TotalEnergies SE: Third Quarter 2025 Results

Despite oil prices down by more than $10/b, TotalEnergies generates adjusted net income at the same level as last year and $7.1 billion of cash flow during the quarter, an increase of 4%, thanks to accretive hydrocarbon production growth and improved Downstream results

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

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

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

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on October 29, 2025, to approve the 3^rd quarter 2025 financial statements. On the occasion, Patrick Pouyanné said:

“Despite a $10/b drop in oil prices year-on-year, TotalEnergies posted adjusted net income at the same level as the third quarter 2024 at $4.0 billion and $7.1 billion of cash flow during the quarter, which is up 4% year-on-year. The Company’s strong financials are underpinned by accretive hydrocarbon production growth of more than 4% year-on-year and improved Downstream results that highlight the Company’s profitable growth strategy and integrated model.

Exploration & Production reported adjusted net operating income of $2.2 billion and cash flow of $4.0 billion in the third quarter, increasing by 10% and 6% quarter-to-quarter, respectively. New projects have already generated around $400 million of additional cash flow year-on-year due to margins that are significantly above the portfolio average. The Company also continued to replenish its exploration portfolio, securing license awards in the Republic of Congo, Nigeria and Liberia.

Integrated LNG achieved cash flow of $1.1 billion this quarter, in line with the second quarter in a similar price environment (average LNG price around $9/Mbtu). TotalEnergies further progressed its integration strategy in the U.S. LNG value chain through the final investment decision of Rio Grande LNG Train 4 and the acquisition of new shale gas interests.

Integrated Power posted adjusted net operating income and cash flow of $0.6 billion this quarter, in line with the second quarter with electricity production during the first nine months up almost 20% year-on-year. The value of TotalEnergies’ unique integrated model is illustrated by production assets (renewables and gas-fired power plants) and sales activities (B2B, B2C, trading) contributing equally to third quarter results. As part of its business model, TotalEnergies signed an agreement to divest 50% of two renewable asset portfolios in North America and France for ~$1.5 billion, demonstrating the ability to successfully valorize its portfolio.

Downstream delivered adjusted net operating income of $1.1 billion and cash flow of $1.7 billion, increasing by almost $500 million year-on-year as good availability of assets allowed the Company to successfully capture improved refining margins in Europe.

In the third quarter 2025, net investments reached $3.1 billion, benefiting from around $400 million of disposals net of acquisitions. Gearing at the end of the third quarter now stands at 17.3%, improving by 0.6% compared to the end of the second quarter 2025, benefiting from a $1.3 billion positive contribution of working capital.

Upon observing the Company’s ability to deliver on its energy production growth objective, the Board of Directors has confirmed the distribution of the third interim dividend of 0.85 €/share for fiscal year 2025, an increase close to 7.6% compared to 2024 and at the same level as previous interim dividends. As announced on September 24^th, the Board of Directors confirmed to authorize share buybacks for up to $1.5 billion for the fourth quarter of 2025. The Board of Directors also approved the effective termination of its ADR (American Depositary Receipts) program, wherein the ADRs will be transformed into ordinary shares that will be listed on the NYSE from December 8, 2025.”

1. Highlights ⁽²⁾

Upstream

• Start-up of Begonia and CLOV Phase 3 offshore fields, for a combined capacity of 60,000 b/d, in Angola
• Launch of Ratawi full field redevelopment phase 2 and of the construction of seawater treatment plant construction, part of the GGIP project in Iraq
• Divestment of interests in two unconventional blocks in the Vaca Muerta, in Argentina
• Divestment of interests in three Ekofisk satellite fields, in Norway
• Appointment of Nicola Mavilla as Senior Vice President Exploration
• Award of Nzombo offshore exploration license, in Congo
• Award of two offshore exploration blocks, in Nigeria
• Award of four offshore exploration blocks, in Liberia

Integrated LNG

• FID of RGLNG T4, with a direct stake of 10% and offtake agreement of 1.5Mt/y for 20 years, in Texas
• Acquisition from Continental Resources of a 49% interest in producing natural gas assets in the Anadarko basin, in the United States
• Signature of an agreement with KOGAS for the supply of 1Mt/y of LNG over 10 years, starting in 2027

Integrated Power

• Signature of an agreement for the sale of 50% of a 1.4 GW renewables portfolio, in North America
• Award of ‘Centre Manche 2’ tender for the development of a 1.5 GW offshore wind project, in France
• Closing of the sale of 50% of a 270 MW renewables portfolio, in France
• Signature of an agreement for the sale of GreenFlex, a consulting firm in energy savings, to French Oteis

Carbon footprint reduction and low-carbon molecules

• Transportation and storage of the first CO₂ volumes in Northern Lights, in Norway
• Signature of an agreement for the farm-down of the Bifrost CO₂ storage project, in Denmark
• Joint venture creation with Banque des Territoires to finance the deployment of EV (B2G) charging infrastructure, in France
• Signature of a memorandum of understanding with Veolia for further cooperation regarding the energy transition and the circular economy
• Signature of an agreement with NativState for sustainable forestry operations and preservation of carbon sinks, in the United States

Innovation and Performance

• Signature of a partnership with Cognite for the deployment of industrial AI across all of TotalEnergies’ operated Upstream assets worldwide
• Signature of a strategic partnership with Emerson for the deployment of a global industrial data platform on all of TotalEnergies’ operational sites

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

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars, except effective tax rate, earnings per share and number of shares		9M25		9M24		9M25 vs 9M24
10,295		9,690		+6%		10,048		Adjusted EBITDA (1)		30,489		32,614		-7%
4,659		4,390		+6%		4,635		Adjusted net operating income from business segments		13,841		15,574		-11%
2,169		1,974		+10%		2,482		Exploration & Production		6,594		7,699		-14%
852		1,041		-18%		1,063		Integrated LNG		3,187		3,437		-7%
571		574		-1%		485		Integrated Power		1,651		1,598		+3%
687		389		+77%		241		Refining & Chemicals		1,377		1,842		-25%
380		412		-8%		364		Marketing & Services		1,032		998		+3%
692		702		-1%		706		Contribution of equity affiliates to adjusted net income		2,109		1,963		+7%
37.7%		41.5%		-		38.0%		Effective tax rate (3)		40.2%		38.7%		-
3,980		3,578		+11%		4,074		Adjusted net income (TotalEnergies share) (1)		11,750		13,858		-15%
1.77		1.57		+13%		1.74		Adjusted fully-diluted earnings per share (dollars) (4)		5.17		5.87		-12%
1.50		1.38		+9%		1.58		Adjusted fully-diluted earnings per share (euros) (5)		4.62		5.40		-14%
2,200		2,224		-1%		2,310		Fully-diluted weighted-average shares (millions)		2,225		2,327		-4%
3,683		2,687		+37%		2,294		Net income (TotalEnergies share)		10,221		11,802		-13%
3,473		4,819		-28%		4,102		Organic investments (1)		12,794		12,584		+2%
(381)		1,813		ns		1,662		Acquisitions net of assets sales (1)		1,851		1,382		+34%
3,092		6,632		-53%		5,764		Net investments (1)		14,645		13,966		+5%
7,061		6,618		+7%		6,821		Cash flow from operations excluding working capital (CFFO) (1)		20,671		22,766		-9%
7,443		6,943		+7%		7,009		Debt Adjusted Cash Flow (DACF) (1)		21,663		23,215		-7%
8,349		5,960		+40%		7,171		Cash flow from operating activities		16,872		18,347		-8%
Gearing (1) of 17.3% at September 30, 2025 vs 17.9% at June 30, 2025 and 12.9% at September 30, 2024

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

3.1 Environment – liquids and gas price realizations, refining margins

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

3.2 Greenhouse gas emissions ⁽¹¹⁾

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Scope 1+2 emissions (12) (MtCO2e)		9M25		9M24		9M25 vs 9M24
8.4		8.0		+5%		8.8		Scope 1+2 from operated facilities (1)		24.8		24.7		-
7.1		7.1		-		7.4		of which Oil & Gas		21.4		21.5		-
1.3		0.9		+44%		1.4		of which CCGT		3.4		3.2		+6%
11.0		10.6		+4%		11.3		Scope 1+2 - ESRS share (1)		32.7		32.5		+1%
3Q25		2Q25		3Q25 vs 2Q25		3Q24		Methane emissions (ktCH4)		9M25		9M24		9M25 vs 9M24
5		6		-17%		7		Methane emissions from operated facilities (1)		17		22		-23%
Estimated quarterly emissions.

Scope 1+2 emissions from Oil & Gas operated installations were down 4% year-on-year mainly due to the continuous decrease in flaring in Exploration & Production, despite 4% production growth.

First nine months of 2025 Scope 3 ⁽¹³⁾ Category 11 emissions are estimated to be about 250 Mt CO₂e.

3.3 Production ⁽¹⁴⁾

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Hydrocarbon production		9M25		9M24		9M25 vs 9M24
2,508		2,503		-		2,409		Hydrocarbon production (kboe/d)		2,523		2,437		+4%
1,407		1,343		+5%		1,324		Oil (including bitumen) (kb/d)		1,369		1,321		+4%
1,101		1,160		-5%		1,086		Gas (including condensates and associated NGL) (kboe/d)		1,154		1,116		+3%
2,508		2,503		-		2,409		Hydrocarbon production (kboe/d)		2,523		2,437		+4%
1,553		1,506		+3%		1,466		Liquids (kb/d)		1,525		1,475		+3%
5,182		5,395		-4%		5,093		Gas (Mcf/d)		5,409		5,174		+5%

Hydrocarbon production was 2,508 thousand barrels of oil equivalent per day in the third quarter 2025, up 4% year-on-year, and was comprised of:

• +6% due to start-ups and ramp-ups, including Mero-2, Mero-3 and Mero-4 in Brazil, Anchor and Ballymore in the United States, Fenix in Argentina and Tyra in Denmark,
• -1% mainly due to more planned maintenance this quarter,
• +2% due to a portfolio effect related to the acquisitions of SapuraOMV in Malaysia and interests in the Eagle Ford shale gas plays in Texas,
• -3% due to the natural field declines.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Hydrocarbon production		9M25		9M24		9M25 vs 9M24
2,026		1,956		+4%		1,944		EP (kboe/d)		1,986		1,952		+2%
1,501		1,437		+4%		1,414		Liquids (kb/d)		1,460		1,415		+3%
2,782		2,767		+1%		2,830		Gas (Mcf/d)		2,799		2,865		-2%

4.1.2 Results

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars, except effective tax rate		9M25		9M24		9M25 vs 9M24
2,169		1,974		+10%		2,482		Adjusted net operating income		6,594		7,699		-14%
177		176		+1%		183		including adjusted income from equity affiliates		503		535		-6%
48.5%		50.1%		-		45.1%		Effective tax rate (15)		49.4%		46.9%		-
1,922		3,053		-37%		2,330		Organic investments (1)		7,659		6,956		+10%
(53)		162		ns		(42)		Acquisitions net of assets sales (1)		225		51		x4.4
1,869		3,215		-42%		2,288		Net investments (1)		7,884		7,007		+13%
3,984		3,760		+6%		4,273		Cash flow from operations excluding working capital (CFFO) (1)		12,035		13,104		-8%
4,187		3,675		+14%		4,763		Cash flow from operating activities		11,128		12,888		-14%

Adjusted net operating income was $2,169 million, up 10% quarter-to-quarter in a similar price environment, outpacing Exploration & Production production growth of 4% compared to the second quarter 2025 thanks to the accretive impact of new barrels.

Cash flow from operations excluding working capital (CFFO) was $3,984 million, up 6% quarter-to-quarter, for the same reasons.

4.2 Integrated LNG

4.2.1 Production

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Hydrocarbon production for LNG		9M25		9M24		9M25 vs 9M24
482		547		-12%		465		Integrated LNG (kboe/d)		537		485		+11%
52		69		-24%		52		Liquids (kb/d)		65		60		+8%
2,400		2,628		-9%		2,263		Gas (Mcf/d)		2,610		2,309		+13%
3Q25		2Q25		3Q25 vs 2Q25		3Q24		Liquefied Natural Gas in Mt		9M25		9M24		9M25 vs 9M24
10.4		10.6		-1%		9.5		Overall LNG sales		31.6		29.0		+9%
3.4		3.9		-13%		3.8		incl. Sales from equity production*		11.2		11.6		-3%
9.2		9.4		-2%		8.4		incl. Sales by TotalEnergies from equity production and third party purchases		28.0		25.3		+11%
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG was down 12% this quarter compared to the second quarter 2025, primarily due to planned turnaround at Ichthys LNG in Australia.

Quarterly LNG sales were stable over the quarter, with third party purchases offsetting lower sales from equity production.

4.2.2 Results

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars, except the average price of LNG		9M25		9M24		9M25 vs 9M24
8.91		9.10		-2%		9.91		Average price of LNG ($/Mbtu) * Consolidated subsidiaries and equity affiliates		9.36		9.61		-3%
852		1,041		-18%		1,063		Adjusted net operating income		3,187		3,437		-7%
423		513		-18%		538		including adjusted income from equity affiliates		1,471		1,453		+1%
330		743		-56%		451		Organic investments (1)		1,825		1,615		+13%
(134)		110		ns		65		Acquisitions net of assets sales (1)		116		251		-54%
196		853		-77%		516		Net investments (1)		1,941		1,866		+4%
1,134		1,159		-2%		888		Cash flow from operations excluding working capital (CFFO) (1)		3,542		3,456		+2%
789		539		+46%		830		Cash flow from operating activities		3,071		2,971		+3%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

Adjusted net operating income for Integrated LNG was $852 million, down 18% this quarter primarily due to the planned turnaround at Ichthys LNG in Australia.

Cash flow from operations excluding working capital (CFFO) was $1,134 million, in line with the second quarter under similar market conditions (average LNG price around $9/Mbtu).

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Integrated Power		9M25		9M24		9M25 vs 9M24
12.6		11.6		+9%		11.1		Net power production (TWh) *		35.5		29.7		+19%
8.2		8.4		-2%		6.7		o/w production from renewables		23.3		19.6		+19%
4.5		3.2		+40%		4.4		o/w production from gas flexible capacities		12.2		10.2		+20%
25.2		24.0		+5%		21.6		Portfolio of power generation net installed capacity (GW) **		25.2		21.6		+16%
18.7		17.4		+7%		14.5		o/w renewables		18.7		14.5		+29%
6.5		6.5		-		7.1		o/w gas flexible capacities		6.5		7.1		-9%
106.0		104.1		+2%		89.6		Portfolio of renewable power generation gross capacity (GW) **,***		106.0		89.6		+18%
32.3		30.2		+7%		24.2		o/w installed capacity		32.3		24.2		+34%
6.0		6.0		-1%		6.0		Clients power - BtB and BtC (Million) **		6.0		6.0		-
2.7		2.7		-1%		2.8		Clients gas - BtB and BtC (Million) **		2.7		2.8		-2%
10.6		10.5		-		10.9		Sales power - BtB and BtC (TWh)		35.6		36.9		-3%
11.6		14.9		-22%		13.9		Sales gas - BtB and BtC (TWh)		62.2		68.4		-9%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 18.99% 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 power production increased by 9% over the quarter, reaching 12.6 TWh, mainly driven by increased output from flexible generation capacity in Europe.

Gross installed renewable power generation capacity totaled 32.3 GW at the end of the third quarter of 2025, representing an increase of 2.1 GW compared to the end of the second quarter of 2025, and more than 8 GW year-on-year.

4.3.2 Results

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars		9M25		9M24		9M25 vs 9M24
571		574		-1%		485		Adjusted net operating income		1,651		1,598		+3%
48		22		x2.2		29		including adjusted income from equity affiliates		114		25		x4.6
596		421		+42%		707		Organic investments (1)		1,663		2,246		-26%
(147)		1,568		ns		1,529		Acquisitions net of assets sales (1)		1,658		2,176		-24%
449		1,989		-77%		2,236		Net investments (1)		3,321		4,422		-25%
611		562		+9%		636		Cash flow from operations excluding working capital (CFFO) (1)		1,770		1,951		-9%
674		799		-16%		373		Cash flow from operating activities		1,074		1,771		-39%

Adjusted net operating income for Integrated Power was $571 million, stable over the quarter.

Cash flow from operations excluding working capital (CFFO) was $611 million for the quarter, in line with annual guidance, and was comprised of $299 million from production activities (including renewables and gas-fired power plants) and $312 million from marketing activities (including B2B, B2C and trading).

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars		9M25		9M24		9M25 vs 9M24
1,067		801		+33%		605		Adjusted net operating income		2,409		2,840		-15%
590		532		+11%		561		Organic investments (1)		1,508		1,649		-9%
(45)		(27)		ns		112		Acquisitions net of assets sales (1)		(147)		(1,090)		ns
545		505		+8%		673		Net investments (1)		1,361		559		x2.4
1,653		1,483		+11%		1,177		Cash flow from operations excluding working capital (CFFO) (1)		4,253		4,723		-10%
3,126		1,515		x2.1		1,145		Cash flow from operating activities		3,226		2,099		+54%

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Refinery throughput and utilization rate		9M25		9M24		9M25 vs 9M24
1,478		1,589		-7%		1,539		Total refinery throughput (kb/d)		1,538		1,493		+3%
481		463		+4%		451		France		460		421		+9%
595		632		-6%		625		Rest of Europe		618		627		-1%
402		494		-19%		463		Rest of world		461		445		+4%
84%		90%		-		86%		Utilization rate based on crude only*		87%		83%
* Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024 and the African refinery Natref (divested) during the 4th quarter 2024.

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Petrochemicals production and utilization rate		9M25		9M24		9M25 vs 9M24
1,326		1,164		+14%		1,314		Monomers* (kt)		3,740		3,850		-3%
1,174		1,127		+4%		1,167		Polymers (kt)		3,474		3,352		+4%
84%		74%		-		85%		Steam cracker utilization rate**		79%		79%		-
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024.

Refinery throughput was down 7% quarter-on-quarter due to turnarounds on the Port Arthur and HTC platforms.

Petrochemicals output was up 14% for monomers and 4% for polymers, mainly due to the end of the cracker turnaround at the Normandie platform.

4.5.2 Results

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars, except ERM		9M25		9M24		9M25 vs 9M24
63.0		35.3		+78%		15.4		European Refining Margin Marker (ERM) ($/t) *		42.6		44.0		-3%
687		389		+77%		241		Adjusted net operating income		1,377		1,842		-25%
387		333		+16%		329		Organic investments (1)		956		1,130		-15%
(2)		(24)		ns		34		Acquisitions net of assets sales (1)		(26)		(81)		ns
385		309		+25%		363		Net investments (1)		930		1,049		-11%
1,015		772		+31%		530		Cash flow from operations excluding working capital (CFFO) (1)		2,420		2,938		-18%
2,839		887		x3.2		564		Cash flow from operating activities		1,743		(24)		ns
* This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.

Adjusted net operating income reached $687 million in the third quarter 2025 and cash flow from operations excluding working capital (CFFO) was $1,015 million, increasing by almost $500 million year-on-year as the Company captured improved refining margins in Europe thanks to the high availability of its assets.

4.6 Marketing & Services

4.6.1 Petroleum product sales

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Sales in kb/d*		9M25		9M24		9M25 vs 9M24
1,269		1,324		-4%		1,383		Total Marketing & Services sales		1,286		1,353		-5%
744		790		-6%		795		Europe		749		761		-2%
525		534		-2%		588		Rest of world		537		592		-9%
* Excludes trading and bulk refining sales.

Sales of petroleum products are down 8% year-on-year as a result of focusing the portfolio on higher margin activities.

4.6.2 Results

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars		9M25		9M24		9M25 vs 9M24
380		412		-8%		364		Adjusted net operating income		1,032		998		+3%
203		199		+2%		232		Organic investments (1)		552		519		+6%
(43)		(3)		ns		78		Acquisitions net of assets sales (1)		(121)		(1,009)		ns
160		196		-18%		310		Net investments (1)		431		(490)		ns
638		711		-10%		647		Cash flow from operations excluding working capital (CFFO) (1)		1,833		1,785		+3%
287		628		-54%		581		Cash flow from operating activities		1,483		2,123		-30%

Marketing & Services adjusted net operating income was $380 million in the third quarter of 2025, up 4% year-on-year despite lower volumes, reflecting improved unit margins.

Cash flow from operations excluding working capital (CFFO) was $638 million, stable year-on-year for the same reasons.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income from business segments was $4,659 million in the third quarter of 2025, compared to $4,390 million in the second quarter, driven by the accretive production growth of Exploration & Production and higher refining margins in Europe.

5.2 Adjusted net income ⁽¹⁾ (TotalEnergies share)

TotalEnergies’ adjusted net income was $3,980 million in the third quarter of 2025 versus $3,578 million in the second quarter, for the same reasons.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value.

Adjustments to net income were ($0.3) billion in the third quarter of 2025, consisting mainly of:

• $0.3 billion of capital gains/losses on asset sales, related to the divestment of two blocks in Argentina
• ($0.3) billion of exceptional provisions and depreciations,
• ($0.3) billion of changes in fair value, stock variation and other items.

TotalEnergies’ average tax rate was 37.7% in the third quarter of 2025 versus 41.5% in the second quarter of 2025 mainly due to the increase of the relative weight of Refining and Chemicals and the reduction of the relative weight of North Sea countries in the Company's results.

5.3 Adjusted earnings per share

Adjusted fully-diluted earnings per share were:

• $1.77 in the third quarter 2025, based on 2,200 million weighted average diluted shares, compared to $1.57 in the second quarter.
• $5.17 in first nine months of 2025, based on 2,225 million weighted average diluted shares, compared to $5.87 a year ago.

As of September 30, 2025, the number of diluted shares was 2,188 million.

TotalEnergies repurchased*:

• 36.8 million shares in the third quarter 2025, for $2.3 billion,
• 99 million shares in the first nine months of 2025, for $6.0 billion.

5.4 Acquisitions – asset sales

Acquisitions were:

• $474 million in the third quarter of 2025, notably related to the closing of the acquisition of the Tungsten Explorer drillship in a joint venture with Vantage,
• $3,416 million in the first nine months of 2025, notably related to the above item, as well as the finalization of the VSB acquisition and the acquisition of an additional 10% interest in the Moho field in Congo.

Divestments were:

• $855 million in the third quarter of 2025, notably related to the divestment of two unconventional blocks in Argentina and the sale of a 50% interest in a renewables portfolio in France,
• $1,565 million in the first nine months of 2025, notably related to the above items, as well as the sale of a 50% interest in a renewables portfolio in Portugal and the divestment of interests in the Nkossa and Nsoko II permits in Congo and fuel distribution activities in Brazil.

5.5 Net cash flow ⁽¹⁾

TotalEnergies' net cash flow in the third quarter of 2025 was $3,969 million, compared to ($14) million in the previous quarter, due to a $443 million increase in CFFO and a $3,540 million decrease in net investments over the quarter.

2025 third quarter cash flow from operating activities was $8,349 million versus CFFO of $7,061 million, benefiting from a $1.3 billion positive contribution to working capital.

5.6 Profitability

Return on equity was 14.2% for the twelve months ended September 30, 2025.

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

Return on average capital employed ⁽¹⁾ was 12.4% for the twelve months ended September 30, 2025.

In millions of dollars		October 1, 2024			July 1, 2024			October 1, 2023
		September 30, 2025			June 30, 2025			September 30, 2024
Adjusted net operating income (1)		18,204			18,184			20,701
Average capital employed (1)		146,636			146,456			142,195
ROACE (1)		12.4%			12.4%			14.6%

6. TotalEnergies SE statutory accounts

Net income for TotalEnergies SE, the parent company, amounted to €2,626 million in the third quarter of 2025, compared to €4,098 million in the second quarter.

7. Annual 2025 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)		+/- 10 $/t		+/- 0.4 B$		+/- 0.5 B$

8. Outlook

In the context of continued uncertainty in the geopolitical and macroeconomic environment, oil prices are trending downwards, facing an abundant supply that is fueled by production from non-OPEC countries (Guyana, Brazil, US) and OPEC+'s decision to unwind some voluntary productions cuts.

At the beginning of the fourth quarter of 2025, refining margins remain above $50/t reflecting disruptions of diesel flows and low inventory levels.

Forward European gas prices remain sustained at around $11/Mbtu for the fourth quarter of 2025 and winter 2025/26 due to anticipated winter consumption. Given the evolution of oil and gas prices in recent months and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG selling price of $8.5/Mbtu for the fourth quarter of 2025.

Hydrocarbon production in the fourth quarter of 2025 is expected to be between 2.525 and 2.575 Mboe/d, growing over 4% compared to the fourth quarter of 2024, notably benefiting from the restart of Ichthys LNG.

Taking into account planned turnarounds at Antwerp and SATORP in Saudi Arabia, the utilization rate should be between 80% and 84% in the fourth quarter.

The Company anticipates net investments for the full year will be within the $17-17.5 billion guidance range based on organic investments and expected disposals in the fourth quarter. Fourth quarter disposals are estimated to total $2 billion, including the closing of Nigeria and Norway divestitures for Exploration & Production as well as farm-downs of renewable assets in North America and Greece for Integrated Power.

Given forecasted divestments net of acquisitions of $1.5 billion in the fourth quarter 2025 and an anticipated positive contribution from working capital, gearing at the end of 2025 is expected to be 15-16%.

* * * *

To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 1:00pm (Paris time), please log on to totalenergies.com or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. 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)

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Combined liquids and gas production by region (kboe/d)		9M25		9M24		9M25 vs 9M24
515		522		-1%		556		Europe		536		563		-5%
433		424		+2%		452		Africa		427		454		-6%
864		850		+2%		799		Middle East and North Africa		854		813		+5%
476		436		+9%		388		Americas		446		366		+22%
220		271		-19%		214		Asia-Pacific		260		241		+8%
2,508		2,503		-		2,409		Total production		2,523		2,437		+4%
361		374		-3%		371		includes equity affiliates		375		359		+5%
3Q25		2Q25		3Q25 vs 2Q25		3Q24		Liquids production by region (kb/d)		9M25		9M24		9M25 vs 9M24
204		203		+1%		221		Europe		207		224		-7%
317		309		+3%		329		Africa		312		328		-5%
696		673		+3%		637		Middle East and North Africa		684		649		+5%
249		217		+15%		189		Americas		223		176		+27%
87		104		-16%		90		Asia-Pacific		99		98		+1%
1,553		1,506		+3%		1,466		Total production		1,525		1,475		+3%
161		158		+2%		154		includes equity affiliates		161		153		+5%
3Q25		2Q25		3Q25 vs 2Q25		3Q24		Gas production by region (Mcf/d)		9M25		9M24		9M25 vs 9M24
1,675		1,720		-3%		1,812		Europe		1,771		1,832		-3%
588		579		+2%		632		Africa		578		633		-9%
928		973		-5%		888		Middle East and North Africa		940		896		+5%
1,260		1,214		+4%		1,100		Americas		1,237		1,055		+17%
731		909		-20%		661		Asia-Pacific		883		758		+16%
5,182		5,395		-4%		5,093		Total production		5,409		5,174		+5%
1,120		1,173		-4%		1,190		includes equity affiliates		1,176		1,120		+5%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

3Q25		2Q25		3Q25 vs 2Q25		3Q24		Petroleum product sales by region (kb/d)		9M25		9M24		9M25 vs 9M24
1,839		1,904		-3%		1,932		Europe		1,806		1,849		-2%
566		616		-8%		585		Africa		600		578		+4%
978		1,057		-7%		1,091		Americas		1,036		1,038		-
1,128		856		+32%		747		Rest of world		976		699		+40%
4,510		4,432		+2%		4,355		Total consolidated sales		4,418		4,164		+6%
354		379		-7%		395		Includes bulk sales		359		397		-10%
2,887		2,729		+6%		2,578		Includes trading		2,773		2,414		+15%
3Q25		2Q25		3Q25 vs 2Q25		3Q24		Petrochemicals production* (kt)		9M25		9M24		9M25 vs 9M24
976		832		+17%		954		Europe		2,792		2,844		-2%
773		750		+3%		765		Americas		2,217		2,166		+2%
751		709		+6%		762		Middle East and Asia		2,205		2,192		+1%
* Olefins, polymers.

9.3 Integrated Power

9.3.1 Net power production

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

9.3.2 Installed power generation net capacity

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

9.3.3 Power generation gross capacity from renewables

		3Q25										2Q25
Installed power generation gross capacity from renewables (GW) (19),(20)		Solar		Onshore Wind		Offshore Wind		Other		Total		Solar		Onshore Wind		Offshore Wind		Other		Total
France		1.3		0.9		0.0		0.2		2.4		1.3		0.9		0.0		0.2		2.3
Rest of Europe		0.6		1.6		1.1		0.3		3.7		0.6		1.5		1.1		0.3		3.5
Africa		0.1		0.0		0.0		0.3		0.4		0.1		0.0		0.0		0.3		0.4
Middle East		1.3		0.0		0.0		0.0		1.3		1.3		0.0		0.0		0.0		1.3
North America		6.9		2.3		0.0		1.0		10.3		6.1		2.3		0.0		0.8		9.3
South America		0.5		1.8		0.0		0.0		2.2		0.4		1.5		0.0		0.0		1.9
India		9.1		0.7		0.0		0.0		9.7		8.5		0.6		0.0		0.0		9.2
Asia-Pacific		1.7		0.0		0.6		0.0		2.4		1.7		0.0		0.6		0.0		2.4
Total		21.5		7.2		1.8		1.8		32.3		20.0		6.8		1.8		1.6		30.2
		3Q25										2Q25
Power generation gross capacity from renewables in construction (GW) (19),(20)		Solar		Onshore Wind		Offshore Wind		Other		Total		Solar		Onshore Wind		Offshore Wind		Other		Total
France		0.2		0.2		0.0		0.0		0.4		0.3		0.1		0.0		0.0		0.4
Rest of Europe		0.5		0.1		0.8		0.3		1.7		0.5		0.2		0.8		0.3		1.9
Africa		0.5		0.1		0.0		0.1		0.7		0.5		0.1		0.0		0.1		0.7
Middle East		1.7		0.2		0.0		0.0		2.0		1.7		0.2		0.0		0.0		2.0
North America		1.2		0.0		0.0		0.2		1.3		1.2		0.0		0.0		0.5		1.7
South America		0.8		0.2		0.0		0.3		1.3		0.9		0.4		0.0		0.2		1.4
India		1.4		0.0		0.0		0.0		1.4		1.6		0.0		0.0		0.0		1.6
Asia-Pacific		0.4		0.0		0.0		0.0		0.4		0.1		0.0		0.0		0.0		0.1
Total		6.7		0.8		0.8		0.9		9.2		6.7		1.1		0.8		1.2		9.8
		3Q25										2Q25
Power generation gross capacity from renewables in development (GW) (19),(20)		Solar		Onshore Wind		Offshore Wind		Other		Total		Solar		Onshore Wind		Offshore Wind		Other		Total
France		1.0		0.5		1.5		0.0		2.9		1.0		0.5		0.0		0.0		1.6
Rest of Europe		5.8		1.8		14.3		3.2		25.1		6.4		1.7		14.3		2.9		25.3
Africa		0.3		0.2		0.0		0.0		0.5		0.5		0.2		0.0		0.0		0.7
Middle East		0.5		0.0		0.0		0.0		0.5		0.6		0.0		0.0		0.0		0.6
North America		10.4		3.6		4.1		5.3		23.4		10.9		3.7		4.1		4.6		23.3
South America		1.3		1.3		0.0		0.0		2.7		1.2		1.4		0.0		0.0		2.6
India		1.6		0.1		0.0		0.0		1.7		2.0		0.1		0.0		0.0		2.1
Asia-Pacific		3.0		1.1		2.6		1.1		7.7		3.2		1.1		2.6		1.1		7.9
Total		23.9		8.5		22.5		9.6		64.4		25.8		8.6		21.0		8.6		64.1

10. Alternative Performance Measures (Non-GAAP measures)

10.1 Adjustment items to net income (TotalEnergies share)

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

10.2 Reconciliation of adjusted EBITDA with consolidated financial statements

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

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars		9M25		9M24		9M25 vs 9M24
3,683		2,687		+37%		2,294		Net income (TotalEnergies share)		10,221		11,802		-13%
297		891		-67%		1,780		Less: adjustment items to net income (TotalEnergies share)		1,529		2,056		-26%
3,980		3,578		+11%		4,074		Adjusted net income (TotalEnergies share)		11,750		13,858		-15%
								Adjusted items
80		60		+33%		90		Add: non-controlling interests		210		257		-18%
2,281		2,328		-2%		2,369		Add: income taxes		7,314		8,337		-12%
3,277		3,106		+6%		3,048		Add: depreciation, depletion and impairment of tangible assets and mineral interests		9,381		8,952		+5%
104		96		+8%		103		Add: amortization and impairment of intangible assets		283		282		-
808		816		-1%		797		Add: financial interest on debt		2,349		2,230		+5%
(235)		(294)		ns		(433)		Less: financial income and expense from cash & cash equivalents		(798)		(1,302)		ns
10,295		9,690		+6%		10,048		Adjusted EBITDA		30,489		32,614		-7%

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

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars		9M25		9M24		9M25 vs 9M24
								Adjusted items
43,844		44,676		-2%		47,429		Revenues from sales		136,419		148,495		-8%
(26,940)		(28,533)		ns		(30,856)		Purchases, net of inventory variation		(86,036)		(95,695)		ns
(7,555)		(7,588)		ns		(7,147)		Other operating expenses		(22,685)		(22,391)		ns
(64)		(97)		ns		(101)		Exploration costs		(242)		(286)		ns
303		544		-44%		59		Other income		1,094		445		x2.5
(101)		(233)		ns		(121)		Other expense, excluding amortization and impairment of intangible assets		(550)		(283)		ns
324		422		-23%		293		Other financial income		1,040		1,008		+3%
(208)		(203)		ns		(214)		Other financial expense		(660)		(642)		ns
692		702		-1%		706		Net income (loss) from equity affiliates		2,109		1,963		+7%
10,295		9,690		+6%		10,048		Adjusted EBITDA		30,489		32,614		-7%
								Adjusted items
(3,277)		(3,106)		ns		(3,048)		Less: depreciation, depletion and impairment of tangible assets and mineral interests		(9,381)		(8,952)		ns
(104)		(96)		ns		(103)		Less: amortization of intangible assets		(283)		(282)		ns
(808)		(816)		ns		(797)		Less: financial interest on debt		(2,349)		(2,230)		ns
235		294		-20%		433		Add: financial income and expense from cash & cash equivalents		798		1,302		-39%
(2,281)		(2,328)		ns		(2,369)		Less: income taxes		(7,314)		(8,337)		ns
(80)		(60)		ns		(90)		Less: non-controlling interests		(210)		(257)		ns
(297)		(891)		ns		(1,780)		Add: adjustment (TotalEnergies share)		(1,529)		(2,056)		ns
3,683		2,687		+37%		2,294		Net income (TotalEnergies share)		10,221		11,802		-13%

10.3 Investments – Divestments

Reconciliation of Cash flow used in investing activities to Net investments

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars		9M25		9M24		9M25 vs 9M24
3,203		6,689		-52%		5,562		Cash flow used in investing activities ( a )		14,697		13,587		+8%
-		-		ns		-		Other transactions with non-controlling interests ( b )		-		-		ns
45		54		-17%		57		Organic loan repayment from equity affiliates ( c )		105		31		x3.4
(242)		(221)		ns		-		Change in debt from renewable projects financing ( d ) *		(463)		-		ns
84		90		-7%		119		Capex linked to capitalized leasing contracts ( e )		282		319		-12%
2		20		-90%		26		Expenditures related to carbon credits ( f )		24		29		-17%
3,092		6,632		-53%		5,764		Net investments ( a + b + c + d + e + f = g - i + h )		14,645		13,966		+5%
(381)		1,813		ns		1,662		of which acquisitions net of assets sales ( g-i )		1,851		1,382		+34%
474		2,106		-77%		1,795		Acquisitions ( g )		3,416		3,413		-
855		293		x2.9		133		Asset sales ( i )		1,565		2,031		-23%
121		67		+81%		-		Change in debt (partner share) and capital gain from renewable project sales		188		-		ns
3,473		4,819		-28%		4,102		of which organic investments ( h )		12,794		12,584		+2%
74		37		+99%		148		Capitalized exploration		222		394		-44%
408		425		-4%		458		Increase in non-current loans		1,401		1,585		-12%
(449)		(256)		ns		(140)		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(808)		(464)		ns
(121)		(154)		ns		-		Change in debt from renewable projects (TotalEnergies share)		(275)		-		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

3Q25		2Q25		3Q25 vs 2Q25		3Q24		In millions of dollars		9M25		9M24		9M25 vs 9M24
8,349		5,960		40%		7,171		Cash flow from operating activities ( a )		16,872		18,347		-8%
1,382		(246)		ns		871		(Increase) decrease in working capital ( b ) *		(3,180)		(3,581)		ns
(55)		(272)		ns		(464)		Inventory effect ( c )		(434)		(807)		ns
(6)		86		ns		-		Capital gain from renewable project sales ( d )		80		-		ns
45		54		-17%		57		Organic loan repayments from equity affiliates ( e )		105		31		x3.4
7,061		6,618		+7%		6,821		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		20,671		22,766		-9%
(382)		(325)		ns		(188)		Financial charges		(992)		(449)		ns
7,443		6,943		+7%		7,009		Debt Adjusted Cash Flow (DACF)		21,663		23,215		-7%
3,473		4,819		-28%		4,102		Organic investments ( g )		12,794		12,584		+2%
3,588		1,799		+99%		2,719		Free cash flow after organic investments ( f - g )		7,877		10,182		-23%
3,092		6,632		-53%		5,764		Net investments ( h )		14,645		13,966		+5%
3,969		(14)		ns		1,057		Net cash flow ( f - h )		6,026		8,800		-32%
* 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		09/30/2025		06/30/2025		09/30/2024
Current borrowings *		11,830		12,570		11,805
Other current financial liabilities		568		861		488
Current financial assets * , **		(4,607)		(4,872)		(5,780)
Net financial assets classified as held for sale *		49		41		204
Non-current financial debt *		41,296		39,161		37,824
Non-current financial assets *		(1,168)		(1,410)		(1,307)
Cash and cash equivalents		(23,415)		(20,424)		(25,672)
Net debt ( a )		24,553		25,927		17,562
Shareholders’ equity (TotalEnergies share)		115,281		116,642		116,059
Non-controlling interests		2,384		2,360		2,557
Shareholders' equity (b)		117,665		119,002		118,616
Gearing = a / ( a+b )		17.3%		17.9%		12.9%
Leases (c)		8,827		8,907		8,338
Gearing including leases ( a+c ) / ( a+b+c )		22.1%		22.6%		17.9%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.

Gearing was 17.3% at the end of September 2025 due to the seasonal effect of working capital variation and investment pace. Normalized gearing is between 15% and 16%.

10.6 Return on average capital employed

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

10.7 Payout

In millions of dollars		9M25		9M24		2024
Dividend paid (parent company shareholders)		5,961		5,719		7,717
Repayment of treasury shares excluding fees and taxes		5,997		5,999		7,970
Payout ratio		56%		49%		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” and “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 third quarter of 2025 and first nine months of 2025 from the condensed consolidated financial statements of TotalEnergies SE as of September 30, 2025 (unaudited). The condensed consolidated financial statements of TotalEnergies SE as of September 30, 2025 have been subject to a limited review by the Statutory Auditors. The notes to the condensed consolidated financial statements are available on the website totalenergies.com.

This document contains forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to (i) the financial condition, results of operations, business activities and strategy of TotalEnergies, (ii) expectations regarding returns to stockholders, including with respect to future dividends and share buybacks, (iii) the contemplated conversion of the American Depositary Receipts (ADR), including the termination of the ADR program in connection therewith and (iv) the contemplated listing of TotalEnergies’ ordinary shares on the New York Stock Exchange (“NYSE”). 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.

The initial and continued listing of ordinary shares on the NYSE, as well as the contemplated structure to support such listing, remain at the discretion of TotalEnergies’ management, subject to compliance with applicable law and the rules in force on the NYSE, and the implementation and maintenance of the contemplated structure to support such listing.

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 SE 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 SE, 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. U.S. Investors are reminded that we are a French Societas Europaea and therefore the rights of our shareholders under French law differ from the rights and obligations of shareholders in companies governed by the laws of U.S. jurisdictions. Société Générale will act in France as registered intermediary (intermédiaire inscrit) for the account of the owners of the Company’s ordinary shares registered on the U.S. register in accordance with Articles L. 228.1 et seq. of the French commercial code, and such provisions may result in differences in the exercise of shareholder rights compared to the expectations of U.S. investors. In the performance of its duties, our Board is required by French law to consider the interests of the Company, its shareholders, its employees, and other stakeholders, in all cases with due consideration to the principles of reasonableness and fairness. It is possible that some of these parties could have interests that are different from, or in addition to, your interests as a shareholder.

This communication does not constitute or form part of, and should not be construed as constituting or forming part of, any offer to sell or issue, any invitation to make an investment in, or any solicitation of any offer to purchase or subscribe for, securities of TotalEnergies.

(1)		Refer to Glossary pages 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables.
(2)		Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements.
(3)		Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
(4)		In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds.
(5)		Average €-$ exchange rate: 1.1681 in the 3rd quarter 2025, 1.1338 in the 2nd quarter 2025, 1.0983 in the 3rd quarter 2024, 1.1188 in the first nine months of 2025 and 1.0871 in the first nine months of 2024.
(6)		Does not include oil, gas and LNG trading activities, respectively.
(7)		Sales in $ / Sales in volume for consolidated affiliates.
(8)		Sales in $ / Sales in volume for consolidated affiliates.
(9)		Sales in $ / Sales in volume for consolidated and equity affiliates.
(10)		This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies.
(11)		The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore no longer counted with effect from 2018. In CO2 equivalent terms, nitrous oxide (N2O) represents less than 1% of the Company's Scope 1+2 emissions.
(12)		Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting and indirect emissions attributable to brought-in energy (electricity, heat, steam), net from potential energy sales, excluding purchased industrial gases (H2). Unless stated otherwise, TotalEnergies reports Scope 2 GHG emissions using the market-based method defined by the GHG Protocol.
(13)		If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the higher of the two production volumes or sales for end use. For TotalEnergies, in 2025, the calculation of Scope 3 GHG emissions for the oil value chain considers products sales (higher than production) and for the gas value chain, the marketable gas and condensates production (higher than gas sales, either as LNG or as direct sales to B2B/B2C customers). A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both consumers and business customers that use final products, and with IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities.
(14)		Company production = E&P production + Integrated LNG production.
(15)		Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
*		Including coverage of employees share grant plans.
(16)		Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2025. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
(17)		In a 70-80 $/b Brent environment.
(18)		End-of-period data.
(19)		Includes 18.99% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.
(20)		End-of-period data.

TotalEnergies financial statements

Third quarter 2025 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
	3rd quarter		2nd quarter		3rd quarter
(M$)(a)	2025		2025		2024
Sales	48,691		49,627		52,021
Excise taxes	(4,847)		(4,951)		(4,592)
Revenues from sales	43,844		44,676		47,429
Purchases, net of inventory variation	(27,191)		(29,158)		(31,425)
Other operating expenses	(7,591)		(7,834)		(7,269)
Exploration costs	(64)		(97)		(572)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,280)		(3,258)		(3,392)
Other income	778		544		45
Other expense	(528)		(287)		(374)
Financial interest on debt	(808)		(816)		(797)
Financial income and expense from cash & cash equivalents	265		327		457
Cost of net debt	(543)		(489)		(340)
Other financial income	366		429		319
Other financial expense	(208)		(203)		(214)
Net income (loss) from equity affiliates	602		529		333
Income taxes	(2,423)		(2,106)		(2,179)
Consolidated net income	3,762		2,746		2,361
TotalEnergies share	3,683		2,687		2,294
Non-controlling interests	79		59		67
Earnings per share ($)	1.65		1.18		0.97
Fully-diluted earnings per share ($)	1.64		1.17		0.96
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
	3rd quarter		2nd quarter		3rd quarter
(M$)	2025		2025		2024
Consolidated net income	3,762		2,746		2,361
Other comprehensive income
Actuarial gains and losses	(2)		16		3
Change in fair value of investments in equity instruments	(96)		52		(141)
Tax effect	19		(20)		29
Currency translation adjustment generated by the parent company	(2)		5,808		3,151
Items not potentially reclassifiable to profit and loss	(81)		5,856		3,042
Currency translation adjustment	(230)		(4,692)		(2,457)
Cash flow hedge	(346)		165		(13)
Variation of foreign currency basis spread	6		4		(4)
Share of other comprehensive income of equity affiliates, net amount	(112)		(174)		(208)
Other	5		-		2
Tax effect	81		(49)		(1)
Items potentially reclassifiable to profit and loss	(596)		(4,746)		(2,681)
Total other comprehensive income (net amount)	(677)		1,110		361
Comprehensive income	3,085		3,856		2,722
TotalEnergies share	3,001		3,752		2,631
Non-controlling interests	84		104		91

CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
	9 months		9 months
(M$)(a)	2025		2024
Sales	150,572		162,042
Excise taxes	(14,153)		(13,547)
Revenues from sales	136,419		148,495
Purchases, net of inventory variation	(87,204)		(97,322)
Other operating expenses	(22,989)		(22,641)
Exploration costs	(242)		(757)
Depreciation, depletion and impairment of tangible assets and mineral interests	(9,536)		(9,310)
Other income	1,569		1,806
Other expense	(1,106)		(940)
Financial interest on debt	(2,349)		(2,230)
Financial income and expense from cash & cash equivalents	882		1,337
Cost of net debt	(1,467)		(893)
Other financial income	1,113		1,084
Other financial expense	(660)		(642)
Net income (loss) from equity affiliates	1,794		978
Income taxes	(7,262)		(7,846)
Consolidated net income	10,429		12,012
TotalEnergies share	10,221		11,802
Non-controlling interests	208		210
Earnings per share ($)	4.53		5.02
Fully-diluted earnings per share ($)	4.49		4.99
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
	9 months		9 months
(M$)	2025		2024
Consolidated net income	10,429		12,012
Other comprehensive income
Actuarial gains and losses	14		23
Change in fair value of investments in equity instruments	(32)		2
Tax effect	-		10
Currency translation adjustment generated by the parent company	8,688		962
Items not potentially reclassifiable to profit and loss	8,670		997
Currency translation adjustment	(6,939)		(835)
Cash flow hedge	(1,014)		1,387
Variation of foreign currency basis spread	25		(19)
share of other comprehensive income of equity affiliates, net amount	(386)		(322)
Other	12		2
Tax effect	237		(373)
Items potentially reclassifiable to profit and loss	(8,065)		(160)
Total other comprehensive income (net amount)	605		837
Comprehensive income	11,034		12,849
TotalEnergies share	10,760		12,635
Non-controlling interests	274		214

CONSOLIDATED BALANCE SHEET
TotalEnergies
	September 30, 2025		June 30, 2025		December 31, 2024		September 30, 2024
(M$)	(unaudited)		(unaudited)				(unaudited)
ASSETS
Non-current assets
Intangible assets, net	37,764		36,687		34,238		33,891
Property, plant and equipment, net	115,198		116,153		109,095		110,125
Equity affiliates : investments and loans	36,968		36,657		34,405		33,963
Other investments	2,046		2,176		1,665		1,656
Non-current financial assets	2,426		2,691		2,305		2,578
Deferred income taxes	3,633		3,550		3,202		3,727
Other non-current assets	2,990		4,057		4,006		4,170
Total non-current assets	201,025		201,971		188,916		190,110
Current assets
Inventories, net	17,058		17,275		18,868		18,532
Accounts receivable, net	19,735		21,254		19,281		18,777
Other current assets	21,833		24,160		23,687		21,933
Current financial assets	4,884		5,183		6,914		6,151
Cash and cash equivalents	23,415		20,424		25,844		25,672
Assets classified as held for sale	4,009		2,550		1,977		2,830
Total current assets	90,934		90,846		96,571		93,895
Total assets	291,959		292,817		285,487		284,005
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares	7,059		7,262		7,577		7,577
Paid-in surplus and retained earnings	125,073		128,103		135,496		130,804
Currency translation adjustment	(13,853)		(13,564)		(15,259)		(13,793)
Treasury shares	(2,998)		(5,159)		(9,956)		(8,529)
Total shareholders' equity - TotalEnergies share	115,281		116,642		117,858		116,059
Non-controlling interests	2,384		2,360		2,397		2,557
Total shareholders' equity	117,665		119,002		120,255		118,616
Non-current liabilities
Deferred income taxes	12,830		12,729		12,114		11,750
Employee benefits	1,991		1,974		1,753		1,890
Provisions and other non-current liabilities	20,096		20,312		19,872		20,290
Non-current financial debt	49,552		47,584		43,533		45,750
Total non-current liabilities	84,469		82,599		77,272		79,680
Current liabilities
Accounts payable	38,062		39,288		39,932		34,668
Other creditors and accrued liabilities	35,266		34,672		35,961		34,716
Current borrowings	13,820		14,637		10,024		13,853
Other current financial liabilities	568		861		664		488
Liabilities directly associated with the assets classified as held for sale	2,109		1,758		1,379		1,984
Total current liabilities	89,825		91,216		87,960		85,709
Total liabilities & shareholders' equity	291,959		292,817		285,487		284,005

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
	3rd quarter		2nd quarter		3rd quarter
(M$)	2025		2025		2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income	3,762		2,746		2,361
Depreciation, depletion, amortization and impairment	3,405		3,360		4,020
Non-current liabilities, valuation allowances and deferred taxes	272		127		(93)
(Gains) losses on disposals of assets	(603)		(335)		(3)
Undistributed affiliates' equity earnings	(195)		(102)		(13)
(Increase) decrease in working capital	1,600		49		836
Other changes, net	108		115		63
Cash flow from operating activities	8,349		5,960		7,171
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions	(3,812)		(4,766)		(4,110)
Acquisitions of subsidiaries, net of cash acquired	-		(1,627)		(497)
Investments in equity affiliates and other securities	(215)		(419)		(845)
Increase in non-current loans	(408)		(425)		(458)
Total expenditures	(4,435)		(7,237)		(5,910)
Proceeds from disposals of intangible assets and property, plant and equipment	613		69		32
Proceeds from disposals of subsidiaries, net of cash sold	133		154		82
Proceeds from disposals of non-current investments	(8)		15		37
Repayment of non-current loans	494		310		197
Total divestments	1,232		548		348
Cash flow used in investing activities	(3,203)		(6,689)		(5,562)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders	-		492		-
- Treasury shares	(2,349)		(1,707)		(2,005)
Dividends paid:
- Parent company shareholders	(2,216)		(1,894)		(1,963)
- Non-controlling interests	(89)		(173)		(171)
Net issuance (repayment) of perpetual subordinated notes	-		-		-
Payments on perpetual subordinated notes	(26)		(27)		(23)
Other transactions with non-controlling interests	23		(31)		(14)
Net issuance (repayment) of non-current debt	3,682		257		3,080
Increase (decrease) in current borrowings	(1,962)		(356)		911
Increase (decrease) in current financial assets and liabilities	529		1,287		760
Cash flow from / (used in) financing activities	(2,408)		(2,152)		575
Net increase (decrease) in cash and cash equivalents	2,738		(2,881)		2,184
Effect of exchange rates	253		468		277
Cash and cash equivalents at the beginning of the period	20,424		22,837		23,211
Cash and cash equivalents at the end of the period	23,415		20,424		25,672

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
	9 months		9 months
(M$)	2025		2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income	10,429		12,012
Depreciation, depletion, amortization and impairment	9,851		10,136
Non-current liabilities, valuation allowances and deferred taxes	608		146
(Gains) losses on disposals of assets	(913)		(1,431)
Undistributed affiliates' equity earnings	(720)		25
(Increase) decrease in working capital	(2,583)		(2,837)
Other changes, net	200		296
Cash flow from operating activities	16,872		18,347
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions	(12,800)		(11,229)
Acquisitions of subsidiaries, net of cash acquired	(1,859)		(1,507)
Investments in equity affiliates and other securities	(945)		(1,814)
Increase in non-current loans	(1,401)		(1,617)
Total expenditures	(17,005)		(16,167)
Proceeds from disposals of intangible assets and property, plant and equipment	983		413
Proceeds from disposals of subsidiaries, net of cash sold	404		1,513
Proceeds from disposals of non-current investments	8		127
Repayment of non-current loans	913		527
Total divestments	2,308		2,580
Cash flow used in investing activities	(14,697)		(13,587)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders	492		521
- Treasury shares	(6,208)		(6,018)
Dividends paid:
- Parent company shareholders	(5,961)		(5,719)
- Non-controlling interests	(401)		(304)
Net issuance (repayment) of perpetual subordinated notes	(1,139)		(1,622)
Payments on perpetual subordinated notes	(181)		(232)
Other transactions with non-controlling interests	(28)		(50)
Net issuance (repayment) of non-current debt	7,370		7,441
Increase (decrease) in current borrowings	(2,168)		(1,006)
Increase (decrease) in current financial assets and liabilities	2,534		501
Cash flow from / (used in) financing activities	(5,690)		(6,488)
Net increase (decrease) in cash and cash equivalents	(3,515)		(1,728)
Effect of exchange rates	1,086		137
Cash and cash equivalents at the beginning of the period	25,844		27,263
Cash and cash equivalents at the end of the period	23,415		25,672

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity - TotalEnergies Share		Non-controlling interests		Total shareholders' equity
(M$)		Number		Amount						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 of the first nine months 2024		-		-		11,802		-		-		-		11,802		210		12,012
Other comprehensive income		-		-		924		(91)		-		-		833		4		837
Comprehensive Income		-		-		12,726		(91)		-		-		12,635		214		12,849
Dividend		-		-		(5,863)		-		-		-		(5,863)		(304)		(6,167)
Issuance of common shares		10,833,187		29		492		-		-		-		521		-		521
Purchase of treasury shares		-		-		-		-		(88,066,669)		(6,568)		(6,568)		-		(6,568)
Sale of treasury shares(a)		-		-		(395)		-		6,067,493		395		-		-		-
Share-based payments		-		-		458		-		-		-		458		-		458
Share cancellation		(25,405,361)		(68)		(1,595)		-		25,405,361		1,663		-		-		-
Net issuance (repayment) of perpetual subordinated notes		-		-		(1,679)		-		-		-		(1,679)		-		(1,679)
Payments on perpetual subordinated notes		-		-		(200)		-		-		-		(200)		-		(200)
Other operations with non-controlling interests		-		-		-		-		-		-		-		(50)		(50)
Other items		-		-		3		(1)		-		-		2		(3)		(1)
As of September 30, 2024		2,397,679,661		7,577		130,804		(13,793)		(117,137,028)		(8,529)		116,059		2,557		118,616
Net income of the fourth quarter 2024		-		-		3,956		-		-		-		3,956		63		4,019
Other comprehensive income		-		-		1,512		(1,467)		-		-		45		(48)		(3)
Comprehensive Income		-		-		5,468		(1,467)		-		-		4,001		15		4,016
Dividend		-		-		(1,893)		-		-		-		(1,893)		(151)		(2,044)
Issuance of common shares		-		-		-		-		-		-		-		-		-
Purchase of treasury shares		-		-		-		-		(32,396,563)		(1,427)		(1,427)		-		(1,427)
Sale of treasury shares(a)		-		-		-		-		3,773		-		-		-		-
Share-based payments		-		-		98		-		-		-		98		-		98
Share cancellation		-		-		-		-		-		-		-		-		-
Net issuance (repayment) of perpetual subordinated notes		-		-		1,103		-		-		-		1,103		-		1,103
Payments on perpetual subordinated notes		-		-		(72)		-		-		-		(72)		-		(72)
Other operations with non-controlling interests		-		-		-		-		-		-		-		(17)		(17)
Other items		-		-		(12)		1		-		-		(11)		(7)		(18)
As of December 31, 2024		2,397,679,661		7,577		135,496		(15,259)		(149,529,818)		(9,956)		117,858		2,397		120,255
Net income of the first nine months 2025		-		-		10,221		-		-		-		10,221		208		10,429
Other comprehensive income		-		-		(867)		1,406		-		-		539		66		605
Comprehensive Income		-		-		9,354		1,406		-		-		10,760		274		11,034
Dividend		-		-		(6,103)		-		-		-		(6,103)		(267)		(6,370)
Issuance of common shares		11,149,053		30		462		-		-		-		492		-		492
Purchase of treasury shares		-		-		-		-		(99,060,045)		(6,520)		(6,520)		-		(6,520)
Sale of treasury shares(a)		-		-		(414)		-		6,218,249		414		-		-		-
Share-based payments		-		-		463		-		-		-		463		-		463
Share cancellation		(202,243,171)		(548)		(12,704)		-		202,243,171		13,064		(188)		-		(188)
Net issuance (repayment) of perpetual subordinated notes		-		-		(1,219)		-		-		-		(1,219)		-		(1,219)
Payments on perpetual subordinated notes		-		-		(238)		-		-		-		(238)		-		(238)
Other operations with non-controlling interests		-		-		(6)		-		-		-		(6)		(22)		(28)
Other items		-		-		(18)		-		-		-		(18)		2		(16)
As of September 30, 2025		2,206,585,543		7,059		125,073		(13,853)		(40,128,443)		(2,998)		115,281		2,384		117,665
(a)Treasury shares related to the performance share grants.

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2025		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
External sales		1,392		1,995		3,955		21,205		20,138		6		-		48,691
Intersegment sales		8,892		1,587		434		7,122		234		38		(18,307)		-
Excise taxes		-		-		-		(201)		(4,646)		-		-		(4,847)
Revenues from sales		10,284		3,582		4,389		28,126		15,726		44		(18,307)		43,844
Operating expenses		(4,200)		(2,880)		(3,863)		(27,069)		(14,916)		(225)		18,307		(34,846)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,145)		(376)		(103)		(380)		(243)		(33)		-		(3,280)
Net income (loss) from equity affiliates and other items		522		492		(52)		75		(24)		(3)		-		1,010
Tax on net operating income		(2,055)		(97)		(110)		(143)		(177)		115		-		(2,467)
Adjustments (a)		237		(131)		(310)		(78)		(14)		(22)		-		(318)
Adjusted net operating income		2,169		852		571		687		380		(80)		-		4,579
Adjustments (a)																(318)
Net cost of net debt																(499)
Non-controlling interests																(79)
Net income - TotalEnergies share																3,683
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
3rd quarter 2025		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
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)
2nd quarter 2025		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
External sales		1,369		2,586		3,958		21,759		19,944		11		-		49,627
Intersegment sales		8,862		1,869		701		7,006		177		32		(18,647)		-
Excise taxes		-		-		-		(254)		(4,697)		-		-		(4,951)
Revenues from sales		10,231		4,455		4,659		28,511		15,424		43		(18,647)		44,676
Operating expenses		(4,577)		(3,632)		(4,479)		(27,995)		(14,751)		(302)		18,647		(37,089)
Depreciation, depletion and impairment of tangible assets and mineral interests		(1,978)		(397)		(108)		(520)		(224)		(31)		-		(3,258)
Net income (loss) from equity affiliates and other items		58		578		340		(42)		113		(35)		-		1,012
Tax on net operating income		(1,793)		(166)		(27)		(12)		(168)		57		-		(2,109)
Adjustments (a)		(33)		(203)		(189)		(447)		(18)		(23)		-		(913)
Adjusted net operating income		1,974		1,041		574		389		412		(245)		-		4,145
Adjustments (a)																(913)
Net cost of net debt																(486)
Non-controlling interests																(59)
Net income - TotalEnergies share																2,687
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
2nd quarter 2025		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		3,186		877		2,503		351		234		86		-		7,237
Total divestments		80		25		347		42		38		16		-		548
Cash flow from operating activities		3,675		539		799		887		628		(568)		-		5,960

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2024		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
External sales		1,425		2,350		4,444		22,926		20,872		4		-		52,021
Intersegment sales		9,633		2,017		424		7,927		218		58		(20,277)		-
Excise taxes		-		-		-		(213)		(4,379)		-		-		(4,592)
Revenues from sales		11,058		4,367		4,868		30,640		16,711		62		(20,277)		47,429
Operating expenses		(5,257)		(3,393)		(4,329)		(30,273)		(16,082)		(209)		20,277		(39,266)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,324)		(294)		(114)		(400)		(229)		(31)		-		(3,392)
Net income (loss) from equity affiliates and other items		47		482		(274)		(79)		(29)		(38)		-		109
Tax on net operating income		(1,879)		(250)		(66)		40		(102)		117		-		(2,140)
Adjustments (a)		(837)		(151)		(400)		(313)		(95)		(23)		-		(1,819)
Adjusted net operating income		2,482		1,063		485		241		364		(76)		-		4,559
Adjustments (a)																(1,819)
Net cost of net debt																(379)
Non-controlling interests																(67)
Net income - TotalEnergies share																2,294
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
3rd quarter 2024		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		2,251		599		2,291		388		329		52		-		5,910
Total divestments		90		99		70		69		19		1		-		348
Cash flow from operating activities		4,763		830		373		564		581		60		-		7,171

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9 months 2025		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
External sales		4,330		7,669		13,880		65,591		59,083		19		-		150,572
Intersegment sales		26,481		6,708		1,819		20,939		567		95		(56,609)		-
Excise taxes		-		-		-		(567)		(13,586)		-		-		(14,153)
Revenues from sales		30,811		14,377		15,699		85,963		46,064		114		(56,609)		136,419
Operating expenses		(12,577)		(11,468)		(14,527)		(83,712)		(44,041)		(719)		56,609		(110,435)
Depreciation, depletion and impairment of tangible assets and mineral interests		(6,073)		(1,164)		(286)		(1,239)		(684)		(90)		-		(9,536)
Net income (loss) from equity affiliates and other items		713		1,635		332		25		79		(74)		-		2,710
Tax on net operating income		(6,176)		(538)		(210)		(238)		(443)		246		-		(7,359)
Adjustments (a)		104		(345)		(643)		(578)		(57)		(67)		-		(1,586)
Adjusted net operating income		6,594		3,187		1,651		1,377		1,032		(456)		-		13,385
Adjustments (a)																(1,586)
Net cost of net debt																(1,370)
Non-controlling interests																(208)
Net income - TotalEnergies share																10,221
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
9 months 2025		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		8,642		2,390		4,212		995		611		155		-		17,005
Total divestments		1,060		500		486		65		180		17		-		2,308
Cash flow from operating activities		11,128		3,071		1,074		1,743		1,483		(1,627)		-		16,872

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9 months 2024		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
External sales		4,159		6,995		15,990		71,975		62,901		22		-		162,042
Intersegment sales		29,164		7,623		1,583		24,273		651		198		(63,492)		-
Excise taxes		-		-		-		(591)		(12,956)		-		-		(13,547)
Revenues from sales		33,323		14,618		17,573		95,657		50,596		220		(63,492)		148,495
Operating expenses		(14,370)		(11,099)		(16,400)		(92,808)		(48,779)		(756)		63,492		(120,720)
Depreciation, depletion and impairment of tangible assets and mineral interests		(6,148)		(925)		(316)		(1,192)		(643)		(86)		-		(9,310)
Net income (loss) from equity affiliates and other items		285		1,503		(863)		(24)		1,367		18		-		2,286
Tax on net operating income		(6,303)		(785)		(185)		(275)		(311)		149		-		(7,710)
Adjustments (a)		(912)		(125)		(1,789)		(484)		1,232		(36)		-		(2,114)
Adjusted net operating income		7,699		3,437		1,598		1,842		998		(419)		-		15,155
Adjustments (a)																(2,114)
Net cost of net debt																(1,029)
Non-controlling interests																(210)
Net income - TotalEnergies share																11,802
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
9 months 2024		Exploration & Production		Integrated LNG		Integrated Power		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
(M$)
Total expenditures		7,242		2,008		4,799		1,266		732		120		-		16,167
Total divestments		545		178		393		234		1,222		8		-		2,580
Cash flow from operating activities		12,888		2,971		1,771		(24)		2,123		(1,382)		-		18,347

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

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
1,787		3,106		2,161		-17%		Cash flow used in investing activities ( a )		7,582		6,697		13%
-		-		-		ns		Other transactions with non-controlling interests ( b )		-		-		ns
-		-		1		-100%		Organic loan repayment from equity affiliates ( c )		-		1		-100%
-		-		-		ns		Change in debt from renewable projects financing ( d ) *		-		-		ns
80		89		100		-20%		Capex linked to capitalized leasing contracts ( e )		278		280		-1%
2		20		26		-92%		Expenditures related to carbon credits ( f )		24		29		-17%
1,869		3,215		2,288		-18%		Net investments ( a + b + c + d + e + f = g - i + h )		7,884		7,007		13%
(53)		162		(42)		ns		of which net acquisitions of assets sales ( g - i )		225		51		x4.4
522		193		36		x14.5		Acquisitions ( g )		1,160		523		x2.2
575		31		78		x7.4		Assets sales ( i )		935		472		98%
-		-		-		ns		Change in debt (partner share) and capital gain from renewable projects sales		-		-		ns
1,922		3,053		2,330		-18%		of which organic investments ( h )		7,659		6,956		10%
70		30		140		-50%		Capitalized exploration		209		364		-43%
38		42		46		-17%		Increase in non-current loans		162		155		5%
(47)		(49)		(11)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(125)		(72)		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

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
146		852		500		-71%		Cash flow used in investing activities ( a )		1,890		1,830		3%
-		-		-		ns		Other transactions with non-controlling interests ( b )		-		-		ns
46		-		2		x23		Organic loan repayment from equity affiliates ( c )		47		3		x15.7
-		-		-		ns		Change in debt from renewable projects financing ( d ) *		-		-		ns
4		1		14		-71%		Capex linked to capitalized leasing contracts ( e )		4		33		-88%
-		-		-		ns		Expenditures related to carbon credits ( f )		-		-		ns
196		853		516		-62%		Net investments ( a + b + c + d + e + f = g - i + h )		1,941		1,866		4%
(134)		110		65		ns		of which net acquisitions of assets sales ( g - i )		116		251		-54%
(60)		110		69		ns		Acquisitions ( g )		194		268		-28%
74		-		4		x18.5		Assets sales ( i )		78		17		x4.6
-		-		-		ns		Change in debt (partner share) and capital gain from renewable projects sales		-		-		ns
330		743		451		-27%		of which organic investments ( h )		1,825		1,615		13%
4		7		8		-50%		Capitalized exploration		13		30		-57%
174		187		214		-19%		Increase in non-current loans		543		540		1%
(345)		(25)		(79)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(375)		(158)		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

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
692		2,156		2,221		-69%		Cash flow used in investing activities ( a )		3,726		4,406		-15%
-		-		-		ns		Other transactions with non-controlling interests ( b )		-		-		ns
(1)		54		10		ns		Organic loan repayment from equity affiliates ( c )		58		10		x5.8
(242)		(221)		-		ns		Change in debt from renewable projects financing ( d ) *		(463)		-		ns
-		-		5		-100%		Capex linked to capitalized leasing contracts ( e )		-		6		-100%
-		-		-		ns		Expenditures related to carbon credits ( f )		-		-		ns
449		1,989		2,236		-80%		Net investments ( a + b + c + d + e + f = g - i + h )		3,321		4,422		-25%
(147)		1,568		1,529		ns		of which net acquisitions of assets sales ( g - i )		1,658		2,176		-24%
12		1,791		1,565		-99%		Acquisitions ( g )		2,048		2,443		-16%
159		223		36		x4.4		Assets sales ( i )		390		267		46%
121		67		-		ns		Change in debt (partner share) and capital gain from renewable projects sales		188		-		ns
596		421		707		-16%		of which organic investments ( h )		1,663		2,246		-26%
-		-		-		ns		Capitalized exploration		-		-		ns
162		150		135		20%		Increase in non-current loans		580		679		-15%
(43)		(137)		(24)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(226)		(116)		ns
(121)		(154)		-		ns		Change in debt from renewable projects (TotalEnergies share)		(275)		-		ns
*Change in debt from renewable projects (TotalEnergies share and partner share)

1.4 Refining & Chemicals

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
385		309		319		21%		Cash flow used in investing activities ( a )		930		1,032		-10%
-		-		-		ns		Other transactions with non-controlling interests ( b )		-		-		ns
-		-		44		-100%		Organic loan repayment from equity affiliates ( c )		-		17		-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
385		309		363		6%		Net investments ( a + b + c + d + e + f = g - i + h )		930		1,049		-11%
(2)		(24)		34		ns		of which net acquisitions of assets sales ( g - i )		(26)		(81)		ns
-		11		42		-100%		Acquisitions ( g )		11		77		-86%
2		35		8		-75%		Assets sales ( i )		37		158		-77%
-		-		-		ns		Change in debt (partner share) and capital gain from renewable projects sales		-		-		ns
387		333		329		18%		of which organic investments ( h )		956		1,130		-15%
-		-		-		ns		Capitalized exploration		-		-		ns
16		17		33		-52%		Increase in non-current loans		43		98		-56%
(15)		(7)		(17)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(28)		(27)		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

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
160		196		310		-48%		Cash flow used in investing activities ( a )		431		(490)		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
160		196		310		-48%		Net investments ( a + b + c + d + e + f = g - i + h )		431		(490)		ns
(43)		(3)		78		ns		of which net acquisitions of assets sales ( g - i )		(121)		(1,009)		ns
-		1		83		-100%		Acquisitions ( g )		3		102		-97%
43		4		5		x8.6		Assets sales ( i )		124		1,111		-89%
-		-		-		ns		Change in debt (partner share) and capital gain from renewable projects sales		-		-		ns
203		199		232		-13%		of which organic investments ( h )		552		519		6%
-		-		-		ns		Capitalized exploration		-		-		ns
18		26		16		13%		Increase in non-current loans		62		84		-26%
1		(22)		(10)		ns		Repayment of non-current loans, excluding organic loan repayment from equity affiliates		(38)		(89)		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

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
4,187		3,675		4,763		-12%		Cash flow from operating activities ( a )		11,128		12,888		-14%
203		(85)		491		-59%		(Increase) decrease in working capital ( b )		(907)		(215)		ns
-		-		-		ns		Inventory effect ( c )		-		-		ns
-		-		-		ns		Capital gain from renewable project sales ( d )		-		-		ns
-		-		1		-100%		Organic loan repayments from equity affiliates ( e )		-		1		-100%
3,984		3,760		4,273		-7%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		12,035		13,104		-8%

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

2.2 Integrated LNG

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
789		539		830		-5%		Cash flow from operating activities ( a )		3,071		2,971		3%
(299)		(620)		(56)		ns		(Increase) decrease in working capital ( b ) *		(424)		(482)		ns
-		-		-		ns		Inventory effect ( c )		-		-		ns
-		-		-		ns		Capital gain from renewable project sales ( d )		-		-		ns
46		-		2		x23		Organic loan repayments from equity affiliates ( e )		47		3		x15.7
1,134		1,159		888		28%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		3,542		3,456		2%
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

2.3 Integrated Power

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
674		799		373		81%		Cash flow from operating activities ( a )		1,074		1,771		-39%
56		377		(253)		ns		(Increase) decrease in working capital ( b ) *		(558)		(170)		ns
-		-		-		ns		Inventory effect ( c )		-		-		ns
(6)		86		-		ns		Capital gain from renewable project sales ( d )		80		-		ns
(1)		54		10		ns		Organic loan repayments from equity affiliates ( e )		58		10		x5.8
611		562		636		-4%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		1,770		1,951		-9%
* 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

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
2,839		887		564		x5		Cash flow from operating activities ( a )		1,743		(24)		ns
1,900		362		413		x4.6		(Increase) decrease in working capital ( b )		(281)		(2,325)		ns
(76)		(247)		(335)		ns		Inventory effect ( c )		(396)		(620)		ns
-		-		-		ns		Capital gain from renewable project sales ( d )		-		-		ns
-		-		44		-100%		Organic loan repayments from equity affiliates ( e )		-		17		-100%
1,015		772		530		92%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		2,420		2,938		-18%

2.5 Marketing & Services

3rd quarter		2nd quarter		3rd quarter		3rd quarter 2025 vs		(in millions of dollars)		9 months		9 months		9 months 2025 vs
2025		2025		2024		3rd quarter 2024				2025		2024		9 months 2024
287		628		581		-51%		Cash flow from operating activities ( a )		1,483		2,123		-30%
(372)		(58)		63		ns		(Increase) decrease in working capital ( b )		(312)		525		ns
21		(25)		(129)		ns		Inventory effect ( c )		(38)		(187)		ns
-		-		-		ns		Capital gain from renewable project sales ( d )		-		-		ns
-		-		-		ns		Organic loan repayments from equity affiliates ( e )		-		-		ns
638		711		647		-1%		Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )		1,833		1,785		3%

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 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 4th quarter 2024		2,305		1,432		575		318		362		(173)		-		4,819
Adjusted net operating income ( a )		8,899		4,619		2,226		1,695		1,394		(629)		-		18,204
Balance sheet as of September 30, 2025
Property plant and equipment intangible assets net		87,453		29,195		15,681		12,725		7,111		797		-		152,962
Investments & loans in equity affiliates		4,498		16,983		10,257		4,137		1,093		-		-		36,968
Other non-current assets		2,504		2,285		1,705		748		1,083		344		-		8,669
Inventories, net		1,674		1,076		596		10,196		3,516		-		-		17,058
Accounts receivable, net		5,533		5,828		4,045		17,547		8,328		1,300		(22,846)		19,735
Other current assets		7,020		7,252		5,567		2,251		2,889		2,600		(5,746)		21,833
Accounts payable		(6,668)		(6,661)		(6,309)		(30,876)		(9,472)		(901)		22,825		(38,062)
Other creditors and accrued liabilities		(11,225)		(7,587)		(4,810)		(5,175)		(5,546)		(6,690)		5,767		(35,266)
Working capital		(3,666)		(92)		(911)		(6,057)		(285)		(3,691)		-		(14,702)
Provisions and other non-current liabilities		(25,136)		(4,499)		(1,388)		(3,569)		(1,227)		902		-		(34,917)
Assets and liabilities classified as held for sale - Capital employed		449		-		1,616		-		-		-		-		2,065
Capital Employed (Balance sheet)		66,102		43,872		26,960		7,984		7,775		(1,648)		-		151,045
Less inventory valuation effect		-		-		-		(861)		(210)		-		-		(1,071)
Capital Employed at replacement cost ( b )		66,102		43,872		26,960		7,123		7,565		(1,648)		-		149,974
Balance sheet as of September 30, 2024
Property plant and equipment intangible assets net		83,224		25,426		15,517		12,365		6,808		676		-		144,016
Investments & loans in equity affiliates		3,850		15,609		9,341		4,117		1,046		-		-		33,963
Other non-current assets		3,896		2,096		1,286		741		1,210		324		-		9,553
Inventories, net		1,444		1,595		617		11,277		3,599		-		-		18,532
Accounts receivable, net		5,801		6,146		4,270		16,506		8,770		1,067		(23,783)		18,777
Other current assets		7,363		7,814		4,788		2,415		3,154		2,357		(5,958)		21,933
Accounts payable		(7,035)		(6,771)		(5,459)		(28,346)		(9,809)		(994)		23,746		(34,668)
Other creditors and accrued liabilities		(9,658)		(8,693)		(4,542)		(5,596)		(6,015)		(6,207)		5,995		(34,716)
Working capital		(2,085)		91		(326)		(3,744)		(301)		(3,777)		-		(10,142)
Provisions and other non-current liabilities		(24,510)		(3,762)		(1,801)		(3,415)		(1,233)		791		-		(33,930)
Assets and liabilities classified as held for sale - Capital employed		484		-		572		-		-		-		-		1,056
Capital Employed (Balance sheet)		64,859		39,460		24,589		10,064		7,530		(1,986)		-		144,516
Less inventory valuation effect		-		-		-		(1,014)		(205)		-		-		(1,219)
Capital Employed at replacement cost ( c )		64,859		39,460		24,589		9,050		7,325		(1,986)		-		143,297
ROACE as a percentage ( a / average ( b + c ))		13.6%		11.1%		8.6%		21.0%		18.7%						12.4%

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

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

(in millions of dollars)		3rd quarter		2nd quarter		3rd quarter		9 months		9 months
		2025		2025		2024		2025		2024
Consolidated net income ( a )		3,762		2,746		2,361		10,429		12,012
Net cost of net debt ( b )		(499)		(486)		(379)		(1,370)		(1,029)
Special items affecting net operating income		(113)		(361)		(1,360)		(596)		(824)
Gains (losses) on disposals of assets		284		-		-		284		1,397
Restructuring charges		(7)		-		(10)		(7)		(21)
Asset impairment and provisions charges		(286)		(209)		(1,107)		(495)		(1,751)
Other items		(104)		(152)		(243)		(378)		(449)
After-tax inventory effect : FIFO vs. replacement cost		(33)		(269)		(375)		(380)		(595)
Effect of changes in fair value		(172)		(283)		(84)		(610)		(695)
Total adjustments affecting net operating income ( c )		(318)		(913)		(1,819)		(1,586)		(2,114)
Adjusted net operating income ( a - b - c )		4,579		4,145		4,559		13,385		15,155

 

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