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Title: Q2 25 Presentation

Duration: 00:06:23

Description:

Video footage of the presentation of the results of the Q2 2025

[Background music begins]

[Shell’s mnemonic plays]

[Video Footage]

A white background with the Shell logo in the bottom-left corner. A grey outline ripples outwards from the Shell logo. The ripples continue as the logo fades in, becoming more solid and colourful and grey on-screen text appears.

[Text Displays]

Second Quarter 2025

Results

[Video Footage]

The Shell logo fades away, leaving only the ripples, the title is underlined by a yellow line as further text appears.

[Text Displays]

Robust Cash Generation; Strong Operational Performance

Shell plc

31st July 2025

#PoweringProgress

[Video Footage]

The image fades to reveal Wael Sawan and Sinead Gorman standing in a wood-panelled room with the rippling Shell logo on the wall behind them.

Wael Sawan

Welcome everyone and thank you for joining.

[Video Footage]

Close up shot of Wael from the shoulders upwards in the same space. A yellow and white text box with grey text appears in the bottom-left corner.

[Text Displays]

Wael Sawan. Shell CEO.

Wael Sawan

Today Sinead and I will present Shell’s second quarter results for 2025.

[Video Footage]

A close-up of Wael, from the shoulders up.

Wael Sawan

Starting first with the broader external context: the macro continued to be challenging on multiple fronts. Against a backdrop of geopolitical and economic uncertainty we saw knock-on effects on both physical trade flows as well as commodity prices and margins more broadly.

[Video Footage]

Wael again from the waist up.

Wael Sawan

In spite of this we delivered a robust set of results with strong operational performance, while continuing to further our strategy and progress against the key targets outlined at our Capital Markets Day in March.

[Video Footage]

The close-up of Wael again.

Wael Sawan

Let’s start with cost where we have demonstrated once again that we will deliver what we say. In the first half of 2025 we achieved some 800 million dollars in structural cost reductions.

[Video Footage]

A white background appears, with the rippling Shell logo on the left-hand side. A slide header appears and beneath it, a bar representing billions of dollars, increasing in increments of one.

[Text Displays]

Structural cost reduction since 2022

$ BILLION

Wael Sawan

This brings the total since 2022 to 3.9 billion dollars…

[Video Footage]

The section of the bar stretching from the number five to the number five is covered in diagonal yellow lines. Text appears below this section.

[Text Displays]

Target

…putting us firmly on track…

[Video Footage]

The section of the bar from zero to slightly before four, fills in with the colour yellow.

Wael Sawan

…for our target of 5 to 7 billion dollars by the end of 2028.

[Video Footage]

The slide fades, to reveal Wael once again from the waist up.

Wael Sawan

What I am particularly encouraged by is the fact that the majority of these savings come from what we call non-portfolio reductions. Essentially changing the way we work, as opposed to costs that are taken out as part of divestments or other portfolio choices.

[Video Footage]

The close-up of Wael, once again.

Wael Sawan

We have delivered efficiencies throughout our operations, in maintenance activities, across our supply chains, and in the corporate centre...

[Video Footage]

The white slide background with the rippling Shell logo appears once again. A slide header appears at the top.

[Text Displays]

Structural cost reduction since 2022

[Video Footage]

A dark grey box with a pie chart in the middle appears below the header with two sections. The larger section is yellow and has yellow text beside it.

[Text Displays]

$2.4 bn Non-portfolio

[Video Footage]

The smaller section is white and has white text beside it.

[Text Displays]

$1.5 bn Portfolio

Wael Sawan

…and all of this has resulted in cost takeout of almost two and a half billion dollars which is more than 60% of the total structural cost reductions since 2022.

[Video Footage]

The slide fades, to reveal Wael once again from the waist up.

Wael Sawan

Now, let's turn to our portfolio, where we've also made considerable progress delivering on our strategy to strengthen our world-class businesses...

[Video Footage]

Aerial footage of a facility, surrounded by water and mountains.

Wael Sawan

A major milestone for us was the start-up…

[Video Footage]

Two people standing in front of large, wall-mounted monitors, pointing towards the data displayed on the monitors.

Wael Sawan

…of LNG Canada…

[Video Footage]

The shot zooms in briefly on one of the monitors then the shot changes to show a large ship in the water beside the facility.

Wael Sawan

…in which Shell has a 40% working interest.

[Video Footage]

A slide appears with a map of north and central America, the location of LNG Canada is marked on the West coast of Canada, and an arrow extends out from the location marker spreading across the ocean. Another marker appears on the East coast of the United States labelling US Exports. Two arrows extend from this location marker, one spreading East across the ocean and the other through central America.

Wael Sawan

Its strategic location on the country's west coast brings feedstock advantages and greater marketing flexibility...

[Video Footage]

The arrows travelling West both converge on the Eastern side of Asia. The LNG Canada arrow is labelled 10 days and the US Export arrow, 24 days.

Wael Sawan

…including transit routes to Asia that are more than 50% shorter than those from the US Gulf Coast. 

[Video Footage]

The slide fades to reveal the close-up of Wael.

Wael Sawan

At CMD25 we said that we will grow LNG sales between 4 to 5 percent…

[Video Footage]

Footage of the ship on the water. A person standing inside the ship, looking out through its windows. Aerial footage of the ship, moving through the water, with the mountains in the background.

Wael Sawan

…and LNG Canada is expected to play a big part in that having shipped its first cargo in June.

[Video Footage]

The footage fades to reveal Wael Sawan once again, from the waist up.

Wael Sawan

To support future growth, we also took final investment decisions on projects in Egypt, as well as Trinidad and Tobago.

[Video Footage]

Aerial footage of a facility with many interconnecting pipes. Next to the main bulk of the facility are two large siloes.

Wael Sawan

These will increase feedgas supply to our leading LNG portfolio over time.

[Video Footage]

Wael Sawan once more, from the waist up.

Wael Sawan

We also said that we would grow production, while continuing to sustain liquids.

[Video Footage]

The close-up of Wael once again.

Wael Sawan

And in the second quarter we continued to do that, especially in our deep-water assets.

In Brazil, we have some of our most competitive barrels…

[Video Footage]

Aerial footage of a ship out in the deep ocean.

Wael Sawan

…in terms of operating cost and carbon footprint. This quarter, we started up Mero-4…

[Video Footage]

An image of Mero-4 out in the middle of the ocean.

[Text Displays]

Images courtesy of SBM

Wael Sawan

…and agreed to increase our working interest…

[Video Footage]

An image of Gato do Mato with a graphic, showing multiple lines spreading out from the facility and across the land, with a number of interconnected facilities indicated. To the left side of the image is labelled South and to the right, North.

Wael Sawan

…in Gato do Mato.

[Video Footage]

Footage of the interconnected walkways of a facility. A person in orange PPE and a helmet is walking across one of the platforms. The viewpoint pans upwards to show more of the facility.

Wael Sawan

And in Nigeria, we deepened our interest in the Bonga field where we have been delivering…

[Video Footage]

Employees wearing orange Shell-branded PPE walk up a metal staircase.

Wael Sawan

…top quartile operational performance.

[Video Footage]

Two employees in orange PPE are sitting behind a desk, looking at a computer monitor.

The footage fades to reveal Wael once again from the waist up.

Wael Sawan

At CMD25 we also said that we would high-grade our Downstream, Renewables and Energy Solutions business, which we have continued to do this quarter.

[Video Footage]

The close-up of Wael once again.

Wael Sawan

In Chemicals we completed the divestment of the Energy and Chemicals Park in Singapore. And in Mobility, with a value over volume lens, we announced divestments of our retail networks in both Indonesia and in Mexico.

[Video Footage]

Wael once again from the waist up.

Wael Sawan

So, despite the more challenging macro conditions, we have been able to make important progress on our strategy and with that let me hand over to Sinead, to provide more details on our Q2 financial performance.

[Video Footage]

The shot zooms out to once more show Wael and Sinead standing in the wood-panelled room.

Sinead Gorman

Thank you Wael.

[Video Footage]

The shot moves to focus on Sinead from the waist up. A yellow and white text box with grey text appears in the bottom-left corner.

[Text Displays]

Sinead Gorman Shell CFO

Sinead Gorman

In Q2 we delivered a robust set of results in what was a more challenging macro environment than Q1, as Wael alluded to.

[Video Footage]

A white background appears, with the rippling Shell logo on the left-hand side.

Sinead Gorman

Our Adjusted Earnings for the quarter were some 4.3 billion dollars.

[Video Footage]

A dark grey box appears in the middle of the slide with white text inside.

[Text Displays]

Q2 2025 Adjusted Earnings

$4.3 BILLION

[Video Footage]

A yellow line underlines four point three billion dollars.

The text inside the grey box changes.

[Text Displays]

Q2 2025 CFFO

$11.9 BILLION

[Video Footage]

A yellow line underlines 11 point nine billion dollars.

Sinead Gorman

And we delivered 11.9 billion dollars of cash flow from operations.

[Video Footage]

The slide fades and a new one appears with different sized boxes, each containing video footage of ships and oil facilities.

Sinead Gorman

Integrated Gas and Upstream both delivered strong operational performance in a quarter with higher planned maintenance…

[Video Footage]

The footage inside the boxes all change at the same time, now showing other views of facilities and ships.

Sinead Gorman

…weaker margins, and fewer trading and optimisation opportunities.

[Video Footage]

The slide fades, revealing Sinead Gorman from the waist up in the wood-panelled room once again.

Sinead Gorman

Chemicals & Products faced another challenging quarter, impacted by continued weak margins and unplanned downtime in Chemicals…

[Video Footage]

A close-up shot of Sinead, from the shoulders up.

Sinead Gorman

…and a lower contribution from trading and optimisation which saw oil markets experience a disconnect between market volatility and supply-demand fundamentals.

[Video Footage]

The slide with the boxes returns, this time showing footage of Shell fuel stations and products, and an oil tanker driving along a road.

Sinead Gorman

Marketing on the other hand recorded its best Q2 results in nearly a decade. Both Mobility and Lubricants had another strong quarter...

[Video Footage]

The footage inside the boxes changes, now showing different viewpoints of the Shell fuel station, a Shell garage with cars inside, liquid being poured into a chemical beaker, and a Shell employee helping a customer.

Sinead Gorman

...with Mobility entering the driving season benefiting from its portfolio high-grading…

[Video Footage]

The footage in the boxes changes, now showing a hand reaching out to lift a Shell fuel pump, different viewpoints of a Shell fuel station, and a Shell lubricants tanker turning onto a road.

Sinead Gorman

…and an increase in premium fuels margin contribution. 

[Video Footage]

The slide fades to reveal the close-up of Sinead once again.

Sinead Gorman

Now, moving to our financial framework...

[Video Footage]

The white slide background with the rippling Shell logo returns, and text appears.

[Text Displays]

2025 Cash capex outlook

Sinead Gorman

Our Cash Capex outlook for the full year 2025 remains unchanged...

[Video Footage]

Another line graph appears with the values in billions of dollars, ranging between 20 and 22 in increments of one. The section between these numbers turns yellow.

Sinead Gorman

…and we continue to prioritise the highest return opportunities.

[Video Footage]

The slide fades to reveal the close-up of Sinead once again.

Sinead Gorman

Given our cash generation and balance sheet strength…

[Video Footage]

The footage of Sinead shifts slightly to the left, in the new space next to her a grey box appears, with white text inside.

[Text Displays]

Share buyback programme

$3.5 BILLION

[Video Footage]

A yellow line underlines the three point five billion dollars.

Sinead Gorman

…we’re announcing another 3.5 billion dollar share buyback programme today, which we expect to complete in time for our Q3 results announcement in October.

[Video Footage]

The white slide returns, this time showing a bar chart.

[Text Displays]

Cumulative announced buybacks over

15 QUARTERS

[Video Footage]

The y axis of the chart represents billions of dollars and the x axis the passage of time from Q4 2021 to Q2 2025, in intervals of yearly quarters. A yellow line starts low on the left side of the graph and extends to the top right corner, at the height of 60 billion dollars by the time it reaches Q2 2025.

Sinead Gorman

This is the 15th consecutive quarter in which we have announced 3 billion dollars or more in buybacks....

[Video Footage]

The slide fades to show the shot of Sinead on the left once again.

Sinead Gorman

And at the end of Q2…

[Video Footage]

The grey text box appears again with new text.

[Text Displays]

4-Quarter rolling shareholder distributions

46%

[Video Footage]

A yellow line underlines the forty-six percent.

Sinead Gorman

…our 4-quarter rolling shareholder distributions were 46% of CFFO…

[Video Footage]

The white slide returns and a grey text box appears in the middle with white text inside.

[Text Displays]

Shareholder distributions

40-50%

Of CFFO through the cycle

[Video Footage]

A yellow line underlines the forty to fifty percent.

Sinead Gorman

…in line with our target range of 40 to 50% of CFFO through the cycle.

[Video Footage]

The slide fades to show Wael and Sinead once again in the wood-panelled room.

Sinead Gorman

With that, let me hand back to Wael.

[Video Footage]

The shot changes to focus on Wael from the waist up once again.

Wael Sawan

Thank you, Sinead.

To summarise…

[Video Footage]

The close-up shot of Wael once again.

Wael Sawan

…we delivered a robust set of results in Q2 in a challenging geopolitical and macroeconomic environment.

[Video Footage]

Footage of two Shell employees wearing PPE, conversing.

Wael Sawan

We remain focused on executing our strategy…

[Video Footage]

A man wearing PPE, sitting inside a crane cabin.

Footage of a Shell facility with pipes and interconnecting walkways.

Wael Sawan

…transforming our portfolio…

[Video Footage]

A man on a helipad, piloting a drone.

Wael Sawan

…and delivering on our key targets.

[Video Footage]

Wael from the waist up once again.

Wael Sawan

We're confident that our strategy is the right one, and every day…

[Video Footage]

The close-up of Wael once again.

Wael Sawan

…I see the momentum building across our organisation…

[Video Footage]

The footage of Wael shifts to the left and a dark grey text box appears in the space next to him, with white text inside.

[Text Displays]

Performance

Discipline

Simplification

[Video Footage]

Yellow lines underline the three words.

Wael Sawan

…to drive performance, discipline and simplification in order to deliver…

[Video Footage]

The text box disappears and a new one appears in its place.

[Text Displays]

More value

Less emissions

[Video Footage]

Yellow lines underline both words.

Wael Sawan

…more value with less emissions.

[Video Footage]

Wael from the waist up once again.

Wael Sawan

Thank you.

[Video Footage]

The white slide returns with text on it.

[Text Displays]

Thank you for your interest in Shell plc. Please understand that an investment in Shell plc securities carries with it the risk that you could sustain losses as a result of your investment. Therefore, an investment in Shell plc securities may not be appropriate for all investors. Accordingly, before investing in our securities we urge you to read our Annua Report and Form 20-F and consider the risk discussed within. You can find our full disclaimer on the next slide in this presentation. You can download the full presentation slides, including the disclaimer, and our �鶹��ý Report and Form 20-F at www.shell.com/investors

Shell plc | July 31st, 2025

[Shell’s mnemonic plays]

[Video Footage]

The cautionary note slide is displayed.

[Text Displays]

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 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 and amendment thereto for the year ended December 31, 2024 (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, July 31, 2025. 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.

Also, 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 Scope 1, Scope 2 and NCI targets 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.

This presentation may contain certain forward-looking non-GAAP measures such as capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this presentation do not form part of this presentation.

We may have used certain terms, such as resources, in this presentation 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 and any amendment thereto, File No 1-32575, available on the SEC website www.sec.gov

Contacts Media: International +44 207 934 5550; U.S. and Canada: Contact form

Shell plc July 31st, 2025

[Video Footage]

The slide disappears.

The Shell logo sits in the middle of a white background, casting a small shadow to the left. The logo bounces against the background sparking the logo’s grey outline to ripple outwards.

[Text Displays]

#ShellResults

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