Slide 1: Third quarter 2025 results
Shell plc Third quarter 2025 results Operational performance driving another strong set of results October 30, 2025 Shell plc | October 30, 2025
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
Third quarter 2025 results Key messages Performance $5.4 billion Strong set of results driven by operational performance and higher trading contributions2 Adjusted Earnings 1 Discipline Excellent performance in Deepwater and Marketing businesses Simplification $12.2 billion Resilient balance sheet,
Slide 4: Strong set of results
Third quarter 2025 results Strong set of results Q3 2025 Q2 2025 Income attributable to Shell plc shareholders $5.3 billion $3.6 billion Adjusted Earnings $5.4 billion $4.3 billion Adjusted EBITDA $14.8 billion $13.3 billion Cash flow from operations $12.2 billion $11.9 billion Cash capital expendit
Slide 5: Strong delivery across segments
Third quarter 2025 results Strong delivery across segments Adjusted Adjusted CFFO Earnings EBITDA $ billion Q3 2025 Q2 2025 Q3 2025 Q2 2025 Q3 2025 Q2 2025 Integrated Gas 2.1 1.7 4.3 3.9 3.0 3.6 Upstream 1.8 1.7 6.6 6.6 4.8 6.52 Marketing 1.3 1.2 2.3 2.2 1.8 2.7 Chemicals & Products 0.6 0.1 1.7 0.9
Slide 6: Strong delivery across segments
Third quarter 2025 results Strong delivery across segments Adjusted Earnings Q2 2025 to Q3 2025 Cash conversion Q3 2025 $ billion $ billion IGU prices & margins1: $0.3 billion Working capital movement 10 DSR prices & margins2: $1.2 billion 20 $(0.0) billion Volume & mix1: $0.5 billion Other: $(0.9)
Slide 7: Repositioning the portfolio
2025 portfolio actions For additional portfolio information visit Repositioning the portfolio our investors page on shell.com Growth Production restarted at First cargo leaves Penguins field LNG Canada Rotterdam biofuels plant will not restart Colonial Enterprises Inc. sale completed Longevity Incre
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Slide 9: 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 Brent JCC-3 $/MMBtu Henry Hub EU TTF $/bbl $/tonne IRM ICM 100 20 20 300 15 200 80 10 10 100 5 60 0 0 0 Brent: JCC-3: Henry Hub: EU TTF: IRM: ICM: Q3’25: $69 Q3’25
Slide 10: Delivering more value, with less emissions
Capital Markets Day 2025 Delivering more value, with less emissions Profitably transitioning towards Net Zero by 2050 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 oper
Slide 11: Value led approach to capital allocation
Capital Markets Day 2025 Value led approach to capital allocation Balanced Capital Allocation Total Distributions Cash Capex Enhanced shareholder distributions Disciplined investment 40–50% of CFFO through the cycle $20–22 billion p.a. 2025–2028 Prioritising Buybacks Dividend Consistency IGU Capex D
Slide 12: Pipeline of major projects
For additional portfolio information visit our investors page on shell.com Pipeline of major projects Project updates: Peak production/Capacity/ Shell Projects under construction Country Products (100%) share % Investment decision on HI gas development (Nigeria) Start-up 2025-2026 QatarEnergy LNG NF
Slide 13: How to model Shell – Financial modelling guidance
Market guidance How to model Shell – Financial modelling guidance More value, less emissions Capital Markets Day 2025 Shell plc Delivering more Financial Modelling Guidance value, with less Investor Relations emissions October 30, 2025 Performance, Discipline, Simplification Capital Markets Day | Mar
Slide 14: Upcoming events & useful links
Upcoming events & useful links Feb 5, 2026 Useful links: Q4 2025 results Shell Investment Case May 7, 2026 Q1 2026 results Capital Markets Day 2025 July 30, 2026 Shell Energy Transition Strategy Q2 2026 results Shell Scenarios 2025 October 29, 2026 Q3 2026 results LNG Outlook 2025 Annual Report 2024