REG-Shell Plc 3rd Quarter Results Unaudited Results
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SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
SUMMARY OF UNAUDITED RESULTS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %¹ Reference 2025 2024 %
5,322 3,601 4,291 +48 Income/(loss) attributable to Shell plc shareholders 13,703 15,166 -10
5,432 4,264 6,028 +27 Adjusted Earnings A 15,273 20,055 -24
14,773 13,313 16,005 +11 Adjusted EBITDA A 43,336 51,523 -16
12,207 11,937 14,684 +2 Cash 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 flow G 21,803 30,799
4,907 5,817 4,950 Cash capital expenditure C 14,899 14,161
9,275 8,265 9,570 +12 Operating expenses F 26,115 27,517 -5
8,998 8,145 8,864 +10 Underlying operating expenses F 25,596 26,569 -4
9.4% 9.4% 12.8% ROACE D 9.4% 12.8%
73,977 75,675 76,613 Total debt E 73,977 76,613
41,204 43,216 35,234 Net debt E 41,204 35,234
18.8% 19.1% 15.7% Gearing E 18.8% 15.7%
2,821 2,682 2,801 +5 Oil and gas production available for sale (thousand boe/d) 2,781 2,843 -2
0.91 0.61 0.69 +49 Basic earnings per share ($) 2.31 2.39 -3
0.93 0.72 0.96 +29 Adjusted Earnings per share ($) B 2.57 3.16 -19
0.3580 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 PLC 3rd QUARTER 2025 UNAUDITED RESULTS
billion of share buybacks announced in the second quarter 2025 results
announcement. Today, Shell announces a share buyback programme of $3.5 billion
which is expected to be completed by the fourth quarter 2025 results
announcement.
Nine Months Analysis1
Income attributable to Shell plc shareholders, compared with the first nine
months 2024, reflected lower realised liquids and LNG prices, lower trading
and optimisation margins, and lower chemicals and refining margins, partly
offset by favourable tax movements and lower operating expenses.
First nine months 2025 income attributable to Shell plc shareholders also
included impairment charges and gains on disposal of assets, a charge related
to the UK Energy Profits Levy and favourable movements due to the fair value
accounting of commodity derivatives. These items are included in identified
items amounting to a net loss of $1.2 billion. This compares with identified
items in the first nine months 2024 which amounted to a net loss of
$4.6 billion.
Adjusted Earnings and Adjusted EBITDA2 for the first nine months 2025 were
driven by the same factors as income attributable to Shell plc shareholders
and adjusted for identified items and the cost of supplies adjustment of $0.3
billion.
Cash flow from operating activities for the first nine months 2025 was $33.4
billion, and primarily driven by Adjusted EBITDA. This inflow was partly
offset by tax payments of $9.0 billion and working capital outflows of $3.1
billion.
Cash flow from investing activities for the first nine months 2025 was an
outflow of $11.6 billion and included cash capital expenditure of $14.9
billion. This outflow was partly offset by divestment proceeds of $2.3 billion
and interest received of $1.5 billion.
This Unaudited Condensed Interim Financial Report, together with supplementary
financial and operational disclosure for this quarter, is available at
www.shell.com/investors 4.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation, exploration well write-offs and
depreciation, depletion and amortisation (DD&A) expenses.
3.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim
Financial Statements” for further details.
4.Not incorporated by reference.
PORTFOLIO DEVELOPMENTS
Upstream
In October 2025, we announced, together with Sunlink Energies and Resources
Limited, a final investment decision (FID) on the HI gas project offshore
Nigeria (Shell interest 40%).
Marketing
In September 2025, we announced the decision not to restart the construction
of the planned biofuels facility at the Shell Energy and Chemicals Park in
Rotterdam, which was paused in 2024. Following an in-depth commercial and
technical evaluation to reassess the project's competitiveness, Shell will no
longer proceed with the project.
Chemicals and Products
In July 2025, we completed the previously announced sale of our 16.125%
interest in Colonial Enterprises, Inc. to Colossus Acquire Co LLC.
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SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %¹ Reference 2025 2024 %
2,355 1,838 2,631 +28 Income/(loss) for the period 6,982 7,846 -11
212 101 (240) Of which: Identified items A 619 (1,379)
2,143 1,737 2,871 +23 Adjusted Earnings A 6,363 9,225 -31
4,257 3,875 5,234 +10 Adjusted EBITDA A 12,867 16,410 -22
3,038 3,629 3,623 -16 Cash flow from operating activities A 10,129 12,518 -19
1,169 1,196 1,236 Cash capital expenditure C 3,482 3,429
130 129 136 — Liquids production available for sale (thousand b/d) 128 137 -6
4,667 4,545 4,669 +3 Natural gas production available for sale (million scf/d) 4,619 4,835 -4
934 913 941 +2 Total production available for sale (thousand boe/d) 925 971 -5
7.29 6.72 7.50 +8 LNG liquefaction volumes (million tonnes) 20.61 22.03 -6
18.88 17.77 17.04 +6 LNG 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,
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SHELL PLC 3rd 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.
Page 4
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
UPSTREAM
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %¹ Reference 2025 2024 %
1,707 2,008 2,289 -15 Income/(loss) for the period 5,795 6,741 -14
(97) 276 (153) Of which: Identified items A (78) 28
1,804 1,732 2,443 +4 Adjusted Earnings A 5,873 6,712 -13
6,557 6,638 7,871 -1 Adjusted EBITDA A 20,582 23,588 -13
4,841 6,500 5,268 -26 Cash flow from operating activities A 15,286 16,734 -9
1,885 2,826 1,974 Cash capital expenditure C 6,634 5,813
1,399 1,334 1,321 +5 Liquids production available for sale (thousand b/d) 1,356 1,316 +3
2,513 2,310 2,844 +9 Natural gas production available for sale (million scf/d) 2,613 2,933 -11
1,832 1,732 1,811 +6 Total 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.
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SHELL PLC 3rd 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".
Page 6
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
MARKETING
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %¹ Reference 2025 2024 %
576 766 507 -25 Income/(loss) for the period 2,155 1,606 +34
(759) (354) (422) Of which: Identified items A (1,161) (1,255)
1,316 1,199 1,182 +10 Adjusted Earnings A 3,416 3,046 +12
2,340 2,181 2,081 +7 Adjusted EBITDA A 6,389 5,767 +11
1,788 2,718 2,722 -34 Cash flow from operating activities A 6,414 5,999 +7
489 429 525 Cash capital expenditure C 1,173 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/
Page 7
SHELL PLC 3rd 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.
Page 8
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
CHEMICALS AND PRODUCTS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %¹ Reference 2025 2024 %
1,074 (174) 91 +716 Income/(loss) for the period 822 1,946 -58
564 (51) (122) Of which: Identified items A (67) (1,078)
550 118 463 +366 Adjusted Earnings A 1,117 3,163 -65
1,667 864 1,240 +93 Adjusted EBITDA A 3,941 6,308 -38
2,088 1,372 3,321 +52 Cash flow from operating activities A 3,591 5,221 -31
813 775 761 Cash capital expenditure C 2,046 1,898
1,176 1,156 1,305 +2 Refinery processing intake (thousand b/d) 1,230 1,388 -11
2,147 2,164 3,015 -1 Chemicals 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
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SHELL PLC 3rd 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.
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SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
RENEWABLES AND ENERGY SOLUTIONS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 %¹ Reference 2025 2024 %
110 (254) (481) +143 Income/(loss) for the period (391) (3) -12,477
18 (245) (319) Of which: Identified items A (432) 183
92 (9) (162) +1,092 Adjusted Earnings A 41 (186) +122
223 102 (75) +118 Adjusted EBITDA A 436 101 +333
660 1 (364) +60,737 Cash flow from operating activities A 1,028 2,948 -65
517 555 409 Cash capital expenditure C 1,475 1,272
72 70 79 +4 External power sales (terawatt hours)2 218 230 -5
150 132 148 +14 Sales 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
Page 11
SHELL PLC 3rd 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 months
Q3 2025 Q2 2025 Q3 2024 %¹ 2025 2024 %
Renewable power generation capacity (gigawatt):
3.8 3.9 3.4 -1 – In operation2 3.8 3.4 +13
2.6 3.8 3.9 -32 – Under 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.
Page 12
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
CORPORATE
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 Reference 2025 2024
(402) (539) (647) Income/(loss) for the period (1,424) (2,656)
(20) (77) (3) Of which: Identified items A (122) (1,069)
(383) (463) (643) Adjusted Earnings A (1,302) (1,588)
(272) (346) (346) Adjusted EBITDA A (879) (650)
(208) (2,283) 115 Cash flow from operating activities A (3,022) (1,898)
The Corporate segment covers the non-operating activities supporting Shell. It
comprises Shell’s holdings and treasury organisation, headquarters and
central functions, self-insurance activities and centrally managed longer-term
innovation portfolio. All finance expense, income and related taxes are
included in Corporate Adjusted Earnings rather than in the earnings of
business segments.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes identified items.
Adjusted Earnings, compared with the second quarter 2025, reflected favourable
tax movements and currency exchange rate effects, partly offset by
unfavourable net interest movements and higher operating expenses.
Adjusted EBITDA2 was mainly driven by favourable currency exchange rate
effects partly offset by higher operating expenses.
Cash flow from operating activities for the third quarter 2025 was primarily
driven by Adjusted EBITDA.
Nine Months Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes identified items.
Adjusted Earnings, compared with the first nine months 2024, were primarily
driven by favourable tax movements, partly offset by unfavourable net interest
movements, currency exchange rate effects and operating expenses.
Identified items in the first nine months 2024 included reclassifications
from equity to profit and loss of cumulative currency translation differences
related to funding structures resulting in unfavourable movements of $1,122
million. These currency translation differences were previously recognised in
other comprehensive income and accumulated in equity as part of accumulated
other comprehensive income.
Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate
effects and operating expenses.
Cash flow from operating activities for the first nine months 2025 was
primarily driven by working capital outflows of $1,809 million, which included
a reduction in joint venture deposits, as well as Adjusted EBITDA and tax
payments of $464 million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation and DD&A expenses.
Page 13
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
OUTLOOK FOR THE FOURTH QUARTER 2025
Full year 2024 cash capital expenditure was $21 billion. Our cash capital
expenditure range for the full year 2025 is expected to be within $20 - $22
billion.
Integrated Gas production is expected to be approximately 920 - 980 thousand
boe/d. LNG liquefaction volumes are expected to be approximately 7.4 - 8.0
million tonnes.
Upstream production is expected to be approximately 1,770 - 1,970 thousand
boe/d.
Marketing sales volumes are expected to be approximately 2,500 - 3,000
thousand b/d.
Refinery utilisation is expected to be approximately 87% - 95%. Chemicals
manufacturing plant utilisation is expected to be approximately 71% - 79%.
Corporate Adjusted Earnings1 were a net expense of $383 million for the
third quarter 2025. Corporate Adjusted Earnings are expected to be a net
expense of approximately $600 - $800 million in the fourth quarter 2025.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure
see Reference A.
FORTHCOMING EVENTS
Date Event
February 5, 2026 Fourth quarter 2025 results and dividends
March 12, 2026 Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2025
May 7, 2026 First quarter 2026 results and dividends
July 30, 2026 Second quarter 2026 results and dividends
October 29, 2026 Third quarter 2026 results and dividends
Page 14
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
68,153 65,406 71,089 Revenue1 202,793 218,031
507 712 933 Share of profit/(loss) of joint ventures and associates 1,834 3,150
1,751 326 440 Interest and other income/(expenses)2 2,379 1,042
70,410 66,443 72,462 Total revenue and other income/(expenses) 207,006 222,222
45,145 44,099 48,225 Purchases 135,093 144,509
5,609 4,909 6,138 Production and manufacturing expenses 16,068 17,541
3,258 3,077 3,139 Selling, distribution and administrative expenses 9,175 9,208
409 278 294 Research and development 872 768
175 360 305 Exploration 745 1,551
6,607 6,670 5,916 Depreciation, depletion and amortisation2 18,718 19,352
1,284 1,075 1,174 Interest expense 3,478 3,573
62,486 60,468 65,190 Total expenditure 184,148 196,502
7,924 5,975 7,270 Income/(loss) before taxation 22,858 25,717
2,504 2,332 2,879 Taxation charge/(credit)2 8,918 10,237
5,420 3,644 4,391 Income/(loss) for the period 13,940 15,480
98 43 100 Income/(loss) attributable to non-controlling interest 236 314
5,322 3,601 4,291 Income/(loss) attributable to Shell plc shareholders 13,703 15,166
0.91 0.61 0.69 Basic earnings per share ($)3 2.31 2.39
0.90 0.60 0.68 Diluted earnings per share ($)3 2.28 2.36
1.See Note 2 “Segment information”.
2.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim
Financial Statements”.
3.See Note 3 “Earnings per share”.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
5,420 3,644 4,391 Income/(loss) for the period 13,940 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 differences1 5,569 1,651
10 7 35 – Debt instruments remeasurements 23 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 associates 169 (27)
(351) 4,143 2,940 Total 5,515 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 period 1,238 2,857
411 7,914 7,777 Comprehensive income/(loss) for the period 15,178 18,337
140 122 177 Comprehensive income/(loss) attributable to non-controlling interest 366 357
271 7,792 7,600 Comprehensive income/(loss) attributable to Shell plc shareholders 14,811 17,981
1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim
Financial Statements”.
Page 15
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
September 30, 2025 December 31, 2024
Assets
Non-current assets
Goodwill 16,034 16,032
Other intangible assets 9,546 9,480
Property, plant and equipment 183,907 185,219
Joint ventures and associates 23,729 23,445
Investments in securities 1,592 2,255
Deferred tax1 8,088 6,857
Retirement benefits1 5,527 10,003
Trade and other receivables 7,472 6,018
Derivative financial instruments2 665 374
256,562 259,683
Current assets
Inventories 22,913 23,426
Trade and other receivables 45,287 45,860
Derivative financial instruments2 9,103 9,673
Cash and cash equivalents 33,053 39,110
110,357 118,069
Assets classified as held for sale1 10,819 9,857
121,176 127,926
Total assets 377,738 387,609
Liabilities
Non-current liabilities
Debt 63,955 65,448
Trade and other payables 4,671 3,290
Derivative financial instruments2 885 2,185
Deferred tax1 11,955 13,505
Retirement benefits1 7,632 6,752
Decommissioning and other provisions 21,197 21,227
110,296 112,407
Current liabilities
Debt 10,022 11,630
Trade and other payables 56,816 60,693
Derivative financial instruments2 5,924 7,391
Income taxes payable 3,447 4,648
Decommissioning and other provisions 5,657 4,469
81,865 88,831
Liabilities directly associated with assets classified as held for sale1 7,755 6,203
89,620 95,034
Total liabilities 199,916 207,441
Equity attributable to Shell plc shareholders 175,823 178,307
Non-controlling interest 1,999 1,861
Total equity 177,822 180,168
Total liabilities and equity 377,738 387,609
1. See Note 7 “Other notes to the unaudited Condensed Consolidated
Interim Financial Statements”.
2. .See Note 6 “Derivative financial instruments and debt excluding lease
liabilities”.
Page 16
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
$ million Share capital 1 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 — — 1,108 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, 2025 485 (444) 20,625 155,157 175,823 1,999 177,822
At January 1, 2024 544 (997) 21,145 165,915 186,607 1,755 188,362
Comprehensive income/(loss) for the period — — 2,815 15,166 17,981 357 18,337
Transfer from other comprehensive income — — 166 (166) — — —
Dividends3 — — — (6,556) (6,556) (242) (6,798)
Repurchases of shares4 (25) — 25 (10,536) (10,536) — (10,536)
Share-based compensation — 542 (24) (400) 119 — 119
Other changes — — — 60 60 (5) 55
At September 30, 2024 519 (456) 24,127 163,482 187,673 1,865 189,538
1. See Note 4 “Share capital”.
2. See Note 5 “Other reserves”.
3. The amount charged to retained earnings is based on prevailing
exchange rates on payment date.
4. Includes shares committed to repurchase under an irrevocable
contract and repurchases subject to settlement at the end of the quarter.
Page 17
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
7,924 5,975 7,270 Income before taxation for the period 22,858 25,717
Adjustment for:
822 515 554 – Interest expense (net) 1,973 1,749
6,607 6,670 5,916 – Depreciation, depletion and amortisation1 18,718 19,352
49 206 150 – Exploration well write-offs 283 973
(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 associates 3,584 2,390
352 (27) 2,705 – (Increase)/decrease in inventories 1,178 1,143
569 3,635 4,057 – (Increase)/decrease in current receivables 1,594 5,827
(949) (3,994) (4,096) – Increase/(decrease) in current payables (5,850) (7,314)
(153) 626 735 – Derivative financial instruments 229 2,373
(61) (17) 125 – Retirement benefits (179) (267)
515 (425) 359 – Decommissioning and other provisions (391) (572)
74 684 (144) – Other 1,328 2,392
(2,668) (3,432) (3,028) Tax paid (8,999) (9,092)
12,207 11,937 14,684 Cash flow from operating activities 33,425 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 businesses 1,249 1,128
1,023 1 94 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 1,057 284
2 19 6 Proceeds from sale of equity securities 27 576
468 508 593 Interest received 1,484 1,818
903 360 1,074 Other investing cash inflows1 1,768 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 borrowings 495 377
(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 instruments 1,161 239
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 equivalents 902 224
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 period 39,110 38,774
33,053 32,682 42,252 Cash and cash equivalents at end of period 33,053 42,252
1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim
Financial Statements”.
Page 18
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
These unaudited Condensed Consolidated Interim Financial Statements of Shell
plc (“the Company”) and its subsidiaries (collectively referred to as
“Shell”) have been prepared in accordance with IAS 34 Interim Financial
Reporting as issued by the International Accounting Standards Board ("IASB")
and adopted by the UK, and on the basis of the same accounting principles as
those used in the Company's Annual Report and Accounts (pages 240 to 312) for
the year ended December 31, 2024, as filed with the Registrar of Companies for
England and Wales and as filed with the Autoriteit Financiële Markten (the
Netherlands) and Amendment No. 1 to Form 20-F ("Form 20-F/A") (pages 10 to 83)
for the year ended December 31, 2024, as filed with the US Securities and
Exchange Commission, and should be read in conjunction with these filings.
The financial information presented in the unaudited Condensed Consolidated
Interim Financial Statements does not constitute statutory accounts within the
meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory
accounts for the year ended December 31, 2024, were published in Shell's
Annual Report and Accounts, a copy of which was delivered to the Registrar of
Companies for England and Wales. The auditor's report on those accounts was
unqualified, did not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying the report and did not
contain a statement under sections 498(2) or 498(3) of the Act.
Key accounting considerations, significant judgements and estimates
Future commodity price assumptions, which represent a significant estimate,
were changed in the second quarter 2025 (See Note 7). These remained unchanged
in the third quarter 2025. Noting continued volatility in markets, price
assumptions remain under review.
The discount rates applied for impairment testing and the discount rate
applied to provisions are reviewed on a regular basis. Both discount rates
applied in the first nine months 2025 remain unchanged compared with 2024.
2. Segment information
With effect from January 1, 2025, segment earnings are presented on an
Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure
used by the Chief Executive Officer, who serves as the Chief Operating
Decision Maker, for the purposes of making decisions about allocating
resources and assessing performance. This aligns with Shell's focus on
performance, discipline and simplification.
The Adjusted Earnings measure is presented on a current cost of supplies (CCS)
basis and aims to facilitate a comparative understanding of Shell's financial
performance from period to period by removing the effects of oil price changes
on inventory carrying amounts and removing the effects of identified items.
Identified items are in some cases driven by external factors and may, either
individually or collectively, hinder the comparative understanding of Shell's
financial results from period to period.
The segment earnings measure used until December 31, 2024 was CCS earnings.
The difference between CCS earnings and Adjusted Earnings are the identified
items. Comparative periods are presented below on an Adjusted Earnings basis.
ADJUSTED EARNINGS BY SEGMENT
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 5,322
Income/(loss) attributable to non-controlling interest 98
Income/(loss) for the period 2,355 1,707 576 1,074 110 (402) 5,420
Add: Current cost of supplies adjustment before taxation (25) 53 28
Add: Tax on current cost of supplies adjustment 6 (12) (6)
Less: Identified items before taxation 215 (60) (988) 720 (8) (13) (133)
Less: Tax on identified items (2) (37) 230 (156) 26 (7) 53
Adjusted Earnings 2,143 1,804 1,316 550 92 (383) 5,523
Adjusted Earnings attributable to Shell plc shareholders 5,432
Adjusted Earnings attributable to non-controlling interest 91
Page 19
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Q2 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 3,601
Income/(loss) attributable to non-controlling interest 43
Income/(loss) for the period 1,838 2,008 766 (174) (254) (539) 3,644
Add: Current cost of supplies adjustment before taxation 104 333 436
Add: Tax on current cost of supplies adjustment (24) (91) (115)
Less: Identified items before taxation (102) 271 (460) (64) (300) (63) (717)
Less: Tax on identified items 203 5 106 13 55 (14) 369
Adjusted Earnings 1,737 1,732 1,199 118 (9) (463) 4,314
Adjusted Earnings attributable to Shell plc shareholders 4,264
Adjusted Earnings attributable to non-controlling interest 50
Q3 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 4,291
Income/(loss) attributable to non-controlling interest 100
Income/(loss) for the period 2,631 2,289 507 91 (481) (647) 4,391
Add: Current cost of supplies adjustment before taxation 334 331 665
Add: Tax on current cost of supplies adjustment (81) (81) (162)
Less: Identified items before taxation (327) (348) (526) (165) (430) 7 (1,789)
Less: Tax on identified items 87 195 104 43 111 (10) 530
Adjusted Earnings 2,871 2,443 1,182 463 (162) (643) 6,153
Adjusted Earnings attributable to Shell plc shareholders 6,028
Adjusted Earnings attributable to non-controlling interest 126
Nine months 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 13,703
Income/(loss) attributable to non-controlling interest 236
Income/(loss) for the period 6,982 5,795 2,155 822 (391) (1,424) 13,940
Add: Current cost of supplies adjustment before taxation 131 318 449
Add: Tax on current cost of supplies adjustment (32) (91) (122)
Less: Identified items before taxation 461 332 (1,493) (22) (567) (72) (1,361)
Less: Tax on identified items 158 (410) 332 (45) 135 (50) 120
Adjusted Earnings 6,363 5,873 3,416 1,117 41 (1,302) 15,507
Adjusted Earnings attributable to Shell plc shareholders 15,273
Adjusted Earnings attributable to non-controlling interest 235
Page 20
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Nine months 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Income/(loss) attributable to Shell plc shareholders 15,166
Income/(loss) attributable to non-controlling interest 314
Income/(loss) for the period 7,846 6,741 1,606 1,946 (3) (2,656) 15,480
Add: Current cost of supplies adjustment before taxation 256 182 438
Add: Tax on current cost of supplies adjustment (70) (44) (114)
Less: Identified items before taxation (1,663) (609) (1,649) (1,073) 238 (1,104) (5,859)
Less: Tax on identified items 284 638 394 (5) (55) 35 1,290
Adjusted Earnings 9,225 6,712 3,046 3,163 (186) (1,588) 20,373
Adjusted Earnings attributable to Shell plc shareholders 20,055
Adjusted Earnings attributable to non-controlling interest 318
CASH CAPITAL EXPENDITURE BY SEGMENT
Cash capital expenditure is a measure used by the Chief Executive Officer for
the purposes of making decisions about allocating resources and assessing
performance.
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 1,002 1,947 481 769 325 32 4,557
Add: Investments in joint ventures and associates 167 (62) 8 44 184 2 342
Add: Investments in equity securities — — — — 9 — 8
Cash capital expenditure 1,169 1,885 489 813 517 34 4,907
Q2 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 988 2,774 427 704 468 32 5,393
Add: Investments in joint ventures and associates 209 52 1 71 72 1 406
Add: Investments in equity securities — — — — 16 2 17
Cash capital expenditure 1,196 2,826 429 775 555 36 5,817
Q3 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 1,090 1,998 488 748 327 39 4,690
Add: Investments in joint ventures and associates 147 (37) 37 13 59 3 222
Add: Investments in equity securities — 12 — — 23 3 38
Cash capital expenditure 1,236 1,974 525 761 409 45 4,950
Page 21
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Nine months 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 2,932 6,448 1,160 1,924 1,151 81 13,698
Add: Investments in joint ventures and associates 550 186 13 122 286 5 1,161
Add: Investments in equity securities — — — — 38 2 40
Cash capital expenditure 3,482 6,634 1,173 2,046 1,475 88 14,899
Nine months 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Capital expenditure 2,971 5,533 1,559 1,822 1,124 104 13,114
Add: Investments in joint ventures and associates 457 268 75 76 103 5 983
Add: Investments in equity securities — 12 — — 45 6 63
Cash capital expenditure 3,429 5,813 1,634 1,898 1,272 114 14,161
REVENUE BY SEGMENT
Third-party revenue includes revenue from sources other than from contracts
with customers, which mainly comprises the impact of fair value accounting of
commodity derivatives.
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 9,736 844 29,648 19,418 8,500 6 68,153
Inter-segment 2,397 9,313 1,796 9,774 1,162 — 24,442
Q2 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 9,576 1,193 28,241 18,388 7,996 12 65,406
Inter-segment 2,412 8,502 2,177 8,775 835 — 22,701
Q3 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 9,748 1,605 30,519 22,608 6,599 10 71,089
Inter-segment 2,131 9,618 1,235 9,564 1,131 — 23,679
Nine months 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 28,915 3,546 84,973 59,417 25,913 30 202,793
Inter-segment 7,484 27,669 5,822 26,804 3,161 — 70,940
Page 22
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Nine months 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Revenue:
Third-party 27,996 4,954 92,564 70,926 21,558 33 218,031
Inter-segment 6,691 30,008 3,953 29,725 3,093 — 73,470
Identified items
The objective of identified items is to remove material impacts on net
income/loss arising from transactions which are generally uncontrollable and
unusual (infrequent or non-recurring) in nature or giving rise to a mismatch
between accounting and economic results, or certain transactions that are
generally excluded from underlying results in the industry.
Identified items comprise: divestment gains and losses, impairments and
impairment reversals, redundancy and restructuring, fair value accounting of
commodity derivatives and certain gas contracts that gives rise to a mismatch
between accounting and economic results, the impact of exchange rate movements
and inflationary adjustments on certain deferred tax balances, and other
items.
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) 31 7 26 917 149 — 1,130
Impairment reversals/(impairments) (36) (3) (730) (144) (13) (2) (930)
Redundancy and restructuring (29) (5) (36) (36) (18) (10) (134)
Fair value accounting of commodity derivatives and certain gas contracts1 147 (4) (24) (22) (121) — (23)
Other2 101 (55) (224) 5 (4) — (176)
Total identified items included in Income/(loss) before taxation 215 (60) (988) 720 (8) (13) (133)
Total identified items included in Taxation (charge)/credit (2) (37) 230 (156) 26 (7) 53
Identified items included in Income/(loss) for the period
Divestment gains/(losses) 32 16 32 710 134 — 923
Impairment reversals/(impairments) (32) 6 (579) (107) (11) (2) (724)
Redundancy and restructuring (21) (3) (27) (28) (14) (7) (100)
Fair value accounting of commodity derivatives and certain gas contracts1 129 (1) (26) (14) (87) — —
Impact of exchange rate movements and inflationary adjustments on tax balances3 5 (59) — — — (11) (65)
Other2 99 (55) (159) 4 (4) — (115)
Impact on Income/(loss) for the period 212 (97) (759) 564 18 (20) (81)
Impact on Income/(loss) attributable to non-controlling interest — — — — — — —
Impact on Income/(loss) attributable to Shell plc shareholders 212 (97) (759) 564 18 (20) (81)
1.Fair value accounting of commodity derivatives and certain gas contracts: In
the ordinary course of business, Shell enters into contracts to supply or
purchase oil and gas products, as well as power and environmental products.
Shell also enters into contracts for tolling, pipeline and storage capacity.
Derivative contracts are entered into for mitigation of resulting economic
exposures (generally price exposure) and these derivative contracts are
carried at period-end market price (fair value), with movements in fair value
recognised in income for the period. Supply and purchase contracts entered
into for operational purposes, as well as contracts for tolling, pipeline and
storage capacity, are, by contrast, recognised when the transaction occurs;
furthermore, inventory is carried at historical cost or net realisable value,
whichever is lower. As a consequence, accounting mismatches occur because: (a)
the supply or purchase transaction is recognised in a different period; or (b)
the inventory is measured on a different basis. In addition, certain contracts
are, due to pricing or delivery conditions, deemed to contain embedded
derivatives or written options and are also required to be carried at fair
value even though they are entered into for operational purposes. The
accounting impacts are reported as identified items.
2.Other identified items represent other credits or charges that based on
Shell management's assessment hinder the comparative understanding of Shell's
financial results from period to period.
3.Impact of exchange rate movements and inflationary adjustments on tax
balances represents the impact on tax balances of exchange rate movements and
inflationary adjustments arising on: (a) the conversion to dollars of the
local currency tax base of non-monetary assets and liabilities, as well as
recognised tax losses (this primarily impacts the Integrated Gas and Upstream
segments); and (b) the conversion of dollar-denominated inter-segment loans to
local currency, leading to taxable exchange rate gains or losses (this
primarily impacts the Corporate segment).
Page 23
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Q2 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) 63 344 (56) (9) 119 (4) 457
Impairment reversals/(impairments) (672) (3) (370) (78) (138) — (1,261)
Redundancy and restructuring (7) (6) (57) (37) (1) (12) (119)
Fair value accounting of commodity derivatives and certain gas contracts1 514 1 23 61 (280) — 319
Other1 — (65) — (1) — (47) (113)
Total identified items included in Income/(loss) before taxation (102) 271 (460) (64) (300) (63) (717)
Total identified items included in Taxation (charge)/credit 203 5 106 13 55 (14) 369
Identified items included in Income/(loss) for the period
Divestment gains/(losses) 54 350 (44) (7) 108 (3) 458
Impairment reversals/(impairments) (423) (2) (285) (62) (136) — (908)
Redundancy and restructuring (4) (2) (44) (29) — (8) (88)
Fair value accounting of commodity derivatives and certain gas contracts1 454 — 19 49 (217) — 307
Impact of exchange rate movements and inflationary adjustments on tax balances1 20 22 — — — (19) 23
Other1 — (92) — (1) — (47) (139)
Impact on Income/(loss) for the period 101 276 (354) (51) (245) (77) (348)
Impact on Income/(loss) attributable to non-controlling interest — — — — — — —
Impact on Income/(loss) attributable to Shell plc shareholders 101 276 (354) (51) (245) (77) (348)
1.For a detailed description, see the corresponding footnotes to the Q3 2025
identified items table above.
Q3 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) 1 (2) (110) (19) (20) (3) (154)
Impairment reversals/(impairments) (6) (3) (195) (120) (14) — (338)
Redundancy and restructuring (69) (189) (136) (141) (26) 10 (552)
Fair value accounting of commodity derivatives and certain gas contracts1 (252) (13) (78) 126 (385) — (602)
Other1 — (141) (8) (11) 16 — (143)
Total identified items included in Income/(loss) before taxation (327) (348) (526) (165) (430) 7 (1,789)
Total identified items included in Taxation (charge)/credit 87 195 104 43 111 (10) 530
Identified items included in Income/(loss) for the period
Divestment gains/(losses) 1 (6) (84) (15) (23) (2) (129)
Impairment reversals/(impairments) (4) (2) (179) (92) (10) — (288)
Redundancy and restructuring (48) (138) (98) (101) (19) 7 (397)
Fair value accounting of commodity derivatives and certain gas contracts1 (213) (3) (56) 95 (279) — (456)
Impact of exchange rate movements and inflationary adjustments on tax balances1 24 104 — — — (8) 120
Other1 — (108) (6) (8) 12 — (110)
Impact on Income/(loss) for the period (240) (153) (422) (122) (319) (3) (1,259)
Impact on Income/(loss) attributable to non-controlling interest — — — — — — —
Impact on Income/(loss) attributable to Shell plc shareholders (240) (153) (422) (122) (319) (3) (1,259)
1.For a detailed description, see the corresponding footnotes to the Q3 2025
identified items table above.
Page 24
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Nine months 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) 94 505 (87) 893 81 (4) 1,481
Impairment reversals/(impairments) (708) (27) (1,090) (515) (189) (2) (2,532)
Redundancy and restructuring (37) (26) (103) (85) (28) (19) (298)
Fair value accounting of commodity derivatives and certain gas contracts1 1,081 (4) 11 (218) (381) — 489
Other1 32 (116) (224) (97) (50) (47) (501)
Total identified items included in Income/(loss) before taxation 461 332 (1,493) (22) (567) (72) (1,361)
Total identified items included in Taxation (charge)/credit 158 (410) 332 (45) 135 (50) 120
Identified items included in Income/(loss) for the period
Divestment gains/(losses) 85 373 (73) 691 99 (3) 1,173
Impairment reversals/(impairments) (455) (11) (857) (447) (177) (2) (1,949)
Redundancy and restructuring (26) (10) (72) (70) (21) (13) (212)
Fair value accounting of commodity derivatives and certain gas contracts1 946 (1) 1 (168) (284) — 494
Impact of exchange rate movements and inflationary adjustments on tax balances1 29 95 — — — (58) 66
Other1 40 (524) (159) (74) (49) (47) (812)
Impact on Income/(loss) for the period 619 (78) (1,161) (67) (432) (122) (1,240)
Impact on Income/(loss) attributable to non-controlling interest — — — — — — —
Impact on Income/(loss) attributable to Shell plc shareholders 619 (78) (1,161) (67) (432) (122) (1,240)
1.For a detailed description, see the corresponding footnotes to the Q3 2025
identified items table above.
Nine months 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses) — 155 (185) (35) 68 (3) —
Impairment reversals/(impairments) (32) (179) (1,254) (917) (116) — (2,498)
Redundancy and restructuring (79) (258) (226) (190) (86) 3 (837)
Fair value accounting of commodity derivatives and certain gas contracts1 (1,421) (44) (9) (79) 332 — (1,221)
Other1,2 (129) (284) 25 148 39 (1,103) (1,304)
Total identified items included in Income/(loss) before taxation (1,663) (609) (1,649) (1,073) 238 (1,104) (5,859)
Total identified items included in Taxation (charge)/credit 284 638 394 (5) (55) 35 1,290
Identified items included in Income/(loss) for the period
Divestment gains/(losses) — 118 (140) (28) 54 (2) 2
Impairment reversals/(impairments) (24) (171) (965) (952) (89) — (2,201)
Redundancy and restructuring (55) (179) (163) (139) (63) 2 (597)
Fair value accounting of commodity derivatives and certain gas contracts1 (1,198) (11) (6) (69) 250 — (1,032)
Impact of exchange rate movements and inflationary adjustments on tax balances1 8 512 — — — 53 573
Other1,2 (110) (240) 19 110 30 (1,122) (1,313)
Impact on Income/(loss) for the period (1,379) 28 (1,255) (1,078) 183 (1,069) (4,569)
Impact on Income/(loss) attributable to non-controlling interest — — — 18 — — 18
Impact on Income/(loss) attributable to Shell plc shareholders (1,379) 28 (1,255) (1,096) 183 (1,069) (4,587)
Page 25
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
1.For a detailed description, see the corresponding footnotes to the Q3 2025
identified items table above.
2.Corporate includes reclassifications from equity to profit and loss of
cumulative currency translation differences related to funding structures
resulting in unfavourable movements of $1,122 million. These currency
translation differences were previously recognised in other comprehensive
income and accumulated in equity as part of accumulated other comprehensive
income.
The identified items categories above may include after-tax impacts of
identified items of joint ventures and associates which are fully reported
within "Share of profit/(loss) of joint ventures and associates" in the
Consolidated Statement of Income, and fully reported as identified items
included in Income/(loss) before taxation in the table above. Identified items
related to subsidiaries are consolidated and reported across appropriate lines
of the Consolidated Statement of Income.
3. Earnings per share
EARNINGS PER SHARE
Quarters Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
5,322 3,601 4,291 Income/(loss) attributable to Shell plc shareholders ($ 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, 2025 6,115,031,158 510
Repurchases of shares (303,598,711) (25)
At September 30, 2025 5,811,432,447 485
At January 1, 2024 6,524,109,049 544
Repurchases of shares (299,830,201) (25)
At September 30, 2024 6,224,278,848 519
At Shell plc’s Annual General Meeting on May 20, 2025, the Board was
authorised to allot ordinary shares in Shell plc, and to grant rights to
subscribe for, or to convert, any security into ordinary shares in Shell plc,
up to an aggregate nominal amount of approximately €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.
Page 26
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
5. Other reserves
OTHER RESERVES
$ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
At January 1, 2025 37,298 154 270 1,417 (19,373) 19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — 1,108 1,108
Transfer from other comprehensive income — — — — 19 19
Repurchases of shares — — 25 — — 25
Share-based compensation — — — (293) — (293)
At September 30, 2025 37,298 154 296 1,124 (18,246) 20,625
At January 1, 2024 37,298 154 236 1,308 (17,851) 21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — 2,815 2,815
Transfer from other comprehensive income — — — — 166 166
Repurchases of shares — — 25 — — 25
Share-based compensation — — — (24) — (24)
At September 30, 2024 37,298 154 261 1,284 (14,870) 24,127
The merger reserve and share premium reserve were established as a consequence
of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent
company of Royal Dutch Petroleum Company and The “Shell” Transport and
Trading Company, p.l.c., now The Shell Transport and Trading Company Limited,
in 2005. The merger reserve increased in 2016 following the issuance of shares
for the acquisition of BG Group plc. The capital redemption reserve was
established in connection with repurchases of shares of Shell plc. The share
plan reserve is in respect of equity-settled share-based compensation plans.
6. Derivative financial instruments and debt excluding lease liabilities
As disclosed in the Consolidated Financial Statements for the year ended
December 31, 2024, presented in the Annual Report and Accounts and Form 20-F/A
for that year, Shell is exposed to the risks of changes in fair value of its
financial assets and liabilities. The fair values of the financial assets and
liabilities are defined as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Methods and assumptions used to estimate
the fair values at September 30, 2025, are consistent with those used in the
year ended December 31, 2024, though the carrying amounts of derivative
financial instruments have changed since that date. The movement of the
derivative financial instruments between December 31, 2024 and September 30,
2025, is a decrease of $570 million for the current assets and a decrease of
$1,467 million for the current liabilities.
The table below provides the comparison of the fair value with the carrying
amount of debt excluding lease liabilities, disclosed in accordance with IFRS
7 Financial Instruments: Disclosures.
DEBT EXCLUDING LEASE LIABILITIES
$ million September 30, 2025 December 31, 2024
Carrying amount1 45,406 48,376
Fair value2 42,214 44,119
1. Shell issued no debt under the US shelf or under the Euro
medium-term note programmes since November 2021 and September 2020,
respectively. During the third quarter 2025 the Company regained access to its
US shelf programme.
2. Mainly determined from the prices quoted for these securities.
Page 27
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
7. Other notes to the unaudited Condensed Consolidated Interim Financial
Statements
Consolidated Statement of Income
Interest and other income
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
1,751 326 440 Interest and other income/(expenses) 2,379 1,042
Of which:
468 559 619 Interest income 1,508 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 businesses 1,069 —
82 (447) (189) Net foreign exchange gains/(losses) on financing activities (503) (1,292)
117 42 159 Other 245 452
Net gains/(losses) on sales and revaluation of non-current assets and
businesses in the third quarter 2025 principally relates to the sale of
Shell's 16.125% interest in Colonial Enterprises, Inc.
Depreciation, depletion and amortisation
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
6,607 6,670 5,916 Depreciation, depletion and amortisation 18,718 19,352
Of which:
5,823 5,463 5,578 Depreciation 16,417 16,874
787 1,238 340 Impairments 2,336 2,706
(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 $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
2,504 2,332 2,879 Taxation charge/(credit) 8,918 10,237
Of which:
2,397 2,277 2,834 Income tax excluding Pillar Two income tax 8,699 10,026
106 55 45 Income tax related to Pillar Two income tax 220 212
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.
Page 28
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Consolidated Statement of Comprehensive Income
Currency translation differences
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
(268) 4,127 2,947 Currency translation differences 5,569 1,651
Of which:
(234) 4,117 2,912 Recognised in Other comprehensive income 5,501 524
(33) 9 35 (Gain)/loss reclassified to profit or loss 68 1,127
Retirement benefits remeasurements
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
(4,628) 158 419 Retirement 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, 2025 December 31, 2024
Non-current assets
Deferred tax 8,088 6,857
Non-current liabilities
Deferred tax 11,955 13,505
Net deferred liability (3,867) (6,648)
The presentation in the balance sheet takes into consideration the offsetting
of deferred tax assets and deferred tax liabilities within the same tax
jurisdiction, where this is permitted. The overall deferred tax position in a
particular tax jurisdiction determines whether a deferred tax balance related
to that jurisdiction is presented within deferred tax assets or deferred tax
liabilities.
Shell's net deferred tax position was a liability of $3,867 million at
September 30, 2025 (December 31, 2024: $6,648 million). The net decrease in
the net deferred tax liability is mainly driven by retirement benefits
remeasurements in the third quarter 2025 (see Retirement benefits below) and
various other smaller items.
Retirement benefits
$ million
September 30, 2025 December 31, 2024
Non-current assets
Retirement benefits 5,527 10,003
Non-current liabilities
Retirement benefits 7,632 6,752
Surplus/(deficit) (2,105) 3,251
On July 1, 2023, new pension legislation ("Wet Toekomst Pensioenen" (WTP))
came into effect in the Netherlands, with an expected implementation required
prior to January 1, 2028. In July 2025, the Trustee Board of the Stichting
Shell Pensioen Fonds (“SSPF”), Shell's defined benefit pension fund in the
Netherlands, formally accepted the transition plan to transition from a
defined benefit pension fund to a defined contribution plan with effect from
January 1, 2027, subject to the local funding level of the plan remaining
above an agreed level (125%) during a predetermined transition period.
Page 29
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
In accordance with asset ceiling principles, in July 2025, Shell recognised an
adjustment to reduce the pension fund surplus of $5,521 million to nil, and
recognised a liability for a minimum funding requirement estimated at
$750 million, resulting in a loss in Other comprehensive income. In addition,
a net deferred tax liability (see Deferred tax above) of $1,617 million was
unwound, leading to an overall net post-tax loss of $4,654 million recognised
in Other comprehensive income (see Retirement benefits remeasurements above).
The asset ceiling recognised will continue to be monitored and remeasured in
accordance with IAS 19 Employee Benefits.
Subsequently, at the date of transition and settlement (expected December 31,
2026), the surplus at that date will be de-recognised, resulting in an
identified loss in the Consolidated Statement of Income. The extent to which
the funding level will meet the agreed 125% threshold is subject to
uncertainty.
Assets classified as held for sale
$ million
September 30, 2025 December 31, 2024
Assets classified as held for sale 10,819 9,857
Liabilities directly associated with assets classified as held for sale 7,755 6,203
Assets classified as held for sale and associated liabilities at September 30,
2025, principally relate to Shell's UK offshore oil and gas assets in Upstream
and mining interests in Canada in Chemicals and Products. Upon completion of
the sale, Shell's UK offshore assets will be derecognised in exchange for a
50% interest in a newly formed joint venture.
The major classes of assets and liabilities classified as held for sale at
September 30, 2025, are Property, plant and equipment ($9,977 million;
December 31, 2024: $8,283 million), Deferred tax liabilities
($3,428 million; December 31, 2024: $2,042 million) and Decommissioning and
other provisions ($3,159 million; December 31, 2024: $3,053 million).
Consolidated Statement of Cash Flows
Other investing cash inflows
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
903 360 1,074 Other investing cash inflows 1,768 2,814
Cash flow from investing activities - Other investing cash inflows for the
third quarter 2025 mainly relates to the sale of
pension-related debt securities and repayments of short-term loans.
8. Reconciliation of Operating expenses and Total Debt
RECONCILIATION OF OPERATING EXPENSES
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
5,609 4,909 6,138 Production and manufacturing expenses 16,068 17,541
3,258 3,077 3,139 Selling, distribution and administrative expenses 9,175 9,208
409 278 294 Research and development 872 768
9,275 8,265 9,570 Operating expenses 26,115 27,517
RECONCILIATION OF TOTAL DEBT
September 30, 2025 June 30, 2025 September 30, 2024 $ million September 30, 2025 September 30, 2024
10,022 10,457 12,015 Current debt 10,022 12,015
63,955 65,218 64,597 Non-current debt 63,955 64,597
73,977 75,675 76,613 Total debt 73,977 76,613
Page 30
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation
and amortisation (“Adjusted EBITDA”) and Cash flow from operating
activities
The “Adjusted Earnings” measure aims to facilitate a comparative
understanding of Shell’s financial performance from period to period by
removing the effects of oil price changes on inventory carrying amounts and
removing the effects of identified items. These items are in some cases driven
by external factors and may, either individually or collectively, hinder the
comparative understanding of Shell’s financial results from period to
period. This measure excludes earnings attributable to non-controlling
interest when presenting the total Shell Group result but includes these items
when presenting individual segment Adjusted Earnings as set out in the table
below.
See Note 2 “Segment information” for the reconciliation of Adjusted
Earnings.
We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted
for current cost of supplies; identified items; tax charge/(credit);
depreciation, amortisation and depletion; exploration well write-offs and net
interest expense. All items include the non-controlling interest component.
Management uses this measure to evaluate Shell's performance in the period and
over time.
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 5,432
Add: Non-controlling interest 91
Adjusted Earnings plus non-controlling interest 2,143 1,804 1,316 550 92 (383) 5,523
Add: Taxation charge/(credit) excluding tax impact of identified items 511 1,901 433 254 41 (578) 2,562
Add: Depreciation, depletion and amortisation excluding impairments 1,579 2,675 588 881 94 6 5,823
Add: Exploration well write-offs 1 47 — — — — 49
Add: Interest expense excluding identified items 55 175 15 8 2 1,029 1,283
Less: Interest income 32 45 12 26 6 346 468
Adjusted EBITDA 4,257 6,557 2,340 1,667 223 (272) 14,773
Less: Current cost of supplies adjustment before taxation (25) 53 28
Joint ventures and associates (dividends received less profit) 92 (78) 56 (27) (1) — 42
Derivative financial instruments 83 (9) (3) (165) (272) 230 (136)
Taxation paid (796) (1,611) (111) (20) 28 (158) (2,668)
Other 202 16 (299) 543 (277) 68 252
(Increase)/decrease in working capital (802) (34) (220) 143 960 (75) (28)
Cash flow from operating activities 3,038 4,841 1,788 2,088 660 (208) 12,207
Q2 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 4,264
Add: Non-controlling interest 50
Adjusted Earnings plus non-controlling interest 1,737 1,732 1,199 118 (9) (463) 4,314
Add: Taxation charge/(credit) excluding tax impact of identified items 497 2,205 413 (103) 20 (217) 2,815
Add: Depreciation, depletion and amortisation excluding impairments 1,585 2,353 557 872 90 6 5,463
Add: Exploration well write-offs 3 203 — — — — 206
Add: Interest expense excluding identified items 53 171 12 16 2 820 1,074
Less: Interest income — 26 — 39 2 492 559
Adjusted EBITDA 3,875 6,638 2,181 864 102 (346) 13,313
Less: Current cost of supplies adjustment before taxation 104 333 436
Joint ventures and associates (dividends received less profit) 92 1,542 161 70 10 — 1,876
Derivative financial instruments 542 25 13 3 (66) 410 928
Taxation paid (967) (1,948) (132) (87) (60) (238) (3,432)
Other (265) (413) 533 471 142 (395) 74
(Increase)/decrease in working capital 352 655 67 383 (128) (1,715) (386)
Cash flow from operating activities 3,629 6,500 2,718 1,372 1 (2,283) 11,937
Page 31
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Q3 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 6,028
Add: Non-controlling interest 126
Adjusted Earnings plus non-controlling interest 2,871 2,443 1,182 463 (162) (643) 6,153
Add: Taxation charge/(credit) excluding tax impact of identified items 949 2,413 322 (73) (1) (39) 3,571
Add: Depreciation, depletion and amortisation excluding impairments 1,369 2,691 564 862 86 6 5,578
Add: Exploration well write-offs 2 148 — — — — 150
Add: Interest expense excluding identified items 49 183 13 14 2 912 1,173
Less: Interest income 5 8 — 25 — 581 619
Adjusted EBITDA 5,234 7,871 2,081 1,240 (75) (346) 16,005
Less: Current cost of supplies adjustment before taxation 334 331 665
Joint ventures and associates (dividends received less profit) (146) (90) 51 63 61 — (62)
Derivative financial instruments (373) 47 98 88 (106) 380 133
Taxation paid (814) (2,074) (241) 23 (33) 112 (3,028)
Other (32) (406) 275 107 (75) (234) (365)
(Increase)/decrease in working capital (247) (78) 792 2,131 (136) 204 2,665
Cash flow from operating activities 3,623 5,268 2,722 3,321 (364) 115 14,684
Nine months 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 15,273
Add: Non-controlling interest 235
Adjusted Earnings plus non-controlling interest 6,363 5,873 3,416 1,117 41 (1,302) 15,507
Add: Taxation charge/(credit) excluding tax impact of identified items 1,811 6,725 1,237 251 124 (986) 9,161
Add: Depreciation, depletion and amortisation excluding impairments 4,567 7,241 1,711 2,605 274 19 16,417
Add: Exploration well write-offs 4 279 — — — — 283
Add: Interest expense excluding identified items 158 546 38 37 7 2,689 3,476
Less: Interest income 36 82 13 69 10 1,299 1,508
Adjusted EBITDA 12,867 20,582 6,389 3,941 436 (879) 43,336
Less: Current cost of supplies adjustment before taxation 131 318 449
Joint ventures and associates (dividends received less profit) (102) 1,305 421 96 19 — 1,739
Derivative financial instruments 1,168 30 20 (669) (507) 713 755
Taxation paid (2,537) (5,557) (417) (44) 20 (464) (8,999)
Other (130) (783) 629 1,139 (151) (584) 121
(Increase)/decrease in working capital (1,137) (292) (497) (555) 1,212 (1,809) (3,077)
Cash flow from operating activities 10,129 15,286 6,414 3,591 1,028 (3,022) 33,425
Nine months 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Adjusted Earnings 20,055
Add: Non-controlling interest 318
Adjusted Earnings plus non-controlling interest 9,225 6,712 3,046 3,163 (186) (1,588) 20,373
Add: Taxation charge/(credit) excluding tax impact of identified items 2,885 7,247 1,039 562 (10) (81) 11,642
Add: Depreciation, depletion and amortisation excluding impairments 4,154 8,169 1,647 2,599 287 18 16,874
Add: Exploration well write-offs 14 959 — — — — 973
Add: Interest expense excluding identified items 136 518 35 54 4 2,737 3,485
Less: Interest income 5 17 1 69 (5) 1,736 1,824
Adjusted EBITDA 16,410 23,588 5,767 6,308 101 (650) 51,523
Less: Current cost of supplies adjustment before taxation 256 182 438
Joint ventures and associates (dividends received less profit) (247) (924) 89 165 138 — (779)
Derivative financial instruments (1,586) 53 66 (10) 2,479 152 1,153
Taxation paid (2,320) (5,832) (432) (182) (415) 89 (9,092)
Other (90) (978) 612 (8) 75 (111) (500)
(Increase)/decrease in working capital 352 827 153 (869) 570 (1,377) (344)
Cash flow from operating activities 12,518 16,734 5,999 5,221 2,948 (1,898) 41,522
Page 32
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Identified items
The objective of identified items is to remove material impacts on net
income/loss arising from transactions which are generally uncontrollable and
unusual (infrequent or non-recurring) in nature or giving rise to a mismatch
between accounting and economic results, or certain transactions that are
generally excluded from underlying results in the industry.
Identified items comprise: divestment gains and losses, impairments and
impairment reversals, redundancy and restructuring, fair value accounting of
commodity derivatives and certain gas contracts that gives rise to a mismatch
between accounting and economic results, the impact of exchange rate movements
and inflationary adjustments on certain deferred tax balances, and other
items.
See Note 2 “Segment information” for details.
B. Adjusted Earnings per share
Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference
A), divided by the weighted average number of shares used as the basis for
basic earnings per share (see Note 3).
C. Cash capital expenditure
Cash capital expenditure represents cash spent on maintaining and developing
assets as well as on investments in the period. Management regularly monitors
this measure as a key lever to delivering sustainable cash flows. Cash capital
expenditure is the sum of the following lines from the Consolidated Statement
of Cash Flows: Capital expenditure, Investments in joint ventures and
associates and Investments in equity securities.
See Note 2 “Segment information” for the reconciliation of cash capital
expenditure.
D. Capital employed and Return on average capital employed
Return on average capital employed ("ROACE") measures the efficiency of
Shell’s utilisation of the capital that it employs.
The measure refers to Capital employed which consists of total equity, current
debt, and non-current debt reduced by cash and cash equivalents.
In this calculation, the sum of Adjusted Earnings (see Reference A) plus
non-controlling interest (NCI) excluding identified items for the current and
previous three quarters, adjusted for after-tax interest expense and after-tax
interest income, is expressed as a percentage of the average capital employed
excluding cash and cash equivalents for the same period.
$ million Quarters
Q3 2025 Q2 2025 Q3 2024
Current debt 12,015 10,849 10,119
Non-current debt 64,597 64,619 72,028
Total equity 189,538 187,190 192,943
Less: Cash and cash equivalents (42,252) (38,148) (43,031)
Capital employed – opening 223,898 224,511 232,059
Current debt 10,022 10,457 12,015
Non-current debt 63,955 65,218 64,597
Total equity 177,822 183,088 189,538
Less: Cash and cash equivalents (33,053) (32,682) (42,252)
Capital employed – closing 218,745 226,081 223,898
Capital employed – average 221,322 225,296 227,979
Page 33
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
$ million Quarters
Q3 2025 Q2 2025 Q3 2024
Adjusted Earnings - current and previous three quarters (Reference A) 18,933 19,529 27,361
Add: Income/(loss) attributable to NCI - current and previous three quarters 349 351 376
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters (9) 25 56
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters — — 7
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters 19,274 19,904 27,787
Add: Interest expense after tax - current and previous three quarters 2,663 2,577 2,698
Less: Interest income after tax on cash and cash equivalents - current and previous three quarters 1,061 1,206 1,392
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters 20,876 21,274 29,093
Capital employed – average 221,322 225,296 227,979
ROACE on an Adjusted Earnings plus NCI basis 9.4% 9.4% 12.8%
E. Net debt and gearing
Net debt is defined as the sum of current and non-current debt, less cash and
cash equivalents, adjusted for the fair value of derivative financial
instruments used to hedge foreign exchange and interest rate risk relating to
debt, and associated collateral balances. Management considers this adjustment
useful because it reduces the volatility of net debt caused by fluctuations in
foreign exchange and interest rates, and eliminates the potential impact of
related collateral payments or receipts. Debt-related derivative financial
instruments are a subset of the derivative financial instrument assets and
liabilities presented on the balance sheet. Collateral balances are reported
under “Trade and other receivables” or “Trade and other payables” as
appropriate.
Gearing is a measure of Shell's capital structure and is defined as net debt
(total debt less cash and cash equivalents) as a percentage of total capital
(net debt plus total equity).
$ million
September 30, 2025 June 30, 2025 September 30, 2024
Current debt 10,022 10,457 12,015
Non-current debt 63,955 65,218 64,597
Total debt 73,977 75,675 76,613
Of which: Lease liabilities 28,571 28,955 25,590
Add: Debt-related derivative financial instruments: net liability/(asset) 684 589 1,694
Add: Collateral on debt-related derivatives: net liability/(asset) (403) (366) (821)
Less: Cash and cash equivalents (33,053) (32,682) (42,252)
Net debt 41,204 43,216 35,234
Total equity 177,822 183,088 189,538
Total capital 219,026 226,304 224,772
Gearing 18.8 % 19.1 % 15.7 %
Page 34
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
F. Operating expenses and Underlying operating expenses
Operating expenses
Operating expenses is a measure of Shell’s cost management performance,
comprising the following items from the Consolidated Statement of Income:
production and manufacturing expenses; selling, distribution and
administrative expenses; and research and development expenses.
Q3 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 940 2,198 359 1,636 467 9 5,609
Selling, distribution and administrative expenses 25 (22) 2,541 418 165 130 3,258
Research and development 47 71 70 46 28 146 409
Operating expenses 1,012 2,247 2,970 2,100 660 285 9,275
Q2 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 899 1,940 179 1,459 431 — 4,909
Selling, distribution and administrative expenses 30 43 2,319 441 138 106 3,077
Research and development 36 71 49 38 23 61 278
Operating expenses 965 2,055 2,547 1,939 592 168 8,265
Q3 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 1,164 2,394 367 1,766 453 (6) 6,138
Selling, distribution and administrative expenses (1) (39) 2,408 453 209 110 3,139
Research and development 27 75 55 34 22 81 294
Operating expenses 1,190 2,430 2,830 2,253 684 185 9,570
Nine months 2025 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 2,787 6,278 887 4,716 1,383 17 16,068
Selling, distribution and administrative expenses 92 63 6,912 1,302 457 348 9,175
Research and development 104 174 162 109 73 250 872
Operating expenses 2,984 6,515 7,961 6,127 1,913 615 26,115
Nine months 2024 $ million
Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate Total
Production and manufacturing expenses 3,170 6,881 1,052 4,973 1,454 10 17,541
Selling, distribution and administrative expenses 125 80 6,891 1,166 646 300 9,208
Research and development 85 194 136 104 58 192 768
Operating expenses 3,380 7,156 8,079 6,243 2,158 501 27,517
Page 35
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
Underlying operating expenses
Underlying operating expenses is a measure aimed at facilitating a comparative
understanding of performance from period to period by removing the effects of
identified items, which, either individually or collectively, can cause
volatility, in some cases driven by external factors.
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
9,275 8,265 9,570 Operating expenses 26,115 27,517
(133) (119) (552) Redundancy and restructuring (charges)/reversal (296) (834)
(145) (1) (154) (Provisions)/reversal (247) (366)
1 — — Other 24 252
(277) (120) (706) Total identified items (518) (948)
8,998 8,145 8,864 Underlying operating expenses 25,596 26,569
G. Free cash flow and Organic free cash flow
Free cash flow is used to evaluate cash available for financing activities,
including dividend payments and debt servicing, after investment in
maintaining and growing the business. It is defined as the sum of “Cash flow
from operating activities” and “Cash flow from investing activities”.
Cash flows from acquisition and divestment activities are removed from Free
cash flow to arrive at the Organic free cash flow, a measure used by
management to evaluate the generation of free cash flow without these
activities.
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
12,207 11,937 14,684 Cash flow from operating activities 33,425 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 flow 21,803 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 expenditure1 1,007 251
8,263 7,458 10,633 Organic free cash flow 2 20,620 29,062
1.Cash outflows related to inorganic capital expenditure includes portfolio
actions which expand Shell's activities through acquisitions and restructuring
activities as reported in capital expenditure lines in the Consolidated
Statement of Cash Flows.
2.Free cash flow less divestment proceeds, adding back outflows related to
inorganic expenditure.
H. Cash flow from operating activities excluding working capital
movements
Working capital movements are defined as the sum of the following items in the
Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories,
(ii) (increase)/decrease in current receivables, and (iii) increase/(decrease)
in current payables.
Cash flow from operating activities excluding working capital movements is a
measure used by Shell to analyse its operating cash generation over time
excluding the timing effects of changes in inventories and operating
receivables and payables from period to period.
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
12,207 11,937 14,684 Cash flow from operating activities 33,425 41,522
352 (27) 2,705 (Increase)/decrease in inventories 1,178 1,143
569 3,635 4,057 (Increase)/decrease in current receivables 1,594 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 movements 36,502 41,867
Page 36
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
I. Divestment proceeds
Divestment proceeds represent cash received from divestment activities in the
period. Management regularly monitors this measure as a key lever to deliver
free cash flow.
Quarters $ million Nine months
Q3 2025 Q2 2025 Q3 2024 2025 2024
747 (57) 94 Proceeds from sale of property, plant and equipment and businesses 1,249 1,128
1,023 1 94 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 1,057 284
2 19 6 Proceeds from sale of equity securities 27 576
1,773 (36) 194 Divestment proceeds 2,333 1,988
Page 37
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
CAUTIONARY STATEMENT
All amounts shown throughout this Unaudited Condensed Interim Financial Report
are unaudited. All peak production figures in Portfolio Developments are
quoted at 100% expected production. The numbers presented throughout this
Unaudited Condensed Interim Financial Report may not sum precisely to the
totals provided and percentages may not precisely reflect the absolute
figures, due to rounding.
The companies in which Shell plc directly and indirectly owns investments are
separate legal entities. In this Unaudited Condensed Interim Financial Report,
“Shell”, “Shell Group” and “Group” are sometimes used for
convenience to reference Shell plc and its subsidiaries in general. Likewise,
the words “we”, “us” and “our” are also used to refer to Shell plc
and its subsidiaries in general or to those who work for them. These terms are
also used where no useful purpose is served by identifying the particular
entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and
“Shell companies” as used in this Unaudited Condensed Interim Financial
Report, refer to entities over which Shell plc either directly or indirectly
has control. The terms “joint venture”, “joint operations”, “joint
arrangements”, and “associates” may also be used to refer to a
commercial arrangement in which Shell has a direct or indirect ownership
interest with one or more parties. The term “Shell interest” is used for
convenience to indicate the direct and/or indirect ownership interest held by
Shell in an entity or unincorporated joint arrangement, after exclusion of all
third-party interest.
Forward-Looking statements
This Unaudited Condensed Interim Financial Report contains forward-looking
statements (within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995) concerning the financial condition, results of operations
and businesses of Shell. All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements. Forward-looking
statements are statements of future expectations that are based on
management’s current expectations and assumptions and involve known and
unknown risks and uncertainties that could cause actual results, performance
or events to differ materially from those expressed or implied in these
statements. Forward-looking statements include, among other things, statements
concerning the potential exposure of Shell to market risks and statements
expressing management’s expectations, beliefs, estimates, forecasts,
projections and assumptions. These forward-looking statements are identified
by their use of terms and phrases such as “aim”; “ambition”;
‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’;
“commit”; “commitment”; ‘‘could’’; “desire”;
‘‘estimate’’; ‘‘expect’’; ‘‘goals’’;
‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’;
‘‘outlook’’; ‘‘plan’’; ‘‘probably’’;
‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’;
‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’;
“would” and similar terms and phrases. There are a number of factors that
could affect the future operations of Shell and could cause those results to
differ materially from those expressed in the forward-looking statements
included in this Unaudited Condensed Interim Financial Report, including
(without limitation): (a) price fluctuations in crude oil and natural gas; (b)
changes in demand for Shell’s products; (c) currency fluctuations; (d)
drilling and production results; (e) reserves estimates; (f) loss of market
share and industry competition; (g) environmental and physical risks,
including climate change; (h) risks associated with the identification of
suitable potential acquisition properties and targets, and successful
negotiation and completion of such transactions; (i) the risk of doing
business in developing countries and countries subject to international
sanctions; (j) legislative, judicial, fiscal and regulatory developments
including tariffs and regulatory measures addressing climate change; (k)
economic and financial market conditions in various countries and regions; (l)
political risks, including the risks of expropriation and renegotiation of the
terms of contracts with governmental entities, delays or advancements in the
approval of projects and delays in the reimbursement for shared costs; (m)
risks associated with the impact of pandemics, regional conflicts, such as the
Russia-Ukraine war and the conflict in the Middle East, and a significant
cyber security, data privacy or IT incident; (n) the pace of the energy
transition; and (o) changes in trading conditions. No assurance is provided
that future dividend payments will match or exceed previous dividend payments.
All forward-looking statements contained in this Unaudited Condensed Interim
Financial Report are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. Readers should not place
undue reliance on forward-looking statements. Additional risk factors that may
affect future results are contained in Shell plc’s Form 20-F and amendment
thereto for the year ended December 31, 2024 (available at
www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov).
These risk factors also expressly qualify all forward-looking statements
contained in this Unaudited Condensed Interim Financial Report and should be
considered by the reader. Each forward-looking statement speaks only as of the
date of this Unaudited Condensed Interim Financial Report, October 30, 2025.
Neither Shell plc nor any of its subsidiaries undertake any obligation to
publicly update or revise any forward-looking statement as a result of new
information, future events or other information. In light of these risks,
results could differ materially from those stated, implied or inferred from
the forward-looking statements contained in this Unaudited Condensed Interim
Financial Report.
Shell’s net carbon intensity
Also, in this Unaudited Condensed Interim Financial Report we may refer to
Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon
emissions from the production of our energy products, our suppliers’ carbon
emissions in supplying energy for that production and our customers’ carbon
emissions associated with their use of the energy products we sell. Shell’s
NCI also includes the emissions associated with the production and use of
energy products produced by others which Shell purchases for resale. Shell
only controls its own emissions. The use of the terms Shell’s “net carbon
intensity” or NCI is for convenience only and not intended to suggest these
emissions are those of Shell plc or its subsidiaries.
Shell’s net-zero emissions target
Shell’s operating plan and outlook are forecasted for a three-year period
and ten-year period, respectively, and are updated every year. They reflect
the current economic environment and what we can reasonably expect to see over
the next three and ten years. Accordingly, the outlook reflects our Scope 1,
Scope 2 and NCI targets over the next ten years. However, Shell’s operating
plan and outlook cannot reflect our 2050 net-zero emissions target, as this
target is outside our planning period. Such future operating plans and
outlooks could include changes to our portfolio, efficiency improvements and
the use of carbon capture and storage and carbon credits. In the future, as
society moves towards net-zero emissions, we expect Shell’s operating plans
and outlooks to reflect this movement. However, if society is not net zero in
2050, as of today, there would be significant risk that Shell may not meet
this target.
Forward-Looking non-GAAP measures
This Unaudited Condensed Interim Financial Report may contain certain
forward-looking non-GAAP measures such as cash capital expenditure and
Adjusted Earnings. We are unable to provide a reconciliation of these
forward-looking non-GAAP measures to the most comparable GAAP financial
measures because certain information needed to reconcile those non-GAAP
measures to the most comparable GAAP financial measures is dependent on future
events some of which are outside the control of Shell, such as oil and gas
prices, interest rates and exchange rates. Moreover, estimating such GAAP
measures with the required precision necessary to provide a meaningful
reconciliation is extremely difficult and could not be accomplished without
unreasonable effort. Non-GAAP measures in respect of future periods which
cannot be reconciled to the most comparable GAAP financial measure are
calculated in a manner which is consistent with the accounting policies
applied in Shell plc’s consolidated financial statements.
The contents of websites referred to in this Unaudited Condensed Interim
Financial Report do not form part of this Unaudited Condensed Interim
Financial Report.
Page 38
SHELL PLC 3rd QUARTER 2025 UNAUDITED RESULTS
We may have used certain terms, such as resources, in this Unaudited Condensed
Interim Financial Report that the United States Securities and Exchange
Commission (SEC) strictly prohibits us from including in our filings with the
SEC. Investors are urged to consider closely the disclosure in our Form 20-F
and any amendment thereto, File No 1-32575, available on the SEC website
www.sec.gov.
This announcement contains inside information.
October 30, 2025
The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.
Contacts:
- Sean Ashley, Company Secretary
- Media: International +44 (0) 207 934 5550; U.S. and Canada:
https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Inside Information
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