SHELL PLC - COMPREHENSIVE FINANCIAL ANALYSIS

SHELL PLC FINANCIAL TERMINAL

LSE: SHEL

MARKET CAP: GBP 153B

AS OF: OCT 17, 2025

MARKET OVERVIEW

KEY METRICS

DIVIDEND YIELD (TTM) 3.96%

P/E RATIO (TTM) 15.46

EMPLOYEES 96,000

GLOBAL PRESENCE 70+ COUNTRIES

Q2 2025 PERFORMANCE

ADJUSTED EARNINGS $4.3B

CASH FLOW OPS $11.9B

FREE CASH FLOW $6.5B

ADJUSTED EBITDA $13.3B

H1 2025 PERFORMANCE

ADJUSTED EARNINGS $9.8B

CASH FLOW OPS $21.2B

FREE CASH FLOW $11.9B

COST REDUCTION $800M

2024 FULL YEAR

ADJUSTED EARNINGS $23.7B

NET INCOME $16.5B

CAPEX $19.6B

SHARE BUYBACK $13.9B

FINANCIAL PERFORMANCE ANALYSIS

EARNINGS TREND (Q2 2025 vs H1 2025 vs FY 2024)

CASH FLOW BREAKDOWN H1 2025

YoY PERFORMANCE CHANGE (H1 2025 vs H1 2024)

CAPITAL ALLOCATION 2024-2025

DETAILED FINANCIAL METRICS

COMPREHENSIVE FINANCIAL TABLE

| METRIC | Q2 2025 | H1 2025 | 2024 FY | YoY CHANGE | | --- | --- | --- |

| Adjusted Earnings | $4.3B | $9.8B | $23.7B | -30% | | Income to Shareholders | $3.6B | $8.4B | $16.5B | -23% | | Adjusted EBITDA | $13.3B | $28.6B | N/A | -20% | | Cash Flow from Operations | $11.9B | $21.2B | $54.7B | -21% | | Free Cash Flow | $6.5B | $11.9B | $39.5B | -40% | | Capital Expenditure | N/A | N/A | $19.6B | N/A | | Share Buyback Program | $3.5B | N/A | $13.9B | N/A | | Dividends Paid | N/A | N/A | $8.7B | N/A |

BUSINESS INTELLIGENCE

MAIN BUSINESS

Shell plc is a global integrated energy and petrochemical company engaged primarily in the exploration, development, production, refining, and marketing of oil and natural gas, as well as the manufacturing and marketing of chemicals. The company operates across multiple segments including upstream (oil and gas exploration and production), integrated gas (liquefied natural gas and gas-to-liquids), downstream (refining, distribution, and marketing of oil products and chemicals), and renewables and energy solutions (including biofuels, hydrogen, carbon capture and storage, and nature-based carbon reduction projects). Shell has a presence in over 70 countries and employs approximately 96,000 people worldwide. It is actively transitioning towards becoming a net zero emissions energy business by 2050, investing significantly in renewable energy and low-carbon technologies.

MARKET POSITIONING

Shell is one of the largest publicly traded oil and gas companies globally, ranking as the second largest investor-owned oil and gas company by revenue. It holds a diversified portfolio with operations spanning upstream oil and gas production, integrated gas, chemicals, and downstream marketing and refining. Shell's strategic positioning includes a strong focus on liquefied natural gas (LNG), with ambitions to grow LNG sales by 4-5% annually through 2030, and leadership in carbon capture and storage initiatives, such as its 33.3% stake in the Northern Lights CCS joint venture. The company's global footprint and diversified business model enable it to serve a broad range of energy markets while advancing its energy transition goals.

COMPETITIVE ADVANTAGES

• Integrated Business Model: Shell's operations cover the full energy value chain from upstream exploration and production to downstream refining and marketing, enabling operational synergies and resilience across market cycles.
• Strong LNG and Gas Position: Shell is expanding its LNG capacity and deepwater operations, including recent start-ups in Brazil and Canada, positioning itself as a leader in the growing global gas market.
• Commitment to Energy Transition: Significant investments in renewables, biofuels, hydrogen, carbon capture and storage, and nature-based solutions demonstrate Shell's proactive approach to sustainability and future energy markets.
• Financial Discipline and Cost Efficiency: Shell has achieved substantial structural cost reductions ($0.8B in H1 2025, targeting $5-7B by 2028) and maintains strong cash flow generation, supporting shareholder returns and investment capacity.
• Global Scale and Diversification: Operating in over 70 countries with a workforce of nearly 100,000, Shell benefits from geographic and product diversification, reducing risk exposure and enhancing market reach.

KEY NEWS AND DEVELOPMENTS

1. SHELL INVESTS IN NIGERIA OFFSHORE GAS DEVELOPMENT

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has taken a final investment decision (FID) on the HI gas project offshore Nigeria, in partnership with Sunlink Energies and Resources Limited. This investment could enhance Shell's energy portfolio and contribute to Nigeria's gas production, potentially boosting economic growth in the region.

2. SHELL WILL NOT RESTART CONSTRUCTION OF ROTTERDAM BIOFUELS PLANT

Shell Nederland Raffinaderij B.V. has decided not to restart construction of its planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam, which began in 2022. This decision may reflect a strategic shift towards other energy projects or challenges in the biofuels market, potentially impacting Shell's renewable energy goals.

3. SHELL COMPLETES SALE OF INTEREST IN COLONIAL ENTERPRISES INC.

Shell Midstream Operating LLC has completed the sale of its 16.125% interest in Colonial Enterprises, Inc. to a Brookfield subsidiary. This transaction could help Shell focus on core business areas and generate capital for strategic investments, potentially enhancing financial flexibility.

4. SHELL THIRD QUARTER 2025 RESULTS AND DIVIDEND ANNOUNCEMENT

Shell plc will release its third quarter 2025 results and third quarter interim dividend announcement on October 30, 2025. The upcoming financial report will provide insights into Shell's performance and dividend strategy, potentially influencing investor sentiment and stock price.

5. SHELL SHARE BUYBACK PROGRAM

Shell plc has continued its share buyback program, purchasing shares for cancellation on October 16, 2025, as part of its previously announced program. This buyback program may help reduce the number of outstanding shares, potentially increasing earnings per share and supporting stock prices.