Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announced on 04 December 2025 that it purchased 1,457,504 shares for cancellation as part of its ongoing buy-back programme.

Aggregated trades by venue show 732,476 shares on the LSE at a VWAP of 28.0359 GBP and 725,028 shares on XAMS at a VWAP of 32.1490 EUR. No trades were reported on several other venues listed.

The purchases form part of the on- and off-market limbs of the programme announced 30 October 2025, with Merrill Lynch International making independent trading decisions for the programme running to 30 January 2026. Transactions comply with UK MAR and EU MAR as onshored into UK law.

Positive

• 1,457,504 shares repurchased on 04/12/2025
• LSE VWAP 28.0359 GBP; XAMS VWAP 32.1490 EUR

Negative

• Buy-back programme limited to window ending 30 January 2026
• No reported purchases on multiple listed trading venues on 04/12/2025

News Market Reaction

-0.83%

1 alert

-0.83% News Effect

On the day this news was published, SHEL declined 0.83%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares repurchased LSE: 732,476 shares LSE highest price: £28.1600 LSE lowest price: £27.9200 +5 more

8 metrics

Shares repurchased LSE 732,476 shares Purchased 04/12/2025 for cancellation on LSE

LSE highest price £28.1600 Highest price paid per share on 04/12/2025

LSE lowest price £27.9200 Lowest price paid per share on 04/12/2025

LSE VWAP £28.0359 Volume weighted average price on 04/12/2025

Shares repurchased XAMS 725,028 shares Purchased 04/12/2025 for cancellation on XAMS

XAMS highest price €32.2700 Highest price paid per share on 04/12/2025

XAMS lowest price €31.9950 Lowest price paid per share on 04/12/2025

XAMS VWAP €32.1490 Volume weighted average price on 04/12/2025

Market Reality Check

Price: $73.75 Vol: Volume 3.81M is about 8% ...

normal vol

$73.75 Last Close

Volume Volume 3.81M is about 8% below the 20-day average of 4.12M normal

Technical Trading about 6.6% above 200-day MA of $70.49 and 3.0% below 52-week high

Peers on Argus

Large-cap integrated peers (CVX, XOM, TTE, BP, PBR) all showed positive moves (e...

Large-cap integrated peers (CVX, XOM, TTE, BP, PBR) all showed positive moves (e.g., XOM up 1.6%, BP up 1.5%), consistent with SHEL’s pre-news gain of 1.57%, suggesting a broadly constructive backdrop for the group even though no sector-wide momentum signal was triggered.

Historical Context

5 past events · Latest: Dec 02 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 02	Share buy-back	Neutral	-0.5%	Daily disclosure of shares purchased for cancellation under October 2025 buy-back.
Nov 28	Share buy-back	Neutral	+0.5%	Announcement of 1.49M shares repurchased across LSE and XAMS venues.
Nov 28	Voting rights update	Neutral	+0.5%	Update on total voting rights and share count including recent buy-backs.
Nov 26	Share buy-back	Neutral	+0.8%	Disclosure of LSE and XAMS daily repurchases under ongoing programme.
Nov 25	Share buy-back	Neutral	-0.6%	Report of 1.50M shares bought back and cancelled across LSE and XAMS.

Pattern Detected

Recent buy-back and capital/voting updates have been followed by small mixed price moves, indicating modest, non-directional reactions to these routine disclosures.

Recent Company History

Over the last weeks, Shell has repeatedly reported daily repurchases under its buy-back programme announced on 30 October 2025, with multiple “Transaction in Own Shares” updates on 25, 26, 28, and 02 December 2025. A separate notice on 28 November 2025 detailed total voting rights of 5,750,420,233 shares. Price reactions over 24 hours have been modest, between about -0.6% and +0.8%, suggesting these buy-back disclosures have behaved like routine corporate updates.

Regulatory & Risk Context

Short Interest: 0.16%

Short Interest

0.16%

0% 15% 30%+

low

Short interest at 0.16% of float with 3.67 days to cover indicates limited short positioning, reducing the likelihood that buy-back news interacts with crowded short risk or squeeze dynamics.

Market Pulse Summary

This announcement details another day of repurchases under Shell’s buy-back programme running from 3...

Analysis

This announcement details another day of repurchases under Shell’s buy-back programme running from 30 October 2025 to 30 January 2026, with purchases on both LSE and XAMS for cancellation. It follows several similar updates in late November and early December. The repurchases are carried out under UK Listing Rules and EU/UK MAR. Observers may track cumulative buy-back volumes, changes in total voting rights, and ongoing regulatory filings to gauge the programme’s scale and consistency.

Key Terms

share buy-back programme, on- and off-market limbs, volume weighted average price, UK Listing Rules, +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.

on- and off-market limbs financial

"These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme..."

On- and off-market limbs refer to different parts or sections of a financial transaction or sale process. The "on-market" limb involves activities or assets that are openly available and can be bought or sold through public channels, like stock exchanges. The "off-market" limb includes private or non-public transactions that happen directly between parties, often outside of formal exchanges. Understanding these helps investors grasp how assets are bought and sold, and the level of transparency involved.

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..."

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.

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..."

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 Delegated Regulation regulatory

"and 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   

04 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 04 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
04/12/2025	732,476	28.1600	27.9200	28.0359	LSE	GBP
04/12/2025	-	-	-	-	Chi-X (CXE)	GBP
04/12/2025	-	-	-	-	BATS (BXE)	GBP
04/12/2025	725,028	32.2700	31.9950	32.1490	XAMS	EUR
04/12/2025	-	-	-	-	CBOE DXE	EUR
04/12/2025	-	-	-	-	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

• 2025.12.04 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 04 December 2025?

Shell repurchased an aggregate of 1,457,504 shares on 04 December 2025 for cancellation.

What were the VWAPs for Shell (SHEL) buybacks on 04/12/2025?

Reported VWAPs were 28.0359 GBP on the LSE and 32.1490 EUR on XAMS.

Is the Shell (SHEL) buy-back programme still ongoing after 04 December 2025?

Yes. The programme runs from 30 October 2025 up to and including 30 January 2026.

Who made trading decisions for Shell's (SHEL) buy-back on 04/12/2025?

Merrill Lynch International made trading decisions independently on behalf of Shell for the programme.

Were all trading venues used for Shell (SHEL) purchases on 04 December 2025?

No. Several venues listed showed no reported purchases for 04 December 2025.