Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) reports that on 16 December 2025 it purchased shares for cancellation as part of its buy-back programme announced 30 October 2025. The Company bought 1,200,077 shares on LSE at a VWAP of £26.3093 and 1,193,642 shares on XAMS at a VWAP of €30.0803, totalling 2,393,719 shares cancelled on that date.

The purchases were executed under the programme supervised by Merrill Lynch International (independent trading decisions) and conducted under EU MAR/UK MAR and UK Listing Rules. The programme runs through 30 January 2026. No trades were reported on Chi-X, BATS, CBOE DXE or TQEX for 16 December 2025.

Positive

• Total shares cancelled on 16/12/2025: 2,393,719
• LSE purchase VWAP: £26.3093
• XAMS purchase VWAP: €30.0803
• Buy-back programme runs through 30 January 2026 with independent trading by Merrill Lynch

Negative

• No purchases reported on Chi-X, BATS, CBOE DXE or TQEX on 16/12/2025
• Buy-back window is time-limited: ends 30 January 2026

Key Figures

Shares repurchased LSE 1,200,077 shares On-market purchases on LSE 16/12/2025 for cancellation

LSE highest price £26.9900 Highest price paid per share on LSE 16/12/2025

LSE lowest price £26.0650 Lowest price paid per share on LSE 16/12/2025

LSE VWAP £26.3093 Volume weighted average price on LSE 16/12/2025

Shares repurchased XAMS 1,193,642 shares On-market purchases on XAMS 16/12/2025 for cancellation

XAMS highest price €30.7950 Highest price paid per share on XAMS 16/12/2025

XAMS lowest price €29.7900 Lowest price paid per share on XAMS 16/12/2025

XAMS VWAP €30.0803 Volume weighted average price on XAMS 16/12/2025

Market Reality Check

$71.55 Last Close

Volume Volume 3,933,556 is in line with the 3,973,725 share 20-day average (relative volume 0.99). normal

Technical Price 72.23 is trading above the 200-day moving average of 70.71.

Peers on Argus

SHEL slipped -0.14% with volumes near average, while large integrated peers like XOM (-1.05%), TTE (-1.15%), BP (-0.79%) and PBR (-1.22%) also traded lower, pointing to broader sector softness despite the company-specific buy-back disclosure.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 12	Share buy-back update	Positive	-0.7%	Disclosed 1,518,111 shares cancelled on LSE and XAMS under buy-back.
Dec 11	Share buy-back update	Positive	-0.0%	Announced 1,509,607 shares repurchased and cancelled across LSE and XAMS.
Dec 11	Board changes	Neutral	-0.0%	Outlined director rotations and committee roles ahead of 2026 AGM.
Dec 10	Share buy-back update	Positive	+0.5%	Reported 1,507,757 shares bought back and cancelled under programme.
Dec 09	Share buy-back update	Positive	-0.2%	Detailed 1,500,759 shares repurchased for cancellation on LSE and XAMS.

Pattern Detected

Recent buy-back disclosures often coincided with flat to slightly negative next-day moves, despite the supportive nature of the repurchases.

Recent Company History

Over recent days, Shell has repeatedly reported daily share repurchases and cancellations under its buy-back programme running from 30 October 2025 to 30 January 2026. Disclosures on 9–12 December 2025 each detailed around 1.5 million shares cancelled across LSE and XAMS, executed independently by Merrill Lynch International and within UK/EU MAR rules. A separate 11 December 2025 announcement outlined Board and committee changes ahead of the 2026 AGM. Today’s buy-back update extends this pattern of regular capital return reporting.

Market Pulse Summary

This announcement detailed further executions under Shell’s buy-back programme, including 1,200,077 shares on LSE and 1,193,642 on XAMS on 16 December 2025, all for cancellation and conducted under UK/EU MAR rules. It follows several similar daily disclosures in December, confirming continued capital return within preset parameters. Investors may monitor the cumulative reduction in share count, adherence to regulatory frameworks, and how these repurchases interact with broader energy sector conditions and the stock’s position above its 200-day MA.

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.

uk listing rules regulatory

"The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5..."

UK listing rules are a set of regulations that companies must follow to be officially listed on a UK stock exchange. These rules ensure that companies provide clear, accurate, and sufficient information to protect investors and maintain market confidence, similar to how safety standards ensure products are reliable. Adhering to these rules is important for investors because it helps them make informed decisions about buying or selling company shares.

eu mar regulatory

"...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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

16 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 16 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
16/12/2025	1,200,077	26.9900	26.0650	26.3093	LSE	GBP
16/12/2025	-	-	-	-	Chi-X (CXE)	GBP
16/12/2025	-	-	-	-	BATS (BXE)	GBP
16/12/2025	1,193,642	30.7950	29.7900	30.0803	XAMS	EUR
16/12/2025	-	-	-	-	CBOE DXE	EUR
16/12/2025	-	-	-	-	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

• 2025.12.16 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 16 December 2025?

Shell repurchased and cancelled 2,393,719 shares on 16 December 2025.

What were the VWAPs for Shell (SHEL) buybacks on 16 December 2025 on LSE and XAMS?

The VWAP on LSE was £26.3093 and on XAMS was €30.0803.

Is Merrill Lynch making trades independently for Shell's (SHEL) buy-back programme?

Yes. Merrill Lynch International will make trading decisions independently for the programme through 30 January 2026.

Are the Shell (SHEL) buy-back purchases on 16 December 2025 conducted under market regulations?

Yes. The programme is being conducted under EU MAR/UK MAR and Chapter 9 of the UK Listing Rules.

Were any shares purchased on Chi-X, BATS, CBOE DXE or TQEX for Shell (SHEL) on 16 December 2025?

No purchases were reported on Chi-X, BATS, CBOE DXE or TQEX for that date.

When does Shell's (SHEL) current share buy-back programme expire?

The programme runs from 30 October 2025 up to and including 30 January 2026.