REG-TotalEnergies SE Half-year Report
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Half-year Report
Financial report
First half 2025
Table of contents
Certification of the person responsible for the half-year financial report 3
Glossary 4
1
Half year financial report 7
1.1 Highlights since the beginning of the year 2025 8
1.2 Key figures from TotalEnergies’ consolidated financial statements 10
1.3 Key figures of environment, greenhouse gas emissions and production 11
1.3.1 Environment – liquids and gas price realizations, refining margins 11
1.3.2 Greenhouse gas emissions 11
1.3.3 Production 12
1.4 Analysis of business segments 13
1.4.1 Exploration & Production 13
1.4.2 Integrated LNG 14
1.4.3 Integrated Power 15
1.4.4 Downstream (Refining & Chemicals and Marketing & Services) 16
1.5 TotalEnergies results 18
1.5.1 Adjusted net operating income from business segments 18
1.5.2 Adjusted net income (TotalEnergies share) 18
1.5.3 Adjusted earnings per share 18
1.5.4 Acquisitions – asset sales 18
1.5.5 Net cash flow 18
1.5.6 Profitability 19
1.6 TotalEnergies SE statutory accounts 19
1.7 Annual 2025 Sensitivities 19
1.8 Outlook 20
1.9 Operating information by segment 21
1.9.1 Company’s production (Exploration & Production + Integrated LNG) 21
1.9.2 Downstream (Refining & Chemicals and Marketing & Services) 21
1.9.3 Integrated power 22
1.10 Alternative Performance Measures (Non-GAAP measures) 24
1.10.1 Adjustment items to net income (TotalEnergies share) 24
1.10.2 Reconciliation of adjusted EBITDA with consolidated financial statements 24
1.10.3 Investments – Divestments 26
1.10.4 Cash-flow 26
1.10.5 Gearing ratio 27
1.10.6 Return on average capital employed 27
1.10.7 Pay-out 27
1.10.8 Reconciliation of cash flow used in investing activities to Net investments 28
1.10.9 Reconciliation of cash flow from operating activities to CFFO 30
1.10.10 Reconciliation of capital employed (balance sheet) and calculation of ROACE 32
1.10.11 Reconciliation of consolidated net income to adjusted net operating income 33
1.11 Principal risks and uncertainties for the remaining six months of 2025 33
1.12 Major related parties’ transactions 33
Disclaimer 34
2
Consolidated Financial Statements as of June 30, 2025 37
2.1 Statutory Auditors’ Review Report on the half-yearly Financial Information 38
2.2 Consolidated statement of income – half-yearly 39
2.3 Consolidated statement of comprehensive income – half-yearly 40
2.4 Consolidated statement of income – quarterly 41
2.5 Consolidated statement of comprehensive income – quarterly 42
2.6 Consolidated balance sheet 43
2.7 Consolidated statement of cash flow – half-yearly 44
2.8 Consolidated statement of cash flow – quarterly 45
2.9 Consolidated statement of changes in shareholders’ equity 46
2.10 Notes to the Consolidated Financial Statements for the first six months 2025 (unaudited) 47
1) Basis of preparation of the consolidated financial statements 47
2) Changes in the Company structure 47
3) Business segment information 49
4) Shareholders’ equity 53
5) Financial debt 55
6) Related parties 55
7) Other risks and contingent liabilities 55
8) Subsequent events 56
The French language version of this Rapport financier semestriel (half-year
financial report) was filed with the French Financial Markets Authority
(Autorité des marchés financiers) on July 25, 2025 pursuant to paragraph III
of Article L. 451-1-2 of the French Monetary and Financial Code.
Financial report 1(st) half 2025
Certification of the person responsible for the half-year financial report
This semestrial financial report is a translation in english of the official
version of the the semestrial financial report in french filed with the AMF on
July 25, 2025 and available at https://totalenergies.com/investors/results
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftotalenergies.com%2Finvestors%2Fresults&esheet=54295853&newsitemid=20250724665198&lan=en-US&anchor=https%3A%2F%2Ftotalenergies.com%2Finvestors%2Fresults&index=1&md5=832262a224f70127bc5fdb522dbd1613)
.
“I certify, to the best of my knowledge, that the condensed Consolidated
Financial Statements of TotalEnergies SE (the Corporation) for the first half
of 2025 have been prepared in accordance with the applicable set of accounting
standards and give a fair view of the assets, liabilities, financial position
and profit or loss of the Corporation and all the entities included in the
consolidation, and that the half-year financial report on pages 7 to 35 herein
includes a fair review of the important events that have occurred during the
first six months of the financial year and their impact on the financial
statements, major related parties transactions and the principal risks and
uncertainties for the remaining six months of the financial year.
The statutory auditors’ report on the limited review of the above-mentioned
condensed Consolidated Financial Statements is included on page 38 of this
half-year financial report.”
Courbevoie, July 24, 2025
Patrick Pouyanné Chairman and Chief Executive Officer
Glossary
The terms “TotalEnergies” and “TotalEnergies company” as used in this
document refer to TotalEnergies SE collectively with all of its direct and
indirect consolidated companies located in or outside of France. The term
“Corporation” as used in this document exclusively refers to TotalEnergies
SE, which is the parent company of TotalEnergies company.
ABBREVIATIONS
€: euro FSRU: floating storage and regasification unit
$ or dollar: US dollar GHG: greenhouse gas
ADR: American depositary receipt (evidencing an ADS) HSE: health, safety and the environment
ADS: American depositary share (representing a share of a company) IEA (SDS): International Energy Agency (Sustainable Development Scenario)
AMF: Autorité des marchés financiers (French Financial Markets Authority) IFRS: International Financial Reporting Standards
API: American Petroleum Institute IPIECA: International Petroleum Industry Environmental Conservation Association
ATEX: explosive atmosphere LNG: liquefied natural gas
CCS: carbon capture and storage LPG: liquefied petroleum gas
CCUS: carbon capture utilization and storage (refer to the definition of carbon NGL: natural gas liquids
capture and storage below)
CNG: compressed natural gas NGV : natural gas vehicle
CO(2): carbon dioxide OML: oil mining lease
CO(2)e: equivalent CO(2) PPA: Power Purchase Agreement (refer to the definition below)
CSR: corporate and social responsibility ROACE: return on average capital employed
ROE: return on equity
DACF: debt adjusted cash flow (refer to the definition of operating cash flow before SDG: Sustainable development goal
working capital changes without financial charges below)
ESG: Environment, Social and Governance SEC: United States Securities and Exchange Commission
EV: electric vehicle TCFD: task force on climate-related financial disclosures
FLNG: floating liquefied natural gas WHRS: Worldwide Human Resources Survey
FPSO: floating production, storage and offloading
UNITS OF MEASUREMENT
b = barrel(1) m = meter
B = billion m³ = cubic meter((1))
Bcm = billion of cubic meters M = million
boe = barrel of oil equivalent Mtpa = million ton per annum
btu = British thermal unit MW = megawatt
cf = cubic feet PJ = petajoule
/d = per day t = (Metric) ton
Gt CO(2) = billion of CO(2) tons toe= ton of oil equivalent
GW = gigawatt TWh = terawatt hour
GWh = gigawatt hour W = watt
k = thousand /y = per year
km = kilometer
CONVERSION TABLE
1 acre ≈ 0.405 hectares 1 m³ ≈ 35.3 cf
1 b = 42 US gallons ≈ 159 liters 1 Mt of LNG ≈ 48 Bcf of gas
1 b/d of crude oil ≈ 50 t/y of crude oil 1 Mt/y of LNG ≈ 131 Mcf/d of gas
1 Bcm/y ≈ 0.1 Bcf/d 1 t of oil ≈ 7.5 b of oil (assuming a specific gravity of 37° API)
1 km ≈ 0.62 miles 1 boe = 1 b of crude oil ≈ 5,424 cf of gas in 2024(2) (5,419 cf of gas in 2023 and 5,387 cf in 2022)
(1) Liquid and gas volumes are reported at international standard metric
conditions (15 °C and 1 atm).
(2) Natural gas is converted to barrels of oil equivalent using a ratio of
cubic feet of natural gas per one barrel. This ratio is based on the actual
average equivalent energy content of natural gas reserves during the
applicable periods and is subject to change. The tabular conversion rate is
applicable to TotalEnergies’ natural gas reserves on a Company-wide basis.
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.
1
Half year financial report
1.1 Highlights since the beginning of the year 2025 8
1.2 Key figures from TotalEnergies’ consolidated financial statements 10
1.3 Key figures of environment, greenhouse gas emissions and production 11
1.3.1 Environment – liquids and gas price realizations, refining margins 11
1.3.2 Greenhouse gas emissions 11
1.3.3 Production 12
1.4 Analysis of business segments 13
1.4.1 Exploration & Production 13
1.4.2 Integrated LNG 14
1.4.3 Integrated Power 15
1.4.4 Downstream (Refining & Chemicals and Marketing & Services) 16
1.5 TotalEnergies results 18
1.5.1 Adjusted net operating income from business segments 18
1.5.2 Adjusted net income (TotalEnergies share) 18
1.5.3 Adjusted earnings per share 18
1.5.4 Acquisitions – asset sales 18
1.5.5 Net cash flow 18
1.5.6 Profitability 19
1.6 TotalEnergies SE statutory accounts 19
1.7 Annual 2025 Sensitivities 19
1.8 Outlook 20
1.9 Operating information by segment 21
1.9.1 Company’s production (Exploration & Production + Integrated LNG) 21
1.9.2 Downstream (Refining & Chemicals and Marketing & Services) 21
1.9.3 Integrated power 22
1.10 Alternative Performance Measures (Non-GAAP measures) 24
1.10.1 Adjustment items to net income (TotalEnergies share) 24
1.10.2 Reconciliation of adjusted EBITDA with consolidated financial statements 24
1.10.3 Investments – Divestments 26
1.10.4 Cash-flow 26
1.10.5 Gearing ratio 27
1.10.6 Return on average capital employed 27
1.10.7 Pay-out 27
1.10.8 Reconciliation of cash flow used in investing activities to Net investments 28
1.10.9 Reconciliation of cash flow from operating activities to CFFO 30
1.10.10 Reconciliation of capital employed (balance sheet) and calculation of ROACE 32
1.10.11 Reconciliation of consolidated net income to adjusted net operating income 33
1.11 Principal risks and uncertainties for the remaining six months of 2025 33
1.12 Major related parties’ transactions 33
Disclaimer 34
1.1 Highlights since the beginning of the year 2025*
Upstream
– Production start-up of the Mero-4 offshore oil development, for 180,000
b/d, in Brazil
– Production start-up of the Ballymore offshore oil field, for 75,000 b/d,
in the United States
– Launch, as part of GGIP, of the construction of an early gas treatment
unit to stop flaring and supply gas-fired power plants in Iraq
– Divestment of TotalEnergies’ 20% non-operated interest in Gato do Mato
project to Shell in exchange for an increased 48% stake in the operated Lapa
offshore field, in Brazil
– Divestment of TotalEnergies’ 12.5% non-operated interest in the Bonga
field, in Nigeria
– Acquisition of a 25% working interest in a portfolio of 40
Chevron-operated offshore exploration leases, in the United States
– Acquisition from Petronas of interests in multiple blocks offshore
Malaysia and Indonesia
– Acquisition of a 25% interest in Block 53, in Suriname
– Award of the Ahara Exploration license, in Algeria
– Signature of an agreement with Egypt and Cyprus for the export of Cyprus
Block 6 gas through Egypt
Downstream
– Announcement of the shut-down of the cracker NC2 in the Antwerp platform
by 2027, in the context of over-capacity of petrochemicals in Europe
Integrated LNG
– Signature of an agreement with NextDecade for LNG offtake of 1.5 Mt/year
over 20 years from the future Train 4 of Rio Grande LNG, in Texas
– Signature of an LNG contract for 0.4 Mt/year over 10 years with GSPC,
delivered in India from 2026
– Signature of an agreement for the sale of 0.4 Mt/year of LNG over 15 years
to Energia Natural Dominicana from 2027
– Signature of agreements with Western LNG for a future equity stake and LNG
offtake in Ksi Lisims LNG project, in the Pacific coast of Canada
– Mozambique LNG: confirmation of the project financing by the US EXIM for
$4.7 billion
– Agreement between with CMA CGM to create a JV for LNG bunkering in
Rotterdam, with TotalEnergies providing up to 360,000 tons of LNG per year
Integrated Power
– Closing of the acquisition of the German renewable energy developer VSB
– Signature of a Clean Firm Power contract with STMicroelectronics for 1.5
TWh over 15 years
– Start-up of the 640 MW Yunlin offshore wind farm, in Taiwan
– Launch of six new battery storage projects, for a capacity of 221 MW, in
Germany
– Closing of the SN Power acquisition, a hydro-electricity project
developer, in Africa
– Closing of the acquisition of the Big Sky Solar facility (184 MW
installed) and agreement to acquire additional renewables projects of more
than 600 MW, in Canada
– Closing of the sale of 50% of TotalEnergies’ 604 MW renewables
portfolio, in Portugal
– Closing of the acquisition of 50% of AES’ renewables portfolio, in the
Dominican Republic
– Acquisition of 350 MW of solar projects and 85 MW of BESS projects, in the
UK
– Award of a concession to develop a 1GW offshore wind farm, in Germany
– Signature of an agreement with RGE for the development of a solar and
battery project in Indonesia to supply the local market and Singapore
* 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.
Carbon footprint reduction and low-carbon molecules
– Final Investment Decision of the second phase of the Northern Lights CCS
project
– Launch of projects with Air Liquide to produce green hydrogen to European
refineries
– Zeeland: Joint Venture for the construction and operation of an
electrolyzer producing 30,000 tons of green hydrogen per year
– Antwerp: tolling agreement for 15,000 tons of green hydrogen per year
– Signature of an agreement for the sale of 50% of biogas leader PGB in
Poland
– Signature of a 15-year agreement with Quatra for the supply of 60,000
tons/yr of European used cooking oil to TotalEnergies’ biorefineries
– Signature of an agreement with RWE for the supply of 30,000 tons of green
hydrogen per year to decarbonize the Leuna refinery from 2030
– Start-up of BioNorrois, the second largest biogas production unit in
France
Innovation and Performance
– Collaboration with Mistral AI through a joint innovation lab to increase
the application of AI in TotalEnergies’ multi-energy strategy
Social and environmental responsibility
– Publication of the Sustainability & Climate – 2025 Progress Report
presenting the progress made by the Company in 2024 in the implementation of
its strategy and climate ambition
– Mozambique LNG: launch of official investigations in Mozambique, at the
request of TotalEnergies, following allegations of human right abuses by
members of Mozambique’s defense and security forces and request of the
intervention of the National Commission of Human Rights
1.2 Key figures from TotalEnergies’ consolidated financial statements(3)
(in millions of dollars, except effective tax rate, earnings per share and 1H25 1H24 1H25 vs 1H24
number of shares)
Adjusted EBITDA((1)) 20,194 22,566 -11%
Adjusted net operating income from business segments 9,182 10,939 -16%
Exploration & Production 4,425 5,217 -15%
Integrated LNG 2,335 2,374 -2%
Integrated Power 1,080 1,113 -3%
Refining & Chemicals 690 1,601 -57%
Marketing & Services 652 634 +3%
Contribution of equity affiliates to adjusted net income 1,417 1,257 +13%
Effective tax rate(4) 41.4% 39.0% –
Adjusted net income (TotalEnergies share)((1)) 7,770 9,784 -21%
Adjusted fully-diluted earnings per share (dollars) ((5)) 3.41 4.14 -18%
Adjusted fully-diluted earnings per share (euros)((6)) 3.12 3.82 -18%
Fully-diluted weighted-average shares (millions) 2,236 2,333 -4%
Net income (TotalEnergies share) 6,538 9,508 -31%
Organic investments((1)) 9,320 8,482 +10%
Acquisitions net of assets sales((1)) 2,233 (280) ns
Net investments((1)) 11,553 8,202 +41%
Cash flow from operations excluding working capital (CFFO)((1)) 13,610 15,945 -15%
Debt Adjusted Cash Flow (DACF)((1)) 14,220 16,207 -12%
Cash flow from operating activities 8,523 11,176 -24%
Gearing((1)) of 17.9% at June 30, 2025 vs. 14.3% at March 31, 2025 and 10.2%
at June 30, 2024.
(3) Refer to Glossary page 4 for the definitions and further information on
alternative performance measures (Non-GAAP measures) and to page 24 and
following for reconciliation tables.
(4) Effective tax rate = (tax on adjusted net operating income) / (adjusted
net operating income – income from equity affiliates – dividends received
frominvestments – impairment of goodwill + tax on adjusted net operating
income).
(5) In accordance with IFRS rules, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the interest on the perpetual
subordinated bonds.
(6)Average €-$ exchange rate: 1.1338 in the 2(nd) quarter 2025, 1.0523 in
the 1(st) quarter 2025, 1.0767 in the 2(nd) quarter 2024, 1.0927 in the 1(st)
half 2025 and 1.0813 in the 1(st) half 2024.
1.3 Key figures of environment, greenhouse gas emissions and production
1.3.1 Environment – liquids and gas price realizations, refining margins
1H25 1H24 1H25 vs 1H24
Brent ($/b) 71.9 84.1 -15%
Henry Hub ($/Mbtu) 3.7 2.2 +66%
TTF ($/Mbtu) 13.2 9.4 +40%
JKM ($/Mbtu) 13.1 10.3 +28%
Average price of liquids( 7, 8) ($/b)Consolidated subsidiaries 68.7 79.9 -14%
Average price of gas((5),) ((9)) ($/Mbtu)Consolidated subsidiaries 6.13 5.08 +21%
Average price of LNG((5),(10)) ($/Mbtu)Consolidated subsidiaries and equity 9.55 9.46 +1%
affiliates
European Refining Margin Marker (ERM)((5),(11)) ($/t) 32.4 58.3 -44%
1.3.2 Greenhouse gas emissions((12))
Scope 1+2 emissions((13)) (MtCO2e) 1H25 1H24
Scope 1+2 from operated facilities((1)) 16.4 15.9
of which Oil & Gas 14.3 14.1
of which CCGT 2.1 1.8
Scope 1+2 - ESRS share((1)) 21.7 21.2
Methane emissions (ktCH4) 1H25 1H24
Methane emissions from operated facilities((1)) 11 15
Estimated quarterly emissions.
Scope 1+2 emissions from operated installations were up 3% year-on-year mainly
due to a perimeter effect following the acquisition of CCGTs in Texas.
First semester 2025 Scope 3(14 )Category 11 emissions are estimated to be 170
Mt CO(2)e.
(7) Does not include oil, gas and LNG trading activities, respectively.
(8) Sales in $ / Sales in volume for consolidated affiliates.
(9) Sales in $ / Sales in volume for consolidated affiliates.
(10) Sales in $ / Sales in volume for consolidated and equity affiliates.
(11) This market indicator for European refining, calculated based on public
market prices ($/t), uses a basket of crudes, petroleum product yields and
variable costs representative of the European refining system of
TotalEnergies.
(12) The six greenhouse gases in the Kyoto protocol, namely CO(2), CH(4),
N(2)O, HFCs, PFCs and SF(6), with their respective 100-year time horizon GWP
(Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs
and SF(6) are virtually absent from the Company’s emissions or are
considered as non-material and are therefore no longer counted with effect
from 2018. In CO(2) equivalent terms, nitrous oxide (N(2)O) represents less
than 1% of the Company's Scope 1+2 emissions.
(13) Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG
from sites or activities that are included in the scope of reporting and
indirect emissions attributable to brought-in energy (electricity, heat,
steam), net from potential energy sales, excluding purchased industrial gases
(H(2)). Unless stated otherwise, TotalEnergies reports Scope 2 GHG emissions
using the market-based method defined by the GHG Protocol.
(14) If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions,
category 11, which correspond to indirect GHG emissions related to the direct
use phase emissions of sold products over their expected lifetime (i.e., the
scope 1 and scope 2 emissions of end users that occur from the combustion of
fuels) in accordance with the definition of the GHG Protocol Corporate Value
Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company
follows the oil & gas industry reporting guidelines published by IPIECA,
which comply with the GHG Protocol methodologies. In order to avoid double
counting, this methodology accounts for the largest volume in the oil and gas
value chains, i.e. the higher of the two production volumes or sales for end
use. For TotalEnergies, in 2024, the calculation of Scope 3 GHG emissions for
the oil value chain considers products sales (higher than production) and for
the gas value chain, the marketable gas and condensates production (higher
than gas sales, either as LNG or as direct sales to B2B/B2C customers). A
stoichiometric emission factor (oxidation of molecules to carbon dioxide) is
applied to these sales or production to obtain an emission volume. In
accordance with the Technical Guidance for Calculating Scope 3 Emissions
Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting
Standard which defines end users as both consumers and business customers that
use final products, and with IPIECA’s Estimating petroleum industry value
chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of
emissions from fuel purchased for resale to non-end users (e.g. traded) is
optional, TotalEnergies does not report emissions associated with trading
activities.
1.3.3 Production (15)
Hydrocarbon production 1H25 1H24 1H25 vs 1H24
Hydrocarbon production (kboe/d) 2,531 2,451 +3%
Oil (including bitumen) (kb/d) 1,349 1,320 +2%
Gas (including condensates and associated NGL) (kboe/d) 1,182 1,131 +4%
Hydrocarbon production (kboe/d) 2,531 2,451 +3%
Liquids (kb/d) 1,511 1,480 +2%
Gas (Mcf/d) 5,524 5,215 +6%
Hydrocarbon production was 2,531 thousand barrels of oil equivalent per day in
the first semester 2025, up 3% year-on-year, and was comprised of:
– +5% due to start-ups and ramp-ups, including Mero-2, Mero-3 and Mero-4 in
Brazil, Fenix in Argentina, Tyra in Denmark, Anchor and Ballymore in the
United States and Akpo West in Nigeria;
– +2% portfolio effect related to the acquisitions of SapuraOMV in Malaysia
and interests in the Eagle Ford shale gas plays in Texas, and price effect;
– -2% mainly due to a higher level of planned maintenance;
– -2% due to the natural field declines.
(15) Company production = E&P production + Integrated LNG production.
1.4 Analysis of business segments
1.4.1 Exploration & Production
1.4.1.1 PRODUCTION
Hydrocarbon production 1H25 1H24 1H25 vs 1H24
EP (kboe/d) 1,966 1,956 +1%
Liquids (kb/d) 1,440 1,416 +2%
Gas (Mcf/d) 2,807 2,883 -3%
1.4.1.2 RESULTS
(in millions of dollars, except effective tax rate) 1H25 1H24 1H25 vs 1H24
Adjusted net operating income 4,425 5,217 -15%
including adjusted income from equity affiliates 326 352 -7%
Effective tax rate((16)) 49.7% 47.7% –
Organic investments((1)) 5,737 4,626 +24%
Acquisitions net of assets sales((1)) 278 93 x3
Net investments((1)) 6,015 4,719 +27%
Cash flow from operations excluding working capital (CFFO)((1)) 8,051 8,831 -9%
Cash flow from operating activities 6,941 8,125 -15%
Adjusted net operating income was $4,425 million, down 15% year-on-year in
line with a decrease in oil price partially compensated by the increase in
accretive production and gas prices.
Cash flow from operations excluding working capital (CFFO) was $8,051 million,
down 9% quarter-to-quarter, for the same reasons.
(16) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
1.4.2 Integrated LNG
1.4.2.1 PRODUCTION
Hydrocarbon production for LNG 1H25 1H24 1H25 vs 1H24
Integrated LNG (kboe/d) 565 495 +14%
Liquids (kb/d) 71 64 +12%
Gas (Mcf/d) 2,717 2,332 +17%
Liquefied Natural Gas (in Mt) 1H25 1H24 1H25 vs 1H24
Overall LNG sales 21.2 19.5 +9%
incl. Sales from equity production* 7.9 7.8 +1%
incl. Sales by TotalEnergies from equity production and third party purchases 18.8 16.9 +11%
* The Company's equity production may be sold by Total Energies or by the
joint ventures.
Hydrocarbon production for LNG in the first semester 2025 was up 14%
year-on-year, related to the acquisitions of SapuraOMV in Malaysia and
interests in the Eagle Ford shale gas plays in Texas.
LNG sales in the first semester 2025 were up 9% year-on-year, mainly due to
spot volumes.First semester 2024 had been impacted by a lower demand of LNG in
Europe in the context of a mild winter and high storage.
1.4.2.2 RESULTS
(in millions of dollars) 1H25 1H24 1H25 vs 1H24
Average price of LNG ($/Mbtu)Consolidated subsidiaries and equity affiliates 9.55 9.46 +1%
Adjusted net operating income 2,335 2,374 -2%
including adjusted income from equity affiliates 1,048 915 +15%
Organic investments((1)) 1,495 1,164 +28%
Acquisitions net of assets sales((1)) 250 186 +34%
Net investments((1)) 1,745 1,350 +29%
Cash flow from operations excluding working capital (CFFO)((1)) 2,408 2,568 -6%
Cash flow from operating activities 2,282 2,141 +7%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does
not include LNG trading activities.
Adjusted net operating income for Integrated LNG was $2,335 million in the
first semester 2025, down 2% year-on-year, the growth of production and sales
having compensated gas trading activities which faced lower volatility.
Cash flow from operations excluding working capital (CFFO) was $2,408 million
in the first semester down 6% year-on-year for the same reason.
1.4.3 Integrated Power
1.4.3.1 PRODUCTIONS, CAPACITIES, CLIENTS AND SALES
Integrated Power 1H25 1H24 1H25 vs 1H24
Net power production (TWh)* 22.9 18.6 23%
o/w production from renewables 15.2 12.8 18%
o/w production from gas flexible capacities 7.7 5.8 33%
Portfolio of power generation net installed capacity (GW)** 24.0 19.6 22%
o/w renewables 17.4 13.8 26%
o/w gas flexible capacities 6.5 5.8 13%
Portfolio of renewable power generation gross capacity (GW)**(,)*** 104.1 87.4 19%
o/w installed capacity 30.2 24.0 26%
Clients power - BtB and BtC (Million)** 6.0 6.0 ns
Clients gas - BtB and BtC (Million)** 2.7 2.8 ns
Sales power - BtB and BtC (TWh) 25.0 26.0 -4%
Sales gas - BtB and BtC (TWh) 50.6 54.6 -7%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 19.25% of Adani Green Energy Ltd’s gross capacity, 50% of
Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross
capacity.
In the first semester 2025, net power production increased was 22.9 Wh, up 23%
year-on-year, driven by growth in renewable energy and the acquisition of
flexible gas capacities in the United-States during the first half of 2025 and
in the United Kingdom during the second half of 2024.
Gross installed renewable power generation capacity reached 30.2 GW at the end
of the first semester 2025, up 26% year-on-year, i.e. a 6.2 GW increase.
1.4.3.2 RESULTS
(in millions of dollars) 1H25 1H24 1H25 vs 1H24
Adjusted net operating income 1,080 1,113 -3%
including adjusted income from equity affiliates 66 (4) ns
Organic investments((1)) 1,066 1,539 -31%
Acquisitions net of assets sales((1)) 1,806 647 x2.8
Net investments((1)) 2,872 2,186 +31%
Cash flow from operations excluding working capital (CFFO)((1)) 1,159 1,315 -12%
Cash flow from operating activities 400 1,398 -71%
Adjusted net operating income for Integrated Power was $1,080 million in the
first semester 2025 and cash flow from operations excluding working capital
(CFFO) was $1,159 million, in line with the annual guidance.
1.4.4 Downstream (Refining & Chemicals and Marketing & Services)
1.4.4.1 RESULTS
(in millions of dollars) 1H25 1H24 1H25 vs 1H24
Adjusted net operating income 1,342 2,235 -40%
Organic investments((1)) 918 1,088 -16%
Acquisitions net of assets sales((1)) (102) (1,202) ns
Net investments((1)) 816 (114) ns
Cash flow from operations excluding working capital (CFFO)((1)) 2,600 3,546 -27%
Cash flow from operating activities 100 954 -90%
1.4.4.2 REFINING & CHEMICALS
1.4.4.2.1 REFINERY AND PETROCHEMICALS THROUGHPUT AND UTILIZATION RATES
Refinery throughput and utilization rate* 1H25 1H24 1H25 vs 1H24
Total refinery throughput (kb/d) 1,569 1,468 +7%
France 449 406 +11%
Rest of Europe 629 627 –
Rest of world 491 435 +13%
Utilization rate based on crude only* 89% 82% –
* Based on distillation capacity at the beginning of the year, excluding the
African refinery SIR (divested) from 3(rd) quarter 2024 and the African
refinery Natref (divested) during the 4(th) quarter 2024.
Petrochemicals production and utilization rate 1H25 1H24 1H25 vs 1H24
Monomers* (kt) 2,414 2,535 -5%
Polymers (kt) 2,300 2,185 +5%
Steam cracker utilization rate** 76% 76% –
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year, excluding Lavera (divested) from 2(nd)
quarter 2024.
Refinery throughput in the first semester was up by 7% year-on-year due to
increased availability across the platforms and a lighter scheduled
maintenance program.
In the first semester 2025, petrochemicals production was down 5% year-on-year
for monomers, due to the disposal of Lavera plant in France in the second
quarter 2024 and to a planned maintenance in Normandie's platform, and up 5%
for polymers, reflecting the ramp-up of Baystar 3 in the United Sates, despite
weakness in European sales.
1.4.4.2.2 RESULTS
(in millions of dollars, except ERM) 1H25 1H24 1H25 vs 1H24
European Refining Margin Marker (ERM) ($/t)* 32.4 58.3 -44%
Adjusted net operating income 690 1,601 -57%
Organic investments((1)) 569 801 -29%
Acquisitions net of assets sales((1)) (24) (115) ns
Net investments((1)) 545 686 -21%
Cash flow from operations excluding working capital (CFFO)((1)) 1,405 2,408 -42%
Cash flow from operating activities (1,096) (588) ns
* This market indicator for European refining, calculated based on public
market prices ($/t), uses a basket of crudes, petroleum product yields and
variable costs representative of the European refining system of
TotalEnergies. Does not include oil trading activities.
Adjusted net operating income was $690 million in the first semester 2025,
down 57% year-on-year, in line with the decrease of refining and petrochemical
margins.
Cash flow from operations excluding working capital (CFFO) was $1,405 million,
down 42% year-on-year for the same reasons.
1.4.4.3 MARKETING & SERVICES
1.4.4.3.1 PETROLEUM PRODUCT SALES
Sales (in kb/d)* 1H25 1H24 1H25 vs 1H24
Total Marketing & Services sales 1,295 1,338 -3%
Europe 753 744 +1%
Rest of world 543 594 -9%
* Excludes trading and bulk refining sales.
Sales of petroleum products were down 3% year-on-year due to the portfolio
refocusing on dominant positions, leading to the divestment of subsidiaries,
particularly in Asia and South America.
1.4.4.3.2 RESULTS
(in millions of dollars) 1H25 1H24 1H25 vs 1H24
Adjusted net operating income 652 634 +3%
Organic investments((1)) 349 287 +22%
Acquisitions net of assets sales((1)) (78) (1,087) ns
Net investments((1)) 271 (800) ns
Cash flow from operations excluding working capital (CFFO)((1)) 1,195 1,138 +5%
Cash flow from operating activities 1,196 1,542 -22%
Marketing & Services adjusted net operating income was $652 million in the
first semester 2025, up 3% year-on-year despite a decrease in volumes sold
reflecting an increase in margins.
Cash flow from operations excluding working capital (CFFO) was $1,195 million,
up 5% year-on-year for the same reasons.
1.5 TotalEnergies results
1.5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was $9,182 million in the
first smester 2025 versus $10,939 million in the first semester 2024, mainly
due to a decrease in oil prices and refining margins, partially compensated by
higher hydrocarbon production.
1.5.2 Adjusted net income((1)) (TotalEnergies share)
TotalEnergies adjusted net income was $7,770 million in the first semester
2025 versus $9,784 million in the first semester 2024, for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of changes in fair value.
Adjustments to net income( )were ($1.2) billion in the first semester 2025
consisting mainly of:
– ($0.8) billion of changes in fair value and stock variation;
– ($0.2) billion of exceptional provisions and depreciations, mainly linked
to the Antwerp platform reconfiguration for the Refining & Chemicals
business;
– ($0.2) billion of non-recurring items, mainly related to the impact of the
Energy Profit Levy in the United Kingdom.
TotalEnergies’ average tax rate was 41.6% in the first semester 2025 versus
39% in the first semester 2024.
1.5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were $3.41 in the first semester 2025,
based on 2,236 million weighted average diluted shares, compared to $4.41 in
the first semester 2024.
As of June 30, 2025, the number of diluted shares was 2,220 million.
As part of its shareholder return policy, TotalEnergies repurchased 62 million
shares* in the first semester 2025 for $3.7 billion.
1.5.4 Acquisitions – asset sales
Acquisitions were $2,942 million in the first semester 2025, primarily related
to:
– the acquisiton VSB;
– the acquisition of a renewable asset portfolio in the Dominican Republic;
– the acquisition of an additional 10% interest in Moho field in Congo,
– the acquisition of SN Power, developer of hydro-electricity projects in
Africa;
– the acquisition of the renewable Big Sky Solar project in Canada.
Divestments were $709 million in the first semester 2025, primarily related
to:
– the sale of 50% of a renewable asset portfolio in Portugal;
– the sale of interests in Nkossa and Nsoko II permits in Congo;
– the finalization of the divestment of fuel distributions activities in
Brazil.
1.5.5 Net cash flow((1))
TotalEnergies' net cash flow( )was $2,057 million in the first semester 2025
compared to $7,743 million in the first semester 2024, reflecting the $2,335
million decrease in CFFO and the $3,551 million increase in net investments to
$11,553 million.
2025 first semester cash flow from operating activities was $8,523 million
versus CFFO of $13,610 million, and was negatively impacted by increased
working capital of $4.9 billion, in line with first semester 2024, mainly due
to the reversal of exceptional working capital items which reduced working
capital in the fourth quarter 2024, the unfavorable effect of declining prices
on tax liabilities, the effect of the evolution of the business (stocks and
sales increase), and related to advanced payments happening in the first half
of the year 2025.
* Including coverage of employees share grant plans.
1.5.6 Profitability
Return on equity was 14.1% for the twelve months ended June 30, 2025.
(in millions of dollars) July 1, 2024 June 30, 2025 April 1, 2024 March 31, 2025 July 1, 2023 June 30, 2024
Adjusted net income (TotalEnergies share)((1)) 16,535 17,636 21,769
Average adjusted shareholders' equity 117,441 116,758 116,286
Return on equity (ROE) 14.1% 15.1% 18.7%
Return on average capital employed((1)) was 12.4% for the twelve months ended
June 30, 2025.
(in millions of dollars) July 1, 2024 June 30, 2025 April 1, 2024 March 31, 2025 July 1, 2023 June 30, 2024
Adjusted net operating income((1)) 18,184 19,125 23,030
Average capital employed((1)) 146,456 144,629 138,776
ROACE((1)) 12.4% 13.2% 16.6%
1.6 TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €7,824
million in the first semester 2025, compared to €7,965 million in the first
semester 2024.
1.7 Annual 2025 Sensitivities((17))
Change Estimated impact on Estimated impact on cash flow from operations
adjusted net operating income
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price((18)) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
(17) Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2025. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals.
(18 )In a 70-80 $/b Brent environment.
1.8 Outlook
In an unstable geopolitical and macroeconomic environment (tariff war), oil
markets remain volatile with prices fluctuating between $60 and $70/b. The
market is facing an abundant supply that is fueled by OPEC+'s decision to
unwind some voluntary production cuts and weak demand that is linked to the
slowdown in global economic growth.
Refining and petrochemical margins are similarly facing structural
overcapacity given persistently weak demand. However, due to traditionally
stronger summer demand (driving season), refining margins are above $50/ton at
the start of the third quarter 2025.
Forward European gas prices remain sustained around $12/Mbtu for the third
quarter of 2025 and winter 2025/26 due to European stock replenishment. Given
the evolution of oil and gas prices in recent months and the lag effect on
pricing formulas, TotalEnergies anticipates an average LNG selling price of $9
to $9.5/Mbtu for the third quarter of 2025.
Hydrocarbon production in the third quarter of 2025 is expected to increase by
over 3% compared to the third quarter of 2024, which is in line with the
Company's annual objective of over 3% production growth in 2025 compared to
2024.
Taking into account scheduled maintenance at Antwerp, Port Arthur and HTC,
utilization rates should be around 80% and 85% in the third quarter.
The Company anticipates that net investments for the full year will be within
the $17-17.5 billion guidance range given the disposal program planned for the
second half of the year.
1.9 Operating information by segment
1.9.1 Company’s production (Exploration & Production + Integrated LNG)
Combined liquids and gas production by region (kboe/d) 1H25 1H24 1H25 vs 1H24
Europe 547 566 -3%
Africa 424 456 -7%
Middle East and North Africa 849 820 +4%
Americas 430 355 +21%
Asia-Pacific 281 254 +10%
Total production 2,531 2,451 +3%
includes equity affiliates 382 352 +8%
Liquids production by region (kb/d) 1H25 1H24 1H25 vs 1H24
Europe 209 225 -7%
Africa 310 328 -5%
Middle East and North Africa 677 656 +3%
Americas 210 168 +24%
Asia-Pacific 105 103 +2%
Total production 1,511 1,480 +2%
includes equity affiliates 161 152 +6%
Gas production by region (Mcf/d) 1H25 1H24 1H25 vs 1H24
Europe 1,819 1,841 -1%
Africa 573 634 -10%
Middle East and North Africa 947 900 +5%
Americas 1,225 1,032 +19%
Asia-Pacific 960 808 +19%
Total production 5,524 5,215 +6%
includes equity affiliates 1,205 1,085 +11%
1.9.2 Downstream (Refining & Chemicals and Marketing & Services)
Petroleum product sales by region (kb/d) 1H25 1H24 1H25 vs 1H24
Europe 1,790 1,807 -1%
Africa 617 575 +7%
Americas 1,065 1,011 +5%
Rest of world 901 675 +33%
Total consolidated sales 4,373 4,068 +7%
includes bulk sales 362 399 -9%
includes trading 2,716 2,331 +16%
Petrochemicals production* (kt) 1H25 1H24 1H25 vs 1H24
Europe 1,816 1,890 -4%
Americas 1,444 1,401 +3%
Middle East and Asia 1,454 1,430 +2%
* Olefins, polymers.
1.9.3 Integrated power
1.9.3.1 NET POWER PRODUCTION
1H25 1H24
Net power production (TWh) Solar Onshore Offshore Gas Others Total Solar Onshore Offshore Gas Others Total
Wind
Wind
Wind
Wind
France 0.4 0.4 – 2.4 0.0 3.2 0.3 0.4 – 2.3 0.0 3.0
Rest of Europe 0.3 1.1 0.5 2.6 0.2 4.7 0.2 1.0 1.0 1.1 0.2 3.4
Africa 0.0 – – – – 0.2 0.0 0.0 – – – 0.1
Middle East 0.5 – – 0.5 – 0.9 0.5 – – 0.5 – 1.0
North America 1.9 1.1 – – – 5.3 1.5 1.2 – – – 4.6
South America 0.3 1.6 – – – 1.9 0.3 1.4 – – – 1.7
India 4.7 0.9 – – – 5.6 3.4 0.6 – – – 4.0
Pacific Asia 0.7 0.0 0.3 – – 1.0 0.7 0.0 0.1 – – 0.9
Total 8.8 5.2 0.8 7.7 0.4 22.9 6.8 4.6 1.1 5.8 0.2 18.6
1.9.3.2 INSTALLED POWER GENERATION NET CAPACITY
1H25 1H24
Installed power generation net capacity (GW) ((19)) Solar Onshore Offshore Gas Others Total Solar Onshore Offshore Gas Others Total
Wind
Wind
Wind
Wind
France 0.8 0.5 – 2.7 0.2 4.2 0.6 0.4 – 2.6 0.1 3.7
Rest of Europe 0.5 1.0 0.3 2.1 0.2 4.0 0.3 0.9 0.3 1.4 0.1 2.9
Africa 0.0 – – – 0.1 0.1 0.1 0.0 – – 0.0 0.1
Middle East 0.5 – – 0.3 – 0.8 0.4 – – 0.3 – 0.8
North America 2.8 0.9 – 1.5 0.4 5.5 2.3 0.8 – 1.5 0.4 5.0
South America 0.4 1.0 – – – 1.4 0.4 0.9 – – – 1.2
India 6.0 0.6 – – – 6.6 4.2 0.5 – – – 4.7
Pacific Asia 1.1 0.0 0.2 – – 1.3 1.1 0.0 0.1 – 0.0 1.2
Total 12.2 4.0 0.5 6.5 0.8 24.0 9.3 3.5 0.4 5.8 0.7 19.6
(19 )End-of-period data.
1.9.3.3 POWER GENERATION GROSS CAPACITY FROM RENEWABLES
Installed power generation gross capacity from renewables (GW) ((20),(21)) 1H25 1H24
Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 1.3 0.9 – 0.2 2.3 1.1 0.7 – 0.2 2.0
Rest of Europe 0.6 1.5 1.1 0.3 3.5 0.3 1.1 1.1 0.2 2.7
Africa 0.1 – – 0.3 0.4 0.1 – – 0.0 0.1
Middle East 1.3 – – – 1.3 1.2 – – – 1.2
North America 6.1 2.3 – 0.8 9.3 5.2 2.2 – 0.7 8.1
South America 0.4 1.5 – – 1.9 0.4 1.3 – – 1.6
India 8.5 0.6 – – 9.2 5.9 0.5 – – 6.5
Asia-Pacific 1.7 – 0.6 – 2.4 1.5 – 0.3 – 1.8
Total 20.0 6.8 1.8 1.6 30.2 15.7 5.8 1.4 1.1 24.0
Power generation gross capacity from renewables in construction 1H25 1H24
(GW)((19)),((20))
Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 0.3 0.1 0.0 0.0 0.4 0.1 – 0.0 0.0 0.2
Rest of Europe 0.5 0.2 0.8 0.3 1.9 0.4 0.2 – 0.1 0.6
Africa 0.5 0.1 – 0.1 0.7 0.3 – – 0.1 0.4
Middle East 1.7 0.2 – – 2.0 0.1 – – – 0.1
North America 1.2 – – 0.5 1.7 1.7 0.0 – 0.3 2.0
South America 0.9 0.4 – 0.2 1.4 0.0 0.6 – – 0.7
India 1.6 – – – 1.6 0.5 0.1 – – 0.5
Asia-Pacific 0.1 – – – 0.1 0.0 0.0 0.4 – 0.4
Total 6.7 1.1 0.8 1.2 9.8 3.2 0.9 0.4 0.4 5.0
Power generation gross capacity from renewables in development 1H25 1H24
(GW)((19)),((20))
Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 1.0 0.5 – 0.0 1.6 1.4 0.4 – 0.1 1.9
Rest of Europe 6.4 1.7 14.3 2.9 25.3 4.4 0.8 8.9 2.2 16.4
Africa 0.5 0.2 – – 0.7 0.7 0.3 – – 1.0
Middle East 0.6 – – – 0.6 1.8 – – – 1.8
North America 10.9 3.7 4.1 4.6 23.3 9.7 2.9 4.1 4.4 21.1
South America 1.2 1.4 – 0.0 2.6 2.1 1.2 – 0.2 3.4
India 2.0 0.1 – – 2.1 4.5 0.2 – – 4.7
Asia-Pacific 3.2 1.1 2.6 1.1 7.9 3.4 1.1 2.6 1.1 8.2
Total 25.8 8.6 21.0 8.6 64.1 28.0 6.8 15.6 8.0 58.5
20 Includes 19.25%% of the gross capacities of Adani Green Energy Limited, 50%
of Clearway Energy Group and 49% of Casa dos Ventos.
21 End-of-period data.
1.10 Alternative Performance Measures (Non-GAAP measures)
1.10.1 Adjustment items to net income (TotalEnergies share)
(in millions of dollars) 1H25 1H24
Net income (TotalEnergies share) 6,538 9,508
Special items affecting net income (TotalEnergies share) (448 ) 531
Gain (loss) on asset sales – 1,397
Restructuring charges – (11 )
Impairments (209 ) (644 )
Other (239 ) (211 )
After-tax inventory effect: FIFO vs. replacement cost (346 ) (196 )
Effect of changes in fair value (438 ) (611 )
Total adjustments affecting net income (1,232 ) (276 )
Adjusted net income (TotalEnergies share) 7,770 9,784
1.10.2 Reconciliation of adjusted EBITDA with consolidated financial
statements
1.10.2.1 RECONCILIATION OF NET INCOME (TOTALENERGIES SHARE) TO ADJUSTED EBITDA
(in millions of dollars) 1H25 1H24 1H25 vs 1H24
Net income (TotalEnergies share) 6,538 9,508 -31 %
Less: adjustment items to net income (TotalEnergies share) 1,232 276 x4.5
Adjusted net income (TotalEnergies share) 7,770 9,784 -21 %
Adjusted items
Add: non-controlling interests 130 167 -22 %
Add: income taxes 5,033 5,968 -16 %
Add: depreciation, depletion and impairment of tangible assets and mineral 6,104 5,904 +3%
interests
Add: amortization and impairment of intangible assets 179 179 –
Add: financial interest on debt 1,541 1,433 +8%
Less: financial income and expense from cash & cash equivalents (563 ) (869 ) ns
Adjusted EBITDA 20,194 22,566 -11 %
1.10.2.2 RECONCILIATION OF REVENUES FROM SALES TO ADJUSTED EBITDA AND NET
INCOME (TOTALENERGIES SHARE)
(in millions of dollars) 1H25 1H24 1H25 vs 1H24
Adjusted items
Revenues from sales 92,575 101,066 -8 %
Purchases, net of inventory variation (59,096 ) (64,839 ) ns
Other operating expenses (15,130 ) (15,244 ) ns
Exploration costs (178 ) (185 ) ns
Other income 791 386 x2
Other expense, excluding amortization and impairment of intangible assets (449 ) (162 ) ns
Other financial income 716 715 –
Other financial expense (452 ) (428 ) ns
Net income (loss) from equity affiliates 1,417 1,257 +13%
Adjusted EBITDA 20,194 22,566 -11 %
Adjusted items
Less: depreciation, depletion and impairment of tangible assets and mineral (6,104 ) (5,904 ) ns
interests
Less: amortization of intangible assets (179 ) (179 ) ns
Less: financial interest on debt (1,541 ) (1,433 ) ns
Add: financial income and expense from cash & cash equivalents 563 869 -35 %
Less: income taxes (5,033 ) (5,968 ) ns
Less: non-controlling interests (130 ) (167 ) ns
Add: adjustment (TotalEnergies share) (1,232 ) (276 ) ns
Net income (TotalEnergies share) 6,538 9,508 -31 %
1.10.3 Investments – Divestments
Reconciliation of Cash flow used in investing activities to Net investments
(in millions of dollars) 1H25 1H24 1H25 vs 1H24
Cash flow used in investing activities (a) 11,494 8,025 +43%
Other transactions with non-controlling interests (b) – – ns
Organic loan repayment from equity affiliates (c) 60 (26 ) ns
Change in debt from renewable projects financing (d)* (221 ) – ns
Capex linked to capitalized leasing contracts (e) 198 200 -1 %
Expenditures related to carbon credits (f) 22 3 x7.3
Net investments (a + b + c + d + e + f = g - i + h) 11,553 8,202 +41%
of which acquisitions net of assets sales (g-i) 2,233 (280 ) ns
Acquisitions (g) 2,942 1,618 +82%
Asset sales (i) 709 1,898 -63 %
Change in debt (partner share) and capital gain from renewable projects sales 67 – ns
of which organic investments (h) 9,320 8,482 +10%
Capitalized exploration 148 247 -40 %
Increase in non-current loans 993 1,127 -12 %
Repayment of non-current loans, excluding organic loan repayment from equity (359 ) (324 ) ns
affiliates
Change in debt from renewable projects (TotalEnergies share) (154 ) – ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
1.10.4 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) 1H25 1H24 1H25 vs 1H24
Cash flow from operating activities (a) 8,523 11,176 -24 %
(Increase) decrease in working capital (b)* (4,562 ) (4,452 ) ns
Inventory effect (c) (379 ) (343 ) ns
Capital gain from renewable project sales (d) 86 – ns
Organic loan repayments from equity affiliates (e) 60 (26 ) ns
Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d 13,610 15,945 -15 %
+ e)
Financial charges (610 ) (262 ) ns
Debt Adjusted Cash Flow (DACF) 14,220 16,207 -12 %
Organic investments (g) 9,320 8.482 +10%
Free cash flow after organic investments (f - g) 4,290 7,463 -43 %
Net investments (h) 11,553 8,202 +41%
Net cash flow (f - h) 2,057 7,743 -73 %
* Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power segments’ contracts.
1.10.5 Gearing ratio
(in millions of dollars) 06/30/2025 03/31/2025 06/30/2024
Current borrowings* 12,570 10,983 9,358
Other current financial liabilities 861 897 461
Current financial assets* (,)** (4,872) (5,892) (6,425)
Net financial assets classified as held for sale* 41 41 (61)
Non-current financial debt* 39,161 37,862 34,726
Non-current financial assets* (1,410) (953) (1,166)
Cash and cash equivalents (20,424) (22,837) (23,211)
Net debt (a) 25,927 20,101 13,682
Shareholders’ equity (TotalEnergies share) 116,642 117,956 117,379
Non-controlling interests 2,360 2,465 2,648
Shareholders' equity (b) 119,002 120,421 120,027
Gearing = a / (a+b) 17.9% 14.3% 10.2%
Leases (c) 8,907 8,533 8,012
Gearing including leases (a+c) / (a+b+c) 22.6% 19.2% 15.3%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on
organized markets.
Gearing was 17.9% at the end of June 2025 due to the seasonal effect of
working capital variation and pace of investment. Normalized gearing was 15%
excluding these effects.
1.10.6 Return on average capital employed
TWELVE MONTHS ENDED JUNE 30, 2025
(in millions of dollars) Exploration & Integrated LNG Integrated Refining & Marketing & Company
Production
Power
Chemicals
Services
Adjusted net operating income 9,212 4,830 2,140 1,249 1,378 18,184
Capital employed at 06/30/2024 65,809 38,708 21,861 8,728 6,954 140,180
Capital employed at 06/30/2025 67,042 44,300 27,033 8,827 7,325 152,732
ROACE 13.9% 11.6% 8.8% 14.2% 19.3% 12.4%
1.10.7 Pay-out
(in millions of dollars) 1H25 1H24 2024
Dividend paid (parent company shareholders) 3,745 3,756 7,717
Repayment of treasury shares excluding fees and taxes 3,726 4,000 7,970
Payout ratio 54% 45% 50%
1.10.8 Reconciliation of cash flow used in investing activities to Net
investments
1.10.8.1 EXPLORATION & PRODUCTION
2(nd) quarter 2025 1(st) quarter 2025 2(nd )quarter 2024 2(nd )quarter (in millions of dollars) 6 months 6 months 6 months
2025 vs 2(nd
2025
2024
2025 vs 6
)quarter 2024
months 2024
3,106 2,689 2,548 22% Cash flow used in investing activities (a) 5,795 4,536 28%
– – – ns Other transactions with non-controlling interests (b) – – ns
– – – ns Organic loan repayment from equity affiliates (c) – – ns
– – – ns Change in debt from renewable projects financing (d)* – – ns
89 109 90 -1% Capex linked to capitalized leasing contracts (e) 198 180 10%
20 2 4 x5 Expenditures related to carbon credits (f) 22 3 x7.3
3,215 2,800 2,642 22% Net investments (a + b + c + d + e + f = g - i + h) 6,015 4,719 27%
162 116 57 x2.8 of which net acquisitions of assets sales (g - i) 278 93 x3
193 445 160 21% Acquisitions (g) 638 487 31%
31 329 103 -70% Assets sales (i) 360 394 -9%
– – – ns Change in debt (partner share) and capital gain from renewable projects sales – – ns
3,053 2,684 2,585 18% of which organic investments (h) 5,737 4,626 24%
30 109 88 -66% Capitalized exploration 139 225 -38%
42 82 67 -37% Increase in non-current loans 124 109 14%
(49) (29) (46) ns Repayment of non-current loans, excluding organic loan repayment from equity (78) (61) ns
affiliates
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
1.10.8.2 INTEGRATED LNG
2(nd) quarter 2025 1(st) quarter 2025 2(nd) quarter 2024 2(nd) quarter 2025 vs 2(nd) quarter 2024 (in millions of dollars) 6 months 6 months 6 months 2025
2025
2024
vs 6 months
2024
852 892 815 5% Cash flow used in investing activities (a) 1,744 1,330 31%
– – – ns Other transactions with non-controlling interests (b) – – ns
– 1 – ns Organic loan repayment from equity affiliates (c) 1 1 ns
– – – ns Change in debt from renewable projects financing (d)* – – ns
1 (1) 7 -86% Capex linked to capitalized leasing contracts (e) – 19 -100%
– – – ns Expenditures related to carbon credits (f) – – ns
853 892 822 4% Net investments (a + b + c + d + e + f = g - i + h) 1,745 1,350 29%
110 140 198 -44% of which net acquisitions of assets sales (g - i) 250 186 34%
110 144 199 -45% Acquisitions (g) 254 199 28%
– 4 1 -100% Assets sales (i) 4 13 -69%
– – – ns Change in debt (partner share) and capital gain from renewable projects sales – – ns
743 752 624 19% of which organic investments (h) 1,495 1,164 28%
7 2 13 -46% Capitalized exploration 9 22 -59%
187 182 153 22% Increase in non-current loans 369 326 13%
(25) (5) (42) ns Repayment of non-current loans, excluding organic loan repayment from equity (30) (79) ns
affiliates
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
1.10.8.3 INTEGRATED POWER
2(nd) quarter 2025 1(st) quarter 2025 2nd quarter 2024 2(nd) quarter 2025 vs 2(nd) quarter 2024 (in millions of dollars) 6 months 6 months 6 months 2025
2025
2024
vs 6 months
2024
2,156 878 508 x4.2 Cash flow used in investing activities (a) 3,034 2,185 39%
– – – ns Other transactions with non-controlling interests (b) – – ns
54 5 – ns Organic loan repayment from equity affiliates (c) 59 – ns
(221) – – ns Change in debt from renewable projects financing (d)* (221) – ns
– – – ns Capex linked to capitalized leasing contracts (e) – 1 -100%
– – – ns Expenditures related to carbon credits (f) – – ns
1,989 883 508 x3.9 Net investments (a + b + c + d + e + f = g - i + h) 2,872 2,186 31%
1,568 238 (88) ns of which net acquisitions of assets sales (g - i) 1,806 647 x2.8
1,791 245 142 x12.6 Acquisitions (g) 2,036 878 x2.3
223 7 230 -3% Assets sales (i) 230 231 ns
67 – – ns Change in debt (partner share) and capital gain from renewable projects sales 67 – ns
421 645 596 -29% of which organic investments (h) 1,066 1,539 -31%
– – – ns Capitalized exploration – – ns
150 268 239 -37% Increase in non-current loans 418 544 -23%
(137) (46) (31) ns Repayment of non-current loans, excluding organic loan repayment from equity (183) (92) ns
affiliates
(154) – – ns Change in debt from renewable projects (TotalEnergies share) (154) – ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
1.10.8.4 REFINING & CHEMICALS
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter (in millions of dollars) 6 months 6 months 6 months
2025
2025
2024
2025 vs 2(nd
2025
2024
2025 vs 6 months 2024
)quarter 2024
309 236 316 -2% Cash flow used in investing activities (a) 545 713 -24%
– – – ns Other transactions with non-controlling interests (b) – – ns
– – (29) -100% Organic loan repayment from equity affiliates (c) – (27) -100%
– – – ns Change in debt from renewable projects financing (d)* – – ns
– – – ns Capex linked to capitalized leasing contracts (e) – – ns
– – – ns Expenditures related to carbon credits (f) – – ns
309 236 287 8% Net investments (a + b + c + d + e + f = g - i + h) 545 686 -21%
(24) – (95) ns of which net acquisitions of assets sales (g - i) (24) (115) ns
11 – 26 -58% Acquisitions (g) 11 35 -69%
35 – 121 -71% Assets sales i) 35 150 -77%
– – – ns Change in debt (partner share) and capital gain from renewable projects sales – – ns
333 236 382 -13% of which organic investments (h) 569 801 -29%
– – – ns Capitalized exploration – – ns
17 10 58 -71% Increase in non-current loans 27 65 -58%
(7) (6) (3) ns Repayment of non-current loans, excluding organic loan repayment from equity (13) (10) ns
affiliates
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
1.10.8.5 MARKETING & SERVICES
2(nd) quarter 2025 1(st) quarter 2025 2(nd) quarter 2024 2(nd) quarter 2025 vs 2(nd) quarter 2024 (in millions of dollars) 6 months 6 months 6 months
2025
2024
2025 vs 6 months 2024
196 75 337 -42% Cash flow used in investing activities (a) 271 (800) ns
– – – ns Other transactions with non-controlling interests (b) – – ns
– – – ns Organic loan repayment from equity affiliates (c) – – ns
– – – ns Change in debt from renewable projects financing (d)* – – ns
– – – ns Capex linked to capitalized leasing contracts (e) – – ns
– – – ns Expenditures related to carbon credits (f) – – ns
196 75 337 -42% Net investments (a + b + c + d + e + f = g - i + h) 271 (800) ns
(3) (75) 151 ns of which net acquisitions of assets sales (g - i) (78) (1,087) ns
1 2 17 -94% Acquisitions (g) 3 19 -84%
4 77 (134) ns Assets sales (i) 81 1,106 -93%
– – – ns Change in debt (partner share) and capital gain from renewable projects sales – – ns
199 150 186 7% of which organic investments (h) 349 287 22%
– – – ns Capitalized exploration – – ns
26 18 57 -54% Increase in non-current loans 44 68 -35%
(22) (17) (53) ns Repayment of non-current loans, excluding organic loan repayment from equity (39) (79) ns
affiliates
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
1.10.9 Reconciliation of cash flow from operating activities to CFFO
1.10.9.1 EXPLORATION & PRODUCTION
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter (in millions of dollars) 6 months 6 months 6 months
2025
2025
2024
2025 vs 2(nd
2025
2024
2025 vs
)quarter 2024
6 months 2024
3,675 3,266 4,535 -19% Cash flow from operating activities (a) 6,941 8,125 -15%
(85) (1,025) 182 ns (Increase) decrease in working capital (b) (1,110) (706) ns
– – – ns Inventory effect (c) – – ns
– – – ns Capital gain from renewable project sales (d) – – ns
– – – ns Organic loan repayments from equity affiliates (e) – – ns
3,760 4,291 4,353 -14% Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d 8,051 8,831 -9%
+ e)
1.10.9.2 INTEGRATED LNG
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter (in millions of dollars) 6 months 6 months 6 months
2025
2025
2024
2025 vs 2(nd
2025
2024
2025 vs 6
)quarter 2024
months 2024
539 1,743 431 25% Cash flow from operating activities (a) 2,282 2,141 7%
(620) 495 (789) ns (Increase) decrease in working capital (b)* (125) (426) ns
– – – ns Inventory effect (c) – – ns
– – – ns Capital gain from renewable project sales (d) – – ns
– 1 – ns Organic loan repayments from equity affiliates (e) 1 1 ns
1,159 1,249 1,220 -5% Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d 2,408 2,568 -6%
+ e)
* Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power sectors’ contracts.
1.10.9.3 INTEGRATED POWER
2(nd )quarter 1(st) quarter 2(nd) quarter 2(nd) quarter (in millions of dollars) 6 months 6 months 6 months
2025
2025
2024
2025 vs 2(nd
2025
2024
2025 vs 6
)quarter 2024
months 2024
799 (399) 1,647 -51% Cash flow from operating activities (a) 400 1,398 -71%
377 (991) 1,024 -63% (Increase) decrease in working capital (b)* (614) 83 ns
– – – ns Inventory effect (c) – – ns
86 – – ns Capital gain from renewable project sales (d) 86 – ns
54 5 – ns Organic loan repayments from equity affiliates (e) 59 – ns
562 597 623 -10% Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d 1,159 1,315 -12%
+ e)
* Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power sectors’ contracts.
1.10.9.4 REFINING & CHEMICALS
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter (in millions of dollars) 6 months 6 months 6 months
2025
2025
2024
2025 vs 2(nd
2025
2024
2025 vs 6
)quarter 2024
months 2024
887 (1,983) 1,541 -42% Cash flow from operating activities (a) (1,096) (588) ns
362 (2,543) 788 -54% (Increase) decrease in working capital (b) (2,181) (2,738) ns
(247) (73) (393) ns Inventory effect (c) (320) (285) ns
– – – ns Capital gain from renewable project sales (d) – – ns
– – (29) -100% Organic loan repayments from equity affiliates (e) – (27) -100%
772 633 1,117 -31% Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d 1,405 2,408 -42%
+ e)
1.10.9.5 MARKETING & SERVICES
2(nd) quarter 1(st) quarter 2(nd) quarter 2(nd) quarter (in millions of dollars) 6 months 6 months 6 months
2025
2025
2024
2025 vs 2(nd
2025
2024
2025 vs 6
)quarter 2024
months 2024
628 568 1,650 -62% Cash flow from operating activities (a) 1,196 1,542 -22%
(58) 118 1,066 ns (Increase) decrease in working capital (b) 60 462 -87%
(25) (34) (75) ns Inventory effect (c) (59) (58) ns
– – – ns Capital gain from renewable project sales (d) – – ns
– – – ns Organic loan repayments from equity affiliates (e) – – ns
711 484 659 8% Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d 1,195 1,138 5%
+ e)
1.10.10 Reconciliation of capital employed (balance sheet) and calculation of
ROACE
(In millions of dollars) Exploration & Integrated Integrated Refining & Chemicals Marketing & Corporate InterCompany Company
Production
LNG
Power
Services
Adjusted net operating income 2 (nd) quarter 2025 1,974 1,041 574 389 412 (245) – 4,145
Adjusted net operating income 1 (st) quarter 2025 2,451 1,294 506 301 240 (131) – 4,661
Adjusted net operating income 4 (th) quarter 2024 2,305 1,432 575 318 362 (173) – 4,819
Adjusted net operating income 3 (rd) quarter 2024 2,482 1,063 485 241 364 (76) – 4,559
Adjusted net operating income (a) 9,212 4,830 2,140 1,249 1 378 (625) – 18,184
Balance sheet as of June 30, 2025
Property plant and equipment intangible assets net 85,970 29,063 17,159 12,746 7,139 763 – 152,840
Investments & loans in equity affiliates 4,349 16,955 10,304 3,963 1,086 – – 36,657
Other non-current assets 3,685 2,210 1,771 699 1,089 329 – 9,783
Inventories, net 1,565 1,027 574 10,773 3,336 – – 17,275
Accounts receivable, net 5,841 6,227 4,554 20,019 8,369 1,148 (24,904) 21,254
Other current assets 6,848 8,899 5,206 2,723 2,955 5,627 (8,098) 24,160
Accounts payable (6,884) (7,473) (6,333) (32,438) (9,932) (1,049) 24,821 (39,288)
Other creditors and accrued liabilities (9,785) (8,541) (4,484) (5,171) (5,385) (9,487) 8,181 (34,672)
Working capital (2,415) 139 (483) (4,094) (657) (3,761) – (11,271)
Provisions and other non-current liabilities (25,111) (4,260) (1,719) (3,577) (1,222) 874 – (35,015)
Assets and liabilities classified as held for sale - Capital employed 564 193 1 – 84 – – 842
Capital Employed (Balance sheet) 67,042 44,300 27,033 9,737 7,519 (1,795) – 153,836
Less inventory valuation effect – – – (910) (194) – – (1,104)
Capital Employed at replacement cost (b) 67,042 44,300 27,033 8,827 7,325 (1,795) – 152,732
Balance sheet as of June 30, 2024
Property plant and equipment intangible assets net 84,754 24,936 14,078 11,987 6,476 649 – 142,880
Investments & loans in equity affiliates 3,463 15,294 8,921 4,122 1,000 – – 32,800
Other non-current assets 3,803 2,424 1,147 731 1,224 214 – 9,543
Inventories, net 1,486 1,495 577 12,822 3,809 – – 20,189
Accounts receivable, net 6,432 5,526 4,766 20,755 8,940 1,073 (26,845) 20,647
Other current assets 6,497 7,876 4,797 2,146 3,141 7,313 (11,756) 20,014
Accounts payable (6,984) (6,429) (5,653) (33,025) (10,387) (775) 26,804 (36,449)
Other creditors and accrued liabilities (8,785) (8,614) (4,989) (6,082) (5,762) (11,007) 11,797 (33,442)
Working capital (1,354) (146) (502) (3,384) (259) (3,396) – (9,041)
Provisions and other non-current liabilities (24,947) (3,800) (1,807) (3,467) (1,207) 653 – (34,575)
Assets and liabilities classified as held for sale - Capital employed 90 – 24 – – – – 114
Capital Employed (Balance sheet) 65,809 38,708 21,861 9,989 7,234 (1,880) – 141,721
Less inventory valuation effect – – – (1,261) (280) – – (1,541)
Capital Employed at replacement cost (c) 65,809 38,708 21,861 8,728 6,954 (1,880) – 140,180
ROACE as a percentage (a / average (b + c)) 13.9% 11.6% 8.8% 14.2% 19.3% 12.4%
1.10.11 Reconciliation of consolidated net income to adjusted net operating
income
(in millions of dollars) 2(nd) quarter 1(st) quarter 2(nd) quarter 6 months 6 months
2025
2025
2024
2025
2024
Consolidated net income (a) 2,746 3,921 3,847 6,667 9,651
Net cost of net debt (b) (486) (385) (365) (871) (650)
Special items affecting net operating income (361) (122) (256) (483) 536
Gains (losses) on disposals of assets – – (110) – 1 397
Restructuring charges – – (11) – (11)
Asset impairment and provisions charges (209) – – (209) (644)
Other items (152) (122) (135) (274) (206)
After-tax inventory effect : FIFO vs. replacement cost (269) (78) (327) (347) (220)
Effect of changes in fair value (283) (155) (291) (438) (611)
Total adjustments affecting net operating income (c) (913) (355) (874) (1,268) (295)
Adjusted net operating income (a - b - c) 4,145 4,661 5,086 8,806 10,596
1.11 Principal risks and uncertainties for the remaining six months of 2025
The Company and its businesses are subject to various risks relating to
changing political, economic, monetary, legal, environmental, social,
industrial, competitive, operating and financial conditions. A description of
such risk factors is provided in TotalEnergies’ 2024 Universal Registration
Document filed with the Autorité des marchés financiers (French Financial
Markets Authority) on March 31 2025. These conditions are subject to change
not only in the six months remaining in the current financial year, but also
in the years to come.
Additionally, a description of certain risks is included in the Notes to the
condensed Consolidated Financial Statements for the first half of 2025 (page
55 of this half-year financial report).
1.12 Major related parties’ transactions
Information concerning the major related parties’ transactions for the first
six months of 2025 is provided in Note 6 to the condensed Consolidated
Financial Statements for the first half of 2025 (page 55 of this half-year
financial report).
Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the consolidated
entities directly or indirectly controlled by TotalEnergies SE. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate and independent legal entities.
This document may contain forward-looking statements (including
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995), notably with respect to the financial
condition, results of operations, business activities and strategy of
TotalEnergies. This document may also contain statements regarding the
perspectives, objectives, areas of improvement and goals of TotalEnergies,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by TotalEnergies, it
being specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be identified by
the use of the future or conditional tense or forward-looking words such as
“will”, “should”, “could”, “would”, “may”, “likely”,
“might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”,
“targets”, “commits”, “aims” or similar terminology. Such
forward-looking statements included in this document are based on economic
data, estimates and assumptions prepared in a given economic, competitive and
regulatory environment and considered to be reasonable by TotalEnergies as of
the date of this document. These forward-looking statements are not historical
data and should not be interpreted as assurances that the perspectives,
objectives or goals announced will be achieved. They may prove to be
inaccurate in the future, and may evolve or be modified with a significant
difference between the actual results and those initially estimated, due to
the uncertainties notably related to the economic, financial, competitive and
regulatory environment, or due to the occurrence of risk factors, such as,
notably, the price fluctuations in crude oil and natural gas, the evolution of
the demand and price of petroleum products, the changes in production results
and reserves estimates, the ability to achieve cost reductions and operating
efficiencies without unduly disrupting business operations, changes in laws
and regulations including those related to the environment and climate,
currency fluctuations, technological innovations, meteorological conditions
and events, as well as socio-demographic, economic and political developments,
changes in market conditions, loss of market share and changes in consumer
preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain
financial information is based on estimates particularly in the assessment of
the recoverable value of assets and potential impairments of assets relating
thereto. Readers are cautioned not to consider forward-looking statements as
accurate, but as an expression of the Company’s views only as of the date
this document is published. TotalEnergies SE and its subsidiaries have no
obligation, make no commitment and expressly disclaim any responsibility to
investors or any stakeholder to update or revise, particularly as a result of
new information or future events, any forward-looking information or
statement, objectives or trends contained in this document. In addition, the
Company has not verified, and is under no obligation to verify any third-party
data contained in this document or used in the estimates and assumptions or,
more generally, forward-looking statements published in this document. The
information on risk factors that could have a significant adverse effect on
TotalEnergies’ business, financial condition, including its operating income
and cash flow, reputation, outlook or the value of financial instruments
issued by TotalEnergies is provided in the most recent version of the
Universal Registration Document which is filed by TotalEnergies SE with the
French Autorité des Marchés Financiers and the annual report on Form 20-F
filed with the United States Securities and Exchange Commission (“SEC”).
Additionally, the developments of climate change and other environmental-or
social related issues in this document are based on various frameworks and the
interests of various stakeholders which are subject to evolve independently of
our will. Moreover, our disclosures on such issues, including disclosures on
climate change and other environmental or social-related issues, may include
information that is not necessarily "material" under US securities laws for
SEC reporting purposes or under applicable securities law.
Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. In addition to IFRS
measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below
(adjusted operating income, adjusted net operating income, adjusted net
income), return on equity (ROE), return on average capital employed (ROACE),
gearing ratio, cash flow from operations excluding working capital, debt
adjusted cash flow, and the shareholder rate of return. These indicators are
meant to facilitate the analysis of the financial performance of TotalEnergies
and the comparison of income between periods. They allow investors to track
the measures used internally to manage and measure the performance of
TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualifying as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent, or unusual. However, in certain instances, transactions such as
restructuring costs or assets disposals, which are not considered to be
representative of the normal course of business, may qualify as special items
although they may have occurred in prior years or are likely to occur in
following years.
(ii) Inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum
products in its financial statements according to the First-In, First-Out
(FIFO) method and other inventories using the weighted-average cost method.
Under the FIFO method, the cost of inventory is based on the historic cost of
acquisition or manufacture rather than the current replacement cost. In
volatile energy markets, this can have a significant distorting effect on the
reported income. Accordingly, the adjusted results of the Refining &
Chemicals and Marketing & Services segments are presented according to the
replacement cost method. This method is used to assess the segments’
performance and facilitate the comparability of the segments’ performance
with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out
(LIFO) method, the variation of inventory values in the statement of income
is, depending on the nature of the inventory, determined using either the
month-end prices differential between one period and another or the average
prices of the period rather than the historical value. The inventory valuation
effect is the difference between the results under the FIFO and the
replacement cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for trading inventories and storage contracts, differences between internal
measures of performance used by TotalEnergies’ Executive Committee and the
accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company
website totalenergies.com. You can also obtain this form from the SEC by
calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
2
Consolidated Financial Statements as of June 30, 2025
2.1 Statutory Auditors’ Review Report on the half-yearly Financial Information 38
2.2 Consolidated statement of income – half-yearly 39
2.3 Consolidated statement of comprehensive income – half-yearly 40
2.4 Consolidated statement of income – quarterly 41
2.5 Consolidated statement of comprehensive income – quarterly 42
2.6 Consolidated balance sheet 43
2.7 Consolidated statement of cash flow – half-yearly 44
2.8 Consolidated statement of cash flow – quarterly 45
2.9 Consolidated statement of changes in shareholders’ equity 46
2.10 Notes to the Consolidated Financial Statements for the first six months 2025 47
(unaudited)
1) Basis of preparation of the consolidated financial statements 47
2) Changes in the Company structure 47
3) Business segment information 49
4) Shareholders’ equity 53
5) Financial debt 55
6) Related parties 55
7) Other risks and contingent liabilities 55
8) Subsequent events 56
2.1 Statutory Auditors’ Review Report on the half-yearly Financial
Information
This is a free translation into English of the statutory auditors' review
report on the half-yearly financial information issued in French and is
provided solely for the convenience of English-speaking users. This report
includes information relating to the specific verification of information
given in the Group’s half-yearly management report. This report should be
read in conjunction with, and construed in accordance with, French law and
professional standards applicable in France.
For the period from January 1(st) to June 30, 2025
To the Shareholders,
In compliance with the assignment entrusted to us by your Annual General
Meeting and in accordance with the requirements of article L. 451-1-2 III of
the French monetary and financial code (“code monétaire et financier”),
we hereby report to you on:
– the review of the accompanying condensed half-yearly consolidated
financial statements of TotalEnergies SE for the period from January 1(st) to
June 30, 2025;
– the verification of the information presented in the half-yearly
management report.
These condensed half-yearly consolidated financial statements are the
responsibility of the Board of Directors. Our role is to express a conclusion
on these financial statements based on our review.
I – CONCLUSION ON THE FINANCIAL STATEMENTS
We conducted our review in accordance with professional standards applicable
in France.
A review of interim financial information consists of making inquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with professional
standards applicable in France and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying condensed half-yearly consolidated financial
statements are not prepared, in all material respects, in accordance with IAS
34 – standard of the IFRSs as adopted by the European Union applicable to
interim financial information.
II – SPECIFIC VERIFICATION
We have also verified the information presented in the half-yearly management
report on the condensed half-yearly consolidated financial statements subject
to our review.
We have no matters to report as to its fair presentation and consistency with
the condensed half-yearly consolidated financial statements.
Neuilly-sur-Seine and Paris-La Défense, July 23, 2025
The Statutory Auditors
French original signed by
PricewaterhouseCoopers Audit ERNST & YOUNG Audit
Olivier Lotz Cécile Saint-Martin Yvon Salaün Stéphane Pédron
Partner
Partner
Partner
Partner
2.2 Consolidated statement of income – half-yearly
TotalEnergies
(unaudited)
(M$)((a)) 1(st) half 2025 1(st) half 2024
Sales 101,881 110,021
Excise taxes (9,306 ) (8,955 )
Revenues from sales 92,575 101,066
Purchases, net of inventory variation (60,013 ) (65,897 )
Other operating expenses (15,398 ) (15,372 )
Exploration costs (178 ) (185 )
Depreciation, depletion and impairment of tangible assets and mineral (6,256 ) (5,918 )
interests
Other income 791 1,761
Other expense (578 ) (566 )
Financial interest on debt (1,541 ) (1,433 )
Financial income and expense from cash & cash equivalents 617 880
Cost of net debt (924 ) (553 )
Other financial income 747 765
Other financial expense (452 ) (428 )
Net income (loss) from equity affiliates 1,192 645
Income taxes (4,839 ) (5,667 )
Consolidated net income 6,667 9,651
TotalEnergies share 6,538 9,508
Non-controlling interests 129 143
Earnings per share ($) 2.88 4.04
Fully-diluted earnings per share ($) 2.85 4.02
(a) Except for per share amounts.
2.3 Consolidated statement of comprehensive income – half-yearly
TotalEnergies
(unaudited)
(M$) 1(st) half 2025 1(st) half 2024
Consolidated net income 6,667 9,651
Other comprehensive income
Actuarial gains and losses 16 20
Change in fair value of investments in equity instruments 64 143
Tax effect (19 ) (19 )
Currency translation adjustment generated by the parent company 8,690 (2,189 )
Sub-total items not potentially reclassifiable to profit and loss 8,751 (2,045 )
Currency translation adjustment (6,709 ) 1,622
Cash flow hedge (668 ) 1,400
Variation of foreign currency basis spread 19 (15 )
Share of other comprehensive income of equity affiliates, net amount (274 ) (114 )
Other 7 –
Tax effect 156 (372 )
Sub-total items potentially reclassifiable to profit and loss (7,469 ) 2,521
Total other comprehensive income (net amount) 1,282 476
Comprehensive income 7,949 10,127
– TotalEnergies share 7,759 10,004
– Non-controlling interests 190 123
2.4 Consolidated statement of income – quarterly
TotalEnergies
(unaudited)
(M$)((a)) 2(nd) quarter 2025 1(st) quarter 2025 2(nd) quarter 2024
Sales 49,627 52,254 53,743
Excise taxes (4,951 ) (4,355 ) (4,560 )
Revenues from sales 44,676 47,899 49,183
Purchases, net of inventory variation (29,158 ) (30,855 ) (32,117 )
Other operating expenses (7,834 ) (7,564 ) (7,729 )
Exploration costs (97 ) (81 ) (97 )
Depreciation, depletion and impairment of tangible assets and mineral (3,258 ) (2,998 ) (2,976 )
interests
Other income 544 247 3
Other expense (287 ) (291 ) (251 )
Financial interest on debt (816 ) (725 ) (725 )
Financial income and expense from cash & cash equivalents 327 290 408
Cost of net debt (489 ) (435 ) (317 )
Other financial income 429 318 459
Other financial expense (203 ) (249 ) (213 )
Net income (loss) from equity affiliates 529 663 627
Income taxes (2,106 ) (2,733 ) (2,725 )
Consolidated net income 2,746 3,921 3,847
TotalEnergies share 2,687 3,851 3,787
Non-controlling interests 59 70 60
Earnings per share ($) 1.18 1.69 1.61
Fully-diluted earnings per share ($) 1.17 1.68 1.60
(a) Except for per share amounts.
2.5 Consolidated statement of comprehensive income – quarterly
TotalEnergies
(unaudited)
(M$) 2(nd) quarter 2025 1(st) quarter 2025 2(nd) quarter 2024
Consolidated net income 2,746 3,921 3,847
Other comprehensive income
Actuarial gains and losses 16 – 22
Change in fair value of investments in equity instruments 52 12 103
Tax effect (20 ) 1 (11 )
Currency translation adjustment generated by the parent company 5,808 2,882 (683 )
Sub-total items not potentially reclassifiable to profit and loss 5,856 2,895 (569 )
Currency translation adjustment (4,692 ) (2,017 ) 523
Cash flow hedge 165 (833 ) 593
Variation of foreign currency basis spread 4 15 –
Share of other comprehensive income of equity affiliates, net amount (174 ) (100 ) (38 )
Other – 7 (2 )
Tax effect (49 ) 205 (153 )
Sub-total items potentially reclassifiable to profit and loss (4,746 ) (2,723 ) 923
Total other comprehensive income (net amount) 1,110 172 354
Comprehensive income 3,856 4,093 4,201
– TotalEnergies share 3,752 4,007 4,134
– Non-controlling interests 104 86 67
2.6 Consolidated balance sheet
TotalEnergies
(M$) June 30, 2025 March 31, 2025 December 31, June 30, 2024
(unaudited)
(unaudited)
2024
(unaudited)
ASSETS
Non-current assets
Intangible assets, net 36,687 34,543 34,238 33,477
Property, plant and equipment, net 116,153 112,249 109,095 109,403
Equity affiliates: investments and loans 36,657 35,687 34,405 32,800
Other investments 2,176 1,860 1,665 1,740
Non-current financial assets 2,691 2,231 2,305 2,469
Deferred income taxes 3,550 3,360 3,202 3,568
Other non-current assets 4,057 4,000 4,006 4,235
Total non-current assets 201,971 193,930 188,916 187,692
Current assets
Inventories, net 17,275 19,037 18,868 20,189
Accounts receivable, net 21,254 24,882 19,281 20,647
Other current assets 24,160 22,423 23,687 20,014
Current financial assets 5,183 6,237 6,914 6,823
Cash and cash equivalents 20,424 22,837 25,844 23,211
Assets classified as held for sale 2,550 1,711 1,977 912
Total current assets 90,846 97,127 96,571 91,796
Total assets 292,817 291,057 285,487 279,488
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares 7,262 7,231 7,577 7,577
Paid-in surplus and retained earnings 128,103 128,787 135,496 130,688
Currency translation adjustment (13,564 ) (14,508 ) (15,259 ) (14,415 )
Treasury shares (5,159 ) (3,554 ) (9,956 ) (6,471 )
Total shareholders’ equity – TotalEnergies share 116,642 117,956 117,858 117,379
Non-controlling interests 2,360 2,465 2,397 2,648
Total shareholders’ equity 119,002 120,421 120,255 120,027
Non-current liabilities
Deferred income taxes 12,729 12,621 12,114 12,461
Employee benefits 1,974 1,824 1,753 1,819
Provisions and other non-current liabilities 20,312 19,872 19,872 20,295
Non-current financial debt 47,584 45,858 43,533 42,526
Total non-current liabilities 82,599 80,175 77,272 77,101
Current liabilities
Accounts payable 39,288 42,554 39,932 36,449
Other creditors and accrued liabilities 34,672 32,505 35,961 33,442
Current borrowings 14,637 13,134 10,024 11,271
Other current financial liabilities 861 897 664 461
Liabilities directly associated with the assets classified as held for sale 1,758 1,371 1,379 737
Total current liabilities 91,216 90,461 87,960 82,360
Total liabilities & shareholders’ equity 292,817 291,057 285,487 279,488
2.7 Consolidated statement of cash flow – half-yearly
TotalEnergies
(unaudited)
(M$) 1(st) half 2025 1(st) half 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 6,667 9,651
Depreciation, depletion, amortization and impairment 6,446 6,116
Non-current liabilities, valuation allowances and deferred taxes 336 239
(Gains) losses on disposals of assets (310 ) (1,428 )
Undistributed affiliates’ equity earnings (525 ) 38
(Increase) decrease in working capital (4,183 ) (3,673 )
Other changes, net 92 233
Cash flow from operating activities 8,523 11,176
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (8,988 ) (7,119 )
Acquisitions of subsidiaries, net of cash acquired (1,859 ) (1,010 )
Investments in equity affiliates and other securities (730 ) (969 )
Increase in non-current loans (993 ) (1,159 )
Total expenditures (12,570 ) (10,257 )
Proceeds from disposals of intangible assets and property, plant and equipment 370 381
Proceeds from disposals of subsidiaries, net of cash sold 271 1,431
Proceeds from disposals of non-current investments 16 90
Repayment of non-current loans 419 330
Total divestments 1,076 2,232
Cash flow used in investing activities (11,494 ) (8,025 )
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
– Parent company shareholders 492 521
– Treasury shares (3,859 ) (4,013 )
Dividends paid:
– Parent company shareholders (3,745 ) (3,756 )
– Non-controlling interests (312 ) (133 )
Net issuance (repayment) of perpetual subordinated notes (1,139 ) (1,622 )
Payments on perpetual subordinated notes (155 ) (209 )
Other transactions with non-controlling interests (51 ) (36 )
Net issuance (repayment) of non-current debt 3,688 4,361
Increase (decrease) in current borrowings (206 ) (1,917 )
Increase (decrease) in current financial assets and liabilities 2,005 (259 )
Cash flow from (used in) financing activities (3,282 ) (7,063 )
Net increase (decrease) in cash and cash equivalents (6,253 ) (3,912 )
Effect of exchange rates 833 (140 )
Cash and cash equivalents at the beginning of the period 25,844 27,263
Cash and cash equivalents at the end of the period 20,424 23,211
2.8 Consolidated statement of cash flow – quarterly
TotalEnergies
(unaudited)
(M$) 2(nd) quarter 2025 1(st) quarter 2025 2(nd) quarter 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,746 3,921 3,847
Depreciation, depletion, amortization and impairment 3,360 3,086 3,080
Non-current liabilities, valuation allowances and deferred taxes 127 209 (53 )
(Gains) losses on disposals of assets (335 ) 25 182
Undistributed affiliates’ equity earnings (102 ) (423 ) (250 )
(Increase) decrease in working capital 49 (4,232 ) 2,013
Other changes, net 115 (23 ) 188
Cash flow from operating activities 5,960 2,563 9,007
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,766 ) (4,222 ) (3,699 )
Acquisitions of subsidiaries, net of cash acquired (1,627 ) (232 ) (251 )
Investments in equity affiliates and other securities (419 ) (311 ) (481 )
Increase in non-current loans (425 ) (568 ) (621 )
Total expenditures (7,237 ) (5,333 ) (5,052 )
Proceeds from disposals of intangible assets and property, plant and equipment 69 301 44
Proceeds from disposals of subsidiaries, net of cash sold 154 117 213
Proceeds from disposals of non-current investments 15 1 56
Repayment of non-current loans 310 109 181
Total divestments 548 528 494
Cash flow used in investing activities (6,689 ) (4,805 ) (4,558 )
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
– Parent company shareholders 492 - 521
– Treasury shares (1,707 ) (2,152 ) (2,007 )
Dividends paid:
– Parent company shareholders (1,894 ) (1,851 ) (1,853 )
– Non-controlling interests (173 ) (139 ) (127 )
Net issuance (repayment) of perpetual subordinated notes – (1,139 ) (1,622 )
Payments on perpetual subordinated notes (27 ) (128 ) (50 )
Other transactions with non-controlling interests (31 ) (20 ) (19 )
Net issuance (repayment) of non-current debt 257 3,431 4,319
Increase (decrease) in current borrowings (356 ) 150 (5,453 )
Increase (decrease) in current financial assets and liabilities 1,287 718 (530 )
Cash flow from (used in) financing activities (2,152 ) (1,130 ) (6,821 )
Net increase (decrease) in cash and cash equivalents (2,881 ) (3,372 ) (2,372 )
Effect of exchange rates 468 365 (57 )
Cash and cash equivalents at the beginning of the period 22,837 25,844 25,640
Cash and cash equivalents at the end of the period 20,424 22,837 23,211
2.9 Consolidated statement of changes in shareholders’ equity
TotalEnergies
(unaudited)
(M$) Common shares issued Paid-in Currency Treasury shares Shareholders’ Non Total
surplus and
translation
equity – TotalEnergies
controlling
shareholders’
retained
adjustment
Share
interests
equity
earnings
Number Amount Number Amount
As of January 1, 2024 2,412,251,835 7,616 126,857 (13,701 ) (60,543,213 ) (4,019 ) 116,753 2,700 119,453
Net income of the first half 2024 – – 9,508 – – – 9,508 143 9,651
Other comprehensive income – – 1,210 (714 ) – – 496 (20 ) 476
Comprehensive Income – – 10,718 (714 ) – – 10,004 123 10,127
Dividend – – (3,929 ) – – – (3,929 ) (133 ) (4,062 )
Issuance of common shares 10,833,187 29 492 – – – 521 – 521
Purchase of treasury shares – – – – (58,719,028 ) (4,513 ) (4,513 ) – (4,513 )
Sale of treasury shares((a)) – – (397 ) – 6,065,491 397 – – –
Share-based payments – – 356 – – – 356 – 356
Share cancellation (25,405,361 ) (68 ) (1,596 ) – 25,405,361 1,664 – – –
Net issuance (repayment) of perpetual subordinated notes – – (1,679 ) – – – (1,679 ) – (1,679 )
Payments on perpetual subordinated notes – – (135 ) – – – (135 ) – (135 )
Other operations with non-controlling interests – – – – – – – (36 ) (36 )
Other items – – 1 – – – 1 (6 ) (5 )
As of June 30, 2024 2,397,679,661 7,577 130,688 (14,415 ) (87,791,389 ) (6,471 ) 117,379 2,648 120,027
Net income of the second half 2024 – – 6,250 – – – 6,250 130 6,380
Other comprehensive income – – 1,226 (844 ) – – 382 (24 ) 358
Comprehensive Income – – 7,476 (844 ) – – 6,632 106 6,738
Dividend – – (3,827 ) – – – (3,827 ) (322 ) (4,149 )
Issuance of common shares – – – – – – – – –
Purchase of treasury shares – – – – (61,744,204 ) (3,482 ) (3,482 ) – (3,482 )
Sale of treasury shares((a)) – – 2 – 5,775 (2 ) - – –
Share-based payments – – 200 – – – 200 – 200
Share cancellation – – 1 – – (1 ) - – –
Net issuance (repayment) of perpetual subordinated notes – – 1,103 – – – 1,103 – 1,103
Payments on perpetual subordinated notes – – (137 ) – – – (137 ) – (137 )
Other operations with non-controlling interests – – – – – – – (31 ) (31 )
Other items – – (10 ) – – – (10 ) (4 ) (14 )
As of December 31, 2024 2,397,679,661 7,577 135,496 (15,259 ) (149,529,818 ) (9,956 ) 117,858 2,397 120,255
Net income of the first half 2025 – – 6,538 – – – 6,538 129 6,667
Other comprehensive income – – (474 ) 1,695 – – 1,221 61 1,282
Comprehensive Income – – 6,064 1,695 – – 7,759 190 7,949
Dividend – – (4,072 ) – – – (4,072 ) (178 ) (4,250 )
Issuance of common shares 11,149,053 30 462 – – – 492 – 492
Purchase of treasury shares – – – – (62,261,210 ) (4,239 ) (4,239 ) – (4,239 )
Sale of treasury shares((a)) – – (414 ) – 6,214,595 414 – – –
Share-based payments – – 340 – – – 340 – 340
Share cancellation (127,622,460 ) (345 ) (8,397 ) – 127,622,460 8,622 (120 ) – (120 )
Net issuance (repayment) of perpetual subordinated notes – – (1,219 ) – – – (1,219 ) – (1,219 )
Payments on perpetual subordinated notes – – (156 ) – – – (156 ) – (156 )
Other operations with non-controlling interests – – – – – – – (51 ) (51 )
Other items – – (1 ) – – – (1 ) 2 1
As of June 30, 2025 2,281,206,254 7,262 128,103 (13,564 ) (77,953,973 ) (5,159 ) 116,642 2,360 119,002
(a) Treasury shares related to the performance share grants.
2.10 Notes to the Consolidated Financial Statements for the first six months
2025 (unaudited)
1) Basis of preparation of the consolidated financial statements
The consolidated financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union and IFRS as published by the International Accounting Standards Board
(IASB).
The interim consolidated financial statements of TotalEnergies SE and its
subsidiaries (the Company) as of June 30, 2025, are presented in U.S. dollars
and have been prepared in accordance with International Accounting Standard
(IAS) 34 “Interim Financial Reporting”.
The accounting principles applied for the consolidated financial statements at
June 30, 2025, are consistent with those used for the financial statements at
December 31, 2024.
The preparation of financial statements in accordance with IFRS for the
closing as of June 30, 2025 requires the General Management to make estimates,
assumptions and judgments that affect the information reported in the
Consolidated Financial Statements and the Notes thereto.
These estimates, assumptions and judgments are based on historical experience
and other factors believed to be reasonable at the date of preparation of the
financial statements. They are reviewed on an on-going basis by General
Management and therefore could be revised as circumstances change or as a
result of new information.
The main estimates, judgments and assumptions relate to the estimation of
hydrocarbon reserves in application of the successful efforts method for the
oil and gas activities, asset impairments, employee benefits, asset retirement
obligations and income taxes. These estimates and assumptions are described in
the Notes to the Consolidated Financial Statements as of December 31, 2024.
Different estimates, assumptions and judgments could significantly affect the
information reported, and actual results may differ from the amounts included
in the Consolidated Financial Statements and the Notes thereto.
Furthermore, when the accounting treatment of a specific transaction is not
addressed by any accounting standard or interpretation, the General Management
of the Company applies its judgment to define and apply accounting policies
that provide information consistent with the general IFRS concepts: faithful
representation, relevance and materiality.
2) Changes in the Company structure
2.1) MAIN ACQUISITIONS AND DIVESTMENTS
INTEGRATED POWER
In April 2, 2025, following the agreements signed in 2024, TotalEnergies
finalized the acquisition of VSB Group, a European wind and solar developer
with extensive operations in Germany, for a consideration of €1.57 billion.
VSB has built a recognized expertise and notable track record in the
development of onshore wind power farms across Europe (more than 2 GW of
developed capacity). VSB has 500 MW of renewable capacity in operation or
under construction mainly in Germany and France, and a pipeline of more than
15 GW of wind, solar and battery storage technologies mainly across Germany,
Poland and France.
2.2) MAJOR BUSINESS COMBINATIONS
INTEGRATED LNG
Acquisition of the Upstream Gas Assets of SapuraOMV
In December 2024, TotalEnergies has finalized the acquisition of the interests
of OMV (50%) and Sapura Upstream Assets (50%) in SapuraOMV Upstream
(SapuraOMV), an independent gas producer and operator in Malaisia. In
accordance with IFRS 3 “Business combinations”, TotalEnergies is assessing
the fair value of identifiable acquired assets, liabilities and contingent
liabilities on the basis of available information. The preliminary purchase
price allocation is shown below:
(M$) At the acquisition date
Goodwill 440
Intangible assets 437
Tangible assets 1,022
Other assets and liabilities (486)
Net debt of the acquired treasury (224)
Fair value of the consideration transferred 1,189
INTEGRATED POWER
Acquisition of VSB Group
TotalEnergies finalized the acquisition of VSB Group, a European wind and
solar developer with extensive operations in Germany. In accordance with IFRS
3, TotalEnergies is assessing the fair value of identifiable acquired assets,
liabilities and contingent liabilities on the basis of available information.
This assessment will be finalized within 12 months following the acquisition
date.
2.3) MAJOR DIVESTMENT PROJECTS
EXPLORATION & PRODUCTION
On July 17, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP
Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for
the sale of its 10% interest in the SPDC JV licenses in Nigeria.
As of June 30, 2025, the assets and liabilities are respectively classified in
the consolidated balance sheet as “Assets classified as held for sale” for
an amount of $1,224 million and “Liabilities classified as held for sale”
for an amount of $1,068 million. These assets mainly include tangible assets.
On May 29, 2025, TotalEnergies announced that its subsidiary TotalEnergies EP
Nigeria (TEPNG) signed an agreement with Shell Nigeria Exploration and
Production Company Ltd (SNEPCo) for the sale of its non-operated 12.5%
interest in the OML118 Production Sharing Contract (PSC).
As of June 30, 2025, the assets and liabilities are respectively classified in
the consolidated balance sheet as “Assets classified as held for sale” for
an amount of $605 million and “Liabilities classified as held for sale”
for an amount of $233 million. These assets mainly include tangible assets.
3) Business segment information
DESCRIPTION OF THE BUSINESS SEGMENTS
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 and which is reviewed
by the main operational decision-making body of TotalEnergies, namely the
Executive Committee.
The operational profit and assets are broken down by business segment prior to
the consolidation and inter-segment adjustments.
Sales prices for transactions between business segments approximate market
prices.
The reporting structure for the business segments’ financial information is
based on the following five business segments:
– An Exploration & Production segment that encompasses the activities of
exploration and production of oil and natural gas, conducted in about 50
countries;
– An Integrated LNG segment covering the integrated gas chain (including
upstream and midstream LNG activities) as well as biogas, hydrogen and gas
trading activities;
– An Integrated Power segment covering generation, storage, electricity
trading and B2B-B2C distribution of gas and electricity;
– A Refining & Chemicals segment constituting a major industrial hub
comprising the activities of refining, petrochemicals and specialty chemicals.
This segment also includes the activities of oil Supply, Trading and marine
Shipping;
– A Marketing & Services segment including the global activities of
supply and marketing in the field of petroleum products;
In addition the Corporate segment includes holdings operating and financial
activities.
DEFINITION OF THE INDICATORS
Adjusted Net Operating Income
TotalEnergies measures performance at the segment level on the basis of
adjusted net operating income. Adjusted net operating income comprises
operating income of the relevant segment after deducting the amortization and
the depreciation of intangible assets other than mineral interest, translation
adjustments and gains or losses on the sale of assets, as well as all other
income and expenses related to capital employed (dividends from
non-consolidated companies, income from equity affiliates and capitalized
interest expenses) and after income taxes applicable to the above, excluding
the effect of the adjustments describe below.
The income and expenses not included in net operating income adjusted that are
included in net income TotalEnergies share are interest expenses related to
net financial debt, after applicable income taxes (net cost of net debt),
non-controlling interests, and the adjusted items.
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 method.
(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.
3.1) INFORMATION BY BUSINESS SEGMENT
1(st) half 2025 Exploration & Integrated Integrated Refining & Marketing & Corporate Intercompany Total
Production
LNG
Power
Chemicals
Services
(M$)
External sales 2,938 5,674 9,925 44,386 38,945 13 – 101,881
Intersegment sales 17,589 5,121 1,385 13,817 333 57 (38,302 ) -
Excise taxes – – – (366 ) (8,940 ) – – (9,306 )
Revenues from sales 20,527 10,795 11,310 57,837 30,338 70 (38,302 ) 92,575
Operating expenses (8,377 ) (8,588 ) (10,664 ) (56,643 ) (29,125 ) (494 ) 38,302 (75,589 )
Depreciation, depletion and impairment of tangible assets and mineral (3,928 ) (788 ) (183 ) (859 ) (441 ) (57 ) – (6,256 )
interests
Net income (loss) from equity affiliates and other items 191 1,143 384 (50 ) 103 (71 ) – 1,700
Tax on net operating income (4,121 ) (441 ) (100 ) (95 ) (266 ) 131 – (4,892 )
Adjustments((a)) (133 ) (214 ) (333 ) (500 ) (43 ) (45 ) – (1,268 )
Adjusted net operating income 4,425 2,335 1,080 690 652 (376 ) – 8,806
Adjustments((a)) (1,268 )
Net cost of net debt (871 )
Non-controlling interests (129 )
Net income – TotalEnergies share 6,538
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
1(st) half 2025 Exploration & Integrated Integrated Refining & Marketing & Corporate Intercompany Total
Production
LNG
Power
Chemicals
Services
(M$)
Total expenditures 6,233 1,779 3,439 593 406 120 – 12,570
Total divestments 438 35 405 48 135 15 – 1,076
Cash flow from operating activities 6,941 2,282 400 (1,096 ) 1,196 (1,200 ) – 8,523
1(st) half 2024 Exploration & Integrated Integrated Refining & Marketing & Corporate Intercompany Total
Production
LNG
Power
Chemicals
Services
(M$)
External sales 2,734 4,645 11,546 49,049 42,029 18 – 110,021
Intersegment sales 19,531 5,606 1,159 16,346 433 140 (43,215 ) -
Excise taxes – – – (378 ) (8,577 ) – – (8,955 )
Revenues from sales 22,265 10,251 12,705 65,017 33,885 158 (43,215 ) 101,066
Operating expenses (9,113 ) (7,706 ) (12,071 ) (62,535 ) (32,697 ) (547 ) 43,215 (81,454 )
Depreciation, depletion and impairment of tangible assets and mineral (3,824 ) (631 ) (202 ) (792 ) (414 ) (55 ) – (5,918 )
interests
Net income (loss) from equity affiliates and other items 238 1,021 (589 ) 55 1,396 56 – 2,177
Tax on net operating income (4,424 ) (535 ) (119 ) (315 ) (209 ) 32 – (5,570 )
Adjustments((a)) (75 ) 26 (1,389 ) (171 ) 1,327 (13 ) – (295 )
Adjusted net operating income 5,217 2,374 1,113 1,601 634 (343 ) – 10,596
Adjustments((a)) (295 )
Net cost of net debt (650 )
Non-controlling interests (143 )
Net income – TotalEnergies share 9,508
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
1(st) half 2024 Exploration & Integrated LNG Integrated Refining & Marketing & Corporate Intercompany Total
Production
Power
Chemicals
Services
(M$)
Total expenditures 4,991 1,409 2,508 878 403 68 – 10,257
Total divestments 455 79 323 165 1,203 7 – 2,232
Cash flow from operating activities 8,125 2,141 1,398 (588) 1,542 (1,442) – 11,176
2(nd) quarter 2025 Exploration & Integrated Integrated Refining & Marketing & Corporate Intercompany Total
Production
LNG
Power
Chemicals
Services
(M$)
External sales 1,369 2,586 3,958 21,759 19,944 11 - 49,627
Intersegment sales 8,862 1,869 701 7,006 177 32 (18,647 ) -
Excise taxes - - - (254 ) (4,697 ) - - (4,951 )
Revenues from sales 10,231 4,455 4,659 28,511 15,424 43 (18,647 ) 44,676
Operating expenses (4,577 ) (3,632 ) (4,479 ) (27,995 ) (14,751 ) (302 ) 18,647 (37,089 )
Depreciation, depletion and impairment of tangible assets and mineral (1,978 ) (397 ) (108 ) (520 ) (224 ) (31 ) - (3,258 )
interests
Net income (loss) from equity affiliates and other items 58 578 340 (42 ) 113 (35 ) - 1,012
Tax on net operating income (1,793 ) (166 ) (27 ) (12 ) (168 ) 57 - (2,109 )
Adjustments((a)) (33 ) (203 ) (189 ) (447 ) (18 ) (23 ) - (913 )
Adjusted net operating income 1,974 1,041 574 389 412 (245 ) - 4,145
Adjustments((a)) (913 )
Net cost of net debt (486 )
Non-controlling interests (59 )
Net income – TotalEnergies share 2,687
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
2(nd) quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
Total expenditures 3,186 877 2,503 351 234 86 - 7,237
Total divestments 80 25 347 42 38 16 - 548
Cash flow from operating activities 3,675 539 799 887 628 (568 ) - 5,960
2(nd) quarter 2024 Exploration & Integrated Integrated Refining & Marketing & Corporate Intercompany Total
Production
LNG
Power
Chemicals
Services
(M$)
External sales 1,416 1,986 4,464 24,516 21,358 3 – 53,743
Intersegment sales 9,796 2,111 369 8,203 164 77 (20,720 ) –
Excise taxes – – – (208 ) (4,352 ) – – (4,560 )
Revenues from sales 11,212 4,097 4,833 32,511 17,170 80 (20,720 ) 49,183
Operating expenses (4,669 ) (2,922 ) (4,506 ) (31,647 ) (16,601 ) (318 ) 20,720 (39,943 )
Depreciation, depletion and impairment of tangible assets and mineral (1,907 ) (310 ) (105 ) (416 ) (208 ) (30 ) – (2,976 )
interests
Net income (loss) from equity affiliates and other items 141 526 26 (13 ) (84 ) 29 – 625
Tax on net operating income (2,163 ) (251 ) (79 ) (60 ) (101 ) (23 ) – (2,677 )
Adjustments ((a)) (53 ) (12 ) (333 ) (264 ) (203 ) (9 ) – (874 )
Adjusted net operating income 2,667 1,152 502 639 379 (253 ) – 5,086
Adjustments ((a)) (874 )
Net cost of net debt (365 )
Non-controlling interests (60 )
Net income – TotalEnergies share 3,787
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
2(nd) quarter 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
Total expenditures 2,697 844 769 443 259 40 – 5,052
Total divestments 149 29 261 127 (78 ) 6 – 494
Cash flow from operating activities 4,535 431 1,647 1,541 1,650 (797 ) – 9,007
3.2) ADJUSTMENT ITEMS
The main adjustement items for 2025 are the following:
1. An “Inventory valuation effect” amounting to $(347) million in net
operating income for the Refining & Chemicals and Marketing & Services
segments;
2. An “Effect of changes in fair value” amounting to $(438) million in net
operating income for the Integrated LNG and Integrated Power segments;
3. “Asset impairment and provisions charges” of $(209) million in net
operating income mainly consisting of impairment and provision related to the
adaptation project of the Antwerp platform for the Refining & Chemicals
segment;
4. “Other items” amounted to $(274) million in net operating income
notably related to the impacts of the Energy Profits Levy in the United
Kingdom on deferred tax.
The detail of the adjustment items is presented in the table below.
Adjustments to Net Operating Income
(M$) Exploration & Integrated Integrated Refining & Marketing & Corporate Total
Production
LNG
Power
Chemicals
Services
2(nd) quarter 2025 Inventory valuation effect – – – (251 ) (18 ) – (269 )
Effect of changes in fair value – (107 ) (176 ) – – – (283 )
Restructuring charges – – – – – – –
Asset impairment and provisions charges – – (13 ) (196 ) – – (209 )
Gains (losses) on disposals of assets – – – – – – –
Other items (33 ) (96 ) – – – (23 ) (152 )
Total (33 ) (203 ) (189 ) (447 ) (18 ) (23 ) (913 )
2(nd) quarter 2024 Inventory valuation effect – – – (263 ) (64 ) – (327 )
Effect of changes in fair value – (12 ) (279 ) – – – (291 )
Restructuring charges – – (11 ) – – – (11 )
Asset impairment and provisions charges – – – – – – –
Gains (losses) on disposals of assets – – 29 – (139 ) – (110 )
Other items (53 ) – (72 ) (1 ) – (9 ) (135 )
Total (53 ) (12 ) (333 ) (264 ) (203 ) (9 ) (874 )
1(st) half 2025 Inventory valuation effect – – – (304 ) (43 ) – (347 )
Effect of changes in fair value – (118 ) (320 ) – – – (438 )
Restructuring charges – – – – – – –
Asset impairment and provisions charges – – (13 ) (196 ) – – (209 )
Gains (losses) on disposals of assets – – – – – – –
Other items (133 ) (96 ) – – – (45 ) (274 )
Total (133 ) (214 ) (333 ) (500 ) (43 ) (45 ) (1,268 )
1(st) half 2024 Inventory valuation effect – – – (170 ) (50 ) – (220 )
Effect of changes in fair value – 26 (637 ) – – – (611 )
Restructuring charges – – (11 ) – – – (11 )
Asset impairment and provisions charges – – (644 ) – – – (644 )
Gains (losses) on disposals of assets (9 ) – 29 – 1,377 – 1,397
Other items (66 ) – (126 ) (1 ) – (13 ) (206 )
Total (75 ) 26 (1,389 ) (171 ) 1,327 (13 ) (295 )
4) Shareholders’ equity
TREASURY SHARES (TotalEnergies shares held directly by TotalEnergies SE)
December 31, 2024 June 30, 2025
Number of treasury shares 149,529,818 77,953,973
Percentage of share capital 6.24% 3.42%
At its meeting on February 4, 2025, the Board of Directors decided, following
the authorization of the Extraordinary Shareholder’s Meeting held on May 25,
2022, to cancel 127,622,460 treasury shares bought back between October 27,
2023 and November 19, 2024.
DIVIDEND
The Shareholder’s Meeting of May 23, 2025 approved the distribution of an
ordinary dividend at €3.22 per share. The final dividend for fiscal year
2024 was paid according to the following timetable :
Dividend 2024 First interim Second interim Third interim Final
Amount €0.79 €0.79 €0.79 €0.85
Set date April 25, 2024 July 24, 2024 October 30, 2024 May 23, 2025
Ex-dividend date September 25, 2024 January 2, 2025 March 26, 2025 June 19, 2025
Payment date October 1, 2024 January 6, 2025 April 1, 2025 July 1, 2025
The Board of Directors, at its meeting on April 29, 2025, set the first
interim dividend for the fiscal year 2025 at €0.85 per share. The
ex-dividend date of this interim dividend will be October 1, 2025 and it will
be paid in cash on October 3, 2025.
Furthermore, the Board of Directors, at its meeting on July 23, 2025, set the
second interim dividend for the fiscal year 2025 at €0.85 per share, i.e. an
amount equal to the aforementioned first interim dividend. The ex-dividend
date of this interim dividend will be December 31, 2025 and it will be paid in
cash on January 5, 2026.
Dividend 2025 First interim Second interim
Amount €0.85 €0.85
Set date April 29, 2025 July 23, 2025
Ex-dividend date October 1, 2025 December 31, 2025
Payment date October 3, 2025 January 5, 2026
EARNINGS PER SHARE IN EURO
Earnings per share in Euro, calculated from the earnings per share in U.S.
dollars converted at the average Euro/USD exchange rate for the period,
amounted to €1.03 per share for the 2(nd) quarter 2025 (€1.61 per share
for the 1(st) quarter 2025 and €1.51 per share for the 2(nd) quarter 2024).
Diluted earnings per share calculated using the same method amounted to
€1.01 per share for the 2(nd) quarter 2025 (€1.60 per share for the 1(st)
quarter 2025 and €1.51 per share for the 2(nd) quarter 2024).
Earnings per share are calculated after remuneration of perpetual subordinated
notes.
PERPETUAL SUBORDINATED NOTES
TotalEnergies SE has not issued any perpetual subordinated notes during the
first six months of 2025.
In February 2025, TotalEnergies SE has redeemed the outstanding nominal amount
of €1,082 million of perpetual subordinated notes carrying a coupon of
2.625%, issued in February 2015, on their first call date.
OTHER COMPREHENSIVE INCOME
Detail of other comprehensive income is presented in the table below:
(M$) 1(st) half 2025 1(st) half 2024
Actuarial gains and losses 16 20
Change in fair value of investments in equity instruments 64 143
Tax effect (19 ) (19 )
Currency translation adjustment generated by the parent company 8,690 (2,189 )
Sub-total items not potentially reclassifiable to profit and loss 8,751 (2,045 )
Currency translation adjustment (6,709 ) 1,622
Unrealized gain/(loss) of the period (6,708 ) 1,634
Less gain/(loss) included in net income 1 12
Cash flow hedge (668 ) 1,400
Unrealized gain/(loss) of the period (1,000 ) 1,346
Less gain/(loss) included in net income (332 ) (54 )
Variation of foreign currency basis spread 19 (15 )
Unrealized gain/(loss) of the period 12 (6 )
Less gain/(loss) included in net income (7 ) 9
Share of other comprehensive income of equity affiliates, net amount (274 ) (114 )
Unrealized gain/(loss) of the period (268 ) (103 )
Less gain/(loss) included in net income 6 11
Other 7 –
Tax effect 156 (372 )
Sub-total items potentially reclassifiable to profit and loss (7,469 ) 2,521
Total other comprehensive income, net amount 1,282 476
Tax effects relating to each component of other comprehensive income are as
follows:
(M$) 1st half 2025 1(st) half 2024
Pre-tax Tax effect Net amount Pre-tax Tax effect Ne
amount
amount t
am
ou
nt
Actuarial gains and losses 16 (5 ) 11 20 12 32
Change in fair value of investments in equity instruments 64 (14 ) 50 143 (31 ) 112
Currency translation adjustment generated by the parent company 8,690 – 8,690 (2,189 ) – (2,189 )
Sub-total items not potentially reclassifiable to profit and loss 8,770 (19 ) 8,751 (2,026 ) (19 ) (2,045 )
Currency translation adjustment (6,709 ) – (6,709 ) 1,622 – 1,622
Cash flow hedge (668 ) 163 (505 ) 1,400 (376 ) 1,024
Variation of foreign currency basis spread 19 (7 ) 12 (15 ) 4 (11 )
Share of other comprehensive income of equity affiliates, net amount (274 ) – (274 ) (114 ) – (114 )
Other 7 – 7 – – –
Sub-total items potentially reclassifiable to profit and loss (7,625 ) 156 (7,469 ) 2,893 (372 ) 2,521
Total other comprehensive income 1,145 137 1,282 867 (391 ) 476
5) Financial debt
The Company has issued senior bonds across three tranches in the Euro markets
on February 24(th), 2025 with a settlement date on March 3(rd), 2025:
– 1,000 million euros at 3.160% issued by TotalEnergies Capital
International and maturing in March 2033;
– 850 million euros at 3.499% issued by TotalEnergies Capital International
and maturing in March 2037;
– 1,300 million euros at 3.852% issued by TotalEnergies Capital
International and maturing in March 2045.
The Company has issued senior bonds across three tranches in the Euro markets
on June 24(th), 2025 with a settlement date on July 1(st), 2025:
– 1,000 million euros at 3.075% issued by TotalEnergies Capital
International and maturing in July 2031;
– 1,100 million euros at 3.647% issued by TotalEnergies Capital
International and maturing in July 2035;
– 900 million euros at 4.060% issued by TotalEnergies Capital International
and maturing in July 2040.
The Company has redeemed three senior bonds during the first six months of
2025:
– 1,000 million dollars at 2.434% bond issued by TotalEnergies Capital
International in 2019 and maturing in January 2025;
– 850 million euros at 1.375% bond issued by TotalEnergies Capital
International in 2014 and maturing in March 2025;
– 1,000 million Hong Kong dollars at 2.920% bond issued by TotalEnergies
Capital International in 2014 and maturing in April 2025.
6) Related parties
The related parties are mainly equity affiliates and non-consolidated
investments. There were no major changes concerning transactions with related
parties during the first six months of 2025.
7) Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks
or contingent liabilities that could have a material impact on the assets and
liabilities, results, financial position or operations of the TotalEnergies
company, other than those mentioned below.
YEMEN
In Yemen, the deterioration of security conditions in the vicinity of the
Balhaf site caused the company Yemen LNG, in which the TotalEnergies company
holds a stake of 39.62%, to stop its commercial production and export of LNG
and to declare force majeure to its various stakeholders in 2015. The plant
has been put in preservation mode.
MOZAMBIQUE
Considering the evolution of the security situation in the north of the Cabo
Delgado province in Mozambique, the TotalEnergies company has confirmed on
April 26, 2021, the withdrawal of all Mozambique LNG project personnel from
the Afungi site. This situation led the Company, as operator of Mozambique LNG
project, to declare force majeure.
LEGAL AND ARBITRATION PROCEEDINGS
– Disputes relating to Climate
In France, TotalEnergies SE was summoned in January 2020 before Nanterre’s
Civil Court of Justice by certain associations and local communities in order
to oblige the Company to complete its Vigilance Plan, by identifying in detail
risks relating to a global warming above 1.5 °C, as well as indicating the
expected amount of future greenhouse gas emissions related to the Company's
activities and its product utilization by third parties and in order to obtain
an injunction ordering the Corporation to cease exploration and exploitation
of new oil or gas fields, to reduce its oil and gas production by 2030 and
2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040
compared with 2019. This action was declared inadmissible on July 6, 2023, by
the Paris Civil Court of Justice to which the case was transferred following a
new procedural law. Following the appeal filed by the claimants, the Paris
Court of Appeal, in a judgment of June 18, 2024, considered the action
initiated admissible in particular on the basis of the law on the duty of
vigilance transferring the case for trial on the merits before the Paris Civil
Court of Justice, while strucking out 17 of the 22 applicants as well as
declining to awards any provisional measures. TotalEnergies SE considers that
it has fulfilled its obligations under the French law on the vigilance duty. A
new action against the Corporation, with similar requests for injunction, has
started in March 2024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against
TotalEnergies SE, with the purpose of proving that since May 2021 – after
the change of name of TotalEnergies – the Corporation’s corporate
communication and its publicity campaign contain environmental claims that are
either false or misleading for the consumer. TotalEnergies considers that
these accusations are unfounded.
In France, on July 4, 2023, nine shareholders (two companies and 7 individuals
holding a small number of the Corporation's shares) brought an action against
the Corporation before the Nanterre Commercial Court, seeking the annulment of
resolution no. 3 passed by the Corporation's Annual Shareholders’ Meeting on
May 26, 2023, recording the results for fiscal year 2022 and setting the
amount of the dividend to be distributed for fiscal year 2022. The plaintiffs
essentially allege an insufficient provision for impairment of TotalEnergies's
assets in the financial statements for the fiscal year 2022, due to the
insufficient consideration of future risks and costs related to the
consequences of greenhouse gas emissions emitted by its customers (scope 3)
and carbon cost assumptions presented as too low. The Corporation considers
this action to be unfounded.
In the United States, several US subsidiaries of TotalEnergies were summoned,
amongst many companies and professional associations, in several "climate
litigation" cases, seeking to establish legal liability for past greenhouse
gas emissions, and to compensate plaintiff public authorities, in particular
for resulting adaptation costs. The Corporation, which was initially summoned
in some of these claims along with these subsidiaries, is no longer named in
these proceedings. The Company considers that the courts lack jurisdiction,
that it has many arguments to put forward, and considers also that the past
and present behavior of the Company does not constitute a fault susceptible to
give rise to liability.
– Mozambique
In France, victims and heirs of deceased persons filed a complaint against
TotalEnergies SE in October 2023 with the Nanterre Prosecutor, following the
events perpetrated by terrorists in the city of Palma in March 2021. This
complaint would allege that the Corporation is liable for “unvoluntary
manslaughter” and “failure to assist people in danger”. The Corporation
considers these accusations as unfounded in both law and fact(22).
(22)Refer to the press release published by the Company on October 11, 2023
contesting the accusations.
– Kazakhstan
On April 1(st), 2024, the Republic of Kazakhstan filed a Statement of Claims
in the context of an arbitration involving TotalEnergies EP Kazakhstan and its
partners under the production sharing contract related to the North Caspian
Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be
unfounded. Therefore, it is not possible at this date to reliably assess the
potential consequences of this claim, particularly financial ones, nor the
date of their implementation.
8) Subsequent events
There are no post-balance sheet events that could have a material impact on
the Company’s financial statements.
TotalEnergies SERegistered office: 2, place Jean Millier – La Défense Financial Report first half 2025 Published in July 2025 Produced by Acolad
692400 Courbevoie – France France
Reception:+33 (0)1 47 44 45 46 Investor Relations:+33 (0)1 47 44 46 46
Individual Shareholders Relations: 0800 039 039 from France+33 (0) 1 47 44 24
02 from other countries
Share capital:€5,703,015,635542 051 180 RCS Nanterre
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