Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announced share purchases for cancellation executed on 17 December 2025 as part of its existing buy-back programme (announced 30 October 2025).

The company purchased 752,611 shares on LSE at a VWAP of 26.7413 GBP (highest 26.9200, lowest 26.5850) and 751,601 shares on XAMS at a VWAP of 30.5251 EUR (highest 30.7200, lowest 30.3400). Total shares bought that day: 1,504,212. Purchases were made under on- and off-market limbs; Merrill Lynch International will make trading decisions independently from 30 October 2025 through 30 January 2026.

Positive

• 1,504,212 shares purchased and cancelled on 17 Dec 2025
• VWAPs recorded: 26.7413 GBP (LSE) and 30.5251 EUR (XAMS)
• Buy-back governed by pre-set parameters and UK/EU MAR rules; Merrill Lynch trades independently until 30 Jan 2026

Negative

• None.

Key Figures

Current price $70.46 Pre-news price for SHEL with 24h change -2.45%

52-week range $58.545 – $77.47 Price is -9.05% vs high and 20.35% vs low

Market cap $206,026,401,525 Equity value before impact of this announcement

Daily volume 5,366,811 shares Relative volume 1.33 vs 20-day average 4,027,566

LSE buy-back size 752,611 shares Purchased 17/12/2025 for cancellation on LSE, VWAP £26.7413

LSE VWAP £26.7413 Volume weighted average price paid per share on 17/12/2025

XAMS buy-back size 751,601 shares Purchased 17/12/2025 for cancellation on XAMS, VWAP €30.5251

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

Market Reality Check

$72.02 Last Close

Volume Volume 5,366,811 vs 20-day average 4,027,566 (relative volume 1.33). normal

Technical Price 70.46 is trading slightly below the 200-day MA of 70.73.

Peers on Argus

Major integrated peers are also down (CVX -1.21%, XOM -1.79%, TTE -1.65%, BP -2.03%, PBR -1.67%), indicating broader sector softness alongside Shell’s -2.45% move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 15	Share buy-back update	Neutral	-0.1%	Disclosure of 1,512,085 shares repurchased and cancelled under buy-back programme.
Dec 12	Share buy-back update	Neutral	-0.7%	Update on 1,518,111 shares cancelled via LSE and XAMS buy-backs.
Dec 11	Share buy-back update	Neutral	-0.0%	Report of 1,509,607 shares repurchased across LSE and XAMS venues.
Dec 11	Board changes	Neutral	-0.0%	Directorate refresh and committee reassignments ahead of 2026 AGM.
Dec 10	Share buy-back update	Neutral	+0.5%	Disclosure of 1,507,757 shares bought back and cancelled under programme.

Pattern Detected

Recent buy-back disclosures and governance updates have been followed by relatively small one-day price moves, suggesting these routine announcements are largely absorbed without sharp reactions.

Recent Company History

Over recent months, Shell has consistently reported on- and off-market share buy-backs executed by independent banks under preset parameters, cancelling blocks of around 1.5 million shares per day across LSE and Euronext Amsterdam. These Form 6-K and RNS-style updates, plus Board and committee changes announced on 11 Dec 2025, have coincided with modest single-day price moves. Today’s further buy-back disclosure continues that pattern of routine capital return communication.

Market Pulse Summary

This announcement details further execution of Shell’s on- and off-market share buy-back, including purchases on LSE and Euronext Amsterdam on 17 December 2025 under the programme running to 30 January 2026. It underscores adherence to Chapter 9 of the UK Listing Rules and EU/UK MAR standards. In context of prior 6-K filings and frequent buy-back updates, investors may track cumulative shares cancelled, venue mix, and any changes to programme parameters.

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.

volume weighted average price financial

"Volume weighted average price paid per share | Venue | Currency"

The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.

uk listing rules regulatory

"The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5..."

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

"...Market Abuse Regulation 596/2014/EU 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

"...The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time (“UK MAR”) and the Commission Delegated Regulation..."

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 in accordance with the Company’s general authority to repurchase shares off-market pursuant to the off-market buyback contract..."

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   

17 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 17 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
17/12/2025	752,611	26.9200	26.5850	26.7413	LSE	GBP
17/12/2025	-	-	-	-	Chi-X (CXE)	GBP
17/12/2025	-	-	-	-	BATS (BXE)	GBP
17/12/2025	751,601	30.7200	30.3400	30.5251	XAMS	EUR
17/12/2025	-	-	-	-	CBOE DXE	EUR
17/12/2025	-	-	-	-	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

• 2025.12.17 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) buy and cancel on 17 December 2025?

Shell purchased and cancelled a total of 1,504,212 shares on 17 December 2025.

What were the VWAPs for Shell (SHEL) share purchases on 17 December 2025?

The reported VWAPs were 26.7413 GBP on LSE and 30.5251 EUR on XAMS.

Which broker executed Shell's (SHEL) buy-back trades and what is the trading period?

Merrill Lynch International executed trades independently under the programme from 30 October 2025 up to and including 30 January 2026.

Was Shell's (SHEL) 17 December 2025 buy-back part of an on-market or off-market programme?

The purchases formed part of both the on-market and off-market limbs of the company's existing buy-back programme.

What price ranges were paid by Shell (SHEL) for shares bought on 17 December 2025?

On LSE the highest/lowest paid were 26.9200/26.5850 GBP; on XAMS they were 30.7200/30.3400 EUR.

Under which rules is Shell's (SHEL) buy-back programme being conducted?

The programme is being conducted in accordance with Chapter 9 of the UK Listing Rules and EU/UK Market Abuse Regulation provisions (EU MAR/UK MAR) and related delegated regulation.