Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased and cancelled a total of 1,485,081 shares on 05 December 2025 as part of its ongoing buy-back programme.

Purchases recorded by venue: 745,195 shares on LSE at a volume-weighted average price of 27.6361 GBP, and 739,886 shares on XAMS at a volume-weighted average price of 31.7302 EUR. The transactions were executed under the Company’s on- and off-market buy-back authorities.

Merrill Lynch International will make trading decisions independently for the programme from 30 October 2025 up to and including 30 January 2026. The programme is conducted under UK MAR and related delegated regulations.

Positive

• Total repurchased of 1,485,081 shares on 05/12/2025
• LSE VWAP 27.6361 GBP for 745,195 shares
• XAMS VWAP 31.7302 EUR for 739,886 shares
• Repurchases executed under existing on- and off-market buy-back authorities

Negative

• None.

Key Figures

LSE shares bought 745,195 shares Repurchased for cancellation on 05/12/2025

LSE VWAP £27.6361 Volume weighted average price on 05/12/2025

LSE price range £27.4900–£27.8800 Lowest and highest prices paid on 05/12/2025

XAMS shares bought 739,886 shares Repurchased for cancellation on 05/12/2025

XAMS VWAP €31.7302 Volume weighted average price on 05/12/2025

XAMS price range €31.5750–€31.9700 Lowest and highest prices paid on 05/12/2025

Buy-back window start 30 October 2025 Start of current Merrill Lynch-led programme

Buy-back window end 30 January 2026 End date for current programme period

Market Reality Check

$74.50 Last Close

Volume Volume 3,687,984 vs 20-day average 4,124,578 (relative volume 0.89). normal

Technical Price 74.5 is trading above 200-day MA at 70.52.

Peers on Argus

Peers show mixed moves: CVX +0.34%, TTE +0.20%, BP +0.59%, while XOM -0.31% and PBR -0.77%, suggesting stock-specific factors for SHEL’s move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	Share buy-back	Positive	-0.5%	Daily disclosure of shares repurchased for cancellation on LSE and XAMS.
Nov 28	Share buy-back	Positive	+0.5%	Announcement of 1,486,151 shares bought back across LSE and XAMS venues.
Nov 28	Voting rights update	Neutral	+0.5%	Update on total voting rights and share count following recent buy-backs.
Nov 26	Share buy-back	Positive	+0.8%	Disclosure of LSE and XAMS repurchases under the ongoing buy-back plan.
Nov 25	Share buy-back	Positive	-0.6%	Report of 1,498,482 shares purchased for cancellation across two venues.

Pattern Detected

Recurring buy-back disclosures have produced mixed short-term price reactions, with both small gains and declines following similar announcements.

Recent Company History

Over late November and early December 2025, Shell repeatedly reported buy-backs for cancellation under the programme announced on 30 October 2025, typically around 1.4–1.5 million shares per day across LSE and XAMS. A voting rights update on 28 November 2025 confirmed 5,750,420,233 ordinary shares in issue with no treasury shares. The current 05 December 2025 announcement continues this pattern of scheduled repurchases managed independently by Merrill Lynch International through 30 January 2026.

Market Pulse Summary

This announcement details further execution of Shell’s buy-back programme, with shares repurchased for cancellation on UK and Dutch venues on 05 December 2025. It follows several late-2025 disclosures of similar daily activity under the plan running from 30 October 2025 to 30 January 2026. Investors may monitor cumulative shares cancelled, ongoing regulatory compliance under EU and UK MAR, and how these routine reductions in share count intersect with broader energy sector developments.

Key Terms

uk mar regulatory

"and as amended... 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.

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 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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

05 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 05 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
05/12/2025	745,195	27.8800	27.4900	27.6361	LSE	GBP
05/12/2025	-	-	-	-	Chi-X (CXE)	GBP
05/12/2025	-	-	-	-	BATS (BXE)	GBP
05/12/2025	739,886	31.9700	31.5750	31.7302	XAMS	EUR
05/12/2025	-	-	-	-	CBOE DXE	EUR
05/12/2025	-	-	-	-	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

• 2025.12.05 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 05 December 2025?

Shell repurchased and cancelled a total of 1,485,081 shares on 05 December 2025.

What were the volume-weighted average prices for Shell (SHEL) buybacks on 05/12/2025?

The VWAPs were 27.6361 GBP (LSE) and 31.7302 EUR (XAMS).

Which venues did Shell (SHEL) use for the 05 December 2025 share purchases?

Trades were recorded on LSE and XAMS; other listed venues showed no purchases that day.

What period will Merrill Lynch International trade independently for Shell’s buy-back programme?

Merrill Lynch will trade independently from 30 October 2025 up to and including 30 January 2026.

Are Shell’s buybacks on 05 December 2025 part of a previously announced programme?

Yes. The purchases form part of Shell’s on- and off-market buy-back programme announced on 30 October 2025.