Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) reports purchases of its own shares on 29 December 2025 under its existing buy-back programme announced 30 October 2025. The Company purchased 745,612 shares on the LSE at a volume-weighted average price of £27.1025 and 740,686 shares on XAMS at a volume-weighted average price of €31.1252. These purchases form part of the on- and off-market limbs of the programme, with Merrill Lynch International executing trades independently through to 30 January 2026.

The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and EU/UK MAR requirements and under the Company’s authorised on- and off-market repurchase authorities.

Positive

• Total shares repurchased: 1,486,298
• LSE purchase: 745,612 shares at VWAP £27.1025
• XAMS purchase: 740,686 shares at VWAP €31.1252
• Execution delegated to Merrill Lynch International through 30 Jan 2026

Negative

• Buyback spend creates cash outflow of ~£20.21m (LSE VWAP × shares)
• Buyback spend creates cash outflow of ~€23.05m (XAMS VWAP × shares)

News Market Reaction – SHEL

+0.43%

1 alert

+0.43% News Effect

On the day this news was published, SHEL gained 0.43%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares repurchased LSE: 745,612 shares VWAP LSE: GBP 27.1025 Price range LSE: GBP 26.9500–27.1750 +5 more

8 metrics

Shares repurchased LSE 745,612 shares Purchased for cancellation on 29/12/2025 (LSE, GBP)

VWAP LSE GBP 27.1025 Volume weighted average price on 29/12/2025 LSE buy-back

Price range LSE GBP 26.9500–27.1750 Lowest and highest prices paid on 29/12/2025 LSE

Shares repurchased XAMS 740,686 shares Purchased for cancellation on 29/12/2025 (XAMS, EUR)

VWAP XAMS EUR 31.1252 Volume weighted average price on 29/12/2025 XAMS buy-back

Price range XAMS EUR 30.9600–31.2400 Lowest and highest prices paid on 29/12/2025 XAMS

Programme window 30 Oct 2025–30 Jan 2026 Period during which Merrill Lynch International executes buy-backs

52-week range USD 58.545–77.47 Positioned 24.37% above low and 6.02% below high pre-news

Market Reality Check

Price: $82.70 Vol: Volume 1,577,620 is below...

low vol

$82.70 Last Close

Volume Volume 1,577,620 is below the 20-day average of 3,576,871 (relative volume 0.44x). low

Technical Trading above 200-day MA at 72.81 vs 70.93.

Peers on Argus

Peers showed mixed, modest moves: CVX -0.24%, XOM +0.19%, TTE -0.61%, BP +0.06%,...

Peers showed mixed, modest moves: CVX -0.24%, XOM +0.19%, TTE -0.61%, BP +0.06%, PBR +0.35%, suggesting today’s setup is stock-specific rather than a broad Energy sector move.

Historical Context

5 past events · Latest: Dec 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 24	Share buy-back	Positive	-0.3%	Disclosure of buy-back purchases on LSE and XAMS for cancellation.
Dec 24	Insider shareholding	Positive	-0.3%	PDMRs acquired dividend shares across Amsterdam, London and New York.
Dec 23	Share buy-back	Positive	+0.7%	1,456,156 shares bought and cancelled under ongoing buy-back programme.
Dec 22	Share buy-back	Positive	+0.8%	1,464,165 shares purchased across LSE and XAMS for cancellation.
Dec 19	Share buy-back	Positive	+1.0%	1,967,666 shares repurchased and cancelled in line with buy-back plan.

Pattern Detected

Recent buy-back disclosures have been frequent, with modest price moves within roughly +/-1% and mixed direction, indicating no consistent short-term reaction pattern to these announcements.

Recent Company History

Over the past weeks, Shell has repeatedly reported daily executions under its ongoing share buy-back programme, with multiple “Transaction in Own Shares” updates from Dec 19–24, 2025. These have detailed sizeable purchases on LSE and XAMS for cancellation, executed independently by counterparties and in line with UK/EU MAR rules. A Director/PDMR shareholding update on Dec 24, 2025 also showed management receiving dividend shares. Today’s announcement extends this established pattern of routine buy-back disclosures within the same programme window running to 30 Jan 2026.

Market Pulse Summary

This announcement details further purchases of Shell’s own shares for cancellation on 29 December 20...

Analysis

This announcement details further purchases of Shell’s own shares for cancellation on 29 December 2025 across LSE and XAMS under the buy-back programme running to 30 January 2026. It continues a series of similar disclosures from Dec 19–24, 2025, all executed within UK Listing Rules and EU/UK MAR. Investors may track cumulative repurchase volumes, execution prices versus the 200-day MA 70.93, and any future regulatory filings that update or succeed this programme.

Key Terms

share buy-back programme, volume weighted average price, uk listing rules, eu mar, +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.

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 of the Market Abuse Regulation 596/2014/EU"

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

"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

"from time to time (“UK MAR”) and the Commission Delegated Regulation (EU) 2016/1052"

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 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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

29 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 29 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
29/12/2025	745,612	27.1750	26.9500	27.1025	LSE	GBP
29/12/2025	-	-	-	-	Chi-X (CXE)	GBP
29/12/2025	-	-	-	-	BATS (BXE)	GBP
29/12/2025	740,686	31.2400	30.9600	31.1252	XAMS	EUR
29/12/2025	-	-	-	-	CBOE DXE	EUR
29/12/2025	-	-	-	-	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

• 2025.12.29 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) buy back on 29 December 2025?

Shell repurchased a total of 1,486,298 shares on 29 December 2025 (745,612 LSE; 740,686 XAMS).

What prices did Shell (SHEL) pay for the shares on 29 December 2025?

On 29 December 2025 Shell paid a VWAP of £27.1025 on LSE and €31.1252 on XAMS.

Is the 29 December 2025 buyback part of Shell's existing programme and what is the execution window?

Yes; the purchases form part of the buy-back programme announced 30 October 2025, with execution by Merrill Lynch International through 30 January 2026.

Will Shell (SHEL) cancel the repurchased shares from 29 December 2025?

Yes; Shell purchased the shares for cancellation as stated in the transaction notice.

Under what rules is Shell conducting the buy-back reported 29 December 2025?

The programme is conducted under Chapter 9 of the UK Listing Rules and EU/UK Market Abuse Regulation (MAR) requirements.