Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announced that on 09 December 2025 it purchased shares for cancellation under its existing buy-back programme announced on 30 October 2025. Aggregated buys on 09/12/2025 total 1,500,759 shares: 752,348 shares on LSE at a volume weighted average price of £27.3936 and 748,411 shares on XAMS at a volume weighted average price of €31.4275.

The purchases form part of the on- and off-market limbs of the programme, with Merrill Lynch International executing trades independently from 30 October 2025 through 30 January 2026 and the programme conducted under UK MAR/EU MAR rules.

Positive

• Purchased 1,500,759 shares for cancellation on 09/12/2025
• LSE volume weighted average price £27.3936
• XAMS volume weighted average price €31.4275
• Buy-back executed under existing authorised programme through 30/01/2026

Negative

• No reported trades on Chi-X, BATS, CBOE DXE or TQEX on 09/12/2025
• Buy-back window limited to 30 January 2026, restricting repurchase timeline

Key Figures

LSE shares repurchased 752,348 shares On-market repurchases on LSE on 09 Dec 2025

LSE VWAP 27.3936 GBP Volume weighted average price paid per share on LSE 09 Dec 2025

LSE price range 27.2900–27.5100 GBP Lowest and highest prices paid on LSE 09 Dec 2025

XAMS shares repurchased 748,411 shares On-market repurchases on XAMS on 09 Dec 2025

XAMS VWAP 31.4275 EUR Volume weighted average price paid per share on XAMS 09 Dec 2025

XAMS price range 31.3050–31.5600 EUR Lowest and highest prices paid on XAMS 09 Dec 2025

Buy-back window start 30 October 2025 Start date for current programme period run by Merrill Lynch International

Buy-back window end 30 January 2026 End date for current programme period run by Merrill Lynch International

Market Reality Check

$72.55 Last Close

Volume Volume 3,774,273 is at 0.91x the 20-day average of 4,155,286, indicating slightly subdued trading activity before this disclosure. normal

Technical Shares at $72.70 are trading above the 200-day MA of $70.57, reflecting a pre-existing upward bias ahead of this buy-back update.

Peers on Argus

Energy peers showed mixed, low-magnitude moves, with CVX and BP modestly negative, PBR slightly lower, while XOM and TTE were mildly positive. No clear, broad-based sector direction aligned with this buy-back disclosure.

Common Catalyst Select peers (XOM, TTE) also released strategic news, but these relate to longer-term plans and assets rather than routine capital-return actions like Shell’s daily buy-back update.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 05	Share buy-back	Positive	-2.0%	Reported 1,485,081 shares repurchased and cancelled under ongoing buy-back programme.
Dec 04	Share buy-back	Positive	-0.8%	Disclosed 1,457,504 shares bought back across LSE and XAMS for cancellation.
Dec 04	Debt exchange offers	Positive	-0.8%	Final results of $6.35B note exchange to optimize capital structure via Shell Finance US.
Dec 02	Share buy-back	Positive	-0.5%	Announced LSE and XAMS repurchases for cancellation under 30 Oct 2025 programme.
Nov 28	Share buy-back	Positive	+0.5%	Reported 1,486,151 shares repurchased and cancelled as part of ongoing buy-back.

Pattern Detected

Recent buy-back disclosures have often coincided with flat-to-negative next-day moves, suggesting the market had largely priced in this ongoing repurchase programme.

Recent Company History

Over the past weeks, Shell has repeatedly reported daily repurchases for cancellation under its buy-back programme announced on 30 October 2025, with trading executed independently by dealers and compliant with UK/EU MAR rules. Buy-back updates on 28 Nov, 2 Dec, 4 Dec, and 5 Dec detailed similar volumes across LSE and XAMS. A separate 4 Dec announcement covered final results of large debt exchange offers. The current notice fits this pattern of ongoing balance sheet and capital-return management.

Market Pulse Summary

This announcement details another day of on-market repurchases for cancellation under Shell’s buy-back programme running from 30 October 2025 to 30 January 2026, with trades executed independently by Merrill Lynch International across LSE and XAMS at specified VWAPs. It follows a series of similar daily disclosures. Investors may watch the aggregate shares cancelled and any future updates on programme size or duration, alongside broader sector developments and regulatory filings.

Key Terms

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.

share buy-back programme financial

"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.

off-market buyback contract financial

"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"

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.

uk listing rules regulatory

"conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation"

UK listing rules are a set of regulations that companies must follow to be officially listed on a UK stock exchange. These rules ensure that companies provide clear, accurate, and sufficient information to protect investors and maintain market confidence, similar to how safety standards ensure products are reliable. Adhering to these rules is important for investors because it helps them make informed decisions about buying or selling company shares.

eu mar regulatory

"dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law"

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

"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   

09 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 09 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
09/12/2025	752,348	27.5100	27.2900	27.3936	LSE	GBP
09/12/2025	-	-	-	-	Chi-X (CXE)	GBP
09/12/2025	-	-	-	-	BATS (BXE)	GBP
09/12/2025	748,411	31.5600	31.3050	31.4275	XAMS	EUR
09/12/2025	-	-	-	-	CBOE DXE	EUR
09/12/2025	-	-	-	-	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

• 2025.12.09 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 09 December 2025?

Shell repurchased a total of 1,500,759 shares for cancellation on 09/12/2025.

What prices did Shell (SHEL) pay for shares on 09/12/2025?

The volume weighted average prices were £27.3936 on LSE and €31.4275 on XAMS.

Is the Shell (SHEL) buy-back on 09/12/2025 part of a larger programme?

Yes. These purchases are part of the buy-back programme announced on 30 October 2025 and run through 30 January 2026.

Who executed the Shell (SHEL) buy-back trades on behalf of the company?

Merrill Lynch International executed trades independently on behalf of Shell under the programme.

Were any trades reported for Shell (SHEL) on Chi-X or BATS on 09/12/2025?

No trades were reported for Chi-X (CXE) or BATS (BXE) on 09/12/2025.