The Company announces that on 18 May, 2026 it purchased shares for cancellation under its ongoing buy-back programme. The purchase is part of the repurchase authority previously announced on 7 May 2026. This update provides the aggregated trading information for the day, the execution arrangements and the regulatory framework that governs these transactions. Investors should note that this notice covers only the shares acquired on the date stated and that further purchases, if any, will be reported in the same manner.
Transaction summary
On 18 May, 2026 the Company acquired a total of 231,000 ordinary shares for cancellation on the LSE. The trades recorded a highest price paid of £32.8000, a lowest price paid of £32.1300 and a volume weighted average price (VWAP) of £32.4578. For clarity, no executions were reported on Chi-X (CXE) or BATS (BXE) on this date. These figures represent the aggregated activity executed on behalf of the Company for cancellation purposes on the day specified.
Venue and price details
The trade activity for the day was concentrated on the LSE, with the specific metrics showing how market prices varied during execution. The VWAP of £32.4578 represents the weighted average price across the executed volume on that venue. Although the Company has the ability to trade on alternative platforms, there were no reported purchases on Chi-X (CXE) or BATS (BXE) on 18 May, 2026. These details are provided to give transparency on where and at what prices the shares were acquired.
Execution and governance
The repurchases form part of the broader buy-back programme that the Company announced on 7 May 2026. Under that programme, Goldman Sachs International has been appointed to execute trades and will make trading decisions independently of the Company for the period from 7 May 2026 up to and including 24 July 2026. Trades carried out by the manager are subject to pre-set parameters and the Company’s existing authority to repurchase shares. The arrangement ensures that execution decisions are taken at arm’s length while complying with the programme’s objectives.
Independent decision making
By delegating execution to Goldman Sachs International, the Company maintains a separation between corporate decision-making and day-to-day market activity. This independence is intended to reduce conflicts of interest and to allow the trading manager to respond to market conditions within the agreed constraints. All purchases are effected within pre-defined limits designed to align with the programme’s intent to cancel acquired shares and manage capital distribution to shareholders.
Regulatory compliance
The programme is conducted in line with applicable listing and market abuse rules. Specifically, purchases are made in accordance with Chapter 9 of the UK Listing Rules and with Article 5 of the Market Abuse Regulation (596/2014/EU) (referred to as EU MAR). The relevant MAR provisions have been onshored into UK law, and the programme also follows the Commission Delegated Regulation (EU) 2016/1052 (the EU MAR Delegated Regulation) as adopted into UK legislation. These rules, and any subsequent amendments or implementing instruments such as the Financial Services Act 2026 and statutory instruments (including The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), provide the compliance framework for the buy-back activity.
Reporting obligations
In line with EU MAR and UK MAR, the Company provides a breakdown of individual trades executed by the appointed manager. This announcement supplies the aggregated day-level data and confirms the compliance mechanisms governing trade execution. Investors should expect continued periodic disclosures for any subsequent repurchases made under the authorised programme until it concludes or the authority is exhausted.
Contacts and additional information
For media enquiries contact International +44 (0) 207 934 5550 or for U.S. and Canada enquiries use the online form at https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html. The reference for this announcement is 20260518_Shell RNS – full version. Shareholders seeking further clarity on the mechanics of the programme, execution policy or regulatory references may use these contacts to request more detailed information.
