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.
asserted
Income → see → billion
Adjusted Earnings, compared with the second quarter 2026, reflected higher Refining margins, higher realised LNG prices and higher Integrated Gas volumes.
asserted
Earnings → compare → margins
These were partly offset by lower crude and oil products trading and optimisation, higher well write-offs and lower realised liquids prices.
asserted
These → offset → trading
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.
asserted
items → identify → charges
This compares with identified items in the second quarter 2026 which amounted to a net gain of $0.4 billion.
asserted
which → compare → billion
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
asserted
EBITDA → drive → 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
asserted
flow → operate → 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
asserted
which → include → 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.
asserted
which → offset → America
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.
asserted
debt → compare → quarter
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.
asserted
This → reflect → 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
Page 1
SHELL PLC
3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS
September 2026.
asserted
debt → take → billion
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.
asserted
Gearing → compare → debt
The acquisition of ARC resulted in a 0.8 percentage point reduction in gearing.
asserted
acquisition → result → gearing
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.
asserted
distributions → amount → billion
Dividends declared to Shell plc shareholders for the third quarter 2026 amount to $0.3906 per share.
asserted
Dividends → declare → share
Shell has now completed the aggregate $4.2 billion of share buybacks announced in the second quarter 2026 results announcement.
asserted
Shell → complete → 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.
asserted
which → announce → 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.
asserted
Income → drive → 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.
asserted
Earnings → compare → trading
These were partly offset by lower volumes, unfavourable tax movements and unfavourable net interest movements.
asserted
These → offset → volumes
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.
asserted
items → identify → assets
This compares with identified items in the first nine months 2025 which amounted to a net loss of $1.2 billion.
asserted
which → compare → billion
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
asserted
EBITDA → drive → 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.
asserted
flow → operate → 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.
asserted
flow → include → billion
This was partly offset by divestment proceeds of $3.5 billion and interest received of $1.1 billion.
asserted
This → offset → 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.
asserted
amounts → show → www.shell.com/investors
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.
asserted
we → reach → adjustments
The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.
asserted
transaction → expect → approval
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.
asserted
we → complete → approvals
The transaction adds approximately 370 kboe/d immediately across liquids and gas.
asserted
transaction → add → liquids
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.
asserted
Shell → receive → Phase
The project will increase LNG Canada’s production capacity from 14 million tonnes per annum (mtpa) to 28 mtpa.
asserted
project → increase → mtpa
Shell has a 40% interest in LNG Canada and will receive nearly 6 mtpa of additional LNG from the expansion.
asserted
Shell → have → expansion
Commercial operations are expected to begin in the early 2030s.
asserted
operations → expect → 2030s
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.
asserted
we → complete → July
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%.
asserted
we → sign → %
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.
asserted
Shell → make → locations
The deal is expected to be completed by the end of 2026, subject to regulatory clearance and closing conditions.
asserted
deal → expect → clearance
…and 301 more, not listed.
The Aporia
