Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased shares for cancellation on 15 December 2025 as part of its ongoing buy-back programme announced 30 October 2025. Aggregated trades show 757,723 shares on LSE at a VWAP of GBP 27.0912 and 754,362 shares on XAMS at a VWAP of EUR 30.9435, totalling 1,512,085 shares reported for that date.

The programme is being executed by Merrill Lynch International (independent trading decisions) and runs through 30 January 2026; it is conducted under UK MAR/EU MAR and Chapter 9 of the UK Listing Rules.

Positive

• 1,512,085 shares repurchased on 15 December 2025
• LSE volume: 757,723 shares at VWAP GBP 27.0912
• XAMS volume: 754,362 shares at VWAP EUR 30.9435
• Buy-back programme active through 30 January 2026

Negative

• None.

Key Figures

Shares repurchased (LSE) 757,723 shares 15 Dec 2025, for cancellation on LSE

VWAP (LSE) £27.0912 Volume weighted average price per share, 15 Dec 2025

Highest price (LSE) £27.1850 Highest price paid on 15 Dec 2025

Lowest price (LSE) £26.9900 Lowest price paid on 15 Dec 2025

Shares repurchased (XAMS) 754,362 shares 15 Dec 2025, for cancellation on XAMS

VWAP (XAMS) €30.9435 Volume weighted average price per share, 15 Dec 2025

Highest price (XAMS) €31.0650 Highest price paid on 15 Dec 2025

Lowest price (XAMS) €30.8200 Lowest price paid on 15 Dec 2025

Market Reality Check

$72.23 Last Close

Volume Volume 3,551,753 vs 20-day average 3,981,134 (about 0.89x recent activity) ahead of this disclosure. normal

Technical Price 72.33 is trading above the 200-day MA of 70.69, indicating a still-uptrending longer-term backdrop.

Peers on Argus

Major integrated peers were mixed: CVX -0.77%, XOM -0.52%, BP -0.56%, PBR -0.98%, while TTE +0.18%. SHEL’s -0.73% move fits the modest downside bias but the buyback news itself is company-specific.

Common Catalyst At least one peer (TTE) also reported a ‘Transactions in Own Shares’ announcement, suggesting concurrent capital return activity among large integrated oils.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 11	Share buy-back	Positive	-0.0%	Cancellation of 1.51M shares under ongoing buy-back programme.
Dec 11	Board changes	Neutral	-0.0%	Directorate refresh and committee reassignments ahead of 2026 AGM.
Dec 10	Share buy-back	Positive	+0.5%	1.51M shares repurchased and cancelled across LSE and XAMS.
Dec 09	Share buy-back	Positive	-0.2%	1.50M shares cancelled under the 30 Oct 2025 programme.
Dec 08	Share buy-back	Positive	-0.4%	Multi-venue repurchases totalling over 1.48M shares for cancellation.

Pattern Detected

Recent buy-back disclosures have led to small, often negative or muted next-day moves, despite the shareholder-friendly nature of the programmes.

Recent Company History

Over the last week, Shell has issued multiple ‘Transaction in Own Shares’ updates, cancelling roughly 1.5M shares per day across London and Amsterdam venues under the buy-back running to 30 January 2026. Price reactions around these updates have been modest, ranging from about -0.42% to +0.45%, indicating that the market has largely treated these repurchases as expected capital-return activity rather than fresh catalysts.

Market Pulse Summary

This announcement detailed another day of buy-back activity, with repurchases on LSE and XAMS for cancellation at VWAPs around £27.09 and €30.94. It forms part of the wider programme running through 30 January 2026 and executed independently by Merrill Lynch International under EU MAR and UK MAR frameworks. Investors may track cumulative shares cancelled, execution prices versus recent trading ranges, and the continuation of similar disclosures over time.

Key Terms

share buy-back programme financial

"These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme..."

A share buy-back programme is when a company purchases its own shares from the market. This reduces the total number of shares available, which can increase the value of remaining shares and signal confidence in the company's future. For investors, it can be a sign that the company believes its stock is undervalued and may lead to higher share prices.

volume weighted average price technical

"...Highest price paid | Lowest price paid | Volume weighted average price paid per share..."

The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.

eu mar regulatory

"...and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”)..."

EU MAR is the European Union’s Market Abuse Regulation, a set of rules designed to keep financial markets fair by stopping insider trading and market manipulation and by requiring timely, accurate public disclosure of inside information. Think of it as traffic laws for trading: it sets who can share sensitive information, how it must be disclosed, and penalties for breaking the rules, which matters to investors because stronger rules reduce surprises, boost trust, and affect companies’ legal and reporting costs.

uk mar regulatory

"...and as amended... from time to time (“UK MAR”) and the Commission Delegated Regulation (EU) 2016/1052..."

UK MAR is the UK Market Abuse Regulation, a set of laws designed to prevent insider trading, market manipulation and other dishonest practices in financial markets while setting rules for how companies must disclose important information. It matters to investors because it helps ensure a fair playing field and timely, reliable disclosures so price changes reflect real news rather than secret deals—think of it as the rulebook that keeps the market honest and predictable.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

15 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 15 December, 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
15/12/2025	757,723	27.1850	26.9900	27.0912	LSE	GBP
15/12/2025	-	-	-	-	Chi-X (CXE)	GBP
15/12/2025	-	-	-	-	BATS (BXE)	GBP
15/12/2025	754,362	31.0650	30.8200	30.9435	XAMS	EUR
15/12/2025	-	-	-	-	CBOE DXE	EUR
15/12/2025	-	-	-	-	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 30 October 2025.

In respect of this programme, Merrill Lynch International will make trading decisions in relation to the securities independently of the Company for a period from 30 October 2025 up to and including 30 January 2026.

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 Merrill Lynch International 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

Attachment

• 2025.12.15 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) buy back on 15 December 2025?

Shell repurchased an aggregated 1,512,085 shares on 15 December 2025 (LSE + XAMS).

What were the VWAPs for Shell (SHEL) share purchases on 15 December 2025?

The reported VWAPs were GBP 27.0912 on LSE and EUR 30.9435 on XAMS for 15 December 2025.

Who executed Shell's (SHEL) buy-back trades and until when will they trade?

Merrill Lynch International executed trades independently on behalf of Shell under the programme through 30 January 2026.

Is Shell's (SHEL) buy-back programme compliant with regulations?

Yes; the programme is conducted under Chapter 9 of the UK Listing Rules and UK MAR/EU MAR requirements.

Which trading venues did Shell (SHEL) report purchases on 15 December 2025?

Reported purchases were on LSE and XAMS; other listed venues reported no purchases that date.