Financials Shell plc

Equities

SHEL

GB00BP6MXD84

Integrated Oil & Gas

Market Closed - London S.E. Other stock markets 11:35:09 2025-12-05 EST			5-day change	1st Jan Change
2,760.00 ^GBX	-1.41%		-0.84%	+11.47%

12-05	Sector Update: Energy Stocks Mixed Friday Afternoon	MT
12-05	Sector Update: Energy	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	267,764	269,520	287,507
Change	-	44.84%	45.82%	-16.97%	-10.2%	-5.82%	0.66%	6.67%
EBITDA ¹	26,915	55,004	84,289	68,538	65,803	56,677	54,125	56,024
Change	-	104.36%	53.24%	-18.69%	-3.99%	-13.87%	-4.5%	3.51%
EBIT ¹	10,758	32,734	62,621	37,248	43,100	32,568	30,258	31,882
Change	-	204.28%	91.3%	-40.52%	15.71%	-24.44%	-7.09%	5.37%
Interest Paid ¹	-4,089	-3,607	-3,181	-4,673	-4,787	-4,187	-4,421	-4,160
Earnings before Tax (EBT) ¹	-26,966	29,829	64,814	32,628	29,922	29,574	27,616	28,497
Change	-	210.62%	117.29%	-49.66%	-8.29%	-1.16%	-6.62%	3.19%
Net income ¹	-21,680	20,101	42,309	19,360	16,093	17,994	17,304	18,975
Change	-	192.72%	110.48%	-54.24%	-16.88%	11.81%	-3.83%	9.66%
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 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	2027 Q2	2027 Q3
Net sales ¹	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	65,406	68,153	67,729	68,150	68,156	71,849	68,771	71,854	70,151	74,287
Change	-	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%	-5.53%	4.2%	-0.62%	0.62%	0.01%	5.42%	-4.28%	4.48%	-2.37%	5.9%
EBITDA ¹	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	13,313	14,773	13,718	13,942	13,770	13,817	14,169	14,391	14,329	14,621
Change	-	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%	-12.7%	10.97%	-7.14%	1.63%	-1.24%	0.34%	2.55%	1.56%	-0.43%	2.04%
EBIT ¹	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	7,850	8,950	6,747	7,056	7,134	7,307	-	-	-	-
Change	-	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%	-22.43%	14.01%	-24.61%	4.58%	1.09%	2.43%	-	-	-	-
Charge d'intérêts ¹	-908	-892	-893	-859	-963	-711	-695	-734	-1,041	-1,165	-1,211	-1,131	-	-	-1,235	-	-	-1,120	-1,075	-1,284	-1,284	-1,144	-1,137	-1,154	-1,156	-1,152	-1,144	-1,162
Earnings before Tax (EBT) ¹	-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	5,975	7,924	7,600	6,330	7,366	7,461	6,848	-	-	-
Change	-	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%	-33.31%	32.62%	-4.09%	-16.71%	16.37%	1.29%	-8.22%	-	-	-
Net income ¹	-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	3,601	5,322	4,743	5,062	4,978	4,943	4,884	5,038	5,036	5,237
Change	-	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%	-24.67%	47.79%	-10.87%	6.71%	-1.66%	-0.7%	-1.2%	3.16%	-0.05%	3.99%
Announcement Date	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	7/31/25	10/30/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2025 S1
Net sales	-
Change	-
EBITDA ¹	28,563
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	7/31/25

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	43,040	45,780	48,354
Change	-	-30.29%	-14.69%	-2.89%	-10.87%	10.9%	6.37%	5.62%
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	19,963	20,219	20,391
Change	-	14.56%	18.95%	1.74%	-14.75%	1.84%	1.29%	0.85%
Free Cash Flow (FCF) ¹	20,828	40,345	45,814	36,460	39,530	25,592	24,349	26,645
Change	-	93.71%	13.56%	-20.42%	8.42%	-35.26%	-4.85%	9.43%
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%	21.17%	20.08%	19.49%
EBIT Margin (%)	5.96%	12.52%	16.42%	11.76%	15.16%	12.16%	11.23%	11.09%
EBT Margin (%)	-14.94%	11.41%	17%	10.31%	10.52%	11.04%	10.25%	9.91%
Net margin (%)	-12.01%	7.69%	11.1%	6.11%	5.66%	6.72%	6.42%	6.6%
FCF margin (%)	11.54%	15.43%	12.01%	11.52%	13.9%	9.56%	9.03%	9.27%
FCF / Net Income (%)	-96.07%	200.71%	108.28%	188.33%	245.63%	142.23%	140.71%	140.42%
Profitability
ROA	1.24%	4.92%	9.41%	6.7%	5.97%	4.66%	4.68%	5%
ROE	2.84%	11.79%	23.35%	15%	13%	10.97%	10.34%	11.33%
Financial Health
Leverage (Debt/EBITDA)	2.8x	0.96x	0.53x	0.64x	0.59x	0.76x	0.85x	0.86x
Debt / Free cash flow	3.62x	1.3x	0.98x	1.19x	0.98x	1.68x	1.88x	1.81x
Capital Intensity
CAPEX / Current Assets (%)	9.19%	7.27%	5.93%	7.26%	6.89%	7.46%	7.5%	7.09%
CAPEX / EBITDA (%)	61.62%	34.54%	26.81%	33.55%	29.79%	35.22%	37.36%	36.4%
CAPEX / FCF (%)	79.63%	47.09%	49.33%	63.06%	49.59%	78%	83.04%	76.53%
Items per share
Cash flow per share ¹	4.375	5.778	9.232	7.97	8.593	7.327	7.518	8.461
Change	-	32.06%	59.79%	-13.67%	7.82%	-14.73%	2.6%	12.54%
Dividend per Share ¹	0.653	0.8935	0.99	1.294	1.39	1.441	1.502	1.575
Change	-	36.83%	10.8%	30.66%	7.46%	3.64%	4.27%	4.87%
Book Value Per Share ¹	19.92	22.38	27.2	28.6	29.16	29.96	31.3	33.14
Change	-	12.33%	21.53%	5.16%	1.95%	2.76%	4.46%	5.87%
EPS ¹	-2.78	2.57	5.71	2.85	2.53	3.09	3.29	3.876
Change	-	192.45%	122.18%	-50.09%	-11.23%	22.14%	6.46%	17.82%
Nbr of stocks (in thousands)	7,772,923	7,640,301	7,003,503	6,524,109	6,115,031	5,745,973	5,745,973	5,745,973
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	1/30/25	-	-	-