Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has executed another phase of its share buyback program on May 5, 2025, purchasing a total of 970,000 shares across multiple trading venues. The purchases were distributed as follows:

- XAMS: 555,018 shares at €28.79 VWAP - CBOE DXE: 320,925 shares at €28.79 VWAP - TQEX: 94,057 shares at €28.81 VWAP

The buyback is part of Shell's previously announced program from May 2, 2025, which will run through July 25, 2025. BNP PARIBAS SA is executing the trades independently, following pre-set parameters for both on-market and off-market purchases.

Positive

• Continued execution of share buyback program demonstrates strong commitment to returning value to shareholders
• Multiple trading venue approach helps ensure efficient price execution
• Independent execution by BNP Paribas ensures market compliance and trading objectivity

Negative

• Share repurchases reduce company's cash reserves
• Capital allocated to buybacks cannot be used for operational growth or investments

Insights

Financial Analyst

Shell executed a €28 million share repurchase on May 5, continuing its recently announced buyback program running through July 2025, with neutral investor impact.

Shell's May 5th share repurchase involved buying back 970,000 shares across three trading venues (555,018 on XAMS, 320,925 on CBOE DXE, and 94,057 on TQEX) at volume-weighted average prices ranging from €28.79 to €28.81 per share. This represents approximately €28 million in capital returned to shareholders in a single trading day.

These repurchases form part of Shell's buyback program announced just three days earlier on May 2, 2025, which will continue through July 25, 2025. The program includes both on-market and off-market components, with BNP PARIBAS SA executing trades independently of Shell within predetermined parameters.

What's notable about the structure is the use of an independent financial institution to execute the trades, which helps ensure compliance with market regulations and prevents potential conflicts related to timing or price selection. The announcement meticulously details compliance with relevant regulatory frameworks, including UK Listing Rules and Market Abuse Regulations.

While share repurchases generally reduce outstanding share count and can mathematically support per-share metrics, this particular announcement provides no context about the total program size or Shell's broader capital allocation priorities. The transaction appears to be a standard execution update rather than new strategic information.

For investors, this represents business as usual following the initial program announcement, with Shell executing its stated capital return plans as expected. Without details on the overall program size, this isolated daily activity merits a neutral assessment, as any potential positive impact would have already been factored into market expectations following the May 2 announcement.

Transaction in Own Shares

5 May, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 5 May, 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
05/05/2025	555,018	€29.0050	€28.4700	€28.7909	XAMS	EUR
05/05/2025	320,925	€28.9750	€28.4700	€28.7949	CBOE DXE	EUR
05/05/2025	94,057	€28.9750	€28.4750	€28.8072	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 2 May 2025.

In respect of this programme, BNP PARIBAS SA will make trading decisions in relation to the securities independently of the Company for a period from 2 May 2025 up to and including 25 July 2025.

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 BNP PARIBAS SA 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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Acquisition or disposal of the issuer’s own shares

Attachment

• RNS Report SHELL 2025 05 05

FAQ

How many shares did Shell (SHEL) buy back on May 5, 2025?

Shell purchased a total of 970,000 shares across three venues: 555,018 shares on XAMS, 320,925 shares on CBOE DXE, and 94,057 shares on TQEX.

What is the duration of Shell's current share buyback program?

The current share buyback program runs from May 2, 2025 through July 25, 2025.

Who is executing Shell's share buyback trades?

BNP PARIBAS SA is independently executing the trades on behalf of Shell, following pre-set parameters for both on-market and off-market purchases.

What was the price range for Shell's share buybacks on May 5, 2025?

The shares were purchased between €28.47 (lowest) and €29.01 (highest), with volume-weighted average prices around €28.79-28.81 across the different venues.