REG-TotalEnergies SE TotalEnergies SE: First Quarter 2026 Results
29/04/2026 07:20
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TotalEnergies SE: First Quarter 2026 Results
TotalEnergies delivers strong earnings growth, with adjusted net income at
$5.4 billion and cash flow at $8.6 billion and announces a 5.9% increase in
interim dividend
* 4% organic production growth offsetting the impact of the Middle East conflict
* Integrated model in oil, gas and power demonstrating its ability to fully
capture the environment upside
Regulatory News:
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Cash flow from operations excluding working capital (CFFO)((1)) (B$) 8.6 7.2 +20% 7.0 +23%
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 5.4 3.8 +41% 4.2 +29%
- in dollars per share (fully-diluted) 2.45 1.73 +42% 1.83 +34%
Net income (TotalEnergies share) (B$) 5.8 2.9 +100% 3.9 +51%
Adjusted EBITDA((1)) (B$) 12.6 10.1 +25% 10.5 +19%
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné,
met on April 28, 2026, to approve the 1(st) quarter 2026 financial statements.
On the occasion, Patrick Pouyanné said:
“Driven by a 4% year-on-year organic production growth, offsetting the
impact on production of the current Middle East conflict, TotalEnergies
reports adjusted net income of $5.4 billion and a cash flow of $8.6 billion in
the first quarter, demonstrating its ability to capture price upside through a
high-performing and diversified integrated portfolio in oil, gas and power.
IFRS net income amounted to $5.8 billion.
First quarter Oil & Gas production reached 2.553 Mboe/d, benefiting from
the ramp-ups and start-ups of new projects, in particular this quarter Lapa SW
in Brazil and Mabruk in Libya, offsetting production losses in the Middle East
(around 100 kboe/d on average over the quarter).
Exploration & Production delivered adjusted net operating income of $2.6
billion and cash flow of $4.6 billion, rising sharply quarter-to-quarter,
fully reflecting the sensitivity to the increase of the average liquids price
and the accretive contribution of the new projects. TotalEnergies successfully
continued the active management of its portfolio by completing the merger of
its UK Upstream assets with NEO NEXT this quarter and announcing two
hydrocarbon discoveries on the Moho field in Congo.
Integrated LNG generated adjusted net operating income of $1.3 billion and
cash flow of $1.8 billion in the first quarter of 2026. These results are
underpinned by a 12% increase in LNG production and trading activities
capturing market volatility. The Company has resumed this quarter construction
of Mozambique LNG project, which will contribute to the diversification of its
portfolio.
Integrated Power delivered adjusted net operating income of $0.5 billion and
cash flow of $0.6 billion. The completion, as early as end of April, of the
transaction with EPH accelerates the Company’s gas-to-power integration
strategy in Europe and marks a major milestone for the Integrated Power
business segment towards its objective of generating positive free cash flow
by 2027. Furthermore, the Company is pursuing its growth in renewable energies
portfolio with 8 GW commissioned over the last twelve months.
Downstream delivered adjusted net operating income of $1.9 billion and cash
flow of $2.1 billion for the quarter. Refining units recovered their full
operational performance (utilization rate above 90%), capturing the
exceptional margins in March. Crude oil and petroleum products trading
activities also achieved a very strong performance in March.
The gearing ratio stood at 15.5% at the end of the quarter, as cash flow
growth driven by higher energy prices partly offset a $5.1 billion increase in
working capital, half of it reflecting business seasonality and half of it
linked to the impact of higher hydrocarbon prices at the end of the quarter,
notably on inventories.
Given Company’s strong cash flow generation in the first quarter and
supported by the ability of the Company to maintain a strong balance sheet,
the Board of Directors decided to increase the first interim dividend by 5.9%
to €0.90 per share, the highest dividend growth among the Oil and Gas
majors. Furthermore, the Board authorized the continuation of share buybacks
up to $1.5 billion in the second quarter and confirmed the objective of a
payout ratio above 40% over the year.”
1. Highlights ((2))
Social and environmental responsibility
* Publication of 2025 Universal Registration Document
* Publication of the Sustainability & Climate – 2026 Progress Report
presenting the progress made by the Company in 2025 in the implementation of
its strategy and its climate ambition
* France: implementation of consumer protection measures through price caps on
gasoline and diesel across TotalEnergies French retail network
* Uganda: publication of the independent assessment of the land acquisition
program in Uganda together with the associated action plan
Upstream
* United Kingdom: completion of the creation of NEO NEXT+, the country’s
largest oil and gas producer, with TotalEnergies holding a 47.5% stake
* Angola: start-up of Quiluma non-operated gas field, supplying gas to Angola
LNG
* Brazil: start-up of Lapa SW operated project, with a capacity of 25,000 b/d
* Libya: start-up of Mabruk onshore oil field, with a capacity of 25,000 b/d
* Republic of the Congo: hydrocarbon discoveries of around 100 Mb of oil on the
Moho license
* Kuwait: signature of a technical cooperation agreement with Kuwait Oil Company
to develop resources
* Turkey: signature of a cooperation agreement with TPAO on exploration
opportunities
Integrated LNG
* Full restart of all activities of the Mozambique LNG project
* Signature of a preliminary agreement for the offtake of 2 Mt/y over 20 years,
from Alaska LNG project
Integrated Power
* Europe: completion of the acquisition of 50% of a portfolio of flexible power
generation assets from EPH (UK, Italy, the Netherlands, France)
* United States: agreement with federal authorities to relinquish offshore wind
concessions awarded in 2022 in consideration for the retrocession of lease
fees paid for these concessions ($928 million)
* Agreement to create a joint venture with Masdar to develop renewable energies
in nine countries in Central Asia and Asia Pacific
* Sale to Allianz Global Investors of a 50% stake in a battery storage project
portfolio of 800 MW in Germany
Downstream
* Start-up of France’s first chemical plastics recycling plant on the
Grandpuits platform
* Signing with EDF of a 12-year low-carbon electricity supply contract for
TotalEnergies’ Refining & Chemicals sites in France, starting in 2028
Status of the impact of the conflict in the Middle East
* As of today, Upstream production shut down in Qatar, Iraq and UAE offshore
represents approximately 15% of the total oil and gas production of the
Company (around 360,000 b/d in April on average compared to prior conflict
levels)
* Following the incidents on April 8 which affected three units on SATORP site
and triggered its shutdown as a safety precaution, units which were not
damaged were restarted and the refinery has been operating at a capacity of
230,000 b/d since April 14
2. Key figures from TotalEnergies’ consolidated financial statements ((1))
In millions of dollars, except effective tax rate, 1Q26 4Q25 Change 1Q25 Change
earnings per share and number of shares
vs 4Q25
vs 1Q25
Adjusted EBITDA ((1)) 12,552 10,066 +25% 10,504 +19%
Adjusted net operating income from business segments 6,300 4,633 +36% 4,792 +31%
Exploration & Production 2,576 1,805 +43% 2,451 +5%
Integrated LNG 1,318 922 +43% 1,294 +2%
Integrated Power 545 564 -3% 506 +8%
Refining & Chemicals 1,599 1,001 +60% 301 x5.3
Marketing & Services 262 341 -23% 240 +9%
Contribution of equity affiliates to adjusted net income 709 739 -4% 715 -1%
Effective tax rate ((3)) 39.1% 38.8% - 41.4% -
Adjusted net income (TotalEnergies share)( (1)) 5,394 3,837 +41% 4,192 +29%
Adjusted fully-diluted earnings per share (dollars) ((4)) 2.45 1.73 +42% 1.83 +34%
Adjusted fully-diluted earnings per share (euros) ((5)) 2.10 1.48 +42% 1.74 +21%
Fully-diluted weighted-average shares (millions) 2,164 2,176 -1% 2,246 -4%
Net income (TotalEnergies share) 5,810 2,906 +100% 3,851 +51%
Organic investments ((1)) 4,650 4,019 +16% 4,501 +3%
Acquisitions net of assets sales ((1)) (172) (1,573) ns 420 ns
Net investments ((1)) 4,478 2,446 +83% 4,921 -9%
Cash flow from operations excluding working capital (CFFO) ((1)) 8,576 7,168 +20% 6,992 +23%
Debt Adjusted Cash Flow (DACF) ((1)) 8,979 7,593 +18% 7,276 +23%
Cash flow from operating activities 3,361 10,471 -68% 2,563 +31%
Gearing ((1)) of 15.5% at March 31, 2026 vs 14.7% at December 31, 2025 and 14.3% at March 31, 2025
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Brent ($/b) 81.1 63.7 +27% 75.7 +7%
Henry Hub ($/Mbtu) 3.5 4.1 -15% 3.9 -11%
TTF ($/Mbtu) 13.7 10.3 +34% 14.4 -5%
JKM ($/Mbtu) 14.1 10.6 +32% 14.1 -
Average price of liquids ((6),(7)) ($/b) 73.7 61.4 +20% 72.2 +2%
Consolidated subsidiaries
Average price of gas ((6),(8)) ($/Mbtu) 5.59 5.11 +10% 6.60 -15%
Consolidated subsidiaries
Average price of LNG ((6),(9)) ($/Mbtu) 8.48 8.48 - 10.00 -15%
Consolidated subsidiaries and equity affiliates
European Refining Margin Marker (ERM) ((6),(10)) ($/b) 11.4 11.4 - 3.9 x2.9
3.2 Greenhouse gas emissions ((11))
Scope 1+2 emissions ((12)) (MtCO(2)e) 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Scope 1+2 from operated perimeter ((1)) 7.9 8.3 -5% 8.4 -6%
of which Oil & Gas 6.9 7.0 -1% 7.2 -4%
of which CCGT 1.0 1.3 -23% 1.2 -17%
Scope 1+2 - ESRS perimeter ((1)) 10.4 11.2 -7% 11.1 -6%
Methane emissions (ktCH(4)) 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Methane emissions from operated perimeter ((1)) 4 6 -33% 6 -33%
Estimated quarterly emissions.
Methane emissions from operated facilities are down 33% year-on-year, notably
due to the continued reduction in flaring and fugitive emissions at
Exploration & Production facilities.
Scope 1+2 emissions from operated installations decreased by 6% year-on-year
mainly because of continued reduction of flaring in Exploration &
Production and lower activity at gas-fired power plants.
First quarter 2026 Scope 3((13)) Category 11 emissions are estimated at 83 Mt
CO(2)e.
3.3 Production ((14))
Hydrocarbon production 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Hydrocarbon production (kboe/d) 2,553 2,545 - 2,558 -
Oil (including bitumen) (kb/d) 1,326 1,404 -6% 1,355 -2%
Gas (including condensates and associated NGL) (kboe/d) 1,227 1,141 +8% 1,203 +2%
Hydrocarbon production (kboe/d) 2,553 2,545 - 2,558 -
Liquids (kb/d) 1,481 1,555 -5% 1,516 -2%
Gas (Mcf/d) 5,799 5,381 +8% 5,655 +3%
Hydrocarbon production averaged 2,553 thousand barrels of oil equivalent per
day in the first quarter of 2026, stable year-on-year, due to the following
factors:
* +4% from project start-ups and ramp-ups, notably Mero-3, Mero-4 and Lapa SW in
Brazil, Anchor and Ballymore in the United States, Tyra in Denmark, Begonia
and Clov Phase 3 in Angola and Mabruk in Libya,
* +2% due to a higher availability of production facilities,
* -2% due to the natural decline of fields,
* -4% due to the impact of the conflict in the Middle East.
Excluding the impact of the conflict in the Middle East, production increased
by around 4% year-on-year, supported by new projects start-ups and ramp-ups.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
Hydrocarbon production 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
EP (kboe/d) 1,948 2,002 -3% 1,976 -1%
Liquids (kb/d) 1,408 1,485 -5% 1,442 -2%
Gas (Mcf/d) 2,863 2,779 +3% 2,848 +1%
4.1.2 Results
In millions of dollars, except effective tax rate 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Adjusted net operating income 2,576 1,805 +43% 2,451 +5%
including adjusted income from equity affiliates 139 211 -34% 150 -7%
Effective tax rate ((15)) 49.5% 51.7% - 49.4% -
Organic investments( (1)) 2,724 1,905 +43% 2,684 +1%
Acquisitions net of assets sales ((1)) (227) (530) ns 116 ns
Net investments( (1)) 2,497 1,375 +82% 2,800 -11%
Cash flow from operations excluding working capital (CFFO) ((1)) 4,564 3,611 +26% 4,291 +6%
Cash flow from operating activities 2,969 3,821 -22% 3,266 -9%
In the first quarter of 2026, the adjusted net operating income of the
Exploration & Production segment amounted to $2,576 million, rising
significantly by more than 40% quarter-to-quarter, fully reflecting the
sensitivity to the increase of the average liquids price (+$12.4/b over the
quarter, including the price lag effect in the United Arab Emirates) and the
accretive contribution of the new projects.
Exploration & Production cash flow from operations excluding working
capital (CFFO) amounted to $4,564 million, up 26% quarter-to-quarter, for the
same reasons.
4.2 Integrated LNG
4.2.1 Production
Hydrocarbon production for LNG 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Integrated LNG (kboe/d) 605 543 +12% 582 +4%
Liquids (kb/d) 73 70 +4% 74 -1%
Gas (Mcf/d) 2,936 2,602 +13% 2,807 +5%
Liquefied Natural Gas in Mt 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Overall LNG sales 12.4 12.2 +1% 10.6 +16%
incl. Sales from equity production* 4.1 3.9 +6% 4.0 +3%
incl. Sales by TotalEnergies from equity production and third party purchases 10.9 10.8 +1% 9.4 +16%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
LNG hydrocarbon production increased by 12% quarter-to-quarter, mainly
supported by production growth in Australia, the United States and Malaysia.
LNG sales are stable quarter-to-quarter, in the context of strong spot
activity.
4.2.2 Results
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Average price of LNG ((6),(9)) ($/Mbtu) 8.48 8.48 - 10.00 -15%
Consolidated subsidiaries and equity affiliates
Adjusted net operating income 1,318 922 +43% 1,294 +2%
including adjusted income from equity affiliates 431 394 +9% 535 -19%
Organic investments( (1)) 410 744 -45% 752 -45%
Acquisitions net of assets sales ((1)) 92 49 +88% 140 -34%
Net investments( (1)) 502 793 -37% 892 -44%
Cash flow from operations excluding working capital (CFFO) ((1)) 1,785 1,156 +54% 1,249 +43%
Cash flow from operating activities (1,120) 2,102 ns 1,743 ns
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does
not include LNG trading activities.
In the first quarter of 2026, the adjusted net operating income and cash flow
from operations excluding working capital (CFFO) of Integrated LNG amounted to
$1,318 million and $1,785 million respectively, increasing significantly
quarter-to-quarter, underpinned by the LNG production increase and strong
trading activities benefiting from market volatility.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
Integrated Power 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Net power production (TWh) * 11.7 12.6 -7% 11.3 +3%
o/w production from renewables 8.2 8.1 +1% 6.8 +20%
o/w production from gas flexible capacities 3.5 4.5 -22% 4.5 -22%
Portfolio of power generation net installed capacity (GW) ** 26.8 26.0 +3% 22.7 +18%
o/w renewables 19.8 19.0 +4% 16.2 +22%
o/w gas flexible capacities 7.0 7.0 - 6.5 +8%
Portfolio of renewable power generation gross capacity (GW) **,*** 109.7 108.7 +1% 97.5 +13%
o/w installed capacity 35.6 34.1 +5% 27.8 +28%
Clients power - BtB and BtC (Million) ** 6.1 6.0 +2% 6.0 +2%
Clients gas - BtB and BtC (Million) ** 2.7 2.7 - 2.8 -2%
Sales power - BtB and BtC (TWh) 15.2 13.2 +15% 14.5 +5%
Sales gas - BtB and BtC (TWh) 31.5 27.0 +17% 35.7 -12%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of
Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross
capacity.
Net electricity production is increasing year-on-year to 11.7 TWh, with the
growth of power generation from renewables of 20% offsetting the lower
utilization of gas flexible capacities, in the context of lower winter demand
in Europe and the United States.
Gross installed renewable power generation capacity reached 35.6 GW at the end
of the first quarter of 2026, representing close to 8 GW of additional
capacity year-on-year.
4.3.2 Results
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Adjusted net operating income 545 564 -3% 506 +8%
including adjusted income from equity affiliates 52 97 -46% 44 +18%
Organic investments( (1)) 823 525 +57% 645 +28%
Acquisitions net of assets sales ((1)) (77) (1,070) ns 238 ns
Net investments( (1)) 746 (545) ns 883 -16%
Cash flow from operations excluding working capital (CFFO) ((1)) 574 788 -27% 597 -4%
Cash flow from operating activities (145) 1,300 ns (399) ns
In the first quarter of 2026, the adjusted net operating income of the
Integrated Power segment amounted to $545 million, in line with the first
quarter 2025, with no farm-down registered this quarter unlike in fourth
quarter 2025.
Integrated Power cash flow from operations excluding working capital (CFFO)
amounted to $574 million, for the same reasons. Production activities
(including renewables and gas-fired power plants) accounted for 35% and
marketing activities (B2B, B2C and trading) accounted for 65%, this split
being in line with the first quarter of 2025 due to the seasonal nature of
marketing activities (higher consumption during the winter).
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Adjusted net operating income 1,861 1,342 +39% 541 x3.4
Organic investments( (1)) 654 731 -11% 386 +69%
Acquisitions net of assets sales ((1)) 39 (46) ns (75) ns
Net investments( (1)) 693 685 +1% 311 x2.2
Cash flow from operations excluding working capital (CFFO) ((1)) 2,136 1,970 +8% 1,117 +91%
Cash flow from operating activities 2,632 3,068 -14% (1,415) ns
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
Refinery throughput and utilization rate* 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Total refinery throughput (kb/d) 1,624 1,489 +9% 1,549 +5%
France 462 502 -8% 435 +6%
Rest of Europe 677 572 +18% 627 +8%
Rest of world 485 415 +17% 487 -
Utilization rate based on crude only** 92% 84% 87%
* Based on distillation capacity at the beginning of the year
Petrochemicals production and utilization rate 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Monomers* (kt) 1,183 1,227 -4% 1,250 -5%
Polymers (kt) 1,159 1,184 -2% 1,173 -1%
Steam cracker utilization rate** 74% 79% 78%
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year.
Refinery throughput increased by 9% quarter-to-quarter, as units have
recovered their full operational performance, reaching a utilization rate of
92% in the absence of turnaround during the first quarter of 2026.
Petrochemicals production decreased by 4% quarter-to-quarter for monomers and
by 2% for polymers, mainly due to major turnarounds at BTP in the United
States and at Feluy in Belgium.
4.5.2 Results
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
European Refining Margin Marker (ERM) ($/b) * 11.4 11.4 - 3.9 x2.9
Adjusted net operating income 1,599 1,001 +60% 301 x5.3
Organic investments( (1)) 518 508 +2% 236 x2.2
Acquisitions net of assets sales ((1)) 75 (1) ns - ns
Net investments( (1)) 593 507 +17% 236 x2.5
Cash flow from operations excluding working capital (CFFO) ((1)) 1,716 1,378 +25% 633 x2.7
Cash flow from operating activities 1,564 1,716 -9% (1,983) ns
* This market indicator for European refining, calculated based on public
market prices ($/b), uses a basket of crudes, petroleum product yields and
variable costs representative of the European refining system of
TotalEnergies. Does not include oil trading activities.
Adjusted net operating income for Refining & Chemicals amounted to $1,599
million for the quarter, up by nearly $600 million versus the fourth quarter
of 2025, driven by a strong operational performance of refineries which
captured high refining margins in March, and crude oil and petroleum products
trading activities which benefited from a favorable environment in March.
Cash flow from operations excluding working capital (CFFO) amounted to $1,716
million, for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
Sales in kb/d* 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Total Marketing & Services sales 1,206 1,247 -3% 1,266 -5%
Europe 686 723 -5% 714 -4%
Rest of world 520 524 -1% 551 -6%
* Excludes trading and bulk refining sales.
Petroleum products sales decreased by 5% versus the first quarter of 2025,
notably reflecting the disposal of networks in Brazil and African Sahel.
4.6.2 Results
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Adjusted net operating income 262 341 -23% 240 +9%
Organic investments( (1)) 136 223 -39% 150 -9%
Acquisitions net of assets sales ((1)) (36) (45) ns (75) ns
Net investments( (1)) 100 178 -44% 75 +33%
Cash flow from operations excluding working capital (CFFO) ((1)) 420 592 -29% 484 -13%
Cash flow from operating activities 1,068 1,352 -21% 568 +88%
Adjusted net operating income for Marketing & Services amounted to $262
million, up 9% compared to the first quarter of 2025, reflecting higher unit
margins.
Cash flow from operations excluding working capital (CFFO) amounted to $420
million in the first quarter of 2026, due to the tax impact of higher prices
on the valuation of petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments amounted to $6,300
million in the first quarter of 2026, compared with $4,633 million in the
fourth quarter of 2025, reflecting mainly higher oil and gas prices as well as
strong performance of trading activities in crude oil, petroleum products and
LNG.
5.2 Adjusted net income ((1)) (TotalEnergies share)
Adjusted net income (TotalEnergies share) amounted to $5,394 million in the
first quarter of 2026, compared with $3,837 million in the fourth quarter of
2025.
Adjusted net income excludes the after-tax inventory effect, non-recurring
items, and fair-value changes.
Adjustment items to net income totaled $0.4 billion in the first quarter of
2026, consisting mainly of:
* $1.4 billion of inventory valuation and fair value effects,
* ($0.9) billion of non-recurring items: gain on sales from the creation of NEO
NEXT+ in the UK and exceptional provisions and depreciations, notably linked
to the agreement with US federal authorities related to offshore wind leases
and to the strategic review of the renewables portfolio outside of key focus
markets.
The average tax rate for TotalEnergies was 39.1% in the first quarter of 2026,
versus 38.8% in the fourth quarter of 2025.
5.3 Adjusted earnings per share
Diluted adjusted net income per share amounted to $2.45 in the first quarter
of 2026, calculated on the basis of a weighted average diluted number of
shares of 2,164 million, compared with $1.73 in the fourth quarter of 2025.
As of March 31, 2026, the number of diluted shares was 2,165 million.
TotalEnergies repurchased* 9.4 million shares in the first quarter of 2026,
for an amount of $0.75 billion.
5.4 Acquisitions – asset sales
Acquisitions amounted to $392 million in the first quarter of 2026, mainly
related to the closing of the acquisition, from Continental Resources, of
interests in dry gas fields in Anadarko basin, in the United States.
Divestments amounted to $564 million in the first quarter of 2026, mainly
reflecting the closing of the transaction with NEO NEXT and the disposal of
West of Shetland assets, in the UK.
5.5 Net cash flow ((1))
TotalEnergies’ net cash flow amounted to $4,098 million in the first quarter
of 2026, compared to $4,722 million in the previous quarter, as the $2,032
million increase in net investment was partially offset by a $1,408 million
increase in CFFO over the quarter.
Operating cash flow amounted to $3,361 million in the first quarter of 2026,
corresponding to cash flow from operations excluding working capital (CFFO) of
$8,576 million and a $5.1 billion increase in working capital including:
* $2.5 billion related to business seasonality,
* $2.6 billion reflecting the impact of higher hydrocarbon prices at the end of
the quarter, notably on inventories.
5.6 Profitability
Return on equity was 14.4% for the first quarter of 2026.
In millions of dollars April 1, 2025 January 1, 2025 April 1, 2024
March 31, 2026 December 31, 2025 March 31, 2025
Adjusted net income (TotalEnergies share) ((1)) 17,043 15,833 17,636
Average adjusted shareholders' equity 118,641 116,827 116,758
Return on equity (ROE) 14.4% 13.6% 15.1%
Return on average capital employed ((1)) was 12.7% for the first quarter of
2026.
In millions of dollars April 1, 2025 January 1, 2025 April 1, 2024
March 31, 2026 December 31, 2025 March 31, 2025
Adjusted net operating income ((1)) 19,158 17,827 19,125
Average capital employed ((1)) 151,105 141,802 144,629
ROACE( (1)) 12.7% 12.6% 13.2%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €2,684
million in the first quarter of 2026 compared to €3,726 million in the first
quarter of 2025.
7. Annual 2026 Sensitivities ((16))
Change Estimated impact on adjusted net operating income Estimated impact on cash flow from operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price ((17)) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 1 $/b +/- 0.3 B$ +/- 0.4 B$
8. Outlook
In the context of the conflict in the Middle East, oil markets remain
elevated, around $100/b, and extremely volatile. Given the time required to
restart production facilities in the Middle East (2-3 months), prices should
remain at high levels during the second quarter. Furthermore, the impact of
this conflict on global hydrocarbon inventories is leading to the drop of the
2026 surplus scenario that was anticipated at the beginning of the year.
European gas prices for the second quarter on forward markets are high, around
$14-15/Mbtu, in the context of inventory replenishment in Europe, where
storage levels, at the end of the winter season, are at the lowest point in
the last five years (25%). Competition between LNG demand in Europe to
replenish storage and in Asia for the warm season should support prices in the
coming months.
Given the evolution of oil and gas prices in recent months and the lag effect
in pricing formulas, TotalEnergies anticipates an average LNG selling price of
around $10/Mbtu in the second quarter of 2026.
Excluding the impact of the conflict in the Middle East, the production of the
second quarter is expected to grow around 4% compared to the second quarter of
2025, in line with the first quarter growth. At the end of April, production
shut down in Qatar, Iraq and offshore in the United Arab Emirates represents
around 15% of the Company’s total production.
Refinery utilization rates are expected to be between 80 and 85% in the second
quarter, notably due to the impact of the capacity reduction of SATORP, in
Saudi Arabia, and the planned turnaround of two months at the Donges refinery,
in France.
Given the closing of transaction with EPH as of April 29, 2026, Integrated
Power should benefit, in 2026, from 10 TWh of net power production, in line
with the 15 TWh guidance given for a full year and from a contribution of more
than $500 million of available cash flow.
The Company confirms it expects its yearly net investments to be at $15
billion in 2026, in line with annual guidance. The Company is evaluating
options to accelerate short cycle investments to capture current hydrocarbon
price environment.
To listen to the conference call with Chairman & CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 1:00 pm (Paris time), please log on to
totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54524957&newsitemid=20260428011382&lan=en-US&anchor=totalenergies.com&index=1&md5=5b41a977eebf5663d22f47115dc3156f)
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=54524957&newsitemid=20260428011382&lan=en-US&anchor=totalenergies.com&index=2&md5=1d5b5538884ad49f02658e2817c3d318)
after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
Combined liquids and gas 1Q26 4Q25 Change 1Q25 Change
production by region (kboe/d)
vs 4Q25
vs 1Q25
Europe 570 546 +4% 571 -
Africa 431 442 -2% 424 +2%
Middle East and North Africa 777 840 -8% 849 -9%
Americas 487 459 +6% 424 +15%
Asia-Pacific 288 258 +11% 290 -1%
Total production 2,553 2,545 - 2,558 -
includes equity affiliates 356 360 -1% 390 -9%
Liquids production by region (kb/d) 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Europe 209 212 -2% 216 -3%
Africa 299 318 -6% 312 -4%
Middle East and North Africa 615 676 -9% 680 -10%
Americas 259 251 +3% 202 +28%
Asia-Pacific 99 98 +1% 106 -6%
Total production 1,481 1,555 -5% 1,516 -2%
includes equity affiliates 131 153 -14% 163 -20%
Gas production by region (Mcf/d) 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Europe 1,944 1,796 +8% 1,920 +1%
Africa 670 628 +7% 567 +18%
Middle East and North Africa 884 928 -5% 920 -4%
Americas 1,263 1,154 +9% 1,237 +2%
Asia-Pacific 1,038 875 +19% 1,011 +3%
Total production 5,799 5,381 +8% 5,655 +3%
includes equity affiliates 1,222 1,132 +8% 1,237 -1%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
Petroleum product sales by region (kb/d) 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Europe 1,766 1,774 - 1,677 +5%
Africa 531 517 +3% 618 -14%
Americas 1,134 958 +18% 1,073 +6%
Rest of world 986 921 +7% 945 +4%
Total consolidated sales 4,416 4,170 +6% 4,313 +2%
Includes bulk sales 361 366 -1% 344 +5%
Includes trading 2,849 2,557 +11% 2,703 +5%
Petrochemicals production* (kt) 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Europe 989 985 - 984 +1%
Americas 676 775 -13% 694 -3%
Middle East and Asia 677 651 +4% 745 -9%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
1Q26 4Q25
Net power production (TWh) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total
France 0.2 0.4 - 1.2 0.0 1.7 0.2 0.3 - 1.4 0.0 2.0
Rest of Europe 0.1 0.6 0.4 1.5 0.1 2.6 0.1 0.5 0.3 1.9 0.0 2.9
Africa 0.0 - - - 0.1 0.2 0.0 - - - 0.1 0.1
Middle East 0.2 - - 0.2 - 0.4 0.2 - - 0.2 - 0.4
North America 0.9 0.6 - 0.7 - 2.2 1.0 0.5 - 1.0 - 2.6
South America 0.2 0.9 - - - 1.0 0.1 1.2 - - - 1.3
India 2.8 0.3 - - - 3.1 2.5 0.2 - - - 2.7
Pacific Asia 0.3 0.0 0.2 - - 0.5 0.3 0.0 0.2 - - 0.6
Total 4.7 2.7 0.6 3.5 0.2 11.7 4.6 2.8 0.5 4.5 0.2 12.6
9.3.2 Installed power generation net capacity
1Q26 4Q25
Installed power generation net capacity (GW) ((19)) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total
France 0.8 0.6 - 2.7 0.2 4.2 0.8 0.5 - 2.7 0.2 4.2
Rest of Europe 0.6 1.0 0.3 2.1 0.1 4.1 0.6 1.0 0.3 2.1 0.1 4.1
Africa 0.1 - - - 0.1 0.2 0.1 - - - 0.1 0.2
Middle East 0.7 - - 0.3 - 1.0 0.5 - - 0.3 - 0.8
North America 3.1 0.9 - 2.0 0.5 6.5 3.0 0.9 - 2.0 0.5 6.4
South America 0.5 1.2 - - - 1.7 0.5 1.2 - - - 1.7
India 7.0 0.6 - - 0.1 7.7 6.7 0.6 - - - 7.2
Pacific Asia 1.2 0.0 0.2 - - 1.4 1.2 0.0 0.2 - - 1.4
Total 14.0 4.3 0.5 7.0 1.1 26.8 13.4 4.1 0.5 7.0 1.0 26.0
9.3.3 Power generation gross capacity from renewables
1Q26 4Q25
Installed power generation gross capacity from renewables (GW) ((20),(21)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 1.3 0.9 0.0 0.2 2.4 1.4 0.9 0.0 0.2 2.5
Rest of Europe 0.7 1.7 1.1 0.3 3.8 0.7 1.7 1.1 0.3 3.8
Africa 0.3 0.0 0.0 0.4 0.7 0.3 0.0 0.0 0.4 0.7
Middle East 1.6 0.0 0.0 0.0 1.6 1.3 0.0 0.0 0.0 1.3
North America 7.8 2.3 0.0 1.2 11.3 7.3 2.3 0.0 1.0 10.6
South America 0.6 1.8 0.0 0.0 2.4 0.6 1.8 0.0 0.0 2.4
India 10.1 0.7 0.0 0.1 10.8 9.7 0.6 0.0 0.0 10.3
Asia-Pacific 1.9 0.0 0.6 0.0 2.5 1.8 0.0 0.6 0.0 2.5
Total 24.3 7.4 1.8 2.1 35.6 23.1 7.3 1.8 1.9 34.1
1Q26 4Q25
Power generation gross capacity from renewables in construction (GW) ((20),(21)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.1 0.1 0.0 0.0 0.3 0.1 0.2 0.0 0.0 0.3
Rest of Europe 0.9 0.1 0.8 0.4 2.1 0.7 0.1 0.8 0.4 2.1
Africa 0.2 0.2 0.0 0.0 0.4 0.2 0.1 0.0 0.0 0.4
Middle East 1.4 0.2 0.0 0.0 1.7 1.7 0.2 0.0 0.0 2.0
North America 0.8 0.1 0.0 0.3 1.2 0.8 0.0 0.0 0.5 1.3
South America 1.1 0.3 0.0 0.3 1.7 0.7 0.1 0.0 0.3 1.1
India 0.3 0.0 0.0 0.0 0.3 0.8 0.0 0.0 0.0 0.8
Asia-Pacific 0.1 0.0 0.0 0.0 0.1 0.3 0.0 0.0 0.0 0.3
Total 4.9 1.0 0.8 1.0 7.7 5.5 0.8 0.8 1.2 8.3
1Q26 4Q25
Power generation gross capacity from renewables in development (GW) ((20),(21)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.8 0.5 1.5 0.0 2.8 0.9 0.5 1.5 0.1 2.9
Rest of Europe 5.2 2.0 14.3 4.2 25.7 5.9 1.8 14.3 3.6 25.6
Africa 1.1 0.5 0.0 0.0 1.6 0.3 0.2 0.0 0.0 0.5
Middle East 1.2 0.0 0.0 0.0 1.2 1.1 0.0 0.0 0.0 1.1
North America 10.8 3.7 4.1 5.0 23.6 10.8 3.8 4.1 5.4 24.2
South America 0.7 1.7 0.0 0.0 2.5 1.3 1.3 0.0 0.0 2.6
India 1.5 0.0 0.0 0.0 1.5 1.6 0.0 0.0 0.0 1.6
Asia-Pacific 2.7 1.1 2.6 1.1 7.5 3.0 1.1 2.6 1.1 7.8
Total 23.9 9.6 22.5 10.3 66.4 24.9 8.8 22.5 10.1 66.3
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
In millions of dollars 1Q26 4Q25 1Q25
Net income (TotalEnergies share) 5,810 2,906 3,851
Special items affecting net income (TotalEnergies share) (1,031) (644) (108)
Gain (loss) on asset sales 252 203 -
Restructuring charges (22) (51) -
Impairments (1,148) (661) -
Other (113) (135) (108)
After-tax inventory effect : FIFO vs. replacement cost 1,507 (232) (78)
Effect of changes in fair value (60) (55) (155)
Total adjustments affecting net income 416 (931) (341)
Adjusted net income (TotalEnergies share) 5,394 3,837 4,192
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Net income (TotalEnergies share) 5,810 2,906 +100% 3,851 +51%
Less: adjustment items to net income (TotalEnergies share) (416) 931 ns 341 ns
Adjusted net income (TotalEnergies share) 5,394 3,837 +41% 4,192 +29%
Adjusted items
Add: non-controlling interests 78 36 x2.2 70 +11%
Add: income taxes 3,324 2,273 +46% 2,705 +23%
Add: depreciation, depletion and impairment of tangible assets and mineral interests 3,097 3,184 -3% 2,998 +3%
Add: amortization and impairment of intangible assets 90 99 -9% 83 +8%
Add: financial interest on debt 791 833 -5% 725 +9%
Less: financial income and expense from cash & cash equivalents (222) (196) ns (269) ns
Adjusted EBITDA 12,552 10,066 +25% 10,504 +19%
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Adjusted items
Revenues from sales 49,516 45,925 +8% 47,899 +3%
Purchases, net of inventory variation (29,119) (29,164) ns (30,563) ns
Other operating expenses (8,563) (7,783) ns (7,542) ns
Exploration costs (133) (177) ns (81) ns
Other income 185 592 -69% 247 -25%
Other expense, excluding amortization and impairment of intangible assets (114) (144) ns (216) ns
Other financial income 294 299 -2% 294 -
Other financial expense (223) (221) ns (249) ns
Net income (loss) from equity affiliates 709 739 -4% 715 -1%
Adjusted EBITDA 12,552 10,066 +25% 10,504 +19%
Adjusted items
Less: depreciation, depletion and impairment of tangible assets and mineral interests (3,097) (3,184) ns (2,998) ns
Less: amortization of intangible assets (90) (99) ns (83) ns
Less: financial interest on debt (791) (833) ns (725) ns
Add: financial income and expense from cash & cash equivalents 222 196 +13% 269 -17%
Less: income taxes (3,324) (2,273) ns (2,705) ns
Less: non-controlling interests (78) (36) ns (70) ns
Add: adjustment (TotalEnergies share) 416 (931) ns (341) ns
Net income (TotalEnergies share) 5,810 2,906 +100% 3,851 +51%
10.3 Investments – Divestments
Reconciliation of Cash flow used in investing activities to Net investments
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Cash flow used in investing activities ( a ) * 4,312 3,434 +26% 4,805 -10%
Other transactions with non-controlling interests ( b ) - (331) -100% - ns
Organic loan repayment from equity affiliates ( c ) 49 - ns 6 x8.2
Change in debt from renewable projects financing ( d ) ** 14 (821) ns - ns
Capex linked to capitalized leasing contracts ( e ) 75 115 -35% 108 -31%
Expenditures related to carbon credits ( f ) 28 49 -43% 2 x14
Net investments ( a + b + c + d + e + f = g - i + h ) 4,478 2,446 +83% 4,921 -9%
of which acquisitions net of assets sales ( g-i ) (172) (1,573) ns 420 ns
Acquisitions ( g ) 392 507 -23% 836 -53%
Asset sales ( i ) 564 2,080 -73% 416 +36%
Change in debt from renewable projects (partner share) (18) 308 ns - ns
of which organic investments ( h ) 4,650 4,019 +16% 4,501 +3%
Capitalized exploration 73 99 -26% 111 -34%
Increase in non-current loans 301 559 -46% 568 -47%
Repayment of non-current loans, excluding organic loan repayment from equity affiliates (276) (259) ns (103) ns
Change in debt from renewable projects (TotalEnergies share) (4) (513) ns - ns
* Cash flows used in investing activities do not include increases in
property, plant and equipment arising from Apache’s carry arrangement on the
GranMorgu project in offshore Block 58 in Suriname, which resulted in specific
supplier financing recognised as financial debt. These increases amounted to
$218 million in the first quarter of 2026. Payments to these suppliers are
classified as financing cash flows
** 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
In millions of dollars 1Q26 4Q25 Change 1Q25 Change
vs 4Q25
vs 1Q25
Cash flow from operating activities ( a ) 3,361 10,471 -68% 2,563 +31%
(Increase) decrease in working capital ( b ) * (6,993) 3,814 ns (4,316) ns
Inventory effect ( c ) 1,849 (299) ns (107) ns
Capital gain from renewable project sales ( d ) 22 212 -90% - ns
Organic loan repayments from equity affiliates ( e ) 49 - ns 6 x8.2
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 8,576 7,168 +20% 6,992 +23%
Financial charges (403) (425) ns (284) ns
Debt Adjusted Cash Flow (DACF) 8,979 7,593 +18% 7,276 +23%
Organic investments ( g ) 4,650 4,019 +16% 4,501 +3%
Free cash flow after organic investments ( f - g ) 3,926 3,149 +25% 2,491 +58%
Net investments ( h ) 4,478 2,446 +83% 4,921 -9%
Net cash flow ( f - h ) 4,098 4,722 -13% 2,071 +98%
* 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 03/31/2026 12/31/2025 03/31/2025
Current borrowings * 10,596 10,162 10,983
Other current financial liabilities 243 388 897
Current financial assets * , ** (3,837) (3,093) (5,892)
Net financial assets classified as held for sale * 3 7 41
Non-current financial debt * 43,468 40,944 37,862
Non-current financial assets * (1,731) (1,991) (953)
Cash and cash equivalents (25,693) (26,202) (22,837)
Net debt ( a ) 23,049 20,215 20,101
Shareholders’ equity (TotalEnergies share) 122,541 114,883 117,956
Non-controlling interests 2,696 2,640 2,465
Shareholders' equity (b) 125,237 117,523 120,421
Gearing = a / ( a+b ) 15.5% 14.7% 14.3%
Leases (c) 8,491 8,567 8,533
Gearing including leases ( a+c ) / ( a+b+c ) 20.1% 19.7% 19.2%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on
organized markets.
10.6 Return on average capital employed
Twelve months ended March 31, 2026
In millions of dollars Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Company
Adjusted net operating income 8,524 4,133 2,254 3,676 1,395 19,158
Capital employed at 03/31/2025 65,397 42,998 23,740 8,404 6,840 147,764
Capital employed at 03/31/2026 68,315 47,700 24,532 7,545 5,937 154,446
ROACE 12.7% 9.1% 9.3% 46.1% 21.8% 12.7%
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:
Unless otherwise stated, the terms “TotalEnergies”, “TotalEnergies
company” and “Company” in this document are used to designate
TotalEnergies SE and the consolidated entities directly or indirectly
controlled by TotalEnergies SE. Likewise, the words “we”, “us” and
“our” may also be used to refer to these entities or their employees. The
entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate and independent legal entities. The term “Corporation” as
used in this document exclusively refers to TotalEnergies SE, which is the
parent company of the Company.
This press release presents the results for the first quarter of 2026 and
first three months of 2026 from the consolidated financial statements of
TotalEnergies SE as of March 31, 2026 (unaudited). The consolidated financial
statements of TotalEnergies SE as of March 31, 2026 have been subject to a
limited review by the Statutory Auditors. The notes to the consolidated
financial statements (unaudited) are available on the Corporations’ website
www.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 and expectations regarding returns to stockholders, including
with respect to future dividends and share buybacks. This document may also
contain statements regarding the perspectives, objectives, areas of
improvement and goals of TotalEnergies SE, including with respect to climate
change and carbon neutrality. An ambition expresses an outcome desired by
TotalEnergies, it being specified that the means to be deployed do not depend
solely on TotalEnergies.
These forward-looking statements may 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 are uncertain and may evolve or be modified with a
significant difference between the actual results and those initially
estimated, due to the uncertainties notably related to the economic,
financial, competitive and regulatory environment, or due to the occurrence of
risk factors, such as, notably, the price fluctuations in crude oil and
natural gas, the evolution of the demand and price of petroleum products, the
changes in production results and reserves estimates, the ability to achieve
cost reductions and operating efficiencies without unduly disrupting business
operations, changes in laws and regulations including those related to the
environment and climate, currency fluctuations, technological innovations,
meteorological conditions and events, as well as socio-demographic, economic
and political developments, changes in market conditions, loss of market share
and changes in consumer preferences, pandemics, and other risk factors
described from time to time in the Corporation regulatory filings, including
its Universal Registration Document filed with the French Autorité des
Marchés Financiers, its Annual Report on Form 20 F filed with the United
States Securities and Exchange Commission (“SEC”) and its other reports
filed or furnished with the SEC.
Future interim or final annual dividends payments beyond the interim dividend
payable on October 2(nd), 2026 (or October 21(st), 2026, for holders on the
U.S. register) have not yet, respectively, been decided by the Board of
Directors or approved by shareholders at a General Meeting. Management’s
expectations with respect to such future dividends are “forward-looking
statements” and are non-binding. The Board of Directors retains full
discretion to decide to distribute an interim dividend and to set the amount
and date of the distribution and decide on the dividend to be submitted for
approval by shareholders at a General Meeting, based on a number of factors,
including TotalEnergies’ financial results, balance sheet strength, cash and
liquidity requirements, future prospects, commodity prices, and other factors
deemed relevant by the Board.
Readers are cautioned not to consider forward-looking statements as certain,
but as an expression of the Corporation’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 Corporation has not verified and
is under no obligation to verify any third-party data contained in this
document or used in the estimates and assumptions or, more generally,
forward-looking statements published in this document. The information on risk
factors that could have a significant adverse effect on TotalEnergies’
business, financial condition, including its operating income and cash flow,
reputation, outlook or the value of financial instruments issued by
TotalEnergies is provided in the most recent version of the Universal
Registration Document which is filed by TotalEnergies SE with the French
Autorité des Marchés Financiers and the annual report on Form 20-F filed
with the SEC.
Additionally, the developments of climate change and other environmental or
social-related issues in this document are based on various frameworks and the
interests of various stakeholders which are subject to evolve independently of
our will. Moreover, our disclosures on such issues, including disclosures on
climate change and other environmental or social-related issues, may include
information that is not necessarily “material” under US securities laws
for SEC reporting purposes or under applicable securities law.
In addition to IFRS measures, certain alternative performance indicators are
presented, such as performance indicators excluding the adjustment items
described below (adjusted net operating income, adjusted net income), net cash
flow, free cash flow after organic investments, normalized gearing, return on
equity (ROE), return on average capital employed (ROACE), gearing ratio, cash
flow from operations excluding working capital, debt adjusted cash flow, and
the payout ratio. These indicators are meant to facilitate the analysis of the
financial performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally to manage
and measure the performance of TotalEnergies.
Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. TotalEnergies measures
performance at the segment level on the basis of adjusted net operating
income.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualifying as “special items” are excluded from the business segment
figures. In general, special items relate to transactions that are
significant, infrequent, or unusual. However, in certain instances,
transactions such as restructuring costs or assets disposals, which are not
considered to be representative of the normal course of business, may qualify
as special items although they may have occurred in prior years or are likely
to occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum
products in its financial statements according to the First-In, First-Out
(FIFO) method and other inventories using the weighted-average cost method.
Under the FIFO method, the cost of inventory is based on the historic cost of
acquisition or manufacture rather than the current replacement cost. In
volatile energy markets, this can have a significant distorting effect on the
reported income. Accordingly, the adjusted results of the Refining &
Chemicals and Marketing & Services segments are presented according to the
replacement cost method. This method is used to assess the segments’
performance and facilitate the comparability of the segments’ performance
with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out
(LIFO) method, the variation of inventory values in the statement of income
is, depending on the nature of the inventory, determined using either the
month-end prices differential between one period and another or the average
prices of the period rather than the historical value. The inventory valuation
effect is the difference between the results under the FIFO and the
replacement cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for trading inventories and storage contracts, differences between internal
measures of performance used by TotalEnergies’ Executive Committee and the
accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted net operating income, adjusted net income) are
defined as replacement cost results, adjusted for special items, excluding the
effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – U.S. investors are urged to consider
closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888,
available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault –
92078 Paris-La Défense Cedex, France, or at the Corporation 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
corresponds to the ratio between the adjusted net income (TotalEnergies’
share), reduced by the coupon on perpetual subordinated notes and the weighted
average diluted number of shares outstanding during the period, excluding
shares held by TotalEnergies SE.
((5)) Average €-$ exchange rate: 1.1703 in the 1(st) quarter 2026, 1.1634 in the
4(th) quarter 2025 and 1.0523 in the 1(st) quarter 2025.
((6)) Does not include oil, gas and LNG trading activities, respectively.
((7)) Sales in $ / Sales in volume for consolidated affiliates.
((8)) Sales in $ / Sales in volume for consolidated affiliates.
((9)) Sales in $ / Sales in volume for consolidated and equity affiliates.
((10)) This market indicator for European refining, calculated based on public market
prices ($/b), uses a basket of crudes, petroleum product yields and variable
costs representative of the European refining system of TotalEnergies.
((11)) The seven greenhouse gases in the Kyoto protocol, namely CO(2), CH(4), N(2)O,
HFCs, PFCs, SF(6) and NF(3), with their respective 100-year time horizon GWP
(Global Warming Potential) as described in the most recent IPCC report. HFCs,
PFCs, SF(6) and NF(3 )are virtually absent from the Company’s emissions and
are not accounted for by the Company.
((12)) Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from
sites or activities that are included in the scope of reporting for climate
change-related indicators and indirect emissions resulting from the production
of electricity, steam, heat or cooling, purchased or acquired, and consumed by
the sites or activities included in the scope of reporting for climate
change-related indicators, net from potential energy sales, excluding
purchased industrial gases (H(2)). If not stated otherwise, TotalEnergies
reports Scope 2 GHG emissions according to the market-based method defined by
the GHG Protocol.
((13)) If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category
11, which correspond to indirect GHG emissions related to the direct use phase
emissions of sold products over their expected lifetime (i.e., the scope 1 and
scope 2 emissions of end users that occur from the combustion of fuels) in
accordance with the definition of the GHG Protocol Corporate Value Chain
(Scope 3) Accounting and Reporting Standard Supplement. The Company follows
the oil & gas industry reporting guidelines published by IPIECA, which
comply with the GHG Protocol methodologies. In order to avoid double counting,
this methodology accounts for the largest volume in the oil and gas value
chains, i.e. the higher of the two production volumes or sales for end use.
The highest point for each value chain for the year 2026 will be determined
with regard to the achievement over the whole year, with TotalEnergies
providing estimates as the quarters progress. A stoichiometric emission factor
(oxidation of molecules to carbon dioxide) is applied to these sales or
production to obtain an emission volume. In accordance with the Technical
Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value
Chain (Scope 3) Accounting and Reporting Standard which defines end users as
both consumers and business customers that use final products, and with
IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas
emissions guidelines, under which reporting of emissions from fuel purchased
for resale to non-end users (e.g. traded) is optional, TotalEnergies does not
report emissions associated with trading activities.
((14)) Company production = E&P production + Integrated LNG production.
((15)) Effective tax rate = (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates – dividends received from
investments – impairment of goodwill + tax on adjusted net operating
income).
* Net of fees and taxes, including coverage of employees share grant plans.
((16)) Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2026. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals.
((17)) In a 60-70 $/b Brent environment.
((18)) End-of-period data.
((19)) Includes 17.25% of the gross capacities of Adani Green Energy Limited, 50% of
Clearway Energy Group and 49% of Casa dos Ventos.
((20)) End-of-period data.
TotalEnergies financial statements
First quarter 2026 consolidated accounts, IFRS
Consolidated statement of income
TotalEnergies
(unaudited)
1st quarter 4th quarter 1st quarter
(M$)((a)) 2026 2025 2025
Sales 54,163 50,624 52,254
Excise taxes (4,647) (4,699) (4,355)
Revenue from sales 49,516 45,925 47,899
Purchases, net of inventory variation (27,347) (29,536) (30,855)
Other operating expenses (8,675) (7,925) (7,564)
Exploration costs (133) (177) (81)
Depreciation, depletion and impairment of tangible assets and mineral (3,206) (3,776) (2,998)
interests
Other income 471 806 247
Other expense (1,225) (821) (291)
Financial interest on debt (791) (833) (725)
Financial income and expense from cash & cash equivalents 222 233 290
Cost of net debt (569) (600) (435)
Other financial income 294 324 318
Other financial expense (223) (221) (249)
Net income (loss) from equity affiliates 817 759 663
Income taxes (3,788) (1,830) (2,733)
Consolidated net income 5,932 2,928 3,921
TotalEnergies share 5,810 2,906 3,851
Non-controlling interests 122 22 70
Earning per share ($) 2.68 1.31 1.69
Fully-diluted earnings per share ($) 2.64 1.30 1.68
(a) Except for per share amounts.
Consolidated statement of comprehensive income
TotalEnergies
(unaudited)
1st quarter 4th quarter 1st quarter
(M$) 2026 2025 2025
Consolidated net income 5,932 2,928 3,921
Other comprehensive income
Actuarial gains and losses 1 28 –
Change in fair value of investments in equity instruments 112 (161) 12
Tax effect (25) 51 1
Currency translation adjustment generated by the parent company (1,792) 49 2,882
Sub-total items not potentially reclassifiable to profit and loss (1,704) (33) 2,895
Currency translation adjustment 1,904 (133) (2,017)
Cash flow hedge 937 (46) (833)
Variation of foreign currency basis spread 4 (3) 15
Share of other comprehensive income of equity affiliates, net amount 155 (98) (100)
Other 1 (4) 7
Tax effect (235) 18 205
Sub-total items potentially reclassifiable to profit and loss 2,766 (266) (2,723)
Total other comprehensive income (net amount) 1,062 (299) 172
Comprehensive income 6,994 2,629 4,093
– TotalEnergies share 6,884 2,596 4,007
– Non-controlling interests 110 33 86
Consolidated balance sheet
TotalEnergies
March 31, 2026 December 31, 2025 March 31, 2025
(M$) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 36,387 37,345 34,543
Property, plant and equipment, net 116,240 114,694 112,249
Equity affiliates : investments and loans 39,123 38,090 35,687
Other investments 2,097 1,914 1,860
Non-current financial assets 2,877 3,270 2,231
Deferred income taxes 2,986 3,358 3,360
Other non-current assets 2,640 2,915 4,000
Total non-current assets 202,350 201,586 193,930
Current assets
Inventories, net 23,932 16,663 19,037
Accounts receivables, net 22,977 18,559 24,882
Other current assets 33,877 20,437 22,423
Current financial assets 4,173 3,332 6,237
Cash and cash equivalents 25,693 26,202 22,837
Assets classified as held for sale 1,560 4,276 1,711
Total current assets 112,212 89,469 97,127
Total assets 314,562 291,055 291,057
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,007 7,059 7,231
Paid-in surplus and retained earnings 133,317 125,860 128,787
Currency translation adjustment (13,900) (14,033) (14,508)
Treasury shares (3,883) (4,003) (3,554)
Total shareholders' equity - TotalEnergies share 122,541 114,883 117,956
Non-controlling interests 2,696 2,640 2,465
Total shareholders' equity 125,237 117,523 120,421
Non-current liabilities
Deferred income taxes 12,990 12,634 12,621
Employee benefits 1,974 2,018 1,824
Provisions and other non-current liabilities 18,693 17,322 19,872
Non-current financial debt 51,426 48,995 45,858
Total non-current liabilities 85,083 80,969 80,175
Current liabilities
Accounts payable 42,693 38,065 42,554
Other creditors and accrued liabilities 47,512 36,344 32,505
Current borrowings 12,582 12,038 13,134
Other current financial liabilities 243 388 897
Liabilities directly associated with the assets classified as held for sale 1,212 5,728 1,371
Total current liabilities 104,242 92,563 90,461
Total liabilities & shareholders' equity 314,562 291,055 291,057
Consolidated statement of cash flow
TotalEnergies
(unaudited)
1st quarter 4th quarter 1st quarter
(M$) 2026 2025 2025
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 5,932 2,928 3,921
Depreciation, depletion, amortization and impairment 4,149 3,996 3,086
Non-current liabilities, valuation allowances and deferred taxes 591 316 209
(Gains) losses on disposals of assets (320) (655) 25
Undistributed affiliates' equity earnings (187) (203) (423)
(Increase) decrease in working capital (6,968) 3,867 (4,232)
Other changes, net 164 222 (23)
Cash flow from operating activities 3,361 10,471 2,563
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,621) (4,153) (4,222)
Acquisitions of subsidiaries, net of cash acquired (79) (140) (232)
Investments in equity affiliates and other securities (221) (343) (311)
Increase in non-current loans (301) (559) (568)
Total expenditures (5,222) (5,195) (5,333)
Proceeds from disposals of intangible assets and property, plant and equipment 181 730 301
Proceeds from disposals of subsidiaries, net of cash sold 397 451 117
Proceeds from disposals of non-current investments 7 321 1
Repayment of non-current loans 325 259 109
Total divestments 910 1,761 528
Cash flow used in investing activities (4,312) (3,434) (4,805)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
– Parent company shareholders – – –
– Treasury shares (775) (1,506) (2,152)
Dividends paid:
– Parent company shareholders (2,123) (2,160) (1,851)
– Non-controlling interests (9) (81) (139)
Net issuance of perpetual subordinated notes 1,751 – (1,139)
Payments on perpetual subordinated notes (154) (122) (128)
Other transactions with non-controlling interests (16) 313 (20)
Net issuance of non-current debt 3,584 611 3,431
Increase (decrease) in current borrowings (1,283) (1,985) 150
Increase (decrease) in current financial assets and liabilities (469) 686 718
Cash flow / (used in) financing activities 506 (4,244) (1,130)
Net increase (decrease) in cash and cash equivalents (445) 2,793 (3,372)
Effect of exchange rates (64) (6) 365
Cash and cash equivalents at the beginning of the period 26,202 23,415 25,844
Cash and cash equivalents at the end of the period 25,693 26,202 22,837
Consolidated statement of changes in shareholders' equity
TotalEnergies
(unaudited)
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity - TotalEnergies Share Non-controlling interests Total shareholders' equity
(M$) Number Amount Number Amount
As of January 1, 2025 2,397,679,661 7,577 135,496 (15,259) (149,529,818) (9,956) 117,858 2,397 120,255
Net income of the first quarter of 2025 – – 3,851 – – – 3,851 70 3,921
Other comprehensive income – – (595) 751 – – 156 16 172
Comprehensive income – – 3,256 751 – – 4,007 86 4,093
Dividend – – – – – – – (5) (5)
Issuance of common shares – – – – – – – – –
Purchase of treasury shares – – – – (33,770,546) (2,633) (2,633) – (2,633)
Sale of treasury shares((a)) – – (413) – 6,209,016 413 – – –
Share-based payments – – 112 – – – 112 – 112
Share cancellation (127,622,460) (346) (8,395) – 127,622,460 8,622 (119) – (119)
Net issuance (repayment) of perpetual subordinated notes – – (1,219) – – – (1,219) – (1,219)
Payments on perpetual subordinated notes – – (77) – – – (77) – (77)
Other operations with non-controlling interests – – – – – – – (20) (20)
Other items – – 27 – – – 27 7 34
As of March 31, 2025 2,270,057,201 7,231 128,787 (14,508) (49,468,888) (3,554) 117,956 2,465 120,421
Net income from April 1st to December 31st 2025 – – 9,276 – – – 9,276 160 9,436
Other comprehensive income – – (402) 475 – – 73 61 134
Comprehensive income – – 8,874 475 – – 9,349 221 9,570
Dividend – – (8,135) – – – (8,135) (343) (8,478)
Issuance of common shares 11,149,053 30 462 – – – 492 – 492
Purchase of treasury shares – – – – (88,866,748) (4,893) (4,893) – (4,893)
Sale of treasury shares((a)) – – (1) – 12,396 1 – – –
Share-based payments – – 473 – – – 473 – 473
Share cancellation (74,620,711) (202) (4,309) – 74,620,711 4,442 (69) – (69)
Net issuance (repayment) of perpetual subordinated notes – – – – – – – – –
Payments on perpetual subordinated notes – – (243) – – – (243) – (243)
Other operations with non-controlling interests – – (1) – – – (1) 306 305
Other items – – (47) – – 1 (46) (9) (55)
As of December 31, 2025 2,206,585,543 7,059 125,860 (14,033) (63,702,529) (4,003) 114,883 2,640 117,523
Net income of the first quarter of 2026 – – 5,810 – – – 5,810 122 5,932
Other comprehensive income – – 941 133 – – 1,074 (12) 1,062
Comprehensive income – – 6,751 133 – – 6,884 110 6,994
Dividend – – – – – – – (9) (9)
Issuance of common shares – – – – – – – – –
Purchase of treasury shares – – – – (9,387,297) (1,002) (1,002) – (1,002)
Sale of treasury shares((a)) – – – – 1,640 – – – –
Share-based payments – – 118 – – – 118 – 118
Share cancellation (18,185,068) (52) (1,093) – 18,185,068 1,122 (23) – (23)
Net issuance (repayment) of perpetual subordinated notes – – 1,751 – – – 1,751 – 1,751
Payments on perpetual subordinated notes – – (87) – – – (87) – (87)
Other operations with non-controlling interests – – – – – – – (16) (16)
Other items – – 17 – – – 17 (29) (12)
As of March 31, 2026 2,188,400,475 7,007 133,317 (13,900) (54,903,118) (3,883) 122,541 2,696 125,237
(a) Treasury shares related to the performance share grants.
Information by business segment
TotalEnergies
(unaudited)
1st quarter 2026 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
External sales 1,119 2,930 5,441 24,180 20,489 4 – 54,163
Intersegment sales 9,003 2,810 727 8,215 119 33 (20,907) –
Excise taxes – – – (167) (4,480) – – (4,647)
Revenues from sales 10,122 5,740 6,168 32,228 16,128 37 (20,907) 49,516
Operating expenses (3,289) (4,152) (5,710) (28,670) (14,993) (248) 20,907 (36,155)
Depreciation, depletion, and impairment of tangible assets and mineral (1,965) (421) (163) (403) (230) (24) – (3,206)
interests
Net income (loss) from equity affiliates and other items 386 453 (813) 225 (120) 3 – 134
Tax on net operating income (2,426) (316) (53) (696) (247) (99) – (3,837)
Adjustments ((a)) 252 (14) (1,116) 1,085 276 (23) – 460
Adjusted net operating income 2,576 1,318 545 1,599 262 (308) – 5,992
Adjustments ((a)) 460
Net cost of net debt (520)
Non-controlling interests (122)
Net income - TotalEnergies share 5,810
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
net operating income of Integrated Power segment.
1st quarter 2026 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
Total expenditures 2,860 649 901 616 152 44 – 5,222
Total divestments 462 151 218 23 52 4 – 910
Cash flow from operating activities 2,969 (1,120) (145) 1,564 1,068 (975) – 3,361
Information by business segment
TotalEnergies
(unaudited)
4th quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
External sales 1,260 2,427 5,707 21,616 19,625 (11) – 50,624
Intersegment sales 8,753 2,237 877 6,878 167 37 (18,949) –
Excise taxes – – – (203) (4,496) – – (4,699)
Revenues from sales 10,013 4,664 6,584 28,291 15,296 26 (18,949) 45,925
Operating expenses (4,758) (3,617) (6,332) (27,025) (14,656) (199) 18,949 (37,638)
Depreciation, depletion, and impairment of tangible assets and mineral (2,346) (444) (336) (367) (248) (35) – (3,776)
interests
Net income (loss) from equity affiliates and other items 258 469 90 24 14 (8) – 847
Tax on net operating income (1,501) (182) 77 (114) (165) (1) – (1,886)
Adjustments((a)) (139) (32) (481) (192) (100) (26) – (970)
Adjusted net operating income 1,805 922 564 1,001 341 (191) – 4,442
Adjustments((a)) (970)
Net cost of net debt (544)
Non-controlling interests (22)
Net income - TotalEnergies share 2,906
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
net operating income of Integrated Power segment.
4th quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
Total expenditures 1,881 1,130 1,155 542 326 161 – 5,195
Total divestments 663 12 880 35 148 23 – 1,761
Cash flow from operating activities 3,821 2,102 1,300 1,716 1,352 180 – 10,471
Information by business segment
TotalEnergies
(unaudited)
1st quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
External sales 1,569 3,088 5,967 22,627 19,001 2 – 52,254
Intersegment sales 8,727 3,252 684 6,811 156 25 (19,655) –
Excise taxes – – – (112) (4,243) – – (4,355)
Revenues from sales 10,296 6,340 6,651 29,326 14,914 27 (19,655) 47,899
Operating expenses (3,800) (4,956) (6,185) (28,648) (14,374) (192) 19,655 (38,500)
Depreciation, depletion, and impairment of tangible assets and mineral (1,950) (391) (75) (339) (217) (26) – (2,998)
interests
Net income (loss) from equity affiliates and other items 133 565 44 (8) (10) (36) – 688
Tax on net operating income (2,328) (275) (73) (83) (98) 74 – (2,783)
Adjustments ((a)) (100) (11) (144) (53) (25) (22) – (355)
Adjusted net operating income 2,451 1,294 506 301 240 (131) – 4,661
Adjustments ((a)) (355)
Net cost of net debt (385)
Non-controlling interests (70)
Net income - TotalEnergies share 3,851
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
net operating income of Integrated Power segment.
1st quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
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
Non GAAP Financial Measures
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow used in investing activities ( a ) * 2,398 1,218 2,689 -11%
Other transactions with non-controlling interests ( b ) – – – ns
Organic loan repayment from equity affiliates ( c ) – – – ns
Change in debt from renewable projects financing ( d ) ** – – – ns
Capex linked to capitalized leasing contracts ( e ) 71 108 109 -35%
Expenditures related to carbon credits ( f ) 28 49 2 x14
Net investments ( a + b + c + d + e + f = g - i + h ) 2,497 1,375 2,800 -11%
of which net acquisitions of assets sales ( g - i ) (227) (530) 116 ns
Acquisitions ( g ) 222 79 445 -50%
Assets sales ( i ) 449 609 329 36%
Change in debt (partner share) and capital gain from renewable projects sales – – – ns
of which organic investments ( h ) 2,724 1,905 2,684 1%
Capitalized exploration 68 88 109 -37%
Increase in non-current loans 52 36 82 -37%
Repayment of non-current loans, excluding organic loan repayment from equity (13) (54) (29) ns
affiliates
Change in debt from renewable projects (TotalEnergies share) – – – ns
*Cash flows used in investing activities do not include increases in property,
plant and equipment arising from Apache’s carry arrangement on the GranMorgu
project in offshore Block 58 in Suriname, which resulted in specific supplier
financing recognised as financial debt. These increases amounted to $218
million in the first quarter of 2026. Payments to these suppliers are
classified as financing cash flows
**Change in debt from renewable projects (TotalEnergies share and partner
share)
1.2 Integrated LNG
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow used in investing activities ( a ) 498 1,118 892 -44%
Other transactions with non-controlling interests ( b ) – (331) – ns
Organic loan repayment from equity affiliates ( c ) 1 – 1 ns
Change in debt from renewable projects financing ( d ) * – – – ns
Capex linked to capitalized leasing contracts ( e ) 3 6 (1) ns
Expenditures related to carbon credits ( f ) – – – ns
Net investments ( a + b + c + d + e + f = g - i + h ) 502 793 892 -44%
of which net acquisitions of assets sales ( g - i ) 92 49 140 -34%
Acquisitions ( g ) 92 352 144 -36%
Assets sales ( i ) – 303 4 -100%
Change in debt (partner share) and capital gain from renewable projects sales – – – ns
of which organic investments ( h ) 410 744 752 -45%
Capitalized exploration 5 11 2 x2.5
Increase in non-current loans 69 211 182 -62%
Repayment of non-current loans, excluding organic loan repayment from equity (150) (40) (5) ns
affiliates
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
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow used in investing activities ( a ) 683 275 878 -22%
Other transactions with non-controlling interests ( b ) – – – ns
Organic loan repayment from equity affiliates ( c ) 48 – 5 x9.6
Change in debt from renewable projects financing ( d ) * 14 (821) – ns
Capex linked to capitalized leasing contracts ( e ) 1 1 – ns
Expenditures related to carbon credits ( f ) – – – ns
Net investments ( a + b + c + d + e + f = g - i + h ) 746 (545) 883 -16%
of which net acquisitions of assets sales ( g - i ) (77) (1,070) 238 ns
Acquisitions ( g ) 3 35 245 -99%
Assets sales ( i ) 80 1,105 7 x11.4
Change in debt (partner share) and capital gain from renewable projects sales (18) 308 – ns
of which organic investments ( h ) 823 525 645 28%
Capitalized exploration – – – ns
Increase in non-current loans 101 215 268 -62%
Repayment of non-current loans, excluding organic loan repayment from equity (72) (83) (46) ns
affiliates
Change in debt from renewable projects (TotalEnergies share) (4) (513) – ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.4 Refining & Chemicals
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow used in investing activities ( a ) 593 507 236 x2.5
Other transactions with non-controlling interests ( b ) – – – ns
Organic loan repayment from equity affiliates ( c ) – – – ns
Change in debt from renewable projects financing ( d ) * – – – ns
Capex linked to capitalized leasing contracts ( e ) – – – ns
Expenditures related to carbon credits ( f ) – – – ns
Net investments ( a + b + c + d + e + f = g - i + h ) 593 507 236 x2.5
of which net acquisitions of assets sales ( g - i ) 75 (1) – ns
Acquisitions ( g ) 75 1 – ns
Assets sales ( i ) – 2 – ns
Change in debt (partner share) and capital gain from renewable projects sales – – – ns
of which organic investments ( h ) 518 508 236 x2.2
Capitalized exploration – – – ns
Increase in non-current loans 69 67 10 x6.9
Repayment of non-current loans, excluding organic loan repayment from equity (23) (33) (6) ns
affiliates
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
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow used in investing activities ( a ) 100 178 75 33%
Other transactions with non-controlling interests ( b ) – – – ns
Organic loan repayment from equity affiliates ( c ) – – – ns
Change in debt from renewable projects financing ( d ) * – – – ns
Capex linked to capitalized leasing contracts ( e ) – – – ns
Expenditures related to carbon credits ( f ) – – – ns
Net investments ( a + b + c + d + e + f = g - i + h ) 100 178 75 33%
of which net acquisitions of assets sales ( g - i ) (36) (45) (75) ns
Acquisitions ( g ) – (1) 2 -100%
Assets sales ( i ) 36 44 77 -53%
Change in debt (partner share) and capital gain from renewable projects sales – – – ns
of which organic investments ( h ) 136 223 150 -9%
Capitalized exploration – – – ns
Increase in non-current loans 10 27 18 -44%
Repayment of non-current loans, excluding organic loan repayment from equity (13) (43) (17) ns
affiliates
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
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow from operating activities ( a ) 2,969 3,821 3,266 -9%
(Increase) decrease in working capital ( b ) (1,595) 210 (1,025) ns
Inventory effect ( c ) – – – ns
Capital gain from renewable project sales ( d ) – – – ns
Organic loan repayments from equity affiliates ( e ) – – – ns
Cash flow from operations excluding working capital (CFFO) 4,564 3,611 4,291 6%
( f = a - b - c + d + e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow from operating activities ( a ) (1,120) 2,102 1,743 ns
(Increase) decrease in working capital ( b ) (2,904) 946 495 ns
Inventory effect ( c ) – – – ns
Capital gain from renewable project sales ( d ) – – – ns
Organic loan repayments from equity affiliates ( e ) 1 – 1 ns
Cash flow from operations excluding working capital (CFFO) 1,785 1,156 1,249 43%
( f = a - b - c + d + 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
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow from operating activities ( a ) (145) 1,300 (399) ns
(Increase) decrease in working capital ( b ) (649) 724 (991) ns
Inventory effect ( c ) – – – ns
Capital gain from renewable project sales ( d ) 22 212 – ns
Organic loan repayments from equity affiliates ( e ) 48 – 5 x9.6
Cash flow from operations excluding working capital (CFFO) 574 788 597 -4%
( f = a - b - c + d + 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
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow from operating activities ( a ) 1,564 1,716 (1,983) ns
(Increase) decrease in working capital ( b ) (1,501) 559 (2,543) ns
Inventory effect ( c ) 1,349 (221) (73) ns
Capital gain from renewable project sales ( d ) – – – ns
Organic loan repayments from equity affiliates ( e ) – – – ns
Cash flow from operations excluding working capital (CFFO) 1,716 1,378 633 x2.7
( f = a - b - c + d + e )
2.5 Marketing & Services
(in millions of dollars) 1st quarter 4th quarter 1st quarter 1st quarter 2026
vs
2026 2025 2025 1st quarter 2025
Cash flow from operating activities ( a ) 1,068 1,352 568 88%
(Increase) decrease in working capital ( b ) 148 838 118 25%
Inventory effect ( c ) 500 (78) (34) ns
Capital gain from renewable project sales ( d ) – – – ns
Organic loan repayments from equity affiliates ( e ) – – – ns
Cash flow from operations excluding working capital (CFFO) 420 592 484 -13%
( f = a - b - c + d + e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
(In million of dollars) Exploration & Production Integrated Integrated Power Raffinage & Chimie Marketing & Services Corporate InterCompany Company
LNG
Adjusted net operating income 1st quarter 2026 2,576 1,318 545 1,599 262 (308) – 5,992
Adjusted net operating income 4th quarter 2025 1,805 922 564 1,001 341 (191) – 4,442
Adjusted net operating income 3rd quarter 2025 2,169 852 571 687 380 (80) – 4,579
Adjusted net operating income 2nd quarter 2025 1,974 1,041 574 389 412 (245) – 4,145
Adjusted net operating income ( a ) 8,524 4,133 2,254 3,676 1,395 (824) – 19,158
Balance sheet as of march 31, 2026
Property plant and equipment intangible assets net 86,781 30,462 14,613 13,042 6,846 883 – 152,627
Investments & loans in equity affiliates 5,617 17,618 10,482 4,370 1,036 – – 39,123
Other non-current assets 2,032 2,266 1,713 628 1,012 72 – 7,723
Inventories, net 1,681 1,567 581 16,239 3,864 – – 23,932
Accounts receivable, net 6,597 12,141 4,804 21,891 8,814 1,477 (32,747) 22,977
Other current assets 7,197 19,160 5,029 8,906 3,292 3,074 (12,781) 33,877
Accounts payable (6,442) (13,101) (6,019) (37,509) (10,982) (1,125) 32,485 (42,693)
Other creditors and accrued liabilities (11,794) (17,710) (5,119) (14,784) (6,255) (4,893) 13,043 (47,512)
Working capital (2,761) 2,057 (724) (5,257) (1,267) (1,467) – (9,419)
Provisions and other non-current liabilities (23,691) (4,703) (1,553) (3,421) (1,218) 929 – (33,657)
Assets and liabilities classified as held for sale - Capital employed 337 – 1 – 42 – – 380
Capital Employed (Balance sheet) 68,315 47,700 24,532 9,362 6,451 417 – 156,777
Less inventory valuation effect – – – (1,817) (514) – – (2,331)
Capital Employed at replacement cost ( b ) 68,315 47,700 24,532 7,545 5,937 417 – 154,446
Balance sheet as of march 31, 2025
Property plant and equipment intangible assets net 84,198 29,006 13,997 12,203 6,716 672 – 146,792
Investments & loans in equity affiliates 4,181 16,501 9,988 3,967 1,050 – – 35,687
Other non-current assets 3,668 2,140 1,500 659 1,030 223 – 9,220
Inventories, net 1,653 996 568 12,521 3,299 – – 19,037
Accounts receivable, net 5,753 9,845 6,635 21,697 8,307 1,149 (28,504) 24,882
Other current assets 7,634 7,788 4,295 2,371 2,687 4,043 (6,395) 22,423
Accounts payable (6,612) (10,862) (7,559) (35,562) (9,514) (808) 28,363 (42,554)
Other creditors and accrued liabilities (10,737) (8,054) (3,988) (4,983) (5,475) (5,804) 6,536 (32,505)
Working capital (2,309) (287) (49) (3,956) (696) (1,420) – (8,717)
Provisions and other non-current liabilities (24,645) (4,362) (1,697) (3,377) (1,146) 910 – (34,317)
Assets and liabilities classified as held for sale - Capital employed 304 – 1 – 85 – – 390
Capital Employed (Balance sheet) 65,397 42,998 23,740 9,496 7,039 385 – 149,055
Less inventory valuation effect – – – (1,092) (199) – – (1,291)
Capital Employed at replacement cost ( c ) 65,397 42,998 23,740 8,404 6,840 385 – 147,764
ROACE as a percentage ( a / average ( b + c ) ) 12.7% 9.1% 9.3% 46.1% 21.8% 12.7%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
(in millions of dollars) 1st quarter 4th quarter 1st quarter
2026 2025 2025
Consolidated net income (a) 5,932 2,928 3,921
Net cost of net debt ( b ) (520) (544) (385)
Special items affecting net operating income (1,031) (678) (122)
Gain (loss) on asset sales 252 203 –
Restructuring charges (22) (54) –
Impairments (1,148) (667) –
Other (113) (160) (122)
After-tax inventory effect: FIFO vs. replacement cost 1,551 (237) (78)
Effect of changes in fair value (60) (55) (155)
Total adjustments affecting net operating income ( c ) 460 (970) (355)
Adjusted net operating income ( a - b - c ) 5,992 4,442 4,661
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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