Global MarketsIMPORTANT

Shell (SHEL LN) Q1 2026 (USD): EPS 1.22 (exp. 1.06), Adj. EBITDA 17.7bln (exp. 15.1bln); announces a USD 3bln share buyback and a 5% quarterly dividend increase

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Other Metrics Adj. Earnings 6.915bln (prev. 3.256bln Y/Y), CFFO 6.062bln (prev. 9.438bln Y/Y) Cash capex 4.202bln (prev. 6.015bln Y/Y) Free cash flow 2.9bln (prev. 4.2bln Y/Y) Net debt 52.6bln (prev. 45.7bln Y/Y). Gearing 23%, dividend +5% to 0.3906 Capex guide USD 24-26bln FY. Comments Q2 2026 outlook reflects lower expected volumes and a weaker margin environment. Q2 2026 production outlook reflects higher planned maintenance across the portfolio. Q2 2026 production and liquefaction outlook reflects the impact of Middle East conflict including Qatar and higher planned maintenance across the portfolio.

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