Transaction in Own Shares

Rhea-AI Summary

Shell plc (NYSE:SHEL) purchased 1,316,305 shares for cancellation on 23 April 2026 across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. Transactions show venue-level VWAPs of ~33.11 GBP and ~38.23 EUR. Purchases were executed under the buyback programme announced 05 February 2026, managed independently by Morgan Stanley & Co. International Plc and conducted within prescribed UK MAR/EU MAR parameters.

Positive

• 1,316,305 shares purchased for cancellation on 23 April 2026
• Buyback executed across six trading venues, showing diversified execution
• Trades effected under independent management by Morgan Stanley within preset parameters

Negative

• Aggregate cash consideration of trades approximately £21.77m and €25.19m (venue VWAPs), reducing liquidity
• Buyback is ongoing under programme limits; further purchases may continue through 01 May 2026

Key Figures

LSE shares repurchased: 421,916 shares LSE highest price: 33.3250 GBP LSE lowest price: 32.9900 GBP +5 more

8 metrics

LSE shares repurchased 421,916 shares On-market purchases on LSE on 23/04/2026

LSE highest price 33.3250 GBP Highest price paid per share on LSE 23/04/2026

LSE lowest price 32.9900 GBP Lowest price paid per share on LSE 23/04/2026

LSE VWAP 33.1161 GBP Volume-weighted average price on LSE 23/04/2026

XAMS shares repurchased 384,570 shares On-market purchases on XAMS on 23/04/2026

XAMS VWAP 38.2323 EUR Volume-weighted average price on XAMS 23/04/2026

Programme start date 05 February 2026 Start of current share buy-back programme

Programme end date 01 May 2026 End date for Morgan Stanley trading mandate

Market Reality Check

Price: $89.49 Vol: Volume 3,450,141 vs 20-da...

low vol

$89.49 Last Close

Volume Volume 3,450,141 vs 20-day average 7,370,299 (relative 0.47x) ahead of this disclosure. low

Technical Trading at 89.49, above 200-day MA 76.67, and 5.7% below 52-week high 94.9 while 39.78% above 52-week low 64.02.

Peers on Argus

SHEL was up 0.94% while large peers were mixed: CVX -0.51%, XOM +0.09%, TTE -0.0...

SHEL was up 0.94% while large peers were mixed: CVX -0.51%, XOM +0.09%, TTE -0.03%, BP -0.47%, PBR -0.19%, indicating a stock-specific move around the buyback activity.

Historical Context

5 past events · Latest: Apr 22 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 22	Share buy-back	Positive	+1.0%	Disclosure of 1,247,760 shares repurchased and cancelled under buy-back.
Apr 21	Share buy-back	Positive	+0.8%	Update on 1,309,220 shares bought for cancellation across venues.
Apr 20	Share buy-back	Positive	+0.2%	Report of 1,165,886 shares cancelled under ongoing programme.
Apr 17	Share buy-back	Positive	-4.0%	Larger 2,741,165-share cancellation coincided with a -4.03% move.
Apr 16	Share buy-back	Positive	+1.9%	1,620,931 shares repurchased with detailed GBP/EUR venue VWAPs.

Pattern Detected

Recent buy-back disclosures often coincided with modest positive moves, with one notable negative reaction.

Recent Company History

Over the last week, Shell has reported daily buy-back activity, cancelling between 1.16M and 2.74M shares per day across European venues. These transactions all relate to the programme announced on 05 Feb 2026, running to 01 May 2026 and executed independently by Morgan Stanley under UK MAR/EU MAR frameworks. Price reactions have generally been mildly positive, with one -4.03% down day, suggesting the market has mostly absorbed these repurchases without large dislocations.

Market Pulse Summary

This announcement details another day of buy-back activity, with hundreds of thousands of shares rep...

Analysis

This announcement details another day of buy-back activity, with hundreds of thousands of shares repurchased across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX under the programme running from 05 February 2026 to 01 May 2026. It continues a pattern of regular cancellations disclosed in recent days. Investors may track cumulative volumes, venue-level VWAPs in GBP and EUR, and the stock’s position relative to the 76.67 200-day MA and 94.9 52-week high to gauge how the market absorbs this capital return.

Key Terms

share buy-back programme, EU MAR, UK MAR, off-market buyback contract, +2 more

6 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.

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 ... from time to time (“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.

off-market buyback contract financial

"off-market limb will be effected ... 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.

trading venue technical

"Aggregated information on Shares purchased according to trading venue:"

A trading venue is any organized place or system where buyers and sellers meet to swap stocks, bonds or other securities, like a physical market or an online exchange. It matters to investors because the venue determines how easily orders are filled, how quickly prices move, what rules and fees apply, and how transparent pricing is — much like choosing a busy bazaar versus a small shop affects price, speed and cost.

on-market limb financial

"The on-market limb will be effected within certain pre-set parameters"

An on-market limb is the part of a takeover or share-purchase arrangement where shares are bought directly through the stock exchange at current market prices, rather than through private, negotiated off-exchange deals. For investors it matters because on-market purchases happen publicly and at prevailing prices, which can affect the stock’s trading price, liquidity and how quickly ownership changes hands — like buying items from a store shelf versus arranging a private sale.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

23 April 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 23 April 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
23/04/2026	421,916	33.3250	32.9900	33.1161	LSE	GBP
23/04/2026	175,330	33.3250	32.9950	33.1113	Chi-X (CXE)	GBP
23/04/2026	60,271	33.2900	32.9950	33.1118	BATS (BXE)	GBP
23/04/2026	384,570	38.4600	38.0550	38.2323	XAMS	EUR
23/04/2026	234,311	38.4650	38.0550	38.2315	CBOE DXE	EUR
23/04/2026	39,907	38.4350	38.0550	38.2238	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_2026-04-23

FAQ

How many shares did Shell (SHEL) buy back on 23 April 2026?

Shell bought back 1,316,305 shares on 23 April 2026. According to the company, purchases were executed across multiple venues and will be cancelled under the existing buyback programme announced 05 February 2026.

What was the approximate cost of Shell's (SHEL) 23 April 2026 buyback?

The trades imply an aggregate consideration of roughly £21.77m and €25.19m using venue VWAPs. According to the company, these figures derive from the reported volume-weighted average prices per venue.

Which broker executed Shell's (SHEL) share purchases on behalf of the company?

Morgan Stanley & Co. International Plc executed the trades independently. According to the company, Morgan Stanley made trading decisions under preset parameters from 05 February 2026 to 01 May 2026.

Were Shell's (SHEL) buyback trades on 23 April 2026 executed on multiple exchanges?

Yes. Trades were executed on LSE, Chi-X (CXE), BATS (BXE), XAMS, CBOE DXE and TQEX. According to the company, this reflects on- and off-market limbs of the buyback programme.

When does Shell's (SHEL) current buyback programme expire?

The buyback programme runs through 01 May 2026 for Morgan Stanley's trading mandate. According to the company, the mandate period is from 05 February 2026 up to and including 01 May 2026.