Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announces on 11 December 2025 it purchased and cancelled a total of 1,509,607 shares under its existing buy‑back programme.

Purchases by venue: 755,759 shares on LSE at a volume‑weighted average price of £27.1075, and 753,848 shares on XAMS at a volume‑weighted average price of €31.0649. Other listed venues showed no purchases on the date.

The buys form part of the on‑ and off‑market limbs of the programme announced 30 October 2025; Merrill Lynch International is executing trades independently for the programme running through 30 January 2026. Transactions comply with UK MAR and related delegated regulations.

Key Figures

Shares repurchased LSE 755,759 shares 11 December 2025, for cancellation on LSE

LSE highest price £27.1950 Highest price paid per share on LSE, 11 December 2025

LSE lowest price £26.9900 Lowest price paid per share on LSE, 11 December 2025

LSE VWAP £27.1075 Volume weighted average price on LSE, 11 December 2025

Shares repurchased XAMS 753,848 shares 11 December 2025, for cancellation on XAMS

XAMS highest price €31.1550 Highest price paid per share on XAMS, 11 December 2025

XAMS lowest price €30.9150 Lowest price paid per share on XAMS, 11 December 2025

XAMS VWAP €31.0649 Volume weighted average price on XAMS, 11 December 2025

Market Reality Check

$72.88 Last Close

Volume Volume 3,388,220 is at 0.84x the 20-day average volume. normal

Technical Price 72.88 is trading above the 200-day MA at 70.63.

Peers on Argus

Large-cap integrated peers mostly show gains: CVX +1.5%, XOM +0.69%, BP +0.96%, TTE +0.44%, while PBR is slightly lower at -0.16%. SHEL’s modest +0.45% move sits within this mixed but generally positive peer backdrop.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 09	Share buy-back update	Positive	-0.2%	Announcement of 1,500,759 shares repurchased and cancelled across LSE and XAMS.
Dec 08	Share buy-back update	Positive	-0.4%	Detailed venue-level disclosure of ongoing buy-back trades under current programme.
Dec 08	Dividend payment details	Positive	-0.4%	Confirmation of Q3 2025 interim dividend currency equivalents and payment timetable.
Dec 05	Share buy-back update	Positive	-2.0%	Disclosure of 1,485,081 shares bought back and cancelled at specified VWAPs.
Dec 04	Share buy-back update	Positive	-0.8%	Report of 1,457,504 shares repurchased for cancellation under October 30 programme.

Pattern Detected

Recent buy-back and dividend announcements were followed by modest to moderate share price declines, indicating a pattern of negative price reactions to capital return news.

Recent Company History

Over the last several days, Shell reported multiple buy-back executions, cancelling between 1.46M–1.50M shares per day on Dec 4–9, alongside detailed venue-level pricing. A third-quarter 2025 interim dividend of US$0.358 per share with euro and sterling equivalents was also confirmed, payable on Dec 18, 2025. Despite the shareholder-return focus, 24-hour price reactions after these disclosures ranged from -0.21% to -2.0%, showing consistent short-term weakness after such updates.

Market Pulse Summary

This announcement details another trading day of Shell’s ongoing share buy-back, specifying venue-level volumes and prices for repurchases on the LSE and XAMS, with shares bought for cancellation under the previously announced programme. It reiterates that Merrill Lynch International executes trades independently within pre-set parameters and under EU MAR and UK MAR rules. Investors tracking this programme may watch cumulative cancelled shares, execution prices versus prevailing levels, and any future changes to capital return plans.

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

"...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.

off-market buyback contract financial

"...pursuant to the off-market buyback contract approved by its shareholders..."

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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

11 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 11 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
11/12/2025	755,759	27.1950	26.9900	27.1075	LSE	GBP
11/12/2025	-	-	-	-	Chi-X (CXE)	GBP
11/12/2025	-	-	-	-	BATS (BXE)	GBP
11/12/2025	753,848	31.1550	30.9150	31.0649	XAMS	EUR
11/12/2025	-	-	-	-	CBOE DXE	EUR
11/12/2025	-	-	-	-	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

• 2025.12.11 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) buy back on 11 December 2025?

Shell purchased and cancelled a total of 1,509,607 shares on 11 December 2025.

What were the volume‑weighted average prices for Shell (SHEL) buybacks on 11 December 2025?

The VWAPs were £27.1075 on LSE and €31.0649 on XAMS for purchases executed on 11 December 2025.

Which trading venues did Shell (SHEL) use for the 11 December 2025 buybacks?

Shell recorded purchases on LSE and XAMS on 11 December 2025; Chi‑X, BATS, CBOE DXE and TQEX showed no purchases that date.

Is Merrill Lynch International managing Shell's (SHEL) buyback trades and for how long?

Merrill Lynch International will make trading decisions independently for the programme from 30 October 2025 up to and including 30 January 2026.

Are Shell's (SHEL) buybacks on 11 December 2025 compliant with market rules?

Yes; the programme is being conducted in accordance with UK MAR, Chapter 9 of the UK Listing Rules and the EU MAR Delegated Regulation (as onshored into UK law).