SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

 

SUMMARY OF UNAUDITED RESULTS
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025						Reference
5,694			4,134			4,780			Income attributable to Shell plc shareholders
6,915			3,256			5,577			Adjusted Earnings			A.
17,741			12,799			15,250			Adjusted EBITDA			A.
6,062			9,438			9,281			Cash flow from operating activities
(3,136)			(5,190)			(3,959)			Cash flow from investing activities
2,927			4,249			5,322			Free cash flow			G.
4,202			6,015			4,175			Cash capital expenditure			C.
8,716			9,559			8,575			Operating expenses			F.
8,585			9,436			8,453			Underlying operating expenses			F.
9.9%			9.4%			10.4%			ROACE			D.
75,645			75,643			76,511			Total debt			E.
52,606			45,687			41,521			Net debt			E.
23.2%			20.7%			18.7%			Gearing			E.
2,752			2,859			2,838			Oil and gas production available for sale (thousand boe/d)
1.01			0.72			0.79			Basic earnings per share ($)
1.22			0.57			0.92			Adjusted Earnings per share ($)			B.
0.3906			0.3720			0.3580			Dividend per share ($)

Quarter Analysis1

Income attributable to Shell plc shareholders was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $1.2 billion.

Adjusted Earnings, compared with the fourth quarter 2025, reflected higher contributions from trading and optimisation mainly impacting our Downstream, Renewables and Energy Solutions businesses, higher realised prices, higher refining margins, lower operating expenses and higher Lubricants margins, partly offset by lower volumes.

Identified items in the first quarter 2026 amounted to a net loss of $2.4 billion and included unfavourable movements due to the fair value accounting of commodity derivatives. This compares with identified items in the fourth quarter 2025 which amounted to a net gain of $1.2 billion.

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

Cash flow from operating activities for the first quarter 2026 was $6.1 billion, and primarily driven by Adjusted EBITDA, the non-cash cost of supplies adjustment of $1.7 billion (before tax) and net cash inflows related to the timing impact of payments for emission certificates and biofuel programmes of $1.3 billion. These were partly offset by working capital outflows of $11.2 billion and tax payments of $2.3 billion. The working capital outflows mainly reflected the impact of commodity prices on inventory and accounts receivables.

Cash flow from investing activities for the first quarter 2026 was an outflow of $3.1 billion, and included cash capital expenditure of $4.2 billion, partly offset by interest received of $0.4 billion and divestment proceeds of $0.4 billion.

Net debt and Gearing: At the end of the first quarter 2026, net debt was $52.6 billion, compared with $45.7 billion at the end of the fourth quarter 2025. This reflects free cash flow of $2.9 billion, more than offset by lease liability increases of $3.9 billion2, share buybacks of $3.2 billion, cash dividends paid to Shell plc shareholders of $2.1 billion and interest payments of $1.0 billion. Gearing was 23.2% at the end of the first quarter 2026, compared with 20.7% at the end of the fourth quarter 2025, mainly driven by higher net debt.

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

Shareholder distributions: Total shareholder distributions in the quarter amounted to $5.3 billion, comprising repurchases of shares of $3.2 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends declared to Shell plc shareholders for the first quarter 2026 amount to $0.3906 per share. Shell has now completed the $3.5 billion of share buybacks announced in the fourth quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.0 billion which is expected to be completed by the second quarter 2026 results announcement.3

 

This Unaudited Condensed Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 4 .

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

2.Includes a non-cash increase of $3.2 billion in the variable component of shipping leases in the current macro environment. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements” for further details.

3.Given the securities law requirements that apply to Shell plc in connection with its agreement to acquire ARC Resources Ltd. (“ARC”), it will be necessary to suspend the programme from the time of publication of the ARC shareholder circular until the conclusion of the ARC shareholder meeting. Any buybacks not undertaken due to such suspension will be part of the remaining 2026 programmes (subject to Board approval).

4.Not incorporated by reference.

 

 

PORTFOLIO DEVELOPMENTS

 

Integrated Gas

In April 2026, we entered into a definitive agreement to acquire ARC Resources Ltd. (“ARC”), an energy company focused on the Montney shale basin in British Columbia and Alberta, Canada. Under the terms of the agreement, ARC’s shareholders will receive CAD 8.20 in cash and 0.40247 ordinary shares of Shell plc for each ARC share, resulting in an equity value of approximately USD 13.6 billion.1 The boards of both companies have unanimously supported the transaction, which is expected to close in the second half of 2026, subject to ARC shareholder, court and regulatory approvals.

 

 

Marketing

In March 2026, we entered into an agreement to sell Jiffy Lube International to an affiliate of Monomoy Capital Partners (Monomoy) for $1.3 billion. As part of the agreement, we entered into a long-term lubricants supply agreement with Monomoy. The transaction is subject to regulatory approvals and closing conditions, and is expected to close in the second half of 2026.

 

 

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

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

PERFORMANCE BY SEGMENT

 

INTEGRATED GAS
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025						Reference
1,321			1,839			2,789			Income/(loss) for the period
(497)			178			306			Of which: Identified items			A.
1,819			1,661			2,483			Adjusted Earnings			A.
4,115			4,127			4,735			Adjusted EBITDA			A.
483			3,956			3,463			Cash flow from operating activities			A.
1,014			1,207			1,116			Cash capital expenditure			C.
115			128			126			Liquids production available for sale (thousand b/d)
4,607			4,760			4,644			Natural gas production available for sale (million scf/d)
909			948			927			Total production available for sale (thousand boe/d)
7.86			7.81			6.60			LNG liquefaction volumes (million tonnes)
19.16			19.79			16.49			LNG sales volumes (million tonnes)

 

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2025, reflected the higher realised prices mainly from liquid products (increase of $263 million), partly offset by lower volumes (decrease of $131 million). Trading and optimisation results were in line with the fourth quarter 2025.

Identified items in the first quarter 2026 included unfavourable movements of $634 million due to the fair value accounting of commodity derivatives and gains of $133 million from the sale of assets. These unfavourable movements and gains compare with the fourth quarter 2025 which included favourable movements of $225 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the first quarter 2026 was primarily driven by Adjusted EBITDA, partly offset by working capital outflows of $1,121 million, net cash outflows related to derivatives of $819 million, tax payments of $722 million, and a payment relating to a legal case of $635 million.

Total oil and gas production, compared with the fourth quarter 2025, decreased by 4% mainly due to the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes increased by 1% mainly due to LNG Canada ramp-up, partly offset by unfavourable weather in Australia.

 

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

 

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

UPSTREAM
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025						Reference
2,556			3,648			2,080			Income/(loss) for the period
179			2,079			(257)			Of which: Identified items			A.
2,377			1,570			2,337			Adjusted Earnings			A.
7,261			6,114			7,387			Adjusted EBITDA			A.
3,178			4,287			3,945			Cash flow from operating activities			A.
2,159			2,682			1,923			Cash capital expenditure			C.
1,346			1,393			1,335			Liquids production available for sale (thousand b/d)
2,884			2,894			3,020			Natural gas production available for sale (million scf/d)
1,843			1,892			1,855			Total production available for sale (thousand boe/d)

 

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2025, reflected higher realised prices (increase of $1,149 million) and lower exploration expenses (decrease of $124 million), partly offset by unfavourable tax movements ($183 million) and lower volumes (decrease of $121 million).

Identified items in the first quarter 2026 included gains of $184 million related to the impact of inflationary adjustments in Argentinian peso on a deferred tax position and gains of $88 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains compare with the fourth quarter 2025 which included gains on the disposal of assets of $2,282 million, mainly related to the incorporation of the Adura joint venture in the UK.

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

Cash flow from operating activities for the first quarter 2026 was primarily driven by Adjusted EBITDA, partly offset by working capital outflows of $2,316 million and tax payments of $1,492 million.

Total production, compared with the fourth quarter 2025, decreased mainly due to the impact of the incorporation of the Adura joint venture.

 

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

 

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

MARKETING
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025						Reference
1,895			(99)			814			Income/(loss) for the period
(147)			(547)			(49)			Of which: Identified items			A.
1,334			578			900			Adjusted Earnings			A.
2,437			1,604			1,869			Adjusted EBITDA			A.
2,224			(75)			1,907			Cash flow from operating activities			A.
248			688			256			Cash capital expenditure			C.
2,627			2,701			2,674			Marketing sales volumes (thousand b/d)

 

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

 

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $709 million.

Adjusted Earnings, compared with the fourth quarter 2025, reflected higher Marketing margins (increase of $478 million) and lower operating expenses (decrease of $171 million). Higher margins were supported by trading and optimisation as well as higher Lubricants margins resulting from seasonally higher volumes and improved unit margins. These favourable movements in margins were partly offset by seasonally lower volumes and lower unit margins in Mobility and higher losses in a joint venture.

Identified items in the first quarter 2026 included net impairment charges and reversals of $182 million and favourable movements of $73 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These net charges and favourable movements compare with the fourth quarter 2025 which included impairment charges of $527 million.

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

Cash flow from operating activities for the first quarter 2026 was primarily driven by Adjusted EBITDA, the non-cash cost of supplies adjustment of $950 million (before tax), net inflows related to the timing impact of emission certificates and biofuel programmes of $653 million and dividends (net of share of losses) from joint ventures and associates of $493 million. These were partly offset by working capital outflows of $1,748 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2025, decreased mainly due to seasonality.

 

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

 

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

 

CHEMICALS AND PRODUCTS
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025						Reference
395			(560)			(77)			Income/(loss) for the period
(2,086)			(310)			(581)			Of which: Identified items			A.
1,925			(66)			449			Adjusted Earnings			A.
3,544			939			1,410			Adjusted EBITDA			A.
(2,308)			1,775			130			Cash flow from operating activities			A.
363			1,016			458			Cash capital expenditure			C.
1,219			1,178			1,362			Refinery processing intake (thousand b/d)
2,253			2,136			2,813			Chemicals sales volumes (thousand tonnes)

 

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

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $557 million.

Adjusted Earnings, compared with the fourth quarter 2025, reflected higher Products margins (increase of $1,523 million), mainly driven by higher contributions from trading and optimisation and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $211 million) and lower operating expenses (decrease of $197 million).

In the first quarter 2026, Chemicals had negative Adjusted Earnings of $117 million and Products had positive Adjusted Earnings of $2,042 million.

Identified items in the first quarter 2026 included unfavourable movements of $2,016 million due to the fair value accounting of commodity derivatives that, as part of Shell's normal business, are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These unfavourable movements compare with the fourth quarter 2025, which included impairment charges of $187 million and net losses from the disposal of assets of $127 million.

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

Cash flow from operating activities for the first quarter 2026 was primarily driven by working capital outflows of $5,646 million and outflows related to derivatives of $1,887 million. These were partly offset by Adjusted EBITDA, the non-cash cost of supplies adjustment of $763 million (before tax) and net inflows related to the timing impact of payments for emission certificates and biofuel programmes of $600 million.

Refinery utilisation was 99% compared with 95% in the fourth quarter 2025, mainly due to lower maintenance activities in the first quarter 2026.

Chemicals manufacturing plant utilisation was 85% compared with 76% in the fourth quarter 2025, mainly due to lower planned and unplanned maintenance activities in the first quarter 2026.

 

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

 

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

RENEWABLES AND ENERGY SOLUTIONS
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025						Reference
527			(98)			(247)			Income/(loss) for the period
179			(229)			(205)			Of which: Identified items			A.
348			131			(42)			Adjusted Earnings			A.
548			329			111			Adjusted EBITDA			A.
2,937			(405)			367			Cash flow from operating activities			A.
404			391			403			Cash capital expenditure			C.
72			72			76			External power sales (terawatt hours)1
197			160			184			Sales of pipeline gas to end-use customers (terawatt hours)2

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

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

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2025, reflected higher margins (increase of $225 million), mainly due to higher trading and optimisation margins.

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

Identified items in the first quarter 2026 included favourable movements of $189 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the fourth quarter 2025 which included net impairment charges of $156 million.

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

Cash flow from operating activities for the first quarter 2026 was primarily driven by net cash inflows related to derivatives of $2,358 million and Adjusted EBITDA.

 

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

 

 

 

 

 

 

 

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

CORPORATE
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025						Reference
(937)			(550)			(483)			Income/(loss) for the period
(29)			18			(26)			Of which: Identified items			A.
(908)			(567)			(457)			Adjusted Earnings			A.
(164)			(313)			(261)			Adjusted EBITDA			A.
(451)			(100)			(531)			Cash flow from operating activities			A.

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

Quarter Analysis1

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

Adjusted Earnings, compared with the fourth quarter 2025, reflected unfavourable net interest movements ($287 million) and unfavourable tax movements ($176 million), partly offset by lower operating expenses (decrease of $80 million) and favourable foreign exchange rate effects ($42 million).

Adjusted EBITDA was mainly driven by lower operating expenses and favourable foreign exchange rate effects.

Cash flow from operating activities for the first quarter 2026 was primarily driven by working capital outflows of $287 million and Adjusted EBITDA.

 

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

 

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

OUTLOOK FOR THE SECOND QUARTER 2026

Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $24 - $26 billion, including ~$4 billion related to the acquisition of ARC Resources Ltd.

 

Integrated Gas production is expected to be approximately 580 - 640 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4 million tonnes. Second quarter 2026 outlook reflects impact of Middle East conflict including Qatar and higher planned maintenance across the portfolio.

 

Upstream production is expected to be approximately 1,620 - 1,820 thousand boe/d. Second quarter 2026 outlook reflects higher planned maintenance across the portfolio.

 

Marketing sales volumes are expected to be approximately 2,500 - 2,700 thousand b/d.

 

Refinery utilisation is expected to be approximately 91% - 99%. Chemicals manufacturing plant utilisation is expected to be approximately 76% - 84%.

 

Corporate Adjusted Earnings1 were a net expense of $908 million for the first quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the second quarter 2026.

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

 

FORTHCOMING EVENTS

Date			Event
May 19, 2026			Annual General Meeting
July 30, 2026			Second quarter 2026 results and dividends
October 29, 2026			Third quarter 2026 results and dividends

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

CONSOLIDATED STATEMENT OF INCOME
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
69,691			64,093			69,234			Revenue1
(93)			(215)			615			Share of profit/(loss) of joint ventures and associates
535			2,848			302			Interest and other income/(expenses)2
70,133			66,725			70,152			Total revenue and other income/(expenses)
44,775			42,102			45,849			Purchases
5,745			5,830			5,549			Production and manufacturing expenses
2,803			3,432			2,840			Selling, distribution and administrative expenses
167			298			185			Research and development
98			391			210			Exploration
5,743			6,581			5,441			Depreciation, depletion and amortisation2
1,473			1,193			1,120			Interest expense
60,805			59,827			61,194			Total expenditure
9,328			6,898			8,959			Income/(loss) before taxation
3,570			2,718			4,083			Taxation charge/(credit)2
5,758			4,180			4,875			Income/(loss) for the period
64			46			95			Income/(loss) attributable to non-controlling interest
5,694			4,134			4,780			Income/(loss) attributable to Shell plc shareholders
1.01			0.72			0.79			Basic earnings per share ($)3
1.00			0.71			0.79			Diluted earnings per share ($)3

1.See Note 2 “Segment information”.

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

3.See Note 3 “Earnings per share”.

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
5,758			4,180			4,875			Income/(loss) for the period
									Other comprehensive income/(loss) net of tax:
									Items that may be reclassified to income in later periods:
(820)			348			1,711			– Currency translation differences1
2			—			6			– Debt instruments remeasurements
2			22			(25)			– Cash flow hedging gains/(losses)
(3)			16			—			– Net investment hedging gains/(losses)
9			(6)			(42)			– Deferred cost of hedging
(11)			(3)			74			– Share of other comprehensive income/(loss) of joint ventures and associates
(821)			377			1,723			Total
									Items that are not reclassified to income in later periods:
191			7			306			– Retirement benefits remeasurements
8			14			(16)			– Equity instruments remeasurements
—			25			(36)			– Share of other comprehensive income/(loss) of joint ventures and associates
199			46			254			Total
(621)			423			1,977			Other comprehensive income/(loss) for the period
5,137			4,603			6,852			Comprehensive income/(loss) for the period
96			110			105			Comprehensive income/(loss) attributable to non-controlling interest
5,041			4,493			6,748			Comprehensive income/(loss) attributable to Shell plc shareholders

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

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

CONDENSED CONSOLIDATED BALANCE SHEET
$ million
			March 31, 2026			December 31, 2025
Assets
Non-current assets
Goodwill			15,189			15,662
Other intangible assets			10,873			11,010
Property, plant and equipment			185,708			185,077
Joint ventures and associates			27,579			27,775
Investments in securities			1,554			1,557
Deferred tax			7,474			8,173
Retirement benefits			5,192			5,052
Trade and other receivables			7,294			8,252
Derivative financial instruments1			573			619
			261,436			263,177
Current assets
Inventories			28,700			22,216
Trade and other receivables			53,891			44,597
Derivative financial instruments1			11,086			9,114
Cash and cash equivalents			23,117			30,216
			116,795			106,143
Assets classified as held for sale2			2,367			1,030
			119,162			107,173
Total assets			380,598			370,350
Liabilities
Non-current liabilities
Debt2			65,585			66,515
Trade and other payables			5,119			4,463
Derivative financial instruments1			1,161			1,108
Deferred tax			11,884			11,983
Retirement benefits			6,876			7,136
Decommissioning and other provisions			21,899			21,411
			112,524			112,616
Current liabilities
Debt2			10,060			9,128
Trade and other payables			64,288			57,770
Derivative financial instruments1			10,324			5,664
Income taxes payable			3,883			3,149
Decommissioning and other provisions			3,963			5,884
			92,518			81,595
Liabilities directly associated with assets classified as held for sale2			955			820
			93,473			82,415
Total liabilities			205,998			195,031
Equity attributable to Shell plc shareholders			173,583			174,392
Non-controlling interest			1,018			927
Total equity			174,601			175,319
Total liabilities and equity			380,598			370,350

1.    See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.

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

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
			Equity attributable to Shell plc shareholders
$ million			Share capital1			Shares held in trust			Other reserves²			Retained earnings			Total			Non-controlling interest			Total equity
At January 1, 2026			477			(847)			21,234			153,528			174,392			927			175,319
Comprehensive income/(loss) for the period			—			—			(653)			5,694			5,041			96			5,137
Transfer from other comprehensive income			—			—			(27)			27			—			—			—
Dividends³			—			—			—			(2,100)			(2,100)			(9)			(2,109)
Repurchases of shares4			(7)			—			7			(3,515)			(3,515)			—			(3,515)
Share-based compensation			—			615			(667)			(231)			(283)			—			(283)
Other changes			—			—			—			48			48			3			51
At March 31, 2026			471			(231)			19,893			153,451			173,583			1,018			174,601
At January 1, 2025			510			(803)			19,766			158,834			178,307			1,861			180,168
Comprehensive income/(loss) for the period			—			—			1,967			4,780			6,748			105			6,852
Transfer from other comprehensive income			—			—			11			(11)			—			—			—
Dividends³			—			—			—			(2,179)			(2,179)			(86)			(2,265)
Repurchases of shares4			(8)			—			8			(3,513)			(3,513)			—			(3,513)
Share-based compensation			—			500			(663)			(405)			(567)			—			(567)
Other changes			—			—			—			23			22			(24)			(2)
At March 31, 2025			502			(304)			21,090			157,527			178,813			1,856			180,670

1.    See Note 4 “Share capital”.

2.    See Note 5 “Other reserves”.

3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.

4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

 

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
9,328			6,898			8,959			Income before taxation for the period
									Adjustment for:
1,102			741			636			– Interest expense (net)
5,743			6,581			5,441			– Depreciation, depletion and amortisation1
1			94			28			– Exploration well write-offs
(64)			(2,121)			127			– Net (gains)/losses on sale and revaluation of non-current assets and businesses
93			215			(615)			– Share of (profit)/loss of joint ventures and associates
595			987			523			– Dividends received from joint ventures and associates
(6,686)			738			854			– (Increase)/decrease in inventories
(10,404)			647			(2,610)			– (Increase)/decrease in current receivables
5,912			(109)			(907)			– Increase/(decrease) in current payables
2,475			(327)			(244)			– Derivative financial instruments
(80)			(162)			(100)			– Retirement benefits
(1,086)			(994)			(480)			– Decommissioning and other provisions
1,433			(1,110)			570			– Other1
(2,301)			(2,638)			(2,900)			Tax paid
6,062			9,438			9,281			Cash flow from operating activities
(3,757)			(5,250)			(3,748)			Capital expenditure
(426)			(724)			(413)			Investments in joint ventures and associates
(20)			(42)			(15)			Investments in equity securities
(4,202)			(6,015)			(4,175)			Cash capital expenditure
272			(101)			559			Proceeds from sale of property, plant and equipment and businesses
42			148			33			Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
39			6			5			Proceeds from sale of equity securities
362			472			508			Interest received
694			856			506			Other investing cash inflows
(343)			(555)			(1,394)			Other investing cash outflows
(3,136)			(5,190)			(3,959)			Cash flow from investing activities
10			(62)			80			Net increase/(decrease) in debt with maturity period within three months
									Other debt:
—			2,425			139			– New borrowings
(2,794)			(2,416)			(2,514)			– Repayments
(1,037)			(1,197)			(846)			Interest paid
(316)			96			326			Derivative financial instruments
30			(1)			(25)			Change in non-controlling interest
									Cash dividends paid to:
(2,100)			(2,068)			(2,179)			– Shell plc shareholders
(9)			(28)			(86)			– Non-controlling interest
(3,182)			(3,425)			(3,311)			Repurchases of shares
(423)			(373)			(768)			Shares held in trust: net sales/(purchases) and dividends received
(9,820)			(7,049)			(9,183)			Cash flow from financing activities
(205)			(39)			353			Effects of exchange rate changes on cash and cash equivalents
(7,098)			(2,838)			(3,509)			Increase/(decrease) in cash and cash equivalents
30,216			33,053			39,110			Cash and cash equivalents at beginning of period
23,117			30,216			35,601			Cash and cash equivalents at end of period

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

 

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SHELL PLC 1st QUARTER 2026 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, and in Shell's Form 20-F. 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 long-term commodity price assumptions, which represent a significant estimate, remained unchanged in the first 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 quarter 2026 remain unchanged compared with 2025.

 

 

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.

 

ADJUSTED EARNINGS BY SEGMENT

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																					64
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			99			2,712			(279)			—			3,286
Tax on identified items			(100)			(335)			48			(626)			100			29			(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)

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

Q4 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					4,134
Income/(loss) attributable to non-controlling interest																					46
Income/(loss) for the period			1,839			3,648			(99)			(560)			(98)			(550)			4,180
Current cost of supplies adjustment before taxation									174			248									422
Tax on current cost of supplies adjustment									(44)			(64)									(108)
Identified items before taxation			(237)			(2,067)			587			382			238			(8)			(1,105)
Tax on identified items			59			(11)			(40)			(72)			(9)			(10)			(83)
Adjusted Earnings			1,661			1,570			578			(66)			131			(567)			3,307
Adjusted Earnings attributable to Shell plc shareholders																					3,256
Adjusted Earnings attributable to non-controlling interest																					51

Q1 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					4,780
Income/(loss) attributable to non-controlling interest																					95
Income/(loss) for the period			2,789			2,080			814			(77)			(247)			(483)			4,875
Current cost of supplies adjustment before taxation									52			(67)									(15)
Tax on current cost of supplies adjustment									(14)			12									(2)
Identified items before taxation			(348)			(121)			44			679			260			(4)			510
Tax on identified items			43			378			4			(99)			(54)			29			301
Adjusted Earnings			2,483			2,337			900			449			(42)			(457)			5,670
Adjusted Earnings attributable to Shell plc shareholders																					5,577
Adjusted Earnings attributable to non-controlling interest																					94

 

 

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.

Q1 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			780			2,002			240			332			390			12			3,757
Investments in joint ventures and associates			233			157			4			31			—			1			426
Investments in equity securities			—			—			4			—			14			1			20
Cash capital expenditure			1,014			2,159			248			363			404			14			4,202

 

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Q4 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			1,020			2,401			681			792			325			31			5,250
Investments in joint ventures and associates			187			281			5			222			28			—			724
Investments in equity securities			—			—			3			2			37			—			42
Cash capital expenditure			1,207			2,682			688			1,016			391			31			6,015

Q1 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			943			1,727			252			451			358			17			3,748
Investments in joint ventures and associates			174			197			4			7			30			1			413
Investments in equity securities			—			—			—			—			14			—			15
Cash capital expenditure			1,116			1,923			256			458			403			19			4,175

 

 

 

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.

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

 

Q4 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			9,542			1,559			26,881			17,655			8,446			10			64,093
Inter-segment revenue			2,804			8,300			1,717			8,488			1,222			—			22,531

 

Q1 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			9,602			1,510			27,083			21,610			9,417			12			69,234
Inter-segment revenue			2,675			9,854			1,849			8,255			1,164			—			23,797

 

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SHELL PLC 1st QUARTER 2026 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.

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)
Other2			—			(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 balances3			13			272			—			—			—			(28)			257
Other2			—			(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.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).

 

 

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Q4 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)			(12)			2,318			(9)			(172)			(41)			17			2,100
Impairment reversals/(impairments)			23			(210)			(540)			(222)			(178)			(8)			(1,136)
Redundancy and restructuring			(15)			(42)			(46)			(17)			(3)			—			(123)
Fair value accounting of commodity derivatives and certain gas contracts1			241			—			(13)			32			(16)			—			244
Other1			—			1			21			(2)			—			—			20
Total identified items included in Income/(loss) before taxation			237			2,067			(587)			(382)			(238)			8			1,105
Total identified items included in Taxation (charge)/credit			(59)			11			40			72			9			10			83
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			(7)			2,282			1			(127)			(31)			11			2,130
Impairment reversals/(impairments)			21			(151)			(527)			(187)			(156)			(6)			(1,006)
Redundancy and restructuring			(11)			(20)			(34)			(13)			(2)			—			(81)
Fair value accounting of commodity derivatives and certain gas contracts1			225			—			(8)			18			(15)			—			220
Impact of exchange rate movements and inflationary adjustments on tax balances1			6			(33)			—			—			—			13			(14)
Other1			(56)			1			21			(1)			(24)			—			(60)
Impact on Income/(loss) for the period			178			2,079			(547)			(310)			(229)			18			1,188
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			178			2,079			(547)			(310)			(229)			18			1,188

1. For a detailed description, see the corresponding footnotes to the Q1 2026 identified items table above.

 

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Q1 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)			(1)			154			(57)			(15)			(187)			—			(106)
Impairment reversals/(impairments)			—			(21)			10			(293)			(38)			—			(341)
Redundancy and restructuring			(1)			(15)			(9)			(13)			(9)			4			(44)
Fair value accounting of commodity derivatives and certain gas contracts1			420			(1)			12			(258)			20			—			194
Other1			(70)			4			—			(101)			(46)			—			(212)
Total identified items included in Income/(loss) before taxation			348			121			(44)			(679)			(260)			4			(510)
Total identified items included in Taxation (charge)/credit			(43)			(378)			(4)			99			54			(29)			(301)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			—			8			(61)			(12)			(143)			—			(208)
Impairment reversals/(impairments)			—			(15)			6			(277)			(31)			—			(317)
Redundancy and restructuring			(1)			(5)			(1)			(12)			(7)			2			(24)
Fair value accounting of commodity derivatives and certain gas contracts1			362			—			7			(202)			20			—			187
Impact of exchange rate movements and inflationary adjustments on tax balances1			4			132			—			—			—			(28)			108
Other1			(59)			(377)			—			(77)			(45)			—			(558)
Impact on Income/(loss) for the period			306			(257)			(49)			(581)			(205)			(26)			(811)
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			306			(257)			(49)			(581)			(205)			(26)			(811)

1. For a detailed description, see the corresponding footnotes to the Q1 2026 identified items table above.

The categories of identified items may include after-tax effects of joint ventures and associates, which are fully reported within "Share of profit of joint ventures and associates" in the Consolidated Statement of Income, and are also fully reflected as identified items included within income/(loss) before taxation in the tables above. Identified items related to subsidiaries are consolidated and presented across appropriate lines of the Consolidated Statement of Income.

 

 

3. Earnings per share

EARNINGS PER SHARE
Quarters
Q1 2026			Q4 2025			Q1 2025
5,694			4,134			4,780			Income/(loss) attributable to Shell plc shareholders ($ million)
									Weighted average number of shares used as the basis for determining:
5,653.9			5,739.6			6,033.5			Basic earnings per share (million)
5,703.7			5,799.7			6,087.8			Diluted earnings per share (million)

 

 

 

 

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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			(80,079,981)			(7)
At March 31, 2026			5,638,556,417			471
At January 1, 2025			6,115,031,158			510
Repurchases of shares			(98,948,766)			(8)
At March 31, 2025			6,016,082,392			502

 

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.

 

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
Other comprehensive income/(loss) attributable to Shell plc shareholders			—			—			—			—			(653)			(653)
Transfer from other comprehensive income			—			—			—			—			(27)			(27)
Repurchases of shares			—			—			7			—			—			7
Share-based compensation			—			—			—			(667)			—			(667)
At March 31, 2026			37,298			154			310			691			(18,561)			19,893
At January 1, 2025			37,298			154			270			1,417			(19,373)			19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders			—			—			—			—			1,967			1,967
Transfer from other comprehensive income			—			—			—			—			11			11
Repurchases of shares			—			—			8			—			—			8
Share-based compensation			—			—			—			(663)			—			(663)
At March 31, 2025			37,298			154			279			754			(17,394)			21,090

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, 2025, presented in the Annual Report and Accounts and Form 20-F 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 March 31, 2026, are consistent with those used in the year ended December 31, 2025, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2025 and March 31, 2026 is an increase of $1,972 million for the current assets and an increase of $4,660 million for the current liabilities.

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

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			March 31, 2026			December 31, 2025
Carrying amount1			45,051			46,710
Fair value2			41,281			43,142

1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the first quarter 2026.

2.     Mainly determined from the prices quoted for these securities.

 

 

7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

Consolidated Statement of Income

Interest and other income

Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
535			2,848			302			Interest and other income/(expenses)
									Of which:
372			452			481			Interest income
—			21			1			Dividend income (from investments in equity securities)
64			2,121			(127)			Net gains/(losses) on sales and revaluation of non-current assets and businesses
30			(34)			(137)			Net foreign exchange gains/(losses) on financing activities
70			288			85			Other

Depreciation, depletion and amortisation

Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
5,743			6,581			5,441			Depreciation, depletion and amortisation
									Of which:
5,738			5,751			5,130			Depreciation
84			837			311			Impairments
(79)			(7)			(1)			Impairment reversals

 

Depreciation

On March 18, 2026, an attack on Ras Laffan Industrial City (Qatar) damaged one of the two trains at the Pearl GTL facility, resulting in a limited write-off recognised within depreciation in the first quarter 2026. It is currently anticipated that the full repair of the damaged train will take around one year.

 

Impairment

The ongoing conflict in the Middle East has resulted in production shutdowns and export constraints, and delivery under LNG supply contracts has been stopped following declaration of force majeure, due to the blockage of the Strait of Hormuz. No impairment has been identified as a result of these events. Since the start of the conflict, commodity prices and refining margins have been highly volatile; however, the long-term price assumptions applied in impairment testing have remained unchanged since 2025 (see Note?1). Accordingly, no impairment or impairment reversal has been identified in the first quarter 2026.

 

 

 

 

 

 

 

 

 

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Taxation charge/credit

Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
3,570			2,718			4,083			Taxation charge/(credit)
									Of which:
3,407			2,639			4,024			Income tax excluding Pillar Two income tax
163			80			59			Income tax related to Pillar Two income tax

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.

 

Consolidated Statement of Comprehensive Income

Currency translation differences

 

Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
(820)			348			1,711			Currency translation differences
									Of which:
(767)			308			1,618			Recognised in Other comprehensive income
(53)			40			92			(Gain)/loss reclassified to profit or loss

 

Condensed Consolidated Balance Sheet

Debt

$ million			March 31, 2026									December 31, 2025
			Debt (excluding lease liabilities)			Lease liabilities			Total			Debt (excluding lease liabilities)			Lease liabilities			Total
Current debt:			4,696			5,364			10,060			4,517			4,611			9,128
Non-current debt			40,355			25,229			65,585			42,193			24,322			66,515
Total			45,051			30,594			75,645			46,710			28,933			75,643

Lease liabilities at March 31, 2026, and December 31, 2025, include vessel leases with index-linked payments. In accordance with IFRS 16, these lease liabilities are remeasured to reflect changes in the relevant index at the balance sheet date. During the first quarter 2026, a significant increase in the underlying index due to the Middle East conflict resulted in an increase in lease liabilities at March 31, 2026, compared with December 31, 2025, of $3,199 million, with a corresponding adjustment to the related right-of-use assets within Property, plant and equipment. Depreciation of the remeasurement of the right-of-use assets is recognised prospectively over the remaining lease term.

Assets classified as held for sale

$ million			March 31, 2026			December 31, 2025
Assets classified as held for sale			2,367			1,030
Liabilities directly associated with assets classified as held for sale			955			820

Assets classified as held for sale and associated liabilities at March 31, 2026, principally relate to Jiffy Lube International and two retail operations in Mexico in Marketing and a working interest in Brazil in Upstream.

The major classes of assets and liabilities classified as held for sale at March 31, 2026, are Property, plant and equipment ($1,062 million; December 31, 2025: $662 million), Intangible assets ($569 million; December 31, 2025: $17 million), Trade and other receivables ($544 million: December 31, 2025: $141 million) and Debt ($788 million; December 31, 2025: $185 million).

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

Consolidated Statement of Cash Flows

Cash flow from operating activities - Other

Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
1,433			(1,110)			570			Cash flow from operating activities - Other

Cash flow from operating activities - Other for the first quarter 2026 includes $1,289 million of net inflows (fourth quarter 2025: $838 million net outflows; first quarter 2025: $652 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America.

 

 

 

8. Reconciliation of Operating expenses and Total Debt

 

RECONCILIATION OF OPERATING EXPENSES
Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
5,745			5,830			5,549			Production and manufacturing expenses
2,803			3,432			2,840			Selling, distribution and administrative expenses
167			298			185			Research and development
8,716			9,559			8,575			Operating expenses

 

RECONCILIATION OF TOTAL DEBT
March 31, 2026			December 31, 2025			March 31, 2025			$ million
10,060			9,128			11,391			Current debt
65,585			66,515			65,120			Non-current debt
75,645			75,643			76,511			Total debt

 

 

9. Post-balance sheet events

 

On April 27, 2026, Shell 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, based on Shell’s closing share price at April 24, 2026 of GBP 33.08 and GBP:CAD exchange ratio of 1.8480. The boards of both companies have unanimously supported the transaction, which is expected to close in the second half of 2026, subject to ARC shareholder, court and regulatory approvals.

 

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SHELL PLC 1st QUARTER 2026 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 is presented on a current cost of supplies 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. 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 this item 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.

Q1 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Adjusted Earnings																					6,915
Add: Non-controlling interest																					(21)
Adjusted Earnings plus non-controlling interest			1,819			2,377			1,334			1,925			348			(908)			6,894
Add: Taxation charge/(credit) excluding tax impact of identified items			708			2,134			537			689			115			(176)			4,007
Add: Depreciation, depletion and amortisation excluding impairments			1,528			2,616			560			942			84			7			5,738
Add: Exploration well write-offs			—			1			—			—			—			—			1
Add: Interest expense excluding identified items			62			151			8			20			2			1,229			1,473
Less: Interest income			2			19			1			32			2			316			372
Adjusted EBITDA			4,115			7,261			2,437			3,544			548			(164)			17,741
Less: Current cost of supplies adjustment before taxation									(950)			(763)									(1,713)
Joint ventures and associates (dividends received less profit)			(143)			27			493			(22)			10			—			364
Derivative financial instruments			(819)			(34)			(4)			(1,887)			2,358			(27)			(414)
Taxation paid			(722)			(1,492)			(65)			38			(7)			(53)			(2,301)
Other			(827)			(268)			160			902			91			80			138
(Increase)/decrease in working capital			(1,121)			(2,316)			(1,748)			(5,646)			(62)			(287)			(11,179)
Cash flow from operating activities			483			3,178			2,224			(2,308)			2,937			(451)			6,062

 

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Q4 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Adjusted Earnings																					3,256
Add: Non-controlling interest																					51
Adjusted Earnings plus non-controlling interest			1,661			1,570			578			(66)			131			(567)			3,307
Add: Taxation charge/(credit) excluding tax impact of identified items			836			1,686			415			159			109			(297)			2,909
Add: Depreciation, depletion and amortisation excluding impairments			1,540			2,663			593			861			88			6			5,751
Add: Exploration well write-offs			32			62			—			—			—			—			94
Add: Interest expense excluding identified items			59			171			19			15			3			924			1,191
Less: Interest income			—			38			1			30			3			380			452
Adjusted EBITDA			4,127			6,114			1,604			939			329			(313)			12,799
Less: Current cost of supplies adjustment before taxation									174			248									422
Joint ventures and associates (dividends received less profit)			59			143			308			308			83			—			900
Derivative financial instruments			319			8			16			(92)			(150)			(186)			(85)
Taxation paid			(724)			(1,859)			(149)			47			7			39			(2,638)
Other			(125)			(1,043)			(1,568)			260			30			56			(2,390)
(Increase)/decrease in working capital			301			924			(112)			561			(704)			304			1,275
Cash flow from operating activities			3,956			4,287			(75)			1,775			(405)			(100)			9,438

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

Q1 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Adjusted Earnings																					5,577
Add: Non-controlling interest																					94
Adjusted Earnings plus non-controlling interest			2,483			2,337			900			449			(42)			(457)			5,670
Add: Taxation charge/(credit) excluding tax impact of identified items			803			2,619			391			99			63			(191)			3,784
Add: Depreciation, depletion and amortisation excluding impairments			1,404			2,213			566			852			90			6			5,130
Add: Exploration well write-offs			—			29			—			—			—			—			28
Add: Interest expense excluding identified items			51			200			12			14			2			841			1,119
Less: Interest income			4			11			—			4			2			461			481
Adjusted EBITDA			4,735			7,387			1,869			1,410			111			(261)			15,250
Less: Current cost of supplies adjustment before taxation									52			(67)									(15)
Joint ventures and associates (dividends received less profit)			(286)			(159)			203			54			10			—			(178)
Derivative financial instruments			542			14			10			(508)			(169)			73			(38)
Taxation paid			(773)			(1,999)			(174)			63			52			(68)			(2,900)
Other			(68)			(386)			396			125			(17)			(257)			(206)
(Increase)/decrease in working capital			(687)			(913)			(344)			(1,081)			380			(19)			(2,663)
Cash flow from operating activities			3,463			3,945			1,907			130			367			(531)			9,281

 

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.

See Note 2 “Segment information” for details.

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

 

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.

 

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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
			Q1 2026			Q4 2025			Q1 2025
Current debt			11,391			11,630			11,046
Non-current debt			65,120			65,448			68,886
Total equity			180,670			180,168			188,304
Less: Cash and cash equivalents			(35,601)			(39,110)			(39,949)
Capital employed – opening			221,580			218,134			228,286
Current debt			10,060			9,128			11,391
Non-current debt			65,585			66,515			65,120
Total equity			174,601			175,319			180,670
Less: Cash and cash equivalents			(23,117)			(30,216)			(35,601)
Capital employed – closing			227,128			220,747			221,580
Capital employed – average			224,354			219,441			224,933

ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis
$ million						Quarters
			Q1 2026			Q4 2025			Q1 2025
Adjusted Earnings - current and previous three quarters (Reference A)			19,867			18,528			21,558
Add: Income/(loss) attributable to NCI - current and previous three quarters			251			282			441
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters			(83)			3			25
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters			(3)			—			18
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters			20,038			18,814			22,005
Add: Interest expense after tax - current and previous three quarters			2,951			2,673			2,639
Less: Interest income after tax on cash and cash equivalents - current and previous three quarters			853			954			1,329
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters			22,136			20,534			23,315
Capital employed – average			224,354			219,441			224,933
ROACE on an Adjusted Earnings plus NCI basis			9.9%			9.4%			10.4%

 

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).

 

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$ million
			March 31, 2026			December 31, 2025			March 31, 2025
Current debt			10,060			9,128			11,391
Non-current debt			65,585			66,515			65,120
Total debt			75,645			75,643			76,511
Of which: lease liabilities			30,594			28,933			28,488
Add: Debt-related derivative financial instruments: net liability/(asset)			706			547			1,905
Add: Collateral on debt-related derivatives: net liability/(asset)			(627)			(287)			(1,295)
Less: Cash and cash equivalents			(23,117)			(30,216)			(35,601)
Net debt			52,606			45,687			41,521
Total equity			174,601			175,319			180,670
Total capital			227,207			221,006			222,190
Gearing			23.2		%	20.7		%	18.7		%

 

 

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.

 

Q1 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Production and manufacturing expenses			1,124			2,126			471			1,591			430			2			5,745
Selling, distribution and administrative expenses			66			81			1,966			398			184			107			2,803
Research and development			23			44			22			18			9			52			167
Operating expenses			1,213			2,251			2,459			2,007			623			161			8,716

Q4 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Production and manufacturing expenses			1,156			2,269			263			1,686			452			4			5,830
Selling, distribution and administrative expenses			47			144			2,381			532			166			162			3,432
Research and development			29			76			44			28			18			102			298
Operating expenses			1,232			2,489			2,688			2,246			636			268			9,559

Q1 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Production and manufacturing expenses			947			2,139			349			1,621			486			8			5,549
Selling, distribution and administrative expenses			38			42			2,053			442			153			111			2,840
Research and development			22			32			42			25			21			43			185
Operating expenses			1,006			2,213			2,444			2,088			661			162			8,575

 

* Operational measure for US reporting purposes

 

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.

 

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Quarters									$ million
Q1 2026			Q4 2025			Q1 2025
8,716			9,559			8,575			Operating expenses
(130)			(122)			(44)			Redundancy and restructuring (charges)/reversal
—			(2)			(78)			Other
(130)			(124)			(121)			Total identified items
8,585			9,436			8,453			Underlying operating expenses

 

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
Q1 2026			Q4 2025			Q1 2025
6,062			9,438			9,281			Cash flow from operating activities
(3,136)			(5,190)			(3,959)			Cash flow from investing activities
2,927			4,249			5,322			Free cash flow
352			53			597			Less: Divestment proceeds (Reference I)
—			103			45			Add: Tax paid on divestments (reported under "Other investing cash outflows")
349			822			130			Add: Cash outflows related to inorganic capital expenditure1
2,923			5,121			4,899			Organic free cash flow2

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
Q1 2026			Q4 2025			Q1 2025
6,062			9,438			9,281			Cash flow from operating activities
(6,686)			738			854			(Increase)/decrease in inventories
(10,404)			647			(2,610)			(Increase)/decrease in current receivables
5,912			(109)			(907)			Increase/(decrease) in current payables
(11,179)			1,275			(2,663)			(Increase)/decrease in working capital
17,241			8,164			11,944			Cash flow from operating activities excluding working capital movements

 

 

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SHELL PLC 1st QUARTER 2026 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
Q1 2026			Q4 2025			Q1 2025
272			(101)			559			Proceeds from sale of property, plant and equipment and businesses
42			148			33			Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
39			6			5			Proceeds from sale of equity securities
352			53			597			Divestment proceeds

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

CAUTIONARY STATEMENT

All amounts shown throughout this Unaudited Condensed Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed 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 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 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 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 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 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 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 Unaudited Condensed Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Financial Report, May 7, 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 Unaudited Condensed Financial Report.

Shell’s net carbon intensity

Also, in this Unaudited Condensed 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 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.

Forward-Looking non-GAAP measures

This Unaudited Condensed 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 Financial Report do not form part of this Unaudited Condensed Financial Report.

We may have used certain terms, such as resources, in this Unaudited Condensed 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, File No 1-32575, available on the SEC website www.sec.gov.

 

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SHELL PLC 1st QUARTER 2026 UNAUDITED RESULTS

    

This announcement contains inside information.

May 7, 2026

The information in this Unaudited Condensed 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

 

 

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Source: Shell plc