TotalEnergies SE: First Quarter 2025 Results

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	1Q25	4Q24	Change vs 4Q24	1Q24	Change vs 1Q24
Adjusted net income (TotalEnergies share)⁽¹⁾
- in billions of dollars (B$)	4.2	4.4	-5%	5.1	-18%
- in dollars per share	1.83	1.90	-4%	2.14	-15%
Net income (TotalEnergies share) (B$)	3.9	4.0	-3%	5.7	-33%
Adjusted EBITDA⁽¹⁾ (B$)	10.5	10.5	-	11.5	-9%
Cash flow from operations excluding working capital (CFFO)⁽¹⁾ (B$)	7.0	7.2	-2%	8.2	-14%

In millions of dollars, except effective tax rate, earnings per share and number of shares	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Adjusted EBITDA ⁽¹⁾	10,504	10,529	-	11,493	-9%
Adjusted net operating income from business segments	4,792	4,992	-4%	5,600	-14%
Exploration & Production	2,451	2,305	+6%	2,550	-4%
Integrated LNG	1,294	1,432	-10%	1,222	+6%
Integrated Power	506	575	-12%	611	-17%
Refining & Chemicals	301	318	-5%	962	-69%
Marketing & Services	240	362	-34%	255	-6%
Contribution of equity affiliates to adjusted net income	715	706	+1%	621	+15%
Effective tax rate ⁽³⁾	41.4%	41.3%	-	37.8%	-
Adjusted net income (TotalEnergies share)⁽¹⁾	4,192	4,406	-5%	5,112	-18%
Adjusted fully-diluted earnings per share (dollars) ⁽⁴⁾	1.83	1.90	-4%	2.14	-15%
Adjusted fully-diluted earnings per share (euros) ⁽⁵⁾	1.74	1.78	-2%	1.97	-12%
Fully-diluted weighted-average shares (millions)	2,246	2,282	-2%	2,352	-5%

Net income (TotalEnergies share)	3,851	3,956	-3%	5,721	-33%

Organic investments ⁽¹⁾	4,501	3,839	+17%	4,072	+11%
Acquisitions net of assets sales ⁽¹⁾	420	24	x17.4	(500)	ns
Net investments ⁽¹⁾	4,921	3,863	+27%	3,572	+38%

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	6,992	7,151	-2%	8,168	-14%
Debt Adjusted Cash Flow (DACF) ⁽¹⁾	7,276	7,398	-2%	8,311	-12%
Cash flow from operating activities	2,563	12,507	-80%	2,169	+18%
Gearing ⁽¹⁾ of 14.3% at March 31, 2025 vs. 8.3% at December 31, 2024 and 10.5% at March 31, 2024

	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Brent ($/b)	75.7	74.7	+1%	83.2	-9%
Henry Hub ($/Mbtu)	3.9	3.0	+29%	2.1	+84%
TTF ($/Mbtu)	14.4	13.6	+6%	8.8	+65%
JKM ($/Mbtu)	14.1	14.0	+1%	9.3	+52%
Average price of liquids ^(6),(7) ($/b) Consolidated subsidiaries	72.2	71.8	+1%	78.9	-8%
Average price of gas ^(6),(8) ($/Mbtu) Consolidated subsidiaries	6.60	6.26	+5%	5.11	+29%
Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	10.00	10.37	-4%	9.58	+4%
European Refining Margin Marker (ERM) ^(6),(10) ($/t)	29.4	25.9	+14%	71.7	-59%

Scope 1+2 emissions ⁽¹²⁾ (MtCO₂e)	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Scope 1+2 from operated facilities ⁽¹⁾	8.4	9.6	-13%	8.2	+2%
of which Oil & Gas	7.2	7.9	-9%	7.1	+1%
of which CCGT	1.2	1.7	-29%	1.1	+9%
Scope 1+2 - ESRS share ⁽¹⁾	11.1	12.4	-10%	10.9	+2%

Methane emissions (ktCH₄)	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Methane emissions from operated facilities ⁽¹⁾	6	7	-14%	8	-25%
Estimated quarterly emissions.

Hydrocarbon production	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Hydrocarbon production (kboe/d)	2,558	2,427	+5%	2,461	+4%
Oil (including bitumen) (kb/d)	1,355	1,292	+5%	1,322	+2%
Gas (including condensates and associated NGL) (kboe/d)	1,203	1,135	+6%	1,139	+6%

Hydrocarbon production (kboe/d)	2,558	2,427	+5%	2,461	+4%
Liquids (kb/d)	1,516	1,445	+5%	1,482	+2%
Gas (Mcf/d)	5,655	5,323	+6%	5,249	+8%

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In millions of dollars, except effective tax rate	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Adjusted net operating income	2,451	2,305	+6%	2,550	-4%
including adjusted income from equity affiliates	150	207	-28%	145	+3%
Effective tax rate ⁽¹⁵⁾	49.4%	50.5%	-	48.5%	-

Organic investments⁽¹⁾	2,684	2,104	+28%	2,041	+32%
Acquisitions net of assets sales ⁽¹⁾	116	(258)	ns	36	x3.2
Net investments⁽¹⁾	2,800	1,846	+52%	2,077	+35%

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	4,291	3,945	+9%	4,478	-4%
Cash flow from operating activities	3,266	4,500	-27%	3,590	-9%

Hydrocarbon production for LNG	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Integrated LNG (kboe/d)	582	494	+18%	492	+18%
Liquids (kb/d)	74	60	+24%	63	+18%
Gas (Mcf/d)	2,807	2,399	+17%	2,312	+21%

Liquefied Natural Gas in Mt	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Overall LNG sales	10.6	10.8	-2%	10.7	-1%
incl. Sales from equity production*	4.0	3.8	+4%	4.2	-4%
incl. Sales by TotalEnergies from equity production and third party purchases	9.4	9.4	-	9.3	+1%
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

In millions of dollars	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	10.00	10.37	-4%	9.58	+4%

Adjusted net operating income	1,294	1,432	-10%	1,222	+6%
including adjusted income from equity affiliates	535	525	+2%	494	+8%

Organic investments⁽¹⁾	752	554	+36%	540	+39%
Acquisitions net of assets sales ⁽¹⁾	140	1,116	-87%	(12)	ns
Net investments⁽¹⁾	892	1,670	-47%	528	+69%

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	1,249	1,447	-14%	1,348	-7%
Cash flow from operating activities	1,743	2,214	-21%	1,710	+2%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

Integrated Power	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Net power production (TWh) *	11.3	11.4	-1%	9.6	+18%
o/w production from renewables	6.8	6.5	+5%	6.0	+13%
o/w production from gas flexible capacities	4.5	4.9	-8%	3.6	+27%
Portfolio of power generation net installed capacity (GW) **	22.7	21.5	+6%	19.5	+17%
o/w renewables	16.2	15.1	+8%	13.7	+18%
o/w gas flexible capacities	6.5	6.5	+1%	5.8	+13%
Portfolio of renewable power generation gross capacity (GW) ,*	97.5	97.2	-	84.1	+16%
o/w installed capacity	27.8	26.0	+7%	23.5	+18%
Clients power - BtB and BtC (Million) **	6.0	6.1	-	6.0	+1%
Clients gas - BtB and BtC (Million) **	2.8	2.8	-	2.8	-
Sales power - BtB and BtC (TWh)	14.5	13.8	+5%	14.9	-3%
Sales gas - BtB and BtC (TWh)	35.7	30.1	+19%	35.7	-
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

Refinery throughput and utilization rate*	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Total refinery throughput (kb/d)	1,549	1,432	+8%	1,424	+9%
France	435	424	+3%	382	+14%
Rest of Europe	627	541	+16%	618	+1%
Rest of world	487	467	+4%	424	+15%
Utilization rate based on crude only**	87%	82%		79%
* 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.

Petrochemicals production and utilization rate	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Monomers* (kt)	1,250	1,233	+1%	1,287	-3%
Polymers (kt)	1,173	1,080	+9%	1,076	+9%
Steam cracker utilization rate**	78%	79%		73%
* 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.

Sales in kb/d*	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Total Marketing & Services sales	1,266	1,312	-4%	1,312	-4%
Europe	714	724	-1%	715	-
Rest of world	551	587	-6%	597	-8%
* Excludes trading and bulk refining sales.

In millions of dollars	April 1, 2024	January 1, 2024	April 1, 2023
	March 31, 2025	December 31, 2024	March 31, 2024
Adjusted net income (TotalEnergies share) ⁽¹⁾	17,636	18,586	22,047
Average adjusted shareholders' equity	116,758	117,835	115,835
Return on equity (ROE)	15.1%	15.8%	19.0%

	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)	+/- 10 $/t	+/- 0.4 B$	+/- 0.5 B$

Combined liquids and gas production by region (kboe/d)	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Europe	571	589	-3%	570	-
Africa	424	437	-3%	463	-8%
Middle East and North Africa	849	790	+7%	815	+4%
Americas	424	401	+6%	352	+21%
Asia-Pacific	290	210	+38%	261	+11%
Total production	2,558	2,427	+5%	2,461	+4%
includes equity affiliates	390	369	+6%	346	+13%

Liquids production by region (kb/d)	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Europe	216	228	-6%	224	-4%
Africa	312	318	-2%	331	-6%
Middle East and North Africa	680	627	+8%	652	+4%
Americas	202	193	+5%	171	+18%
Asia-Pacific	106	79	+35%	104	+1%
Total production	1,516	1,445	+5%	1,482	+2%
includes equity affiliates	163	151	+8%	154	+6%

Gas production by region (Mcf/d)	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Europe	1,920	1,951	-2%	1,869	+3%
Africa	567	620	-9%	648	-13%
Middle East and North Africa	920	889	+3%	896	+3%
Americas	1,237	1,154	+7%	1,003	+23%
Asia-Pacific	1,011	709	+43%	833	+21%
Total production	5,655	5,323	+6%	5,249	+8%
includes equity affiliates	1,237	1,181	+5%	1,043	+19%

	1Q25						4Q24
Net power production (TWh)	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total
France	0.1	0.2	-	1.9	0.0	2.2	0.2	0.3	-	1.4	0.0	1.9
Rest of Europe	0.1	0.6	0.3	1.6	0.1	2.6	0.1	0.6	0.4	2.1	0.0	3.2
Africa	0.0	-	-	-	0.0	0.1	0.0	0.0	-	-	-	0.0
Middle East	0.2	-	-	0.2	-	0.4	0.2	-	-	0.2	-	0.4
North America	0.7	0.5	-	0.9	-	2.1	0.9	0.5	-	1.1	-	2.5
South America	0.2	0.8	-	-	-	0.9	0.1	0.9	-	-	-	1.1
India	2.2	0.3	-	-	-	2.5	1.6	0.2	-	-	-	1.9
Pacific Asia	0.3	0.0	0.2	-	-	0.5	0.3	0.0	0.2	-	-	0.4
Total	3.8	2.4	0.5	4.5	0.1	11.3	3.4	2.5	0.6	4.9	0.1	11.4

	1Q25						4Q24
Installed power generation net capacity (GW) ⁽¹⁹⁾	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total
France	0.8	0.4	-	2.7	0.2	4.0	0.7	0.4	-	2.6	0.2	4.0
Rest of Europe	0.6	1.0	0.3	2.1	0.2	4.1	0.6	0.9	0.3	2.1	0.2	4.0
Africa	0.0	-	-	-	0.1	0.1	0.0	-	-	-	-	0.0
Middle East	0.4	-	-	0.3	-	0.8	0.4	-	-	0.3	-	0.8
North America	2.5	0.8	-	1.5	0.3	5.1	2.3	0.8	-	1.5	0.3	4.9
South America	0.4	0.9	-	-	-	1.3	0.4	0.9	-	-	-	1.3
India	5.5	0.6	-	-	-	6.1	4.8	0.6	-	-	-	5.3
Pacific Asia	1.1	0.0	0.2	-	-	1.3	1.1	0.0	0.2	-	-	1.3
Total	11.2	3.8	0.5	6.5	0.7	22.7	10.3	3.6	0.5	6.5	0.6	21.5

	1Q25					4Q24
Installed power generation gross capacity from renewables (GW) ^(20),(21)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	1.2	0.7	-	0.2	2.1	1.2	0.7	-	0.2	2.1
Rest of Europe	0.6	1.3	1.1	0.3	3.2	0.6	1.1	1.1	0.3	3.1
Africa	0.1	-	-	0.3	0.4	0.1	-	-	0.0	0.1
Middle East	1.2	-	-	-	1.2	1.2	-	-	-	1.2
North America	5.6	2.2	-	0.7	8.4	5.4	2.2	-	0.7	8.2
South America	0.4	1.4	-	-	1.8	0.4	1.3	-	-	1.7
India	7.7	0.6	-	-	8.4	6.7	0.6	-	-	7.3
Asia-Pacific	1.7	0.0	0.6	0.0	2.3	1.6	0.0	0.6	0.0	2.2
Total	18.4	6.2	1.8	1.4	27.8	17.2	6.0	1.7	1.1	26.0

	1Q25					4Q24
Power generation gross capacity from renewables in construction (GW) ^(20),(21)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	0.3	0.0	0.0	0.0	0.3	0.3	0.0	0.0	0.0	0.3
Rest of Europe	0.5	0.1	0.8	0.3	1.8	0.5	0.2	0.8	0.0	1.4
Africa	0.4	0.1	-	0.1	0.7	0.4	0.1	-	0.1	0.6
Middle East	1.5	0.2	-	-	1.7	0.1	-	-	-	0.1
North America	1.3	0.0	-	0.5	1.9	1.2	0.0	-	0.5	1.8
South America	0.4	0.5	-	0.2	1.1	0.4	0.6	-	0.2	1.2
India	2.2	0.0	-	-	2.2	3.2	-	-	-	3.2
Asia-Pacific	0.1	-	-	-	0.1	0.1	-	0.1	-	0.1
Total	6.7	1.1	0.8	1.2	9.9	6.2	1.0	0.8	0.9	8.9

	1Q25					4Q24
Power generation gross capacity from renewables in development (GW) ^(20),(21)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	0.9	0.3	-	0.1	1.3	0.9	0.5	-	0.1	1.5
Rest of Europe	4.6	0.6	13.3	2.5	20.9	4.9	0.7	13.3	2.7	21.6
Africa	0.5	0.2	-	-	0.7	0.6	0.2	-	-	0.8
Middle East	0.8	-	-	-	0.8	2.3	0.2	-	-	2.6
North America	10.6	3.0	4.1	4.4	22.1	10.3	3.1	4.1	4.4	21.9
South America	1.7	1.4	-	0.0	3.1	1.6	1.1	-	0.0	2.8
India	2.3	0.1	-	-	2.4	2.3	0.1	-	-	2.5
Asia-Pacific	3.4	1.1	3.0	1.1	8.5	3.4	1.1	3.0	1.2	8.6
Total	24.8	6.6	20.4	8.1	59.8	26.5	7.1	20.4	8.3	62.3

In millions of dollars	1Q25	4Q24	1Q24
Net income (TotalEnergies share)	3,851	3,956	5,721
Special items affecting net income (TotalEnergies share)	(108)	(413)	805
Gain (loss) on asset sales	-	(25)	1,507
Restructuring charges	-	(6)	-
Impairments	-	(232)	(644)
Other	(108)	(150)	(58)
After-tax inventory effect : FIFO vs. replacement cost	(78)	216	124
Effect of changes in fair value	(155)	(253)	(320)
Total adjustments affecting net income	(341)	(450)	609
Adjusted net income (TotalEnergies share)	4,192	4,406	5,112

Petroleum product sales by region (kb/d)	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Europe	1,677	1,820	-8%	1,774	-5%
Africa	618	614	+1%	591	+4%
Americas	1,073	970	+11%	1,033	+4%
Rest of world	945	975	-3%	711	+33%
Total consolidated sales	4,313	4,380	-2%	4,109	+5%
Includes bulk sales	344	343	-	401	-14%
Includes trading	2,703	2,725	-1%	2,397	+13%

*Petrochemicals production (kt)**	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Europe	984	875	+12%	990	-1%
Americas	694	701	-1%	645	+8%
Middle East and Asia	745	737	+1%	727	+2%
* Olefins, polymers.

In millions of dollars	03/31/2025	12/31/2024	03/31/2024
Current borrowings *	10,983	7,929	16,068
Other current financial liabilities	897	664	481
Current financial assets * , **	(5,892)	(6,536)	(5,969)
Net financial assets classified as held for sale *	41	33	(11)
Non-current financial debt *	37,862	35,711	30,452
Non-current financial assets *	(953)	(1,027)	(1,165)
Cash and cash equivalents	(22,837)	(25,844)	(25,640)
Net debt ( a )	20,101	10,930	14,216

Shareholders’ equity (TotalEnergies share)	117,956	117,858	118,409
Non-controlling interests	2,465	2,397	2,734
Shareholders' equity (b)	120,421	120,255	121,143

Gearing = a / ( a+b )	14.3%	8.3%	10.5%

Leases (c)	8,533	8,272	8,013
Gearing including leases ( a+c ) / ( a+b+c )	19.2%	13.8%	15.5%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.

In millions of dollars	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Company
Adjusted net operating income	9,905	4,941	2,068	1,499	1,345	19,125
Capital employed at 03/31/2023	64,968	36,678	22,890	9,360	8,013	141,494
Capital employed at 03/31/2024	65,397	42,998	23,740	8,404	6,840	147,764
ROACE	15.2%	12.4%	8.9%	16.9%	18.1%	13.2%

⁽¹⁾		Refer to Glossary pages 22 & 23 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 18 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: 1.0523 in the 1^st quarter 2025, 1.0681 in the 4^th quarter 2024, 1.0858 in the 1^st quarter 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 ($/t), 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 2024, 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).
*		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 2025. 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 70-80 $/b Brent environment.
⁽¹⁸⁾		End-of-period data.
⁽¹⁹⁾		Includes 20% 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)
	1^st quarter	4^th quarter	1^st quarter
(M$)^(a)	2025	2024	2024

Sales	52,254	52,508	56,278
Excise taxes	(4,355)	(5,393)	(4,395)
Revenues from sales	47,899	47,115	51,883

Purchases, net of inventory variation	(30,855)	(30,342)	(33,780)
Other operating expenses	(7,564)	(7,219)	(7,643)
Exploration costs	(81)	(242)	(88)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,998)	(2,715)	(2,942)
Other income	247	306	1,758
Other expense	(291)	(341)	(315)

Financial interest on debt	(725)	(786)	(708)
Financial income and expense from cash & cash equivalents	290	449	472
Cost of net debt	(435)	(337)	(236)

Other financial income	318	319	306
Other financial expense	(249)	(193)	(215)

Net income (loss) from equity affiliates	663	597	18

Income taxes	(2,733)	(2,929)	(2,942)
Consolidated net income	3,921	4,019	5,804
TotalEnergies share	3,851	3,956	5,721
Non-controlling interests	70	63	83
Earnings per share ($)	1.69	1.72	2.42
Fully-diluted earnings per share ($)	1.68	1.70	2.40
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
	1^st quarter	4^th quarter	1^st quarter
(M$)	2025	2024	2024
Consolidated net income	3,921	4,019	5,804

Other comprehensive income

Actuarial gains and losses	-	(3)	(2)
Change in fair value of investments in equity instruments	12	142	40
Tax effect	1	36	(8)
Currency translation adjustment generated by the parent company	2,882	(5,125)	(1,506)
Items not potentially reclassifiable to profit and loss	2,895	(4,950)	(1,476)
Currency translation adjustment	(2,017)	3,594	1,099
Cash flow hedge	(833)	1,732	807
Variation of foreign currency basis spread	15	(13)	(15)
Share of other comprehensive income of equity affiliates, net amount	(100)	76	(76)
Other	7	(1)	2
Tax effect	205	(441)	(219)
Items potentially reclassifiable to profit and loss	(2,723)	4,947	1,598
Total other comprehensive income (net amount)	172	(3)	122

Comprehensive income	4,093	4,016	5,926
TotalEnergies share	4,007	4,001	5,870
Non-controlling interests	86	15	56

CONSOLIDATED BALANCE SHEET
TotalEnergies
	March 31, 2025	December 31, 2024	March 31, 2024
(M$)	(unaudited)	(unaudited)	(unaudited)

ASSETS

Non-current assets
Intangible assets, net	34,543	34,238	33,193
Property, plant and equipment, net	112,249	109,095	109,462
Equity affiliates : investments and loans	35,687	34,405	31,256
Other investments	1,860	1,665	1,895
Non-current financial assets	2,231	2,305	2,308
Deferred income taxes	3,360	3,202	3,165
Other non-current assets	4,000	4,006	4,328
Total non-current assets	193,930	188,916	185,607

Current assets
Inventories, net	19,037	18,868	20,229
Accounts receivable, net	24,882	19,281	24,198
Other current assets	22,423	23,687	20,615
Current financial assets	6,237	6,914	6,319
Cash and cash equivalents	22,837	25,844	25,640
Assets classified as held for sale	1,711	1,977	525
Total current assets	97,127	96,571	97,526
Total assets	291,057	285,487	283,133

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity
Common shares	7,231	7,577	7,548
Paid-in surplus and retained earnings	128,787	135,496	129,937
Currency translation adjustment	(14,508)	(15,259)	(14,167)
Treasury shares	(3,554)	(9,956)	(4,909)
Total shareholders' equity - TotalEnergies Share	117,956	117,858	118,409
Non-controlling interests	2,465	2,397	2,734
Total shareholders' equity	120,421	120,255	121,143

Non-current liabilities
Deferred income taxes	12,621	12,114	11,878
Employee benefits	1,824	1,753	1,941
Provisions and other non-current liabilities	19,872	19,872	20,961
Non-current financial debt	45,858	43,533	38,053
Total non-current liabilities	80,175	77,272	72,833

Current liabilities
Accounts payable	42,554	39,932	37,647
Other creditors and accrued liabilities	32,505	35,961	32,949
Current borrowings	13,134	10,024	17,973
Other current financial liabilities	897	664	481
Liabilities directly associated with the assets classified as held for sale	1,371	1,379	107
Total current liabilities	90,461	87,960	89,157
Total liabilities & shareholders' equity	291,057	285,487	283,133

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
	1^st quarter	4^th quarter	1^st quarter
(M$)	2025	2024	2024

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income	3,921	4,019	5,804
Depreciation, depletion, amortization and impairment	3,086	2,971	3,036
Non-current liabilities, valuation allowances and deferred taxes	209	44	292
(Gains) losses on disposals of assets	25	(66)	(1,610)
Undistributed affiliates' equity earnings	(423)	99	288
(Increase) decrease in working capital	(4,232)	5,201	(5,686)
Other changes, net	(23)	239	45
Cash flow from operating activities	2,563	12,507	2,169

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions	(4,222)	(3,680)	(3,420)
Acquisitions of subsidiaries, net of cash acquired	(232)	(932)	(759)
Investments in equity affiliates and other securities	(311)	(313)	(488)
Increase in non-current loans	(568)	(658)	(538)
Total expenditures	(5,333)	(5,583)	(5,205)
Proceeds from disposals of intangible assets and property, plant and equipment	301	314	337
Proceeds from disposals of subsidiaries, net of cash sold	117	654	1,218
Proceeds from disposals of non-current investments	1	220	34
Repayment of non-current loans	109	650	149
Total divestments	528	1,838	1,738
Cash flow used in investing activities	(4,805)	(3,745)	(3,467)

CASH FLOW FROM FINANCING ACTIVITIES

Issuance (repayment) of shares:
- Parent company shareholders	-	-	-
- Treasury shares	(2,152)	(1,977)	(2,006)
Dividends paid:
- Parent company shareholders	(1,851)	(1,998)	(1,903)
- Non-controlling interests	(139)	(18)	(6)
Net issuance (repayment) of perpetual subordinated notes	(1,139)	1,165	-
Payments on perpetual subordinated notes	(128)	(82)	(159)
Other transactions with non-controlling interests	(20)	(17)	(17)
Net issuance (repayment) of non-current debt	3,431	91	42
Increase (decrease) in current borrowings	150	(4,136)	3,536
Increase (decrease) in current financial assets and liabilities	718	(965)	271
Cash flow from / (used in) financing activities	(1,130)	(7,937)	(242)
Net increase (decrease) in cash and cash equivalents	(3,372)	825	(1,540)
Effect of exchange rates	365	(653)	(83)
Cash and cash equivalents at the beginning of the period	25,844	25,672	27,263
Cash and cash equivalents at the end of the period	22,837	25,844	25,640

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
	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 of the first quarter 2024	-	-	5,721	-	-	-	5,721	83	5,804
Other comprehensive income	-	-	614	(465)	-	-	149	(27)	122
Comprehensive Income	-	-	6,335	(465)	-	-	5,870	56	5,926
Dividend	-	-	-	-	-	-	-	(6)	(6)
Issuance of common shares	-	-	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	-	(30,581,230)	(2,556)	(2,556)	-	(2,556)
Sale of treasury shares^(a)	-	-	-	-	2,957	-	-	-	-
Share-based payments	-	-	59	-	-	-	59	-	59
Share cancellation	(25,405,361)	(68)	(1,597)	-	25,405,361	1,665	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	(1,679)	-	-	-	(1,679)	-	(1,679)
Payments on perpetual subordinated notes	-	-	(71)	-	-	-	(71)	-	(71)
Other operations with non-controlling interests	-	-	-	-	-	-	-	(17)	(17)
Other items	-	-	33	(1)	-	1	33	1	34
As of March 31, 2024	2,386,846,474	7,548	129,937	(14,167)	(65,716,125)	(4,909)	118,409	2,734	121,143
Net income from April 1 to December 31, 2024	-	-	10,037	-	-	-	10,037	190	10,227
Other comprehensive income	-	-	1,822	(1,093)	-	-	729	(17)	712
Comprehensive Income	-	-	11,859	(1,093)	-	-	10,766	173	10,939
Dividend	-	-	(7,756)	-	-	-	(7,756)	(449)	(8,205)
Issuance of common shares	10,833,187	29	492	-	-	-	521	-	521
Purchase of treasury shares	-	-	-	-	(89,882,002)	(5,439)	(5,439)	-	(5,439)
Sale of treasury shares^(a)	-	-	(395)	-	6,068,309	395	-	-	-
Share-based payments	-	-	497	-	-	-	497	-	497
Share cancellation	-	-	2	-	-	(2)	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	1,103	-	-	-	1,103	-	1,103
Payments on perpetual subordinated notes	-	-	(201)	-	-	-	(201)	-	(201)
Other operations with non-controlling interests	-	-	-	-	-	-	-	(50)	(50)
Other items	-	-	(42)	1	-	(1)	(42)	(11)	(53)
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 of the first quarter 2025	-	-	3,851	-	-	-	3,851	70	3,921
Other comprehensive income	-	-	(595)	751	-	-	156	16	172
Comprehensive Income	-	-	3,256	751	-	-	4,007	86	4,093
Dividend	-	-	-	-	-	-	-	(5)	(5)
Issuance of common shares	-	-	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	-	(33,770,546)	(2,633)	(2,633)	-	(2,633)
Sale of treasury shares^(a)	-	-	(413)	-	6,209,016	413	-	-	-
Share-based payments	-	-	112	-	-	-	112	-	112
Share cancellation	(127,622,460)	(346)	(8,395)	-	127,622,460	8,622	(119)	-	(119)
Net issuance (repayment) of perpetual subordinated notes	-	-	(1,219)	-	-	-	(1,219)	-	(1,219)
Payments on perpetual subordinated notes	-	-	(77)	-	-	-	(77)	-	(77)
Other operations with non-controlling interests	-	-	-	-	-	-	-	(20)	(20)
Other items	-	-	27	-	-	-	27	7	34
As of March 31, 2025	2,270,057,201	7,231	128,787	(14,508)	(49,468,888)	(3,554)	117,956	2,465	120,421
^(a)Treasury shares related to the performance share grants.

INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited)
1^st quarter 2025	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	1,569	3,088	5,967	22,627	19,001	2	-	52,254
Intersegment sales	8,727	3,252	684	6,811	156	25	(19,655)	-
Excise taxes	-	-	-	(112)	(4,243)	-	-	(4,355)
Revenues from sales	10,296	6,340	6,651	29,326	14,914	27	(19,655)	47,899
Operating expenses	(3,800)	(4,956)	(6,185)	(28,648)	(14,374)	(192)	19,655	(38,500)
Depreciation, depletion and impairment of tangible assets and mineral interests	(1,950)	(391)	(75)	(339)	(217)	(26)	-	(2,998)
Net income (loss) from equity affiliates and other items	133	565	44	(8)	(10)	(36)	-	688
Tax on net operating income	(2,328)	(275)	(73)	(83)	(98)	74	-	(2,783)
Adjustments^(a)	(100)	(11)	(144)	(53)	(25)	(22)	-	(355)
Adjusted net operating income	2,451	1,294	506	301	240	(131)	-	4,661
Adjustments^(a)								(355)
Net cost of net debt								(385)
Non-controlling interests								(70)
Net income - TotalEnergies share								3,851

^(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 value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.



1^st quarter 2025	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
Total expenditures	3,047	902	936	242	172	34	-	5,333
Total divestments	358	10	58	6	97	(1)	-	528
Cash flow from operating activities	3,266	1,743	(399)	(1,983)	568	(632)	-	2,563

INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited)
4^th quarter 2024	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	1,496	2,890	6,137	21,540	20,440	5	-	52,508
Intersegment sales	9,382	2,968	765	7,207	168	70	(20,560)	-
Excise taxes	-	-	-	(193)	(5,200)	-	-	(5,393)
Revenues from sales	10,878	5,858	6,902	28,554	15,408	75	(20,560)	47,115
Operating expenses	(4,754)	(4,431)	(6,536)	(27,616)	(14,772)	(254)	20,560	(37,803)
Depreciation, depletion and impairment of tangible assets and mineral interests	(1,853)	(326)	(28)	(250)	(227)	(31)	-	(2,715)
Net income (loss) from equity affiliates and other items	40	548	26	(90)	90	74	-	688
Tax on net operating income	(2,163)	(288)	(70)	(139)	(215)	(60)	-	(2,935)
Adjustments^(a)	(157)	(71)	(281)	141	(78)	(23)	-	(469)
Adjusted net operating income	2,305	1,432	575	318	362	(173)	-	4,819
Adjustments^(a)								(469)
Net cost of net debt								(331)
Non-controlling interests								(63)
Net income - TotalEnergies share								3,956

^(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 value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.


4^th quarter 2024	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
Total expenditures	1,983	1,904	529	630	458	79	-	5,583
Total divestments	295	247	1,038	132	106	20	-	1,838
Cash flow from operating activities	4,500	2,214	1,201	3,832	778	(18)	-	12,507

INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited)
1^st quarter 2024	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	1,318	2,659	7,082	24,533	20,671	15	-	56,278
Intersegment sales	9,735	3,495	790	8,143	269	63	(22,495)	-
Excise taxes	-	-	-	(170)	(4,225)	-	-	(4,395)
Revenues from sales	11,053	6,154	7,872	32,506	16,715	78	(22,495)	51,883
Operating expenses	(4,444)	(4,784)	(7,565)	(30,888)	(16,096)	(229)	22,495	(41,511)
Depreciation, depletion and impairment of tangible assets and mineral interests	(1,917)	(321)	(97)	(376)	(206)	(25)	-	(2,942)
Net income (loss) from equity affiliates and other items	97	495	(615)	68	1,480	27	-	1,552
Tax on net operating income	(2,261)	(284)	(40)	(255)	(108)	55	-	(2,893)
Adjustments^(a)	(22)	38	(1,056)	93	1,530	(4)	-	579
Adjusted net operating income	2,550	1,222	611	962	255	(90)	-	5,510
Adjustments^(a)								579
Net cost of net debt								(285)
Non-controlling interests								(83)
Net income - TotalEnergies share								5,721

^(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 value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.



1^st quarter 2024	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
Total expenditures	2,294	565	1,739	435	144	28	-	5,205
Total divestments	306	50	62	38	1,281	1	-	1,738
Cash flow from operating activities	3,590	1,710	(249)	(2,129)	(108)	(645)	-	2,169

(in millions of dollars)	1^st quarter	4^th quarter	1^st quarter	1^st quarter 2025 vs
(in millions of dollars)	2025	2024	2024	1^st quarter 2024
Cash flow used in investing activities ( a )	2,689	1,688	1,988	35%
Other transactions with non-controlling interests ( b )	-	-	-	ns
Organic loan repayment from equity affiliates ( c )	-	-	-	ns
Change in debt from renewable projects financing ( d ) *	-	-	-	ns
Capex linked to capitalized leasing contracts ( e )	109	138	90	21%
Expenditures related to carbon credits ( f )	2	20	(1)	ns
Net investments ( a + b + c + d + e + f = g - i + h )	2,800	1,846	2,077	35%
of which net acquisitions of assets sales ( g - i )	116	(258)	36	x3.2
Acquisitions ( g )	445	11	327	36%
Assets sales ( i )	329	269	291	13%
Change in debt from renewable projects (partner share)	-	-	-	ns
of which organic investments ( h )	2,684	2,104	2,041	32%
Capitalized exploration	109	119	136	-20%
Increase in non-current loans	82	41	42	95%
Repayment of non-current loans, excluding organic loan repayment from equity affiliates	(29)	(26)	(15)	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 1^st quarter 2025	2,451	1,294	506	301	240	(131)	-	4,661
Adjusted net operating income 4^th quarter 2024	2,305	1,432	575	318	362	(173)	-	4,819
Adjusted net operating income 3^rd quarter 2024	2,482	1,063	485	241	364	(76)	-	4,559
Adjusted net operating income 2^nd quarter 2024	2,667	1,152	502	639	379	(253)	-	5,086
Adjusted net operating income ( a )	9,905	4,941	2,068	1,499	1,345	(633)	-	19,125


Balance sheet as of March 31, 2025
Property plant and equipment intangible assets net	84,198	29,006	13,997	12,203	6,716	672	-	146,792
Investments & loans in equity affiliates	4,181	16,501	9,988	3,967	1,050	-	-	35,687
Other non-current assets	3,668	2,140	1,500	659	1,030	223	-	9,220
Inventories, net	1,653	996	568	12,521	3,299	-	-	19,037
Accounts receivable, net	5,753	9,845	6,635	21,697	8,307	1,149	(28,504)	24,882
Other current assets	7,634	7,788	4,295	2,371	2,687	4,043	(6,395)	22,423
Accounts payable	(6,612)	(10,862)	(7,559)	(35,562)	(9,514)	(808)	28,363	(42,554)
Other creditors and accrued liabilities	(10,737)	(8,054)	(3,988)	(4,983)	(5,475)	(5,804)	6,536	(32,505)
Working capital	(2,309)	(287)	(49)	(3,956)	(696)	(1,420)	-	(8,717)
Provisions and other non-current liabilities	(24,645)	(4,362)	(1,697)	(3,377)	(1,146)	910	-	(34,317)
Assets and liabilities classified as held for sale - Capital employed	304	-	1	-	85	-	-	390
Capital Employed (Balance sheet)	65,397	42,998	23,740	9,496	7,039	385	-	149,055
Less inventory valuation effect	-	-	-	(1,092)	(199)	-	-	(1,291)
Capital Employed at replacement cost ( b )	65,397	42,998	23,740	8,404	6,840	385	-	147,764


Balance sheet as of March 31, 2024
Property plant and equipment intangible assets net	84,713	25,054	13,626	12,089	6,508	665	-	142,655
Investments & loans in equity affiliates	2,889	14,387	8,831	4,142	1,007	-	-	31,256
Other non-current assets	3,626	2,500	1,280	715	1,236	31	-	9,388
Inventories, net	1,428	1,010	657	13,390	3,744	-	-	20,229
Accounts receivable, net	6,329	8,061	6,819	20,658	9,822	983	(28,474)	24,198
Other current assets	6,404	8,918	5,939	2,674	3,288	5,024	(11,632)	20,615
Accounts payable	(6,347)	(9,053)	(6,565)	(32,774)	(10,361)	(874)	28,327	(37,647)
Other creditors and accrued liabilities	(9,053)	(10,425)	(6,071)	(6,449)	(5,656)	(7,074)	11,779	(32,949)
Working capital	(1,239)	(1,489)	779	(2,501)	837	(1,941)	-	(5,554)
Provisions and other non-current liabilities	(25,021)	(3,774)	(1,902)	(3,678)	(1,235)	830	-	(34,780)
Assets and liabilities classified as held for sale - Capital employed	-	-	276	131	-	-	-	407
Capital Employed (Balance sheet)	64,968	36,678	22,890	10,898	8,353	(415)	-	143,372
Less inventory valuation effect	-	-	-	(1,538)	(340)	-	-	(1,878)
Capital Employed at replacement cost ( c )	64,968	36,678	22,890	9,360	8,013	(415)	-	141,494

ROACE as a percentage ( a / average ( b + c ))	15.2%	12.4%	8.9%	16.9%	18.1%	-	-	13.2%