SUMMARY OF UNAUDITED RESULTS
| Quarters | $ million | Half year | ||||||
| Q2 2025 | Q1 2025 | Q2 2024 | %¹ | Reference | 2025 | 2024 | % | |
3,601 | 4,780 | 3,517 | -25 | Income/loss attributable to Shell plc shareholders | 8,381 | 10,874 | -23 | |
| 4,264 | 5,577 | 6,293 | -24 | Adjusted Earnings | A | 9,841 | 14,027 | -30 |
| 13,313 | 15,250 | 16,806 | -13 | Adjusted EBITDA | A | 28,563 | 35,517 | -20 |
11,937 | 9,281 | 13,508 | +29 | Cash flow from operating activities | 21,218 | 26,838 | -21 | |
(5,406) | (3,959) | (3,338) | Cash flow from investing activities | (9,365) | (6,866) | |||
| 6,531 | 5,322 | 10,170 | Free cash flow | G | 11,853 | 19,972 | ||
| 5,817 | 4,175 | 4,719 | Cash capital expenditure | C | 9,993 | 9,211 | ||
| 8,265 | 8,575 | 8,950 | -4 | Operating expenses | F | 16,840 | 17,947 | -6 |
8,145 | 8,453 | 8,651 | -4 | Underlying operating expenses | F | 16,598 | 17,704 | -6 |
| 9.4% | 10.4% | 12.8% | ROACE | D | 9.4% | 12.8% | ||
| 75,675 | 76,511 | 75,468 | Total debt | E | 75,675 | 75,468 | ||
| 43,216 | 41,521 | 38,314 | Net debt | E | 43,216 | 38,314 | ||
| 19.1% | 18.7% | 17.0% | Gearing | E | 19.1% | 17.0% | ||
2,682 | 2,838 | 2,817 | -5 | Oil and gas production available for sale (thousand boe/d) | 2,760 | 2,864 | -4 | |
| 0.61 | 0.79 | 0.55 | -23 | Basic earnings per share ($) | 1.40 | 1.70 | -18 | |
0.72 | 0.92 | 0.99 | -22 | Adjusted Earnings per share ($) | B | 1.64 | 2.19 | -25 |
| 0.3580 | 0.3580 | 0.3440 | — | Dividend per share ($) | 0.7160 | 0.6880 | +4 | |
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the first quarter 2025, reflected lower trading and optimisation margins and lower realised liquids and gas prices, partly offset by higher Marketing margins and lower operating expenses.
Second quarter 2025 income attributable to Shell plc shareholders also included impairment charges, gains on disposal of assets and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $0.3 billion in the quarter. This compares with identified items in the first quarter 2025 which amounted to a net loss of $0.8 billion.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of $0.3 billion.
Cash flow from operating activities for the second quarter 2025 was $11.9 billion and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $3.4 billion.
Cash flow from investing activities for the second quarter 2025 was an outflow of $5.4 billion, and included cash capital expenditure of $5.8 billion. This outflow was partly offset by interest received of $0.5 billion.
Net debt and Gearing: At the end of the second quarter 2025, net debt was $43.2 billion, compared with $41.5 billion at the end of the first quarter 2025. This reflects free cash flow of $6.5 billion, more than offset by share buybacks of $3.5 billion, cash dividends paid to Shell plc shareholders of $2.1 billion, lease additions of $1.4 billion and interest payments of $1.2 billion. Gearing was 19.1% at the end of the second quarter 2025, compared with 18.7% at the end of the first quarter 2025, mainly driven by higher net debt.
Shareholder distributions
Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.5 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends to be paid to Shell plc shareholders for the
SHELL PLC
2nd QUARTER 2025 AND HALF YEAR UNAUDITED RESULTS
second quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the first quarter 2025 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the third quarter 2025 results announcement.
Half Year Analysis1
Income attributable to Shell plc shareholders, compared with the first half 2024, reflected lower trading and optimisation margins, lower realised liquids and LNG prices, and lower refining and chemical margins, partly offset by lower operating expenses and favourable tax movements.
Our continued focus on performance, discipline and simplification has helped deliver $3.9 billion of pre-tax structural cost reductions3 since 2022. Of these reductions, $0.8 billion was delivered in the first half 2025.
First half 2025 income attributable to Shell plc shareholders also included impairment charges, a charge related to the UK Energy Profits Levy and favourable movements due to the fair value accounting of commodity derivatives. These items are included in identified items amounting to a net loss of $1.2 billion. This compares with identified items in the first half 2024 which amounted to a net loss of $3.3 billion.
Adjusted Earnings and Adjusted EBITDA2 for the first half 2025 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of $0.3 billion.
Cash flow from operating activities for the first half 2025 was $21.2 billion, and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $6.3 billion and working capital outflows of $3.0 billion.
Cash flow from investing activities for the first half 2025 was an outflow of $9.4 billion and included cash capital expenditure of $10.0 billion, and net other investing cash outflows of $0.9 billion, which included the drawdowns on loan facilities provided at completion of the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) in Nigeria. These outflows were partly offset by interest received of $1.0 billion.
This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors4.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.
3.Structural cost reductions describe decreases in underlying operating expenses as a result of operational efficiencies, divestments, workforce reductions and other cost-saving measures that are expected to be sustainable compared with 2022 levels.
4.Not incorporated by reference.