Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announces on 28 November 2025 it purchased 1,486,151 shares for cancellation under its ongoing buy-back programme announced 30 October 2025.

Purchases by trading venue: 745,731 shares on LSE at VWAP £27.8192, and 740,420 shares on XAMS at VWAP €31.8187. No trades were reported on Chi-X, BATS, CBOE DXE or TQEX for the date.

The programme is managed by Merrill Lynch International (making independent trading decisions) and runs from 30 October 2025 up to and including 30 January 2026, conducted under UK MAR and EU MAR rules and the company’s repurchase authorities.

Positive

• Total shares repurchased of 1,486,151 on 28/11/2025
• LSE VWAP £27.8192 and XAMS VWAP €31.8187 reported
• Buy-back runs through 30 January 2026 under authorised programme

Negative

• No purchases reported on Chi-X, BATS, CBOE DXE, TQEX for 28/11/2025
• Transactions limited to two venues on reporting date, reducing execution diversity

Insights

Equity Capital Markets Analyst

Shell executed on‑market buybacks across LSE and XAMS as part of its ongoing programme; purchases will be cancelled.

The Company purchased 745,731 shares on the LSE at a volume‑weighted average price of 27.8192 GBP and 740,420 shares on XAMS at a volume‑weighted average price of 31.8187 EUR on 28/11/2025. These transactions form part of the on‑ and off‑market limbs of the buy‑back programme announced on 30/10/2025, and the shares purchased will be cancelled.

The practical effect reduces share count per the disclosed cancellations and uses available buy‑back authority under the stated regulatory regimes. The programme delegates trading discretion to Merrill Lynch International through 30/01/2026, which matters for execution timing and market impact. Compliance with Chapter 9 (UK Listing Rules) and EU/UK MAR is explicitly referenced as the governing framework.

Key dependencies and risks include the remaining size and pace of repurchases under the programme, potential market price sensitivity to further activity, and any change to the authorised timetable or parameters. Monitor cumulative volumes and any forthcoming daily fills or running totals, plus any announcement that alters the end date of 30/01/2026 or the delegated trading arrangement with Merrill Lynch.

Transaction in Own Shares   

28 November, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 28 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
28/11/2025	745,731	27.9350	27.6700	27.8192	LSE	GBP
28/11/2025	-	-	-	-	Chi-X (CXE)	GBP
28/11/2025	-	-	-	-	BATS (BXE)	GBP
28/11/2025	740,420	31.9550	31.5950	31.8187	XAMS	EUR
28/11/2025	-	-	-	-	CBOE DXE	EUR
28/11/2025	-	-	-	-	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

• 2025.11.28 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 28 November 2025?

Shell repurchased 1,486,151 shares for cancellation on 28 November 2025.

What were the VWAPs for Shell (SHEL) buybacks on 28 November 2025?

The VWAPs reported were £27.8192 on LSE and €31.8187 on XAMS.

Who executed Shell's (SHEL) buy-back trades and for what period?

Merrill Lynch International executed trades independently from 30 October 2025 to 30 January 2026.

Are Shell's (SHEL) buy-back transactions compliant with market rules?

Yes; the programme is conducted under UK MAR, EU MAR, and the company’s repurchase authorities.

Which trading venues reported Shell (SHEL) purchases on 28/11/2025?

Reported purchases occurred on LSE and XAMS; Chi-X, BATS, CBOE DXE and TQEX showed no trades that date.