Welcome and thank you for joining Shell's third quarter results presentation for 2026. This quarter, we once again demonstrated our ability to deliver strong results in a highly volatile and elevated commodity price environment.

Our diverse portfolio, performance focus and trading capabilities allowed us to capture further opportunities, while we continued to work hard supplying our customers.

All of this helped us deliver some 10.8 billion dollars of Adjusted Earnings and 21 billion dollars of cash flow from operations.

We could not have delivered this without the hard work and dedication from colleagues right across Shell.

Let's turn to the performance of our businesses in more detail.

In Upstream, we continued to deliver exceptional operational performance. In August, our assets in the Gulf of America delivered the highest monthly production in over two decades.

In Integrated Gas, we also delivered strong results underpinned by our advantaged LNG trading and optimisation capabilities. And we look forward to unlocking the full potential of the ARC Resources acquisition, which completed in September. The acquisition strengthens our position in Canada, which is a key heartland, and contributes 370 thousand barrels of oil equivalent of production a day.

Our Marketing business performed well despite experiencing a lower margin environment. We were also pleased to see Shell Lubricants recognised as the best-selling supplier for a record twentieth year in a row. This is testament to two decades of dedication from our team in supplying the high-quality lubricant and fluid solutions that our customers need.

Turning to Chemicals and Products, where performance was strong. In Products, record results were driven by another quarter of impressive refining performance as we achieved a utilisation rate above 100% when excluding Rheinland, which was impacted by low Rhine water levels. In this dislocated market, we are showing agility in support of keeping our customers supplied. And Chemicals was free cash flow positive for a second quarter in a row, as the team continues to work hard to unlock greater value.

Across the company, we have been complementing our strong operational performance with important portfolio changes - through both further strengthening areas where we are competitively advantaged, whilst also high-grading wherever we see the opportunity to do so. This was demonstrated through three important announcements we've recently made.

First, there was the completion of the ARC Resources acquisition which I mentioned earlier. This acquisition complements our existing footprint in Canada, strengthening our resource base for decades to come. It extends our best-in-basin natural gas capabilities into liquids from a top quartile low carbon intensity producer.

Secondly, we announced last month that we have taken a final investment decision on LNG Canada Phase 2. This expansion will double liquefaction capacity at the facility, with Shell receiving nearly 6 million tonnes per annum of additional LNG volumes. It strengthens both our advantaged position in Canada and our global LNG portfolio.

Thirdly, we announced the acquisition of Tri Star Energy, which more than doubles the number of company-owned convenience retail sites in the US. These announcements show how we are reallocating capital from non-core assets - like Cyprus gas, end-of-life Gulf of America assets, and Jiffy Lubes, into businesses where we expect to create significant value and we are very pleased with the progress thus far.

Moving on to our financial framework, our cash capex range for 2026 is now between 23 and 25 billion dollars, which includes some 4 billion dollars for the acquisition of ARC Resources.

Since the end of last year, we have reduced net debt by 6 billion dollars, with gearing at 17% at the end of Q3, or less than 3% when excluding leases.

Taking a step back, I am really pleased to see that the strong performance that we have delivered has enabled us to further strengthen the balance sheet, whilst completing the acquisition of ARC Resources, which added some 6 billion dollars to our net debt position.

Now, turning to our shareholder distributions. Our policy of shareholder distributions of 40 to 50 per cent of CFFO through the cycle remains sacrosanct, aligned with our commitment to deliver attractive returns to our shareholders. Today, we have announced a further 5 billion dollar share buyback programme, which we expect to complete by the time of our Q4 results announcement. Our progressive dividend remains one of our key financial priorities, as can be seen by the 9% increase in our dividend per share over the last 12 months.

So to summarise: our Q3 performance demonstrates the good progress that we are making against our strategy and highlights our ability to adapt and respond in times of higher volatility and elevated macro conditions.

We continue with the relentless pursuit of the transformation of the company: strengthening our portfolio and driving performance, discipline and simplification across the organisation.

We look forward to sharing more about the strategic progress we've made at our Capital Markets Update, which will take place on the 4th of February, together with our Q4 2026 results.

Thank you.

Shell plc

October 29, 2026

www.shell.com/investors

DEFINITIONS AND CAUTIONARY NOTE

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions, including (without limitation) those concerning Shell’s strategy and operating plans, macroeconomic conditions, future energy demand, supply and product mix, commodity prices, demand for Shell’s products, production results and reserve estimates, development, execution and management of projects, energy transition and climate change, management of safety and environmental risks, costs, cash capital expenditures, technology advancements, legislative, judicial, fiscal and regulatory developments, regional conflicts and trading conditions, and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “aspire”; “aspiration”; “believe”; “commit”; “commitment”; “could”; “desire”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “vision”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov

). These risk factors also expressly qualify all forward-looking statements contained in this presentation and should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, October 29, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.

In this presentation we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target. Shell continuously evaluates its climate related targets and ambition and expects to provide an update in 2027.

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