Financials Shell plc

Equities

SHEL

GB00BP6MXD84

Integrated Oil & Gas

Real-time Estimate Cboe Europe Other stock markets 03:16:53 2025-07-18 EDT			5-day change	1st Jan Change
2,643.50 ^GBX	+1.32%		-1.46%	+6.34%

02:16am	Joy in the Air
11:52pm	Technip Energies, Shell Unit Partner to Scale Carbon Capture for Industries	MT

Projected Income Statement: Shell plc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	180,543	261,504	381,314	316,620	284,312	270,460	269,696	282,631
Change	-	44.84%	45.82%	-16.97%	-10.2%	-4.87%	-0.28%	4.8%
EBITDA ¹	26,915	55,004	84,289	68,538	65,803	54,651	54,097	57,208
Change	-	104.36%	53.24%	-18.69%	-3.99%	-16.95%	-1.01%	5.75%
EBIT ¹	10,758	32,734	62,621	37,248	43,100	31,802	30,451	32,756
Change	-	204.28%	91.3%	-40.52%	15.71%	-26.21%	-4.25%	7.57%
Interest Paid ¹	-4,089	-3,607	-3,181	-4,673	-4,787	-3,594	-3,631	-3,461
Earnings before Tax (EBT) ¹	-26,966	29,829	64,814	32,628	29,922	28,732	28,968	32,971
Change	-	210.62%	117.29%	-49.66%	-8.29%	-3.98%	0.82%	13.82%
Net income ¹	-21,680	20,101	42,309	19,360	16,093	16,986	17,782	20,607
Change	-	192.72%	110.48%	-54.24%	-16.88%	5.55%	4.69%	15.88%
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	1/30/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	32,504	44,021	43,989	55,665	60,515	60,044	85,280	84,204	100,059	95,749	101,303	86,959	74,578	76,350	78,732	72,478	74,463	71,089	66,281	69,234	66,207	70,233	63,142	68,058	57,415	59,586	61,757	63,953
Change	-	35.43%	-0.07%	26.54%	8.71%	-0.78%	42.03%	-1.26%	18.83%	-4.31%	5.8%	-14.16%	-14.24%	2.38%	3.12%	-7.94%	2.74%	-4.53%	-6.76%	4.46%	-4.37%	6.08%	-10.1%	7.79%	-15.64%	3.78%	3.64%	3.56%
EBITDA ¹	5,265	8,428	5,317	12,050	13,507	13,460	16,349	19,028	23,150	21,512	20,600	21,432	14,435	16,336	16,335	18,711	16,806	16,005	14,281	15,250	13,025	14,229	13,351	14,365	14,159	14,181	14,273	15,188
Change	-	60.08%	-36.91%	126.63%	12.09%	-0.35%	21.46%	16.39%	21.66%	-7.08%	-4.24%	4.04%	-32.65%	13.17%	-0.01%	14.55%	-10.18%	-4.77%	-10.77%	6.79%	-14.59%	9.25%	-6.17%	7.59%	-1.43%	0.15%	0.65%	6.41%
EBIT ¹	1,950	2,177	2,233	6,154	7,952	7,428	11,199	14,445	18,108	14,879	14,591	15,500	6,563	10,425	5,114	13,057	11,164	10,427	8,452	10,120	6,124	7,620	6,477	7,657	-	-	-	-
Change	-	11.64%	2.57%	175.59%	29.22%	-6.59%	50.77%	28.98%	25.36%	-17.83%	-1.94%	6.23%	-57.66%	58.85%	-50.94%	155.32%	-14.5%	-6.6%	-18.94%	19.73%	-39.49%	24.43%	-15%	18.22%	-	-	-	-
Charge d'intérêts ¹	-1,070	-992	-908	-892	-893	-859	-963	-711	-695	-734	-1,041	-1,165	-1,211	-1,131	-	-	-1,235	-	-	-1,120	-1,137	-1,138	-1,140	-1,173	-1,173	-1,174	-1,175	-1,173
Earnings before Tax (EBT) ¹	-23,907	442	-4,124	8,237	4,130	1,193	16,269	10,776	26,160	11,435	16,443	14,354	5,348	11,291	1,635	11,044	7,555	7,270	4,205	8,959	5,478	6,790	5,882	5,972	7,232	7,082	7,258	8,993
Change	-	101.85%	-1,033.03%	299.73%	-49.86%	-71.11%	1,263.7%	-33.76%	142.76%	-56.29%	43.8%	-12.7%	-62.74%	111.13%	-85.52%	575.47%	-31.59%	-3.77%	-42.16%	113.06%	-38.85%	23.96%	-13.38%	1.53%	21.11%	-2.09%	2.49%	23.91%
Net income ¹	-18,131	489	-4,014	5,660	3,428	-447	11,461	7,116	18,040	6,743	10,409	8,709	3,134	7,044	474	7,358	3,517	4,291	928	4,780	3,789	4,872	3,890	4,356	4,855	4,837	5,265	4,565
Change	-	102.7%	-920.86%	241.01%	-39.43%	-113.04%	2,663.98%	-37.91%	153.51%	-62.62%	54.37%	-16.33%	-64.01%	124.76%	-93.27%	1,452.32%	-52.2%	22.01%	-78.37%	415.09%	-20.74%	28.58%	-20.15%	11.98%	11.47%	-0.38%	8.85%	-13.29%
Announcement Date	7/30/20	10/29/20	2/4/21	4/29/21	7/29/21	10/28/21	2/3/22	5/5/22	7/28/22	10/27/22	2/2/23	5/4/23	7/27/23	11/2/23	2/1/24	5/2/24	8/1/24	10/31/24	1/30/25	5/2/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Shell plc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	75,386	52,555	44,837	43,541	38,809	42,098	43,721	43,639
Change	-	-30.29%	-14.69%	-2.89%	-10.87%	8.47%	3.86%	-0.19%
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	1/30/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Shell plc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	16,585	19,000	22,600	22,993	19,601	19,816	20,342	20,556
Change	-	14.56%	18.95%	1.74%	-14.75%	1.09%	2.66%	1.05%
Free Cash Flow (FCF) ¹	20,828	40,345	45,814	36,460	39,530	23,366	22,657	25,764
Change	-	93.71%	13.56%	-20.42%	8.42%	-40.89%	-3.03%	13.71%
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	1/30/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Shell plc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	14.91%	21.03%	22.1%	21.65%	23.14%	20.21%	20.06%	20.24%
EBIT Margin (%)	5.96%	12.52%	16.42%	11.76%	15.16%	11.76%	11.29%	11.59%
EBT Margin (%)	-14.94%	11.41%	17%	10.31%	10.52%	10.62%	10.74%	11.67%
Net margin (%)	-12.01%	7.69%	11.1%	6.11%	5.66%	6.28%	6.59%	7.29%
FCF margin (%)	11.54%	15.43%	12.01%	11.52%	13.9%	8.64%	8.4%	9.12%
FCF / Net Income (%)	-96.07%	200.71%	108.28%	188.33%	245.63%	137.56%	127.41%	125.02%
Profitability
ROA	1.24%	4.92%	9.41%	6.7%	5.97%	4.01%	4.44%	5.49%
ROE	2.84%	11.79%	23.35%	15%	13%	10.19%	10.42%	11.92%
Financial Health
Leverage (Debt/EBITDA)	2.8x	0.96x	0.53x	0.64x	0.59x	0.77x	0.81x	0.76x
Debt / Free cash flow	3.62x	1.3x	0.98x	1.19x	0.98x	1.8x	1.93x	1.69x
Capital Intensity
CAPEX / Current Assets (%)	9.19%	7.27%	5.93%	7.26%	6.89%	7.33%	7.54%	7.27%
CAPEX / EBITDA (%)	61.62%	34.54%	26.81%	33.55%	29.79%	36.26%	37.6%	35.93%
CAPEX / FCF (%)	79.63%	47.09%	49.33%	63.06%	49.59%	84.81%	89.78%	79.79%
Items per share
Cash flow per share ¹	4.375	5.778	9.232	7.97	8.593	6.778	7.519	8.544
Change	-	32.06%	59.79%	-13.67%	7.82%	-21.12%	10.92%	13.64%
Dividend per Share ¹	0.653	0.8935	0.99	1.294	1.39	1.448	1.512	1.586
Change	-	36.83%	10.8%	30.66%	7.46%	4.18%	4.43%	4.86%
Book Value Per Share ¹	19.92	22.38	27.2	28.6	29.16	30.09	31.65	33.77
Change	-	12.33%	21.53%	5.16%	1.95%	3.19%	5.2%	6.68%
EPS ¹	-2.78	2.57	5.71	2.85	2.53	2.975	3.499	4.257
Change	-	192.45%	122.18%	-50.09%	-11.23%	17.59%	17.61%	21.66%
Nbr of stocks (in thousands)	7,772,923	7,640,301	7,003,503	6,524,109	6,115,031	5,890,027	5,890,027	5,890,027
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	1/30/25	-	-	-