Shell PLC · LSE:SHEL
Shell — Q2 2025 Earnings Presentation
16 slides from Shell's earnings presentation, Jul 31, 2025
Slide 1: Second quarter 2025 results
Shell plc Second quarter 2025 results Robust cash generation; strong operational performance July 31, 2025 Shell plc | July 31, 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
Second quarter 2025 results Key messages Performance $4.3 billion Robust results reflecting strong operational performance Adjusted Earnings1 Discipline Strong balance sheet with gearing of 19%2 Simplification $11.9 billion 2025 Cash capex outlook: $20 - 22 billion CFFO $0.358 Competitive Dividend p
Slide 4: Robust results, strong balance sheet
Second quarter 2025 results Robust results, strong balance sheet Q2 2025 H1 2025 $3.6 billion Income attributable to Shell plc shareholders $8.4 billion $4.3 billion Adjusted Earnings $9.8 billion $13.3 billion Adjusted EBITDA $28.6 billion $11.9 billion Cash flow from operations $21.2 billion $5.8
Slide 5: Robust cash generation & earnings in a lower price environment
Second quarter 2025 results Robust cash generation & earnings in a lower price environment Adjusted Adjusted CFFO Earnings EBITDA $ billion Q2 2025 Q1 2025 Q2 2025 Q1 2025 Q2 2025 Q1 2025 Integrated Gas 1.7 2.5 3.9 4.7 3.6 3.5 Upstream 1.7 2.3 6.6 7.4 6.52 3.9 Marketing 1.2 0.9 2.2 1.9 2.7 1.9 Chemi
Slide 6: Robust cash generation & earnings in a lower price environment
First half 2025 results Robust cash generation & earnings in a lower price environment Brent $/bbl Adjusted Adjusted CFFO H1 2025 71.7 Earnings EBITDA H1 2024 84.1 $ billion H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Integrated Gas 4.2 6.4 8.6 11.2 7.1 8.9 Upstream 4.1 4.3 14.0 15.7 10.42 11.5
Slide 7: Robust cash generation & earnings in a lower price environment
Second quarter 2025 results Robust cash generation & earnings in a lower price environment Adjusted Earnings Q1 2025 to Q2 2025 Cash conversion Q2 2025 $ billion $ billion IGU prices & margins1: $(1.1) billion Working capital movement 10 DSR prices & margins2: $(0.3) billion 20 $(0.4) billion Volume
Slide 8: $3.9 billion of structural cost reductions, >60% non-portfolio
Structural cost reductions progress $3.9 billion of structural cost reductions, >60% non-portfolio Underlying operating expenses $3.9 billion of structural cost reductions delivered $ billion Non-portfolio activities delivered $2.4 billion since 2022 3.1 1.9 $ billion 2023 - 2024 H1 2025 Total Opera
Slide 9: LNG Canada providing lower cost LNG to Asia
Integrated gas LNG Canada providing lower cost LNG to Asia Competitive supply cost vs US Gulf Coast Advantaged route to Asia LNG market Supporting LNG sales growth of 4 - 5% CAGR to 2030 First cargo on June 30 from 14 mtpa facility (40% Shell share) Opening a new LNG basin, diversifying existing
Slide 10: 2025 portfolio actions: Building on our advantages
2025 portfolio actions For additional portfolio information visit Building on our advantages our investors page on shell.com Growth Production restarted at First cargo leaves Penguins field LNG Canada Colonial Enterprises Inc. sale agreed Longevity Increased stake in Ursa platform Nigerian onshore (
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Slide 12: 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 100 20 30 300 IRM IRM incl. Singapore ICM (RHS) ICM incl. Singapore 20 200 80 10 10 100 60 0 0 0 Brent: JCC-3: H
Slide 13: 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 14: 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 15: 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 % First cargo from LNG Canada, First oil from Mero-4. Start-up 2025-2026 QatarEnergy LNG NF
Slide 16: Upcoming events & useful links
Upcoming events & useful links Oct 30, 2025 Useful links: Q3 2025 results Shell Investment Case Capital Markets Day 2025 Shell Energy Transition Strategy Shell Scenarios 2025 LNG Outlook 2025 Annual Report 2024 Annual and Quarterly Databook ESG Performance Data 16