Additional European Equity News

Shell (SHEL LN) - Q1 2026 Update: Integrated Gas Q4’25 (USD): Production 948kboepd; LNG liquefaction volumes 7.8MT; underlying opex 1.2bln; pre-tax depreciation 1.5bln; taxation charge 0.8bln. Q1’26 Outlook: Production 880–920kboepd; LNG liquefaction volumes 7.6–8.0MT; underlying opex 1.1–1.3bln; pre-tax depreciation 1.3–1.7bln; taxation charge 0.4–0.7bln; reflects Middle East conflict impact on Qatari volumes, LNG Canada ramp-up offset by Australia weather constraints and Qatar LNG outages; Trading & Optimisation expected in line with Q4’25; long-term LNG contracts typically have pricing lag (e.g. JCC-3). (Shell)