STOCK TITAN

TotalEnergies Q3 adjusted net income rises 51% to $9.1B

The board confirmed a €0.90 interim dividend, up 5.9%, and authorized $2.5 billion of share buybacks for cancellation.

Available on EDGAR Accepted by SEC EDGAR Learn about SEC filing dates
(Moderate)

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

Form Type
6-K

Rhea-AI Filing Summary

TotalEnergies SE reported third-quarter 2026 adjusted net income of $9.1 billion, up 51% from the second quarter, and cash flow from operations excluding working capital of $12.3 billion, up 25%. Adjusted EBITDA was $17.8 billion, hydrocarbon production averaged 2.474 million barrels of oil equivalent per day, up more than 3% quarter-to-quarter, and gearing was 9.1% at September 30, 2026, versus 13.1% at June 30, 2026.

The board confirmed a third interim dividend of €0.90 per share for fiscal 2026, up 5.9% compared with 2025, and authorized share buybacks for cancellation of $2.5 billion for the fourth quarter as well as the first quarter of 2027. TotalEnergies EP Nigeria completed the divestment of its 10% non-operated interest in Renaissance JV licenses for US$800 million. TotalEnergies retains full economic interest in three gas licenses that account for 50% of Nigeria LNG’s gas supply.

TotalEnergies and KKR signed an agreement to add 700 MW to their 50/50 U.S. joint venture, at an enterprise value of $1.2 billion; completion is expected in 2026 subject to customary conditions. Separately, TotalEnergies announced the acquisition of a 25% working interest in 26 Chevron-operated U.S. offshore exploration leases, while Chevron acquires a 75% operated interest in two adjacent leases.

4 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

0 major · 0 points

How the balance works

Positive

  • Moderate pointNine-month revenue from sales increased 23% to $168.5 billion.
  • Moderate pointNine-month adjusted net income increased 75% to $20.5 billion.
  • Moderate pointNine-month CFFO increased 48% to $30.6 billion.
  • Minor pointThird interim dividend increased 5.9% to €0.90 per share.

Negative

  • None.

Filing Explained

Employee share issuance is authorized, not reported as issued; the filing also records 2,486,575 own shares purchased from October 19 through 23.

The Board authorized a new employee-only capital increase with a 20% share-price discount and one bonus share per subscribed share, capped at 10 bonus shares. This disclosure reports authorization, not issuance; if shares are issued, the larger share count would reduce existing holders’ percentage ownership absent offsetting changes.

A separate own-share transaction table records purchases from October 19–23, 2026, totaling 2,486,575 shares for €201,696,642.98.

Adjusted net income $9.1 billion Third quarter 2026; up 51% from the second quarter.
Cash flow from operations excluding working capital $12.3 billion Third quarter 2026; up 25% from the second quarter.
Revenue from sales $168.5 billion First nine months of 2026; up 23% from the same period in 2025.
Adjusted net income $20.5 billion First nine months of 2026; up 75% from the same period in 2025.
Gearing 9.1% At September 30, 2026, versus 13.1% at June 30, 2026.
Third interim dividend €0.90 per share Fiscal year 2026; up 5.9% compared with 2025.
Share buybacks authorized for cancellation $2.5 billion Authorized for the fourth quarter and the first quarter of 2027.
Aggregate divestment amount US$800 million Completed divestment of TotalEnergies EP Nigeria’s 10% non-operated interest in Renaissance JV licenses.
Cash flow from operations excluding working capital (CFFO) financial
"Cash flow from operations excluding working capital (CFFO) is a non-GAAP financial measure"
Cash flow from operations excluding working capital measures the cash a business generates from its core activities after adjusting for non-cash items but before the ups and downs in short-term items like inventory, customer payments (receivables) and bills due (payables). For investors it highlights the company’s underlying, recurring cash-making ability independent of timing quirks, much like counting a store’s cash sales before factoring in money tied up in stock or credit terms.
Gearing financial
"Gearing (1) of 9.1% at September 30, 2026"
Gearing measures how much a company relies on borrowed money compared with its own funds, often shown as debt relative to equity or total capital. Like using a lever to lift a heavy box, higher gearing can amplify gains when things go well but also magnify losses and the chance of financial stress if revenue falls; investors watch it to judge risk, potential return, and the firm’s ability to meet interest and repayment obligations.
European Refining Margin Marker (ERM) financial
"European Refining Margin Marker (ERM) ($/b)"
A European refining margin marker (ERM) is a widely used indicator that estimates how much profit refiners in Europe make by turning crude oil into finished fuels and other products. Think of it like the difference between the cost of raw ingredients and the price of baked goods; a higher ERM suggests refiners can sell products for much more than their crude costs, which matters to investors because it directly affects refinery earnings, cash flow and the attractiveness of energy stocks.
Debt adjusted cash flow (DACF) financial
"Debt adjusted cash flow (DACF) is a non-GAAP financial measure"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much adjusted net income did TTE report in Q3 2026?

TotalEnergies reported $9.1 billion of adjusted net income for the third quarter of 2026, up 51% from the second quarter. Net income attributable to TotalEnergies was $8.3 billion.

What dividend did TTE confirm for fiscal 2026?

The board confirmed a third interim dividend of €0.90 per share for fiscal 2026, a 5.9% increase compared with 2025.

What are the terms of TTE’s renewables agreement with KKR?

The agreement adds 700 MW to the companies’ 50/50 U.S. joint venture and covers three utility-scale solar assets in Texas and Ohio. The portfolio’s enterprise value is $1.2 billion. Completion is expected in 2026 subject to customary conditions, and the assets are expected to reach commercial operation by the first quarter of 2027.

What fuel discount did TTE announce for employees?

TotalEnergies decided to provide all 35,400 employees with a Fleet card offering an 8-cent-per-liter discount on gasoline and diesel at its service stations. The discount, then available to nearly 15,000 employees in France, will be extended to all employees in the country.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of October 2026

Commission File Number 001-10888

 

 

 

TotalEnergies SE

(Translation of registrant’s name into English)

 

 

 

2, place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  x        Form 40-F  ¨

 

 

 

 

 

 

TotalEnergies SE is providing on this Form 6-K a description of certain recent developments relating to its business.

 

 

 

 

EXHIBIT INDEX

 

Exhibit No. Description
   
Exhibit 99.1 Disclosure of Transactions in Own Shares (October 6, 2026).
   
Exhibit 99.2 United States: TotalEnergies Expands its Joint Venture with KKR with the Addition of a 700 MW Renewables Portfolio (October 12, 2026).
   
Exhibit 99.3 Disclosure of Transactions in Own Shares (October 13, 2026).
   
Exhibit 99.4 Disclosure of Transactions in Own Shares (October 20, 2026)
   
Exhibit 99.5 Nigeria: TotalEnergies Completes the Divestment of its Oil Interest in Renaissance JV (formerly SPDC) (October 27, 2026)
   
Exhibit 99.6 TotalEnergies strengthens value sharing with its employees and the support of their energy purchasing power (October 27, 2026)
   
Exhibit 99.7 Disclosure of Transactions in Own Shares (October 27, 2026)
   
Exhibit 99.8 United States: TotalEnergies Enters 26 Chevron-Operated Offshore Exploration Blocks, Strengthening the Successful U.S. Partnership Between Both Companies (October 28, 2026)
   
Exhibit 99.9 Third quarter 2026 results (October 29, 2026)
   
Exhibit 99.10 TotalEnergies decides the distribution of a third interim dividend of €0.90/share for fiscal year 2026, an increase of 5.9% compared to 2025 (October 29, 2026)
   
Exhibit 99.11 TotalEnergies Strengthens Its Partnership with SAPETRO to Support the Fast Development of OPL257 (October 30, 2026)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  TotalEnergies SE
     
     
Date: November 2nd, 2026 By: /s/ DENIS TOULOUSE
    Name: Denis Toulouse
    Title: Company Treasurer

 

 

 

 

 

 

Exhibit 99.1

 

 

 

Disclosure of Transactions in Own Shares

 

 

Paris, October 6, 2026 – In accordance with the authorizations given by the shareholders’ general meeting on May 29, 2026, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from September 28 to October 2, 2026:

 

Transaction
Date
Total daily
volume (number
of shares)
Daily weighted
average
purchase price
of shares
(EUR/share)

Amount of
transactions

(EUR)

Market (MIC
Code)
28/09/2026 156,042 80.542944 12,568,082.07 XPAR
29/09/2026 203,995 78.527924 16,019,303.86 XPAR
80,000 78.538611 6,283,088.88 CEUX
10,000 78.543969 785,439.69 TQEX
20,000 78.541882 1,570,837.64 AQEU
01/10/2026 427,439 74.501875 31,845,006.95 XPAR
80,000 74.508082 5,960,646.56 CEUX
10,000 74.501142 745,011.42 TQEX
20,000 74.503708 1,490,074.16 AQEU
02/10/2026 433,106 74.227845 32,148,525.04 XPAR
79,880 74.227437 5,929,287.67 CEUX
9,989 74.234174 741,525.16 TQEX
19,963 74.230237 1,481,858.22 AQEU
Total 1,550,414 75.830512 117,568,687.31  

 

About TotalEnergies

 

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

TotalEnergies Contacts

 

Media Relations: +33 1 47 44 46 99 l mailto:presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com

 

@TotalEnergies TotalEnergies TotalEnergies  TotalEnergies

 

 

Cautionary Note:

 

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

 

 

 

 

document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

 

 

 

Exhibit 99.2

 

 

 

 

PRESS RELEASE

 

 

United States: TotalEnergies Expands its Joint Venture with KKR
with the Addition of a 700 MW Renewables Portfolio

 

Paris, October 12, 2026 – TotalEnergies and KKR, a leading global investment firm, today announced the signing of an agreement to add 700 MW to the 50/50 Joint-Venture (JV) they created in the U.S. in 2025, which currently holds 1.4 GW.

 

The transaction covers a portfolio of three utility scale solar assets located in Texas and in Ohio which are expected to reach their commercial operation dates by the first quarter of 2027. The electricity produced by these assets is already sold to third parties or will be marketed by TotalEnergies. The transaction reflects an enterprise value of $1.2 billion for the portfolio.

 

TotalEnergies will continue to operate the assets after completion of the transaction, which is expected in 2026 subject to customary conditions.

 

 

***

 

 

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

TotalEnergies and Electricity

TotalEnergies is building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. By the end of June 2026, TotalEnergies holds more than 37 GW of gross renewable power generation capacity and aims to achieve over 100 TWh of net electricity production by 2030.

 

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

KKR Contacts

Media Relations: Media@kkr.com

 

 

 

 

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

 

 

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

 

 

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

 

 

 

Exhibit 99.3

 

 

 

 

Disclosure of Transactions in Own Shares

 

 

Paris, October 13, 2026 – In accordance with the authorizations given by the shareholders’ general meeting on May 29, 2026, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from October 5 to October 9, 2026:

 

Transaction
Date
Total daily
volume (number
of shares)
Daily weighted
average
purchase price
of shares
(EUR/share)

Amount of
transactions

(EUR)

Market (MIC
Code)
05/10/2026 426,166 75.306499 32,093,069.45 XPAR
80,000 75.304637 6,024,370.96 CEUX
10,000 75.301551 753,015.51 TQEX
20,000 75.311373 1,506,227.46 AQEU
06/10/2026 422,129 75.438994 31,844,987.10 XPAR
80,000 75.442044 6,035,363.52 CEUX
10,000 75.447990 754,479.90 TQEX
20,000 75.449692 1,508,993.84 AQEU
07/10/2026 424,337 75.745784 32,141,738.75 XPAR
80,000 75.748305 6,059,864.40 CEUX
10,000 75.758298 757,582.98 TQEX
20,000 75.753329 1,515,066.58 AQEU
08/10/2026 413,782 77.208176 31,947,353.48 XPAR
80,000 77.215224 6,177,217.92 CEUX
10,000 77.226909 772,269.09 TQEX
20,000 77.241410 1,544,828.20 AQEU
09/10/2026 409,468 77.709835 31,819,690.72 XPAR
80,000 77.727154 6,218,172.32 CEUX
10,000 77.717515 777,175.15 TQEX
20,000 77.722922 1,554,458.44 AQEU
Total 2,645,882 76.271703 201,805,925.77  

 

 

About TotalEnergies

 

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

TotalEnergies Contacts

 

Media Relations: +33 1 47 44 46 99 l mailto:presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com

 

 

 

 

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

 

 

Cautionary Note:

 

The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

 

 

 

Exhibit 99.4

 

 

 

 

Disclosure of Transactions in Own Shares

 

 

Paris, October 20, 2026 – In accordance with the authorizations given by the shareholders’ general meeting on May 29, 2026, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from October 12 to October 16, 2026:

 

Transaction
Date
Total daily
volume (number
of shares)
Daily weighted
average
purchase price
of shares
(EUR/share)

Amount of
transactions

(EUR)

Market (MIC
Code)
12/10/2026 403,850 78.737864 31,798,286.38 XPAR
80,000 78.741893 6,299,351.44 CEUX
10,000 78.746560 787,465.60 TQEX
20,000 78.732969 1,574,659.38 AQEU
13/10/2026 398,803 79.472615 31,693,917.28 XPAR
80,000 79.456516 6,356,521.28 CEUX
10,000 79.468811 794,688.11 TQEX
20,000 79.464983 1,589,299.66 AQEU
14/10/2026 394,727 80.062608 31,602,873.07 XPAR
80,000 80.054843 6,404,387.44 CEUX
10,000 80.050614 800,506.14 TQEX
20,000 80.068722 1,601,374.44 AQEU
15/10/2026 389,127 80.862432 31,465,755.58 XPAR
80,000 80.876474 6,470,117.92 CEUX
10,000 80.878605 808,786.05 TQEX
20,000 80.879546 1,617,590.92 AQEU
16/10/2026 392,973 79.925021 31,408,375.28 XPAR
80,000 79.930583 6,394,446.64 CEUX
10,000 79.944339 799,443.39 TQEX
20,000 79.931776 1,598,635.52 AQEU
Total 2,529,480 79.805526 201,866,481.51  

 

 

About TotalEnergies

 

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

TotalEnergies Contacts

 

Media Relations: +33 1 47 44 46 99 l mailto:presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com

 

 

 

 

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

 

 

Cautionary Note:

 

The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

 

 

 

Exhibit 99.5

 

 

PRESS RELEASE

 

 

Nigeria: TotalEnergies Completes the Divestment of its Oil
Interest in Renaissance JV (formerly SPDC)

 

 

Paris, October 27, 2026 – TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 10% non-operated interest in the Renaissance JV licenses to Vaaris for an aggregate amount of US$ 800 million.

 

As announced on January 14th, 2026, TotalEnergies retains full economic interest in the three gas licenses of the Renaissance JV (OML 23, OML 28 and OML 77), which currently account for 50% of Nigeria LNG gas supply.

 

 

* * *

 

 

About TotalEnergies in Nigeria

TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 188,000 boe/d produced in 2025. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities.

 

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

TotalEnergies Contacts 

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

 

 

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

 

 

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

 

 

 

Exhibit 99.6

 

  PRESS RELEASE

 

 

TotalEnergies strengthens value sharing with its employees
and the support of their energy purchasing power

 

§     Confirmation of a Value-Sharing Bonus in December 2026

§     New capital increase reserved for employees, with a 20% discount

§     Support for fuel purchases in France and the rest of the world

 

Paris, October 27, 2026 – In an energy context marked by rising petroleum and gas products prices, TotalEnergies has made it a clear priority to share the Company’s success and performance with its employees by strengthening value-sharing mechanisms and specific measures to support their energy purchasing power.

 

An Exceptional Value-Sharing Bonus in 2026

 

TotalEnergies has confirmed that it will distribute an exceptional value-sharing bonus to eligible employees1 in France and around the world in 2026. With this decision, TotalEnergies wishes to recognize the daily commitment of TotalEnergies’ teams, whose professionalism and dedication contribute in particular to the reliability of France’s fuel supply.

 

In France, pending the mandatory annual negotiations scheduled for December 2026, TotalEnergies is paying an advance on this exceptional bonus of €1,000 gross. The final amount of the bonus and terms of payment will be discussed with employee representative organizations within the framework of its social dialogue.

 

The value-sharing bonus comes on top of other benefits available to the nearly 15,000 French employees in the Common Social Framework: profit-sharing and incentive plans, with an average incentive payment of €10,136 paid in 2026, and employer contributions to employee savings plans made by the TotalEnergies’ companies in addition to employees’ voluntary contributions to these plans.

 

A new capital increase reserved for employees with a 20% discount

 

Following the 2026 campaign, the Board of Directors authorized a new capital increase reserved for employees, who will enjoy a 20% share-purchasing discount and one bonus share for each share subscribed, up to a maximum of 10 bonus shares.

 

More than 70% of TotalEnergies’ employees worldwide (and more than 80% in France) are TotalEnergies shareholders. In 2025, TotalEnergies paid out approximately €700 million in dividends to employee and former employee shareholders, including approximately €450 million in France. The dividend growth policy of at least 5% per year for the next five years up to 2030, announced by the Board of Directors in September, will also directly benefit employees.

 

Finally, 13,500 employees worldwide, including 6,500 in France, were granted performance shares in 2026, with an average allocation of 545 shares per employee.

 

 

 

1 to employees of all wholly owned companies, as well as employees of companies in which more than 50% is owned, subject to approval by their respective governing bodies.

 

 

 

Increased support for fuel purchases for employees in France and around the world

 

In response to rising fuel prices in many countries, TotalEnergies paid a fuel allowance of €2002 to all its employees worldwide in June 2026.

 

TotalEnergies has also decided to automatically provide all 35,400 employees with a Fleet card, entitling them to a discount of 8 cents per liter on gasoline and diesel purchased at TotalEnergies service stations, in addition to the price caps in effect for all customers in France. This discount, currently available to nearly 15,000 employees in France, will now be extended to all employees in the country.

 

In addition, employees who are also customers of TotalEnergies Électricité et Gaz France qualify for the 8-cent-per-liter discount on top of the €1.99-per-liter price cap on gasoline and diesel for all electricity and gas customers in France.

 

 

* * *

 

 

 

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

 

 

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

 

 

 

Cautionary Note 

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

 

2 $200 for contributors outside Europe

 

 

 

Exhibit 99.7

 

 

Disclosure of Transactions in Own Shares

 

Paris, October 27, 2026 – In accordance with the authorizations given by the shareholders’ general meeting on May 29, 2026, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from October 19 to October 23, 2026:

 

Transaction
Date
Total daily
volume (number
of shares)
Daily weighted
average
purchase price
of shares
(EUR/share)
Amount of
transactions
(EUR)
Market (MIC
Code)
19/10/2026 388,552 80.836913 31,409,344.22 XPAR
80,000 80.834721 6,466,777.68 CEUX
10,000 80.830303 808,303.03 TQEX
20,000 80.836429 1,616,728.58 AQEU
20/10/2026 389,152 80.808880 31,446,937.27 XPAR
80,000 80.815253 6,465,220.24 CEUX
10,000 80.824310 808,243.10 TQEX
20,000 80.833265 1,616,665.30 AQEU
21/10/2026 388,361 80.802055 31,380,366.88 XPAR
80,000 80.805737 6,464,458.96 CEUX
10,000 80.803275 808,032.75 TQEX
20,000 80.802144 1,616,042.88 AQEU
22/10/2026 388,031 81.065535 31,455,940.61 XPAR
80,000 81.065615 6,485,249.20 CEUX
10,000 81.062802 810,628.02 TQEX
20,000 81.064432 1,621,288.64 AQEU
23/10/2026 382,479 82.063912 31,387,723.00 XPAR
80,000 82.080789 6,566,463.12 CEUX
10,000 82.078410 820,784.10 TQEX
20,000 82.072270 1,641,445.40 AQEU
Total 2,486,575 81.114241 201,696,642.98  

 

About TotalEnergies

 

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

 

 

 

TotalEnergies Contacts

 

Media Relations: +33 1 47 44 46 99 l mailto:presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com

 

  @TotalEnergies TotalEnergies TotalEnergies TotalEnergies  

 

Cautionary Note:

 

The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

Exhibit 99.8

 

PRESS RELEASE

 

 

United States: TotalEnergies Enters 26 Chevron-Operated
Offshore Exploration Blocks, Strengthening the Successful
U.S. Partnership Between Both Companies

 

 

Paris, October 28, 2026 – TotalEnergies announces the acquisition of a 25% working interest in 26 Chevron-operated exploration leases offshore the United States. As part of the transaction, Chevron also acquires from TotalEnergies a 75% operated interest in two exploration leases adjacent to existing jointly held exploration leases.

 

The 26 leases, located 150 to 250 km from shore, include 24 blocks located in the Green Canyon area and 2 blocks in the Walker Ridge area, targeting well-proven plays.

 

The transaction further strengthens the successful collaboration between TotalEnergies and Chevron and expands the Company’s U.S. offshore exploration portfolio, building on TotalEnergies’ entry into 40 Chevron-operated exploration blocks in June 2025. The combined portfolio provides access to multiple exploration plays and prospects, complementing TotalEnergies’ existing interests in the producing Ballymore (40%, TotalEnergies), Anchor (37.14%, TotalEnergies), Jack (25%, TotalEnergies) and Tahiti (17%, TotalEnergies) assets.

 

“This transaction with Chevron further strengthens our joint exploration portfolio in the United States. It provides TotalEnergies with access to a new set of high-impact opportunities with the potential to unlock value-accretive, low-emissions resources while leveraging the complementary strengths of both companies,” said Nicola Mavilla, SVP Exploration at TotalEnergies.

 

 

 

 

 

***

 

TotalEnergies in the United States

TotalEnergies is deploying its integrated energy model across the United States, where it has been active since 1957. Since 2022, TotalEnergies has invested nearly $12 billion in the U.S. to accelerate development in oil, LNG, and electricity. TotalEnergies is integrated throughout the LNG value chain, with upstream gas production assets in Texas and offshore U.S. With 19 million tons exported in 2025, TotalEnergies is the number 1 exporter of U.S. LNG. The U.S. is also a key country for the deployment of TotalEnergies' Integrated Power strategy with 10 GW of installed power capacity.

 

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to providing as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

 

 

  @TotalEnergies TotalEnergies TotalEnergies TotalEnergies  

 

 

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

Exhibit 99.9

 

  PRESS RELEASE

 

 

Third quarter 2026 results

 

TotalEnergies is leveraging once again its integrated business model
and geographic diversification to post adjusted net income of $9.1 billion
and cash flow of $12.3 billion, a sharp increase quarter-to-quarter

 

·Gearing reached below 10% by the end of the third quarter 2026

·New capital increase reserved for employees at a 20% discount on the share price

·Interim dividend maintained at €0.90/share

·$2.5 billion share buybacks in 4th quarter 2026 and in 1st quarter 2027

 

  3Q26 2Q26 Change
vs 2Q26
9M26 Change
vs 9M25

Cash flow from operations

excluding working capital (CFFO)(1) (B$)

12.3 9.8 +25% 30.6 +48%
Adjusted net income (TotalEnergies share)(1)      
- in billions of dollars (B$) 9.1 6.0 +51% 20.5 +75%
- in dollars per share (fully-diluted) 4.03 2.68 +51% 9.19 +78%
Net income (TotalEnergies share) (B$) 8.3 5.4 +52% 19.5 +91%
Adjusted EBITDA(1) (B$) 17.8 13.2 +35% 43.5 +43%
Gearing(1) of 9.1% at September 30, 2026 vs. 13.1% at June 30, 2026

 

 

Paris, October 29, 2026 – The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on October 28, 2026, to approve the 3rd quarter 2026 financial statements. On the occasion, Patrick Pouyanné said:

 

“In a high-price environment characterized by historic refining margin levels and a bull gas market, TotalEnergies is once again fully leveraging its integrated business model and its geographic diversification by posting an adjusted net income of $9.1 billion and cash flow of $12.3 billion for the third quarter, a sharp increase quarter-to-quarter.

 

Oil & Gas production reached 2.474 Mboe/d in the third quarter, up more than 3% quarter-to-quarter, notably benefiting from a lower impact of the Middle East conflict, limited to only around 5% of the Company’s overall production over the quarter on average. Excluding the Middle East impact, production growth exceeds 4% year-on-year, supported by the ramp-up of projects launched since 2025. Furthermore, with the investment decisions taken this quarter for Cronos in Cyprus, Ima in Nigeria, Umm Shaif Gas Cap in the United Arab Emirates and Absheron Ph2 in Azerbaijan, all the projects contributing to achieving the production growth target of more than 3% per year by 2030 are now in execution phase.

 

Exploration and Production posted adjusted net operating income of $3.2 billion and cash flow of $5.4 billion, reflecting production growth, sensitivity to declining oil prices and rising gas prices quarter-to-quarter. The Company completed its entry into PEL83 license holding the Mopane discovery and took part in three exploration discoveries in Norway (Grimsnes) and in Angola (Block 0 and Block 17 – Violeta 4). TotalEnergies once again demonstrates its leadership to control costs, with operating costs of $4.7/boe, anchored below $5/boe.

 

The Integrated LNG segment achieved adjusted net operating income of $1.9 billion and cash flow of $1.7 billion in the third quarter of 2026, a very sharp increase quarter-to-quarter, underpinned by a 20% increase in average LNG price and the outperformance of LNG and gas trading activities in a bull market.

 

 

 

(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.

1

 

 

Downstream achieved a record quarter with adjusted net operating income of $4.1 billion and cash flow of $4.6 billion, up close to $2 billion compared to the previous quarter. The increase of nearly 10% refining throughput enabled the Company to fully capture historically high refining margins in Europe and worldwide, while oil trading activities outperformed at a level comparable with the two previous quarters. In this context of rising prices, the Company contributes to the security of supply for Europe by maximizing the use of its refineries and participating in diesel imports from the Middle East. TotalEnergies also announced enhanced protective measures for French consumers and economic players to face increasing diesel prices related to the Middle East conflict.

 

Integrated Power posted adjusted net operating income of $0.6 billion and cash flow of nearly $0.8 billion, benefiting from an increase of more than 20% in net production in the quarter and the expected contribution from TTEP assets over a full quarter.

 

Net investments amounted to $3.3 billion in the third quarter and $11.2 billion in the first nine months of 2026, in line with the annual guidance of $15 billion. The gearing ratio now stands at 9.1%, an improvement of 4 percentage points compared to the second quarter, benefiting from free cash flow of more than $6 billion after payment of the dividend.

 

The Board of Directors commended the very good operational performance of all business segments which enabled the Company to capture higher market prices. It authorized a new capital increase reserved for employees, who will benefit from a 20% discount on the share price. In line with the objective to return 40% of cash flow to shareholders, the Board confirmed a third interim dividend of €0.90/share for fiscal year 2026, up 5.9% compared to 2025, and it authorized share buybacks for cancellation of $2.5 billion for the fourth quarter as well as for the first quarter 2027.”

 

2

 

 

1.Highlights (2) 

 

Upstream

·Namibia: closing of the transaction with Galp for the acquisition by TotalEnergies of a 40% operated interest in the PEL83 license, holding the Mopane discovery

·US: acquisition of a 25% interest in a portfolio of 26 exploration licenses in the US

·Angola:

·Fast track start-up of Acacia-5 discovery on Block 17

·Acquisition of a 40% operated interest in two exploration Blocks

·Azerbaijan: Final Investment Decision for Absheron Ph2

·United Arab Emirates: Final Investment Decision on the Umm Shaif Gas Cap project, targeting over 600 MMscf/d of gas production by 2030 and the monetization of associated condensates

·Nigeria: divestment of a 10% non-operated interest in the Renaissance JV to Vaaris

·Africa: signature of an agreement with Global Infrastructure Partners (GIP), relating to energy infrastructure assets in Africa, for $1.8 billion

·Signature of a 3-year partnership with Mistral for the development of frontier AI models dedicated to exploration and reservoir engineering

 

 

Integrated LNG

·Papua New Guinea: establishment of a LNG marketing joint venture (JV) with the national oil company Kumul Petroleum for 2.4 Mt/year of LNG and signature of an LNG offtake agreement of 1.5 Mt/year

·Cyprus: Final Investment Decision on the Cronos gas field, for production start-up in 2028

·Nigeria: Final Investment Decision on the Ima gas field to supply Nigeria LNG plant starting in 2028

 

 

Integrated Power

·Europe:

·Acquisition of a 4 GW portfolio of onshore renewable assets from Shell

·Sale to KKR of a 50% stake in a 1.2 GW portfolio of developed assets

·United States: addition by TotalEnergies of a 700 MW renewables portfolio to the 50/50 JV with KKR

 

 

Downstream

·France: acquisition of all remaining interests in the Grandpuits chemical plastic recycling plant

 

 

 

(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

 

 

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

 

    3Q26         9M26
3Q26 2Q26 vs
2Q26
3Q25 In millions of dollars, except effective tax rate,
earnings per share and number of shares
9M26 9M25 vs
9M25
17,809 13,179 .35% 10,295 Adjusted EBITDA (1) 43,540 30,489 .43%
9,712 6,871 .41% 4,659 Adjusted net operating income from business segments 22,883 13,841 .65%
3,157 3,231 -2% 2,169 Exploration & Production 8,964 6,594 .36%
1,885 807 x2.3 852 Integrated LNG 4,010 3,187 .26%
602 533 .13% 571 Integrated Power 1,680 1,651 .2%
3,601 1,800 x2 687 Refining & Chemicals 7,000 1,377 x5.1
467 500 -7% 380 Marketing & Services 1,229 1,032 .19%
1,358 1,156 .17% 692 Contribution of equity affiliates to adjusted net income 3,223 2,109 .53%
37.0% 39.3%   37.7% Effective tax rate (3) 38.3% 40.2%  
9,097 6,027 .51% 3,980 Adjusted net income (TotalEnergies share) (1) 20,518 11,750 .75%
4.03 2.68 .51% 1.77 Adjusted fully-diluted earnings per share (dollars) (4) 9.19 5.17 .78%
3.50 2.31 .52% 1.50 Adjusted fully-diluted earnings per share (euros) (5) 7.91 4.62 .71%
2,234 2,216 .1% 2,200 Fully-diluted weighted-average shares (millions) 2,202 2,225 -1%

 

8,263 5,438 .52% 3,683 Net income (TotalEnergies share) 19,511 10,221 .91%

 

4,789 4,694 .2% 3,473 Organic investments (1) 14,133 12,794 .10%
(1,510) (1,247) ns (381) Acquisitions net of assets sales (1) (2,929) 1,851 ns
3,279 3,447 -5% 3,092 Net investments (1) 11,204 14,645 -23%

 

12,255 9,804 .25% 7,061 Cash flow from operations excluding working capital (CFFO) (1) 30,635 20,671 .48%
12,634 10,188 .24% 7,443 Debt Adjusted Cash Flow (DACF) (1) 31,801 21,663 .47%
15,390 10,858 .42% 8,349 Cash flow from operating activities 29,609 16,872 .75%
Gearing (1) of 9.1% at September 30, 2026 vs. 13.1% at June 30, 2026 and 17.3% at September 30, 2025

 

 

 

 

(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 corresponds to the ratio between the adjusted net income (TotalEnergies’ share), reduced by the coupon on perpetual subordinated notes and the weighted average diluted number of shares outstanding during the period, excluding shares held by TotalEnergies SE.
(5) Average €-$ exchange rate: 1.1505 in the 3rd quarter 2026, 1.1629 in the 2nd quarter 2026, 1.1681 in the 3rd quarter 2025, 1.1610 in the first nine months of 2026 and 1.1188 in the first nine months of 2025.

4

 

 

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

 

3.1Environment – liquids and gas price realizations, refining margins

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25   9M26 9M25

9M26
vs

9M25

97.0 103.8 -7% 69.1 Brent ($/b) 93.9 70.9 +32%
2.9 2.9 -2% 3.1 Henry Hub ($/Mbtu) 3.1 3.5 -11%
21.5 15.6 +38% 11.3 TTF ($/Mbtu) 17.0 12.5 +36%
22.8 17.5 +31% 11.7 JKM ($/Mbtu) 18.2 12.7 +44%
87.1 91.6 -5% 66.5 Average price of liquids (6),(7) ($/b)
Consolidated subsidiaries
83.9 67.9 +23%
7.00 5.55 +26% 5.50 Average price of gas (6),(8) ($/Mbtu)
Consolidated subsidiaries
6.04 5.92 +2%
12.28 10.20 +20% 8.91

Average price of LNG (6),(9) ($/Mbtu)

Consolidated subsidiaries and equity affiliates

10.18 9.36 +9%
33.2 13.5 x2.5 8.4 European Refining Margin Marker (ERM) (6),(10) ($/b) 19.4 5.7 x3.4

 

 

3.2Greenhouse gas emissions (11) 

 

3Q26 2Q26 3Q26
vs
3Q25 Scope 1+2 emissions (12) (MtCO2e) 9M26 9M25 9M26
vs
    2Q26         9M25
8.5 7.3 +16% 8.4 Scope 1+2 from operated perimeter (1) 23.6 24.8 -5%
6.9 6.4 +8% 7.1 of which Oil & Gas 20.2 21.4 -6%
1.6 0.9 +78% 1.3 of which CCGT 3.4 3.4 -
11.7 10.2 +15% 11.0 Scope 1+2 - ESRS perimeter (1) 32.3 32.7 -1%

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 Methane emissions (ktCH4) 9M26 9M25

9M26
vs

9M25

4 4 - 5 Methane emissions from operated perimeter (1) 12 17 -29%

 

Estimated quarterly emissions.

 

For the first nine months of 2026, Scope 3(13)  Category 11 emissions are estimated at 243 Mt CO2e.

 

 

 

(6) Does not include oil, gas and LNG trading activities, respectively.
(7) Sales in $ / Sales in volume for consolidated affiliates.
(8) Sales in $ / Sales in volume for consolidated affiliates.
(9) Sales in $ / Sales in volume for consolidated and equity affiliates.
(10) This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies.
(11) The seven greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the most recent IPCC report. HFCs, PFCs, SF6 and NF3 are virtually absent from the Company’s emissions and are not accounted for by the Company.
(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 for climate change-related indicators and indirect emissions resulting from the production of electricity, steam, heat or cooling, purchased or acquired, and consumed by the sites or activities included in the scope of reporting for climate change-related indicators, net from potential energy sales, excluding purchased industrial gases (H2). If not stated otherwise, TotalEnergies reports Scope 2 GHG emissions according to 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. The highest point for each value chain for the year 2026 will be determined with regard to the achievement over the whole year, with TotalEnergies providing estimates as the quarters progress. 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.

 

5

 

 

3.3Production (14) 

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 Hydrocarbon production 9M26 9M25 vs
    2Q26         9M25
2,474 2,395 +3% 2,508 Hydrocarbon production (kboe/d) 2,474 2,523 -2%
1,400 1,298 +8% 1,407 Oil (including bitumen) (kb/d) 1,342 1,369 -2%
1,074 1,097 -2% 1,101 Gas (including condensates and associated NGL) (kboe/d) 1,132 1,154 -2%

 

2,474 2,395 +3% 2,508 Hydrocarbon production (kboe/d) 2,474 2,523 -2%
1,510 1,410 +7% 1,553 Liquids (kb/d) 1,467 1,525 -4%
5,209 5,330 -2% 5,182 Gas (Mcf/d) 5,444 5,409 +1%

 

 

Hydrocarbon production was 2,474 thousand barrels of oil equivalent per day in the third quarter of 2026, up more than 3% compared to the second quarter, benefiting from a gradual return-to-normal oil production in the Middle East.

 

Hydrocarbon production is down 1% year-on-year primarily due to:

·+4% from project start-ups and project ramp-ups, notably Mero-4 and Lapa SW in Brazil, Anchor and Ballymore in the United States, Begonia and Clov Phase 3 in Angola, Mabruk in Libya and Ratawi in Iraq,

·+2% due to improved plant availability,

·-2% due to the natural decline of fields,

·-5% due to the impact of the conflict in the Middle East.

 

Excluding the impact of the conflict in the Middle East, production would be up by more than 4% year-on-year.

 

 

 

(14) Company production = E&P production + Integrated LNG production.

6

 

 

4.Analysis of business segments

 

4.1Exploration & Production

 

4.1.1Production

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 Hydrocarbon production 9M26 9M25 vs
    2Q26         9M25
1,963 1,845 +6% 2,026 EP (kboe/d) 1,918 1,986 -3%
1,446 1,342 +8% 1,501 Liquids (kb/d) 1,399 1,460 -4%
2,739 2,668 +3% 2,782 Gas (Mcf/d) 2,756 2,799 -2%

 

 

4.1.2Results

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 In millions of dollars, except effective tax rate 9M26 9M25 vs
    2Q26         9M25
3,157 3,231 -2% 2,169 Adjusted net operating income 8,964 6,594 +36%
263 137 +92% 177 including adjusted income from equity affiliates 539 503 +7%
49.2% 45.4%   48.5% Effective tax rate (15) 48.0% 49.4%  

 

2,921 2,231 +31% 1,922 Organic investments (1) 7,876 7,659 +3%
(321) (348) ns (53) Acquisitions net of assets sales (1) (896) 225 ns
2,600 1,883 +38% 1,869 Net investments (1) 6,980 7,884 -11%

 

5,389 5,777 -7% 3,984 Cash flow from operations excluding working capital (CFFO) (1) 15,730 12,035 +31%
4,905 5,546 -12% 4,187 Cash flow from operating activities 13,420 11,128 +21%

 

 

Adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $3,157 million and $5,389 million, respectively, reflecting production growth and sensitivities to declining oil prices and rising gas prices quarter-to-quarter.

 

 

 

(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).

7

 

 

4.2Integrated LNG

 

4.2.1Production

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 Hydrocarbon production for LNG 9M26 9M25 vs
    2Q26         9M25
511 550 -7% 482 Integrated LNG (kboe/d) 556 537 +4%
64 68 -6% 52 Liquids (kb/d) 68 65 +6%
2,470 2,662 -7% 2,400 Gas (Mcf/d) 2,688 2,610 +3%

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 Liquefied Natural Gas in Mt 9M26 9M25 vs
    2Q26         9M25
9.8 10.7 -9% 10.4 Overall LNG sales 32.9 31.6 +4%
3.5 3.9 -9% 3.4

incl. Sales from equity production *

11.5 11.2 +2%
9.4 9.8 -4% 9.2 incl. Sales by TotalEnergies from equity production and third party purchases 30.1 28.0 +8%

 

*The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

 

Hydrocarbon production for LNG decreased by 7% quarter-to-quarter, mainly due to planned maintenance, notably on Angola LNG and Ichthys LNG.

 

 

 

 

4.2.2Results

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 In millions of dollars, except the average price of LNG 9M26 9M25

9M26
vs

9M25

12.28 10.20 +20% 8.91

Average price of LNG ($/Mbtu) *

Consolidated subsidiaries and equity affiliates

10.18 9.36 +9%
               
1,885 807 x2.3 852 Adjusted net operating income 4,010 3,187 +26%
574 705 -19% 423   including adjusted income from equity affiliates 1,710 1,471 +16%
               
328 908 -64% 330 Organic investments (1) 1,646 1,825 -10%
(1,162) 4 ns (134) Acquisitions net of assets sales (1) (1,066) 116 ns
(834) 912 ns 196 Net investments (1) 580 1,941 -70%
               
1,724 833 x2.1 1,134 Cash flow from operations excluding working capital (CFFO) (1) 4,342 3,542 +23%
1,213 2,137 -43% 789 Cash flow from operating activities 2,230 3,071 -27%

 

*Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

 

Adjusted net operating income and cash flow from operations excluding working capital (CFFO) for the Integrated LNG segment were $1,885 million and $1,724 million, respectively, underpinned by a 20% increase of average LNG price and the outperformance of LNG and gas trading activities in a bull market, given the ongoing conflict in the Strait of Hormuz and the seasonality of demand.

 

8

 

 

4.3Integrated Power

 

4.3.1 Productions, capacities, clients and sales

 

3Q26 2Q26 3Q26
vs
3Q25 Integrated Power 9M26 9M25 9M26
vs
    2Q26         9M25
17.9 14.8 +21% 12.6 Net power production (TWh) * 44.3 35.5 +25%
9.6 9.6 - 8.2 o/w production from renewables 27.3 23.3 +17%
8.3 5.2 +61% 4.5 o/w production from gas flexible capacities 17.0 12.2 +39%
33.8 33.4 +1% 25.2 Portfolio of power generation net installed capacity (GW) ** 33.8 25.2 +34%
21.5 21.1 +2% 18.7 o/w renewables 21.5 18.7 +15%
12.3 12.2 +1% 6.5 o/w gas flexible capacities 12.3 6.5 +88%
105.9 105.8 - 106.0 Portfolio of renewable power generation gross capacity (GW) **,*** 105.9 106.0 -
37.9 37.4 +1% 32.3 o/w installed capacity 37.9 32.3 +17%
6.2 6.1 +1% 6.0 Clients power - BtB and BtC (Million) ** 6.2 6.0 +3%
2.7 2.7 -1% 2.7 Clients gas - BtB and BtC (Million) ** 2.7 2.7 -1%
11.9 11.6 +3% 10.6 Sales power - BtB and BtC (TWh) 38.7 35.6 +9%
10.6 14.5 -27% 11.6 Sales gas - BtB and BtC (TWh) 56.6 62.2 -9%

 

*Solar, wind, hydroelectric and gas flexible capacities.

**End of period data.

***Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

 

Net power production was 44.3 TWh over the first nine months of 2026, up 25% year-on-year and in line with the objective of 60 TWh in 2026. This reflects the growth of the integrated power generation portfolio, notably driven by the commissioning of new renewable capacities and the contribution of TTEP’s assets in line with expectations.

 

 

4.3.2Results

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 In millions of dollars 9M26 9M25 vs
    2Q26         9M25
602 533 +13% 571 Adjusted net operating income 1,680 1,651 +2%
142 168 -15% 48   including adjusted income from equity affiliates 362 114 x3.2
               
1,135 920 +23% 596 Organic investments (1) 2,878 1,663 +73%
(25) (749) ns (147) Acquisitions net of assets sales (1) (851) 1,658 ns
1,110 171 x6.5 449 Net investments (1) 2,027 3,321 -39%
               
774 721 +7% 611 Cash flow from operations excluding working capital (CFFO) (1) 2,069 1,770 +17%
1,636 (239) ns 674 Cash flow from operating activities 1,252 1,074 +17%

 

Integrated Power segment adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $602 million and $774 million, respectively, in the quarter, sustained by the contribution of TTEP over a full quarter. This consists of production activities (including renewables and gas-fired power plants) for around 55%, and marketing activities (including B2B, B2C and trading), for around 45%.

 

9

 

 

4.4Downstream (Refining & Chemicals and Marketing & Services)

 

4.4.1Results

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 In millions of dollars 9M26 9M25

9M26
vs

9M25

4,068 2,300 +77% 1,067 Adjusted net operating income 8,229 2,409 x3.4
               
319 540 -41% 590 Organic investments (1) 1,513 1,508 -
(4) (156) ns (45) Acquisitions net of assets sales (1) (121) (147) ns
315 384 -18% 545 Net investments (1) 1,392 1,361 +2%
               
4,622 2,877 +61% 1,653 Cash flow from operations excluding working capital (CFFO) (1) 9,635 4,253 x2.3
7,912 4,114 +92% 3,126 Cash flow from operating activities 14,658 3,226 x4.5

 

 

4.5Refining & Chemicals

 

4.5.1Refinery and petrochemicals throughput and utilization rates

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 Refinery throughput and utilization rate 9M26 9M25

9M26
vs

9M25

1,555 1,426 +9% 1,478 Total refinery throughput (kb/d) 1,535 1,538 -
426 354 +21% 481 France 414 460 -10%
688 684 +1% 595 Rest of Europe 683 618 +11%
441 389 +13% 402 Rest of world 438 461 -5%
88% 80%   84% Utilization rate based on crude only* 86% 87%  

 

*Based on distillation capacity at the beginning of the year

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 Petrochemicals production and utilization rate 9M26 9M25 vs
    2Q26         9M25
1,165 1,100 +6% 1,326 Monomers* (kt) 3,448 3,740 -8%
1,152 1,165 -1% 1,174 Polymers (kt) 3,476 3,474 -
75% 71%   84% Steam cracker utilization rate** 73% 79%  

 

*Olefins.

**Based on olefins production from steam crackers and their treatment capacity at the start of the year.

 

Refinery throughput was up nearly 10% over the quarter, underpinned by all refineries well-functioning in Europe and United States (Port Arthur), and the progressive return of the SATORP refinery in Saudi Arabia to its nominal capacity.

 

4.5.2Results

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 In millions of dollars, except ERM 9M26 9M25

9M26
vs

9M25

33.2 13.5 x2.5 8.4 European Refining Margin Marker (ERM) ($/b) * 19.4 5.7 x3.4
         
3,601 1,800 x2 687 Adjusted net operating income 7,000 1,377 x5.1
               
150 366 -59% 387 Organic investments (1) 1,034 956 +8%
(1) (1) ns (2) Acquisitions net of assets sales (1) 73 (26) ns
149 365 -59% 385 Net investments (1) 1,107 930 +19%
               
3,943 2,030 +94% 1,015 Cash flow from operations excluding working capital (CFFO) (1) 7,689 2,420 x3.2
6,290 3,565 +76% 2,839 Cash flow from operating activities 11,419 1,743 x6.6

 

*This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.

 

Refining and Chemicals adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $3,601 million and $3,943 million, demonstrating the segment’s ability to capture historically high refining margins in Europe and worldwide, while oil trading activities continue to outperform on a level consistent with the previous two quarters.

 

10

 

 

4.6Marketing & Services

 

4.6.1Petroleum product sales

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 Sales in kb/d* 9M26 9M25

9M26
vs

9M25

1,218 1,213 - 1,269 Total Marketing & Services sales 1,221 1,286 -5%
711 732 -3% 744 Europe 719 749 -4%
507 481 +5% 525 Rest of world 502 537 -6%

 

*Excludes trading and bulk refining sales.

 

Sales of petroleum products were down 4% compared to the third quarter of 2025, reflecting demand elasticity in a high price environment.

 

 

4.6.2Results

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 In millions of dollars 9M26 9M25

9M26
vs

9M25

467 500 -7% 380 Adjusted net operating income 1,229 1,032 +19%
               
169 174 -3% 203 Organic investments (1) 479 552 -13%
(3) (155) ns (43) Acquisitions net of assets sales (1) (194) (121) ns
166 19 x8.7 160 Net investments (1) 285 431 -34%
               
679 847 -20% 638 Cash flow from operations excluding working capital (CFFO) (1) 1,946 1,833 +6%
1,622 549 x3 287 Cash flow from operating activities 3,239 1,483 x2.2

 

Marketing & Services segment adjusted net operating income was $467 million in the quarter, up 23% year-on-year, with higher unit margins that more than offset lower volumes.

 

Cash flow from operations excluding working capital (CFFO) amounted to $679 million in the third quarter of 2026, up 6% year-on-year for the same reasons.

 

11

 

 

5.TotalEnergies results

 

5.1Adjusted net operating income from business segments

 

Segment adjusted net operating income was $9,712 million in the third quarter of 2026, compared to $6,871 million in the second quarter of 2026, due to increased production, higher refining margins in Europe and worldwide, higher gas prices and significant performance of LNG and gas trading activities.

 

5.2Adjusted net income (1)  (TotalEnergies share)

 

Adjusted net income (TotalEnergies share) was $9,097 million in the third quarter of 2026, compared with $6,027 million in the second quarter.

 

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

 

Adjusting items to net income totaled ($0.8) billion in the third quarter, consisting mainly of:

·$1.5 billion in changes in inventories and fair value effects,

·($1.9) billion in impairments, in particular for the offshore wind activity within the Integrated Power segment and for the participation of TotalEnergies in Hanwha TotalEnergies Petrochemical Co., Ltd.

 

TotalEnergies’ average tax rate was 37.0% in the third quarter versus 39.3% in the second quarter of 2026.

 

5.3Adjusted earnings per share

 

Adjusted diluted net earnings per share were as follows:

·$4.03 in the third quarter of 2026, based on a diluted weighted average number of shares of 2,234 million, compared with $2.68 in the second quarter of 2026,

·$9.19 in the first nine months of 2026, based on diluted weighted average number of shares of 2,202 million, compared with $5.17 a year ago.

 

As of September 30, 2026, the number of diluted shares was 2,232 million.

 

TotalEnergies repurchased* the following:

·17.5 million shares in the third quarter of 2026, for an amount of $1.5 billion,

·43.8 million shares in the first nine months of 2026, for an amount of $3.74 billion.

 

5.4Acquisitions – asset sales

 

Acquisitions amounted to $240 million in the third quarter of 2026, primarily related to the entry in the Bab Gas Cap concession in the United Arab Emirates.

 

Divestments amounted to $1,750 million in the third quarter of 2026, mainly reflecting the agreement with Global Infrastructure Partners (GIP) on some African energy infrastructure assets.

 

5.5Net cash flow (1) 

 

TotalEnergies’ net cash flow was $8,976 million in the third quarter of 2026, compared to $6,357 million in the previous quarter, considering the $2,451 million increase in cash flow from operations excluding working capital (CFFO), combined with a $168 million reduction in net investments over the quarter.

 

Cash flow from operating activities was $15,390 million in the third quarter of 2026, for a cash flow from operations excluding working capital (CFFO) of $12,255 million, positively impacted by a $3.1 billion decrease in working capital, driven notably by an increase in suppliers’ payables related to the increase of shipping costs and the increase in tax liabilities related to higher prices.

 

 

 

*Net of fees and taxes, including coverage of employees share grant plans.

12

 

 

5.6Profitability

 

Return on equity was 19.6% for the twelve months ending on September 30, 2026.

 

In millions of dollars October 1, 2025
September 30, 2026
July 1, 2025
June 30, 2026
October 1, 2024
September 30, 2025
Adjusted net income (1) 24,581 19,477 16,431
Average adjusted shareholders' equity 125,107 122,739 116,051
Return on equity (ROE) 19.6% 15.9% 14.2%

 

 

Return on average capital employed (1)  was 17.4% for the twelve months ending on September 30, 2026.

 

In millions of dollars October 1, 2025
September 30, 2026
July 1, 2025
June 30, 2026
October 1, 2024
September 30, 2025
Adjusted net operating income (1) 26,646 21,608 18,204
Average capital employed (1) 153,100 155,138 146,636
ROACE (1) 17.4% 13.9% 12.4%

 

 

6.TotalEnergies SE statutory accounts

 

Net income for TotalEnergies SE, the parent company, was €2,728 million in the third quarter of 2026 compared to €3,618 million in the second quarter of 2026.

 

 

7.Annual 2026 Sensitivities (16)

 

  Change

Estimated impact on
adjusted

net operating income

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

 

 

 

(16) Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2026. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
(17) In a 60-70 $/b Brent environment.

13

 

 

8.Outlook

 

At the beginning of the fourth quarter, oil prices remain above $100/b, reflecting lasting tensions in the Middle East. In petroleum products markets, the situation is highly volatile, impacted by supply disruptions from the Gulf and global inventories at their lowest levels.

 

Forward European gas prices remain on a bull trend in anticipation of the winter demand given the ongoing conflict in the Middle East. With the evolution of oil and gas prices in recent months and the lag effect on pricing formulas, TotalEnergies anticipates an increasing average LNG selling price of above $14/Mbtu for the fourth quarter of 2026.

 

Excluding the impact of the conflict in the Middle East, fourth-quarter production is expected to grow by more than 3% compared to fourth quarter 2025, in line with the annual growth guidance. The impact of the conflict on production is currently decreasing compared to the third quarter and represents less than 5% of the Company’s total production, primarily related to limited exports of LNG volumes via the Strait of Hormuz.

 

Refinery throughput volumes are expected to be broadly comparable to those of the third quarter, benefiting from the return-to-normal operations at the SATORP platform in Saudi Arabia, and despite a turnaround of the Normandy platform of 20 days.

 

The Company confirms its planned investments for the year, for a net amount of around $15 billion over 2026, in line with the annual guidance.

 

 

 

 

 

To listen to the live conference call in English with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 2:00 pm (Paris time) with financial analysts, 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.

 

 

 

* * * *

 

 

TotalEnergies contacts

 

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

 

14

 

 

9.Operating information by segment

 

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

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 Combined liquids and gas
production by region (kboe/d)
9M26 9M25

9M26
vs

9M25

517 517 - 515 Europe 535 536 -
408 414 -1% 433 Africa 418 427 -2%
776 671 +16% 864 Middle East and North Africa 741 854 -13%
512 513 - 476 Americas 504 446 +13%
261 280 -7% 220 Asia-Pacific 276 260 +6%

2,474

383

2,395

375

+3%

+2%

2,508

361

Total production

includes equity affiliates

2,474

371

2,523

375

-2%

-1%

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 Liquids production by region (kb/d) 9M26 9M25

9M26
vs

9M25

208 202 +3% 204 Europe 206 207 -1%
294 286 +3% 317 Africa 293 312 -6%
637 537 +19% 696 Middle East and North Africa 597 684 -13%
277 283 -2% 249 Americas 273 223 +22%
94 102 -8% 87 Asia-Pacific 98 99 -
1,510 1,410 +7% 1,553 Total production 1,467 1,525 -4%
167 120 +39% 161

includes equity affiliates

140 161 -13%

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 Gas production by region (Mcf/d) 9M26 9M25

9M26
vs

9M25

1,654 1,693 -2% 1,675 Europe 1,764 1,771 -
574 656 -13% 588 Africa 633 578 +10%
761 736 +3% 928 Middle East and North Africa 793 940 -16%
1,310 1,275 +3% 1,260 Americas 1,282 1,237 +4%
910 970 -6% 731 Asia-Pacific 972 883 +10%
5,209 5,330 -2% 5,182 Total production 5,444 5,409 +1%
1,150 1,374 -16% 1,120

includes equity affiliates

1,248 1,176 +6%

 

15

 

 

9.2Downstream (Refining & Chemicals and Marketing & Services)

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 Petroleum product sales by region (kb/d) 9M26 9M25 vs
    2Q26         9M25
1,731 1,704 +2% 1,839 Europe 1,748 1,806 -3%
478 445 +7% 566 Africa 485 600 -19%
1,033 1,141 -9% 978 Americas 1,110 1,036 +7%
730 721 +1% 1,128 Rest of world 816 976 -16%
3,972 4,011 -1% 4,510 Total consolidated sales 4,159 4,418 -6%
365 343 +6% 354 Includes bulk sales 356 359 -1%
2,389 2,455 -3% 2,887 Includes trading 2,582 2,773 -7%

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 Petrochemicals production* (kt) 9M26 9M25

9M26
vs

9M25

1,045 1,030 +1% 976 Europe 3,063 2,792 +10%
791 734 +8% 773 Americas 2,201 2,217 -1%
482 501 -4% 751 Middle East and Asia 1,660 2,205 -25%

 

* Olefins, polymers.

 

16

 

 

9.3Integrated Power

 

9.3.1Net power production

 

    3Q26   2Q26
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 0.0 1.5 0.0 2.0   0.3 0.2 0.0 0.6 0.0 1.2
Rest of Europe   0.2 0.4 0.2 4.5 0.5 5.9   0.2 0.4 0.2 2.7 0.4 3.9
Africa   0.0 - - - 0.1 0.2   0.0 - - - 0.1 0.1
Middle East   0.4 - - 0.4 - 0.8   0.4 - - 0.3 - 0.7
North America   1.5 0.5 - 1.9 - 3.9   1.3 0.6 - 1.4 - 3.4
South America   0.2 1.2 - - - 1.4   0.1 1.0 - - - 1.1
India   2.4 0.7 - - - 3.1   3.1 0.7 - - - 3.8
Pacific Asia   0.5 0.0 0.1 - - 0.6   0.4 0.0 0.1 - - 0.5
Total   5.5 3.1 0.3 8.3 0.7 17.9   5.9 2.9 0.3 5.2 0.5 14.8

 

9.3.2Installed power generation net capacity

 

    3Q26   2Q26
Installed power generation net
capacity (GW) (18)
  Solar Onshore
Wind
Offshore
Wind
Gas Others Total   Solar Onshore
Wind
Offshore
Wind
Gas Others Total
France   0.8 0.6 0.0 2.7 0.2 4.3   0.8 0.6 0.0 2.7 0.2 4.3
Rest of Europe   0.7 1.1 0.3 7.4 0.4 9.9   0.8 1.1 0.3 7.3 0.4 9.8
Africa   0.1 - - - 0.1 0.2   0.1 - - - 0.1 0.2
Middle East   0.6 - - 0.3 - 1.0   0.6 - - 0.3 - 1.0
North America   3.1 0.9 - 1.9 0.5 6.4   3.1 0.9 - 2.0 0.5 6.5
South America   1.0 1.2 - - - 2.2   0.9 1.2 - - - 2.1
India   7.3 0.7 - - 0.4 8.4   7.2 0.7 - - 0.3 8.1
Pacific Asia   1.2 0.0 0.2 - - 1.4   1.2 0.0 0.2 - - 1.4
Total   14.9 4.4 0.5 12.3 1.7 33.8   14.8 4.4 0.5 12.2 1.5 33.4

 

(18) End-of-period data.

 

17

 

 

9.3.3Power generation gross capacity from renewables

 

Installed power generation gross
capacity from renewables (GW) (19),(20)
      3Q26           2Q26    
  Solar Onshore
Wind
Offshore
Wind
Other Total   Solar Onshore
Wind
Offshore
Wind
Other Total
France   1.4 0.9 0.0 0.3 2.6   1.4 0.9 0.0 0.2 2.5
Rest of Europe   0.9 1.8 1.1 0.5 4.4   0.9 1.8 1.1 0.5 4.4
Africa   0.4 0.0 0.0 0.4 0.7   0.4 0.0 0.0 0.4 0.7
Middle East   1.6 0.0 0.0 0.0 1.6   1.6 0.0 0.0 0.0 1.6
North America   7.8 2.3 0.0 1.2 11.3   7.8 2.3 0.0 1.2 11.3
South America   1.2 1.9 0.0 0.0 3.1   1.2 1.9 0.0 0.0 3.0
India   10.4 0.7 0.0 0.4 11.5   10.3 0.7 0.0 0.3 11.2
Asia-Pacific   1.9 0.0 0.6 0.0 2.6   1.9 0.0 0.6 0.0 2.6
Total   25.6 7.7 1.8 2.8 37.9   25.4 7.6 1.8 2.5 37.4
Power generation gross capacity from
renewables in construction (GW) (19),(20)
      3Q26           2Q26    
  Solar Onshore
Wind
Offshore
Wind
Other Total   Solar Onshore
Wind
Offshore
Wind
Other Total
France   0.1 0.1 0.0 0.0 0.3   0.1 0.1 0.0 0.0 0.3
Rest of Europe   0.7 0.1 0.8 0.8 2.4   0.7 0.1 0.8 0.7 2.3
Africa   0.2 0.2 0.0 0.0 0.3   0.2 0.2 0.0 0.0 0.3
Middle East   1.3 0.2 0.0 0.0 1.5   1.3 0.2 0.0 0.0 1.5
North America   1.8 0.4 0.0 0.3 2.5   1.8 0.4 0.0 0.3 2.5
South America   0.7 0.7 0.0 0.3 1.7   0.7 0.8 0.0 0.3 1.7
India   0.7 0.0 0.0 0.0 0.7   0.3 0.0 0.0 0.0 0.3
Asia-Pacific   0.6 0.0 0.0 0.0 0.6   0.5 0.0 0.0 0.0 0.5
Total   6.1 1.8 0.8 1.4 10.0   5.6 1.8 0.8 1.3 9.6
Power generation gross capacity from
renewables in development (GW) (19),(20)
      3Q26           2Q26    
  Solar Onshore
Wind
Offshore
Wind
Other Total   Solar Onshore
Wind
Offshore
Wind
Other Total
France   0.7 0.4 1.5 0.3 2.9   0.9 0.5 1.5 0.0 2.8
Rest of Europe   3.6 2.0 13.9 4.1 23.7   3.7 1.9 14.3 4.3 24.3
Africa   1.1 0.6 0.0 0.0 1.7   1.1 0.5 0.0 0.0 1.6
Middle East   0.8 0.0 0.0 0.0 0.8   0.8 0.0 0.0 0.0 0.8
North America   11.1 3.4 0.0 4.4 19.0   10.8 3.1 0.0 4.9 18.8
South America   0.6 1.0 0.0 0.0 1.7   0.7 1.0 0.0 0.0 1.8
India   1.0 0.0 0.0 0.0 1.0   1.4 0.0 0.0 0.0 1.4
Asia-Pacific   2.5 1.1 2.6 1.1 7.3   2.6 1.1 2.6 1.1 7.3
Total   21.6 8.6 18.0 9.9 58.0   21.9 8.1 18.4 10.4 58.8

 

(19) Includes 17.25% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.

(20) End-of-period data.

 

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10. Alternative Performance Measures (Non-GAAP measures)

 

10.1Adjustment items to net income (TotalEnergies share)

 

3Q26 2Q26 3Q25 In millions of dollars 9M26 9M25
8,263 5,438 3,683 Net income (TotalEnergies share) 19,511 10,221
(2,320) (268) (93) Special items affecting net income (TotalEnergies share) (3,619) (541)
(114) (17) 284 Gain (loss) on asset sales 121 284
- (30) (7) Restructuring charges (52) (7)
(1,945) - (286) Impairments (3,093) (495)
(261) (221) (84) Other (595) (323)
1,227 (290) (32) After-tax inventory effect : FIFO vs. replacement cost 2,444 (378)
259 (31) (172) Effect of changes in fair value 168 (610)
(834) (589) (297) Total adjustments affecting net income (1,007) (1,529)
9,097 6,027 3,980 Adjusted net income (TotalEnergies share) 20,518 11,750

 

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10.2Reconciliation of adjusted EBITDA with consolidated financial statements

 

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

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 In millions of dollars 9M26 9M25 vs
    2Q26         9M25
8,263 5,438 +52% 3,683 Net income (TotalEnergies share) 19,511 10,221 +91%
834 589 +42% 297 Less: adjustment items to net income (TotalEnergies share) 1,007 1,529 -34%
9,097 6,027 +51% 3,980 Adjusted net income (TotalEnergies share) 20,518 11,750 +75%
        Adjusted items      
67 45 +49% 80 Add: non-controlling interests 190 210 -10%
4,741 3,365 +41% 2,281 Add: income taxes 11,430 7,314 +56%
3,233 3,075 +5% 3,277 Add: depreciation, depletion and impairment of tangible assets and mineral interests 9,405 9,381 -
116 95 +22% 104 Add: amortization and impairment of intangible assets 301 283 +6%
821 817 - 808 Add: financial interest on debt 2,429 2,349 +3%
(266) (245) ns (235) Less: financial income and expense from cash & cash equivalents (733) (798) ns
17,809 13,179 +35% 10,295 Adjusted EBITDA 43,540 30,489 +43%

 

 

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

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 In millions of dollars 9M26 9M25 vs
    2Q26         9M25
        Adjusted items      
61,622 57,334 +7% 43,844 Revenues from sales 168,472 136,419 +23%
(37,008) (37,734) ns (26,940) Purchases, net of inventory variation (103,861) (86,036) ns
(8,160) (7,954) ns (7,555) Other operating expenses (24,677) (22,685) ns
(134) (95) ns (64) Exploration costs (362) (242) ns
146 338 -57% 303 Other income 669 1,094 -39%
(222) (164) ns (101) Other expense, excluding amortization and impairment of intangible assets (500) (550) ns
391 482 -19% 324 Other financial income 1,167 1,040 +12%
(184) (184) ns (208) Other financial expense (591) (660) ns
1,358 1,156 +17% 692 Net income (loss) from equity affiliates 3,223 2,109 +53%
17,809 13,179 +35% 10,295 Adjusted EBITDA 43,540 30,489 +43%
        Adjusted items      
(3,233) (3,075) ns (3,277) Less: depreciation, depletion and impairment of tangible assets and mineral interests (9,405) (9,381) ns
(116) (95) ns (104) Less: amortization of intangible assets (301) (283) ns
(821) (817) ns (808) Less: financial interest on debt (2,429) (2,349) ns
266 245 +9% 235 Add: financial income and expense from cash & cash equivalents 733 798 -8%
(4,741) (3,365) ns (2,281) Less: income taxes (11,430) (7,314) ns
(67) (45) ns (80) Less: non-controlling interests (190) (210) ns
(834) (589) ns (297) Add: adjustment (TotalEnergies share) (1,007) (1,529) ns
8,263 5,438 +52% 3,683 Net income (TotalEnergies share) 19,511 10,221 +91%

 

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10.3Investments – Divestments

 

Reconciliation of Cash flow used in investing activities to Net investments

 

    3Q26         9M26
3Q26 2Q26 vs 3Q25 In millions of dollars 9M26 9M25 vs
    2Q26         9M25
4,962 3,276 +51% 3,203 Cash flow used in investing activities ( a ) * 12,550 14,697 -15%
(1,815) - ns - Other transactions with non-controlling interests ( b ) (1,815) - ns
14 57 -75% 45 Organic loan repayment from equity affiliates ( c ) 120 105 +14%
- 50 -100% (242) Change in debt from renewable projects financing ( d ) ** 64 (463) ns
88 63 +40% 84 Capex linked to capitalized leasing contracts ( e ) 226 282 -20%
30 1 x30 2 Expenditures related to carbon credits ( f ) 59 24 x2.5
3,279 3,447 -5% 3,092 Net investments ( a + b + c + d + e + f = g - i + h ) 11,204 14,645 -23%
(1,510) (1,247) ns (381) of which acquisitions net of assets sales ( g - i ) (2,929) 1,851 ns
240 141 +70% 474 Acquisitions ( g ) 773 3,416 -77%
1,750 1,388 +26% 855 Asset sales ( i ) 3,702 1,565 x2.4
- 68 -100% 121 Change in debt (partner share) and capital gain from renewable project sales 50 188 -73%
4,789 4,694 +2% 3,473 of which organic investments ( h ) 14,133 12,794 +10%
137 88 +55% 74 Capitalized exploration 299 222 +34%
413 452 -9% 408 Increase in non-current loans 1,166 1,401 -17%
(202) (1,017) ns (449) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (1,495) (808) ns
- 118 -100% (121) Change in debt from renewable projects (TotalEnergies share) 114 (275) ns

 

*Cash flows used in investing activities do not include increases in property, plant and equipment arising from Apache’s carry arrangement on the GranMorgu project in offshore Block 58 in Suriname, which resulted in specific supplier financing recognised as financial debt. These increases amounted to $153 million in the second quarter of 2026, $207 million in the third quarter of 2026 and $578 million in the first nine months of 2026. Payments to these suppliers are classified as financing cash flows.

**Change in debt from renewable projects (TotalEnergies share and partner share).

 

 

10.4Cash flow

 

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

 

3Q26 2Q26

3Q26
vs

2Q26

3Q25 In millions of dollars 9M26 9M25

9M26
vs

9M25

15,390 10,858 +42% 8,349 Cash flow from operating activities ( a ) 29,609 16,872 +75%
1,593 1,667 -4% 1,382 (Increase) decrease in working capital ( b ) * (3,733) (3,180) ns
1,556 (506) ns (55) Inventory effect ( c ) 2,899 (434) ns
0 50 -100% (6) Capital gain from renewable project sales ( d ) 72 80 -10%
14 57 -75% 45 Organic loan repayments from equity affiliates ( e ) 120 105 +14%
12,255 9,804 +25% 7,061 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 30,635 20,671 +48%
(379) (384) ns (382) Financial charges (1,166) (992) ns
12,634 10,188 +24% 7,443 Debt Adjusted Cash Flow (DACF) 31,801 21,663 +47%
               
4,789 4,694 +2% 3,473 Organic investments ( g ) 14,133 12,794 +10%
7,466 5,110 +46% 3,588 Cash flow after organic investments ( f - g ) 16,502 7,877 x2.1
         
3,279 3,447 -5% 3,092 Net investments ( h ) 11,204 14,645 -23%
8,976 6,357 +41% 3,969 Net cash flow ( f - h ) 19,431 6,026 x3.2

 

*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.

 

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10.5Gearing ratio

 

In millions of dollars 09/30/2026 06/30/2026 09/30/2025
Current borrowings * 11,966 11,229 11,830
Other current financial liabilities 180 209 568
Current financial assets * , ** (3,327) (3,720) (4,607)
Net financial assets classified as held for sale * 731 114 49
Non-current financial debt * 40,960 41,157 41,296
Non-current financial assets * (2,510) (1,601) (1,168)
Cash and cash equivalents (34,208) (27,678) (23,415)
Net debt ( a ) 13,792 19,710 24,553
       
Shareholders’ equity (TotalEnergies share) 132,698 128,408 115,281
Non-controlling interests 4,268 2,545 2,384
Shareholders' equity (b) 136,966 130,953 117,665
   
Gearing = a / ( a+b ) 9.1% 13.1% 17.3%
   
Leases (c) 8,773 8,904 8,827
Gearing including leases ( a+c ) / ( a+b+c ) 14.1% 17.9% 22.1%

 

*Excludes leases receivables and leases debts.

**Including initial margins held as part of the Company's activities on organized markets.

 

 

10.6Return on average capital employed

 

Twelve months ended September 30, 2026

 

In millions of dollars Exploration &
Production
Integrated
LNG
Integrated
Power
Refining &
Chemicals
Marketing &
Services
Company
Adjusted net operating income 10,769 4,932 2,244 8,001 1,570 26,646
Capital employed at 09/30/2025 66,102 43,872 26,960 7,123 7,565 149,974
Capital employed at 09/30/2026 69,581 51,030 29,648 3,087 4,671 156,226
ROACE 15.9% 10.4% 7.9% 156.7% 25.7% 17.4%

 

10.7Pay-out

 

In millions of dollars 9M26 9M25 2025
Dividend paid (parent company shareholders) 6,372 5,961 8,121
Repayment of treasury shares excluding fees and taxes 3,744 5,997 7,496
   
Payout ratio 33% 56% 55%

 

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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.

 

Cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. 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.

 

Free cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow refers to Net cash flow minus cash flows with non-controlling interests, payments on perpetual subordinated notes, repayments of leases and repayment (issuance) of shares of parent company shareholders. Free 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 Net investments and certain cash flows from financing activities. This performance indicator corresponds to the cash flow available to repay the other debts and allocate cash to parent company shareholders distribution or share buybacks.

 

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 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

 

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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 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.

 

24

 

 

Disclaimer

 

Unless otherwise stated, 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. The term “Corporation” as used in this document exclusively refers to TotalEnergies SE, which is the parent company of the Company.

 

This press release presents the results for the third quarter of 2026 and first nine months of 2026 from the consolidated financial statements of TotalEnergies SE as of September 30, 2026 (unaudited). The consolidated financial statements of TotalEnergies SE as of September 30, 2026 have been subject to a limited review by the Statutory Auditors. The notes to the consolidated financial statements (unaudited) are available on the Corporation’s website www.totalenergies.com.

 

This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks. This document may also contain statements regarding the outlook, objectives, areas of improvement, goals and ambitions of TotalEnergies SE, including with respect to climate change and carbon neutrality. 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 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”, “estimates”, “considers”, “plans”, “expects”, “thinks”, “targets”, “has an ambition to”, “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 publication of this document.

 

These forward-looking statements are not historical data and should not be interpreted as assurances that the outlook, objectives, goals or ambitions announced will be achieved. They are uncertain 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, fluctuations in the price of crude oil and natural gas, changes in demand and prices of petroleum products, changes in production levels and estimates of reserves, 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 in the Corporation’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. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

 

Future interim or final annual dividend payments beyond the interim dividend payable on April 2nd, 2027 (or April 20th, 2027 for holders on the U.S. register) have not yet 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 certain, but as an expression of the Corporation’s views only as of the date this document is published.

 

TotalEnergies SE and its subsidiaries undertake 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 statements, objectives or trends contained in this document. In addition, the Corporation has not verified and is under no obligation to verify any data or information provided by or sourced from third parties contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. Users are advised to verify them independently before relying on them. 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 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 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, 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

 

25

 

 

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 adjusted fully-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 Corporation’s website totalenergies.com. The Form 20-F is also available from the SEC by calling 1-800-SEC-0330 or on the SEC’s website.

 

26

 

 

 

 

 

 

 

 

 

 

 

TotalEnergies financial statements

 

 

 

 

 

Third quarter 2026 consolidated accounts, IFRS

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

 

Consolidated statement of income

 

TotalEnergies

 

(unaudited)

 

  3rd quarter 2nd quarter 3rd quarter
(M$)(a) 2026 2026 2025
Sales 66,819 61,771 48,691
Excise taxes (4,960) (4,674) (4,847)
Revenue from sales 61,859 57,097 43,844
Purchases, net of inventory variation (35,205) (38,308) (27,191)
Other operating expenses (8,719) (8,038) (7,591)
Exploration costs (134) (95) (64)
Depreciation, depletion and impairment of tangible assets and mineral interests (4,180) (3,075) (3,280)
Other income 146 330 778
Other expenses (403) (279) (528)
Financial interest on debt (821) (817) (808)
Financial income and expenses from cash & cash equivalents 266 245 265
Cost of net debt (555) (572) (543)
Other financial income 391 482 366
Other financial expenses (184) (184) (208)
Net income (loss) from equity affiliates 427 1,271 602
Income taxes (5,080) (3,154) (2,423)
Consolidated net income 8,363 5,475 3,762
TotalEnergies share 8,263 5,438 3,683
Non-controlling interests 100 37 79
Earnings per share ($) 3.69 2.44 1.65
Diluted earnings per share ($) 3.66 2.41 1.64

 

(a) Except for per share amounts.

 

28

 

 

Consolidated statement of comprehensive income

 

TotalEnergies

 

(unaudited)

 

  3rd quarter 2nd quarter 3rd quarter
(M$) 2026 2026 2025
Consolidated net income 8,363 5,475 3,762
Other comprehensive income      
Actuarial gains and losses – 21 (2)
Change in fair value of investments in equity instruments (74) (29) (96)
Tax effect 25 (7) 19
Currency translation adjustment generated by the parent company (311) (857) (2)
Items not potentially reclassifiable to profit and loss (360) (872) (81)
Currency translation adjustment 125 573 (230)
Cash flow hedge 2,510 454 (346)
Variation of foreign currency basis spread 7 1 6
Share of other comprehensive income of equity affiliates, net amount 327 63 (112)
Other 1 2 5
Tax effect (650) (113) 81
Items potentially reclassifiable to profit and loss 2,320 980 (596)
Total other comprehensive income (net amount) 1,960 108 (677)
Comprehensive income 10,323 5,583 3,085
– TotalEnergies share 10,226 5,531 3,001
– Non-controlling interests 97 52 84

 

29

 

 

Consolidated statement of income 

 

TotalEnergies

 

(unaudited)

 

 

(M$)(a) 9 months 2026 9 months 2025
Sales 182,753 150,572
Excise taxes (14,281) (14,153)
Revenue from sales 168,472 136,419
Purchases, net of inventory variation (100,860) (87,204)
Other operating expenses (25,432) (22,989)
Exploration costs (362) (242)
Depreciation, depletion and impairment of tangible assets and mineral interests (10,461) (9,536)
Other income 947 1,569
Other expenses (1,907) (1,106)
Financial interest on debt (2,429) (2,349)
Financial income and expenses from cash & cash equivalents 733 882
Cost of net debt (1,696) (1,467)
Other financial income 1,167 1,113
Other financial expenses (591) (660)
Net income (loss) from equity affiliates 2,515 1,794
Income taxes (12,022) (7,262)
Consolidated net income 19,770 10,429
TotalEnergies share 19,511 10,221
Non-controlling interests 259 208
Earnings per share ($) 8.82 4.53
Diluted earnings per share ($) 8.73 4.49

 

(a) Except for per share amounts.

 

30

 

 

Consolidated statement of comprehensive income

 

TotalEnergies

 

(unaudited)

 

 

(M$) 9 months 2026 9 months 2025
Consolidated net income 19,770 10,429
Other comprehensive income    
Actuarial gains and losses 22 14
Change in fair value of investments in equity instruments 9 (32)
Tax effect (7) –
Currency translation adjustment generated by the parent company (2,960) 8,688
Items not potentially reclassifiable to profit and loss (2,936) 8,670
Currency translation adjustment 2,602 (6,939)
Cash flow hedge 3,901 (1,014)
Variation of foreign currency basis spread 12 25
Share of other comprehensive income of equity affiliates, net amount 545 (386)
Other 4 12
Tax effect (998) 237
Items potentially reclassifiable to profit and loss 6,066 (8,065)
Total other comprehensive income (net amount) 3,130 605
Comprehensive income 22,900 11,034
– TotalEnergies share 22,641 10,760
– Non-controlling interests 259 274

 

31

 

 

Consolidated balance sheet

 

TotalEnergies

 

 

  September 30,
2026
June 30, 2026 December 31,
2025

September 30,

2025

(M$) (unaudited) (unaudited)   (unaudited)

ASSETS

Non-current assets

       
Intangible assets, net 34,488 35,631 37,345 37,764
Property, plant and equipment, net 115,021 117,889 114,694 115,198
Equity affiliates: investments and loans 47,632 44,663 38,090 36,968
Other investments 1,977 2,099 1,914 2,046
Non-current financial assets 3,551 2,702 3,270 2,426
Deferred income taxes 2,111 2,939 3,358 3,633
Other non-current assets 2,816 2,573 2,915 2,990
Total non-current assets 207,596 208,496 201,586 201,025
Current assets        
Inventories, net 26,887 21,373 16,663 17,058
Accounts receivable, net 24,712 21,184 18,559 19,735
Other current assets 40,474 28,976 20,437 21,833
Current financial assets 3,595 4,039 3,332 4,884
Cash and cash equivalents 34,208 27,678 26,202 23,415
Assets classified as held for sale 4,456 2,015 4,276 4,009
Total current assets 134,332 105,265 89,469 90,934
Total assets 341,928 313,761 291,055 291,959

 

LIABILITIES & SHAREHOLDERS' EQUITY

 


Shareholders' equity

       
Common shares 7,280 7,280 7,059 7,059
Paid-in surplus and retained earnings 146,280 139,898 125,860 125,073
Currency translation adjustment (14,182) (14,146) (14,033) (13,853)
Treasury shares (6,680) (4,624) (4,003) (2,998)
Total shareholders' equity - TotalEnergies share 132,698 128,408 114,883 115,281
Non-controlling interests 4,268 2,545 2,640 2,384
Total shareholders' equity 136,966 130,953 117,523 117,665
Non-current liabilities        
Deferred income taxes 14,181 13,347 12,634 12,830
Employee benefits 2,006 1,996 2,018 1,991
Provisions and other non-current liabilities 18,721 18,734 17,322 20,096
Non-current financial debt 49,090 49,525 48,995 49,552
Total non-current liabilities 83,998 83,602 80,969 84,469
Current liabilities        
Accounts payable 47,176 41,438 38,065 38,062
Other creditors and accrued liabilities 57,374 43,108 36,344 35,266
Current borrowings 13,901 13,183 12,038 13,820
Other current financial liabilities 180 209 388 568
Liabilities directly associated with the assets classified as held for sale 2,333 1,268 5,728 2,109
Total current liabilities 120,964 99,206 92,563 89,825
Total liabilities & shareholders' equity 341,928 313,761 291,055 291,959

 

32

 

 

Consolidated statement of cash flow

 

 

TotalEnergies

 

(unaudited)

 

 

  3rd quarter 2nd quarter 3rd quarter
(M$) 2026 2026 2025
CASH FLOW FROM OPERATING ACTIVITIES      
Consolidated net income 8,363 5,475 3,762
Depreciation, depletion, amortization and impairment 4,342 3,097 3,405
Non-current liabilities, valuation allowances and deferred taxes 1,166 599 272
(Gains) losses on disposals of assets 52 (266) (603)
Undistributed affiliates' equity earnings 333 (65) (195)
(Increase) decrease in working capital 921 1,663 1,600
Other changes, net 213 355 108
Cash flow from operating activities 15,390 10,858 8,349
CASH FLOW USED IN INVESTING ACTIVITIES      
Intangible assets and property, plant and equipment additions (4,449) (4,232) (3,812)
Acquisitions of subsidiaries, net of cash acquired – (6) –
Investments in equity affiliates and other securities (252) (561) (215)
Increase in non-current loans (413) (452) (408)
Total expenditures (5,114) (5,251) (4,435)
Proceeds from disposals of intangible assets and property, plant and equipment (114) 500 613
Proceeds from disposals of subsidiaries, net of cash sold 10 135 133
Proceeds from disposals of non-current investments 40 266 (8)
Repayment of non-current loans 216 1,074 494
Total divestments 152 1,975 1,232
Cash flow used in investing activities (4,962) (3,276) (3,203)
CASH FLOW FROM FINANCING ACTIVITIES      
Issuance (repayment) of shares:      
– Parent company shareholders (2) 363 –
– Treasury shares (1,505) (1,511) (2,349)
Dividends paid:      
– Parent company shareholders (2,155) (2,094) (2,216)
– Non-controlling interests (136) (166) (89)
Net issuance (repayment) of perpetual subordinated notes – – –
Payments on perpetual subordinated notes (22) (40) (26)
Other transactions with non-controlling interests 1,771 (37) 23
Net issuance (repayment) of non-current debt 62 84 3,682
Increase (decrease) in current borrowings (2,033) (1,994) (1,962)
Increase (decrease) in current financial assets and liabilities 323 127 529
Cash flow / (used in) financing activities (3,697) (5,268) (2,408)
Net increase (decrease) in cash and cash equivalents 6,731 2,314 2,738
Effect of exchange rates (201) (329) 253
Cash and cash equivalents at the beginning of the period 27,678 25,693 20,424
Cash and cash equivalents at the end of the period 34,208 27,678 23,415

 

33

 

 

Consolidated statement of cash flow

 

 

TotalEnergies

 

(unaudited)

 

 

(M$) 9 months 2026 9 months 2025
CASH FLOW FROM OPERATING ACTIVITIES    
Consolidated net income 19,770 10,429
Depreciation, depletion, amortization and impairment 11,588 9,851
Non-current liabilities, valuation allowances and deferred taxes 2,356 608
(Gains) losses on disposals of assets (534) (913)
Undistributed affiliates' equity earnings 81 (720)
(Increase) decrease in working capital (4,384) (2,583)
Other changes, net 732 200
Cash flow from operating activities 29,609 16,872
CASH FLOW USED IN INVESTING ACTIVITIES    
Intangible assets and property, plant and equipment additions (13,302) (12,800)
Acquisitions of subsidiaries, net of cash acquired (85) (1,859)
Investments in equity affiliates and other securities (1,034) (945)
Increase in non-current loans (1,166) (1,401)
Total expenditures (15,587) (17,005)
Proceeds from disposals of intangible assets and property, plant and equipment 567 983
Proceeds from disposals of subsidiaries, net of cash sold 542 404
Proceeds from disposals of non-current investments 313 8
Repayment of non-current loans 1,615 913
Total divestments 3,037 2,308
Cash flow used in investing activities (12,550) (14,697)
CASH FLOW FROM FINANCING ACTIVITIES    
Issuance (repayment) of shares:    
– Parent company shareholders 361 492
– Treasury shares (3,791) (6,208)
Dividends paid:    
– Parent company shareholders (6,372) (5,961)
– Non-controlling interests (311) (401)
Net issuance (repayment) of perpetual subordinated notes 1,751 (1,139)
Payments on perpetual subordinated notes (216) (181)
Other transactions with non-controlling interests 1,718 (28)
Net issuance (repayment) of non-current debt 3,730 7,370
Increase (decrease) in current borrowings (5,310) (2,168)
Increase (decrease) in current financial assets and liabilities (19) 2,534
Cash flow / (used in) financing activities (8,459) (5,690)
Net increase (decrease) in cash and cash equivalents 8,600 (3,515)
Effect of exchange rates (594) 1,086
Cash and cash equivalents at the beginning of the period 26,202 25,844
Cash and cash equivalents at the end of the period 34,208 23,415

 

34

 

 

Consolidated statement of changes in shareholders' equity

 

 

TotalEnergies

 

(unaudited)

 

 

(M$) Common shares issued Paid-in surplus
and retained
Currency
translation
Treasury shares Shareholders’
equity-
TotalEnergies
Non-equity
controlling
Total
  Number  Amount 

earnings 

adjustment 

Number  Amount

Share 

interests

shareholders'
As of January 1, 2025 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
Net income of the fourth quarter 2025 – – 2,906 – – – 2,906 22 2,928
Other comprehensive income – – (130) (180) – – (310) 11 (299)
Comprehensive income – – 2,776 (180) – – 2,596 33 2,629
Dividend – – (2,032) – – – (2,032) (81) (2,113)
Issuance of common shares – – – – – – – – –
Purchase of treasury shares – – – – (23,577,249) (1,006) (1,006) – (1,006)
Sale of treasury shares(a) – – – – 3,163 – – – –
Share-based payments – – 122 – – – 122 – 122
Share cancellation – – – – – – – – –
Net issuance (repayment) of perpetual subordinated notes – – – – – – – – –
Payments on perpetual subordinated notes – – (82) – – – (82) – (82)
Other operations with non-controlling interests – – 5 – – – 5 308 313
Other items – – (2) – – 1 (1) (4) (5)
As of December 31, 2025 2,206,585,543 7,059 125,860 (14,033) (63,702,529) (4,003) 114,883 2,640 117,523
Net income of the first nine months 2026 – – 19,511 – – – 19,511 259 19,770
Other comprehensive income – – 3,279 (149) – – 3,130 – 3,130
Comprehensive income – – 22,790 (149) – – 22,641 259 22,900
Dividend – – (6,814) – – – (6,814) (311) (7,125)
Issuance of common shares 100,985,040 295 6,090 – – – 6,385 – 6,385
Purchase of treasury shares – – – – (43,827,303) (4,710) (4,710) – (4,710)
Sale of treasury shares(a) – – (426) – 6,640,933 426 – – –
Share-based payments – – 510 – – – 510 – 510
Share cancellation (25,913,869) (74) (1,564) – 25,913,869 1,607 (31) – (31)
Net issuance (repayment) of perpetual subordinated notes – – 91 – – – 91 – 91
Payments on perpetual subordinated notes – – (281) – – – (281) – (281)
Other operations with non-controlling interests – – 24 – – – 24 1,704 1,728
Other items – – – – – – – (24) (24)
As of September 30, 2026 2,281,656,714 7,280 146,280 (14,182) (74,975,030) (6,680) 132,698 4,268 136,966

 

(a) Treasury shares related to the performance share grants.

 

35

 

 

Information by business segment

 

 

TotalEnergies

 

(unaudited)

 

 

3rd quarter 2026 Exploration & Integrated Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
External sales 1,644 3,470 4,221 30,778 26,693 13 – 66,819
Intersegment sales 10,528 1,934 1,985 11,409 228 33 (26,117) –
Excise taxes – – – (188) (4,772) – – (4,960)
Revenues from sales 12,172 5,404 6,206 41,999 22,149 46 (26,117) 61,859
Operating expenses (4,481) (2,939) (5,472) (36,267) (20,804) (212) 26,117 (44,058)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,017) (405) (1,017) (428) (282) (31) – (4,180)
Net income (loss) from equity affiliates and other items 229 610 199 (584) (47) (30) – 377
Tax on net operating income (2,873) (648) (136) (1,306) (328) 109 – (5,182)
Adjustments(a) (127) 137 (822) (187) 221 (23) – (801)
Adjusted net operating income 3,157 1,885 602 3,601 467 (95) – 9,617
Adjustments(a)               (801)
Net cost of net debt               (453)
Non-controlling interests               (100)
Net income - TotalEnergies share               8,263

 

(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 net operating income of Integrated LNG segment.

 

Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.

 

 

3rd quarter 2026 Exploration & Integrated Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
Total expenditures 3,026 359 1,186 278 180 85 – 5,114
Total divestments (121) 32 86 129 14 12 – 152
Cash flow from operating activities 4,905 1,213 1,636 6,290 1,622 (276) – 15,390

 

36

 

 

Information by business segment

 

TotalEnergies

 

(unaudited)

 

2nd quarter 2026 Exploration & Integrated Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
External sales 1,830 1,880 3,846 28,792 25,422 1 – 61,771
Intersegment sales 9,221 2,258 1,511 11,058 260 41 (24,349) –
Excise taxes – – – (164) (4,510) – – (4,674)
Revenues from sales 11,051 4,138 5,357 39,686 21,172 42 (24,349) 57,097
Operating expenses (3,629) (3,469) (5,105) (37,806) (20,465) (316) 24,349 (46,441)

Depreciation, depletion and

impairment of tangible assets and

mineral interests

(1,920) (413) (74) (404) (233) (31) – (3,075)
Net income (loss) from equity affiliates and other items 292 767 302 204 86 (31) – 1,620
Tax on net operating income (2,570) (167) (36) (259) (183) 12 – (3,203)
Adjustments(a) (7) 49 (89) (379) (123) (48) – (597)
Adjusted net operating income 3,231 807 533 1,800 500 (276) – 6,595
Adjustments(a)               (597)
Net cost of net debt               (523)
Non-controlling interests               (37)
Net income - TotalEnergies share               5,438

 

(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 net operating income of Integrated LNG segment.

 

Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.

 

 

 

2nd quarter 2026 Exploration & Integrated Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
Total expenditures 2,282 874 1,419 385 197 94 – 5,251
Total divestments 460 (36) 1,356 20 178 (3) – 1,975
Cash flow from operating activities 5,546 2,137 (239) 3,565 549 (700) – 10,858

 

37

 

 

Information by business segment

 

TotalEnergies

 

(unaudited)

 

3rd quarter 2025 Exploration & Integrated Integrated Refining & Marketing &      
(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
External sales 1,392 1,995 3,955 21,205 20,138 6 – 48,691
Intersegment sales 8,892 1,587 434 7,122 234 38 (18,307) –
Excise taxes – – – (201) (4,646) – – (4,847)
Revenues from sales 10,284 3,582 4,389 28,126 15,726 44 (18,307) 43,844
Operating expenses (4,200) (2,880) (3,863) (27,069) (14,916) (225) 18,307 (34,846)

Depreciation, depletion and

impairment of tangible assets and

mineral interests

(2,145) (376) (103) (380) (243) (33) – (3,280)
Net income (loss) from equity affiliates and other items 522 492 (52) 75 (24) (3) – 1,010
Tax on net operating income (2,055) (97) (110) (143) (177) 115 – (2,467)
Adjustments(a) 237 (131) (310) (78) (14) (22) – (318)
Adjusted net operating income 2,169 852 571 687 380 (80) – 4,579
Adjustments(a)               (318)
Net cost of net debt               (499)
Non-controlling interests               (79)
Net income - TotalEnergies share               3,683

 

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

 

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

 

Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.

 

Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.

 

 

 

3rd quarter 2025 Exploration &  Integrated  Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

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

 

38

 

Information by business segment

 

TotalEnergies

 

(unaudited)

 

 

9 months 2026 Exploration & Integrated Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
External sales 4,593 8,280 13,508 83,750 72,604 18 – 182,753
Intersegment sales 28,752 7,002 4,223 30,682 607 107 (71,373) –
Excise taxes – – – (519) (13,762) – – (14,281)
Revenues from sales 33,345 15,282 17,731 113,913 59,449 125 (71,373) 168,472
Operating expenses (11,399) (10,560) (16,287) (102,743) (56,262) (776) 71,373 (126,654)

Depreciation, depletion and

impairment of tangible assets and

mineral interests

(5,902) (1,239) (1,254) (1,235) (745) (86) – (10,461)
Net income (loss) from equity affiliates and other items 907 1,830 (312) (155) (81) (58) – 2,131
Tax on net operating income (7,869) (1,131) (225) (2,261) (758) 22 – (12,222)
Adjustments(a) 118 172 (2,027) 519 374 (94) – (938)
Adjusted net operating income 8,964 4,010 1,680 7,000 1,229 (679) – 22,204
Adjustments(a)               (938)
Net cost of net debt               (1,496)
Non-controlling interests               (259)
Net income - TotalEnergies share               19,511

 

(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 net operating income of Integrated LNG segment.

 

Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.

 

 

 

9 months 2026 Exploration &  Integrated  Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
Total expenditures 8,168 1,882 3,506 1,279 529 223 – 15,587
Total divestments 801 147 1,660 172 244 13 – 3,037
Cash flow from operating activities 13,420 2,230 1,252 11,419 3,239 (1,951) – 29,609

 

39

 

 

Information by business segment

 

TotalEnergies

 

(unaudited)

 

 

9 months 2025 Exploration & Integrated Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
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 net operating income of Integrated LNG segment.

 

Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.

 

 

 

9 months 2025 Exploration &  Integrated  Integrated Refining & Marketing &      

(M$)

Production

LNG

Power

Chemicals

Services

Corporate Intercompany Total
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

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41

 

 

Alternative Performance Measures (Non-GAAP)

 

TotalEnergies

 

(unaudited)

 

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

 

1.1       Exploration & Production

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
3,147 1,822 1,787 76% Cash flow used in investing activities ( a ) * 7,367 7,582 -3%
(647) – – ns Other transactions with non-controlling interests ( b ) (647) – ns
– – – ns Organic loan repayment from equity affiliates ( c ) – – ns
– – – ns Change in debt from renewable projects financing ( d ) ** – – ns
70 60 80 -13% Capex linked to capitalized leasing contracts ( e ) 201 278 -28%
30 1 2 x15 Expenditures related to carbon credits ( f ) 59 24 x2.5
2,600 1,883 1,869 39% Net investments ( a + b + c + d + e + f = g - i + h ) 6,980 7,884 -11%
(321) (348) (53) ns of which net acquisitions ( g - i ) (896) 225 ns
197 105 522 -62% Acquisitions ( g ) 524 1,160 -55%
518 453 575 -10% Assets sales ( i ) 1,420 935 52%
– – – ns  Change in debt (partner share) and capital gain from renewable project sales – – ns
2,921 2,231 1,922 52% Of which organic investments ( h ) 7,876 7,659 3%
111 64 70 58%  Capitalized exploration 244 209 17%
42 17 38 11% Increase in non-current loans 111 162 -31%
(8) (7) (47) ns  Repayment of non-current loans, excluding organic loan repayment from equity affiliates (28) (125) ns
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns

*Cash flows used in investing activities do not include increases in property, plant and equipment arising from Apache’s carry arrangement on the GranMorgu project in offshore Block 58 in Suriname, which resulted in specific supplier financing recognised as financial debt. These increases amounted to $153 million in the second quarter of 2026, $207 million in the third quarter of 2026 and $578 million in the first nine months of 2026. Payments to these suppliers are classified as financing cash flows

 

**Change in debt from renewable projects (TotalEnergies share and partner share)

 

1.2       Integrated LNG

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
327 910 146 x2.2 Cash flow used in investing activities ( a ) 1,735 1,890 -8%
(1,168) – – ns  Other transactions with non-controlling interests ( b ) (1,168) – ns
3 – 46 -93% Organic loan repayment from equity affiliates ( c ) 4 47 -91%
– – – ns Change in debt from renewable projects financing ( d ) * – – ns
4 2 4 ns Capex linked to capitalized leasing contracts ( e ) 9 4 x2.3
– – – ns Expenditures related to carbon credits ( f ) – – ns
(834) 912 196 ns Net investments ( a + b + c + d + e + f = g - i + h ) 580 1,941 -70%
(1,162) 4 (134) ns of which net acquisitions ( g - i ) (1,066) 116 ns
6 7 (60) ns Acquisitions ( g ) 105 194 -46%
1,168 3 74 x15.8 Assets sales ( i ) 1,171 78 x15
– – – ns  Change in debt (partner share) and capital gain from renewable project sales – – ns
328 908 330 -1% Of which organic investments ( h ) 1,646 1,825 -10%
26 24 4 x6.5 Capitalized exploration 55 13 x4.2
49 71 174 -72% Increase in non-current loans 189 543 -65%
(29) 39 (345) ns  Repayment of non-current loans, excluding organic loan repayment from equity affiliates (140) (375) ns
– – – ns  Change in debt from renewable projects (TotalEnergies share) – – ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

 

42

 

 

Alternative Performance Measures (Non-GAAP)

 

TotalEnergies

 

(unaudited)

 

1.3      Integrated Power

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
1,100 63 692 59% Cash flow used in investing activities ( a ) 1,846 3,726 -50%
– – – ns Other transactions with non-controlling interests ( b ) – – ns
11 57 (1) ns Organic loan repayment from equity affiliates ( c ) 116 58 100%
– 50 (242) ns Change in debt from renewable projects financing ( d ) * 64 (463) ns
(1) 1 – ns Capex linked to capitalized leasing contracts ( e ) 1 – ns
– – – ns Expenditures related to carbon credits ( f ) – – ns
1,110 171 449 x2.5 Net investments ( a + b + c + d + e + f = g - i + h ) 2,027 3,321 -39%
(25) (749) (147) ns of which net acquisitions ( g - i ) (851) 1,658 ns
35 26 12 x2.9 Acquisitions ( g ) 64 2,048 -97%
60 775 159 -62% Assets sales ( i ) 915 390 x2.3
– 68 121 -100%  Change in debt (partner share) and capital gain from renewable project sales 50 188 -73%
1,135 920 596 90% Of which organic investments ( h ) 2,878 1,663 73%
– – – ns   Capitalized exploration – – ns
250 320 162 54%  Increase in non-current loans 671 580 16%
(15) (1,014) (43) ns   Repayment of non-current loans, excluding organic loan repayment from equity affiliates (1,101) (226) ns
– 118 (121) ns   Change in debt from renewable projects (TotalEnergies share) 114 (275) ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

 

1.4     Refining & Chemicals

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
149 365 385 -61% Cash flow used in investing activities ( a ) 1,107 930 19%
– – – 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
149 365 385 -61% Net investments ( a + b + c + d + e + f = g - i + h ) 1,107 930 19%
(1) (1) (2) ns  of which net acquisitions ( g - i ) 73 (26) ns
1 – – ns Acquisitions ( g ) 76 11 x6.9
2 1 2 ns Assets sales ( i ) 3 37 -92%
– – – ns Change in debt (partner share) and capital gain from renewable project sales – – ns
150 366 387  -61% Of which organic investments ( h ) 1,034 956 8%
– – – ns  Capitalized exploration – – ns
30 32 16 88% Increase in non-current loans 131 43 x3
(127) (19) (15) ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates (169) (28) ns
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns

*Change in debt from renewable projects (TotalEnergies share and partner share) 

 

43

 

 

Alternative Performance Measures (Non-GAAP) TotalEnergies

 

(unaudited)

 

1.5        Marketing & Services

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
166 19 160 4% Cash flow used in investing activities ( a ) 285 431 -34%
– – – 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
166 19 160 4% Net investments ( a + b + c + d + e + f = g - i + h ) 285 431 -34%
(3) (155) (43) ns of which net acquisitions ( g - i ) (194) (121) ns
– – – ns Acquisitions ( g ) – 3 -100%
3 155 43 -93% Assets sales ( i ) 194 124 56%
– – –   Change in debt (partner share) and capital gain from ns renewable project sales – – ns
169 174 203 -17% Of which organic investments ( h ) 479 552 -13%
– – – ns  Capitalized exploration – – ns
13 11 18 -28%  Increase in non-current loans 34 62 -45%
(10) (20) 1 ns  Repayment of non-current loans, excluding organic loan repayment from equity affiliates (43) (38) 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 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
4,905 5,546 4,187 17% Cash flow from operating activities ( a ) 13,420 11,128 21%
(484) (231) 203 ns (Increase) decrease in working capital ( b ) (2,310) (907) ns
– – – ns Inventory effect ( c ) – – ns
– – – ns Capital gain from renewable projects sales ( d ) – – ns
– – – ns Organic loan repayments from equity affiliates ( e ) – – ns
5,389 5,777 3,984 35% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 15,730 12,035 31%

 

44

 

 

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

 

2.2 Integrated LNG

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
1,213  2,137 789  54% Cash flow from operating activities ( a ) 2,230  3,071  -27%
(508) 1,304 (299) ns (Increase) decrease in working capital ( b ) * (2,108) (424) ns
– – – ns Inventory effect ( c ) – – ns
– – – ns Capital gain from renewable projects sales ( d ) – – ns
3  – 46  -93% Organic loan repayments from equity affiliates ( e ) 4  47  -91%
1,724  833 1,134  52% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 4,342  3,542  23%

 

*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.

 

2.3 Integrated Power

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months  vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025  9 months 2025
1,636 (239) 674 x2.4 Cash flow from operating activities ( a ) 1,252 1,074 17%
873 (853) 56 x15.6 (Increase) decrease in working capital ( b ) * (629) (558) ns
– – – ns Inventory effect ( c ) – – ns
– 50 (6) ns Capital gain from renewable projects sales ( d ) 72 80 -10%
11 57 (1) ns Organic loan repayments from equity affiliates ( e ) 116 58 100%
774 721 611 27% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 2,069 1,770 17%

 

*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.

 

45

 

 

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

 

2.4 Refining & Chemicals

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
6,290 3,565 2,839 x2.2 Cash flow from operating activities ( a ) 11,419 1,743 x6.6
1,250 1,929 1,900 -34% (Increase) decrease in working capital ( b ) 1,678 (281) ns
1,097 (394) (76) ns Inventory effect ( c ) 2,052 (396) ns
– – – ns Capital gain from renewable projects sales ( d ) – – ns
– – – ns Organic loan repayments from equity affiliates ( e ) – – ns
3,943 2,030 1,015 x3.9 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 7,689 2,420 x3.2

 

2.5       Marketing & Services

 

3rd 2nd 3rd 3rd quarter 2026       9 months 2026
quarter quarter quarter vs   9 months 9 months vs
2026 2026 2025 3rd quarter 2025 (in millions of dollars) 2026 2025 9 months 2025
1,622 549 287 x5.7 Cash flow from operating activities ( a ) 3,239 1,483 x2.2
484 (186) (372) ns (Increase) decrease in working capital ( b ) 446 (312) ns
459 (112) 21 x21.9 Inventory effect ( c ) 847 (38) ns
– – – ns Capital gain from renewable projects sales ( d ) – – ns
– – – ns Organic loan repayments from equity affiliates ( e ) – – ns
679 847 638 6% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 1,946 1,833 6%

 

46

 

 

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 2026 3,157 1,885 602 3,601 467 (95) – 9,617
Adjusted net operating income 2nd quarter 2026 3,231 807 533 1,800 500 (276) – 6,595
Adjusted net operating income 1st quarter 2026 2,576 1,318 545 1,599 262 (308) – 5,992
Adjusted net operating income 4th quarter 2025 1,805 922 564 1,001 341 (191) – 4,442
Adjusted net operating income ( a ) 10,769 4,932 2,244 8,001 1,570 (870) – 26,646
Balance sheet as of September 30, 2026                
Property plant and equipment intangible assets                
net 88,505 27,132 12,834 13,055 6,432 1,551 – 149,509
Investments & loans in equity affiliates 5,189 21,648 15,838 4,102 855 – – 47,632
Other non-current assets 1,976 2,879 988 715 1,014 (668) – 6,904
Inventories, net 1,736 2,458 583 17,556 4,554 – – 26,887
Accounts receivable, net 6,840 9,890 3,736 28,533 9,876 1,337 (35,500) 24,712
Other current assets 8,569 28,170 7,605 5,959 3,946 3,095 (16,870) 40,474
Accounts payable (6,372) (10,374) (5,298) (46,961) (12,760) (982) 35,571 (47,176)
Other creditors and accrued liabilities (12,989) (26,484) (6,852) (13,490) (7,222) (7,136) 16,799 (57,374)
Working capital (2,216) 3,660 (226) (8,403) (1,606) (3,686) – (12,477)
Provisions and other non-current liabilities (24,158) (4,860) (1,801) (3,813) (1,288) 1,012 – (34,908)
Assets and liabilities classified as held for sale - Capital employed 285 571 2,015 – – – – 2,871
Capital Employed (Balance sheet) 69,581 51,030 29,648 5,656 5,407 (1,791) – 159,531
Less inventory valuation effect – – – (2,569) (736) – – (3,305)
Capital Employed at replacement cost ( b ) 69,581 51,030 29,648 3,087 4,671 (1,791) – 156,226
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 ( c ) 66,102 43,872 26,960 7,123 7,565 (1,648) – 149,974
                 
ROACE as a percentage ( a / average ( b + c )) 15.9% 10.4% 7.9% 156.7% 25.7% – – 17. 4%

 

47

 

 

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

 

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

 

 

3rd quarter 2nd quarter 3rd quarter      
2026 2026 2025 (in millions of dollars) 9 months 2026 9 months 2025
8,363 5,475 3,762 Consolidated net income ( a ) 19,770 10,429
(453) (523) (499) Net cost of net debt ( b ) (1,496) (1,370)
(2,320) (268) (113) Special items affecting net operating income (3,619) (596)
(114) (17) 284 Gains (losses) on disposals of assets 121 284
– (30) (7) Restructuring charges (52) (7)
(1,945) – (286) Asset impairment and provisions charges (3,093) (495)
(261) (221) (104) Other items (595) (378)
1,260 (298) (33) After-tax inventory effect : FIFO vs. replacement cost 2,513 (380)
259 (31) (172) Effect of changes in fair value 168 (610)
(801) (597) (318) Total adjustments affecting net operating income ( c ) (938) (1,586)
9,617 6,595 4,579 Adjusted net operating income ( a - b - c ) 22,204 13,385

 

48

 

 

Exhibit 99.10

 

PRESS RELEASE

 

 

TotalEnergies decides the distribution of a third interim

dividend of €0.90/share for fiscal year 2026,

an increase of 5.9% compared to 2025

 

 

 

Paris, October 29, 2026 - The Board of Directors meeting on October 28, 2026 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, decided the distribution of a third interim dividend of €0.90/share for fiscal year 2026, an increase of 5.9% compared to the interim dividends and final dividend paid for fiscal year 2025 and equal to the first and second interim dividends for fiscal year 2026.

 

This increase is in line with the shareholder returns policy approved by the Board of Directors and announced during the Strategy and Outlook Presentation in New York on September 28, 2026, which provides for annual dividend growth of more than 5% through 2030, in line with the Company’s expected cash flow growth.

 

This interim dividend will be detached and paid in cash exclusively, according to the following timetable:

 

    Euronext NYSE    

 

  Ex-dividend date 1 March 31, 2027 March 31, 2027  
         
  Payment date 2 April 2, 2027 April 20, 2027  

 

 

 

 

1 As a reminder, the record date for shares listed on the NYSE is March 31, 2027.

2 The applicable EUR/USD exchange rate will be the WM/Refinitiv Intra-Day spot rate published at 2:00 p.m. (Paris time) on April 13, 2027. The amount of the interim dividend in USD will be made available on the TotalEnergies website (https://totalenergies.com/investors/shares-and-dividends/dividends). To ensure orderly dividend payment across both markets, a transfer freeze period between the two markets will be in effect from March 30, 2027 at 3:00 p.m. (New-York time) until the opening of the Euronext market on April 2, 2027.

 

 

 

 

About TotalEnergies

 

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

Contacts TotalEnergies

 

Relations Media: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

 

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

 

 

Disclaimer

 

Unless otherwise stated, 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. The term “Corporation” as used in this document exclusively refers to TotalEnergies SE, which is the parent company of the Company.

 

This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to expectations regarding returns to shareholders, including with respect to future dividends, the anticipated payment of dividends to owners of ordinary shares registered on the U.S. register in U.S. dollars and the timetable relating to such dividends. These forward-looking statements may 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”, “estimates”, “considers”, “plans”, “expects”, “thinks”, “targets”, “has an ambition to”, “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 publication of this document. These forward-looking statements are not historical data and should not be interpreted as assurances that the outlook, objectives, goals or ambitions announced will be achieved. They are uncertain 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 risk factors described in the Corporation’s regulatory filings, including its Universal Registration Document filed with the French Autorité des Marchés Financiers, its Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”) and its other reports filed or furnished with the SEC.

 

Future interim or final annual dividend payments beyond the interim dividend payable on April 2nd, 2027 (or April 20th, 2027 for holders on the U.S. register) have not yet 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. Moreover, the payment of dividends to owners of the ordinary shares held on the U.S. register in U.S. dollars and the timetable for such payments will depend on, among other things, the ability to pay such dividend in U.S. dollars in compliance with applicable law and securities exchange rules in effect, the maintenance of the structure necessary to distribute such dividends in U.S. dollars, including through French and U.S. paying agents or other intermediaries, the timely processing of distributions through such structure, and declaration of an ex-dividend date by each of the relevant exchanges that corresponds to the expectations of the Company.

 

Readers are cautioned not to consider forward-looking statements as certain, but as an expression of the Corporation’s views only as of the date this document is published.

 

TotalEnergies SE and its subsidiaries undertake 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 statements, objectives or trends contained in this document.

 

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 Corporation’s website totalenergies.com. The Form 20-F is also available from the SEC by calling 1-800-SEC-0330 or on the SEC’s website.

 

 

 

 

Exhibit 99.11

 

PRESS RELEASE

 

 

Nigeria: TotalEnergies Strengthens Its Partnership with
SAPETRO to Support the Fast Development of OPL257

 

 

Paris, October 30, 2026 – TotalEnergies has signed a Farm-Out Agreement to sell to South Atlantic Petroleum Limited (“SAPETRO”) a 40% participating interest in offshore block OPL257, Nigeria. Upon completion of this transaction, TotalEnergies will hold a 50% operated interest in OPL257 alongside SAPETRO (40%) and Conoil (10%).

 

OPL257 is located 150 kilometers offshore Nigeria. The block is adjacent to PPL261, where TotalEnergies (24%) and its partners, including SAPETRO, discovered the Egina South field in 2005, which straddles both blocks.

 

An appraisal campaign on the OPL257 side of the field will be undertaken in the coming months to support the potential development of Egina South as a tie-back to the Egina FPSO, located approximately 30 kilometers away.

 

“TotalEnergies is pleased to have SAPETRO as a partner in OPL257 as well as in the adjacent PPL261 block. Consolidating our long-term partnership paves the way for a quick appraisal campaign and subsequent development of Egina South in the success case,” said Mike Sangster, SVP Africa Exploration & Production at TotalEnergies. “For TotalEnergies, this is consistent with our strategy to develop low-cost, low-emission resources while leveraging existing facilities.”

 

Completion of the transaction is subject to customary conditions, including regulatory approvals.

 

 

 

 

 

* * *

 

About TotalEnergies in Nigeria

TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 188,000 boe/d produced in 2025. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities.

 

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to providing as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

 

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

 

 

@TotalEnergies  TotalEnergies TotalEnergies TotalEnergies

 

 

 

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

 

 

 

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