2Q26 Results: Earnings Beat; Buyback Kept Unchanged

研报英文原文证据摘录

2Q26 Results: Earnings Beat; Buyback Kept Unchanged

Update

July 30, 2026 06:56 AM GMT

Morgan Stanley & Co. International plc+MShell PLC | Europe Martijn Rats, CFA

Equity Analyst and Commodities Strategist

2Q26 Results: Earnings Beat; Martijn.Rats@morganstanley.comAlice Bergier Winograd +44 20 7425-6618

Equity Analyst

Alice.Winograd@morganstanley.com +44 20 7425-0174

Buyback Kept Unchanged Guilherme Levy

Guilherme.Levy@morganstanley.com +44 20 7425-6616

AlphaSignals Earnings Reaction

Shell PLC (SHEL.L, SHEL LN)

Unchanged Modest upside Largely unchanged

ADRSHEL.N

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Energy | United Kingdom

Source: Company data, Morgan Stanley Research Stock Rating Equal-weight

Industry View In-Line

Price target 3,045p

Key Takeaways Shr52-Weekprice,Rangeclose (Jul 29, 2026) 3,759-2,554p3,323p

Mkt cap, curr (mn) US$256,764

Shell reported an earnings beat of 10% with CFFO excluding working capital Net debt (12/26e) (mn)* US$53,523

broadly in-line with consensus EV, curr (mn)* US$303,119

Stronger-than-expected earnings were driven by Refining and Chemicals (margins * = GAAP or approximated based on GAAP

+ trading/optimisation) and Integrated Gas

Buybacks were kept unchanged at $3.0bn/qtr; the quarter should include further

$1.2bn buybacks (to $4.2bn total) as the 2Q was left uncompleted by quarter-end

FY26 Cash capex was reiterated at $24-26bn;

ARC acquisition expected to close in 3Q; NA Kika/Coulomb and Sprng Energy

disposals (totalling >$3bn in proceeds) expected to close by year-end

Earnings: Shell’s 2Q26 adjusted earnings attributable to shareholders were

$9.84bn, $0.92bn or 10% above the $8.92bn consensus; reported net income was

$10.82bn.