Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased 1,382,252 ordinary shares for cancellation on 09 February 2026 across six trading venues, at VWAPs of ~£27.93 and ~€32.15 per share. Purchases form part of the on- and off-market buyback programme announced 05 February 2026 and run through 01 May 2026.

Morgan Stanley & Co. International Plc is executing trades independently under preset parameters and in compliance with EU MAR/UK MAR and UK Listing Rules.

Positive

• Total repurchase of 1,382,252 shares on 09 February 2026
• Buyback executed across six trading venues (LSE, CXE, BXE, XAMS, DXE, TQEX) under independent broker execution

Negative

• None.

Key Figures

LSE shares repurchased: 386,804 shares LSE VWAP: £27.9256 XAMS shares repurchased: 423,846 shares +5 more

8 metrics

LSE shares repurchased 386,804 shares On-market limb, LSE, 09/02/2026

LSE VWAP £27.9256 Volume weighted average price on LSE, 09/02/2026

XAMS shares repurchased 423,846 shares On-market limb, XAMS, 09/02/2026

XAMS VWAP €32.1508 Volume weighted average price on XAMS, 09/02/2026

Programme start date 05 February 2026 Buyback trading period start under existing programme

Programme end date 01 May 2026 Buyback trading period end for Morgan Stanley mandate

Highest GBP price paid £28.1950 Across UK venues on 09/02/2026

Highest EUR price paid €32.4800 Across EU venues on 09/02/2026

Market Reality Check

Price: $77.80 Vol: Volume 8,704,353 is 1.33x...

normal vol

$77.80 Last Close

Volume Volume 8,704,353 is 1.33x the 20-day average of 6,523,164, showing elevated interest ahead of ongoing buybacks. normal

Technical Price 75.29 is trading above the 200-day MA at 71.82 and about 5.06% below the 52-week high of 79.30.

Peers on Argus

SHEL gained 0.88% with elevated volume, while large peers like XOM (+1.66%) and ...

SHEL gained 0.88% with elevated volume, while large peers like XOM (+1.66%) and BP (+1.77%) also rose modestly and PBR slipped (-0.67%). Scanner data flags this as stock-specific rather than a coordinated sector momentum move.

Historical Context

5 past events · Latest: Feb 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 05	Buyback execution	Positive	-5.3%	Reported 1.59M shares repurchased for cancellation across UK and EU venues.
Feb 05	Buyback programme	Positive	-5.3%	Announced new $3.5B buyback over about three months for up to 400M shares.
Feb 05	Dividend declaration	Positive	-5.3%	Declared Q4 2025 interim dividend of $0.372 per share, payable March 30, 2026.
Feb 05	Results overview	Positive	-5.3%	Highlighted 2025 free cash flow $26.1B, CFFO $42.9B and a $3.5B buyback.
Feb 05	Earnings results	Neutral	-5.3%	Mixed Q4 and FY 2025 results with higher income but lower adjusted earnings and CFFO.

Pattern Detected

Recent shareholder-return and results announcements, including buyback launches and dividend news, were followed by a consistent -5.28% next-day move, indicating prior negative reactions even to generally positive updates.

Recent Company History

Over the past few days, Shell has focused on capital returns and results. On Feb 5, it detailed Q4 and full-year 2025 results, highlighting $26.1B free cash flow and a new $3.5B buyback alongside higher dividends. The same day it formally announced the $3.5B buyback structure and reported specific repurchases for cancellation. Each of these events coincided with a -5.28% price reaction, contrasting with today’s more constructive tone as buyback execution continues.

Market Pulse Summary

This announcement details ongoing execution of Shell’s share buyback programme, with purchases on 09...

Analysis

This announcement details ongoing execution of Shell’s share buyback programme, with purchases on 09 February 2026 across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX at prices around £28 and €32 for cancellation. It follows recent disclosures of a new $3.5B buyback and higher dividends. Investors may monitor total shares retired over the programme period, interaction with future results, and adherence to EU MAR and UK MAR parameters for ongoing repurchase activity.

Key Terms

eu mar, uk mar, off-market buyback contract

3 terms

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

"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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

09 February 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 09 February 2026 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
09/02/2026	386,804	28.1950	27.5400	27.9256	LSE	GBP
09/02/2026	184,066	28.1950	27.5850	27.9273	Chi-X (CXE)	GBP
09/02/2026	89,676	28.1950	27.5850	27.9250	BATS (BXE)	GBP
09/02/2026	423,846	32.4800	31.7300	32.1508	XAMS	EUR
09/02/2026	254,279	32.4800	31.7300	32.1517	CBOE DXE	EUR
09/02/2026	43,581	32.4800	31.7300	32.1569	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 05 February 2026.

In respect of this programme, Morgan Stanley & Co. International Plc will make trading decisions in relation to the securities independently of the Company for a period from 05 February 2026 up to and including 01 May 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 Morgan Stanley & Co. International Plc 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

• Shell_PDF_2026-02-09

FAQ

How many shares did Shell (SHEL) repurchase on 09 February 2026?

Shell repurchased 1,382,252 shares on 09 February 2026. According to Shell, purchases occurred across six venues with per‑venue VWAPs ~£27.93 and ~€32.15, and the shares were bought for cancellation under the existing buyback programme.

Is the 09 February 2026 share buyback part of Shell's announced programme (SHEL)?

Yes. The 09 February 2026 purchases are part of Shell's on‑ and off‑market buyback programme announced 05 February 2026. According to Shell, the programme runs from 05 February 2026 up to and including 01 May 2026 under preset parameters.

Who executed the Shell (SHEL) buyback trades on behalf of the company?

Morgan Stanley & Co. International Plc executed the trades independently for Shell. According to Shell, Morgan Stanley will make trading decisions from 05 February 2026 through 01 May 2026 within preset execution parameters.

What prices did Shell (SHEL) pay per share in the 09 February 2026 buyback?

Shell paid VWAPs of approximately £27.925–£27.927 on UK venues and €32.151–€32.156 on European venues. According to Shell, the table lists highest, lowest and VWAP figures per venue for the trades executed on 09 February 2026.

Are Shell's (SHEL) 09 Feb 2026 repurchases compliant with market rules?

Yes. Shell says the buyback was conducted in accordance with Chapter 9 of the UK Listing Rules and EU MAR/UK MAR provisions. According to Shell, both on‑market and off‑market limbs follow the company's authorities and applicable delegated regulations.