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.
Page 2
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,
Page 3
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.
Page 5
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
Page 9
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.
Page 10
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 - $800 million in the fourth quarter 2025.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure see Reference A.
FORTHCOMING EVENTS
Date
Event
February 5, 2026
Fourth quarter 2025 results and dividends
March 12, 2026
Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2025
Share of profit/(loss) of joint ventures and associates
1,834
3,150
1,751
326
440
Interest and other income/(expenses)2
2,379
1,042
70,410
66,443
72,462
Total revenue and other income/(expenses)
207,006
222,222
45,145
44,099
48,225
Purchases
135,093
144,509
5,609
4,909
6,138
Production and manufacturing expenses
16,068
17,541
3,258
3,077
3,139
Selling, distribution and administrative expenses
9,175
9,208
409
278
294
Research and development
872
768
175
360
305
Exploration
745
1,551
6,607
6,670
5,916
Depreciation, depletion and amortisation2
18,718
19,352
1,284
1,075
1,174
Interest expense
3,478
3,573
62,486
60,468
65,190
Total expenditure
184,148
196,502
7,924
5,975
7,270
Income/(loss) before taxation
22,858
25,717
2,504
2,332
2,879
Taxation charge/(credit)2
8,918
10,237
5,420
3,644
4,391
Income/(loss) for the period
13,940
15,480
98
43
100
Income/(loss) attributable to non-controlling interest
236
314
5,322
3,601
4,291
Income/(loss) attributable to Shell plc shareholders
13,703
15,166
0.91
0.61
0.69
Basic earnings per share ($)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 capital1
Shares held in trust
Other reserves²
Retained earnings
Total
Non-controlling interest
Total equity
At January 1, 2025
510
(803)
19,766
158,834
178,307
1,861
180,168
Comprehensive income/(loss) for the period
—
—
1,108
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
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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 flow2
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
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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
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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.
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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
Page 39
