TotalEnergies SE: Third Quarter 2025 Results

Summary by AI ^BETAClose X

TotalEnergies reported a 7% increase in cash flow from operations excluding working capital (CFFO) for 3Q25, reaching $7.1 billion, compared to $6.6 billion in 2Q25, but a 9% decrease compared to 9M24, with $20.7 billion. Adjusted net income for 3Q25 was $4.0 billion, an 11% increase from 2Q25's $3.6 billion, while the nine-month figure was $11.8 billion, down 15% from 9M24. Net income for TotalEnergies share was $3.7 billion, a 37% increase from 2Q25's $2.7 billion, and $10.2 billion for 9M25, a 13% decrease. Adjusted fully-diluted earnings per share increased by 13% to $1.77 in 3Q25. Net investments reached $3.1 billion in the third quarter, and gearing improved to 17.3%. The board confirmed a third interim dividend of 0.85 €/share and authorized share buybacks of up to $1.5 billion for 4Q25.

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TotalEnergies SE (TTE)

UK 100

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	3Q25	2Q25	Change vs 2Q25	9M25	Change vs 9M24
Cash flow from operations excluding working capital (CFFO)⁽¹⁾ (B$)	7.1	6.6	+7%	20.7	-9%
Adjusted net income (TotalEnergies share)⁽¹⁾
- in billions of dollars (B$)	4.0	3.6	+11%	11.8	-15%
- in dollars per share (fully-diluted)	1.77	1.57	+13%	5.17	-12%
Net income (TotalEnergies share) (B$)	3.7	2.7	+37%	10.2	-13%
Adjusted EBITDA⁽¹⁾ (B$)	10.3	9.7	+6%	30.5	-7%

3Q25	2Q25	3Q25 vs 2Q25	3Q24	In millions of dollars, except effective tax rate, earnings per share and number of shares	9M25	9M24	9M25 vs 9M24
10,295	9,690	+6%	10,048	Adjusted EBITDA ⁽¹⁾	30,489	32,614	-7%
4,659	4,390	+6%	4,635	Adjusted net operating income from business segments	13,841	15,574	-11%
2,169	1,974	+10%	2,482	Exploration & Production	6,594	7,699	-14%
852	1,041	-18%	1,063	Integrated LNG	3,187	3,437	-7%
571	574	-1%	485	Integrated Power	1,651	1,598	+3%
687	389	+77%	241	Refining & Chemicals	1,377	1,842	-25%
380	412	-8%	364	Marketing & Services	1,032	998	+3%
692	702	-1%	706	Contribution of equity affiliates to adjusted net income	2,109	1,963	+7%
37.7%	41.5%	-	38.0%	Effective tax rate ⁽³⁾	40.2%	38.7%	-
3,980	3,578	+11%	4,074	Adjusted net income (TotalEnergies share) ⁽¹⁾	11,750	13,858	-15%
1.77	1.57	+13%	1.74	Adjusted fully-diluted earnings per share (dollars) ⁽⁴⁾	5.17	5.87	-12%
1.50	1.38	+9%	1.58	Adjusted fully-diluted earnings per share (euros) ⁽⁵⁾	4.62	5.40	-14%
2,200	2,224	-1%	2,310	Fully-diluted weighted-average shares (millions)	2,225	2,327	-4%

3,683	2,687	+37%	2,294	Net income (TotalEnergies share)	10,221	11,802	-13%

3,473	4,819	-28%	4,102	Organic investments ⁽¹⁾	12,794	12,584	+2%
(381)	1,813	ns	1,662	Acquisitions net of assets sales ⁽¹⁾	1,851	1,382	+34%
3,092	6,632	-53%	5,764	Net investments ⁽¹⁾	14,645	13,966	+5%

7,061	6,618	+7%	6,821	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	20,671	22,766	-9%
7,443	6,943	+7%	7,009	Debt Adjusted Cash Flow (DACF) ⁽¹⁾	21,663	23,215	-7%
8,349	5,960	+40%	7,171	Cash flow from operating activities	16,872	18,347	-8%
Gearing ⁽¹⁾ of 17.3% at September 30, 2025 vs 17.9% at June 30, 2025 and 12.9% at September 30, 2024

3Q25	2Q25	3Q25 vs 2Q25	3Q24		9M25	9M24	9M25 vs 9M24
69.1	67.9	+2%	80.3	Brent ($/b)	70.9	82.8	-14%
3.1	3.5	-12%	2.2	Henry Hub ($/Mbtu)	3.5	2.2	+57%
11.3	11.9	-5%	11.5	TTF ($/Mbtu)	12.5	10.1	+24%
11.7	12.2	-4%	13.0	JKM ($/Mbtu)	12.7	11.2	+13%
66.5	65.6	+2%	77.0	Average price of liquids ^(6),(7) ($/b) Consolidated subsidiaries	67.9	78.9	-14%
5.50	5.63	-2%	5.78	Average price of gas ^(6),(8) ($/Mbtu) Consolidated subsidiaries	5.92	5.30	+12%
8.91	9.10	-2%	9.91	Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	9.36	9.61	-3%
63.0	35.3	+78%	15.4	European Refining Margin Marker (ERM) ^(6),(10) ($/t)	42.6	44.0	-3%

3Q25	2Q25	3Q25 vs 2Q25	3Q24	Scope 1+2 emissions ⁽¹²⁾ (MtCO2e)	9M25	9M24	9M25 vs 9M24
8.4	8.0	+5%	8.8	Scope 1+2 from operated facilities ⁽¹⁾	24.8	24.7	-
7.1	7.1	-	7.4	of which Oil & Gas	21.4	21.5	-
1.3	0.9	+44%	1.4	of which CCGT	3.4	3.2	+6%
11.0	10.6	+4%	11.3	Scope 1+2 - ESRS share ⁽¹⁾	32.7	32.5	+1%

3Q25	2Q25	3Q25 vs 2Q25	3Q24	Methane emissions (ktCH4)	9M25	9M24	9M25 vs 9M24
5	6	-17%	7	Methane emissions from operated facilities ⁽¹⁾	17	22	-23%
Estimated quarterly emissions.

3Q25	2Q25	3Q25 vs 2Q25	3Q24	Hydrocarbon production	9M25	9M24	9M25 vs 9M24
2,508	2,503	-	2,409	Hydrocarbon production (kboe/d)	2,523	2,437	+4%
1,407	1,343	+5%	1,324	Oil (including bitumen) (kb/d)	1,369	1,321	+4%
1,101	1,160	-5%	1,086	Gas (including condensates and associated NGL) (kboe/d)	1,154	1,116	+3%

2,508	2,503	-	2,409	Hydrocarbon production (kboe/d)	2,523	2,437	+4%
1,553	1,506	+3%	1,466	Liquids (kb/d)	1,525	1,475	+3%
5,182	5,395	-4%	5,093	Gas (Mcf/d)	5,409	5,174	+5%

In millions of dollars	October 1, 2024	July 1, 2024	October 1, 2023
	September 30, 2025	June 30, 2025	September 30, 2024
Adjusted net income (TotalEnergies share) ⁽¹⁾	16,431	16,535	19,398
Average adjusted shareholders' equity	116,051	117,441	116,572
Return on equity (ROE)	14.2%	14.1%	16.6%

	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$

	3Q25						2Q25
Net power production (TWh)	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total
France	0.3	0.2	-	0.6	0.0	1.1	0.2	0.2	-	0.5	0.0	1.0
Rest of Europe	0.2	0.4	0.2	1.5	0.1	2.5	0.2	0.5	0.2	1.0	0.1	2.0
Africa	0.0	-	-	-	0.1	0.1	0.0	-	-	-	0.1	0.1
Middle East	0.3	-	-	0.3	-	0.5	0.3	-	-	0.3	-	0.5
North America	1.4	0.5	-	2.1	-	4.0	1.3	0.6	-	1.4	-	3.3
South America	0.1	1.0	-	-	-	1.1	0.1	0.9	-	-	-	1.0
India	2.2	0.5	-	-	-	2.8	2.5	0.6	-	-	-	3.1
Pacific Asia	0.4	0.0	0.0	-	-	0.5	0.4	0.0	0.1	-	-	0.5
Total	5.0	2.6	0.3	4.5	0.2	12.6	5.1	2.8	0.3	3.2	0.2	11.6

	3Q25						2Q25
Installed power generation net capacity (GW) ⁽¹⁸⁾	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total
France	0.7	0.5	-	2.7	0.2	4.1	0.8	0.5	-	2.7	0.2	4.2
Rest of Europe	0.6	1.1	0.3	2.1	0.2	4.2	0.5	1.0	0.3	2.1	0.2	4.0
Africa	0.0	-	-	-	0.1	0.1	0.0	-	-	-	0.1	0.1
Middle East	0.5	-	-	0.3	-	0.8	0.5	-	-	0.3	-	0.8
North America	3.3	0.9	-	1.5	0.5	6.2	2.8	0.9	-	1.5	0.4	5.5
South America	0.4	1.1	-	-	-	1.5	0.4	1.0	-	-	-	1.4
India	6.4	0.6	-	-	-	7.0	6.0	0.6	-	-	-	6.6
Pacific Asia	1.1	0.0	0.2	-	-	1.3	1.1	0.0	0.2	-	-	1.3
Total	13.0	4.2	0.5	6.5	1.0	25.2	12.2	4.0	0.5	6.5	0.8	24.0

	3Q25					2Q25
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	1.3	0.9	0.0	0.2	2.4	1.3	0.9	0.0	0.2	2.3
Rest of Europe	0.6	1.6	1.1	0.3	3.7	0.6	1.5	1.1	0.3	3.5
Africa	0.1	0.0	0.0	0.3	0.4	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	6.9	2.3	0.0	1.0	10.3	6.1	2.3	0.0	0.8	9.3
South America	0.5	1.8	0.0	0.0	2.2	0.4	1.5	0.0	0.0	1.9
India	9.1	0.7	0.0	0.0	9.7	8.5	0.6	0.0	0.0	9.2
Asia-Pacific	1.7	0.0	0.6	0.0	2.4	1.7	0.0	0.6	0.0	2.4
Total	21.5	7.2	1.8	1.8	32.3	20.0	6.8	1.8	1.6	30.2

	3Q25					2Q25
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	0.2	0.2	0.0	0.0	0.4	0.3	0.1	0.0	0.0	0.4
Rest of Europe	0.5	0.1	0.8	0.3	1.7	0.5	0.2	0.8	0.3	1.9
Africa	0.5	0.1	0.0	0.1	0.7	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	1.2	0.0	0.0	0.2	1.3	1.2	0.0	0.0	0.5	1.7
South America	0.8	0.2	0.0	0.3	1.3	0.9	0.4	0.0	0.2	1.4
India	1.4	0.0	0.0	0.0	1.4	1.6	0.0	0.0	0.0	1.6
Asia-Pacific	0.4	0.0	0.0	0.0	0.4	0.1	0.0	0.0	0.0	0.1
Total	6.7	0.8	0.8	0.9	9.2	6.7	1.1	0.8	1.2	9.8

	3Q25					2Q25
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	1.0	0.5	1.5	0.0	2.9	1.0	0.5	0.0	0.0	1.6
Rest of Europe	5.8	1.8	14.3	3.2	25.1	6.4	1.7	14.3	2.9	25.3
Africa	0.3	0.2	0.0	0.0	0.5	0.5	0.2	0.0	0.0	0.7
Middle East	0.5	0.0	0.0	0.0	0.5	0.6	0.0	0.0	0.0	0.6
North America	10.4	3.6	4.1	5.3	23.4	10.9	3.7	4.1	4.6	23.3
South America	1.3	1.3	0.0	0.0	2.7	1.2	1.4	0.0	0.0	2.6
India	1.6	0.1	0.0	0.0	1.7	2.0	0.1	0.0	0.0	2.1
Asia-Pacific	3.0	1.1	2.6	1.1	7.7	3.2	1.1	2.6	1.1	7.9
Total	23.9	8.5	22.5	9.6	64.4	25.8	8.6	21.0	8.6	64.1

In millions of dollars	09/30/2025	06/30/2025	09/30/2024
Current borrowings *	11,830	12,570	11,805
Other current financial liabilities	568	861	488
Current financial assets * , **	(4,607)	(4,872)	(5,780)
Net financial assets classified as held for sale *	49	41	204
Non-current financial debt *	41,296	39,161	37,824
Non-current financial assets *	(1,168)	(1,410)	(1,307)
Cash and cash equivalents	(23,415)	(20,424)	(25,672)
Net debt ( a )	24,553	25,927	17,562

Shareholders’ equity (TotalEnergies share)	115,281	116,642	116,059
Non-controlling interests	2,384	2,360	2,557
Shareholders' equity (b)	117,665	119,002	118,616

Gearing = a / ( a+b )	17.3%	17.9%	12.9%

Leases (c)	8,827	8,907	8,338
Gearing including leases ( a+c ) / ( a+b+c )	22.1%	22.6%	17.9%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.

Twelve months ended September 30, 2025
In millions of dollars	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Company
Adjusted net operating income	8,899	4,619	2,226	1,695	1,394	18,204
Capital employed at 09/30/2024	64,859	39,460	24,589	9,050	7,325	143,297
Capital employed at 09/30/2025	66,102	43,872	26,960	7,123	7,565	149,974
ROACE	13.6%	11.1%	8.6%	21.0%	18.7%	12.4%

⁽¹⁾		Refer to Glossary pages 23 & 24 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: 1.1681 in the 3^rd quarter 2025, 1.1338 in the 2^nd quarter 2025, 1.0983 in the 3^rd quarter 2024, 1.1188 in the first nine months of 2025 and 1.0871 in the first nine months of 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 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).
*		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 18.99% 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)
	3^rd quarter	2^nd quarter	3^rd quarter
(M$)^(a)	2025	2025	2024

Sales	48,691	49,627	52,021
Excise taxes	(4,847)	(4,951)	(4,592)
Revenues from sales	43,844	44,676	47,429

Purchases, net of inventory variation	(27,191)	(29,158)	(31,425)
Other operating expenses	(7,591)	(7,834)	(7,269)
Exploration costs	(64)	(97)	(572)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,280)	(3,258)	(3,392)
Other income	778	544	45
Other expense	(528)	(287)	(374)

Financial interest on debt	(808)	(816)	(797)
Financial income and expense from cash & cash equivalents	265	327	457
Cost of net debt	(543)	(489)	(340)

Other financial income	366	429	319
Other financial expense	(208)	(203)	(214)

Net income (loss) from equity affiliates	602	529	333

Income taxes	(2,423)	(2,106)	(2,179)
Consolidated net income	3,762	2,746	2,361
TotalEnergies share	3,683	2,687	2,294
Non-controlling interests	79	59	67
Earnings per share ($)	1.65	1.18	0.97
Fully-diluted earnings per share ($)	1.64	1.17	0.96
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
	3^rd quarter	2^nd quarter	3^rd quarter
(M$)	2025	2025	2024
Consolidated net income	3,762	2,746	2,361

Other comprehensive income

Actuarial gains and losses	(2)	16	3
Change in fair value of investments in equity instruments	(96)	52	(141)
Tax effect	19	(20)	29
Currency translation adjustment generated by the parent company	(2)	5,808	3,151
Items not potentially reclassifiable to profit and loss	(81)	5,856	3,042
Currency translation adjustment	(230)	(4,692)	(2,457)
Cash flow hedge	(346)	165	(13)
Variation of foreign currency basis spread	6	4	(4)
Share of other comprehensive income of equity affiliates, net amount	(112)	(174)	(208)
Other	5	-	2
Tax effect	81	(49)	(1)
Items potentially reclassifiable to profit and loss	(596)	(4,746)	(2,681)
Total other comprehensive income (net amount)	(677)	1,110	361

Comprehensive income	3,085	3,856	2,722
TotalEnergies share	3,001	3,752	2,631
Non-controlling interests	84	104	91

3Q25	2Q25	3Q25 vs 2Q25	3Q24	Refinery throughput and utilization rate	9M25	9M24	9M25 vs 9M24
1,478	1,589	-7%	1,539	Total refinery throughput (kb/d)	1,538	1,493	+3%
481	463	+4%	451	France	460	421	+9%
595	632	-6%	625	Rest of Europe	618	627	-1%
402	494	-19%	463	Rest of world	461	445	+4%
84%	90%	-	86%	Utilization rate based on crude only*	87%	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.

3Q25	2Q25	3Q25 vs 2Q25	3Q24	Petrochemicals production and utilization rate	9M25	9M24	9M25 vs 9M24
1,326	1,164	+14%	1,314	Monomers* (kt)	3,740	3,850	-3%
1,174	1,127	+4%	1,167	Polymers (kt)	3,474	3,352	+4%
84%	74%	-	85%	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.

3Q25	2Q25	3Q25 vs 2Q25	3Q24	Petroleum product sales by region (kb/d)	9M25	9M24	9M25 vs 9M24
1,839	1,904	-3%	1,932	Europe	1,806	1,849	-2%
566	616	-8%	585	Africa	600	578	+4%
978	1,057	-7%	1,091	Americas	1,036	1,038	-
1,128	856	+32%	747	Rest of world	976	699	+40%
4,510	4,432	+2%	4,355	Total consolidated sales	4,418	4,164	+6%
354	379	-7%	395	Includes bulk sales	359	397	-10%
2,887	2,729	+6%	2,578	Includes trading	2,773	2,414	+15%

3Q25	2Q25	3Q25 vs 2Q25	3Q24	*Petrochemicals production (kt)**	9M25	9M24	9M25 vs 9M24
976	832	+17%	954	Europe	2,792	2,844	-2%
773	750	+3%	765	Americas	2,217	2,166	+2%
751	709	+6%	762	Middle East and Asia	2,205	2,192	+1%
* Olefins, polymers.

3Q25	2Q25	3Q24	In millions of dollars	9M25	9M24
3,683	2,687	2,294	Net income (TotalEnergies share)	10,221	11,802
(93)	(340)	(1,337)	Special items affecting net income (TotalEnergies share)	(541)	(806)
284	-	-	Gain (loss) on asset sales	284	1,397
(7)	-	(10)	Restructuring charges	(7)	(21)
(286)	(209)	(1,100)	Impairments	(495)	(1,744)
(84)	(131)	(227)	Other	(323)	(438)
(32)	(268)	(359)	After-tax inventory effect : FIFO vs. replacement cost	(378)	(555)
(172)	(283)	(84)	Effect of changes in fair value	(610)	(695)
(297)	(891)	(1,780)	Total adjustments affecting net income	(1,529)	(2,056)
3,980	3,578	4,074	Adjusted net income (TotalEnergies share)	11,750	13,858

CONSOLIDATED BALANCE SHEET
TotalEnergies
	September 30, 2025	June 30, 2025	December 31, 2024	September 30, 2024
(M$)	(unaudited)	(unaudited)		(unaudited)

ASSETS

Non-current assets
Intangible assets, net	37,764	36,687	34,238	33,891
Property, plant and equipment, net	115,198	116,153	109,095	110,125
Equity affiliates : investments and loans	36,968	36,657	34,405	33,963
Other investments	2,046	2,176	1,665	1,656
Non-current financial assets	2,426	2,691	2,305	2,578
Deferred income taxes	3,633	3,550	3,202	3,727
Other non-current assets	2,990	4,057	4,006	4,170
Total non-current assets	201,025	201,971	188,916	190,110

Current assets
Inventories, net	17,058	17,275	18,868	18,532
Accounts receivable, net	19,735	21,254	19,281	18,777
Other current assets	21,833	24,160	23,687	21,933
Current financial assets	4,884	5,183	6,914	6,151
Cash and cash equivalents	23,415	20,424	25,844	25,672
Assets classified as held for sale	4,009	2,550	1,977	2,830
Total current assets	90,934	90,846	96,571	93,895
Total assets	291,959	292,817	285,487	284,005

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity
Common shares	7,059	7,262	7,577	7,577
Paid-in surplus and retained earnings	125,073	128,103	135,496	130,804
Currency translation adjustment	(13,853)	(13,564)	(15,259)	(13,793)
Treasury shares	(2,998)	(5,159)	(9,956)	(8,529)
Total shareholders' equity - TotalEnergies share	115,281	116,642	117,858	116,059
Non-controlling interests	2,384	2,360	2,397	2,557
Total shareholders' equity	117,665	119,002	120,255	118,616

Non-current liabilities
Deferred income taxes	12,830	12,729	12,114	11,750
Employee benefits	1,991	1,974	1,753	1,890
Provisions and other non-current liabilities	20,096	20,312	19,872	20,290
Non-current financial debt	49,552	47,584	43,533	45,750
Total non-current liabilities	84,469	82,599	77,272	79,680

Current liabilities
Accounts payable	38,062	39,288	39,932	34,668
Other creditors and accrued liabilities	35,266	34,672	35,961	34,716
Current borrowings	13,820	14,637	10,024	13,853
Other current financial liabilities	568	861	664	488
Liabilities directly associated with the assets classified as held for sale	2,109	1,758	1,379	1,984
Total current liabilities	89,825	91,216	87,960	85,709
Total liabilities & shareholders' equity	291,959	292,817	285,487	284,005

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
	3^rd quarter	2^nd quarter	3^rd quarter
(M$)	2025	2025	2024

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income	3,762	2,746	2,361
Depreciation, depletion, amortization and impairment	3,405	3,360	4,020
Non-current liabilities, valuation allowances and deferred taxes	272	127	(93)
(Gains) losses on disposals of assets	(603)	(335)	(3)
Undistributed affiliates' equity earnings	(195)	(102)	(13)
(Increase) decrease in working capital	1,600	49	836
Other changes, net	108	115	63
Cash flow from operating activities	8,349	5,960	7,171

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions	(3,812)	(4,766)	(4,110)
Acquisitions of subsidiaries, net of cash acquired	-	(1,627)	(497)
Investments in equity affiliates and other securities	(215)	(419)	(845)
Increase in non-current loans	(408)	(425)	(458)
Total expenditures	(4,435)	(7,237)	(5,910)
Proceeds from disposals of intangible assets and property, plant and equipment	613	69	32
Proceeds from disposals of subsidiaries, net of cash sold	133	154	82
Proceeds from disposals of non-current investments	(8)	15	37
Repayment of non-current loans	494	310	197
Total divestments	1,232	548	348
Cash flow used in investing activities	(3,203)	(6,689)	(5,562)

CASH FLOW FROM FINANCING ACTIVITIES

Issuance (repayment) of shares:
- Parent company shareholders	-	492	-
- Treasury shares	(2,349)	(1,707)	(2,005)
Dividends paid:
- Parent company shareholders	(2,216)	(1,894)	(1,963)
- Non-controlling interests	(89)	(173)	(171)
Net issuance (repayment) of perpetual subordinated notes	-	-	-
Payments on perpetual subordinated notes	(26)	(27)	(23)
Other transactions with non-controlling interests	23	(31)	(14)
Net issuance (repayment) of non-current debt	3,682	257	3,080
Increase (decrease) in current borrowings	(1,962)	(356)	911
Increase (decrease) in current financial assets and liabilities	529	1,287	760
Cash flow from / (used in) financing activities	(2,408)	(2,152)	575
Net increase (decrease) in cash and cash equivalents	2,738	(2,881)	2,184
Effect of exchange rates	253	468	277
Cash and cash equivalents at the beginning of the period	20,424	22,837	23,211
Cash and cash equivalents at the end of the period	23,415	20,424	25,672

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 nine months 2024	-	-	11,802	-	-	-	11,802	210	12,012
Other comprehensive income	-	-	924	(91)	-	-	833	4	837
Comprehensive Income	-	-	12,726	(91)	-	-	12,635	214	12,849
Dividend	-	-	(5,863)	-	-	-	(5,863)	(304)	(6,167)
Issuance of common shares	10,833,187	29	492	-	-	-	521	-	521
Purchase of treasury shares	-	-	-	-	(88,066,669)	(6,568)	(6,568)	-	(6,568)
Sale of treasury shares^(a)	-	-	(395)	-	6,067,493	395	-	-	-
Share-based payments	-	-	458	-	-	-	458	-	458
Share cancellation	(25,405,361)	(68)	(1,595)	-	25,405,361	1,663	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	(1,679)	-	-	-	(1,679)	-	(1,679)
Payments on perpetual subordinated notes	-	-	(200)	-	-	-	(200)	-	(200)
Other operations with non-controlling interests	-	-	-	-	-	-	-	(50)	(50)
Other items	-	-	3	(1)	-	-	2	(3)	(1)
As of September 30, 2024	2,397,679,661	7,577	130,804	(13,793)	(117,137,028)	(8,529)	116,059	2,557	118,616
Net income of the fourth quarter 2024	-	-	3,956	-	-	-	3,956	63	4,019
Other comprehensive income	-	-	1,512	(1,467)	-	-	45	(48)	(3)
Comprehensive Income	-	-	5,468	(1,467)	-	-	4,001	15	4,016
Dividend	-	-	(1,893)	-	-	-	(1,893)	(151)	(2,044)
Issuance of common shares	-	-	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	-	(32,396,563)	(1,427)	(1,427)	-	(1,427)
Sale of treasury shares^(a)	-	-	-	-	3,773	-	-	-	-
Share-based payments	-	-	98	-	-	-	98	-	98
Share cancellation	-	-	-	-	-	-	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	1,103	-	-	-	1,103	-	1,103
Payments on perpetual subordinated notes	-	-	(72)	-	-	-	(72)	-	(72)
Other operations with non-controlling interests	-	-	-	-	-	-	-	(17)	(17)
Other items	-	-	(12)	1	-	-	(11)	(7)	(18)
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 nine months 2025	-	-	10,221	-	-	-	10,221	208	10,429
Other comprehensive income	-	-	(867)	1,406	-	-	539	66	605
Comprehensive Income	-	-	9,354	1,406	-	-	10,760	274	11,034
Dividend	-	-	(6,103)	-	-	-	(6,103)	(267)	(6,370)
Issuance of common shares	11,149,053	30	462	-	-	-	492	-	492
Purchase of treasury shares	-	-	-	-	(99,060,045)	(6,520)	(6,520)	-	(6,520)
Sale of treasury shares^(a)	-	-	(414)	-	6,218,249	414	-	-	-
Share-based payments	-	-	463	-	-	-	463	-	463
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	-	-	(238)	-	-	-	(238)	-	(238)
Other operations with non-controlling interests	-	-	(6)	-	-	-	(6)	(22)	(28)
Other items	-	-	(18)	-	-	-	(18)	2	(16)
As of September 30, 2025	2,206,585,543	7,059	125,073	(13,853)	(40,128,443)	(2,998)	115,281	2,384	117,665
^(a)Treasury shares related to the performance share grants.

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3^rd 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	1,392	1,995	3,955	21,205	20,138	6	-	48,691
Intersegment sales	8,892	1,587	434	7,122	234	38	(18,307)	-
Excise taxes	-	-	-	(201)	(4,646)	-	-	(4,847)
Revenues from sales	10,284	3,582	4,389	28,126	15,726	44	(18,307)	43,844
Operating expenses	(4,200)	(2,880)	(3,863)	(27,069)	(14,916)	(225)	18,307	(34,846)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,145)	(376)	(103)	(380)	(243)	(33)	-	(3,280)
Net income (loss) from equity affiliates and other items	522	492	(52)	75	(24)	(3)	-	1,010
Tax on net operating income	(2,055)	(97)	(110)	(143)	(177)	115	-	(2,467)
Adjustments^(a)	237	(131)	(310)	(78)	(14)	(22)	-	(318)
Adjusted net operating income	2,169	852	571	687	380	(80)	-	4,579
Adjustments^(a)								(318)
Net cost of net debt								(499)
Non-controlling interests								(79)
Net income - TotalEnergies share								3,683

^(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.



3^rd 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	2,409	611	773	402	205	35	-	4,435
Total divestments	622	465	81	17	45	2	-	1,232
Cash flow from operating activities	4,187	789	674	2,839	287	(427)	-	8,349

(In millions of dollars)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	InterCompany	Company
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 4^th quarter 2024	2,305	1,432	575	318	362	(173)	-	4,819
Adjusted net operating income ( a )	8,899	4,619	2,226	1,695	1,394	(629)	-	18,204


Balance sheet as of September 30, 2025
Property plant and equipment intangible assets net	87,453	29,195	15,681	12,725	7,111	797	-	152,962
Investments & loans in equity affiliates	4,498	16,983	10,257	4,137	1,093	-	-	36,968
Other non-current assets	2,504	2,285	1,705	748	1,083	344	-	8,669
Inventories, net	1,674	1,076	596	10,196	3,516	-	-	17,058
Accounts receivable, net	5,533	5,828	4,045	17,547	8,328	1,300	(22,846)	19,735
Other current assets	7,020	7,252	5,567	2,251	2,889	2,600	(5,746)	21,833
Accounts payable	(6,668)	(6,661)	(6,309)	(30,876)	(9,472)	(901)	22,825	(38,062)
Other creditors and accrued liabilities	(11,225)	(7,587)	(4,810)	(5,175)	(5,546)	(6,690)	5,767	(35,266)
Working capital	(3,666)	(92)	(911)	(6,057)	(285)	(3,691)	-	(14,702)
Provisions and other non-current liabilities	(25,136)	(4,499)	(1,388)	(3,569)	(1,227)	902	-	(34,917)
Assets and liabilities classified as held for sale - Capital employed	449	-	1,616	-	-	-	-	2,065
Capital Employed (Balance sheet)	66,102	43,872	26,960	7,984	7,775	(1,648)	-	151,045
Less inventory valuation effect	-	-	-	(861)	(210)	-	-	(1,071)
Capital Employed at replacement cost ( b )	66,102	43,872	26,960	7,123	7,565	(1,648)	-	149,974


Balance sheet as of September 30, 2024
Property plant and equipment intangible assets net	83,224	25,426	15,517	12,365	6,808	676	-	144,016
Investments & loans in equity affiliates	3,850	15,609	9,341	4,117	1,046	-	-	33,963
Other non-current assets	3,896	2,096	1,286	741	1,210	324	-	9,553
Inventories, net	1,444	1,595	617	11,277	3,599	-	-	18,532
Accounts receivable, net	5,801	6,146	4,270	16,506	8,770	1,067	(23,783)	18,777
Other current assets	7,363	7,814	4,788	2,415	3,154	2,357	(5,958)	21,933
Accounts payable	(7,035)	(6,771)	(5,459)	(28,346)	(9,809)	(994)	23,746	(34,668)
Other creditors and accrued liabilities	(9,658)	(8,693)	(4,542)	(5,596)	(6,015)	(6,207)	5,995	(34,716)
Working capital	(2,085)	91	(326)	(3,744)	(301)	(3,777)	-	(10,142)
Provisions and other non-current liabilities	(24,510)	(3,762)	(1,801)	(3,415)	(1,233)	791	-	(33,930)
Assets and liabilities classified as held for sale - Capital employed	484	-	572	-	-	-	-	1,056
Capital Employed (Balance sheet)	64,859	39,460	24,589	10,064	7,530	(1,986)	-	144,516
Less inventory valuation effect	-	-	-	(1,014)	(205)	-	-	(1,219)
Capital Employed at replacement cost ( c )	64,859	39,460	24,589	9,050	7,325	(1,986)	-	143,297

ROACE as a percentage ( a / average ( b + c ))	13.6%	11.1%	8.6%	21.0%	18.7%			12.4%

TotalEnergies SE: Third Quarter 2025 Results

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