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Shell Q3 2026 earnings: Profit climbs to $12.1B

A new $5.0 billion buyback is expected to be completed by Shell's fourth-quarter 2026 results announcement.

Filing Impact
(Moderate)
Filing Sentiment

Sentiment and the balance of points

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Form Type
6-K

Rhea-AI Filing Summary

Shell plc reported Q3 and nine-month results for periods ended September 30, 2026. Q3 revenue was $92.848 billion versus $68.153 billion in Q3 2025; income attributable to Shell plc shareholders was $12.057 billion versus $5.322 billion, and Adjusted Earnings were $10.814 billion versus $5.432 billion. Nine-month revenue was $257.203 billion versus $202.793 billion, and income attributable to shareholders was $28.573 billion versus $13.703 billion. Q3 cash flow from operating activities was $21.043 billion versus $12.207 billion; net debt was $39.733 billion at September 30, 2026, versus $41.754 billion at June 30, 2026.

Shell completed its acquisition of ARC Resources on September 2, 2026, adding approximately 370 kboe/d across liquids and gas. ARC shareholders received CAD 8.20 cash and 0.40247 Shell ordinary shares per ARC share. Shell also took a final investment decision on LNG Canada Phase 2, which is expected to increase capacity from 14 to 28 million tonnes per annum; commercial operations are expected in the early 2030s. Shell declared a Q3 dividend of $0.3906 per share and announced a $5.0 billion share buyback expected to finish by the fourth-quarter 2026 results announcement. Full-year 2026 cash capital expenditure is expected to be $23-$25 billion.

1 point · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 0 points

How the balance works

Positive

  • Moderate pointQ3 shareholder income reached $12.057 billion, versus $5.322 billion.

Negative

  • None.

Filing Explained

The projected pension loss is non-cash, but both its final amount and the transition remain subject to fourth-quarter review and approval.

The 6-K reports that Shell completed its ARC acquisition on September 2, 2026, paying $3.336 billion cash and issuing 228,003,843 ordinary shares valued at $10.601 billion.

Issued shares totaled 5,729,497,530 on September 30, 2026, versus 5,718,636,398 on January 1, 2026; for a holder whose share count stayed unchanged, the higher total means a smaller percentage ownership.

Separately, Shell expects to recognize a $6.4 billion non-cash loss in the fourth quarter of 2026 when it derecognizes its Dutch defined-benefit pension plan at transition, expected on December 31, 2026.

The estimate is as of September 30, 2026 and may change after fourth-quarter actuarial remeasurement; the transition remains subject to final approval by the pension fund’s trustee board.

Revenue $92.848 billion Q3 2026; Q3 2025: $68.153 billion
Income attributable to Shell plc shareholders $12.057 billion Q3 2026; Q3 2025: $5.322 billion
Adjusted Earnings $10.814 billion Q3 2026; Q3 2025: $5.432 billion
Cash flow from operating activities $21.043 billion Q3 2026; Q3 2025: $12.207 billion
Net debt $39.733 billion At September 30, 2026; $41.754 billion at June 30, 2026
Dividend per share $0.3906 per share Declared for Q3 2026
Share buyback programme $5.0 billion Expected completion by the fourth-quarter 2026 results announcement
Cash capital expenditure $23-$25 billion Expected for full-year 2026
Adjusted Earnings financial
"Adjusted Earnings, compared with the second quarter 2026"
Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.
Adjusted EBITDA financial
"Adjusted EBITDA was driven by the same factors as Adjusted Earnings"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free cash flow financial
"This reflects free cash flow of $16.3 billion"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
current cost of supplies adjustment financial
"a current cost of supplies adjustment of $0.4 billion"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Shell (SHEL) earn in Q3 2026?
Income attributable to Shell plc shareholders was $12.057 billion, and Adjusted Earnings were $10.814 billion for Q3 2026.

How large is Shell's (SHEL) new share buyback?
Shell announced a $5.0 billion share buyback programme expected to be completed by the fourth-quarter 2026 results announcement.

What is Shell's (SHEL) full-year 2026 capital expenditure outlook?
Full-year 2026 cash capital expenditure is expected to be $23-$25 billion. Full-year 2025 cash capital expenditure was $21 billion.

What will LNG Canada Phase 2 add for Shell (SHEL)?
The expansion is expected to increase LNG Canada production capacity from 14 to 28 million tonnes per annum. Shell has a 40% interest and will receive nearly 6 million tonnes per annum of additional LNG; commercial operations are expected to begin in the early 2030s.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2026
Commission File Number: 1-32575
Shell plc
(Exact name of registrant as specified in its charter)
England and Wales
(Jurisdiction of incorporation or organization)
Shell Centre
London, SE1 7NA
United Kingdom
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form
40-F.
Form 20-F þ Form 40-F ¨



Shell plc (the “Registrant”) is filing the following exhibits on this Report on Form 6-K, each of which is hereby incorporated by reference:
Exhibit
No.Description
99.1
Regulatory release.
99.2
Shell plc – Three and nine month periods ended September 30, 2026 Unaudited Condensed Interim Financial Report.

This Report on Form 6-K contains the Unaudited Condensed Interim Financial Report. This Unaudited Condensed Interim Financial Report contains the Unaudited Condensed Interim Consolidated Financial Statements of the Registrant and its subsidiaries for the three and nine month periods ended September 30, 2026, and Business Review in respect of such periods.
This Report on Form 6-K is incorporated by reference into:

(a) the Registration Statement on Form F-3 of Shell plc, Shell Finance US Inc. and Shell International Finance B.V. (Registration Numbers 333-276068, 333-276068-01 and 333-276068-02); and

(b) the Registration Statements on Form S-8 of Shell plc (Registration Numbers 333-262396, 333-272192 and 333-292109).

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Shell plc
(Registrant)
By:/s/ Sean Ashley
Name: Sean Ashley
Title: Company Secretary
Date: October 29, 2026



Exhibit 99.1
Regulatory release

Three and nine month periods ended September 30, 2026
Unaudited Condensed Interim Financial Report
On October 29, 2026, Shell plc released the Unaudited Condensed Interim Financial Report for the three and nine month periods ended September 30, 2026, of Shell plc and its subsidiaries (collectively, “Shell”).
Contact – Media
International: +44 (0) 207 934 5550
USA: +1 832 337 4355



Exhibit 99.2
Shell plc
Three and nine month periods ended September 30, 2026
Unaudited Condensed Interim Financial Report
Shell plc            Unaudited Condensed Interim Financial Report            1

SHELL PLC
3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS
SUMMARY OF UNAUDITED RESULTS
Quarters$ millionNine months
Q3 2026Q2 2026Q3 2025Reference*20262025
12,05710,8215,322Income attributable to Shell plc shareholders28,57313,703 
10,8149,8365,432Adjusted EarningsA.27,565 15,273 
22,73620,71014,773Adjusted EBITDAA.61,18743,336
21,04321,43212,207Cash flow from operating activities48,53833,425
(4,721)(3,908)(2,257)Cash flow from investing activities(11,765)(11,622)
16,32217,5249,950Free cash flowG.36,773 21,803 
7,9224,2374,907Cash capital expenditureC.16,36114,899
9,0338,6649,275Operating expensesF.26,412 26,115 
8,8368,4408,998Underlying operating expensesF.25,861 25,596 
14.4%12.4%9.4%ROACED.14.4%9.4%
76,07573,07673,977Total debtE.76,075 73,977 
39,73341,75441,204Net debtE.39,733 41,204
16.6%18.7%18.8%GearingE.16.6%18.8%
2,5742,4552,821Oil and gas production available for sale (thousand boe/d)2,593 2,781 
2.151.940.91Basic earnings per share ($)5.09 2.31 
1.931.760.93Adjusted Earnings per share ($)B.4.912.57
0.39060.39060.3580Dividend per share ($)1.1718 1.0740 
* Alternative Performance (Non-GAAP) measure. See page 37.
Quarter Analysis1
Income attributable to Shell plc shareholders was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $0.4 billion.
Adjusted Earnings, compared with the second quarter 2026, reflected higher Refining margins, higher realised LNG prices and higher Integrated Gas volumes. These were partly offset by lower crude and oil products trading and optimisation, higher well write-offs and lower realised liquids prices.
Identified items in the third quarter 2026 amounted to a net gain of $0.8 billion and included favourable movements due to the fair value accounting of commodity derivatives and gains on the disposal of assets, partly offset by a loss from net impairment charges and reversals. This compares with identified items in the second quarter 2026 which amounted to a net gain of $0.4 billion.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2026 was $21.0 billion, and primarily driven by Adjusted EBITDA and net cash inflows related to derivatives of $3.4 billion, partly offset by tax payments of $3.2 billion and net cash outflows related to the timing impact of payments for emission certificates and biofuel programmes of $2.2 billion.2
Cash flow from investing activities for the third quarter 2026 was an outflow of $4.7 billion, and included cash capital expenditure of $7.9 billion, which included the cash purchase consideration for the ARC Resources Ltd. (“ARC”) acquisition.3 This was partly offset by divestment proceeds of $2.7 billion which mainly related to the divestments of Jiffy Lube International and our interest in the Na Kika platform in the Gulf of America.
Net debt and Gearing: At the end of the third quarter 2026, net debt was $39.7 billion, compared with $41.8 billion at the end of the second quarter 2026. This reflects free cash flow of $16.3 billion, partly offset by lease additions of $6.6 billion4, share buybacks of $3.2 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. In addition, as part of the acquisition of ARC, Shell took on net debt and leases of $2.5 billion, of which debt of $1.9 billion was repaid in September 2026. Gearing was 16.6% at the end of the third quarter 2026, compared with 18.7% at the end of the second quarter 2026, mainly driven by lower net debt and favourable equity movements. The acquisition of ARC resulted in a 0.8 percentage point reduction in gearing.
Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.3 billion, comprising repurchases of shares of $3.2 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc
Shell plc            Unaudited Condensed Interim Financial Report            2

shareholders for the third quarter 2026 amount to $0.3906 per share. Shell has now completed the aggregate $4.2 billion of share buybacks announced in the second quarter 2026 results announcement. Today, Shell announces a share buyback programme of $5.0 billion which is expected to be completed by the fourth quarter 2026 results announcement.

Nine Months Analysis1
Income attributable to Shell plc shareholders was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $2.2 billion.
Adjusted Earnings, compared with the first nine months 2025, reflected higher trading and optimisation, higher realised prices, higher Refining margins and higher Chemicals margins. These were partly offset by lower volumes, unfavourable tax movements and unfavourable net interest movements.
Identified items in the first nine months 2026 amounted to a net loss of $1.2 billion and included a loss from net impairment charges and reversals and unfavourable movements due to the fair value accounting of commodity derivatives, partly offset by gains on the disposal of assets. This compares with identified items in the first nine months 2025 which amounted to a net loss of $1.2 billion.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2026 was $48.5 billion, and primarily driven by Adjusted EBITDA, the non-cash cost of supplies adjustment of $3.2 billion (before tax) and net cash inflows related to derivatives of $2.6 billion, partly offset by tax payments of $8.5 billion and working capital outflows of $8.4 billion.
Cash flow from investing activities for the first nine months 2026 was an outflow of $11.8 billion and included cash capital expenditure of $16.4 billion. This was partly offset by divestment proceeds of $3.5 billion and interest received of $1.1 billion.
This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 5 .
1.All earnings amounts are shown post-tax, unless stated otherwise.,
2.Includes $2.4 billion payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act).
3.See Note 8 “Acquisition of ARC Resources”.
4.Includes non-cash increases of $5.4 billion in the variable component of shipping leases in the current macro environment. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements” for further details.
5.Not incorporated by reference.
PORTFOLIO DEVELOPMENTS
Integrated Gas
In July 2026, we reached an agreement to sell our 35% non-operated interest in Cyprus Offshore Block 12 containing the Aphrodite gas field, for up to $720 million, subject to customary adjustments and milestone-linked contingent payments. The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.
In September 2026, we completed the previously announced agreement to acquire ARC Resources Ltd. (“ARC”), following receipt of all required shareholder, court and regulatory approvals. The transaction adds approximately 370 kboe/d immediately across liquids and gas. In accordance with the terms of the agreement, ARC’s shareholders received CAD 8.20 in cash and 0.40247 ordinary shares of Shell plc for each ARC share, resulting in an equity value of USD 14.0 billion.1
In September 2026, Shell took a final investment decision on LNG Canada Phase 2. The project will increase LNG Canada’s production capacity from 14 million tonnes per annum (mtpa) to 28 mtpa. Shell has a 40% interest in LNG Canada and will receive nearly 6 mtpa of additional LNG from the expansion. Commercial operations are expected to begin in the early 2030s.
Upstream
In September 2026, we completed the previously announced sale of our 50% non-operated working interest in the Na Kika platform and associated fields in the Gulf of America, together with our 100%-owned Coulomb tieback, for cash proceeds of approximately $840 million reflecting adjustments between the effective date of July 1, 2025, and closing.
Marketing
In September 2026, we signed an agreement to increase our equity in Tri Star Energy, a convenience store operator and fuel distributor operating across the south-eastern United States, from 33% to 100%. The acquisition will make Shell the full owner of an additional 320 fuel and convenience retail sites and includes supply agreements with 552 more dealer-owned locations. The deal is expected to be completed by the end of 2026, subject to regulatory clearance and closing conditions.
Shell plc            Unaudited Condensed Interim Financial Report            3


Renewables and Energy Solutions
In July 2026, we agreed to sell 100% of Solenergi Power Private Limited, which includes the Sprng Energy group of companies, to Aditya Birla Renewables Limited for $1.8 billion. The transaction is expected to complete by the end of 2026, subject to regulatory approval and closing conditions.

In August 2026, we signed an agreement to sell our European onshore renewables portfolio, including development-stage and operational assets across Italy, the Netherlands, Spain and the UK. The portfolio included in the transaction comprises ~0.5 GW of combined renewable generation capacity in operation and in development, as well as a pipeline of projects for future development. The transaction is subject to regulatory approvals and is expected to complete by the end of 2026.

In September 2026, we signed agreements to acquire 100% of Hunlock Creek Generating LLC, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania, and to sell our interests in RISEC Holdings, LLC, which owns a 609-MW power plant that serves the New England power market, for $715 million. Both transactions are subject to regulatory approvals and are expected to close in the first quarter of 2027.
1.See Note 8 “Acquisition of ARC Resources”.
Shell plc            Unaudited Condensed Interim Financial Report            4

PERFORMANCE BY SEGMENT


INTEGRATED GAS
Quarters$ millionNine months
Q3 2026Q2 2026Q3 2025Reference*20262025
4,553 2,680 2,355 Income/(loss) for the period8,555 6,982 
1,517 (10)212 Of which: Identified itemsA.1,009 619 
3,037 2,691 2,143 Adjusted EarningsA.7,546 6,363 
5,184 4,761 4,257 Adjusted EBITDAA.14,060 12,867 
4,606 4,629 3,038 Cash flow from operating activitiesA.9,717 10,129 
4,756 1,269 1,169 Cash capital expenditureC.7,039 3,482 
93 37 130 Liquids production available for sale (thousand b/d)81 128 
3,942 3,448 4,667 Natural gas production available for sale (million scf/d)3,996 4,619 
772 631 934 Total production available for sale (thousand boe/d)770 925 
7.43 7.73 7.29 LNG liquefaction volumes (million tonnes)23.03 20.61 
19.25 17.96 18.88 LNG sales volumes (million tonnes)56.37 53.14 
* Alternative Performance (Non-GAAP) measure. See page 37.

Integrated Gas includes natural gas and liquids exploration and extraction. The gas is then processed to produce liquefied natural gas (LNG) or converted into gas-to-liquids (GTL) fuels and other products. The business includes the operation of both upstream and midstream infrastructure necessary to deliver natural gas and its derivatives to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the second quarter 2026, reflected higher volumes (increase of $360 million) and the combined net effect of realised prices and contributions from trading and optimisation (increase of $324 million), partly offset by higher operating expenses (increase of $180 million).
Identified items in the third quarter 2026 included a gain from net impairment reversals of $1,290 million, mainly related to an asset in North America.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA. This was partly offset by tax payments of $442 million.
Total oil and gas production, compared with the second quarter 2026, increased by 22%, mainly due to the acquisition of ARC Resources Ltd. on September 2, 2026, partly offset by higher planned maintenance. LNG liquefaction volumes decreased by 4%, mainly due to higher planned maintenance across the portfolio.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the first nine months 2025, reflected the combined effect of higher contributions from trading and optimisation and higher realised prices (increase of $3,783 million), partly offset by lower volumes (decrease of $1,279 million), unfavourable tax movements ($583 million) and higher operating expenses (increase of $508 million).
Identified items in the first nine months 2026 included a gain from net impairment reversals and charges of $1,277 million, mainly related to an asset in North America, partly offset by unfavourable movements of $510 million due to the fair value accounting of commodity derivatives. These net reversals and unfavourable movements compare with the first nine months 2025 which included favourable movements of $946 million due to the fair value accounting of commodity derivatives, partly offset by a loss from impairment charges of $455 million. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA. This was partly offset by tax payments of $1,701 million, a payment relating to a legal case of $635 million and net cash outflows related to derivatives of $608 million.
Shell plc            Unaudited Condensed Interim Financial Report            5

Total oil and gas production, compared with the first nine months 2025, decreased by 17%, mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes increased by 12%, mainly due to LNG Canada ramp-up, partly offset by the impact of the Middle East conflict on Qatari volumes.

1.All earnings amounts are shown post-tax, unless stated otherwise.


Shell plc            Unaudited Condensed Interim Financial Report            6

UPSTREAM
Quarters$ millionNine months
Q3 2026Q2 2026Q3 2025Reference*20262025
3,8603,5791,707
Income/(loss) for the period
9,995 5,795 
67193-97Of which: Identified itemsA.943 (78)
3,1893,4851,804Adjusted EarningsA.9,052 5,873 
9,2698,8916,557Adjusted EBITDAA.25,421 20,582 
7,2816,8354,841Cash flow from operating activitiesA.17,294 15,286 
1,6911,6331,885
Cash capital expenditure
C.5,483 6,634 
1,3601,3671,399Liquids production available for sale (thousand b/d)1,358 1,356 
2,5622,6482,513Natural gas production available for sale (million scf/d)2,6972,613
1,8021,8241,832Total production available for sale (thousand boe/d)1,8231,806
* Alternative Performance (Non-GAAP) measure. See page 37.

Upstream explores for and extracts crude oil, natural gas and natural gas liquids. The segment also includes marketing and transportation of oil, gas and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemicals manufacturing plants and refineries. Upstream activities span deep-water and conventional oil and gas operations.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the second quarter 2026, reflected higher well write-offs (increase of $309 million), unfavourable tax movements ($246 million), and lower realised prices and margins (decrease of $129 million), mainly due to lower realised liquids prices. Adjusted Earnings also reflected favourable movements in unrealised profit eliminations on inter-segment sales ($341 million).2
Identified items in the third quarter 2026 included gains of $777 million from the disposal of assets, mainly related to the sale of our interest in the Na Kika platform in the Gulf of America. These gains compare with the second quarter 2026 which included gains of $83 million from the disposal of assets.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $908 million. These inflows were partly offset by tax payments of $2,577 million.
Total production, compared with the second quarter 2026, decreased mainly due to production sharing contract effects and field decline, partly offset by new oil production in the Gulf of America and Brazil.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the first nine months 2025, reflected higher realised prices and margins (increase of $4,137 million), mainly due to higher realised liquids prices, partly offset by higher operating expenses (increase of $433 million) and depreciation, depletion and amortisation expenses (increase of $345 million).
Identified items in the first nine months 2026 included gains of $823 million from the disposal of assets, mainly related to the sale of our interest in the Na Kika platform in the Gulf of America, gains of $238 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $104 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains compare with the first nine months 2025 which included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $524 million from disposal of assets.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $6,130 million and working capital outflows of $2,159 million.
Total production for the first nine months 2026 increased mainly due to new production in the Gulf of America and Brazil, partly offset by portfolio changes and field decline.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Shell plc            Unaudited Condensed Interim Financial Report            7

2.Sales of products between segments are based on prices generally equivalent to commercially available prices. Any profit on products still held in inventory at the end of the period is excluded from the segment earnings until these products are sold to third parties.

Shell plc            Unaudited Condensed Interim Financial Report            8


MARKETING
Quarters$ millionNine months
Q3 2026Q2 2026Q3 2025Reference*20262025
55 1,747 576 
Income/(loss) for the period
3,698 2,155 
(1,895)157 (759)Of which: Identified itemsA.(1,886)(1,161)
1,164 1,329 1,316 Adjusted EarningsA.3,827 3,416 
1,986 2,392 2,340 Adjusted EBITDAA.6,816 6,389 
(210)2,547 1,788 Cash flow from operating activitiesA.4,561 6,414 
415 380 489 Cash capital expenditureC.1,043 1,173 
2,581 2,570 2,824 Marketing sales volumes (thousand b/d)2,593 2,771 
* Alternative Performance (Non-GAAP) measure. See page 37.

Marketing includes Mobility, Lubricants, and Sectors and Decarbonisation. Mobility operates our retail network, including electric vehicle charging, convenience retail, and the Wholesale Commercial Fuels business for transport and industry. Lubricants produces, markets and sells products for road transport and machinery in manufacturing, mining, power generation, agriculture and construction. Sectors and Decarbonisation supplies fuels, speciality products and services, including low-carbon energy solutions such as biofuels, to a broad range of commercial customers, including in the aviation, marine and agriculture sectors.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $787 million.
Adjusted Earnings, compared with the second quarter 2026, reflected lower Marketing margins (decrease of $262 million), mainly due to weaker Mobility unit margins and lower Lubricants volumes. These unfavourable margin movements were partly offset by favourable tax movements ($120 million).
Identified items in the third quarter 2026 included a loss from net impairment charges and reversals of $1,904 million, mainly related to European biogas assets. These net charges compare with the second quarter 2026, which included gains of $282 million from the disposal of assets, mainly related to the divestment of Jiffy Lube International, partly offset by unfavourable movements of $78 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2026 was primarily driven by net cash outflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,866 million and working capital outflows of $947 million. These outflows were partly offset by Adjusted EBITDA and the cost of supplies adjustment of $1,043 million (before tax).
Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2026, increased mainly due to higher Mobility volumes, driven by seasonally higher demand, partly offset by lower Lubricants volumes due to market impacts from the Middle East conflict.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $1,757 million.
Adjusted Earnings, compared with the first nine months 2025, reflected lower operating expenses (decrease of $168 million), partly offset by lower Marketing margins (decrease of $18 million). Lower margins included lower volumes and weaker unit margins, which were largely offset by support from trading and optimisation.
Identified items in the first nine months 2026 included a loss from net impairment charges and reversals of $2,098 million, mainly related to European biogas assets. These net charges compare with the first nine months 2025 which included a loss from net impairment charges and reversals of $857 million and provisions of $186 million², both of which included the impact of the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA and the cost of supplies adjustment of $2,339 million (before tax). These inflows were partly offset by working capital outflows of $2,974
Shell plc            Unaudited Condensed Interim Financial Report            9

million and net cash outflows related to the timing impact of payments for emission certificates and biofuel programmes of $555 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2025, decreased mainly due to market impacts from the Middle East conflict, as well as portfolio changes in Mobility.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2. Included in Other identified items. See Note 2 “Segment information”.
Shell plc            Unaudited Condensed Interim Financial Report            10

CHEMICALS AND PRODUCTS
Quarters$ millionNine months
Q3 2026Q2 2026Q3 2025Reference*20262025
4,2993,9811,074
Income/(loss) for the period
8,675822
715804564Of which: Identified itemsA.(568)(67)
3,8552,877550
Adjusted Earnings
A.8,6571,117
6,2014,6641,667Adjusted EBITDAA.14,4093,941
8,5277,9412,088Cash flow from operating activitiesA.14,1603,591
678507813Cash capital expenditureC.1,5482,046
1,2111,2671,176Refinery processing intake (thousand b/d)1,2321,230
2,3692,2812,147Chemicals sales volumes (thousand tonnes)6,9037,124
* Alternative Performance (Non-GAAP) measure. See page 37.
Chemicals and Products includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude oil and other feedstocks into a range of oil products that are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, and trading and optimisation of crude oil, oil products and petrochemicals.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $271 million.
Adjusted Earnings, compared with the second quarter 2026, reflected higher Products margins (increase of $1,065 million), mainly driven by higher Refining margins, partly offset by lower trading and optimisation. Adjusted Earnings also reflected favourable tax movements ($230 million).
In the third quarter 2026, Chemicals had Adjusted Earnings of $103 million and Products had Adjusted Earnings of $3,751 million.
Identified items in the third quarter 2026 included favourable movements of $836 million due to the fair value accounting of commodity derivatives that, as part of Shell's normal business, are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the second quarter 2026, which included favourable movements of $972 million due to the fair value accounting of commodity derivatives.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to derivatives of $1,454 million and working capital inflows of $1,239 million.
Refinery utilisation was 96% compared with 102% in the second quarter 2026, mainly due to low Rhine river water levels impacting Rheinland refinery utilisation.
Chemicals manufacturing plant utilisation was 84% compared with 83% in the second quarter 2026, mainly due to lower maintenance activities.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $586 million.
Adjusted Earnings, compared with the first nine months 2025, reflected higher Products margins (increase of $7,031 million), driven mainly by higher refining margins and higher margins from trading and optimisation. Adjusted Earnings also reflected higher Chemicals margins (increase of $699 million).
In the first nine months 2026, Chemicals had Adjusted Earnings of $340 million and Products had Adjusted Earnings of $8,317 million.
Identified items in the first nine months 2026 included losses from unfavourable movements of $208 million due to the fair value accounting of commodity derivatives, charges of $121 million related to redundancy and restructuring, and impairment charges of $114 million. These unfavourable movements and charges compare with the first nine months 2025, which included net gains from the sale of assets of $691 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., partly offset by a loss from impairment charges of $447 million, unfavourable movements of $168 million due to the fair value accounting of commodity derivatives, and charges of $70 million related to redundancy and restructuring.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Shell plc            Unaudited Condensed Interim Financial Report            11

Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,032 million and the cost of supplies adjustment of $850 million (before tax). These inflows were partly offset by working capital outflows of $2,222 million.
Refinery utilisation was 99% compared with 91% in the first nine months 2025, mainly due to lower maintenance activities.
Chemicals manufacturing plant utilisation was 84% compared with 78% in the first nine months 2025, mainly due to lower maintenance activities.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Shell plc            Unaudited Condensed Interim Financial Report            12

RENEWABLES AND ENERGY SOLUTIONS
Quarters$ millionNine months
Q3 2026Q2 2026Q3 2025Reference*20262025
75 (550)110 Income/(loss) for the period52(391)
(214)(629)18 Of which: Identified itemsA.(664)(432)
289 79 92 
Adjusted Earnings
A.71641
373 212 223 Adjusted EBITDAA.1,133436
1,558 (65)660 Cash flow from operating activitiesA.4,4301,028
342 429 517 Cash capital expenditureC.1,1751,475
747072
External power sales (terawatt hours)1
216218
158161150
Sales of pipeline gas to end-use customers (terawatt hours)2
516465
* Alternative Performance (Non-GAAP) measure. See page 37.
1.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.
2.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.
Renewables and Energy Solutions encompasses renewable power generation, marketing, trading, and optimisation of power and pipeline gas. It also includes hydrogen production, commercial carbon capture and storage (CCS) hubs and carbon credits. The business invests in nature-based projects that compensate for carbon emissions and Shell Ventures, which invests in or works with start-ups and other early-stage businesses to help them scale up and grow.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the second quarter 2026, reflected higher margins (increase of $141 million), mainly from trading and optimisation, and favourable tax movements ($58 million).
Positive Adjusted Earnings from trading and optimisation, energy marketing and renewable power generation were partly offset by losses from other Renewables and Energy Solutions activities.
Identified items in the third quarter 2026 included a loss from impairment charges of $147 million. These charges compare with the second quarter 2026, which included a loss from impairment charges of $536 million, mainly related to renewable generation assets in Asia and Europe, and unfavourable movements of $146 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2026 was primarily driven by net cash inflows related to derivatives of $1,913 million and Adjusted EBITDA, partly offset by working capital outflows of $413 million.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the first nine months 2025, reflected higher margins (increase of $442 million), mainly from trading and optimisation, lower operating expenses (decrease of $99 million) and favourable tax movements ($93 million).
Most Renewables and Energy Solutions activities were loss-making for the first nine months 2026, these were more than offset by positive Adjusted Earnings from trading and optimisation.
Identified items in the first nine months 2026 included a loss from impairment charges of $712 million, mainly related to renewable generation assets in Asia and Europe. These charges compare with the first nine months 2025 which included unfavourable movements of $284 million relating to the fair value accounting of commodity derivatives and impairment charges of $177 million, partly offset by gains on disposals of assets of $99 million.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2026 was primarily driven by net cash inflows related to derivatives of $3,245 million and Adjusted EBITDA.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Shell plc            Unaudited Condensed Interim Financial Report            13

CORPORATE
Quarters$ millionNine months
Q3 2026Q2 2026Q3 2025Reference* 20262025
(698)(631)(402)Income/(loss) for the period(2,266)(1,424)
7(15)(20)Of which: Identified itemsA.(36)(122)
(705)(617)(383)Adjusted EarningsA.(2,230)(1,302)
(277)(210)(272)Adjusted EBITDAA.(651)(879)
(719)(455)(208)Cash flow from operating activitiesA.(1,625)(3,022)
* Alternative Performance (Non-GAAP) measure. See page 37.
The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the second quarter 2026, reflected higher operating expenses (increase of $82 million) and unfavourable tax movements ($76 million), partly offset by favourable foreign currency exchange rate effects ($57 million).
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2026 was primarily driven by working capital outflows of $299 million, which included a reduction in joint venture deposits, and Adjusted EBITDA.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the first nine months 2025, reflected unfavourable net interest movements (decrease of $543 million) and unfavourable tax movements ($494 million), partly offset by favourable foreign currency exchange rate effects ($152 million).
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2026 was primarily driven by working capital outflows of $754 million, which included a reduction in joint venture deposits, and Adjusted EBITDA.
1.All earnings amounts are shown post-tax, unless stated otherwise.

OUTLOOK FOR THE FOURTH QUARTER 2026
Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $23-$25 billion.
Integrated Gas production is expected to be approximately 1,080 - 1,180 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.3 - 7.9 million tonnes. Fourth quarter 2026 outlook includes the impact of the ARC Resources Ltd. acquisition, which completed on September 2, 2026.
Upstream production is expected to be approximately 1,700 - 1,900 thousand boe/d. Fourth quarter 2026 outlook includes allowance for weather related impacts in the Gulf of America.
Marketing sales volumes are expected to be approximately 2,400 - 2,600 thousand b/d.
Refinery utilisation is expected to be approximately 92% - 100%. Chemicals manufacturing plant utilisation is expected to be approximately 78% - 86%.
Corporate Adjusted Earnings1 were a net expense of $705 million for the third quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the fourth quarter 2026.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure please see Reference A.
Shell plc            Unaudited Condensed Interim Financial Report            14

FORTHCOMING EVENTS
DateEvent
February 4, 2027Capital Markets Update 2027 & Fourth quarter 2026 results and dividends
March 11, 2027Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2026
April 29, 2027First quarter 2027 results and dividends
July 29, 2027Second quarter 2027 results and dividends
October 28, 2027Third quarter 2027 results and dividends
Shell plc            Unaudited Condensed Interim Financial Report            15

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
92,848 94,664 68,153 
Revenue1
257,203 202,793 
883 642 507 Share of profit/(loss) of joint ventures and associates1,432 1,834 
1,591 1,048 1,751 
Interest and other income/(expenses)2
3,174 2,379 
95,322 96,354 70,410 Total revenue and other income/(expenses)261,808 207,006 
60,064 64,530 45,145 Purchases169,368 135,093 
6,264 5,476 5,609 Production and manufacturing expenses17,485 16,068 
2,537 2,911 3,258 Selling, distribution and administrative expenses8,251 9,175 
232 277 409 Research and development676 872 
661 110 175 Exploration869 745 
6,411 6,183 6,607 
Depreciation, depletion and amortisation2
18,336 18,718 
1,168 1,114 1,284 Interest expense3,755 3,478 
77,336 80,600 62,486 Total expenditure218,741 184,148 
17,985 15,754 7,924 Income/(loss) before taxation43,068 22,858 
5,840 4,949 2,504 
Taxation charge/(credit)2
14,359 8,918 
12,145 10,805 5,420 Income/(loss) for the period28,709 13,940 
88 (16)98 Income/(loss) attributable to non-controlling interest136 236 
12,057 10,821 5,322 Income/(loss) attributable to Shell plc shareholders28,573 13,703 
2.15 1.94 0.91 
Basic earnings per share ($)3
5.09 2.31 
2.13 1.92 0.90 
Diluted earnings per share ($)3
5.04 2.28 
1.    See Note 2 “Segment information”.
2.    See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
3    See Note 3 “Earnings per share”.
Shell plc            Unaudited Condensed Interim Financial Report            16

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
12,145 10,805 5,420 Income/(loss) for the period28,709 13,940 
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
(168)(314)(268)
– Currency translation differences1
(1,302)5,569 
2 (3)10 – Debt instruments remeasurements1 23 
114 54 (86)
– Cash flow hedging gains/(losses)
171 (221)
— — — – Net investment hedging gains/(losses)(3)— 
8 (18)11 – Deferred cost of hedging(1)(26)
(2)(4)(18)– Share of other comprehensive income/(loss) of joint ventures and associates(16)169 
(45)(285)(351)Total(1,151)5,515 
Items that are not reclassified to income in later periods:
425 222 (4,628)– Retirement benefits remeasurements838 (4,163)
(6)(59)(31)– Equity instruments remeasurements(56)(55)
— (13)— – Share of other comprehensive income/(loss) of joint ventures and associates(14)(59)
419 149 (4,659)Total768 (4,277)
373 (135)(5,010)Other comprehensive income/(loss) for the period(383)1,238 
12,519 10,670 411 Comprehensive income/(loss) for the period28,326 15,178 
86 (5)140 Comprehensive income/(loss) attributable to non-controlling interest177 366 
12,433 10,675 271 Comprehensive income/(loss) attributable to Shell plc shareholders28,148 14,811 
1.    See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

Shell plc            Unaudited Condensed Interim Financial Report            17

CONDENSED CONSOLIDATED BALANCE SHEET
$ million
September 30, 2026December 31, 2025
Assets
Non-current assets
Goodwill16,071 15,662 
Other intangible assets10,261 11,010 
Property, plant and equipment203,374 185,077 
Joint ventures and associates27,562 27,775 
Investments in securities1,045 1,557 
Deferred tax1
5,565 8,173 
Retirement benefits1
5,737 5,052 
Trade and other receivables8,261 8,252 
Derivative financial instruments2
883 619 
278,759 263,177 
Current assets
Inventories29,773 22,216 
Trade and other receivables58,874 44,597 
Derivative financial instruments2
13,131 9,114 
Cash and cash equivalents36,425 30,216 
138,203 106,143 
Assets classified as held for sale1
3,611 1,030 
141,815 107,173 
Total assets420,574 370,350 
Liabilities
Non-current liabilities
Debt1
67,134 66,515 
Trade and other payables6,611 4,463 
Derivative financial instruments2
1,256 1,108 
Deferred tax1
14,790 11,983 
Retirement benefits1
6,262 7,136 
Decommissioning and other provisions22,020 21,411 
118,074 112,616 
Current liabilities
Debt1
8,941 9,128 
Trade and other payables70,928 57,770 
Derivative financial instruments2
13,088 5,664 
Income taxes payable5,815 3,149 
Decommissioning and other provisions3,758 5,884 
102,529 81,595 
Liabilities directly associated with assets classified as held for sale1
457 820 
102,987 82,415 
Total liabilities221,060 195,031 
Equity attributable to Shell plc shareholders198,435 174,392 
Non-controlling interest1,078 927 
Total equity199,513 175,319 
Total liabilities and equity420,574 370,350 
1.    See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
2.    See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.

Shell plc            Unaudited Condensed Interim Financial Report            18

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
$ million
Share capital1
Shares held in trustOther reserves²Retained earningsTotalNon-controlling interestTotal equity
At January 1, 2026477 (847)21,234 153,528 174,392 927 175,319 
Comprehensive income/(loss) for the period— — (425)28,573 28,148 177 28,326 
Transfer from other comprehensive income— — (60)60 — — — 
Dividends³— — — (6,418)(6,418)(41)(6,458)
Shares issued4
19 — 10,582 — 10,601 — 10,601 
Repurchases of shares5
(18)— 18 (8,334)(8,334)— (8,334)
Share-based compensation— 611 (362)(205)43 — 43 
Other changes— — — 3 3 15 18 
At September 30, 2026478 (236)30,987 167,206 198,435 1,078 199,513 
At January 1, 2025510 (803)19,766 158,834 178,307 1,861 180,168 
Comprehensive income/(loss) for the period— — 1,108 13,703 14,811 366 15,178 
Transfer from other comprehensive income— — 19 (19)— — — 
Dividends³— — — (6,405)(6,405)(119)(6,524)
Repurchases of shares5
(25)— 25 (10,556)(10,556)— (10,556)
Share-based compensation— 360 (293)(419)(352)— (352)
Other changes— — — 22 22 (109)(87)
At September 30, 2025485 (444)20,625 155,157 175,823 1,999 177,822 
1.    See Note 4 “Share capital”.
2.    See Note 5 “Other reserves”.
3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.
4.     See Note 8 “Acquisition of ARC Resources”.
5. Where applicable, includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

Shell plc            Unaudited Condensed Interim Financial Report            19

CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
17,985 15,754 7,924 Income before taxation for the period43,068 22,858 
Adjustment for:
743 799 822 – Interest expense (net)2,644 1,973 
6,411 6,183 6,607 
– Depreciation, depletion and amortisation1
18,336 18,718 
475 (1)49 – Exploration well write-offs475 283 
(1,069)(642)(1,068)– Net (gains)/losses on sale and revaluation of non-current assets and businesses(1,775)(1,069)
(883)(642)(507)– Share of (profit)/loss of joint ventures and associates(1,432)(1,834)
1,787 547 700 – Dividends received from joint ventures and associates2,930 3,584 
(3,269)3,739 352 – (Increase)/decrease in inventories(6,216)1,178 
(6,681)1,593 569 – (Increase)/decrease in current receivables(15,492)1,594 
9,312 (1,887)(949)– Increase/(decrease) in current payables13,337 (5,850)
2,151 (1,354)(153)– Derivative financial instruments3,272 229 
(178)(153)(61)– Retirement benefits(410)(179)
(531)(115)515 – Decommissioning and other provisions(1,732)(391)
(1,993)546 74 
– Other1
(14)1,328 
(3,217)(2,934)(2,668)Tax paid(8,452)(8,999)
21,043 21,432 12,207 Cash flow from operating activities48,538 33,425 
(7,578)(4,031)(4,557)Capital expenditure(15,366)(13,698)
(343)(187)(342)Investments in joint ventures and associates(955)(1,161)
(1)(20)(8)Investments in equity securities(40)(40)
(7,922)(4,237)(4,907)Cash capital expenditure(16,361)(14,899)
2,455 366 747 Proceeds from sale of property, plant and equipment and businesses3,093 1,249 
74 71 1,023 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans186 1,057 
121 31 2 Proceeds from sale of equity securities192 27 
410 374 468 Interest received1,146 1,484 
515 176 903 Other investing cash inflows1,385 1,768 
(374)(689)(494)Other investing cash outflows(1,406)(2,308)
(4,721)(3,908)(2,257)Cash flow from investing activities(11,765)(11,622)
(182)178 (72)Net increase/(decrease) in debt with maturity period within three months7 (200)
Other debt:
33 194 176 – New borrowings226 495 
(4,536)(3,206)(2,801)– Repayments(10,536)(9,390)
(954)(1,167)(848)Interest paid(3,157)(2,907)
(273)27 (61)Derivative financial instruments(562)1,161 
(18)4 7 Change in non-controlling interest16 (17)
Cash dividends paid to:
(2,152)(2,164)(2,103)– Shell plc shareholders(6,416)(6,403)
(3)(29)(6)– Non-controlling interest(41)(119)
(3,183)(3,001)(3,610)Repurchases of shares(9,366)(10,454)
26 (2)(155)Shares held in trust: net sales/(purchases) and dividends received(399)(927)
(11,242)(9,166)(9,473)Cash flow from financing activities(30,228)(28,762)
(29)(101)(106)Effects of exchange rate changes on cash and cash equivalents(335)902 
5,051 8,257 371 Increase/(decrease) in cash and cash equivalents6,210 (6,057)
31,374 23,117 32,682 Cash and cash equivalents at beginning of period30,216 39,110 
36,425 31,374 33,053 Cash and cash equivalents at end of period36,425 33,053 
1. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
Shell plc            Unaudited Condensed Interim Financial Report            20

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1.    Basis of preparation
These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued
by the International Accounting Standards Board ("IASB") and adopted by the UK, and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 229 to 306) for the year ended December 31, 2025, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 214 to 290) for the year ended December 31, 2025, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.
The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2025, were published in Shell's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.
Key accounting considerations, significant judgements and estimates
Future long-term commodity price assumptions, which represent a significant estimate, were subject to change in the second quarter 2026. These remained unchanged in the third quarter 2026. Noting continued volatility in markets, price assumptions remain under review.

The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. These discount rates applied in the first nine months of 2026 remain unchanged compared with 2025.

2.    Segment information
Segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell's focus on performance, discipline and simplification.
The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and aims to facilitate a comparative understanding of Shell's financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell's financial results from period to period.













Shell plc            Unaudited Condensed Interim Financial Report            21

ADJUSTED EARNINGS BY SEGMENT

Q3 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Income/(loss) attributable to Shell plc shareholders12,057 
Income/(loss) attributable to non-controlling interest88 
Income/(loss) for the period4,553 3,860 55 4,299 75 (698)12,145 
Current cost of supplies adjustment before taxation(1,043)309 (734)
Tax on current cost of supplies adjustment256 (38)218 
Identified items before taxation(1,993)(835)2,132 (916)222 (12)(1,402)
Tax included in identified items 476 164 (237)202 (8)4 601 
Adjusted Earnings3,037 3,189 1,164 3,855 289 (705)10,828 
Adjusted Earnings attributable to Shell plc shareholders10,814 
Adjusted Earnings attributable to non-controlling interest14 
Q2 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Income/(loss) attributable to Shell plc shareholders10,821 
Income/(loss) attributable to non-controlling interest(16)
Income/(loss) for the period2,680 3,579 1,747 3,981 (550)(631)10,805 
Current cost of supplies adjustment before taxation(346)(397)(742)
Tax on current cost of supplies adjustment84 97 181 
Identified items before taxation23 (66)(314)(1,057)745 12 (658)
Tax included in identified items(12)(28)157 253 (115)3 258 
Adjusted Earnings2,691 3,485 1,329 2,877 79 (617)9,845 
Adjusted Earnings attributable to Shell plc shareholders9,836 
Adjusted Earnings attributable to non-controlling interest9 
Q3 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Income/(loss) attributable to Shell plc shareholders5,322 
Income/(loss) attributable to non-controlling interest98 
Income/(loss) for the period2,355 1,707 576 1,074 110 (402)5,420 
Current cost of supplies adjustment before taxation(25)53 28 
Tax on current cost of supplies adjustment6 (12)(6)
Identified items before taxation(215)60 988 (720)8 13 133 
Tax included in identified items 2 37 (230)156 (26)7 (53)
Adjusted Earnings2,143 1,804 1,316 550 92 (383)5,523 
Adjusted Earnings attributable to Shell plc shareholders5,432 
Adjusted Earnings attributable to non-controlling interest91 
Shell plc            Unaudited Condensed Interim Financial Report            22


Nine months 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Income/(loss) attributable to Shell plc shareholders28,573 
Income/(loss) attributable to non-controlling interest136 
Income/(loss) for the period8,555 9,995 3,698 8,675 52 (2,266)28,709 
Current cost of supplies adjustment before taxation(2,339)(850)(3,189)
Tax on current cost of supplies adjustment581 265 846 
Identified items before taxation(1,372)(745)1,918 739 688 — 1,226 
Tax included in identified items 363 (198)(32)(171)(24)37 (25)
Adjusted Earnings7,546 9,052 3,827 8,657 716 (2,230)27,567 
Adjusted Earnings attributable to Shell plc shareholders27,565 
Adjusted Earnings attributable to non-controlling interest2 

Nine months 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Income/(loss) attributable to Shell plc shareholders13,703 
Income/(loss) attributable to non-controlling interest236 
Income/(loss) for the period6,982 5,795 2,155 822 (391)(1,424)13,940 
Current cost of supplies adjustment before taxation131 318 449 
Tax on current cost of supplies adjustment(32)(91)(122)
Identified items before taxation(461)(332)1,493 22 567 72 1,361 
Tax included in identified items (158)410 (332)45 (135)50 (120)
Adjusted Earnings6,363 5,873 3,416 1,117 41 (1,302)15,507 
Adjusted Earnings attributable to Shell plc shareholders15,273 
Adjusted Earnings attributable to non-controlling interest235 

CASH CAPITAL EXPENDITURE BY SEGMENT
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Q3 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Capital expenditure4,646 1,701 372 487 337 35 7,578 
Investments in joint ventures and associates120 (11)41 191 1 — 343 
Investments in equity securities(10)— 3 — 4 5 1 
Cash capital expenditure4,756 1,691 415 678 342 40 7,922 
Shell plc            Unaudited Condensed Interim Financial Report            23

Q2 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Capital expenditure1,097 1,657 380 461 420 15 4,031 
Investments in joint ventures and associates162 (24)— 46 2 1 187 
Investments in equity securities10 — — — 7 2 20 
Cash capital expenditure1,269 1,633 380 507 429 19 4,237 
Q3 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Capital expenditure1,002 1,947 481 769 325 32 4,557 
Investments in joint ventures and associates167 (62)8 44 184 2 342 
Investments in equity securities— — — — 9 — 8 
Cash capital expenditure1,169 1,885 489 813 517 34 4,907 
Nine months 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Capital expenditure6,523 5,361 991 1,280 1,147 63 15,366 
Investments in joint ventures and associates515 122 45 267 3 3 955 
Investments in equity securities— — 7 — 25 8 40 
Cash capital expenditure7,039 5,483 1,043 1,548 1,175 73 16,361 
Nine months 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Capital expenditure2,932 6,448 1,160 1,924 1,151 81 13,698 
Investments in joint ventures and associates550 186 13 122 286 5 1,161 
Investments in equity securities— — — — 38 2 40 
Cash capital expenditure3,482 6,634 1,173 2,046 1,475 88 14,899 

REVENUE BY SEGMENT
Third-party revenue includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.
Q3 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Revenue:
Third-party revenue13,770 1,665 39,366 26,489 11,545 13 92,848 
Inter-segment revenue2,682 11,784 3,618 13,880 1,799 — 33,763 

Shell plc            Unaudited Condensed Interim Financial Report            24

Q2 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Revenue:
Third-party revenue11,278 1,800 38,015 34,235 9,338 (2)94,664 
Inter-segment revenue2,066 11,621 3,624 13,306 1,143 — 31,762 


Q3 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Revenue:
Third-party revenue9,736 844 29,648 19,418 8,500 6 68,153 
Inter-segment revenue2,397 9,313 1,796 9,774 1,162 — 24,442 


Nine months 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Revenue:
Third-party revenue32,795 4,865 108,076 79,945 31,506 16 257,203 
Inter-segment revenue8,158 32,794 9,487 36,846 4,294 — 91,580 

Nine months 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Revenue:
Third-party revenue28,915 3,546 84,973 59,417 25,913 30 202,793 
Inter-segment revenue7,484 27,669 5,822 26,804 3,161 — 70,940 
Shell plc            Unaudited Condensed Interim Financial Report            25

Identified Items
The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of management and are unusual in nature (e.g., infrequent or non-recurring events) or that result in a misalignment between accounting and economic outcomes. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items.
Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.
1. For the purpose of identification of items in certain categories materiality thresholds are applied.
Q3 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)138 1,016 (13)(16)(23)11 1,114 
Impairment reversals/(impairments)1,711 (121)(2,102)(89)(159)— (760)
Redundancy and restructuring(27)(31)(71)(40)(9)1 (177)
Fair value accounting of commodity derivatives and certain gas contracts1
171 — 54 1,082 (31)— 1,275 
Other2
— (29)— (20)— — (50)
Total identified items included in Income/(loss) before taxation1,993 835 (2,132)916 (222)12 1,402 
Total identified items included in Taxation (charge)/credit(476)(164)237 (202)8 (4)(601)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)101 777 24 (12)(25)8 873 
Impairment reversals/(impairments)1,290 (101)(1,904)(64)(147)— (926)
Redundancy and restructuring(19)(22)(52)(29)(7)(1)(130)
Fair value accounting of commodity derivatives and certain gas contracts1
138 — 37 836 (35)— 976 
Impact of exchange rate movements and inflationary adjustments on tax balances3
7 45 — — — 1 52 
Other2
— (29)— (16)— — (45)
Impact on Income/(loss) for the period1,517 671 (1,895)715 (214)7 801 
Impact on Income/(loss) attributable to non-controlling interest— — — — — — — 
Impact on Income/(loss) attributable to Shell plc shareholders1,517 671 (1,895)715 (214)7 801 
1.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.
2.Other identified items represent other credits or charges that based on Shell management's assessment hinder the comparative understanding of Shell's financial results from period to period.
3.Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on: (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as recognised tax losses (this primarily impacts the Integrated Gas and Upstream segments); and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

Shell plc            Unaudited Condensed Interim Financial Report            26

Q2 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)16 77 488 (8)61 (1)634 
Impairment reversals/(impairments)(13)(2)(13)(32)(606)— (665)
Redundancy and restructuring5 17 (48)(84)(3)(11)(124)
Fair value accounting of commodity derivatives and certain gas contracts1
(31)— (114)1,281 (205)— 932 
Other1
— (27)— (101)9 — (119)
Total identified items included in Income/(loss) before taxation(23)66 314 1,057 (745)(12)658 
Total identified items included in Taxation (charge)/credit12 28 (157)(253)115 (3)(258)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)13 83 282 (6)55 (1)426 
Impairment reversals/(impairments)(13)(1)(11)(21)(536)— (583)
Redundancy and restructuring4 13 (36)(64)(3)(9)(94)
Fair value accounting of commodity derivatives and certain gas contracts1
(15)— (78)972 (146)— 733 
Impact of exchange rate movements and inflationary adjustments on tax balances1
1 25 — — — (5)21 
Other1
— (27)— (77)— — (104)
Impact on Income/(loss) for the period(10)93 157 804 (629)(15)400 
Impact on Income/(loss) attributable to non-controlling interest— — — — — — — 
Impact on Income/(loss) attributable to Shell plc shareholders(10)93 157 804 (629)(15)400 
1.For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.
Shell plc            Unaudited Condensed Interim Financial Report            27

Q3 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)31 7 26 917 149 — 1,130 
Impairment reversals/(impairments)(36)(3)(730)(144)(13)(2)(930)
Redundancy and restructuring(29)(5)(36)(36)(18)(10)(134)
Fair value accounting of commodity derivatives and certain gas contracts1
147 (4)(24)(22)(121)— (23)
Other1
101 (55)(224)5 (4)— (176)
Total identified items included in Income/(loss) before taxation215 (60)(988)720 (8)(13)(133)
Total identified items included in Taxation (charge)/credit(2)(37)230 (156)26 (7)53 
Identified items included in Income/(loss) for the period
Divestment gains/(losses)32 16 32 710 134 — 923 
Impairment reversals/(impairments)(32)6 (579)(107)(11)(2)(724)
Redundancy and restructuring(21)(3)(27)(28)(14)(7)(100)
Fair value accounting of commodity derivatives and certain gas contracts1
129 (1)(26)(14)(87)— — 
Impact of exchange rate movements and inflationary adjustments on tax balances1
5 (59)— — — (11)(65)
Other1
99 (55)(159)4 (4)— (115)
Impact on Income/(loss) for the period212 (97)(759)564 18 (20)(81)
Impact on Income/(loss) attributable to non-controlling interest— — — — — — — 
Impact on Income/(loss) attributable to Shell plc shareholders212 (97)(759)564 18 (20)(81)
1.For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.



Shell plc            Unaudited Condensed Interim Financial Report            28

Nine months 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)289 1,013 467 (40)68 10 1,807 
Impairment reversals/(impairments)1,698 (146)(2,286)(162)(794)— (1,689)
Redundancy and restructuring(34)(46)(162)(162)(18)(10)(432)
Fair value accounting of commodity derivatives and certain gas contracts1
(580)— 62 (254)47 — (725)
Other1
— (76)— (121)9 — (188)
Total identified items included in Income/(loss) before taxation1,372 745 (1,918)(739)(688)— (1,226)
Total identified items included in Taxation (charge)/credit(363)198 32 171 24 (37)25 
Identified items included in Income/(loss) for the period
Divestment gains/(losses)247 823 299 (31)53 8 1,398 
Impairment reversals/(impairments)1,277 (117)(2,098)(114)(712)— (1,764)
Redundancy and restructuring(24)(28)(119)(121)(14)(12)(319)
Fair value accounting of commodity derivatives and certain gas contracts1
(510)— 32 (208)8 — (678)
Impact of exchange rate movements and inflationary adjustments on tax balances1
20 342 — — — (32)330 
Other1
— (76)— (92)— — (168)
Impact on Income/(loss) for the period1,009 943 (1,886)(568)(664)(36)(1,201)
Impact on Income/(loss) attributable to non-controlling interest— — (1)(2)— — (3)
Impact on Income/(loss) attributable to Shell plc shareholders1,009 943 (1,885)(565)(664)(36)(1,198)
1.For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.
Shell plc            Unaudited Condensed Interim Financial Report            29

Nine months 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)94 505 (87)893 81 (4)1,481 
Impairment reversals/(impairments)(708)(27)(1,090)(515)(189)(2)(2,532)
Redundancy and restructuring(37)(26)(103)(85)(28)(19)(298)
Fair value accounting of commodity derivatives and certain gas contracts1
1,081 (4)11 (218)(381)— 489 
Other1
32 (116)(224)(97)(50)(47)(501)
Total identified items included in Income/(loss) before taxation461 332 (1,493)(22)(567)(72)(1,361)
Total identified items included in Taxation (charge)/credit158 (410)332 (45)135 (50)120 
Identified items included in Income/(loss) for the period
Divestment gains/(losses)85 373 (73)691 99 (3)1,173 
Impairment reversals/(impairments)(455)(11)(857)(447)(177)(2)(1,949)
Redundancy and restructuring(26)(10)(72)(70)(21)(13)(212)
Fair value accounting of commodity derivatives and certain gas contracts1
946 (1)1 (168)(284)— 494 
Impact of exchange rate movements and inflationary adjustments on tax balances1
29 95 — — — (58)66 
Other1
40 (524)(159)(74)(49)(47)(812)
Impact on Income/(loss) for the period619 (78)(1,161)(67)(432)(122)(1,240)
Impact on Income/(loss) attributable to non-controlling interest— — — — — — — 
Impact on Income/(loss) attributable to Shell plc shareholders619 (78)(1,161)(67)(432)(122)(1,240)
1.For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.
The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within "Share of profit/(loss) of joint ventures and associates" in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the tables above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses.
3. Earnings per share
EARNINGS PER SHARE
QuartersNine months
Q3 2026Q2 2026Q3 202520262025
12,05710,8215,322Income/(loss) attributable to Shell plc shareholders ($ million)28,573 13,703 
Weighted average number of shares used as the basis for determining:
5,604.05,589.35,845.8Basic earnings per share (million)5,615.5 5,941.7 
5,651.35,637.05,906.0Diluted earnings per share (million)5,663.8 5,998.8 





Shell plc            Unaudited Condensed Interim Financial Report            30

4. Share capital
ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
Number of sharesNominal value ($ million)
At January 1, 20265,718,636,398 477 
Shares issued1
228,003,843 19 
Repurchases of shares(217,142,711)(18)
At September 30, 20265,729,497,530 478 
At January 1, 20256,115,031,158 510 
Repurchases of shares(303,598,711)(25)
At September 30, 20255,811,432,447 485 
1. See Note 8 “Acquisition of ARC Resources”.

At Shell plc’s Annual General Meeting on May 19, 2026, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €132 million (representing approximately 1,885 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 18, 2027, or the end of the Annual General Meeting to be held in 2027, unless previously renewed, revoked or varied by Shell plc in a general meeting.
5. Other reserves
OTHER RESERVES
$ millionMerger reserveShare premium reserveCapital redemption reserveShare plan reserveAccumulated other comprehensive incomeTotal
At January 1, 202637,298 154 303 1,359 (17,880)21,234 
Other comprehensive income/(loss) attributable to Shell plc shareholders— — — — (425)(425)
Transfer from other comprehensive income— — — — (60)(60)
Shares issued— 10,582 — — — 10,582 
Repurchases of shares— — 18 — — 18 
Share-based compensation— — — (362)— (362)
At September 30, 202637,298 10,737 322 996 (18,365)30,987 
At January 1, 202537,298 154 270 1,417 (19,373)19,766 
Other comprehensive income/(loss) attributable to Shell plc shareholders— — — — 1,108 1,108 
Transfer from other comprehensive income— — — — 19 19 
Repurchases of shares— — 25 — — 25 
Share-based compensation— — — (293)— (293)
At September 30, 202537,298 154 296 1,124 (18,246)20,625 
The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The share premium reserve increased in the third quarter 2026 following the issuance of shares for the acquisition of ARC Resources Ltd. (see Note 8). The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.
6. Derivative financial instruments and debt excluding lease liabilities
As disclosed in the Consolidated Financial Statements for the year ended December 31, 2025, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2026, are consistent with those used in the year ended December 31, 2025, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the
Shell plc            Unaudited Condensed Interim Financial Report            31

derivative financial instruments between December 31, 2025 and September 30, 2026 is an increase of $4,017 million for the current assets and an increase of $7,424 million for the current liabilities.
The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.
DEBT EXCLUDING LEASE LIABILITIES
$ millionSeptember 30, 2026December 31, 2025
Carrying amount1
41,928 46,710 
Fair value2
36,938 43,142 
1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during 2026.
2.     Mainly determined from the prices quoted for these securities.

7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements
Consolidated Statement of Income
Interest and other income
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
1,591 1,048 1,751 Interest and other income/(expenses)3,174 2,379 
Of which:
425 315 468 Interest income1,112 1,508 
7 25 16 Dividend income (from investments in equity securities)32 61 
1,069 642 1,068 Net gains/(losses) on sales and revaluation of non-current assets and businesses1,775 1,069 
15 (54)82 Net foreign exchange gains/(losses) on financing activities(9)(503)
74 120 117 Other263 245 

Depreciation, depletion and amortisation
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
6,411 6,183 6,607 Depreciation, depletion and amortisation18,336 18,718 
Of which:
5,669 5,559 5,823 Depreciation16,966 16,417 
2,543 629 787 Impairments3,256 2,336 
(1,801)(6)(3)Impairment reversals(1,886)(35)

Impairment of assets

Impairments recognised in the third quarter 2026 of $2,543 million pre-tax ($2,271 million post-tax) relate to
a European biogas asset in Marketing ($2,116 million) and various smaller impairments in other segments. The impairment in Marketing was principally triggered by reassessment of management expectations regarding the pace of market development and associated value realisation.

Impairments recognised in the second quarter 2026 of $629 million pre-tax ($545 million post-tax) principally relate to
Renewables and Energy Solutions ($581 million). The impairments in Renewables and Energy Solutions were principally triggered by portfolio choices regarding renewable generation assets in Asia and Europe.

Impairments recognised in the third quarter 2025 of $787 million pre-tax ($580 million post-tax) mainly relate to
Marketing ($588 million) and Chemicals and Products ($144 million). The impairment in Marketing was principally
triggered by the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park
in Rotterdam.

Impairment reversals recognised in the third quarter 2026 of $1,801 million pre-tax ($1,365 million post-tax) principally relate to an asset in North America in Integrated gas ($1,787 million). The impairment reversal in Integrated Gas was triggered by changed commercial terms and LNG Canada Phase 2 FID taken in the third quarter 2026.
Shell plc            Unaudited Condensed Interim Financial Report            32


Taxation charge/credit
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
5,840 4,949 2,504 Taxation charge/(credit)14,359 8,918 
Of which:
5,608 4,774 2,397 Income tax excluding Pillar Two income tax13,788 8,699 
232 175 106 Income tax related to Pillar Two income tax571 220 
As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
On July 13, 2026, the UK Government published draft tax legislation that would exempt foreign permanent establishments from UK taxation, potentially limiting the use of foreign tax attributes against UK profits. Shell is monitoring the development of the draft legislation.
Consolidated Statement of Comprehensive Income
Currency translation differences
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
(168)(314)(268)Currency translation differences(1,302)5,569 
Of which:
(190)(375)(234)Recognised in Other comprehensive income(1,332)5,501 
2261(33)(Gain)/loss reclassified to profit or loss30 68 
Condensed Consolidated Balance Sheet
Deferred tax
$ millionSeptember 30, 2026December 31, 2025
Non-current assets
Deferred tax5,565 8,173 
Non-current liabilities
Deferred tax14,790 11,983 
Net deferred liability(9,225)(3,810)
The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax
liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines whether a deferred tax balance related to that jurisdiction is presented within deferred tax assets or
deferred tax liabilities.

Shell's net deferred tax position was a liability of $9,225 million at September 30, 2026 (December 31, 2025: $3,810 million). The net increase in the net deferred tax liability is mainly driven by recognition of deferred tax liabilities in relation to the ARC acquisition (see Note 8) and utilisation of tax attributes.
Retirement benefits
$ millionSeptember 30, 2026December 31, 2025
Non-current assets
Retirement benefits5,7375,052
Non-current liabilities
Retirement benefits6,2627,136
Surplus/(deficit)(525)(2,084)
Amounts recognised in the Balance Sheet in relation to defined benefit pension and OPEB plans include both plan assets and obligations that are presented on a net plan-by-plan basis. The change since December 31, 2025, in the net retirement benefit
Shell plc            Unaudited Condensed Interim Financial Report            33

liability as at September 30, 2026, was mainly attributable to an increase in discount rates, resulting in a reduction of the Retirement benefits obligation, partly offset by lower-than-expected returns on plan assets.

Dutch pension reform

On July 1, 2023, new pension legislation ("Wet Toekomst Pensioenen" (WTP)) came into effect in the Netherlands, with implementation required prior to January 1, 2028. In July 2025, the Trustee Board of the Stichting Shell Pensioen Fonds (“SSPF”), Shell's defined benefit pension fund in the Netherlands, formally accepted the transition plan to transition from a defined benefit pension fund to a defined contribution plan with effect from January 1, 2027.

On September 2, 2026, the transition plan was approved by the Dutch Central Bank (DNB) through a decision not to prohibit the transfer of accrued pension entitlements (“Besluit geen verbod op invaren”) provided the funding ratio at transition remains within an agreed range.

The transition will be subject to final approval by the SSPF Trustee Board in the fourth quarter 2026.

In accordance with asset ceiling principles, in the third quarter 2025, Shell recognised an adjustment to reduce the pension fund surplus to nil, and recognised a liability for a minimum funding requirement, resulting in a loss in Other comprehensive income. The asset ceiling recognised continues to be monitored and remeasured in accordance with IAS 19 Employee Benefits.

At the date of transition and settlement (expected December 31, 2026), the defined benefit plan will transition to a defined contribution plan. The derecognition of the defined benefit plan at that date is expected to result in an identified non-cash loss in the Consolidated Statement of Income in the fourth quarter 2026. At September 30, 2026, this loss is calculated at $6.4 billion. This loss is subject to actuarial remeasurement during the fourth quarter and is therefore subject to change.

Debt
$ millionSeptember 30, 2026December 31, 2025
Debt
(excluding
lease liabilities)		Lease liabilitiesTotalDebt
(excluding
lease liabilities)		Lease liabilitiesTotal
Current debt:1,9746,9678,9414,5174,6119,128
Non-current debt39,95527,18067,13442,193 24,322 66,515 
Total41,92834,14776,07546,710 28,933 75,643 

Lease liabilities at September 30, 2026, and December 31, 2025, include vessel leases with index-linked payments. In accordance with IFRS 16, these lease liabilities are remeasured at spot rates. The spot rates applied to remeasure the lease liabilities may not be a fair reflection of the future payments under these long-term lease commitments. During the first nine months of 2026, significant increases in the underlying index due to the Middle East conflict resulted in an increase in lease liabilities at September 30, 2026, compared with December 31, 2025, of $7,684 million, with a corresponding adjustment to the related right-of-use assets within Property, plant and equipment. Depreciation of the remeasurement of the right-of-use assets is recognised prospectively over the remaining lease term.
Assets classified as held for sale
$ millionSeptember 30, 2026December 31, 2025
Assets classified as held for sale3,611 1,030 
Liabilities directly associated with assets classified as held for sale457 820 
Assets classified as held for sale and associated liabilities at September 30, 2026, principally relate to Sprng Energy, RISEC and Shell's European onshore renewables portfolio in Renewables and Energy Solutions and a working interest in Brazil in Upstream.
The major class of assets and liabilities classified as held for sale at September 30, 2026, is Property, plant and equipment ($3,159 million; December 31, 2025: $662 million).
Shell plc            Unaudited Condensed Interim Financial Report            34

Consolidated Statement of Cash Flows
Cash flow from operating activities - Other
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
(1,993)546 74 Cash flow from operating activities - Other(14)1,328 
Cash flow from operating activities - Other for the third quarter 2026 includes $2,189 million of net outflows due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America (second quarter 2026: $1,288 million net inflows, partly offset by the utilisation of recognised incentives of $470 million; third quarter 2025: $108 million net inflows).
8. Acquisition of ARC Resources

On September 2, 2026, Shell acquired all outstanding shares of ARC Resources Ltd. (“ARC”) for a purchase consideration of $13,937 million. This included cash of $3,336 million and the fair value of $10,601 million of approximately 228 million Shell shares issued in exchange for all ARC shares. The fair value of the shares issued was calculated using Shell’s closing share price of GBP 34.43 on September 2, 2026, and applicable exchange rates at that date.

ARC is a Canadian energy company focused on the exploration, development, and production of natural gas, condensate, and oil. Headquartered in Calgary, Alberta, it is one of Canada's largest natural gas producers, with major operations in the Montney shale basin in British Columbia and Alberta. ARC strengthens Shell's Integrated Gas and Upstream portfolio and supports long-term LNG growth in Canada. The principal benefits expected from the acquisition include optimisation of the expanded Montney resource position, integration of production, infrastructure and processing capacity, portfolio optimisation and development sequencing opportunities, operational efficiencies and shared technical capabilities and corporate and functional cost synergies.

Goodwill of $2,169 million (see below) was recognised on the acquisition, being the excess of the purchase consideration over the fair value of net assets acquired as set out below. Goodwill recognised principally relates to deferred taxation recognised in fair valuing Property, plant and equipment and expected synergies from combining operations. In line with IFRS, the net asset fair values were determined at the date of acquisition, particularly in respect of Property, plant and equipment by reference to forecast commodity prices, as well as using estimates of proved oil and gas reserves and unproved volumes including timing of production, discount rates and exchange rates. Commodity prices applied were based on an average of commodity price forecasts by independent consultants.

Given the short timeframe since the acquisition, the purchase price allocation remains preliminary as at September 30, 2026. Shell recognised provisional amounts for certain acquired assets and liabilities, primarily relating to the valuation of Property, plant and equipment and related deferred taxes. As a result, the goodwill of $2,169 million recognised on acquisition is provisional and may be adjusted.

$ million
September 2, 2026
Fair value of shares issued10,601 
Cash paid3,336 
Foreign currency hedge result71 
Total consideration14,008 
Fair value of net assets acquired11,839 
Goodwill recognised2,169 
Total recognised14,008 

Acquisition costs of $31 million were recognised in the Consolidated Statement of Income in selling, distribution and administrative expenses.




Shell plc            Unaudited Condensed Interim Financial Report            35

Fair value of net assets acquired and goodwill arising on acquisition
$ million
September 2, 2026
Assets
Non-current assets:
Goodwill2,169
Property, plant and equipment17,262
Derivative financial instruments306
Other non-current assets34
19,771
Current assets:
Trade and other receivables652
Cash and cash equivalents101
Other current assets77
830
Total assets20,601
Liabilities
Non-current liabilities:
Debt2,492
Deferred tax2,810
Decommissioning and other provisions413
Other non-current liabilities48
5,763
Current liabilities:
Debt80
Trade and other payables621
Other current liabilities129
830
Total liabilities6,593
Total14,008

9. Reconciliation of Operating expenses and Total Debt
RECONCILIATION OF OPERATING EXPENSES
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
6,264 5,476 5,609 Production and manufacturing expenses17,485 16,068 
2,537 2,911 3,258 Selling, distribution and administrative expenses8,251 9,175 
232 277 409 Research and development676 872 
9,033 8,664 9,275 Operating expenses26,412 26,115 
RECONCILIATION OF TOTAL DEBT
September 30, 2026June 30, 2026September 30, 2025$ millionSeptember 30, 2026September 30, 2025
8,941 8,542 10,022 Current debt8,941 10,022 
67,134 64,534 63,955 Non-current debt67,134 63,955 
76,075 73,076 73,977 Total debt76,075 73,977 

Shell plc            Unaudited Condensed Interim Financial Report            36

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
A. Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities
The “Adjusted Earnings” measure is presented on a current cost of supplies basis and aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest when presenting the total Shell Group result but includes this item when presenting individual segment Adjusted Earnings as set out in the table below.
See Note 2 “Segment information” for the reconciliation of Adjusted Earnings.
We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell's performance in the period and over time.
Q3 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Adjusted Earnings10,814 
Add: Non-controlling interest14 
Adjusted Earnings plus non-controlling interest3,037 3,189 1,164 3,855 289 (705)10,828 
Add: Taxation charge/(credit) excluding tax impact of identified items727 3,004 233 1,171 14 (128)5,021 
Add: Depreciation, depletion and amortisation excluding impairments1,291 2,539 571 1,186 76 8 5,669 
Add: Exploration well write-offs67 408 — — — — 475 
Add: Interest expense excluding identified items65 150 11 12 2 927 1,167 
Less: Interest income2 20 (7)22 9 379 425 
Adjusted EBITDA5,184 9,269 1,986 6,201 373 (277)22,736 
Less: Current cost of supplies adjustment before taxation— — (1,043)309 — — (734)
Joint ventures and associates (dividends received less profit)(38)908 (43)39 25 — 891 
Derivative financial instruments89 35 (8)1,454 1,913 (49)3,435 
Taxation paid(442)(2,577)(99)(56)11 (53)(3,217)
Other(115)(208)(2,143)(41)(351)(41)(2,898)
(Increase)/decrease in working capital(73)(147)(947)1,239 (413)(299)(638)
Cash flow from operating activities4,6067,281(210)8,5271,558(719)21,043


Shell plc            Unaudited Condensed Interim Financial Report            37

Q2 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Adjusted Earnings9,836 
Add: Non-controlling interest9 
Adjusted Earnings plus non-controlling interest2,691 3,485 1,329 2,877 79 (617)9,845 
Add: Taxation charge/(credit) excluding tax impact of identified items762 2,755 444 639 49 (140)4,509 
Add: Depreciation, depletion and amortisation excluding impairments1,247 2,510 575 1,135 85 7 5,559 
Add: Exploration well write-offs— (1)— — — — (1)
Add: Interest expense excluding identified items62 153 46 12 2 838 1,113 
Less: Interest income— 12 2 — 2 299 315 
Adjusted EBITDA4,761 8,891 2,392 4,664 212 (210)20,710 
Less: Current cost of supplies adjustment before taxation— — (346)(397)— — (742)
Joint ventures and associates (dividends received less profit)(154)(15)(75)76 5 — (163)
Derivative financial instruments122 10 5 481 (1,025)(15)(423)
Taxation paid(537)(2,061)(107)(177)31 (83)(2,934)
Other(445)(294)266 316 190 22 55 
(Increase)/decrease in working capital883 303 (279)2,185 523 (169)3,446 
Cash flow from operating activities4,6296,8352,5477,941(65)(455)21,432

Q3 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Adjusted Earnings5,432 
Add: Non-controlling interest91 
Adjusted Earnings plus non-controlling interest2,143 1,804 1,316 550 92 (383)5,523 
Add: Taxation charge/(credit) excluding tax impact of identified items511 1,901 433 254 41 (578)2,562 
Add: Depreciation, depletion and amortisation excluding impairments1,579 2,675 588 881 94 6 5,823 
Add: Exploration well write-offs1 47 — — — — 49 
Add: Interest expense excluding identified items55 175 15 8 2 1,029 1,283 
Less: Interest income32 45 12 26 6 346 468 
Adjusted EBITDA4,257 6,557 2,340 1,667 223 (272)14,773 
Less: Current cost of supplies adjustment before taxation(25)53 28 
Joint ventures and associates (dividends received less profit)92 (78)56 (27)(1)— 42 
Derivative financial instruments83 (9)(3)(165)(272)230 (136)
Taxation paid(796)(1,611)(111)(20)28 (158)(2,668)
Other202 16 (299)543 (277)68 252 
(Increase)/decrease in working capital(802)(34)(220)143 960 (75)(28)
Cash flow from operating activities3,0384,8411,7882,088660(208)12,207

Shell plc            Unaudited Condensed Interim Financial Report            38

Nine months 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Adjusted Earnings27,565 
Add: Non-controlling interest2 
Adjusted Earnings plus non-controlling interest7,546 9,052 3,827 8,657 716 (2,230)27,567 
Add: Taxation charge/(credit) excluding tax impact of identified items2,197 7,893 1,215 2,499 178 (443)13,538 
Add: Depreciation, depletion and amortisation excluding impairments4,066 7,666 1,705 3,263 245 22 16,966 
Add: Exploration well write-offs67 408 — — — — 475 
Add: Interest expense excluding identified items188 454 65 44 7 2,995 3,753 
Less: Interest income4 51 (4)53 13 994 1,112 
Adjusted EBITDA14,060 25,421 6,816 14,409 1,133 (651)61,187 
Less: Current cost of supplies adjustment before taxation(2,339)(850)(3,189)
Joint ventures and associates (dividends received less profit)(335)920 375 93 39 — 1,092 
Derivative financial instruments(608)12 (7)47 3,245 (91)2,599 
Taxation paid(1,701)(6,130)(271)(195)34 (189)(8,452)
Other(1,387)(769)(1,717)1,178 (70)60 (2,706)
(Increase)/decrease in working capital(311)(2,159)(2,974)(2,222)48 (754)(8,372)
Cash flow from operating activities9,717 17,294 4,561 14,160 4,430 (1,625)48,538 
Nine months 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Adjusted Earnings15,273 
Add: Non-controlling interest235 
Adjusted Earnings plus non-controlling interest6,363 5,873 3,416 1,117 41 (1,302)15,507 
Add: Taxation charge/(credit) excluding tax impact of identified items1,811 6,725 1,237 251 124 (986)9,161 
Add: Depreciation, depletion and amortisation excluding impairments4,567 7,241 1,711 2,605 274 19 16,417 
Add: Exploration well write-offs4 279 — — — — 283 
Add: Interest expense excluding identified items158 546 38 37 7 2,689 3,476 
Less: Interest income36 82 13 69 10 1,299 1,508 
Adjusted EBITDA12,867 20,582 6,389 3,941 436 (879)43,336 
Less: Current cost of supplies adjustment before taxation131 318 449 
Joint ventures and associates (dividends received less profit)(102)1,305 421 96 19 — 1,739 
Derivative financial instruments1,168 30 20 (669)(507)713 755 
Taxation paid(2,537)(5,557)(417)(44)20 (464)(8,999)
Other(130)(783)629 1,139 (151)(584)121 
(Increase)/decrease in working capital(1,137)(292)(497)(555)1,212 (1,809)(3,077)
Cash flow from operating activities10,129 15,286 6,414 3,591 1,028 (3,022)33,425 

Shell plc            Unaudited Condensed Interim Financial Report            39

Identified items
The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of management and are unusual in nature (e.g., infrequent or non-recurring events) or that result in a misalignment between accounting and economic outcomes. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items.
Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.
See Note 2 “Segment information” for details.
1. For the purpose of identification of items in certain categories materiality thresholds are applied.

B. Adjusted Earnings per share
Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).
C. Cash capital expenditure
Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.
See Note 2 “Segment information” for the reconciliation of cash capital expenditure.
D. Capital employed and Return on average capital employed
Return on average capital employed ("ROACE") measures the efficiency of Shell’s utilisation of the capital that it employs.
The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.
In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.
$ millionQuarters
Q3 2026Q2 2026Q3 2025
Current debt10,02210,45712,015
Non-current debt63,95565,21864,597
Total equity177,822183,088189,538
Less: Cash and cash equivalents(33,053)(32,682)(42,252)
Capital employed – opening218,745226,081223,898
Current debt8,9418,54210,022
Non-current debt67,13464,53463,955
Total equity199,513181,781177,822
Less: Cash and cash equivalents(36,425)(31,374)(33,053)
Capital employed – closing239,163223,483218,745
Capital employed – average228,954224,782221,322
Shell plc            Unaudited Condensed Interim Financial Report            40

ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis
$ millionQuarters
Q3 2026Q2 2026Q3 2025
Adjusted Earnings - current and previous three quarters (Reference A)30,82125,43918,933
Add: Income/(loss) attributable to NCI - current and previous three quarters182 192 349 
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters(132)(65)(9)
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters(3)(3)— 
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters30,87425,56919,274
Add: Interest expense after tax - current and previous three quarters2,877 2,964 2,663 
Less: Interest income after tax on cash and cash equivalents - current and previous three quarters756 758 1,061 
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters32,99527,77520,876
Capital employed – average228,954224,782221,322
ROACE on an Adjusted Earnings plus NCI basis14.4 %12.4 %9.4 %
Shell plc            Unaudited Condensed Interim Financial Report            41

E. Net debt and gearing
Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.
Net debt excluding lease liabilities is calculated by subtracting lease liabilities from Net debt.
Gearing is a measure of Shell's capital structure and is defined as Net debt as a percentage of total capital (Net debt plus total equity).
Gearing excluding lease liabilities is defined as Net debt excluding lease liabilities as a percentage of total capital excluding lease liabilities (Net debt excluding lease liabilities plus total equity).
Lease liabilities are frequently long-term operational necessities rather than discretionary financing choices. Management believes that using Net debt excluding lease liabilities and Gearing excluding lease liabilities alongside Net debt and Gearing gives better insight to the financial position by reflecting debt and capital directly tied to discretionary financing activities, and improving comparability against peers with different asset ownership strategies or following different accounting standards.
$ million
September 30, 2026June 30, 2026September 30, 2025
Current debt8,9418,54210,022
Non-current debt67,13464,53463,955
Total debt76,07573,07673,977
Of which: lease liabilities34,14729,62728,571
Add: Debt-related derivative financial instruments: net liability/(asset)963662684
Add: Collateral on debt-related derivatives: net liability/(asset)(880)(611)(403)
Less: Cash and cash equivalents(36,425)(31,374)(33,053)
Net debt39,73341,75441,204
Of which: Net debt excluding lease
liabilities		5,586 12,126 12,633 
Total equity199,513181,781177,822
Total capital239,247223,534219,026
Of which: Total capital excluding lease liabilities205,099193,907190,455
Gearing16.6 %18.7 %18.8 %
Gearing excluding lease liabilities2.7 %6.3 %6.6 %
F. Operating expenses and Underlying operating expenses
Operating expenses*
Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.
Q3 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Production and manufacturing expenses1,3662,1765121,761425246,264
Selling, distribution and administrative expenses26101,9942001701372,537
Research and development7265196133232
Operating expenses1,3992,1872,5711,9816012939,033
Shell plc            Unaudited Condensed Interim Financial Report            42

Q2 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Production and manufacturing expenses1,0262,1643201,527440(1)5,476
Selling, distribution and administrative expenses3662,1364631541142,911
Research and development315263481171277
Operating expenses1,0942,2232,5192,0396061848,664
Q3 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Production and manufacturing expenses9402,1983591,63646795,609
Selling, distribution and administrative expenses25(22)2,5414181651303,258
Research and development4771704628146409
Operating expenses1,0122,2472,9702,1006602859,275


Nine months 2026$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Production and manufacturing expenses3,5166,4661,3034,8791,2962517,485
Selling, distribution and administrative expenses128976,0971,0625093588,251
Research and development61981508626256676
Operating expenses3,7066,6617,5506,0271,83063926,412
Nine months 2025$ million
Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotal
Production and manufacturing expenses2,7876,2788874,7161,3831716,068
Selling, distribution and administrative expenses92636,9121,3024573489,175
Research and development10417416210973250872
Operating expenses2,9846,5157,9616,1271,91361526,115
*Operational measure for US reporting purposes

Underlying operating expenses
Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
9,033 8,664 9,275 Operating expenses26,412 26,115 
(177)(123)(133)Redundancy and restructuring (charges)/reversal(430)(296)
(20)(101)(144)Other(121)(223)
(197)(224)(277)Total identified items(551)(518)
8,836 8,440 8,998 Underlying operating expenses25,861 25,596 
G. Free cash flow and Organic free cash flow
Shell plc            Unaudited Condensed Interim Financial Report            43

Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.
Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
21,043 21,432 12,207 Cash flow from operating activities48,538 33,425 
(4,721)(3,908)(2,257)Cash flow from investing activities(11,765)(11,622)
16,322 17,524 9,950 Free cash flow36,773 21,803 
2,650 469 1,773 Less: Divestment proceeds (Reference I)3,471 2,333 
145 224 — Add: Tax paid on divestments (reported under "Other investing cash outflows")369 143 
3,227 — 85 
Add: Cash outflows related to inorganic capital expenditure1
3,576 1,007 
— — — 
Less/Add: Other inorganic cash inflows/outflows2
— — 
17,043 17,279 8,263 
Organic free cash flow
37,246 20,620 
1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell's activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.
2.    Cash inflows and outflows related to acquisitions and divestment related activities, which are not reported as divestment proceeds, tax paid on divestments nor as inorganic capital expenditure; reported under “Other investing cash inflows” or “Other investing cash outflows”

H. Cash flow from operating activities excluding working capital movements
Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows:
(i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.
Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
21,043 21,432 12,207 Cash flow from operating activities48,538 33,425 
(3,269)3,739 352 
(Increase)/decrease in inventories
(6,216)1,178 
(6,681)1,593 569 
(Increase)/decrease in current receivables
(15,492)1,594 
9,312 (1,887)(949)Increase/(decrease) in current payables13,337 (5,850)
(638)3,446 (28)(Increase)/decrease in working capital(8,372)(3,077)
21,682 17,987 12,235 Cash flow from operating activities excluding working capital movements56,910 36,502 

I. Divestment proceeds
Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.
Quarters$ millionNine months
Q3 2026Q2 2026Q3 202520262025
2,455 366 747 Proceeds from sale of property, plant and equipment and businesses3,093 1,249 
74 71 1,023 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans186 1,057 
121 31 2 Proceeds from sale of equity securities192 27 
2,650 469 1,773 Divestment proceeds3,471 2,333 
Shell plc            Unaudited Condensed Interim Financial Report            44

CAUTIONARY STATEMENT
All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
Forward-Looking statements
This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions, including (without limitation) those concerning Shell’s strategy and operating plans, macroeconomic conditions, future energy demand, supply and product mix, commodity prices, demand for Shell’s products, production results and reserve estimates, development, execution and management of projects, energy transition and climate change, management of safety and environmental risks, costs, cash capital expenditures, technology advancements, legislative, judicial, fiscal and regulatory developments, regional conflicts and trading conditions, and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 29, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.
Shell's net carbon intensity and net-zero emissions target
In this Unaudited Condensed Interim Financial Report we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for
Shell plc            Unaudited Condensed Interim Financial Report            45

that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

The information provided above regarding Shell’s NCI and net zero emissions target are not intended, nor should they be construed as introducing, suggesting or making any claim, target or representation thereof other than what is included in the Unaudited Condensed Interim Financial Report.
Forward-Looking non-GAAP measures
This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and Adjusted Earnings. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements. These forward-looking non-GAAP measures are provided to assist readers in understanding management’s use and expectations of such measures and may not be appropriate for other purposes.
The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.
We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
This announcement contains inside information.
October 29, 2026
The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.
Contacts:
- Sean Ashley, Company Secretary
- 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

Shell plc            Unaudited Condensed Interim Financial Report            46

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