from $14.899 billion a year earlier.
• Minor pointTotal debt increased to $76.075 billion from $73.076 billion at the end of Q2.
• Minor pointARC net debt and leases assumed totalled $2.5 billion; $1.9 billion of debt was repaid in September.
• Minor pointQ3 lease additions totalled $6.6 billion, including $5.4 billion in non-cash shipping lease increases.
• Minor pointQ3 emission-certificate and biofuel-programme timing outflows totalled $2.2 billion.
• Minor pointNine-month operating expenses increased to $26.412 billion from $26.115 billion a year earlier.
• Minor pointAphrodite sale awaits regulatory approval; proceeds include milestone-linked contingent payments, with completion expected in early 2027.
• Minor pointTri Star Energy acquisition awaits regulatory clearance, with completion expected by the end of 2026.
• Minor pointSolenergi sale awaits regulatory approval, with completion expected by the end of 2026.
• Minor pointEuropean renewables sale awaits regulatory approvals, with completion expected by the end of 2026.
• Minor pointHunlock Creek acquisition and RISEC sale await regulatory approvals, with closing expected in Q1 2027.
• Minor pointIntegrated Gas Q3 operating cash flow declined to $4.606 billion from $4.629 billion in Q2.
• Minor pointIntegrated Gas nine-month operating cash flow declined to $9.717 billion from $10.129 billion a year earlier.
• Minor pointQ3 LNG liquefaction volumes decreased 4% sequentially, mainly because of higher planned maintenance.
• Minor pointUpstream Q3 adjusted earnings declined to $3.189 billion from $3.485 billion in Q2, despite exceeding $1.804 billion a year earlier.

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SHELL PLC 3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS

 

SUMMARY OF UNAUDITED RESULTS
Quarters									$ million						Nine months
Q3 2026			Q2 2026			Q3 2025						Reference*			2026			2025
12,057			10,821			5,322			Income attributable to Shell plc shareholders						28,573			13,703
10,814			9,836			5,432			Adjusted Earnings			A.			27,565			15,273
22,736			20,710			14,773			Adjusted EBITDA			A.			61,187			43,336
21,043			21,432			12,207			Cash flow from operating activities						48,538			33,425
(4,721)			(3,908)			(2,257)			Cash flow from investing activities						(11,765)			(11,622)
16,322			17,524			9,950			Free cash flow			G.			36,773			21,803
7,922			4,237			4,907			Cash capital expenditure			C.			16,361			14,899
9,033			8,664			9,275			Operating expenses			F.			26,412			26,115
8,836			8,440			8,998			Underlying operating expenses			F.			25,861			25,596
14.4%			12.4%			9.4%			ROACE			D.			14.4%			9.4%
76,075			73,076			73,977			Total debt			E.			76,075			73,977
39,733			41,754			41,204			Net debt			E.			39,733			41,204
16.6%			18.7%			18.8%			Gearing			E.			16.6%			18.8%
2,574			2,455			2,821			Oil and gas production available for sale (thousand boe/d)						2,593			2,781
2.15			1.94			0.91			Basic earnings per share ($)						5.09			2.31
1.93			1.76			0.93			Adjusted Earnings per share ($)			B.			4.91			2.57
0.3906			0.3906			0.3580			Dividend per share ($)						1.1718			1.0740

* Alternative Performance (Non-GAAP) measure. See page 37.

Quarter Analysis1

Income attributable to Shell plc shareholders was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $0.4 billion.

Adjusted Earnings, compared with the second quarter 2026, reflected higher Refining margins, higher realised LNG prices and higher Integrated Gas volumes. These were partly offset by lower crude and oil products trading and optimisation, higher well write-offs and lower realised liquids prices.

Identified items in the third quarter 2026 amounted to a net gain of $0.8 billion and included favourable movements due to the fair value accounting of commodity derivatives and gains on the disposal of assets, partly offset by a loss from net impairment charges and reversals. This compares with identified items in the second quarter 2026 which amounted to a net gain of $0.4 billion.

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

Cash flow from operating activities for the third quarter 2026 was $21.0 billion, and primarily driven by Adjusted EBITDA and net cash inflows related to derivatives of $3.4 billion, partly offset by tax payments of $3.2 billion and net cash outflows related to the timing impact of payments for emission certificates and biofuel programmes of $2.2 billion.2

 

Cash flow from investing activities for the third quarter 2026 was an outflow of $4.7 billion, and included cash capital expenditure of $7.9 billion, which included the cash purchase consideration for the ARC Resources Ltd. (“ARC”) acquisition.3 This was partly offset by divestment proceeds of $2.7 billion which mainly related to the divestments of Jiffy Lube International and our interest in the Na Kika platform in the Gulf of America.

Net debt and Gearing: At the end of the third quarter 2026, net debt was $39.7 billion, compared with $41.8 billion at the end of the second quarter 2026. This reflects free cash flow of $16.3 billion, partly offset by lease additions of $6.6 billion4, share buybacks of $3.2 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. In addition, as part of the acquisition of ARC, Shell took on net debt and leases of $2.5 billion, of which debt of $1.9 billion was repaid in

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

September 2026. Gearing was 16.6% at the end of the third quarter 2026, compared with 18.7% at the end of the second quarter 2026, mainly driven by lower net debt and favourable equity movements. The acquisition of ARC resulted in a 0.8 percentage point reduction in gearing.

Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.3 billion, comprising repurchases of shares of $3.2 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the third quarter 2026 amount to $0.3906 per share. Shell has now completed the aggregate $4.2 billion of share buybacks announced in the second quarter 2026 results announcement. Today, Shell announces a share buyback programme of $5.0 billion which is expected to be completed by the fourth quarter 2026 results announcement.

 

Nine Months Analysis1

Income attributable to Shell plc shareholders was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $2.2 billion.

Adjusted Earnings, compared with the first nine months 2025, reflected higher trading and optimisation, higher realised prices, higher Refining margins and higher Chemicals margins. These were partly offset by lower volumes, unfavourable tax movements and unfavourable net interest movements.

Identified items in the first nine months 2026 amounted to a net loss of $1.2 billion and included a loss from net impairment charges and reversals and unfavourable movements due to the fair value accounting of commodity derivatives, partly offset by gains on the disposal of assets. This compares with identified items in the first nine months 2025 which amounted to a net loss of $1.2 billion.

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

Cash flow from operating activities for the first nine months 2026 was $48.5 billion, and primarily driven by Adjusted EBITDA, the non-cash cost of supplies adjustment of $3.2 billion (before tax) and net cash inflows related to derivatives of $2.6 billion, partly offset by tax payments of $8.5 billion and working capital outflows of $8.4 billion.

Cash flow from investing activities for the first nine months 2026 was an outflow of $11.8 billion and included cash capital expenditure of $16.4 billion. This was partly offset by divestment proceeds of $3.5 billion and interest received of $1.1 billion.

 

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 5 .

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

2.Includes $2.4 billion payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act).

3.See Note 8 “Acquisition of ARC Resources”.

4.Includes non-cash increases of $5.4 billion in the variable component of shipping leases in the current macro environment. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements” for further details.

5.Not incorporated by reference.

 

PORTFOLIO DEVELOPMENTS

 

Integrated Gas

In July 2026, we reached an agreement to sell our 35% non-operated interest in Cyprus Offshore Block 12 containing the Aphrodite gas field, for up to $720 million, subject to customary adjustments and milestone-linked contingent payments. The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.

In September 2026, we completed the previously announced agreement to acquire ARC Resources Ltd. (“ARC”), following receipt of all required shareholder, court and regulatory approvals. The transaction adds approximately 370 kboe/d immediately across liquids and gas. In accordance with the terms of the agreement, ARC’s shareholders received CAD 8.20 in cash and 0.40247 ordinary shares of Shell plc for each ARC share, resulting in an equity value of USD 14.0 billion.1

In September 2026, Shell took a final investment decision on LNG Canada Phase 2. The project will increase LNG Canada’s production capacity from 14 million tonnes per annum (mtpa) to 28 mtpa. Shell has a 40% interest in LNG Canada and will receive nearly 6 mtpa of additional LNG from the expansion. Commercial operations are expected to begin in the early 2030s.

 

Upstream

In September 2026, we completed the previously announced sale of our 50% non-operated working interest in the Na Kika platform and associated fields in the Gulf of America, together with our 100%-owned Coulomb tieback, for cash proceeds of approximately $840 million reflecting adjustments between the effective date of July 1, 2025, and closing.

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Marketing

In September 2026, we signed an agreement to increase our equity in Tri Star Energy, a convenience store operator and fuel distributor operating across the south-eastern United States, from 33% to 100%. The acquisition will make Shell the full owner of an additional 320 fuel and convenience retail sites and includes supply agreements with 552 more dealer-owned locations. The deal is expected to be completed by the end of 2026, subject to regulatory clearance and closing conditions.

 

Renewables and Energy Solutions

In July 2026, we agreed to sell 100% of Solenergi Power Private Limited, which includes the Sprng Energy group of companies, to Aditya Birla Renewables Limited for $1.8 billion. The transaction is expected to complete by the end of 2026, subject to regulatory approval and closing conditions.

In August 2026, we signed an agreement to sell our European onshore renewables portfolio, including development-stage and operational assets across Italy, the Netherlands, Spain and the UK. The portfolio included in the transaction comprises ~0.5 GW of combined renewable generation capacity in operation and in development, as well as a pipeline of projects for future development. The transaction is subject to regulatory approvals and is expected to complete by the end of 2026.

In September 2026, we signed agreements to acquire 100% of Hunlock Creek Generating LLC, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania, and to sell our interests in RISEC Holdings, LLC, which owns a 609-MW power plant that serves the New England power market, for $715 million. Both transactions are subject to regulatory approvals and are expected to close in the first quarter of 2027.

 

1. See Note 8 “Acquisition of ARC Resources”.

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

PERFORMANCE BY SEGMENT

 

z

INTEGRATED GAS
Quarters									$ million						Nine months
Q3 2026			Q2 2026			Q3 2025						Reference*			2026			2025
4,553			2,680			2,355			Income/(loss) for the period						8,555			6,982
1,517			(10)			212			Of which: Identified items			A.			1,009			619
3,037			2,691			2,143			Adjusted Earnings			A.			7,546			6,363
5,184			4,761			4,257			Adjusted EBITDA			A.			14,060			12,867
4,606			4,629			3,038			Cash flow from operating activities			A.			9,717			10,129
4,756			1,269			1,169			Cash capital expenditure			C.			7,039			3,482
93			37			130			Liquids production available for sale (thousand b/d)						81			128
3,942			3,448			4,667			Natural gas production available for sale (million scf/d)						3,996			4,619
772			631			934			Total production available for sale (thousand boe/d)						770			925
7.43			7.73			7.29			LNG liquefaction volumes (million tonnes)						23.03			20.61
19.25			17.96			18.88			LNG sales volumes (million tonnes)						56.37			53.14

* Alternative Performance (Non-GAAP) measure. See page 37.

Integrated Gas includes natural gas and liquids exploration and extraction. The gas is then processed to produce liquefied natural gas (LNG) or converted into gas-to-liquids (GTL) fuels and other products. The business includes the operation of both upstream and midstream infrastructure necessary to deliver natural gas and its derivatives to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

Quarter Analysis1

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

Adjusted Earnings, compared with the second quarter 2026, reflected higher volumes (increase of $360 million) and the combined net effect of realised prices and contributions from trading and optimisation (increase of $324 million), partly offset by higher operating expenses (increase of $180 million).

Identified items in the third quarter 2026 included a gain from net impairment reversals of $1,290 million, mainly related to an asset in North America.

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

Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA. This was partly offset by tax payments of $442 million.

Total oil and gas production, compared with the second quarter 2026, increased by 22%, mainly due to the acquisition of ARC Resources Ltd. on September 2, 2026, partly offset by higher planned maintenance. LNG liquefaction volumes decreased by 4%, mainly due to higher planned maintenance across the portfolio.

 

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2025, reflected the combined effect of higher contributions from trading and optimisation and higher realised prices (increase of $3,783 million), partly offset by lower volumes (decrease of $1,279 million), unfavourable tax movements ($583 million) and higher operating expenses (increase of $508 million).

Identified items in the first nine months 2026 included a gain from net impairment reversals and charges of $1,277 million, mainly related to an asset in North America, partly offset by unfavourable movements of $510 million due to the fair value accounting of commodity derivatives. These net reversals and unfavourable movements compare with the first nine months 2025 which included favourable movements of $946 million due to the fair value accounting of commodity derivatives, partly offset by a loss from impairment charges of $455 million. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

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

Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA. This was partly offset by tax payments of $1,701 million, a payment relating to a legal case of $635 million and net cash outflows related to derivatives of $608 million.

Total oil and gas production, compared with the first nine months 2025, decreased by 17%, mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes increased by 12%, mainly due to LNG Canada ramp-up, partly offset by the impact of the Middle East conflict on Qatari volumes.

 

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

 

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

UPSTREAM
Quarters									$ million						Nine months
Q3 2026			Q2 2026			Q3 2025						Reference*			2026			2025
3,860			3,579			1,707			Income/(loss) for the period						9,995			5,795
671			93			(97)			Of which: Identified items			A.			943			(78)
3,189			3,485			1,804			Adjusted Earnings			A.			9,052			5,873
9,269			8,891			6,557			Adjusted EBITDA			A.			25,421			20,582
7,281			6,835			4,841			Cash flow from operating activities			A.			17,294			15,286
1,691			1,633			1,885			Cash capital expenditure			C.			5,483			6,634
1,360			1,367			1,399			Liquids production available for sale (thousand b/d)						1,358			1,356
2,562			2,648			2,513			Natural gas production available for sale (million scf/d)						2,697			2,613
1,802			1,824			1,832			Total production available for sale (thousand boe/d)						1,823			1,806

* Alternative Performance (Non-GAAP) measure. See page 37.

Upstream explores for and extracts crude oil, natural gas and natural gas liquids. The segment also includes marketing and transportation of oil, gas and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemicals manufacturing plants and refineries. Upstream activities span deep-water and conventional oil and gas operations.

Quarter Analysis1

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

Adjusted Earnings, compared with the second quarter 2026, reflected higher well write-offs (increase of $309 million), unfavourable tax movements ($246 million), and lower realised prices and margins (decrease of $129 million), mainly due to lower realised liquids prices. Adjusted Earnings also reflected favourable movements in unrealised profit eliminations on inter-segment sales ($341 million).2

Identified items in the third quarter 2026 included gains of $777 million from the disposal of assets, mainly related to the sale of our interest in the Na Kika platform in the Gulf of America. These gains compare with the second quarter 2026 which included gains of $83 million from the disposal of assets.

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

Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $908 million. These inflows were partly offset by tax payments of $2,577 million.

Total production, compared with the second quarter 2026, decreased mainly due to production sharing contract effects and field decline, partly offset by new oil production in the Gulf of America and Brazil.

 

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2025, reflected higher realised prices and margins (increase of $4,137 million), mainly due to higher realised liquids prices, partly offset by higher operating expenses (increase of $433 million) and depreciation, depletion and amortisation expenses (increase of $345 million).

Identified items in the first nine months 2026 included gains of $823 million from the disposal of assets, mainly related to the sale of our interest in the Na Kika platform in the Gulf of America, gains of $238 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $104 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains compare with the first nine months 2025 which included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $524 million from disposal of assets.

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

Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $6,130 million and working capital outflows of $2,159 million.

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Total production for the first nine months 2026 increased mainly due to new production in the Gulf of America and Brazil, partly offset by portfolio changes and field decline.

 

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

2.Sales of products between segments are based on prices generally equivalent to commercially available prices. Any profit on products still held in inventory at the end of the period is excluded from the segment earnings until these products are sold to third parties.

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

MARKETING
Quarters									$ million						Nine months
Q3 2026			Q2 2026			Q3 2025						Reference*			2026			2025
55			1,747			576			Income/(loss) for the period						3,698			2,155
(1,895)			157			(759)			Of which: Identified items			A.			(1,886)			(1,161)
1,164			1,329			1,316			Adjusted Earnings			A.			3,827			3,416
1,986			2,392			2,340			Adjusted EBITDA			A.			6,816			6,389
(210)			2,547			1,788			Cash flow from operating activities			A.			4,561			6,414
415			380			489			Cash capital expenditure			C.			1,043			1,173
2,581			2,570			2,824			Marketing sales volumes (thousand b/d)						2,593			2,771

* Alternative Performance (Non-GAAP) measure. See page 37.

 

Marketing includes Mobility, Lubricants, and Sectors and Decarbonisation. Mobility operates our retail network, including electric vehicle charging, convenience retail, and the Wholesale Commercial Fuels business for transport and industry. Lubricants produces, markets and sells products for road transport and machinery in manufacturing, mining, power generation, agriculture and construction. Sectors and Decarbonisation supplies fuels, speciality products and services, including low-carbon energy solutions such as biofuels, to a broad range of commercial customers, including in the aviation, marine and agriculture sectors.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $787 million.

Adjusted Earnings, compared with the second quarter 2026, reflected lower Marketing margins (decrease of $262 million), mainly due to weaker Mobility unit margins and lower Lubricants volumes. These unfavourable margin movements were partly offset by favourable tax movements ($120 million).

Identified items in the third quarter 2026 included a loss from net impairment charges and reversals of $1,904 million, mainly related to European biogas assets. These net charges compare with the second quarter 2026, which included gains of $282 million from the disposal of assets, mainly related to the divestment of Jiffy Lube International, partly offset by unfavourable movements of $78 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the third quarter 2026 was primarily driven by net cash outflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,866 million and working capital outflows of $947 million. These outflows were partly offset by Adjusted EBITDA and the cost of supplies adjustment of $1,043 million (before tax).

Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2026, increased mainly due to higher Mobility volumes, driven by seasonally higher demand, partly offset by lower Lubricants volumes due to market impacts from the Middle East conflict.

 

Nine Months Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $1,757 million.

Adjusted Earnings, compared with the first nine months 2025, reflected lower operating expenses (decrease of $168 million), partly offset by lower Marketing margins (decrease of $18 million). Lower margins included lower volumes and weaker unit margins, which were largely offset by support from trading and optimisation.

Identified items in the first nine months 2026 included a loss from net impairment charges and reversals of $2,098 million, mainly related to European biogas assets. These net charges compare with the first nine months 2025 which included a loss from net impairment charges and reversals of $857 million and provisions of $186 million², both of which included the impact of the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam.

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

         Page 8

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    SHELL PLC
3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

 

Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA and the cost of supplies adjustment of $2,339 million (before tax). These inflows were partly offset by working capital outflows of $2,974 million and net cash outflows related to the timing impact of payments for emission certificates and biofuel programmes of $555 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2025, decreased mainly due to market impacts from the Middle East conflict, as well as portfolio changes in Mobility.

 

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

2.Included in Other identified items. See Note 2 “Segment information”.

 

         Page 9

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

 

CHEMICALS AND PRODUCTS
Quarters									$ million						Nine months
Q3 2026			Q2 2026			Q3 2025						Reference*			2026			2025
4,299			3,981			1,074			Income/(loss) for the period						8,675			822
715			804			564			Of which: Identified items			A.			(568)			(67)
3,855			2,877			550			Adjusted Earnings			A.			8,657			1,117
6,201			4,664			1,667			Adjusted EBITDA			A.			14,409			3,941
8,527			7,941			2,088			Cash flow from operating activities			A.			14,160			3,591
678			507			813			Cash capital expenditure			C.			1,548			2,046
1,211			1,267			1,176			Refinery processing intake (thousand b/d)						1,232			1,230
2,369			2,281			2,147			Chemicals sales volumes (thousand tonnes)						6,903			7,124

* Alternative Performance (Non-GAAP) measure. See page 37.

 

Chemicals and Products includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude oil and other feedstocks into a range of oil products that are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, and trading and optimisation of crude oil, oil products and petrochemicals.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $271 million.

Adjusted Earnings, compared with the second quarter 2026, reflected higher Products margins (increase of $1,065 million), mainly driven by higher Refining margins, partly offset by lower trading and optimisation. Adjusted Earnings also reflected favourable tax movements ($230 million).

In the third quarter 2026, Chemicals had Adjusted Earnings of $103 million and Products had Adjusted Earnings of $3,751 million.

Identified items in the third quarter 2026 included favourable movements of $836 million due to the fair value accounting of commodity derivatives that, as part of Shell's normal business, are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the second quarter 2026, which included favourable movements of $972 million due to the fair value accounting of commodity derivatives.

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

Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to derivatives of $1,454 million and working capital inflows of $1,239 million.

Refinery utilisation was 96% compared with 102% in the second quarter 2026, mainly due to low Rhine river water levels impacting Rheinland refinery utilisation.

Chemicals manufacturing plant utilisation was 84% compared with 83% in the second quarter 2026, mainly due to lower maintenance activities.

 

Nine Months Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $586 million.

Adjusted Earnings, compared with the first nine months 2025, reflected higher Products margins (increase of $7,031 million), driven mainly by higher refining margins and higher margins from trading and optimisation. Adjusted Earnings also reflected higher Chemicals margins (increase of $699 million).

In the first nine months 2026, Chemicals had Adjusted Earnings of $340 million and Products had Adjusted Earnings of $8,317 million.

Identified items in the first nine months 2026 included losses from unfavourable movements of $208 million due to the fair value accounting of commodity derivatives, charges of $121 million related to redundancy and restructuring, and impairment charges of $114 million. These unfavourable movements and charges compare with the first nine months 2025,

         Page 10

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

which included net gains from the sale of assets of $691 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., partly offset by a loss from impairment charges of $447 million, unfavourable movements of $168 million due to the fair value accounting of commodity derivatives, and charges of $70 million related to redundancy and restructuring.

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

Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,032 million and the cost of supplies adjustment of $850 million (before tax). These inflows were partly offset by working capital outflows of $2,222 million.

Refinery utilisation was 99% compared with 91% in the first nine months 2025, mainly due to lower maintenance activities.

Chemicals manufacturing plant utilisation was 84% compared with 78% in the first nine months 2025, mainly due to lower maintenance activities.

 

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

 

         Page 11

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

RENEWABLES AND ENERGY SOLUTIONS
Quarters									$ million						Nine months
Q3 2026			Q2 2026			Q3 2025						Reference*			2026			2025
75			(550)			110			Income/(loss) for the period						52			(391)
(214)			(629)			18			Of which: Identified items			A.			(664)			(432)
289			79			92			Adjusted Earnings			A.			716			41
373			212			223			Adjusted EBITDA			A.			1,133			436
1,558			(65)			660			Cash flow from operating activities			A.			4,430			1,028
342			429			517			Cash capital expenditure			C.			1,175			1,475
74			70			72			External power sales (terawatt hours)1						216			218
158			161			150			Sales of pipeline gas to end-use customers (terawatt hours)2						516			465

* Alternative Performance (Non-GAAP) measure. See page 37.

 

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

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

Renewables and Energy Solutions encompasses renewable power generation, marketing, trading, and optimisation of power and pipeline gas. It also includes hydrogen production, commercial carbon capture and storage (CCS) hubs and carbon credits. The business invests in nature-based projects that compensate for carbon emissions and Shell Ventures, which invests in or works with start-ups and other early-stage businesses to help them scale up and grow.

Quarter Analysis1

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

Adjusted Earnings, compared with the second quarter 2026, reflected higher margins (increase of $141 million), mainly from trading and optimisation, and favourable tax movements ($58 million).

Positive Adjusted Earnings from trading and optimisation, energy marketing and renewable power generation were partly offset by losses from other Renewables and Energy Solutions activities.

Identified items in the third quarter 2026 included a loss from impairment charges of $147 million. These charges compare with the second quarter 2026, which included a loss from impairment charges of $536 million, mainly related to renewable generation assets in Asia and Europe, and unfavourable movements of $146 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the third quarter 2026 was primarily driven by net cash inflows related to derivatives of $1,913 million and Adjusted EBITDA, partly offset by working capital outflows of $413 million.

 

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2025, reflected higher margins (increase of $442 million), mainly from trading and optimisation, lower operating expenses (decrease of $99 million) and favourable tax movements ($93 million).

Most Renewables and Energy Solutions activities were loss-making for the first nine months 2026, these were more than offset by positive Adjusted Earnings from trading and optimisation.

Identified items in the first nine months 2026 included a loss from impairment charges of $712 million, mainly related to renewable generation assets in Asia and Europe. These charges compare with the first nine months 2025 which included unfavourable movements of $284 million relating to the fair value accounting of commodity derivatives and impairment charges of $177 million, partly offset by gains on disposals of assets of $99 million.

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

         Page 12

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    SHELL PLC
3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Cash flow from operating activities for the first nine months 2026 was primarily driven by net cash inflows related to derivatives of $3,245 million and Adjusted EBITDA.

 

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

 

 

CORPORATE
Quarters									$ million						Nine months
Q3 2026			Q2 2026			Q3 2025						Reference*			2026			2025
(698)			(631)			(402)			Income/(loss) for the period						(2,266)			(1,424)
7			(15)			(20)			Of which: Identified items			A.			(36)			(122)
(705)			(617)			(383)			Adjusted Earnings			A.			(2,230)			(1,302)
(277)			(210)			(272)			Adjusted EBITDA			A.			(651)			(879)
(719)			(455)			(208)			Cash flow from operating activities			A.			(1,625)			(3,022)

* Alternative Performance (Non-GAAP) measure. See page 37.

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

Quarter Analysis1

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

Adjusted Earnings, compared with the second quarter 2026, reflected higher operating expenses (increase of $82 million) and unfavourable tax movements ($76 million), partly offset by favourable foreign currency exchange rate effects ($57 million).

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

Cash flow from operating activities for the third quarter 2026 was primarily driven by working capital outflows of $299 million, which included a reduction in joint venture deposits, and Adjusted EBITDA.

 

Nine Months Analysis1

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

Adjusted Earnings, compared with the first nine months 2025, reflected unfavourable net interest movements (decrease of $543 million) and unfavourable tax movements ($494 million), partly offset by favourable foreign currency exchange rate effects ($152 million).

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

Cash flow from operating activities for the first nine months 2026 was primarily driven by working capital outflows of $754 million, which included a reduction in joint venture deposits, and Adjusted EBITDA.

 

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

 

         Page 13

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

OUTLOOK FOR THE FOURTH QUARTER 2026

Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $23-$25 billion.

 

Integrated Gas production is expected to be approximately 1,080 - 1,180 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.3 - 7.9 million tonnes. Fourth quarter 2026 outlook includes the impact of the ARC Resources Ltd. acquisition, which completed on September 2, 2026.

 

Upstream production is expected to be approximately 1,700 - 1,900 thousand boe/d. Fourth quarter 2026 outlook includes allowance for weather related impacts in the Gulf of America.

 

Marketing sales volumes are expected to be approximately 2,400 - 2,600 thousand b/d.

 

Refinery utilisation is expected to be approximately 92% - 100%. Chemicals manufacturing plant utilisation is expected to be approximately 78% - 86%.

 

Corporate Adjusted Earnings1 were a net expense of $705 million for the third quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the fourth quarter 2026.

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

 

FORTHCOMING EVENTS

Date			Event
February 4, 2027			Capital Markets Update 2027 & Fourth quarter 2026 results and dividends
March 11, 2027			Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2026
April 29, 2027			First quarter 2027 results and dividends
July 29, 2027			Second quarter 2027 results and dividends
October 28, 2027			Third quarter 2027 results and dividends

         Page 14

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

CONSOLIDATED STATEMENT OF INCOME
Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
92,848			94,664			68,153			Revenue1			257,203			202,793
883			642			507			Share of profit/(loss) of joint ventures and associates			1,432			1,834
1,591			1,048			1,751			Interest and other income/(expenses)2			3,174			2,379
95,322			96,354			70,410			Total revenue and other income/(expenses)			261,808			207,006
60,064			64,530			45,145			Purchases			169,368			135,093
6,264			5,476			5,609			Production and manufacturing expenses			17,485			16,068
2,537			2,911			3,258			Selling, distribution and administrative expenses			8,251			9,175
232			277			409			Research and development			676			872
661			110			175			Exploration			869			745
6,411			6,183			6,607			Depreciation, depletion and amortisation2			18,336			18,718
1,168			1,114			1,284			Interest expense			3,755			3,478
77,336			80,600			62,486			Total expenditure			218,741			184,148
17,985			15,754			7,924			Income/(loss) before taxation			43,068			22,858
5,840			4,949			2,504			Taxation charge/(credit)2			14,359			8,918
12,145			10,805			5,420			Income/(loss) for the period			28,709			13,940
88			(16)			98			Income/(loss) attributable to non-controlling interest			136			236
12,057			10,821			5,322			Income/(loss) attributable to Shell plc shareholders			28,573			13,703
2.15			1.94			0.91			Basic earnings per share ($)3			5.09			2.31
2.13			1.92			0.90			Diluted earnings per share ($)3			5.04			2.28

1.See Note 2 “Segment information”.

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

3.See Note 3 “Earnings per share”.

         Page 15

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
12,145			10,805			5,420			Income/(loss) for the period			28,709			13,940
									Other comprehensive income/(loss) net of tax:
									Items that may be reclassified to income in later periods:
(168)			(314)			(268)			– Currency translation differences1			(1,302)			5,569
2			(3)			10			– Debt instruments remeasurements			1			23
114			54			(86)			– Cash flow hedging gains/(losses)			171			(221)
—			—			—			– Net investment hedging gains/(losses)			(3)			—
8			(18)			11			– Deferred cost of hedging			(1)			(26)
(2)			(4)			(18)			– Share of other comprehensive income/(loss) of joint ventures and associates			(16)			169
(45)			(285)			(351)			Total			(1,151)			5,515
									Items that are not reclassified to income in later periods:
425			222			(4,628)			– Retirement benefits remeasurements			838			(4,163)
(6)			(59)			(31)			– Equity instruments remeasurements			(56)			(55)
—			(13)			—			– Share of other comprehensive income/(loss) of joint ventures and associates			(14)			(59)
419			149			(4,659)			Total			768			(4,277)
373			(135)			(5,010)			Other comprehensive income/(loss) for the period			(383)			1,238
12,519			10,670			411			Comprehensive income/(loss) for the period			28,326			15,178
86			(5)			140			Comprehensive income/(loss) attributable to non-controlling interest			177			366
12,433			10,675			271			Comprehensive income/(loss) attributable to Shell plc shareholders			28,148			14,811

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

         Page 16

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

CONDENSED CONSOLIDATED BALANCE SHEET
$ million
			September 30, 2026			December 31, 2025
Assets
Non-current assets
Goodwill			16,071			15,662
Other intangible assets			10,261			11,010
Property, plant and equipment			203,374			185,077
Joint ventures and associates			27,562			27,775
Investments in securities			1,045			1,557
Deferred tax1			5,565			8,173
Retirement benefits1			5,737			5,052
Trade and other receivables			8,261			8,252
Derivative financial instruments2			883			619
			278,759			263,177
Current assets
Inventories			29,773			22,216
Trade and other receivables			58,874			44,597
Derivative financial instruments2			13,131			9,114
Cash and cash equivalents			36,425			30,216
			138,203			106,143
Assets classified as held for sale1			3,611			1,030
			141,815			107,173
Total assets			420,574			370,350
Liabilities
Non-current liabilities
Debt1			67,134			66,515
Trade and other payables			6,611			4,463
Derivative financial instruments2			1,256			1,108
Deferred tax1			14,790			11,983
Retirement benefits1			6,262			7,136
Decommissioning and other provisions			22,020			21,411
			118,074			112,616
Current liabilities
Debt1			8,941			9,128
Trade and other payables			70,928			57,770
Derivative financial instruments2			13,088			5,664
Income taxes payable			5,815			3,149
Decommissioning and other provisions			3,758			5,884
			102,529			81,595
Liabilities directly associated with assets classified as held for sale1			457			820
			102,987			82,415
Total liabilities			221,060			195,031
Equity attributable to Shell plc shareholders			198,435			174,392
Non-controlling interest			1,078			927
Total equity			199,513			175,319
Total liabilities and equity			420,574			370,350

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

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

         Page 17

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    SHELL PLC
3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
			Equity attributable to Shell plc shareholders
$ million			Share capital1			Shares held in trust			Other reserves²			Retained earnings			Total			Non-controlling interest			Total equity
At January 1, 2026			477			(847)			21,234			153,528			174,392			927			175,319
Comprehensive income/(loss) for the period			—			—			(425)			28,573			28,148			177			28,326
Transfer from other comprehensive income			—			—			(60)			60			—			—			—
Dividends³			—			—			—			(6,418)			(6,418)			(41)			(6,458)
Shares issued4			19			—			10,582			—			10,601			—			10,601
Repurchases of shares5			(18)			—			18			(8,334)			(8,334)			—			(8,334)
Share-based compensation			—			611			(362)			(205)			43			—			43
Other changes			—			—			—			3			3			15			18
At September 30, 2026			478			(236)			30,987			167,206			198,435			1,078			199,513
At January 1, 2025			510			(803)			19,766			158,834			178,307			1,861			180,168
Comprehensive income/(loss) for the period			—			—			1,108			13,703			14,811			366			15,178
Transfer from other comprehensive income			—			—			19			(19)			—			—			—
Dividends³			—			—			—			(6,405)			(6,405)			(119)			(6,524)
Repurchases of shares5			(25)			—			25			(10,556)			(10,556)			—			(10,556)
Share-based compensation			—			360			(293)			(419)			(352)			—			(352)
Other changes			—			—			—			22			22			(109)			(87)
At September 30, 2025			485			(444)			20,625			155,157			175,823			1,999			177,822

1.    See Note 4 “Share capital”.

2.    See Note 5 “Other reserves”.

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

4. See Note 8 “Acquisition of ARC Resources”.

5. Where applicable, includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

         Page 18

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
17,985			15,754			7,924			Income before taxation for the period			43,068			22,858
									Adjustment for:
743			799			822			– Interest expense (net)			2,644			1,973
6,411			6,183			6,607			– Depreciation, depletion and amortisation1			18,336			18,718
475			(1)			49			– Exploration well write-offs			475			283
(1,069)			(642)			(1,068)			– Net (gains)/losses on sale and revaluation of non-current assets and businesses			(1,775)			(1,069)
(883)			(642)			(507)			– Share of (profit)/loss of joint ventures and associates			(1,432)			(1,834)
1,787			547			700			– Dividends received from joint ventures and associates			2,930			3,584
(3,269)			3,739			352			– (Increase)/decrease in inventories			(6,216)			1,178
(6,681)			1,593			569			– (Increase)/decrease in current receivables			(15,492)			1,594
9,312			(1,887)			(949)			– Increase/(decrease) in current payables			13,337			(5,850)
2,151			(1,354)			(153)			– Derivative financial instruments			3,272			229
(178)			(153)			(61)			– Retirement benefits			(410)			(179)
(531)			(115)			515			– Decommissioning and other provisions			(1,732)			(391)
(1,993)			546			74			– Other1			(14)			1,328
(3,217)			(2,934)			(2,668)			Tax paid			(8,452)			(8,999)
21,043			21,432			12,207			Cash flow from operating activities			48,538			33,425
(7,578)			(4,031)			(4,557)			Capital expenditure			(15,366)			(13,698)
(343)			(187)			(342)			Investments in joint ventures and associates			(955)			(1,161)
(1)			(20)			(8)			Investments in equity securities			(40)			(40)
(7,922)			(4,237)			(4,907)			Cash capital expenditure			(16,361)			(14,899)
2,455			366			747			Proceeds from sale of property, plant and equipment and businesses			3,093			1,249
74			71			1,023			Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans			186			1,057
121			31			2			Proceeds from sale of equity securities			192			27
410			374			468			Interest received			1,146			1,484
515			176			903			Other investing cash inflows			1,385			1,768
(374)			(689)			(494)			Other investing cash outflows			(1,406)			(2,308)
(4,721)			(3,908)			(2,257)			Cash flow from investing activities			(11,765)			(11,622)
(182)			178			(72)			Net increase/(decrease) in debt with maturity period within three months			7			(200)
									Other debt:
33			194			176			– New borrowings			226			495
(4,536)			(3,206)			(2,801)			– Repayments			(10,536)			(9,390)
(954)			(1,167)			(848)			Interest paid			(3,157)			(2,907)
(273)			27			(61)			Derivative financial instruments			(562)			1,161
(18)			4			7			Change in non-controlling interest			16			(17)
									Cash dividends paid to:
(2,152)			(2,164)			(2,103)			– Shell plc shareholders			(6,416)			(6,403)
(3)			(29)			(6)			– Non-controlling interest			(41)			(119)
(3,183)			(3,001)			(3,610)			Repurchases of shares			(9,366)			(10,454)
26			(2)			(155)			Shares held in trust: net sales/(purchases) and dividends received			(399)			(927)
(11,242)			(9,166)			(9,473)			Cash flow from financing activities			(30,228)			(28,762)
(29)			(101)			(106)			Effects of exchange rate changes on cash and cash equivalents			(335)			902
5,051			8,257			371			Increase/(decrease) in cash and cash equivalents			6,210			(6,057)
31,374			23,117			32,682			Cash and cash equivalents at beginning of period			30,216			39,110
36,425			31,374			33,053			Cash and cash equivalents at end of period			36,425			33,053

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

         Page 19

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

1. Basis of preparation

 

These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued

by the International Accounting Standards Board ("IASB") and adopted by the UK, and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 229 to 306) for the year ended December 31, 2025, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 214 to 290) for the year ended December 31, 2025, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2025, were published in Shell's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

Key accounting considerations, significant judgements and estimates

Future long-term commodity price assumptions, which represent a significant estimate, were subject to change in the second quarter 2026. These remained unchanged in the third quarter 2026. Noting continued volatility in markets, price assumptions remain under review.

 

The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. These discount rates applied in the first nine months of 2026 remain unchanged compared with 2025.

 

 

2. Segment information

 

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

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

 

 

ADJUSTED EARNINGS BY SEGMENT

Q3 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					12,057
Income/(loss) attributable to non-controlling interest																					88
Income/(loss) for the period			4,553			3,860			55			4,299			75			(698)			12,145
Current cost of supplies adjustment before taxation									(1,043)			309									(734)
Tax on current cost of supplies adjustment									256			(38)									218
Identified items before taxation			(1,993)			(835)			2,132			(916)			222			(12)			(1,402)
Tax included in identified items			476			164			(237)			202			(8)			4			601
Adjusted Earnings			3,037			3,189			1,164			3,855			289			(705)			10,828
Adjusted Earnings attributable to Shell plc shareholders																					10,814
Adjusted Earnings attributable to non-controlling interest																					14

         Page 20

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					10,821
Income/(loss) attributable to non-controlling interest																					(16)
Income/(loss) for the period			2,680			3,579			1,747			3,981			(550)			(631)			10,805
Current cost of supplies adjustment before taxation									(346)			(397)									(742)
Tax on current cost of supplies adjustment									84			97									181
Identified items before taxation			23			(66)			(314)			(1,057)			745			12			(658)
Tax included in identified items			(12)			(28)			157			253			(115)			3			258
Adjusted Earnings			2,691			3,485			1,329			2,877			79			(617)			9,845
Adjusted Earnings attributable to Shell plc shareholders																					9,836
Adjusted Earnings attributable to non-controlling interest																					9

Q3 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					5,322
Income/(loss) attributable to non-controlling interest																					98
Income/(loss) for the period			2,355			1,707			576			1,074			110			(402)			5,420
Current cost of supplies adjustment before taxation									(25)			53									28
Tax on current cost of supplies adjustment									6			(12)									(6)
Identified items before taxation			(215)			60			988			(720)			8			13			133
Tax included in identified items			2			37			(230)			156			(26)			7			(53)
Adjusted Earnings			2,143			1,804			1,316			550			92			(383)			5,523
Adjusted Earnings attributable to Shell plc shareholders																					5,432
Adjusted Earnings attributable to non-controlling interest																					91

 

 

Nine months 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					28,573
Income/(loss) attributable to non-controlling interest																					136
Income/(loss) for the period			8,555			9,995			3,698			8,675			52			(2,266)			28,709
Current cost of supplies adjustment before taxation									(2,339)			(850)									(3,189)
Tax on current cost of supplies adjustment									581			265									846
Identified items before taxation			(1,372)			(745)			1,918			739			688			—			1,226
Tax included in identified items			363			(198)			(32)			(171)			(24)			37			(25)
Adjusted Earnings			7,546			9,052			3,827			8,657			716			(2,230)			27,567
Adjusted Earnings attributable to Shell plc shareholders																					27,565
Adjusted Earnings attributable to non-controlling interest																					2

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Nine months 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					13,703
Income/(loss) attributable to non-controlling interest																					236
Income/(loss) for the period			6,982			5,795			2,155			822			(391)			(1,424)			13,940
Current cost of supplies adjustment before taxation									131			318									449
Tax on current cost of supplies adjustment									(32)			(91)									(122)
Identified items before taxation			(461)			(332)			1,493			22			567			72			1,361
Tax included in identified items			(158)			410			(332)			45			(135)			50			(120)
Adjusted Earnings			6,363			5,873			3,416			1,117			41			(1,302)			15,507
Adjusted Earnings attributable to Shell plc shareholders																					15,273
Adjusted Earnings attributable to non-controlling interest																					235

 

CASH CAPITAL EXPENDITURE BY SEGMENT

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

Q3 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			4,646			1,701			372			487			337			35			7,578
Investments in joint ventures and associates			120			(11)			41			191			1			—			343
Investments in equity securities			(10)			—			3			—			4			5			1
Cash capital expenditure			4,756			1,691			415			678			342			40			7,922

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			1,097			1,657			380			461			420			15			4,031
Investments in joint ventures and associates			162			(24)			—			46			2			1			187
Investments in equity securities			10			—			—			—			7			2			20
Cash capital expenditure			1,269			1,633			380			507			429			19			4,237

Q3 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			1,002			1,947			481			769			325			32			4,557
Investments in joint ventures and associates			167			(62)			8			44			184			2			342
Investments in equity securities			—			—			—			—			9			—			8
Cash capital expenditure			1,169			1,885			489			813			517			34			4,907

 

 

 

         Page 22

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    SHELL PLC
3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Nine months 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			6,523			5,361			991			1,280			1,147			63			15,366
Investments in joint ventures and associates			515			122			45			267			3			3			955
Investments in equity securities			—			—			7			—			25			8			40
Cash capital expenditure			7,039			5,483			1,043			1,548			1,175			73			16,361

 

Nine months 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			2,932			6,448			1,160			1,924			1,151			81			13,698
Investments in joint ventures and associates			550			186			13			122			286			5			1,161
Investments in equity securities			—			—			—			—			38			2			40
Cash capital expenditure			3,482			6,634			1,173			2,046			1,475			88			14,899

 

 

REVENUE BY SEGMENT

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

Q3 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			13,770			1,665			39,366			26,489			11,545			13			92,848
Inter-segment revenue			2,682			11,784			3,618			13,880			1,799			—			33,763

 

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			11,278			1,800			38,015			34,235			9,338			(2)			94,664
Inter-segment revenue			2,066			11,621			3,624			13,306			1,143			—			31,762

 

Q3 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			9,736			844			29,648			19,418			8,500			6			68,153
Inter-segment revenue			2,397			9,313			1,796			9,774			1,162			—			24,442

         Page 23

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Nine months 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			32,795			4,865			108,076			79,945			31,506			16			257,203
Inter-segment revenue			8,158			32,794			9,487			36,846			4,294			—			91,580

 

Nine months 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			28,915			3,546			84,973			59,417			25,913			30			202,793
Inter-segment revenue			7,484			27,669			5,822			26,804			3,161			—			70,940

         Page 24

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Identified Items

The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of management and are unusual in nature (e.g., infrequent or non-recurring events) or that result in a misalignment between accounting and economic outcomes. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items.

Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

1. For the purpose of identification of items in certain categories materiality thresholds are applied.

Q3 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			138			1,016			(13)			(16)			(23)			11			1,114
Impairment reversals/(impairments)			1,711			(121)			(2,102)			(89)			(159)			—			(760)
Redundancy and restructuring			(27)			(31)			(71)			(40)			(9)			1			(177)
Fair value accounting of commodity derivatives and certain gas contracts1			171			—			54			1,082			(31)			—			1,275
Other2			—			(29)			—			(20)			—			—			(50)
Total identified items included in Income/(loss) before taxation			1,993			835			(2,132)			916			(222)			12			1,402
Total identified items included in Taxation (charge)/credit			(476)			(164)			237			(202)			8			(4)			(601)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			101			777			24			(12)			(25)			8			873
Impairment reversals/(impairments)			1,290			(101)			(1,904)			(64)			(147)			—			(926)
Redundancy and restructuring			(19)			(22)			(52)			(29)			(7)			(1)			(130)
Fair value accounting of commodity derivatives and certain gas contracts1			138			—			37			836			(35)			—			976
Impact of exchange rate movements and inflationary adjustments on tax balances3			7			45			—			—			—			1			52
Other2			—			(29)			—			(16)			—			—			(45)
Impact on Income/(loss) for the period			1,517			671			(1,895)			715			(214)			7			801
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			1,517			671			(1,895)			715			(214)			7			801

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

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

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

 

         Page 25

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			16			77			488			(8)			61			(1)			634
Impairment reversals/(impairments)			(13)			(2)			(13)			(32)			(606)			—			(665)
Redundancy and restructuring			5			17			(48)			(84)			(3)			(11)			(124)
Fair value accounting of commodity derivatives and certain gas contracts1			(31)			—			(114)			1,281			(205)			—			932
Other1			—			(27)			—			(101)			9			—			(119)
Total identified items included in Income/(loss) before taxation			(23)			66			314			1,057			(745)			(12)			658
Total identified items included in Taxation (charge)/credit			12			28			(157)			(253)			115			(3)			(258)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			13			83			282			(6)			55			(1)			426
Impairment reversals/(impairments)			(13)			(1)			(11)			(21)			(536)			—			(583)
Redundancy and restructuring			4			13			(36)			(64)			(3)			(9)			(94)
Fair value accounting of commodity derivatives and certain gas contracts1			(15)			—			(78)			972			(146)			—			733
Impact of exchange rate movements and inflationary adjustments on tax balances1			1			25			—			—			—			(5)			21
Other1			—			(27)			—			(77)			—			—			(104)
Impact on Income/(loss) for the period			(10)			93			157			804			(629)			(15)			400
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			(10)			93			157			804			(629)			(15)			400

1. For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Q3 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			31			7			26			917			149			—			1,130
Impairment reversals/(impairments)			(36)			(3)			(730)			(144)			(13)			(2)			(930)
Redundancy and restructuring			(29)			(5)			(36)			(36)			(18)			(10)			(134)
Fair value accounting of commodity derivatives and certain gas contracts1			147			(4)			(24)			(22)			(121)			—			(23)
Other1			101			(55)			(224)			5			(4)			—			(176)
Total identified items included in Income/(loss) before taxation			215			(60)			(988)			720			(8)			(13)			(133)
Total identified items included in Taxation (charge)/credit			(2)			(37)			230			(156)			26			(7)			53
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			32			16			32			710			134			—			923
Impairment reversals/(impairments)			(32)			6			(579)			(107)			(11)			(2)			(724)
Redundancy and restructuring			(21)			(3)			(27)			(28)			(14)			(7)			(100)
Fair value accounting of commodity derivatives and certain gas contracts1			129			(1)			(26)			(14)			(87)			—			—
Impact of exchange rate movements and inflationary adjustments on tax balances1			5			(59)			—			—			—			(11)			(65)
Other1			99			(55)			(159)			4			(4)			—			(115)
Impact on Income/(loss) for the period			212			(97)			(759)			564			18			(20)			(81)
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			212			(97)			(759)			564			18			(20)			(81)

1. For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.

 

         Page 27

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Nine months 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			289			1,013			467			(40)			68			10			1,807
Impairment reversals/(impairments)			1,698			(146)			(2,286)			(162)			(794)			—			(1,689)
Redundancy and restructuring			(34)			(46)			(162)			(162)			(18)			(10)			(432)
Fair value accounting of commodity derivatives and certain gas contracts1			(580)			—			62			(254)			47			—			(725)
Other1			—			(76)			—			(121)			9			—			(188)
Total identified items included in Income/(loss) before taxation			1,372			745			(1,918)			(739)			(688)			—			(1,226)
Total identified items included in Taxation (charge)/credit			(363)			198			32			171			24			(37)			25
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			247			823			299			(31)			53			8			1,398
Impairment reversals/(impairments)			1,277			(117)			(2,098)			(114)			(712)			—			(1,764)
Redundancy and restructuring			(24)			(28)			(119)			(121)			(14)			(12)			(319)
Fair value accounting of commodity derivatives and certain gas contracts1			(510)			—			32			(208)			8			—			(678)
Impact of exchange rate movements and inflationary adjustments on tax balances1			20			342			—			—			—			(32)			330
Other1			—			(76)			—			(92)			—			—			(168)
Impact on Income/(loss) for the period			1,009			943			(1,886)			(568)			(664)			(36)			(1,201)
Impact on Income/(loss) attributable to non-controlling interest			—			—			(1)			(2)			—			—			(3)
Impact on Income/(loss) attributable to Shell plc shareholders			1,009			943			(1,885)			(565)			(664)			(36)			(1,198)

1.For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.

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Nine months 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			94			505			(87)			893			81			(4)			1,481
Impairment reversals/(impairments)			(708)			(27)			(1,090)			(515)			(189)			(2)			(2,532)
Redundancy and restructuring			(37)			(26)			(103)			(85)			(28)			(19)			(298)
Fair value accounting of commodity derivatives and certain gas contracts1			1,081			(4)			11			(218)			(381)			—			489
Other1			32			(116)			(224)			(97)			(50)			(47)			(501)
Total identified items included in Income/(loss) before taxation			461			332			(1,493)			(22)			(567)			(72)			(1,361)
Total identified items included in Taxation (charge)/credit			158			(410)			332			(45)			135			(50)			120
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			85			373			(73)			691			99			(3)			1,173
Impairment reversals/(impairments)			(455)			(11)			(857)			(447)			(177)			(2)			(1,949)
Redundancy and restructuring			(26)			(10)			(72)			(70)			(21)			(13)			(212)
Fair value accounting of commodity derivatives and certain gas contracts1			946			(1)			1			(168)			(284)			—			494
Impact of exchange rate movements and inflationary adjustments on tax balances1			29			95			—			—			—			(58)			66
Other1			40			(524)			(159)			(74)			(49)			(47)			(812)
Impact on Income/(loss) for the period			619			(78)			(1,161)			(67)			(432)			(122)			(1,240)
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			619			(78)			(1,161)			(67)			(432)			(122)			(1,240)

1.For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.

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

 

 

3. Earnings per share

EARNINGS PER SHARE
Quarters												Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
12,057			10,821			5,322			Income/(loss) attributable to Shell plc shareholders ($ million)			28,573			13,703
									Weighted average number of shares used as the basis for determining:
5,604.0			5,589.3			5,845.8			Basic earnings per share (million)			5,615.5			5,941.7
5,651.3			5,637.0			5,906.0			Diluted earnings per share (million)			5,663.8			5,998.8

 

 

 

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4. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
			Number of shares			Nominal value ($ million)
At January 1, 2026			5,718,636,398			477
Shares issued1			228,003,843			19
Repurchases of shares			(217,142,711)			(18)
At September 30, 2026			5,729,497,530			478
At January 1, 2025			6,115,031,158			510
Repurchases of shares			(303,598,711)			(25)
At September 30, 2025			5,811,432,447			485

1. See Note 8 “Acquisition of ARC Resources”.

 

At Shell plc’s Annual General Meeting on May 19, 2026, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €132 million (representing approximately 1,885 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 18, 2027, or the end of the Annual General Meeting to be held in 2027, unless previously renewed, revoked or varied by Shell plc in a general meeting.

 

5. Other reserves

OTHER RESERVES
$ million			Merger reserve			Share premium reserve			Capital redemption reserve			Share plan reserve			Accumulated other comprehensive income			Total
At January 1, 2026			37,298			154			303			1,359			(17,880)			21,234
Other comprehensive income/(loss) attributable to Shell plc shareholders			—			—			—			—			(425)			(425)
Transfer from other comprehensive income			—			—			—			—			(60)			(60)
Shares issued			—			10,582			—			—			—			10,582
Repurchases of shares			—			—			18			—			—			18
Share-based compensation			—			—			—			(362)			—			(362)
At September 30, 2026			37,298			10,737			322			996			(18,365)			30,987
At January 1, 2025			37,298			154			270			1,417			(19,373)			19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders			—			—			—			—			1,108			1,108
Transfer from other comprehensive income			—			—			—			—			19			19
Repurchases of shares			—			—			25			—			—			25
Share-based compensation			—			—			—			(293)			—			(293)
At September 30, 2025			37,298			154			296			1,124			(18,246)			20,625

The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The share premium reserve increased in the third quarter 2026 following the issuance of shares for the acquisition of ARC Resources Ltd. (see Note 8). The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

 

6. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2025, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an

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asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2026, are consistent with those used in the year ended December 31, 2025, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2025 and September 30, 2026 is an increase of $4,017 million for the current assets and an increase of $7,424 million for the current liabilities.

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

DEBT EXCLUDING LEASE LIABILITIES
$ million			September 30, 2026			December 31, 2025
Carrying amount1			41,928			46,710
Fair value2			36,938			43,142

1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during 2026.

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

 

 

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

Consolidated Statement of Income

Interest and other income

Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
1,591			1,048			1,751			Interest and other income/(expenses)			3,174			2,379
									Of which:
425			315			468			Interest income			1,112			1,508
7			25			16			Dividend income (from investments in equity securities)			32			61
1,069			642			1,068			Net gains/(losses) on sales and revaluation of non-current assets and businesses			1,775			1,069
15			(54)			82			Net foreign exchange gains/(losses) on financing activities			(9)			(503)
74			120			117			Other			263			245

Depreciation, depletion and amortisation

Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
6,411			6,183			6,607			Depreciation, depletion and amortisation			18,336			18,718
									Of which:
5,669			5,559			5,823			Depreciation			16,966			16,417
2,543			629			787			Impairments			3,256			2,336
(1,801)			(6)			(3)			Impairment reversals			(1,886)			(35)

 

Impairment of assets

 

Impairments recognised in the third quarter 2026 of $2,543 million pre-tax ($2,271 million post-tax) relate to

a European biogas asset in Marketing ($2,116 million) and various smaller impairments in other segments. The impairment in Marketing was principally triggered by reassessment of management expectations regarding the pace of market development and associated value realisation.

 

Impairments recognised in the second quarter 2026 of $629 million pre-tax ($545 million post-tax) principally relate to

Renewables and Energy Solutions ($581 million). The impairments in Renewables and Energy Solutions were principally triggered by portfolio choices regarding renewable generation assets in Asia and Europe.

 

Impairments recognised in the third quarter 2025 of $787 million pre-tax ($580 million post-tax) mainly relate to

Marketing ($588 million) and Chemicals and Products ($144 million). The impairment in Marketing was principally

triggered by the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park

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in Rotterdam.

 

Impairment reversals recognised in the third quarter 2026 of $1,801 million pre-tax ($1,365 million post-tax) principally relate to an asset in North America in Integrated gas ($1,787 million). The impairment reversal in Integrated Gas was triggered by changed commercial terms and LNG Canada Phase 2 FID taken in the third quarter 2026.

 

Taxation charge/credit

Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
5,840			4,949			2,504			Taxation charge/(credit)			14,359			8,918
									Of which:
5,608			4,774			2,397			Income tax excluding Pillar Two income tax			13,788			8,699
232			175			106			Income tax related to Pillar Two income tax			571			220

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

On July 13, 2026, the UK Government published draft tax legislation that would exempt foreign permanent establishments from UK taxation, potentially limiting the use of foreign tax attributes against UK profits. Shell is monitoring the development of the draft legislation.

 

Consolidated Statement of Comprehensive Income

Currency translation differences

 

Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
(168)			(314)			(268)			Currency translation differences			(1,302)			5,569
									Of which:
(190)			(375)			(234)			Recognised in Other comprehensive income			(1,332)			5,501
22			61			(33)			(Gain)/loss reclassified to profit or loss			30			68

 

Condensed Consolidated Balance Sheet

Deferred tax

 

$ million			September 30, 2026			December 31, 2025
Non-current assets
Deferred tax			5,565			8,173
Non-current liabilities
Deferred tax			14,790			11,983
Net deferred liability			(9,225)			(3,810)

The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax

liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines whether a deferred tax balance related to that jurisdiction is presented within deferred tax assets or

deferred tax liabilities.

 

Shell's net deferred tax position was a liability of $9,225 million at September 30, 2026 (December 31, 2025: $3,810 million). The net increase in the net deferred tax liability is mainly driven by recognition of deferred tax liabilities in relation to the ARC acquisition (see Note 8) and utilisation of tax attributes.

 

 

 

 

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Retirement benefits

 

$ million			September 30, 2026			December 31, 2025
Non-current assets
Retirement benefits			5,737			5,052
Non-current liabilities
Retirement benefits			6,262			7,136
Surplus/(deficit)			(525)			(2,084)

Amounts recognised in the Balance Sheet in relation to defined benefit pension and OPEB plans include both plan assets and obligations that are presented on a net plan-by-plan basis. The change since December 31, 2025, in the net retirement benefit liability as at September 30, 2026, was mainly attributable to an increase in discount rates, resulting in a reduction of the Retirement benefits obligation, partly offset by lower-than-expected returns on plan assets.

 

Dutch pension reform

 

On July 1, 2023, new pension legislation ("Wet Toekomst Pensioenen" (WTP)) came into effect in the Netherlands, with implementation required prior to January 1, 2028. In July 2025, the Trustee Board of the Stichting Shell Pensioen Fonds (“SSPF”), Shell's defined benefit pension fund in the Netherlands, formally accepted the transition plan to transition from a defined benefit pension fund to a defined contribution plan with effect from January 1, 2027.

 

On September 2, 2026, the transition plan was approved by the Dutch Central Bank (DNB) through a decision not to prohibit the transfer of accrued pension entitlements (“Besluit geen verbod op invaren”) provided the funding ratio at transition remains within an agreed range.

 

The transition will be subject to final approval by the SSPF Trustee Board in the fourth quarter 2026.

 

In accordance with asset ceiling principles, in the third quarter 2025, Shell recognised an adjustment to reduce the pension fund surplus to nil, and recognised a liability for a minimum funding requirement, resulting in a loss in Other comprehensive income. The asset ceiling recognised continues to be monitored and remeasured in accordance with IAS 19 Employee Benefits.

 

At the date of transition and settlement (expected December 31, 2026), the defined benefit plan will transition to a defined contribution plan. The derecognition of the defined benefit plan at that date is expected to result in an identified non-cash loss in the Consolidated Statement of Income in the fourth quarter 2026. At September 30, 2026, this loss is calculated at $6.4 billion. This loss is subject to actuarial remeasurement during the fourth quarter and is therefore subject to change.

 

Debt

 

$ million			September 30, 2026									December 31, 2025
			Debt (excluding lease liabilities)			Lease liabilities			Total			Debt (excluding lease liabilities)			Lease liabilities			Total
Current debt:			1,974			6,967			8,941			4,517			4,611			9,128
Non-current debt			39,955			27,180			67,134			42,193			24,322			66,515
Total			41,928			34,147			76,075			46,710			28,933			75,643

 

Lease liabilities at September 30, 2026, and December 31, 2025, include vessel leases with index-linked payments. In accordance with IFRS 16, these lease liabilities are remeasured at spot rates. The spot rates applied to remeasure the lease liabilities may not be a fair reflection of the future payments under these long-term lease commitments. During the first nine months of 2026, significant increases in the underlying index due to the Middle East conflict resulted in an increase in lease liabilities at September 30, 2026, compared with December 31, 2025, of $7,684 million, with a corresponding adjustment to the related right-of-use assets within Property, plant and equipment. Depreciation of the remeasurement of the right-of-use assets is recognised prospectively over the remaining lease term.

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Assets classified as held for sale

$ million			September 30, 2026			December 31, 2025
Assets classified as held for sale			3,611			1,030
Liabilities directly associated with assets classified as held for sale			457			820

Assets classified as held for sale and associated liabilities at September 30, 2026, principally relate to Sprng Energy, RISEC and Shell's European onshore renewables portfolio in Renewables and Energy Solutions and a working interest in Brazil in Upstream.

The major class of assets and liabilities classified as held for sale at September 30, 2026, is Property, plant and equipment ($3,159 million; December 31, 2025: $662 million).

Consolidated Statement of Cash Flows

Cash flow from operating activities - Other

Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
(1,993)			546			74			Cash flow from operating activities - Other			(14)			1,328

Cash flow from operating activities - Other for the third quarter 2026 includes $2,189 million of net outflows due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America (second quarter 2026: $1,288 million net inflows, partly offset by the utilisation of recognised incentives of $470 million; third quarter 2025: $108 million net inflows).

 

 

8. Acquisition of ARC Resources

 

On September 2, 2026, Shell acquired all outstanding shares of ARC Resources Ltd. (“ARC”) for a purchase consideration of $13,937 million. This included cash of $3,336 million and the fair value of $10,601 million of approximately 228 million Shell shares issued in exchange for all ARC shares. The fair value of the shares issued was calculated using Shell’s closing share price of GBP 34.43 on September 2, 2026, and applicable exchange rates at that date.

 

ARC is a Canadian energy company focused on the exploration, development, and production of natural gas, condensate, and oil. Headquartered in Calgary, Alberta, it is one of Canada's largest natural gas producers, with major operations in the Montney shale basin in British Columbia and Alberta. ARC strengthens Shell's Integrated Gas and Upstream portfolio and supports long-term LNG growth in Canada. The principal benefits expected from the acquisition include optimisation of the expanded Montney resource position, integration of production, infrastructure and processing capacity, portfolio optimisation and development sequencing opportunities, operational efficiencies and shared technical capabilities and corporate and functional cost synergies.

 

Goodwill of $2,169 million (see below) was recognised on the acquisition, being the excess of the purchase consideration over the fair value of net assets acquired as set out below. Goodwill recognised principally relates to deferred taxation recognised in fair valuing Property, plant and equipment and expected synergies from combining operations. In line with IFRS, the net asset fair values were determined at the date of acquisition, particularly in respect of Property, plant and equipment by reference to forecast commodity prices, as well as using estimates of proved oil and gas reserves and unproved volumes including timing of production, discount rates and exchange rates. Commodity prices applied were based on an average of commodity price forecasts by independent consultants.

 

Given the short timeframe since the acquisition, the purchase price allocation remains preliminary as at September 30, 2026. Shell recognised provisional amounts for certain acquired assets and liabilities, primarily relating to the valuation of Property, plant and equipment and related deferred taxes. As a result, the goodwill of $2,169 million recognised on acquisition is provisional and may be adjusted.

 

 

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			$ million
			September 2, 2026
Fair value of shares issued			10,601
Cash paid			3,336
Foreign currency hedge result			71
Total consideration			14,008
Fair value of net assets acquired			11,839
Goodwill recognised			2,169
Total recognised			14,008

 

Acquisition costs of $31 million were recognised in the Consolidated Statement of Income in selling, distribution and administrative expenses.

 

 

 

 

Fair value of net assets acquired and goodwill arising on acquisition

			$ million
			September 2, 2026
Assets
Non-current assets:
Goodwill			2,169
Property, plant and equipment			17,262
Derivative financial instruments			306
Other non-current assets			34
			19,771
Current assets:
Trade and other receivables			652
Cash and cash equivalents			101
Other current assets			77
			830
Total assets			20,601
Liabilities
Non-current liabilities:
Debt			2,492
Deferred tax			2,810
Decommissioning and other provisions			413
Other non-current liabilities			48
			5,763
Current liabilities:
Debt			80
Trade and other payables			621
Other current liabilities			129
			830
Total liabilities			6,593
Total			14,008

 

 

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9. Reconciliation of Operating expenses and Total Debt

 

RECONCILIATION OF OPERATING EXPENSES
Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
6,264			5,476			5,609			Production and manufacturing expenses			17,485			16,068
2,537			2,911			3,258			Selling, distribution and administrative expenses			8,251			9,175
232			277			409			Research and development			676			872
9,033			8,664			9,275			Operating expenses			26,412			26,115

 

RECONCILIATION OF TOTAL DEBT
September 30, 2026			June 30, 2026			September 30, 2025			$ million			September 30, 2026			September 30, 2025
8,941			8,542			10,022			Current debt			8,941			10,022
67,134			64,534			63,955			Non-current debt			67,134			63,955
76,075			73,076			73,977			Total debt			76,075			73,977

 

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ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

 

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

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

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

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

Q3 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Adjusted Earnings																					10,814
Add: Non-controlling interest																					14
Adjusted Earnings plus non-controlling interest			3,037			3,189			1,164			3,855			289			(705)			10,828
Add: Taxation charge/(credit) excluding tax impact of identified items			727			3,004			233			1,171			14			(128)			5,021
Add: Depreciation, depletion and amortisation excluding impairments			1,291			2,539			571			1,186			76			8			5,669
Add: Exploration well write-offs			67			408			—			—			—			—			475
Add: Interest expense excluding identified items			65			150			11			12			2			927			1,167
Less: Interest income			2			20			(7)			22			9			379			425
Adjusted EBITDA			5,184			9,269			1,986			6,201			373			(277)			22,736
Less: Current cost of supplies adjustment before taxation			—			—			(1,043)			309			—			—			(734)
Joint ventures and associates (dividends received less profit)			(38)			908			(43)			39			25			—			891
Derivative financial instruments			89			35			(8)			1,454			1,913			(49)			3,435
Taxation paid			(442)			(2,577)			(99)			(56)			11			(53)			(3,217)
Other			(115)			(208)			(2,143)			(41)			(351)			(41)			(2,898)
(Increase)/decrease in working capital			(73)			(147)			(947)			1,239			(413)			(299)			(638)
Cash flow from operating activities			4,606			7,281			(210)			8,527			1,558			(719)			21,043

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Adjusted Earnings																					9,836
Add: Non-controlling interest																					9
Adjusted Earnings plus non-controlling interest			2,691			3,485			1,329			2,877			79			(617)			9,845
Add: Taxation charge/(credit) excluding tax impact of identified items			762			2,755			444			639			49			(140)			4,509
Add: Depreciation, depletion and amortisation excluding impairments			1,247			2,510			575			1,135			85			7			5,559
Add: Exploration well write-offs			—			(1)			—			—			—			—			(1)
Add: Interest expense excluding identified items			62			153			46			12			2			838			1,113
Less: Interest income			—			12			2			—			2			299			315
Adjusted EBITDA			4,761			8,891			2,392			4,664			212			(210)			20,710
Less: Current cost of supplies adjustment before taxation			—			—			(346)			(397)			—			—			(742)
Joint ventures and associates (dividends received less profit)			(154)			(15)			(75)			76			5			—			(163)
Derivative financial instruments			122			10			5			481			(1,025)			(15)			(423)
Taxation paid			(537)			(2,061)			(107)			(177)			31			(83)			(2,934)
Other			(445)			(294)			266			316			190			22			55
(Increase)/decrease in working capital			883			303			(279)			2,185			523			(169)			3,446
Cash flow from operating activities			4,629			6,835			2,547			7,941			(65)			(455)			21,432

Q3 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Adjusted Earnings																					5,432
Add: Non-controlling interest																					91
Adjusted Earnings plus non-controlling interest			2,143			1,804			1,316			550			92			(383)			5,523
Add: Taxation charge/(credit) excluding tax impact of identified items			511			1,901			433			254			41			(578)			2,562
Add: Depreciation, depletion and amortisation excluding impairments			1,579			2,675			588			881			94			6			5,823
Add: Exploration well write-offs			1			47			—			—			—			—			49
Add: Interest expense excluding identified items			55			175			15			8			2			1,029			1,283
Less: Interest income			32			45			12			26			6			346			468
Adjusted EBITDA			4,257			6,557			2,340			1,667			223			(272)			14,773
Less: Current cost of supplies adjustment before taxation									(25)			53									28
Joint ventures and associates (dividends received less profit)			92			(78)			56			(27)			(1)			—			42
Derivative financial instruments			83			(9)			(3)			(165)			(272)			230			(136)
Taxation paid			(796)			(1,611)			(111)			(20)			28			(158)			(2,668)
Other			202			16			(299)			543			(277)			68			252
(Increase)/decrease in working capital			(802)			(34)			(220)			143			960			(75)			(28)
Cash flow from operating activities			3,038			4,841			1,788			2,088			660			(208)			12,207

         Page 38

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Nine months 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Adjusted Earnings																					27,565
Add: Non-controlling interest																					2
Adjusted Earnings plus non-controlling interest			7,546			9,052			3,827			8,657			716			(2,230)			27,567
Add: Taxation charge/(credit) excluding tax impact of identified items			2,197			7,893			1,215			2,499			178			(443)			13,538
Add: Depreciation, depletion and amortisation excluding impairments			4,066			7,666			1,705			3,263			245			22			16,966
Add: Exploration well write-offs			67			408			—			—			—			—			475
Add: Interest expense excluding identified items			188			454			65			44			7			2,995			3,753
Less: Interest income			4			51			(4)			53			13			994			1,112
Adjusted EBITDA			14,060			25,421			6,816			14,409			1,133			(651)			61,187
Less: Current cost of supplies adjustment before taxation									(2,339)			(850)									(3,189)
Joint ventures and associates (dividends received less profit)			(335)			920			375			93			39			—			1,092
Derivative financial instruments			(608)			12			(7)			47			3,245			(91)			2,599
Taxation paid			(1,701)			(6,130)			(271)			(195)			34			(189)			(8,452)
Other			(1,387)			(769)			(1,717)			1,178			(70)			60			(2,706)
(Increase)/decrease in working capital			(311)			(2,159)			(2,974)			(2,222)			48			(754)			(8,372)
Cash flow from operating activities			9,717			17,294			4,561			14,160			4,430			(1,625)			48,538

Nine months 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Adjusted Earnings																					15,273
Add: Non-controlling interest																					235
Adjusted Earnings plus non-controlling interest			6,363			5,873			3,416			1,117			41			(1,302)			15,507
Add: Taxation charge/(credit) excluding tax impact of identified items			1,811			6,725			1,237			251			124			(986)			9,161
Add: Depreciation, depletion and amortisation excluding impairments			4,567			7,241			1,711			2,605			274			19			16,417
Add: Exploration well write-offs			4			279			—			—			—			—			283
Add: Interest expense excluding identified items			158			546			38			37			7			2,689			3,476
Less: Interest income			36			82			13			69			10			1,299			1,508
Adjusted EBITDA			12,867			20,582			6,389			3,941			436			(879)			43,336
Less: Current cost of supplies adjustment before taxation									131			318									449
Joint ventures and associates (dividends received less profit)			(102)			1,305			421			96			19			—			1,739
Derivative financial instruments			1,168			30			20			(669)			(507)			713			755
Taxation paid			(2,537)			(5,557)			(417)			(44)			20			(464)			(8,999)
Other			(130)			(783)			629			1,139			(151)			(584)			121
(Increase)/decrease in working capital			(1,137)			(292)			(497)			(555)			1,212			(1,809)			(3,077)
Cash flow from operating activities			10,129			15,286			6,414			3,591			1,028			(3,022)			33,425

 

Identified items

The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of management and are unusual in nature (e.g., infrequent or non-recurring events) or that result in a misalignment between accounting and economic outcomes. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items.

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

See Note 2 “Segment information” for details.

1. For the purpose of identification of items in certain categories materiality thresholds are applied.

 

B. Adjusted Earnings per share

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

 

C. Cash capital expenditure

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

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

 

D. Capital employed and Return on average capital employed

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

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

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

$ million						Quarters
			Q3 2026			Q2 2026			Q3 2025
Current debt			10,022			10,457			12,015
Non-current debt			63,955			65,218			64,597
Total equity			177,822			183,088			189,538
Less: Cash and cash equivalents			(33,053)			(32,682)			(42,252)
Capital employed – opening			218,745			226,081			223,898
Current debt			8,941			8,542			10,022
Non-current debt			67,134			64,534			63,955
Total equity			199,513			181,781			177,822
Less: Cash and cash equivalents			(36,425)			(31,374)			(33,053)
Capital employed – closing			239,163			223,483			218,745
Capital employed – average			228,954			224,782			221,322

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis
$ million						Quarters
			Q3 2026			Q2 2026			Q3 2025
Adjusted Earnings - current and previous three quarters (Reference A)			30,821			25,439			18,933
Add: Income/(loss) attributable to NCI - current and previous three quarters			182			192			349
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters			(132)			(65)			(9)
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters			(3)			(3)			—
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters			30,874			25,569			19,274
Add: Interest expense after tax - current and previous three quarters			2,877			2,964			2,663
Less: Interest income after tax on cash and cash equivalents - current and previous three quarters			756			758			1,061
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters			32,995			27,775			20,876
Capital employed – average			228,954			224,782			221,322
ROACE on an Adjusted Earnings plus NCI basis			14.4%			12.4%			9.4%

 

E. Net debt and gearing

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

Net debt excluding lease liabilities is calculated by subtracting lease liabilities from Net debt.

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

Gearing excluding lease liabilities is defined as Net debt excluding lease liabilities as a percentage of total capital excluding lease liabilities (Net debt excluding lease liabilities plus total equity).

Lease liabilities are frequently long-term operational necessities rather than discretionary financing choices. Management believes that using Net debt excluding lease liabilities and Gearing excluding lease liabilities alongside Net debt and Gearing gives better insight to the financial position by reflecting debt and capital directly tied to discretionary financing activities, and improving comparability against peers with different asset ownership strategies or following different accounting standards.

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    SHELL PLC
3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

$ million
			September 30, 2026			June 30, 2026			September 30, 2025
Current debt			8,941			8,542			10,022
Non-current debt			67,134			64,534			63,955
Total debt			76,075			73,076			73,977
Of which: lease liabilities			34,147			29,627			28,571
Add: Debt-related derivative financial instruments: net liability/(asset)			963			662			684
Add: Collateral on debt-related derivatives: net liability/(asset)			(880)			(611)			(403)
Less: Cash and cash equivalents			(36,425)			(31,374)			(33,053)
Net debt			39,733			41,754			41,204
Of which: Net debt excluding lease liabilities			5,586			12,126			12,633
Total equity			199,513			181,781			177,822
Total capital			239,247			223,534			219,026
Of which: Total capital excluding lease liabilities			205,099			193,907			190,455
Gearing			16.6		%	18.7		%	18.8		%
Gearing excluding lease liabilities			2.7		%	6.3		%	6.6		%

 

 

F. Operating expenses and Underlying operating expenses

Operating expenses*

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

 

Q3 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Production and manufacturing expenses			1,366			2,176			512			1,761			425			24			6,264
Selling, distribution and administrative expenses			26			10			1,994			200			170			137			2,537
Research and development			7			2			65			19			6			133			232
Operating expenses			1,399			2,187			2,571			1,981			601			293			9,033

 

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Production and manufacturing expenses			1,026			2,164			320			1,527			440			(1)			5,476
Selling, distribution and administrative expenses			36			6			2,136			463			154			114			2,911
Research and development			31			52			63			48			11			71			277
Operating expenses			1,094			2,223			2,519			2,039			606			184			8,664

 

Q3 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Production and manufacturing expenses			940			2,198			359			1,636			467			9			5,609
Selling, distribution and administrative expenses			25			(22)			2,541			418			165			130			3,258
Research and development			47			71			70			46			28			146			409
Operating expenses			1,012			2,247			2,970			2,100			660			285			9,275

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

Nine months 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Production and manufacturing expenses			3,516			6,466			1,303			4,879			1,296			25			17,485
Selling, distribution and administrative expenses			128			97			6,097			1,062			509			358			8,251
Research and development			61			98			150			86			26			256			676
Operating expenses			3,706			6,661			7,550			6,027			1,830			639			26,412

 

Nine months 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Production and manufacturing expenses			2,787			6,278			887			4,716			1,383			17			16,068
Selling, distribution and administrative expenses			92			63			6,912			1,302			457			348			9,175
Research and development			104			174			162			109			73			250			872
Operating expenses			2,984			6,515			7,961			6,127			1,913			615			26,115

 

* Operational measure for US reporting purposes

 

Underlying operating expenses

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

Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
9,033			8,664			9,275			Operating expenses			26,412			26,115
(177)			(123)			(133)			Redundancy and restructuring (charges)/reversal			(430)			(296)
(20)			(101)			(144)			Other			(121)			(223)
(197)			(224)			(277)			Total identified items			(551)			(518)
8,836			8,440			8,998			Underlying operating expenses			25,861			25,596

 

G. Free cash flow and Organic free cash flow

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

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

			Quarters						$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
21,043			21,432			12,207			Cash flow from operating activities			48,538			33,425
(4,721)			(3,908)			(2,257)			Cash flow from investing activities			(11,765)			(11,622)
16,322			17,524			9,950			Free cash flow			36,773			21,803
2,650			469			1,773			Less: Divestment proceeds (Reference I)			3,471			2,333
145			224			—			Add: Tax paid on divestments (reported under "Other investing cash outflows")			369			143
3,227			—			85			Add: Cash outflows related to inorganic capital expenditure1			3,576			1,007
—			—			—			Less/Add: Other inorganic cash inflows/outflows2			—			—
17,043			17,279			8,263			Organic free cash flow			37,246			20,620

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

2.    Cash inflows and outflows related to acquisitions and divestment related activities, which are not reported as divestment proceeds, tax paid on divestments nor as inorganic capital expenditure; reported under “Other investing cash inflows” or “Other investing cash outflows”

         Page 43

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

 

 

H. Cash flow from operating activities excluding working capital movements

Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows:

(i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

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

Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
21,043			21,432			12,207			Cash flow from operating activities			48,538			33,425
(3,269)			3,739			352			(Increase)/decrease in inventories			(6,216)			1,178
(6,681)			1,593			569			(Increase)/decrease in current receivables			(15,492)			1,594
9,312			(1,887)			(949)			Increase/(decrease) in current payables			13,337			(5,850)
(638)			3,446			(28)			(Increase)/decrease in working capital			(8,372)			(3,077)
21,682			17,987			12,235			Cash flow from operating activities excluding working capital movements			56,910			36,502

 

I. Divestment proceeds

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

Quarters									$ million			Nine months
Q3 2026			Q2 2026			Q3 2025						2026			2025
2,455			366			747			Proceeds from sale of property, plant and equipment and businesses			3,093			1,249
74			71			1,023			Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans			186			1,057
121			31			2			Proceeds from sale of equity securities			192			27
2,650			469			1,773			Divestment proceeds			3,471			2,333

         Page 44

 

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3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

CAUTIONARY STATEMENT

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

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

Forward-Looking statements

This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions, including (without limitation) those concerning Shell’s strategy and operating plans, macroeconomic conditions, future energy demand, supply and product mix, commodity prices, demand for Shell’s products, production results and reserve estimates, development, execution and management of projects, energy transition and climate change, management of safety and environmental risks, costs, cash capital expenditures, technology advancements, legislative, judicial, fiscal and regulatory developments, regional conflicts and trading conditions, and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 29, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

 

Shell's net carbon intensity and net-zero emissions target

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

 

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

 

The information provided above regarding Shell’s NCI and net zero emissions target are not intended, nor should they be construed as introducing, suggesting or making any claim, target or representation thereof other than what is included in the Unaudited Condensed Interim Financial Report.

 

Forward-Looking non-GAAP measures

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

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    SHELL PLC
3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS    

non-GAAP measures are provided to assist readers in understanding management’s use and expectations of such measures and may not be appropriate for other purposes.

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

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

This announcement contains inside information.

October 29, 2026

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

Contacts:

- Sean Ashley, Company Secretary

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

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much is Shell's new Q3 2026 share buyback?

Shell announced a $5.0 billion share buyback programme, expected to be completed by the fourth-quarter 2026 results announcement. It has completed the aggregate $4.2 billion of buybacks announced with its second-quarter results.

What did Shell pay ARC Resources shareholders in the completed acquisition?

ARC shareholders received CAD 8.20 in cash and 0.40247 Shell ordinary shares for each ARC share, resulting in an equity value of USD 14.0 billion. The acquisition was completed in September 2026 after all required shareholder, court and regulatory approvals.

Why did Shell's adjusted earnings increase from Q2 to Q3 2026?

Higher refining margins, realised LNG prices and Integrated Gas volumes lifted Shell's Q3 adjusted earnings. Lower crude and oil products trading and optimisation, higher well write-offs and lower realised liquids prices partly offset those gains.

What conditions apply to Shell's planned Aphrodite gas field interest sale?

The sale of Shell's 35% non-operated interest in Cyprus Offshore Block 12 requires regulatory approval and closing conditions. Consideration is up to $720 million, subject to customary adjustments and milestone-linked contingent payments. Completion is expected in early 2027.