Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased and cancelled 1,425,633 shares on 11 November 2025 across the LSE and XAMS venues: 713,166 shares on LSE at a volume-weighted average price of £29.1680 and 712,467 shares on XAMS at a volume-weighted average price of €33.1647. These purchases form part of the company's existing buy-back programme announced 30 October 2025.

Merrill Lynch International will make trading decisions independently for the programme running from 30 October 2025 to 30 January 2026. The buy-back is being conducted under UK Listing Rules Chapter 9 and UK MAR (onshored EU MAR) and relevant delegated regulations.

Positive

• Purchased 1,425,633 shares for cancellation on 11 Nov 2025
• Buy-back executed across two major venues: LSE and XAMS
• Independent broker (Merrill Lynch) conducting trades from 30 Oct 2025–30 Jan 2026

Negative

• Total cash spent on 11 Nov 2025 purchase not disclosed in the announcement

Insights

Capital Markets Strategist

Share cancellation of purchased stock under the buy‑back programme reduces share count and supports per‑share metrics through 30 January 2026.

Shell executed purchases on 11/11/2025, acquiring 713,166 shares on the LSE at a VWAP of 29.1680 GBP and 712,467 shares on XAMS at a VWAP of 33.1647 EUR; these holdings were bought for cancellation as part of the on‑ and off‑market limbs of the existing buy‑back programme announced 30 October 2025.

The business mechanism is straightforward: repurchases for cancellation reduce the company’s issued share capital, which can raise reported earnings‑per‑share and improve per‑share metrics without operational change. The transaction is agent‑executed by Merrill Lynch International acting independently between 30 October 2025 and 30 January 2026, and is being carried out within the stated regulatory frameworks (UK MAR and the EU MAR Delegated Regulation as on‑shored into UK law).

Dependencies and risks include the remaining execution window to 30 January 2026, market price movement versus the VWAPs shown, and the distinction between on‑market and off‑market timing which affects liquidity impact. Watch the ongoing daily breakdowns from Merrill Lynch for remaining volumes and any material acceleration or pause in purchases over the programme period; the next near‑term horizon to monitor is through 30 January 2026.

Transaction in Own Shares   

11 November, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 11 November, 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
11/11/2025	713,166	29.3750	28.9250	29.1680	LSE	GBP
11/11/2025	-	-	-	-	Chi-X (CXE)	GBP
11/11/2025	-	-	-	-	BATS (BXE)	GBP
11/11/2025	712,467	33.4100	32.8800	33.1647	XAMS	EUR
11/11/2025	-	-	-	-	CBOE DXE	EUR
11/11/2025	-	-	-	-	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

• 2025.11.11 Shell RNS (with fills)

FAQ

How many Shell (SHEL) shares were repurchased and cancelled on 11 November 2025?

1,425,633 shares were repurchased and cancelled (713,166 on LSE; 712,467 on XAMS) on 11 November 2025.

What were the VWAPs for Shell (SHEL) buy-backs on 11 November 2025?

The volume-weighted average prices were £29.1680 on LSE and €33.1647 on XAMS.

Who is executing Shell's (SHEL) buy-back programme and what are the dates?

Merrill Lynch International is executing trades independently for the programme running from 30 October 2025 to 30 January 2026.

Does the 11 November 2025 purchase cover all trading venues listed for Shell (SHEL)?

No; purchases on 11 November 2025 were reported on LSE and XAMS; other listed venues showed no purchases that day.

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

The programme is conducted under Chapter 9 of the UK Listing Rules and UK MAR (onshored EU MAR) including the EU MAR Delegated Regulation.