Shell plc publishes third quarter 2026 press release

“Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system. asserted

I’m grateful to Shell’s teams around the world who continue to work tirelessly to produce and supply the energy our customers need. asserted

We are further investing in our advantaged Integrated Gas business with the completion of the ARC Resources Ltd. acquisition and the final investment decision on LNG Canada Phase 2, supporting Shell’s long-term cash flow growth. asserted

Our strong delivery allows us to announce a $5 billion share buyback programme for the next three months.” Shell plc Chief Executive Officer, Wael Sawan STRONG AND CONSISTENT OPERATIONAL PERFORMANCE - Q3 2026 Adjusted Earnings1 of $10.8 billion, reflects strong operational performance in a continued volatile and elevated commodity price environment with record refining margins. - CFFO of $21.0 billion despite Middle East outages. - Continued portfolio strengthening, including the ARC Resources and US Mobility acquisitions, FID on LNG Canada Phase 2, high-grading of the power portfolio, and divestment of non-core oil and gas assets in the US and Cyprus. - Disciplined spending, with the cash capex outlook for 2026 (including ARC) in the $23 - 25 billion range. asserted

Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors. asserted

2Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $0.1 billion and Products $3.8 billion. asserted

- Working capital outflow of $0.6 billion reflects a reduction in JV deposits. asserted

$0.8 billion of the JV dividends received were previously held in deposit in the Corporate segment. asserted

- Net debt of $39.7 billion includes ~$8 billion non-cash net debt reflecting variable component of long-term shipping leases in the current macro environment. asserted

Net debt excluding leases is $5.6 billion. 1Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), historically paid in the 4th quarter of each calendar year. 2Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors. asserted

FINANCIAL PERFORMANCE DRIVERS INTEGRATED GAS - Adjusted Earnings were higher than in Q2 2026, reflecting higher gas and LNG prices. asserted

- Q4 2026 production outlook reflects the ARC Resources acquisition, which completed on September 2, 2026. asserted

UPSTREAM - Adjusted Earnings were lower than in Q2 2026, reflecting lower liquids prices and higher well write-offs. asserted

- Q4 2026 production outlook includes allowance for weather-related impacts in the Gulf of America. asserted

MARKETING - Adjusted Earnings were lower than in Q2 2026, reflecting weaker Mobility unit margins and lower Lubricants volumes. asserted

CHEMICALS & PRODUCTS - Adjusted Earnings were significantly higher than in Q2 2026, reflecting high refining margins and strong operational performance despite low water levels in the Rhine river. asserted

- Trading and Optimisation was lower than in a very strong Q2 2026, driven by the impact of non-cash timing effects. RENEWABLES & ENERGY SOLUTIONS - in operation (GW) - in operation (GW) - under construction and/or committed for sale (GW) *Excludes Shell’s equity share of associates where information cannot be obtained. asserted

- Adjusted Earnings were higher than in Q2 2026, mainly driven by Trading and Optimisation in Europe and the Americas. asserted

CORPORATE - Shell Q4 2026 income/(loss) is expected to include the derecognition of the Netherlands defined benefit plan, which is expected to result in an identified, non-cash loss. asserted

As at 30 September, 2026, the estimated loss is $6.4 billion, subject to change in Q4. asserted

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. asserted

This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. asserted

Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance. asserted

This announcement may contain certain forward-looking non-GAAP measures such as free cash flow and underlying operating expenses. uncertain

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 the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. asserted

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. uncertain

Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements. asserted

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. asserted

In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. asserted

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. asserted

These terms are also used where no useful purpose is served by identifying the particular entity or entities. asserted

‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. asserted

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. uncertain

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. asserted

This announcement 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. asserted

All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. uncertain

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. uncertain

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. asserted

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. uncertain

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 announcement, 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. uncertain