Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased a total of 1,479,234 shares for cancellation on 02 January 2026 as part of its ongoing buy‑back programme announced 30 October 2025. Purchases by venue were 739,498 shares on LSE at a VWAP of £27.6069 and 739,736 shares on XAMS at a VWAP of €31.7332. Merrill Lynch International is executing trades independently for the programme running from 30 October 2025 through 30 January 2026 under the company’s on‑ and off‑market authorities. The programme is being conducted in accordance with UK MAR and applicable delegated EU MAR rules as onshored into UK law.

Key Figures

LSE shares bought 739,498 shares Purchased for cancellation on 02/01/2026, LSE venue

LSE VWAP £27.6069 Volume weighted average price, 02/01/2026 LSE purchases

LSE price range £27.4150–£27.8000 Lowest to highest price paid, 02/01/2026

XAMS shares bought 739,736 shares Purchased for cancellation on 02/01/2026, XAMS venue

XAMS VWAP €31.7332 Volume weighted average price, 02/01/2026 XAMS purchases

XAMS price range €31.5050–€31.9300 Lowest to highest price paid, 02/01/2026

Programme start 30 October 2025 Start of current buy-back mandate with Merrill Lynch International

Programme end date 30 January 2026 End of period where Merrill Lynch trades independently

Market Reality Check

$70.31 Last Close

Volume Volume 1,620,298 vs 20-day average 3,528,798; relative volume at 0.46 indicates lighter trading before this update. low

Technical Shares at 73.48, trading above the 200-day moving average of 71.

Peers on Argus

Peers show mixed, modest moves: CVX +0.01%, XOM -0.69%, TTE +0.03%, BP -0.32%, PBR +0.08%, suggesting this buyback activity is stock-specific rather than a sector-driven move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 31	Capital structure update	Neutral	-0.5%	Update on total voting rights and share capital at year-end.
Dec 31	Share buy-back update	Neutral	-0.5%	Disclosure of daily buy-back volumes on LSE and XAMS.
Dec 30	Share buy-back update	Neutral	+1.0%	Ongoing programme purchases and cancellations across venues.
Dec 29	Share buy-back update	Neutral	+0.4%	Reported own-share purchases under existing buy-back authority.
Dec 24	Share buy-back update	Neutral	-0.3%	Holiday-period buy-back activity on LSE and XAMS.

Recent Company History

This announcement continues Shell’s regular reporting of buy-back activity and capital structure updates. Between 24–31 December 2025, Shell disclosed multiple “Transaction in Own Shares” notices, detailing purchases on the LSE and XAMS for cancellation under its ongoing programme. Price reactions over those days ranged from -0.47% to +0.97%, while a separate “Voting Rights and Capital” update on December 31, 2025 confirmed 5,718,636,398 ordinary shares in issue with no treasury shares.

Market Pulse Summary

This announcement details further execution of Shell’s ongoing share repurchase programme, including purchases on the LSE and XAMS for cancellation at volume-weighted prices of £27.6069 and €31.7332. It follows a series of late-2025 disclosures on buy-back activity and capital structure. The programme runs from 30 October 2025 to 30 January 2026 with trades executed independently by Merrill Lynch International and conducted under UK Listing Rules and EU/UK MAR requirements.

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.

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.

UK Listing Rules regulatory

"conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation"

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   

02 January, 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 02 January, 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
02/01/2026	739,498	27.8000	27.4150	27.6069	LSE	GBP
02/01/2026	-	-	-	-	Chi-X (CXE)	GBP
02/01/2026	-	-	-	-	BATS (BXE)	GBP
02/01/2026	739,736	31.9300	31.5050	31.7332	XAMS	EUR
02/01/2026	-	-	-	-	CBOE DXE	EUR
02/01/2026	-	-	-	-	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

• 2026.01.02 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 02 January 2026?

Shell repurchased a total of 1,479,234 shares on 02 January 2026 for cancellation.

What prices did Shell (SHEL) pay per share on 02 January 2026?

On 02 January 2026 the VWAPs reported were £27.6069 on LSE and €31.7332 on XAMS.

Is Shell’s 02 January 2026 buyback part of a larger programme (SHEL)?

Yes. The purchases are part of Shell’s on‑ and off‑market buyback programme announced on 30 October 2025.

Who executed the Shell (SHEL) buyback trades on 02 January 2026?

Merrill Lynch International executed the trades independently on behalf of Shell between 30 October 2025 and 30 January 2026.

Where can investors find the regulatory rules Shell (SHEL) followed for the buyback?

The buyback was conducted in accordance with UK MAR and the relevant EU MAR delegated regulations as onshored into UK law.