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Shell Plc 3rd Quarter Results Unaudited Results

1. Shell's Q3 2025 earnings decreased 20% from Q2 2025. 2. Free cash flow stands at $21.8 billion, a significant decrease. 3. Net debt reduced to $41.2 billion, improving gearing ratio to 18.8%. 4. Share buyback program of $3.5 billion announced, completing previous repurchase. 5. Operating expenses fell, indicating improved cost management despite lower income.

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Why Bullish?

Despite lower earnings, an increase in free cash flow and share buybacks can bolster investor confidence, historically leading to share price appreciation.

How important is it?

The article presents significant earnings metrics and strategic shareholder actions that are likely to directly influence SHEL's stock price and investor sentiment.

Why Short Term?

In the immediate term, share buyback announcements typically boost stock prices and reflect company confidence.

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               SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS                                 SUMMARY OF UNAUDITED RESULTSQuarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%5,322  3,601  4,291  +48Income/(loss) attributable to Shell plc shareholders 13,703  15,166  -105,432  4,264  6,028  +27Adjusted EarningsA15,273  20,055  -2414,773  13,313  16,005  +11Adjusted EBITDAA43,336  51,523  -1612,207  11,937  14,684  +2Cash flow from operating activities 33,425  41,522  -20(2,257) (5,406) (3,857)  Cash flow from investing activities (11,622) (10,723)  9,950  6,531  10,827   Free cash flowG21,803  30,799   4,907  5,817  4,950   Cash capital expenditureC14,899  14,161   9,275  8,265  9,570  +12Operating expensesF26,115  27,517  -58,998  8,145  8,864  +10Underlying operating expensesF25,596  26,569  -49.4%9.4%12.8% ROACED9.4%12.8% 73,977  75,675  76,613   Total debtE73,977  76,613   41,204  43,216  35,234   Net debtE41,204  35,234   18.8%19.1%15.7% GearingE18.8%15.7% 2,821  2,682  2,801  +5Oil and gas production available for sale (thousand boe/d) 2,781  2,843  -20.91  0.61  0.69+49Basic earnings per share ($) 2.31  2.39  -30.93  0.72  0.96  +29Adjusted Earnings per share ($)B2.57  3.16  -190.3580  0.3580  0.3440  —Dividend per share ($) 1.0740  1.0320  +4 1.Q3 on Q2 change Quarter Analysis1 Income attributable to Shell plc shareholders, compared with the second quarter 2025, reflected higher trading and optimisation margins, higher sales volumes and favourable tax movements, partly offset by higher operating expenses. Third quarter 2025 income attributable to Shell plc shareholders also included gains on disposal of assets and impairment charges. These items are included in identified items amounting to a net loss of $0.1 billion in the quarter. This compares with identified items in the second quarter 2025 which amounted to a net loss of $0.3 billion. Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items. Cash flow from operating activities for the third quarter 2025 was $12.2 billion and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $2.7 billion. Cash flow from investing activities for the third quarter 2025 was an outflow of $2.3 billion, and included cash capital expenditure of $4.9 billion. This outflow was partly offset by divestment proceeds of $1.8 billion. Net debt and Gearing: At the end of the third quarter 2025, net debt was $41.2 billion, compared with $43.2 billion at the end of the second quarter 2025. This reflects free cash flow of $10.0 billion, partly offset by share buybacks of $3.6 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.1 billion and interest payments of $0.8 billion. Gearing was 18.8% at the end of the third quarter 2025, compared with 19.1% at the end of the second quarter 2025, mainly driven by lower net debt, partly offset by lower equity which included a 0.4 percentage point increase related to a non-cash adjustment to the previously recognised pension surplus in the Netherlands, following formal acceptance by the Trustee Board of the transition plan related to changes in pension legislation3. Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.6 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends to be paid to Shell plc shareholders for the third quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS billion of share buybacks announced in the second quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2025 results announcement. Nine Months Analysis1 Income attributable to Shell plc shareholders, compared with the first nine months 2024, reflected lower realised liquids and LNG prices, lower trading and optimisation margins, and lower chemicals and refining margins, partly offset by favourable tax movements and lower operating expenses. First nine months 2025 income attributable to Shell plc shareholders also included impairment charges and gains on disposal of assets, a charge related to the UK Energy Profits Levy and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $1.2 billion. This compares with identified items in the first nine months 2024 which amounted to a net loss of $4.6 billion. Adjusted Earnings and Adjusted EBITDA2 for the first nine months 2025 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of $0.3 billion. Cash flow from operating activities for the first nine months 2025 was $33.4 billion, and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $9.0 billion and working capital outflows of $3.1 billion. Cash flow from investing activities for the first nine months 2025 was an outflow of $11.6 billion and included cash capital expenditure of $14.9 billion. This outflow was partly offset by divestment proceeds of $2.3 billion and interest received of $1.5 billion. This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 4. 1.All earnings amounts are shown post-tax, unless stated otherwise. 2.Adjusted EBITDA is without taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses. 3.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements” for further details. 4.Not incorporated by reference. PORTFOLIO DEVELOPMENTS Upstream In October 2025, we announced, together with Sunlink Energies and Resources Limited, a final investment decision (FID) on the HI gas project offshore Nigeria (Shell interest 40%). Marketing In September 2025, we announced the decision not to restart the construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam, which was paused in 2024. Following an in-depth commercial and technical evaluation to reassess the project's competitiveness, Shell will no longer proceed with the project. Chemicals and Products In July 2025, we completed the previously announced sale of our 16.125% interest in Colonial Enterprises, Inc. to Colossus Acquire Co LLC.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS PERFORMANCE BY SEGMENT                             INTEGRATED GAS    Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%2,355  1,838  2,631  +28Income/(loss) for the period 6,982  7,846  -11212  101  (240)  Of which: Identified itemsA619  (1,379)  2,143  1,737  2,871  +23Adjusted EarningsA6,363  9,225  -314,257  3,875  5,234  +10Adjusted EBITDAA12,867  16,410  -223,038  3,629  3,623  -16Cash flow from operating activitiesA10,129  12,518  -191,169  1,196  1,236   Cash capital expenditureC3,482  3,429   130  129  136  —Liquids production available for sale (thousand b/d) 128  137  -64,667  4,545  4,669  +3Natural gas production available for sale (million scf/d) 4,619  4,835-4934  913  941  +2Total production available for sale (thousand boe/d) 925  971  -57.29  6.72  7.50  +8LNG liquefaction volumes (million tonnes) 20.61  22.03  -618.88  17.77  17.04  +6LNG sales volumes (million tonnes) 53.14  50.32  +6 1.Q3 on Q2 change Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG. Quarter Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the second quarter 2025, reflected the net effect of higher contributions from trading and optimisation and lower realised prices (increase of $208 million), and higher volumes (increase of $237 million), partly offset by higher operating expenses (increase of $108 million). Identified items in the third quarter 2025 included favourable movements of $129 million due to the fair value accounting of commodity derivatives, and onerous contract related remeasurement of $99 million. These favourable movements compare with the second quarter 2025 which included favourable movements of $454 million due to the fair value accounting of commodity derivatives, partly offset by impairment charges of $423 million. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by working capital outflows of $802 million and tax payments of $796 million. Total oil and gas production, compared with the second quarter 2025, increased by 2% mainly due to lower maintenance across the portfolio. LNG liquefaction volumes increased by 8% mainly due to lower maintenance across the portfolio and LNG Canada ramp-up. Nine Months Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the first nine months 2024, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $2,634 million), lower volumes (decrease of $482 million), and higher depreciation, depletion and amortisation expenses (increase of $275 million), partly offset by favourable deferred tax movements ($316 million), and lower operating expenses (decrease of $186 million). Identified items in the first nine months 2025 included favourable movements of $946 million due to the fair value accounting of commodity derivatives, partly offset by impairment charges of $455 million. These favourable movements and charges are part of identified items and compare with the first nine months 2024 which included unfavourable movements of $1,198 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business,     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $1,168 million. These inflows were partly offset by tax payments of $2,537 million and working capital outflows of $1,137 million. Total oil and gas production, compared with the first nine months 2024, decreased by 5% mainly due to field decline and higher maintenance across the portfolio. LNG liquefaction volumes decreased by 6% mainly due to ownership restructuring in Trinidad and Tobago, and higher maintenance across the portfolio. 1.All earnings amounts are shown post-tax, unless stated otherwise. 2.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A expenses.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                             UPSTREAM     Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%1,707  2,008  2,289  -15Income/(loss) for the period 5,795  6,741  -14(97) 276  (153)  Of which: Identified itemsA(78) 28   1,804  1,732  2,443  +4Adjusted EarningsA5,873  6,712  -136,557  6,638  7,871  -1Adjusted EBITDAA20,582  23,588  -134,841  6,500  5,268  -26Cash flow from operating activitiesA15,286  16,734  -91,885  2,826  1,974   Cash capital expenditureC6,634  5,813   1,399  1,334  1,321  +5Liquids production available for sale (thousand b/d) 1,356  1,316  +32,513  2,310  2,844  +9Natural gas production available for sale (million scf/d) 2,613  2,933  -111,832  1,732  1,811  +6Total production available for sale (thousand boe/d) 1,806  1,822  -1 1.Q3 on Q2 change The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market. Quarter Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the second quarter 2025, reflected higher volumes (increase of $298 million), favourable tax movements ($161 million) and lower well write-offs (decrease of $114 million), partly offset by higher depreciation, depletion and amortisation expenses (increase of $241 million) and unfavourable movements related to the rebalancing of participation interests in Brazil ($271 million)2. Identified items in the third quarter 2025 included losses of $101 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position, partly offset by a gain of $42 million related to the impact of the strengthening Brazilian real on a deferred tax position. These net unfavourable movements compare with the second quarter 2025 which included gains of $350 million related to disposal of assets. Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,611 million. Total production, compared with the second quarter 2025, increased mainly due to new oil production and comparative help from higher planned maintenance in the second quarter of 2025. Nine Months Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the first nine months 2024, reflected lower realised liquids prices (decrease of $2,117 million), the comparative unfavourable impact of gas storage effects (decrease of $536 million), and unfavourable movements related to the rebalancing of participation interests in Brazil ($271 million)2. These net unfavourable movements were partly offset by higher volumes (increase of $660 million), lower well write-offs (decrease of $604 million), lower depreciation, depletion and amortisation expenses (decrease of $198 million) and lower operating expenses (decrease of $163 million). Identified items in the first nine months 2025 included a charge of $509 million related to the UK Energy Profits Levy4, partly offset by gains of $524 million from disposal of assets. These net unfavourable movements compare with the first nine months 2024 which included gains of $676 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position. Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $1,305 million. These inflows were partly offset by tax payments of $5,557 million.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS Total production, compared with the first nine months 2024, decreased mainly due to the Shell Petroleum Development Company of Nigeria (SPDC) Limited divestment and field decline largely offset by new oil production. 1.All earnings amounts are shown post-tax, unless stated otherwise. 2.Reflects the finalisation of the redetermination proposal for the unitised Tupi field and subsequent submission to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP). 3.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A expenses. 4.Included in Other identified items. See Note 2 "Segment Information".     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                             MARKETING    Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%576  766  507  -25Income/(loss) for the period 2,155  1,606  +34(759) (354) (422)  Of which: Identified itemsA(1,161) (1,255)  1,316  1,199  1,182  +10Adjusted EarningsA3,416  3,046  +122,340  2,181  2,081  +7Adjusted EBITDAA6,389  5,767  +111,788  2,718  2,722  -34Cash flow from operating activitiesA6,414  5,999  +7489  429  525   Cash capital expenditureC1,173  1,634   2,824  2,813  2,945  —Marketing sales volumes (thousand b/d) 2,771  2,859  -3 1.Q3 on Q2 change The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport and industry. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors. Quarter Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the second quarter 2025, reflected higher Marketing margins (increase of $270 million) including higher Mobility margins due to seasonal impact of higher volumes and higher Sectors and Decarbonisation margins, partly offset by lower Lubricants margins. These net gains were partly offset by higher operating expenses (increase of $145 million). Identified items in the third quarter 2025 included impairment charges of $579 million and provisions of $186 million2, both mainly relating to the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam. These charges and provisions compare with the second quarter 2025 which included net impairment charges and reversals of $285 million, net losses of $44 million related to the sale of assets, and charges of $44 million related to redundancy and restructuring. Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA. This inflow was partly offset by working capital outflows of $220 million, the timing impact of payments related to emission certificates and biofuel programmes of $135 million, and tax payments of $111 million. Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2025, increased mainly due to seasonality. Nine Months Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the first nine months 2024, reflected higher Marketing margins (increase of $292 million) including higher Mobility and Lubricants margins due to improved unit margins, partly offset by lower Sectors and Decarbonisation margins, as well as lower operating expenses (decrease of $201 million). Identified items in the first nine months 2025 included net impairment charges and reversals of $857 million and provisions of $186 million2, both of which included the impact of the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam. These charges and provisions compare with the first nine months 2024 which included impairment charges of $965 million, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets. Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA, the timing impact of payments related to emission certificates and biofuel programmes of $920 million and dividends (net of profits/     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS losses) from joint ventures and associates of $421 million. These inflows were partly offset by working capital outflows of $497 million and tax payments of $417 million. Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2024, decreased mainly in Mobility, due to portfolio changes, and in Sectors and Decarbonisation. 1.All earnings amounts are shown post-tax, unless stated otherwise. 2.Included in Other identified items. See Note 2 "Segment Information". 3.Adjusted EBITDA is without taxation and DD&A expenses.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                             CHEMICALS AND PRODUCTS    Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%1,074  (174) 91  +716Income/(loss) for the period 822  1,946  -58564  (51) (122)  Of which: Identified itemsA(67) (1,078)  550  118  463  +366Adjusted EarningsA1,117  3,163  -651,667  864  1,240  +93Adjusted EBITDAA3,941  6,308  -382,088  1,372  3,321  +52Cash flow from operating activitiesA3,591  5,221  -31813  775  761   Cash capital expenditureC2,046  1,898   1,176  1,156  1,305  +2Refinery processing intake (thousand b/d) 1,230  1,388  -112,147  2,164  3,015  -1Chemicals sales volumes (thousand tonnes) 7,124  8,950  -20 1.Q3 on Q2 change The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil). Quarter Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the second quarter 2025, reflected higher Products margins (increase of $706 million) mainly driven by higher margins from trading and optimisation, and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $96 million). These net gains were partly offset by unfavourable tax movements ($200 million) and higher operating expenses (increase of $133 million). In the third quarter 2025, Chemicals had negative Adjusted Earnings of $207 million and Products had positive Adjusted Earnings of $758 million. Identified items in the third quarter 2025 included net gains from the sale of assets of $710 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., and impairment charges of $107 million. These net gains compare with the second quarter 2025 which included impairment charges of $62 million. Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the third quarter 2025 was primarily driven by Adjusted EBITDA, the timing impact of payments for emission certificates and biofuel programmes of $493 million, and working capital inflows of $143 million. These inflows were partly offset by net cash outflows related to commodity derivatives of $165 million. Refinery utilisation was 96% compared with 94% in the second quarter 2025. Chemicals manufacturing plant utilisation was 80% compared with 72% in the second quarter 2025, mainly due to lower unplanned maintenance. Nine Months Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the first nine months 2024, reflected lower Products margins (decrease of $1,619 million) driven mainly by lower margins from trading and optimisation and lower refining margins. Adjusted Earnings also reflected lower Chemicals margins (decrease of $458 million) and unfavourable tax movements ($168 million). These net losses were partly offset by lower operating expenses (decrease of $205 million). In the first nine months 2025, Chemicals had negative Adjusted Earnings of $536 million and Products had positive Adjusted Earnings of $1,654 million. Identified items in the first nine months 2025 included net gains from the sale of assets of $691 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc., impairment charges of $447 million, unfavourable movements of $168 million due to the fair value accounting of commodity derivatives, and charges of $70 million related to redundancy and restructuring. As part of Shell's normal business, commodity derivative contracts are entered into as     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS hedges for mitigation of economic exposures on future purchases, sales and inventory. These net charges and unfavourable movements compare with the first nine months 2024 which included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable movements of $69 million relating to the fair value accounting of commodity derivatives. Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the first nine months 2025 was primarily driven by Adjusted EBITDA and the timing impact of payments for emission certificates and biofuel programmes of $985 million. These inflows were partly offset by net cash outflows relating to commodity derivatives of $669 million, working capital outflows of $555 million, and non-cash cost of supplies adjustment of $318 million. Refinery utilisation was 91% compared with 88% in the first nine months 2024, , mainly due to lower planned and unplanned maintenance in 2025. Chemicals manufacturing plant utilisation was 78% compared with 77% in the first nine months 2024. 1.All earnings amounts are shown post-tax, unless stated otherwise. 2.Adjusted EBITDA is without taxation and DD&A expenses.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                             RENEWABLES AND ENERGY SOLUTIONS    Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024%¹ Reference20252024%110  (254) (481) +143Income/(loss) for the period (391) (3) -12,47718  (245) (319)  Of which: Identified itemsA(432) 183   92  (9) (162) +1,092Adjusted EarningsA41  (186) +122223  102  (75) +118Adjusted EBITDAA436  101  +333660  1  (364) +60,737Cash flow from operating activitiesA1,028  2,948  -65517  555  409   Cash capital expenditureC1,475  1,272   72  70  79  +4External power sales (terawatt hours)2 218  230  -5150  132  148  +14Sales of pipeline gas to end-use customers (terawatt hours)3 465  487  -4 1.Q3 on Q2 change 2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. 3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales. Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation. Quarter Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the second quarter 2025, reflected higher margins (increase of $131 million), partly offset by higher operating expenses (increase of $31 million). Most Renewables and Energy Solutions activities were loss-making in the third quarter 2025, these were more than offset by positive Adjusted Earnings from trading and optimisation and energy marketing. Identified items in the third quarter 2025 included gains of $134 million related to the disposal of assets, partly offset by unfavourable movements of $87 million due to the fair value accounting of commodity derivatives. These gains and unfavourable movements compare with the second quarter 2025 which included unfavourable movements of $217 million due to the fair value accounting of commodity derivatives and impairment charges of $136 million, partly offset by gains of $108 million on sales of assets. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the third quarter 2025 was primarily driven by working capital inflows of $960 million and Adjusted EBITDA. These inflows were partly offset by net cash outflows related to derivatives of $272 million and payments relating to emissions programmes of $264 million. Nine Months Analysis1 Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items. Adjusted Earnings, compared with the first nine months 2024, reflected lower operating expenses (decrease of $165 million) and higher margins (increase of $64 million), mainly due to higher generation and energy marketing margins, partly offset by lower trading and optimisation margins. Most Renewables and Energy Solutions activities were loss-making for the first nine months 2025, these were more than offset by positive Adjusted Earnings from trading and optimisation. Identified items in the first nine months 2025 included unfavourable movements of $284 million relating to the fair value accounting of commodity derivatives and impairment charges of $177 million, partly offset by gains on disposals of assets of $99 million. These net charges compare with the first nine months 2024 which included favourable movements of $250 million due to the fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS $89 million. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings. Cash flow from operating activities for the first nine months 2025 was primarily driven by working capital inflows of $1,212 million and Adjusted EBITDA. These inflows were partly offset by net cash outflows related to derivatives of $507 million. 1.All earnings amounts are shown post-tax, unless stated otherwise. 2.Adjusted EBITDA is without taxation and DD&A expenses. Additional Growth Measures                            Quarters  Nine monthsQ3 2025Q2 2025Q3 2024%¹  20252024%    Renewable power generation capacity (gigawatt):    3.8  3.9  3.4  -1– In operation2 3.8  3.4  +132.6  3.8  3.9  -32– Under construction and/or committed for sale3 2.6  3.9  -34 1.Q3 on Q2 change 2.Shell's equity share of renewable generation capacity post commercial operation date. It excludes Shell's equity share of associates where information cannot be obtained. 3.Shell's equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell's equity share of associates where information cannot be obtained.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                       CORPORATE   Quarters$ million Nine monthsQ3 2025Q2 2025Q3 2024 Reference20252024(402) (539) (647) Income/(loss) for the period (1,424) (2,656) (20) (77) (3) Of which: Identified itemsA(122) (1,069) (383) (463) (643) Adjusted EarningsA(1,302) (1,588) (272) (346) (346) Adjusted EBITDAA(879) (650) (208) (2,283) 115  Cash flow from operating activitiesA(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.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS OUTLOOK FOR THE FOURTH QUARTER 2025 Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be within $20 - $22 billion. Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.4 - 8.0 million tonnes. Upstream production is expected to be approximately 1,770 - 1,970 thousand boe/d. Marketing sales volumes are expected to be approximately 2,500 - 3,000 thousand b/d. Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 71% - 79%. Corporate Adjusted Earnings1 were a net expense of $383 million for the third quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the fourth quarter 2025. 1.For the definition of Adjusted Earnings and the most comparable GAAP measure see Reference A. FORTHCOMING EVENTS        DateEventFebruary 5, 2026Fourth quarter 2025 results and dividendsMarch 12, 2026Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2025May 7, 2026First quarter 2026 results and dividendsJuly 30, 2026Second quarter 2026 results and dividendsOctober 29, 2026Third quarter 2026 results and dividends     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS                    CONSOLIDATED STATEMENT OF INCOME  Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 2025202468,153  65,406  71,089  Revenue1202,793  218,031  507  712  933  Share of profit/(loss) of joint ventures and associates1,834  3,150  1,751  326  440  Interest and other income/(expenses)22,379  1,042  70,410  66,443  72,462  Total revenue and other income/(expenses)207,006  222,222  45,145  44,099  48,225  Purchases135,093  144,509  5,609  4,909  6,138  Production and manufacturing expenses16,068  17,541  3,258  3,077  3,139  Selling, distribution and administrative expenses9,175  9,208  409  278  294  Research and development872  768  175  360  305  Exploration745  1,551  6,607  6,670  5,916  Depreciation, depletion and amortisation218,718  19,352  1,284  1,075  1,174  Interest expense3,478  3,573  62,486  60,468  65,190  Total expenditure184,148  196,502  7,924  5,975  7,270  Income/(loss) before taxation22,858  25,717  2,504  2,332  2,879  Taxation charge/(credit)28,918  10,237  5,420  3,644  4,391  Income/(loss) for the period13,940  15,480  98  43  100  Income/(loss) attributable to non-controlling interest236  314  5,322  3,601  4,291  Income/(loss) attributable to Shell plc shareholders13,703  15,166  0.91  0.61  0.69  Basic earnings per share ($)32.31  2.39  0.90  0.60  0.68  Diluted earnings per share ($)32.28  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$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520245,420  3,644  4,391  Income/(loss) for the period13,940  15,480     Other comprehensive income/(loss) net of tax:     Items that may be reclassified to income in later periods:  (268) 4,127  2,947  – Currency translation differences15,569  1,651  10  7  35  – Debt instruments remeasurements23  16  (86) (109) (75) – Cash flow hedging gains/(losses)(221) (7) 11  5  (2) – Deferred cost of hedging(26) (22) (18) 113  35  – Share of other comprehensive income/(loss) of joint ventures and associates169  (27) (351) 4,143  2,940  Total5,515  1,610     Items that are not reclassified to income in later periods:  (4,628) 158  419  – Retirement benefits remeasurements1(4,163) 1,169  (31) (8) 80  – Equity instruments remeasurements(55) 77  —  (23) (53) – Share of other comprehensive income/(loss) of joint ventures and associates(59) 1  (4,659) 128  446  Total(4,277) 1,247  (5,010) 4,270  3,386  Other comprehensive income/(loss) for the period1,238  2,857  411  7,914  7,777  Comprehensive income/(loss) for the period15,178  18,337  140  122  177  Comprehensive income/(loss) attributable to non-controlling interest366  357  271  7,792  7,600  Comprehensive income/(loss) attributable to Shell plc shareholders14,811  17,981   1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS           CONDENSED CONSOLIDATED BALANCE SHEET$ million   September 30, 2025December 31, 2024Assets  Non-current assets  Goodwill16,034  16,032  Other intangible assets9,546  9,480  Property, plant and equipment183,907  185,219  Joint ventures and associates23,729  23,445  Investments in securities1,592  2,255  Deferred tax18,088  6,857  Retirement benefits15,527  10,003  Trade and other receivables7,472  6,018  Derivative financial instruments2665  374   256,562  259,683  Current assets  Inventories22,913  23,426  Trade and other receivables45,287  45,860  Derivative financial instruments29,103  9,673  Cash and cash equivalents33,053  39,110   110,357  118,069  Assets classified as held for sale110,819  9,857   121,176  127,926  Total assets377,738  387,609  Liabilities  Non-current liabilities  Debt63,955  65,448  Trade and other payables4,671  3,290  Derivative financial instruments2885  2,185  Deferred tax111,955  13,505  Retirement benefits17,632  6,752  Decommissioning and other provisions21,197  21,227   110,296  112,407  Current liabilities  Debt10,022  11,630  Trade and other payables56,816  60,693  Derivative financial instruments25,924  7,391  Income taxes payable3,447  4,648  Decommissioning and other provisions5,657  4,469   81,865  88,831  Liabilities directly associated with assets classified as held for sale17,755  6,203   89,620  95,034  Total liabilities199,916  207,441  Equity attributable to Shell plc shareholders175,823  178,307  Non-controlling interest1,999  1,861  Total equity177,822  180,168  Total liabilities and equity377,738  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”.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                             CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to Shell plc shareholders   $ millionShare capital1Shares held in trustOther reserves²Retained earningsTotalNon-controlling interest Total equityAt January 1, 2025510  (803) 19,766  158,834  178,307  1,861   180,168  Comprehensive income/(loss) for the period—  —  1,108  13,703  14,811  366   15,178  Transfer from other comprehensive income—  —  19  (19) —  —   —  Dividends³—  —  —  (6,405) (6,405) (119)  (6,524) Repurchases of shares4(25) —  25  (10,556) (10,556) —   (10,556) Share-based compensation—  360  (293) (419) (352) —   (352) Other changes—  —  —  22  22  (109)  (87) At September 30, 2025485  (444) 20,625  155,157  175,823  1,999   177,822  At January 1, 2024544  (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, 2024519  (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.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                       CONSOLIDATED STATEMENT OF CASH FLOWS  Quarters$ millionNine monthsQ3 2025 Q2 2025Q3 2024 202520247,924   5,975  7,270  Income before taxation for the period22,858  25,717      Adjustment for:  822   515  554  – Interest expense (net)1,973  1,749  6,607   6,670  5,916  – Depreciation, depletion and amortisation118,718  19,352  49   206  150  – Exploration well write-offs283  973  (1,068)  (128) 154  – Net (gains)/losses on sale and revaluation of non-current assets and businesses(1,069) —  (507)  (712) (933) – Share of (profit)/loss of joint ventures and associates(1,834) (3,150) 700   2,361  860  – Dividends received from joint ventures and associates3,584  2,390  352   (27) 2,705  – (Increase)/decrease in inventories1,178  1,143  569   3,635  4,057  – (Increase)/decrease in current receivables1,594  5,827  (949)  (3,994) (4,096) – Increase/(decrease) in current payables(5,850) (7,314) (153)  626  735  – Derivative financial instruments229  2,373  (61)  (17) 125  – Retirement benefits(179) (267) 515   (425) 359  – Decommissioning and other provisions(391) (572) 74   684  (144) – Other1,328  2,392  (2,668)  (3,432) (3,028) Tax paid(8,999) (9,092) 12,207   11,937  14,684  Cash flow from operating activities33,425  41,522  (4,557)  (5,393) (4,690)    Capital expenditure(13,698) (13,114) (342)  (406) (222)    Investments in joint ventures and associates(1,161) (983) (8)  (17) (38)    Investments in equity securities(40) (63) (4,907)  (5,817) (4,950) Cash capital expenditure(14,899) (14,161) 747   (57) 94  Proceeds from sale of property, plant and equipment and businesses1,249  1,128  1,023   1  94  Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans1,057  284  2   19  6  Proceeds from sale of equity securities27  576  468   508  593  Interest received1,484  1,818  903   360  1,074  Other investing cash inflows11,768  2,814  (494)  (420) (769) Other investing cash outflows(2,308) (3,183) (2,257)  (5,406) (3,857) Cash flow from investing activities(11,622) (10,723) (72)  (208) (89) Net increase/(decrease) in debt with maturity period within three months(200) (375)     Other debt:  176   180  78  – New borrowings495  377  (2,801)  (4,075) (1,322) – Repayments(9,390) (7,008) (848)  (1,212) (979) Interest paid(2,907) (3,177) (61)  896  652  Derivative financial instruments1,161  239  7   —  —  Change in non-controlling interest(17) (5)     Cash dividends paid to:  (2,103)  (2,122) (2,167) – Shell plc shareholders(6,403) (6,554) (6)  (27) (92) – Non-controlling interest(119) (242) (3,610)  (3,533) (3,537) Repurchases of shares(10,454) (10,319) (155)  (5) 6  Shares held in trust: net sales/(purchases) and dividends received(927) (480) (9,473)  (10,106) (7,452) Cash flow from financing activities(28,762) (27,545) (106)  655  729  Effects of exchange rate changes on cash and cash equivalents902  224  371   (2,919) 4,105  Increase/(decrease) in cash and cash equivalents(6,057) 3,478  32,682   35,601  38,148  Cash and cash equivalents at beginning of period39,110  38,774  33,053   32,682  42,252  Cash and cash equivalents at end of period33,053  42,252   1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.     SHELL PLC3rd 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 Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      5,322Income/(loss) attributable to non-controlling interest      98Income/(loss) for the period2,355  1,707  576  1,074  110  (402) 5,420  Add: Current cost of supplies adjustment before taxation  (25) 53    28Add: Tax on current cost of supplies adjustment  6  (12)   (6)Less: Identified items before taxation215  (60) (988) 720  (8) (13) (133)Less: Tax on identified items(2) (37) 230  (156) 26  (7) 53Adjusted Earnings2,143  1,804  1,316  550  92  (383) 5,523  Adjusted Earnings attributable to Shell plc shareholders      5,432Adjusted Earnings attributable to non-controlling interest      91     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      3,601Income/(loss) attributable to non-controlling interest      43Income/(loss) for the period1,838  2,008  766  (174) (254) (539) 3,644Add: Current cost of supplies adjustment before taxation  104  333    436Add: 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 items203  5  106  13  55  (14) 369Adjusted Earnings1,737  1,732  1,199  118  (9) (463) 4,314Adjusted Earnings attributable to Shell plc shareholders      4,264Adjusted Earnings attributable to non-controlling interest      50                          Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      4,291Income/(loss) attributable to non-controlling interest      100Income/(loss) for the period2,631  2,289  507  91  (481) (647) 4,391Add: Current cost of supplies adjustment before taxation  334  331    665Add: 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 items87  195  104  43  111  (10) 530Adjusted Earnings2,871  2,443  1,182  463  (162) (643) 6,153Adjusted Earnings attributable to Shell plc shareholders      6,028Adjusted Earnings attributable to non-controlling interest      126                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      13,703Income/(loss) attributable to non-controlling interest      236Income/(loss) for the period6,982  5,795  2,155  822  (391) (1,424) 13,940Add: Current cost of supplies adjustment before taxation  131  318    449Add: Tax on current cost of supplies adjustment  (32) (91)   (122)Less: Identified items before taxation461  332  (1,493) (22) (567) (72) (1,361)Less: Tax on identified items158  (410) 332  (45) 135  (50) 120Adjusted Earnings6,363  5,873  3,416  1,117  41  (1,302) 15,507Adjusted Earnings attributable to Shell plc shareholders      15,273Adjusted Earnings attributable to non-controlling interest      235     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                          Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIncome/(loss) attributable to Shell plc shareholders      15,166Income/(loss) attributable to non-controlling interest      314Income/(loss) for the period7,846  6,741  1,606  1,946  (3) (2,656) 15,480Add: Current cost of supplies adjustment before taxation  256  182    438Add: 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 items284  638  394  (5) (55) 35  1,290Adjusted Earnings9,225  6,712  3,046  3,163  (186) (1,588) 20,373Adjusted Earnings attributable to Shell plc shareholders      20,055Adjusted 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 Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure1,002  1,947  481  769  325  32  4,557Add: Investments in joint ventures and associates167  (62) 8  44  184  2  342Add: Investments in equity securities—  —  —  —  9  —  8Cash capital expenditure1,169  1,885  489  813  517  34  4,907                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure988  2,774  427  704  468  32  5,393Add: Investments in joint ventures and associates209  52  1  71  72  1  406Add: Investments in equity securities—  —  —  —  16  2  17Cash capital expenditure1,196  2,826  429  775  555  36  5,817                          Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure1,090  1,998  488  748  327  39  4,690Add: Investments in joint ventures and associates147  (37) 37  13  59  3  222Add: Investments in equity securities—  12  —  —  23  3  38Cash capital expenditure1,236  1,974  525  761  409  45  4,950     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure2,932  6,448  1,160  1,924  1,151  81  13,698Add: Investments in joint ventures and associates550  186  13  122  286  5  1,161Add: Investments in equity securities—  —  —  —  38  2  40Cash capital expenditure3,482  6,634  1,173  2,046  1,475  88  14,899                          Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalCapital expenditure2,971  5,533  1,559  1,822  1,124  104  13,114Add: Investments in joint ventures and associates457  268  75  76  103  5  983Add: Investments in equity securities—  12  —  —  45  6  63Cash capital expenditure3,429  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 Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party9,736  844  29,648  19,418  8,500  6  68,153     Inter-segment2,397  9,313  1,796  9,774  1,162  —  24,442                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party9,576  1,193  28,241  18,388  7,996  12  65,406     Inter-segment2,412  8,502  2,177  8,775  835  —  22,701                          Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party9,748  1,605  30,519  22,608  6,599  10  71,089     Inter-segment2,131  9,618  1,235  9,564  1,131  —  23,679                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party28,915  3,546  84,973  59,417  25,913  30  202,793     Inter-segment7,484  27,669  5,822  26,804  3,161  —  70,940     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                          Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalRevenue:            Third-party27,996  4,954  92,564  70,926  21,558  33  218,031     Inter-segment6,691  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 Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation       Divestment gains/(losses)31726917149—1,130Impairment 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 contracts1147(4)(24)(22)(121)—(23)Other2101(55)(224)5(4)—(176)Total identified items included in Income/(loss) before taxation215(60)(988)720(8)(13)(133)Total identified items included in Taxation (charge)/credit(2)(37)230(156)26(7)53Identified items included in Income/(loss) for the period       Divestment gains/(losses)321632710134—923Impairment 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 contracts1129(1)(26)(14)(87)——Impact of exchange rate movements and inflationary adjustments on tax balances35(59)———(11)(65)Other299(55)(159)4(4)—(115)Impact on Income/(loss) for the period212(97)(759)56418(20)(81)Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders212(97)(759)56418(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).     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation       Divestment gains/(losses)63344(56)(9)119(4)457Impairment 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 contracts151412361(280)—319Other1—(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)/credit20351061355(14)369Identified items included in Income/(loss) for the period       Divestment gains/(losses)54350(44)(7)108(3)458Impairment 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 contracts1454—1949(217)—307Impact of exchange rate movements and inflationary adjustments on tax balances12022———(19)23Other1—(92)—(1)—(47)(139)Impact on Income/(loss) for the period101276(354)(51)(245)(77)(348)Impact on Income/(loss) attributable to non-controlling interest———————Impact on Income/(loss) attributable to Shell plc shareholders101276(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 Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified 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)/credit8719510443111(10)530Identified 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 balances124104———(8)120Other1—(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.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified items included in Income/(loss) before taxation       Divestment gains/(losses)94505(87)89381(4)1,481Impairment 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 contracts11,081(4)11(218)(381)—489Other132(116)(224)(97)(50)(47)(501)Total identified items included in Income/(loss) before taxation461332(1,493)(22)(567)(72)(1,361)Total identified items included in Taxation (charge)/credit158(410)332(45)135(50)120Identified items included in Income/(loss) for the period       Divestment gains/(losses)85373(73)69199(3)1,173Impairment 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 contracts1946(1)1(168)(284)—494Impact of exchange rate movements and inflationary adjustments on tax balances12995———(58)66Other140(524)(159)(74)(49)(47)(812)Impact on Income/(loss) for the period619(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 shareholders619(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 Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalIdentified 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)2514839(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)/credit284638394(5)(55)351,290Identified items included in Income/(loss) for the period       Divestment gains/(losses)—118(140)(28)54(2)2Impairment 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 balances18512———53573Other1,2(110)(240)1911030(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——18Impact on Income/(loss) attributable to Shell plc shareholders(1,379)28(1,255)(1,096)183(1,069)(4,587)     SHELL PLC3rd 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 $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income. The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within "Share of profit/(loss) of joint ventures and associates" in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. 3. Earnings per share                    EARNINGS PER SHAREQuarters Nine monthsQ3 2025Q2 2025Q3 2024 202520245,322  3,601  4,291  Income/(loss) attributable to Shell plc shareholders ($ million)13,703  15,166           Weighted average number of shares used as the basis for determining:  5,845.8  5,947.9  6,256.5  Basic earnings per share (million)5,941.7  6,350.3  5,906.0  6,004.7  6,320.9  Diluted earnings per share (million)5,998.8  6,414.0   4. Share capital              ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH Number of shares Nominal value($ million)At January 1, 20256,115,031,158   510  Repurchases of shares(303,598,711)  (25) At September 30, 20255,811,432,447   485  At January 1, 20246,524,109,049   544  Repurchases of shares(299,830,201)  (25) At September 30, 20246,224,278,848   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 €140 million (representing approximately 2,007 million ordinary shares of €0.07 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.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS 5. Other reserves                       OTHER RESERVES$ millionMerger reserveShare premium reserveCapital redemption reserveShare plan reserveAccumulated other comprehensive incomeTotalAt January 1, 202537,298  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, 202537,298  154  296  1,124  (18,246) 20,625  At January 1, 202437,298  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, 202437,298  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 $1,467 million for the current liabilities. The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.           DEBT EXCLUDING LEASE LIABILITIES$ millionSeptember 30, 2025December 31, 2024Carrying amount145,406  48,376  Fair value242,214  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.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS 7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements Consolidated Statement of Income Interest and other income                    Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520241,751  326  440  Interest and other income/(expenses)2,379  1,042     Of which:  468  559  619  Interest income1,508  1,824  16  44  4  Dividend income (from investments in equity securities)61  58  1,068  128  (154) Net gains/(losses) on sales and revaluation of non-current assets and businesses1,069  —  82  (447) (189) Net foreign exchange gains/(losses) on financing activities(503) (1,292) 117  42  159  Other245  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$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520246,607  6,670  5,916  Depreciation, depletion and amortisation18,718  19,352     Of which:  5,8235,4635,578Depreciation16,417  16,874  7871,238340Impairments2,336  2,706  (3)(31)(2)Impairment 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 ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Taxation charge/credit                    Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520242,504  2,332  2,879  Taxation charge/(credit)8,918  10,237     Of which:  2,3972,2772,834Income tax excluding Pillar Two income tax8,699  10,026  1065545Income tax related to Pillar Two income tax220  212 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.     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS Consolidated Statement of Comprehensive Income Currency translation differences                    Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 20252024(268) 4,127  2,947  Currency translation differences5,569  1,651     Of which:  (234)4,1172,912Recognised in Other comprehensive income5,501  524  (33)935(Gain)/loss reclassified to profit or loss68  1,127 Retirement benefits remeasurements                    Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 20252024(4,628)158419Retirement benefits 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, 2025December 31, 2024Non-current assets  Deferred tax8,088  6,857Non-current liabilities  Deferred tax11,955  13,505Net 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, 2025December 31, 2024Non-current assets  Retirement benefits5,527  10,003  Non-current liabilities  Retirement benefits7,632  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.     SHELL PLC3rd 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, 2025December 31, 2024Assets classified as held for sale10,819  9,857  Liabilities directly associated with assets classified as held for sale7,755  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: $3,053 million). Consolidated Statement of Cash Flows Other investing cash inflows                    Quarters$ millionNine monthsQ3 2025Q2 2025Q3 2024 20252024903  360  1,074  Other investing cash inflows1,768  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$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520245,609  4,909  6,138  Production and manufacturing expenses16,068  17,541  3,258  3,077  3,139  Selling, distribution and administrative expenses9,175  9,208  409  278  294  Research and development872  768  9,275  8,265  9,570  Operating expenses26,115  27,517                      RECONCILIATION OF TOTAL DEBT  September 30, 2025June 30, 2025September 30, 2024$ millionSeptember 30, 2025September 30, 202410,022  10,457  12,015  Current debt10,022  12,015  63,955  65,218  64,597  Non-current debt63,955  64,597  73,977  75,675  76,613  Total debt73,977  76,613       SHELL PLC3rd 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 Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      5,432Add: Non-controlling interest      91Adjusted Earnings plus non-controlling interest2,1431,8041,31655092(383)5,523Add: Taxation charge/(credit) excluding tax impact of identified items5111,90143325441(578)2,562Add: Depreciation, depletion and amortisation excluding impairments1,5792,6755888819465,823Add: Exploration well write-offs147————49Add: Interest expense excluding identified items5517515821,0291,283Less: Interest income324512266346468Adjusted EBITDA4,2576,5572,3401,667223(272)14,773Less: Current cost of supplies adjustment before taxation  (25)53  28Joint ventures and associates (dividends received less profit)92(78)56(27)(1)—42Derivative financial instruments83(9)(3)(165)(272)230(136)Taxation paid(796)(1,611)(111)(20)28(158)(2,668)Other20216(299)543(277)68252(Increase)/decrease in working capital(802)(34)(220)143960(75)(28)Cash flow from operating activities3,0384,8411,7882,088660(208)12,207                          Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      4,264Add: Non-controlling interest      50Adjusted Earnings plus non-controlling interest1,7371,7321,199118(9)(463)4,314Add: Taxation charge/(credit) excluding tax impact of identified items4972,205413(103)20(217)2,815Add: Depreciation, depletion and amortisation excluding impairments1,5852,3535578729065,463Add: Exploration well write-offs3203————206Add: Interest expense excluding identified items53171121628201,074Less: Interest income—26—392492559Adjusted EBITDA3,8756,6382,181864102(346)13,313Less: Current cost of supplies adjustment before taxation  104333  436Joint ventures and associates (dividends received less profit)921,5421617010—1,876Derivative financial instruments54225133(66)410928Taxation paid(967)(1,948)(132)(87)(60)(238)(3,432)Other(265)(413)533471142(395)74(Increase)/decrease in working capital35265567383(128)(1,715)(386)Cash flow from operating activities3,6296,5002,7181,3721(2,283)11,937     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS                          Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      6,028Add: Non-controlling interest      126Adjusted Earnings plus non-controlling interest2,8712,4431,182463(162)(643)6,153Add: Taxation charge/(credit) excluding tax impact of identified items9492,413322(73)(1)(39)3,571Add: Depreciation, depletion and amortisation excluding impairments1,3692,6915648628665,578Add: Exploration well write-offs2148————150Add: Interest expense excluding identified items49183131429121,173Less: Interest income58—25—581619Adjusted EBITDA5,2347,8712,0811,240(75)(346)16,005Less: Current cost of supplies adjustment before taxation  334331  665Joint ventures and associates (dividends received less profit)(146)(90)516361—(62)Derivative financial instruments(373)479888(106)380133Taxation paid(814)(2,074)(241)23(33)112(3,028)Other(32)(406)275107(75)(234)(365)(Increase)/decrease in working capital(247)(78)7922,131(136)2042,665Cash flow from operating activities3,6235,2682,7223,321(364)11514,684                          Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      15,273Add: Non-controlling interest      235Adjusted Earnings plus non-controlling interest6,3635,8733,4161,11741(1,302)15,507Add: Taxation charge/(credit) excluding tax impact of identified items1,8116,7251,237251124(986)9,161Add: Depreciation, depletion and amortisation excluding impairments4,5677,2411,7112,6052741916,417Add: Exploration well write-offs4279————283Add: Interest expense excluding identified items158546383772,6893,476Less: Interest income36821369101,2991,508Adjusted EBITDA12,86720,5826,3893,941436(879)43,336Less: Current cost of supplies adjustment before taxation  131318  449Joint ventures and associates (dividends received less profit)(102)1,3054219619—1,739Derivative financial instruments1,1683020(669)(507)713755Taxation paid(2,537)(5,557)(417)(44)20(464)(8,999)Other(130)(783)6291,139(151)(584)121(Increase)/decrease in working capital(1,137)(292)(497)(555)1,212(1,809)(3,077)Cash flow from operating activities10,12915,2866,4143,5911,028(3,022)33,425                          Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalAdjusted Earnings      20,055Add: Non-controlling interest      318Adjusted Earnings plus non-controlling interest9,2256,7123,0463,163(186)(1,588)20,373Add: Taxation charge/(credit) excluding tax impact of identified items2,8857,2471,039562(10)(81)11,642Add: Depreciation, depletion and amortisation excluding impairments4,1548,1691,6472,5992871816,874Add: Exploration well write-offs14959————973Add: Interest expense excluding identified items136518355442,7373,485Less: Interest income517169(5)1,7361,824Adjusted EBITDA16,41023,5885,7676,308101(650)51,523Less: Current cost of supplies adjustment before taxation  256182  438Joint ventures and associates (dividends received less profit)(247)(924)89165138—(779)Derivative financial instruments(1,586)5366(10)2,4791521,153Taxation paid(2,320)(5,832)(432)(182)(415)89(9,092)Other(90)(978)612(8)75(111)(500)(Increase)/decrease in working capital352827153(869)570(1,377)(344)Cash flow from operating activities12,51816,7345,9995,2212,948(1,898)41,522     SHELL PLC3rd 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.              $ millionQuarters Q3 2025Q2 2025Q3 2024Current debt12,01510,84910,119Non-current debt64,59764,61972,028Total equity189,538187,190192,943Less: Cash and cash equivalents(42,252)(38,148)(43,031)Capital employed – opening223,898224,511232,059Current debt10,02210,45712,015Non-current debt63,95565,21864,597Total equity177,822183,088189,538Less: Cash and cash equivalents(33,053)(32,682)(42,252)Capital employed – closing218,745226,081223,898Capital employed – average221,322225,296227,979     SHELL PLC3rd QUARTER 2025 UNAUDITED RESULTS              $ millionQuarters Q3 2025Q2 2025Q3 2024Adjusted Earnings - current and previous three quarters (Reference A)18,93319,52927,361Add: Income/(loss) attributable to NCI - current and previous three quarters349351376Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters(9)2556Less: Identified items attributable to NCI (Reference A) - current and previous three quarters——7Adjusted Earnings plus NCI excluding identified items - current and previous three quarters19,27419,90427,787Add: Interest expense after tax - current and previous three quarters2,6632,5772,698Less: Interest income after tax on cash and cash equivalents - current and previous three quarters1,0611,2061,392Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters20,87621,27429,093Capital employed – average221,322225,296227,979ROACE on an Adjusted Earnings plus NCI basis9.4%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, 2025June 30, 2025September 30, 2024Current debt10,022  10,457  12,015  Non-current debt63,955  65,218  64,597  Total debt73,977  75,675  76,613  Of which: Lease liabilities28,571  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 debt41,204  43,216  35,234  Total equity177,822  183,088  189,538  Total capital219,026  226,304  224,772  Gearing18.8 %19.1 %15.7 %     SHELL PLC3rd 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 Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses9402,1983591,63646795,609Selling, distribution and administrative expenses25(22)2,5414181651303,258Research and development4771704628146409Operating expenses1,0122,2472,9702,1006602859,275                           Q2 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses8991,9401791,459431—4,909Selling, distribution and administrative expenses30432,3194411381063,077Research and development367149382361278Operating expenses9652,0552,5471,9395921688,265                           Q3 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses1,1642,3943671,766453(6)6,138Selling, distribution and administrative expenses(1)(39)2,4084532091103,139Research and development277555342281294Operating expenses1,1902,4302,8302,2536841859,570                           Nine months 2025$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses2,7876,2788874,7161,3831716,068Selling, distribution and administrative expenses92636,9121,3024573489,175Research and development10417416210973250872Operating expenses2,9846,5157,9616,1271,91361526,115                           Nine months 2024$ million Integrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporateTotalProduction and manufacturing expenses3,1706,8811,0524,9731,4541017,541Selling, distribution and administrative expenses125806,8911,1666463009,208Research and development8519413610458192768Operating expenses3,3807,1568,0796,2432,15850127,517     SHELL PLC3rd 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$ millionNine monthsQ3 2025Q2 2025Q3 2024 202520249,275  8,265  9,570  Operating expenses26,115  27,517  (133) (119) (552) Redundancy and restructuring (charges)/reversal(296) (834) (145) (1) (154) (Provisions)/reversal(247) (366) 1  —  —  Other24  252  (277) (120) (706) Total identified items(518) (948) 8,998  8,145  8,864  Underlying operating expenses25,596  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$ millionNine monthsQ3 2025Q2 2025Q3 2024 2025202412,207  11,937  14,684  Cash flow from operating activities33,425  41,522  (2,257) (5,406) (3,857) Cash flow from investing activities(11,622) (10,723) 9,950  6,531  10,827  Free cash flow21,803  30,799  1,773  (36) 194  Less: Divestment proceeds (Reference I)2,333  1,988  —  98  —  Add: Tax paid on divestments (reported under "Other investing cash outflows")143  —  85  792  —  Add: Cash outflows related to inorganic capital expenditure11,007  251  8,263  7,458  10,633  Organic free cash flow220,620  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$ millionNine monthsQ3 2025Q2 2025Q3 2024 2025202412,207  11,937  14,684  Cash flow from operating activities33,425  41,522  352  (27) 2,705  (Increase)/decrease in inventories1,178  1,143  569  3,635  4,057  (Increase)/decrease in current receivables1,594  5,827  (949) (3,994) (4,096) Increase/(decrease) in current payables(5,850) (7,314) (28) (386) 2,665  (Increase)/decrease in working capital(3,077) (344) 12,235  12,323  12,019  Cash flow from operating activities excluding working capital movements36,502  41,867       SHELL PLC3rd 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$ millionNine monthsQ3 2025Q2 2025Q3 2024 20252024747  (57)94Proceeds from sale of property, plant and equipment and businesses1,2491,1281,023  194Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans1,0572842  196Proceeds from sale of equity securities275761,773  (36)194Divestment proceeds2,3331,988     SHELL PLC3rd 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.     SHELL PLC3rd 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

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