荷兰皇家壳牌Royal Dutch Shell （SHEL）2025年第四季度及全年未审核业绩报告「NYSE」（英文版）（42页）.pdf

1、SHELL PLC 4th QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS SUMMARY OF UNAUDITED RESULTS Quarters$million Full year Q4 2025 Q3 2025 Q4 2024%Reference 2025 2024%4,134 5,322 928-22 Income/(loss)attributable to Shell plc shareholders 17,838 16,094+11 3,256 5,432 3,661-40 Adjusted Earnings A 18,529 23,71

2、6-22 12,799 14,773 14,281-13 Adjusted EBITDA A 56,135 65,803-15 9,438 12,207 13,162-23 Cash flow from operating activities 42,863 54,687-22(5,190)(2,257)(4,431)Cash flow from investing activities(16,812)(15,155)4,249 9,950 8,731 Free cash flow G 26,052 39,533 6,015 4,907 6,924 Cash capital expenditu

3、re C 20,915 21,085 9,559 9,275 9,401+3 Operating expenses F 35,674 36,917-3 9,436 8,998 9,138+5 Underlying operating expenses F 35,032 35,707-2 9.4%9.4%11.3%ROACE D 9.4%11.3%75,643 73,977 77,078 Total debt E 75,643 77,078 45,687 41,204 38,809 Net debt E 45,687 38,809 20.7%18.8%17.7%Gearing E 20.7%17

4、.7%2,859 2,821 2,815+1 Oil and gas production available for sale(thousand boe/d)2,800 2,836-1 0.72 0.91 0.15-21 Basic earnings per share($)3.03 2.55+19 0.57 0.93 0.60-39 Adjusted Earnings per share($)B 3.15 3.76-16 0.372 0.358 0.358+4 Dividend per share($)1.446 1.390+4 1.Q4 on Q3 change Quarter Anal

5、ysis1 Income attributable to Shell plc shareholders,compared with the third quarter 2025,reflected unfavourable tax movements,including the annual(non-cash)reassessment of deferred taxes,lower Marketing margins,lower realised prices and higher operating expenses.Fourth quarter 2025 income attributab

6、le to Shell plc shareholders also included gains on disposal of assets,mainly related to the incorporation of the Adura joint venture in the UK2,and impairment charges.These items are included in identified items amounting to a net gain of$1.2 billion in the quarter.This compares with identified ite