SHELL PLC 3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS

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Postmedia has not reviewed the content. by GlobeNewswire SHELL PLC 3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTSAuthor of the article: SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account SUMMARY OF UNAUDITED RESULTSQuarters$ million Nine monthsQ3 2026Q2 2026Q3 2025 Reference*2026202512,05710,8215,322Income attributable to Shell plc shareholders 28,57313,70310,8149,8365,432Adjusted EarningsA.27,56515,27322,73620,71014,773Adjusted EBITDAA.61,18743,33621,04321,43212,207Cash flow from operating activities 48,53833,425(4,721)(3,908)(2,257)Cash flow from investing activities (11,765)(11,622)16,32217,5249,950Free cash flowG.36,77321,8037,9224,2374,907Cash capital expenditureC.16,36114,8999,0338,6649,275Operating expensesF.26,41226,1158,8368,4408,998Underlying operating expensesF.25,86125,59614.4%12.4%9.4%ROACED.14.4%9.4%76,07573,07673,977Total debtE.76,07573,97739,73341,75441,204Net debtE.39,73341,20416.6%18.7%18.8%GearingE.16.6%18.8%2,5742,4552,821Oil and gas production available for sale (thousand boe/d) 2,5932,7812.151.940.91Basic earnings per share ($) 5.092.311.931.760.93Adjusted Earnings per share ($)B.4.912.570.39060.39060.3580Dividend per share ($) 1.17181.0740This advertisement has not loaded yet, but your article continues below.* Alternative Performance (Non-GAAP) measure. See page 37.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againIncome 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.Adjusted Earnings, compared with the second quarter 2026, reflected higher Refining margins, higher realised LNG prices and higher Integrated Gas volumes. These were partly offset by lower crude and oil products trading and optimisation, higher well write-offs and lower realised liquids prices.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. This compares with identified items in the second quarter 2026 which amounted to a net gain of $0.4 billion.Adjusted EBITDA was driven by the same factors as Adjusted 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.2This advertisement has not loaded yet, but your article continues below.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 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.Net debt and Gearing: 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. 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. 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 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS September 2026. 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. The acquisition of ARC resulted in a 0.8 percentage point reduction in gearing.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Shareholder distributions: 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. Dividends declared to Shell plc shareholders for the third quarter 2026 amount to $0.3906 per share. Shell has now completed the aggregate $4.2 billion of share buybacks announced in the second quarter 2026 results 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.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. Adjusted Earnings, compared with the first nine months 2025, reflected higher trading and optimisation, higher realised prices, higher Refining margins and higher Chemicals margins. These were partly offset by lower volumes, unfavourable tax movements and unfavourable net interest movements.This advertisement has not loaded yet, but your article continues below.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. This compares with identified items in the first nine months 2025 which amounted to a net loss of $1.2 billion.Adjusted EBITDA was driven by the same factors as Adjusted 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.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. This was partly offset by divestment proceeds of $3.5 billion and interest received of $1.1 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 .This advertisement has not loaded yet, but your article continues below.1.All earnings amounts are shown post-tax, unless stated otherwise.2.Includes $2.4 billion payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act).3.See Note 8 “Acquisition of ARC Resources”.4.Includes non-cash increases of $5.4 billion in the variable component of shipping leases in the current macro environment. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements” for further details.5.Not incorporated by reference.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. The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.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. The transaction adds approximately 370 kboe/d immediately across liquids and gas. 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.1This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.In September 2026, Shell took a final investment decision on LNG Canada Phase 2. The project will increase LNG Canada’s production capacity from 14 million tonnes per annum (mtpa) to 28 mtpa. Shell has a 40% interest in LNG Canada and will receive nearly 6 mtpa of additional LNG from the expansion. Commercial operations are expected to begin in the early 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. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS 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%. 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. The deal is expected to be completed by the end of 2026, subject to regulatory clearance and closing conditions.This advertisement has not loaded yet, but your article continues below.Renewables and Energy SolutionsIn July 2026, we agreed to sell 100% of Solenergi Power Private Limited, which includes the Sprng Energy group of companies, to Aditya Birla Renewables Limited for $1.8 billion. The transaction is expected to complete by the end of 2026, subject to regulatory approval and closing conditions.In August 2026, we signed an agreement to sell our European onshore renewables portfolio, including development-stage and operational assets across Italy, the Netherlands, Spain and the UK. The portfolio included in the transaction comprises ~0.5 GW of combined renewable generation capacity in operation and in development, as well as a pipeline of projects for future development. The transaction is subject to regulatory approvals and is expected to complete by the end of 2026.In September 2026, we signed agreements to acquire 100% of Hunlock Creek Generating LLC, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania, and to sell our interests in RISEC Holdings, LLC, which owns a 609-MW power plant that serves the New England power market, for $715 million. Both transactions are subject to regulatory approvals and are expected to close in the first quarter of 2027.This advertisement has not loaded yet, but your article continues below.1. See Note 8 “Acquisition of ARC Resources”. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS INTEGRATED GASQuarters$ million Nine monthsQ3 2026Q2 2026Q3 2025 Reference*202620254,5532,6802,355Income/(loss) for the period 8,5556,9821,517(10)212Of which: Identified itemsA.1,0096193,0372,6912,143Adjusted EarningsA.7,5466,3635,1844,7614,257Adjusted EBITDAA.14,06012,8674,6064,6293,038Cash flow from operating activitiesA.9,71710,1294,7561,2691,169Cash capital expenditureC.7,0393,4829337130Liquids production available for sale (thousand b/d) 811283,9423,4484,667Natural gas production available for sale (million scf/d) 3,9964,619772631934Total production available for sale (thousand boe/d) 7709257.437.737.29LNG liquefaction volumes (million tonnes) 23.0320.6119.2517.9618.88LNG sales volumes (million tonnes) 56.3753.14* Alternative Performance (Non-GAAP) measure. See page 37.Integrated Gas includes natural gas and liquids exploration and extraction. The gas is then processed to produce liquefied natural gas (LNG) or converted into gas-to-liquids (GTL) fuels and other products. The business includes the operation of both upstream and midstream infrastructure necessary to deliver natural gas and its derivatives to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.Adjusted Earnings, compared with the second quarter 2026, reflected higher volumes (increase of $360 million) and the combined net effect of realised prices and contributions from trading and optimisation (increase of $324 million), partly offset by higher operating expenses (increase of $180 million).Identified items in the third quarter 2026 included a gain from net impairment reversals of $1,290 million, mainly related to an asset in North America.Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA. This was partly offset by tax payments of $442 million.Total oil and gas production, compared with the second quarter 2026, increased by 22%, mainly due to the acquisition of ARC Resources Ltd. on September 2, 2026, partly offset by higher planned maintenance. LNG liquefaction volumes decreased by 4%, mainly due to higher planned maintenance across the portfolio.This advertisement has not loaded yet, but your article continues below.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.Adjusted Earnings, compared with the first nine months 2025, reflected the combined effect of higher contributions from trading and optimisation and higher realised prices (increase of $3,783 million), partly offset by lower volumes (decrease of $1,279 million), unfavourable tax movements ($583 million) and higher operating expenses (increase of $508 million).Identified items in the first nine months 2026 included a gain from net impairment reversals and charges of $1,277 million, mainly related to an asset in North America, partly offset by unfavourable movements of $510 million due to the fair value accounting of commodity derivatives. These net reversals and unfavourable movements compare with the first nine months 2025 which included favourable movements of $946 million due to the fair value accounting of commodity derivatives, partly offset by a loss from impairment charges of $455 million. As part of Shell’s normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.This advertisement has not loaded yet, but your article continues below. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA. This was partly offset by tax payments of $1,701 million, a payment relating to a legal case of $635 million and net cash outflows related to derivatives of $608 million.Total oil and gas production, compared with the first nine months 2025, decreased by 17%, mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes increased by 12%, mainly due to LNG Canada ramp-up, partly offset by the impact of the Middle East conflict on Qatari volumes.1.All earnings amounts are shown post-tax, unless stated otherwise. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS UPSTREAMQuarters$ million Nine monthsQ3 2026Q2 2026Q3 2025 Reference*202620253,860 3,579 1,707 Income/(loss) for the period 9,995 5,795 671 93 (97) Of which: Identified itemsA.943 (78) 3,189 3,485 1,804 Adjusted EarningsA.9,052 5,873 9,269 8,891 6,557 Adjusted EBITDAA.25,421 20,582 7,281 6,835 4,841 Cash flow from operating activitiesA.17,294 15,286 1,691 1,633 1,885 Cash capital expenditureC.5,483 6,634 1,360 1,367 1,399 Liquids production available for sale (thousand b/d) 1,358 1,356 2,562 2,648 2,513 Natural gas production available for sale (million scf/d) 2,697 2,613 1,802 1,824 1,832 Total production available for sale (thousand boe/d) 1,823 1,806 This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.* Alternative Performance (Non-GAAP) measure. See page 37.Upstream explores for and extracts crude oil, natural gas and natural gas liquids. The segment also includes marketing and transportation of oil, gas and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell’s chemicals manufacturing plants and refineries. Upstream activities span deep-water and conventional oil and gas operations.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.Adjusted Earnings, compared with the second quarter 2026, reflected higher well write-offs (increase of $309 million), unfavourable tax movements ($246 million), and lower realised prices and margins (decrease of $129 million), mainly due to lower realised liquids prices. Adjusted Earnings also reflected favourable movements in unrealised profit eliminations on inter-segment sales ($341 million).2Identified items in the third quarter 2026 included gains of $777 million from the disposal of assets, mainly related to the sale of our interest in the Na Kika platform in the Gulf of America. These gains compare with the second quarter 2026 which included gains of $83 million from the disposal of assets.This advertisement has not loaded yet, but your article continues below.Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $908 million. These inflows were partly offset by tax payments of $2,577 million.Total production, compared with the second quarter 2026, decreased mainly due to production sharing contract effects and field decline, partly offset by new oil production in the Gulf of America and Brazil.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.Adjusted Earnings, compared with the first nine months 2025, reflected higher realised prices and margins (increase of $4,137 million), mainly due to higher realised liquids prices, partly offset by higher operating expenses (increase of $433 million) and depreciation, depletion and amortisation expenses (increase of $345 million).Identified items in the first nine months 2026 included gains of $823 million from the disposal of assets, mainly related to the sale of our interest in the Na Kika platform in the Gulf of America, gains of $238 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $104 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains compare with the first nine months 2025 which included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $524 million from disposal of assets.This advertisement has not loaded yet, but your article continues below.Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $6,130 million and working capital outflows of $2,159 million. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Total production for the first nine months 2026 increased mainly due to new production in the Gulf of America and Brazil, partly offset by portfolio changes and field decline.1.All earnings amounts are shown post-tax, unless stated otherwise.2.Sales of products between segments are based on prices generally equivalent to commercially available prices. Any profit on products still held in inventory at the end of the period is excluded from the segment earnings until these products are sold to third parties. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS MARKETINGQuarters$ million Nine monthsQ3 2026Q2 2026Q3 2025 Reference*2026202555 1,747 576 Income/(loss) for the period 3,698 2,155 (1,895) 157 (759) Of which: Identified itemsA.(1,886) (1,161) 1,164 1,329 1,316 Adjusted EarningsA.3,827 3,416 1,986 2,392 2,340 Adjusted EBITDAA.6,816 6,389 (210) 2,547 1,788 Cash flow from operating activitiesA.4,561 6,414 415 380 489 Cash capital expenditureC.1,043 1,173 2,581 2,570 2,824 Marketing sales volumes (thousand b/d) 2,593 2,771 This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.* Alternative Performance (Non-GAAP) measure. See page 37.Marketing includes Mobility, Lubricants, and Sectors and Decarbonisation. Mobility operates our retail network, including electric vehicle charging, convenience retail, and the Wholesale Commercial Fuels business for transport and industry. Lubricants produces, markets and sells products for road transport and machinery in manufacturing, mining, power generation, agriculture and construction. Sectors and Decarbonisation supplies fuels, speciality products and services, including low-carbon energy solutions such as biofuels, to a broad range of commercial customers, including in the aviation, marine and agriculture sectors.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $787 million.Adjusted Earnings, compared with the second quarter 2026, reflected lower Marketing margins (decrease of $262 million), mainly due to weaker Mobility unit margins and lower Lubricants volumes. These unfavourable margin movements were partly offset by favourable tax movements ($120 million).This advertisement has not loaded yet, but your article continues below.Identified items in the third quarter 2026 included a loss from net impairment charges and reversals of $1,904 million, mainly related to European biogas assets. These net charges compare with the second quarter 2026, which included gains of $282 million from the disposal of assets, mainly related to the divestment of Jiffy Lube International, partly offset by unfavourable movements of $78 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the third quarter 2026 was primarily driven by net cash outflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,866 million and working capital outflows of $947 million. These outflows were partly offset by Adjusted EBITDA and the cost of supplies adjustment of $1,043 million (before tax).This advertisement has not loaded yet, but your article continues below.Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2026, increased mainly due to higher Mobility volumes, driven by seasonally higher demand, partly offset by lower Lubricants volumes due to market impacts from the Middle East conflict.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $1,757 million.Adjusted Earnings, compared with the first nine months 2025, reflected lower operating expenses (decrease of $168 million), partly offset by lower Marketing margins (decrease of $18 million). Lower margins included lower volumes and weaker unit margins, which were largely offset by support from trading and optimisation.Identified items in the first nine months 2026 included a loss from net impairment charges and reversals of $2,098 million, mainly related to European biogas assets. These net charges compare with the first nine months 2025 which included a loss from net impairment charges and reversals of $857 million and provisions of $186 million², both of which included the impact of the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Adjusted EBITDA was driven by the same factors as Adjusted Earnings. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA and the cost of supplies adjustment of $2,339 million (before tax). These inflows were partly offset by working capital outflows of $2,974 million and net cash outflows related to the timing impact of payments for emission certificates and biofuel programmes of $555 million.Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2025, decreased mainly due to market impacts from the Middle East conflict, as well as portfolio changes in Mobility.1.All earnings amounts are shown post-tax, unless stated otherwise.2.Included in Other identified items. See Note 2 “Segment information”. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS CHEMICALS AND PRODUCTSQuarters$ million Nine monthsQ3 2026Q2 2026Q3 2025 Reference*202620254,2993,9811,074Income/(loss) for the period 8,675822715804564Of which: Identified itemsA.(568)(67)3,8552,877550Adjusted EarningsA.8,6571,1176,2014,6641,667Adjusted EBITDAA.14,4093,9418,5277,9412,088Cash flow from operating activitiesA.14,1603,591678507813Cash capital expenditureC.1,5482,0461,2111,2671,176Refinery processing intake (thousand b/d) 1,2321,2302,3692,2812,147Chemicals sales volumes (thousand tonnes) 6,9037,124This advertisement has not loaded yet, but your article continues below.* Alternative Performance (Non-GAAP) measure. See page 37.Chemicals and Products includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude oil and other feedstocks into a range of oil products that are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, and trading and optimisation of crude oil, oil products and petrochemicals.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $271 million.Adjusted Earnings, compared with the second quarter 2026, reflected higher Products margins (increase of $1,065 million), mainly driven by higher Refining margins, partly offset by lower trading and optimisation. Adjusted Earnings also reflected favourable tax movements ($230 million).In the third quarter 2026, Chemicals had Adjusted Earnings of $103 million and Products had Adjusted Earnings of $3,751 million.This advertisement has not loaded yet, but your article continues below.Identified items in the third quarter 2026 included favourable movements of $836 million due to the fair value accounting of commodity derivatives that, as part of Shell’s normal business, are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the second quarter 2026, which included favourable movements of $972 million due to the fair value accounting of commodity derivatives.Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the third quarter 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to derivatives of $1,454 million and working capital inflows of $1,239 million.Refinery utilisation was 96% compared with 102% in the second quarter 2026, mainly due to low Rhine river water levels impacting Rheinland refinery utilisation.Chemicals manufacturing plant utilisation was 84% compared with 83% in the second quarter 2026, mainly due to lower maintenance activities.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $586 million.Adjusted Earnings, compared with the first nine months 2025, reflected higher Products margins (increase of $7,031 million), driven mainly by higher refining margins and higher margins from trading and optimisation. Adjusted Earnings also reflected higher Chemicals margins (increase of $699 million).In the first nine months 2026, Chemicals had Adjusted Earnings of $340 million and Products had Adjusted Earnings of $8,317 million.Identified items in the first nine months 2026 included losses from unfavourable movements of $208 million due to the fair value accounting of commodity derivatives, charges of $121 million related to redundancy and restructuring, and impairment charges of $114 million. These unfavourable movements and charges compare with the first nine months 2025, SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS which included net gains from the sale of assets of $691 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., partly offset by a loss from impairment charges of $447 million, unfavourable movements of $168 million due to the fair value accounting of commodity derivatives, and charges of $70 million related to redundancy and restructuring.This advertisement has not loaded yet, but your article continues below.Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the first nine months 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,032 million and the cost of supplies adjustment of $850 million (before tax). These inflows were partly offset by working capital outflows of $2,222 million.Refinery utilisation was 99% compared with 91% in the first nine months 2025, mainly due to lower maintenance activities.Chemicals manufacturing plant utilisation was 84% compared with 78% in the first nine months 2025, mainly due to lower maintenance activities.1.All earnings amounts are shown post-tax, unless stated otherwise. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS RENEWABLES AND ENERGY SOLUTIONSQuarters$ million Nine monthsQ3 2026Q2 2026Q3 2025 Reference*2026202575 (550) 110 Income/(loss) for the period 52 (391) (214) (629) 18 Of which: Identified itemsA.(664) (432) 289 79 92 Adjusted EarningsA.716 41 373 212 223 Adjusted EBITDAA.1,133 436 1,558 (65) 660 Cash flow from operating activitiesA.4,430 1,028 342 429 517 Cash capital expenditureC.1,175 1,475 74 70 72 External power sales (terawatt hours)1 216 218 158 161 150 Sales of pipeline gas to end-use customers (terawatt hours)2 516 465 This advertisement has not loaded yet, but your article continues below.* Alternative Performance (Non-GAAP) measure. See page 37.1.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.2.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.Renewables and Energy Solutions encompasses renewable power generation, marketing, trading, and optimisation of power and pipeline gas. It also includes hydrogen production, commercial carbon capture and storage (CCS) hubs and carbon credits. The business invests in nature-based projects that compensate for 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.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Adjusted Earnings, compared with the second quarter 2026, reflected higher margins (increase of $141 million), mainly from trading and optimisation, and favourable tax movements ($58 million).Positive Adjusted Earnings from trading and optimisation, energy marketing and renewable power generation were partly offset by losses from other Renewables and Energy Solutions activities.Identified items in the third quarter 2026 included a loss from impairment charges of $147 million. These charges compare with the second quarter 2026, which included a loss from impairment charges of $536 million, mainly related to renewable generation assets in Asia and Europe, and unfavourable movements of $146 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the third quarter 2026 was primarily driven by net cash inflows related to derivatives of $1,913 million and Adjusted EBITDA, partly offset by working capital outflows of $413 million.This advertisement has not loaded yet, but your article continues below.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.Adjusted Earnings, compared with the first nine months 2025, reflected higher margins (increase of $442 million), mainly from trading and optimisation, lower operating expenses (decrease of $99 million) and favourable tax movements ($93 million).Most Renewables and Energy Solutions activities were loss-making for the first nine months 2026, these were more than offset by positive Adjusted Earnings from trading and optimisation.Identified items in the first nine months 2026 included a loss from impairment charges of $712 million, mainly related to renewable generation assets in Asia and Europe. These charges compare with the first nine months 2025 which included unfavourable movements of $284 million relating to the fair value accounting of commodity derivatives and impairment charges of $177 million, partly offset by gains on disposals of assets of $99 million.Adjusted EBITDA was driven by the same factors as Adjusted Earnings. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Cash flow from operating activities for the first nine months 2026 was primarily driven by net cash inflows related to derivatives of $3,245 million and Adjusted EBITDA.1.All earnings amounts are shown post-tax, unless stated otherwise. CORPORATEQuarters$ million Nine monthsQ3 2026Q2 2026Q3 2025 Reference* 20262025(698)(631)(402)Income/(loss) for the period (2,266)(1,424)7(15)(20)Of which: Identified itemsA.(36)(122)(705)(617)(383)Adjusted EarningsA.(2,230)(1,302)(277)(210)(272)Adjusted EBITDAA.(651)(879)(719)(455)(208)Cash flow from operating activitiesA.(1,625)(3,022)* Alternative Performance (Non-GAAP) measure. See page 37.The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.Adjusted Earnings, compared with the second quarter 2026, reflected higher operating expenses (increase of $82 million) and unfavourable tax movements ($76 million), partly offset by favourable foreign currency exchange rate effects ($57 million).Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the third quarter 2026 was primarily driven by working capital outflows of $299 million, which included a reduction in joint venture deposits, and Adjusted EBITDA.Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.Adjusted Earnings, compared with the first nine months 2025, reflected unfavourable net interest movements (decrease of $543 million) and unfavourable tax movements ($494 million), partly offset by favourable foreign currency exchange rate effects ($152 million).Adjusted EBITDA was driven by the same factors as Adjusted Earnings.Cash flow from operating activities for the first nine months 2026 was primarily driven by working capital outflows of $754 million, which included a reduction in joint venture deposits, and Adjusted EBITDA.1.All earnings amounts are shown post-tax, unless stated otherwise. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS OUTLOOK FOR THE FOURTH QUARTER 2026Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $23-$25 billion.Integrated Gas production is expected to be approximately 1,080 – 1,180 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.3 – 7.9 million tonnes. Fourth quarter 2026 outlook includes the impact of the ARC Resources Ltd. acquisition, which completed on September 2, 2026.Upstream production is expected to be approximately 1,700 – 1,900 thousand boe/d. Fourth quarter 2026 outlook includes allowance for weather related impacts in the Gulf of America.Marketing sales volumes are expected to be approximately 2,400 – 2,600 thousand b/d.Refinery utilisation is expected to be approximately 92% – 100%. Chemicals manufacturing plant utilisation is expected to be approximately 78% – 86%.Corporate Adjusted Earnings1 were a net expense of $705 million for the third quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 – $800 million in the fourth quarter 2026.1.For the definition of Adjusted Earnings and the most comparable GAAP measure please see Reference A. DateEventFebruary 4, 2027Capital Markets Update 2027 & Fourth quarter 2026 results and dividendsMarch 11, 2027Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2026April 29, 2027First quarter 2027 results and dividendsJuly 29, 2027Second quarter 2027 results and dividendsOctober 28, 2027Third quarter 2027 results and dividends SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF INCOMEQuarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 2026202592,848 94,664 68,153 Revenue1257,203 202,793 883 642 507 Share of profit/(loss) of joint ventures and associates1,432 1,834 1,591 1,048 1,751 Interest and other income/(expenses)23,174 2,379 95,322 96,354 70,410 Total revenue and other income/(expenses)261,808 207,006 60,064 64,530 45,145 Purchases169,368 135,093 6,264 5,476 5,609 Production and manufacturing expenses17,485 16,068 2,537 2,911 3,258 Selling, distribution and administrative expenses8,251 9,175 232 277 409 Research and development676 872 661 110 175 Exploration869 745 6,411 6,183 6,607 Depreciation, depletion and amortisation218,336 18,718 1,168 1,114 1,284 Interest expense3,755 3,478 77,336 80,600 62,486 Total expenditure218,741 184,148 17,985 15,754 7,924 Income/(loss) before taxation43,068 22,858 5,840 4,949 2,504 Taxation charge/(credit)214,359 8,918 12,145 10,805 5,420 Income/(loss) for the period28,709 13,940 88 (16) 98 Income/(loss) attributable to non-controlling interest136 236 12,057 10,821 5,322 Income/(loss) attributable to Shell plc shareholders28,573 13,703 2.15 1.94 0.91 Basic earnings per share ($)35.09 2.31 2.13 1.92 0.90 Diluted earnings per share ($)35.04 2.28 1.See Note 2 “Segment information”.2.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.3.See Note 3 “Earnings per share”. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEQuarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 2026202512,145 10,805 5,420 Income/(loss) for the period28,709 13,940 Other comprehensive income/(loss) net of tax: Items that may be reclassified to income in later periods: (168) (314) (268) – Currency translation differences1(1,302) 5,569 2 (3) 10 – Debt instruments remeasurements1 23 114 54 (86) – Cash flow hedging gains/(losses)171 (221) — — — – Net investment hedging gains/(losses)(3) — 8 (18) 11 – Deferred cost of hedging(1) (26) (2) (4) (18) – Share of other comprehensive income/(loss) of joint ventures and associates(16) 169 (45) (285) (351) Total(1,151) 5,515 Items that are not reclassified to income in later periods: 425 222 (4,628) – Retirement benefits remeasurements838 (4,163) (6) (59) (31) – Equity instruments remeasurements(56) (55) — (13) — – Share of other comprehensive income/(loss) of joint ventures and associates(14) (59) 419 149 (4,659) Total768 (4,277) 373 (135) (5,010) Other comprehensive income/(loss) for the period(383) 1,238 12,519 10,670 411 Comprehensive income/(loss) for the period28,326 15,178 86 (5) 140 Comprehensive income/(loss) attributable to non-controlling interest177 366 12,433 10,675 271 Comprehensive income/(loss) attributable to Shell plc shareholders28,148 14,811 1. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS CONDENSED CONSOLIDATED BALANCE SHEET $ million September 30, 2026December 31, 2025Assets Non-current assets Goodwill16,071 15,662 Other intangible assets10,261 11,010 Property, plant and equipment203,374 185,077 Joint ventures and associates27,562 27,775 Investments in securities1,045 1,557 Deferred tax15,565 8,173 Retirement benefits15,737 5,052 Trade and other receivables8,261 8,252 Derivative financial instruments2883 619 278,759 263,177 Current assets Inventories29,773 22,216 Trade and other receivables58,874 44,597 Derivative financial instruments213,131 9,114 Cash and cash equivalents36,425 30,216 138,203 106,143 Assets classified as held for sale13,611 1,030 141,815 107,173 Total assets420,574 370,350 Liabilities Non-current liabilities Debt167,134 66,515 Trade and other payables6,611 4,463 Derivative financial instruments21,256 1,108 Deferred tax114,790 11,983 Retirement benefits16,262 7,136 Decommissioning and other provisions22,020 21,411 118,074 112,616 Current liabilities Debt18,941 9,128 Trade and other payables70,928 57,770 Derivative financial instruments213,088 5,664 Income taxes payable5,815 3,149 Decommissioning and other provisions3,758 5,884 102,529 81,595 Liabilities directly associated with assets classified as held for sale1457 820 102,987 82,415 Total liabilities221,060 195,031 Equity attributable to Shell plc shareholders198,435 174,392 Non-controlling interest1,078 927 Total equity199,513 175,319 Total liabilities and equity420,574 370,350 1. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.2. See Note 6 “Derivative financial instruments and debt excluding lease liabilities”. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to Shell plc shareholders $ millionShare capital1Shares held in trustOther reserves²Retained earningsTotalNon-controlling interestTotal equityAt January 1, 2026477 (847) 21,234 153,528 174,392 927 175,319 Comprehensive income/(loss) for the period— — (425) 28,573 28,148 177 28,326 Transfer from other comprehensive income— — (60) 60 — — — Dividends³— — — (6,418) (6,418) (41) (6,458) Shares issued419 — 10,582 — 10,601 — 10,601 Repurchases of shares5(18) — 18 (8,334) (8,334) — (8,334) Share-based compensation— 611 (362) (205) 43 — 43 Other changes— — — 3 3 15 18 At September 30, 2026478 (236) 30,987 167,206 198,435 1,078 199,513 At January 1, 2025510 (803) 19,766 158,834 178,307 1,861 180,168 Comprehensive income/(loss) for the period— — 1,108 13,703 14,811 366 15,178 Transfer from other comprehensive income— — 19 (19) — — — Dividends³— — — (6,405) (6,405) (119) (6,524) Repurchases of shares5(25) — 25 (10,556) (10,556) — (10,556) Share-based compensation— 360 (293) (419) (352) — (352) Other changes— — — 22 22 (109) (87) At September 30, 2025485 (444) 20,625 155,157 175,823 1,999 177,822 1. See Note 4 “Share capital”.2. See Note 5 “Other reserves”.3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.4. See Note 8 “Acquisition of ARC Resources”.5. Where applicable, includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS CONSOLIDATED STATEMENT OF CASH FLOWSQuarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 2026202517,985 15,754 7,924 Income before taxation for the period43,068 22,858 Adjustment for: 743 799 822 – Interest expense (net)2,644 1,973 6,411 6,183 6,607 – Depreciation, depletion and amortisation118,336 18,718 475 (1) 49 – Exploration well write-offs475 283 (1,069) (642) (1,068) – Net (gains)/losses on sale and revaluation of non-current assets and businesses(1,775) (1,069) (883) (642) (507) – Share of (profit)/loss of joint ventures and associates(1,432) (1,834) 1,787 547 700 – Dividends received from joint ventures and associates2,930 3,584 (3,269) 3,739 352 – (Increase)/decrease in inventories(6,216) 1,178 (6,681) 1,593 569 – (Increase)/decrease in current receivables(15,492) 1,594 9,312 (1,887) (949) – Increase/(decrease) in current payables13,337 (5,850) 2,151 (1,354) (153) – Derivative financial instruments3,272 229 (178) (153) (61) – Retirement benefits(410) (179) (531) (115) 515 – Decommissioning and other provisions(1,732) (391) (1,993) 546 74 – Other1(14) 1,328 (3,217) (2,934) (2,668) Tax paid(8,452) (8,999) 21,043 21,432 12,207 Cash flow from operating activities48,538 33,425 (7,578) (4,031) (4,557) Capital expenditure(15,366) (13,698) (343) (187) (342) Investments in joint ventures and associates(955) (1,161) (1) (20) (8) Investments in equity securities(40) (40) (7,922) (4,237) (4,907) Cash capital expenditure(16,361) (14,899) 2,455 366 747 Proceeds from sale of property, plant and equipment and businesses3,093 1,249 74 71 1,023 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans186 1,057 121 31 2 Proceeds from sale of equity securities192 27 410 374 468 Interest received1,146 1,484 515 176 903 Other investing cash inflows1,385 1,768 (374) (689) (494) Other investing cash outflows(1,406) (2,308) (4,721) (3,908) (2,257) Cash flow from investing activities(11,765) (11,622) (182) 178 (72) Net increase/(decrease) in debt with maturity period within three months7 (200) Other debt: 33 194 176 – New borrowings226 495 (4,536) (3,206) (2,801) – Repayments(10,536) (9,390) (954) (1,167) (848) Interest paid(3,157) (2,907) (273) 27 (61) Derivative financial instruments(562) 1,161 (18) 4 7 Change in non-controlling interest16 (17) Cash dividends paid to: (2,152) (2,164) (2,103) – Shell plc shareholders(6,416) (6,403) (3) (29) (6) – Non-controlling interest(41) (119) (3,183) (3,001) (3,610) Repurchases of shares(9,366) (10,454) 26 (2) (155) Shares held in trust: net sales/(purchases) and dividends received(399) (927) (11,242) (9,166) (9,473) Cash flow from financing activities(30,228) (28,762) (29) (101) (106) Effects of exchange rate changes on cash and cash equivalents(335) 902 5,051 8,257 371 Increase/(decrease) in cash and cash equivalents6,210 (6,057) 31,374 23,117 32,682 Cash and cash equivalents at beginning of period30,216 39,110 36,425 31,374 33,053 Cash and cash equivalents at end of period36,425 33,053 1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTSThese unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issuedby the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 229 to 306) for the year ended December 31, 2025, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 214 to 290) for the year ended December 31, 2025, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2025, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.Key accounting considerations, significant judgements and estimatesFuture long-term commodity price assumptions, which represent a significant estimate, were subject to change in the second quarter 2026. These remained unchanged in the third quarter 2026. Noting continued volatility in markets, price assumptions remain under review.The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. These discount rates applied in the first nine months of 2026 remain unchanged compared with 2025.Segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell’s focus on performance, discipline and simplification.The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period.ADJUSTED EARNINGS BY SEGMENT Q3 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders 12,057 Income/(loss) attributable to non-controlling interest 88 Income/(loss) for the period4,553 3,860 55 4,299 75 (698) 12,145 Current cost of supplies adjustment before taxation (1,043) 309 (734) Tax on current cost of supplies adjustment 256 (38) 218 Identified items before taxation(1,993) (835) 2,132 (916) 222 (12) (1,402) Tax included in identified items476 164 (237) 202 (8) 4 601 Adjusted Earnings3,037 3,189 1,164 3,855 289 (705) 10,828 Adjusted Earnings attributable to Shell plc shareholders 10,814 Adjusted Earnings attributable to non-controlling interest 14 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Q2 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders 10,821 Income/(loss) attributable to non-controlling interest (16) Income/(loss) for the period2,680 3,579 1,747 3,981 (550) (631) 10,805 Current cost of supplies adjustment before taxation (346) (397) (742) Tax on current cost of supplies adjustment 84 97 181 Identified items before taxation23 (66) (314) (1,057) 745 12 (658) Tax included in identified items(12) (28) 157 253 (115) 3 258 Adjusted Earnings2,691 3,485 1,329 2,877 79 (617) 9,845 Adjusted Earnings attributable to Shell plc shareholders 9,836 Adjusted Earnings attributable to non-controlling interest 9 Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders 5,322 Income/(loss) attributable to non-controlling interest 98 Income/(loss) for the period2,355 1,707 576 1,074 110 (402) 5,420 Current cost of supplies adjustment before taxation (25) 53 28 Tax on current cost of supplies adjustment 6 (12) (6) Identified items before taxation(215) 60 988 (720) 8 13 133 Tax included in identified items2 37 (230) 156 (26) 7 (53) Adjusted Earnings2,143 1,804 1,316 550 92 (383) 5,523 Adjusted Earnings attributable to Shell plc shareholders 5,432 Adjusted Earnings attributable to non-controlling interest 91 Nine months 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders 28,573 Income/(loss) attributable to non-controlling interest 136 Income/(loss) for the period8,555 9,995 3,698 8,675 52 (2,266) 28,709 Current cost of supplies adjustment before taxation (2,339) (850) (3,189) Tax on current cost of supplies adjustment 581 265 846 Identified items before taxation(1,372) (745) 1,918 739 688 — 1,226 Tax included in identified items363 (198) (32) (171) (24) 37 (25) Adjusted Earnings7,546 9,052 3,827 8,657 716 (2,230) 27,567 Adjusted Earnings attributable to Shell plc shareholders 27,565 Adjusted Earnings attributable to non-controlling interest 2 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders 13,703 Income/(loss) attributable to non-controlling interest 236 Income/(loss) for the period6,982 5,795 2,155 822 (391) (1,424) 13,940 Current cost of supplies adjustment before taxation 131 318 449 Tax on current cost of supplies adjustment (32) (91) (122) Identified items before taxation(461) (332) 1,493 22 567 72 1,361 Tax included in identified items(158) 410 (332) 45 (135) 50 (120) Adjusted Earnings6,363 5,873 3,416 1,117 41 (1,302) 15,507 Adjusted Earnings attributable to Shell plc shareholders 15,273 Adjusted Earnings attributable to non-controlling interest 235 CASH CAPITAL EXPENDITURE BY SEGMENTCash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. Q3 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure4,646 1,701 372 487 337 35 7,578 Investments in joint ventures and associates120 (11) 41 191 1 — 343 Investments in equity securities(10) — 3 — 4 5 1 Cash capital expenditure4,756 1,691 415 678 342 40 7,922 Q2 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure1,097 1,657 380 461 420 15 4,031 Investments in joint ventures and associates162 (24) — 46 2 1 187 Investments in equity securities10 — — — 7 2 20 Cash capital expenditure1,269 1,633 380 507 429 19 4,237 Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure1,002 1,947 481 769 325 32 4,557 Investments in joint ventures and associates167 (62) 8 44 184 2 342 Investments in equity securities— — — — 9 — 8 Cash capital expenditure1,169 1,885 489 813 517 34 4,907 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Nine months 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure6,523 5,361 991 1,280 1,147 63 15,366 Investments in joint ventures and associates515 122 45 267 3 3 955 Investments in equity securities— — 7 — 25 8 40 Cash capital expenditure7,039 5,483 1,043 1,548 1,175 73 16,361 Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure2,932 6,448 1,160 1,924 1,151 81 13,698 Investments in joint ventures and associates550 186 13 122 286 5 1,161 Investments in equity securities— — — — 38 2 40 Cash capital expenditure3,482 6,634 1,173 2,046 1,475 88 14,899 Third-party revenue includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. Q3 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue: Third-party revenue13,770 1,665 39,366 26,489 11,545 13 92,848 Inter-segment revenue2,682 11,784 3,618 13,880 1,799 — 33,763 Q2 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue: Third-party revenue11,278 1,800 38,015 34,235 9,338 (2) 94,664 Inter-segment revenue2,066 11,621 3,624 13,306 1,143 — 31,762 Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue: Third-party revenue9,736 844 29,648 19,418 8,500 6 68,153 Inter-segment revenue2,397 9,313 1,796 9,774 1,162 — 24,442 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Nine months 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue: Third-party revenue32,795 4,865 108,076 79,945 31,506 16 257,203 Inter-segment revenue8,158 32,794 9,487 36,846 4,294 — 91,580 Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue: Third-party revenue28,915 3,546 84,973 59,417 25,913 30 202,793 Inter-segment revenue7,484 27,669 5,822 26,804 3,161 — 70,940 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of management and are unusual in nature (e.g., infrequent or non-recurring events) or that result in a misalignment between accounting and economic outcomes. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items.Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.1. For the purpose of identification of items in certain categories materiality thresholds are applied. Q3 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation Divestment gains/(losses)1381,016(13)(16)(23)111,114Impairment reversals/(impairments)1,711(121)(2,102)(89)(159)—(760)Redundancy and restructuring(27)(31)(71)(40)(9)1(177)Fair value accounting of commodity derivatives and certain gas contracts1171—541,082(31)—1,275Other2—(29)—(20)——(50)Total identified items included in Income/(loss) before taxation1,993835(2,132)916(222)121,402Total identified items included in Taxation (charge)/credit(476)(164)237(202)8(4)(601)Identified items included in Income/(loss) for the period Divestment gains/(losses)10177724(12)(25)8873Impairment reversals/(impairments)1,290(101)(1,904)(64)(147)—(926)Redundancy and restructuring(19)(22)(52)(29)(7)(1)(130)Fair value accounting of commodity derivatives and certain gas contracts1138—37836(35)—976Impact of exchange rate movements and inflationary adjustments on tax balances3745———152Other2—(29)—(16)——(45)Impact on Income/(loss) for the period1,517671(1,895)715(214)7801Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders1,517671(1,895)715(214)78011.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.2.Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.3.Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on: (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as recognised tax losses (this primarily impacts the Integrated Gas and Upstream segments); and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment). SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Q2 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation Divestment gains/(losses)1677488(8)61(1)634Impairment reversals/(impairments)(13)(2)(13)(32)(606)—(665)Redundancy and restructuring517(48)(84)(3)(11)(124)Fair value accounting of commodity derivatives and certain gas contracts1(31)—(114)1,281(205)—932Other1—(27)—(101)9—(119)Total identified items included in Income/(loss) before taxation(23)663141,057(745)(12)658Total identified items included in Taxation (charge)/credit1228(157)(253)115(3)(258)Identified items included in Income/(loss) for the period Divestment gains/(losses)1383282(6)55(1)426Impairment reversals/(impairments)(13)(1)(11)(21)(536)—(583)Redundancy and restructuring413(36)(64)(3)(9)(94)Fair value accounting of commodity derivatives and certain gas contracts1(15)—(78)972(146)—733Impact of exchange rate movements and inflationary adjustments on tax balances1125———(5)21Other1—(27)—(77)——(104)Impact on Income/(loss) for the period(10)93157804(629)(15)400Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders(10)93157804(629)(15)4001. For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation Divestment gains/(losses)31726917149—1,130Impairment reversals/(impairments)(36)(3)(730)(144)(13)(2)(930)Redundancy and restructuring(29)(5)(36)(36)(18)(10)(134)Fair value accounting of commodity derivatives and certain gas contracts1147(4)(24)(22)(121)—(23)Other1101(55)(224)5(4)—(176)Total identified items included in Income/(loss) before taxation215(60)(988)720(8)(13)(133)Total identified items included in Taxation (charge)/credit(2)(37)230(156)26(7)53Identified items included in Income/(loss) for the period Divestment gains/(losses)321632710134—923Impairment reversals/(impairments)(32)6(579)(107)(11)(2)(724)Redundancy and restructuring(21)(3)(27)(28)(14)(7)(100)Fair value accounting of commodity derivatives and certain gas contracts1129(1)(26)(14)(87)——Impact of exchange rate movements and inflationary adjustments on tax balances15(59)———(11)(65)Other199(55)(159)4(4)—(115)Impact on Income/(loss) for the period212(97)(759)56418(20)(81)Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders212(97)(759)56418(20)(81)1. For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Nine months 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation Divestment gains/(losses)2891,013467(40)68101,807Impairment reversals/(impairments)1,698(146)(2,286)(162)(794)—(1,689)Redundancy and restructuring(34)(46)(162)(162)(18)(10)(432)Fair value accounting of commodity derivatives and certain gas contracts1(580)—62(254)47—(725)Other1—(76)—(121)9—(188)Total identified items included in Income/(loss) before taxation1,372745(1,918)(739)(688)—(1,226)Total identified items included in Taxation (charge)/credit(363)1983217124(37)25Identified items included in Income/(loss) for the period Divestment gains/(losses)247823299(31)5381,398Impairment reversals/(impairments)1,277(117)(2,098)(114)(712)—(1,764)Redundancy and restructuring(24)(28)(119)(121)(14)(12)(319)Fair value accounting of commodity derivatives and certain gas contracts1(510)—32(208)8—(678)Impact of exchange rate movements and inflationary adjustments on tax balances120342———(32)330Other1—(76)—(92)——(168)Impact on Income/(loss) for the period1,009943(1,886)(568)(664)(36)(1,201)Impact on Income/(loss) attributable to non-controlling interest——(1)(2)——(3)Impact on Income/(loss) attributable to Shell plc shareholders1,009943(1,885)(565)(664)(36)(1,198)1.For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation Divestment gains/(losses)94505(87)89381(4)1,481Impairment reversals/(impairments)(708)(27)(1,090)(515)(189)(2)(2,532)Redundancy and restructuring(37)(26)(103)(85)(28)(19)(298)Fair value accounting of commodity derivatives and certain gas contracts11,081(4)11(218)(381)—489Other132(116)(224)(97)(50)(47)(501)Total identified items included in Income/(loss) before taxation461332(1,493)(22)(567)(72)(1,361)Total identified items included in Taxation (charge)/credit158(410)332(45)135(50)120Identified items included in Income/(loss) for the period Divestment gains/(losses)85373(73)69199(3)1,173Impairment reversals/(impairments)(455)(11)(857)(447)(177)(2)(1,949)Redundancy and restructuring(26)(10)(72)(70)(21)(13)(212)Fair value accounting of commodity derivatives and certain gas contracts1946(1)1(168)(284)—494Impact of exchange rate movements and inflationary adjustments on tax balances12995———(58)66Other140(524)(159)(74)(49)(47)(812)Impact on Income/(loss) for the period619(78)(1,161)(67)(432)(122)(1,240)Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders619(78)(1,161)(67)(432)(122)(1,240)1.For a detailed description, see the corresponding footnotes to the Q3 2026 identified items table above.The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the tables above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses. EARNINGS PER SHAREQuarters Nine monthsQ3 2026Q2 2026Q3 2025 2026202512,057 10,821 5,322 Income/(loss) attributable to Shell plc shareholders ($ million)28,573 13,703 Weighted average number of shares used as the basis for determining: 5,604.0 5,589.3 5,845.8 Basic earnings per share (million)5,615.5 5,941.7 5,651.3 5,637.0 5,906.0 Diluted earnings per share (million)5,663.8 5,998.8 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH Number of sharesNominal value ($ million)At January 1, 20265,718,636,398 477 Shares issued1228,003,843 19 Repurchases of shares(217,142,711) (18) At September 30, 20265,729,497,530 478 At January 1, 20256,115,031,158 510 Repurchases of shares(303,598,711) (25) At September 30, 20255,811,432,447 485 1. See Note 8 “Acquisition of ARC Resources”.At Shell plc’s Annual General Meeting on May 19, 2026, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €132 million (representing approximately 1,885 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 18, 2027, or the end of the Annual General Meeting to be held in 2027, unless previously renewed, revoked or varied by Shell plc in a general meeting. OTHER RESERVES $ millionMerger reserveShare premium reserveCapital redemption reserveShare plan reserveAccumulated other comprehensive incomeTotalAt January 1, 202637,2981543031,359(17,880)21,234Other comprehensive income/(loss) attributable to Shell plc shareholders————(425)(425) Transfer from other comprehensive income————(60)(60) Shares issued— 10,582 — — — 10,582 Repurchases of shares——18——18 Share-based compensation———(362)—(362) At September 30, 202637,29810,737322996(18,365)30,987At January 1, 202537,298 154 270 1,417 (19,373) 19,766 Other comprehensive income/(loss) attributable to Shell plc shareholders— — — — 1,1081,108 Transfer from other comprehensive income— — — — 19 19 Repurchases of shares— — 25 — — 25 Share-based compensation— — — (293) — (293) At September 30, 202537,298 154 296 1,124 (18,246) 20,625 The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The share premium reserve increased in the third quarter 2026 following the issuance of shares for the acquisition of ARC Resources Ltd. (see Note 8). The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.6. Derivative financial instruments and debt excluding lease liabilities As disclosed in the Consolidated Financial Statements for the year ended December 31, 2025, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2026, are consistent with those used in the year ended December 31, 2025, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2025 and September 30, 2026 is an increase of $4,017 million for the current assets and an increase of $7,424 million for the current liabilities.The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures. DEBT EXCLUDING LEASE LIABILITIES $ millionSeptember 30, 2026December 31, 2025Carrying amount141,928 46,710 Fair value236,938 43,142 1. Shell issued no debt under the US shelf or under the Euro medium-term note programmes during 2026.2. Mainly determined from the prices quoted for these securities.7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements Consolidated Statement of IncomeInterest and other income Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 202620251,591 1,048 1,751 Interest and other income/(expenses)3,174 2,379 Of which: 425 315 468 Interest income1,112 1,508 7 25 16 Dividend income (from investments in equity securities)32 61 1,069 642 1,068 Net gains/(losses) on sales and revaluation of non-current assets and businesses1,775 1,069 15 (54) 82 Net foreign exchange gains/(losses) on financing activities(9) (503) 74 120 117 Other263 245 Depreciation, depletion and amortisation Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 202620256,4116,1836,607Depreciation, depletion and amortisation18,33618,718 Of which: 5,6695,5595,823Depreciation16,96616,4172,543629787Impairments3,2562,336(1,801)(6)(3)Impairment reversals(1,886)(35)Impairments recognised in the third quarter 2026 of $2,543 million pre-tax ($2,271 million post-tax) relate toa European biogas asset in Marketing ($2,116 million) and various smaller impairments in other segments. The impairment in Marketing was principally triggered by reassessment of management expectations regarding the pace of market development and associated value realisation.Impairments recognised in the second quarter 2026 of $629 million pre-tax ($545 million post-tax) principally relate toRenewables and Energy Solutions ($581 million). The impairments in Renewables and Energy Solutions were principally triggered by portfolio choices regarding renewable generation assets in Asia and Europe.Impairments recognised in the third quarter 2025 of $787 million pre-tax ($580 million post-tax) mainly relate toMarketing ($588 million) and Chemicals and Products ($144 million). The impairment in Marketing was principallytriggered by the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Impairment reversals recognised in the third quarter 2026 of $1,801 million pre-tax ($1,365 million post-tax) principally relate to an asset in North America in Integrated gas ($1,787 million). The impairment reversal in Integrated Gas was triggered by changed commercial terms and LNG Canada Phase 2 FID taken in the third quarter 2026. Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 202620255,840 4,949 2,504 Taxation charge/(credit)14,359 8,918 Of which: 5,6084,7742,397Income tax excluding Pillar Two income tax13,788 8,699 232175106Income tax related to Pillar Two income tax571220As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.On July 13, 2026, the UK Government published draft tax legislation that would exempt foreign permanent establishments from UK taxation, potentially limiting the use of foreign tax attributes against UK profits. Shell is monitoring the development of the draft legislation.Consolidated Statement of Comprehensive IncomeCurrency translation differences Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 20262025(168) (314) (268) Currency translation differences(1,302) 5,569 Of which: (190)(375)(234)Recognised in Other comprehensive income(1,332) 5,501 2261(33)(Gain)/loss reclassified to profit or loss3068Condensed Consolidated Balance Sheet $ millionSeptember 30, 2026December 31, 2025Non-current assets Deferred tax5,565 8,173Non-current liabilities Deferred tax14,790 11,983Net deferred liability(9,225) (3,810)The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred taxliabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines whether a deferred tax balance related to that jurisdiction is presented within deferred tax assets ordeferred tax liabilities.Shell’s net deferred tax position was a liability of $9,225 million at September 30, 2026 (December 31, 2025: $3,810 million). The net increase in the net deferred tax liability is mainly driven by recognition of deferred tax liabilities in relation to the ARC acquisition (see Note 8) and utilisation of tax attributes. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS $ millionSeptember 30, 2026December 31, 2025Non-current assets Retirement benefits5,737 5,052 Non-current liabilities Retirement benefits6,262 7,136 Surplus/(deficit)(525) (2,084) Amounts recognised in the Balance Sheet in relation to defined benefit pension and OPEB plans include both plan assets and obligations that are presented on a net plan-by-plan basis. The change since December 31, 2025, in the net retirement benefit liability as at September 30, 2026, was mainly attributable to an increase in discount rates, resulting in a reduction of the Retirement benefits obligation, partly offset by lower-than-expected returns on plan assets.On July 1, 2023, new pension legislation (“Wet Toekomst Pensioenen” (WTP)) came into effect in the Netherlands, with implementation required prior to January 1, 2028. In July 2025, the Trustee Board of the Stichting Shell Pensioen Fonds (“SSPF”), Shell’s defined benefit pension fund in the Netherlands, formally accepted the transition plan to transition from a defined benefit pension fund to a defined contribution plan with effect from January 1, 2027.On September 2, 2026, the transition plan was approved by the Dutch Central Bank (DNB) through a decision not to prohibit the transfer of accrued pension entitlements (“Besluit geen verbod op invaren”) provided the funding ratio at transition remains within an agreed range.The transition will be subject to final approval by the SSPF Trustee Board in the fourth quarter 2026.In accordance with asset ceiling principles, in the third quarter 2025, Shell recognised an adjustment to reduce the pension fund surplus to nil, and recognised a liability for a minimum funding requirement, resulting in a loss in Other comprehensive income. The asset ceiling recognised continues to be monitored and remeasured in accordance with IAS 19 Employee Benefits.At the date of transition and settlement (expected December 31, 2026), the defined benefit plan will transition to a defined contribution plan. The derecognition of the defined benefit plan at that date is expected to result in an identified non-cash loss in the Consolidated Statement of Income in the fourth quarter 2026. At September 30, 2026, this loss is calculated at $6.4 billion. This loss is subject to actuarial remeasurement during the fourth quarter and is therefore subject to change. $ millionSeptember 30, 2026December 31, 2025 Debt (excludinglease liabilities)Lease liabilitiesTotalDebt (excludinglease liabilities)Lease liabilitiesTotalCurrent debt:1,974 6,967 8,941 4,517 4,611 9,128 Non-current debt39,955 27,180 67,134 42,193 24,322 66,515 Total41,928 34,147 76,075 46,710 28,933 75,643 Lease liabilities at September 30, 2026, and December 31, 2025, include vessel leases with index-linked payments. In accordance with IFRS 16, these lease liabilities are remeasured at spot rates. The spot rates applied to remeasure the lease liabilities may not be a fair reflection of the future payments under these long-term lease commitments. During the first nine months of 2026, significant increases in the underlying index due to the Middle East conflict resulted in an increase in lease liabilities at September 30, 2026, compared with December 31, 2025, of $7,684 million, with a corresponding adjustment to the related right-of-use assets within Property, plant and equipment. Depreciation of the remeasurement of the right-of-use assets is recognised prospectively over the remaining lease term. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Assets classified as held for sale $ millionSeptember 30, 2026December 31, 2025Assets classified as held for sale3,611 1,030 Liabilities directly associated with assets classified as held for sale457 820 Assets classified as held for sale and associated liabilities at September 30, 2026, principally relate to Sprng Energy, RISEC and Shell’s European onshore renewables portfolio in Renewables and Energy Solutions and a working interest in Brazil in Upstream.The major class of assets and liabilities classified as held for sale at September 30, 2026, is Property, plant and equipment ($3,159 million; December 31, 2025: $662 million).Consolidated Statement of Cash FlowsCash flow from operating activities – Other Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 20262025(1,993) 546 74 Cash flow from operating activities – Other(14) 1,328 Cash flow from operating activities – Other for the third quarter 2026 includes $2,189 million of net outflows due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America (second quarter 2026: $1,288 million net inflows, partly offset by the utilisation of recognised incentives of $470 million; third quarter 2025: $108 million net inflows).8. Acquisition of ARC Resources On September 2, 2026, Shell acquired all outstanding shares of ARC Resources Ltd. (“ARC”) for a purchase consideration of $13,937 million. This included cash of $3,336 million and the fair value of $10,601 million of approximately 228 million Shell shares issued in exchange for all ARC shares. The fair value of the shares issued was calculated using Shell’s closing share price of GBP 34.43 on September 2, 2026, and applicable exchange rates at that date.ARC is a Canadian energy company focused on the exploration, development, and production of natural gas, condensate, and oil. Headquartered in Calgary, Alberta, it is one of Canada’s largest natural gas producers, with major operations in the Montney shale basin in British Columbia and Alberta. ARC strengthens Shell’s Integrated Gas and Upstream portfolio and supports long-term LNG growth in Canada. The principal benefits expected from the acquisition include optimisation of the expanded Montney resource position, integration of production, infrastructure and processing capacity, portfolio optimisation and development sequencing opportunities, operational efficiencies and shared technical capabilities and corporate and functional cost synergies.Goodwill of $2,169 million (see below) was recognised on the acquisition, being the excess of the purchase consideration over the fair value of net assets acquired as set out below. Goodwill recognised principally relates to deferred taxation recognised in fair valuing Property, plant and equipment and expected synergies from combining operations. In line with IFRS, the net asset fair values were determined at the date of acquisition, particularly in respect of Property, plant and equipment by reference to forecast commodity prices, as well as using estimates of proved oil and gas reserves and unproved volumes including timing of production, discount rates and exchange rates. Commodity prices applied were based on an average of commodity price forecasts by independent consultants.Given the short timeframe since the acquisition, the purchase price allocation remains preliminary as at September 30, 2026. Shell recognised provisional amounts for certain acquired assets and liabilities, primarily relating to the valuation of Property, plant and equipment and related deferred taxes. As a result, the goodwill of $2,169 million recognised on acquisition is provisional and may be adjusted. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS $ million September 2, 2026Fair value of shares issued10,601 Cash paid3,336 Foreign currency hedge result71 Total consideration14,008 Fair value of net assets acquired11,839 Goodwill recognised2,169 Total recognised14,008Acquisition costs of $31 million were recognised in the Consolidated Statement of Income in selling, distribution and administrative expenses.Fair value of net assets acquired and goodwill arising on acquisition $ million September 2, 2026Assets Non-current assets: Goodwill2,169 Property, plant and equipment17,262 Derivative financial instruments306 Other non-current assets34 19,771Current assets: Trade and other receivables652 Cash and cash equivalents101 Other current assets77 830Total assets20,601 Liabilities Non-current liabilities: Debt2,492 Deferred tax2,810Decommissioning and other provisions413 Other non-current liabilities48 5,763Current liabilities: Debt80 Trade and other payables621 Other current liabilities129 830Total liabilities6,593Total14,008 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS 9. Reconciliation of Operating expenses and Total Debt RECONCILIATION OF OPERATING EXPENSES Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 202620256,264 5,476 5,609 Production and manufacturing expenses17,485 16,068 2,537 2,911 3,258 Selling, distribution and administrative expenses8,251 9,175 232 277 409 Research and development676 872 9,033 8,664 9,275 Operating expenses26,412 26,115 RECONCILIATION OF TOTAL DEBT September 30, 2026June 30, 2026September 30, 2025$ millionSeptember 30, 2026September 30, 20258,941 8,542 10,022 Current debt8,941 10,022 67,134 64,534 63,955 Non-current debt67,134 63,955 76,075 73,076 73,977 Total debt76,075 73,977 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURESA. Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activitiesThe “Adjusted Earnings” measure is presented on a current cost of supplies basis and aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest when presenting the total Shell Group result but includes this item when presenting individual segment Adjusted Earnings as set out in the table below.See Note 2 “Segment information” for the reconciliation of Adjusted Earnings.We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time. Q3 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings 10,814Add: Non-controlling interest 14Adjusted Earnings plus non-controlling interest3,0373,1891,1643,855289(705)10,828Add: Taxation charge/(credit) excluding tax impact of identified items7273,0042331,17114(128)5,021Add: Depreciation, depletion and amortisation excluding impairments1,2912,5395711,1867685,669Add: Exploration well write-offs67408————475Add: Interest expense excluding identified items65150111229271,167Less: Interest income220(7)229379425Adjusted EBITDA5,1849,2691,9866,201373(277)22,736Less: Current cost of supplies adjustment before taxation——(1,043)309——(734)Joint ventures and associates (dividends received less profit)(38)908(43)3925—891Derivative financial instruments8935(8)1,4541,913(49)3,435Taxation paid(442)(2,577)(99)(56)11(53)(3,217)Other(115)(208)(2,143)(41)(351)(41)(2,898)(Increase)/decrease in working capital(73)(147)(947)1,239(413)(299)(638)Cash flow from operating activities4,6067,281(210)8,5271,558(719)21,043 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Q2 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings 9,836Add: Non-controlling interest 9Adjusted Earnings plus non-controlling interest2,6913,4851,3292,87779(617)9,845Add: Taxation charge/(credit) excluding tax impact of identified items7622,75544463949(140)4,509Add: Depreciation, depletion and amortisation excluding impairments1,2472,5105751,1358575,559Add: Exploration well write-offs—(1)————(1)Add: Interest expense excluding identified items62153461228381,113Less: Interest income—122—2299315Adjusted EBITDA4,7618,8912,3924,664212(210)20,710Less: Current cost of supplies adjustment before taxation——(346)(397)——(742)Joint ventures and associates (dividends received less profit)(154)(15)(75)765—(163)Derivative financial instruments122105481(1,025)(15)(423)Taxation paid(537)(2,061)(107)(177)31(83)(2,934)Other(445)(294)2663161902255(Increase)/decrease in working capital883303(279)2,185523(169)3,446Cash flow from operating activities4,6296,8352,5477,941(65)(455)21,432 Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings 5,432Add: Non-controlling interest 91Adjusted Earnings plus non-controlling interest2,1431,8041,31655092(383)5,523Add: Taxation charge/(credit) excluding tax impact of identified items5111,90143325441(578)2,562Add: Depreciation, depletion and amortisation excluding impairments1,5792,6755888819465,823Add: Exploration well write-offs147————49Add: Interest expense excluding identified items5517515821,0291,283Less: Interest income324512266346468Adjusted EBITDA4,2576,5572,3401,667223(272)14,773Less: Current cost of supplies adjustment before taxation (25)53 28Joint ventures and associates (dividends received less profit)92(78)56(27)(1)—42Derivative financial instruments83(9)(3)(165)(272)230(136)Taxation paid(796)(1,611)(111)(20)28(158)(2,668)Other20216(299)543(277)68252(Increase)/decrease in working capital(802)(34)(220)143960(75)(28)Cash flow from operating activities3,0384,8411,7882,088660(208)12,207 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Nine months 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings 27,565Add: Non-controlling interest 2Adjusted Earnings plus non-controlling interest7,5469,0523,8278,657716(2,230)27,567Add: Taxation charge/(credit) excluding tax impact of identified items2,1977,8931,2152,499178(443)13,538Add: Depreciation, depletion and amortisation excluding impairments4,0667,6661,7053,2632452216,966Add: Exploration well write-offs67408————475Add: Interest expense excluding identified items188454654472,9953,753Less: Interest income451(4)53139941,112Adjusted EBITDA14,06025,4216,81614,4091,133(651)61,187Less: Current cost of supplies adjustment before taxation (2,339)(850) (3,189)Joint ventures and associates (dividends received less profit)(335)9203759339—1,092Derivative financial instruments(608)12(7)473,245(91)2,599Taxation paid(1,701)(6,130)(271)(195)34(189)(8,452)Other(1,387)(769)(1,717)1,178(70)60(2,706)(Increase)/decrease in working capital(311)(2,159)(2,974)(2,222)48(754)(8,372)Cash flow from operating activities9,71717,2944,56114,1604,430(1,625)48,538 Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings 15,273Add: Non-controlling interest 235Adjusted Earnings plus non-controlling interest6,3635,8733,4161,11741(1,302)15,507Add: Taxation charge/(credit) excluding tax impact of identified items1,8116,7251,237251124(986)9,161Add: Depreciation, depletion and amortisation excluding impairments4,5677,2411,7112,6052741916,417Add: Exploration well write-offs4279————283Add: Interest expense excluding identified items158546383772,6893,476Less: Interest income36821369101,2991,508Adjusted EBITDA12,86720,5826,3893,941436(879)43,336Less: Current cost of supplies adjustment before taxation 131318 449Joint ventures and associates (dividends received less profit)(102)1,3054219619—1,739Derivative financial instruments1,1683020(669)(507)713755Taxation paid(2,537)(5,557)(417)(44)20(464)(8,999)Other(130)(783)6291,139(151)(584)121(Increase)/decrease in working capital(1,137)(292)(497)(555)1,212(1,809)(3,077)Cash flow from operating activities10,12915,2866,4143,5911,028(3,022)33,425The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of management and are unusual in nature (e.g., infrequent or non-recurring events) or that result in a misalignment between accounting and economic outcomes. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.See Note 2 “Segment information” for details.1. For the purpose of identification of items in certain categories materiality thresholds are applied.B. Adjusted Earnings per shareAdjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).C. Cash capital expenditureCash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.See Note 2 “Segment information” for the reconciliation of cash capital expenditure.D. Capital employed and Return on average capital employedReturn on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs.The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period. $ million Quarters Q3 2026Q2 2026Q3 2025Current debt10,02210,45712,015Non-current debt63,95565,21864,597Total equity177,822183,088189,538Less: Cash and cash equivalents(33,053)(32,682)(42,252)Capital employed – opening218,745226,081223,898Current debt8,9418,54210,022Non-current debt67,13464,53463,955Total equity199,513181,781177,822Less: Cash and cash equivalents(36,425)(31,374)(33,053)Capital employed – closing239,163223,483218,745Capital employed – average228,954224,782221,322 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis $ million Quarters Q3 2026Q2 2026Q3 2025Adjusted Earnings – current and previous three quarters (Reference A)30,82125,43918,933Add: Income/(loss) attributable to NCI – current and previous three quarters182192349Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters(132)(65)(9)Less: Identified items attributable to NCI (Reference A) – current and previous three quarters(3)(3)—Adjusted Earnings plus NCI excluding identified items – current and previous three quarters30,87425,56919,274Add: Interest expense after tax – current and previous three quarters2,8772,9642,663Less: Interest income after tax on cash and cash equivalents – current and previous three quarters7567581,061Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters32,99527,77520,876Capital employed – average228,954224,782221,322ROACE on an Adjusted Earnings plus NCI basis14.4%12.4%9.4%E. Net debt and gearingNet debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.Net debt excluding lease liabilities is calculated by subtracting lease liabilities from Net debt.Gearing is a measure of Shell’s capital structure and is defined as Net debt as a percentage of total capital (Net debt plus total equity).Gearing excluding lease liabilities is defined as Net debt excluding lease liabilities as a percentage of total capital excluding lease liabilities (Net debt excluding lease liabilities plus total equity).Lease liabilities are frequently long-term operational necessities rather than discretionary financing choices. Management believes that using Net debt excluding lease liabilities and Gearing excluding lease liabilities alongside Net debt and Gearing gives better insight to the financial position by reflecting debt and capital directly tied to discretionary financing activities, and improving comparability against peers with different asset ownership strategies or following different accounting standards. SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS $ million September 30, 2026June 30, 2026September 30, 2025Current debt8,941 8,542 10,022 Non-current debt67,134 64,534 63,955 Total debt76,075 73,076 73,977 Of which: lease liabilities34,147 29,627 28,571 Add: Debt-related derivative financial instruments: net liability/(asset)963 662 684 Add: Collateral on debt-related derivatives: net liability/(asset)(880) (611) (403) Less: Cash and cash equivalents(36,425) (31,374) (33,053) Net debt39,733 41,754 41,204 Of which: Net debt excluding lease liabilities5,586 12,126 12,633 Total equity199,513 181,781 177,822 Total capital239,247 223,534 219,026 Of which: Total capital excluding lease liabilities205,099 193,907 190,455 Gearing16.6 %18.7 %18.8 %Gearing excluding lease liabilities2.7 %6.3 %6.6 %F. Operating expenses and Underlying operating expensesOperating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses. Q3 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses1,3662,1765121,761425246,264Selling, distribution and administrative expenses26101,9942001701372,537Research and development7265196133232Operating expenses1,3992,1872,5711,9816012939,033 Q2 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses1,0262,1643201,527440(1)5,476Selling, distribution and administrative expenses3662,1364631541142,911Research and development315263481171277Operating expenses1,0942,2232,5192,0396061848,664 Q3 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses9402,1983591,63646795,609Selling, distribution and administrative expenses25(22)2,5414181651303,258Research and development4771704628146409Operating expenses1,0122,2472,9702,1006602859,275 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS Nine months 2026$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses3,5166,4661,3034,8791,2962517,485Selling, distribution and administrative expenses128976,0971,0625093588,251Research and development61981508626256676Operating expenses3,7066,6617,5506,0271,83063926,412 Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses2,7876,2788874,7161,3831716,068Selling, distribution and administrative expenses92636,9121,3024573489,175Research and development10417416210973250872Operating expenses2,9846,5157,9616,1271,91361526,115* Operational measure for US reporting purposesUnderlying operating expensesUnderlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors. Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 202620259,033 8,664 9,275 Operating expenses26,412 26,115 (177) (123) (133) Redundancy and restructuring (charges)/reversal(430) (296) (20) (101) (144) Other(121) (223) (197) (224) (277) Total identified items(551) (518) 8,836 8,440 8,998 Underlying operating expenses25,861 25,596 G. Free cash flow and Organic free cash flowFree cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities. Quarters $ millionNine monthsQ3 2026Q2 2026Q3 2025 2026202521,043 21,432 12,207 Cash flow from operating activities48,538 33,425 (4,721) (3,908) (2,257) Cash flow from investing activities(11,765) (11,622) 16,322 17,524 9,950 Free cash flow36,773 21,803 2,650 469 1,773 Less: Divestment proceeds (Reference I)3,471 2,333 145 224 — Add: Tax paid on divestments (reported under “Other investing cash outflows”)369 143 3,227 — 85 Add: Cash outflows related to inorganic capital expenditure13,576 1,007 — — — Less/Add: Other inorganic cash inflows/outflows2— — 17,043 17,279 8,263 Organic free cash flow37,246 20,620 1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.2. Cash inflows and outflows related to acquisitions and divestment related activities, which are not reported as divestment proceeds, tax paid on divestments nor as inorganic capital expenditure; reported under “Other investing cash inflows” or “Other investing cash outflows” SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS H. Cash flow from operating activities excluding working capital movementsWorking capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows:(i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period. Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 2026202521,04321,43212,207Cash flow from operating activities48,53833,425(3,269)3,739352(Increase)/decrease in inventories(6,216)1,178(6,681)1,593569(Increase)/decrease in current receivables(15,492)1,5949,312(1,887)(949)Increase/(decrease) in current payables13,337(5,850)(638)3,446(28)(Increase)/decrease in working capital(8,372)(3,077)21,68217,98712,235Cash flow from operating activities excluding working capital movements56,91036,502Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow. Quarters$ millionNine monthsQ3 2026Q2 2026Q3 2025 202620252,455 366 747 Proceeds from sale of property, plant and equipment and businesses3,093 1,249 74 71 1,023 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans186 1,057 121 31 2 Proceeds from sale of equity securities192 27 2,650 469 1,773 Divestment proceeds3,471 2,333 SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. 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. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report refer to entities over which Shell plc either directly or indirectly has control. 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. 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.Forward-Looking statementsThis Unaudited Condensed Interim Financial Report 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. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. 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. 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. 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. 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 Unaudited Condensed Interim Financial Report, 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. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 29, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.Shell’s net carbon intensity and net-zero emissions targetIn this Unaudited Condensed Interim Financial Report we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.The information provided above regarding Shell’s NCI and net zero emissions target are not intended, nor should they be construed as introducing, suggesting or making any claim, target or representation thereof other than what is included in the Unaudited Condensed Interim Financial Report.Forward-Looking non-GAAP measuresThis Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and Adjusted Earnings. 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 those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. 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. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements. These forward-looking SHELL PLC3rd QUARTER 2026 AND NINE MONTHS UNAUDITED RESULTS non-GAAP measures are provided to assist readers in understanding management’s use and expectations of such measures and may not be appropriate for other purposes.The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.This announcement contains inside information. The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.– Sean Ashley, Company Secretary– Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.htmlThis advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.