Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased and cancelled a total of 1,456,156 shares on 23 December 2025 as part of its ongoing buy‑back programme announced on 30 October 2025.

Breakdown by venue: 730,152 shares on LSE at a volume‑weighted average price of GBP 27.0175, and 726,004 shares on XAMS at a volume‑weighted average price of EUR 31.0027. Merrill Lynch International will continue to make independent trading decisions for the programme through 30 January 2026. The programme is conducted under applicable UK and EU MAR rules and relevant Listing Rules.

Positive

• Total cancellation of 1,456,156 shares on 23 December 2025
• Buyback executed across LSE and XAMS with VWAPs GBP 27.0175 and EUR 31.0027

Negative

• None.

Key Figures

LSE shares bought 730,152 shares Purchased for cancellation on 23/12/2025 at LSE

LSE VWAP 27.0175 GBP Volume weighted average price on 23/12/2025

LSE price range 26.8650–27.0700 GBP Lowest and highest price paid 23/12/2025

XAMS shares bought 726,004 shares Purchased for cancellation on 23/12/2025 at XAMS

XAMS VWAP 31.0027 EUR Volume weighted average price on 23/12/2025

XAMS price range 30.8900–31.0750 EUR Lowest and highest price paid 23/12/2025

Programme window 30 Oct 2025–30 Jan 2026 Period Merrill Lynch International executes buy-back

Pre-news price vs high -6.31% Current price vs 52-week high before this announcement

Market Reality Check

$72.84 Last Close

Volume Volume 3,539,016 is slightly below the 20-day average of 3,949,215 (relative volume 0.9). normal

Peers on Argus

SHEL gained 0.78% with mixed peer moves: CVX +0.67%, XOM +0.69%, TTE +0.40%, while BP -0.26% and PBR -1.01%, indicating stock-specific factors alongside normal sector trading.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 19	Share buy-back	Positive	+1.0%	Disclosure of 1,967,666 shares repurchased for cancellation on 19 December.
Dec 18	Share buy-back	Positive	-0.3%	Announcement of 1,486,776 shares purchased across LSE and XAMS venues.
Dec 17	Share buy-back	Positive	+1.6%	Report of 1,504,212 shares bought under the ongoing repurchase programme.
Dec 16	Share buy-back	Positive	-2.5%	Disclosure of 2,393,719 shares cancelled following LSE and XAMS purchases.
Dec 15	Share buy-back	Positive	-0.1%	Update on 1,512,085 shares repurchased as part of the ongoing programme.

Pattern Detected

Recent buy-back disclosures have produced mixed reactions, with both positive and negative moves following similar ‘Transaction in Own Shares’ announcements, indicating no consistent short-term price pattern.

Recent Company History

Over the last weeks, Shell has repeatedly reported daily share repurchases for cancellation under its buy-back programme running through 30 January 2026. Disclosures from 15–19 December 2025 show regular purchases on LSE and XAMS, often totaling over 1.5 million shares per day. Price reactions around these buy-back updates ranged from about -2.45% to +1.55%, suggesting that although buy-backs are ongoing, news of individual trading days has produced varied short-term market responses.

Market Pulse Summary

This announcement details further execution under Shell’s ongoing share repurchase programme, with hundreds of thousands of shares bought for cancellation on both LSE and XAMS at specified GBP and EUR price ranges. Recent history shows similar daily disclosures between 15–19 December 2025, indicating a steady implementation of the programme through 30 January 2026. Investors may focus on the scale and persistence of cancellations and how they interact with broader energy-sector conditions and future capital allocation updates.

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.

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 to repurchase shares off-market"

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.

uk listing rules regulatory

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

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

"Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”)"

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

"and the EU MAR Delegated Regulation as “onshored” into UK law ... (“UK MAR”)"

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   

23 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 23 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
23/12/2025	730,152	27.0700	26.8650	27.0175	LSE	GBP
23/12/2025	-	-	-	-	Chi-X (CXE)	GBP
23/12/2025	-	-	-	-	BATS (BXE)	GBP
23/12/2025	726,004	31.0750	30.8900	31.0027	XAMS	EUR
23/12/2025	-	-	-	-	CBOE DXE	EUR
23/12/2025	-	-	-	-	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

• 2025.12.23 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase and cancel on 23 December 2025?

Shell repurchased and cancelled 1,456,156 shares on 23 December 2025 (730,152 on LSE and 726,004 on XAMS).

What were the volume‑weighted average prices for Shell (SHEL) buybacks on 23 December 2025?

The VWAPs were GBP 27.0175 on LSE and EUR 31.0027 on XAMS for trades on 23 December 2025.

Is the 23 December 2025 share buyback part of Shell's announced programme?

Yes. The purchases form part of the on‑ and off‑market limbs of the buy‑back programme announced on 30 October 2025.

Who made trading decisions for Shell's buyback and until when for the programme?

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

Under which rules was Shell's 23 December 2025 buyback conducted?

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