Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) announces that on 26 November 2025 it purchased shares for cancellation under its existing buy-back programme announced on 30 October 2025. Aggregated trades on 26/11/2025 show 747,233 shares on LSE (VWAP £27.6548) and 742,836 shares on XAMS (VWAP €31.5992). Merrill Lynch International will trade independently for the programme from 30 October 2025 to 30 January 2026. Purchases are effected on- and off-market within pre-set parameters and in compliance with UK MAR and EU MAR rules.

News Market Reaction

+0.84%

1 alert

+0.84% News Effect

On the day this news was published, SHEL gained 0.84%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares repurchased LSE: 747,233 shares VWAP LSE: £27.6548 Shares repurchased XAMS: 742,836 shares +5 more

8 metrics

Shares repurchased LSE 747,233 shares On-market buy-back on LSE on 26/11/2025 for cancellation

VWAP LSE £27.6548 Volume weighted average price per share on LSE 26/11/2025

Shares repurchased XAMS 742,836 shares On-market buy-back on XAMS on 26/11/2025 for cancellation

VWAP XAMS €31.5992 Volume weighted average price per share on XAMS 26/11/2025

Buy-back window 30 Oct 2025–30 Jan 2026 Period during which Merrill Lynch International executes the programme

June 2025 cancellations 34.2 million shares Cumulative ordinary shares cancelled in June 2025 under prior programme

Q3 2025 dividend US$0.358 per share Interim dividend per ordinary share declared 30 Oct 2025

Current share price $72.86 Price before this 26 November 2025 buy-back announcement

Market Reality Check

Price: $73.75 Vol: Volume 3,556,172 vs 20-da...

normal vol

$73.75 Last Close

Volume Volume 3,556,172 vs 20-day average 4,039,138 (relative volume 0.88x) suggests typical trading activity before this announcement. normal

Technical Price 72.86 is trading above the 200-day MA of 70.63, indicating a pre-existing upward bias ahead of this buy-back disclosure.

Peers on Argus

Peers showed mixed, mostly small moves before this news: CVX -0.07%, XOM +0.36%,...

Peers showed mixed, mostly small moves before this news: CVX -0.07%, XOM +0.36%, TTE +0.02%, BP -0.53%, PBR -0.41%. This pattern points to stock-specific factors rather than a broad Energy sector move.

Historical Context

5 past events · Latest: Dec 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 10	Share buy-back	Positive	+0.5%	Announcement of 1,507,757 shares repurchased and cancelled under ongoing buy-back.
Dec 09	Share buy-back	Positive	-0.2%	Disclosure of 1,500,759 shares repurchased across LSE and XAMS venues.
Dec 08	Share buy-back	Positive	-0.4%	Update on multi-venue buy-backs including LSE, BATS, and XAMS repurchases.
Dec 08	Dividend detail	Positive	-0.4%	Q3 2025 dividend currency equivalents, including US$0.358 per ordinary share.
Dec 05	Share buy-back	Positive	-2.0%	Disclosure of 1,485,081 shares repurchased and cancelled on LSE and XAMS.

Pattern Detected

Recent buy-back and dividend announcements often coincided with slightly negative next-day moves: 4 of the last 5 such disclosures saw a 24h decline despite shareholder-focused actions.

Recent Company History

Over recent months, Shell has repeatedly highlighted capital return via share buy-backs and dividends. Multiple “Transaction in Own Shares” updates in early December 2025 reported daily repurchases of roughly 1.5 million shares for cancellation on venues including LSE, BATS, and XAMS, executed independently by Merrill Lynch International under UK MAR and EU MAR frameworks through 30 January 2026. A separate announcement confirmed a Q3 2025 interim dividend of US$0.358 per share (with euro and sterling equivalents). Today’s buy-back disclosure continues this capital return pattern.

Market Pulse Summary

This announcement details another day of on-market repurchases under Shell’s existing buy-back progr...

Analysis

This announcement details another day of on-market repurchases under Shell’s existing buy-back programme, with shares acquired for cancellation on both LSE and XAMS within predefined parameters. It continues a broader capital return pattern that also includes a Q3 2025 interim dividend of US$0.358 per share. Investors monitoring this theme may focus on cumulative shares cancelled, execution under UK MAR/EU MAR, and how these actions interact with the prevailing Energy sector backdrop.

Key Terms

market abuse regulation, eu mar, uk mar, buy-back programme

4 terms

market abuse regulation regulatory

"Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back"

Market abuse regulation consists of laws and rules designed to prevent dishonest or manipulative practices in financial markets. It aims to ensure fair and transparent trading, so investors can trust that markets operate honestly, much like rules that keep a game fair. By reducing unfair advantages, it helps protect investor confidence and promotes healthy, efficient markets.

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.

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 buy-back programme is when a company uses cash to repurchase its own shares from the market, reducing the number of shares available to investors. Like a store buying back its own gift cards to concentrate value, buy-backs can raise earnings per share and signal management’s confidence but also use cash that might have funded growth or dividends—details investors watch to judge impact on value and risk.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

26 November, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 26 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
26/11/2025	747,233	27.7650	27.4900	27.6548	LSE	GBP
26/11/2025	-	-	-	-	Chi-X (CXE)	GBP
26/11/2025	-	-	-	-	BATS (BXE)	GBP
26/11/2025	742,836	31.7500	31.3700	31.5992	XAMS	EUR
26/11/2025	-	-	-	-	CBOE DXE	EUR
26/11/2025	-	-	-	-	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

• 2025.11.26 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) buy back on 26 November 2025?

Shell purchased 747,233 shares on LSE and 742,836 shares on XAMS on 26 November 2025.

What were the VWAPs for Shell (SHEL) share purchases on 26 November 2025?

The volume weighted average price was £27.6548 on LSE and €31.5992 on XAMS.

Are the Shell (SHEL) buy-backs executed on- or off-market and who is trading?

The programme includes both on- and off-market limbs and Merrill Lynch International is making trading decisions independently.

What is the timetable for Shell's (SHEL) current buy-back programme managed by Merrill Lynch?

Merrill Lynch will trade under the programme from 30 October 2025 up to and including 30 January 2026.

Will the Shell (SHEL) purchases be cancelled or held in treasury?

The announcement states the shares purchased on 26 November 2025 were purchased for cancellation.

Under what rules is Shell (SHEL) conducting its buy-back programme?

The programme is conducted in accordance with Chapter 9 of the UK Listing Rules and UK MAR/EU MAR (and related delegated regulations).