Transaction in Own Shares

Rhea-AI Summary

Shell plc announced share repurchases conducted on January 31, 2025, as part of its buyback programme announced on January 30, 2025. The company purchased:

- 1,060,000 shares on London venues (LSE, Chi-X, BATS) at prices between £26.61 and £26.95

- 700,000 shares on European venues (XAMS, CBOE DXE) at prices between €31.98 and €32.39

The purchases are part of both on-market and off-market buyback programmes, with Natixis making independent trading decisions from January 30, 2025, to April 25, 2025. The programme complies with UK Listing Rules, EU MAR, and UK MAR regulations.

Positive

• Ongoing share buyback program indicates strong capital return policy to shareholders
• Substantial daily purchase volume across multiple trading venues shows commitment to the buyback program

Negative

• None.

Insights

Financial Markets Analyst

Shell's latest share buyback execution represents a strategic move in their ongoing capital return program, with today's purchases totaling approximately £47.2 million ($60 million) across multiple European trading venues. The company's decision to spread purchases across different exchanges (LSE, Chi-X, BATS, XAMS and CBOE DXE) demonstrates sophisticated execution strategy to minimize market impact and ensure optimal price discovery.

The volume-weighted average prices (VWAP) show remarkably tight spreads across venues, indicating efficient cross-market execution. The largest blocks were executed on LSE, BATS and XAMS (440,000 shares each), suggesting a balanced approach to maintaining market liquidity while managing transaction costs. The appointment of Natixis as an independent trading agent adds a layer of compliance and execution efficiency, ensuring adherence to regulatory requirements including UK MAR and EU MAR.

The buyback's execution parameters and regulatory framework highlight Shell's commitment to shareholder returns while maintaining market integrity. The program's structure, with both on-market and off-market components, provides flexibility in execution while ensuring regulatory compliance. The pre-set parameters and independent execution by Natixis help mitigate potential conflicts of interest and market manipulation concerns.

Transaction in Own Shares

31 January, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 31 January, 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
31/01/2025	440,000	£ 26.9500	£ 26.6150	£ 26.8069	LSE	GBP
31/01/2025	180,000	£ 26.9500	£ 26.6100	£ 26.8086	Chi-X (CXE)	GBP
31/01/2025	440,000	£ 26.9550	£ 26.6250	£ 26.8073	BATS (BXE)	GBP
31/01/2025	440,000	€ 32.3900	€ 31.9850	€ 32.2025	XAMS	EUR
31/01/2025	260,000	€ 32.3950	€ 31.9800	€ 32.2040	CBOE DXE	EUR
31/01/2025	-	€ 0.0000	€ 0.0000	€ 0.0000	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

• execs_20250131

FAQ

How many shares did Shell (SHEL) repurchase on January 31, 2025?

Shell repurchased a total of 1,760,000 shares across different venues: 1,060,000 shares on London venues (LSE, Chi-X, BATS) and 700,000 shares on European venues (XAMS, CBOE DXE).

What is the duration of Shell's (SHEL) current buyback programme?

The current buyback programme runs from January 30, 2025, to April 25, 2025, with Natixis making independent trading decisions during this period.

What was the price range for Shell's (SHEL) share purchases on January 31, 2025?

On London venues, shares were purchased between £26.61 and £26.95, while on European venues, the price range was €31.98 to €32.39.

Who executes the trading decisions for Shell's (SHEL) buyback programme?

Natixis makes independent trading decisions for Shell's securities during the buyback programme period.