<SEC-DOCUMENT>0001171843-26-004510.txt : 20260707
<SEC-HEADER>0001171843-26-004510.hdr.sgml : 20260707
<ACCEPTANCE-DATETIME>20260707100933
ACCESSION NUMBER:		0001171843-26-004510
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260707
FILED AS OF DATE:		20260707
DATE AS OF CHANGE:		20260707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shell plc
		CENTRAL INDEX KEY:			0001306965
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32575
		FILM NUMBER:		261158155

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SHELL CENTRE
		STREET 2:		2 YORK ROAD
		CITY:			LONDON
		NON US STATE TERRITORY:  	DC
		PROVINCE COUNTRY:   	X0
		ZIP:			SE1 7NA
		BUSINESS PHONE:		044-20-7934-1234

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SHELL CENTRE
		STREET 2:		2 YORK ROAD
		CITY:			LONDON
		NON US STATE TERRITORY:  	DC
		PROVINCE COUNTRY:   	X0
		ZIP:			SE1 7NA

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Shell PLC
		DATE OF NAME CHANGE:	20220121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Royal Dutch Shell plc
		DATE OF NAME CHANGE:	20041027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Forthdeal LTD
		DATE OF NAME CHANGE:	20041026
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_070726.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>UNITED STATES<br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><font><strong>Washington, D.C. 20549</strong></font>&#160;</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>REPORT OF FOREIGN ISSUER&#160;<br />PURSUANT TO RULE 13a-16 OR 15d-16&#160;<br />UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></font>&#160;</p><p style="text-align: center;"><strong></strong><strong>For the month of July 2026</strong></p><p style="text-align: center;"><strong>Commission File Number: 1-32575</strong>&#160;</p><p style="text-align: center;"><font style="font-size: 16pt;"><strong>Shell plc</strong></font><br />(Exact name of registrant as specified in its charter)&#160;</p><p style="text-align: center;"><strong>England and Wales<br /></strong>(Jurisdiction of incorporation or organization)&#160;</p><p style="text-align: center;"><strong>Shell Centre<br />London, SE1 7NA<br />United Kingdom<br /></strong>(Address of principal executive office)</p><p style="text-align: center;"><strong>________________________________</strong></p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</p><p style="text-align: center;">Form 20-F [&#160;X ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160; ]</p><!--<p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]</p>--><hr style="page-break-after: always;" noshade="noshade" /><p> </p>


<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Shell second quarter 2026 update note</b></p>

<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">The following is an update to the second quarter 2026 outlook and gives an overview of
our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2026 results and are subject
to finalisation of those results, which are scheduled to be published on July 30, 2026. Unless otherwise indicated, all outlook statements
exclude identified items.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">See appendix for the definition of the non-GAAP measure used, the reconciliation from GAAP
to non-GAAP and the most comparable GAAP measure.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;<b>Integrated Gas</b></p>

<table style="width: 663px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Outlook</b></td>
    <td style="width: 43%; border: black 1pt solid"><b>Comment</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Production (kboe/d)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">909</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">610 - 650</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Reflects the impact of the Middle East conflict on Qatari volumes.</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">LNG liquefaction volumes (MT)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">7.9</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">7.4 - 7.8</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Underlying opex</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.2</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.0 - 1.2</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Pre-tax depreciation</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.5</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.1 - 1.5</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Taxation charge</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.7</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.5 - 0.8</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Other Considerations:</b></td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Trading &amp; Optimisation is expected to be significantly higher than Q1&#8217;26.</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;<b>Upstream</b></p>

<table style="width: 663px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Outlook</b></td>
    <td style="width: 43%; border: black 1pt solid"><b>Comment</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Production (kboe/d)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1,843</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1,750 - 1,850</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Underlying opex</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.2</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.2 - 2.6</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Pre-tax depreciation</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.6</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.2 - 2.8</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Taxation charge</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.1</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.4 - 3.2</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Other Considerations:</b></td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">-</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;<br />
&#160;<b>Marketing</b></p>

<table style="width: 663px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Outlook</b></td>
    <td style="width: 43%; border: black 1pt solid"><b>Comment</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Sales volumes (kb/d)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2,627</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2,550 - 2,650</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Underlying opex</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.4</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.3 - 2.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Pre-tax depreciation</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.6</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.5 - 0.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Taxation charge</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.5</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.4 - 0.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Other Considerations:</b></td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Marketing adjusted earnings are expected to be in line with Q1&#8217;26.</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;<b>Chemicals and Products</b></p>

<table style="width: 663px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Outlook</b></td>
    <td style="width: 43%; border: black 1pt solid"><b>Comment</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Indicative refining margin</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">$17/bbl</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">~$20/bbl*</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Indicative chemicals margin</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">$139/tonne</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">~$240/tonne*</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Refinery utilisation</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">99%</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">~100%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Chemicals utilisation</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">85%</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">80% - 84%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Underlying opex</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.0</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.8 - 2.2</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Pre-tax depreciation</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.9</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.1 - 1.3</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Taxation charge / (credit)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.7</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.3 - 0.8</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Other Considerations:</b></td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Trading &amp; Optimisation is expected to be in line with Q1&#8217;26.</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">*Given market dislocations, realised refining and chemicals margins are lower than the
calculated IRM / ICM and have been adjusted accordingly.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;<b>Renewables and Energy Solutions</b></p>

<table style="width: 663px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Outlook</b></td>
    <td style="width: 43%; border: black 1pt solid"><b>Comment</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Adjusted Earnings </b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.3</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.3) - 0.3</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>Corporate</b></p>

<table style="width: 664px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Outlook</b></td>
    <td style="width: 43%; border: black 1pt solid; vertical-align: bottom"><b>Comment</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Adjusted Earnings </b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.9)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.7) - (0.5)</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>Shell Group </b></p>

<table style="width: 641px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 24%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 18%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 18%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Outlook</b></td>
    <td style="width: 40%; border: black 1pt solid"><b>Comment</b></td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><b>CFFO:</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Tax paid</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.3</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.6 - 3.4</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Financial Derivative Instruments movements</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.4)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(1) - 4</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Working capital</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(11.2)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1 - 6</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Reflects impact of unprecedented volatility in commodity prices.</td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Other Shell Group Considerations:</b></td></tr>
  <tr>
    <td colspan="4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">-</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>Guidance</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;<br>
</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt">The &#8216;Quarterly Databook&#8217; contains guidance on Indicative Refining Margin, Indicative
Chemicals Margin and full-year price and margin sensitivities.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>In light of the ongoing situation in the Middle East, full-year price and margin sensitivities
do not necessarily reflect realised margin movements in an individual quarter.</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b></b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>Consensus</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The company compiled consensus, managed by Vara Research, is expected
to be published on July 22, 2026.</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>Appendix</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Indicative Margins</p>

<table style="width: 482px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 56%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>Chemicals &amp; Products</i></td>
    <td style="width: 19%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 25%; border: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Updated Outlook</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Indicative refining margin</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">$17/bbl</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">~$20/bbl*</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Indicative chemicals margin</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">$139/tonne</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">~$240/tonne*</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><sup>*</sup>Given market dislocations, realised refining and chemicals margins are lower
than the calculated IRM / ICM and have been adjusted accordingly.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Volume Data</p>

<table style="width: 484px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 35%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>Operational Metrics</i></td>
    <td style="width: 21%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 22%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 QPR Outlook</b></td>
    <td style="width: 22%; border: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Updated Outlook</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Integrated Gas </b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Production (kboe/d)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">909</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">580 - 640</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">610 - 650</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">LNG liquefaction volumes (MT)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">7.9</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">6.8 - 7.4</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">7.4 - 7.8</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Upstream</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Production (kboe/d)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1,843</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1,620 - 1,820</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1,750 - 1,850</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Marketing</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Sales volumes (kb/d)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2,627</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2,500 - 2,700</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2,550 - 2,650</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Chemicals &amp; Products</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Refinery utilisation</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">99%</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">91% - 99%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">~100%</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Chemicals utilisation</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">85%</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">76% - 84%</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">80% - 84%</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Underlying Opex</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">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. Underlying operating expenses comprises the following items from the Consolidated
statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development
expenses and removes the effects of identified items such as redundancy and restructuring charges or reversals, provisions or reversals
and others. For further details see the 1st Quarter 2026 unaudited results.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table style="width: 585px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 46%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26 Adjusted</b></td>
    <td style="width: 22%; border: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Updated Outlook</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Production and manufacturing expenses</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">5.7</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Selling, distribution and administrative expenses</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.8</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Research and development</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.2</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Operating Expenses (Opex)</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">8.7</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">8.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Less: Identified Items</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.1</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Underlying Opex</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">8.6</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">&#160;&#160;&#160; of which:</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Integrated Gas</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.2</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.2</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.0 - 1.2</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Upstream</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.3</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.2</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.2 - 2.6</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Marketing</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.5</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.4</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.3 - 2.7</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Chemicals and Products</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.0</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.0</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.8 - 2.2</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Renewables and Energy Solutions</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.6</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.6</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Depreciation, depletion and amortisation</p>

<table style="width: 585px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 46%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26 Adjusted</b></td>
    <td style="width: 22%; border: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Updated Outlook</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Depreciation, Depletion &amp; Amortisation</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">5.7</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">5.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Less: Identified Items</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">&#8212;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Pre-tax depreciation (as Adjusted)</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">5.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">&#160;&#160;&#160; of which:</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Integrated Gas</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.5</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.5</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.1 - 1.5</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Upstream</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.6</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.6</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.2 - 2.8</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Marketing</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.5</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.6</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.5 - 0.7</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Chemicals and Products</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.0</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.9</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.1 - 1.3</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Renewables and Energy Solutions</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.1</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.1</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Taxation Charge</p>

<table style="width: 585px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 46%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26 Adjusted</b></td>
    <td style="width: 22%; border: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Updated Outlook</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Taxation Charge</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">3.6</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">3.6</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Less: Identified Items and Cost of supplies adjustment</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.4)</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Taxation Charge (as Adjusted)</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">4.0</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">&#160;&#160;&#160; of which:</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Integrated Gas</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.6</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.5 - 0.8</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Upstream</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">1.8</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.1</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">2.4 - 3.2</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Marketing</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.8</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.5</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.4 - 0.7</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Chemicals and Products</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.3</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.3 - 0.8</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Renewables and Energy Solutions</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.2</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.1</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Adjusted Earnings</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">The &#8220;Adjusted Earnings&#8221; measure aims to facilitate a comparative understanding
of Shell&#8217;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&#8217;s financial results from period to period. This measure excludes earnings
attributable to non-controlling interest. For further details see the 1st Quarter 2026 unaudited results.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table style="width: 585px; border-collapse: collapse; font-size: 10pt">
  <tr>
    <td style="width: 46%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><i>$ billions</i></td>
    <td style="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26</b></td>
    <td style="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle"><b>Q1&#8217;26 Adjusted</b></td>
    <td style="width: 22%; border: black 1pt solid; text-align: center; vertical-align: middle"><b>Q2&#8217;26 Updated Outlook</b></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Income/(loss) attributable to Shell plc shareholders</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">5.7</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">5.7</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Add: Current cost of supplies adjustment attributable to Shell plc shareholders</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(1.2)</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">Less: Identified items attributable to Shell plc shareholders</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(2.4)</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>Adjusted Earnings</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">6.9</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid">&#160;&#160;&#160; of which:</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Renewables and Energy Solutions</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.5</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">0.3</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.3) - 0.3</td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid"><b>&#160;&#160;&#160; Corporate</b></td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.9)</td>
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.9)</td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: middle">(0.7) - (0.5)</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Working Capital</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">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.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Net Debt</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">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 risks relating to debt,
and associated collateral balances.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>Enquiries</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Media International: +44 (0) 207 934 5550</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">Media U.S. and Canada: Contact form</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>Cautionary Note</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt">The companies in which Shell plc directly and indirectly owns investments are separate
legal entities. In this announcement &#8220;Shell&#8221;, &#8220;Shell Group&#8221; and &#8220;Group&#8221; are sometimes used for convenience
to reference Shell plc and its subsidiaries in general. Likewise, the words &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; 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. &#8216;&#8216;Subsidiaries&#8217;&#8217;, &#8220;Shell subsidiaries&#8221;
and &#8220;Shell companies&#8221; as used in this announcement refer to entities over which Shell plc either directly or indirectly has
control. The terms &#8220;joint venture&#8221;, &#8220;joint operations&#8221;, &#8220;joint arrangements&#8221;, and &#8220;associates&#8221;
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.&#160;
The term &#8220;Shell interest&#8221; 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.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The numbers presented in this announcement may not sum precisely to
the totals provided and percentages may not precisely reflect the absolute figures due to rounding.</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><u>Forward-Looking statements</u></b><br />
This announcement 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&#8217;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&#8217;s
expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use
of terms and phrases such as &#8220;aim&#8221;; &#8220;ambition&#8221;; &#8216;&#8216;anticipate&#8217;&#8217;; &#8220;aspire&#8221;;
&#8220;aspiration&#8221;; &#8216;&#8216;believe&#8217;&#8217;; &#8220;commit&#8221;; &#8220;commitment&#8221;; &#8216;&#8216;could&#8217;&#8217;;
&#8220;desire&#8221;; &#8216;&#8216;estimate&#8217;&#8217;; &#8216;&#8216;expect&#8217;&#8217;; &#8216;&#8216;goals&#8217;&#8217;; &#8216;&#8216;intend&#8217;&#8217;;
&#8216;&#8216;may&#8217;&#8217;; &#8220;milestones&#8221;; &#8216;&#8216;objectives&#8217;&#8217;; &#8216;&#8216;outlook&#8217;&#8217;;
&#8216;&#8216;plan&#8217;&#8217;; &#8216;&#8216;probably&#8217;&#8217;; &#8216;&#8216;project&#8217;&#8217;; &#8216;&#8216;risks&#8217;&#8217;;
&#8220;schedule&#8221;; &#8216;&#8216;seek&#8217;&#8217;; &#8216;&#8216;should&#8217;&#8217;; &#8216;&#8216;target&#8217;&#8217;; &#8220;vision&#8221;;
&#8216;&#8216;will&#8217;&#8217;; &#8220;would&#8221; 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 announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell&#8217;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 announcement
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&#8217;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 announcement and should be considered by the
reader. Each forward-looking statement speaks only as of the date of this announcement, July 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 announcement.</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b><u>Shell&#8217;s net carbon intensity</u></b><br />
Also, in this announcement we may refer to Shell&#8217;s &#8220;net carbon intensity&#8221; (NCI), which includes Shell&#8217;s carbon
emissions from the production of our energy products, our suppliers&#8217; carbon emissions in supplying energy for that production and
our customers&#8217; carbon emissions associated with their use of the energy products we sell. Shell&#8217;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&#8217;s &#8220;net carbon intensity&#8221; or NCI is for convenience only and not intended to
suggest these emissions are those of Shell plc or its subsidiaries.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b><u>Shell&#8217;s net-zero emissions target</u></b><br />
Shell&#8217;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 targets and our oil products ambition over the next ten years. However, Shell&#8217;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&#8217;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.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"><b><u>Forward-Looking Non-GAAP measures</u></b></p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">This announcement may contain certain forward-looking non-GAAP measures
such as Adjusted Earnings, Cash flow from operating activities excluding working capital movements, Net debt and Underlying operating
expense.</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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&#8217;s consolidated financial statements.<br />
The contents of websites referred to in this announcement do not form part of this announcement.</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">We may have used certain terms, such as resources, in this announcement
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.</p><p></p><hr style="page-break-after: always;" noshade="noshade" /><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">This Report on Form 6-K is incorporated by reference into:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p><table style="font: 10pt 'Times New Roman', Times, serif; margin-top: 0pt; margin-bottom: 0pt;" width="100%" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0;">&#160;</td><td style="width: 28.35pt;">(a)</td><td>the Registration Statement on Form F-3 of Shell plc, Shell Finance US Inc. and Shell International Finance B.V. (Registration Numbers 333-276068, 333-276068-01 and 333-276068-02);</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;" width="100%" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0;">&#160;</td><td style="width: 28.35pt;">(b)</td><td>the Registration Statement on Form F-4 of Shell Finance US Inc. and Shell plc (Registration Numbers 333-296155 and 333-296155-01); and</td></tr></table><p style="font: 10pt 'Times New Roman', Times, serif; margin: 0pt 0px;">&#160;</p><table style="font: 10pt 'Times New Roman', Times, serif; margin-top: 0pt; margin-bottom: 0pt; height: 18.0667px;" width="100%" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; height: 18.0667px;"><td style="width: 0px;">&#160;</td><td style="width: 28.35pt;">(c)</td><td>the Registration Statements on Form S-8 of Shell plc (Registration Numbers 333-262396, 333-272192 and 333-292109).</td></tr></table><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;Shell plc&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: July 7, 2026</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Karen Heslop&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Karen Heslop</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Deputy Company Secretary</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
