Shell (SHEL LN) Q1 2026 (USD): EPS 1.22 (exp. 1.06), Adj. EBITDA 17.7bln (exp. 15.1bln); announces a USD 3bln share buyback and a 5% quarterly dividend increase
Other Metrics
- Adj. Earnings 6.915bln (prev. 3.256bln Y/Y),
- CFFO 6.062bln (prev. 9.438bln Y/Y)
- Cash capex 4.202bln (prev. 6.015bln Y/Y)
- Free cash flow 2.9bln (prev. 4.2bln Y/Y)
- Net debt 52.6bln (prev. 45.7bln Y/Y).
- Gearing 23%, dividend +5% to 0.3906
- Capex guide USD 24-26bln FY.
Comments
- Q2 2026 outlook reflects lower expected volumes and a weaker margin environment.
- Q2 2026 production outlook reflects higher planned maintenance across the portfolio.
- Q2 2026 production and liquefaction outlook reflects the impact of Middle East conflict including Qatar and higher planned maintenance across the portfolio.
Context
Shell's Q1 results show a notable EPS beat and substantial EBITDA growth, indicating strong operational performance. However, the forecast for Q2 2026 suggests lower volumes and a challenging margin environment, primarily due to increased maintenance and geopolitical factors, which may raise concerns about sustainability moving forward.
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