Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has announced a significant share buyback transaction conducted on May 21, 2025. The company purchased a total of 1,960,000 shares across multiple trading venues, including LSE, Chi-X, BATS, XAMS, CBOE DXE, and TQEX. The purchases were executed at varying price points, with GBP transactions ranging from £24.75 to £24.945, and EUR transactions ranging from €29.48 to €29.705. This buyback is part of Shell's previously announced share repurchase programme from May 2, 2025, which will continue until July 25, 2025. BNP PARIBAS SA is managing the trading decisions independently, with the program conducted in accordance with UK Listing Rules and Market Abuse Regulations.

Positive

• Significant share buyback demonstrates company's commitment to returning value to shareholders
• Multi-venue execution strategy suggests efficient price discovery and liquidity management
• Independent management by BNP PARIBAS SA ensures transparent and regulated execution

Negative

• Capital expenditure on buybacks reduces cash available for operational investments
• Share repurchases may limit company's financial flexibility in case of market downturn

Insights

Corporate Finance Expert

Shell continues systematic share buyback program announced May 2, 2025, purchasing approximately 1.96 million shares across UK markets and 972,000 shares in European markets.

Shell's latest transaction represents a continuation of its previously announced share buyback program that runs through July 25, 2025. Today's action saw the company purchase approximately 988,000 shares across UK trading venues at a volume-weighted average price of £24.85, while acquiring an additional 972,000 shares on European exchanges at roughly €29.59 per share.

These repurchases form part of a structured program with predetermined parameters, conducted independently by BNP PARIBAS SA. The buyback demonstrates Shell's commitment to returning capital to shareholders, which typically has several financial implications:

• Reducing outstanding shares increases earnings per share (EPS), as the same earnings are spread across fewer shares
• Often viewed as a signal that management considers the stock undervalued
• Provides support for share price by creating buy-side pressure in the market

This buyback approach—splitting between on-market and off-market transactions with predefined parameters—gives Shell flexibility while maintaining regulatory compliance with UK Listing Rules and Market Abuse Regulations. The consistent execution of this program indicates the company has sufficient free cash flow to fund both its operational needs and shareholder returns simultaneously.

The volume of shares purchased today represents a modest but meaningful reduction in Shell's outstanding share count, continuing the disciplined capital return strategy the company outlined earlier this month.

Transaction in Own Shares

21 May, 2025

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Shell plc (the ‘Company’) announces that on 21 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
21/05/2025	670,682	£24.9450	£24.7500	£24.8493	LSE	GBP
21/05/2025	197,905	£24.9450	£24.7600	£24.8517	Chi-X (CXE)	GBP
21/05/2025	119,413	£24.9450	£24.7700	£24.8658	BATS (BXE)	GBP
21/05/2025	579,965	€29.7000	€29.4850	€29.5879	XAMS	EUR
21/05/2025	325,732	€29.7050	€29.4800	€29.5870	CBOE DXE	EUR
21/05/2025	66,303	€29.6600	€29.4850	€29.5927	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 21

FAQ

How many shares did Shell (SHEL) purchase on May 21, 2025?

Shell purchased a total of 1,960,000 shares across various trading venues, including 988,000 shares on UK venues (LSE, Chi-X, BATS) and 972,000 shares on European venues (XAMS, CBOE DXE, TQEX).

What is the duration of Shell's current share buyback program?

Shell's current share buyback program runs from May 2, 2025, up to and including July 25, 2025.

What was the price range for Shell's share purchases on May 21, 2025?

On the LSE and related UK venues, shares were purchased between £24.75 and £24.945, while on European venues, the price range was €29.48 to €29.705.

Who is managing Shell's share buyback program?

BNP PARIBAS SA is independently managing the trading decisions for Shell's share buyback program.

What regulations govern Shell's share buyback program?

The program is conducted under UK Listing Rules, EU MAR, UK MAR, and the EU MAR Delegated Regulation, ensuring compliance with both UK and EU market regulations.