Transaction in Own Shares

Rhea-AI Summary

Shell (NYSE:SHEL) bought and cancelled 1,558,275 shares on 27 March 2026 across UK and European venues. Purchases were made under the existing buy-back programme running from 5 February 2026 to 1 May 2026, with Morgan Stanley making independent trading decisions.

Trades occurred on LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX in GBP and EUR; venue-level volume-weighted average prices ranged ~34.54 GBP and ~39.92 EUR per share.

Positive

• Shares repurchased: 1,558,275 on 27 March 2026
• Programme continuity: Purchases executed under existing buy-back programme (05 Feb–01 May 2026)
• Independent execution: Morgan Stanley made trading decisions independently of the company

Negative

• Cross-currency cost: VWAP ~39.92 EUR vs ~34.55 GBP, indicating differing per-share cash outlay by venue
• Shares cancelled reduces public float and available liquidity

Key Figures

Shares repurchased LSE: 459,772 shares VWAP LSE: 34.5504 GBP Shares repurchased Chi-X: 213,240 shares +5 more

8 metrics

Shares repurchased LSE 459,772 shares On-market limb, 27/03/2026, LSE

VWAP LSE 34.5504 GBP Volume weighted average price, 27/03/2026, LSE

Shares repurchased Chi-X 213,240 shares On-market limb, 27/03/2026, Chi-X (CXE)

Shares repurchased XAMS 466,024 shares On-market limb, 27/03/2026, XAMS

VWAP XAMS 39.9217 EUR Volume weighted average price, 27/03/2026, XAMS

Programme start 05 February 2026 Current buy-back programme window

Programme end 01 May 2026 End date for Morgan Stanley trading mandate

Current price vs 52-week high -0.85% Price 92.16 vs 52-week high 92.95

Market Reality Check

Price: $92.16 Vol: Volume 6,418,848 vs 20-da...

normal vol

$92.16 Last Close

Volume Volume 6,418,848 vs 20-day average 8,147,676 (relative volume 0.79x) shows subdued trading despite the buy-back disclosure. normal

Technical Price 92.16 is trading above the 200-day MA at 74.85, indicating a pre-existing uptrend ahead of this buy-back update.

Peers on Argus

SHEL gained 0.3% while major peers like CVX, XOM, TTE, BP and PBR also showed po...

SHEL gained 0.3% while major peers like CVX, XOM, TTE, BP and PBR also showed positive moves (from 0.57% to ), but no names appeared in the momentum scanner, suggesting this disclosure is mainly company-specific within a broadly firm sector.

Historical Context

5 past events · Latest: Mar 26 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 26	Daily buy-back update	Neutral	+0.3%	Reported 1,189,832 shares bought and cancelled across UK and EU venues.
Mar 25	Daily buy-back update	Neutral	+0.8%	Disclosed 1,089,316 shares repurchased for cancellation under ongoing programme.
Mar 24	Daily buy-back update	Neutral	+0.5%	Announced 430,308 shares purchased for cancellation across six venues.
Mar 23	Daily buy-back update	Neutral	+0.3%	Detailed 3,208,307 shares bought back and cancelled under the programme.
Mar 20	Daily buy-back update	Neutral	-0.8%	Reported 1,331,562 shares repurchased with VWAPs in GBP and EUR venues.

Pattern Detected

Recent buy-back disclosures have coincided with small, mostly positive daily moves, suggesting the market has treated these updates as routine rather than major catalysts.

Recent Company History

Over the last few sessions, Shell has repeatedly reported daily purchases of its own shares for cancellation under the buy-back programme running from 05 February 2026 to 01 May 2026. Disclosures from 20–26 March 2026 show multi-venue buying in both GBP and EUR with modest subsequent price moves between -0.82% and 0.83%. Today’s announcement continues that pattern of regular programme updates rather than a new strategic shift.

Market Pulse Summary

This announcement details another day of on- and off‑market share repurchases under Shell’s buy‑back...

Analysis

This announcement details another day of on- and off‑market share repurchases under Shell’s buy‑back programme running from 05 February to 01 May 2026, with trades executed across LSE, Chi‑X, BATS, XAMS, CBOE DXE and TQEX in GBP and EUR. Recent history since 20 March 2026 shows similar daily disclosures with modest price responses. Investors may focus on the continuity and scale of cancellations and how long this pattern of regular buy‑backs continues.

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

"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

"the EU MAR Delegated Regulation 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 ... 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 limb financial

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

An on-market limb is the part of a takeover or share-purchase arrangement where shares are bought directly through the stock exchange at current market prices, rather than through private, negotiated off-exchange deals. For investors it matters because on-market purchases happen publicly and at prevailing prices, which can affect the stock’s trading price, liquidity and how quickly ownership changes hands — like buying items from a store shelf versus arranging a private sale.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

27 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 27 March 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
27/03/2026	459,772	34.8000	34.2800	34.5504	LSE	GBP
27/03/2026	213,240	34.8000	34.2800	34.5393	Chi-X (CXE)	GBP
27/03/2026	77,013	34.8000	34.2800	34.5469	BATS (BXE)	GBP
27/03/2026	466,024	40.1950	39.6350	39.9217	XAMS	EUR
27/03/2026	281,312	40.1950	39.6400	39.9016	CBOE DXE	EUR
27/03/2026	60,914	40.1950	39.6550	39.9177	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 05 February 2026.

In respect of this programme, Morgan Stanley & Co. International Plc will make trading decisions in relation to the securities independently of the Company for a period from 05 February 2026 up to and including 01 May 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 Morgan Stanley & Co. International Plc 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

• Shell_PDF_2026-03-27

FAQ

How many shares did Shell (SHEL) repurchase on 27 March 2026?

Shell repurchased 1,558,275 shares on 27 March 2026. According to Shell, the purchases were executed across multiple venues including LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX.

Was the 27 March 2026 share buyback by Shell (SHEL) part of a larger programme?

Yes. The repurchases were part of Shell's ongoing buy-back programme running from 05 February 2026 to 01 May 2026. According to Shell, the programme includes on- and off-market limbs with pre-set parameters.

Which broker executed Shell's (SHEL) buyback trades on 27 March 2026?

Morgan Stanley & Co. International Plc executed the trades independently of Shell. According to Shell, Morgan Stanley made trading decisions for the programme between 05 February and 01 May 2026.

What prices did Shell (SHEL) pay per share during the 27 March 2026 purchases?

Venue-level VWAPs were approximately 34.54 GBP and 39.92 EUR per share on 27 March 2026. According to Shell, highest and lowest trade prices are shown per venue in the disclosed breakdown.

Will the shares repurchased by Shell (SHEL) on 27 March 2026 be cancelled?

Yes. The shares purchased on 27 March 2026 were bought for cancellation. According to Shell, the announcement specifies the shares were purchased for cancellation under the buy-back programme.