Shell plc publishes fourth quarter 2025 press release in Oil & Companies News 06/02/2026 “2025 was a year of accelerated momentum, with strong operational and financial performance across Shell. We generated free cash flow of $26 billion, made significant progress in focusing our portfolio and reached $5 billion of cost savings since 2022, with more to come. In Q4, despite lower earnings in a softer macro, cash delivery remained solid and today we announce a 4% increase in our dividend and $3.5 billion share buyback, making this the 17th consecutive quarter of at least $3 billion of buybacks.” Shell plc Chief Executive Officer, Wael Sawan CONSISTENT DELIVERY WITH MORE TO COME • Q4 2025 Adjusted Earnings1 of $3.3 billion and CFFO of $9.4 billion, supported by strong operational performance in Upstream and Integrated Gas in a lower price environment, offset by year-end movements1. • Resilient CFFO of $42.9 billion for the full year of 2025. Shareholder distributions of ~52% of CFFO. • Strong balance sheet with net debt of ~$45.7 billion ($16.8 billion excluding leases), gearing 20.7%. • Structural cost reductions of $5.1 billion achieved since 2022; delivered $2.0 billion in 20252. • Disciplined capital allocation with 2025 cash capex of $20.9 billion; cash capex outlook for 2026: $20 – 22 billion. • Increasing dividend per share by 4% to $0.372 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2026 results announcement. • Significant strategic portfolio actions taken throughout 2025, including Nigeria Onshore, Canadian Oil Sands and Singapore Chemicals & Refinery exits, while strengthening our Integrated Gas and Upstream portfolios with Pavilion acquisition & equity increases across our Deepwater portfolio. 1Income/(loss) attributable to shareholders for Q4 2025 is $4.1 billion. Further details and reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors. 3Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.6) billion and Products $0.5 billion. • CFFO excluding working capital of $8.2 billion with tax paid of $2.6 billion and a $0.8 billion net outflow related to the timing impact of payments for emissions certificates and biofuel programmes1. 1 Oil sands production:In Q4 2025, Shell’s remaining interest in the Canadian oil sands was swapped for an additional 10% interest in the Scotford upgrader and Quest CCS projects. The associated proved synthetic crude reserves at December 31, 2024 were 0.7 billion barrels of which 50% is attributable to non-controlling interest. • Adjusted Earnings were lower than in Q3 2025, reflecting seasonally lower trading and optimisation, continued weak Chemicals margins and a (non-cash) deferred tax adjustment in a joint venture. 1 Excludes Shell’s equity share of associates where information cannot be obtained. • Adjusted Earnings were in line with Q3 2025. The Renewables and Energy Solutions segment includes renewable power generation; the marketing, trading and optimisation of power and pipeline gas; and carbon credits. It also includes the production and marketing of hydrogen; development of commercial carbon capture and storage hubs; investment in nature-based projects that avoid or reduce carbon emissions; and Shell Ventures, which invests in or works with start-ups and other early-stage businesses to help them scale-up and grow. Source: Shell 202