SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
SUMMARY OF UNAUDITED RESULTS
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
%¹
Reference
2025
2024
%
5,322
3,601
4,291
+48
Income/(loss) attributable to Shell plc shareholders
13,703
15,166
-10
5,432
4,264
6,028
+27
Adjusted Earnings
A
15,273
20,055
-24
14,773
13,313
16,005
+11
Adjusted EBITDA
A
43,336
51,523
-16
12,207
11,937
14,684
+2
Cash flow from operating activities
33,425
41,522
-20
(2,257)
(5,406)
(3,857)
Cash flow from investing activities
(11,622)
(10,723)
9,950
6,531
10,827
Free cash flow
G
21,803
30,799
4,907
5,817
4,950
Cash capital expenditure
C
14,899
14,161
9,275
8,265
9,570
+12
Operating expenses
F
26,115
27,517
-5
8,998
8,145
8,864
+10
Underlying operating expenses
F
25,596
26,569
-4
9.4%
9.4%
12.8%
ROACE
D
9.4%
12.8%
73,977
75,675
76,613
Total debt
E
73,977
76,613
41,204
43,216
35,234
Net debt
E
41,204
35,234
18.8%
19.1%
15.7%
Gearing
E
18.8%
15.7%
2,821
2,682
2,801
+5
Oil and gas production available for sale (thousand boe/d)
2,781
2,843
-2
0.91
0.61
0.69
+49
Basic earnings per share ($)
2.31
2.39
-3
0.93
0.72
0.96
+29
Adjusted Earnings per share ($)
B
2.57
3.16
-19
0.3580
0.3580
0.3440
—
Dividend per share ($)
1.0740
1.0320
+4
1.Q3 on Q2 change
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the second quarter 2025, reflected higher trading and optimisation margins, higher sales volumes and favourable tax movements, partly offset by higher operating expenses.
Third quarter 2025 income attributable to Shell plc shareholders also included gains on disposal of assets and impairment charges. These items are included in identified items amounting to a net loss of $0.1 billion in the quarter. This compares with identified items in the second quarter 2025 which amounted to a net loss of $0.3 billion.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.
Cash flow from operating activities for the third quarter 2025 was $12.2 billion and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $2.7 billion.
Cash flow from investing activities for the third quarter 2025 was an outflow of $2.3 billion, and included cash capital expenditure of $4.9 billion. This outflow was partly offset by divestment proceeds of $1.8 billion.
Net debt and Gearing: At the end of the third quarter 2025, net debt was $41.2 billion, compared with $43.2 billion at the end of the second quarter 2025. This reflects free cash flow of $10.0 billion, partly offset by share buybacks of $3.6 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.1 billion and interest payments of $0.8 billion. Gearing was 18.8% at the end of the third quarter 2025, compared with 19.1% at the end of the second quarter 2025, mainly driven by lower net debt, partly offset by lower equity which included a 0.4 percentage point increase related to a non-cash adjustment to the previously recognised pension surplus in the Netherlands, following formal acceptance by the Trustee Board of the transition plan related to changes in pension legislation3.
Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.6 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends to be paid to Shell plc shareholders for the third quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
billion of share buybacks announced in the second quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2025 results announcement.
Nine Months Analysis1
Income attributable to Shell plc shareholders, compared with the first nine months 2024, reflected lower realised liquids and LNG prices, lower trading and optimisation margins, and lower chemicals and refining margins, partly offset by favourable tax movements and lower operating expenses.
First nine months 2025 income attributable to Shell plc shareholders also included impairment charges and gains on disposal of assets, a charge related to the UK Energy Profits Levy and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $1.2 billion. This compares with identified items in the first nine months 2024 which amounted to a net loss of $4.6 billion.
Adjusted Earnings and Adjusted EBITDA2 for the first nine months 2025 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of $0.3 billion.
Cash flow from operating activities for the first nine months 2025 was $33.4 billion, and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $9.0 billion and working capital outflows of $3.1 billion.
Cash flow from investing activities for the first nine months 2025 was an outflow of $11.6 billion and included cash capital expenditure of $14.9 billion. This outflow was partly offset by divestment proceeds of $2.3 billion and interest received of $1.5 billion.
This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 4.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.
3.See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements" for further details.
4.Not incorporated by reference.
PORTFOLIO DEVELOPMENTS
Upstream
In October 2025, we announced, together with Sunlink Energies and Resources Limited, a final investment decision (FID) on the HI gas project offshore Nigeria (Shell interest 40%).
Marketing
In September 2025, we announced the decision not to restart the construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam, which was paused in 2024. Following an in-depth commercial and technical evaluation to reassess the project's competitiveness, Shell will no longer proceed with the project.
Chemicals and Products
In July 2025, we completed the previously announced sale of our 16.125% interest in Colonial Enterprises, Inc. to Colossus Acquire Co LLC.
Page 2
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
%¹
Reference
2025
2024
%
2,355
1,838
2,631
+28
Income/(loss) for the period
6,982
7,846
-11
212
101
(240)
Of which: Identified items
A
619
(1,379)
2,143
1,737
2,871
+23
Adjusted Earnings
A
6,363
9,225
-31
4,257
3,875
5,234
+10
Adjusted EBITDA
A
12,867
16,410
-22
3,038
3,629
3,623
-16
Cash flow from operating activities
A
10,129
12,518
-19
1,169
1,196
1,236
Cash capital expenditure
C
3,482
3,429
130
129
136
—
Liquids production available for sale (thousand b/d)
128
137
-6
4,667
4,545
4,669
+3
Natural gas production available for sale (million scf/d)
4,619
4,835
-4
934
913
941
+2
Total production available for sale (thousand boe/d)
925
971
-5
7.29
6.72
7.50
+8
LNG liquefaction volumes (million tonnes)
20.61
22.03
-6
18.88
17.77
17.04
+6
LNG sales volumes (million tonnes)
53.14
50.32
+6
1.Q3 on Q2 change
Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these 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 identified items.
Adjusted Earnings, compared with the second quarter 2025, reflected the net effect of higher contributions from trading and optimisation and lower realised prices (increase of $208 million), and higher volumes (increase of $237 million), partly offset by higher operating expenses (increase of $108 million).
Identified items in the third quarter 2025 included favourable movements of $129 million due to the fair value accounting of commodity derivatives, and onerous contract related remeasurement of $99 million. These favourable movements compare with the second quarter 2025 which included favourable movements of $454 million due to the fair value accounting of commodity derivatives, partly offset by 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 EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by working capital outflows of $802 million and tax payments of $796 million.
Total oil and gas production, compared with the second quarter 2025, increased by 2% mainly due to lower maintenance across the portfolio. LNG liquefaction volumes increased by 8% mainly due to lower maintenance across the portfolio and LNG Canada ramp-up.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the first nine months 2024, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $2,634 million), lower volumes (decrease of $482 million), and higher depreciation, depletion and amortisation expenses (increase of $275 million), partly offset by favourable deferred tax movements ($316 million), and lower operating expenses (decrease of $186 million).
Identified items in the first nine months 2025 included favourable movements of $946 million due to the fair value accounting of commodity derivatives, partly offset by impairment charges of $455 million. These favourable movements and charges are part of identified items and compare with the first nine months 2024 which included unfavourable movements of $1,198 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business,
Page 3
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $1,168 million. These inflows were partly offset by tax payments of $2,537 million and working capital outflows of $1,137 million.
Total oil and gas production, compared with the first nine months 2024, decreased by 5% mainly due to field decline and higher maintenance across the portfolio. LNG liquefaction volumes decreased by 6% mainly due to ownership restructuring in Trinidad and Tobago, and higher maintenance across the portfolio.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A expenses.
Page 4
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
UPSTREAM
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
%¹
Reference
2025
2024
%
1,707
2,008
2,289
-15
Income/(loss) for the period
5,795
6,741
-14
(97)
276
(153)
Of which: Identified items
A
(78)
28
1,804
1,732
2,443
+4
Adjusted Earnings
A
5,873
6,712
-13
6,557
6,638
7,871
-1
Adjusted EBITDA
A
20,582
23,588
-13
4,841
6,500
5,268
-26
Cash flow from operating activities
A
15,286
16,734
-9
1,885
2,826
1,974
Cash capital expenditure
C
6,634
5,813
1,399
1,334
1,321
+5
Liquids production available for sale (thousand b/d)
1,356
1,316
+3
2,513
2,310
2,844
+9
Natural gas production available for sale (million scf/d)
2,613
2,933
-11
1,832
1,732
1,811
+6
Total production available for sale (thousand boe/d)
1,806
1,822
-1
1.Q3 on Q2 change
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the second quarter 2025, reflected higher volumes (increase of $298 million), favourable tax movements ($161 million) and lower well write-offs (decrease of $114 million), partly offset by higher depreciation, depletion and amortisation expenses (increase of $241 million) and unfavourable movements related to the rebalancing of participation interests in Brazil ($271 million)2.
Identified items in the third quarter 2025 included losses of $101 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position, partly offset by a gain of $42 million related to the impact of the strengthening Brazilian real on a deferred tax position. These net unfavourable movements compare with the second quarter 2025 which included gains of $350 million related to disposal of assets.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,611 million.
Total production, compared with the second quarter 2025, increased mainly due to new oil production and comparative help from higher planned maintenance in the second quarter of 2025.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the first nine months 2024, reflected lower realised liquids prices (decrease of $2,117 million), the comparative unfavourable impact of gas storage effects (decrease of $536 million), and unfavourable movements related to the rebalancing of participation interests in Brazil ($271 million)2. These net unfavourable movements were partly offset by higher volumes (increase of $660 million), lower well write-offs (decrease of $604 million), lower depreciation, depletion and amortisation expenses (decrease of $198 million) and lower operating expenses (decrease of $163 million).
Identified items in the first nine months 2025 included a charge of $509 million related to the UK Energy Profits Levy4, partly offset by gains of $524 million from disposal of assets. These net unfavourable movements compare with the first nine months 2024 which included gains of $676 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $1,305 million. These inflows were partly offset by tax payments of $5,557 million.
Page 5
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
Total production, compared with the first nine months 2024, decreased mainly due to the Shell Petroleum Development Company of Nigeria (SPDC) Limited divestment and field decline largely offset by new oil production.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Reflects the finalisation of the redetermination proposal for the unitised Tupi field and subsequent submission to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).
3.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A expenses.
4.Included in Other identified items. See Note 2 "Segment Information".
Page 6
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
MARKETING
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
%¹
Reference
2025
2024
%
576
766
507
-25
Income/(loss) for the period
2,155
1,606
+34
(759)
(354)
(422)
Of which: Identified items
A
(1,161)
(1,255)
1,316
1,199
1,182
+10
Adjusted Earnings
A
3,416
3,046
+12
2,340
2,181
2,081
+7
Adjusted EBITDA
A
6,389
5,767
+11
1,788
2,718
2,722
-34
Cash flow from operating activities
A
6,414
5,999
+7
489
429
525
Cash capital expenditure
C
1,173
1,634
2,824
2,813
2,945
—
Marketing sales volumes (thousand b/d)
2,771
2,859
-3
1.Q3 on Q2 change
The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell's retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport and industry. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the second quarter 2025, reflected higher Marketing margins (increase of $270 million) including higher Mobility margins due to seasonal impact of higher volumes and higher Sectors and Decarbonisation margins, partly offset by lower Lubricants margins. These net gains were partly offset by higher operating expenses (increase of $145 million).
Identified items in the third quarter 2025 included impairment charges of $579 million and provisions of $186 million2, both mainly relating to the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam. These charges and provisions compare with the second quarter 2025 which included net impairment charges and reversals of $285 million, net losses of $44 million related to the sale of assets, and charges of $44 million related to redundancy and restructuring.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA. This inflow was partly offset by working capital outflows of $220 million, the timing impact of payments related to emission certificates and biofuel programmes of $135 million, and tax payments of $111 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2025, increased mainly due to seasonality.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the first nine months 2024, reflected higher Marketing margins (increase of $292 million) including higher Mobility and Lubricants margins due to improved unit margins, partly offset by lower Sectors and Decarbonisation margins, as well as lower operating expenses (decrease of $201 million).
Identified items in the first nine months 2025 included net impairment charges and reversals of $857 million and provisions of $186 million2, both of which included the impact of the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam. These charges and provisions compare with the first nine months 2024 which included impairment charges of $965 million, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA, the timing impact of payments related to emission certificates and biofuel programmes of $920 million and dividends (net of profits/
Page 7
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
losses) from joint ventures and associates of $421 million. These inflows were partly offset by working capital outflows of $497 million and tax payments of $417 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2024, decreased mainly in Mobility, due to portfolio changes, and in Sectors and Decarbonisation.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Included in Other identified items. See Note 2 "Segment Information".
3.Adjusted EBITDA is without taxation and DD&A expenses.
Page 8
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
CHEMICALS AND PRODUCTS
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
%¹
Reference
2025
2024
%
1,074
(174)
91
+716
Income/(loss) for the period
822
1,946
-58
564
(51)
(122)
Of which: Identified items
A
(67)
(1,078)
550
118
463
+366
Adjusted Earnings
A
1,117
3,163
-65
1,667
864
1,240
+93
Adjusted EBITDA
A
3,941
6,308
-38
2,088
1,372
3,321
+52
Cash flow from operating activities
A
3,591
5,221
-31
813
775
761
Cash capital expenditure
C
2,046
1,898
1,176
1,156
1,305
+2
Refinery processing intake (thousand b/d)
1,230
1,388
-11
2,147
2,164
3,015
-1
Chemicals sales volumes (thousand tonnes)
7,124
8,950
-20
1.Q3 on Q2 change
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 which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the second quarter 2025, reflected higher Products margins (increase of $706 million) mainly driven by higher margins from trading and optimisation, and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $96 million). These net gains were partly offset by unfavourable tax movements ($200 million) and higher operating expenses (increase of $133 million).
In the third quarter 2025, Chemicals had negative Adjusted Earnings of $207 million and Products had positive Adjusted Earnings of $758 million.
Identified items in the third quarter 2025 included net gains from the sale of assets of $710 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., and impairment charges of $107 million. These net gains compare with the second quarter 2025 which included impairment charges of $62 million.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, the timing impact of payments for emission certificates and biofuel programmes of $493 million, and working capital inflows of $143 million. These inflows were partly offset by net cash outflows related to commodity derivatives of $165 million.
Refinery utilisation was 96% compared with 94% in the second quarter 2025.
Chemicals manufacturing plant utilisation was 80% compared with 72% in the second quarter 2025, mainly due to lower unplanned maintenance.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the first nine months 2024, reflected lower Products margins (decrease of $1,619 million) driven mainly by lower margins from trading and optimisation and lower refining margins. Adjusted Earnings also reflected lower Chemicals margins (decrease of $458 million) and unfavourable tax movements ($168 million). These net losses were partly offset by lower operating expenses (decrease of $205 million).
In the first nine months 2025, Chemicals had negative Adjusted Earnings of $536 million and Products had positive Adjusted Earnings of $1,654 million.
Identified items in the first nine months 2025 included net gains from the sale of assets of $691 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., impairment charges of $447 million, unfavourable movements of $168 million due to the fair value accounting of commodity derivatives, and charges of $70 million related to redundancy and restructuring. As part of Shell's normal business, commodity derivative contracts are entered into as
Page 9
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
hedges for mitigation of economic exposures on future purchases, sales and inventory. These net charges and unfavourable movements compare with the first nine months 2024 which included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable movements of $69 million relating to the fair value accounting of commodity derivatives.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA and the timing impact of payments for emission certificates and biofuel programmes of $985 million. These inflows were partly offset by net cash outflows relating to commodity derivatives of $669 million, working capital outflows of $555 million, and non-cash cost of supplies adjustment of $318 million.
Refinery utilisation was 91% compared with 88% in the first nine months 2024, , mainly due to lower planned and unplanned maintenance in 2025.
Chemicals manufacturing plant utilisation was 78% compared with 77% in the first nine months 2024.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation and DD&A expenses.
Page 10
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
RENEWABLES AND ENERGY SOLUTIONS
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
%¹
Reference
2025
2024
%
110
(254)
(481)
+143
Income/(loss) for the period
(391)
(3)
-12,477
18
(245)
(319)
Of which: Identified items
A
(432)
183
92
(9)
(162)
+1,092
Adjusted Earnings
A
41
(186)
+122
223
102
(75)
+118
Adjusted EBITDA
A
436
101
+333
660
1
(364)
+60,737
Cash flow from operating activities
A
1,028
2,948
-65
517
555
409
Cash capital expenditure
C
1,475
1,272
72
70
79
+4
External power sales (terawatt hours)2
218
230
-5
150
132
148
+14
Sales of pipeline gas to end-use customers (terawatt hours)3
465
487
-4
1.Q3 on Q2 change
2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.
3.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 includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the second quarter 2025, reflected higher margins (increase of $131 million), partly offset by higher operating expenses (increase of $31 million).
Most Renewables and Energy Solutions activities were loss-making in the third quarter 2025, these were more than offset by positive Adjusted Earnings from trading and optimisation and energy marketing.
Identified items in the third quarter 2025 included gains of $134 million related to the disposal of assets, partly offset by unfavourable movements of $87 million due to the fair value accounting of commodity derivatives. These gains and unfavourable movements compare with the second quarter 2025 which included unfavourable movements of $217 million due to the fair value accounting of commodity derivatives and impairment charges of $136 million, partly offset by gains of $108 million on sales of assets. 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 EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the third quarter 2025 was primarily driven by working capital inflows of $960 million and Adjusted EBITDA. These inflows were partly offset by net cash outflows related to derivatives of $272 million and payments relating to emissions programmes of $264 million.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the first nine months 2024, reflected lower operating expenses (decrease of $165 million) and higher margins (increase of $64 million), mainly due to higher generation and energy marketing margins, partly offset by lower trading and optimisation margins.
Most Renewables and Energy Solutions activities were loss-making for the first nine months 2025, these were more than offset by positive Adjusted Earnings from trading and optimisation.
Identified items in the first nine months 2025 included unfavourable movements of $284 million relating to the fair value accounting of commodity derivatives and impairment charges of $177 million, partly offset by gains on disposals of assets of $99 million. These net charges compare with the first nine months 2024 which included favourable movements of $250 million due to the fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of
Page 11
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
$89 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 EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first nine months 2025 was primarily driven by working capital inflows of $1,212 million and Adjusted EBITDA. These inflows were partly offset by net cash outflows related to derivatives of $507 million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation and DD&A expenses.
Additional Growth Measures
Quarters
Nine months
Q3 2025
Q2 2025
Q3 2024
%¹
2025
2024
%
Renewable power generation capacity (gigawatt):
3.8
3.9
3.4
-1
– In operation2
3.8
3.4
+13
2.6
3.8
3.9
-32
– Under construction and/or committed for sale3
2.6
3.9
-34
1.Q3 on Q2 change
2.Shell's equity share of renewable generation capacity post commercial operation date. It excludes Shell's equity share of associates where information cannot be obtained.
3.Shell's equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell's equity share of associates where information cannot be obtained.
Page 12
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
CORPORATE
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
Reference
2025
2024
(402)
(539)
(647)
Income/(loss) for the period
(1,424)
(2,656)
(20)
(77)
(3)
Of which: Identified items
A
(122)
(1,069)
(383)
(463)
(643)
Adjusted Earnings
A
(1,302)
(1,588)
(272)
(346)
(346)
Adjusted EBITDA
A
(879)
(650)
(208)
(2,283)
115
Cash flow from operating activities
A
(3,022)
(1,898)
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 Adjusted 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 identified items.
Adjusted Earnings, compared with the second quarter 2025, reflected favourable tax movements and currency exchange rate effects, partly offset by unfavourable net interest movements and higher operating expenses.
Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects partly offset by higher operating expenses.
Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.
Adjusted Earnings, compared with the first nine months 2024, were primarily driven by favourable tax movements, partly offset by unfavourable net interest movements, currency exchange rate effects and operating expenses.
Identified items in the first nine months 2024 included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.
Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects and operating expenses.
Cash flow from operating activities for the first nine months 2025 was primarily driven by working capital outflows of $1,809 million, which included a reduction in joint venture deposits, as well as Adjusted EBITDA and tax payments of $464 million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation and DD&A expenses.
Page 13
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
OUTLOOK FOR THE FOURTH QUARTER 2025
Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be within $20 - $22 billion.
Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.4 - 8.0 million tonnes.
Upstream production is expected to be approximately 1,770 - 1,970 thousand boe/d.
Marketing sales volumes are expected to be approximately 2,500 - 3,000 thousand b/d.
Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 71% - 79%.
Corporate Adjusted Earnings1 were a net expense of $383 million for the third quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the fourth quarter 2025.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure see Reference A.
FORTHCOMING EVENTS
Date
Event
February 5, 2026
Fourth quarter 2025 results and dividends
March 12, 2026
Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2025
May 7, 2026
First quarter 2026 results and dividends
July 30, 2026
Second quarter 2026 results and dividends
October 29, 2026
Third quarter 2026 results and dividends
Page 14
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
2025
2024
68,153
65,406
71,089
Revenue1
202,793
218,031
507
712
933
Share of profit/(loss) of joint ventures and associates
1,834
3,150
1,751
326
440
Interest and other income/(expenses)2
2,379
1,042
70,410
66,443
72,462
Total revenue and other income/(expenses)
207,006
222,222
45,145
44,099
48,225
Purchases
135,093
144,509
5,609
4,909
6,138
Production and manufacturing expenses
16,068
17,541
3,258
3,077
3,139
Selling, distribution and administrative expenses
9,175
9,208
409
278
294
Research and development
872
768
175
360
305
Exploration
745
1,551
6,607
6,670
5,916
Depreciation, depletion and amortisation2
18,718
19,352
1,284
1,075
1,174
Interest expense
3,478
3,573
62,486
60,468
65,190
Total expenditure
184,148
196,502
7,924
5,975
7,270
Income/(loss) before taxation
22,858
25,717
2,504
2,332
2,879
Taxation charge/(credit)2
8,918
10,237
5,420
3,644
4,391
Income/(loss) for the period
13,940
15,480
98
43
100
Income/(loss) attributable to non-controlling interest
236
314
5,322
3,601
4,291
Income/(loss) attributable to Shell plc shareholders
13,703
15,166
0.91
0.61
0.69
Basic earnings per share ($)3
2.31
2.39
0.90
0.60
0.68
Diluted earnings per share ($)3
2.28
2.36
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".
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters
$ million
Nine months
Q3 2025
Q2 2025
Q3 2024
2025
2024
5,420
3,644
4,391
Income/(loss) for the period
13,940
15,480
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
(268)
4,127
2,947
– Currency translation differences1
5,569
1,651
10
7
35
– Debt instruments remeasurements
23
16
(86)
(109)
(75)
– Cash flow hedging gains/(losses)
(221)
(7)
11
5
(2)
– Deferred cost of hedging
(26)
(22)
(18)
113
35
– Share of other comprehensive income/(loss) of joint ventures and associates
169
(27)
(351)
4,143
2,940
Total
5,515
1,610
Items that are not reclassified to income in later periods:
(4,628)
158
419
– Retirement benefits remeasurements1
(4,163)
1,169
(31)
(8)
80
– Equity instruments remeasurements
(55)
77
—
(23)
(53)
– Share of other comprehensive income/(loss) of joint ventures and associates
(59)
1
(4,659)
128
446
Total
(4,277)
1,247
(5,010)
4,270
3,386
Other comprehensive income/(loss) for the period
1,238
2,857
411
7,914
7,777
Comprehensive income/(loss) for the period
15,178
18,337
140
122
177
Comprehensive income/(loss) attributable to non-controlling interest
366
357
271
7,792
7,600
Comprehensive income/(loss) attributable to Shell plc shareholders
14,811
17,981
1.See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".
Page 15
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
September 30, 2025
December 31, 2024
Assets
Non-current assets
Goodwill
16,034
16,032
Other intangible assets
9,546
9,480
Property, plant and equipment
183,907
185,219
Joint ventures and associates
23,729
23,445
Investments in securities
1,592
2,255
Deferred tax1
8,088
6,857
Retirement benefits1
5,527
10,003
Trade and other receivables
7,472
6,018
Derivative financial instruments2
665
374
256,562
259,683
Current assets
Inventories
22,913
23,426
Trade and other receivables
45,287
45,860
Derivative financial instruments2
9,103
9,673
Cash and cash equivalents
33,053
39,110
110,357
118,069
Assets classified as held for sale1
10,819
9,857
121,176
127,926
Total assets
377,738
387,609
Liabilities
Non-current liabilities
Debt
63,955
65,448
Trade and other payables
4,671
3,290
Derivative financial instruments2
885
2,185
Deferred tax1
11,955
13,505
Retirement benefits1
7,632
6,752
Decommissioning and other provisions
21,197
21,227
110,296
112,407
Current liabilities
Debt
10,022
11,630
Trade and other payables
56,816
60,693
Derivative financial instruments2
5,924
7,391
Income taxes payable
3,447
4,648
Decommissioning and other provisions
5,657
4,469
81,865
88,831
Liabilities directly associated with assets classified as held for sale1
7,755
6,203
89,620
95,034
Total liabilities
199,916
207,441
Equity attributable to Shell plc shareholders
175,823
178,307
Non-controlling interest
1,999
1,861
Total equity
177,822
180,168
Total liabilities and equity
377,738
387,609
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".
Page 16
SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
$ million
Share capital1
Shares held in trust
Other reserves²
Retained earnings
Total
Non-controlling interest
Total equity
At January 1, 2025
510
(803)
19,766
158,834
178,307
1,861
180,168
Comprehensive income/(loss) for the period
—
—
1,108
13,703
14,811
366
15,178
Transfer from other comprehensive income
—
—
19
(19)
—
—
—
Dividends³
—
—
—
(6,405)
(6,405)
(119)
(6,524)
Repurchases of shares4
(25)
—
25
(10,556)
(10,556)
—
(10,556)
Share-based compensation
—
360
(293)
(419)
(352)
—
(352)
Other changes
—
—
—
22
22
(109)
(87)
At September 30, 2025
485
(444)
20,625
155,157
175,823
1,999
177,822
At January 1, 2024
544
(997)
21,145
165,915
186,607
1,755
188,362
Comprehensive income/(loss) for the period
—
—
2,815
15,166
17,981
357
18,337
Transfer from other comprehensive income
—
—
166
(166)
—
—
—
Dividends3
—
—
—
(6,556)
(6,556)
(242)
(6,798)
Repurchases of shares4
(25)
—
25
(10,536)
(10,536)
—
(10,536)
Share-based compensation
—
542
(24)
(400)
119
—
119
Other changes
—
—
—
60
60
(5)
55
At September 30, 2024
519
(456)
24,127
