Shell Plc 2nd and half year Quarter 2026 Unaudited Results

* Alternative Performance (Non-GAAP) measure. See page 34.

Quarter Analysis1

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 $0.6 billion.

Adjusted Earnings, compared with the first quarter 2026, reflected higher realised prices, higher LNG trading and optimisation, favourable tax movements, higher Chemicals margins and higher crude and oil products trading and optimisation. These were partly offset by lower volumes, mainly due to the impact of the Middle East conflict on Qatari volumes, and lower Lubricants margins.

Identified items in the second quarter 2026 amounted to a net gain of $0.4 billion and included favourable movements due to the fair value accounting of commodity derivatives, gains on the sale of assets and impairment charges. This compares with identified items in the first quarter 2026 which amounted to a net loss of $2.4 billion.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was $21.4 billion, and primarily driven by Adjusted EBITDA, working capital inflows of $3.4 billion and net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1.3 billion, partly offset by tax payments of $2.9 billion.

Cash flow from investing activities for the second quarter 2026 was an outflow of $3.9 billion, and included cash capital expenditure of $4.2 billion, partly offset by divestment proceeds of $0.5 billion.

Net debt and Gearing: At the end of the second quarter 2026, net debt was $41.8 billion, compared with $52.6 billion at the end of the first quarter 2026. This reflects free cash flow of $17.5 billion, partly offset by share buybacks of $3.0 billion, cash dividends paid to Shell plc shareholders of $2.2 billion and interest payments of $1.2 billion. Gearing was 18.7% at the end of the second quarter 2026, compared with 23.2% at the end of the first quarter 2026, mainly driven by lower net debt and favourable equity movements.

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Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.2 billion, comprising repurchases of shares of $3.0 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the second quarter 2026 amount to $0.3906 per share. In connection with its agreement to acquire ARC Resources Ltd. ("ARC"), Shell plc temporarily suspended the $3.0 billion share buyback programme announced in the first quarter 2026 results announcement and, as a result, $1.8 billion of the programme was completed. Today, Shell announces the commencement of a share buyback programme which is expected to be completed by the third quarter 2026 results announcement, comprising $3.0 billion of new share buybacks, plus $1.2 billion of share buybacks that were not undertaken during the previous programme.

Half Year Analysis1

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 $1.8 billion.

Adjusted Earnings, compared with the first half 2025, reflected higher trading and optimisation, higher realised liquids and gas prices, higher Refining margins and higher Chemicals margins, partly offset by higher depreciation, depletion and amortisation expenses, unfavourable tax movements and higher operating expenses.

Identified items in the first half 2026 amounted to a net loss of $2.0 billion and included unfavourable movements due to the fair value accounting of commodity derivatives, net impairment charges and reversals and gains on the disposal of assets. This compares with identified items in the first half 2025 which amounted to a net loss of $1.2 billion.

Our continued focus on performance, discipline and simplification has helped deliver $5.8 billion of pre-tax structural cost reductions2 since 2022. Of these reductions, $0.7 billion was delivered in the first half 2026.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first half 2026 was $27.5 billion, and primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $2.6 billion and the cost of supplies adjustment of $2.5 billion (before tax). These were partly offset by working capital outflows of $7.7 billion and tax payments of $5.2 billion.

Cash flow from investing activities for the first half 2026 was an outflow of $7.0 billion and included cash capital expenditure of $8.4 billion. This was partly offset by divestment proceeds of $0.8 billion and interest received of $0.7 billion.

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3 .

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.See Reference J "Structural cost reduction" for further details.

3.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

In April 2026, we entered into a definitive agreement to acquire ARC Resources Ltd. ("ARC"), an energy company focused on the Montney shale basin in British Columbia and Alberta, Canada. Under the terms of the agreement, ARC's shareholders will receive CAD 8.20 in cash and 0.40247 ordinary shares of Shell plc for each ARC share, resulting in an equity value of approximately USD 13.6 billion.1 The boards of both companies have unanimously supported the transaction and the ARC shareholders have approved the transaction, with approximately 99.54% of the votes cast by ARC shareholders (present online or represented by proxy at the ARC shareholder meeting) in favour of the arrangement. The transaction is expected to close in the third quarter of 2026 subject to remaining regulatory approval.

Upstream

In June 2026, we agreed to sell 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 total consideration of $1.7 billion, subject to customary adjustments and certain contingent payments. The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026, subject to regulatory approvals.

Marketing

On June 30, 2026, we completed the previously announced sale of Jiffy Lube International to an affiliate of Monomoy Capital Partners (Monomoy) for $1.3 billion. As part of the transaction, we retain a long-term lubricants supply agreement with Monomoy.

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Renewables and Energy Solutions

In 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.

1. Based on Shell's closing share price at April 24, 2026 of GBP 33.08 and GBP:CAD exchange ratio of 1.8480.

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PERFORMANCE BY SEGMENT

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* Alternative Performance (Non-GAAP) measure. See page 34.

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.

Quarter Analysis1

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 quarter 2026, reflected the combined effect of higher contributions from trading and optimisation and higher realised prices (increase of $1,359 million), partly offset by lower volumes (decrease of $907 million).

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was primarily driven by Adjusted EBITDA and working capital inflows of $883 million. These were partly offset by tax payments of $537 million.

Total oil and gas production, compared with the first quarter 2026, decreased by 31%, mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes decreased by 2%, mainly due to the Middle East conflict impacting Qatari volumes, and higher planned maintenance across the portfolio, partly offset by strong performance in Australia and Canada.

Half Year Analysis1

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 half 2025, reflected the combined effect of higher contributions from trading and optimisation and higher realised prices (increase of $1,650 million), partly offset by lower volumes (decrease of $598 million), unfavourable tax movements ($334 million) and higher operating expenses (increase of $304 million).

Identified items in the first half 2026 included unfavourable movements of $648 million due to the fair value accounting of commodity derivatives, partly offset by gains of $145 million from the sale of assets. These unfavourable movements and gains compare with the first half 2025 which included favourable movements of $817 million due to the fair value accounting of commodity derivatives and impairment charges of $423 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.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

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Cash flow from operating activities for the first half 2026 was primarily driven by Adjusted EBITDA. This was partly offset by tax payments of $1,259 million, net cash outflows related to derivatives of $698 million and a payment relating to a legal case of $635 million.

Total oil and gas production, compared with the first half 2025, decreased by 16%, mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes increased by 17%, 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.

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* Alternative Performance (Non-GAAP) measure. See page 34.

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.

Quarter Analysis1

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 quarter 2026, reflected higher prices and margins, mainly due to higher realised prices (increase of $1,134 million), partly offset by oil export levies in Brazil ($242 million). Adjusted Earnings also included favourable tax movements ($317 million).

Identified items in the second quarter 2026 included gains of $83 million from the disposal of assets. These gains compare with the first quarter 2026 which included gains of $184 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $88 million related to the impact of the strengthening Brazilian real on a deferred tax position.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,061 million.

Total production, compared with the first quarter 2026, decreased mainly due to higher maintenance activities, partly offset by new oil production in Brazil and the Gulf of America.

Half Year Analysis1

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 half 2025, reflected higher realised prices (increase of $2,247 million) and higher volumes (increase of $383 million), partly offset by higher depreciation, depletion and amortisation expenses (increase of $488 million) and higher operating expenses (increase of $398 million).

Identified items in the first half 2026 included gains of $191 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $106 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains compare with the first half 2025 which included gains of $509 million from disposal of assets and a gain of $168 million related to the impact of the strengthening Brazilian real on a deferred tax position, offset by a charge of $509 million related to the UK Energy Profits Levy.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first half 2026 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $3,553 million and working capital outflows of $2,013 million.

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Total production for the first half 2026 increased mainly due to new oil production in the Gulf of America and Brazil, partly offset by portfolio changes.

1.All earnings amounts are shown post-tax, unless stated otherwise.

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* Alternative Performance (Non-GAAP) measure. See page 34.

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.

Quarter Analysis1

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 $261 million.

Adjusted Earnings, compared with the first quarter 2026, reflected lower Marketing margins (decrease of $268 million), including lower trading and optimisation and lower Lubricants margins, due to lower volumes and unit margins, partly offset by higher Mobility unit margins. These unfavourable margin movements were offset by comparatively favourable tax movements ($288 million).

Identified items in the second quarter 2026 included gains of $282 million from the disposal of assets, mainly related to the divestment of Jiffy Lube International, and 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. These gains and unfavourable movements compare with the first quarter 2026, which included net impairment charges and reversals of $182 million and favourable movements of $73 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 second quarter 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $658 million and the cost of supplies adjustment of $346 million (before tax). These were partly offset by working capital outflows of $279 million and tax payments of $107 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first quarter 2026, decreased mainly due to market impacts from the Middle East conflict.

Half Year Analysis1

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 $970 million.

Adjusted Earnings, compared with the first half 2025, reflected higher Marketing margins (increase of $532 million), supported by trading and optimisation, partly offset by unfavourable tax movements ($217 million).

Identified items in the first half 2026 included gains of $275 million from the disposal of assets, partly offset by net impairment charges and reversals of $194 million. These gains, charges and reversals compare with the first half 2025 which included net impairment charges and reversals of $278 million and net losses of $105 million from the disposal of assets.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

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Cash flow from operating activities for the first half 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,311 million and the cost of supplies adjustment of $1,296 million (before tax). These were partly offset by working capital outflows of $2,027 million and tax payments of $172 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first half 2025, decreased mainly due to market impacts from the Middle East conflict.

1.All earnings amounts are shown post-tax, unless stated otherwise.

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* Alternative Performance (Non-GAAP) measure. See page 34.

The Chemicals and Products segment 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.

Quarter Analysis1

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 $300 million.

Adjusted Earnings, compared with the first quarter 2026, reflected higher Chemicals margins (increase of $454 million) and higher Products margins (increase of $429 million), mainly driven by higher trading and optimisation. Adjusted Earnings also reflected higher depreciation, depletion and amortisation expenses (increase of $156 million).

In the second quarter 2026, Chemicals had Adjusted Earnings of $354 million and Products had Adjusted Earnings of $2,523 million.

Identified items in the second quarter 2026 included favourable movements of $972 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 first quarter 2026, which included unfavourable movements of $2,016 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 second quarter 2026 was primarily driven by Adjusted EBITDA, working capital inflows of $2,185 million, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $553 million, net cash inflows related to derivatives of $481 million and the cost of supplies adjustment of $397 million (before tax). These were partly offset by tax payments of $177 million.

Refinery utilisation was 102% compared with 99% in the first quarter 2026, mainly due to lower planned and unplanned maintenance activities.

Chemicals manufacturing plant utilisation was 83% compared with 85% in the first quarter 2026, mainly due to higher planned and unplanned maintenance activities.

Half Year Analysis1

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 $856 million.

Adjusted Earnings, compared with the first half 2025, reflected higher Products margins (increase of $4,106 million), mainly driven by higher refining margins and higher trading and optimisation, and higher Chemicals margins (increase of $457 million). Adjusted Earnings also reflected higher depreciation, depletion and amortisation expenses (increase of $279 million).

In the first half 2026, Chemicals had Adjusted Earnings of $237 million and Products had Adjusted Earnings of $4,565 million.

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Identified items in the first half 2026 included unfavourable movements of $1,044 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 unfavourable movements compare with the first half of 2025, which included net impairment charges and reversals of $339 million and unfavourable movements of $153 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 first half 2026 was primarily driven by Adjusted EBITDA, the cost of supplies adjustment of $1,159 million (before tax) and net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,153 million. These were partly offset by working capital outflows of $3,461 million and net cash outflows related to derivatives of $1,407 million.

Refinery utilisation was 100% compared with 89% in the first half 2025, mainly due to lower planned and unplanned maintenance activities.

Chemicals manufacturing plant utilisation was 84% compared with 77% in the first half 2025, mainly due to lower unplanned maintenance activities.

1.All earnings amounts are shown post-tax, unless stated otherwise.

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* Alternative Performance (Non-GAAP) measure. See page 34.

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.

Quarter Analysis1

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 quarter 2026, reflected lower margins (decrease of $265 million), mainly from trading and optimisation.

Most Renewables and Energy Solutions activities were loss-making in the second quarter 2026, these were more than offset by positive Adjusted Earnings from trading and optimisation and energy marketing.

Identified items in the second quarter 2026 included 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. These charges and unfavourable movements compare with the first quarter 2026, which included favourable movements of $189 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 second quarter 2026 was primarily driven by net cash outflows related to derivatives of $1,025 million, partly offset by working capital inflows of $523 million and Adjusted EBITDA.

Half Year Analysis1

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 half 2025, reflected higher margins (increase of $356 million), mainly from trading and optimisation, and lower operating expenses (decrease of $56 million).

Most Renewables and Energy Solutions activities were loss-making for the first half 2026, these were more than offset by positive Adjusted Earnings from trading and optimisation.

Identified items in the first half 2026 included impairment charges of $565 million, mainly related to renewable generation assets in Asia and Europe. These charges compare with the first half 2025 which included unfavourable movements of $196 million relating to the fair value accounting of commodity derivatives and impairment losses of $167 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.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

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Cash flow from operating activities for the first half 2026 was primarily driven by net cash inflows related to derivatives of $1,332 million, Adjusted EBITDA and working capital inflows of $461 million.

1.All earnings amounts are shown post-tax, unless stated otherwise.

* Alternative Performance (Non-GAAP) measure. See page 34.

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.

Quarter Analysis1

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 quarter 2026, reflected favourable net interest movements (increase of $250 million) and favourable tax movements ($94 million).

Adjusted EBITDA was mainly driven by unfavourable foreign exchange rate effects and higher operating expenses.

Cash flow from operating activities for the second quarter 2026 was primarily driven by Adjusted EBITDA, working capital outflows of $169 million and tax payments of $83 million.

Half Year Analysis1

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 half 2025, reflected unfavourable net interest movements (decrease of $644 million), partly offset by favourable foreign currency exchange rate effects ($118 million).

Adjusted EBITDA was mainly driven by favourable foreign currency exchange rate effects.

Cash flow from operating activities for the first half 2026 was primarily driven by working capital outflows of $455 million, Adjusted EBITDA and tax payments of $136 million.

1.All earnings amounts are shown post-tax, unless stated otherwise.

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OUTLOOK FOR THE THIRD QUARTER

Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $24-$26 billion.

Integrated Gas production is expected to be approximately 570 - 630 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.1 - 7.7 million tonnes. Third quarter 2026 outlook excludes any volumes from ARC Resources Ltd. and Qatar.

Upstream production is expected to be approximately 1,680 - 1,880 thousand boe/d. Third quarter 2026 outlook reflects higher maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,550 - 2,750 thousand b/d.

Refinery utilisation is expected to be approximately 93% - 101%. Chemicals manufacturing plant utilisation is expected to be approximately 78% - 86%.

Corporate Adjusted Earnings1 were a net expense of $617 million for the second quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $500 - $700 million in the third quarter 2026.

1.For the definition of Adjusted Earnings and the most comparable GAAP measure please see Reference A.

FORTHCOMING EVENTS

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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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".

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1. See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".

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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".

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