Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announces that on 20 January 2026 it purchased shares for cancellation under its existing buy-back programme announced 30 October 2025. Aggregated trades: 659,433 shares on the LSE at a volume‑weighted average price of £27.2191, and 664,831 shares on XAMS at a volume‑weighted average price of €31.3854. Purchases were made by Merrill Lynch International acting independently under pre‑set parameters and will be cancelled. The programme is conducted under UK MAR and related Listing Rules.

Positive

• Purchased 659,433 shares on LSE at VWAP £27.2191 on 20 January 2026
• Purchased 664,831 shares on XAMS at VWAP €31.3854 on 20 January 2026
• Shares purchased are to be cancelled, reducing outstanding share count under the buy‑back programme

Negative

• None.

Key Figures

Shares repurchased LSE: 659,433 shares VWAP LSE: £27.2191 LSE price range: £27.0200–£27.3350 +5 more

8 metrics

Shares repurchased LSE 659,433 shares For cancellation on 20/01/2026 at LSE

VWAP LSE £27.2191 Volume weighted average price on 20/01/2026 LSE

LSE price range £27.0200–£27.3350 Lowest to highest price paid 20/01/2026 LSE

Shares repurchased XAMS 664,831 shares For cancellation on 20/01/2026 at XAMS

VWAP XAMS €31.3854 Volume weighted average price on 20/01/2026 XAMS

XAMS price range €31.1750–€31.5550 Lowest to highest price paid 20/01/2026 XAMS

Programme start 30 October 2025 Buy-back programme reference start date

Programme end (current limb) 30 January 2026 Period during which Merrill Lynch trades independently

Market Reality Check

Price: $73.11 Vol: Volume 4,117,976 is below...

normal vol

$73.11 Last Close

Volume Volume 4,117,976 is below the 20-day average of 4,849,132 (relative volume 0.85). normal

Technical Price 74.25 is trading above the 200-day MA of 71.04, reflecting a firm longer-term trend.

Peers on Argus

Peers showed mixed, modest moves: CVX -0.2%, XOM +0.75%, TTE +0.55%, BP -0.08%, ...

Peers showed mixed, modest moves: CVX -0.2%, XOM +0.75%, TTE +0.55%, BP -0.08%, PBR +0.48%, suggesting this buyback update is more stock-specific than part of a broad sector rotation.

Historical Context

5 past events · Latest: Jan 16 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 16	Share buyback update	Positive	+1.1%	Disclosure of share purchases and cancellations under ongoing buy-back programme.
Jan 13	Share buyback update	Positive	+2.1%	Report of 1.68M shares bought and cancelled across LSE and XAMS.
Jan 12	Share buyback update	Positive	+1.2%	Report of 1.96M shares repurchased and cancelled on LSE and XAMS.
Jan 09	Share buyback update	Positive	+0.7%	Multi-venue buy-backs totalling about 2.09M shares with VWAP ranges disclosed.
Jan 08	Share buyback update	Positive	-1.7%	2.43M shares repurchased across venues under preset buy-back parameters.

Pattern Detected

Recent buyback disclosures have generally coincided with modestly positive next-day price moves, with one notable negative reaction.

Recent Company History

Over January 2026, Shell has issued frequent "Transaction in Own Shares" updates detailing daily repurchases and cancellations under its buy-back programme announced on 30 October 2025. Disclosures on Jan 8–16 reported multi-venue purchases ranging from about 655k to over 2.4M shares per day, executed independently by Merrill Lynch International within preset parameters and in compliance with UK/EU MAR. Price reactions over the following 24 hours were mostly positive (four gains, one loss), indicating that ongoing buybacks have often coincided with supportive price action.

Market Pulse Summary

This announcement details additional share repurchases for cancellation on 20 January 2026 across LS...

Analysis

This announcement details additional share repurchases for cancellation on 20 January 2026 across LSE and XAMS under Shell’s ongoing buy-back programme launched on 30 October 2025. It reiterates that Merrill Lynch International executes trades independently within preset parameters and under UK/EU MAR rules. Recent history shows frequent disclosures of multi-venue buybacks and cancellations. Investors may watch the pace of daily repurchases, total shares cancelled over time, and any changes to programme timelines or execution counterparties.

Key Terms

share buy-back programme, EU MAR, UK MAR, off-market buyback contract

4 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

"off-market 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   

20 January, 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 20 January, 2026 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
20/01/2026	659,433	27.3350	27.0200	27.2191	LSE	GBP
20/01/2026	-	-	-	-	Chi-X (CXE)	GBP
20/01/2026	-	-	-	-	BATS (BXE)	GBP
20/01/2026	664,831	31.5550	31.1750	31.3854	XAMS	EUR
20/01/2026	-	-	-	-	CBOE DXE	EUR
20/01/2026	-	-	-	-	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

• 2026.01.20 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) buy on 20 January 2026?

Shell purchased 659,433 shares on the LSE and 664,831 shares on XAMS on 20 January 2026.

What prices did Shell (SHEL) pay for shares purchased on 20 January 2026?

The VWAPs reported were £27.2191 on the LSE and €31.3854 on XAMS for trades on 20 January 2026.

Will the shares Shell (SHEL) purchased on 20 January 2026 be cancelled?

Yes. The announcement states the shares purchased on 20 January 2026 are for cancellation under the buy‑back programme.

Under which programme did Shell (SHEL) make the 20 January 2026 purchases?

The purchases were made under Shell's on‑ and off‑market buy‑back programme announced on 30 October 2025.

Who executed the trades for Shell's (SHEL) buy‑back on 20 January 2026?

Merrill Lynch International executed trades independently on behalf of Shell within pre‑set parameters.

What regulations govern Shell's (SHEL) buy‑back activity reported on 20 January 2026?

The programme is conducted in accordance with UK MAR and Chapter 9 of the UK Listing Rules, and related delegated regulations.