Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased and cancelled shares on 12 December 2025 as part of its ongoing buy-back programme (announced 30 October 2025).

Aggregated trades: 759,882 shares on LSE at a VWAP of £26.9623 and 758,229 shares on XAMS at a VWAP of €30.8328, totaling 1,518,111 shares cancelled. Merrill Lynch International is executing trades independently under preset parameters. The programme runs through 30 January 2026 and follows UK MAR/EU MAR rules.

Positive

• Total shares cancelled: 1,518,111 on 12 December 2025
• Trades executed under independent broker: Merrill Lynch International
• Buy-back conducted within regulatory framework: UK MAR/EU MAR

Negative

• No total cash value for the 12 December purchases disclosed
• Buy-back programme remains active until 30 January 2026 (ongoing market activity)

Key Figures

Shares repurchased LSE 759,882 shares Purchased for cancellation on 12/12/2025 at LSE

LSE VWAP 26.9623 GBP Volume weighted average price on 12/12/2025

LSE price range 26.8550–27.1100 GBP Lowest to highest price paid on 12/12/2025

Shares repurchased XAMS 758,229 shares Purchased for cancellation on 12/12/2025 at XAMS

XAMS VWAP 30.8328 EUR Volume weighted average price on 12/12/2025

XAMS price range 30.6700–30.9900 EUR Lowest to highest price paid on 12/12/2025

Buyback start date 30 October 2025 Programme period with Merrill Lynch International

Buyback end date 30 January 2026 Programme period with Merrill Lynch International

Market Reality Check

$72.86 Last Close

Volume Volume 3,556,172 is at 0.88x the 20-day average of 4,021,332, indicating typical activity ahead of this buyback disclosure. normal

Technical Shares at 72.86 trade 5.95% below the 52-week high and above the 200-day MA at 70.66, keeping the stock in an upper-range, longer-term uptrend zone.

Peers on Argus

Key integrated peers show mixed, low-magnitude moves (e.g., CVX -0.07%, XOM +0.36%, BP -0.53%), suggesting this routine buyback disclosure is more stock-specific than part of a coordinated sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 10	Daily buyback update	Positive	+0.5%	Disclosure of 1,507,757 shares repurchased and cancelled under ongoing programme.
Dec 09	Daily buyback update	Positive	-0.2%	Report of 1,500,759 shares repurchased across LSE and XAMS venues.
Dec 08	Daily buyback update	Positive	-0.4%	Update on multi-venue buy-backs totalling over 1.48 million shares.
Dec 08	Dividend detail	Positive	-0.4%	Confirmation of Q3 2025 interim dividend equivalents across three currencies.
Dec 05	Daily buyback update	Positive	-2.0%	Announcement of 1,485,081 shares bought and cancelled on 05 December 2025.

Pattern Detected

Recent buyback and dividend announcements often saw flat-to-negative next-day moves despite shareholder-friendly actions.

Recent Company History

Over early December 2025, Shell reported multiple daily transactions in its ongoing buy-back programme, cancelling between roughly 1.48–1.51 million shares per disclosure across LSE and XAMS venues. A third-quarter 2025 dividend detail on US$0.358 per share also featured. Price reactions to these shareholder-return updates were mostly modest and frequently negative, with only the 10 Dec 2025 buyback notice showing a positive 0.45% move, framing today’s similar buyback report within a pattern of subdued market responses.

Market Pulse Summary

This announcement details another day of on-market and off-market share repurchases under Shell’s ongoing buy-back programme, with trades executed on both LSE and XAMS for cancellation. It extends a sequence of similar updates through early December 2025, alongside a previously disclosed Q3 dividend. Investors may track cumulative shares cancelled, execution prices versus benchmarks, and any future regulatory filings that further document programme progress and capital-return 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.

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 ... 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 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"

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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

12 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 12 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
12/12/2025	759,882	27.1100	26.8550	26.9623	LSE	GBP
12/12/2025	-	-	-	-	Chi-X (CXE)	GBP
12/12/2025	-	-	-	-	BATS (BXE)	GBP
12/12/2025	758,229	30.9900	30.6700	30.8328	XAMS	EUR
12/12/2025	-	-	-	-	CBOE DXE	EUR
12/12/2025	-	-	-	-	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

• 2025.12.12 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) cancel on 12 December 2025?

Shell cancelled a total of 1,518,111 shares on 12 December 2025.

What prices did Shell (SHEL) pay for shares on 12 December 2025?

On LSE VWAP was £26.9623 (highest £27.1100, lowest £26.8550); on XAMS VWAP was €30.8328.

Who executed the Shell (SHEL) buy-back trades for the programme through 30 January 2026?

Merrill Lynch International made trading decisions independently on behalf of Shell for the programme.

When does Shell's (SHEL) current buy-back programme run until?

The company’s buy-back programme runs from 30 October 2025 up to and including 30 January 2026.

Does the Shell (SHEL) announcement state the cash spent on the 12 December 2025 purchases?

No; the announcement lists share counts and VWAPs but does not disclose a total cash amount spent.

What regulatory rules govern Shell's (SHEL) buy-back programme?

The programme is conducted in accordance with Chapter 9 of the UK Listing Rules and UK MAR/EU MAR and related delegated regulations.