UBS raises Shell (SHEL.US) Q2 earnings forecast by 18% to $9.1 billion, but long-term concerns remain, assigning a “Neutral” rating

The second quarter Shell operating guidance significantly exceeds market expectations, which is the core reason for the substantial upward revision in earnings forecasts. UBS has raised Shell’s net profit for 2Q26 by 18% to $9.1 billion, and its operating cash flow excluding working capital by 29% to $192 billion, 26% higher than the market consensus.