REG-TotalEnergies SE Half-year Report
Thu 12:45
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Half-year Report
TotalEnergies generates $6.6 billion of cash flow during the quarter, driven
by production growth of its energies, demonstrating the Company’s robustness
in a lower price environment and maintains shareholder returns
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
2Q25 2Q25 2Q24 2Q25
vs vs
1Q25 2Q24
Cash flow from operations 6.6 -5% 13.6 -15%
excluding working capital (CFFO)(1) (B$)
Adjusted net income (TotalEnergies share)(1)
- in billions of dollars (B$) 3.6 -15% 7.8 -21%
- in dollars per share (fully-diluted) 1.57 -14% 3.41 -18%
Net income (TotalEnergies share) (B$) 2.7 -30% 6.5 -31%
Adjusted EBITDA(1) (B$) 9.7 -8% 20.2 -11%
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné,
met on July 23, 2025, to approve the 2(nd) quarter 2025 financial statements.
On the occasion, Patrick Pouyanné said:
“TotalEnergies delivered robust financial results in the second quarter:
cash flow only decreased by 5% to $6.6 billion despite a 10% decrease in oil
price, notably thanks to accretive hydrocarbon production growth. The Company
posted adjusted net income of $3.6 billion for the quarter, resulting in first
half adjusted net income of $7.8 billion.
In the first half of the year TotalEnergies continued to successfully execute
its balanced multi-energy strategy, supported by sustained growth in
hydrocarbon and electricity production:
* 2.53 Mboe/d of hydrocarbon production, which is an increase of more than 3%
year-on-year and benefiting notably from the start-up of the Ballymore field
in the United States and Mero-4 in Brazil, a quarter ahead of schedule
* nearly 23 TWh of electricity production in the first half of 2025, an increase
of over 20% year-on-year
Exploration & Production reported adjusted net operating income of $2.0
billion and cash flow of $3.8 billion in the second quarter, benefiting from
accretive project start-ups in 2024 and 2025. Consistent with our strategy,
the Company continued to actively manage its low-cost, low-emission portfolio
by divesting non-operated interests in non-core projects in Nigeria and
Brazil, and entering into new exploration permits in the United States,
Malaysia, Indonesia, and Algeria.
Integrated LNG achieved adjusted net operating income of $1.0 billion and cash
flow of $1.2 billion this quarter, reflecting a 10% decrease in the LNG
selling price, in line with oil price evolution, and low market volatility for
gas trading activities. The Company strengthened its LNG portfolio by signing
a 1.5 Mtpa LNG offtake agreement from Rio Grande LNG Train 4 and taking a
positioning in the future Ksi Lisims LNG plant located on the Pacific Coast of
Canada.
Integrated Power posted adjusted net operating income and cash flow of close
to $0.6 billion this quarter, resulting in cash flow of $1.2 billion in the
first half of 2025, in line with the annual guidance. As part of its business
model, the Company divested 50% of a renewable asset portfolio in Portugal.
Downstream delivered adjusted net operating income of $0.8 billion and cash
flow of $1.5 billion, reflecting improved refining margins (but still in the
context of a globally weak environment) and utilization rate. Downstream
results benefitted from the positive seasonal effect of Marketing &
Services activities, with stronger results year-on-year.
During the first half of 2025, net investments reached $11.6 billion,
including $2.2 billion of net acquisitions, notably related to the acquisition
of VSB. The Company anticipates that net investments for the full year will be
within the $17-17.5 billion guidance range given the disposal program planned
for the second half of the year. Normalized gearing((1)), which excludes
seasonal effects of working capital and investment pace, is 15%.
Comforted by the Company’s ability to reach its 2025 underlying growth
objective while maintaining a strong balance sheet, the Board of Directors has
confirmed the distribution of the second interim dividend of 0.85 €/share
for fiscal year 2025, an increase close to 7.6% compared to 2024. It also
decided to continue share buybacks for up to $2 billion in the third quarter.
The Board also highlighted the recent success of the Capital increase reserved
for employees, which brings TotalEnergies’ employee ownership to nearly 9%
of the Company’s share capital and demonstrates their support of the
Company’s strategy.”
1. Highlights ((2))
Upstream
* Production start-up of the Mero-4 offshore oil development, for 180,000 b/d,
in Brazil
* Production start-up of the Ballymore offshore oil field, for 75,000 b/d, in
the United States
* Divestment of TotalEnergies’ 12.5% non-operated interest in the Bonga field,
in Nigeria
* Divestment of TotalEnergies’ 20% non-operated interest in Gato do Mato
project to Shell in exchange for an increased 48% stake in the operated Lapa
offshore field, in Brazil
* Acquisition of a 25% working interest in a portfolio of 40 Chevron-operated
offshore exploration leases, in the United States
* Acquisition from Petronas of interests in multiple blocks, offshore Malaysia
and Indonesia
* Acquisition of a 25% interest in Block 53, in Suriname
* Award of the Ahara Exploration license, in Algeria
Downstream
* Announcement of the shut-down of the cracker NC2 in the Antwerp platform by
2027, in the context of over-capacity of petrochemicals in Europe
Integrated LNG
* Signature of an agreement with NextDecade for LNG offtake of 1.5 Mt/year over
20 years from the future Train 4 of Rio Grande LNG, in Texas
* Signature of agreements with Western LNG for a future equity stake and LNG
offtake in Ksi Lisims LNG project, in Canada
* Agreement between with CMA CGM to create a JV for LNG bunkering in Rotterdam,
with TotalEnergies providing up to 360,000 tons of LNG per year
Integrated Power
* Closing of the acquisition of the German renewable energy developer VSB
* Closing of the sale of 50% of TotalEnergies’ 604 MW renewables portfolio, in
Portugal
* Closing of the acquisition of 50% of AES’ renewables portfolio, in the
Dominican Republic
* Acquisition of 350 MW of solar projects and 85 MW of BESS projects, in the UK
* Award of a concession to develop a 1GW offshore wind farm, in Germany
* Signature of an agreement with RGE for the development of a solar and battery
project, in Indonesia, to supply the local market and Singapore
Carbon footprint reduction and low-carbon molecules
* Signature of an agreement for the sale of 50% of biogas leader PGB in Poland
* Signature of a 15-year agreement with Quatra for the supply of 60,000 tons/yr
of European used cooking oil to TotalEnergies’ biorefineries
Innovation and Performance
* Collaboration with Mistral AI through a joint innovation lab to increase the
application of AI in TotalEnergies’ multi-energy strategy
2. Key figures from TotalEnergies’ consolidated financial statements ((1))
2Q25 1Q25 2Q25 2Q24 In millions of dollars, except effective tax rate, 1H25 1H24 1H25
vs earnings per share and number of shares
vs
1Q25
1H24
9,690 10,504 -8% 11,073 Adjusted EBITDA ((1)) 20,194 22,566 -11%
4,390 4,792 -8% 5,339 Adjusted net operating income from business segments 9,182 10,939 -16%
1,974 2,451 -19% 2,667 Exploration & Production 4,425 5,217 -15%
1,041 1,294 -20% 1,152 Integrated LNG 2,335 2,374 -2%
574 506 +13% 502 Integrated Power 1,080 1,113 -3%
389 301 +29% 639 Refining & Chemicals 690 1,601 -57%
412 240 +72% 379 Marketing & Services 652 634 +3%
702 715 -2% 636 Contribution of equity affiliates to adjusted net income 1,417 1,257 +13%
41.5% 41.4% - 40.4% Effective tax rate ((3)) 41.4% 39.0% -
3,578 4,192 -15% 4,672 Adjusted net income (TotalEnergies share)( (1)) 7,770 9,784 -21%
1.57 1.83 -14% 1.98 Adjusted fully-diluted earnings per share (dollars) ((4)) 3.41 4.14 -18%
1.38 1.74 -21% 1.85 Adjusted fully-diluted earnings per share (euros) ((5)) 3.12 3.82 -18%
2,224 2,246 -1% 2,328 Fully-diluted weighted-average shares (millions) 2,236 2,333 -4%
2,687 3,851 -30% 3,787 Net income (TotalEnergies share) 6,538 9,508 -31%
4,819 4,501 +7% 4,410 Organic investments ((1)) 9,320 8,482 +10%
1,813 420 x4,3 220 Acquisitions net of assets sales ((1)) 2,233 (280) ns
6,632 4,921 +35% 4,630 Net investments ((1)) 11,553 8,202 +41%
6,618 6,992 -5% 7,777 Cash flow from operations excluding working capital (CFFO) ((1)) 13,610 15,945 -15%
6,943 7,276 -5% 7,895 Debt Adjusted Cash Flow (DACF) ((1)) 14,220 16,207 -12%
5,960 2,563 x2,3 9,007 Cash flow from operating activities 8,523 11,176 -24%
Gearing ((1)) of 14.3% at March 31, 2025 vs. 8.3% at December 31, 2024 and 10.5% at March 31, 2024
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
2Q25 1Q25 2Q25 2Q24 1H25 1H24 1H25
vs
vs
1Q25
1H24
67.9 75.7 -10% 85.0 Brent ($/b) 71.9 84.1 -15%
3.5 3.9 -9% 2.3 Henry Hub ($/Mbtu) 3.7 2.2 +66%
11.9 14.4 -18% 10.0 TTF ($/Mbtu) 13.2 9.4 +40%
12.2 14.1 -13% 11.2 JKM ($/Mbtu) 13.1 10.3 +28%
65.6 72.2 -9% 81.0 Average price of liquids ((6),(7)) ($/b) 68.7 79.9 -14%
Consolidated subsidiaries
5.63 6.60 -15% 5.05 Average price of gas ((6),(8)) ($/Mbtu) 6.13 5.08 +21%
Consolidated subsidiaries
9.10 10.00 -9% 9.32 Average price of LNG ((6),(9)) ($/Mbtu) 9.55 9.46 +1%
Consolidated subsidiaries and equity affiliates
35.3 29.4 +20% 44.9 European Refining Margin Marker (ERM) ((6),(10)) ($/t) 32.4 58.3 -44%
3.2 Greenhouse gas emissions ((11))
2Q25 1Q25 2Q25 2Q24 Scope 1+2 emissions ((12)) (MtCO(2)e) 1H25 1H24 1H25
vs
vs
1Q25
1H24
8.0 8.4 -5% 7.7 Scope 1+2 from operated facilities ((1)) 16.4 15.9 +3%
7.1 7.2 -1% 7.0 of which Oil & Gas 14.3 14.1 +1%
0.9 1.2 -25% 0.7 of which CCGT 2.1 1.8 +17%
10.6 11.1 -5% 10.3 Scope 1+2 - ESRS share ((1)) 21.7 21.2 +2%
2Q25 1Q25 2Q25 2Q24 Methane emissions (ktCH(4)) 1H25 1H24 1H25
vs
vs
1Q25
1H24
6 6 - 7 Methane emissions from operated facilities ((1)) 11 15 -27%
Estimated quarterly emissions.
Scope 1+2 emissions from operated installations were down 5%
quarter-to-quarter given lower gas-fired power plants utilization rate.
First half 2025 Scope 3 ((13)) Category 11 emissions are estimated to be about
170 Mt CO(2)e .
3.3 Production ((14))
2Q25 1Q25 2Q25 2Q24 Hydrocarbon production 1H25 1H24 1H25
vs
vs
1Q25
1H24
2,503 2,558 -2% 2,441 Hydrocarbon production (kboe/d) 2,531 2,451 +3%
1,343 1,355 -1% 1,318 Oil (including bitumen) (kb/d) 1,349 1,320 +2%
1,160 1,203 -4% 1,123 Gas (including condensates and associated NGL) (kboe/d) 1,182 1,131 +4%
2,503 2,558 -2% 2,441 Hydrocarbon production (kboe/d) 2,531 2,451 +3%
1,506 1,516 -1% 1,477 Liquids (kb/d) 1,511 1,480 +2%
5,395 5,655 -5% 5,180 Gas (Mcf/d) 5,524 5,215 +6%
Hydrocarbon production was 2,503 thousand barrels of oil equivalent per day in
the second quarter 2025, up 2.5% year-on-year, and was comprised of:
* +5.5% due to start-ups and ramp-ups, including Mero-2, Mero-3 and Mero-4 in
Brazil, Fenix in Argentina, Tyra in Denmark, and Anchor and Ballymore in the
United States,
* -2.5% mainly due to more planned maintenance this quarter,
* +2.0% due to a portfolio effect related to the acquisitions of SapuraOMV in
Malaysia and interests in the Eagle Ford shale gas plays in Texas and to a
price effect,
* -2.5% due to the natural field declines.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
2Q25 1Q25 2Q25 2Q24 Hydrocarbon production 1H25 1H24 1H25
vs
vs
1Q25
1H24
1,956 1,976 -1% 1,943 EP (kboe/d) 1,966 1,956 +1%
1,437 1,442 - 1,413 Liquids (kb/d) 1,440 1,416 +2%
2,767 2,848 -3% 2,829 Gas (Mcf/d) 2,807 2,883 -3%
4.1.2 Results
2Q25 1Q25 2Q25 2Q24 In millions of dollars, except effective tax rate 1H25 1H24 1H25
vs
vs
1Q25
1H24
1,974 2,451 -19% 2,667 Adjusted net operating income 4,425 5,217 -15%
176 150 +17% 207 including adjusted income from equity affiliates 326 352 -7%
50.1% 49.4% - 46.9% Effective tax rate ((15)) 49.7% 47.7% -
3,053 2,684 +14% 2,585 Organic investments( (1)) 5,737 4,626 +24%
162 116 +40% 57 Acquisitions net of assets sales ((1)) 278 93 x3
3,215 2,800 +15% 2,642 Net investments( (1)) 6,015 4,719 +27%
3,760 4,291 -12% 4,353 Cash flow from operations excluding working capital (CFFO) ((1)) 8,051 8,831 -9%
3,675 3,266 +13% 4,535 Cash flow from operating activities 6,941 8,125 -15%
Adjusted net operating income was $1,974 million, down $480 million
quarter-to-quarter, reflecting for 400 M$ the sensitivities linked to the
changing environment (average liquids price down $7/b compared to the first
quarter).
Cash flow from operations excluding working capital (CFFO) was $3,760 million,
down $530 million quarter-to-quarter, reflecting the sensitivities linked to
the changing environment.
4.2 Integrated LNG
4.2.1 Production
2Q25 1Q25 2Q25 2Q24 Hydrocarbon production for LNG 1H25 1H24 1H25
vs
vs
1Q25
1H24
547 582 -6% 498 Integrated LNG (kboe/d) 565 495 +14%
69 74 -7% 64 Liquids (kb/d) 71 64 +12%
2,628 2,807 -6% 2,351 Gas (Mcf/d) 2,717 2,332 +17%
2Q25 1Q25 2Q25 2Q24 Liquefied Natural Gas in Mt 1H25 1H24 1H25
vs
vs
1Q25
1H24
10.6 10.6 -1% 8.8 Overall LNG sales 21.2 19.5 +9%
3.9 4.0 -3% 3.6 incl. Sales from equity production* 7.9 7.8 +1%
9.4 9.4 - 7.6 incl. Sales by TotalEnergies from equity production and third party purchases 18.8 16.9 +11%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
Hydrocarbon production for LNG was down 6% this quarter compared to the first
quarter 2025, notably due to scheduled maintenance at Snøhvit in Norway and
Malaysia LNG, which impacted SK408 production.
Quarterly LNG sales were stable.
4.2.2 Results
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
9.10 10.00 -9% 9.32 Average price of LNG ((6),(9)) ($/Mbtu) 9.55 9.46 +1%
Consolidated subsidiaries and equity affiliates
1,041 1,294 -20% 1,152 Adjusted net operating income 2,335 2,374 -2%
513 535 -4% 421 including adjusted income from equity affiliates 1,048 915 +15%
743 752 -1% 624 Organic investments( (1)) 1,495 1,164 +28%
110 140 -21% 198 Acquisitions net of assets sales ((1)) 250 186 +34%
853 892 -4% 822 Net investments( (1)) 1,745 1,350 +29%
1,159 1,249 -7% 1,220 Cash flow from operations excluding working capital (CFFO) ((1)) 2,408 2,568 -6%
539 1,743 -69% 431 Cash flow from operating activities 2,282 2,141 +7%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does
not include LNG trading activities.
Adjusted net operating income for Integrated LNG was $1,041 million, down 20%
this quarter primarily due to a lower average LNG selling price reflecting oil
price evolution and low market volatility for gas trading activities.
Cash flow from operations excluding working capital (CFFO) was $1,159 million,
down 7% reflecting a lower average LNG selling price.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
2Q25 1Q25 2Q25 2Q24 Integrated Power 1H25 1H24 1H25
vs
vs
1Q25
1H24
11.6 11.3 +2% 9.1 Net power production (TWh) * 22.9 18.6 +23%
8.4 6.8 +23% 6.8 o/w production from renewables 15.2 12.8 +18%
3.2 4.5 -29% 2.2 o/w production from gas flexible capacities 7.7 5.8 +33%
24.0 22.7 +5% 19.6 Portfolio of power generation net installed capacity (GW) ** 24.0 19.6 +22%
17.4 16.2 +7% 13.8 o/w renewables 17.4 13.8 +26%
6.5 6.5 - 5.8 o/w gas flexible capacities 6.5 5.8 +13%
104.1 97.5 +7% 87.4 Portfolio of renewable power generation gross capacity (GW) **,*** 104.1 87.4 +19%
30.2 27.8 +9% 24.0 o/w installed capacity 30.2 24.0 +26%
6.0 6.0 - 6.0 Clients power - BtB and BtC (Million) ** 6.0 6.0 +1%
2.7 2.8 - 2.8 Clients gas - BtB and BtC (Million) ** 2.7 2.8 -
10.5 14.5 -27% 11.1 Sales power - BtB and BtC (TWh) 25.0 26.0 -4%
14.9 35.7 -58% 18.9 Sales gas - BtB and BtC (TWh) 50.6 54.6 -7%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 19.25% 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 increased by 28% year-on-year to 11.6 TWh, driven by
growth in renewable energy production and the acquisition of flexible gas
capacities in the United Kingdom in 2024.
Gross installed renewable power generation capacity reached 30.2 GW at the end
of the second quarter of 2025, up 26% year-on-year, i.e. a 6.2 GW increase.
4.3.2 Results
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
574 506 +13% 502 Adjusted net operating income 1,080 1,113 -3%
22 44 -50% 35 including adjusted income from equity affiliates 66 (4) ns
421 645 -35% 596 Organic investments( (1)) 1,066 1,539 -31%
1,568 238 x6,6 (88) Acquisitions net of assets sales ((1)) 1,806 647 x2,8
1,989 883 x2,3 508 Net investments( (1)) 2,872 2,186 +31%
562 597 -6% 623 Cash flow from operations excluding working capital (CFFO) ((1)) 1,159 1,315 -12%
799 (399) ns 1,647 Cash flow from operating activities 400 1,398 -71%
Adjusted net operating income for Integrated Power was $574 million and cash
flow from operations excluding working capital (CFFO) reached $562 million in
the second quarter of 2025, leading to cash flow from operations excluding
working capital (CFFO) of $1.2 billion for the first half of the year, in line
with the annual guidance.
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
801 541 +48% 1,018 Adjusted net operating income 1,342 2,235 -40%
532 386 +38% 568 Organic investments( (1)) 918 1,088 -16%
(27) (75) ns 56 Acquisitions net of assets sales ((1)) (102) (1,202) ns
505 311 +62% 624 Net investments( (1)) 816 (114) ns
1,483 1,117 +33% 1,776 Cash flow from operations excluding working capital (CFFO) ((1)) 2,600 3,546 -27%
1,515 (1,415) ns 3,191 Cash flow from operating activities 100 954 -90%
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
2Q25 1Q25 2Q25 2Q24 Refinery throughput and utilization rate* 1H25 1H24 1H25
vs
vs
1Q25
1H24
1,589 1,549 +3% 1,511 Total refinery throughput (kb/d) 1,569 1,468 +7%
463 435 +7% 430 France 449 406 +11%
632 627 +1% 636 Rest of Europe 629 627 -
494 487 +1% 446 Rest of world 491 435 +13%
90% 87% 84% Utilization rate based on crude only** 89% 82%
* Based on distillation capacity at the beginning of the year, excluding the
African refinery SIR (divested) from 3(rd) quarter 2024 and the African
refinery Natref (divested) during the 4(th) quarter 2024.
2Q25 1Q25 2Q25 2Q24 Petrochemicals production and utilization rate 1H25 1H24 1H25
vs
vs
1Q25
1H24
1,164 1,250 -7% 1,248 Monomers* (kt) 2,414 2,535 -5%
1,127 1,173 -4% 1,109 Polymers (kt) 2,300 2,185 +5%
74% 78% 79% Steam cracker utilization rate** 76% 76%
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year, excluding Lavera (divested) from 2(nd)
quarter 2024.
Refinery throughput was up 3% quarter-on-quarter.
Petrochemicals output was down 7% for monomers and down 4% for polymers,
mainly due to planned maintenance on the Normandie platform and to weak demand
in Europe.
4.5.2 Results
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
35.3 29.4 +20% 44.9 European Refining Margin Marker (ERM) ($/t) * 32.4 58.3 -44%
389 301 +29% 639 Adjusted net operating income 690 1,601 -57%
333 236 +41% 382 Organic investments( (1)) 569 801 -29%
(24) - ns (95) Acquisitions net of assets sales ((1)) (24) (115) ns
309 236 +31% 287 Net investments( (1)) 545 686 -21%
772 633 +22% 1,117 Cash flow from operations excluding working capital (CFFO) ((1)) 1,405 2,408 -42%
887 (1,983) ns 1,541 Cash flow from operating activities (1,096) (588) ns
* This market indicator for European refining, calculated based on public
market prices ($/t), uses a basket of crudes, petroleum product yields and
variable costs representative of the European refining system of
TotalEnergies. Does not include oil trading activities.
Adjusted net operating income was $389 million in the second quarter 2025, up
29% quarter-to-quarter, reflecting a slightly better level of refining margins
and utilization rate.
Cash flow from operations excluding working capital (CFFO) was $ 772 million,
up 22% quarter-to-quarter for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
2Q25 1Q25 2Q25 2Q24 Sales in kb/d* 1H25 1H24 1H25
vs
vs
1Q25
1H24
1,324 1,266 +5% 1,363 Total Marketing & Services sales 1,295 1,338 -3%
790 714 +11% 773 Europe 753 744 +1%
534 551 -3% 591 Rest of world 543 594 -9%
* Excludes trading and bulk refining sales.
Sales of petroleum products are up 5% quarter-to-quarter due to the
seasonality of transport markets in Europe.
4.6.2 Results
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
412 240 +72% 379 Adjusted net operating income 652 634 +3%
199 150 +33% 186 Organic investments( (1)) 349 287 +22%
(3) (75) ns 151 Acquisitions net of assets sales ((1)) (78) (1,087) ns
196 75 x2,6 337 Net investments( (1)) 271 (800) ns
711 484 +47% 659 Cash flow from operations excluding working capital (CFFO) ((1)) 1,195 1,138 +5%
628 568 +11% 1,650 Cash flow from operating activities 1,196 1,542 -22%
Marketing & Services adjusted net operating income was $412 million in the
second quarter of 2025, up 72% quarter-on-quarter benefiting from a seasonal
effect and the increase of unit margins.
Cash flow from operations excluding working capital (CFFO) was $711 million,
up 47% quarter-to-quarter for the same reasons.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was $4,390 million in the
second quarter of 2025, compared to $4,792 million in the first quarter,
primarily due to lower oil and gas prices.
5.2 Adjusted net income ((1)) (TotalEnergies share)
TotalEnergies’ adjusted net income was $3,578 million in the second quarter
of 2025 versus $4,192 million in the first quarter, for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of changes in fair value.
Adjustments to net income( )were ($0.9) billion in the second quarter of 2025,
consisting mainly of:
* ($0.6) billion of changes in fair value and stock variation,
* ($0.2) billion of exceptional provisions and depreciations, mainly linked to
the Antwerp platform reconfiguration for the Refining & Chemicals
business.
TotalEnergies’ average tax rate was stable at 41.5% in the second quarter of
2025 versus 41.4% in the first quarter of 2025.
5.3 Adjusted earnings per share
Adjusted fully-diluted earnings per share were:
* $1.57 in the second quarter 2025, based on 2,224 million weighted average
diluted shares, compared to $1.83 in the first quarter 2025,
* $3.41 in the first half 2025, based on 2,236 million weighted average diluted
shares, compared to $4.14 a year ago.
As of June 30, 2025, the number of diluted shares was 2,220 million.
TotalEnergies repurchased*:
* 28.5 million shares in the second quarter 2025, for $1.7 billion,
* 62 million shares in the first half 2025, for $3.7 billion.
5.4 Acquisitions – asset sales
Acquisitions were:
* $2,106 million in the second quarter of 2025, notably related to the
finalization of the VSB acquisition and the acquisition of a renewable asset
portfolio in the Dominican Republic,
* $2,942 million in the first half of 2025, notably related to the above items,
as well as the acquisitions of an additional 10% interest in the Moho field in
Congo, of SN Power and of renewable projects in Canada.
Divestments were:
* $293 million in the second quarter of 2025, notably related to the sale of 50%
of a renewable asset portfolio in Portugal,
* $709 million in the first half of 2025, notably related to the above items, as
well as the divestment of interests in the Nkossa and Nsoko II permits in
Congo and fuel distribution activities in Brazil.
5.5 Net cash flow ((1))
TotalEnergies' net cash flow in the second quarter of 2025 was ($14) million,
down from $2,071 million the previous quarter, due to a $374 million decrease
in CFFO and a $1,711 million increase in net investments over the quarter,
reaching $6,632 million.
2025 second quarter cash flow from operating activities was $5,960 million
versus CFFO of $6,618 million and was impacted by a $0.5 billion increase in
working capital requirements, mainly due to the unfavorable effect of
declining prices on tax liabilities and the payment during the quarter for the
capital gain tax from divesting the German distribution networks to
Alimentation Couche-Tard. This was partially offset by the seasonal effect on
gas and electricity supply activities in Europe.
5.6 Profitability
Return on equity was 14.1% for the twelve months ended June 30, 2025.
In millions of dollars July 1, 2024 April 1, 2024 July 1, 2023
June 30, 2025 March 31, 2025 Ju
ne
30
,
20
24
Adjusted net income (TotalEnergies share) ((1)) 16,535 17,636 21,769
Average adjusted shareholders' equity 117,441 116,758 116,286
Return on equity (ROE) 14.1% 15.1% 18.7%
Return on average capital employed ((1)) was 12.4% for the twelve months ended
June 30, 2025.
In millions of dollars July 1, 2024 April 1, 2024 July 1, 2023
June 30, 2025 March 31, 2025 Ju
ne
30
,
20
24
Adjusted net operating income ((1)) 18,184 19,125 23,030
Average capital employed ( (1)) 146,456 144,629 138,776
ROACE( (1)) 12.4% 13.2% 16.6%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €4,098
million in the second quarter of 2025, compared to €3,726 million in the
first quarter.
7. Annual 2025 Sensitivities ((16))
Change Estimated impact on adjusted Estimated impact on cash flow from operations
net operating income
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price ((17)) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
8. Outlook
In an unstable geopolitical and macroeconomic environment (tariff war), oil
markets remain volatile with prices fluctuating between $60 and $70/b. The
market is facing an abundant supply that is fueled by OPEC+'s decision to
unwind some voluntary production cuts and weak demand that is linked to the
slowdown in global economic growth.
Refining and petrochemical margins are similarly facing structural
overcapacity given persistently weak demand. However, due to traditionally
stronger summer demand (driving season), refining margins are above $50/ton at
the start of the third quarter of 2025.
Forward European gas prices remain sustained around $12/Mbtu for the third
quarter of 2025 and winter 2025/26 due to European stock replenishment. Given
the evolution of oil and gas prices in recent months and the lag effect on
pricing formulas, TotalEnergies anticipates an average LNG selling price of $9
to $9.5/Mbtu for the third quarter of 2025.
Hydrocarbon production in the third quarter of 2025 is expected to increase by
over 3% compared to the third quarter of 2024, which is in line with the
Company's annual objective of over 3% production growth in 2025 compared to
2024.
Taking into account scheduled maintenance at Antwerp, Port Arthur and HTC,
utilization rates should be around 80% to 85% in the third quarter.
The Company anticipates that net investments for the full year will be within
the $17-17.5 billion guidance range given the disposal program planned for the
second half of the year.
* * * *
To listen to the conference call with Chairman & CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 1:00pm (Paris time), please log on to
totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54295759&newsitemid=20250723124004&lan=en-US&anchor=totalenergies.com&index=1&md5=9a504a1b74ff5bbf6860839cebe8dc57)
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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54295759&newsitemid=20250723124004&lan=en-US&anchor=totalenergies.com&index=2&md5=f20ab4b12d4b3648b0501f7f33c1427c)
after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
2Q25 1Q25 2Q25 2Q24 Combined liquids and gas 1H25 1H24 1H25
vs production by region (kboe/d)
vs
1Q25
1H24
522 571 -9% 561 Europe 547 566 -3%
424 424 - 449 Africa 424 456 -7%
850 849 - 825 Middle East and North Africa 849 820 +4%
436 424 +3% 358 Americas 430 355 +21%
271 290 -6% 248 Asia-Pacific 281 254 +10%
2,503 2,558 -2% 2,441 Total production 2,531 2,451 +3%
374 390 -4% 359 includes equity affiliates 382 352 +8%
2Q25 1Q25 2Q25 2Q24 Liquids production by region (kb/d) 1H25 1H24 1H25
vs
vs
1Q25
1H24
203 216 -6% 225 Europe 209 225 -7%
309 312 -1% 325 Africa 310 328 -5%
673 680 -1% 660 Middle East and North Africa 677 656 +3%
217 202 +8% 167 Americas 210 168 +24%
104 106 -2% 100 Asia-Pacific 105 103 +2%
1,506 1,516 -1% 1,477 Total production 1,511 1,480 +2%
158 163 -3% 150 includes equity affiliates 161 152 +6%
2Q25 1Q25 2Q25 2Q24 Gas production by region (Mcf/d) 1H25 1H24 1H25
vs
vs
1Q25
1H24
1,720 1,920 -10% 1,814 Europe 1,819 1,841 -1%
579 567 +2% 620 Africa 573 634 -10%
973 920 +6% 904 Middle East and North Africa 947 900 +5%
1,214 1,237 -2% 1,061 Americas 1,225 1,032 +19%
909 1,011 -10% 781 Asia-Pacific 960 808 +19%
5,395 5,655 -5% 5,180 Total production 5,524 5,215 +6%
1,173 1,237 -5% 1,127 includes equity affiliates 1,205 1,085 +11%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
2Q25 1Q25 2Q25 2Q24 Petroleum product sales by region (kb/d) 1H25 1H24 1H25
vs
vs
1Q25
1H24
1,904 1,677 +14% 1,840 Europe 1,790 1,807 -1%
616 618 - 558 Africa 617 575 +7%
1,057 1,073 -2% 989 Americas 1,065 1,011 +5%
856 945 -9% 639 Rest of world 901 675 +33%
4,432 4,313 +3% 4,026 Total consolidated sales 4,373 4,068 +7%
379 344 +10% 397 Includes bulk sales 362 399 -9%
2,729 2,703 +1% 2,266 Includes trading 2,716 2,331 +16%
2Q25 1Q25 2Q25 2Q24 Petrochemicals production* (kt) 1H25 1H24 1H25
vs
vs
1Q25
1H24
832 984 -15% 900 Europe 1,816 1,890 -4%
750 694 +8% 756 Americas 1,444 1,401 +3%
709 745 -5% 702 Middle East and Asia 1,454 1,430 +2%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
2Q25 1Q25
Net power production (TWh) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total
France 0.2 0.2 - 0.5 0.0 1.0 0.1 0.2 - 1.9 0.0 2.2
Rest of Europe 0.2 0.5 0.2 1.0 0.1 2.0 0.1 0.6 0.3 1.6 0.1 2.6
Africa 0.0 - - - 0.1 0.1 0.0 - - - 0.0 0.1
Middle East 0.3 - - 0.3 - 0.5 0.2 - - 0.2 - 0.4
North America 1.3 0.6 - 1.4 - 3.3 0.7 0.5 - 0.9 - 2.1
South America 0.1 0.9 - - - 1.0 0.2 0.8 - - - 0.9
India 2.5 0.6 - - - 3.1 2.2 0.3 - - - 2.5
Pacific Asia 0.4 0.0 0.1 - - 0.5 0.3 0.0 0.2 - - 0.5
Total 5.1 2.8 0.3 3.2 0.2 11.6 3.8 2.4 0.5 4.5 0.1 11.3
9.3.2 Installed power generation net capacity
2Q25 1Q25
Installed power generation net capacity (GW) ((18)) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total
France 0.8 0.5 - 2.7 0.2 4.2 0.8 0.4 - 2.7 0.2 4.0
Rest of Europe 0.5 1.0 0.3 2.1 0.2 4.0 0.6 1.0 0.3 2.1 0.2 4.1
Africa 0.0 - - - 0.1 0.1 0.0 - - - 0.1 0.1
Middle East 0.5 - - 0.3 - 0.8 0.4 - - 0.3 - 0.8
North America 2.8 0.9 - 1.5 0.4 5.5 2.5 0.8 - 1.5 0.3 5.1
South America 0.4 1.0 - - - 1.4 0.4 0.9 - - - 1.3
India 6.0 0.6 - - - 6.6 5.5 0.6 - - - 6.1
Pacific Asia 1.1 0.0 0.2 - - 1.3 1.1 0.0 0.2 - - 1.3
Total 12.2 4.0 0.5 6.5 0.8 24.0 11.2 3.8 0.5 6.5 0.7 22.7
9.3.3 Power generation gross capacity from renewables
2Q25 1Q25
Installed power generation gross capacity from renewables (GW) ((19),(20)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 1.3 0.9 0.0 0.2 2.3 1.2 0.7 0.0 0.2 2.1
Rest of Europe 0.6 1.5 1.1 0.3 3.5 0.6 1.3 1.1 0.3 3.2
Africa 0.1 0.0 0.0 0.3 0.4 0.1 0.0 0.0 0.3 0.4
Middle East 1.3 0.0 0.0 0.0 1.3 1.2 0.0 0.0 0.0 1.2
North America 6.1 2.3 0.0 0.8 9.3 5.6 2.2 0.0 0.7 8.4
South America 0.4 1.5 0.0 0.0 1.9 0.4 1.4 0.0 0.0 1.8
India 8.5 0.6 0.0 0.0 9.2 7.7 0.6 0.0 0.0 8.4
Asia-Pacific 1.7 0.0 0.6 0.0 2.4 1.7 0.0 0.6 0.0 2.3
Total 20.0 6.8 1.8 1.6 30.2 18.4 6.2 1.8 1.4 27.8
2Q25 1Q25
Power generation gross capacity from renewables in construction (GW) ((19),(20)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.3 0.1 0.0 0.0 0.4 0.3 0.0 0.0 0.0 0.3
Rest of Europe 0.5 0.2 0.8 0.3 1.9 0.5 0.1 0.8 0.3 1.8
Africa 0.5 0.1 0.0 0.1 0.7 0.4 0.1 0.0 0.1 0.7
Middle East 1.7 0.2 0.0 0.0 2.0 1.5 0.2 0.0 0.0 1.7
North America 1.2 0.0 0.0 0.5 1.7 1.3 0.0 0.0 0.5 1.9
South America 0.9 0.4 0.0 0.2 1.4 0.4 0.5 0.0 0.2 1.1
India 1.6 0.0 0.0 0.0 1.6 2.2 0.0 0.0 0.0 2.2
Asia-Pacific 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Total 6.7 1.1 0.8 1.2 9.8 6.7 1.1 0.8 1.2 9.9
2Q25 1Q25
Power generation gross capacity from renewables in development (GW) ((19),(20)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 1.0 0.5 0.0 0.0 1.6 0.9 0.3 0.0 0.1 1.3
Rest of Europe 6.4 1.7 14.3 2.9 25.3 4.6 0.6 13.3 2.5 20.9
Africa 0.5 0.2 0.0 0.0 0.7 0.5 0.2 0.0 0.0 0.7
Middle East 0.6 0.0 0.0 0.0 0.6 0.8 0.0 0.0 0.0 0.8
North America 10.9 3.7 4.1 4.6 23.3 10.6 3.0 4.1 4.4 22.1
South America 1.2 1.4 0.0 0.0 2.6 1.7 1.4 0.0 0.0 3.1
India 2.0 0.1 0.0 0.0 2.1 2.3 0.1 0.0 0.0 2.4
Asia-Pacific 3.2 1.1 2.6 1.1 7.9 3.4 1.1 3.0 1.1 8.5
Total 25.8 8.6 21.0 8.6 64.1 24.8 6.6 20.4 8.1 59.8
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
2Q25 1Q25 2Q24 In millions of dollars 1H25 1H24
2,687 3,851 3,787 Net income (TotalEnergies share) 6,538 9,508
(340) (108) (274) Special items affecting net income (TotalEnergies share) (448) 531
- - (110) Gain (loss) on asset sales - 1,397
- - (11) Restructuring charges - (11)
(209) - - Impairments (209) (644)
(131) (108) (153) Other * (239) (211)
(268) (78) (320) After-tax inventory effect : FIFO vs. replacement cost (346) (196)
(283) (155) (291) Effect of changes in fair value (438) (611)
(891) (341) (885) Total adjustments affecting net income (1,232) (276)
3,578 4,192 4,672 Adjusted net income (TotalEnergies share) 7,770 9,784
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
2,687 3,851 -30% 3,787 Net income (TotalEnergies share) 6,538 9,508 -31%
891 341 x2,6 885 Less: adjustment items to net income (TotalEnergies share) 1,232 276 x4,5
3,578 4,192 -15% 4,672 Adjusted net income (TotalEnergies share) 7,770 9,784 -21%
Adjusted items
60 70 -14% 67 Add: non-controlling interests 130 167 -22%
2,328 2,705 -14% 2,977 Add: income taxes 5,033 5,968 -16%
3,106 2,998 +4% 2,962 Add: depreciation, depletion and impairment of tangible assets and mineral interests 6,104 5,904 +3%
96 83 +16% 87 Add: amortization and impairment of intangible assets 179 179 -
816 725 +13% 725 Add: financial interest on debt 1,541 1,433 +8%
(294) (269) ns (417) Less: financial income and expense from cash & cash equivalents (563) (869) ns
9,690 10,504 -8% 11,073 Adjusted EBITDA 20,194 22,566 -11%
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
Adjusted items
44,676 47,899 -7% 49,183 Revenues from sales 92,575 101,066 -8%
(28,533) (30,563) ns (31,314) Purchases, net of inventory variation (59,096) (64,839) ns
(7,588) (7,542) ns (7,664) Other operating expenses (15,130) (15,244) ns
(97) (81) ns (97) Exploration costs (178) (185) ns
544 247 x2,2 146 Other income 791 386 x2
(233) (216) ns (37) Other expense, excluding amortization and impairment of intangible assets (449) (162) ns
422 294 +44% 433 Other financial income 716 715 -
(203) (249) ns (213) Other financial expense (452) (428) ns
702 715 -2% 636 Net income (loss) from equity affiliates 1,417 1,257 +13%
9,690 10,504 -8% 11,073 Adjusted EBITDA 20,194 22,566 -11%
Adjusted items
(3,106) (2,998) ns (2,962) Less: depreciation, depletion and impairment of tangible assets and mineral interests (6,104) (5,904) ns
(96) (83) ns (87) Less: amortization of intangible assets (179) (179) ns
(816) (725) ns (725) Less: financial interest on debt (1,541) (1,433) ns
294 269 +9% 417 Add: financial income and expense from cash & cash equivalents 563 869 -35%
(2,328) (2,705) ns (2,977) Less: income taxes (5,033) (5,968) ns
(60) (70) ns (67) Less: non-controlling interests (130) (167) ns
(891) (341) ns (885) Add: adjustment (TotalEnergies share) (1,232) (276) ns
2,687 3,851 -30% 3,787 Net income (TotalEnergies share) 6,538 9,508 -31%
10.3 Investments – Divestments
Reconciliation of Cash flow used in investing activities to Net investments
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
6,689 4,805 +39% 4,558 Cash flow used in investing activities ( a ) 11,494 8,025 +43%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
54 6 x9 (29) Organic loan repayment from equity affiliates ( c ) 60 (26) ns
(221) - ns - Change in debt from renewable projects financing ( d ) * (221) - ns
90 108 -17% 97 Capex linked to capitalized leasing contracts ( e ) 198 200 -1%
20 2 x10 4 Expenditures related to carbon credits ( f ) 22 3 x7,3
6,632 4,921 +35% 4,630 Net investments ( a + b + c + d + e + f = g - i + h ) 11,553 8,202 +41%
1,813 420 x4,3 220 of which acquisitions net of assets sales ( g-i ) 2,233 (280) ns
2,106 836 x2,5 544 Acquisitions ( g ) 2,942 1,618 +82%
293 416 -29% 324 Asset sales ( i ) 709 1,898 -63%
67 - ns - Change in debt (partner share) and capital gains from renewable project sales 67 - ns
4,819 4,501 +7% 4,410 of which organic investments ( h ) 9,320 8,482 +10%
37 111 -66% 101 Capitalized exploration 148 247 -40%
425 568 -25% 589 Increase in non-current loans 993 1,127 -12%
(256) (103) ns (178) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (359) (324) ns
(154) - ns - Change in debt from renewable projects (TotalEnergies share) (154) - ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
10.4 Cash flow
Reconciliation of Cash flow from operating activities to Cash flow from
operations excluding working capital (CFFO), to DACF and to Net cash flow
2Q25 1Q25 2Q25 2Q24 In millions of dollars 1H25 1H24 1H25
vs
vs
1Q25
1H24
5,960 2,563 x2,3 9,007 Cash flow from operating activities ( a ) 8,523 11,176 -24%
(246) (4,316) ns 1,669 (Increase) decrease in working capital ( b ) * (4,562) (4,452) ns
(272) (107) ns (468) Inventory effect ( c ) (379) (343) ns
86 - ns - Capital gain from renewable project sales ( d ) 86 - ns
54 6 x9 (29) Organic loan repayments from equity affiliates ( e ) 60 (26) ns
6,618 6,992 -5% 7,777 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 13,610 15,945 -15%
(325) (284) ns (118) Financial charges (610) (262) ns
6,943 7,276 -5% 7,895 Debt Adjusted Cash Flow (DACF) 14,220 16,207 -12%
4,819 4,501 +7% 4,410 Organic investments ( g ) 9,320 8,482 +10%
1,799 2,491 -28% 3,367 Free cash flow after organic investments ( f - g ) 4,290 7,463 -43%
6,632 4,921 +35% 4,630 Net investments ( h ) 11,553 8,202 +41%
(14) 2,071 ns 3,147 Net cash flow ( f - h ) 2,057 7,743 -73%
* Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power segments’ contracts.
10.5 Gearing ratio
In millions of dollars 06/30/2025 03/31/2025 06/30/2024
Current borrowings * 12,570 10,983 9,358
Other current financial liabilities 861 897 461
Current financial assets * , ** (4,872) (5,892) (6,425)
Net financial assets classified as held for sale * 41 41 (61)
Non-current financial debt * 39,161 37,862 34,726
Non-current financial assets * (1,410) (953) (1,166)
Cash and cash equivalents (20,424) (22,837) (23,211)
Net debt ( a ) 25,927 20,101 13,682
Shareholders’ equity (TotalEnergies share) 116,642 117,956 117,379
Non-controlling interests 2,360 2,465 2,648
Shareholders' equity (b) 119,002 120,421 120,027
Gearing = a / ( a+b ) 17.9% 14.3% 10.2%
Leases (c) 8,907 8,533 8,012
Gearing including leases ( a+c ) / ( a+b+c ) 22.6% 19.2% 15.3%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on
organized markets.
Gearing was 17.9% at the end of June 2025 due to the seasonal effect of
working capital variation and pace of investment. Normalized gearing was 15%
excluding these effects.
10.6 Return on average capital employed
In millions of dollars Exploration & Production Integrated Integrated Power Refining & Chemicals Marketing & Services Company
LNG
Adjusted net operating income 9,212 4,830 2,140 1,249 1,378 18,184
Capital employed at 06/30/2024 65,809 38,708 21,861 8,728 6,954 140,180
Capital employed at 06/30/2025 67,042 44,300 27,033 8,827 7,326 152,731
ROACE 13.9% 11.6% 8.8% 14.2% 19.3% 12.4%
10.7 Payout
In millions of dollars 1H25 1H24 2024
Dividend paid (parent company shareholders) 3,745 3,756 7,717
Repayment of treasury shares excluding fees and taxes 3,726 4,000 7,970
Payout ratio 54% 45% 50%
GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow used in investing activities.
Acquisitions net of assets sales refer to acquisitions minus assets sales
(including other operations with non-controlling interests). This indicator
can be a valuable tool for decision makers, analysts and shareholders alike
because it illustrates the allocation of cash flow used for growing the
Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization)
is a non-GAAP financial measure and its most directly comparable IFRS measure
is Net Income. It refers to the adjusted earnings before depreciation,
depletion and impairment of tangible and intangible assets and mineral
interests, income tax expense and cost of net debt, i.e., all operating income
and contribution of equity affiliates to net income. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike to measure
and compare the Company’s profitability with utility companies (energy
sector).
Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and
its most directly comparable IFRS measure is Net Income (TotalEnergies share).
Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies
share) less adjustment items to Net Income (TotalEnergies share). Adjustment
items are inventory valuation effect, effect of changes in fair value, and
special items. This indicator can be a valuable tool for decision makers,
analysts and shareholders alike to evaluate the Company’s operating results
and to understand its operating trends by removing the impact of
non-operational results and special items.
Adjusted net operating income is a non-GAAP financial measure and its most
directly comparable IFRS measure is Net Income. Adjusted Net Operating Income
refers to Net Income before net cost of net debt, i.e., cost of net debt net
of its tax effects, less adjustment items. Adjustment items are inventory
valuation effect, effect of changes in fair value, and special items. Adjusted
Net Operating Income can be a valuable tool for decision makers, analysts and
shareholders alike to evaluate the Company’s operating results and
understanding its operating trends, by removing the impact of non-operational
results and special items and is used to evaluate the Return on Average
Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at
replacement cost and refer to capital employed (balance sheet) less inventory
valuations effect. Capital employed (balance sheet) refers to the sum of the
following items: (i) Property, plant and equipment, intangible assets, net,
(ii) Investments & loans in equity affiliates, (iii) Other non-current
assets, (iv) Working capital which is the sum of: Inventories, net, Accounts
receivable, net, other current assets, Accounts payable, Other creditors and
accrued liabilities, (v) Provisions and other non-current liabilities and (vi)
Assets and liabilities classified as held for sale. Capital Employed can be a
valuable tool for decision makers, analysts and shareholders alike to provide
insight on the amount of capital investment used by the Company or its
business segments to operate. Capital Employed is used to calculate the Return
on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP
financial measure and its most directly comparable IFRS measure is Cash flow
from operating activities. Cash Flow From Operations excluding working capital
is defined as cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of Integrated
LNG and Integrated Power contracts, including capital gain from renewable
projects sales and including organic loan repayments from equity affiliates.
This indicator can be a valuable tool for decision makers, analysts and
shareholders alike to help understand changes in cash flow from operating
activities, excluding the impact of working capital changes across periods on
a consistent basis and with the performance of peer companies in a manner
that, when viewed in combination with the Company’s results prepared in
accordance with GAAP, provides a more complete understanding of the factors
and trends affecting the Company’s business and performance. This
performance indicator is used by the Company as a base for its cash flow
allocation and notably to guide on the share of its cash flow to be allocated
to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow from operating activities. DACF
is defined as Cash Flow From Operations excluding working capital (CFFO)
without financial charges. This indicator can be a valuable tool for decision
makers, analysts and shareholders alike because it corresponds to the funds
theoretically available to the Company for investments, debt repayment and
distribution to shareholders, and therefore facilitates comparison of the
Company’s results of operations with those of other registrants, independent
of their capital structure and working capital requirements.
ESRS perimeter: the GHG emissions within the ESRS perimeter correspond to 100%
of the emissions from operated sites, plus the equity share of emissions from
non-operated and financially consolidated assets excluding equity affiliates.
Free cash flow after Organic Investments is a non-GAAP financial measure and
its most directly comparable IFRS measure is Cash flow from operating
activities. Free cash flow after Organic Investments, refers to Cash Flow From
Operations excluding working capital minus Organic Investments. Organic
Investments refer to Net Investments excluding acquisitions, asset sales and
other transactions with non-controlling interests. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike because it
illustrates operating cash flow generated by the business post allocation of
cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS
measure is the ratio of total financial liabilities to total equity. Gearing
is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt
excluding leases to (Equity + Net debt excluding leases). This indicator can
be a valuable tool for decision makers, analysts and shareholders alike to
assess the strength of the Company’s balance sheet.
Normalized Gearing: indicator defined as the gearing excluding the impact of
seasonal variations, notably on working capital.
Net cash flow (or free cash-flow) is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow from operating activities. Net
cash flow refers to Cash Flow From Operations excluding working capital minus
Net Investments. Net cash flow can be a valuable tool for decision makers,
analysts and shareholders alike because it illustrates cash flow generated by
the operations of the Company post allocation of cash for Organic Investments
and Acquisitions net of assets sales (acquisitions - assets sales - other
operations with non-controlling interests). This performance indicator
corresponds to the cash flow available to repay debt and allocate cash to
shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly
comparable IFRS measure is Cash flow used in investing activities. Net
Investments refer to Cash flow used in investing activities including other
transactions with non-controlling interests, including change in debt from
renewable projects financing, including expenditures related to carbon
credits, including capex linked to capitalized leasing contracts and excluding
organic loan repayment from equity affiliates. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike to
illustrate the cash directed to growth opportunities, both internal and
external, thereby showing, when combined with the Company’s cash flow
statement prepared under IFRS, how cash is generated and allocated for uses
within the organization. Net Investments are the sum of Organic Investments
and Acquisitions net of assets sales each of which is described in the
Glossary.
Organic investments is a non-GAAP financial measure and its most directly
comparable IFRS measure is Cash flow used in investing activities. Organic
investments refers to Net Investments, excluding acquisitions, asset sales and
other operations with non-controlling interests. Organic Investments can be a
valuable tool for decision makers, analysts and shareholders alike because it
illustrates cash flow used by the Company to grow its asset base, excluding
sources of external growth.
Operated perimeter: activities, sites and industrial assets of which
TotalEnergies SE or one of its subsidiaries has operational control, i.e. has
the responsibility of the conduct of operations on behalf of all its partners.
For the operated perimeter, the environmental indicators are reported 100%,
regardless of the Company’s equity interest in the asset.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the
dividends and share buybacks for cancellation to the Cash Flow From Operations
excluding working capital. This indicator can be a valuable tool for decision
makers, analysts and shareholders as it provides the portion of the Cash Flow
From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure.
ROACE is the ratio of Adjusted Net Operating Income to average Capital
Employed at replacement cost between the beginning and the end of the period.
This indicator can be a valuable tool for decision makers, analysts and
shareholders alike to measure the profitability of the Company’s average
Capital Employed in its business operations and is used by the Company to
benchmark its performance internally and externally with its peers.
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the consolidated
entities directly or indirectly controlled by TotalEnergies SE. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate and independent legal entities.
This document does not constitute the half-year financial report, which will
be separately published in accordance with article L. 451-1-2-III of the
French Code monétaire et financier and applicable UK law, and available on
the website totalenergies.com
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. This press release presents the results for the second quarter of 2025 and
half-year 2025 from the consolidated financial statements of TotalEnergies SE
as of June 30, 2025 (unaudited). The limited review procedures by the
Statutory Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the website totalenergies.com
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.
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. This document may also contain statements regarding the
perspectives, objectives, areas of improvement and goals of TotalEnergies,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by TotalEnergies, it
being specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be identified by
the use of the future or conditional tense or forward-looking words such as
“will”, “should”, “could”, “would”, “may”, “likely”,
“might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”,
“targets”, “commits”, “aims” or similar terminology. Such
forward-looking statements included in this document are based on economic
data, estimates and assumptions prepared in a given economic, competitive and
regulatory environment and considered to be reasonable by TotalEnergies as of
the date of this document. These forward-looking statements are not historical
data and should not be interpreted as assurances that the perspectives,
objectives or goals announced will be achieved. They may prove to be
inaccurate in the future, and may evolve or be modified with a significant
difference between the actual results and those initially estimated, due to
the uncertainties notably related to the economic, financial, competitive and
regulatory environment, or due to the occurrence of risk factors, such as,
notably, the price fluctuations in crude oil and natural gas, the evolution of
the demand and price of petroleum products, the changes in production results
and reserves estimates, the ability to achieve cost reductions and operating
efficiencies without unduly disrupting business operations, changes in laws
and regulations including those related to the environment and climate,
currency fluctuations, technological innovations, meteorological conditions
and events, as well as socio-demographic, economic and political developments,
changes in market conditions, loss of market share and changes in consumer
preferences, or pandemics such as the COVID-19 pandemic. 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. Readers are cautioned not to consider forward-looking statements as
accurate, but as an expression of the Company’s views only as of the date
this document is published. TotalEnergies SE and its subsidiaries have no
obligation, make no commitment and expressly disclaim any responsibility to
investors or any stakeholder to update or revise, particularly as a result of
new information or future events, any forward-looking information or
statement, objectives or trends contained in this document. In addition, the
Company has not verified, and is under no obligation to verify any third-party
data contained in this document or used in the estimates and assumptions or,
more generally, forward-looking statements published in this document. The
information on risk factors that could have a significant adverse effect on
TotalEnergies’ business, financial condition, including its operating income
and cash flow, reputation, outlook or the value of financial instruments
issued by TotalEnergies is provided in the most recent version of the
Universal Registration Document which is filed by TotalEnergies SE with the
French Autorité des Marchés Financiers and the annual report on Form 20-F
filed with the United States Securities and Exchange Commission (“SEC”).
Additionally, the developments of climate change and other environmental-or
social related issues in this document are based on various frameworks and the
interests of various stakeholders which are subject to evolve independently of
our will. Moreover, our disclosures on such issues, including disclosures on
climate change and other environmental or social-related issues, may include
information that is not necessarily "material" under US securities laws for
SEC reporting purposes or under applicable securities law.
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. In addition to IFRS
measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below
(adjusted operating income, adjusted net operating income, adjusted net
income), 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 shareholder rate of return. 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.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualifying as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent, or unusual. However, in certain instances, transactions such as
restructuring costs or assets disposals, which are not considered to be
representative of the normal course of business, may qualify as special items
although they may have occurred in prior years or are likely to occur in
following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum
products in its financial statements according to the First-In, First-Out
(FIFO) method and other inventories using the weighted-average cost method.
Under the FIFO method, the cost of inventory is based on the historic cost of
acquisition or manufacture rather than the current replacement cost. In
volatile energy markets, this can have a significant distorting effect on the
reported income. Accordingly, the adjusted results of the Refining &
Chemicals and Marketing & Services segments are presented according to the
replacement cost method. This method is used to assess the segments’
performance and facilitate the comparability of the segments’ performance
with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out
(LIFO) method, the variation of inventory values in the statement of income
is, depending on the nature of the inventory, determined using either the
month-end prices differential between one period and another or the average
prices of the period rather than the historical value. The inventory valuation
effect is the difference between the results under the FIFO and the
replacement cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for trading inventories and storage contracts, differences between internal
measures of performance used by TotalEnergies’ Executive Committee and the
accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted 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 – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company
website totalenergies.com
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. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on
the SEC’s website sec.gov
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.
((1)) Refer to Glossary pages 23 & 24 for the definitions and further
information on alternative performance measures (Non-GAAP measures) and to
page 19 and following for reconciliation tables.
((2)) Some of the transactions mentioned in the highlights remain subject to the
agreement of the authorities or to the fulfilment of conditions precedent
under the terms of the agreements.
((3)) Effective tax rate = (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates – dividends received from
investments – impairment of goodwill + tax on adjusted net operating
income).
((4)) In accordance with IFRS rules, adjusted fully-diluted earnings per share is
calculated from the adjusted net income less the interest on the perpetual
subordinated bonds.
((5)) Average €-$ exchange rate: 1.1338 in the 2(nd) quarter 2025, 1.0523 in the
1(st) quarter 2025, 1.0767 in the 2(nd) quarter 2024, 1.0927 in the 1(st) half
2025 and 1.0813 in the 1(st) half 2024
((6)) Does not include oil, gas and LNG trading activities, respectively.
((7)) Sales in $ / Sales in volume for consolidated affiliates.
((8)) Sales in $ / Sales in volume for consolidated affiliates.
((9)) Sales in $ / Sales in volume for consolidated and equity affiliates.
((10)) This market indicator for European refining, calculated based on public market
prices ($/t), uses a basket of crudes, petroleum product yields and variable
costs representative of the European refining system of TotalEnergies.
((11)) The six greenhouse gases in the Kyoto protocol, namely CO(2), CH(4), N(2)O,
HFCs, PFCs and SF(6), with their respective 100-year time horizon GWP (Global
Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF(6)
are virtually absent from the Company’s emissions or are considered as
non-material and are therefore no longer counted with effect from 2018. In
CO(2) equivalent terms, nitrous oxide (N(2)O) represents less than 1% of the
Company's Scope 1+2 emissions.
((12)) Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from
sites or activities that are included in the scope of reporting and indirect
emissions attributable to brought-in energy (electricity, heat, steam), net
from potential energy sales, excluding purchased industrial gases (H(2)).
Unless stated otherwise, TotalEnergies reports Scope 2 GHG emissions using the
market-based method defined by the GHG Protocol.
((13)) If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category
11, which correspond to indirect GHG emissions related to the direct use phase
emissions of sold products over their expected lifetime (i.e., the scope 1 and
scope 2 emissions of end users that occur from the combustion of fuels) in
accordance with the definition of the GHG Protocol Corporate Value Chain
(Scope 3) Accounting and Reporting Standard Supplement. The Company follows
the oil & gas industry reporting guidelines published by IPIECA, which
comply with the GHG Protocol methodologies. In order to avoid double counting,
this methodology accounts for the largest volume in the oil and gas value
chains, i.e. the higher of the two production volumes or sales for end use.
For TotalEnergies, in 2025, the calculation of Scope 3 GHG emissions for the
oil value chain considers products sales (higher than production) and for the
gas value chain, the marketable gas and condensates production (higher than
gas sales, either as LNG or as direct sales to B2B/B2C customers). A
stoichiometric emission factor (oxidation of molecules to carbon dioxide) is
applied to these sales or production to obtain an emission volume. In
accordance with the Technical Guidance for Calculating Scope 3 Emissions
Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting
Standard which defines end users as both consumers and business customers that
use final products, and with IPIECA’s Estimating petroleum industry value
chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of
emissions from fuel purchased for resale to non-end users (e.g. traded) is
optional, TotalEnergies does not report emissions associated with trading
activities.
((14)) Company production = E&P production + Integrated LNG production.
((15)) Effective tax rate = (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates – dividends received from
investments – impairment of goodwill + tax on adjusted net operating
income).
* Including coverage of employees share grant plans.
((16)) Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2025. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals.
((17)) In a 70-80 $/b Brent environment.
((18)) End-of-period data.
((19)) Includes 19.25% of the gross capacities of Adani Green Energy Limited, 50% of
Clearway Energy Group and 49% of Casa dos Ventos.
((20)) End-of-period data.
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$)((a)) 2025 2025 2024
Sales 49,627 52,254 53,743
Excise taxes (4,951) (4,355) (4,560)
Revenues from sales 44,676 47,899 49,183
Purchases, net of inventory variation (29,158) (30,855) (32,117)
Other operating expenses (7,834) (7,564) (7,729)
Exploration costs (97) (81) (97)
Depreciation, depletion and impairment of tangible assets and mineral (3,258) (2,998) (2,976)
interests
Other income 544 247 3
Other expense (287) (291) (251)
Financial interest on debt (816) (725) (725)
Financial income and expense from cash & cash equivalents 327 290 408
Cost of net debt (489) (435) (317)
Other financial income 429 318 459
Other financial expense (203) (249) (213)
Net income (loss) from equity affiliates 529 663 627
Income taxes (2,106) (2,733) (2,725)
Consolidated net income 2,746 3,921 3,847
TotalEnergies share 2,687 3,851 3,787
Non-controlling interests 59 70 60
Earnings per share ($) 1.18 1.69 1.61
Fully-diluted earnings per share ($) 1.17 1.68 1.60
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2025 2025 2024
Consolidated net income 2,746 3,921 3,847
Other comprehensive income
Actuarial gains and losses 16 - 22
Change in fair value of investments in equity instruments 52 12 103
Tax effect (20) 1 (11)
Currency translation adjustment generated by the parent company 5,808 2,882 (683)
Items not potentially reclassifiable to profit and loss 5,856 2,895 (569)
Currency translation adjustment (4,692) (2,017) 523
Cash flow hedge 165 (833) 593
Variation of foreign currency basis spread 4 15 -
Share of other comprehensive income of equity affiliates, net amount (174) (100) (38)
Other - 7 (2)
Tax effect (49) 205 (153)
Items potentially reclassifiable to profit and loss (4,746) (2,723) 923
Total other comprehensive income (net amount) 1,110 172 354
Comprehensive income 3,856 4,093 4,201
TotalEnergies share 3,752 4,007 4,134
Non-controlling interests 104 86 67
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$)((a)) 2025 2024
Sales 101,881 110,021
Excise taxes (9,306) (8,955)
Revenues from sales 92,575 101,066
Purchases, net of inventory variation (60,013) (65,897)
Other operating expenses (15,398) (15,372)
Exploration costs (178) (185)
Depreciation, depletion and impairment of tangible assets and mineral (6,256) (5,918)
interests
Other income 791 1,761
Other expense (578) (566)
Financial interest on debt (1,541) (1,433)
Financial income and expense from cash & cash equivalents 617 880
Cost of net debt (924) (553)
Other financial income 747 765
Other financial expense (452) (428)
Net income (loss) from equity affiliates 1,192 645
Income taxes (4,839) (5,667)
Consolidated net income 6,667 9,651
TotalEnergies share 6,538 9,508
Non-controlling interests 129 143
Earnings per share ($) 2.88 4.04
Fully-diluted earnings per share ($) 2.85 4.02
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2025 2024
Consolidated net income 6,667 9,651
Other comprehensive income
Actuarial gains and losses 16 20
Change in fair value of investments in equity instruments 64 143
Tax effect (19) (19)
Currency translation adjustment generated by the parent company 8,690 (2,189)
Items not potentially reclassifiable to profit and loss 8,751 (2,045)
Currency translation adjustment (6,709) 1,622
Cash flow hedge (668) 1,400
Variation of foreign currency basis spread 19 (15)
share of other comprehensive income of equity affiliates, net amount (274) (114)
Other 7 -
Tax effect 156 (372)
Items potentially reclassifiable to profit and loss (7,469) 2,521
Total other comprehensive income (net amount) 1,282 476
Comprehensive income 7,949 10,127
TotalEnergies share 7,759 10,004
Non-controlling interests 190 123
CONSOLIDATED BALANCE SHEET
TotalEnergies
June 30, 2025 March 31, 2025 December 31, 2024 June 30, 2024
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 36,687 34,543 34,238 33,477
Property, plant and equipment, net 116,153 112,249 109,095 109,403
Equity affiliates : investments and loans 36,657 35,687 34,405 32,800
Other investments 2,176 1,860 1,665 1,740
Non-current financial assets 2,691 2,231 2,305 2,469
Deferred income taxes 3,550 3,360 3,202 3,568
Other non-current assets 4,057 4,000 4,006 4,235
Total non-current assets 201,971 193,930 188,916 187,692
Current assets
Inventories, net 17,275 19,037 18,868 20,189
Accounts receivable, net 21,254 24,882 19,281 20,647
Other current assets 24,160 22,423 23,687 20,014
Current financial assets 5,183 6,237 6,914 6,823
Cash and cash equivalents 20,424 22,837 25,844 23,211
Assets classified as held for sale 2,550 1,711 1,977 912
Total current assets 90,846 97,127 96,571 91,796
Total assets 292,817 291,057 285,487 279,488
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,262 7,231 7,577 7,577
Paid-in surplus and retained earnings 128,103 128,787 135,496 130,688
Currency translation adjustment (13,564) (14,508) (15,259) (14,415)
Treasury shares (5,159) (3,554) (9,956) (6,471)
Total shareholders' equity - TotalEnergies share 116,642 117,956 117,858 117,379
Non-controlling interests 2,360 2,465 2,397 2,648
Total shareholders' equity 119,002 120,421 120,255 120,027
Non-current liabilities
Deferred income taxes 12,729 12,621 12,114 12,461
Employee benefits 1,974 1,824 1,753 1,819
Provisions and other non-current liabilities 20,312 19,872 19,872 20,295
Non-current financial debt 47,584 45,858 43,533 42,526
Total non-current liabilities 82,599 80,175 77,272 77,101
Current liabilities
Accounts payable 39,288 42,554 39,932 36,449
Other creditors and accrued liabilities 34,672 32,505 35,961 33,442
Current borrowings 14,637 13,134 10,024 11,271
Other current financial liabilities 861 897 664 461
Liabilities directly associated with the assets classified as held for sale 1,758 1,371 1,379 737
Total current liabilities 91,216 90,461 87,960 82,360
Total liabilities & shareholders' equity 292,817 291,057 285,487 279,488
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2025 2025 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,746 3,921 3,847
Depreciation, depletion, amortization and impairment 3,360 3,086 3,080
Non-current liabilities, valuation allowances and deferred taxes 127 209 (53)
(Gains) losses on disposals of assets (335) 25 182
Undistributed affiliates' equity earnings (102) (423) (250)
(Increase) decrease in working capital 49 (4,232) 2,013
Other changes, net 115 (23) 188
Cash flow from operating activities 5,960 2,563 9,007
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,766) (4,222) (3,699)
Acquisitions of subsidiaries, net of cash acquired (1,627) (232) (251)
Investments in equity affiliates and other securities (419) (311) (481)
Increase in non-current loans (425) (568) (621)
Total expenditures (7,237) (5,333) (5,052)
Proceeds from disposals of intangible assets and property, plant and equipment 69 301 44
Proceeds from disposals of subsidiaries, net of cash sold 154 117 213
Proceeds from disposals of non-current investments 15 1 56
Repayment of non-current loans 310 109 181
Total divestments 548 528 494
Cash flow used in investing activities (6,689) (4,805) (4,558)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 492 - 521
- Treasury shares (1,707) (2,152) (2,007)
Dividends paid:
- Parent company shareholders (1,894) (1,851) (1,853)
- Non-controlling interests (173) (139) (127)
Net issuance (repayment) of perpetual subordinated notes - (1,139) (1,622)
Payments on perpetual subordinated notes (27) (128) (50)
Other transactions with non-controlling interests (31) (20) (19)
Net issuance (repayment) of non-current debt 257 3,431 4,319
Increase (decrease) in current borrowings (356) 150 (5,453)
Increase (decrease) in current financial assets and liabilities 1,287 718 (530)
Cash flow from / (used in) financing activities (2,152) (1,130) (6,821)
Net increase (decrease) in cash and cash equivalents (2,881) (3,372) (2,372)
Effect of exchange rates 468 365 (57)
Cash and cash equivalents at the beginning of the period 22,837 25,844 25,640
Cash and cash equivalents at the end of the period 20,424 22,837 23,211
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2025 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 6,667 9,651
Depreciation, depletion, amortization and impairment 6,446 6,116
Non-current liabilities, valuation allowances and deferred taxes 336 239
(Gains) losses on disposals of assets (310) (1,428)
Undistributed affiliates' equity earnings (525) 38
(Increase) decrease in working capital (4,183) (3,673)
Other changes, net 92 233
Cash flow from operating activities 8,523 11,176
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (8,988) (7,119)
Acquisitions of subsidiaries, net of cash acquired (1,859) (1,010)
Investments in equity affiliates and other securities (730) (969)
Increase in non-current loans (993) (1,159)
Total expenditures (12,570) (10,257)
Proceeds from disposals of intangible assets and property, plant and equipment 370 381
Proceeds from disposals of subsidiaries, net of cash sold 271 1,431
Proceeds from disposals of non-current investments 16 90
Repayment of non-current loans 419 330
Total divestments 1,076 2,232
Cash flow used in investing activities (11,494) (8,025)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 492 521
- Treasury shares (3,859) (4,013)
Dividends paid:
- Parent company shareholders (3,745) (3,756)
- Non-controlling interests (312) (133)
Net issuance (repayment) of perpetual subordinated notes (1,139) (1,622)
Payments on perpetual subordinated notes (155) (209)
Other transactions with non-controlling interests (51) (36)
Net issuance (repayment) of non-current debt 3,688 4,361
Increase (decrease) in current borrowings (206) (1,917)
Increase (decrease) in current financial assets and liabilities 2,005 (259)
Cash flow from / (used in) financing activities (3,282) (7,063)
Net increase (decrease) in cash and cash equivalents (6,253) (3,912)
Effect of exchange rates 833 (140)
Cash and cash equivalents at the beginning of the period 25,844 27,263
Cash and cash equivalents at the end of the period 20,424 23,211
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity - TotalEnergies Non-controlling interests Total shareholders' equity
Share
(M$) Number Amount Number Amount
As of January 1, 2024 2,412,251,835 7,616 126,857 (13,701) (60,543,213) (4,019) 116,753 2,700 119,453
Net income of the first half 2024 - - 9,508 - - - 9,508 143 9,651
Other comprehensive income - - 1,210 (714) - - 496 (20) 476
Comprehensive Income - - 10,718 (714) - - 10,004 123 10,127
Dividend - - (3,929) - - - (3,929) (133) (4,062)
Issuance of common shares 10,833,187 29 492 - - - 521 - 521
Purchase of treasury shares - - - - (58,719,028) (4,513) (4,513) - (4,513)
Sale of treasury shares((a)) - - (397) - 6,065,491 397 - - -
Share-based payments - - 356 - - - 356 - 356
Share cancellation (25,405,361) (68) (1,596) - 25,405,361 1,664 - - -
Net issuance (repayment) of perpetual subordinated notes - - (1,679) - - - (1,679) - (1,679)
Payments on perpetual subordinated notes - - (135) - - - (135) - (135)
Other operations with - - - - - - - (36) (36)
non-controlling interests
Other items - - 1 - - - 1 (6) (5)
As of June 30, 2024 2,397,679,661 7,577 130,688 (14,415) (87,791,389) (6,471) 117,379 2,648 120,027
Net income of the second half 2024 - - 6,250 - - - 6,250 130 6,380
Other comprehensive income - - 1,226 (844) - - 382 (24) 358
Comprehensive Income - - 7,476 (844) - - 6,632 106 6,738
Dividend - - (3,827) - - - (3,827) (322) (4,149)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (61,744,204) (3,482) (3,482) - (3,482)
Sale of treasury shares((a)) - - 2 - 5,775 (2) - - -
Share-based payments - - 200 - - - 200 - 200
Share cancellation - - 1 - - (1) - - -
Net issuance (repayment) of perpetual subordinated notes - - 1,103 - - - 1,103 - 1,103
Payments on perpetual subordinated notes - - (137) - - - (137) - (137)
Other operations with - - - - - - - (31) (31)
non-controlling interests
Other items - - (10) - - - (10) (4) (14)
As of December 31, 2024 2,397,679,661 7,577 135,496 (15,259) (149,529,818) (9,956) 117,858 2,397 120,255
Net income of the first half 2025 - - 6,538 - - - 6,538 129 6,667
Other comprehensive income - - (474) 1,695 - - 1,221 61 1,282
Comprehensive Income - - 6,064 1,695 - - 7,759 190 7,949
Dividend - - (4,072) - - - (4,072) (178) (4,250)
Issuance of common shares 11,149,053 30 462 - - - 492 - 492
Purchase of treasury shares - - - - (62,261,210) (4,239) (4,239) - (4,239)
Sale of treasury shares((a)) - - (414) - 6,214,595 414 - - -
Share-based payments - - 340 - - - 340 - 340
Share cancellation (127,622,460) (345) (8,397) - 127,622,460 8,622 (120) - (120)
Net issuance (repayment) of perpetual subordinated notes - - (1,219) - - - (1,219) - (1,219)
Payments on perpetual subordinated notes - - (156) - - - (156) - (156)
Other operations with - - - - - - - (51) (51)
non-controlling interests
Other items - - (1) - - - (1) 2 1
As of June 30, 2025 2,281,206,254 7,262 128,103 (13,564) (77,953,973) (5,159) 116,642 2,360 119,002
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2(nd) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,369 2,586 3,958 21,759 19,944 11 - 49,627
Intersegment sales 8,862 1,869 701 7,006 177 32 (18,647) -
Excise taxes - - - (254) (4,697) - - (4,951)
Revenues from sales 10,231 4,455 4,659 28,511 15,424 43 (18,647) 44,676
Operating expenses (4,577) (3,632) (4,479) (27,995) (14,751) (302) 18,647 (37,089)
Depreciation, depletion and impairment of tangible assets and mineral (1,978) (397) (108) (520) (224) (31) - (3,258)
interests
Net income (loss) from equity affiliates and other items 58 578 340 (42) 113 (35) - 1,012
Tax on net operating income (1,793) (166) (27) (12) (168) 57 - (2,109)
Adjustments( (a)) (33) (203) (189) (447) (18) (23) - (913)
Adjusted net operating income 1,974 1,041 574 389 412 (245) - 4,145
Adjustments( (a)) (913)
Net cost of net debt (486)
Non-controlling interests (59)
Net income - TotalEnergies share 2,687
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
2(nd) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 3,186 877 2,503 351 234 86 - 7,237
Total divestments 80 25 347 42 38 16 - 548
Cash flow from operating activities 3,675 539 799 887 628 (568) - 5,960
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1(st) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,569 3,088 5,967 22,627 19,001 2 - 52,254
Intersegment sales 8,727 3,252 684 6,811 156 25 (19,655) -
Excise taxes - - - (112) (4,243) - - (4,355)
Revenues from sales 10,296 6,340 6,651 29,326 14,914 27 (19,655) 47,899
Operating expenses (3,800) (4,956) (6,185) (28,648) (14,374) (192) 19,655 (38,500)
Depreciation, depletion and impairment of tangible assets and mineral (1,950) (391) (75) (339) (217) (26) - (2,998)
interests
Net income (loss) from equity affiliates and other items 133 565 44 (8) (10) (36) - 688
Tax on net operating income (2,328) (275) (73) (83) (98) 74 - (2,783)
Adjustments( (a)) (100) (11) (144) (53) (25) (22) - (355)
Adjusted net operating income 2,451 1,294 506 301 240 (131) - 4,661
Adjustments( (a)) (355)
Net cost of net debt (385)
Non-controlling interests (70)
Net income - TotalEnergies share 3,851
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
1(st) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 3,047 902 936 242 172 34 - 5,333
Total divestments 358 10 58 6 97 (1) - 528
Cash flow from operating activities 3,266 1,743 (399) (1,983) 568 (632) - 2,563
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2(nd) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,416 1,986 4,464 24,516 21,358 3 - 53,743
Intersegment sales 9,796 2,111 369 8,203 164 77 (20,720) -
Excise taxes - - - (208) (4,352) - - (4,560)
Revenues from sales 11,212 4,097 4,833 32,511 17,170 80 (20,720) 49,183
Operating expenses (4,669) (2,922) (4,506) (31,647) (16,601) (318) 20,720 (39,943)
Depreciation, depletion and impairment of tangible assets and mineral (1,907) (310) (105) (416) (208) (30) - (2,976)
interests
Net income (loss) from equity affiliates and other items 141 526 26 (13) (84) 29 - 625
Tax on net operating income (2,163) (251) (79) (60) (101) (23) - (2,677)
Adjustments( (a)) (53) (12) (333) (264) (203) (9) - (874)
Adjusted net operating income 2,667 1,152 502 639 379 (253) - 5,086
Adjustments( (a)) (874)
Net cost of net debt (365)
Non-controlling interests (60)
Net income - TotalEnergies share 3,787
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
2(nd) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 2,697 844 769 443 259 40 - 5,052
Total divestments 149 29 261 127 (78) 6 - 494
Cash flow from operating activities 4,535 431 1,647 1,541 1,650 (797) - 9,007
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1(st) half 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 2,938 5,674 9,925 44,386 38,945 13 - 101,881
Intersegment sales 17,589 5,121 1,385 13,817 333 57 (38,302) -
Excise taxes - - - (366) (8,940) - - (9,306)
Revenues from sales 20,527 10,795 11,310 57,837 30,338 70 (38,302) 92,575
Operating expenses (8,377) (8,588) (10,664) (56,643) (29,125) (494) 38,302 (75,589)
Depreciation, depletion and impairment of tangible assets and mineral (3,928) (788) (183) (859) (441) (57) - (6,256)
interests
Net income (loss) from equity affiliates and other items 191 1,143 384 (50) 103 (71) - 1,700
Tax on net operating income (4,121) (441) (100) (95) (266) 131 - (4,892)
Adjustments( (a)) (133) (214) (333) (500) (43) (45) - (1,268)
Adjusted net operating income 4,425 2,335 1,080 690 652 (376) - 8,806
Adjustments( (a)) (1,268)
Net cost of net debt (871)
Non-controlling interests (129)
Net income - TotalEnergies share 6,538
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
1(st) half 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 6,233 1,779 3,439 593 406 120 - 12,570
Total divestments 438 35 405 48 135 15 - 1,076
Cash flow from operating activities 6,941 2,282 400 (1,096) 1,196 (1,200) - 8,523
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1(st) half 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 2,734 4,645 11,546 49,049 42,029 18 - 110,021
Intersegment sales 19,531 5,606 1,159 16,346 433 140 (43,215) -
Excise taxes - - - (378) (8,577) - - (8,955)
Revenues from sales 22,265 10,251 12,705 65,017 33,885 158 (43,215) 101,066
Operating expenses (9,113) (7,706) (12,071) (62,535) (32,697) (547) 43,215 (81,454)
Depreciation, depletion and impairment of tangible assets and mineral (3,824) (631) (202) (792) (414) (55) - (5,918)
interests
Net income (loss) from equity affiliates and other items 238 1,021 (589) 55 1,396 56 - 2,177
Tax on net operating income (4,424) (535) (119) (315) (209) 32 - (5,570)
Adjustments( (a)) (75) 26 (1,389) (171) 1,327 (13) - (295)
Adjusted net operating income 5,217 2,374 1,113 1,601 634 (343) - 10,596
Adjustments( (a)) (295)
Net cost of net debt (650)
Non-controlling interests (143)
Net income - TotalEnergies share 9,508
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
1(st) half 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 4,991 1,409 2,508 878 403 68 - 10,257
Total divestments 455 79 323 165 1,203 7 - 2,232
Cash flow from operating activities 8,125 2,141 1,398 (588) 1,542 (1,442) - 11,176
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
3,106 2,689 2,548 22% Cash flow used in investing activities ( a ) 5,795 4,536 28%
- - - 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
89 109 90 -1% Capex linked to capitalized leasing contracts ( e ) 198 180 10%
20 2 4 x5 Expenditures related to carbon credits ( f ) 22 3 x7.3
3,215 2,800 2,642 22% Net investments ( a + b + c + d + e + f = g - i + h ) 6,015 4,719 27%
162 116 57 x2.8 of which net acquisitions of assets sales ( g - i ) 278 93 x3
193 445 160 21% Acquisitions ( g ) 638 487 31%
31 329 103 -70% Assets sales ( i ) 360 394 -9%
- - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns
3,053 2,684 2,585 18% of which organic investments ( h ) 5,737 4,626 24%
30 109 88 -66% Capitalized exploration 139 225 -38%
42 82 67 -37% Increase in non-current loans 124 109 14%
(49) (29) (46) ns Repayment of non-current loans, excluding organic loan repayment from equity (78) (61) ns
affiliates
- - - ns Change in debt from renewable projects (TotalEnergies share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.2 Integrated LNG
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
852 892 815 5% Cash flow used in investing activities ( a ) 1,744 1,330 31%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- 1 - ns Organic loan repayment from equity affiliates ( c ) 1 1 ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
1 (1) 7 -86% Capex linked to capitalized leasing contracts ( e ) - 19 -100%
- - - ns Expenditures related to carbon credits ( f ) - - ns
853 892 822 4% Net investments ( a + b + c + d + e + f = g - i + h ) 1,745 1,350 29%
110 140 198 -44% of which net acquisitions of assets sales ( g - i ) 250 186 34%
110 144 199 -45% Acquisitions ( g ) 254 199 28%
- 4 1 -100% Assets sales ( i ) 4 13 -69%
- - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns
743 752 624 19% of which organic investments ( h ) 1,495 1,164 28%
7 2 13 -46% Capitalized exploration 9 22 -59%
187 182 153 22% Increase in non-current loans 369 326 13%
(25) (5) (42) ns Repayment of non-current loans, excluding organic loan repayment from equity (30) (79) ns
affiliates
- - - ns Change in debt from renewable projects (TotalEnergies share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
2,156 878 508 x4.2 Cash flow used in investing activities ( a ) 3,034 2,185 39%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
54 5 - ns Organic loan repayment from equity affiliates ( c ) 59 - ns
(221) - - ns Change in debt from renewable projects financing ( d ) * (221) - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - 1 -100%
- - - ns Expenditures related to carbon credits ( f ) - - ns
1,989 883 508 x3.9 Net investments ( a + b + c + d + e + f = g - i + h ) 2,872 2,186 31%
1,568 238 (88) ns of which net acquisitions of assets sales ( g - i ) 1,806 647 x2.8
1,791 245 142 x12.6 Acquisitions ( g ) 2,036 878 x2.3
223 7 230 -3% Assets sales ( i ) 230 231 ns
67 - - ns Change in debt (partner share) and capital gain from renewable projects sales 67 - ns
421 645 596 -29% of which organic investments ( h ) 1,066 1,539 -31%
- - - ns Capitalized exploration - - ns
150 268 239 -37% Increase in non-current loans 418 544 -23%
(137) (46) (31) ns Repayment of non-current loans, excluding organic loan repayment from equity (183) (92) ns
affiliates
(154) - - ns Change in debt from renewable projects (TotalEnergies share) (154) - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.4 Refining & Chemicals
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
309 236 316 -2% Cash flow used in investing activities ( a ) 545 713 -24%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - (29) -100% Organic loan repayment from equity affiliates ( c ) - (27) -100%
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - - ns
- - - ns Expenditures related to carbon credits ( f ) - - ns
309 236 287 8% Net investments ( a + b + c + d + e + f = g - i + h ) 545 686 -21%
(24) - (95) ns of which net acquisitions of assets sales ( g - i ) (24) (115) ns
11 - 26 -58% Acquisitions ( g ) 11 35 -69%
35 - 121 -71% Assets sales ( i ) 35 150 -77%
- - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns
333 236 382 -13% of which organic investments ( h ) 569 801 -29%
- - - ns Capitalized exploration - - ns
17 10 58 -71% Increase in non-current loans 27 65 -58%
(7) (6) (3) ns Repayment of non-current loans, excluding organic loan repayment from equity (13) (10) ns
affiliates
- - - ns Change in debt from renewable projects (TotalEnergies share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
196 75 337 -42% Cash flow used in investing activities ( a ) 271 (800) ns
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - - ns Organic loan repayment from equity affiliates ( c ) - - ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - - ns
- - - ns Expenditures related to carbon credits ( f ) - - ns
196 75 337 -42% Net investments ( a + b + c + d + e + f = g - i + h ) 271 (800) ns
(3) (75) 151 ns of which net acquisitions of assets sales ( g - i ) (78) (1,087) ns
1 2 17 -94% Acquisitions ( g ) 3 19 -84%
4 77 (134) ns Assets sales ( i ) 81 1,106 -93%
- - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns
199 150 186 7% of which organic investments ( h ) 349 287 22%
- - - ns Capitalized exploration - - ns
26 18 57 -54% Increase in non-current loans 44 68 -35%
(22) (17) (53) ns Repayment of non-current loans, excluding organic loan repayment from equity (39) (79) ns
affiliates
- - - 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
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
3,675 3,266 4,535 -19% Cash flow from operating activities ( a ) 6,941 8,125 -15%
(85) (1,025) 182 ns (Increase) decrease in working capital ( b ) (1,110) (706) ns
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - - ns Organic loan repayments from equity affiliates ( e ) - - ns
3,760 4,291 4,353 -14% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 8,051 8,831 -9%
+ e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
539 1,743 431 25% Cash flow from operating activities ( a ) 2,282 2,141 7%
(620) 495 (789) ns (Increase) decrease in working capital ( b ) * (125) (426) ns
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- 1 - ns Organic loan repayments from equity affiliates ( e ) 1 1 ns
1,159 1,249 1,220 -5% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 2,408 2,568 -6%
+ e )
*Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power sectors’ contracts.
2.3 Integrated Power
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
799 (399) 1,647 -51% Cash flow from operating activities ( a ) 400 1,398 -71%
377 (991) 1,024 -63% (Increase) decrease in working capital ( b ) * (614) 83 ns
- - - ns Inventory effect ( c ) - - ns
86 - - ns Capital gain from renewable project sales ( d ) 86 - ns
54 5 - ns Organic loan repayments from equity affiliates ( e ) 59 - ns
562 597 623 -10% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 1,159 1,315 -12%
+ e )
* Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power sectors’ contracts.
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
887 (1,983) 1,541 -42% Cash flow from operating activities ( a ) (1,096) (588) ns
362 (2,543) 788 -54% (Increase) decrease in working capital ( b ) (2,181) (2,738) ns
(247) (73) (393) ns Inventory effect ( c ) (320) (285) ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - (29) -100% Organic loan repayments from equity affiliates ( e ) - (27) -100%
772 633 1,117 -31% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 1,405 2,408 -42%
+ e )
2.5 Marketing & Services
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs
2025 2025 2024 2(nd) quarter 2024 2025 2024 6 months 2024
628 568 1,650 -62% Cash flow from operating activities ( a ) 1,196 1,542 -22%
(58) 118 1,066 ns (Increase) decrease in working capital ( b ) 60 462 -87%
(25) (34) (75) ns Inventory effect ( c ) (59) (58) ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - - ns Organic loan repayments from equity affiliates ( e ) - - ns
711 484 659 8% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 1,195 1,138 5%
+ e )
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 Integrated Power Refining Marketing Corporate InterCompany Company
LNG
&
&
Chemicals
Services
Adjusted net operating income 2(nd) quarter 2025 1,974 1,041 574 389 412 (245) - 4,145
Adjusted net operating income 1(st) quarter 2025 2,451 1,294 506 301 240 (131) - 4,661
Adjusted net operating income 4(th) quarter 2024 2,305 1,432 575 318 362 (173) - 4,819
Adjusted net operating income 3(rd) quarter 2024 2,482 1,063 485 241 364 (76) - 4,559
Adjusted net operating income ( a ) 9,212 4,830 2,140 1,249 1,378 (625) - 18,184
Balance sheet as of June 30, 2025
Property plant and equipment intangible assets net 85,970 29,063 17,159 12,746 7,139 763 - 152,840
Investments & loans in equity affiliates 4,349 16,955 10,304 3,963 1,086 - - 36,657
Other non-current assets 3,685 2,210 1,771 699 1,089 329 - 9,783
Inventories, net 1,565 1,027 574 10,773 3,336 - - 17,275
Accounts receivable, net 5,841 6,227 4,554 20,019 8,369 1,148 (24,904) 21,254
Other current assets 6,848 8,899 5,206 2,723 2,955 5,627 (8,098) 24,160
Accounts payable (6,884) (7,473) (6,333) (32,438) (9,932) (1,049) 24,821 (39,288)
Other creditors and accrued liabilities (9,785) (8,541) (4,484) (5,171) (5,385) (9,487) 8,181 (34,672)
Working capital (2,415) 139 (483) (4,094) (657) (3,761) - (11,271)
Provisions and other non-current liabilities (25,111) (4,260) (1,719) (3,577) (1,222) 874 - (35,015)
Assets and liabilities classified as held for sale - Capital employed 564 193 1 - 84 - - 842
Capital Employed (Balance sheet) 67,042 44,300 27,033 9,737 7,519 (1,795) - 153,836
Less inventory valuation effect - - - (910) (194) - - (1,104)
Capital Employed at replacement cost ( b ) 67,042 44,300 27,033 8,827 7,325 (1,795) - 152,732
Balance sheet as of June 30, 2024
Property plant and equipment intangible assets net 84,754 24,936 14,078 11,987 6,476 649 - 142,880
Investments & loans in equity affiliates 3,463 15,294 8,921 4,122 1,000 - - 32,800
Other non-current assets 3,803 2,424 1,147 731 1,224 214 - 9,543
Inventories, net 1,486 1,495 577 12,822 3,809 - - 20,189
Accounts receivable, net 6,432 5,526 4,766 20,755 8,940 1,073 (26,845) 20,647
Other current assets 6,497 7,876 4,797 2,146 3,141 7,313 (11,756) 20,014
Accounts payable (6,984) (6,429) (5,653) (33,025) (10,387) (775) 26,804 (36,449)
Other creditors and accrued liabilities (8,785) (8,614) (4,989) (6,082) (5,762) (11,007) 11,797 (33,442)
Working capital (1,354) (146) (502) (3,384) (259) (3,396) - (9,041)
Provisions and other non-current liabilities (24,947) (3,800) (1,807) (3,467) (1,207) 653 - (34,575)
Assets and liabilities classified as held for sale - Capital employed 90 - 24 - - - - 114
Capital Employed (Balance sheet) 65,809 38,708 21,861 9,989 7,234 (1,880) - 141,721
Less inventory valuation effect - - - (1,261) (280) - - (1,541)
Capital Employed at replacement cost ( c ) 65,809 38,708 21,861 8,728 6,954 (1,880) - 140,180
ROACE as a percentage ( a / average ( b + c )) 13.9% 11.6% 8.8% 14.2% 19.3% 12.4%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
(in millions of dollars) 2(nd) quarter 1(st) quarter 2(nd) quarter 6 months 6 months
2025 2025 2024 2025 2024
Consolidated net income ( a ) 2,746 3,921 3,847 6,667 9,651
Net cost of net debt ( b ) (486) (385) (365) (871) (650)
Special items affecting net operating income (361) (122) (256) (483) 536
Gains (losses) on disposals of assets - - (110) - 1,397
Restructuring charges - - (11) - (11)
Asset impairment and provisions charges (209) - - (209) (644)
Other items (152) (122) (135) (274) (206)
After-tax inventory effect: FIFO vs. replacement cost (269) (78) (327) (347) (220)
Effect of changes in fair value (283) (155) (291) (438) (611)
Total adjustments affecting net operating income ( c ) (913) (355) (874) (1,268) (295)
Adjusted net operating income ( a - b - c ) 4,145 4,661 5,086 8,806 10,596
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR
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