Slide 1: Second quarter 2026 results
Shell plc Second quarter 2026 results Operational performance drives exceptional results July 30, 2026
Slide 2: Definitions & cautionary note
Definitions & cautionary note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words
Slide 3: Key messages
Second quarter 2026 results Key messages Performance $9.8 billion Strong operational performance drives very strong financial results Adjusted Earnings1 Discipline Repositioning our advantaged portfolio by divesting non-core positions Simplification $21.4 billion 2026 Cash capex outlook unchanged: $
Slide 4: Key price markers and inputs
Macro environment Key price markers and inputs Oil Gas Shell Indicative Refining Margin (IRM) and Indicative Chemical Margin (ICM) $/bbl $/MMBtu $/bbl IRM ICM $/tonne Brent JCC - 3 Henry Hub EU TTF 120 20 40 300 270 104 250 15.5 100 30 24 200 80 10 20 150 67 100 60 10 50 3.0 40 0 0 0 Brent: JCC - 3:
Slide 5: Exceptional delivery across integrated portfolio
Second quarter 2026 results Exceptional delivery across integrated portfolio Q2 2026 H1 2026 $10.8 billion Income attributable to Shell plc shareholders $16.5 billion $9.8 billion Adjusted Earnings $16.8 billion $20.7 billion Adjusted EBITDA $38.5 billion $21.4 billion Cash flow from operations $27.
Slide 6: Strong performance across segments
Second quarter 2026 results Strong performance across segments Brent $/bbl Adjusted Adjusted CFFO Q2 2026 104 Earnings EBITDA Q1 2026 81 $ billion Q2 2026 Q1 2026 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Integrated Gas 2.7 1.8 4.8 4.1 4.6 0.5 Upstream 3.5 2.4 8.9 7.3 6.8 3.2 Marketing 1.3 1.3 2.4 2.4 2.5 2.2
Slide 7: Strong performance across segments (first half 2026)
First half 2026 results Strong performance across segments Brent $/bbl Adjusted Adjusted CFFO H1 2026 92 Earnings EBITDA H1 2025 72 $ billion H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Integrated Gas 4.5 4.2 8.9 8.6 5.1 7.1 Upstream 5.9 4.1 16.2 14.0 10.0 10.4 Marketing 2.7 2.1 4.8 4.0 4.8 4.6
Slide 8: Strong operational performance drives very strong cash delivery
Second quarter 2026 results Strong operational performance drives very strong cash delivery Adjusted Earnings Q1 2026 to Q2 2026 Cash conversion Q2 2026 $ billion $ billion 3.4 10 1.0 0.3 24 1.1 2.9 (0.3) 4.5 (0.0) 20 (0.3) 8 0.9 (0.2) 0.9 (0.4) 5.6 0.8 (2.1) 16 6 9.8 12 20.7 21.4 4 6.9 8 2 9.8 4 0
Slide 9: Continued progress with $5.8 billion of structural cost reductions
Structural cost reductions Continued progress with $5.8 billion of structural cost reductions Reducing structural costs by $5 - 7 billion1 by 2028 ~$5.8 billion delivered, ~57% non-portfolio Underlying operating expenditure, $ billion Non-portfolio activities delivered $3.3 billion since 2022 5.1 $
Slide 10: Repositioning the portfolio
2026 portfolio actions For additional portfolio information visit Repositioning the portfolio our investors page on shell.com Growth Acquisition of ARC Resources ($16.4 billion) Jiffy Lube sale completed Longevity ($1.3 billion) Na Kika and Coulomb sale ($1.7 billion) Sprng Energy sale ($1.8 billion
Slide 11: Value led approach: Dynamic Capital Allocation
Financial framework Value led approach Dynamic Capital Allocation Total Distributions Cash Capex Enhanced shareholder distributions Disciplined investment 40–50% of CFFO through the cycle 2026: $24–26 billion2 2027–2028: $20–22 billion p.a. New Buyback Progressive Dividend IGU 2026 Capex DSR 2026 Ca
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Slide 13: Combination establishes Canada as a low-cost heartland for Shell
ARC acquisition Combination establishes Canada as a low-cost heartland for Shell Our in-country position Deal summary TRANSACTION STRUCTURE FREE CASH FLOW #1 LNG operator #3 Shales operator Advantaged cost position $16.4 billion2 75% / 25%3 ~$1.5 billion4 in the country in the Montney Basin versus M
Slide 14: Middle East conflict: impact on Shell operations
Macro environment Middle East conflict: impact on Shell operations Exposure centred around Qatar Qatar ~20% (~550 kboe/d) of Shell’s oil and gas production comes from the Middle East, ~10% Qatar-related. Pearl GTL Oman assets continue to be operational. Upstream segment production not impacted.
Slide 15: Delivering more value, with less emissions
Capital Markets Day 2025 Delivering more value, with less emissions CO2 CH4 >10% nFCF per share growth p.a. Distributing 40–50% of CFFO to Halve Scope 1 and 2 emissions Achieve near-zero methane through 20301 shareholders through the cycle under operational control by 2030, on a emissions intensity
Slide 16: Upcoming events & useful links
Upcoming events & useful links October 29, 2026 Useful links: Q3 2026 results Shell Investment Case Capital Markets Day 2025 Shell Energy Transition Strategy Shell Scenarios ARC Resources acquisition agreement LNG Portfolio Strategic Spotlight LNG Outlook 2026 Annual Report 2025 Data supplements Mid
Slide 17: Accessibility descriptions
Appendix Accessibility descriptions Key price markers and inputs – Oil Shell Indicative Refining Margin (IRM) and Indicative Cash conversion Q2 2026 Chemical Margin (ICM) The chart shows quarterly oil price movements from the second The waterfall chart illustrates the conversion of adjusted earnings
Slide 18: Accessibility descriptions
Appendix Accessibility descriptions Reducing structural costs by $5 - 7 billion by 2028 Value led approach The chart displays underlying operating expenses in billions of US The image titled “Dynamic Capital Allocation” outlines Shell’s value- dollars and structural cost reductions since 2022. In 20