TotalEnergies SE: Fourth Quarter and Full Year 2025 Results

Key Terms

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

european refining margin marker (erm) financial

A European refining margin marker (ERM) is a widely used indicator that estimates how much profit refiners in Europe make by turning crude oil into finished fuels and other products. Think of it like the difference between the cost of raw ingredients and the price of baked goods; a higher ERM suggests refiners can sell products for much more than their crude costs, which matters to investors because it directly affects refinery earnings, cash flow and the attractiveness of energy stocks.

scope 3 technical

Scope 3 describes all greenhouse gas emissions that occur upstream and downstream of a company’s direct operations—things like emissions from suppliers, transportation, product use, and disposal. Think of it as the hidden carbon footprint tied to everything a business buys, sells, or enables; it matters to investors because these indirect emissions can drive regulatory costs, supply-chain disruption, consumer preference shifts, and long-term valuation risk that aren’t visible on a company’s factory floor or utility bill.

kboe/d technical

kboe/d stands for 'thousand barrels of oil equivalent per day' and measures energy production or throughput by converting oil, gas and other fuels into a single common unit and expressing it per day. Think of it as counting different types of fruit by converting them into apple-equivalents so you can compare totals; investors use it to gauge a producer’s output scale, revenue potential and how efficiently assets generate cash.

gearing financial

Gearing measures how much a company relies on borrowed money compared with its own funds, often shown as debt relative to equity or total capital. Like using a lever to lift a heavy box, higher gearing can amplify gains when things go well but also magnify losses and the chance of financial stress if revenue falls; investors watch it to judge risk, potential return, and the firm’s ability to meet interest and repayment obligations.

TotalEnergies generates stable cash flow of $7.2 billion in the 4^th quarter, despite a drop of more than $5/b in oil prices

In 2025, TotalEnergies reports adjusted net income of $15.6 bn, down 15% year-on-year reflecting oil price decrease while cash flow of nearly $28 bn decreased by only 7% year-on-year, benefiting from the accretive growth of its production

Return on average capital employed of 12.6%, the best among the majors for the fourth consecutive year 15% gearing at year-end 2025

Dividend for 2025 at €3.40 per share, up 5.6%

PARIS--(BUSINESS WIRE)-- Regulatory News:

TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):

		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%

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 10, 2026, to approve the 4^th quarter 2025 financial statements. On the occasion, Patrick Pouyanné said:

“With cash flow stable at $7.2 billion, TotalEnergies once again demonstrates its ability to offset lower hydrocarbon prices thanks to accretive growth in its Upstream production of 3.9% in 2025, exceeding the guidance of above 3%.

For the year 2025, the Company reported adjusted net income of $15.6 billion and cash flow of $27.8 billion in an environment marked by a decline of 15% in oil prices. IFRS net income amounted to $13.1 billion, down 17%. Return on average capital employed stood at 12.6%, the best among the majors for the fourth consecutive year. TotalEnergies continued to implement its balanced, disciplined growth strategy by investing $17.1 billion in 2025, including 37% for new Oil & Gas projects and around $3.5 billion in low-carbon energies, of which nearly $3 billion in electricity. TotalEnergies ended 2025 with a gearing ratio at 15%, highlighting the Company’s solid financial position.

Fourth-quarter Oil & Gas production reached 2.545 Mboe/d, up nearly 5% year-on-year. Exploration & Production delivered adjusted net operating income of $1.8 billion and cash flow of $3.6 billion in the quarter. For the year 2025, Exploration & Production generated adjusted net operating income of $8.4 billion and cash flow of $15.6 billion. In 2025, TotalEnergies’ production growth benefited from the start-up and ramp-up of seven major projects (Mero-2, Mero-3 and Mero-4 in Brazil, Anchor and Ballymore in the United States, Fenix in Argentina and Tyra in Denmark). Accretive upstream production growth helped offset $5/b of the $11/b price decline recorded over the year. The Company maintained operating costs at $5/b in 2025 and continued to reduce operated methane emissions by over 20% during the year.

With a reserve replacement rate of 116% in 2025, TotalEnergies maintains proven reserves life above 12 years, while continuing to build its future project portfolio. The Company signed an agreement with Galp to acquire a 40% operated interest in the prolific PEL83 license, which includes the Mopane discovery. It also expanded its exploration portfolio by entering new licenses in Algeria, the United States, Nigeria, Malaysia, Indonesia, Guyana and Liberia. TotalEnergies pursued active management of its upstream portfolio, notably signing an agreement to merge its mature UK North Sea assets with NEO NEXT and selling interests in non-operated projects in Nigeria and Brazil.

Adjusted net operating income and cash flow for the Integrated LNG segment are stable compared to the third quarter of 2025, reaching $0.9 billion and $1.2 billion respectively. These results were supported by higher production (restart of Ichthys LNG) and LNG sales, offsetting a 5% decline in average LNG sales prices during the quarter. For full-year 2025, Integrated LNG generated adjusted net operating income of $4.1 billion and cash flow of $4.7 billion. The Company continued to strengthen its integration along the US LNG value chain with the investment decision for Train 4 of the Rio Grande LNG project, including the purchase of 1.5 Mt/year of LNG and the acquisition of new upstream gas interests in the Anadarko Basin.

In the fourth quarter, Integrated Power confirmed the strong performance of previous quarters with adjusted net operating income of $564 million and much higher cash flow of $788 million. For 2025, cash flow amounted to $2.6 billion, in line with the announced target. Return on average capital employed stood at 10%. Net electricity production reached 48 TWh, up 17% year-on-year, helping reduce the average carbon intensity of all energy products sold to customers (-18.5% versus 2015). To accelerate its gas-to-power integration strategy in Europe, TotalEnergies signed an agreement with EPH to acquire 50% of a portfolio of flexible power generation assets with more than 14 GW of gross capacity. In 2025, TotalEnergies also recycled $2 billion of capital by selling 50% of a 2.7 GW gross capacity portfolio (United States, Portugal, Greece, France), in line with its renewables business model.

Downstream delivered adjusted net operating income of $1.3 billion, up 26% in the quarter, and cash flow of $2.0 billion, up 19%, driven by more than a 30% increase in European refining margins. For 2025, Downstream adjusted net operating income reached $3.8 billion and cash flow $6.2 billion, with Refining & Chemicals capturing the margin improvement in the second half of the year and Marketing & Services benefiting from continued increases in unit margins.

Given the Company’s strong cash-flow generation and solid balance sheet despite uncertain environment, the Board of Directors will propose to the Annual Shareholders’ Meeting on May 29, 2026, the distribution of a final 2025 dividend of €0.85/share, bringing the full-year 2025 dividend to €3.40/share, up 5.6% from the 2024 dividend, reflecting the share buybacks executed in 2025 ($7.5 billion for a 55% payout). The Board also confirmed the 2026 share-buyback guidance of $3 billion to $6 billion for an oil price between $60 and $70/b and an exchange rate around $1.20/€. Considering the uncertain price environment, it authorized $750 million of buybacks in the first quarter 2026, consistent with the budget assumption ($60/b), thereby preserving the flexibility to adjust the level of buybacks during 2026 depending on price developments.”

1. Highlights ⁽²⁾

Corporate

• Commencement of trading of TotalEnergies ordinary shares on the New York Stock Exchange on December 8, 2025, replacing the American Depositary Receipts program.
• Publication of the 7^th edition of the “TotalEnergies Energy Outlook”.

Upstream

• Namibia
  • Conclusion of an agreement with Galp involving the exchange of a 40% operated interest in the PEL83 (Mopane) license for a 10% interest in the PEL56 (Venus) license and a 9.39% interest in the PEL91 license.
  • Signing of an agreement for the acquisition of a 42.5% operated interest in the PEL104 exploration license.
• United Kingdom: conclusion of an agreement to merge UK Upstream assets with NEO NEXT (owned 55% by HitecVision and 45% by Repsol) to create NEO NEXT+. This entity will be the UK’s largest oil and gas producer, with TotalEnergies holding a 47.5% majority stake.
• Libya: signing of an agreement to extend the Waha concessions until 2050.
• Guyana: signing of a production sharing contract for Block S4 as the operator.
• Lebanon: awarding of the offshore exploration license for Block 8.
• Nigeria
  • Signing of an agreement with Vaaris (a Nigerian-owned company) for the sale of a 10% non-operated interest in the Renaissance joint venture (formerly SPDC).
  • Acquisition of an additional 50% operated interest in offshore block OPL257 from Nigerian company. Conoil, and divestment of TotalEnergies' 40% interest in offshore block OML136 to the same company.
  • Signing of an agreement with Chevron for the divestment of a 40% interest in two offshore exploration licenses; TotalEnergies will retain a 40% interest.
  • Finalization of the divestment of a 12.5% non-operated interest in the Bonga field.
• Norway: finalization of the divestment of interests in three Ekofisk satellite fields.

Integrated LNG

• Lifting of force majeure and full resumption of all activities of the Mozambique LNG project.
• Completion of the sale to PTTEP of a 9.998% interest in the Jerun field (SK408) in Malaysia.

Integrated Power

• Signing of an agreement for the acquisition of 50% of a portfolio of more than 14 GW of flexible power generation assets from EPH, in an all-share transaction valued at €5.1 billion.
• Signing of contracts with Google for the supply of electricity to data centers
  • ~30 TWh over 15 years in the United States.
  • ~1 TWh over 21 years in Malaysia.
• Signing of contracts for the supply of renewable electricity with a constant consumption profile (Clean Firm Power).
  • 3.3 TWh over 10 years with Airbus in Germany and the United Kingdom.
  • 0.8 TWh over 10 years with SWM in France.
  • 0.6 TWh over 10 years with Data4 in Spain.
• Award of a 400 MW solar project to TotalEnergies and Aljomaih Energy & Water in Saudi Arabia.
• Completion of the sale to KKR of a 50% stake in a 1.4 GW portfolio of renewable assets in North America.
• Completion of the sale of a 50% stake in a 424 MW portfolio of renewable assets in Greece.
• Sale of a 1.7% stake in the listed company Adani Green Energy.

Carbon footprint reduction and low-carbon energies

• Association agreement between TotalEnergies and Banque des Territoires for the creation of an investment platform intended to support the deployment of electric vehicle charging infrastructure in France.
• Creation of a joint venture with Tikehau Capital to drive the deployment of electric vehicle charging infrastructure in Belgium and the Netherlands.
• Divestment by TotalEnergies and TES of 33.3% of their stake in the LiveOak synthetic natural gas project in the United States to Japanese companies.
• Launch of a partnership with DelAgua for the distribution of improved cookstoves to 200,000 households in Rwanda.
• New $100 million commitment to Climate Investment’s "Venture Strategy" fund, supporting emission-reduction technologies across the entire oil and gas value chain.

2. Key figures from TotalEnergies’ consolidated financial statements ⁽¹⁾

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

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment – liquids and gas price realizations, refining margins

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%

3.2 Greenhouse gas emissions ⁽¹¹⁾

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.

Methane emissions from operated assets decreased by 22% in 2025 year-on-year and by 65% compared with the 2020 baseline year, mainly due to the continued reduction of flaring and fugitive emissions at Exploration & Production facilities.

Scope 1+2 emissions from operated Oil & Gas assets decreased by 3% in 2025 compared with 2024, despite an increase of nearly 4% in production.

Scope 3 ⁽¹³⁾ Category 11 emissions for 2025 are estimated at 335 Mt CO₂e, down 2% year-on-year.

3.3 Production ⁽¹⁴⁾

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%

Hydrocarbon production averaged 2,529 thousand barrels of oil equivalent per day in 2025, up nearly 4% year-on-year, due to the following factors:

• +6% from project start-ups and ramp-ups, notably Mero-2, Mero-3 and Mero-4 in Brazil, Anchor and Ballymore in the United States, Fenix in Argentina, and Tyra in Denmark.
• +1% scope effect, mainly linked to the acquisitions of SapuraOMV in Malaysia and interests in gas licenses in the Eagle Ford basin in Texas.
• -3% due to the natural decline of fields.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

4Q25		3Q25		4Q25 vs 3Q25		4Q24		Hydrocarbon production		2025		2024		2025 vs 2024
2,002		2,026		-1%		1,933		EP (kboe/d)		1,990		1,947		+2%
1,485		1,501		-1%		1,385		Liquids (kb/d)		1,467		1,408		+4%
2,779		2,782		-		2,924		Gas (Mcf/d)		2,794		2,880		-3%

4.1.2 Results

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars, except effective tax rate		2025		2024		2025 vs 2024
1,805		2,169		-17%		2,305		Adjusted net operating income		8,399		10,004		-16%
211		177		+19%		207		including adjusted income from equity affiliates		714		742		-4%
51.7%		48.5%		-		50.5%		Effective tax rate (15)		49.9%		47.8%		-
1,905		1,922		-1%		2,104		Organic investments (1)		9,564		9,060		+6%
(530)		(53)		ns		(258)		Acquisitions net of assets sales (1)		(305)		(207)		ns
1,375		1,869		-26%		1,846		Net investments (1)		9,259		8,853		+5%
3,611		3,984		-9%		3,945		Cash flow from operations excluding working capital (CFFO) (1)		15,646		17,049		-8%
3,821		4,187		-9%		4,500		Cash flow from operating activities		14,949		17,388		-14%

In the fourth quarter of 2025, for the Exploration & Production segment:

• Adjusted net operating income amounted to $1,805 million, down $364 million quarter-on-quarter, reflecting the decrease in the average selling price of liquids and gas.
• Cash flow from operations excluding working capital (CFFO) amounted to $3,611 million, down $373 million over the quarter for the same reasons.

For full-year 2025, Exploration & Production cash flow from operations excluding working capital amounted to $15,646 million, benefiting from accretive production growth that offset the impact of a $5/b decline in Brent, resulting in a year-on-year decrease of only 8%.

4.2 Integrated LNG

4.2.1 Production

4Q25		3Q25		4Q25 vs 3Q25		4Q24		Hydrocarbon production for LNG		2025		2024		2025 vs 2024
543		482		+13%		494		Integrated LNG (kboe/d)		539		487		+11%
70		52		+36%		60		Liquids (kb/d)		66		60		+11%
2,602		2,400		+8%		2,399		Gas (Mcf/d)		2,608		2,331		+12%
4Q25		3Q25		4Q25 vs 3Q25		4Q24		Liquefied Natural Gas in Mt		2025		2024		2025 vs 2024
12.2		10.4		+17%		10.8		Overall LNG sales		43.9		39.8		+10%
3.9		3.4		+15%		3.8		incl. Sales from equity production*		15.1		15.5		-2%
10.8		9.2		+18%		9.4		incl. Sales by TotalEnergies from equity production and third party purchases		38.8		34.7		+12%
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG increased by 13% in the quarter, mainly due to the restart of Ichthys LNG in Australia.

LNG sales rose by 1.8 Mt in the quarter, driven by the restart of Ichthys and higher spot activity.

4.2.2 Results

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars, except the average price of LNG		2025		2024		2025 vs 2024
8.48		8.91		-5%		10.37		Average price of LNG ($/Mbtu) * Consolidated subsidiaries and equity affiliates		9.14		9.80		-7%
922		852		+8%		1,432		Adjusted net operating income		4,109		4,869		-16%
394		423		-7%		525		including adjusted income from equity affiliates		1,865		1,978		-6%
744		330		x2.3		554		Organic investments (1)		2,569		2,169		+18%
49		(134)		ns		1,116		Acquisitions net of assets sales (1)		165		1,367		-88%
793		196		x4		1,670		Net investments (1)		2,734		3,536		-23%
1,156		1,134		+2%		1,447		Cash flow from operations excluding working capital (CFFO) (1)		4,698		4,903		-4%
2,102		789		x2.7		2,214		Cash flow from operating activities		5,173		5,185		-
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

In the fourth quarter of 2025, for the Integrated LNG segment:

• Adjusted net operating income amounted to $922 million, up 8% quarter-on-quarter, as higher LNG production and sales offset a 5% decrease in the average LNG selling price.
• Cash flow from operations excluding working capital (CFFO) amounted to $1,156 million, up 2% over the quarter for the same reasons.

For full-year 2025, cash flow from operations excluding working capital (CFFO) amounted to $4.7 billion, supported by 10% growth in production and sales in an environment of low volatility and declining average price of LNG.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

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.

Net electricity production was stable in the quarter at 12.6 TWh.

Gross installed renewable power generation capacity reached 34.1 GW at the end of 2025, representing more than 8 GW of additional capacity year-on-year.

4.3.2 Results

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars		2025		2024		2025 vs 2024
564		571		-1%		575		Adjusted net operating income		2,215		2,173		+2%
97		48		x2		(25)		including adjusted income from equity affiliates		211		-		ns
525		596		-12%		109		Organic investments (1)		2,187		2,355		-7%
(1,070)		(147)		ns		(662)		Acquisitions net of assets sales (1)		589		1,514		-61%
(545)		449		ns		(553)		Net investments (1)		2,776		3,869		-28%
788		611		+29%		604		Cash flow from operations excluding working capital (CFFO) (1)		2,558		2,555		-
1,300		674		+93%		1,201		Cash flow from operating activities		2,374		2,972		-20%

The Integrated Power segment reported adjusted net operating income of $564 million for the quarter and cash flow from operations excluding working capital (CFFO) of $788 million, a sharp increase driven by the completion of farm-downs in the United States and Greece and the receipt of dividends from equity-accounted affiliates.

For full-year 2025, cash flow from operations excluding working capital (CFFO) amounted to $2.6 billion, in line with annual guidance. Production activities (including renewables and gas-fired power plants) accounted for 55% and marketing activities (B2B, B2C and trading) accounted for 45%.

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars		2025		2024		2025 vs 2024
1,342		1,067		+26%		680		Adjusted net operating income		3,751		3,520		+7%
731		590		+24%		1,013		Organic investments (1)		2,239		2,662		-16%
(46)		(45)		ns		(172)		Acquisitions net of assets sales (1)		(193)		(1,262)		ns
685		545		+26%		841		Net investments (1)		2,046		1,400		+46%
1,970		1,653		+19%		1,356		Cash flow from operations excluding working capital (CFFO) (1)		6,223		6,079		+2%
3,068		3,126		-2%		4,610		Cash flow from operating activities		6,294		6,709		-6%

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

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 3rd quarter 2024 and the African refinery Natref (divested) during the 4th 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 2nd quarter 2024.

Refinery throughput increased by 1% over the quarter and by 4% for the full year 2025, driven by high unit availability.

Petrochemical product output declined by 7% over the quarter for monomers, mainly due to a major turnaround on the Ras Laffan cracker in Qatar, while polymer production remained stable.

4.5.2 Results

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars, except ERM		2025		2024		2025 vs 2024
11.4		8.4		+36%		3.4		European Refining Margin Marker (ERM) ($/b) *		7.1		5.3		+35%
1,001		687		+46%		318		Adjusted operating income*		2,378		2,160		+10%
508		387		+31%		581		Organic investments (1)		1,464		1,711		-14%
(1)		(2)		ns		(92)		Acquisitions net of assets sales (1)		(27)		(173)		ns
507		385		+32%		489		Net investments (1)		1,437		1,538		-7%
1,378		1,015		+36%		822		Cash flow from operations excluding working capital (CFFO) (1)		3,798		3,760		+1%
1,716		2,839		-40%		3,832		Cash flow from operating activities		3,459		3,808		-9%
* This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.

Refining & Chemicals posted adjusted net operating income of $1,001 million for the quarter, and cash flow from operations excluding working capital (CFFO) of $1,378 million, an increase of more than $300 million compared with the third quarter of 2025, as the Company captured the rise in European refining margins thanks to the efficient execution of major turnarounds and strong unit availability.

For the full year, adjusted net operating income and cash flow from operations excluding working capital (CFFO) amounted to $2,378 million and $3,798 million, with higher refining margins offsetting the decline in petrochemical margins.

4.6 Marketing & Services

4.6.1 Petroleum product sales

4Q25		3Q25		4Q25 vs 3Q25		4Q24		Sales in kb/d*		2025		2024		2025 vs 2024
1,247		1,269		-2%		1,312		Total Marketing & Services sales		1,276		1,342		-5%
723		744		-3%		724		Europe		743		752		-1%
524		525		-		587		Rest of world		533		591		-10%
* Excludes trading and bulk refining sales.

Sales of petroleum products are down 5% year-on-year as a result of focusing the portfolio on higher margin activities.

4.6.2 Results

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars		2025		2024		2025 vs 2024
341		380		-10%		362		Adjusted net operating income		1,373		1,360		+1%
223		203		+10%		432		Organic investments (1)		775		951		-19%
(45)		(43)		ns		(80)		Acquisitions net of assets sales (1)		(166)		(1,089)		ns
178		160		+11%		352		Net investments (1)		609		(138)		ns
592		638		-7%		534		Cash flow from operations excluding working capital (CFFO) (1)		2,425		2,319		+5%
1,352		287		x4.7		778		Cash flow from operating activities		2,835		2,901		-2%

Adjusted net operating income for the Marketing & Services segment amounted to $341 million and cash flow from operations excluding working capital (CFFO) to $592 million in the fourth quarter of 2025, down 10% and 7% respectively compared with the third quarter of 2025, reflecting the seasonality of the business.

For the full year 2025, adjusted net operating income was stable and cash flow from operations excluding working capital (CFFO) amounted to $2,425 million, up 5%, with the improvement in unit margins more than offsetting a 5% decline in volumes.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income for the segments amounted to:

• $4,633 million in the fourth quarter of 2025, compared with $4,659 million in the third quarter of 2025, as accretive growth in hydrocarbon production and continued improvement in Downstream performance offset the more than $5/b decline in oil prices.
• $18,474 million for full-year 2025, compared with $20,566 million a year earlier, as accretive hydrocarbon production growth and resilient performance from the Integrated Power segment partially offset the more than $10/b drop in oil prices.

5.2 Adjusted net income ⁽¹⁾ (TotalEnergies share)

Adjusted net income (TotalEnergies share) amounted to $3,837 million in the fourth quarter of 2025, compared with $3,980 million in the third quarter.

Adjusted net income excludes the after-tax inventory effect, non-recurring items, and fair-value changes.

Adjustment items to net income totaled -$0.9 billion in the fourth quarter of 2025, consisting mainly of:

• -$0.7 billion in impairments, in particular for the offshore wind activity within the Integrated Power segment,
• -$0.2 billion from inventory valuation effects.

The average tax rate for TotalEnergies was:

• 38.8% in the fourth quarter of 2025, versus 37.7% in the third quarter of 2025, mainly due to the higher relative contribution of North Sea assets, which are subject to higher tax rates,
• 39.8% for full-year 2025, compared with 39.4% in 2024.

5.3 Adjusted earnings per share

Diluted adjusted net income per share amounted to:

• $1.73 in the fourth quarter of 2025, calculated based on a weighted-average diluted number of shares of 2,176 million, compared with $1.77 in the third quarter of 2025.
• $6.89 for full-year 2025, calculated based on a weighted-average diluted number of shares of 2,214 million, compared with $7.77 a year earlier.

As of December 31, 2025, the diluted number of shares was 2,167 million.

TotalEnergies carried out share buybacks* of:

• 23.6 million shares in the fourth quarter of 2025, for a total amount of $1.5 billion,
• 122.6 million shares for full-year 2025, for a total amount of $7.5 billion.

5.4 Acquisitions – asset sales

Acquisitions amounted to:

• $507 million in the fourth quarter of 2025, mainly related to the acquisition of interests in 12 offshore blocks in Malaysia.
• $3,923 million for full-year 2025, primarily related to the above transactions as well as the completion of the VSB acquisition, various renewable projects to be developed in Canada, the Dominican Republic and Uganda for approximately $500 million, and an additional 10% stake in the Moho field in the Republic of the Congo.

Divestments amounted to:

• $2,080 million in the fourth quarter of 2025, mainly reflecting the divestment of the non-operated interest in the Bonga field in Nigeria, the partial sale of an interest in Block SK408 in Malaysia, the sale of 50% stakes in renewable portfolios in the United States and Greece, and the sale of a 1.7% stake in Adani Green Energy.
• $3,644 million for full-year 2025, related to the above transactions as well as the divestment of interests in two unconventional blocks in Argentina, the sale of interests in the Nkossa and Nsoko II licenses in Congo, the sale of 50% of a renewable asset portfolio in Portugal and France, and the divestment of fuel distribution activities in Brazil.

5.5 Net cash flow ⁽¹⁾

TotalEnergies’ net cash flow amounted to:

• $4,722 million in the fourth quarter of 2025, compared with $3,969 million in the previous quarter, reflecting a $107 million increase in cash flow from operations excluding working capital (CFFO) and a $646 million decrease in net investments over the quarter.
• $10,748 million for full-year 2025, compared with $12,088 million a year earlier, reflecting a $2,078 million decrease in cash flow from operations excluding working capital (CFFO) and a $738 million decrease in net investments, which stood at $17,091 million for the year.

Operating cash flow amounted to $10,471 million in the fourth quarter of 2025, corresponding to cash flow from operations excluding working capital (CFFO) of $7,168 million and a $3.8 billion improvement in working capital.

5.6 Profitability

Return on equity was 13.6% for full-year 2025.

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%

Return on average capital employed ⁽¹⁾ was 12.6% for full-year 2025.

In millions of dollars		January 1, 2025			October 1, 2024			January 1, 2024
		December 31, 2025			September 30, 2025			December 31, 2024
Adjusted net operating income (1)		17,827			18,204			19,974
Average capital employed (1)		141,802			146,636			135,174
ROACE (1)		12.6%			12.4%			14.8%

6. TotalEnergies SE statutory accounts

Net income for TotalEnergies SE, the parent company, amounted to €13,721 million in 2025, compared to €15,275 million in 2024.

7. Annual 2026 Sensitivities ⁽¹⁶⁾

		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$

8. Outlook

At the beginning of 2026, oil markets remain volatile in a constantly evolving geopolitical environment. Fundamentals, however, remain unchanged: global demand is expected to grow by around 0.9 million barrels per day (IEA – January 2026), driven by activity in non-OECD countries and by petrochemical demand; at the same time, non-OPEC supply growth is slowing, while OPEC+ has decided to maintain its quota policy at the beginning of 2026.

European gas prices for the first quarter on forward markets are hovering around $11-12/MBtu, reflecting strong winter consumption and storage levels below the seasonal averages observed since 2022.

In 2026, the Company intends to continue implementing its balanced and profitable transition strategy, anchored on its two growth pillars: hydrocarbons and electricity.

The Company plans to increase its overall energy production (oil, gas and electricity) by 5% over the year while continuing to reduce emissions from its operations, with a target of achieving a 70% reduction in methane emissions in 2026 compared with 2020.

For its first growth pillar, TotalEnergies expects to increase its oil and gas production by 3% in 2026, supported by the ramp-up of projects started in 2025, the anticipated start-ups in 2026 (notably Lapa in Brazil, Ratawi in Iraq, North Field East in Qatar, TFT II & South in Algeria, Tilenga in Uganda). These new barrels support a 7% increase in cash flow at $60/b, higher than production growth. The Company intends to maintain its competitive advantage by keeping production costs below $5/b through strong operational discipline. In the first quarter of 2026, hydrocarbon production is expected to be above 2.6 Mboe/d.

At the start of the year, refining margins are hovering around $5/b in a context of volatile crude prices. The Company expects to benefit from the improved availability of certain units that underperformed in 2025 and therefore anticipates an increase in refinery utilization rates to around 88% in the first quarter of 2026, in the absence of major shutdowns.

Integrated LNG is expected to continue its growth in 2026 with the start-up of the North Field East project in Qatar (2 Mtpa of offtake) and Costa Azul on the North American Pacific coast (1.7 Mtpa of offtake). This growth, combined with LNG sales of over 44 Mt in 2026, should offset the expected decline in LNG prices and enable the segment to generate, at $60/b (Brent) and $10/MBtu (TTF), cash flow equivalent to that generated in 2025. Given recent oil and gas price trends and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG sales price close to $8.5/MBtu in the first quarter of 2026.

For its second growth pillar, TotalEnergies plans to increase its electricity production by around 25% in 2026 to exceed 60 TWh, considering in particular the completion of the EPH acquisition, expected mid-2026, which will enable the Company to accelerate its gas-to-power integration strategy in Europe. For the year, Integrated Power cash flow is expected to exceed $3 billion for investments of $2.5-3 billion.

In 2026, TotalEnergies expects net investments of around $15 billion, including about $3 billion dedicated to low-carbon energies, mainly electricity. Reintegrating the annual equivalent of more than $1 billion over five years linked to the acquisition of EPH’s flexible power assets in shares, the planned investment effort in low-carbon energies thus amounts to around $4 billion in 2026. The Company is implementing its multi-year cash-savings plan (Capex + Opex), now targeting $12.5 billion over 2026–2030, including $2.5 billion planned for 2026.

Under a scenario of $60/b Brent, $10/MBtu TTF and $5/b ERM, the Company expects to generate cash flow above $26 billion, supported by accretive production growth, improved Downstream performance and growth in Integrated Power. In this environment, the Company should maintain an attractive shareholder return while preserving the strength of its balance sheet, with a targeted gearing ratio of around 15% at end-2026. Based on the seasonality observed in recent years, a temporary increase of around $2-3 billion in working capital requirements is expected in the first quarter of 2026.

Patrick Pouyanné, Chairman and Chief Executive Officer, and Jean-Pierre Sbraire, Chief Financial Officer, will present TotalEnergies’ 2025 Results and 2026 Objectives on Wednesday, February 11, 2026, at 3:00 PM (Paris time).

The presentation and video broadcast in English of the event are available on totalenergies.com.

You can also dial +33 (0) 1 70 37 71 66, +44 (0) 33 0551 0200 or +1 786 697 3501.

The conference replay will be available on the Company's website totalenergies.com after the event.

* * * *

9. Operating information by segment

9.1 Company’s production (Exploration & Production + Integrated LNG)

4Q25		3Q25		4Q25 vs 3Q25		4Q24		Combined liquids and gas production by region (kboe/d)		2025		2024		2025 vs 2024
546		515		+6%		589		Europe		538		569		-5%
442		433		+2%		437		Africa		431		450		-4%
840		864		-3%		790		Middle East and North Africa		851		807		+5%
459		476		-4%		401		Americas		449		375		+20%
258		220		+18%		210		Asia-Pacific		260		233		+11%
2,545		2,508		+1%		2,427		Total production		2,529		2,434		+4%
360		361		-		369		includes equity affiliates		371		361		+3%
4Q25		3Q25		4Q25 vs 3Q25		4Q24		Liquids production by region (kb/d)		2025		2024		2025 vs 2024
212		204		+4%		228		Europe		209		225		-7%
318		317		-		318		Africa		314		325		-4%
676		696		-3%		627		Middle East and North Africa		681		644		+6%
251		249		+1%		193		Americas		230		180		+28%
98		87		+13%		79		Asia-Pacific		99		94		+6%
1,555		1,553		-		1,445		Total production		1,533		1,468		+4%
153		161		-5%		151		includes equity affiliates		159		152		+4%
4Q25		3Q25		4Q25 vs 3Q25		4Q24		Gas production by region (Mcf/d)		2025		2024		2025 vs 2024
1,796		1,675		+7%		1,951		Europe		1,777		1,862		-5%
628		588		+7%		620		Africa		591		630		-6%
928		928		-		889		Middle East and North Africa		937		894		+5%
1,154		1,260		-8%		1,154		Americas		1,216		1,080		+13%
875		731		+20%		709		Asia-Pacific		881		745		+18%
5,381		5,182		+4%		5,323		Total production		5,402		5,211		+4%
1,132		1,120		+1%		1,181		includes equity affiliates		1,165		1,135		+3%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

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.

9.3 Integrated Power

9.3.1 Net power production

		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

9.3.2 Installed power generation net capacity

		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

9.3.3 Power generation gross capacity from renewables

		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

10. Alternative Performance Measures (Non-GAAP measures)

10.1 Adjustment items to net income (TotalEnergies share)

4Q25		3Q25		4Q24		In millions of dollars		2025		2024
2,906		3,683		3,956		Net income (TotalEnergies share)		13,127		15,758
(644)		(93)		(413)		Special items affecting net income (TotalEnergies share)		(1,185)		(1,219)
203		284		(25)		Gain (loss) on asset sales		487		1,372
(51)		(7)		(6)		Restructuring charges		(58)		(27)
(661)		(286)		(232)		Impairments		(1,156)		(1,976)
(135)		(84)		(150)		Other		(458)		(588)
(232)		(32)		216		After-tax inventory effect : FIFO vs. replacement cost		(610)		(339)
(55)		(172)		(253)		Effect of changes in fair value		(665)		(948)
(931)		(297)		(450)		Total adjustments affecting net income		(2,460)		(2,506)
3,837		3,980		4,406		Adjusted net income (TotalEnergies share)		15,587		18,264

10.2 Reconciliation of adjusted EBITDA with consolidated financial statements

10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars		2025		2024		2025 vs 2024
2,906		3,683		-21%		3,956		Net income (TotalEnergies share)		13,127		15,758		-17%
931		297		x3.1		450		Less: adjustment items to net income (TotalEnergies share)		2,460		2,506		-2%
3,837		3,980		-4%		4,406		Adjusted net income (TotalEnergies share)		15,587		18,264		-15%
								Adjusted items
36		80		-55%		65		Add: non-controlling interests		246		322		-24%
2,273		2,281		-		2,872		Add: income taxes		9,587		11,209		-14%
3,184		3,277		-3%		2,715		Add: depreciation, depletion and impairment of tangible assets and mineral interests		12,565		11,667		+8%
99		104		-5%		107		Add: amortization and impairment of intangible assets		382		389		-2%
833		808		+3%		786		Add: financial interest on debt		3,182		3,016		+6%
(196)		(235)		ns		(422)		Less: financial income and expense from cash & cash equivalents		(994)		(1,724)		ns
10,066		10,295		-2%		10,529		Adjusted EBITDA		40,555		43,143		-6%

10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars		2025		2024		2025 vs 2024
								Adjusted items
45,925		43,844		+5%		47,115		Revenues from sales		182,344		195,610		-7%
(29,164)		(26,940)		ns		(30,305)		Purchases, net of inventory variation		(115,200)		(126,000)		ns
(7,783)		(7,555)		ns		(7,094)		Other operating expenses		(30,468)		(29,485)		ns
(177)		(64)		ns		(242)		Exploration costs		(419)		(528)		ns
592		303		+95%		280		Other income		1,686		725		x2.3
(144)		(101)		ns		(34)		Other expense, excluding amortization and impairment of intangible assets		(694)		(317)		ns
299		324		-8%		296		Other financial income		1,339		1,304		+3%
(221)		(208)		ns		(193)		Other financial expense		(881)		(835)		ns
739		692		+7%		706		Net income (loss) from equity affiliates		2,848		2,669		+7%
10,066		10,295		-2%		10,529		Adjusted EBITDA		40,555		43,143		-6%
								Adjusted items
(3,184)		(3,277)		ns		(2,715)		Less: depreciation, depletion and impairment of tangible assets and mineral interests		(12,565)		(11,667)		ns
(99)		(104)		ns		(107)		Less: amortization of intangible assets		(382)		(389)		ns
(833)		(808)		ns		(786)		Less: financial interest on debt		(3,182)		(3,016)		ns
196		235		-17%		422		Add: financial income and expense from cash & cash equivalents		994		1,724		-42%
(2,273)		(2,281)		ns		(2,872)		Less: income taxes		(9,587)		(11,209)		ns
(36)		(80)		ns		(65)		Less: non-controlling interests		(246)		(322)		ns
(931)		(297)		ns		(450)		Add: adjustment (TotalEnergies share)		(2,460)		(2,506)		ns
2,906		3,683		-21%		3,956		Net income (TotalEnergies share)		13,127		15,758		-17%

10.3 Investments – Divestments

Reconciliation of Cash flow used in investing activities to Net investments

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars		2025		2024		2025 vs 2024
3,434		3,203		+7%		3,745		Cash flow used in investing activities ( a )		18,131		17,332		+5%
(331)		-		ns		-		Other transactions with non-controlling interests ( b )		(331)		-		ns
-		45		-100%		(2)		Organic loan repayment from equity affiliates ( c )		105		29		x3.6
(821)		(242)		ns		(52)		Change in debt from renewable projects financing ( d ) *		(1,284)		(52)		ns
115		84		+37%		152		Capex linked to capitalized leasing contracts ( e )		397		471		-16%
49		2		x24.5		20		Expenditures related to carbon credits ( f )		73		49		+49%
2,446		3,092		-21%		3,863		Net investments ( a + b + c + d + e + f = g - i + h )		17,091		17,829		-4%
(1,573)		(381)		ns		24		of which acquisitions net of assets sales ( g-i )		279		1,406		-80%
507		474		+7%		1,233		Acquisitions ( g )		3,923		4,646		-16%
2,080		855		x2.4		1,209		Asset sales ( i )		3,644		3,240		+12%
308		121		x2.5		26		Change in debt (partner share) and capital gain from renewable project sales		495		26		x19
4,019		3,473		+16%		3,839		of which organic investments ( h )		16,812		16,423		+2%
99		74		+34%		122		Capitalized exploration		322		516		-38%
559		408		+37%		625		Increase in non-current loans		1,960		2,210		-11%
(259)		(449)		ns		(619)		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(1,067)		(1,083)		ns
(513)		(121)		ns		(26)		Change in debt from renewable projects (TotalEnergies share)		(789)		(26)		ns
* Change in debt from renewable projects (TotalEnergies share and partner share).

10.4 Cash flow

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow

4Q25		3Q25		4Q25 vs 3Q25		4Q24		In millions of dollars		2025		2024		2025 vs 2024
10,471		8,349		25%		12,507		Cash flow from operating activities ( a )		27,343		30,854		-11%
3,814		1,382		x2.8		5,072		(Increase) decrease in working capital ( b ) *		634		1,491		-57%
(299)		(55)		ns		282		Inventory effect ( c )		(733)		(525)		ns
212		(6)		ns		-		Capital gain from renewable project sales ( d )		292		-		ns
-		45		-100%		(2)		Organic loan repayments from equity affiliates ( e )		105		29		x3.6
7,168		7,061		+2%		7,151		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		27,839		29,917		-7%
(425)		(382)		ns		(247)		Financial charges		(1,416)		(697)		ns
7,593		7,443		+2%		7,398		Debt Adjusted Cash Flow (DACF)		29,255		30,614		-4%
4,019		3,473		+16%		3,839		Organic investments ( g )		16,812		16,423		+2%
3,149		3,588		-12%		3,312		Free cash flow after organic investments ( f - g )		11,027		13,494		-18%
2,446		3,092		-21%		3,863		Net investments ( h )		17,091		17,829		-4%
4,722		3,969		+19%		3,288		Net cash flow ( f - h )		10,748		12,088		-11%
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.

10.5 Gearing ratio

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.

10.6 Return on average capital employed

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%

10.7 Payout

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%

GLOSSARY

Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities.

Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector).

Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact of non-operational results and special items.

Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained below.

Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities, (v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).

Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates.

This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.

Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.

ESRS perimeter: the GHG emissions within the ESRS perimeter correspond to 100% of the emissions from operated sites, plus the equity share of emissions from non-operated and financially consolidated assets excluding equity affiliates.

Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.

Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.

Normalized Gearing: indicator defined as the gearing excluding the impact of seasonal variations, notably on working capital.

Net cash flow (or free cash-flow) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.

Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.

Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.

Operated perimeter: activities, sites and industrial assets of which TotalEnergies SE or one of its subsidiaries has operational control, i.e. has the responsibility of the conduct of operations on behalf of all its partners. For the operated perimeter, the environmental indicators are reported 100%, regardless of the Company’s equity interest in the asset.

Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.

Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.

Disclaimer:

The terms “TotalEnergies”, “TotalEnergies company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.

This press release presents the results for the fourth quarter of 2025 and full year 2025 from the consolidated financial statements of TotalEnergies as of December 31, 2025 (unaudited). The audit procedures by the statutory auditors are underway. The consolidated financial statements (unaudited) are available on the Company’s website, www.totalenergies.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier).

This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks. This document may also contain statements regarding the perspectives, objectives and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “commits”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document. These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, pandemics, and other risk factors described from time to time in the Company’s regulatory filings, including its Universal Registration Document filed with the French Autorité des Marchés Financiers, its Annual Report on Form 20 F filed with the United States Securities and Exchange Commission (“SEC”) and its other reports filed or furnished with the SEC.

Future interim or final annual dividends payments beyond the interim dividend payable on April 2, 2026 (or April 23, 2026 for holders on the U.S. register) have not yet, respectively, been decided by the Board of Directors or approved by shareholders at a General Meeting. Management’s expectations with respect to such future dividends are “forward-looking statements” and are non-binding. The Board of Directors retains full discretion to decide to distribute an interim dividend and to set the amount and date of the distribution and decide on the dividend to be submitted for approval by shareholders at a General Meeting, based on a number of factors, including TotalEnergies’ financial results, balance sheet strength, cash and liquidity requirements, future prospects, commodity prices, and other factors deemed relevant by the Board.

Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the SEC. Additionally, the developments of climate change and other environmental-or social related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including disclosures on climate change and other environmental or social-related issues, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law.

In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted net operating income, adjusted net income), net cash flow, free cash flow after organic investments, normalized gearing, return on equity (ROE), return on average capital employed (ROACE), gearing ratio, cash flow from operations excluding working capital, debt adjusted cash flow, and the payout ratio. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. TotalEnergies measures performance at the segment level on the basis of adjusted net operating income.

These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.

(ii) The inventory valuation effect

In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.

In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.

Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

The adjusted results (adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

(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 4th quarter 2025, 1.1681 in the 3rd quarter 2025, 1.0681 in the 4th 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.

TotalEnergies financial statements

Fourth quarter and full-year 2025 consolidated accounts, IFRS

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.

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 STATEMENT OF INCOME
TotalEnergies
(M$) (a)		Year 2025 (unaudited)		Year 2024
Sales		201,196		214,550
Excise taxes		(18,852)		(18,940)
Revenues from sales		182,344		195,610
Purchases, net of inventory variation		(116,740)		(127,664)
Other operating expenses		(30,914)		(29,860)
Exploration costs		(419)		(999)
Depreciation, depletion and impairment of tangible assets and mineral interests		(13,312)		(12,025)
Other income		2,375		2,112
Other expense		(1,927)		(1,281)
Financial interest on debt		(3,182)		(3,016)
Financial income and expense from cash & cash equivalents		1,115		1,786
Cost of net debt		(2,067)		(1,230)
Other financial income		1,437		1,403
Other financial expense		(881)		(835)
Net income (loss) from equity affiliates		2,553		1,575
Income taxes		(9,092)		(10,775)
Consolidated net income		13,357		16,031
TotalEnergies share		13,127		15,758
Non-controlling interests		230		273
Earnings per share ($)		5.84		6.74
Fully-diluted earnings per share ($)		5.78		6.69
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(M$)		Year 2025 (unaudited)		Year 2024
Consolidated net income		13,357		16,031
Other comprehensive income
Actuarial gains and losses		42		20
Change in fair value of investments in equity instruments		(193)		144
Tax effect		51		46
Currency translation adjustment generated by the parent company		8,737		(4,163)
Items not potentially reclassifiable to profit and loss		8,637		(3,953)
Currency translation adjustment		(7,072)		2,759
Cash flow hedge		(1,060)		3,119
Variation of foreign currency basis spread		22		(32)
Share of other comprehensive income of equity affiliates, net amount		(484)		(246)
Other		8		1
Tax effect		255		(814)
Items potentially reclassifiable to profit and loss		(8,331)		4,787
Total other comprehensive income (net amount)		306		834
Comprehensive income		13,663		16,865
TotalEnergies share		13,356		16,636
Non-controlling interests		307		229

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 CASH FLOW
TotalEnergies
(M$)		Year 2025 (unaudited)		Year 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		13,357		16,031
Depreciation, depletion, amortization and impairment		13,847		13,107
Non-current liabilities, valuation allowances and deferred taxes		924		190
(Gains) losses on disposals of assets		(1,568)		(1,497)
Undistributed affiliates' equity earnings		(923)		124
(Increase) decrease in working capital		1,284		2,364
Other changes, net		422		535
Cash flow from operating activities		27,343		30,854
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(16,953)		(14,909)
Acquisitions of subsidiaries, net of cash acquired		(1,999)		(2,439)
Investments in equity affiliates and other securities		(1,288)		(2,127)
Increase in non-current loans		(1,960)		(2,275)
Total expenditures		(22,200)		(21,750)
Proceeds from disposals of intangible assets and property, plant and equipment		1,713		727
Proceeds from disposals of subsidiaries, net of cash sold		855		2,167
Proceeds from disposals of non-current investments		329		347
Repayment of non-current loans		1,172		1,177
Total divestments		4,069		4,418
Cash flow used in investing activities		(18,131)		(17,332)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		492		521
- Treasury shares		(7,714)		(7,995)
Dividends paid:
- Parent company shareholders		(8,121)		(7,717)
- Non-controlling interests		(482)		(322)
Net issuance (repayment) of perpetual subordinated notes		(1,139)		(457)
Payments on perpetual subordinated notes		(303)		(314)
Other transactions with non-controlling interests		285		(67)
Net issuance (repayment) of non-current debt		7,981		7,532
Increase (decrease) in current borrowings		(4,153)		(5,142)
Increase (decrease) in current financial assets and liabilities		3,220		(464)
Cash flow from / (used in) financing activities		(9,934)		(14,425)
Net increase (decrease) in cash and cash equivalents		(722)		(903)
Effect of exchange rates		1,080		(516)
Cash and cash equivalents at the beginning of the period		25,844		27,263
Cash and cash equivalents at the end of the period		26,202		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						Number		Amount
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
(unaudited)
3rd quarter 2025 (M$)		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
External sales		1,392		1,995		3,955		21,205		20,138		6		-		48,691
Intersegment sales		8,892		1,587		434		7,122		234		38		(18,307)		-
Excise taxes		-		-		-		(201)		(4,646)		-		-		(4,847)
Revenues from sales		10,284		3,582		4,389		28,126		15,726		44		(18,307)		43,844
Operating expenses		(4,200)		(2,880)		(3,863)		(27,069)		(14,916)		(225)		18,307		(34,846)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,145)		(376)		(103)		(380)		(243)		(33)		-		(3,280)
Net income (loss) from equity affiliates and other items		522		492		(52)		75		(24)		(3)		-		1,010
Tax on net operating income		(2,055)		(97)		(110)		(143)		(177)		115		-		(2,467)
Adjustments (a)		237		(131)		(310)		(78)		(14)		(22)		-		(318)
Adjusted Net operating income		2,169		852		571		687		380		(80)		-		4,579
Adjustments (a)																(318)
Net cost of net debt																(499)
Non-controlling interests																(79)
Net income - TotalEnergies share																3,683
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.
3rd quarter 2025 (M$)		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

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2024 (M$)		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
External sales		1,496		2,890		6,137		21,540		20,440		5		-		52,508
Intersegment sales		9,382		2,968		765		7,207		168		70		(20,560)		-
Excise taxes		-		-		-		(193)		(5,200)		-		-		(5,393)
Revenues from sales		10,878		5,858		6,902		28,554		15,408		75		(20,560)		47,115
Operating expenses		(4,754)		(4,431)		(6,536)		(27,616)		(14,772)		(254)		20,560		(37,803)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,853)		(326)		(28)		(250)		(227)		(31)		-		(2,715)
Net income (loss) from equity affiliates and other items		40		548		26		(90)		90		74		-		688
Tax on net operating income		(2,163)		(288)		(70)		(139)		(215)		(60)		-		(2,935)
Adjustments (a)		(157)		(71)		(281)		141		(78)		(23)		-		(469)
Adjusted Net operating income		2,305		1,432		575		318		362		(173)		-		4,819
Adjustments (a)																(469)
Net cost of net debt																(331)
Non-controlling interests																(63)
Net income - TotalEnergies share																3,956
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.
4th quarter 2024 (M$)		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)
Year 2025 (M$)		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
External sales		5,590		10,096		19,587		87,207		78,708		8		-		201,196
Intersegment sales		35,234		8,945		2,696		27,817		734		132		(75,558)		-
Excise taxes		-		-		-		(770)		(18,082)		-		-		(18,852)
Revenues from sales		40,824		19,041		22,283		114,254		61,360		140		(75,558)		182,344
Operating expenses		(17,335)		(15,085)		(20,859)		(110,737)		(58,697)		(918)		75,558		(148,073)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,419)		(1,608)		(622)		(1,606)		(932)		(125)		-		(13,312)
Net income (loss) from equity affiliates and other items		971		2,104		422		49		93		(82)		-		3,557
Tax on net operating income		(7,677)		(720)		(133)		(352)		(608)		245		-		(9,245)
Adjustments (a)		(35)		(377)		(1,124)		(770)		(157)		(93)		-		(2,556)
Adjusted Net operating income		8,399		4,109		2,215		2,378		1,373		(647)		-		17,827
Adjustments (a)																(2,556)
Net cost of net debt																(1,914)
Non-controlling interests																(230)
Net income - TotalEnergies share																13,127
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.
Year 2025 (M$)		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		10,523		3,520		5,367		1,537		937		316		-		22,200
Total divestments		1,723		512		1,366		100		328		40		-		4,069
Cash flow from operating activities		14,949		5,173		2,374		3,459		2,835		(1,447)		-		27,343

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

Non GAAP Financial Measures

Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)

1. Reconciliation of cash flow used in investing activities to Net investments

1.1 Exploration & Production

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 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)

1.2 Integrated LNG

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
1,118		146		1,657		-33%		Cash flow used in investing activities ( a )		3,008		3,487		-14%
(331)		-		-		ns		Other transactions with non-controlling interests ( b )		(331)		-		ns
-		46		-		ns		Organic loan repayment from equity affiliates ( c )		47		3		x15.7
-		-		-		ns		Change in debt from renewable projects financing ( d ) *		-		-		ns
6		4		13		-54%		Capex linked to capitalized leasing contracts ( e )		10		46		-78%
-		-		-		ns		Expenditures related to carbon credits ( f )		-		-		ns
793		196		1,670		-53%		Net investments ( a + b + c + d + e + f = g - i + h )		2,734		3,536		-23%
49		(134)		1,116		-96%		of which net acquisitions ( g - i )		165		1,367		-88%
352		(60)		1,149		-69%		Acquisitions ( g )		546		1,417		-61%
303		74		33		x9.2		Assets sales ( i )		381		50		x7.6
-		-		-		ns		Change in debt from renewable projects (partner share)		-		-		ns
744		330		554		34%		of which organic investments ( h )		2,569		2,169		18%
11		4		3		x3.7		Capitalized exploration		24		33		-27%
211		174		269		-22%		Increase in non-current loans		754		809		-7%
(40)		(345)		(214)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(415)		(372)		ns
-		-		-		ns		Change in debt from renewable projects (TotalEnergies share)		-		-		ns
*Change in debt from renewable projects (TotalEnergies share and partner share)

Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)

1.3 Integrated Power

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
275		692		(509)		ns		Cash flow used in investing activities ( a )		4,001		3,897		3%
-		-		-		ns		Other transactions with non-controlling interests ( b )		-		-		ns
-		(1)		7		-100%		Organic loan repayment from equity affiliates ( c )		58		17		x3.4
(821)		(242)		(52)		ns		Change in debt from renewable projects financing ( d ) *		(1,284)		(52)		ns
1		-		1		0%		Capex linked to capitalized leasing contracts ( e )		1		7		-86%
-		-		-		ns		Expenditures related to carbon credits ( f )		-		-		ns
(545)		449		(553)		ns		Net investments ( a + b + c + d + e + f = g - i + h )		2,776		3,869		-28%
(1,070)		(147)		(662)		ns		of which net acquisitions ( g - i )		589		1,514		-61%
35		12		72		-51%		Acquisitions ( g )		2,083		2,515		-17%
1,105		159		734		51%		Assets sales ( i )		1,494		1,001		49%
308		121		26		x11.8		Change in debt from renewable projects (partner share)		495		26		x19
525		596		109		x4.8		of which organic investments ( h )		2,187		2,355		-7%
-		-		-		ns		Capitalized exploration		-		-		ns
215		162		300		-28%		Increase in non-current loans		795		979		-19%
(83)		(43)		(323)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(309)		(439)		ns
(513)		(121)		(26)		ns		Change in debt from renewable projects (TotalEnergies share)		(789)		(26)		ns
*Change in debt from renewable projects (TotalEnergies share and partner share)

1.4 Refining & Chemicals

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
507		385		498		2%		Cash flow used in investing activities ( a )		1,437		1,530		-6%
-		-		-		ns		Other transactions with non-controlling interests ( b )		-		-		ns
-		-		(9)		-100%		Organic loan repayment from equity affiliates ( c )		-		8		-100%
-		-		-		ns		Change in debt from renewable projects financing ( d ) *		-		-		ns
-		-		-		ns		Capex linked to capitalized leasing contracts ( e )		-		-		ns
-		-		-		ns		Expenditures related to carbon credits ( f )		-		-		ns
507		385		489		4%		Net investments ( a + b + c + d + e + f = g - i + h )		1,437		1,538		-7%
(1)		(2)		(92)		ns		of which net acquisitions ( g - i )		(27)		(173)		ns
1		-		-		ns		Acquisitions ( g )		12		77		-84%
2		2		92		-98%		Assets sales ( i )		39		250		-84%
-		-		-		ns		Change in debt from renewable projects (partner share)		-		-		ns
508		387		581		-13%		of which organic investments ( h )		1,464		1,711		-14%
-		-		-		ns		Capitalized exploration		-		-		ns
67		16		1		x67		Increase in non-current loans		110		99		11%
(33)		(15)		(16)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(61)		(43)		ns
-		-		-		ns		Change in debt from renewable projects (TotalEnergies share)		-		-		ns
*Change in debt from renewable projects (TotalEnergies share and partner share)

Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)

1.5 Marketing & Services

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
178		160		352		-49%		Cash flow used in investing activities ( a )		609		(138)		ns
-		-		-		ns		Other transactions with non-controlling interests ( b )		-		-		ns
-		-		-		ns		Organic loan repayment from equity affiliates ( c )		-		-		ns
-		-		-		ns		Change in debt from renewable projects financing ( d ) *		-		-		ns
-		-		-		ns		Capex linked to capitalized leasing contracts ( e )		-		-		ns
-		-		-		ns		Expenditures related to carbon credits ( f )		-		-		ns
178		160		352		-49%		Net investments ( a + b + c + d + e + f = g - i + h )		609		(138)		ns
(45)		(43)		(80)		ns		of which net acquisitions ( g - i )		(166)		(1,089)		ns
(1)		-		1		ns		Acquisitions ( g )		2		103		-98%
44		43		81		-46%		Assets sales ( i )		168		1,192		-86%
-		-		-		ns		Change in debt from renewable projects (partner share)		-		-		ns
223		203		432		-48%		of which organic investments ( h )		775		951		-19%
-		-		-		ns		Capitalized exploration		-		-		ns
27		18		19		42%		Increase in non-current loans		89		103		-14%
(43)		1		(20)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(81)		(109)		ns
-		-		-		ns		Change in debt from renewable projects (TotalEnergies share)		-		-		ns
*Change in debt from renewable projects (TotalEnergies share and partner share)

2. Reconciliation of cash flow from operating activities to CFFO

2.1 Exploration & Production

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
3,821		4,187		4,500		-15%		Cash flow from operating activities ( a )		14,949		17,388		-14%
210		203		555		-62%		(Increase) decrease in working capital ( b )		(697)		340		ns
-		-		-		ns		Inventory effect ( c )		-		-		ns
-		-		-		ns		Capital gain from renewable project sales ( d )		-		-		ns
-		-		-		ns		Organic loan repayments from equity affiliates ( e )		-		1		-100%
3,611		3,984		3,945		-8%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		15,646		17,049		-8%

Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)

2.2 Integrated LNG

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
2,102		789		2,214		-5%		Cash flow from operating activities ( a )		5,173		5,185		0%
946		(299)		767		23%		(Increase) decrease in working capital ( b ) *		522		285		83%
-		-		-		ns		Inventory effect ( c )		-		-		ns
-		-		-		ns		Capital gain from renewable project sales ( d )		-		-		ns
-		46		-		ns		Organic loan repayments from equity affiliates ( e )		47		3		x15.7
1,156		1,134		1,447		-20%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		4,698		4,903		-4%
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

2.3 Integrated Power

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
1,300		674		1,201		8%		Cash flow from operating activities ( a )		2,374		2,972		-20%
724		56		604		20%		(Increase) decrease in working capital ( b ) *		166		434		-62%
-		-		-		ns		Inventory effect ( c )		-		-		ns
212		(6)		-		ns		Capital gain from renewable project sales ( d )		292		-		ns
-		(1)		7		-100%		Organic loan repayments from equity affiliates ( e )		58		17		x3.4
788		611		604		30%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		2,558		2,555		0%
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)

2.4 Refining & Chemicals

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
1,716		2,839		3,832		-55%		Cash flow from operating activities ( a )		3,459		3,808		-9%
559		1,900		2,758		-80%		(Increase) decrease in working capital ( b )		278		433		-36%
(221)		(76)		243		ns		Inventory effect ( c )		(617)		(377)		ns
-		-		-		ns		Capital gain from renewable project sales ( d )		-		-		ns
-		-		(9)		-100%		Organic loan repayments from equity affiliates ( e )		-		8		-100%
1,378		1,015		822		68%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		3,798		3,760		1%

2.5 Marketing & Services

4th quarter		3rd quarter		4th quarter		4th quarter 2025 vs		(in millions of dollars)		2025		2024		2025 vs
2025		2025		2024		4th quarter 2024								2024
1,352		287		778		74%		Cash flow from operating activities ( a )		2,835		2,901		-2%
838		(372)		205		x4.1		(Increase) decrease in working capital ( b )		526		730		-28%
(78)		21		39		ns		Inventory effect ( c )		(116)		(148)		ns
-		-		-		ns		Capital gain from renewable project sales ( d )		-		-		ns
-		-		-		ns		Organic loan repayments from equity affiliates ( e )		-		-		ns
592		638		534		11%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		2,425		2,319		5%

Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)

3. Reconciliation of capital employed (balance sheet) and calculation of ROACE

(In millions of dollars)		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		InterCompany		Company
Adjusted net operating income 4th quarter 2025		1,805		922		564		1,001		341		(191)		-		4,442
Adjusted net operating income 3rd quarter 2025		2,169		852		571		687		380		(80)		-		4,579
Adjusted net operating income 2nd quarter 2025		1,974		1,041		574		389		412		(245)		-		4,145
Adjusted net operating income 1st 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%

Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)

4. Reconciliation of consolidated net income to adjusted net operating income

4th quarter		3rd quarter		4th quarter		(in millions of dollars)		2025		2024
2025		2025		2024
2,928		3,762		4,019		Consolidated net income ( a )		13,357		16,031
(544)		(499)		(331)		Net cost of net debt ( b )		(1,914)		(1,360)
(678)		(113)		(425)		Special items affecting net operating income		(1,274)		(1,249)
203		284		(25)		Gain (loss) on asset sales		487		1,372
(54)		(7)		(6)		Restructuring charges		(61)		(27)
(667)		(286)		(227)		Impairments		(1,162)		(1,978)
(160)		(104)		(167)		Other		(538)		(616)
(237)		(33)		209		After-tax inventory effect : FIFO vs. replacement cost		(617)		(386)
(55)		(172)		(253)		Effect of changes in fair value		(665)		(948)
(970)		(318)		(469)		Total adjustments affecting net operating income ( c )		(2,556)		(2,583)
4,442		4,579		4,819		Adjusted net operating income ( a - b - c )		17,827		19,974

 

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