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Strong and consistent operational performance October 29, 2026 Third quarter 2026 results Shell plc
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Shell plc | October 29, 2026 Definitions & cautionary note 2 The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “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 presentation 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. This presentation 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, including (without limitation) those concerning Shell’s strategy and operating plans, macroeconomic conditions, future energy demand, supply and product mix, commodity prices, demand for Shell’s products, production results and reserve estimates, development, execution and management of projects, energy transition and climate change, management of safety and environmental risks, costs, cash capital expenditures, technology advancements, legislative, judicial, fiscal and regulatory developments, regional conflicts and trading conditions, 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 presentation, 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 presentation 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 for the year ended December 31, 2025 (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 presentation and should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, October 29, 2026. 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 presentation. In this presentation 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 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 combined Scope 1 and 2 target, NCI target and our oil products ambition 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. Shell continuously evaluates its climate related targets and ambition and expects to provide an update in 2027. The information provided above regarding Shell’s NCI and net zero emissions target are not intended, nor should they be construed as introducing, suggesting or making any claim, target or representation thereof other than what is included in the presentation. This presentation may contain certain forward-looking non-GAAP measures such as free cash flow and underlying operating expenses. 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. These forward-looking non-GAAP measures are provided to assist readers in understanding management’s use and expectations of such measures and may not be appropriate for other purposes. The contents of websites referred to in this presentation do not form part of this presentation. We may have used certain terms, such as resources, in this presentation 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, File No 1-32575, available on the SEC website www.sec.gov. Contacts Media: International +44 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html
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Shell plc | October 29, 2026 Key messages Third quarter 2026 results 3 $10.8 billion Adjusted Earnings1 $21.0 billion CFFO Strong operational performance drives very strong financial results Portfolio strengthening: ARC acquisition complete & FID LNG Canada Phase 2 2026 Cash capex outlook: $23 - 25 billion (incl. ARC) Performance Discipline Simplification APM reconciliations are available in the Q3 2026 Quarterly Databook here. 1 Income attributable to shareholders is $12.1 billion in Q3 2026. 2 Since January 01, 2023. $5.0 billion Higher Buyback $0.3906 Dividend per share Higher buybacks supported by strong delivery Peer leading Total Shareholder Return since 2023 2 Strong balance sheet with gearing of 16.6% (2.7% excluding leases) Attractive Shareholder Returns
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Shell plc | October 29, 2026 42 208 0 50 100 150 200 250 300 0 10 20 30 40 IRM ICM 2.9 21.5 0 10 20 Henry Hub EU TTF Key price markers and inputs Macro environment GasOil Shell Indicative Refining Margin (IRM) and Indicative Chemical Margin (ICM) 4 $/bbl $/MMBtu $/tonne$/bbl IRM: Q3’26: $42 Q2’26: $24 ICM: Q3’26: $208 Q2’26: $270 Henry Hub: Q3’26: $2.9 Q2’26: $3.0 EU TTF: Q3’26: $21.5 Q2’26: $15.5 Brent: Q3’26: $97 Q2’26: $104 JCC-3: Q3’26: $111 Q2’26: $67 Data based on quarterly averages 97 111 40 60 80 100 120 Brent JCC - 3 See the accessibility description See the accessibility description See the accessibility description
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Shell plc | October 29, 2026 Third quarter 2026 results Very strong set of results Q3 2026 Q2 2026 Income attributable to Shell plc shareholders $12.1 billion $10.8 billion Adjusted Earnings $10.8 billion $9.8 billion Adjusted EBITDA $22.7 billion $20.7 billion Cash flow from operations $21.0 billion $21.4 billion Cash capital expenditure1 $7.9 billion $4.2 billion Free cash flow $16.3 billion $17.5 billion Net debt $39.7 billion $41.8 billion 1 Including ARC Resources. APM reconciliations are available in the Q3 2026 Quarterly Databook here. 5
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Shell plc | October 29, 2026 Strong performance across segments with record Products contribution Third quarter 2026 results 6 Adjusted Earnings Adjusted EBITDA CFFO $ billion Q3 2026 Q2 2026 Q3 2026 Q2 2026 Q3 2026 Q2 2026 Integrated Gas 3.0 2.7 5.2 4.8 4.6 4.6 Upstream 3.2 3.5 9.3 8.9 7.3 6.8 Marketing 1.2 1.3 2.0 2.4 (0.2) 2.5 Chemicals & Products 3.9 2.9 6.2 4.7 8.5 7.9 R&ES 0.3 0.1 0.4 0.2 1.6 (0.1) Corporate & NCI1 (0.7) (0.6) (0.3) (0.2) (0.7) (0.5) Total 10.8 9.8 22.7 20.7 21.0 21.4 APM reconciliations are available in the Q3 2026 Quarterly Databook here. 1 Non-controlling interest. Q3 2026 97 Q2 2026 104 Brent $/bbl
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Shell plc | October 29, 2026 Strong operational performance drives near-record cash generation Third quarter 2026 results 7 Adjusted Earnings Q2 2026 to Q3 2026 Cash conversion Q3 2026 $ billion $ billion 9.8 10.8 0 2 4 6 8 10 12 10.8 22.7 21.0 0 4 8 12 16 20 24 28 32 Numbers may not precisely reflect the absolute figures, due to rounding. 1 Non-controlling interest. 2 AR/AP & other includes JV deposits & initial margins. 0.3 (0.3) (0.2) 1.0 0.2 (0.1) 6.1 0.7 5.0 0.9 3.4 (5.4) (3.0) (0.2) 2.6 (0.6) See the accessibility description See the accessibility description
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Shell plc | October 29, 2026 2026 portfolio actions Repositioning the portfolio For additional portfolio information visit our investors page on shell.com Map not to scale Growth Longevity High-grading Click on the icons on the map for further details on the deal/project. 8 Jiffy Lube sale completed Acquisition of ARC Resources Na Kika and Coulomb sale Sprng Energy sale South African Downstream sale FID of LNG Canada Phase 2 Aphrodite gas field sale European onshore renewables sale US Mobility acquisition US power portfolio management
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Shell plc | October 29, 2026 Canada established as a low-cost heartland Scotford Refining & Chemicals Atlas Carbon Storage Hub Brockville Lubricants Plant Sarnia Manufacturing Centre Kakwa LNG Canada Phase 1 & 2 Gold CreekGroundbirch Kakwa Attachie Greater Dawson Sunrise Shell ARC Quest & Polaris CCS Multiple locations ~1,500 mobility sites #1 LNG operator in the country #3 Shales operator in the Montney Basin Advantaged cost position versus Montney peers Bay du Nord ARC Resources acquisition LNG Canada Phase 2 FID Bay du Nord entry 9 2026 portfolio actions
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Shell plc | October 29, 2026 Value led approach Financial framework 10 Dynamic Capital Allocation Total Distributions Enhanced shareholder distributions 40–50% of CFFO through the cycle Progressive Dividend 4% annual increase New Buyback $5.0 billion1 DSR 2026 Capex ~$7 billion IGU 2026 Capex ~$16–18 billion Cash Capex Disciplined investment 2026: $23–25 billion2 2027–2028: $20–22 billion p.a. 1 For the next 3 months. 2 Updated post announced ARC Resources acquisition. Balance Sheet Maintain a Strong Investment Grade Rating through the cycle See the accessibility description
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Shell plc | October 29, 2026 Capital Markets Day 2025 Delivering more value, with less emissions >10% nFCF per share growth p.a. through 20301 Distributing 40–50% of CFFO to shareholders through the cycle $5–7 billion structural cost reductions by end 20282 Cash capex $20–22 billion p.a. 2027–2028; 2026: $23–25 billion3 Halve Scope 1 and 2 emissions under operational control by 2030, on a net basis4 CO2 Achieve near-zero methane emissions intensity by 20305 CH4 Reduce the net carbon intensity (NCI) of the products we sell by 15–20% by 20304 CO2 CO2 Ambition to reduce customer emissions from the use of our oil products by 15–20% by 20306 1 2024 to 2030, price-normalised (refer to CMD25 materials for price assumptions). 2 Cumulative from 2022 levels. 3 Updated post announced ARC Resources acquisition. 4 2016 reference year. 5 On an intensity basis. 6 Compared with 2021. 12
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Upcoming events & useful links February 4, 2027 Capital Markets Update 2027 & Q4 2026 results April 29, 2027 Q1 2027 results July 29, 2027 Q2 2027 results October 28, 2027 Q3 2027 results Useful links: Shell Investment Case Capital Markets Day 2025 Shell Energy Transition Strategy Shell Scenarios LNG Portfolio Strategic Spotlight LNG Outlook 2026 Annual Report 2025 Data supplements 13
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Shell plc | October 29, 2026 Appendix Accessibility descriptions Key price markers and inputs – Oil The chart shows quarterly oil price movements from the third quarter of 2024 to the third quarter of 2026, measured in US dollars per barrel. Brent crude is shown as a red line and JCC-3 as a grey line. Both series decline across most of the period, before rising sharply in 2026. Brent moves from around $80 per barrel in Q3 2024 to $104 per barrel in Q2 2026 and $97 per barrel in Q3 2026. JCC-3 declines from around $88 per barrel in Q3 2024 to $67 per barrel in Q2 2026, then rises to $111 per barrel in Q3 2026. Summary boxes below the chart highlight the Q3 2026 and Q2 2026 quarterly averages. Return to page 4 Key price markers and inputs – Gas The chart shows Henry Hub and EU TTF gas prices, measured in dollars per MMBtu, from the third quarter of 2024 to the third quarter of 2026. Henry Hub is shown as a blue line and EU TTF as a green line. Henry Hub rises through late 2024 and early 2025, declines through mid-2025, then recovers into early 2026 before falling to $3.0 per MMBtu in Q2 2026 and $2.9 per MMBtu in Q3 2026. EU TTF rises through late 2024 and early 2025, declines through the rest of 2025, then increases to $15.5 per MMBtu in Q2 2026 and $21.5 per MMBtu in Q3 2026. Summary boxes below the chart highlight the Q3 2026 and Q2 2026 quarterly averages. Return to page 4 Shell Indicative Refining Margin (IRM) and Indicative Chemical Margin (ICM) The chart shows Shell’s indicative refining margin (IRM), measured in dollars per barrel, and indicative chemical margin (ICM), measured in dollars per tonne, from the third quarter of 2024 to the third quarter of 2026. IRM is shown as a yellow line and ICM as a dark grey line. IRM is around $6 per barrel in late 2024, then rises steadily to $24 per barrel in Q2 2026 and $42 per barrel in Q3 2026. ICM fluctuates through 2024 and 2025, increases sharply to $270 per tonne in Q2 2026, and then declines to $208 per tonne in Q3 2026. Summary boxes below the chart highlight the Q3 2026 and Q2 2026 quarterly averages. Return to page 4 Adjusted Earnings Q2 2026 to Q3 2026 The waterfall chart shows adjusted earnings in billions of US dollars moving from Q2 2026 to Q3 2026. Red bars indicate decreases and green bars indicate increases. Adjusted earnings start at $9.8 billion in Q2 2026. Integrated Gas increases earnings by $0.3 billion, Upstream reduces earnings by $0.3 billion, and Chemicals and Products increases earnings by $1.0 billion. Marketing reduces earnings by $0.2 billion. Renewables and Energy Solutions increases earnings by $0.2 billion, while Corporate and non-controlling interest reduces earnings by $0.1 billion. Adjusted earnings end at $10.8 billion in Q3 2026. Figures may not precisely reflect absolute amounts due to rounding. Return to page 7 Cash conversion Q3 2026 The waterfall chart shows cash conversion for Q3 2026 in billions of US dollars. Green bars indicate increases and red bars indicate reductions. The displayed figures start with adjusted earnings of $10.8 billion. Depreciation, depletion and amortisation and well write-offs add $6.1 billion, interest adds $0.7 billion, and tax charge and non-controlling interest add $5.0 billion. Adjusted EBITDA is labelled $22.7 billion. Joint venture dividends add $0.9 billion and derivatives add $3.4 billion. Tax paid and other items reduce cash by $5.4 billion. Working capital reduces cash by $0.6 billion: inventory price movements reduce cash by $3.0 billion, inventory volume movements reduce cash by $0.2 billion, and receivables, payables and other items add $2.6 billion. The latter includes JV deposits and initial margins. Cash flow from operations is labelled $21.0 billion. Figures may not precisely reflect absolute amounts due to rounding. Return to page 7 14
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Shell plc | October 29, 2026 Appendix Accessibility descriptions Value led approach The image titled “Dynamic Capital Allocation” outlines Shell’s value- led financial framework for capital allocation. The slide is organised around two main areas: Total Distributions and Cash Capex, underpinned by balance sheet discipline. The Total Distributions section states that 40–50% of Cash Flow from Operations (CFFO) will be returned to shareholders through the cycle. This includes new buybacks with the amount of $5.0bn and a progressive dividend with a 4% annual increase. The Cash Capex section highlights disciplined investment. Cash capital expenditure is shown at $23–25 billion for 2026, reflecting the announced ARC Resources acquisition, and $20–22 billion per year for 2027–2028. Indicative 2026 allocations include Integrated Gas and Upstream capital expenditure of approximately $16–18 billion and Downstream, Renewables and Energy Solutions capital expenditure of around $7 billion. The slide also emphasises maintaining a strong balance sheet and a strong investment-grade rating through the cycle. Return to page 10 15