Progress on Capital Markets Day 2025 targets

Shareholder distributions 40-50% of CFFO through the cycle

The chart displays shareholder distributions as a percentage of cash flow from operations (CFFO) for 2023, 2024, and 2025. The chart is colour-coded as follows: yellow bars for actuals and dotted grey lines for target ranges. The percentages shown at the top of each bar are 42% for 2023, 41% for 2024, and 52% for 2025. Target range for 2023 and 2024 is 30-40% and 40-50% for 2025, which are shown in dotted grey lines crossing bars are the specified intervals.

Cash capex $20-22 billion per year 2025-2028

The chart shows Shell’s cash capital expenditure over time, measured in billions of US dollars. The bars are colour-coded as follows: yellow bars for actuals and dotted grey lines for targets. Cash capex was approximately $24 billion in 2023 and $21 billion in 2024. The target range for 2023-2024 is $22–25 billion per year. From 2025 onward, cash capex range is $20–22 billion per year for the period 2025 to 2028. The 2025 bar shown at approximately $21 billion.

Structural cost reduction of $5-7 billion by end-2028

The chart displays cumulative structural cost reduction in billions of US dollars for 2023–2024, and 2023–25, with a long-term target for 2023–28. Bars are yellow for actuals and grey for targets. The values shown are $3.1 billion for 2023–2024, and $5.1 billion for 2023-25, with an overall target of $5–7 billion for 2023–28.

Price-normalised FCF growth/share >10% p.a. through 2030

The chart displays price-normalised free cash flow (FCF) growth per share in dollars for 2024, 2025 and a target for 2030. Bars are yellow for actuals and grey for targets. Dotted grey line has been used to show expected growth over time. The values shown at the top of each bar are $4.4/share for 2024, and $4.6/share for 2025, with the dotted line indicating a goal of more than 10% annual growth through 2030.