Shock buffet on wings is a phenomenon caused by strong shock-wave/boundary-layer interaction resulting first in self-sustained flow unsteadiness and eventually in a detrimental structural response called buffeting. While it is an important aspect of wing design and aircraft certification, particularly for modern transonic air transport, not all of the underlying multidisciplinary physics is thoroughly understood. Building upon a single-discipline shock-buffet stability study, this work now investigates the impact of an elastic structure in these extreme flow conditions. Specifically, a triglobal stability analysis of a fluid–structure coupled system is presented, utilising the implicitly restarted Arnoldi method with a sparse iterative Krylov solver and novel preconditioner. Asymmetry resulting from a static aeroelastic simulation based on a finite-element model of the underlying geometry in a wind tunnel modifies the global modes of the earlier fluid-only symmetric full-span analysis. A flutter stability analysis at wind-tunnel flow conditions below shock-buffet onset finds no instability in the structural degrees-of-freedom, whereas in shock-buffet flow with globally unstable fluid modes additional marginally unstable structural (and fluid) modes emerge. The developed stability tool for coupled analysis is instrumental in identifying those physically relevant and strongly coupled modes where a standard pk-type (p being eigenvalue and k reduced frequency) flutter analysis fails. With the complementary computation of adjoint eigenmodes, the core of the instability is pinpointed to a relatively small wing area which may help to effect the control and delay of this detrimental transonic unsteadiness. We contribute to the question on how the presence of the elastic wing structure impacts on the otherwise pure aerodynamic three-dimensional shock-buffet dynamics.