Form 20-F þ Form 40-F ¨

Date: July 30, 2026

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These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued

by the International Accounting Standards Board ("IASB") and adopted by the UK, and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 229 to 306) for the year ended December 31, 2025, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 214 to 290) for the year ended December 31, 2025, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2025, were published in Shell's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

Going Concern

These unaudited Condensed Consolidated Interim Financial Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the going concern assumption over the period to December 31, 2027 (the ‘going concern period’), management have stress tested Shell’s most recent financial projections to incorporate a range of potential future outcomes by considering Shell’s principal risks, potential downside pressures on commodity prices and long-term demand, and potential cash preservation measures. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these unaudited Condensed Consolidated Interim Financial Statements.

Key accounting considerations, significant judgements and estimates

Future long-term commodity price assumptions, which represent a significant estimate, were subject to change in the second quarter 2026 (see Note 7). Noting continued volatility in markets, price assumptions remain under review.

The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. These discount rates applied in the first half year of 2026 remain unchanged compared with 2025.

Changes to IFRS not yet adopted

IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18")

IFRS 18 will be adopted as from January 1, 2027. IFRS 18 will have no impact on recognition and measurement. From Shell's impact assessment, it has concluded that the impact will be limited to disclosure and presentation in the Consolidated Financial Statements. For Shell, the primary change will be the reclassification of income and expenses into the operating, investing and financing categories respectively within the Consolidated Statement of Income. In addition, dividends received from joint ventures and associates will be reclassified in the Consolidated Statement of Cash Flows from cash flow from operating activities to cash flow from investing activities, which will impact Cash flow from operations.

Segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell's focus on performance, discipline and simplification.

The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and aims to facilitate a comparative understanding of Shell'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. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell's financial results from period to period.

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ADJUSTED EARNINGS BY SEGMENT

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					10,821
Income/(loss) attributable to non-controlling interest																					(16)
Income/(loss) for the period			2,680			3,579			1,747			3,981			(550)			(631)			10,805
Current cost of supplies adjustment before taxation									(346)			(397)									(742)
Tax on current cost of supplies adjustment									84			97									181
Identified items before taxation			23			(66)			(314)			(1,057)			745			12			(658)
Tax included in identified items			(12)			(28)			157			253			(115)			3			258
Adjusted Earnings			2,691			3,485			1,329			2,877			79			(617)			9,845
Adjusted Earnings attributable to Shell plc shareholders																					9,836
Adjusted Earnings attributable to non-controlling interest																					9

Q1 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					5,694
Income/(loss) attributable to non-controlling interest																					64
Income/(loss) for the period			1,321			2,556			1,895			395			527			(937)			5,758
Current cost of supplies adjustment before taxation									(950)			(763)									(1,713)
Tax on current cost of supplies adjustment									241			206									447
Identified items before taxation			598			156			99			2,712			(279)			—			3,286
Tax included in identified items			(100)			(335)			48			(626)			100			29			(884)
Adjusted Earnings			1,819			2,377			1,334			1,925			348			(908)			6,894
Adjusted Earnings attributable to Shell plc shareholders																					6,915
Adjusted Earnings attributable to non-controlling interest																					(21)

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Q2 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					3,601
Income/(loss) attributable to non-controlling interest																					43
Income/(loss) for the period			1,838			2,008			766			(174)			(254)			(539)			3,644
Current cost of supplies adjustment before taxation									104			333									436
Tax on current cost of supplies adjustment									(24)			(91)									(115)
Identified items before taxation			102			(271)			460			64			300			63			717
Tax included in identified items			(203)			(5)			(106)			(13)			(55)			14			(369)
Adjusted Earnings			1,737			1,732			1,199			118			(9)			(463)			4,314
Adjusted Earnings attributable to Shell plc shareholders																					4,264
Adjusted Earnings attributable to non-controlling interest																					50

Half year 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					16,515
Income/(loss) attributable to non-controlling interest																					48
Income/(loss) for the period			4,002			6,134			3,643			4,376			(24)			(1,568)			16,564
Current cost of supplies adjustment before taxation									(1,296)			(1,159)									(2,455)
Tax on current cost of supplies adjustment									325			303									628
Identified items before taxation			620			90			(215)			1,655			466			11			2,628
Tax included in identified items			(113)			(362)			206			(373)			(16)			32			(626)
Adjusted Earnings			4,509			5,862			2,663			4,802			427			(1,525)			16,739
Adjusted Earnings attributable to Shell plc shareholders																					16,751
Adjusted Earnings attributable to non-controlling interest																					(12)

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Half year 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Income/(loss) attributable to Shell plc shareholders																					8,381
Income/(loss) attributable to non-controlling interest																					138
Income/(loss) for the period			4,627			4,088			1,580			(252)			(501)			(1,022)			8,519
Current cost of supplies adjustment before taxation									156			266									422
Tax on current cost of supplies adjustment									(38)			(79)									(116)
Identified items before taxation			(246)			(392)			504			743			559			59			1,227
Tax included in identified items			(160)			373			(102)			(111)			(110)			43			(68)
Adjusted Earnings			4,220			4,068			2,100			567			(51)			(920)			9,984
Adjusted Earnings attributable to Shell plc shareholders																					9,841
Adjusted Earnings attributable to non-controlling interest																					144

CASH CAPITAL EXPENDITURE BY SEGMENT

Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			1,097			1,657			380			461			420			15			4,031
Investments in joint ventures and associates			162			(24)			—			46			2			1			187
Investments in equity securities			10			—			—			—			7			2			20
Cash capital expenditure			1,269			1,633			380			507			429			19			4,237

Q1 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			780			2,002			240			332			390			12			3,757
Investments in joint ventures and associates			233			157			4			31			—			1			426
Investments in equity securities			—			—			4			—			14			1			20
Cash capital expenditure			1,014			2,159			248			363			404			14			4,202

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Q2 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			988			2,774			427			704			468			32			5,393
Investments in joint ventures and associates			209			52			1			71			72			1			406
Investments in equity securities			—			—			—			—			16			2			17
Cash capital expenditure			1,196			2,826			429			775			555			36			5,817

Half year 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			1,877			3,659			619			794			810			27			7,787
Investments in joint ventures and associates			395			133			4			76			2			3			613
Investments in equity securities			10			—			5			—			21			3			39
Cash capital expenditure			2,283			3,792			628			870			833			33			8,439

Half year 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			1,930			4,501			679			1,155			826			49			9,141
Investments in joint ventures and associates			383			248			5			78			102			3			819
Investments in equity securities			—			—			—			—			30			2			32
Cash capital expenditure			2,313			4,749			684			1,233			958			54			9,993

REVENUE BY SEGMENT

Third-party revenue includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			11,278			1,800			38,015			34,235			9,338			(2)			94,664
Inter-segment revenue			2,066			11,621			3,624			13,306			1,143			—			31,762

Q1 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			7,748			1,400			30,695			19,221			10,622			5			69,691
Inter-segment revenue			3,410			9,389			2,245			9,660			1,352			—			26,055

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Q2 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			9,576			1,193			28,241			18,388			7,996			12			65,406
Inter-segment revenue			2,412			8,502			2,177			8,775			835			—			22,701

Half year 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			19,026			3,200			68,710			53,456			19,960			3			164,355
Inter-segment revenue			5,476			21,011			5,869			22,966			2,495			—			57,817

Half year 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party revenue			19,179			2,703			55,324			39,998			17,413			23			134,640
Inter-segment revenue			5,086			18,356			4,026			17,030			1,999			—			46,498

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Identified Items

The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of management and are unusual in nature (e.g., infrequent or non-recurring events) or that result in a misalignment between accounting and economic outcomes. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items.

Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

1. For the purpose of identification of items in certain categories materiality thresholds are applied.

Q2 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			16			77			488			(8)			61			(1)			634
Impairment reversals/(impairments)			(13)			(2)			(13)			(32)			(606)			—			(665)
Redundancy and restructuring			5			17			(48)			(84)			(3)			(11)			(124)
Fair value accounting of commodity derivatives and certain gas contracts1			(31)			—			(114)			1,281			(205)			—			932
Other2			—			(27)			—			(101)			9			—			(119)
Total identified items included in Income/(loss) before taxation			(23)			66			314			1,057			(745)			(12)			658
Total identified items included in Taxation (charge)/credit			12			28			(157)			(253)			115			(3)			(258)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			13			83			282			(6)			55			(1)			426
Impairment reversals/(impairments)			(13)			(1)			(11)			(21)			(536)			—			(583)
Redundancy and restructuring			4			13			(36)			(64)			(3)			(9)			(94)
Fair value accounting of commodity derivatives and certain gas contracts1			(15)			—			(78)			972			(146)			—			733
Impact of exchange rate movements and inflationary adjustments on tax balances3			1			25			—			—			—			(5)			21
Other2			—			(27)			—			(77)			—			—			(104)
Impact on Income/(loss) for the period			(10)			93			157			804			(629)			(15)			400
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			(10)			93			157			804			(629)			(15)			400

1.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

2.Other identified items represent other credits or charges that based on Shell management's assessment hinder the comparative understanding of Shell's financial results from period to period.

3.Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on: (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as recognised tax losses (this primarily impacts the Integrated Gas and Upstream segments); and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

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Q1 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			136			(81)			(9)			(16)			30			—			60
Impairment reversals/(impairments)			—			(22)			(171)			(41)			(29)			—			(263)
Redundancy and restructuring			(13)			(33)			(42)			(38)			(6)			—			(131)
Fair value accounting of commodity derivatives and certain gas contracts1			(721)			—			122			(2,616)			283			—			(2,932)
Other1			—			(20)			—			—			—			—			(20)
Total identified items included in Income/(loss) before taxation			(598)			(156)			(99)			(2,712)			279			—			(3,286)
Total identified items included in Taxation (charge)/credit			100			335			(48)			626			(100)			(29)			884
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			133			(38)			(7)			(13)			23			—			99
Impairment reversals/(impairments)			—			(15)			(182)			(29)			(29)			—			(255)
Redundancy and restructuring			(9)			(20)			(31)			(28)			(4)			(1)			(95)
Fair value accounting of commodity derivatives and certain gas contracts1			(634)			—			73			(2,016)			189			—			(2,388)
Impact of exchange rate movements and inflationary adjustments on tax balances1			13			272			—			—			—			(28)			257
Other1			—			(20)			—			—			—			—			(20)
Impact on Income/(loss) for the period			(497)			179			(147)			(2,086)			179			(29)			(2,402)
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			(2)			—			—			(3)
Impact on Income/(loss) attributable to Shell plc shareholders			(497)			179			(147)			(2,084)			179			(29)			(2,399)

1.For a detailed description, see the corresponding footnotes to the Q2 2026 identified items table above.

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Q2 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			63			344			(56)			(9)			119			(4)			457
Impairment reversals/(impairments)			(672)			(3)			(370)			(78)			(138)			—			(1,261)
Redundancy and restructuring			(7)			(6)			(57)			(37)			(1)			(12)			(119)
Fair value accounting of commodity derivatives and certain gas contracts1			514			1			23			61			(280)			—			319
Other1			—			(65)			—			(1)			—			(47)			(113)
Total identified items included in Income/(loss) before taxation			(102)			271			(460)			(64)			(300)			(63)			(717)
Total identified items included in Taxation (charge)/credit			203			5			106			13			55			(14)			369
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			54			350			(44)			(7)			108			(3)			458
Impairment reversals/(impairments)			(423)			(2)			(285)			(62)			(136)			—			(908)
Redundancy and restructuring			(4)			(2)			(44)			(29)			—			(8)			(88)
Fair value accounting of commodity derivatives and certain gas contracts1			454			—			19			49			(217)			—			307
Impact of exchange rate movements and inflationary adjustments on tax balances1			20			22			—			—			—			(19)			23
Other1			—			(92)			—			(1)			—			(47)			(139)
Impact on Income/(loss) for the period			101			276			(354)			(51)			(245)			(77)			(348)
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			101			276			(354)			(51)			(245)			(77)			(348)

1.For a detailed description, see the corresponding footnotes to the Q2 2026 identified items table above.

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Half year 2026			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			151			(4)			480			(24)			91			(1)			694
Impairment reversals/(impairments)			(13)			(24)			(183)			(73)			(635)			—			(929)
Redundancy and restructuring			(7)			(16)			(90)			(122)			(9)			(10)			(255)
Fair value accounting of commodity derivatives and certain gas contracts1			(751)			—			9			(1,335)			78			—			(2,000)
Other1			—			(47)			—			(101)			9			—			(139)
Total identified items included in Income/(loss) before taxation			(620)			(90)			215			(1,655)			(466)			(11)			(2,628)
Total identified items included in Taxation (charge)/credit			113			362			(206)			373			16			(32)			626
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			145			45			275			(19)			79			(1)			525
Impairment reversals/(impairments)			(13)			(16)			(194)			(50)			(565)			—			(838)
Redundancy and restructuring			(5)			(7)			(67)			(92)			(7)			(10)			(188)
Fair value accounting of commodity derivatives and certain gas contracts1			(648)			—			(5)			(1,044)			43			—			(1,655)
Impact of exchange rate movements and inflationary adjustments on tax balances1			13			297			—			—			—			(33)			277
Other1			—			(47)			—			(77)			—			—			(124)
Impact on Income/(loss) for the period			(508)			272			9			(1,282)			(450)			(44)			(2,002)
Impact on Income/(loss) attributable to non-controlling interest			—			—			(1)			(2)			—			—			(3)
Impact on Income/(loss) attributable to Shell plc shareholders			(508)			272			10			(1,280)			(450)			(44)			(1,999)

1.For a detailed description, see the corresponding footnotes to the Q2 2026 identified items table above.

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Half year 2025			$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			62			498			(113)			(24)			(68)			(4)			351
Impairment reversals/(impairments)			(672)			(24)			(360)			(371)			(176)			—			(1,602)
Redundancy and restructuring			(8)			(21)			(66)			(50)			(10)			(9)			(164)
Fair value accounting of commodity derivatives and certain gas contracts1			934			—			35			(196)			(260)			—			512
Other1			(70)			(61)			—			(102)			(46)			(47)			(325)
Total identified items included in Income/(loss) before taxation			246			392			(504)			(743)			(559)			(59)			(1,227)
Total identified items included in Taxation (charge)/credit			160			(373)			102			111			110			(43)			68
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			53			358			(105)			(19)			(35)			(3)			250
Impairment reversals/(impairments)			(423)			(17)			(278)			(339)			(167)			—			(1,225)
Redundancy and restructuring			(5)			(7)			(45)			(42)			(7)			(6)			(112)
Fair value accounting of commodity derivatives and certain gas contracts1			817			—			26			(153)			(196)			—			494
Impact of exchange rate movements and inflationary adjustments on tax balances1			24			154			—			—			—			(47)			131
Other1			(59)			(469)			—			(78)			(45)			(47)			(697)
Impact on Income/(loss) for the period			407			19			(402)			(631)			(450)			(102)			(1,160)
Impact on Income/(loss) attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on Income/(loss) attributable to Shell plc shareholders			407			19			(402)			(631)			(450)			(102)			(1,160)

1.For a detailed description, see the corresponding footnotes to the Q2 2026 identified items table above.

The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within "Share of profit/(loss) of joint ventures and associates" in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the tables above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

EARNINGS PER SHARE
Quarters												Half year
Q2 2026			Q1 2026			Q2 2025						2026			2025
10,821			5,694			3,601			Income/(loss) attributable to Shell plc shareholders ($ million)			16,515			8,381
									Weighted average number of shares used as the basis for determining:
5,589.3			5,653.9			5,947.9			Basic earnings per share (million)			5,621.4			5,990.5
5,637.0			5,703.7			6,004.7			Diluted earnings per share (million)			5,670.2			6,046.0

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ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
			Number of shares			Nominal value ($ million)
At January 1, 2026			5,718,636,398			477
Repurchases of shares			(147,708,271)			(12)
At June 30, 2026			5,570,928,127			465
At January 1, 2025			6,115,031,158			510
Repurchases of shares			(202,687,052)			(17)
At June 30, 2025			5,912,344,106			493

OTHER RESERVES
$ million			Merger reserve			Share premium reserve			Capital redemption reserve			Share plan reserve			Accumulated other comprehensive income			Total
At January 1, 2026			37,298			154			303			1,359			(17,880)			21,234
Other comprehensive income/(loss) attributable to Shell plc shareholders			—			—			—			—			(800)			(800)
Transfer from other comprehensive income			—			—			—			—			(36)			(36)
Repurchases of shares			—			—			12			—			—			12
Share-based compensation			—			—			—			(554)			—			(554)
At June 30, 2026			37,298			154			316			805			(18,716)			19,856
At January 1, 2025			37,298			154			270			1,417			(19,373)			19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders			—			—			—			—			6,159			6,159
Transfer from other comprehensive income			—			—			—			—			18			18
Repurchases of shares			—			—			17			—			—			17
Share-based compensation			—			—			—			(486)			—			(486)
At June 30, 2025			37,298			154			287			930			(13,196)			25,473

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2025, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at June 30, 2026, are consistent with those used in the year ended December 31, 2025, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2025 and June 30, 2026 is an increase of $373 million for the current assets and an increase of $1,561 million for the current liabilities.

The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

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DEBT EXCLUDING LEASE LIABILITIES
$ million			June 30, 2026			December 31, 2025
Carrying amount1			43,449			46,710
Fair value2			39,681			43,142

1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during 2026.

Consolidated Statement of Income

Interest and other income

Quarters									$ million			Half year
Q2 2026			Q1 2026			Q2 2025						2026			2025
1,048			535			326			Interest and other income/(expenses)			1,583			628
									Of which:
315			372			559			Interest income			686			1,040
25			—			44			Dividend income (from investments in equity securities)			25			45
642			64			128			Net gains/(losses) on sales and revaluation of non-current assets and businesses			706			1
(54)			30			(447)			Net foreign exchange gains/(losses) on financing activities			(24)			(584)
120			70			42			Other			189			127

Depreciation, depletion and amortisation

Quarters									$ million			Half year
Q2 2026			Q1 2026			Q2 2025						2026			2025
6,183			5,743			6,670			Depreciation, depletion and amortisation			11,926			12,111
									Of which:
5,559			5,738			5,463			Depreciation			11,297			10,593
629			84			1,238			Impairments			713			1,549
(6)			(79)			(31)			Impairment reversals			(85)			(32)

Impairment

Impairments recognised in the second quarter 2026 of $629 million pre-tax ($545 million post-tax) principally relate to

Renewables and Energy Solutions ($581 million). The impairments in Renewables and Energy Solutions were principally triggered by portfolio choices regarding renewable generation assets in Asia and Europe.

Impairments recognised in the second quarter 2025 of $1,238 million pre-tax ($877 million post-tax) principally relate to

Integrated Gas ($666 million) and Marketing ($399 million). Impairments recognised in Integrated Gas were triggered

by lower commodity prices applied in impairment testing.

Taxation charge/credit

Quarters									$ million			Half year
Q2 2026			Q1 2026			Q2 2025						2026			2025
4,949			3,570			2,332			Taxation charge/(credit)			8,519			6,415
									Of which:
4,774			3,407			2,277			Income tax excluding Pillar Two income tax			8,180			6,301
175			163			55			Income tax related to Pillar Two income tax			338			113

As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

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On July 13, 2026, the UK Government published draft tax legislation that would exempt foreign permanent establishments from UK taxation, potentially limiting the use of foreign tax attributes against UK profits. Shell is monitoring the development of the draft legislation.

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters									$ million			Half year
Q2 2026			Q1 2026			Q2 2025						2026			2025
(314)			(820)			4,127			Currency translation differences			(1,134)			5,837
									Of which:
(375)			(767)			4,117			Recognised in Other comprehensive income			(1,142)			5,736
61			(53)			9			(Gain)/loss reclassified to profit or loss			8			101

Condensed Consolidated Balance Sheet

Joint ventures and associates

$ million			June 30, 2026			December 31, 2025
Joint ventures and associates			27,997			27,775

In June 2026, Shell's 44% joint venture Raizen filed its restructuring plan which remains subject to court approval. The restructuring plan contemplates a conversion of debt into equity, which would dilute Shell's ownership interest in Raizen, and a capital injection by Shell of BRL3.5 billion ($685 million). The capital injection would only take place after all conditions precedent have been satisfied. If all conditions precedent are not satisfied or waived by March 31, 2027, subject to a one-time extension of up to six months, the restructuring plan will automatically terminate.

Assets classified as held for sale

$ million												June 30, 2026			December 31, 2025
Assets classified as held for sale												2,395			1,030
Liabilities directly associated with assets classified as held for sale												821			820

Assets classified as held for sale and associated liabilities at June 30, 2026, principally relate to Sprng Energy in Renewables and Energy Solutions and a working interest in Brazil in Upstream.

The major classes of assets and liabilities classified as held for sale at June 30, 2026, are Property, plant and equipment ($2,133 million; December 31, 2025: $662 million) and Decommissioning and other provisions ($466 million; December 31, 2025: $515 million).

Consolidated Statement of Cash Flows

Other investing cash outflows

Quarters									$ million			Half year
Q2 2026			Q1 2026			Q2 2025						2026			2025
(689)			(343)			(420)			Other investing cash outflows			(1,032)			(1,814)

Cash flow from investing activities - Other investing cash outflows for the second quarter 2026 includes settlement of investment related FX swaps and a tax payment related to a disposal gain.

Cash flow from operating activities - Other

Quarters									$ million			Half year
Q2 2026			Q1 2026			Q2 2025						2026			2025
546			1,433			684			Cash flow from operating activities - Other			1,979			1,254

Cash flow from operating activities - Other for the second quarter 2026 includes $1,288 million of net inflows (first quarter 2026: $1,289 million net inflows; second quarter 2025: $979 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America, partly offset by the utilisation of recognised incentives of $470 million.

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RECONCILIATION OF OPERATING EXPENSES

Quarters									$ million			Half year
Q2 2026			Q1 2026			Q2 2025						2026			2025
5,476			5,745			4,909			Production and manufacturing expenses			11,221			10,459
2,911			2,803			3,077			Selling, distribution and administrative expenses			5,714			5,917
277			167			278			Research and development			444			464
8,664			8,716			8,265			Operating expenses			17,380			16,840

RECONCILIATION OF TOTAL DEBT

June 30, 2026			March 31, 2026			June 30, 2025			$ million			June 30, 2026			June 30, 2025
8,542			10,060			10,457			Current debt			8,542			10,457
64,534			65,585			65,218			Non-current debt			64,534			65,218
73,076			75,645			75,675			Total debt			73,076			75,675

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