Transaction in Own Shares

Rhea-AI Summary

On May 16, 2025, Shell plc (SHEL) executed share repurchases across multiple trading venues as part of its buyback program announced on May 2, 2025. The company purchased a total of 766,123 shares on the London exchanges at prices between £24.7850 and £25.1100, with volume-weighted average prices around £24.94. Additionally, 700,000 shares were acquired on European exchanges at prices between €29.6600 and €30.0150. The buyback program, managed independently by BNP PARIBAS SA, will continue until July 25, 2025, operating under both on-market and off-market parameters in compliance with UK Listing Rules and Market Abuse Regulations.

Positive

• Continued execution of share buyback program demonstrates strong capital return commitment to shareholders
• Multi-exchange purchase strategy shows efficient capital deployment
• Independent management by BNP PARIBAS SA ensures market compliance and execution objectivity

Negative

• Capital expenditure on buybacks reduces cash available for operational investments
• Share repurchases may limit funds available for potential strategic acquisitions or debt reduction

Insights

Financial Analyst

Shell continues executing its share buyback program, repurchasing 1.47M shares across multiple venues as part of its May-July 2025 program.

Shell's latest buyback activity shows continued commitment to its capital return program announced on May 2, 2025. The company purchased approximately 1.47 million shares across multiple trading venues, with prices ranging from £24.79 to £25.11 on the London exchanges and €29.66 to €30.02 on European venues.

The volume-weighted average prices paid were £24.94-£24.95 across UK venues and €29.83-€29.84 on European exchanges. This consistent pricing across venues demonstrates efficient execution with minimal price impact despite the substantial volume.

These repurchases are part of both on-market and off-market components of Shell's buyback program scheduled to run through July 25, 2025. The program is being independently managed by BNP PARIBAS SA, which makes trading decisions within pre-established parameters, ensuring regulatory compliance and market neutrality.

The buyback demonstrates Shell's continued focus on shareholder returns and confidence in its financial position. By reducing outstanding shares, the company effectively increases each remaining shareholder's ownership percentage. This supports earnings per share metrics even without profit growth and provides a tax-efficient alternative to dividends for returning capital to shareholders.

For context, the 1.47 million shares purchased represent a small fraction of Shell's outstanding shares but contribute to the cumulative impact of the ongoing buyback program announced earlier this month.

Transaction in Own Shares

16 May, 2025

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Shell plc (the ‘Company’) announces that on 16 May, 2025 it purchased the following number of Shares for cancellation.

Aggregated information on Shares purchased according to trading venue:

Date of purchase	Number of Shares purchased	Highest price paid	Lowest price paid	Volume weighted average price paid per share	Venue	Currency
16/05/2025	578,308	£25.1100	£24.7850	£24.9400	LSE	GBP
16/05/2025	118,941	£25.1100	£24.7850	£24.9518	Chi-X (CXE)	GBP
16/05/2025	68,874	£25.1100	£24.7900	£24.9533	BATS (BXE)	GBP
16/05/2025	418,571	€30.0150	€29.6600	€29.8385	XAMS	EUR
16/05/2025	217,736	€30.0100	€29.6600	€29.8289	CBOE DXE	EUR
16/05/2025	63,693	€30.0000	€29.6600	€29.8342	TQEX	EUR

These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 2 May 2025.

In respect of this programme, BNP PARIBAS SA will make trading decisions in relation to the securities independently of the Company for a period from 2 May 2025 up to and including 25 July 2025.

The on-market limb will be effected within certain pre-set parameters and in accordance with the Company’s general authority to repurchase shares on-market. The off-market limb will be effected in accordance with the Company’s general authority to repurchase shares off-market pursuant to the off-market buyback contract approved by its shareholders and the pre-set parameters set out therein. The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time (“UK MAR”) and the Commission Delegated Regulation (EU) 2016/1052 (the “EU MAR Delegated Regulation”) and the EU MAR Delegated Regulation as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time.

In accordance with EU MAR and UK MAR, a breakdown of the individual trades made by BNP PARIBAS SA on behalf of the Company as a part of the buy-back programme is detailed below.

Enquiries

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Acquisition or disposal of the issuer’s own shares

Attachment

• RNS Report SHELL 2025 05 16

FAQ

How many shares did Shell (SHEL) repurchase on May 16, 2025?

Shell purchased 766,123 shares across London exchanges (LSE, Chi-X, BATS) and 700,000 shares across European exchanges (XAMS, CBOE DXE, TQEX), totaling approximately 1.47 million shares.

What was the price range for Shell's share buyback on May 16, 2025?

On London exchanges, shares were purchased between £24.7850 and £25.1100, while on European exchanges, the price range was €29.6600 to €30.0150.

When will Shell's current buyback program end?

The current buyback program, managed by BNP PARIBAS SA, will continue until July 25, 2025.

Who manages Shell's share buyback program?

BNP PARIBAS SA independently manages the trading decisions for Shell's buyback program from May 2, 2025, to July 25, 2025.

What regulations govern Shell's share buyback program?

The program is conducted under UK Listing Rules, EU MAR, UK MAR, and the Commission Delegated Regulation (EU) 2016/1052, ensuring compliance with both UK and EU market regulations.