Shell Plc · LSE:SHEL
Shell — Q1 2026 Earnings Presentation
13 slides from Shell's earnings presentation, May 7, 2026
Slide 1: First quarter 2026 results
Shell plc First quarter 2026 results Integrated portfolio drives strong results May 7, 2026
Slide 2: Definitions & cautionary note
Definitions & cautionary note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words
Slide 3: Key messages
First quarter 2026 results Key messages Performance $6.9 billion Strong operational performance supports delivery from integrated portfolio Adjusted Earnings1 Discipline Accelerating strategy through ARC Resources Ltd. acquisition Simplification $17.2 billion 2026 Cash capex outlook: $24 - 26 billio
Slide 4: Key price markers and inputs
Macro environment Key price markers and inputs Oil Gas Shell Indicative Refining Margin (IRM) and Indicative Chemical Margin (ICM) $/bbl $/MMBtu $/bbl IRM ICM $/tonne Brent JCC - 3 Henry Hub EU TTF 20 40 200 100 13.7 30 139 150 81 10 20 100 80 17 72 10 50 4.2 60 0 0 0 Brent: JCC-3: Henry Hub: EU TTF
Slide 5: Strong results in unprecedented volatility
First quarter 2026 results Strong results in unprecedented volatility Q1 2026 Q4 2025 Income attributable to Shell plc shareholders $5.7 billion $4.1 billion Adjusted Earnings $6.9 billion $3.3 billion Adjusted EBITDA $17.7 billion $12.8 billion Cash flow from operations excl. WC $17.2 billion $8.2
Slide 6: Strong results across segments
First quarter 2026 results Strong results across segments Adjusted Adjusted CFFO excl. WC Earnings EBITDA $ billion Q1 2026 Q4 2025 Q1 2026 Q4 2025 Q1 2026 Q4 2025 Integrated Gas 1.8 1.7 4.1 4.1 1.6 3.7 Upstream 2.4 1.6 7.3 6.1 5.5 3.4 Marketing 1.3 0.6 2.4 1.6 4.0 0.0 Chemicals & Products 1.9 (0.1)
Slide 7: Strong results in unprecedented volatility
First quarter 2026 results Strong results in unprecedented volatility Adjusted Earnings Q4 2025 to Q1 2026 Cash conversion Q1 2026 $ billion $ billion (11.2) 10 20 4.0 0.4 (0.4) (0.5) 8 16 2.0 0.2 1.1 5.7 (0.3) 6 12 0.8 0.8 (6.2) (0.5) 17.7 4 0.2 8 6.9 (4.4) 2 4 3.3 6.9 6.1 0 0 1 Non-controlling int
Slide 8: Value led approach Dynamic Capital Allocation
Financial framework Value led approach Dynamic Capital Allocation Total Distributions Cash Capex Enhanced shareholder distributions Disciplined investment 40–50% of CFFO through the cycle 2026: $24–26 billion2 2027–2028: $20–22 billion p.a. New buyback programme Q1 2026 Dividend IGU 2026 Capex DSR 2
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Slide 10: Middle East conflict: impact on Shell operations
Macro environment Middle East conflict: impact on Shell operations Exposure centred around Qatar Qatar update ~20% (~550 kboe/d) of Shell’s oil and gas production comes from the Middle East, ~10% Qatar related. Pearl GTL Oman assets continue to be operational. Upstream segment production not impac
Slide 11: ARC acquisition: Unique value creation opportunity
ARC acquisition Unique value creation opportunity STRATEGIC RATIONALE TRANSACTION $16.4 billion¹ Accelerates Shell’s strategy Enterprise Value Sustains material liquids production, extends reserve life, and strengthens Integrated Gas business Increases Integrated Gas & Upstream 2030 production C
Slide 12: Delivering more value, with less emissions
Capital Markets Day 2025 Delivering more value, with less emissions Profitably transitioning towards Net Zero by 2050 CO2 CH4 >10% nFCF per share growth p.a. Distributing 40–50% of CFFO to Halve Scope 1 and 2 emissions Achieve near-zero methane through 20301 shareholders through the cycle under oper
Slide 13: Upcoming events & useful links
Upcoming events & useful links May 19, 2026 Useful links: Annual General Meeting Shell Investment Case July 30, 2026 Capital Markets Day 2025 Q2 2026 results Shell Energy Transition Strategy October 29, 2026 Q3 2026 results Shell Scenarios ARC Resources acquisition agreement LNG Portfolio Strategic