Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased shares for cancellation on 02 December 2025 under its existing buy-back programme announced on 30 October 2025. Purchases executed by venue:

• LSE: 745,510 shares, VWAP £27.9828 (high £28.1250 / low £27.7950)
• XAMS: 740,501 shares, VWAP €31.9135 (high €32.0650 / low €31.7000)

Merrill Lynch International is making independent trading decisions for the programme from 30 October 2025 to 30 January 2026. On- and off-market limbs are being executed under UK Listing Rules Chapter 9 and UK MAR/EU MAR requirements, with purchases effected pursuant to the shareholder-approved off-market contract where applicable.

Positive

• 745,510 shares purchased on LSE at VWAP £27.9828
• 740,501 shares purchased on XAMS at VWAP €31.9135
• Purchases made for cancellation, reducing shares outstanding

Negative

• None.

News Market Reaction

-0.47%

1 alert

-0.47% News Effect

On the day this news was published, SHEL declined 0.47%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares repurchased LSE: 745,510 shares VWAP LSE: £27.9828 per share Highest price LSE: £28.1250 per share +5 more

8 metrics

Shares repurchased LSE 745,510 shares Purchased for cancellation on 02/12/2025 at LSE

VWAP LSE £27.9828 per share Volume weighted average price on 02/12/2025 at LSE

Highest price LSE £28.1250 per share Highest price paid on 02/12/2025 at LSE

Lowest price LSE £27.7950 per share Lowest price paid on 02/12/2025 at LSE

Shares repurchased XAMS 740,501 shares Purchased for cancellation on 02/12/2025 at XAMS

VWAP XAMS €31.9135 per share Volume weighted average price on 02/12/2025 at XAMS

Buy-back period 30 Oct 2025–30 Jan 2026 Duration in which Merrill Lynch trades independently

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

Market Reality Check

Price: $73.75 Vol: Volume 3,556,172 is 12% b...

normal vol

$73.75 Last Close

Volume Volume 3,556,172 is 12% below the 20-day average of 4,039,138, suggesting no unusual trading spike ahead of this buy-back disclosure. normal

Technical Shares trade above the 200-day MA, with price at 72.86 versus 200-day MA of 70.63, indicating a prevailing upward longer-term trend into this buy-back update.

Peers on Argus

Large-cap integrated peers showed mixed, low-magnitude moves (e.g., CVX -0.07%, ...

Large-cap integrated peers showed mixed, low-magnitude moves (e.g., CVX -0.07%, XOM +0.36%, BP -0.53%), indicating today’s modest uptick in SHEL is more stock-specific than part of a broad sector swing.

Historical Context

5 past events · Latest: Dec 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 10	Daily share buyback	Positive	+0.5%	1,507,757 shares bought back and cancelled under ongoing programme.
Dec 09	Daily share buyback	Positive	-0.2%	1,500,759 shares repurchased across LSE and XAMS with stated VWAPs.
Dec 08	Daily share buyback	Positive	-0.4%	Multiple-venue buybacks on LSE, BATS and XAMS for cancellation.
Dec 08	Dividend currency terms	Positive	-0.4%	Confirmed Q3 2025 interim dividend equivalents in USD, EUR and GBP.
Dec 05	Daily share buyback	Positive	-2.0%	1,485,081 shares repurchased and cancelled on LSE and XAMS.

Pattern Detected

Recent buy-back and dividend announcements have often coincided with flat-to-negative next-day moves, suggesting limited short-term price follow-through despite shareholder-return actions.

Recent Company History

Over the last week, Shell has repeatedly disclosed daily share repurchases for cancellation, typically around 1.5 million shares per day across LSE and XAMS, under a programme running from 30 October 2025 to 30 January 2026. A third-quarter 2025 interim dividend of US$0.358 per share, with euro and sterling equivalents, was also confirmed. Despite these shareholder-focused actions, price reactions have often been muted or negative.

Market Pulse Summary

This announcement detailed additional on- and off-market share purchases for cancellation on LSE and...

Analysis

This announcement detailed additional on- and off-market share purchases for cancellation on LSE and XAMS under the buy-back programme running from 30 October 2025 to 30 January 2026, executed independently by Merrill Lynch International. It confirms adherence to UK Listing Rules, EU MAR and UK MAR. Investors may track cumulative repurchase volumes, programme duration, and how these actions combine with dividends to shape total capital returns.

Key Terms

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

4 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

"dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law"

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

"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.

off-market buyback contract financial

"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"

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   

02 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 02 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
02/12/2025	745,510	28.1250	27.7950	27.9828	LSE	GBP
02/12/2025	-	-	-	-	Chi-X (CXE)	GBP
02/12/2025	-	-	-	-	BATS (BXE)	GBP
02/12/2025	740,501	32.0650	31.7000	31.9135	XAMS	EUR
02/12/2025	-	-	-	-	CBOE DXE	EUR
02/12/2025	-	-	-	-	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

• 2025.12.02 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) buy on 02 December 2025 and where?

Shell bought 745,510 shares on LSE and 740,501 on XAMS on 02 December 2025.

What were the VWAPs for Shell (SHEL) buybacks on 02 December 2025?

VWAPs reported were £27.9828 on LSE and €31.9135 on XAMS for 02 December 2025.

Are Shell's share purchases on 02 December 2025 part of a larger programme (SHEL)?

Yes. The purchases form part of Shell's buy-back programme announced on 30 October 2025 running through 30 January 2026.

Who is executing Shell's (SHEL) buy-back trades and for how long?

Merrill Lynch International is making independent trading decisions for the programme from 30 October 2025 to 30 January 2026.

Were Shell's 02 December 2025 buybacks on-market or off-market (SHEL)?

The programme includes both on-market and off-market limbs; the announcement lists on-market venue trades and references the shareholder-approved off-market contract.

Will Shell (SHEL) cancel the shares it bought on 02 December 2025?

Yes. The announcement states the shares purchased on 02 December 2025 were acquired for cancellation.