SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
SUMMARY OF UNAUDITED RESULTS
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
%¹
Reference
2025
2024
%
4,134
5,322
928
-22
Income/(loss) attributable to Shell plc shareholders
17,838
16,094
+11
3,256
5,432
3,661
-40
Adjusted Earnings
A
18,529
23,716
-22
12,799
14,773
14,281
-13
Adjusted EBITDA
A
56,135
65,803
-15
9,438
12,207
13,162
-23
Cash flow from operating activities
42,863
54,687
-22
(5,190)
(2,257)
(4,431)
Cash flow from investing activities
(16,812)
(15,155)
4,249
9,950
8,731
Free cash flow
G
26,052
39,533
6,015
4,907
6,924
Cash capital expenditure
C
20,915
21,085
9,559
9,275
9,401
+3
Operating expenses
F
35,674
36,917
-3
9,436
8,998
9,138
+5
Underlying operating expenses
F
35,032
35,707
-2
9.4%
9.4%
11.3%
ROACE
D
9.4%
11.3%
75,643
73,977
77,078
Total debt
E
75,643
77,078
45,687
41,204
38,809
Net debt
E
45,687
38,809
20.7%
18.8%
17.7%
Gearing
E
20.7%
17.7%
2,859
2,821
2,815
+1
Oil and gas production available for sale (thousand boe/d)
2,800
2,836
-1
0.72
0.91
0.15
-21
Basic earnings per share ($)
3.03
2.55
+19
0.57
0.93
0.60
-39
Adjusted Earnings per share ($)
B
3.15
3.76
-16
0.372
0.358
0.358
+4
Dividend per share ($)
1.446
1.390
+4
1.Q4 on Q3 change
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the third quarter 2025, reflected unfavourable tax movements, including the annual (non-cash) reassessment of deferred taxes, lower Marketing margins, lower realised prices and higher operating expenses.
Fourth quarter 2025 income attributable to Shell plc shareholders also included gains on disposal of assets, mainly related to the incorporation of the Adura joint venture in the UK2, and impairment charges. These items are included in identified items amounting to a net gain of $1.2 billion in the quarter. This compares with identified items in the third quarter 2025 which amounted to a net loss of $0.1 billion.
Adjusted Earnings and Adjusted EBITDA3 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of $0.3 billion.
Cash flow from operating activities for the fourth quarter 2025 was $9.4 billion and primarily driven by Adjusted EBITDA, working capital inflows of $1.3 billion and dividends (net of profits) from joint ventures and associates of $0.9 billion. These inflows were partly offset by tax payments of $2.6 billion and net outflows relating to the timing impact of payments for emissions certificates and biofuel programmes of $0.8 billion4.
Cash flow from investing activities for the fourth quarter 2025 was an outflow of $5.2 billion, and included cash capital expenditure of $6.0 billion. This outflow was partly offset by interest received of $0.5 billion.
Net debt and Gearing: At the end of the fourth quarter 2025, net debt was $45.7 billion, compared with $41.2 billion at the end of the third quarter 2025. This reflects free cash flow of $4.2 billion, more than offset by share buybacks of $3.4 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.8 billion and interest payments of $1.2 billion. Gearing was 20.7% at the end of the fourth quarter 2025, compared with 18.8% at the end of the third quarter 2025, mainly driven by higher net debt.
Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.5 billion comprising repurchases of shares of $3.4 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends to be
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
paid to Shell plc shareholders for the fourth quarter 2025 amount to $0.372 per share. Shell has now completed $3.5 billion of share buybacks announced in the third quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the first quarter 2026 results announcement.
Full Year Analysis1
Income attributable to Shell plc shareholders, compared with the full year 2024, reflected lower realised liquids and LNG prices, lower trading and optimisation and lower Chemicals margins, partly offset by higher volumes, lower operating expenses, favourable tax movements and higher Marketing margins.
Our continued focus on performance, discipline and simplification has helped deliver $5.1 billion of pre-tax structural cost reductions5 since 2022. Of these reductions, $2.0 billion was delivered in the full year 2025.
Full year 2025 income attributable to Shell plc shareholders also included impairment charges, gains on disposal of assets, mainly related to the incorporation of the Adura joint venture in the UK2, 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 $0.1 billion. This compares with identified items in the full year 2024 which amounted to a net loss of $7.4 billion.
Adjusted Earnings and Adjusted EBITDA3 for the full year 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 $0.6 billion.
Cash flow from operating activities for the full year 2025 was $42.9 billion, and primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $2.6 billion. This inflow was partly offset by tax payments of $11.6 billion and working capital outflows of $1.8 billion.
Cash flow from investing activities for the full year 2025 was an outflow of $16.8 billion and included cash capital expenditure of $20.9 billion. This outflow was partly offset by divestment proceeds of $2.4 billion and interest received of $2.0 billion.
This Unaudited Condensed Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 6. Details of progress to date on the financial targets that were
announced during Capital Markets Day in March 2025 is available at www.shell.com/2025-progress-on-cmd25.html 6.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.See Note 7 "Other notes to the unaudited Condensed Consolidated Financial Statements" for further details.
3.Adjusted EBITDA is without taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.
4.Includes $1.4 billion payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act).
5.See Reference J "Structural cost reduction" for further details.
6.Not incorporated by reference.
PORTFOLIO DEVELOPMENTS
Integrated Gas
In December 2025, we took a final investment decision (FID) on the Gorgon Stage 3 development in Australia (Shell interest 25%).
Upstream
In October 2025, we announced, together with Sunlink Energies and Resources Limited, a FID on the HI gas project offshore Nigeria (Shell interest 40%).
In November 2025, we completed the previously announced agreement to increase our stake in the OML 118 Production Sharing Contract (OML 118 PSC) in Nigeria from 55% to 65%.
In December 2025, we, along with Equinor ASA, completed a deal to combine our UK offshore oil and gas operations to form a new company Adura, which is jointly owned by Equinor (50%) and Shell (50%).
In December 2025, following an auction, we secured additional equity in Brazil's pre-salt oil projects. With this acquisition, we will increase our participating interest in the Atapu unit from 16.663% to 16.917% and the Mero unit from 19.3% to 20%. Both projects are located in the offshore Santos Basin.
In December 2025, we announced a FID on a waterflood project at the Kaikias field (Shell 100% working interest) in the US Gulf of America.
Page 2
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
%¹
Reference
2025
2024
%
1,839
2,355
1,744
-22
Income/(loss) for the period
8,821
9,590
-8
178
212
(421)
Of which: Identified items
A
797
(1,800)
1,661
2,143
2,165
-23
Adjusted Earnings
A
8,024
11,390
-30
4,127
4,257
4,568
-3
Adjusted EBITDA
A
16,994
20,978
-19
3,956
3,038
4,391
+30
Cash flow from operating activities
A
14,086
16,909
-17
1,207
1,169
1,337
Cash capital expenditure
C
4,689
4,767
128
130
116
-2
Liquids production available for sale (thousand b/d)
128
132
-3
4,760
4,667
4,574
+2
Natural gas production available for sale (million scf/d)
4,654
4,769
-2
948
934
905
+2
Total production available for sale (thousand boe/d)
931
954
-2
7.81
7.29
7.06
+7
LNG liquefaction volumes (million tonnes)
28.42
29.09
-2
19.79
18.88
15.50
+5
LNG sales volumes (million tonnes)
72.94
65.82
+11
1.Q4 on Q3 change
The Integrated Gas segment includes liquefied natural gas (LNG) and the conversion of natural gas into gas-to-liquids (GTL) fuels and other products. The segment 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 the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected unfavourable tax movements ($260 million), lower realised prices (decrease of $163 million), and higher operating expenses (increase of $147 million), partly offset by higher volumes (increase of $101 million).
Identified items in the fourth quarter 2025 included favourable movements of $225 million due to the fair value accounting of commodity derivatives. These favourable movements compare with the third quarter 2025 which included favourable movements of $129 million due to the fair value accounting of commodity derivatives, and onerous contract related remeasurement of $99 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 fourth quarter 2025 was primarily driven by Adjusted EBITDA, net cash inflows related to derivatives of $319 million and working capital inflows of $301 million, partly offset by tax payments of $724 million.
Total oil and gas production, compared with the third quarter 2025, increased by 2% mainly due to ramp-up in Canada. LNG liquefaction volumes increased by 7% mainly due to lower maintenance across the portfolio and LNG Canada ramp-up.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $3,034 million), higher depreciation, depletion and amortisation expenses (increase of $407 million), and lower volumes (decrease of $250 million), partly offset by lower well write-offs (decrease of $252 million), and favourable tax movements ($102 million).
Identified items in the full year 2025 included favourable movements of $1,171 million due to the fair value accounting of commodity derivatives, partly offset by impairment charges of $433 million. These favourable movements and charges are part of identified items and compare with the full year 2024 which included unfavourable movements of $1,088 million
Page 3
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
due to the fair value accounting of commodity derivatives, impairment charges of $363 million, and a net loss of $96 million related to sale 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 full year 2025 was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $1,487 million. These inflows were partly offset by tax payments of $3,261 million and working capital outflows of $835 million.
Total oil and gas production, compared with the full year 2024, decreased by 2% mainly due to natural field decline across the portfolio. LNG liquefaction volumes decreased by 2% mainly due to ownership restructuring in Trinidad and Tobago, and higher maintenance across the portfolio, partly offset by LNG Canada ramp-up.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A expenses.
Page 4
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
UPSTREAM
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
%¹
Reference
2025
2024
%
3,648
1,707
1,031
+114
Income/(loss) for the period
9,443
7,772
+22
2,079
(97)
(651)
Of which: Identified items
A
2,001
(623)
1,570
1,804
1,682
-13
Adjusted Earnings
A
7,442
8,395
-11
6,114
6,557
7,676
-7
Adjusted EBITDA
A
26,696
31,264
-15
4,287
4,841
4,509
-11
Cash flow from operating activities
A
19,573
21,244
-8
2,682
1,885
2,076
Cash capital expenditure
C
9,316
7,890
1,393
1,399
1,332
—
Liquids production available for sale (thousand b/d)
1,365
1,320
+3
2,894
2,513
3,056
+15
Natural gas production available for sale (million scf/d)
2,684
2,964
-9
1,892
1,832
1,859
+3
Total production available for sale (thousand boe/d)
1,828
1,831
—
1.Q4 on Q3 change
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. The segment also markets and transports oil and gas, and operates the infrastructure necessary to deliver these to the market.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected lower realised liquid prices (decrease of $486 million) and higher operating expenses (increase of $115 million), partly offset by a comparative favourable movement related to the rebalancing of participation interests in Brazil in the third quarter 2025 ($271 million)2.
Identified items in the fourth quarter 2025 included gains on the disposal of assets of $2,282 million, mainly related to the incorporation of the Adura joint venture in the UK3. These gains compare with the third quarter 2025 which 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.
Adjusted EBITDA4 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the fourth quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,859 million.
Total production, compared with the third quarter 2025, increased mainly due to new oil production and comparative help from higher planned maintenance in the third quarter of 2025.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected lower realised liquids prices (decrease of $2,924 million), and the comparative unfavourable impact of gas storage effects (decrease of $662 million). These net unfavourable movements were partly offset by lower well write-offs (decrease of $915 million) and higher volumes (increase of $901 million).
Identified items in the full year 2025 included gains on the disposal of assets of $2,806 million, mainly related to the incorporation of the Adura joint venture in the UK3, partly offset by a charge of $536 million related to the UK Energy Profits Levy5 and impairment charges of $162 million. These gains and charges compare with the full year 2024 which included a loss of $325 million related to the impact of the weakening Brazilian real on a deferred tax position, net impairment charges and reversals of $323 million and charges of $214 million related to redundancy and restructuring, partly offset by gains of $638 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position.
Adjusted EBITDA4 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the full year 2025 was primarily driven by Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $1,448 million. These inflows were partly offset by tax payments of $7,415 million and movements in decommissioning and other provisions of $1,087 million.
Page 5
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Total production for the full year 2025 was in line with the full year 2024, with reductions due to the Shell Petroleum Development Company of Nigeria (SPDC) Limited divestment and field decline 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.See Note 7 "Other notes to the unaudited Condensed Consolidated Financial Statements" for further details.
4.Adjusted EBITDA is without taxation, exploration well write-offs and DD&A expenses.
5.Included in Other identified items. See Note 2 "Segment Information".
Page 6
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
MARKETING
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
%¹
Reference
2025
2024
%
(99)
576
103
-117
Income/(loss) for the period
2,057
1,709
+20
(547)
(759)
(736)
Of which: Identified items
A
(1,708)
(1,991)
578
1,316
839
-56
Adjusted Earnings
A
3,994
3,885
+3
1,604
2,340
1,709
-31
Adjusted EBITDA
A
7,993
7,476
+7
(75)
1,788
1,363
-104
Cash flow from operating activities
A
6,339
7,363
-14
688
489
811
Cash capital expenditure
C
1,862
2,445
2,701
2,824
2,795
-4
Marketing sales volumes (thousand b/d)
2,753
2,843
-3
1.Q4 on Q3 change
The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. Mobility operates Shell's retail network including electric vehicle charging services and the wholesale commercial fuels business which provides fuels for transport and industry. Lubricants produces, markets and sells lubricants for road transport and machinery used in manufacturing, mining, power generation, agriculture and construction. Sectors and Decarbonisation sells fuels, speciality products and services, including low-carbon energy solutions to a 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 the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected lower Marketing margins (decrease of $490 million) including lower Mobility and Lubricants margins due to seasonal impact of lower volumes and lower Sectors and Decarbonisation margins and unfavourable tax movements ($285 million), which included the (non-cash) reassessment of deferred tax in a joint venture.
Identified items in the fourth quarter 2025 included impairment charges of $527 million. These charges compare with the third quarter 2025 which included impairment charges of $579 million and provisions of $186 million2, both items in the third quarter mainly related to the decision not to restart construction of the planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the fourth quarter 2025 was primarily driven by net outflows relating to the timing impact of payments for emission certificates and biofuel programmes of $1,230 million, non-cash cost of supplies adjustment of $174 million, taxes paid of $149 million and working capital outflows of $112 million. These outflows were partly offset by inflows from Adjusted EBITDA and dividends (net of profits) from joint ventures and associates of $308 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the third quarter 2025, decreased mainly due to seasonality.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected higher Marketing margins (increase of $413 million) including higher Mobility and Lubricants margins due to improved unit margins, partly compensated by lower Sectors and Decarbonisation margins. This was partly offset by unfavourable tax movements ($326 million).
Identified items in the full year 2025 included impairment charges of $1,384 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 full year 2024 which included impairment charges of $1,423 million mainly related to the pausing of construction of the biofuels facility, net losses of $386 million related to the sale of assets and charges of $215 million related to redundancy and restructuring.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Page 7
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Cash flow from operating activities for the full year 2025 was primarily driven by Adjusted EBITDA and dividends (net of profits/losses) from joint ventures and associates of $729 million. These inflows were partly offset by working capital outflows of $609 million, taxes paid of $566 million, net outflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $310 million and non-cash cost of supplies adjustment of $305 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the full year 2024, decreased mainly in Mobility due to portfolio changes, including the impact of divestments, and in Sectors and Decarbonisation.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Included in Other identified items. See Note 2 "Segment Information".
3.Adjusted EBITDA is without taxation and DD&A expenses.
Page 8
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CHEMICALS AND PRODUCTS
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
%¹
Reference
2025
2024
%
(560)
1,074
(276)
-152
Income/(loss) for the period
262
1,670
-84
(310)
564
(99)
Of which: Identified items
A
(377)
(1,177)
(66)
550
(229)
-112
Adjusted Earnings
A
1,051
2,934
-64
939
1,667
475
-44
Adjusted EBITDA
A
4,880
6,783
-28
1,775
2,088
2,032
-15
Cash flow from operating activities
A
5,366
7,253
-26
1,016
813
1,392
Cash capital expenditure
C
3,063
3,290
1,178
1,176
1,215
—
Refinery processing intake (thousand b/d)
1,217
1,344
-9
2,136
2,147
2,926
—
Chemicals sales volumes (thousand tonnes)
9,260
11,875
-22
1.Q4 on Q3 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 that 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).1
Quarter Analysis2
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected lower Chemicals margins (decrease of $263 million) and lower Products margins (decrease of $155 million), mainly driven by lower trading and optimisation and partly offset by higher refining margins. Adjusted Earnings also reflected higher operating expenses (increase of $125 million) and unfavourable tax movements ($117 million), which included the (non-cash) reassessment of deferred tax in a joint venture.
In the fourth quarter 2025, Chemicals had negative Adjusted Earnings of $589 million and Products had positive Adjusted Earnings of $523 million.
Identified items in the fourth quarter 2025 included impairment charges of $187 million and net losses from the disposal of assets of $127 million. These charges and losses compare with the third quarter 2025 which included net gains from the disposal 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.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the fourth quarter 2025 was primarily driven by Adjusted EBITDA, working capital inflows of $561 million, dividends (net of profits) from joint ventures and associates of $308 million and net inflows related to the timing impact of payments for emission certificates and biofuel programmes of $276 million. These inflows were partly offset by non-cash cost of supplies adjustment of $248 million.
Refinery utilisation was 95% compared with 96% in the third quarter 2025.
Chemicals manufacturing plant utilisation was 76% compared with 80% in the third quarter 2025, mainly due to higher planned and unplanned maintenance.
Full Year Analysis2
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected lower Products margins (decrease of $972 million) driven mainly by lower trading and optimisation, partly offset by higher refining margins. Adjusted Earnings also reflected lower Chemicals margins (decrease of $604 million) and unfavourable tax movements ($485 million). These net unfavourable movements were partly offset by lower operating expenses (decrease of $138 million).
In the full year 2025, Chemicals had negative Adjusted Earnings of $1,125 million and Products had positive Adjusted Earnings of $2,177 million.
Page 9
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Identified items in the full year 2025 included impairment charges of $634 million and net gains from the disposal of assets of $564 million mainly relating to gains from the sale of our interest in Colonial Enterprises, Inc. These charges and gains compare with the full year 2024 which included net impairment charges and reversals of $1,176 million mainly relating to assets in Singapore.
Adjusted EBITDA3 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the full year 2025 was primarily driven by Adjusted EBITDA, net inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,260 million and dividends (net of profits) from joint ventures and associates of $404 million. These inflows were partly offset by net cash outflows relating to commodity derivatives of $761 million and non-cash cost of supplies adjustment of $567 million.
Refinery utilisation was 92% compared with 85% in the full year 2024, mainly due to lower planned maintenance in 2025.
Chemicals manufacturing plant utilisation was 78% compared with 76% in the full year 2024.
1.In November 2025, we completed the previously announced agreement with Canadian Natural Resources Limited to swap our remaining 10% mining interest and associated synthetic crude oil reserves in exchange for an additional 10% interest in the Scotford upgrader and Quest Carbon Capture (CCS) facility (oil sands swap). Following completion of this swap, Shell no longer has any oil sands activities.
2.All earnings amounts are shown post-tax, unless stated otherwise.
3.Adjusted EBITDA is without taxation and DD&A expenses.
Page 10
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
RENEWABLES AND ENERGY SOLUTIONS
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
%¹
Reference
2025
2024
%
(98)
110
(1,226)
-189
Income/(loss) for the period
(489)
(1,229)
+60
(229)
18
(914)
Of which: Identified items
A
(661)
(732)
131
92
(311)
+43
Adjusted Earnings
A
172
(497)
+135
329
223
(123)
+47
Adjusted EBITDA
A
764
(22)
+3,541
(405)
660
850
-161
Cash flow from operating activities
A
623
3,798
-84
391
517
1,277
Cash capital expenditure
C
1,866
2,549
72
72
76
—
External power sales (terawatt hours)2
290
306
-5
160
150
165
+7
Sales of pipeline gas to end-use customers (terawatt hours)3
626
652
-4
1.Q4 on Q3 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.
The Renewables and Energy Solutions segment includes renewable power generation; the marketing, trading and optimisation of power and pipeline gas; and carbon credits. 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 or works with start-ups and other early-stage businesses to help them scale-up and grow.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected a favourable fair valuation of an investment ($67 million).
Most Renewables and Energy Solutions activities were loss-making in the fourth quarter 2025, these were more than offset by positive Adjusted Earnings from trading and optimisation and energy marketing.
Identified items in the fourth quarter 2025 included net impairment charges of $156 million. These net charges compare with the third quarter 2025 which 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. 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 fourth quarter 2025 was primarily driven by working capital outflows of $704 million and net cash outflows related to derivatives of $150 million. These outflows were partly offset by Adjusted EBITDA.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, reflected lower operating expenses (decrease of $279 million) and higher margins (increase of $229 million), mainly due to higher generation and energy marketing margins.
Most Renewables and Energy Solutions activities were loss-making for the full year 2025, these were more than offset by positive Adjusted Earnings from trading and optimisation.
Identified items in the full year 2025 included impairment charges of $334 million and unfavourable movements of $299 million relating to the fair value accounting of commodity derivatives. These charges and unfavourable movements compare with the full year 2024 which included net impairment charges and reversals of $1,085 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $300 million relating to the fair value accounting of commodity derivatives and a net gain on sale of assets of $94 million.
Page 11
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the full year 2025 was primarily driven by Adjusted EBITDA and working capital inflows of $508 million. These inflows were partly offset by net cash outflows related to derivatives of $657 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
Full year
Q4 2025
Q3 2025
Q4 2024
%¹
2025
2024
%
Renewable power generation capacity (gigawatt):
4.2
3.8
3.4
+10
– In operation2
4.2
3.4
+24
1.9
2.6
4.0
-26
– Under construction and/or committed for sale3
1.9
4.0
-53
1.Q4 on Q3 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.
Renewable power generation capacity under construction and/or committed for sale decreased compared to 2024 due to transfers to capacity in operation, withdrawal from the Atlantic Shores Offshore Wind project, and other dilution in ownership interests and divestments.
Page 12
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CORPORATE
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
Reference
2025
2024
(550)
(402)
(335)
Income/(loss) for the period
(1,974)
(2,992)
18
(20)
45
Of which: Identified items
A
(104)
(1,024)
(567)
(383)
(380)
Adjusted Earnings
A
(1,870)
(1,968)
(313)
(272)
(24)
Adjusted EBITDA
A
(1,193)
(675)
(100)
(208)
16
Cash flow from operating activities
A
(3,123)
(1,882)
The Corporate segment covers the non-operating activities supporting Shell. The segment comprises Shell's holdings and treasury organisation; headquarters and central functions; self-insurance activities; and a centrally managed longer-term innovation portfolio. All finance expenses, 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 the impact of identified items.
Adjusted Earnings, compared with the third quarter 2025, reflected unfavourable tax movements ($278 million) partly offset by favourable net interest movements ($114 million).
Adjusted EBITDA2 was mainly driven by unfavourable foreign exchange rate effects.
Cash flow from operating activities for the fourth quarter 2025 was primarily driven by Adjusted EBITDA.
Full Year Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.
Adjusted Earnings, compared with the full year 2024, were primarily driven by favourable tax movements ($825 million), partly offset by unfavourable net interest movements ($440 million) and currency exchange rate effects ($191 million).
Identified items in the full year 2024 included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structure changes 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.
Cash flow from operating activities for the full year 2025 was primarily driven by working capital outflows of $1,505 million, which included a reduction in joint venture deposits, as well as Adjusted EBITDA and tax payments of $425 million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation and DD&A expenses.
Page 13
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
PRELIMINARY RESERVES UPDATE
When final volumes are reported in the 2025 Annual Report and Accounts and 2025 Form 20-F, Shell expects that SEC proved oil and gas reserves additions/reductions before taking into account production will be approximately a 0.4 billion boe reduction, and that 2025 production will be approximately 1.1 billion boe. As a result, total proved reserves on an SEC basis are expected to be approximately 8.1 billion boe. Acquisitions and divestments of 2025 reserves are expected to account for a net decrease of approximately 1.2 billion boe largely related to the oil sands swap in Canada (0.7 billion boe synthetic crude oil, of which 50% contributable to non-controlling interest) and the Nigeria onshore SPDC divestment (0.4 billion boe).
The proved Reserves Replacement Ratio on an SEC basis is expected to be -40% for the year and 55% for the 3-year average. Excluding the impact of acquisitions and divestments, the proved Reserves Replacement Ratio is expected to be 73% for the year and 84% for the 3-year average.
Further information will be provided in the 2025 Annual Report and Accounts and 2025 Form 20-F.
Page 14
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
OUTLOOK FOR THE FIRST QUARTER 2026
Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $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 1,700 - 1,900 thousand boe/d.
Marketing sales volumes are expected to be approximately 2,550 - 2,750 thousand b/d.
Refinery utilisation is expected to be approximately 90% - 98%. Chemicals manufacturing plant utilisation is expected to be approximately 79% - 87%.
Corporate Adjusted Earnings1 were a net expense of $567 million for the fourth quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $400 - $600 million in the first quarter 2026.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure see Reference A.
FORTHCOMING EVENTS
Date
Event
March 12, 2026
Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2025
March 16, 2026
LNG Outlook publication and LNG Portfolio: Strategic Spotlight1
May 7, 2026
First quarter 2026 results and dividends
May 19, 2026
Annual General Meeting
July 30, 2026
Second quarter 2026 results and dividends
October 29, 2026
Third quarter 2026 results and dividends
1 Together with 2025 AGM shareholder resolution response
Page 15
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
2025
2024
64,093
68,153
66,281
Revenue1
266,886
284,312
(215)
507
(156)
Share of profit/(loss) of joint ventures and associates
1,618
2,993
2,848
1,751
683
Interest and other income/(expenses)2
5,227
1,724
66,725
70,410
66,807
Total revenue and other income/(expenses)
273,731
289,029
42,102
45,145
43,610
Purchases
177,194
188,120
5,830
5,609
5,839
Production and manufacturing expenses
21,898
23,379
3,432
3,258
3,231
Selling, distribution and administrative expenses
12,607
12,439
298
409
331
Research and development
1,170
1,099
391
175
861
Exploration
1,136
2,411
6,581
6,607
7,520
Depreciation, depletion and amortisation2
25,299
26,872
1,193
1,284
1,213
Interest expense
4,671
4,787
59,827
62,486
62,605
Total expenditure
243,975
259,107
6,898
7,924
4,205
Income/(loss) before taxation
29,756
29,922
2,718
2,504
3,164
Taxation charge/(credit)2
11,637
13,401
4,180
5,420
1,041
Income/(loss) for the period
18,120
16,521
46
98
113
Income/(loss) attributable to non-controlling interest
282
427
4,134
5,322
928
Income/(loss) attributable to Shell plc shareholders
17,838
16,094
0.72
0.91
0.15
Basic earnings per share ($)3
3.03
2.55
0.71
0.90
0.15
Diluted earnings per share ($)3
3.00
2.53
1.See Note 2 "Segment information".
2.See Note 7 "Other notes to the unaudited Condensed Consolidated Financial Statements".
3.See Note 3 "Earnings per share".
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters
$ million
Full year
Q4 2025
Q3 2025
Q4 2024
2025
2024
4,180
5,420
1,041
Income/(loss) for the period
18,120
16,521
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
348
(268)
(4,899)
– Currency translation differences1
5,917
(3,248)
—
10
(11)
– Debt instruments remeasurements
24
5
22
(86)
224
– Cash flow hedging gains/(losses)
(199)
216
16
—
—
– Net investment hedging gains/(losses)
16
—
(6)
11
(50)
– Deferred cost of hedging
(32)
(73)
(3)
(18)
(91)
– Share of other comprehensive income/(loss) of joint ventures and associates
165
(118)
377
(351)
(4,827)
Total
5,892
(3,218)
Items that are not reclassified to income in later periods:
7
(4,628)
239
– Retirement benefits remeasurements1
(4,156)
1,407
14
(31)
(50)
– Equity instruments remeasurements
(41)
28
25
—
46
– Share of other comprehensive income/(loss) of joint ventures and associates
(34)
47
46
(4,659)
235
Total
(4,231)
1,482
423
(5,010)
(4,592)
Other comprehensive income/(loss) for the period
1,661
(1,736)
4,603
411
(3,552)
Comprehensive income/(loss) for the period
19,780
14,785
110
140
50
Comprehensive income/(loss) attributable to non-controlling interest
476
406
4,493
271
(3,602)
Comprehensive income/(loss) attributable to Shell plc shareholders
19,304
14,379
1.See Note 7 "Other notes to the unaudited Condensed Consolidated Financial Statements".
Page 16
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
December 31, 2025
December 31, 2024
Assets
Non-current assets
Goodwill
15,662
16,032
Other intangible assets
11,010
9,480
Property, plant and equipment
185,077
185,219
Joint ventures and associates1
27,775
23,445
Investments in securities
1,557
2,255
Deferred tax1
8,173
6,857
Retirement benefits1
5,052
10,003
Trade and other receivables
8,252
6,018
Derivative financial instruments2
619
374
263,178
259,683
Current assets
Inventories
22,216
23,426
Trade and other receivables
44,597
45,860
Derivative financial instruments2
9,114
9,673
Cash and cash equivalents
30,216
39,110
106,143
118,069
Assets classified as held for sale1
1,030
9,857
107,173
127,926
Total assets
370,351
387,609
Liabilities
Non-current liabilities
Debt
66,515
65,448
Trade and other payables
4,463
3,290
Derivative financial instruments2
1,108
2,185
Deferred tax1
11,983
13,505
Retirement benefits1
7,136
6,752
Decommissioning and other provisions
21,411
21,227
112,616
112,407
Current liabilities
Debt
9,128
11,630
Trade and other payables
57,770
60,693
Derivative financial instruments2
5,664
7,391
Income taxes payable
3,150
4,648
Decommissioning and other provisions
5,884
4,469
81,595
88,831
Liabilities directly associated with assets classified as held for sale1
820
6,203
82,415
95,034
Total liabilities
195,031
207,441
Equity attributable to Shell plc shareholders
174,392
178,307
Non-controlling interest1
928
1,861
Total equity
175,319
180,168
Total liabilities and equity
370,351
387,609
1. See Note 7 "Other notes to the unaudited Condensed Consolidated Financial Statements".
2. See Note 6 "Derivative financial instruments and debt excluding lease liabilities".
Page 17
SHELL PLC4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
$ million
Share capital1
Shares held in trust
Other reserves²
Retained earnings
Total
Non-controlling interest
Total equity
At January 1, 2025
510
(803)
19,766
158,834
178,307
1,861
180,168
Comprehensive income/(loss) for the period
—
—
1,466
17,838
19,304
476
19,780
Transfer from other comprehensive income
—
—
26
(26)
—
—
—
Dividends³
—
—
—
(8,472)
(8,472)
(147)
(8,620)
Repurchases of shares4
(33)
—
33
(14,070)
(14,070)
—
(14,070)
Share-based compensation
—
(43)
(58)
(394)
(494)
—
(494)
Other changes
—
—
—
(179)
(179)
(1,263)
5
(1,442)
At December 31, 2025
477
(847)
21,233
153,528
174,392
928
175,319
At January 1, 2024
544
(997)
21,145
165,915
186,607
1,755
188,362
Comprehensive income/(loss) for the period
—
—
(1,715)
16,094
14,379
406
14,785
Transfer from other comprehensive income
—
—
193
(193)
—
—
—
Dividends3
—
—
—
(8,668)
(8,668)
(308)
(8,976)
Repurchases of shares4
(34)
—
34
(14,057)
(14,057)
—
(14,057)
Share-based compensation
—
194
109
(354)
(51)
—
(51)
Other changes
—
—
—
97
97
8
105
At December 31, 2024
510
(803)
19,766
158,834
178,307
1,861
