SHELL PLC

2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



SUMMARY OF UNAUDITED RESULTS
Quarters			$ million		Half year
Q2 2026	Q1 2026	Q2 2025		Reference*	2026	2025
10,821	5,694	3,601	Income attributable to Shell plc shareholders		16,515	8,381
9,836	6,915	4,264	Adjusted Earnings	A.	16,751	9,841
20,710	17,741	13,313	Adjusted EBITDA	A.	38,451	28,563
21,432	6,062	11,937	Cash flow from operating activities		27,495	21,218
(3,908)	(3,136)	(5,406)	Cash flow from investing activities		(7,044)	(9,365)
17,524	2,927	6,531	Free cash flow	G.	20,451	11,853
4,237	4,202	5,817	Cash capital expenditure	C.	8,439	9,993
8,664	8,716	8,265	Operating expenses	F.	17,380	16,840
8,440	8,585	8,145	Underlying operating expenses	F.	17,026	16,598
12.4%	9.9%	9.4%	ROACE	D.	12.4%	9.4%
73,076	75,645	75,675	Total debt	E.	73,076	75,675
41,754	52,606	43,216	Net debt	E.	41,754	43,216
18.7%	23.2%	19.1%	Gearing	E.	18.7%	19.1%
2,455	2,752	2,682	Oil and gas production available for sale (thousand boe/d)		2,603	2,760
1.94	1.01	0.61	Basic earnings per share ($)		2.94	1.40
1.76	1.22	0.72	Adjusted Earnings per share ($)	B.	2.98	1.64
0.3906	0.3906	0.3580	Dividend per share ($)		0.7812	0.7160

* Alternative Performance (Non-GAAP) measure. See page 34.

Quarter Analysis1

Income attributable to Shell plc shareholders was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $0.6 billion.

Adjusted Earnings, compared with the first quarter 2026, reflected higher realised prices, higher LNG trading and optimisation, favourable tax movements, higher Chemicals margins and higher crude and oil products trading and optimisation. These were partly offset by lower volumes, mainly due to the impact of the Middle East conflict on Qatari volumes, and lower Lubricants margins.

Identified items in the second quarter 2026 amounted to a net gain of $0.4 billion and included favourable movements due to the fair value accounting of commodity derivatives, gains on the sale of assets and impairment charges. This compares with identified items in the first quarter 2026 which amounted to a net loss of $2.4 billion.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was $21.4 billion, and primarily driven by Adjusted EBITDA, working capital inflows of $3.4 billion and net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1.3 billion, partly offset by tax payments of $2.9 billion.

Cash flow from investing activities for the second quarter 2026 was an outflow of $3.9 billion, and included cash capital expenditure of $4.2 billion, partly offset by divestment proceeds of $0.5 billion.

Net debt and Gearing: At the end of the second quarter 2026, net debt was $41.8 billion, compared with $52.6 billion at the end of the first quarter 2026. This reflects free cash flow of $17.5 billion, partly offset by share buybacks of $3.0 billion, cash dividends paid to Shell plc shareholders of $2.2 billion and interest payments of $1.2 billion. Gearing was 18.7% at the end of the second quarter 2026, compared with 23.2% at the end of the first quarter 2026, mainly driven by lower net debt and favourable equity movements.

Page 1



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.2 billion, comprising repurchases of shares of $3.0 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the second quarter 2026 amount to $0.3906 per share. In connection with its agreement to acquire ARC Resources Ltd. ("ARC"), Shell plc temporarily suspended the $3.0 billion share buyback programme announced in the first quarter 2026 results announcement and, as a result, $1.8 billion of the programme was completed. Today, Shell announces the commencement of a share buyback programme which is expected to be completed by the third quarter 2026 results announcement, comprising $3.0 billion of new share buybacks, plus $1.2 billion of share buybacks that were not undertaken during the previous programme.

Half Year Analysis1

Adjusted Earnings, compared with the first half 2025, reflected higher trading and optimisation, higher realised liquids and gas prices, higher Refining margins and higher Chemicals margins, partly offset by higher depreciation, depletion and amortisation expenses, unfavourable tax movements and higher operating expenses.

Identified items in the first half 2026 amounted to a net loss of $2.0 billion and included unfavourable movements due to the fair value accounting of commodity derivatives, net impairment charges and reversals and gains on the disposal of assets. This compares with identified items in the first half 2025 which amounted to a net loss of $1.2 billion.

Our continued focus on performance, discipline and simplification has helped deliver $5.8 billion of pre-tax structural cost reductions2 since 2022. Of these reductions, $0.7 billion was delivered in the first half 2026.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first half 2026 was $27.5 billion, and primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $2.6 billion and the cost of supplies adjustment of $2.5 billion (before tax). These were partly offset by working capital outflows of $7.7 billion and tax payments of $5.2 billion.

Cash flow from investing activities for the first half 2026 was an outflow of $7.0 billion and included cash capital expenditure of $8.4 billion. This was partly offset by divestment proceeds of $0.8 billion and interest received of $0.7 billion.

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3 .

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.See Reference J "Structural cost reduction" for further details.

3.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

In April 2026, we entered into a definitive agreement to acquire ARC Resources Ltd. ("ARC"), an energy company focused on the Montney shale basin in British Columbia and Alberta, Canada. Under the terms of the agreement, ARC’s shareholders will receive CAD 8.20 in cash and 0.40247 ordinary shares of Shell plc for each ARC share, resulting in an equity value of approximately USD 13.6 billion.1 The boards of both companies have unanimously supported the transaction and the ARC shareholders have approved the transaction, with approximately 99.54% of the votes cast by ARC shareholders (present online or represented by proxy at the ARC shareholder meeting) in favour of the arrangement. The transaction is expected to close in the third quarter of 2026 subject to remaining regulatory approval.

Upstream

In June 2026, we agreed to sell our 50% non-operated working interest in the Na Kika platform and associated fields in the Gulf of America, together with our 100%-owned Coulomb tieback, for total consideration of $1.7 billion, subject to customary adjustments and certain contingent payments. The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026, subject to regulatory approvals.

Marketing

On June 30, 2026, we completed the previously announced sale of Jiffy Lube International to an affiliate of Monomoy Capital Partners (Monomoy) for $1.3 billion. As part of the transaction, we retain a long-term lubricants supply agreement with Monomoy.

Page 2



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Renewables and Energy Solutions

In July 2026, we agreed to sell 100% of Solenergi Power Private Limited, which includes the Sprng Energy group of companies, to Aditya Birla Renewables Limited for $1.8 billion. The transaction is expected to complete by the end of 2026, subject to regulatory approval and closing conditions.

1. Based on Shell’s closing share price at April 24, 2026 of GBP 33.08 and GBP:CAD exchange ratio of 1.8480.

Page 3



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters			$ million		Half year
Q2 2026	Q1 2026	Q2 2025		Reference*	2026	2025
2,680	1,321	1,838	Income/(loss) for the period		4,002	4,627
(10)	(497)	101	Of which: Identified items	A.	(508)	407
2,691	1,819	1,737	Adjusted Earnings	A.	4,509	4,220
4,761	4,115	3,875	Adjusted EBITDA	A.	8,876	8,610
4,629	483	3,629	Cash flow from operating activities	A.	5,112	7,092
1,269	1,014	1,196	Cash capital expenditure	C.	2,283	2,313
37	115	129	Liquids production available for sale (thousand b/d)		76	128
3,448	4,607	4,545	Natural gas production available for sale (million scf/d)		4,024	4,594
631	909	913	Total production available for sale (thousand boe/d)		769	920
7.73	7.86	6.72	LNG liquefaction volumes (million tonnes)		15.60	13.32
17.96	19.16	17.77	LNG sales volumes (million tonnes)		37.12	34.26

* Alternative Performance (Non-GAAP) measure. See page 34.

Integrated Gas includes natural gas and liquids exploration and extraction. The gas is then processed to produce liquefied natural gas (LNG) or converted into gas-to-liquids (GTL) fuels and other products. The business includes the operation of both upstream and midstream infrastructure necessary to deliver natural gas and its derivatives to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the first quarter 2026, reflected the combined effect of higher contributions from trading and optimisation and higher realised prices (increase of $1,359 million), partly offset by lower volumes (decrease of $907 million).

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was primarily driven by Adjusted EBITDA and working capital inflows of $883 million. These were partly offset by tax payments of $537 million.

Total oil and gas production, compared with the first quarter 2026, decreased by 31%, mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes decreased by 2%, mainly due to the Middle East conflict impacting Qatari volumes, and higher planned maintenance across the portfolio, partly offset by strong performance in Australia and Canada.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the first half 2025, reflected the combined effect of higher contributions from trading and optimisation and higher realised prices (increase of $1,650 million), partly offset by lower volumes (decrease of $598 million), unfavourable tax movements ($334 million) and higher operating expenses (increase of $304 million).

Identified items in the first half 2026 included unfavourable movements of $648 million due to the fair value accounting of commodity derivatives, partly offset by gains of $145 million from the sale of assets. These unfavourable movements and gains compare with the first half 2025 which included favourable movements of $817 million due to the fair value accounting of commodity derivatives and 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 EBITDA was driven by the same factors as Adjusted Earnings.

Page 4



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Cash flow from operating activities for the first half 2026 was primarily driven by Adjusted EBITDA. This was partly offset by tax payments of $1,259 million, net cash outflows related to derivatives of $698 million and a payment relating to a legal case of $635 million.

Total oil and gas production, compared with the first half 2025, decreased by 16%, mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes increased by 17%, mainly due to LNG Canada ramp-up, partly offset by the impact of the Middle East conflict on Qatari volumes.

1.All earnings amounts are shown post-tax, unless stated otherwise.

Page 5



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



UPSTREAM
Quarters			$ million		Half year
Q2 2026	Q1 2026	Q2 2025		Reference*	2026	2025
3,579	2,556	2,008	Income/(loss) for the period		6,134	4,088
93	179	276	Of which: Identified items	A.	272	19
3,485	2,377	1,732	Adjusted Earnings	A.	5,862	4,068
8,891	7,261	6,638	Adjusted EBITDA	A.	16,152	14,024
6,835	3,178	6,500	Cash flow from operating activities	A.	10,013	10,445
1,633	2,159	2,826	Cash capital expenditure	C.	3,792	4,749
1,367	1,346	1,334	Liquids production available for sale (thousand b/d)		1,357	1,334
2,648	2,884	2,310	Natural gas production available for sale (million scf/d)		2,765	2,663
1,824	1,843	1,732	Total production available for sale (thousand boe/d)		1,833	1,793

* Alternative Performance (Non-GAAP) measure. See page 34.

Upstream explores for and extracts crude oil, natural gas and natural gas liquids. The segment also includes marketing and transportation of oil, gas and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemicals manufacturing plants and refineries. Upstream activities span deep-water and conventional oil and gas operations.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the first quarter 2026, reflected higher prices and margins, mainly due to higher realised prices (increase of $1,134 million), partly offset by oil export levies in Brazil ($242 million). Adjusted Earnings also included favourable tax movements ($317 million).

Identified items in the second quarter 2026 included gains of $83 million from the disposal of assets. These gains compare with the first quarter 2026 which included gains of $184 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $88 million related to the impact of the strengthening Brazilian real on a deferred tax position.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,061 million.

Total production, compared with the first quarter 2026, decreased mainly due to higher maintenance activities, partly offset by new oil production in Brazil and the Gulf of America.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the first half 2025, reflected higher realised prices (increase of $2,247 million) and higher volumes (increase of $383 million), partly offset by higher depreciation, depletion and amortisation expenses (increase of $488 million) and higher operating expenses (increase of $398 million).

Identified items in the first half 2026 included gains of $191 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $106 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains compare with the first half 2025 which included gains of $509 million from disposal of assets and a gain of $168 million related to the impact of the strengthening Brazilian real on a deferred tax position, offset by a charge of $509 million related to the UK Energy Profits Levy.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first half 2026 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $3,553 million and working capital outflows of $2,013 million.

Page 6



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Total production for the first half 2026 increased mainly due to new oil production in the Gulf of America and Brazil, partly offset by portfolio changes.

1.All earnings amounts are shown post-tax, unless stated otherwise.

Page 7



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



MARKETING
Quarters			$ million		Half year
Q2 2026	Q1 2026	Q2 2025		Reference*	2026	2025
1,747	1,895	766	Income/(loss) for the period		3,643	1,580
157	(147)	(354)	Of which: Identified items	A.	9	(402)
1,329	1,334	1,199	Adjusted Earnings	A.	2,663	2,100
2,392	2,437	2,181	Adjusted EBITDA	A.	4,830	4,049
2,547	2,224	2,718	Cash flow from operating activities	A.	4,771	4,625
380	248	429	Cash capital expenditure	C.	628	684
2,570	2,627	2,813	Marketing sales volumes (thousand b/d)		2,598	2,744

* Alternative Performance (Non-GAAP) measure. See page 34.

Marketing includes Mobility, Lubricants, and Sectors and Decarbonisation. Mobility operates our retail network, including electric vehicle charging, convenience retail, and the Wholesale Commercial Fuels business for transport and industry. Lubricants produces, markets and sells products for road transport and machinery in manufacturing, mining, power generation, agriculture and construction. Sectors and Decarbonisation supplies fuels, speciality products and services, including low-carbon energy solutions such as biofuels, to a broad range of commercial customers, including in the aviation, marine and agriculture sectors.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $261 million.

Adjusted Earnings, compared with the first quarter 2026, reflected lower Marketing margins (decrease of $268 million), including lower trading and optimisation and lower Lubricants margins, due to lower volumes and unit margins, partly offset by higher Mobility unit margins. These unfavourable margin movements were offset by comparatively favourable tax movements ($288 million).

Identified items in the second quarter 2026 included gains of $282 million from the disposal of assets, mainly related to the divestment of Jiffy Lube International, and unfavourable movements of $78 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These gains and unfavourable movements compare with the first quarter 2026, which included net impairment charges and reversals of $182 million and favourable movements of $73 million due to the fair value accounting of commodity derivatives.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $658 million and the cost of supplies adjustment of $346 million (before tax). These were partly offset by working capital outflows of $279 million and tax payments of $107 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first quarter 2026, decreased mainly due to market impacts from the Middle East conflict.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $970 million.

Adjusted Earnings, compared with the first half 2025, reflected higher Marketing margins (increase of $532 million), supported by trading and optimisation, partly offset by unfavourable tax movements ($217 million).

Identified items in the first half 2026 included gains of $275 million from the disposal of assets, partly offset by net impairment charges and reversals of $194 million. These gains, charges and reversals compare with the first half 2025 which included net impairment charges and reversals of $278 million and net losses of $105 million from the disposal of assets.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Page 8



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Cash flow from operating activities for the first half 2026 was primarily driven by Adjusted EBITDA, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,311 million and the cost of supplies adjustment of $1,296 million (before tax). These were partly offset by working capital outflows of $2,027 million and tax payments of $172 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first half 2025, decreased mainly due to market impacts from the Middle East conflict.

1.All earnings amounts are shown post-tax, unless stated otherwise.

Page 9



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



CHEMICALS AND PRODUCTS
Quarters			$ million		Half year
Q2 2026	Q1 2026	Q2 2025		Reference*	2026	2025
3,981	395	(174)	Income/(loss) for the period		4,376	(252)
804	(2,086)	(51)	Of which: Identified items	A.	(1,282)	(631)
2,877	1,925	118	Adjusted Earnings	A.	4,802	567
4,664	3,544	864	Adjusted EBITDA	A.	8,208	2,274
7,941	(2,308)	1,372	Cash flow from operating activities	A.	5,633	1,502
507	363	775	Cash capital expenditure	C.	870	1,233
1,267	1,219	1,156	Refinery processing intake (thousand b/d)		1,243	1,258
2,281	2,253	2,164	Chemicals sales volumes (thousand tonnes)		4,534	4,977

* Alternative Performance (Non-GAAP) measure. See page 34.

The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network; and refineries, which turn crude oil and other feedstocks into a range of oil products that are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, and trading and optimisation of crude oil, oil products and petrochemicals.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $300 million.

Adjusted Earnings, compared with the first quarter 2026, reflected higher Chemicals margins (increase of $454 million) and higher Products margins (increase of $429 million), mainly driven by higher trading and optimisation. Adjusted Earnings also reflected higher depreciation, depletion and amortisation expenses (increase of $156 million).

In the second quarter 2026, Chemicals had Adjusted Earnings of $354 million and Products had Adjusted Earnings of $2,523 million.

Identified items in the second quarter 2026 included favourable movements of $972 million due to the fair value accounting of commodity derivatives that, as part of Shell’s normal business, are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the first quarter 2026, which included unfavourable movements of $2,016 million due to the fair value accounting of commodity derivatives.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was primarily driven by Adjusted EBITDA, working capital inflows of $2,185 million, net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $553 million, net cash inflows related to derivatives of $481 million and the cost of supplies adjustment of $397 million (before tax). These were partly offset by tax payments of $177 million.

Refinery utilisation was 102% compared with 99% in the first quarter 2026, mainly due to lower planned and unplanned maintenance activities.

Chemicals manufacturing plant utilisation was 83% compared with 85% in the first quarter 2026, mainly due to higher planned and unplanned maintenance activities.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $856 million.

Adjusted Earnings, compared with the first half 2025, reflected higher Products margins (increase of $4,106 million), mainly driven by higher refining margins and higher trading and optimisation, and higher Chemicals margins (increase of $457 million). Adjusted Earnings also reflected higher depreciation, depletion and amortisation expenses (increase of $279 million).

In the first half 2026, Chemicals had Adjusted Earnings of $237 million and Products had Adjusted Earnings of $4,565 million.

Page 10



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Identified items in the first half 2026 included unfavourable movements of $1,044 million due to the fair value accounting of commodity derivatives that, as part of Shell’s normal business, are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These unfavourable movements compare with the first half of 2025, which included net impairment charges and reversals of $339 million and unfavourable movements of $153 million due to the fair value accounting of commodity derivatives.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first half 2026 was primarily driven by Adjusted EBITDA, the cost of supplies adjustment of $1,159 million (before tax) and net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1,153 million. These were partly offset by working capital outflows of $3,461 million and net cash outflows related to derivatives of $1,407 million.

Refinery utilisation was 100% compared with 89% in the first half 2025, mainly due to lower planned and unplanned maintenance activities.

Chemicals manufacturing plant utilisation was 84% compared with 77% in the first half 2025, mainly due to lower unplanned maintenance activities.

1.All earnings amounts are shown post-tax, unless stated otherwise.

Page 11



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



RENEWABLES AND ENERGY SOLUTIONS
Quarters			$ million		Half year
Q2 2026	Q1 2026	Q2 2025		Reference*	2026	2025
(550)	527	(254)	Income/(loss) for the period		(24)	(501)
(629)	179	(245)	Of which: Identified items	A.	(450)	(450)
79	348	(9)	Adjusted Earnings	A.	427	(51)
212	548	102	Adjusted EBITDA	A.	760	213
(65)	2,937	1	Cash flow from operating activities	A.	2,872	368
429	404	555	Cash capital expenditure	C.	833	958
70	72	70	External power sales (terawatt hours)1		142	146
161	197	132	Sales of pipeline gas to end-use customers (terawatt hours)2		358	315

* Alternative Performance (Non-GAAP) measure. See page 34.

1.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

2.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

Renewables and Energy Solutions encompasses renewable power generation, marketing, trading, and optimisation of power and pipeline gas. It also includes hydrogen production, commercial carbon capture and storage (CCS) hubs and carbon credits. The business invests in nature-based projects that compensate for carbon emissions and Shell Ventures, which invests in or works with start-ups and other early-stage businesses to help them scale up and grow.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the first quarter 2026, reflected lower margins (decrease of $265 million), mainly from trading and optimisation.

Most Renewables and Energy Solutions activities were loss-making in the second quarter 2026, these were more than offset by positive Adjusted Earnings from trading and optimisation and energy marketing.

Identified items in the second quarter 2026 included impairment charges of $536 million, mainly related to renewable generation assets in Asia and Europe, and unfavourable movements of $146 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These charges and unfavourable movements compare with the first quarter 2026, which included favourable movements of $189 million due to the fair value accounting of commodity derivatives.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the second quarter 2026 was primarily driven by net cash outflows related to derivatives of $1,025 million, partly offset by working capital inflows of $523 million and Adjusted EBITDA.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the first half 2025, reflected higher margins (increase of $356 million), mainly from trading and optimisation, and lower operating expenses (decrease of $56 million).

Most Renewables and Energy Solutions activities were loss-making for the first half 2026, these were more than offset by positive Adjusted Earnings from trading and optimisation.

Identified items in the first half 2026 included impairment charges of $565 million, mainly related to renewable generation assets in Asia and Europe. These charges compare with the first half 2025 which included unfavourable movements of $196 million relating to the fair value accounting of commodity derivatives and impairment losses of $167 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 EBITDA was driven by the same factors as Adjusted Earnings.

Page 12



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Cash flow from operating activities for the first half 2026 was primarily driven by net cash inflows related to derivatives of $1,332 million, Adjusted EBITDA and working capital inflows of $461 million.

1.All earnings amounts are shown post-tax, unless stated otherwise.



CORPORATE
Quarters			$ million		Half year
Q2 2026	Q1 2026	Q2 2025		Reference*	2026	2025
(631)	(937)	(539)	Income/(loss) for the period		(1,568)	(1,022)
(15)	(29)	(77)	Of which: Identified items	A.	(44)	(102)
(617)	(908)	(463)	Adjusted Earnings	A.	(1,525)	(920)
(210)	(164)	(346)	Adjusted EBITDA	A.	(374)	(607)
(455)	(451)	(2,283)	Cash flow from operating activities	A.	(906)	(2,814)

* Alternative Performance (Non-GAAP) measure. See page 34.

The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the first quarter 2026, reflected favourable net interest movements (increase of $250 million) and favourable tax movements ($94 million).

Adjusted EBITDA was mainly driven by unfavourable foreign exchange rate effects and higher operating expenses.

Cash flow from operating activities for the second quarter 2026 was primarily driven by Adjusted EBITDA, working capital outflows of $169 million and tax payments of $83 million.

Half Year Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the first half 2025, reflected unfavourable net interest movements (decrease of $644 million), partly offset by favourable foreign currency exchange rate effects ($118 million).

Adjusted EBITDA was mainly driven by favourable foreign currency exchange rate effects.

Cash flow from operating activities for the first half 2026 was primarily driven by working capital outflows of $455 million, Adjusted EBITDA and tax payments of $136 million.

1.All earnings amounts are shown post-tax, unless stated otherwise.

Page 13



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

OUTLOOK FOR THE THIRD QUARTER

Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $24-$26 billion.

Integrated Gas production is expected to be approximately 570 - 630 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.1 - 7.7 million tonnes. Third quarter 2026 outlook excludes any volumes from ARC Resources Ltd. and Qatar.

Upstream production is expected to be approximately 1,680 - 1,880 thousand boe/d. Third quarter 2026 outlook reflects higher maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,550 - 2,750 thousand b/d.

Refinery utilisation is expected to be approximately 93% - 101%. Chemicals manufacturing plant utilisation is expected to be approximately 78% - 86%.

Corporate Adjusted Earnings1 were a net expense of $617 million for the second quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $500 - $700 million in the third quarter 2026.

1.For the definition of Adjusted Earnings and the most comparable GAAP measure please see Reference A.

FORTHCOMING EVENTS



Date			Event
October 29, 2026			Third quarter 2026 results and dividends

Page 14



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME
Quarters			$ million	Half year
Q2 2026	Q1 2026	Q2 2025		2026	2025
94,664	69,691	65,406	Revenue1	164,355	134,640
642	(93)	712	Share of profit/(loss) of joint ventures and associates	548	1,327
1,048	535	326	Interest and other income/(expenses)2	1,583	628
96,354	70,133	66,443	Total revenue and other income/(expenses)	166,487	136,596
64,530	44,775	44,099	Purchases	109,304	89,948
5,476	5,745	4,909	Production and manufacturing expenses	11,221	10,459
2,911	2,803	3,077	Selling, distribution and administrative expenses	5,714	5,917
277	167	278	Research and development	444	464
110	98	360	Exploration	208	569
6,183	5,743	6,670	Depreciation, depletion and amortisation2	11,926	12,111
1,114	1,473	1,075	Interest expense	2,587	2,194
80,600	60,805	60,468	Total expenditure	141,405	121,662
15,754	9,328	5,975	Income/(loss) before taxation	25,082	14,934
4,949	3,570	2,332	Taxation charge/(credit)2	8,519	6,415
10,805	5,758	3,644	Income/(loss) for the period	16,564	8,519
(16)	64	43	Income/(loss) attributable to non-controlling interest	48	138
10,821	5,694	3,601	Income/(loss) attributable to Shell plc shareholders	16,515	8,381
1.94	1.01	0.61	Basic earnings per share ($)3	2.94	1.40
1.92	1.00	0.60	Diluted earnings per share ($)3	2.91	1.39

1.See Note 2 "Segment information".

2.See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".

3.See Note 3 "Earnings per share".

Page 15



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters			$ million	Half year
Q2 2026	Q1 2026	Q2 2025		2026	2025
10,805	5,758	3,644	Income/(loss) for the period	16,564	8,519
			Other comprehensive income/(loss) net of tax:
			Items that may be reclassified to income in later periods:
(314)	(820)	4,127	– Currency translation differences1	(1,134)	5,837
(3)	2	7	– Debt instruments remeasurements	(2)	14
54	2	(109)	– Cash flow hedging gains/(losses)	56	(135)
—	(3)	—	– Net investment hedging gains/(losses)	(3)	—
(18)	9	5	– Deferred cost of hedging	(9)	(37)
(4)	(11)	113	– Share of other comprehensive income/(loss) of joint ventures and associates	(14)	187
(285)	(821)	4,143	Total	(1,105)	5,866
			Items that are not reclassified to income in later periods:
222	191	158	– Retirement benefits remeasurements	413	465
(59)	8	(8)	– Equity instruments remeasurements	(51)	(24)
(13)	—	(23)	– Share of other comprehensive income/(loss) of joint ventures and associates	(13)	(59)
149	199	128	Total	349	381
(135)	(621)	4,270	Other comprehensive income/(loss) for the period	(757)	6,248
10,670	5,137	7,914	Comprehensive income/(loss) for the period	15,807	14,767
(5)	96	122	Comprehensive income/(loss) attributable to non-controlling interest	91	227
10,675	5,041	7,792	Comprehensive income/(loss) attributable to Shell plc shareholders	15,716	14,540

1. See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".

Page 16



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



CONDENSED CONSOLIDATED BALANCE SHEET
$ million
	June 30, 2026	December 31, 2025
Assets
Non-current assets
Goodwill	14,969	15,662
Other intangible assets	10,449	11,010
Property, plant and equipment	182,300	185,077
Joint ventures and associates1	27,997	27,775
Investments in securities	1,479	1,557
Deferred tax	6,606	8,173
Retirement benefits	5,306	5,052
Trade and other receivables	8,017	8,252
Derivative financial instruments2	558	619
	257,680	263,177
Current assets
Inventories	26,639	22,216
Trade and other receivables	52,938	44,597
Derivative financial instruments2	9,487	9,114
Cash and cash equivalents	31,374	30,216
	120,438	106,143
Assets classified as held for sale1	2,395	1,030
	122,833	107,173
Total assets	380,513	370,350

Liabilities
Non-current liabilities
Debt	64,534	66,515
Trade and other payables	7,290	4,463
Derivative financial instruments2	1,069	1,108
Deferred tax	11,831	11,983
Retirement benefits	6,635	7,136
Decommissioning and other provisions	21,758	21,411
	113,118	112,616
Current liabilities
Debt	8,542	9,128
Trade and other payables	60,742	57,770
Derivative financial instruments2	7,225	5,664
Income taxes payable	4,349	3,149
Decommissioning and other provisions	3,935	5,884
	84,793	81,595
Liabilities directly associated with assets classified as held for sale1	821	820
	85,614	82,415
Total liabilities	198,732	195,031
Equity attributable to Shell plc shareholders	180,786	174,392
Non-controlling interest	995	927
Total equity	181,781	175,319
Total liabilities and equity	380,513	370,350

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 17



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	Equity attributable to Shell plc shareholders
$ million	Share capital1	Shares held in trust	Other reserves²	Retained earnings	Total	Non-controlling interest	Total equity
At January 1, 2026	477	(847)	21,234	153,528	174,392	927	175,319
Comprehensive income/(loss) for the period	—	—	(800)	16,515	15,716	91	15,807
Transfer from other comprehensive income	—	—	(36)	36	—	—	—
Dividends³	—	—	—	(4,265)	(4,265)	(38)	(4,302)
Repurchases of shares	(12)	—	12	(4,931)	(4,931)	—	(4,931)
Share-based compensation	—	610	(554)	(231)	(175)	—	(175)
Other changes	—	—	—	50	50	13	63
At June 30, 2026	465	(236)	19,856	160,702	180,786	995	181,781
At January 1, 2025	510	(803)	19,766	158,834	178,307	1,861	180,168
Comprehensive income/(loss) for the period	—	—	6,159	8,381	14,540	227	14,767
Transfer from other comprehensive income	—	—	18	(18)	—	—	—
Dividends³	—	—	—	(4,302)	(4,302)	(113)	(4,415)
Repurchases of shares4	(17)	—	17	(7,038)	(7,038)	—	(7,038)
Share-based compensation	—	516	(486)	(426)	(396)	—	(396)
Other changes	—	—	—	29	29	(24)	5
At June 30, 2025	493	(288)	25,473	155,458	181,137	1,951	183,088

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 18



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters			$ million	Half year
Q2 2026	Q1 2026	Q2 2025		2026	2025
15,754	9,328	5,975	Income before taxation for the period	25,082	14,934
			Adjustment for:
799	1,102	515	– Interest expense (net)	1,901	1,151
6,183	5,743	6,670	– Depreciation, depletion and amortisation1	11,926	12,111
(1)	1	206	– Exploration well write-offs	—	234
(642)	(64)	(128)	– Net (gains)/losses on sale and revaluation of non-current assets and businesses	(706)	(1)
(642)	93	(712)	– Share of (profit)/loss of joint ventures and associates	(548)	(1,327)
547	595	2,361	– Dividends received from joint ventures and associates	1,142	2,884
3,739	(6,686)	(27)	– (Increase)/decrease in inventories	(2,947)	827
1,593	(10,404)	3,635	– (Increase)/decrease in current receivables	(8,811)	1,025
(1,887)	5,912	(3,994)	– Increase/(decrease) in current payables	4,025	(4,901)
(1,354)	2,475	626	– Derivative financial instruments	1,121	381
(153)	(80)	(17)	– Retirement benefits	(232)	(118)
(115)	(1,086)	(425)	– Decommissioning and other provisions	(1,200)	(906)
546	1,433	684	– Other1	1,979	1,254
(2,934)	(2,301)	(3,432)	Tax paid	(5,235)	(6,331)
21,432	6,062	11,937	Cash flow from operating activities	27,495	21,218
(4,031)	(3,757)	(5,393)	Capital expenditure	(7,787)	(9,141)
(187)	(426)	(406)	Investments in joint ventures and associates	(613)	(819)
(20)	(20)	(17)	Investments in equity securities	(39)	(32)
(4,237)	(4,202)	(5,817)	Cash capital expenditure	(8,439)	(9,993)
366	272	(57)	Proceeds from sale of property, plant and equipment and businesses	638	502
71	42	1	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	113	34
31	39	19	Proceeds from sale of equity securities	70	24
374	362	508	Interest received	736	1,016
176	694	360	Other investing cash inflows	870	866
(689)	(343)	(420)	Other investing cash outflows1	(1,032)	(1,814)
(3,908)	(3,136)	(5,406)	Cash flow from investing activities	(7,044)	(9,365)
178	10	(208)	Net increase/(decrease) in debt with maturity period within three months	188	(127)
			Other debt:
194	—	180	– New borrowings	193	319
(3,206)	(2,794)	(4,075)	– Repayments	(6,000)	(6,589)
(1,167)	(1,037)	(1,212)	Interest paid	(2,204)	(2,059)
27	(316)	896	Derivative financial instruments	(289)	1,222
4	30	—	Change in non-controlling interest	34	(25)
			Cash dividends paid to:
(2,164)	(2,100)	(2,122)	– Shell plc shareholders	(4,264)	(4,300)
(29)	(9)	(27)	– Non-controlling interest	(38)	(113)
(3,001)	(3,182)	(3,533)	Repurchases of shares	(6,183)	(6,844)
(2)	(423)	(5)	Shares held in trust: net sales/(purchases) and dividends received	(425)	(773)
(9,166)	(9,820)	(10,106)	Cash flow from financing activities	(18,986)	(19,289)
(101)	(205)	655	Effects of exchange rate changes on cash and cash equivalents	(306)	1,008
8,257	(7,098)	(2,919)	Increase/(decrease) in cash and cash equivalents	1,159	(6,428)
23,117	30,216	35,601	Cash and cash equivalents at beginning of period	30,216	39,110
31,374	23,117	32,682	Cash and cash equivalents at end of period	31,374	32,682

1.See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".

Page 19



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR 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 229 to 306) for the year ended December 31, 2025, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 214 to 290) for the year ended December 31, 2025, 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, 2025, 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.

Going Concern

These unaudited Condensed Consolidated Interim Financial Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the going concern assumption over the period to December 31, 2027 (the ‘going concern period’), management have stress tested Shell’s most recent financial projections to incorporate a range of potential future outcomes by considering Shell’s principal risks, potential downside pressures on commodity prices and long-term demand, and potential cash preservation measures. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these unaudited Condensed Consolidated Interim Financial Statements.

Key accounting considerations, significant judgements and estimates

Future long-term commodity price assumptions, which represent a significant estimate, were subject to change in the second quarter 2026 (see Note 7). 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. These discount rates applied in the first half year of 2026 remain unchanged compared with 2025.

Changes to IFRS not yet adopted

IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18")

IFRS 18 will be adopted as from January 1, 2027. IFRS 18 will have no impact on recognition and measurement. From Shell's impact assessment, it has concluded that the impact will be limited to disclosure and presentation in the Consolidated Financial Statements. For Shell, the primary change will be the reclassification of income and expenses into the operating, investing and financing categories respectively within the Consolidated Statement of Income. In addition, dividends received from joint ventures and associates will be reclassified in the Consolidated Statement of Cash Flows from cash flow from operating activities to cash flow from investing activities, which will impact Cash flow from operations.

2. Segment information

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.

Page 20



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

ADJUSTED EARNINGS BY SEGMENT



Q2 2026	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to Shell plc shareholders							10,821
Income/(loss) attributable to non-controlling interest							(16)
Income/(loss) for the period	2,680	3,579	1,747	3,981	(550)	(631)	10,805
Current cost of supplies adjustment before taxation			(346)	(397)			(742)
Tax on current cost of supplies adjustment			84	97			181
Identified items before taxation	23	(66)	(314)	(1,057)	745	12	(658)
Tax included in identified items	(12)	(28)	157	253	(115)	3	258
Adjusted Earnings	2,691	3,485	1,329	2,877	79	(617)	9,845
Adjusted Earnings attributable to Shell plc shareholders							9,836
Adjusted Earnings attributable to non-controlling interest							9

Q1 2026

$ million

Integrated Gas

Upstream

Marketing

Chemicals and Products

Renewables and Energy Solutions

Corporate

Total

Income/(loss) attributable to Shell plc shareholders

5,694

Income/(loss) attributable to non-controlling interest

Income/(loss) for the period

1,321

2,556

1,895

395

527

(937)

5,758

Current cost of supplies adjustment before taxation

(950)

(763)

(1,713)

Tax on current cost of supplies adjustment

241

206

447

Identified items before taxation

598

156

2,712

(279)

—

3,286

Tax included in identified items

(100)

(335)

(626)

100

(884)

Adjusted Earnings

1,819

2,377

1,334

1,925

348

(908)

6,894

Adjusted Earnings attributable to Shell plc shareholders

6,915

Adjusted Earnings attributable to non-controlling interest

(21)

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

Income/(loss) for the period

1,838

2,008

766

(174)

(254)

(539)

3,644

Current cost of supplies adjustment before taxation

104

333

436

Tax on current cost of supplies adjustment

(24)

(91)

(115)

Identified items before taxation

102

(271)

460

300

717

Tax included in identified items

(203)

(5)

(106)

(13)

(55)

(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

Page 21



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Half year 2026

$ million

Integrated Gas

Upstream

Marketing

Chemicals and Products

Renewables and Energy Solutions

Corporate

Total

Income/(loss) attributable to Shell plc shareholders

16,515

Income/(loss) attributable to non-controlling interest

Income/(loss) for the period

4,002

6,134

3,643

4,376

(24)

(1,568)

16,564

Current cost of supplies adjustment before taxation

(1,296)

(1,159)

(2,455)

Tax on current cost of supplies adjustment

325

303

628

Identified items before taxation

620

(215)

1,655

466

2,628

Tax included in identified items

(113)

(362)

206

(373)

(16)

(626)

Adjusted Earnings

4,509

5,862

2,663

4,802

427

(1,525)

16,739

Adjusted Earnings attributable to Shell plc shareholders

16,751

Adjusted Earnings attributable to non-controlling interest

(12)

Half year 2025

$ million

Integrated Gas

Upstream

Marketing

Chemicals and Products

Renewables and Energy Solutions

Corporate

Total

Income/(loss) attributable to Shell plc shareholders

8,381

Income/(loss) attributable to non-controlling interest

138

Income/(loss) for the period

4,627

4,088

1,580

(252)

(501)

(1,022)

8,519

Current cost of supplies adjustment before taxation

156

266

422

Tax on current cost of supplies adjustment

(38)

(79)

(116)

Identified items before taxation

(246)

(392)

504

743

559

1,227

Tax included in identified items

(160)

373

(102)

(111)

(110)

(68)

Adjusted Earnings

4,220

4,068

2,100

567

(51)

(920)

9,984

Adjusted Earnings attributable to Shell plc shareholders

9,841

Adjusted Earnings attributable to non-controlling interest

144

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.

Q2 2026

$ million

Integrated Gas

Upstream

Marketing

Chemicals and Products

Renewables and Energy Solutions

Corporate

Total

Capital expenditure

1,097

1,657

380

461

420

4,031

Investments in joint ventures and associates

162

(24)

—

187

Investments in equity securities

—

Cash capital expenditure

1,269

1,633

380

507

429

4,237

Page 22



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Q1 2026

$ million

Integrated Gas

Upstream

Marketing

Chemicals and Products

Renewables and Energy Solutions

Corporate

Total

Capital expenditure

780

2,002

240

332

390

3,757

Investments in joint ventures and associates

233

157

—

426

Investments in equity securities

—

Cash capital expenditure

1,014

2,159

248

363

404

4,202

Q2 2025

$ million

Integrated Gas

Upstream

Marketing

Chemicals and Products

Renewables and Energy Solutions

Corporate

Total

Capital expenditure

988

2,774

427

704

468

5,393

Investments in joint ventures and associates

209

406

Investments in equity securities

—

Cash capital expenditure

1,196

2,826

429

775

555

5,817



Half year 2026	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,877	3,659	619	794	810	27	7,787
Investments in joint ventures and associates	395	133	4	76	2	3	613
Investments in equity securities	10	—	5	—	21	3	39
Cash capital expenditure	2,283	3,792	628	870	833	33	8,439



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,930	4,501	679	1,155	826	49	9,141
Investments in joint ventures and associates	383	248	5	78	102	3	819
Investments in equity securities	—	—	—	—	30	2	32
Cash capital expenditure	2,313	4,749	684	1,233	958	54	9,993

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.



Q2 2026	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party revenue	11,278	1,800	38,015	34,235	9,338	(2)	94,664
Inter-segment revenue	2,066	11,621	3,624	13,306	1,143	—	31,762

Page 23



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



Q1 2026	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party revenue	7,748	1,400	30,695	19,221	10,622	5	69,691
Inter-segment revenue	3,410	9,389	2,245	9,660	1,352	—	26,055



Q2 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party revenue	9,576	1,193	28,241	18,388	7,996	12	65,406
Inter-segment revenue	2,412	8,502	2,177	8,775	835	—	22,701



Half year 2026	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party revenue	19,026	3,200	68,710	53,456	19,960	3	164,355
Inter-segment revenue	5,476	21,011	5,869	22,966	2,495	—	57,817



Half year 2025	$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party revenue	19,179	2,703	55,324	39,998	17,413	23	134,640
Inter-segment revenue	5,086	18,356	4,026	17,030	1,999	—	46,498

Page 24



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

Identified Items

The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of management and are unusual in nature (e.g., infrequent or non-recurring events) or that result in a misalignment between accounting and economic outcomes. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items.

Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

1. For the purpose of identification of items in certain categories materiality thresholds are applied.



Q2 2026	$ 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)	16	77	488	(8)	61	(1)	634
Impairment reversals/(impairments)	(13)	(2)	(13)	(32)	(606)	—	(665)
Redundancy and restructuring	5	17	(48)	(84)	(3)	(11)	(124)
Fair value accounting of commodity derivatives and certain gas contracts1	(31)	—	(114)	1,281	(205)	—	932
Other2	—	(27)	—	(101)	9	—	(119)
Total identified items included in Income/(loss) before taxation	(23)	66	314	1,057	(745)	(12)	658
Total identified items included in Taxation (charge)/credit	12	28	(157)	(253)	115	(3)	(258)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	13	83	282	(6)	55	(1)	426
Impairment reversals/(impairments)	(13)	(1)	(11)	(21)	(536)	—	(583)
Redundancy and restructuring	4	13	(36)	(64)	(3)	(9)	(94)
Fair value accounting of commodity derivatives and certain gas contracts1	(15)	—	(78)	972	(146)	—	733
Impact of exchange rate movements and inflationary adjustments on tax balances3	1	25	—	—	—	(5)	21
Other2	—	(27)	—	(77)	—	—	(104)
Impact on Income/(loss) for the period	(10)	93	157	804	(629)	(15)	400
Impact on Income/(loss) attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Income/(loss) attributable to Shell plc shareholders	(10)	93	157	804	(629)	(15)	400

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 25



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



Q1 2026	$ 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)	136	(81)	(9)	(16)	30	—	60
Impairment reversals/(impairments)	—	(22)	(171)	(41)	(29)	—	(263)
Redundancy and restructuring	(13)	(33)	(42)	(38)	(6)	—	(131)
Fair value accounting of commodity derivatives and certain gas contracts1	(721)	—	122	(2,616)	283	—	(2,932)
Other1	—	(20)	—	—	—	—	(20)
Total identified items included in Income/(loss) before taxation	(598)	(156)	(99)	(2,712)	279	—	(3,286)
Total identified items included in Taxation (charge)/credit	100	335	(48)	626	(100)	(29)	884
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	133	(38)	(7)	(13)	23	—	99
Impairment reversals/(impairments)	—	(15)	(182)	(29)	(29)	—	(255)
Redundancy and restructuring	(9)	(20)	(31)	(28)	(4)	(1)	(95)
Fair value accounting of commodity derivatives and certain gas contracts1	(634)	—	73	(2,016)	189	—	(2,388)
Impact of exchange rate movements and inflationary adjustments on tax balances1	13	272	—	—	—	(28)	257
Other1	—	(20)	—	—	—	—	(20)
Impact on Income/(loss) for the period	(497)	179	(147)	(2,086)	179	(29)	(2,402)
Impact on Income/(loss) attributable to non-controlling interest	—	—	—	(2)	—	—	(3)
Impact on Income/(loss) attributable to Shell plc shareholders	(497)	179	(147)	(2,084)	179	(29)	(2,399)

1. For a detailed description, see the corresponding footnotes to the Q2 2026 identified items table above.

Page 26



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR 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 Q2 2026 identified items table above.

Page 27



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



Half year 2026	$ 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)	151	(4)	480	(24)	91	(1)	694
Impairment reversals/(impairments)	(13)	(24)	(183)	(73)	(635)	—	(929)
Redundancy and restructuring	(7)	(16)	(90)	(122)	(9)	(10)	(255)
Fair value accounting of commodity derivatives and certain gas contracts1	(751)	—	9	(1,335)	78	—	(2,000)
Other1	—	(47)	—	(101)	9	—	(139)
Total identified items included in Income/(loss) before taxation	(620)	(90)	215	(1,655)	(466)	(11)	(2,628)
Total identified items included in Taxation (charge)/credit	113	362	(206)	373	16	(32)	626
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	145	45	275	(19)	79	(1)	525
Impairment reversals/(impairments)	(13)	(16)	(194)	(50)	(565)	—	(838)
Redundancy and restructuring	(5)	(7)	(67)	(92)	(7)	(10)	(188)
Fair value accounting of commodity derivatives and certain gas contracts1	(648)	—	(5)	(1,044)	43	—	(1,655)
Impact of exchange rate movements and inflationary adjustments on tax balances1	13	297	—	—	—	(33)	277
Other1	—	(47)	—	(77)	—	—	(124)
Impact on Income/(loss) for the period	(508)	272	9	(1,282)	(450)	(44)	(2,002)
Impact on Income/(loss) attributable to non-controlling interest	—	—	(1)	(2)	—	—	(3)
Impact on Income/(loss) attributable to Shell plc shareholders	(508)	272	10	(1,280)	(450)	(44)	(1,999)

1.For a detailed description, see the corresponding footnotes to the Q2 2026 identified items table above.

Page 28



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS



Half year 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)	62	498	(113)	(24)	(68)	(4)	351
Impairment reversals/(impairments)	(672)	(24)	(360)	(371)	(176)	—	(1,602)
Redundancy and restructuring	(8)	(21)	(66)	(50)	(10)	(9)	(164)
Fair value accounting of commodity derivatives and certain gas contracts1	934	—	35	(196)	(260)	—	512
Other1	(70)	(61)	—	(102)	(46)	(47)	(325)
Total identified items included in Income/(loss) before taxation	246	392	(504)	(743)	(559)	(59)	(1,227)
Total identified items included in Taxation (charge)/credit	160	(373)	102	111	110	(43)	68
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	53	358	(105)	(19)	(35)	(3)	250
Impairment reversals/(impairments)	(423)	(17)	(278)	(339)	(167)	—	(1,225)
Redundancy and restructuring	(5)	(7)	(45)	(42)	(7)	(6)	(112)
Fair value accounting of commodity derivatives and certain gas contracts1	817	—	26	(153)	(196)	—	494
Impact of exchange rate movements and inflationary adjustments on tax balances1	24	154	—	—	—	(47)	131
Other1	(59)	(469)	—	(78)	(45)	(47)	(697)
Impact on Income/(loss) for the period	407	19	(402)	(631)	(450)	(102)	(1,160)
Impact on Income/(loss) attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Income/(loss) attributable to Shell plc shareholders	407	19	(402)	(631)	(450)	(102)	(1,160)

1.For a detailed description, see the corresponding footnotes to the Q2 2026 identified items table above.

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 tables above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

3. Earnings per share



EARNINGS PER SHARE
Quarters				Half year
Q2 2026	Q1 2026	Q2 2025		2026	2025
10,821	5,694	3,601	Income/(loss) attributable to Shell plc shareholders ($ million)	16,515	8,381
			Weighted average number of shares used as the basis for determining:
5,589.3	5,653.9	5,947.9	Basic earnings per share (million)	5,621.4	5,990.5
5,637.0	5,703.7	6,004.7	Diluted earnings per share (million)	5,670.2	6,046.0

Page 29



SHELL PLC 2nd QUARTER 2026 AND HALF YEAR UNAUDITED RESULTS

4. Share capital



ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
	Number of shares	Nominal value ($ million)
At January 1, 2026	5,718,636,398	477
Repurchases of shares	(147,708,271)	(12)
At June 30, 2026	5,570,928,127	465
At January 1, 2025	6,115,031,158	510
Repurchases of shares	(202,687,052)	(17)
At June 30, 2025	5,912,344,106	493

At Shell plc’s Annual General Meeting on May 19, 2026, 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 €132 million (representing approximately 1,885 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 18, 2027, or the end of the Annual General Meeting to be held in 2027, unless previously renewed, revoked or varied by Shell plc in a general meeting.

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, 2026

37,298

154

303

1,359

(17,880)

21,234