Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased a total of 1,547,847 shares for cancellation on 22 January 2026 under its existing buy-back programme. Purchases by venue: 773,278 shares on LSE at a VWAP of 26.9797 GBP and 774,569 shares on XAMS at a VWAP of 31.1175 EUR. The buy-back is being run through on- and off-market limbs with Merrill Lynch International making independent trading decisions through 30 January 2026, and conducted in accordance with UK MAR/EU MAR rules.

Key Figures

LSE shares repurchased: 773,278 shares LSE VWAP: £26.9797 LSE highest price: £27.5550 +5 more

8 metrics

LSE shares repurchased 773,278 shares 22/01/2026 purchase for cancellation on LSE

LSE VWAP £26.9797 Volume weighted average price per share on 22/01/2026, LSE

LSE highest price £27.5550 Highest price paid per share on 22/01/2026, LSE

LSE lowest price £26.7200 Lowest price paid per share on 22/01/2026, LSE

XAMS shares repurchased 774,569 shares 22/01/2026 purchase for cancellation on XAMS

XAMS VWAP €31.1175 Volume weighted average price per share on 22/01/2026, XAMS

Programme start date 30 October 2025 Buy-back trading decisions delegated from 30 Oct 2025

Programme end date 30 January 2026 End of delegated trading period to Merrill Lynch International

Market Reality Check

Price: $72.42 Vol: Volume 5,542,210 is 1.15x...

normal vol

$72.42 Last Close

Volume Volume 5,542,210 is 1.15x the 20-day average of 4,819,223, indicating elevated interest ahead of this buy-back disclosure. normal

Technical Price at 73.81 is trading above the 200-day MA of 71.06, reflecting a pre-existing upward bias into this buy-back update.

Peers on Argus

SHEL gained 0.96% while peers were mixed: CVX -0.16%, XOM +1.29%, TTE +0.65%, BP...

SHEL gained 0.96% while peers were mixed: CVX -0.16%, XOM +1.29%, TTE +0.65%, BP +0.81%, PBR +3.92%. The move appears more stock-specific than a uniform sector rotation.

Historical Context

5 past events · Latest: Jan 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Share buy-back update	Positive	-1.5%	Disclosure of 20 Jan 2026 share repurchases and cancellations under buy-back.
Jan 16	Share buy-back update	Positive	+1.1%	Report of 16 Jan 2026 buy-backs on LSE and XAMS within programme.
Jan 13	Share buy-back update	Positive	+2.1%	Announcement of 829,333 LSE and 848,147 XAMS shares repurchased and cancelled.
Jan 12	Share buy-back update	Positive	+1.2%	Disclosure of 1,961,992 shares repurchased across LSE and XAMS for cancellation.
Jan 09	Share buy-back update	Positive	+0.7%	Multi-venue buy-back totalling 2,089,933 shares under existing programme.

Pattern Detected

Recent buy-back disclosures have mostly coincided with positive next-day moves, with one notable negative reaction.

Recent Company History

This announcement continues a series of routine buy-back disclosures since 09 January 2026, where Shell has been repurchasing and cancelling shares across London and Amsterdam venues under a programme announced on 30 October 2025. Reported daily volumes have often been in the hundreds of thousands to over a million shares. Price reactions over these updates have generally been positive, though the 20 January 2026 notice saw a negative move, underscoring that buy-back news has not produced uniformly higher prices.

Market Pulse Summary

This announcement details further share repurchases and cancellations on 22 January 2026 across LSE ...

Analysis

This announcement details further share repurchases and cancellations on 22 January 2026 across LSE and XAMS as part of Shell’s buy-back programme running from 30 October 2025 to 30 January 2026. It continues a pattern of regular buy-back disclosures seen throughout January. Investors tracking this programme may focus on ongoing daily volumes, execution prices in GBP and EUR, and any changes in the company’s authorised repurchase parameters.

Key Terms

share buy-back programme, off-market buyback contract, eu mar, uk mar, +1 more

5 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.

off-market buyback contract financial

"off-market limb will be effected in accordance with the Company’s general authority... pursuant to the off-market buyback contract..."

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.

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

"EU MAR 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.

eu mar delegated regulation regulatory

"the Commission Delegated Regulation (EU) 2016/1052 (the “EU MAR Delegated Regulation”)..."

An EU MAR Delegated Regulation is a detailed rule issued by the European Union to clarify or expand existing laws related to financial markets. It functions like a set of instructions that ensure consistent application of rules across all EU countries, helping investors understand how regulations are applied and maintained. This promotes transparency and stability in financial markets, making it easier for investors to make informed decisions.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

22 January, 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 22 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
22/01/2026	773,278	27.5550	26.7200	26.9797	LSE	GBP
22/01/2026	-	-	-	-	Chi-X (CXE)	GBP
22/01/2026	-	-	-	-	BATS (BXE)	GBP
22/01/2026	774,569	31.8100	30.8300	31.1175	XAMS	EUR
22/01/2026	-	-	-	-	CBOE DXE	EUR
22/01/2026	-	-	-	-	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

• 2026.01.22 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 22 January 2026?

Shell repurchased 1,547,847 shares on 22 January 2026 (773,278 LSE; 774,569 XAMS).

What were the VWAPs for Shell (SHEL) share purchases on 22 January 2026?

The VWAPs were 26.9797 GBP on LSE and 31.1175 EUR on XAMS for 22 January 2026.

Which broker executed Shell's (SHEL) buy-back trades through 30 January 2026?

Merrill Lynch International made trading decisions independently on behalf of Shell through 30 January 2026.

Were Shell's (SHEL) 22 January 2026 buy-backs on-market or off-market?

The purchases formed part of both the on-market and off-market limbs of Shell's existing buy-back programme.

Under which rules was Shell (SHEL) conducting the buy-back on 22 January 2026?

The programme was conducted in accordance with UK MAR and the onshored EU MAR requirements and related delegated regulation.

Until what date will Merrill Lynch International make independent trading decisions for Shell's (SHEL) programme?

Merrill Lynch International will make independent trading decisions from 30 October 2025 up to and including 30 January 2026.