Financials Shell plc

Equities

SHEL

GB00BP6MXD84

Integrated Oil & Gas

Market Closed - London S.E. Other stock markets 16:35:16 11/07/2025 BST			5-day change	1st Jan Change
2,672.00 ^GBX	+0.53%		+1.97%	+7.92%

12:45pm	Grupo Santander Downgrades Shell to Neutral, Trims PT	MT
07:59am	BP flags gas, oil price hit; higher upstream output in second quarter	RE

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	270,197	268,967	281,395
Change	-	44.84%	45.82%	-16.97%	-10.2%	-4.96%	-0.45%	4.62%
EBITDA ¹	26,915	55,004	84,289	68,538	65,803	54,266	54,210	57,112
Change	-	104.36%	53.24%	-18.69%	-3.99%	-17.53%	-0.1%	5.35%
EBIT ¹	10,758	32,734	62,621	37,248	43,100	32,048	30,878	32,714
Change	-	204.28%	91.3%	-40.52%	15.71%	-25.64%	-3.65%	5.95%
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	29,187	29,545	33,207
Change	-	210.62%	117.29%	-49.66%	-8.29%	-2.46%	1.23%	12.39%
Net income ¹	-21,680	20,101	42,309	19,360	16,093	17,328	18,299	20,738
Change	-	192.72%	110.48%	-54.24%	-16.88%	7.67%	5.6%	13.33%
Announcement Date	04/02/21	03/02/22	02/02/23	01/02/24	30/01/25	-	-	-

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	12,911	13,551	12,644	14,183	13,865	14,097	14,210	15,112
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%	-15.34%	4.96%	-6.69%	12.17%	-2.24%	1.67%	0.8%	6.34%
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	6,682	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%	-33.98%	14.05%	-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	6,864	6,515	5,580	7,076	6,771	6,928	7,135	8,859
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%	-23.38%	-5.08%	-14.36%	26.81%	-4.3%	2.32%	2.99%	24.16%
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	3,843	4,857	3,875	5,443	4,831	4,811	5,238	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%	-19.59%	26.37%	-20.22%	40.46%	-11.23%	-0.41%	8.87%	-12.85%
Announcement Date	30/07/20	29/10/20	04/02/21	29/04/21	29/07/21	28/10/21	03/02/22	05/05/22	28/07/22	27/10/22	02/02/23	04/05/23	27/07/23	02/11/23	01/02/24	02/05/24	01/08/24	31/10/24	30/01/25	02/05/25	-	-	-	-	-	-	-	-

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	42,046	43,415	43,501
Change	-	-30.29%	-14.69%	-2.89%	-10.87%	8.34%	3.26%	0.2%
Announcement Date	04/02/21	03/02/22	02/02/23	01/02/24	30/01/25	-	-	-

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	24,199	23,299	26,068
Change	-	93.71%	13.56%	-20.42%	8.42%	-38.78%	-3.72%	11.89%
Announcement Date	04/02/21	03/02/22	02/02/23	01/02/24	30/01/25	-	-	-

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%	20.08%	20.15%	20.3%
EBIT Margin (%)	5.96%	12.52%	16.42%	11.76%	15.16%	11.86%	11.48%	11.63%
EBT Margin (%)	-14.94%	11.41%	17%	10.31%	10.52%	10.8%	10.98%	11.8%
Net margin (%)	-12.01%	7.69%	11.1%	6.11%	5.66%	6.41%	6.8%	7.37%
FCF margin (%)	11.54%	15.43%	12.01%	11.52%	13.9%	8.96%	8.66%	9.26%
FCF / Net Income (%)	-96.07%	200.71%	108.28%	188.33%	245.63%	139.65%	127.32%	125.7%
Profitability
ROA	1.24%	4.92%	9.41%	6.7%	5.97%	4.16%	4.43%	5.48%
ROE	2.84%	11.79%	23.35%	15%	13%	10.33%	10.46%	11.61%
Financial Health
Leverage (Debt/EBITDA)	2.8x	0.96x	0.53x	0.64x	0.59x	0.77x	0.8x	0.76x
Debt / Free cash flow	3.62x	1.3x	0.98x	1.19x	0.98x	1.74x	1.86x	1.67x
Capital Intensity
CAPEX / Current Assets (%)	9.19%	7.27%	5.93%	7.26%	6.89%	7.33%	7.56%	7.3%
CAPEX / EBITDA (%)	61.62%	34.54%	26.81%	33.55%	29.79%	36.52%	37.52%	35.99%
CAPEX / FCF (%)	79.63%	47.09%	49.33%	63.06%	49.59%	81.89%	87.31%	78.85%
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	30.26	32.01	34.33
Change	-	12.33%	21.53%	5.16%	1.95%	3.78%	5.77%	7.24%
EPS ¹	-2.78	2.57	5.71	2.85	2.53	2.994	3.53	4.241
Change	-	192.45%	122.18%	-50.09%	-11.23%	18.35%	17.9%	20.13%
Nbr of stocks (in thousands)	7,772,923	7,640,301	7,003,503	6,524,109	6,115,031	5,895,529	5,895,529	5,895,529
Announcement Date	04/02/21	03/02/22	02/02/23	01/02/24	30/01/25	-	-	-