Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) bought 1,477,210 shares for cancellation on 18 November 2025 as part of its on- and off-market buy-back programme announced 30 October 2025. Purchases were executed on LSE and XAMS with aggregated volume-weighted average prices of £28.1638 (LSE) and €32.0662 (XAMS); highest prices paid were £28.40 and €32.34 respectively.

Merrill Lynch International is making trading decisions independently for the programme period 30 October 2025 to 30 January 2026. The buy-back is conducted under UK MAR and related rules; a detailed trade breakdown by Merrill Lynch is provided.

Positive

• Shares purchased: 1,477,210 on 18 November 2025
• LSE VWAP: £28.1638 and XAMS VWAP: €32.0662
• Buy-back executed under existing shareholder-approved authorities

Negative

• Highest prices paid reached £28.40 and €32.34
• Trading decisions delegated to Merrill Lynch International until 30 January 2026

Insights

Equity Capital Markets Analyst

Shell executed on-market buybacks across LSE and XAMS as part of its programme running to 30 January, 2026.

The company purchased 740,412 shares on the LSE at a volume‑weighted average price of 28.1638 GBP and 736,798 shares on XAMS at a volume‑weighted average price of 32.0662 EUR. These purchases form part of the on‑ and off‑market limbs of the buy‑back programme announced on 30 October, 2025, with Merrill Lynch International executing trades independently for the programme period.

This mechanism reduces the company's outstanding share count and, all else equal, can support per‑share metrics by concentrating earnings across fewer shares; the announcement documents pre‑set parameters and regulatory compliance under UK MAR and related delegated regulations, which constrain execution timing and volumes. Key dependencies and risks include the total scale and duration of future purchases under the programme and adherence to the stated pre‑set parameters; outcomes will hinge on cumulative volumes and the programme end date of 30 January, 2026. Watch for further daily trade disclosures that show aggregate shares cancelled and any updates to programme size or timeframe within the stated window.

Transaction in Own Shares   

18 November, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 18 November, 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
18/11/2025	740,412	28.4000	27.9950	28.1638	LSE	GBP
18/11/2025	-	-	-	-	Chi-X (CXE)	GBP
18/11/2025	-	-	-	-	BATS (BXE)	GBP
18/11/2025	736,798	32.3400	31.8800	32.0662	XAMS	EUR
18/11/2025	-	-	-	-	CBOE DXE	EUR
18/11/2025	-	-	-	-	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

• 2025.11.18 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 18 November 2025?

Shell repurchased 1,477,210 shares for cancellation on 18 November 2025.

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

The aggregated VWAPs reported were £28.1638 on LSE and €32.0662 on XAMS.

When does Shell’s buy-back programme run through for the current mandate?

Merrill Lynch will make independent trading decisions from 30 October 2025 up to and including 30 January 2026.

Which venues did Shell (SHEL) use for the 18 November 2025 purchases?

Purchases were reported on LSE and XAMS; other listed venues showed no trades that day.

Who is executing Shell’s buy-back trades for the programme?

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

Where can investors find the detailed breakdown of individual trades for Shell (SHEL)?

A breakdown of individual trades made by Merrill Lynch International on behalf of Shell is provided in the company’s announcement.