Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announced on 23 January 2026 that it purchased shares for cancellation under its existing buy‑back programme. Aggregated executed volumes were 572,214 shares on LSE at a VWAP of £27.0283 and 574,982 shares on XAMS at a VWAP of €31.3038, with several other trading venues showing no executions. The purchases form part of the on‑ and off‑market limbs of the programme running from 30 October 2025 through 30 January 2026, with Merrill Lynch International making independent trading decisions for the programme period. Trades were conducted under UK MAR/EU MAR rules and the company’s repurchase authorities.

Positive

• Total shares repurchased for cancellation: 1,147,196
• Repurchases executed under an existing authorised buy‑back programme (on‑ and off‑market)
• Executed VWAPs: £27.0283 (LSE) and €31.3038 (XAMS), providing concrete pricing data

Negative

• Several listed venues recorded no executions on 23/01/2026, limiting venue coverage
• Buy‑back activity is time‑limited, ending on 30 January 2026

Key Figures

Shares repurchased LSE: 572,214 shares LSE highest price: £27.2100 LSE lowest price: £26.7800 +5 more

8 metrics

Shares repurchased LSE 572,214 shares Purchased for cancellation on 23/01/2026 at LSE

LSE highest price £27.2100 Highest price paid per share on 23/01/2026 at LSE

LSE lowest price £26.7800 Lowest price paid per share on 23/01/2026 at LSE

LSE VWAP £27.0283 Volume-weighted average price on 23/01/2026 at LSE

Shares repurchased XAMS 574,982 shares Purchased for cancellation on 23/01/2026 at XAMS

XAMS highest price €31.5200 Highest price paid per share on 23/01/2026 at XAMS

XAMS lowest price €30.9250 Lowest price paid per share on 23/01/2026 at XAMS

XAMS VWAP €31.3038 Volume-weighted average price on 23/01/2026 at XAMS

Market Reality Check

Price: $73.75 Vol: Volume 4,965,414 is close...

normal vol

$73.75 Last Close

Volume Volume 4,965,414 is close to the 20-day average of 4,892,613, indicating typical trading activity before this buy-back update. normal

Technical Price at 72.42 is trading above the 200-day MA of 71.11, while sitting about 6.52% below the 52-week high of 77.47.

Peers on Argus

SHEL was down 1.88% while key peers were mixed: CVX +0.24%, XOM +0.44%, BP +0.11...

SHEL was down 1.88% while key peers were mixed: CVX +0.24%, XOM +0.44%, BP +0.11%, PBR +1.25%, and TTE -0.42%. With no peers in the momentum scanner and mixed moves, this buy-back disclosure appears more stock-specific than part of a broad sector move.

Historical Context

5 past events · Latest: Jan 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Share buy-back update	Positive	+1.0%	Announcement of 1,320,967 shares repurchased and cancelled on LSE and XAMS.
Jan 20	Share buy-back update	Positive	-1.5%	Disclosure of LSE and XAMS share cancellations under the ongoing buy-back.
Jan 16	Share buy-back update	Positive	+1.1%	Further buy-back activity on LSE and XAMS within preset programme parameters.
Jan 13	Share buy-back update	Positive	+2.1%	1,677,480 shares bought across venues for cancellation under the programme.
Jan 12	Share buy-back update	Positive	+1.2%	1,961,992 shares repurchased and cancelled as part of the existing buy-back.

Pattern Detected

Recent buy-back announcements have generally coincided with modestly positive next-day moves, though there has been at least one divergence where shares declined despite similar disclosures.

Recent Company History

Over the last several weeks, Shell has repeatedly reported on-market and off-market share repurchases for cancellation under its buy-back programme announced on 30 October 2025. Daily disclosures between 12 and 21 January 2026 showed cancellations typically in the 0.7–2.0 million share range across LSE and XAMS, executed independently by Merrill Lynch International within preset parameters and under UK MAR/EU MAR. Most of these updates were followed by small positive price reactions, reinforcing that the current announcement continues a consistent capital return pattern rather than introducing a new strategic shift.

Market Pulse Summary

This announcement details another day of on- and off-market repurchases for cancellation under Shell...

Analysis

This announcement details another day of on- and off-market repurchases for cancellation under Shell’s existing share buy-back programme, with purchases on both LSE and XAMS at clearly disclosed volume‑weighted prices. It extends a pattern of regular buy-back updates since late 2025, all conducted under UK MAR and EU MAR rules. Investors monitoring this programme may focus on the pace of daily cancellations and how consistently such activity has accompanied prior price reactions.

Key Terms

share buy-back programme, eu mar, uk mar, off-market buyback contract, +1 more

5 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

"Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”)"

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

"and EU MAR as “onshored” into UK law ... from time to time (“UK MAR”)"

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 limb will be effected in accordance with the Company’s general authority ... 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.

on-market financial

"The on-market limb will be effected within certain pre-set parameters"

On-market describes buying or selling shares directly through a public stock exchange at the current market price, rather than by a private or negotiated deal. Like buying an item from a store at the posted price instead of haggling privately, on-market trades happen quickly, are visible to other investors, and can move the stock price, so they affect liquidity and provide a transparent signal about supply and demand.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

23 January, 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 23 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
23/01/2026	572,214	27.2100	26.7800	27.0283	LSE	GBP
23/01/2026	-	-	-	-	Chi-X (CXE)	GBP
23/01/2026	-	-	-	-	BATS (BXE)	GBP
23/01/2026	574,982	31.5200	30.9250	31.3038	XAMS	EUR
23/01/2026	-	-	-	-	CBOE DXE	EUR
23/01/2026	-	-	-	-	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

• 2026.01.23 Shell RNS (with fills)

FAQ

How many Shell (SHEL) shares were repurchased on 23 January 2026?

Shell repurchased a total of 1,147,196 shares (572,214 on LSE and 574,982 on XAMS) for cancellation.

What were the average prices Shell (SHEL) paid per share on 23 January 2026?

The VWAPs reported were £27.0283 on LSE and €31.3038 on XAMS for trades executed on 23/01/2026.

Is the Shell (SHEL) buy‑back programme still active after 23 January 2026?

The programme was scheduled to run from 30 October 2025 up to and including 30 January 2026.

Who executed trades for Shell's (SHEL) buy‑back on 23 January 2026?

Merrill Lynch International made trading decisions independently on behalf of Shell during the programme period.

Under which rules was Shell's (SHEL) buy‑back conducted?

The buy‑back was conducted in accordance with UK MAR, EU MAR and Chapter 9 of the UK Listing Rules.