Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has executed a significant share buyback transaction on April 4, 2025, as part of its previously announced buyback programme. The company purchased shares across multiple venues:

• LSE: 1,744,879 shares at £25.3735 (VWAP)
• Chi-X: 325,000 shares at £25.2989 (VWAP)
• BATS: 585,575 shares at £25.2335 (VWAP)
• XAMS: 1,325,000 shares at €30.0465 (VWAP)
• CBOE DXE: 325,000 shares at €30.1505 (VWAP)
• TQEX: 50,000 shares at €30.2772 (VWAP)

The purchases are part of both on-market and off-market buyback programmes, managed independently by Natixis from January 30 to April 25, 2025, following UK Listing Rules and Market Abuse Regulations.

Positive

• Large-scale share buyback program demonstrates strong capital return to shareholders
• Multi-venue execution strategy shows efficient capital deployment
• Independent management by Natixis ensures market compliance and trading efficiency

Negative

• None.

Insights

Financial Analyst

Shell's latest buyback execution represents another step in its ongoing capital return program announced on January 30. The company purchased 4.36 million shares across multiple venues on April 4 alone, with approximately 2.66 million shares from UK venues at a volume-weighted average price of about £25.30 and 1.7 million shares from European venues at roughly €30.14.

This execution demonstrates Shell's continued commitment to its shareholder return framework. While the daily purchase volume is relatively modest compared to Shell's $217.55 billion market capitalization (representing approximately 0.06% of outstanding shares), the systematic nature of these buybacks provides steady support for the share price.

The program's structure, with Natixis making independent trading decisions within pre-set parameters until April 25, follows standard market practice designed to ensure regulatory compliance. The company's decision to repurchase across multiple venues (LSE, Chi-X, BATS, XAMS, CBOE DXE, and TQEX) optimizes execution by accessing various liquidity pools.

From a capital allocation perspective, this buyback execution reflects Shell's balanced approach to returning excess cash to shareholders while maintaining flexibility for potential investments. For investors, the consistent implementation of the announced buyback program provides predictability in the company's capital return strategy.

Transaction in Own Shares

04 April, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 04 April 2025 it purchased the following number of Shares for cancellation.

Aggregated information on Shares purchased according to trading venue:

Date of purchase	Number of Shares purchased	Highest price paid	Lowest price paid	Volume weighted average price paid per share	Venue	Currency
04/04/2025	1,744,879	£ 26.3800	£ 24.8150	£ 25.3735	LSE	GBP
04/04/2025	325,000	£ 26.3800	£ 24.8100	£ 25.2989	Chi-X (CXE)	GBP
04/04/2025	585,575	£ 26.3800	£ 24.8100	£ 25.2335	BATS (BXE)	GBP
04/04/2025	1,325,000	€ 31.3550	€ 29.5050	€ 30.0465	XAMS	EUR
04/04/2025	325,000	€ 31.3750	€ 29.5100	€ 30.1505	CBOE DXE	EUR
04/04/2025	50,000	€ 31.3350	€ 29.5800	€ 30.2772	TQEX	EUR

These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 30 January 2025.

In respect of this programme, Natixis will make trading decisions in relation to the securities independently of the Company for a period from 30 January 2025 up to and including 25 April 2025.

The on-market limb will be effected within certain pre-set parameters and in accordance with the Company’s general authority to repurchase shares on-market. The off-market limb will be effected in accordance with the Company’s general authority to repurchase shares off-market pursuant to the off-market buyback contract approved by its shareholders and the pre-set parameters set out therein. The programme will be conducted in accordance with  Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time (“UK MAR”) and the Commission Delegated Regulation (EU) 2016/1052 (the “EU MAR Delegated Regulation”) and the EU MAR Delegated Regulation as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time.

In accordance with EU MAR and UK MAR, a breakdown of the individual trades made by Natixis on behalf of the Company as a part of the buy-back programme is detailed below.

Enquiries

Media International: +44 (0) 207 934 5550

Media Americas: +1 832 337 4335

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Acquisition or disposal of the issuer’s own shares

Attachment

• Shell plc Share Buyback RNS_04.04.2025

FAQ

How many shares did Shell (SHEL) purchase on April 4, 2025?

Shell purchased a total of 4,355,454 shares across various trading venues, including 2,655,454 shares on UK venues and 1,700,000 shares on European venues.

What is the price range for Shell's (SHEL) share buyback on April 4, 2025?

On UK venues, prices ranged from £24.81 to £26.38, while on European venues, prices ranged from €29.51 to €31.38.

When will Shell's (SHEL) current buyback programme end?

The current buyback programme, managed by Natixis, will run until April 25, 2025.

Who manages Shell's (SHEL) share buyback programme?

Natixis manages the trading decisions independently of Shell for the buyback programme.