Capital management

12 Months Ended

Dec. 31, 2025

Shell manages its businesses to deliver strong cash flows to sustain its strategy and for profitable growth. Management's current priorities [A] for applying Shell's cash are:


						Balanced capital allocation

Total distributions [B]

Enhanced shareholder distributions

40%-50% of CFFO* through the cycle [C]

Cash capital expenditure (cash capex)

Disciplined investment

$20-22 billion p.a. 2025-2028

Prioritising buybacks

17 consecutive quarters

≥$3 billion

Dividend consistency

+4% announced at Q4 2025

Integrated Gas and Upstream cash capex [D]

~$12-14 billion

Downstream, Renewables and Energy Solutions cash capex [D]

~$8 billion

Intrinsic value creation

>10% p.a. normalised free cash flow per share*growth through to 2030 [E]

Progressive dividend

4% annual increase [F]

Capital reallocation

≥10% ROACE* across segments [G]


			Balance sheet Maintain strong investment grade rating through the cycle [C]

[A]Capital management priorities and related quantitative data were materially consistent with those disclosed in 2024.

[B]Total shareholder distributions (dividends + share buybacks) based on cash generation, macro-outlook and balance sheet trajectory.

[C]Measured across business cycles under varying economic and market conditions.

[D]The Integrated Gas and Upstream cash capex includes expenditures related to the Integrated Gas and Upstream segments. The Downstream, Renewables and Energy Solutions cash capex includes expenditures for the Marketing, Chemicals and Products, and Renewables and Energy Solutions segments. (See Note 7)

[E]Normalised free cash flow per share growth is determined on a compound annual growth rate (CAGR) basis by comparing the normalised free cash flow per share of the current year to the value from the 2024 base year.

[F]Subject to Board approval.

[G]Price normalised return on average capital employed (ROACE) on an Adjusted Earnings plus non-controlling interest basis.

* Non-GAAP measure. See page 323.