Final Results

Summary by AI ^BETAClose X

TotalEnergies reported fourth quarter 2025 results with cash flow from operations excluding working capital of $7.2 billion, a 2% increase from the previous quarter, and adjusted net income of $3.84 billion, a 4% decrease. For the full year 2025, cash flow from operations excluding working capital was $27.8 billion, down 7% year-on-year, while adjusted net income was $15.6 billion, down 15%. The company's hydrocarbon production increased by 4% year-on-year to 2,529 kboe/d in 2025, driven by project ramp-ups, and it maintained operating costs below $5/b. TotalEnergies also proposed a final 2025 dividend of €0.85 per share, an increase of 5.6% from the previous year, and plans share buybacks of $3 billion to $6 billion in 2026.

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TotalEnergies SE (TTE)

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	4Q25	Change vs 3Q25	2025	Change vs 2024
Cash flow from operations excluding working capital (CFFO)⁽¹⁾ (B$)	7.2	+2%	27.8	-7%
Adjusted net income (TotalEnergies share)⁽¹⁾
- in billions of dollars (B$)	3.84	-4%	15.59	-15%
- in dollars per share (fully-diluted)	1.7	-3%	6.9	-11%
Net income (TotalEnergies share) (B$)	2.9	-21%	13.1	-17%
Adjusted EBITDA⁽¹⁾ (B$)	10.1	-2%	40.6	-6%

4Q25	3Q25	4Q25 vs 3Q25	4Q24	In millions of dollars, except effective tax rate, earnings per share and number of shares	2025	2024	2025 vs 2024
10,066	10,295	-2%	10,529	Adjusted EBITDA ⁽¹⁾	40,555	43,143	-6%
4,633	4,659	-1%	4,992	Adjusted net operating income from business segments	18,474	20,566	-10%
1,805	2,169	-17%	2,305	Exploration & Production	8,399	10,004	-16%
922	852	+8%	1,432	Integrated LNG	4,109	4,869	-16%
564	571	-1%	575	Integrated Power	2,215	2,173	+2%
1,001	687	+46%	318	Refining & Chemicals	2,378	2,160	+10%
341	380	-10%	362	Marketing & Services	1,373	1,360	+1%
739	692	+7%	706	Contribution of equity affiliates to adjusted net income	2,848	2,669	+7%
38.8%	37.7%	-	41.3%	Effective tax rate ⁽³⁾	39.8%	39.4%	-
3,837	3,980	-4%	4,406	Adjusted net income (TotalEnergies share) ⁽¹⁾	15,587	18,264	-15%
1.73	1.77	-3%	1.90	Adjusted fully-diluted earnings per share (dollars) ⁽⁴⁾	6.89	7.77	-11%
1.48	1.50	-1%	1.78	Adjusted fully-diluted earnings per share (euros) ⁽⁵⁾	6.10	7.18	-15%
2,176	2,200	-1%	2,282	Fully-diluted weighted-average shares (millions)	2,214	2,315	-4%

2,906	3,683	-21%	3,956	Net income (TotalEnergies share)	13,127	15,758	-17%

4,019	3,473	+16%	3,839	Organic investments ⁽¹⁾	16,812	16,423	+2%
(1,573)	(381)	ns	24	Acquisitions net of assets sales ⁽¹⁾	279	1,406	-80%
2,446	3,092	-21%	3,863	Net investments ⁽¹⁾	17,091	17,829	-4%

7,168	7,061	+2%	7,151	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	27,839	29,917	-7%
7,593	7,443	+2%	7,398	Debt Adjusted Cash Flow (DACF) ⁽¹⁾	29,255	30,614	-4%
10,471	8,349	+25%	12,507	Cash flow from operating activities	27,343	30,854	-11%
Gearing ⁽¹⁾ of 14.7% at December 31, 2025 vs 17.3% at September 30, 2025 and 8.3% at December 31, 2024

4Q25	3Q25	4Q25 vs 3Q25	4Q24		2025	2024	2025 vs 2024
63.7	69.1	-8%	74.7	Brent ($/b)	69.1	80.8	-14%
4.1	3.1	+32%	3.0	Henry Hub ($/Mbtu)	3.6	2.4	+50%
10.3	11.3	-9%	13.6	TTF ($/Mbtu)	12.0	11.0	+9%
10.6	11.7	-9%	14.0	JKM ($/Mbtu)	12.2	11.9	+2%
61.4	66.5	-8%	71.8	Average price of liquids ^(6),(7) ($/b) Consolidated subsidiaries	66.2	77.1	-14%
5.11	5.50	-7%	6.26	Average price of gas ^(6),(8) ($/Mbtu) Consolidated subsidiaries	5.72	5.54	+3%
8.48	8.91	-5%	10.37	Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	9.14	9.80	-7%
11.4	8.4	+36%	3.4	European Refining Margin Marker (ERM) ^(6),(10) ($/b)	7.1	5.3	+35%

4Q25	3Q25	4Q25 vs 3Q25	4Q24	Scope 1+2 emissions ⁽¹²⁾ (MtCO2e)	2025	2024	2025 vs 2024
8.3	8.4	-1%	9.6	Scope 1+2 from operated perimeter ⁽¹⁾	33.1	34.3	-3%
7.0	7.1	-1%	7.9	of which Oil & Gas	28.4	29.4	-3%
1.3	1.3	-	1.7	of which CCGT	4.7	4.9	-4%
11.2	11.0	+2%	12.4	Scope 1+2 - ESRS share ⁽¹⁾	43.9	44.9	-2%

4Q25	3Q25	4Q25 vs 3Q25	4Q24	Methane emissions (ktCH4)	2025	2024	2025 vs 2024
6	5	+20%	7	Methane emissions from operated perimeter ⁽¹⁾	22.5	28.9	-22%
Estimated quarterly emissions.

4Q25	3Q25	4Q25 vs 3Q25	4Q24	Hydrocarbon production	2025	2024	2025 vs 2024
2,545	2,508	+1%	2,427	Hydrocarbon production (kboe/d)	2,529	2,434	+4%
1,404	1,407	-	1,292	Oil (including bitumen) (kb/d)	1,378	1,314	+5%
1,141	1,101	+4%	1,135	Gas (including condensates and associated NGL) (kboe/d)	1,151	1,120	+3%

2,545	2,508	+1%	2,427	Hydrocarbon production (kboe/d)	2,529	2,434	+4%
1,555	1,553	-	1,445	Liquids (kb/d)	1,533	1,468	+4%
5,381	5,182	+4%	5,323	Gas (Mcf/d)	5,402	5,211	+4%

In millions of dollars	January 1, 2025	October 1, 2024	January 1, 2024
	December 31, 2025	September 30, 2025	December 31, 2024
Adjusted net income (TotalEnergies share) ⁽¹⁾	15,833	16,431	18,586
Average adjusted shareholders' equity	116,827	116,051	117,835
Return on equity (ROE)	13.6%	14.2%	15.8%

	Change	Estimated impact on adjusted net operating income	Estimated impact on cash flow from operations
Dollar	+/- 0.1 $ per €	-/+ 0.1 B$	~0 B$
Average liquids price ⁽¹⁷⁾	+/- 10 $/b	+/- 2.3 B$	+/- 2.8 B$
European gas price - TTF	+/- 2 $/Mbtu	+/- 0.4 B$	+/- 0.4 B$
European Refining Margin Marker (ERM)	+/- 1 $/b	+/- 0.3 B$	+/- 0.4 B$

	4Q25						3Q25
Net power production (TWh)	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total
France	0.2	0.3	-	1.4	0.0	2.0	0.3	0.2	-	0.6	0.0	1.1
Rest of Europe	0.1	0.5	0.3	1.9	0.0	2.9	0.2	0.4	0.2	1.5	0.1	2.5
Africa	0.0	-	-	-	0.1	0.1	0.0	-	-	-	0.1	0.1
Middle East	0.2	-	-	0.2	-	0.4	0.3	-	-	0.3	-	0.5
North America	1.0	0.5	-	1.0	-	2.6	1.4	0.5	-	2.1	-	4.0
South America	0.1	1.2	-	-	-	1.3	0.1	1.0	-	-	-	1.1
India	2.5	0.2	-	-	-	2.7	2.2	0.5	-	-	-	2.8
Pacific Asia	0.3	0.0	0.2	-	-	0.6	0.4	0.0	0.0	-	-	0.5
Total	4.6	2.8	0.5	4.5	0.2	12.6	5.0	2.6	0.3	4.5	0.2	12.6

	4Q25						3Q25
Installed power generation net capacity (GW) ⁽¹⁸⁾	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total
France	0.8	0.5	-	2.7	0.2	4.2	0.7	0.5	-	2.7	0.2	4.1
Rest of Europe	0.6	1.0	0.3	2.1	0.1	4.1	0.6	1.1	0.3	2.1	0.2	4.2
Africa	0.1	-	-	-	0.1	0.2	0.0	-	-	-	0.1	0.1
Middle East	0.5	-	-	0.3	-	0.8	0.5	-	-	0.3	-	0.8
North America	3.0	0.9	-	2.0	0.5	6.4	3.3	0.9	-	1.5	0.5	6.2
South America	0.5	1.2	-	-	-	1.7	0.4	1.1	-	-	-	1.5
India	6.7	0.6	-	-	-	7.2	6.4	0.6	-	-	-	7.0
Pacific Asia	1.2	0.0	0.2	-	-	1.4	1.1	0.0	0.2	-	-	1.3
Total	13.4	4.1	0.5	7.0	1.0	26.0	13.0	4.2	0.5	6.5	1.0	25.2

	4Q25					3Q25
Installed power generation gross capacity from renewables (GW) ^(19),(20)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	1.4	0.9	0.0	0.2	2.5	1.3	0.9	0.0	0.2	2.4
Rest of Europe	0.7	1.7	1.1	0.3	3.8	0.6	1.6	1.1	0.3	3.7
Africa	0.3	0.0	0.0	0.4	0.7	0.1	0.0	0.0	0.3	0.4
Middle East	1.3	0.0	0.0	0.0	1.3	1.3	0.0	0.0	0.0	1.3
North America	7.3	2.3	0.0	1.0	10.6	6.9	2.3	0.0	1.0	10.3
South America	0.6	1.8	0.0	0.0	2.4	0.5	1.8	0.0	0.0	2.2
India	9.7	0.6	0.0	0.0	10.3	9.1	0.7	0.0	0.0	9.7
Asia-Pacific	1.8	0.0	0.6	0.0	2.5	1.7	0.0	0.6	0.0	2.4
Total	23.1	7.3	1.8	1.9	34.1	21.5	7.2	1.8	1.8	32.3

	4Q25					3Q25
Power generation gross capacity from renewables in construction (GW) ^(19),(20)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	0.1	0.2	0.0	0.0	0.3	0.2	0.2	0.0	0.0	0.4
Rest of Europe	0.7	0.1	0.8	0.4	2.1	0.5	0.1	0.8	0.3	1.7
Africa	0.2	0.1	0.0	0.0	0.4	0.5	0.1	0.0	0.1	0.7
Middle East	1.7	0.2	0.0	0.0	2.0	1.7	0.2	0.0	0.0	2.0
North America	0.8	0.0	0.0	0.5	1.3	1.2	0.0	0.0	0.2	1.3
South America	0.7	0.1	0.0	0.3	1.1	0.8	0.2	0.0	0.3	1.3
India	0.8	0.0	0.0	0.0	0.8	1.4	0.0	0.0	0.0	1.4
Asia-Pacific	0.3	0.0	0.0	0.0	0.3	0.4	0.0	0.0	0.0	0.4
Total	5.5	0.8	0.8	1.2	8.3	6.7	0.8	0.8	0.9	9.2

	4Q25					3Q25
Power generation gross capacity from renewables in development (GW) ^(19),(20)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	0.9	0.5	1.5	0.1	2.9	1.0	0.5	1.5	0.0	2.9
Rest of Europe	5.9	1.8	14.3	3.6	25.6	5.8	1.8	14.3	3.2	25.1
Africa	0.3	0.2	0.0	0.0	0.5	0.3	0.2	0.0	0.0	0.5
Middle East	1.1	0.0	0.0	0.0	1.1	0.5	0.0	0.0	0.0	0.5
North America	10.8	3.8	4.1	5.4	24.2	10.4	3.6	4.1	5.3	23.4
South America	1.3	1.3	0.0	0.0	2.6	1.3	1.3	0.0	0.0	2.7
India	1.6	0.0	0.0	0.0	1.6	1.6	0.1	0.0	0.0	1.7
Asia-Pacific	3.0	1.1	2.6	1.1	7.8	3.0	1.1	2.6	1.1	7.7
Total	24.9	8.8	22.5	10.1	66.3	23.9	8.5	22.5	9.6	64.4

In millions of dollars	12/31/2025	09/30/2025	12/31/2024
Current borrowings *	10,162	11,830	7,929
Other current financial liabilities	388	568	664
Current financial assets * , **	(3,093)	(4,607)	(6,536)
Net financial assets classified as held for sale *	7	49	33
Non-current financial debt *	40,944	41,296	35,711
Non-current financial assets *	(1,991)	(1,168)	(1,027)
Cash and cash equivalents	(26,202)	(23,415)	(25,844)
Net debt ( a )	20,215	24,553	10,930

Shareholders’ equity (TotalEnergies share)	114,883	115,281	117,858
Non-controlling interests	2,640	2,384	2,397
Shareholders' equity (b)	117,523	117,665	120,255

Gearing = a / ( a+b )	14.7%	17.3%	8.3%

Leases (c)	8,567	8,827	8,272
Gearing including leases ( a+c ) / ( a+b+c )	19.7%	22.1%	13.8%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.

Full-year 2025
In millions of dollars	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Company
Adjusted net operating income	8,399	4,109	2,215	2,378	1,373	17,827
Capital employed at 12/31/2024	64,430	41,477	21,739	5,564	6,870	138,125
Capital employed at 12/31/2025	65,096	44,409	24,134	7,035	6,845	145,479
ROACE	13.0%	9.6%	9.7%	37.8%	20.0%	12.6%

In millions of dollars	2025	9M25	2024
Dividend paid (parent company shareholders)	8,121	5,961	7,717
Repayment of treasury shares excluding fees and taxes	7,496	5,997	7,970

Payout ratio	55%	56%	50%

⁽¹⁾		Refer to Glossary pages 24 & 25 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables.
⁽²⁾		Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements
⁽³⁾		Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
⁽⁴⁾		In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds.
⁽⁵⁾		Average €-$ exchange rate: 1.1634 in the 4^th quarter 2025, 1.1681 in the 3^rd quarter 2025, 1.0681 in the 4^th quarter 2024, 1.1300 in 2025, 1,0824 in 2024.
⁽⁶⁾		Does not include oil, gas and LNG trading activities, respectively.
⁽⁷⁾		Sales in $ / Sales in volume for consolidated affiliates.
⁽⁸⁾		Sales in $ / Sales in volume for consolidated affiliates.
⁽⁹⁾		Sales in $ / Sales in volume for consolidated and equity affiliates.
⁽¹⁰⁾		This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies.
⁽¹¹⁾		The six greenhouse gases in the Kyoto protocol, namely CO₂, CH₄, N₂O, HFCs, PFCs and SF₆, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF₆ are virtually absent from the Company’s emissions or are considered as non-material and are therefore no longer counted with effect from 2018. In CO₂ equivalent terms, nitrous oxide (N₂O) represents less than 1% of the Company's Scope 1+2 emissions.
⁽¹²⁾		Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting and indirect emissions attributable to brought-in energy (electricity, heat, steam), net from potential energy sales, excluding purchased industrial gases (H₂). Unless stated otherwise, TotalEnergies reports Scope 2 GHG emissions using the market-based method defined by the GHG Protocol.
⁽¹³⁾		If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the higher of the two production volumes or sales for end use. For TotalEnergies, in 2025, the calculation of Scope 3 GHG emissions for the oil value chain considers products sales (higher than production) and for the gas value chain, the marketable gas and condensates production (higher than gas sales, either as LNG or as direct sales to B2B/B2C customers). A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both consumers and business customers that use final products, and with IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities.
⁽¹⁴⁾		Company production = E&P production + Integrated LNG production.
⁽¹⁵⁾		Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
*		Net of fees and taxes, including coverage of employees share grant plans.
⁽¹⁶⁾		Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2026. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
⁽¹⁷⁾		In a 60-70 $/b Brent environment.
⁽¹⁸⁾		End-of-period data.
⁽¹⁹⁾		Includes 17.25% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.
⁽²⁰⁾		End-of-period data.

CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)

(M$) ^(a)	4th quarter 2025	3rd quarter 2025	4th quarter 2024

Sales	50,624	48,691	52,508
Excise taxes	(4,699)	(4,847)	(5,393)
Revenues from sales	45,925	43,844	47,115

Purchases, net of inventory variation	(29,536)	(27,191)	(30,342)
Other operating expenses	(7,925)	(7,591)	(7,219)
Exploration costs	(177)	(64)	(242)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,776)	(3,280)	(2,715)
Other income	806	778	306
Other expense	(821)	(528)	(341)

Financial interest on debt	(833)	(808)	(786)
Financial income and expense from cash & cash equivalents	233	265	449
Cost of net debt	(600)	(543)	(337)

Other financial income	324	366	319
Other financial expense	(221)	(208)	(193)

Net income (loss) from equity affiliates	759	602	597

Income taxes	(1,830)	(2,423)	(2,929)
Consolidated net income	2,928	3,762	4,019
TotalEnergies share	2,906	3,683	3,956
Non-controlling interests	22	79	63
Earnings per share ($)	1.31	1.65	1.72
Fully-diluted earnings per share ($)	1.30	1.64	1.70
^(a) Except for per share amounts.

4Q25	3Q25	4Q25 vs 3Q25	4Q24	Integrated Power	2025	2024	2025 vs 2024
12.6	12.6	-	11.4	Net power production (TWh) *	48.1	41.1	+17%
8.1	8.2	-1%	6.5	o/w production from renewables	31.4	26.0	+21%
4.5	4.5	+1%	4.9	o/w production from gas flexible capacities	16.7	15.1	+11%
26.0	25.2	+3%	21.5	Portfolio of power generation net installed capacity (GW) **	26.0	21.5	+21%
19.0	18.7	+2%	15.1	o/w renewables	19.0	15.1	+26%
7.0	6.5	+8%	6.5	o/w gas flexible capacities	7.0	6.5	+9%
108.7	106.0	+3%	97.2	Portfolio of renewable power generation gross capacity (GW) ,*	108.7	97.2	+12%
34.1	32.3	+6%	26.0	o/w installed capacity	34.1	26.0	+31%
6.0	6.0	-	6.1	Clients power - BtB and BtC (Million) **	6.0	6.1	-1%
2.7	2.7	-	2.8	Clients gas - BtB and BtC (Million) **	2.7	2.8	-2%
13.2	10.6	+25%	13.8	Sales power - BtB and BtC (TWh)	48.8	50.7	-4%
27.0	11.6	x2.3	30.1	Sales gas - BtB and BtC (TWh)	89.2	98.6	-9%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

4Q25	3Q25	4Q25 vs 3Q25	4Q24	Refinery throughput and utilization rate	2025	2024	2025 vs 2024
1,489	1,478	+1%	1,432	Total refinery throughput (kb/d)	1,526	1,472	+4%
502	481	+4%	424	France	470	422	+12%
572	595	-4%	541	Rest of Europe	606	605	-
415	402	+3%	467	Rest of world	449	446	+1%
84%	84%		82%	Utilization rate based on crude only*	86%	83%	-
* Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3^rd quarter 2024 and the African refinery Natref (divested) during the 4^th quarter 2024.

4Q25	3Q25	4Q25 vs 3Q25	4Q24	Petrochemicals production and utilization rate	2025	2024	2025 vs 2024
1,227	1,326	-7%	1,233	Monomers* (kt)	4,967	5,082	-2%
1,184	1,174	+1%	1,080	Polymers (kt)	4,658	4,433	+5%
79%	84%		79%	Steam cracker utilization rate**	79%	79%	-
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2^nd quarter 2024.

4Q25	3Q25	4Q25 vs 3Q25	4Q24	Petroleum product sales by region (kb/d)	2025	2024	2025 vs 2024
1,774	1,839	-4%	1,820	Europe	1,798	1,842	-2%
517	566	-9%	614	Africa	579	587	-1%
958	978	-2%	970	Americas	1,017	1,021	-
921	1,128	-18%	975	Rest of world	962	768	+25%
4,170	4,510	-8%	4,380	Total consolidated sales	4,356	4,218	+3%
366	354	+3%	343	Includes bulk sales	361	384	-6%
2,557	2,887	-11%	2,725	Includes trading	2,719	2,492	+9%

4Q25	3Q25	4Q25 vs 3Q25	4Q24	*Petrochemicals production (kt)**	2025	2024	2025 vs 2024
985	976	+1%	875	Europe	3,777	3,719	+2%
775	773	-	701	Americas	2,992	2,867	+4%
651	751	-13%	737	Middle East and Asia	2,856	2,929	-3%
* Olefins, polymers.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)

(M$)	4th quarter 2025	3rd quarter 2025	4th quarter 2024
Consolidated net income	2,928	3,762	4,019

Other comprehensive income

Actuarial gains and losses	28	(2)	(3)
Change in fair value of investments in equity instruments	(161)	(96)	142
Tax effect	51	19	36
Currency translation adjustment generated by the parent company	49	(2)	(5,125)
Items not potentially reclassifiable to profit and loss	(33)	(81)	(4,950)
Currency translation adjustment	(133)	(230)	3,594
Cash flow hedge	(46)	(346)	1,732
Variation of foreign currency basis spread	(3)	6	(13)
Share of other comprehensive income of equity affiliates, net amount	(98)	(112)	76
Other	(4)	5	(1)
Tax effect	18	81	(441)
Items potentially reclassifiable to profit and loss	(266)	(596)	4,947
Total other comprehensive income (net amount)	(299)	(677)	(3)

Comprehensive income	2,629	3,085	4,016
TotalEnergies share	2,596	3,001	4,001
Non-controlling interests	33	84	15

CONSOLIDATED BALANCE SHEET
TotalEnergies

(M$)	December 31, 2025 (unaudited)	September 30, 2025 (unaudited)	December 31, 2024

ASSETS

Non-current assets
Intangible assets, net	37,345	37,764	34,238
Property, plant and equipment, net	114,694	115,198	109,095
Equity affiliates : investments and loans	38,090	36,968	34,405
Other investments	1,914	2,046	1,665
Non-current financial assets	3,270	2,426	2,305
Deferred income taxes	3,358	3,633	3,202
Other non-current assets	2,915	2,990	4,006
Total non-current assets	201,586	201,025	188,916

Current assets
Inventories, net	16,663	17,058	18,868
Accounts receivable, net	18,559	19,735	19,281
Other current assets	20,437	21,833	23,687
Current financial assets	3,332	4,884	6,914
Cash and cash equivalents	26,202	23,415	25,844
Assets classified as held for sale	4,276	4,009	1,977
Total current assets	89,469	90,934	96,571
Total assets	291,055	291,959	285,487

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity
Common shares	7,059	7,059	7,577
Paid-in surplus and retained earnings	125,860	125,073	135,496
Currency translation adjustment	(14,033)	(13,853)	(15,259)
Treasury shares	(4,003)	(2,998)	(9,956)
Total shareholders' equity - TotalEnergies share	114,883	115,281	117,858
Non-controlling interests	2,640	2,384	2,397
Total shareholders' equity	117,523	117,665	120,255

Non-current liabilities
Deferred income taxes	12,634	12,830	12,114
Employee benefits	2,018	1,991	1,753
Provisions and other non-current liabilities	17,322	20,096	19,872
Non-current financial debt	48,995	49,552	43,533
Total non-current liabilities	80,969	84,469	77,272

Current liabilities
Accounts payable	38,065	38,062	39,932
Other creditors and accrued liabilities	36,344	35,266	35,961
Current borrowings	12,038	13,820	10,024
Other current financial liabilities	388	568	664
Liabilities directly associated with the assets classified as held for sale	5,728	2,109	1,379
Total current liabilities	92,563	89,825	87,960
Total liabilities & shareholders' equity	291,055	291,959	285,487

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)

(M$)	4th quarter 2025	3rd quarter 2025	4th quarter 2024

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income	2,928	3,762	4,019
Depreciation, depletion, amortization and impairment	3,996	3,405	2,971
Non-current liabilities, valuation allowances and deferred taxes	316	272	44
(Gains) losses on disposals of assets	(655)	(603)	(66)
Undistributed affiliates' equity earnings	(203)	(195)	99
(Increase) decrease in working capital	3,867	1,600	5,201
Other changes, net	222	108	239
Cash flow from operating activities	10,471	8,349	12,507

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions	(4,153)	(3,812)	(3,680)
Acquisitions of subsidiaries, net of cash acquired	(140)	-	(932)
Investments in equity affiliates and other securities	(343)	(215)	(313)
Increase in non-current loans	(559)	(408)	(658)
Total expenditures	(5,195)	(4,435)	(5,583)
Proceeds from disposals of intangible assets and property, plant and equipment	730	613	314
Proceeds from disposals of subsidiaries, net of cash sold	451	133	654
Proceeds from disposals of non-current investments	321	(8)	220
Repayment of non-current loans	259	494	650
Total divestments	1,761	1,232	1,838
Cash flow used in investing activities	(3,434)	(3,203)	(3,745)

CASH FLOW FROM FINANCING ACTIVITIES

Issuance (repayment) of shares:
- Parent company shareholders	-	-	-
- Treasury shares	(1,506)	(2,349)	(1,977)
Dividends paid:
- Parent company shareholders	(2,160)	(2,216)	(1,998)
- Non-controlling interests	(81)	(89)	(18)
Net issuance (repayment) of perpetual subordinated notes	-	-	1,165
Payments on perpetual subordinated notes	(122)	(26)	(82)
Other transactions with non-controlling interests	313	23	(17)
Net issuance (repayment) of non-current debt	611	3,682	91
Increase (decrease) in current borrowings	(1,985)	(1,962)	(4,136)
Increase (decrease) in current financial assets and liabilities	686	529	(965)
Cash flow from / (used in) financing activities	(4,244)	(2,408)	(7,937)
Net increase (decrease) in cash and cash equivalents	2,793	2,738	825
Effect of exchange rates	(6)	253	(653)
Cash and cash equivalents at the beginning of the period	23,415	20,424	25,672
Cash and cash equivalents at the end of the period	26,202	23,415	25,844

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(Unaudited: Year 2025 )
	Common shares issued		Paid-in surplus and retained earnings	Currency translation adjustment	Treasury shares		Shareholders' equity - TotalEnergies share	Non-controlling interests	Total shareholders' equity
(M$)	Number	Amount	Paid-in surplus and retained earnings	Currency translation adjustment	Number	Amount	Shareholders' equity - TotalEnergies share	Non-controlling interests	Total shareholders' equity
As of January 1, 2024	2,412,251,835	7,616	126,857	(13,701)	(60,543,213)	(4,019)	116,753	2,700	119,453
Net income 2024	-	-	15,758	-	-	-	15,758	273	16,031
Other comprehensive Income	-	-	2,436	(1,558)	-	-	878	(44)	834
Comprehensive Income	-	-	18,194	(1,558)	-	-	16,636	229	16,865
Dividend	-	-	(7,756)	-	-	-	(7,756)	(455)	(8,211)
Issuance of common shares	10,833,187	29	492	-	-	-	521	-	521
Purchase of treasury shares	-	-	-	-	(120,463,232)	(7,995)	(7,995)	-	(7,995)
Sale of treasury shares ⁽¹⁾	-	-	(395)	-	6,071,266	395	-	-	-
Share-based payments	-	-	556	-	-	-	556	-	556
Share cancellation	(25,405,361)	(68)	(1,595)	-	25,405,361	1,663	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	(576)	-	-	-	(576)	-	(576)
Payments on perpetual subordinated notes	-	-	(272)	-	-	-	(272)	-	(272)
Other operations with non-controlling interests	-	-	-	-	-	-	-	(67)	(67)
Other items	-	-	(9)	-	-	-	(9)	(10)	(19)
As of December 31, 2024	2,397,679,661	7,577	135,496	(15,259)	(149,529,818)	(9,956)	117,858	2,397	120,255
Net income 2025	-	-	13,127	-	-	-	13,127	230	13,357
Other comprehensive Income	-	-	(997)	1,226	-	-	229	77	306
Comprehensive Income	-	-	12,130	1,226	-	-	13,356	307	13,663
Dividend	-	-	(8,135)	-	-	-	(8,135)	(348)	(8,483)
Issuance of common shares	11,149,053	30	462	-	-	-	492	-	492
Purchase of treasury shares	-	-	-	-	(122,637,294)	(7,526)	(7,526)	-	(7,526)
Sale of treasury shares ⁽¹⁾	-	-	(414)	-	6,221,412	414	-	-	-
Share-based payments	-	-	585	-	-	-	585	-	585
Share cancellation	(202,243,171)	(548)	(12,704)	-	202,243,171	13,064	(188)	-	(188)
Net issuance (repayment) of perpetual subordinated notes	-	-	(1,219)	-	-	-	(1,219)	-	(1,219)
Payments on perpetual subordinated notes	-	-	(320)	-	-	-	(320)	-	(320)
Other operations with non-controlling interests	-	-	(1)	-	-	-	(1)	286	285
Other items	-	-	(20)	-	-	1	(19)	(2)	(21)
As of December 31, 2025	2,206,585,543	7,059	125,860	(14,033)	(63,702,529)	(4,003)	114,883	2,640	117,523
⁽¹⁾ Treasury shares related to the performance share grants.

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)

4th quarter 2025 (M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	1,260	2,427	5,707	21,616	19,625	(11)	-	50,624
Intersegment sales	8,753	2,237	877	6,878	167	37	(18,949)	-
Excise taxes	-	-	-	(203)	(4,496)	-	-	(4,699)
Revenues from sales	10,013	4,664	6,584	28,291	15,296	26	(18,949)	45,925
Operating expenses	(4,758)	(3,617)	(6,332)	(27,025)	(14,656)	(199)	18,949	(37,638)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,346)	(444)	(336)	(367)	(248)	(35)	-	(3,776)
Net income (loss) from equity affiliates and other items	258	469	90	24	14	(8)	-	847
Tax on net operating income	(1,501)	(182)	77	(114)	(165)	(1)	-	(1,886)
Adjustments ^(a)	(139)	(32)	(481)	(192)	(100)	(26)	-	(970)
Adjusted Net operating income	1,805	922	564	1,001	341	(191)	-	4,442
Adjustments ^(a)								(970)
Net cost of net debt								(544)
Non-controlling interests								(22)
Net income - TotalEnergies share								2,906

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.

4th quarter 2025 (M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
Total expenditures	1,881	1,130	1,155	542	326	161	-	5,195
Total divestments	663	12	880	35	148	23	-	1,761
Cash flow from operating activities	3,821	2,102	1,300	1,716	1,352	180	-	10,471

INFORMATION BY BUSINESS SEGMENT
TotalEnergies


Year 2024 (M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	5,655	9,885	22,127	93,515	83,341	27	-	214,550
Intersegment sales	38,546	10,591	2,348	31,480	819	268	(84,052)	-
Excise taxes	-	-	-	(784)	(18,156)	-	-	(18,940)
Revenues from sales	44,201	20,476	24,475	124,211	66,004	295	(84,052)	195,610
Operating expenses	(19,124)	(15,530)	(22,936)	(120,424)	(63,551)	(1,010)	84,052	(158,523)
Depreciation, depletion and impairment of tangible assets and mineral interests	(8,001)	(1,251)	(344)	(1,442)	(870)	(117)	-	(12,025)
Net income (loss) from equity affiliates and other items	325	2,051	(837)	(114)	1,457	92	-	2,974
Tax on net operating income	(8,466)	(1,073)	(255)	(414)	(526)	89	-	(10,645)
Adjustments ^(a)	(1,069)	(196)	(2,070)	(343)	1,154	(59)	-	(2,583)
Adjusted Net operating income	10,004	4,869	2,173	2,160	1,360	(592)	-	19,974
Adjustments ^(a)								(2,583)
Net cost of net debt								(1,360)
Non-controlling interests								(273)
Net income - TotalEnergies share								15,758

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.

Year 2024 (M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
Total expenditures	9,225	3,912	5,328	1,896	1,190	199	-	21,750
Total divestments	840	425	1,431	366	1,328	28	-	4,418
Cash flow from operating activities	17,388	5,185	2,972	3,808	2,901	(1,400)	-	30,854

4^th quarter	3^rd quarter	4^th quarter	4^th quarter 2025 vs	(in millions of dollars)	2025	2024	2025 vs
2025	2025	2024	4^th quarter 2024	(in millions of dollars)	2025	2024	2024
1,218	1,787	1,688	-28%	Cash flow used in investing activities ( a )	8,800	8,385	5%
-	-	-	ns	Other transactions with non-controlling interests ( b )	-	-	ns
-	-	-	ns	Organic loan repayment from equity affiliates ( c )	-	1	-100%
-	-	-	ns	Change in debt from renewable projects financing ( d ) *	-	-	ns
108	80	138	-22%	Capex linked to capitalized leasing contracts ( e )	386	418	-8%
49	2	20	x2.5	Expenditures related to carbon credits ( f )	73	49	49%
1,375	1,869	1,846	-26%	Net investments ( a + b + c + d + e + f = g - i + h )	9,259	8,853	5%
(530)	(53)	(258)	ns	of which net acquisitions ( g - i )	(305)	(207)	ns
79	522	11	x7.2	Acquisitions ( g )	1,239	534	x2.3
609	575	269	x2.3	Assets sales ( i )	1,544	741	x2.1
-	-	-	ns	Change in debt from renewable projects (partner share)	-	-	ns
1,905	1,922	2,104	-9%	of which organic investments ( h )	9,564	9,060	6%
88	70	119	-26%	Capitalized exploration	298	483	-38%
36	38	41	-12%	Increase in non-current loans	198	196	1%
(54)	(47)	(26)	ns	Repayment of non-current loans, excluding organic loan repayment from equity affiliates	(179)	(98)	ns
-	-	-	ns	Change in debt from renewable projects (TotalEnergies share)	-	-	ns
*Change in debt from renewable projects (TotalEnergies share and partner share)

(In millions of dollars)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	InterCompany	Company
Adjusted net operating income 4^th quarter 2025	1,805	922	564	1,001	341	(191)	-	4,442
Adjusted net operating income 3^rd quarter 2025	2,169	852	571	687	380	(80)	-	4,579
Adjusted net operating income 2^nd quarter 2025	1,974	1,041	574	389	412	(245)	-	4,145
Adjusted net operating income 1^st quarter 2025	2,451	1,294	506	301	240	(131)	-	4,661
Adjusted net operating income ( a )	8,399	4,109	2,215	2,378	1373	(647)	-	17,827


Balance sheet as of December, 31 2025
Property plant and equipment intangible assets net	85,692	30,087	15,218	12,974	7,181	887	-	152,039
Investments & loans in equity affiliates	4,684	17,635	10,633	4,074	1,064	-	-	38,090
Other non-current assets	1,916	2,597	1,587	790	1,050	247	-	8,187
Inventories, net	1,464	1,019	566	10,455	3,159	-	-	16,663
Accounts receivable, net	5,651	7,694	4,927	17,123	7,136	815	(24,787)	18,559
Other current assets	6,357	6,904	4,566	3,079	3,010	2,308	(5,787)	20,437
Accounts payable	(6,061)	(8,837)	(7,448)	(30,522)	(9,035)	(957)	24,795	(38,065)
Other creditors and accrued liabilities	(10,959)	(8,178)	(4,526)	(6,731)	(5,410)	(6,319)	5,779	(36,344)
Working capital	(3,548)	(1,398)	(1,915)	(6,596)	(1,140)	(4,153)	-	(18,750)
Provisions and other non-current liabilities	(22,183)	(4,512)	(1,506)	(3,531)	(1,214)	972	-	(31,974)
Assets and liabilities classified as held for sale - Capital employed	(1,465)	-	117	-	54	7	-	(1,287)
Capital Employed (Balance sheet)	65,096	44,409	24,134	7,711	6,995	(2,040)	-	146,305
Less inventory valuation effect	-	-	-	(676)	(150)	-	-	(826)
Capital Employed at replacement cost ( b )	65,096	44,409	24,134	7,035	6,845	(2,040)	-	145,479


Balance sheet as of December, 31 2024
Property plant and equipment intangible assets net	83,397	27,654	13,034	11,956	6,632	660	-	143,333
Investments & loans in equity affiliates	3,910	15,986	9,537	3,984	988	-	-	34,405
Other non-current assets	3,732	1,952	1,316	646	1,116	111	-	8,873
Inventories, net	1,456	1,475	547	12,063	3,327	-	-	18,868
Accounts receivable, net	5,845	8,412	7,466	16,362	7,167	581	(26,552)	19,281
Other current assets	6,663	10,198	4,086	2,208	2,870	2,342	(4,680)	23,687
Accounts payable	(6,632)	(8,888)	(9,222)	(32,204)	(8,642)	(805)	26,461	(39,932)
Other creditors and accrued liabilities	(10,241)	(11,060)	(3,363)	(4,992)	(5,329)	(5,747)	4,771	(35,961)
Working capital	(2,909)	137	(486)	(6,563)	(607)	(3,629)	-	(14,057)
Provisions and other non-current liabilities	(24,271)	(4,252)	(1,663)	(3,343)	(1,113)	903	-	(33,739)
Assets and liabilities classified as held for sale - Capital employed	571	-	1	-	70	-	-	642
Capital Employed (Balance sheet)	64,430	41,477	21,739	6,680	7,086	(1,955)	-	139,457
Less inventory valuation effect	-	-	-	(1,116)	(216)	-	-	(1,332)
Capital Employed at replacement cost ( b )	64,430	41,477	21,739	5,564	6,870	(1,955)	-	138,125

ROACE as a percentage ( a / average ( b + c ))	13.0%	9.6%	9.7%	37.7%	20.0%			12.6%

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