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 % Income/(loss) attributable to Shell plc 5,322 3,601 4,291 +48 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 Cash flow from operating 12,207 11,937 14,684 +2 activities 33,425 41,522 -20 Cash flow from investing (2,257) (5,406) (3,857) activities (11,622) (10,723) 9,950 6,531 10,827 Free cash flow G 21,803 30,799 Cash capital 4,907 5,817 4,950 expenditure C 14,899 14,161 Operating 9,275 8,265 9,570 +12 expenses F 26,115 27,517 -5 Underlying operating 8,998 8,145 8,864 +10 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% Oil and gas production available for sale (thousand 2,821 2,682 2,801 +5 boe/d) 2,781 2,843 -2 Basic earnings 0.91 0.61 0.69 +49 per share ($) 2.31 2.39 -3 Adjusted Earnings 0.93 0.72 0.96 +29 per share ($) B 2.57 3.16 -19 Dividend per 0.3580 0.3580 0.3440 -- 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 PLC 3rd 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.
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PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %(1) Reference 2025 2024 %
Income/(loss) for
2,355 1,838 2,631 +28 the period 6,982 7,846 -11
Of which: Identified
212 101 (240) 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
Cash flow from
operating
3,038 3,629 3,623 -16 activities A 10,129 12,518 -19
Cash capital
1,169 1,196 1,236 expenditure C 3,482 3,429
Liquids production
available for sale
130 129 136 -- (thousand b/d) 128 137 -6
Natural gas
production available
for sale (million
4,667 4,545 4,669 +3 scf/d) 4,619 4,835 -4
Total production
available for sale
934 913 941 +2 (thousand boe/d) 925 971 -5
LNG liquefaction
volumes (million
7.29 6.72 7.50 +8 tonnes) 20.61 22.03 -6
LNG sales volumes
18.88 17.77 17.04 +6 (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,
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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.
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RESULTS
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UPSTREAM
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %(1) Reference 2025 2024 %
Income/(loss) for
1,707 2,008 2,289 -15 the period 5,795 6,741 -14
Of which: Identified
(97) 276 (153) 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
Cash flow from
operating
4,841 6,500 5,268 -26 activities A 15,286 16,734 -9
Cash capital
1,885 2,826 1,974 expenditure C 6,634 5,813
1,399 1,334 1,321 +5 Liquids production 1,356 1,316 +3
available for sale
(thousand b/d)
2,513 2,310 2,844 +9 Natural gas 2,613 2,933 -11
production available
for sale (million
scf/d)
1,832 1,732 1,811 +6 Total production 1,806 1,822 -1
available for sale
(thousand boe/d)
------- ------- ------- -------- -------------------- ------------- -------- -------- -------
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.
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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".
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RESULTS
---------------------------------------
MARKETING
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %(1) Reference 2025 2024 %
Income/(loss) for
576 766 507 -25 the period 2,155 1,606 +34
Of which:
(759) (354) (422) 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
Cash flow from
operating
1,788 2,718 2,722 -34 activities A 6,414 5,999 +7
Cash capital
489 429 525 expenditure C 1,173 1,634
Marketing sales
volumes (thousand
2,824 2,813 2,945 -- 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/
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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.
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RESULTS
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CHEMICALS AND PRODUCTS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %(1) Reference 2025 2024 %
Income/(loss) for the
1,074 (174) 91 +716 period 822 1,946 -58
Of which: Identified
564 (51) (122) 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
Cash flow from
2,088 1,372 3,321 +52 operating activities A 3,591 5,221 -31
Cash capital
813 775 761 expenditure C 2,046 1,898
1,176 1,156 1,305 +2 Refinery processing 1,230 1,388 -11
intake (thousand
b/d)
2,147 2,164 3,015 -1 Chemicals sales 7,124 8,950 -20
volumes (thousand
tonnes)
------- ------- ------- -------- --------------------- ------------- ------- --------- -------
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
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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.
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RESULTS
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RENEWABLES AND ENERGY SOLUTIONS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %(1) Reference 2025 2024 %
Income/(loss) for the
110 (254) (481) +143 period (391) (3) -12,477
Of which: Identified
18 (245) (319) 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
Cash flow from
660 1 (364) +60,737 operating activities A 1,028 2,948 -65
Cash capital
517 555 409 expenditure C 1,475 1,272
External power sales
72 70 79 +4 (terawatt hours)2 218 230 -5
150 132 148 +14 Sales of pipeline gas 465 487 -4
to end-use customers
(terawatt hours)3
------ ------- ------- ----------- --------------------- ------------- ------- ------- -----------
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
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$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 2.6 3.9 -34
construction
and/or committed
for sale3
------ ------ ------ -------- ---------------- ----- ----------- ----------- -------
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 PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
CORPORATE
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 Reference 2025 2024
Income/(loss) for
(402) (539) (647) the period (1,424) (2,656)
Of which:
(20) (77) (3) Identified items A (122) (1,069)
(383) (463) (643) Adjusted Earnings A (1,302) (1,588)
(272) (346) (346) Adjusted EBITDA A (879) (650)
Cash flow from
operating
(208) (2,283) 115 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 PLC 3rd 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 PLC 3rd 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
Share of profit/(loss)
of joint ventures and
507 712 933 associates 1,834 3,150
Interest and other
1,751 326 440 income/(expenses)2 2,379 1,042
Total revenue and
other
70,410 66,443 72,462 income/(expenses) 207,006 222,222
45,145 44,099 48,225 Purchases 135,093 144,509
Production and
manufacturing
5,609 4,909 6,138 expenses 16,068 17,541
Selling, distribution
and administrative
3,258 3,077 3,139 expenses 9,175 9,208
Research and
409 278 294 development 872 768
175 360 305 Exploration 745 1,551
Depreciation,
depletion and
6,607 6,670 5,916 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
Income/(loss) before
7,924 5,975 7,270 taxation 22,858 25,717
Taxation
2,504 2,332 2,879 charge/(credit)2 8,918 10,237
Income/(loss) for the
5,420 3,644 4,391 period 13,940 15,480
Income/(loss)
attributable to
non-controlling
98 43 100 interest 236 314
Income/(loss)
attributable to Shell
5,322 3,601 4,291 plc shareholders 13,703 15,166
Basic earnings per
0.91 0.61 0.69 share ($)3 2.31 2.39
Diluted earnings per
0.90 0.60 0.68 share ($)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
Income/(loss) for the
5,420 3,644 4,391 period 13,940 15,480
Other comprehensive
income/(loss) net of
tax:
Items that may be
reclassified to
income in later
periods:
-- Currency
translation
(268) 4,127 2,947 differences1 5,569 1,651
-- Debt instruments
10 7 35 remeasurements 23 16
-- Cash flow
hedging
(86) (109) (75) gains/(losses) (221) (7)
-- Deferred cost of
11 5 (2) hedging (26) (22)
-- Share of other
comprehensive
income/(loss) of
joint ventures and
(18) 113 35 associates 169 (27)
(351) 4,143 2,940 Total 5,515 1,610
Items that are not
reclassified to
income in later
periods:
-- Retirement
benefits
(4,628) 158 419 remeasurements1 (4,163) 1,169
-- Equity
instruments
(31) (8) 80 remeasurements (55) 77
-- Share of other
comprehensive
income/(loss) of
joint ventures and
-- (23) (53) associates (59) 1
(4,659) 128 446 Total (4,277) 1,247
(5,010) 4,270 3,386 Other comprehensive 1,238 2,857
income/(loss) for the
period
411 7,914 7,777 Comprehensive 15,178 18,337
income/(loss) for the
period
140 122 177 Comprehensive 366 357
income/(loss)
attributable to
non-controlling
interest
271 7,792 7,600 Comprehensive 14,811 17,981
income/(loss)
attributable to Shell
plc shareholders
---------- --------- --------- ----------------------- ---------- --------
1.See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".
Page 15
SHELL PLC 3rd 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 PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
Shares
held
Share in Other Retained Non-controlling Total
$ million capital1 trust reserves(2) earnings Total interest 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) -- -- --
Dividends(3) -- -- -- (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) 24,127 163,482 187,673 1,865 189,538
---------------- -------- ------ ----------- -------- -------- --------------- --------
1. See Note 4 "Share capital".
2. See Note 5 "Other reserves".
3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.
4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.
Page 17
SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Income before taxation for
7,924 5,975 7,270 the period 22,858 25,717
Adjustment for:
-- Interest expense
822 515 554 (net) 1,973 1,749
-- Depreciation,
depletion and
6,607 6,670 5,916 amortisation1 18,718 19,352
-- Exploration well
49 206 150 write-offs 283 973
-- Net (gains)/losses
on sale and
revaluation of
non-current assets
(1,068) (128) 154 and businesses (1,069) --
-- Share of
(profit)/loss of joint
ventures and
(507) (712) (933) associates (1,834) (3,150)
-- Dividends received
from joint ventures and
700 2,361 860 associates 3,584 2,390
-- (Increase)/decrease
352 (27) 2,705 in inventories 1,178 1,143
-- (Increase)/decrease
569 3,635 4,057 in current receivables 1,594 5,827
-- Increase/(decrease)
(949) (3,994) (4,096) in current payables (5,850) (7,314)
-- Derivative financial
(153) 626 735 instruments 229 2,373
(61) (17) 125 -- Retirement benefits (179) (267)
-- Decommissioning and
515 (425) 359 other provisions (391) (572)
74 684 (144) -- Other 1,328 2,392
(2,668) (3,432) (3,028) Tax paid (8,999) (9,092)
Cash flow from operating
12,207 11,937 14,684 activities 33,425 41,522
(4,557) (5,393) (4,690) Capital expenditure (13,698) (13,114)
Investments in joint
(342) (406) (222) ventures and associates (1,161) (983)
Investments in equity
(8) (17) (38) securities (40) (63)
(4,907) (5,817) (4,950) Cash capital expenditure (14,899) (14,161)
Proceeds from sale of
property, plant and
747 (57) 94 equipment and businesses 1,249 1,128
Proceeds from joint
ventures and associates
from sale, capital
reduction and repayment of
1,023 1 94 long-term loans 1,057 284
Proceeds from sale of
2 19 6 equity securities 27 576
468 508 593 Interest received 1,484 1,818
Other investing cash
903 360 1,074 inflows1 1,768 2,814
Other investing cash
(494) (420) (769) outflows (2,308) (3,183)
Cash flow from investing
(2,257) (5,406) (3,857) activities (11,622) (10,723)
Net increase/(decrease) in
debt with maturity period
(72) (208) (89) within three months (200) (375)
Other debt:
176 180 78 -- New borrowings 495 377
(2,801) (4,075) (1,322) -- Repayments (9,390) (7,008)
(848) (1,212) (979) Interest paid (2,907) (3,177)
Derivative financial
(61) 896 652 instruments 1,161 239
Change in non-controlling
7 -- -- interest (17) (5)
Cash dividends paid to:
-- Shell plc
(2,103) (2,122) (2,167) shareholders (6,403) (6,554)
-- Non-controlling
(6) (27) (92) interest (119) (242)
(3,610) (3,533) (3,537) Repurchases of shares (10,454) (10,319)
Shares held in trust: net
sales/(purchases) and
(155) (5) 6 dividends received (927) (480)
Cash flow from financing
(9,473) (10,106) (7,452) activities (28,762) (27,545)
(106) 655 729 Effects of exchange rate 902 224
changes on cash and cash
equivalents
371 (2,919) 4,105 Increase/(decrease) in cash (6,057) 3,478
and cash equivalents
32,682 35,601 38,148 Cash and cash equivalents 39,110 38,774
at beginning of period
33,053 32,682 42,252 Cash and cash equivalents 33,053 42,252
at end of period
--------- ----- ---------- --------- --------------------------- ---------- ----------
1.See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".
Page 18
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
These unaudited Condensed Consolidated Interim Financial Statements of Shell plc ("the Company") and its subsidiaries (collectively referred to as "Shell") have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and adopted by the UK, and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 240 to 312) for the year ended December 31, 2024, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Amendment No. 1 to Form 20-F ("Form 20-F/A") (pages 10 to 83) for the year ended December 31, 2024, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.
The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 ("the Act"). Statutory accounts for the year ended December 31, 2024, were published in Shell's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.
Key accounting considerations, significant judgements and estimates
Future commodity price assumptions, which represent a significant estimate, were changed in the second quarter 2025 (See Note 7). These remained unchanged in the third quarter 2025. Noting continued volatility in markets, price assumptions remain under review.
The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. Both discount rates applied in the first nine months 2025 remain unchanged compared with 2024.
2. Segment information
With effect from January 1, 2025, segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell's focus on performance, discipline and simplification.
The Adjusted Earnings measure is presented on a current cost of supplies $(CCS)$ basis and aims to facilitate a comparative understanding of Shell's financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell's financial results from period to period.
The segment earnings measure used until December 31, 2024 was CCS earnings. The difference between CCS earnings and Adjusted Earnings are the identified items. Comparative periods are presented below on an Adjusted Earnings basis.
ADJUSTED EARNINGS BY SEGMENT
Q3 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Income/(loss)
attributable to
Shell plc
shareholders 5,322
Income/(loss)
attributable to
non-controlling
interest 98
Income/(loss) for
the period 2,355 1,707 576 1,074 110 (402) 5,420
Add: Current cost
of supplies
adjustment before
taxation (25) 53 28
Add: Tax on
current cost of
supplies
adjustment 6 (12) (6)
Less: Identified
items before
taxation 215 (60) (988) 720 (8) (13) (133)
Less: Tax on
identified
items (2) (37) 230 (156) 26 (7) 53
Adjusted Earnings 2,143 1,804 1,316 550 92 (383) 5,523
Adjusted Earnings
attributable to
Shell plc
shareholders 5,432
Adjusted Earnings
attributable to
non-controlling
interest 91
------------------ ---------- -------- --------- --------- ---------- --------- -------
Page 19
SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
Q2 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Income/(loss)
attributable to
Shell plc
shareholders 3,601
Income/(loss)
attributable to
non-controlling
interest 43
Income/(loss) for
the period 1,838 2,008 766 (174) (254) (539) 3,644
Add: Current cost
of supplies
adjustment before
taxation 104 333 436
Add: Tax on
current cost of
supplies
adjustment (24) (91) (115)
Less: Identified
items before
taxation (102) 271 (460) (64) (300) (63) (717)
Less: Tax on
identified
items 203 5 106 13 55 (14) 369
Adjusted Earnings 1,737 1,732 1,199 118 (9) (463) 4,314
Adjusted Earnings
attributable to
Shell plc
shareholders 4,264
Adjusted Earnings
attributable to
non-controlling
interest 50
------------------ ---------- -------- --------- --------- ---------- --------- -----
Q3 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Income/(loss)
attributable to
Shell plc
shareholders 4,291
Income/(loss)
attributable to
non-controlling
interest 100
Income/(loss) for
the period 2,631 2,289 507 91 (481) (647) 4,391
Add: Current cost
of supplies
adjustment before
taxation 334 331 665
Add: Tax on
current cost of
supplies
adjustment (81) (81) (162)
Less: Identified
items before
taxation (327) (348) (526) (165) (430) 7 (1,789)
Less: Tax on
identified
items 87 195 104 43 111 (10) 530
Adjusted Earnings 2,871 2,443 1,182 463 (162) (643) 6,153
Adjusted Earnings
attributable to
Shell plc
shareholders 6,028
Adjusted Earnings
attributable to
non-controlling
interest 126
------------------ ---------- -------- --------- --------- ---------- --------- -------
Nine months 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Income/(loss)
attributable to
Shell plc shareholders 13,703 Income/(loss) attributable to non-controlling interest 236 Income/(loss) for the period 6,982 5,795 2,155 822 (391) (1,424) 13,940 Add: Current cost of supplies adjustment before taxation 131 318 449 Add: Tax on current cost of supplies adjustment (32) (91) (122) Less: Identified items before taxation 461 332 (1,493) (22) (567) (72) (1,361) Less: Tax on identified items 158 (410) 332 (45) 135 (50) 120 Adjusted Earnings 6,363 5,873 3,416 1,117 41 (1,302) 15,507 Adjusted Earnings attributable to Shell plc shareholders 15,273 Adjusted Earnings attributable to non-controlling interest 235 ------------------ ---------- -------- --------- --------- ---------- --------- -------
Page 20
SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
Nine months 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Income/(loss)
attributable to
Shell plc
shareholders 15,166
Income/(loss)
attributable to
non-controlling
interest 314
Income/(loss) for
the period 7,846 6,741 1,606 1,946 (3) (2,656) 15,480
Add: Current cost
of supplies
adjustment before
taxation 256 182 438
Add: Tax on
current cost of
supplies
adjustment (70) (44) (114)
Less: Identified
items before
taxation (1,663) (609) (1,649) (1,073) 238 (1,104) (5,859)
Less: Tax on
identified
items 284 638 394 (5) (55) 35 1,290
Adjusted Earnings 9,225 6,712 3,046 3,163 (186) (1,588) 20,373
Adjusted Earnings
attributable to
Shell plc
shareholders 20,055
Adjusted Earnings
attributable to
non-controlling
interest 318
------------------ ---------- -------- --------- --------- ---------- --------- -------
CASH CAPITAL EXPENDITURE BY SEGMENT
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Q3 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Capital
expenditure 1,002 1,947 481 769 325 32 4,557
Add:
Investments
in joint
ventures and
associates 167 (62) 8 44 184 2 342
Add:
Investments
in equity
securities -- -- -- -- 9 -- 8
Cash capital
expenditure 1,169 1,885 489 813 517 34 4,907
-------------- ---------- -------- --------- --------- ---------- --------- -----
Q2 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Capital
expenditure 988 2,774 427 704 468 32 5,393
Add:
Investments
in joint
ventures and
associates 209 52 1 71 72 1 406
Add:
Investments
in equity
securities -- -- -- -- 16 2 17
Cash capital
expenditure 1,196 2,826 429 775 555 36 5,817
-------------- ---------- -------- --------- --------- ---------- --------- -----
Q3 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Capital
expenditure 1,090 1,998 488 748 327 39 4,690
Add:
Investments
in joint
ventures and
associates 147 (37) 37 13 59 3 222
Add:
Investments
in equity
securities -- 12 -- -- 23 3 38
Cash capital
expenditure 1,236 1,974 525 761 409 45 4,950
-------------- ---------- -------- --------- --------- ---------- --------- -----
Page 21
SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
Nine months
2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Capital
expenditure 2,932 6,448 1,160 1,924 1,151 81 13,698
Add:
Investments
in joint
ventures and
associates 550 186 13 122 286 5 1,161
Add:
Investments
in equity
securities -- -- -- -- 38 2 40
Cash capital
expenditure 3,482 6,634 1,173 2,046 1,475 88 14,899
-------------- ---------- -------- --------- --------- ---------- --------- ------
Nine months
2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Capital
expenditure 2,971 5,533 1,559 1,822 1,124 104 13,114
Add:
Investments
in joint
ventures and
associates 457 268 75 76 103 5 983
Add:
Investments
in equity
securities -- 12 -- -- 45 6 63
Cash capital
expenditure 3,429 5,813 1,634 1,898 1,272 114 14,161
-------------- ---------- -------- --------- --------- ---------- --------- ------
REVENUE BY SEGMENT
Third-party revenue includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.
Q3 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Revenue:
Third-party 9,736 844 29,648 19,418 8,500 6 68,153
Inter-segment 2,397 9,313 1,796 9,774 1,162 -- 24,442
--------------------- ---------- -------- --------- --------- ---------- --------- ------
Q2 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Revenue:
Third-party 9,576 1,193 28,241 18,388 7,996 12 65,406
Inter-segment 2,412 8,502 2,177 8,775 835 -- 22,701
--------------------- ---------- -------- --------- --------- ---------- --------- ------
Q3 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Revenue:
Third-party 9,748 1,605 30,519 22,608 6,599 10 71,089
Inter-segment 2,131 9,618 1,235 9,564 1,131 -- 23,679
--------------------- ---------- -------- --------- --------- ---------- --------- ------
Nine months 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Revenue:
Third-party 28,915 3,546 84,973 59,417 25,913 30 202,793
Inter-segment 7,484 27,669 5,822 26,804 3,161 -- 70,940
--------------------- ---------- -------- --------- --------- ---------- --------- -------
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SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
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Nine months 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Revenue:
Third-party 27,996 4,954 92,564 70,926 21,558 33 218,031
Inter-segment 6,691 30,008 3,953 29,725 3,093 -- 73,470
--------------------- ---------- -------- --------- --------- ---------- --------- -------
Identified items
The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.
Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.
Q3 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Identified items included
in Income/(loss) before
taxation
Divestment gains/(losses) 31 7 26 917 149 -- 1,130
Impairment
reversals/(impairments) (36) (3) (730) (144) (13) (2) (930)
Redundancy and
restructuring (29) (5) (36) (36) (18) (10) (134)
Fair value accounting of
commodity derivatives and
certain gas contracts1 147 (4) (24) (22) (121) -- (23)
Other2 101 (55) (224) 5 (4) -- (176)
Total identified items
included in Income/(loss)
before taxation 215 (60) (988) 720 (8) (13) (133)
Total identified items
included in Taxation
(charge)/credit (2) (37) 230 (156) 26 (7) 53
Identified items included
in Income/(loss) for the
period
Divestment gains/(losses) 32 16 32 710 134 -- 923
Impairment
reversals/(impairments) (32) 6 (579) (107) (11) (2) (724)
Redundancy and
restructuring (21) (3) (27) (28) (14) (7) (100)
Fair value accounting of
commodity derivatives and
certain gas contracts1 129 (1) (26) (14) (87) -- --
Impact of exchange rate
movements and
inflationary adjustments
on tax balances3 5 (59) -- -- -- (11) (65)
Other2 99 (55) (159) 4 (4) -- (115)
Impact on Income/(loss)
for the period 212 (97) (759) 564 18 (20) (81)
Impact on Income/(loss)
attributable to
non-controlling interest -- -- -- -- -- -- --
Impact on Income/(loss)
attributable to Shell
plc shareholders 212 (97) (759) 564 18 (20) (81)
-------------------------- ---------- -------- --------- --------- ---------- --------- -----
1.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.
2.Other identified items represent other credits or charges that based on Shell management's assessment hinder the comparative understanding of Shell's financial results from period to period.
3.Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on: (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as recognised tax losses (this primarily impacts the Integrated Gas and Upstream segments); and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).
Page 23
SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
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Q2 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Identified items included
in Income/(loss) before
taxation
Divestment gains/(losses) 63 344 (56) (9) 119 (4) 457
Impairment
reversals/(impairments) (672) (3) (370) (78) (138) -- (1,261)
Redundancy and
restructuring (7) (6) (57) (37) (1) (12) (119)
Fair value accounting of
commodity derivatives and
certain gas contracts1 514 1 23 61 (280) -- 319
Other1 -- (65) -- (1) -- (47) (113)
Total identified items
included in Income/(loss)
before taxation (102) 271 (460) (64) (300) (63) (717)
Total identified items
included in Taxation
(charge)/credit 203 5 106 13 55 (14) 369
Identified items included
in Income/(loss) for the
period
Divestment gains/(losses) 54 350 (44) (7) 108 (3) 458
Impairment
reversals/(impairments) (423) (2) (285) (62) (136) -- (908)
Redundancy and
restructuring (4) (2) (44) (29) -- (8) (88)
Fair value accounting of
commodity derivatives and
certain gas contracts1 454 -- 19 49 (217) -- 307
Impact of exchange rate
movements and
inflationary adjustments
on tax balances1 20 22 -- -- -- (19) 23
Other1 -- (92) -- (1) -- (47) (139)
Impact on Income/(loss)
for the period 101 276 (354) (51) (245) (77) (348)
Impact on Income/(loss)
attributable to
non-controlling interest -- -- -- -- -- -- --
Impact on Income/(loss)
attributable to Shell
plc shareholders 101 276 (354) (51) (245) (77) (348)
-------------------------- ---------- -------- --------- --------- ---------- --------- -------
1.For a detailed description, see the corresponding footnotes to the Q3 2025 identified items table above.
Q3 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Identified items included
in Income/(loss) before
taxation
Divestment gains/(losses) 1 (2) (110) (19) (20) (3) (154)
Impairment
reversals/(impairments) (6) (3) (195) (120) (14) -- (338)
Redundancy and
restructuring (69) (189) (136) (141) (26) 10 (552)
Fair value accounting of
commodity derivatives and
certain gas contracts1 (252) (13) (78) 126 (385) -- (602)
Other1 -- (141) (8) (11) 16 -- (143)
Total identified items
included in Income/(loss)
before taxation (327) (348) (526) (165) (430) 7 (1,789)
Total identified items
included in Taxation
(charge)/credit 87 195 104 43 111 (10) 530
Identified items included
in Income/(loss) for the
period
Divestment gains/(losses) 1 (6) (84) (15) (23) (2) (129)
Impairment
reversals/(impairments) (4) (2) (179) (92) (10) -- (288)
Redundancy and
restructuring (48) (138) (98) (101) (19) 7 (397)
Fair value accounting of
commodity derivatives and
certain gas contracts1 (213) (3) (56) 95 (279) -- (456)
Impact of exchange rate
movements and
inflationary adjustments
on tax balances1 24 104 -- -- -- (8) 120
Other1 -- (108) (6) (8) 12 -- (110)
Impact on Income/(loss)
for the period (240) (153) (422) (122) (319) (3) (1,259)
Impact on Income/(loss)
attributable to
non-controlling interest -- -- -- -- -- -- --
Impact on Income/(loss)
attributable to Shell
plc shareholders (240) (153) (422) (122) (319) (3) (1,259)
-------------------------- ---------- -------- --------- --------- ---------- --------- -------
1.For a detailed description, see the corresponding footnotes to the Q3 2025 identified items table above.
Page 24
SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
Nine months 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Identified items included in
Income/(loss) before
taxation
Divestment gains/(losses) 94 505 (87) 893 81 (4) 1,481
Impairment
reversals/(impairments) (708) (27) (1,090) (515) (189) (2) (2,532)
Redundancy and
restructuring (37) (26) (103) (85) (28) (19) (298)
Fair value accounting of
commodity derivatives and
certain gas contracts1 1,081 (4) 11 (218) (381) -- 489
Other1 32 (116) (224) (97) (50) (47) (501)
Total identified items
included in Income/(loss)
before taxation 461 332 (1,493) (22) (567) (72) (1,361)
Total identified items
included in Taxation
(charge)/credit 158 (410) 332 (45) 135 (50) 120
Identified items included in
Income/(loss) for the
period
Divestment gains/(losses) 85 373 (73) 691 99 (3) 1,173
Impairment
reversals/(impairments) (455) (11) (857) (447) (177) (2) (1,949)
Redundancy and
restructuring (26) (10) (72) (70) (21) (13) (212)
Fair value accounting of
commodity derivatives and
certain gas contracts1 946 (1) 1 (168) (284) -- 494
Impact of exchange rate
movements and
inflationary adjustments
on tax balances1 29 95 -- -- -- (58) 66
Other1 40 (524) (159) (74) (49) (47) (812)
Impact on Income/(loss) for
the period 619 (78) (1,161) (67) (432) (122) (1,240)
Impact on Income/(loss)
attributable to
non-controlling interest -- -- -- -- -- -- --
Impact on Income/(loss)
attributable to Shell plc
shareholders 619 (78) (1,161) (67) (432) (122) (1,240)
---------------------------- ---------- -------- --------- --------- ---------- --------- -------
1.For a detailed description, see the corresponding footnotes to the Q3 2025 identified items table above.
Nine months 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Identified items included in
Income/(loss) before
taxation
Divestment gains/(losses) -- 155 (185) (35) 68 (3) --
Impairment
reversals/(impairments) (32) (179) (1,254) (917) (116) -- (2,498)
Redundancy and
restructuring (79) (258) (226) (190) (86) 3 (837)
Fair value accounting of
commodity derivatives and
certain gas contracts1 (1,421) (44) (9) (79) 332 -- (1,221)
Other1,2 (129) (284) 25 148 39 (1,103) (1,304)
Total identified items
included in Income/(loss)
before taxation (1,663) (609) (1,649) (1,073) 238 (1,104) (5,859)
Total identified items
included in Taxation
(charge)/credit 284 638 394 (5) (55) 35 1,290
Identified items included in
Income/(loss) for the
period
Divestment gains/(losses) -- 118 (140) (28) 54 (2) 2
Impairment
reversals/(impairments) (24) (171) (965) (952) (89) -- (2,201)
Redundancy and
restructuring (55) (179) (163) (139) (63) 2 (597)
Fair value accounting of
commodity derivatives and
certain gas contracts1 (1,198) (11) (6) (69) 250 -- (1,032)
Impact of exchange rate
movements and
inflationary adjustments
on tax balances1 8 512 -- -- -- 53 573
Other1,2 (110) (240) 19 110 30 (1,122) (1,313)
Impact on Income/(loss) for
the period (1,379) 28 (1,255) (1,078) 183 (1,069) (4,569)
Impact on Income/(loss)
attributable to
non-controlling interest -- -- -- 18 -- -- 18
Impact on Income/(loss)
attributable to Shell plc
shareholders (1,379) 28 (1,255) (1,096) 183 (1,069) (4,587)
---------------------------- ---------- -------- --------- --------- ---------- --------- -------
Page 25
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
1.For a detailed description, see the corresponding footnotes to the Q3 2025 identified items table above.
2.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.
The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within "Share of profit/(loss) of joint ventures and associates" in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income.
3. Earnings per share
EARNINGS PER SHARE
Quarters Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Income/(loss)
attributable to
Shell plc
shareholders ($
5,322 3,601 4,291 million) 13,703 15,166
Weighted average
number of shares
used as the basis
for determining:
Basic earnings
per share
5,845.8 5,947.9 6,256.5 (million) 5,941.7 6,350.3
Diluted
earnings per
share
5,906.0 6,004.7 6,320.9 (million) 5,998.8 6,414.0
---------- --------- --------- ----------------- ---------- ---------
4. Share capital
ISSUED AND FULLY PAID ORDINARY SHARES OF EUR0.07 EACH
Nominal value
Number of shares ($ million)
At January 1, 2025 6,115,031,158 510
Repurchases of shares (303,598,711) (25)
At September 30, 2025 5,811,432,447 485
At January 1, 2024 6,524,109,049 544
Repurchases of shares (299,830,201) (25)
At September 30, 2024 6,224,278,848 519
--------------------------- ---------------- -------------
At Shell plc's Annual General Meeting on May 20, 2025, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately EUR140 million (representing approximately 2,007 million ordinary shares of EUR0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 19, 2026, or the end of the Annual General Meeting to be held in 2026, unless previously renewed, revoked or varied by Shell plc in a general meeting.
Page 26
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
5. Other reserves
OTHER RESERVES
Accumulated
Share Capital Share other
Merger premium redemption plan comprehensive
$ million reserve reserve reserve reserve income Total
At January 1,
2025 37,298 154 270 1,417 (19,373) 19,766
Other
comprehensive
income/(loss)
attributable to
Shell plc
shareholders -- -- -- -- 1,108 1,108
Transfer from
other
comprehensive
income -- -- -- -- 19 19
Repurchases of
shares -- -- 25 -- -- 25
Share-based
compensation -- -- -- (293) -- (293)
At September 30,
2025 37,298 154 296 1,124 (18,246) 20,625
At January 1,
2024 37,298 154 236 1,308 (17,851) 21,145
Other
comprehensive
income/(loss)
attributable to
Shell plc
shareholders -- -- -- -- 2,815 2,815
Transfer from
other
comprehensive
income -- -- -- -- 166 166
Repurchases of
shares -- -- 25 -- -- 25
Share-based
compensation -- -- -- (24) -- (24)
At September 30,
2024 37,298 154 261 1,284 (14,870) 24,127
---------------- ------- ------- ---------- ------- ------------- ------
The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The "Shell" Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.
6. Derivative financial instruments and debt excluding lease liabilities
As disclosed in the Consolidated Financial Statements for the year ended December 31, 2024, presented in the Annual Report and Accounts and Form 20-F/A for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2025, are consistent with those used in the year ended December 31, 2024, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2024 and September 30, 2025, is a decrease of $570 million for the current assets and a decrease of $1,467 million for the current liabilities.
The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.
DEBT EXCLUDING LEASE LIABILITIES
$ million September 30, 2025 December 31, 2024
Carrying amount1 45,406 48,376
Fair value2 42,214 44,119
--------------------------- ------------------ -----------------
1. Shell issued no debt under the US shelf or under the Euro medium-term note programmes since November 2021 and September 2020, respectively. During the third quarter 2025 the Company regained access to its US shelf programme.
2. Mainly determined from the prices quoted for these securities.
Page 27
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements
Consolidated Statement of Income
Interest and other income
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Interest and other
1,751 326 440 income/(expenses) 2,379 1,042
Of which:
468 559 619 Interest income 1,508 1,824
Dividend income (from
investments in equity
16 44 4 securities) 61 58
Net gains/(losses) on
sales and revaluation
of non-current assets
1,068 128 (154) and businesses 1,069 --
Net foreign exchange
gains/(losses) on
82 (447) (189) financing activities (503) (1,292)
117 42 159 Other 245 452
---------- --------- --------- --------------------- ---------- ---------
Net gains/(losses) on sales and revaluation of non-current assets and businesses in the third quarter 2025 principally relates to the sale of Shell's 16.125% interest in Colonial Enterprises, Inc.
Depreciation, depletion and amortisation
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Depreciation,
depletion and
6,607 6,670 5,916 amortisation 18,718 19,352
Of which:
5,823 5,463 5,578 Depreciation 16,417 16,874
787 1,238 340 Impairments 2,336 2,706
Impairment
(3) (31) (2) reversals (35) (228)
------------ ----------- ----------- ----------------- ---------- --------
Impairments recognised in the third quarter 2025 of $787 million pre-tax ($580 million post-tax) mainly relate to Marketing ($588 million) and Chemicals and Products ($144 million). The impairment in Marketing was principally triggered by the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam.
Impairments recognised in the second quarter 2025 of $1,238 million pre-tax ($877 million post-tax) principally relate to Integrated Gas ($666 million) and Marketing ($399 million). Impairments recognised in Integrated Gas were triggered by lower commodity prices applied in impairment testing.
Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products.
Taxation charge/credit
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Taxation
2,504 2,332 2,879 charge/(credit) 8,918 10,237
Of which:
Income tax
excluding Pillar
2,397 2,277 2,834 Two income tax 8,699 10,026
106 55 45 Income tax related 220 212
to Pillar Two
income tax
------------ ----------- ----------- ------------------- ---------- ----------
As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Page 28
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
Consolidated Statement of Comprehensive Income
Currency translation differences
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Currency
translation
(268) 4,127 2,947 differences 5,569 1,651
Of which:
Recognised in
Other
comprehensive
(234) 4,117 2,912 income 5,501 524
(Gain)/loss
reclassified to
(33) 9 35 profit or loss 68 1,127
------------ ----------- ----------- ----------------- ----------- ---------
Retirement benefits remeasurements
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Retirement
benefits
(4,628) 158 419 remeasurements (4,163) 1,169
------------ ----------- ----------- ------------------ ----------- ---------
Retirement benefits remeasurements in the third quarter 2025 principally relate to recognition of an adjustment to reduce the Dutch pension fund surplus and recognising a minimum funding liability (see Retirement benefits below).
Condensed Consolidated Balance Sheet
Deferred tax
$ million
September 30, 2025 December 31, 2024
Non-current assets
Deferred tax 8,088 6,857
Non-current liabilities
Deferred tax 11,955 13,505
Net deferred liability (3,867) (6,648)
-------------------------- ------------------ -----------------
The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines whether a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities.
Shell's net deferred tax position was a liability of $3,867 million at September 30, 2025 (December 31, 2024: $6,648 million). The net decrease in the net deferred tax liability is mainly driven by retirement benefits remeasurements in the third quarter 2025 (see Retirement benefits below) and various other smaller items.
Retirement benefits
$ million
September 30, 2025 December 31, 2024
Non-current assets
Retirement benefits 5,527 10,003
Non-current liabilities
Retirement benefits 7,632 6,752
Surplus/(deficit) (2,105) 3,251
-------------------------- ------------------ -----------------
On July 1, 2023, new pension legislation ("Wet Toekomst Pensioenen" (WTP)) came into effect in the Netherlands, with an expected implementation required prior to January 1, 2028. In July 2025, the Trustee Board of the Stichting Shell Pensioen Fonds ("SSPF"), Shell's defined benefit pension fund in the Netherlands, formally accepted the transition plan to transition from a defined benefit pension fund to a defined contribution plan with effect from January 1, 2027, subject to the local funding level of the plan remaining above an agreed level (125%) during a predetermined transition period.
Page 29
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
In accordance with asset ceiling principles, in July 2025, Shell recognised an adjustment to reduce the pension fund surplus of $5,521 million to nil, and recognised a liability for a minimum funding requirement estimated at $750 million, resulting in a loss in Other comprehensive income. In addition, a net deferred tax liability (see Deferred tax above) of $1,617 million was unwound, leading to an overall net post-tax loss of $4,654 million recognised in Other comprehensive income (see Retirement benefits remeasurements above). The asset ceiling recognised will continue to be monitored and remeasured in accordance with IAS 19 Employee Benefits.
Subsequently, at the date of transition and settlement (expected December 31, 2026), the surplus at that date will be de-recognised, resulting in an identified loss in the Consolidated Statement of Income. The extent to which the funding level will meet the agreed 125% threshold is subject to uncertainty.
Assets classified as held for sale
$ million
September 30, 2025 December 31, 2024
Assets classified as held
for sale 10,819 9,857
Liabilities directly
associated with assets
classified as held for
sale 7,755 6,203
--------------------------- ------------------ -----------------
Assets classified as held for sale and associated liabilities at September 30, 2025, principally relate to Shell's UK offshore oil and gas assets in Upstream and mining interests in Canada in Chemicals and Products. Upon completion of the sale, Shell's UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.
The major classes of assets and liabilities classified as held for sale at September 30, 2025, are Property, plant and equipment ($9,977 million; December 31, 2024: $8,283 million), Deferred tax liabilities ($3,428 million; December 31, 2024: $2,042 million) and Decommissioning and other provisions ($3,159 million; December 31, 2024: $3,053 million).
Consolidated Statement of Cash Flows
Other investing cash inflows
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Other
investing
903 360 1,074 cash inflows 1,768 2,814
---------- --------- --------- ------------- ----------- -------
Cash flow from investing activities - Other investing cash inflows for the third quarter 2025 mainly relates to the sale of
pension-related debt securities and repayments of short-term loans.
8. Reconciliation of Operating expenses and Total Debt
RECONCILIATION OF OPERATING EXPENSES
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Production and
manufacturing
5,609 4,909 6,138 expenses 16,068 17,541
Selling,
distribution and
administrative
3,258 3,077 3,139 expenses 9,175 9,208
Research and
409 278 294 development 872 768
9,275 8,265 9,570 Operating expenses 26,115 27,517
---------- --------- --------- ------------------ ---------- --------
RECONCILIATION OF TOTAL DEBT
September 30, June 30, September 30, September 30, September 30,
2025 2025 2024 $ million 2025 2024
10,022 10,457 12,015 Current debt 10,022 12,015
Non-current
63,955 65,218 64,597 debt 63,955 64,597
73,977 75,675 76,613 Total debt 73,977 76,613
----------- ---------- ----------- --------------- ----------- -----------
Page 30
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation ("Adjusted EBITDA") and Cash flow from operating activities
The "Adjusted Earnings" measure aims to facilitate a comparative understanding of Shell's financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell's financial results from period to period. This measure excludes earnings attributable to non-controlling interest when presenting the total Shell Group result but includes these items when presenting individual segment Adjusted Earnings as set out in the table below.
See Note 2 "Segment information" for the reconciliation of Adjusted Earnings.
We define "Adjusted EBITDA" as "Income/(loss) for the period" adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell's performance in the period and over time.
Q3 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Adjusted Earnings 5,432
Add: Non-controlling
interest 91
Adjusted Earnings plus
non-controlling
interest 2,143 1,804 1,316 550 92 (383) 5,523
Add: Taxation
charge/(credit)
excluding tax impact
of identified items 511 1,901 433 254 41 (578) 2,562
Add: Depreciation,
depletion and
amortisation
excluding
impairments 1,579 2,675 588 881 94 6 5,823
Add: Exploration well
write-offs 1 47 -- -- -- -- 49
Add: Interest expense
excluding identified
items 55 175 15 8 2 1,029 1,283
Less: Interest income 32 45 12 26 6 346 468
Adjusted EBITDA 4,257 6,557 2,340 1,667 223 (272) 14,773
Less: Current cost of
supplies adjustment
before taxation (25) 53 28
Joint ventures and
associates (dividends
received less
profit) 92 (78) 56 (27) (1) -- 42
Derivative financial
instruments 83 (9) (3) (165) (272) 230 (136)
Taxation paid (796) (1,611) (111) (20) 28 (158) (2,668)
Other 202 16 (299) 543 (277) 68 252
(Increase)/decrease in
working capital (802) (34) (220) 143 960 (75) (28)
Cash flow from
operating activities 3,038 4,841 1,788 2,088 660 (208) 12,207
---------------------- ---------- -------- --------- --------- ---------- --------- -------
Q2 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Adjusted Earnings 4,264
Add: Non-controlling
interest 50
Adjusted Earnings plus
non-controlling
interest 1,737 1,732 1,199 118 (9) (463) 4,314
Add: Taxation
charge/(credit)
excluding tax impact
of identified items 497 2,205 413 (103) 20 (217) 2,815
Add: Depreciation,
depletion and
amortisation
excluding
impairments 1,585 2,353 557 872 90 6 5,463
Add: Exploration well
write-offs 3 203 -- -- -- -- 206
Add: Interest expense
excluding identified
items 53 171 12 16 2 820 1,074
Less: Interest income -- 26 -- 39 2 492 559
Adjusted EBITDA 3,875 6,638 2,181 864 102 (346) 13,313
Less: Current cost of
supplies adjustment
before taxation 104 333 436
Joint ventures and
associates (dividends
received less
profit) 92 1,542 161 70 10 -- 1,876
Derivative financial
instruments 542 25 13 3 (66) 410 928
Taxation paid (967) (1,948) (132) (87) (60) (238) (3,432)
Other (265) (413) 533 471 142 (395) 74
(Increase)/decrease in
working capital 352 655 67 383 (128) (1,715) (386)
Cash flow from
operating activities 3,629 6,500 2,718 1,372 1 (2,283) 11,937
---------------------- ---------- -------- --------- --------- ---------- --------- -------
Page 31
SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
Q3 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Adjusted Earnings 6,028
Add: Non-controlling
interest 126
Adjusted Earnings plus
non-controlling
interest 2,871 2,443 1,182 463 (162) (643) 6,153
Add: Taxation
charge/(credit)
excluding tax impact
of identified items 949 2,413 322 (73) (1) (39) 3,571
Add: Depreciation,
depletion and
amortisation
excluding
impairments 1,369 2,691 564 862 86 6 5,578
Add: Exploration well
write-offs 2 148 -- -- -- -- 150
Add: Interest expense
excluding identified
items 49 183 13 14 2 912 1,173
Less: Interest income 5 8 -- 25 -- 581 619
Adjusted EBITDA 5,234 7,871 2,081 1,240 (75) (346) 16,005
Less: Current cost of
supplies adjustment
before taxation 334 331 665
Joint ventures and
associates (dividends
received less
profit) (146) (90) 51 63 61 -- (62)
Derivative financial
instruments (373) 47 98 88 (106) 380 133
Taxation paid (814) (2,074) (241) 23 (33) 112 (3,028)
Other (32) (406) 275 107 (75) (234) (365)
(Increase)/decrease in
working capital (247) (78) 792 2,131 (136) 204 2,665
Cash flow from
operating activities 3,623 5,268 2,722 3,321 (364) 115 14,684
---------------------- ---------- -------- --------- --------- ---------- --------- -------
Nine months 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Adjusted Earnings 15,273
Add: Non-controlling
interest 235
Adjusted Earnings plus
non-controlling
interest 6,363 5,873 3,416 1,117 41 (1,302) 15,507
Add: Taxation
charge/(credit)
excluding tax impact
of identified items 1,811 6,725 1,237 251 124 (986) 9,161
Add: Depreciation,
depletion and
amortisation
excluding
impairments 4,567 7,241 1,711 2,605 274 19 16,417
Add: Exploration well
write-offs 4 279 -- -- -- -- 283
Add: Interest expense
excluding identified
items 158 546 38 37 7 2,689 3,476
Less: Interest income 36 82 13 69 10 1,299 1,508
Adjusted EBITDA 12,867 20,582 6,389 3,941 436 (879) 43,336
Less: Current cost of
supplies adjustment
before taxation 131 318 449
Joint ventures and
associates (dividends
received less
profit) (102) 1,305 421 96 19 -- 1,739
Derivative financial
instruments 1,168 30 20 (669) (507) 713 755
Taxation paid (2,537) (5,557) (417) (44) 20 (464) (8,999)
Other (130) (783) 629 1,139 (151) (584) 121
(Increase)/decrease in
working capital (1,137) (292) (497) (555) 1,212 (1,809) (3,077)
Cash flow from
operating activities 10,129 15,286 6,414 3,591 1,028 (3,022) 33,425
---------------------- ---------- -------- --------- --------- ---------- --------- -------
Nine months 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Adjusted Earnings 20,055
Add: Non-controlling
interest 318
Adjusted Earnings plus
non-controlling
interest 9,225 6,712 3,046 3,163 (186) (1,588) 20,373
Add: Taxation
charge/(credit)
excluding tax impact
of identified items 2,885 7,247 1,039 562 (10) (81) 11,642
Add: Depreciation,
depletion and
amortisation
excluding
impairments 4,154 8,169 1,647 2,599 287 18 16,874
Add: Exploration well
write-offs 14 959 -- -- -- -- 973
Add: Interest expense
excluding identified
items 136 518 35 54 4 2,737 3,485
Less: Interest income 5 17 1 69 (5) 1,736 1,824
Adjusted EBITDA 16,410 23,588 5,767 6,308 101 (650) 51,523
Less: Current cost of
supplies adjustment
before taxation 256 182 438
Joint ventures and
associates (dividends
received less
profit) (247) (924) 89 165 138 -- (779)
Derivative financial
instruments (1,586) 53 66 (10) 2,479 152 1,153
Taxation paid (2,320) (5,832) (432) (182) (415) 89 (9,092)
Other (90) (978) 612 (8) 75 (111) (500)
(Increase)/decrease in
working capital 352 827 153 (869) 570 (1,377) (344)
Cash flow from
operating activities 12,518 16,734 5,999 5,221 2,948 (1,898) 41,522
---------------------- ---------- -------- --------- --------- ---------- --------- -------
Page 32
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
Identified items
The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.
Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.
See Note 2 "Segment information" for details.
B. Adjusted Earnings per share
Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).
C. Cash capital expenditure
Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.
See Note 2 "Segment information" for the reconciliation of cash capital expenditure.
D. Capital employed and Return on average capital employed
Return on average capital employed ("ROACE") measures the efficiency of Shell's utilisation of the capital that it employs.
The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.
In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest $(NCI)$ excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.
$ million Quarters
Q3 2025 Q2 2025 Q3 2024
Current debt 12,015 10,849 10,119
Non-current debt 64,597 64,619 72,028
Total equity 189,538 187,190 192,943
Less: Cash and cash equivalents (42,252) (38,148) (43,031)
Capital employed -- opening 223,898 224,511 232,059
Current debt 10,022 10,457 12,015
Non-current debt 63,955 65,218 64,597
Total equity 177,822 183,088 189,538
Less: Cash and cash equivalents (33,053) (32,682) (42,252)
Capital employed -- closing 218,745 226,081 223,898
Capital employed -- average 221,322 225,296 227,979
-------------------------------- -------- -------- --------
Page 33
SHELL PLC 3rd QUARTER 2025 UNAUDITED
RESULTS
---------------------------------------
$ million Quarters
Q3 2025 Q2 2025 Q3 2024
Adjusted Earnings - current and
previous three quarters
(Reference A) 18,933 19,529 27,361
Add: Income/(loss) attributable to
NCI - current and previous three
quarters 349 351 376
Add: Current cost of supplies
adjustment attributable to NCI -
current and previous three
quarters (9) 25 56
Less: Identified items
attributable to NCI (Reference A)
- current and previous three
quarters -- -- 7
Adjusted Earnings plus NCI
excluding identified items -
current and previous three
quarters 19,274 19,904 27,787
Add: Interest expense after tax -
current and previous three
quarters 2,663 2,577 2,698
Less: Interest income after tax on
cash and cash equivalents -
current and previous three
quarters 1,061 1,206 1,392
Adjusted Earnings plus NCI
excluding identified items before
interest expense and interest
income - current and previous
three quarters 20,876 21,274 29,093
Capital employed -- average 221,322 225,296 227,979
ROACE on an Adjusted Earnings plus
NCI basis 9.4% 9.4% 12.8%
---------------------------------- -------- ------- -------
E. Net debt and gearing
Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under "Trade and other receivables" or "Trade and other payables" as appropriate.
Gearing is a measure of Shell's capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).
$ million
September 30, September 30,
2025 June 30, 2025 2024
Current debt 10,022 10,457 12,015
Non-current debt 63,955 65,218 64,597
Total debt 73,977 75,675 76,613
Of which: Lease
liabilities 28,571 28,955 25,590
Add: Debt-related
derivative
financial
instruments: net
liability/(asset) 684 589 1,694
Add: Collateral on
debt-related
derivatives: net
liability/(asset) (403) (366) (821)
Less: Cash and cash
equivalents (33,053) (32,682) (42,252)
Net debt 41,204 43,216 35,234
Total equity 177,822 183,088 189,538
Total capital 219,026 226,304 224,772
Gearing 18.8% 19.1% 15.7%
-------------------- ----------- ----------- ------------
Page 34
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
F. Operating expenses and Underlying operating expenses
Operating expenses
Operating expenses is a measure of Shell's cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.
Q3 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Production and
manufacturing
expenses 940 2,198 359 1,636 467 9 5,609
Selling,
distribution and
administrative
expenses 25 (22) 2,541 418 165 130 3,258
Research and
development 47 71 70 46 28 146 409
Operating
expenses 1,012 2,247 2,970 2,100 660 285 9,275
----------------- ---------- -------- --------- --------- ---------- --------- -----
Q2 2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Production and
manufacturing
expenses 899 1,940 179 1,459 431 -- 4,909
Selling,
distribution and
administrative
expenses 30 43 2,319 441 138 106 3,077
Research and
development 36 71 49 38 23 61 278
Operating
expenses 965 2,055 2,547 1,939 592 168 8,265
----------------- ---------- -------- --------- --------- ---------- --------- -----
Q3 2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Production and
manufacturing
expenses 1,164 2,394 367 1,766 453 (6) 6,138
Selling,
distribution and
administrative
expenses (1) (39) 2,408 453 209 110 3,139
Research and
development 27 75 55 34 22 81 294
Operating
expenses 1,190 2,430 2,830 2,253 684 185 9,570
----------------- ---------- -------- --------- --------- ---------- --------- -----
Nine months
2025 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Production and
manufacturing
expenses 2,787 6,278 887 4,716 1,383 17 16,068
Selling,
distribution and
administrative
expenses 92 63 6,912 1,302 457 348 9,175
Research and
development 104 174 162 109 73 250 872
Operating
expenses 2,984 6,515 7,961 6,127 1,913 615 26,115
----------------- ---------- -------- --------- --------- ---------- --------- ------
Nine months
2024 $ million
Chemicals Renewables
Integrated and and Energy
Gas Upstream Marketing Products Solutions Corporate Total
Production and
manufacturing
expenses 3,170 6,881 1,052 4,973 1,454 10 17,541
Selling,
distribution and
administrative
expenses 125 80 6,891 1,166 646 300 9,208
Research and
development 85 194 136 104 58 192 768
Operating
expenses 3,380 7,156 8,079 6,243 2,158 501 27,517
----------------- ---------- -------- --------- --------- ---------- --------- ------
Page 35
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
Underlying operating expenses
Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
9,275 8,265 9,570 Operating expenses 26,115 27,517
Redundancy and
restructuring
(133) (119) (552) (charges)/reversal (296) (834)
(145) (1) (154) (Provisions)/reversal (247) (366)
1 -- -- Other 24 252
(277) (120) (706) Total identified items (518) (948)
Underlying operating
8,998 8,145 8,864 expenses 25,596 26,569
---------- --------- --------- ------------------------- ---------- --------
G. Free cash flow and Organic free cash flow
Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of "Cash flow from operating activities" and "Cash flow from investing activities".
Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Cash flow from
operating
12,207 11,937 14,684 activities 33,425 41,522
Cash flow from
investing
(2,257) (5,406) (3,857) activities (11,622) (10,723)
9,950 6,531 10,827 Free cash flow 21,803 30,799
Less: Divestment
proceeds (Reference
1,773 (36) 194 I) 2,333 1,988
Add: Tax paid on
divestments
(reported under
"Other investing
-- 98 -- cash outflows") 143 --
Add: Cash outflows
related to
inorganic capital
85 792 -- expenditure1 1,007 251
Organic free cash
8,263 7,458 10,633 flow2 20,620 29,062
---------- --------- --------- ------------------- ---------- ----------
1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell's activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.
2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.
H. Cash flow from operating activities excluding working capital movements
Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.
Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Cash flow from
12,207 11,937 14,684 operating activities 33,425 41,522
(Increase)/decrease in
352 (27) 2,705 inventories 1,178 1,143
(Increase)/decrease in
569 3,635 4,057 current receivables 1,594 5,827
Increase/(decrease) in
(949) (3,994) (4,096) current payables (5,850) (7,314)
(Increase)/decrease in
(28) (386) 2,665 working capital (3,077) (344)
12,235 12,323 12,019 Cash flow from 36,502 41,867
operating activities
excluding working
capital movements
---------- --------- --------- ----------------------- ---------- ---------
Page 36
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
I. Divestment proceeds
Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
Proceeds from
sale of
property,
plant and
equipment and
747 (57) 94 businesses 1,249 1,128
Proceeds from
joint ventures
and associates
from sale,
capital
reduction and
repayment of
long-term
1,023 1 94 loans 1,057 284
Proceeds from
sale of equity
2 19 6 securities 27 576
Divestment
1,773 (36) 194 proceeds 2,333 1,988
---------- ----------- ----------- -------------- ------------- ---------
Page 37
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
CAUTIONARY STATEMENT
All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The terms "joint venture", "joint operations", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
Forward-Looking statements
This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim"; "ambition"; "anticipate"; "aspire"; "aspiration"; "believe"; "commit"; "commitment"; "could"; "desire"; "estimate"; "expect"; "goals"; "intend"; "may"; "milestones"; "objectives"; "outlook"; "plan"; "probably"; "project"; "risks"; "schedule"; "seek"; "should"; "target"; "vision"; "will"; "would" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.
Shell's net carbon intensity
Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell's "net carbon intensity" (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's "net carbon intensity" or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell's net-zero emissions target
Shell's operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell's operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
Forward-Looking non-GAAP measures
This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and Adjusted Earnings. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements.
The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.
Page 38
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS ---------------------------------------
We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F and any amendment thereto, File No 1-32575, available on the SEC website www.sec.gov.
This announcement contains inside information.
October 30, 2025
The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK. ----------------------------------------------------------
Contacts:
- Sean Ashley, Company Secretary
- Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Inside Information
Page 39
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October 30, 2025 03:00 ET (07:00 GMT)