SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
SUMMARY OF UNAUDITED RESULTS
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
Reference
5,694
4,134
4,780
Income attributable to Shell plc shareholders
6,915
3,256
5,577
Adjusted Earnings
A.
17,741
12,799
15,250
Adjusted EBITDA
A.
6,062
9,438
9,281
Cash flow from operating activities
(3,136)
(5,190)
(3,959)
Cash flow from investing activities
2,927
4,249
5,322
Free cash flow
G.
4,202
6,015
4,175
Cash capital expenditure
C.
8,716
9,559
8,575
Operating expenses
F.
8,585
9,436
8,453
Underlying operating expenses
F.
9.9%
9.4%
10.4%
ROACE
D.
75,645
75,643
76,511
Total debt
E.
52,606
45,687
41,521
Net debt
E.
23.2%
20.7%
18.7%
Gearing
E.
2,752
2,859
2,838
Oil and gas production available for sale (thousand boe/d)
1.01
0.72
0.79
Basic earnings per share ($)
1.22
0.57
0.92
Adjusted Earnings per share ($)
B.
0.3906
0.3720
0.3580
Dividend per share ($)
Quarter Analysis1
Income attributable to Shell plc shareholders was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $1.2 billion.
Adjusted Earnings, compared with the fourth quarter 2025, reflected higher contributions from trading and optimisation mainly impacting our Downstream, Renewables and Energy Solutions businesses, higher realised prices, higher refining margins, lower operating expenses and higher Lubricants margins, partly offset by lower volumes.
Identified items in the first quarter 2026 amounted to a net loss of $2.4 billion and included unfavourable movements due to the fair value accounting of commodity derivatives. This compares with identified items in the fourth quarter 2025 which amounted to a net gain of $1.2 billion.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2026 was $6.1 billion, and primarily driven by Adjusted EBITDA, the non-cash cost of supplies adjustment of $1.7 billion (before tax) and net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1.3 billion. These were partly offset by working capital outflows of $11.2 billion and tax payments of $2.3 billion. The working capital outflows mainly reflected the impact of commodity prices on inventory and accounts receivables.
Cash flow from investing activities for the first quarter 2026 was an outflow of $3.1 billion, and included cash capital expenditure of $4.2 billion, partly offset by interest received of $0.4 billion and divestment proceeds of $0.4 billion.
Net debt and Gearing: At the end of the first quarter 2026, net debt was $52.6 billion, compared with $45.7 billion at the end of the fourth quarter 2025. This reflects free cash flow of $2.9 billion, more than offset by lease liability increases of $3.9 billion2, share buybacks of $3.2 billion, cash dividends paid to Shell plc shareholders of $2.1 billion and interest payments of $1.0 billion. Gearing was 23.2% at the end of the first quarter 2026, compared with 20.7% at the end of the fourth quarter 2025, mainly driven by higher net debt.
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.3 billion, comprising repurchases of shares of $3.2 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends declared to Shell plc shareholders for the first quarter 2026 amount to $0.3906 per share. Shell has now completed the $3.5 billion of share buybacks announced in the fourth quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.0 billion which is expected to be completed by the second quarter 2026 results announcement.3
This Unaudited Condensed 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.Includes a non-cash increase of $3.2 billion in the variable component of shipping leases in the current macro environment. See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements" for further details.
3.Given the securities law requirements that apply to Shell plc in connection with its agreement to acquire ARC Resources Ltd. ("ARC"), it will be necessary to suspend the programme from the time of publication of the ARC shareholder circular until the conclusion of the ARC shareholder meeting. Any buybacks not undertaken due to such suspension will be part of the remaining 2026 programmes (subject to Board approval).
4.Not incorporated by reference.
PORTFOLIO DEVELOPMENTS
Integrated Gas
In April 2026, we entered into a definitive agreement to acquire ARC Resources Ltd. ("ARC"), an energy company focused on the Montney shale basin in British Columbia and Alberta, Canada. Under the terms of the agreement, ARC's shareholders will receive CAD 8.20 in cash and 0.40247 ordinary shares of Shell plc for each ARC share, resulting in an equity value of approximately USD 13.6 billion.1 The boards of both companies have unanimously supported the transaction, which is expected to close in the second half of 2026, subject to ARC shareholder, court and regulatory approvals.
Marketing
In March 2026, we entered into an agreement to sell Jiffy Lube International to an affiliate of Monomoy Capital Partners (Monomoy) for $1.3 billion. As part of the agreement, we entered into a long-term lubricants supply agreement with Monomoy. The transaction is subject to regulatory approvals and closing conditions, and is expected to close in the second half of 2026.
1. Based on Shell's closing share price at April 24, 2026 of GBP 33.08 and GBP:CAD exchange ratio of 1.8480.
Page 2
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
Reference
1,321
1,839
2,789
Income/(loss) for the period
(497)
178
306
Of which: Identified items
A.
1,819
1,661
2,483
Adjusted Earnings
A.
4,115
4,127
4,735
Adjusted EBITDA
A.
483
3,956
3,463
Cash flow from operating activities
A.
1,014
1,207
1,116
Cash capital expenditure
C.
115
128
126
Liquids production available for sale (thousand b/d)
4,607
4,760
4,644
Natural gas production available for sale (million scf/d)
909
948
927
Total production available for sale (thousand boe/d)
7.86
7.81
6.60
LNG liquefaction volumes (million tonnes)
19.16
19.79
16.49
LNG sales volumes (million tonnes)
Integrated Gas includes natural gas and liquids exploration and extraction. The gas is then processed to produce liquefied natural gas (LNG) or converted into gas-to-liquids (GTL) fuels and other products. The business includes the operation of both upstream and midstream infrastructure necessary to deliver natural gas and its derivatives 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 fourth quarter 2025, reflected the higher realised prices mainly from liquid products (increase of $263 million), partly offset by lower volumes (decrease of $131 million). Trading and optimisation results were in line with the fourth quarter 2025.
Identified items in the first quarter 2026 included unfavourable movements of $634 million due to the fair value accounting of commodity derivatives and gains of $133 million from the sale of assets. These unfavourable movements and gains compare with the fourth quarter 2025 which included favourable movements of $225 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 EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2026 was primarily driven by Adjusted EBITDA, partly offset by working capital outflows of $1,121 million, net cash outflows related to derivatives of $819 million, tax payments of $722 million, and a payment relating to a legal case of $635 million.
Total oil and gas production, compared with the fourth quarter 2025, decreased by 4% mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes increased by 1% mainly due to LNG Canada ramp-up, partly offset by unfavourable weather in Australia.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Page 3
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
UPSTREAM
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
Reference
2,556
3,648
2,080
Income/(loss) for the period
179
2,079
(257)
Of which: Identified items
A.
2,377
1,570
2,337
Adjusted Earnings
A.
7,261
6,114
7,387
Adjusted EBITDA
A.
3,178
4,287
3,945
Cash flow from operating activities
A.
2,159
2,682
1,923
Cash capital expenditure
C.
1,346
1,393
1,335
Liquids production available for sale (thousand b/d)
2,884
2,894
3,020
Natural gas production available for sale (million scf/d)
1,843
1,892
1,855
Total production available for sale (thousand boe/d)
Upstream explores for and extracts crude oil, natural gas and natural gas liquids. The segment also includes marketing and transportation of oil, gas and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemicals manufacturing plants and refineries. Upstream activities span deep-water and conventional oil and gas operations.
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 fourth quarter 2025, reflected higher realised prices (increase of $1,149 million) and lower exploration expenses (decrease of $124 million), partly offset by unfavourable tax movements ($183 million) and lower volumes (decrease of $121 million).
Identified items in the first quarter 2026 included gains of $184 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $88 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains compare with the fourth quarter 2025 which included gains on the disposal of assets of $2,282 million, mainly related to the incorporation of the Adura joint venture in the UK.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2026 was primarily driven by Adjusted EBITDA, partly offset by working capital outflows of $2,316 million and tax payments of $1,492 million.
Total production, compared with the fourth quarter 2025, decreased mainly due to the impact of the incorporation of the Adura joint venture.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Page 4
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
MARKETING
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
Reference
1,895
(99)
814
Income/(loss) for the period
(147)
(547)
(49)
Of which: Identified items
A.
1,334
578
900
Adjusted Earnings
A.
2,437
1,604
1,869
Adjusted EBITDA
A.
2,224
(75)
1,907
Cash flow from operating activities
A.
248
688
256
Cash capital expenditure
C.
2,627
2,701
2,674
Marketing sales volumes (thousand b/d)
Marketing includes Mobility, Lubricants, and Sectors and Decarbonisation. Mobility operates our retail network, including electric vehicle charging, convenience retail, and the Wholesale Commercial Fuels business for transport and industry. Lubricants produces, markets and sells products for road transport and machinery in manufacturing, mining, power generation, agriculture and construction. Sectors and Decarbonisation supplies fuels, speciality products and services, including low-carbon energy solutions such as biofuels, to a broad range of commercial customers, including in the aviation, marine and agriculture sectors.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $709 million.
Adjusted Earnings, compared with the fourth quarter 2025, reflected higher Marketing margins (increase of $478 million) and lower operating expenses (decrease of $171 million). Higher margins were supported by trading and optimisation as well as higher Lubricants margins resulting from seasonally higher volumes and improved unit margins. These favourable movements in margins were partly offset by seasonally lower volumes and lower unit margins in Mobility and higher losses in a joint venture.
Identified items in the first quarter 2026 included net impairment charges and reversals of $182 million and favourable movements of $73 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. These net charges and favourable movements compare with the fourth quarter 2025 which included impairment charges of $527 million.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2026 was primarily driven by Adjusted EBITDA, the non-cash cost of supplies adjustment of $950 million (before tax), net inflows related to the timing impact of emission certificates and biofuel programmes of $653 million and dividends (net of share of losses) from joint ventures and associates of $493 million. These were partly offset by working capital outflows of $1,748 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2025, decreased mainly due to seasonality.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Page 5
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
CHEMICALS AND PRODUCTS
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
Reference
395
(560)
(77)
Income/(loss) for the period
(2,086)
(310)
(581)
Of which: Identified items
A.
1,925
(66)
449
Adjusted Earnings
A.
3,544
939
1,410
Adjusted EBITDA
A.
(2,308)
1,775
130
Cash flow from operating activities
A.
363
1,016
458
Cash capital expenditure
C.
1,219
1,178
1,362
Refinery processing intake (thousand b/d)
2,253
2,136
2,813
Chemicals sales volumes (thousand tonnes)
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, and trading and optimisation of crude oil, oil products and petrochemicals.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $557 million.
Adjusted Earnings, compared with the fourth quarter 2025, reflected higher Products margins (increase of $1,523 million), mainly driven by higher contributions from trading and optimisation and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $211 million) and lower operating expenses (decrease of $197 million).
In the first quarter 2026, Chemicals had negative Adjusted Earnings of $117 million and Products had positive Adjusted Earnings of $2,042 million.
Identified items in the first quarter 2026 included unfavourable movements of $2,016 million due to the fair value accounting of commodity derivatives that, as part of Shell's normal business, are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These unfavourable movements compare with the fourth quarter 2025, which included impairment charges of $187 million and net losses from the disposal of assets of $127 million.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2026 was primarily driven by working capital outflows of $5,646 million and outflows related to derivatives of $1,887 million. These were partly offset by Adjusted EBITDA, the non-cash cost of supplies adjustment of $763 million (before tax) and net inflows related to the timing impact of payments for emission certificates and biofuel programmes of $600 million.
Refinery utilisation was 99% compared with 95% in the fourth quarter 2025, mainly due to lower maintenance activities in the first quarter 2026.
Chemicals manufacturing plant utilisation was 85% compared with 76% in the fourth quarter 2025, mainly due to lower planned and unplanned maintenance activities in the first quarter 2026.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Page 6
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
RENEWABLES AND ENERGY SOLUTIONS
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
Reference
527
(98)
(247)
Income/(loss) for the period
179
(229)
(205)
Of which: Identified items
A.
348
131
(42)
Adjusted Earnings
A.
548
329
111
Adjusted EBITDA
A.
2,937
(405)
367
Cash flow from operating activities
A.
404
391
403
Cash capital expenditure
C.
72
72
76
External power sales (terawatt hours)1
197
160
184
Sales of pipeline gas to end-use customers (terawatt hours)2
1.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.
2.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 encompasses renewable power generation, marketing, trading, and optimisation of power and pipeline gas. It also includes hydrogen production, commercial carbon capture and storage (CCS) hubs and carbon credits. The business invests in nature-based projects that compensate for 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 fourth quarter 2025, reflected higher margins (increase of $225 million), mainly due to higher trading and optimisation margins.
Most Renewables and Energy Solutions activities were loss-making in the first quarter 2026, these were more than offset by positive Adjusted Earnings from trading and optimisation and energy marketing.
Identified items in the first quarter 2026 included favourable movements of $189 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. These favourable movements compare with the fourth quarter 2025 which included net impairment charges of $156 million.
Adjusted EBITDA was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2026 was primarily driven by net cash inflows related to derivatives of $2,358 million and Adjusted EBITDA.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Page 7
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
CORPORATE
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
Reference
(937)
(550)
(483)
Income/(loss) for the period
(29)
18
(26)
Of which: Identified items
A.
(908)
(567)
(457)
Adjusted Earnings
A.
(164)
(313)
(261)
Adjusted EBITDA
A.
(451)
(100)
(531)
Cash flow from operating activities
A.
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 segment 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 fourth quarter 2025, reflected unfavourable net interest movements ($287 million) and unfavourable tax movements ($176 million), partly offset by lower operating expenses (decrease of $80 million) and favourable foreign exchange rate effects ($42 million).
Adjusted EBITDA was mainly driven by lower operating expenses and favourable foreign exchange rate effects.
Cash flow from operating activities for the first quarter 2026 was primarily driven by working capital outflows of $287 million and Adjusted EBITDA.
1.All earnings amounts are shown post-tax, unless stated otherwise.
Page 8
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
OUTLOOK FOR THE SECOND QUARTER 2026
Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $24 - $26 billion, including ~$4 billion related to the acquisition of ARC Resources Ltd.
Integrated Gas production is expected to be approximately 580 - 640 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4 million tonnes. Second quarter 2026 outlook reflects impact of Middle East conflict including Qatar and higher planned maintenance across the portfolio.
Upstream production is expected to be approximately 1,620 - 1,820 thousand boe/d. Second quarter 2026 outlook reflects higher planned maintenance across the portfolio.
Marketing sales volumes are expected to be approximately 2,500 - 2,700 thousand b/d.
Refinery utilisation is expected to be approximately 91% - 99%. Chemicals manufacturing plant utilisation is expected to be approximately 76% - 84%.
Corporate Adjusted Earnings1 were a net expense of $908 million for the first quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the second quarter 2026.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure please see Reference A.
FORTHCOMING EVENTS
Date
Event
May 19, 2026
Annual General Meeting
July 30, 2026
Second quarter 2026 results and dividends
October 29, 2026
Third quarter 2026 results and dividends
Page 9
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
69,691
64,093
69,234
Revenue1
(93)
(215)
615
Share of profit/(loss) of joint ventures and associates
535
2,848
302
Interest and other income/(expenses)2
70,133
66,725
70,152
Total revenue and other income/(expenses)
44,775
42,102
45,849
Purchases
5,745
5,830
5,549
Production and manufacturing expenses
2,803
3,432
2,840
Selling, distribution and administrative expenses
167
298
185
Research and development
98
391
210
Exploration
5,743
6,581
5,441
Depreciation, depletion and amortisation2
1,473
1,193
1,120
Interest expense
60,805
59,827
61,194
Total expenditure
9,328
6,898
8,959
Income/(loss) before taxation
3,570
2,718
4,083
Taxation charge/(credit)2
5,758
4,180
4,875
Income/(loss) for the period
64
46
95
Income/(loss) attributable to non-controlling interest
5,694
4,134
4,780
Income/(loss) attributable to Shell plc shareholders
1.01
0.72
0.79
Basic earnings per share ($)3
1.00
0.71
0.79
Diluted earnings per share ($)3
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".
Page 10
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
5,758
4,180
4,875
Income/(loss) for the period
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
(820)
348
1,711
– Currency translation differences1
2
—
6
– Debt instruments remeasurements
2
22
(25)
– Cash flow hedging gains/(losses)
(3)
16
—
– Net investment hedging gains/(losses)
9
(6)
(42)
– Deferred cost of hedging
(11)
(3)
74
– Share of other comprehensive income/(loss) of joint ventures and associates
(821)
377
1,723
Total
Items that are not reclassified to income in later periods:
191
7
306
– Retirement benefits remeasurements
8
14
(16)
– Equity instruments remeasurements
—
25
(36)
– Share of other comprehensive income/(loss) of joint ventures and associates
199
46
254
Total
(621)
423
1,977
Other comprehensive income/(loss) for the period
5,137
4,603
6,852
Comprehensive income/(loss) for the period
96
110
105
Comprehensive income/(loss) attributable to non-controlling interest
5,041
4,493
6,748
Comprehensive income/(loss) attributable to Shell plc shareholders
1. See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".
Page 11
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
March 31, 2026
December 31, 2025
Assets
Non-current assets
Goodwill
15,189
15,662
Other intangible assets
10,873
11,010
Property, plant and equipment
185,708
185,077
Joint ventures and associates
27,579
27,775
Investments in securities
1,554
1,557
Deferred tax
7,474
8,173
Retirement benefits
5,192
5,052
Trade and other receivables
7,294
8,252
Derivative financial instruments1
573
619
261,436
263,177
Current assets
Inventories
28,700
22,216
Trade and other receivables
53,891
44,597
Derivative financial instruments1
11,086
9,114
Cash and cash equivalents
23,117
30,216
116,795
106,143
Assets classified as held for sale2
2,367
1,030
119,162
107,173
Total assets
380,598
370,350
Liabilities
Non-current liabilities
Debt2
65,585
66,515
Trade and other payables
5,119
4,463
Derivative financial instruments1
1,161
1,108
Deferred tax
11,884
11,983
Retirement benefits
6,876
7,136
Decommissioning and other provisions
21,899
21,411
112,524
112,616
Current liabilities
Debt2
10,060
9,128
Trade and other payables
64,288
57,770
Derivative financial instruments1
10,324
5,664
Income taxes payable
3,883
3,149
Decommissioning and other provisions
3,963
5,884
92,518
81,595
Liabilities directly associated with assets classified as held for sale2
955
820
93,473
82,415
Total liabilities
205,998
195,031
Equity attributable to Shell plc shareholders
173,583
174,392
Non-controlling interest
1,018
927
Total equity
174,601
175,319
Total liabilities and equity
380,598
370,350
1. See Note 6 "Derivative financial instruments and debt excluding lease liabilities".
2. See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".
Page 12
SHELL PLC1st QUARTER 2026 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, 2026
477
(847)
21,234
153,528
174,392
927
175,319
Comprehensive income/(loss) for the period
—
—
(653)
5,694
5,041
96
5,137
Transfer from other comprehensive income
—
—
(27)
27
—
—
—
Dividends³
—
—
—
(2,100)
(2,100)
(9)
(2,109)
Repurchases of shares4
(7)
—
7
(3,515)
(3,515)
—
(3,515)
Share-based compensation
—
615
(667)
(231)
(283)
—
(283)
Other changes
—
—
—
48
48
3
51
At March 31, 2026
471
(231)
19,893
153,451
173,583
1,018
174,601
At January 1, 2025
510
(803)
19,766
158,834
178,307
1,861
180,168
Comprehensive income/(loss) for the period
—
—
1,967
4,780
6,748
105
6,852
Transfer from other comprehensive income
—
—
11
(11)
—
—
—
Dividends³
—
—
—
(2,179)
(2,179)
(86)
(2,265)
Repurchases of shares4
(8)
—
8
(3,513)
(3,513)
—
(3,513)
Share-based compensation
—
500
(663)
(405)
(567)
—
(567)
Other changes
—
—
—
23
22
(24)
(2)
At March 31, 2025
502
(304)
21,090
157,527
178,813
1,856
180,670
1. See Note 4 "Share capital".
2. See Note 5 "Other reserves".
3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.
4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.
Page 13
SHELL PLC1st QUARTER 2026 UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters
$ million
Q1 2026
Q4 2025
Q1 2025
9,328
6,898
8,959
Income before taxation for the period
Adjustment for:
1,102
741
636
– Interest expense (net)
5,743
6,581
5,441
