Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased 1,486,776 shares for cancellation on 18 December 2025 as part of its ongoing buy-back programme announced 30 October 2025.

Purchases by venue: 742,541 shares on LSE at a VWAP of 26.6213 GBP and 744,235 shares on XAMS at a VWAP of 30.4586 EUR. Merrill Lynch International is executing trades independently for the programme covering 30 October 2025 to 30 January 2026. The programme is being conducted under UK Listing Rules Chapter 9 and EU/UK MAR rules, and includes on-market and off-market limbs per the approved off-market buyback contract.

Positive

• Total shares repurchased: 1,486,776 on 18 December 2025
• LSE volume: 742,541 shares at VWAP 26.6213 GBP
• XAMS volume: 744,235 shares at VWAP 30.4586 EUR
• Buy-back executed under approved programme running to 30 January 2026

Negative

• None.

Key Figures

Shares repurchased LSE 742,541 shares Bought for cancellation on 18/12/2025 in GBP

Highest price LSE £26.8250 Highest price paid per share on 18/12/2025

Lowest price LSE £26.4900 Lowest price paid per share on 18/12/2025

VWAP LSE £26.6213 Volume weighted average price on 18/12/2025

Shares repurchased XAMS 744,235 shares Bought for cancellation on 18/12/2025 in EUR

Highest price XAMS €30.6450 Highest price paid per share on 18/12/2025

Lowest price XAMS €30.3400 Lowest price paid per share on 18/12/2025

VWAP XAMS €30.4586 Volume weighted average price on 18/12/2025

Market Reality Check

$72.84 Last Close

Volume Volume 4,849,326 is 1.21x the 20-day average of 3,996,105. normal

Technical Price 71.55 is trading above the 200-day MA of 70.76.

Peers on Argus

Large-cap peers show mixed positive moves: CVX +1.37%, XOM +1.91%, TTE +0.85%, while BP and PBR are slightly negative. SHEL’s +1.55% gain aligns more with stronger U.S. majors than with weaker names like BP and PBR.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 16	Share buy-back update	Positive	-2.5%	Daily disclosure of 2,393,719 shares repurchased and cancelled across LSE and XAMS.
Dec 15	Share buy-back update	Positive	-0.1%	Ongoing programme with 1,512,085 shares bought back on LSE and XAMS.
Dec 12	Share buy-back update	Positive	-0.7%	Disclosure of 1,518,111 shares repurchased and cancelled under ongoing programme.
Dec 11	Share buy-back update	Positive	-0.0%	Report of 1,509,607 shares bought back across LSE and XAMS venues.
Dec 11	Directorate changes	Neutral	-0.0%	Board refresh with new non-executive director appointments and committee changes.

Pattern Detected

Recent buy-back disclosures have generally coincided with flat to mildly negative next-day price moves.

Recent Company History

Over the last week, Shell has repeatedly reported daily share repurchases for cancellation under its buy-back programme announced on 30 October 2025, with multi-venue activity on LSE and XAMS. Each update confirms Merrill Lynch International executing trades independently within EU/UK MAR and UK Listing Rules. A separate 11 December 2025 announcement detailed upcoming Board and committee changes ahead of the 2026 AGM. Today’s buy-back disclosure continues this pattern of frequent capital-return and governance updates.

Market Pulse Summary

This announcement details further share repurchases for cancellation on 18 December 2025 across LSE and XAMS as part of Shell’s buy-back programme running through 30 January 2026. It reinforces that Merrill Lynch International executes trades independently within EU MAR, UK MAR, and UK Listing Rules. Investors may track ongoing daily volumes, execution prices in GBP and EUR, and how these cancellations interact with prior repurchase activity disclosed in recent 6-K filings.

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.

eu mar regulatory

"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 EU MAR as “onshored” into UK law ... from time to time (“UK MAR”)"

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.

off-market buyback contract financial

"off-market limb will be effected in accordance with the Company’s general authority ... pursuant to the off-market buyback contract"

An off-market buyback contract is an agreement where a company agrees to repurchase its shares directly from a specific investor or group of investors, outside of the regular stock exchange or public trading. This allows the company to buy back shares privately, often at a negotiated price, which can influence the company's stock value and impact investor holdings. Such contracts matter to investors because they can affect the supply of shares and the company's financial strategy.

volume weighted average price technical

"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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

18 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 18 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
18/12/2025	742,541	26.8250	26.4900	26.6213	LSE	GBP
18/12/2025	-	-	-	-	Chi-X (CXE)	GBP
18/12/2025	-	-	-	-	BATS (BXE)	GBP
18/12/2025	744,235	30.6450	30.3400	30.4586	XAMS	EUR
18/12/2025	-	-	-	-	CBOE DXE	EUR
18/12/2025	-	-	-	-	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

• 2025.12.18 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) buy on 18 December 2025?

Shell purchased a total of 1,486,776 shares on 18 December 2025.

What were the VWAPs for Shell (SHEL) buybacks on 18 December 2025?

The VWAPs reported were 26.6213 GBP on LSE and 30.4586 EUR on XAMS.

Who executed Shell's buy-back trades for the 30 October 2025 programme?

Merrill Lynch International is making trading decisions independently for the programme.

When does Shell's current buy-back programme end?

The buy-back programme is scheduled to run up to and including 30 January 2026.

Under which rules is Shell (SHEL) conducting its 2025 buy-back programme?

The programme is conducted under Chapter 9 of the UK Listing Rules and EU/UK MAR (Market Abuse Regulation) requirements.