Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announced on 16 January 2026 that it purchased shares for cancellation under its existing buy-back programme announced on 30 October 2025. Aggregated purchases on 16/01/2026 were 655,057 shares on LSE at a VWAP of £27.5782 and 523,698 shares on XAMS at a VWAP of €31.8917. Other listed venues reported no purchases for the day.

The programme is being executed within pre-set parameters and in accordance with UK Listing Rules and UK MAR; Merrill Lynch International will make trading decisions independently for the period 30 October 2025 to 30 January 2026. A detailed breakdown of individual trades by Merrill Lynch International is provided as part of the buy-back reporting.

Positive

• Total reported purchases on 16/01/2026: 1,178,755 shares
• LSE purchase: 655,057 shares at VWAP £27.5782 on 16/01/2026
• XAMS purchase: 523,698 shares at VWAP €31.8917 on 16/01/2026
• Buy-back executed under an existing programme announced 30 October 2025 with independent broker trading through 30 January 2026

Negative

• None.

Key Figures

Shares repurchased LSE: 655,057 shares VWAP LSE: 27.5782 GBP Shares repurchased XAMS: 523,698 shares +5 more

8 metrics

Shares repurchased LSE 655,057 shares For cancellation on LSE on 16/01/2026

VWAP LSE 27.5782 GBP Volume weighted average price on 16/01/2026 LSE repurchases

Shares repurchased XAMS 523,698 shares For cancellation on XAMS on 16/01/2026

VWAP XAMS 31.8917 EUR Volume weighted average price on 16/01/2026 XAMS repurchases

Programme start 30 October 2025 Start of current buy-back trading period by Merrill Lynch International

Programme end 30 January 2026 End of current independent trading period for buy-back

Brexit transition end 31 December 2020 11:00 pm Time EU MAR was onshored into UK law

Regulation number 2016/1052 Commission Delegated Regulation (EU) 2016/1052 cited for buy-backs

Market Reality Check

Price: $74.25 Vol: Volume 4,665,437 is close...

normal vol

$74.25 Last Close

Volume Volume 4,665,437 is close to the 20-day average of 4,884,426 (relative volume 0.96). normal

Technical Trading above 200-day MA of 71.04 with current price at 73.42, about 5% below the 52-week high of 77.47.

Peers on Argus

SHEL was down 1.25% while key peers like CVX (+0.24%), TTE (+0.27%), BP (+0.86%)...

SHEL was down 1.25% while key peers like CVX (+0.24%), TTE (+0.27%), BP (+0.86%) and PBR (+0.76%) were flat-to-up, pointing to stock-specific trading rather than a sector-wide move.

Historical Context

5 past events · Latest: Jan 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 13	Share buy-back	Positive	+2.1%	Buy-back cancellation of 1,677,480 shares across LSE and XAMS.
Jan 12	Share buy-back	Positive	+1.2%	Repurchase and cancellation of 1,961,992 shares on LSE and XAMS.
Jan 09	Share buy-back	Positive	+0.7%	Daily buy-back of 2,089,933 shares across multiple venues.
Jan 08	Share buy-back	Positive	-1.7%	Cancellation of 2,433,525 shares under ongoing buy-back programme.
Jan 08	Q4 update note	Negative	-1.7%	Q4 2025 operational ranges and margin guidance with below break-even segment.

Pattern Detected

Recent buy-back disclosures often coincided with modest positive moves, though one prior buy-back date and the Q4 update both saw negative reactions.

Recent Company History

This announcement continues Shell’s active capital return via share repurchases for cancellation, under the buy-back programme launched on 30 October 2025. Similar “Transaction in Own Shares” updates on 8–13 January 2026 detailed daily cancellations between roughly 1.7M–2.4M shares, with mostly positive next-day price reactions, except on 8 January. Alongside this, a Q4 2025 update note on 5 February 2026 guidance highlighted operational ranges and margin metrics, and drew a negative market response, contrasting with the generally constructive reception to buy-back activity.

Market Pulse Summary

This announcement details further on- and off-market repurchases for cancellation on 16 January 2026...

Analysis

This announcement details further on- and off-market repurchases for cancellation on 16 January 2026, continuing the buy-back programme that has driven daily cancellations throughout early January. Recent history shows multiple disclosures of multi-hundred-thousand-share purchases across LSE and XAMS, alongside a Q4 2025 operational update outlining production ranges and margin metrics. Investors may monitor the pace of cancellations, forthcoming results on 5 February 2026, and any changes in programme parameters or regulatory filings when assessing the overall impact.

Key Terms

share buy-back programme, volume weighted average price, UK Listing Rules, UK MAR, +3 more

7 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 financial

"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.

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.

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.

EU MAR Delegated Regulation regulatory

"and the Commission Delegated Regulation (EU) 2016/1052 (the “EU MAR Delegated Regulation”)"

An EU MAR Delegated Regulation is a detailed rule issued by the European Union to clarify or expand existing laws related to financial markets. It functions like a set of instructions that ensure consistent application of rules across all EU countries, helping investors understand how regulations are applied and maintained. This promotes transparency and stability in financial markets, making it easier for investors to make informed decisions.

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 approved"

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.

Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) regulatory

"including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time"

A set of UK rules that update the law on insider trading, market manipulation and related disclosure duties to reflect the country’s departure from the EU. It is essentially an updated rulebook that keeps enforcement powers, reporting requirements and protections for honest investors working smoothly after the legal change; investors care because it clarifies what behaviour is illegal, how markets stay fair, and what companies must disclose.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

16 January, 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 16 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
16/01/2026	655,057	27.7600	27.2000	27.5782	LSE	GBP
16/01/2026	-	-	-	-	Chi-X (CXE)	GBP
16/01/2026	-	-	-	-	BATS (BXE)	GBP
16/01/2026	523,698	32.0900	31.4700	31.8917	XAMS	EUR
16/01/2026	-	-	-	-	CBOE DXE	EUR
16/01/2026	-	-	-	-	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

• 2026.01.16 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 16 January 2026?

Shell repurchased an aggregated 1,178,755 shares on 16/01/2026 (655,057 on LSE and 523,698 on XAMS).

What were the VWAPs for Shell (SHEL) buybacks on 16 January 2026?

The VWAPs reported were £27.5782 on LSE and €31.8917 on XAMS for trades on 16/01/2026.

Is the 16 January 2026 share repurchase part of an ongoing Shell (SHEL) programme?

Yes, the purchases form part of the on- and off-market limbs of the buy-back programme announced on 30 October 2025.

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

Merrill Lynch International executed trades and will make trading decisions independently from 30 October 2025 up to and including 30 January 2026.

Which trading venues reported purchases for Shell (SHEL) on 16 January 2026?

Purchases were reported on LSE and XAMS; Chi-X, BATS, CBOE DXE and TQEX reported no purchases that day.

Where can investors find the detailed breakdown of Shell (SHEL) buy-back trades?

A breakdown of individual trades made by Merrill Lynch International as part of the buy-back programme is provided in the company’s buy-back reporting for the programme.