Slide 1: Fourth quarter 2025 results
Shell plc Fourth quarter 2025 results Consistent delivery with more to come February 5, 2026 Shell plc | February 5, 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
Fourth quarter and full year 2025 results Key messages Performance $3.3 billion Strong operations offset by lower prices and the non-cash impact of annual tax position updates Adjusted Earnings 1 Discipline 2025 Cash capex: ~$21 billion. Delivered >$5 billion of structural cost reductions since 2022
Slide 4: More value, enhancing shareholder distributions
Progress on CMD 2025 targets More value, enhancing shareholder distributions Shareholder distributions 40 - 50% of CFFO through the cycle Cash capex $20 - 22 billion per year 2025 - 2028 % 52 $ billion 42 41 24 40 - 50% $22 - 25 billion 21 21 30 - 40% $20 - 22 billion 2023 2024 2025 2023 2024 2025 S
Slide 5: 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 IRM ICM $/tonne 100 20 20 200 15 140 80 10 10 14 100 10.3 72 3.7 5 64 60 0 0 0 Brent: JCC-3: Henry Hub: EU TTF: IRM: ICM
Slide 6: Focused delivery, strong balance sheet
Fourth quarter and full year 2025 results Focused delivery, strong balance sheet Q4 2025 Full year 2025 $4.1 billion Income attributable to Shell plc shareholders $17.8 billion $3.3 billion Adjusted Earnings $18.5 billion $12.8 billion Adjusted EBITDA $56.1 billion $9.4 billion Cash flow from operat
Slide 7: Lower prices, seasonally lower Downstream
Fourth quarter and full year 2025 results Lower prices, seasonally lower Downstream Brent: Q4 2025: $64 Adjusted Adjusted Q3 2025: $69 CFFO Earnings EBITDA $ billion Q4 2025 Q3 2025 Q4 2025 Q3 2025 Q4 2025 Q3 2025 Integrated Gas 1.7 2.1 4.1 4.3 4.0 3.0 Upstream 1.6 1.8 6.1 6.6 4.3 4.8 Marketing 0.6
Slide 8: Q4 Adjusted Earnings reflect lower prices and non-cash tax impact
Fourth quarter and full year 2025 results Q4 Adjusted Earnings reflect lower prices and non-cash tax impact Adjusted Earnings Q3 2025 to Q4 2025 Cash conversion Q4 2025 $ billion $ billion IGU prices & margins1: $(0.4) billion Working capital movement 10 DSR prices & margins2: $(0.9) billion 20 $1.3
Slide 9: Robust full year delivery across segments in a lower price environment
Fourth quarter and full year 2025 results Robust full year delivery across segments in a lower price environment Brent: 2025: $69 Adjusted Adjusted 2024: $81 CFFO Earnings EBITDA $ billion 2025 2024 2025 2024 2025 2024 Integrated Gas 8.0 11.4 17.0 21.0 14.1 16.9 Upstream 7.4 8.4 26.7 31.3 19.6 21.2
Slide 10: Robust full year delivery in a lower price environment
Fourth quarter and full year 2025 results Robust full year delivery in a lower price environment Adjusted Earnings 2024 to 2025 Cash conversion full year 2025 $ billion $ billion Working capital movement 30 $(1.8) billion 60 2.6 0.7 12.4 20 0.7 0.5 2.5 0.4 0.7 2.7 (0.2) 22.5 (0.6) 40 (14.8) (3.7) (7
Slide 11: $5.1 billion structural cost reductions delivered, with more to come
Structural cost reductions progress $5.1 billion structural cost reductions delivered, with more to come Reducing structural cost $5 - 7 billion1 by 2028 >$5 billion delivered, ~60% non-portfolio Underlying operating expenditure, $ billion Non-portfolio activities delivered $3 billion since 2022 3.1
Slide 12: High-grading the portfolio
2025 portfolio actions High-grading the portfolio 2025 Divestment Reposition Chemicals Discipline Long-term value Significant Strategic SPDC (NG) Singapore Divestment, HEFA Pernis Stop (NL) Adura North Sea JV (UK) Decisions Nanhai Phase 3 FID Execution of strategic intent Resetting Chemicals traject
Slide 13: Strong operational performance & project delivery
Integrated gas and upstream Strong operational performance & project delivery Performance focus New projects to deliver >1 million boe/d by 2030 Upstream – controllable availability Peak production from new projects LNG – midstream availability Whale 95% Mero-4 Other* Online >250k boe/d Manatee Marj
Slide 14: Upcoming events & useful links
Upcoming events & useful links March 16, 2026 Useful links: LNG Outlook publication & LNG Portfolio: Strategic Spotlight1 Shell Investment Case May 7, 2026 Capital Markets Day 2025 Q1 2026 results Shell Energy Transition Strategy May 19, 2026 Shell Scenarios Annual General Meeting LNG Outlook 2025 J
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Slide 16: 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 17: 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 18: HSSE performance
Preliminary results HSSE performance Goal Zero on safety Operational spills Injuries – Fatality and Permanent Impairment Frequency Million working hours Thousand tonnes Number of spills (FPI-F) per 100 million working hours 2 150 10 700 1 75 5 350 0 0 0 0 2020 2021 2022 2023 2024 2025 2020 2021 2022
Slide 19: SEC proved reserves position
Preliminary results SEC proved reserves position 2025 Proved reserves changes Preliminary results (excluding synthetic crude oil reserves1) billion boe RRR (excl. A&D) 73% RRR2 - 40% 0.8 (1.1) (0.5) 8.9 8.1 RRR 3-year average (excl. A&D) 84% RRR 3-year average2 55% Reserves life (R/P3) 7.8 1In 2025
Slide 20: Strengthening the portfolio
2025 portfolio actions For additional portfolio information visit Strengthening the portfolio our investors page on shell.com Growth Completed formation of Production restarted at Adura JV with Equinor First cargo leaves Penguins field LNG Canada Rotterdam biofuels plant construction stopped Colonia
Slide 21: Pipeline of major projects
For additional portfolio information visit our investors page on shell.com Pipeline of major projects Peak production/Capacity/ Shell Projects under construction [A] Country Project updates: Investment decision on Kaikias waterflood, Gorgon Stage 3, and Products (100%) share % deepening of interest
Slide 22: Definitions
Appendix Definitions Metric Definition Return on average Capital Employed (ROACE) measures the efficiency of Shell’s utilisation of the capital it employs. It is calculated by expressing the sum of Adjusted Earnings plus non-controlling interest (excluding identified items) for the current and previ