Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased shares for cancellation on 24 December 2025 as part of its ongoing buy-back programme announced 30 October 2025. Aggregated trades reported:

• 358,799 shares on LSE at a volume-weighted average price of GBP 27.0785
• 309,528 shares on XAMS at a volume-weighted average price of EUR 31.0888

The purchases form part of the on- and off-market limbs of the programme. Merrill Lynch International will make trading decisions independently from 30 October 2025 up to and including 30 January 2026. The programme is conducted in accordance with UK MAR and related delegated regulations.

Positive

• 358,799 shares repurchased on LSE at VWAP GBP 27.0785
• 309,528 shares repurchased on XAMS at VWAP EUR 31.0888
• Buy-back is within an existing programme active through 30 Jan 2026

Negative

• Programme limited to pre-set parameters and ends on 30 Jan 2026

Key Figures

Shares repurchased LSE 358,799 shares 24 December 2025 buy-back, LSE, for cancellation

LSE VWAP 27.0785 GBP Volume weighted average price on 24 December 2025, LSE

LSE price range 27.0150–27.1400 GBP Lowest to highest price paid 24 December 2025, LSE

Shares repurchased XAMS 309,528 shares 24 December 2025 buy-back, XAMS, for cancellation

XAMS VWAP 31.0888 EUR Volume weighted average price on 24 December 2025, XAMS

XAMS price range 31.0100–31.1650 EUR Lowest to highest price paid 24 December 2025, XAMS

Programme window 30 October 2025–30 January 2026 Period Merrill Lynch International executes buy-back trades

MAR reference Market Abuse Regulation 596/2014/EU Framework governing the buy-back programme

Market Reality Check

$72.81 Last Close

Volume Volume 2,412,298 is at 0.62x the 20-day average, indicating subdued trading ahead of this buy-back update. low

Technical Price 73.07 is trading above the 200-day MA of 70.87, reflecting a prevailing upward trend into this buy-back disclosure.

Peers on Argus

SHEL was up 0.68% with peers also modestly higher (e.g., XOM +0.8%, CVX +0.31%, TTE +0.55%, BP +0.2%, PBR +0.51%). However, momentum scanners did not flag a coordinated sector move, suggesting this buy-back update remains more company-specific than part of a broad Energy rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 22	Share buyback update	Positive	+0.8%	Daily disclosure of buy-back shares cancelled on 22 December 2025.
Dec 19	Share buyback update	Positive	+1.0%	Report of nearly 2.0M shares repurchased for cancellation on 19 December.
Dec 18	Share buyback update	Positive	-0.3%	Announcement of 1.49M shares bought back across LSE and XAMS venues.
Dec 17	Share buyback update	Positive	+1.6%	Disclosure of 1.50M shares repurchased and cancelled under the programme.
Dec 16	Share buyback update	Positive	-2.5%	Update on 2.39M shares cancelled as part of ongoing buy-backs.

Pattern Detected

Recent buy-back disclosures generally saw positive reactions, with 3 aligned and 2 divergent moves, indicating supportive but not uniformly bullish trading around such updates.

Recent Company History

Over the last few sessions, Shell has consistently reported daily share repurchases for cancellation under the buy-back programme running from 30 October 2025 to 30 January 2026. Individual updates between 16–22 December 2025 detailed daily cancellations ranging from about 1.46M to 2.39M shares across LSE and XAMS. Price reactions to these buy-back notices have been mixed but skewed positive, framing today’s 24 December repurchase disclosure as part of an ongoing capital return cadence rather than a new standalone catalyst.

Market Pulse Summary

This announcement details further share repurchases for cancellation on 24 December 2025 under Shell’s ongoing buy-back programme running through 30 January 2026. The update reinforces a consistent capital return pattern, with trades executed independently by Merrill Lynch International and governed by UK Listing Rules and EU/UK MAR. Investors may monitor the cumulative shares cancelled and any subsequent regulatory filings for a fuller picture of capital allocation priorities.

Key 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.

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.

off-market financial

"The off-market limb will be effected in accordance with the Company’s general authority to repurchase shares off-market"

Off-market describes a trade or transfer of securities that happens outside a public exchange, where buyers and sellers negotiate directly or use private arrangements rather than submitting orders on the open market. It matters to investors because these deals can change who controls a company or alter share supply without the usual public price signals, like selling a car privately instead of through a dealership — you may get a different price and the wider market may not immediately react.

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

"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   

24 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 24 December, 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
24/12/2025	358,799	27.1400	27.0150	27.0785	LSE	GBP
24/12/2025	-	-	-	-	Chi-X (CXE)	GBP
24/12/2025	-	-	-	-	BATS (BXE)	GBP
24/12/2025	309,528	31.1650	31.0100	31.0888	XAMS	EUR
24/12/2025	-	-	-	-	CBOE DXE	EUR
24/12/2025	-	-	-	-	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

• 2025.12.24 Shell RNS (with fills)

FAQ

How many Shell (SHEL) shares were bought on 24 December 2025?

Shell purchased 358,799 shares on LSE and 309,528 shares on XAMS on 24 December 2025.

What were the VWAPs for Shell (SHEL) buybacks on 24 December 2025?

The reported volume-weighted average prices were GBP 27.0785 (LSE) and EUR 31.0888 (XAMS).

Is the 24 December 2025 purchase part of Shell's announced buy-back programme?

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

Who is executing Shell's (SHEL) buybacks and for how long?

Merrill Lynch International is making trading decisions independently from 30 October 2025 up to and including 30 January 2026.

Which trading venues did Shell (SHEL) report purchases on 24 December 2025?

Reported venues with purchases were LSE and XAMS; other listed venues showed no trades that day.

Under which rules is Shell (SHEL) conducting its buy-back programme?

The programme is conducted in accordance with UK MAR and the applicable delegated regulations referenced in the announcement.