Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) reports repurchases for cancellation on 2 October 2025 under its buy-back programme announced 31 July 2025. Purchases by venue: 347,690 shares on LSE (VWAP £26.7856), 174,293 on Chi-X (VWAP £26.7840), 278,017 on BATS (VWAP £26.7853), 450,028 on XAMS (VWAP €30.8290) and 349,350 on CBOE DXE (VWAP €30.8322). HSBC Bank plc is executing trades independently through the programme running until 24 October 2025. Purchases comply with UK MAR/EU MAR rules and the company’s on- and off-market authorities.

Positive

• Large cancellations executed: Total of 1,599,378 shares purchased across major European venues on 02/10/2025
• Diversified execution: Trades executed in GBP and EUR across LSE, Chi-X, BATS, XAMS and CBOE DXE — reduces execution risk
• Independent execution: HSBC making trading decisions independently through to 24 Oct 2025, aligning with best-practice buyback execution
• Regulatory compliance: Programme conducted under UK MAR/EU MAR and listing rules, limiting legal/regulatory execution risk

Negative

• Cash outflow impact: Buyback uses corporate cash/resources which could otherwise fund capex, M&A or dividends
• Limited scale transparency: PR does not disclose total buyback programme size or remaining capacity, making shareholder impact hard to quantify

Insights

Financial Analyst

Shell plc reports the cancellation purchase of 1,599,378 ordinary shares on 02/10/2025 across multiple venues with weighted average prices around £26.785 and €30.83. The trades form part of the buy-back programme announced 31/07/2025 and run through 24/10/2025 with HSBC Bank plc trading independently within preset parameters. The announcement is procedurally compliant with EU MAR/UK MAR and UK Listing Rules and provides venue-level transparency. Analysis: This is a standard execution update within an existing repurchase mandate. Positive mechanics: share cancellation reduces share count, which mechanically increases per-share metrics (EPS, cash per share) all else equal. Governance/compliance: the company discloses venue-level VWAPs and confirms independent trading by HSBC, reducing governance concerns. Limitations: the release contains no information on total programme size remaining, proportion of issued shares repurchased, or cash outflow aggregate, so magnitude and strategic intent remain unclear. Investor implication: informationally supportive but not transformative; the news lowers float slightly and signals continued capital return but offers no new guidance on cash allocation. Conclusion: procedurally positive but routine; insufficient detail to infer material change to valuation or strategy.

Transaction in Own Shares   

2 October, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 2 October, 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
02/10/2025	347,690	£26.8750	£26.7050	£26.7856	LSE	GBP
02/10/2025	174,293	£26.8750	£26.7050	£26.7840	Chi-X (CXE)	GBP
02/10/2025	278,017	£26.8750	£26.7050	£26.7853	BATS (BXE)	GBP
02/10/2025	450,028	€30.9700	€30.7250	€30.8290	XAMS	EUR
02/10/2025	349,350	€30.9700	€30.7250	€30.8322	CBOE DXE	EUR
02/10/2025	-	-	-	-	TQEX	EUR

These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 31 July 2025.

In respect of this programme, HSBC Bank plc will make trading decisions in relation to the securities independently of the Company for a period from 31 July 2025 up to and including 24 October 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 HSBC Bank plc on behalf of the Company as a part of the buy-back programme is detailed below.

Enquiries

Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

LEI number of Shell plc: 21380068P1DRHMJ8KU70

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

Attachment

• Shell RNS (Extended) 20251002

FAQ

What shares did Shell (SHEL) buy on 2 October 2025?

Shell purchased 1,599,378 shares for cancellation across LSE, Chi-X, BATS, XAMS and CBOE DXE on 02/10/2025.

What prices did Shell (SHEL) pay per share on 2 October 2025?

VWAPs reported: LSE £26.7856, Chi-X £26.7840, BATS £26.7853, XAMS €30.8290, CBOE DXE €30.8322.

Is Shell's (SHEL) 2 Oct 2025 buyback part of an existing programme and what is the timeline?

Yes; the purchases form part of the buy-back programme announced 31 July 2025, with HSBC executing independently up to and including 24 Oct 2025.

Who executed Shell's (SHEL) buyback trades and were they independent?

HSBC Bank plc executed the trades on behalf of Shell and will make trading decisions independently under the programme.

Will the 2 Oct 2025 buyback reduce Shell's (SHEL) share count?

Yes; the purchased shares were acquired for cancellation, which reduces the company's issued share capital.

Are Shell's (SHEL) buybacks compliant with market rules?

Yes; Shell states the programme is conducted in accordance with UK MAR/EU MAR and Chapter 9 of the UK Listing Rules.