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.

Insights

Capital Markets Analyst

Shell executed on its announced buy‑back, purchasing ~1.49 million shares across LSE and XAMS on 26/11/2025.

The Company cancelled 747,233 shares on the LSE at a VWAP of 27.6548 GBP and 742,836 shares on XAMS at a VWAP of 31.5992 EUR. These purchases form part of the on‑ and off‑market limbs of the pre‑announced programme running from 30/10/2025 to 30/01/2026, with Merrill Lynch International making independent trading decisions within pre‑set parameters.

The commercial mechanism is straightforward: the buy‑back reduces outstanding share count and was executed within regulatory rules (UK MAR/EU MAR and the EU MAR Delegated Regulation). Key dependencies are the remaining programme capacity and the independent agent's execution; regulatory compliance appears addressed. Watch for the cumulative quantum repurchased against the total authorised envelope and any daily trade pattern disclosures up to 30/01/2026, which determine how material the programme will be to per‑share metrics over the coming quarter.

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).