REG-TotalEnergies SE TotalEnergies SE: Third Quarter 2025 Results
Thu 07:15
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TotalEnergies SE: Third Quarter 2025 Results
Despite oil prices down by more than $10/b, TotalEnergies generates adjusted
net income at the same level as last year and $7.1 billion of cash flow during
the quarter, an increase of 4%, thanks to accretive hydrocarbon production
growth and improved Downstream results
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
3Q25 2Q25 Change 9M25 Change
vs 2Q25
vs 9M24
Cash flow from operations excluding working capital (CFFO)((1)) (B$) 7.1 6.6 +7% 20.7 -9%
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 4.0 3.6 +11% 11.8 -15%
- in dollars per share (fully-diluted) 1.77 1.57 +13% 5.17 -12%
Net income (TotalEnergies share) (B$) 3.7 2.7 +37% 10.2 -13%
Adjusted EBITDA((1)) (B$) 10.3 9.7 +6% 30.5 -7%
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné,
met on October 29, 2025, to approve the 3(rd) quarter 2025 financial
statements. On the occasion, Patrick Pouyanné said:
“Despite a $10/b drop in oil prices year-on-year, TotalEnergies posted
adjusted net income at the same level as the third quarter 2024 at $4.0
billion and $7.1 billion of cash flow during the quarter, which is up 4%
year-on-year. The Company’s strong financials are underpinned by accretive
hydrocarbon production growth of more than 4% year-on-year and improved
Downstream results that highlight the Company’s profitable growth strategy
and integrated model.
Exploration & Production reported adjusted net operating income of $2.2
billion and cash flow of $4.0 billion in the third quarter, increasing by 10%
and 6% quarter-to-quarter, respectively. New projects have already generated
around $400 million of additional cash flow year-on-year due to margins that
are significantly above the portfolio average. The Company also continued to
replenish its exploration portfolio, securing license awards in the Republic
of Congo, Nigeria and Liberia.
Integrated LNG achieved cash flow of $1.1 billion this quarter, in line with
the second quarter in a similar price environment (average LNG price around
$9/Mbtu). TotalEnergies further progressed its integration strategy in the
U.S. LNG value chain through the final investment decision of Rio Grande LNG
Train 4 and the acquisition of new shale gas interests.
Integrated Power posted adjusted net operating income and cash flow of $0.6
billion this quarter, in line with the second quarter with electricity
production during the first nine months up almost 20% year-on-year. The value
of TotalEnergies’ unique integrated model is illustrated by production
assets (renewables and gas-fired power plants) and sales activities (B2B, B2C,
trading) contributing equally to third quarter results. As part of its
business model, TotalEnergies signed an agreement to divest 50% of two
renewable asset portfolios in North America and France for ~$1.5 billion,
demonstrating the ability to successfully valorize its portfolio.
Downstream delivered adjusted net operating income of $1.1 billion and cash
flow of $1.7 billion, increasing by almost $500 million year-on-year as good
availability of assets allowed the Company to successfully capture improved
refining margins in Europe.
In the third quarter 2025, net investments reached $3.1 billion, benefiting
from around $400 million of disposals net of acquisitions. Gearing at the end
of the third quarter now stands at 17.3%, improving by 0.6% compared to the
end of the second quarter 2025, benefiting from a $1.3 billion positive
contribution of working capital.
Upon observing the Company’s ability to deliver on its energy production
growth objective, the Board of Directors has confirmed the distribution of the
third interim dividend of 0.85 €/share for fiscal year 2025, an increase
close to 7.6% compared to 2024 and at the same level as previous interim
dividends. As announced on September 24(th), the Board of Directors confirmed
to authorize share buybacks for up to $1.5 billion for the fourth quarter of
2025. The Board of Directors also approved the effective termination of its
ADR (American Depositary Receipts) program, wherein the ADRs will be
transformed into ordinary shares that will be listed on the NYSE from December
8, 2025.”
1. Highlights ((2))
Upstream
* Start-up of Begonia and CLOV Phase 3 offshore fields, for a combined capacity
of 60,000 b/d, in Angola
* Launch of Ratawi full field redevelopment phase 2 and of the construction of
seawater treatment plant construction, part of the GGIP project in Iraq
* Divestment of interests in two unconventional blocks in the Vaca Muerta, in
Argentina
* Divestment of interests in three Ekofisk satellite fields, in Norway
* Appointment of Nicola Mavilla as Senior Vice President Exploration
* Award of Nzombo offshore exploration license, in Congo
* Award of two offshore exploration blocks, in Nigeria
* Award of four offshore exploration blocks, in Liberia
Integrated LNG
* FID of RGLNG T4, with a direct stake of 10% and offtake agreement of 1.5Mt/y
for 20 years, in Texas
* Acquisition from Continental Resources of a 49% interest in producing natural
gas assets in the Anadarko basin, in the United States
* Signature of an agreement with KOGAS for the supply of 1Mt/y of LNG over 10
years, starting in 2027
Integrated Power
* Signature of an agreement for the sale of 50% of a 1.4 GW renewables
portfolio, in North America
* Award of ‘Centre Manche 2’ tender for the development of a 1.5 GW offshore
wind project, in France
* Closing of the sale of 50% of a 270 MW renewables portfolio, in France
* Signature of an agreement for the sale of GreenFlex, a consulting firm in
energy savings, to French Oteis
Carbon footprint reduction and low-carbon molecules
* Transportation and storage of the first CO(2 )volumes in Northern Lights, in
Norway
* Signature of an agreement for the farm-down of the Bifrost CO(2) storage
project, in Denmark
* Joint venture creation with Banque des Territoires to finance the deployment
of EV (B2G) charging infrastructure, in France
* Signature of a memorandum of understanding with Veolia for further cooperation
regarding the energy transition and the circular economy
* Signature of an agreement with NativState for sustainable forestry operations
and preservation of carbon sinks, in the United States
Innovation and Performance
* Signature of a partnership with Cognite for the deployment of industrial AI
across all of TotalEnergies’ operated Upstream assets worldwide
* Signature of a strategic partnership with Emerson for the deployment of a
global industrial data platform on all of TotalEnergies’ operational sites
2. Key figures from TotalEnergies’ consolidated financial statements ((1))
3Q25 2Q25 3Q25 3Q24 In millions of dollars, except effective tax rate, 9M25 9M24 9M25
vs
earnings per share and number of shares
vs
2Q25
9M24
10,295 9,690 +6% 10,048 Adjusted EBITDA ((1)) 30,489 32,614 -7%
4,659 4,390 +6% 4,635 Adjusted net operating income from business segments 13,841 15,574 -11%
2,169 1,974 +10% 2,482 Exploration & Production 6,594 7,699 -14%
852 1,041 -18% 1,063 Integrated LNG 3,187 3,437 -7%
571 574 -1% 485 Integrated Power 1,651 1,598 +3%
687 389 +77% 241 Refining & Chemicals 1,377 1,842 -25%
380 412 -8% 364 Marketing & Services 1,032 998 +3%
692 702 -1% 706 Contribution of equity affiliates to adjusted net income 2,109 1,963 +7%
37.7% 41.5% - 38.0% Effective tax rate ((3)) 40.2% 38.7% -
3,980 3,578 +11% 4,074 Adjusted net income (TotalEnergies share) ((1)) 11,750 13,858 -15%
1.77 1.57 +13% 1.74 Adjusted fully-diluted earnings per share (dollars) ((4)) 5.17 5.87 -12%
1.50 1.38 +9% 1.58 Adjusted fully-diluted earnings per share (euros) ((5)) 4.62 5.40 -14%
2,200 2,224 -1% 2,310 Fully-diluted weighted-average shares (millions) 2,225 2,327 -4%
3,683 2,687 +37% 2,294 Net income (TotalEnergies share) 10,221 11,802 -13%
3,473 4,819 -28% 4,102 Organic investments ((1)) 12,794 12,584 +2%
(381) 1,813 ns 1,662 Acquisitions net of assets sales ((1)) 1,851 1,382 +34%
3,092 6,632 -53% 5,764 Net investments ((1)) 14,645 13,966 +5%
7,061 6,618 +7% 6,821 Cash flow from operations excluding working capital (CFFO) ((1)) 20,671 22,766 -9%
7,443 6,943 +7% 7,009 Debt Adjusted Cash Flow (DACF) ((1)) 21,663 23,215 -7%
8,349 5,960 +40% 7,171 Cash flow from operating activities 16,872 18,347 -8%
Gearing ((1)) of 17.3% at September 30, 2025 vs 17.9% at June 30, 2025 and 12.9% at September 30, 2024
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
3Q25 2Q25 3Q25 3Q24 9M25 9M24 9M25
vs
vs
2Q25
9M24
69.1 67.9 +2% 80.3 Brent ($/b) 70.9 82.8 -14%
3.1 3.5 -12% 2.2 Henry Hub ($/Mbtu) 3.5 2.2 +57%
11.3 11.9 -5% 11.5 TTF ($/Mbtu) 12.5 10.1 +24%
11.7 12.2 -4% 13.0 JKM ($/Mbtu) 12.7 11.2 +13%
66.5 65.6 +2% 77.0 Average price of liquids ((6),(7)) ($/b) 67.9 78.9 -14%
Consolidated subsidiaries
5.50 5.63 -2% 5.78 Average price of gas ((6),(8)) ($/Mbtu) 5.92 5.30 +12%
Consolidated subsidiaries
8.91 9.10 -2% 9.91 Average price of LNG ((6),(9)) ($/Mbtu) 9.36 9.61 -3%
Consolidated subsidiaries and equity affiliates
63.0 35.3 +78% 15.4 European Refining Margin Marker (ERM) ((6),(10)) ($/t) 42.6 44.0 -3%
3.2 Greenhouse gas emissions ((11))
3Q25 2Q25 3Q25 3Q24 Scope 1+2 emissions ((12)) (MtCO2e) 9M25 9M24 9M25
vs
vs
2Q25
9M24
8.4 8.0 +5% 8.8 Scope 1+2 from operated facilities ((1)) 24.8 24.7 -
7.1 7.1 - 7.4 of which Oil & Gas 21.4 21.5 -
1.3 0.9 +44% 1.4 of which CCGT 3.4 3.2 +6%
11.0 10.6 +4% 11.3 Scope 1+2 - ESRS share ((1)) 32.7 32.5 +1%
3Q25 2Q25 3Q25 3Q24 Methane emissions (ktCH4) 9M25 9M24 9M25
vs
vs
2Q25
9M24
5 6 -17% 7 Methane emissions from operated facilities ((1)) 17 22 -23%
Estimated quarterly emissions.
Scope 1+2 emissions from Oil & Gas operated installations were down 4%
year-on-year mainly due to the continuous decrease in flaring in Exploration
& Production, despite 4% production growth.
First nine months of 2025 Scope 3 ((13)) Category 11 emissions are estimated
to be about 250 Mt CO(2)e.
3.3 Production ((14))
3Q25 2Q25 3Q25 3Q24 Hydrocarbon production 9M25 9M24 9M25
vs
vs
2Q25
9M24
2,508 2,503 - 2,409 Hydrocarbon production (kboe/d) 2,523 2,437 +4%
1,407 1,343 +5% 1,324 Oil (including bitumen) (kb/d) 1,369 1,321 +4%
1,101 1,160 -5% 1,086 Gas (including condensates and associated NGL) (kboe/d) 1,154 1,116 +3%
2,508 2,503 - 2,409 Hydrocarbon production (kboe/d) 2,523 2,437 +4%
1,553 1,506 +3% 1,466 Liquids (kb/d) 1,525 1,475 +3%
5,182 5,395 -4% 5,093 Gas (Mcf/d) 5,409 5,174 +5%
Hydrocarbon production was 2,508 thousand barrels of oil equivalent per day in
the third quarter 2025, up 4% year-on-year, and was comprised of:
* +6% due to start-ups and ramp-ups, including Mero-2, Mero-3 and Mero-4 in
Brazil, Anchor and Ballymore in the United States, Fenix in Argentina and Tyra
in Denmark,
* -1% mainly due to more planned maintenance this quarter,
* +2% due to a portfolio effect related to the acquisitions of SapuraOMV in
Malaysia and interests in the Eagle Ford shale gas plays in Texas,
* -3% due to the natural field declines.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
3Q25 2Q25 3Q25 3Q24 Hydrocarbon production 9M25 9M24 9M25
vs
vs
2Q25
9M24
2,026 1,956 +4% 1,944 EP (kboe/d) 1,986 1,952 +2%
1,501 1,437 +4% 1,414 Liquids (kb/d) 1,460 1,415 +3%
2,782 2,767 +1% 2,830 Gas (Mcf/d) 2,799 2,865 -2%
4.1.2 Results
3Q25 2Q25 3Q25 3Q24 In millions of dollars, except effective tax rate 9M25 9M24 9M25
vs
vs
2Q25
9M24
2,169 1,974 +10% 2,482 Adjusted net operating income 6,594 7,699 -14%
177 176 +1% 183 including adjusted income from equity affiliates 503 535 -6%
48.5% 50.1% - 45.1% Effective tax rate ((15)) 49.4% 46.9% -
1,922 3,053 -37% 2,330 Organic investments ((1)) 7,659 6,956 +10%
(53) 162 ns (42) Acquisitions net of assets sales ((1)) 225 51 x4.4
1,869 3,215 -42% 2,288 Net investments ((1)) 7,884 7,007 +13%
3,984 3,760 +6% 4,273 Cash flow from operations excluding working capital (CFFO) ((1)) 12,035 13,104 -8%
4,187 3,675 +14% 4,763 Cash flow from operating activities 11,128 12,888 -14%
Adjusted net operating income was $2,169 million, up 10% quarter-to-quarter in
a similar price environment, outpacing Exploration & Production production
growth of 4% compared to the second quarter 2025 thanks to the accretive
impact of new barrels.
Cash flow from operations excluding working capital (CFFO) was $3,984 million,
up 6% quarter-to-quarter, for the same reasons.
4.2 Integrated LNG
4.2.1 Production
3Q25 2Q25 3Q25 3Q24 Hydrocarbon production for LNG 9M25 9M24 9M25
vs
vs
2Q25
9M24
482 547 -12% 465 Integrated LNG (kboe/d) 537 485 +11%
52 69 -24% 52 Liquids (kb/d) 65 60 +8%
2,400 2,628 -9% 2,263 Gas (Mcf/d) 2,610 2,309 +13%
3Q25 2Q25 3Q25 3Q24 Liquefied Natural Gas in Mt 9M25 9M24 9M25
vs
vs
2Q25
9M24
10.4 10.6 -1% 9.5 Overall LNG sales 31.6 29.0 +9%
3.4 3.9 -13% 3.8 incl. Sales from equity production* 11.2 11.6 -3%
9.2 9.4 -2% 8.4 incl. Sales by TotalEnergies from equity production and third party purchases 28.0 25.3 +11%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
Hydrocarbon production for LNG was down 12% this quarter compared to the
second quarter 2025, primarily due to planned turnaround at Ichthys LNG in
Australia.
Quarterly LNG sales were stable over the quarter, with third party purchases
offsetting lower sales from equity production.
4.2.2 Results
3Q25 2Q25 3Q25 3Q24 In millions of dollars, except the average price of LNG 9M25 9M24 9M25
vs
vs
2Q25
9M24
8.91 9.10 -2% 9.91 Average price of LNG ($/Mbtu) * 9.36 9.61 -3%
Consolidated subsidiaries and equity affiliates
852 1,041 -18% 1,063 Adjusted net operating income 3,187 3,437 -7%
423 513 -18% 538 including adjusted income from equity affiliates 1,471 1,453 +1%
330 743 -56% 451 Organic investments ((1)) 1,825 1,615 +13%
(134) 110 ns 65 Acquisitions net of assets sales ((1)) 116 251 -54%
196 853 -77% 516 Net investments ((1)) 1,941 1,866 +4%
1,134 1,159 -2% 888 Cash flow from operations excluding working capital (CFFO) ((1)) 3,542 3,456 +2%
789 539 +46% 830 Cash flow from operating activities 3,071 2,971 +3%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does
not include LNG trading activities.
Adjusted net operating income for Integrated LNG was $852 million, down 18%
this quarter primarily due to the planned turnaround at Ichthys LNG in
Australia.
Cash flow from operations excluding working capital (CFFO) was $1,134 million,
in line with the second quarter under similar market conditions (average LNG
price around $9/Mbtu).
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
3Q25 2Q25 3Q25 3Q24 Integrated Power 9M25 9M24 9M25
vs
vs
2Q25
9M24
12.6 11.6 +9% 11.1 Net power production (TWh) * 35.5 29.7 +19%
8.2 8.4 -2% 6.7 o/w production from renewables 23.3 19.6 +19%
4.5 3.2 +40% 4.4 o/w production from gas flexible capacities 12.2 10.2 +20%
25.2 24.0 +5% 21.6 Portfolio of power generation net installed capacity (GW) ** 25.2 21.6 +16%
18.7 17.4 +7% 14.5 o/w renewables 18.7 14.5 +29%
6.5 6.5 - 7.1 o/w gas flexible capacities 6.5 7.1 -9%
106.0 104.1 +2% 89.6 Portfolio of renewable power generation gross capacity (GW) **,*** 106.0 89.6 +18%
32.3 30.2 +7% 24.2 o/w installed capacity 32.3 24.2 +34%
6.0 6.0 -1% 6.0 Clients power - BtB and BtC (Million) ** 6.0 6.0 -
2.7 2.7 -1% 2.8 Clients gas - BtB and BtC (Million) ** 2.7 2.8 -2%
10.6 10.5 - 10.9 Sales power - BtB and BtC (TWh) 35.6 36.9 -3%
11.6 14.9 -22% 13.9 Sales gas - BtB and BtC (TWh) 62.2 68.4 -9%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 18.99% of Adani Green Energy Ltd’s gross capacity, 50% of
Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross
capacity.
Net power production increased by 9% over the quarter, reaching 12.6 TWh,
mainly driven by increased output from flexible generation capacity in Europe.
Gross installed renewable power generation capacity totaled 32.3 GW at the end
of the third quarter of 2025, representing an increase of 2.1 GW compared to
the end of the second quarter of 2025, and more than 8 GW year-on-year.
4.3.2 Results
3Q25 2Q25 3Q25 3Q24 In millions of dollars 9M25 9M24 9M25
vs
vs
2Q25
9M24
571 574 -1% 485 Adjusted net operating income 1,651 1,598 +3%
48 22 x2.2 29 including adjusted income from equity affiliates 114 25 x4.6
596 421 +42% 707 Organic investments ((1)) 1,663 2,246 -26%
(147) 1,568 ns 1,529 Acquisitions net of assets sales ((1)) 1,658 2,176 -24%
449 1,989 -77% 2,236 Net investments ((1)) 3,321 4,422 -25%
611 562 +9% 636 Cash flow from operations excluding working capital (CFFO) ((1)) 1,770 1,951 -9%
674 799 -16% 373 Cash flow from operating activities 1,074 1,771 -39%
Adjusted net operating income for Integrated Power was $571 million, stable
over the quarter.
Cash flow from operations excluding working capital (CFFO) was $611 million
for the quarter, in line with annual guidance, and was comprised of $299
million from production activities (including renewables and gas-fired power
plants) and $312 million from marketing activities (including B2B, B2C and
trading).
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
3Q25 2Q25 3Q25 3Q24 In millions of dollars 9M25 9M24 9M25
vs
vs
2Q25
9M24
1,067 801 +33% 605 Adjusted net operating income 2,409 2,840 -15%
590 532 +11% 561 Organic investments ((1)) 1,508 1,649 -9%
(45) (27) ns 112 Acquisitions net of assets sales ((1)) (147) (1,090) ns
545 505 +8% 673 Net investments ((1)) 1,361 559 x2.4
1,653 1,483 +11% 1,177 Cash flow from operations excluding working capital (CFFO) ((1)) 4,253 4,723 -10%
3,126 1,515 x2.1 1,145 Cash flow from operating activities 3,226 2,099 +54%
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
3Q25 2Q25 3Q25 3Q24 Refinery throughput and utilization rate 9M25 9M24 9M25
vs
vs
2Q25
9M24
1,478 1,589 -7% 1,539 Total refinery throughput (kb/d) 1,538 1,493 +3%
481 463 +4% 451 France 460 421 +9%
595 632 -6% 625 Rest of Europe 618 627 -1%
402 494 -19% 463 Rest of world 461 445 +4%
84% 90% - 86% Utilization rate based on crude only* 87% 83%
* Based on distillation capacity at the beginning of the year, excluding the
African refinery SIR (divested) from 3(rd) quarter 2024 and the African
refinery Natref (divested) during the 4(th) quarter 2024.
3Q25 2Q25 3Q25 3Q24 Petrochemicals production and utilization rate 9M25 9M24 9M25
vs
vs
2Q25
9M24
1,326 1,164 +14% 1,314 Monomers* (kt) 3,740 3,850 -3%
1,174 1,127 +4% 1,167 Polymers (kt) 3,474 3,352 +4%
84% 74% - 85% Steam cracker utilization rate** 79% 79% -
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year, excluding Lavera (divested) from 2(nd)
quarter 2024.
Refinery throughput was down 7% quarter-on-quarter due to turnarounds on the
Port Arthur and HTC platforms.
Petrochemicals output was up 14% for monomers and 4% for polymers, mainly due
to the end of the cracker turnaround at the Normandie platform.
4.5.2 Results
3Q25 2Q25 3Q25 3Q24 In millions of dollars, except ERM 9M25 9M24 9M25
vs
vs
2Q25
9M24
63.0 35.3 +78% 15.4 European Refining Margin Marker (ERM) ($/t) * 42.6 44.0 -3%
687 389 +77% 241 Adjusted net operating income 1,377 1,842 -25%
387 333 +16% 329 Organic investments ((1)) 956 1,130 -15%
(2) (24) ns 34 Acquisitions net of assets sales ((1)) (26) (81) ns
385 309 +25% 363 Net investments ((1)) 930 1,049 -11%
1,015 772 +31% 530 Cash flow from operations excluding working capital (CFFO) ((1)) 2,420 2,938 -18%
2,839 887 x3.2 564 Cash flow from operating activities 1,743 (24) ns
* This market indicator for European refining, calculated based on public
market prices ($/t), uses a basket of crudes, petroleum product yields and
variable costs representative of the European refining system of
TotalEnergies. Does not include oil trading activities.
Adjusted net operating income reached $687 million in the third quarter 2025
and cash flow from operations excluding working capital (CFFO) was $1,015
million, increasing by almost $500 million year-on-year as the Company
captured improved refining margins in Europe thanks to the high availability
of its assets.
4.6 Marketing & Services
4.6.1 Petroleum product sales
3Q25 2Q25 3Q25 3Q24 Sales in kb/d* 9M25 9M24 9M25
vs
vs
2Q25
9M24
1,269 1,324 -4% 1,383 Total Marketing & Services sales 1,286 1,353 -5%
744 790 -6% 795 Europe 749 761 -2%
525 534 -2% 588 Rest of world 537 592 -9%
* Excludes trading and bulk refining sales.
Sales of petroleum products are down 8% year-on-year as a result of focusing
the portfolio on higher margin activities.
4.6.2 Results
3Q25 2Q25 3Q25 3Q24 In millions of dollars 9M25 9M24 9M25
vs
vs
2Q25
9M24
380 412 -8% 364 Adjusted net operating income 1,032 998 +3%
203 199 +2% 232 Organic investments ((1)) 552 519 +6%
(43) (3) ns 78 Acquisitions net of assets sales ((1)) (121) (1,009) ns
160 196 -18% 310 Net investments ((1)) 431 (490) ns
638 711 -10% 647 Cash flow from operations excluding working capital (CFFO) ((1)) 1,833 1,785 +3%
287 628 -54% 581 Cash flow from operating activities 1,483 2,123 -30%
Marketing & Services adjusted net operating income was $380 million in the
third quarter of 2025, up 4% year-on-year despite lower volumes, reflecting
improved unit margins.
Cash flow from operations excluding working capital (CFFO) was $638 million,
stable year-on-year for the same reasons.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was $4,659 million in the
third quarter of 2025, compared to $4,390 million in the second quarter,
driven by the accretive production growth of Exploration & Production and
higher refining margins in Europe.
5.2 Adjusted net income ((1)) (TotalEnergies share)
TotalEnergies’ adjusted net income was $3,980 million in the third quarter
of 2025 versus $3,578 million in the second quarter, for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of changes in fair value.
Adjustments to net income( )were ($0.3) billion in the third quarter of 2025,
consisting mainly of:
* $0.3 billion of capital gains/losses on asset sales, related to the divestment
of two blocks in Argentina
* ($0.3) billion of exceptional provisions and depreciations,
* ($0.3) billion of changes in fair value, stock variation and other items.
TotalEnergies’ average tax rate was 37.7% in the third quarter of 2025
versus 41.5% in the second quarter of 2025 mainly due to the increase of the
relative weight of Refining and Chemicals and the reduction of the relative
weight of North Sea countries in the Company's results.
5.3 Adjusted earnings per share
Adjusted fully-diluted earnings per share were:
* $1.77 in the third quarter 2025, based on 2,200 million weighted average
diluted shares, compared to $1.57 in the second quarter.
* $5.17 in first nine months of 2025, based on 2,225 million weighted average
diluted shares, compared to $5.87 a year ago.
As of September 30, 2025, the number of diluted shares was 2,188 million.
TotalEnergies repurchased*:
* 36.8 million shares in the third quarter 2025, for $2.3 billion,
* 99 million shares in the first nine months of 2025, for $6.0 billion.
5.4 Acquisitions – asset sales
Acquisitions were:
* $474 million in the third quarter of 2025, notably related to the closing of
the acquisition of the Tungsten Explorer drillship in a joint venture with
Vantage,
* $3,416 million in the first nine months of 2025, notably related to the above
item, as well as the finalization of the VSB acquisition and the acquisition
of an additional 10% interest in the Moho field in Congo.
Divestments were:
* $855 million in the third quarter of 2025, notably related to the divestment
of two unconventional blocks in Argentina and the sale of a 50% interest in a
renewables portfolio in France,
* $1,565 million in the first nine months of 2025, notably related to the above
items, as well as the sale of a 50% interest in a renewables portfolio in
Portugal and the divestment of interests in the Nkossa and Nsoko II permits in
Congo and fuel distribution activities in Brazil.
5.5 Net cash flow ((1))
TotalEnergies' net cash flow in the third quarter of 2025 was $3,969 million,
compared to ($14) million in the previous quarter, due to a $443 million
increase in CFFO and a $3,540 million decrease in net investments over the
quarter.
2025 third quarter cash flow from operating activities was $8,349 million
versus CFFO of $7,061 million, benefiting from a $1.3 billion positive
contribution to working capital.
5.6 Profitability
Return on equity was 14.2% for the twelve months ended September 30, 2025.
In millions of dollars October 1, 2024 July 1, 2024 October 1, 2023
September 30, 2025 June 30, 2025 September 30, 2024
Adjusted net income (TotalEnergies share) ((1)) 16,431 16,535 19,398
Average adjusted shareholders' equity 116,051 117,441 116,572
Return on equity (ROE) 14.2% 14.1% 16.6%
Return on average capital employed ((1)) was 12.4% for the twelve months ended
September 30, 2025.
In millions of dollars October 1, 2024 July 1, 2024 October 1, 2023
September 30, 2025 June 30, 2025 September 30, 2024
Adjusted net operating income ((1)) 18,204 18,184 20,701
Average capital employed ((1)) 146,636 146,456 142,195
ROACE ((1)) 12.4% 12.4% 14.6%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €2,626
million in the third quarter of 2025, compared to €4,098 million in the
second quarter.
7. Annual 2025 Sensitivities ((16))
Change Estimated impact on adjusted net operating income Estimated impact on cash flow from operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price ((17)) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
8. Outlook
In the context of continued uncertainty in the geopolitical and macroeconomic
environment, oil prices are trending downwards, facing an abundant supply that
is fueled by production from non-OPEC countries (Guyana, Brazil, US) and
OPEC+'s decision to unwind some voluntary productions cuts.
At the beginning of the fourth quarter of 2025, refining margins remain above
$50/t reflecting disruptions of diesel flows and low inventory levels.
Forward European gas prices remain sustained at around $11/Mbtu for the fourth
quarter of 2025 and winter 2025/26 due to anticipated winter consumption.
Given the evolution of oil and gas prices in recent months and the lag effect
on pricing formulas, TotalEnergies anticipates an average LNG selling price of
$8.5/Mbtu for the fourth quarter of 2025.
Hydrocarbon production in the fourth quarter of 2025 is expected to be between
2.525 and 2.575 Mboe/d, growing over 4% compared to the fourth quarter of
2024, notably benefiting from the restart of Ichthys LNG.
Taking into account planned turnarounds at Antwerp and SATORP in Saudi Arabia,
the utilization rate should be between 80% and 84% in the fourth quarter.
The Company anticipates net investments for the full year will be within the
$17-17.5 billion guidance range based on organic investments and expected
disposals in the fourth quarter. Fourth quarter disposals are estimated to
total $2 billion, including the closing of Nigeria and Norway divestitures for
Exploration & Production as well as farm-downs of renewable assets in
North America and Greece for Integrated Power.
Given forecasted divestments net of acquisitions of $1.5 billion in the fourth
quarter 2025 and an anticipated positive contribution from working capital,
gearing at the end of 2025 is expected to be 15-16%.
* * * *
To listen to the conference call with Chairman & CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 1:00pm (Paris time), please log on to
totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54347736&newsitemid=20251030422319&lan=en-US&anchor=totalenergies.com&index=1&md5=52b50db46cc03027eeec0b3cea7cb5e9)
or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. The
conference replay will be available on the Company's website totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54347736&newsitemid=20251030422319&lan=en-US&anchor=totalenergies.com&index=2&md5=52cb6fa75dec9a3eb7b21d0f2ff78501)
after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
3Q25 2Q25 3Q25 3Q24 Combined liquids and gas 9M25 9M24 9M25
vs production by region (kboe/d)
vs
2Q25
9M24
515 522 -1% 556 Europe 536 563 -5%
433 424 +2% 452 Africa 427 454 -6%
864 850 +2% 799 Middle East and North Africa 854 813 +5%
476 436 +9% 388 Americas 446 366 +22%
220 271 -19% 214 Asia-Pacific 260 241 +8%
2,508 2,503 - 2,409 Total production 2,523 2,437 +4%
361 374 -3% 371 includes equity affiliates 375 359 +5%
3Q25 2Q25 3Q25 3Q24 Liquids production by region (kb/d) 9M25 9M24 9M25
vs
vs
2Q25
9M24
204 203 +1% 221 Europe 207 224 -7%
317 309 +3% 329 Africa 312 328 -5%
696 673 +3% 637 Middle East and North Africa 684 649 +5%
249 217 +15% 189 Americas 223 176 +27%
87 104 -16% 90 Asia-Pacific 99 98 +1%
1,553 1,506 +3% 1,466 Total production 1,525 1,475 +3%
161 158 +2% 154 includes equity affiliates 161 153 +5%
3Q25 2Q25 3Q25 3Q24 Gas production by region (Mcf/d) 9M25 9M24 9M25
vs
vs
2Q25
9M24
1,675 1,720 -3% 1,812 Europe 1,771 1,832 -3%
588 579 +2% 632 Africa 578 633 -9%
928 973 -5% 888 Middle East and North Africa 940 896 +5%
1,260 1,214 +4% 1,100 Americas 1,237 1,055 +17%
731 909 -20% 661 Asia-Pacific 883 758 +16%
5,182 5,395 -4% 5,093 Total production 5,409 5,174 +5%
1,120 1,173 -4% 1,190 includes equity affiliates 1,176 1,120 +5%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
3Q25 2Q25 3Q25 3Q24 Petroleum product sales by region (kb/d) 9M25 9M24 9M25
vs
vs
2Q25
9M24
1,839 1,904 -3% 1,932 Europe 1,806 1,849 -2%
566 616 -8% 585 Africa 600 578 +4%
978 1,057 -7% 1,091 Americas 1,036 1,038 -
1,128 856 +32% 747 Rest of world 976 699 +40%
4,510 4,432 +2% 4,355 Total consolidated sales 4,418 4,164 +6%
354 379 -7% 395 Includes bulk sales 359 397 -10%
2,887 2,729 +6% 2,578 Includes trading 2,773 2,414 +15%
3Q25 2Q25 3Q25 3Q24 Petrochemicals production* (kt) 9M25 9M24 9M25
vs
vs
2Q25
9M24
976 832 +17% 954 Europe 2,792 2,844 -2%
773 750 +3% 765 Americas 2,217 2,166 +2%
751 709 +6% 762 Middle East and Asia 2,205 2,192 +1%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
3Q25 2Q25
Net power production (TWh) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total
France 0.3 0.2 - 0.6 0.0 1.1 0.2 0.2 - 0.5 0.0 1.0
Rest of Europe 0.2 0.4 0.2 1.5 0.1 2.5 0.2 0.5 0.2 1.0 0.1 2.0
Africa 0.0 - - - 0.1 0.1 0.0 - - - 0.1 0.1
Middle East 0.3 - - 0.3 - 0.5 0.3 - - 0.3 - 0.5
North America 1.4 0.5 - 2.1 - 4.0 1.3 0.6 - 1.4 - 3.3
South America 0.1 1.0 - - - 1.1 0.1 0.9 - - - 1.0
India 2.2 0.5 - - - 2.8 2.5 0.6 - - - 3.1
Pacific Asia 0.4 0.0 0.0 - - 0.5 0.4 0.0 0.1 - - 0.5
Total 5.0 2.6 0.3 4.5 0.2 12.6 5.1 2.8 0.3 3.2 0.2 11.6
9.3.2 Installed power generation net capacity
3Q25 2Q25
Installed power generation net capacity (GW) ((18)) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total
France 0.7 0.5 - 2.7 0.2 4.1 0.8 0.5 - 2.7 0.2 4.2
Rest of Europe 0.6 1.1 0.3 2.1 0.2 4.2 0.5 1.0 0.3 2.1 0.2 4.0
Africa 0.0 - - - 0.1 0.1 0.0 - - - 0.1 0.1
Middle East 0.5 - - 0.3 - 0.8 0.5 - - 0.3 - 0.8
North America 3.3 0.9 - 1.5 0.5 6.2 2.8 0.9 - 1.5 0.4 5.5
South America 0.4 1.1 - - - 1.5 0.4 1.0 - - - 1.4
India 6.4 0.6 - - - 7.0 6.0 0.6 - - - 6.6
Pacific Asia 1.1 0.0 0.2 - - 1.3 1.1 0.0 0.2 - - 1.3
Total 13.0 4.2 0.5 6.5 1.0 25.2 12.2 4.0 0.5 6.5 0.8 24.0
9.3.3 Power generation gross capacity from renewables
3Q25 2Q25
Installed power generation gross capacity from renewables (GW) ((19),(20)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 1.3 0.9 0.0 0.2 2.4 1.3 0.9 0.0 0.2 2.3
Rest of Europe 0.6 1.6 1.1 0.3 3.7 0.6 1.5 1.1 0.3 3.5
Africa 0.1 0.0 0.0 0.3 0.4 0.1 0.0 0.0 0.3 0.4
Middle East 1.3 0.0 0.0 0.0 1.3 1.3 0.0 0.0 0.0 1.3
North America 6.9 2.3 0.0 1.0 10.3 6.1 2.3 0.0 0.8 9.3
South America 0.5 1.8 0.0 0.0 2.2 0.4 1.5 0.0 0.0 1.9
India 9.1 0.7 0.0 0.0 9.7 8.5 0.6 0.0 0.0 9.2
Asia-Pacific 1.7 0.0 0.6 0.0 2.4 1.7 0.0 0.6 0.0 2.4
Total 21.5 7.2 1.8 1.8 32.3 20.0 6.8 1.8 1.6 30.2
3Q25 2Q25
Power generation gross capacity from renewables in construction (GW) ((19),(20)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.2 0.2 0.0 0.0 0.4 0.3 0.1 0.0 0.0 0.4
Rest of Europe 0.5 0.1 0.8 0.3 1.7 0.5 0.2 0.8 0.3 1.9
Africa 0.5 0.1 0.0 0.1 0.7 0.5 0.1 0.0 0.1 0.7
Middle East 1.7 0.2 0.0 0.0 2.0 1.7 0.2 0.0 0.0 2.0
North America 1.2 0.0 0.0 0.2 1.3 1.2 0.0 0.0 0.5 1.7
South America 0.8 0.2 0.0 0.3 1.3 0.9 0.4 0.0 0.2 1.4
India 1.4 0.0 0.0 0.0 1.4 1.6 0.0 0.0 0.0 1.6
Asia-Pacific 0.4 0.0 0.0 0.0 0.4 0.1 0.0 0.0 0.0 0.1
Total 6.7 0.8 0.8 0.9 9.2 6.7 1.1 0.8 1.2 9.8
3Q25 2Q25
Power generation gross capacity from renewables in development (GW) ((19),(20)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 1.0 0.5 1.5 0.0 2.9 1.0 0.5 0.0 0.0 1.6
Rest of Europe 5.8 1.8 14.3 3.2 25.1 6.4 1.7 14.3 2.9 25.3
Africa 0.3 0.2 0.0 0.0 0.5 0.5 0.2 0.0 0.0 0.7
Middle East 0.5 0.0 0.0 0.0 0.5 0.6 0.0 0.0 0.0 0.6
North America 10.4 3.6 4.1 5.3 23.4 10.9 3.7 4.1 4.6 23.3
South America 1.3 1.3 0.0 0.0 2.7 1.2 1.4 0.0 0.0 2.6
India 1.6 0.1 0.0 0.0 1.7 2.0 0.1 0.0 0.0 2.1
Asia-Pacific 3.0 1.1 2.6 1.1 7.7 3.2 1.1 2.6 1.1 7.9
Total 23.9 8.5 22.5 9.6 64.4 25.8 8.6 21.0 8.6 64.1
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
3Q25 2Q25 3Q24 In millions of dollars 9M25 9M24
3,683 2,687 2,294 Net income (TotalEnergies share) 10,221 11,802
(93) (340) (1,337) Special items affecting net income (TotalEnergies share) (541) (806)
284 - - Gain (loss) on asset sales 284 1,397
(7) - (10) Restructuring charges (7) (21)
(286) (209) (1,100) Impairments (495) (1,744)
(84) (131) (227) Other (323) (438)
(32) (268) (359) After-tax inventory effect : FIFO vs. replacement cost (378) (555)
(172) (283) (84) Effect of changes in fair value (610) (695)
(297) (891) (1,780) Total adjustments affecting net income (1,529) (2,056)
3,980 3,578 4,074 Adjusted net income (TotalEnergies share) 11,750 13,858
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
3Q25 2Q25 3Q25 3Q24 In millions of dollars 9M25 9M24 9M25
vs
vs
2Q25
9M24
3,683 2,687 +37% 2,294 Net income (TotalEnergies share) 10,221 11,802 -13%
297 891 -67% 1,780 Less: adjustment items to net income (TotalEnergies share) 1,529 2,056 -26%
3,980 3,578 +11% 4,074 Adjusted net income (TotalEnergies share) 11,750 13,858 -15%
Adjusted items
80 60 +33% 90 Add: non-controlling interests 210 257 -18%
2,281 2,328 -2% 2,369 Add: income taxes 7,314 8,337 -12%
3,277 3,106 +6% 3,048 Add: depreciation, depletion and impairment of tangible assets and mineral interests 9,381 8,952 +5%
104 96 +8% 103 Add: amortization and impairment of intangible assets 283 282 -
808 816 -1% 797 Add: financial interest on debt 2,349 2,230 +5%
(235) (294) ns (433) Less: financial income and expense from cash & cash equivalents (798) (1,302) ns
10,295 9,690 +6% 10,048 Adjusted EBITDA 30,489 32,614 -7%
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
3Q25 2Q25 3Q25 3Q24 In millions of dollars 9M25 9M24 9M25
vs
vs
2Q25
9M24
Adjusted items
43,844 44,676 -2% 47,429 Revenues from sales 136,419 148,495 -8%
(26,940) (28,533) ns (30,856) Purchases, net of inventory variation (86,036) (95,695) ns
(7,555) (7,588) ns (7,147) Other operating expenses (22,685) (22,391) ns
(64) (97) ns (101) Exploration costs (242) (286) ns
303 544 -44% 59 Other income 1,094 445 x2.5
(101) (233) ns (121) Other expense, excluding amortization and impairment of intangible assets (550) (283) ns
324 422 -23% 293 Other financial income 1,040 1,008 +3%
(208) (203) ns (214) Other financial expense (660) (642) ns
692 702 -1% 706 Net income (loss) from equity affiliates 2,109 1,963 +7%
10,295 9,690 +6% 10,048 Adjusted EBITDA 30,489 32,614 -7%
Adjusted items
(3,277) (3,106) ns (3,048) Less: depreciation, depletion and impairment of tangible assets and mineral interests (9,381) (8,952) ns
(104) (96) ns (103) Less: amortization of intangible assets (283) (282) ns
(808) (816) ns (797) Less: financial interest on debt (2,349) (2,230) ns
235 294 -20% 433 Add: financial income and expense from cash & cash equivalents 798 1,302 -39%
(2,281) (2,328) ns (2,369) Less: income taxes (7,314) (8,337) ns
(80) (60) ns (90) Less: non-controlling interests (210) (257) ns
(297) (891) ns (1,780) Add: adjustment (TotalEnergies share) (1,529) (2,056) ns
3,683 2,687 +37% 2,294 Net income (TotalEnergies share) 10,221 11,802 -13%
10.3 Investments – Divestments
Reconciliation of Cash flow used in investing activities to Net investments
3Q25 2Q25 3Q25 3Q24 In millions of dollars 9M25 9M24 9M25
vs
vs
2Q25
9M24
3,203 6,689 -52% 5,562 Cash flow used in investing activities ( a ) 14,697 13,587 +8%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
45 54 -17% 57 Organic loan repayment from equity affiliates ( c ) 105 31 x3.4
(242) (221) ns - Change in debt from renewable projects financing ( d ) * (463) - ns
84 90 -7% 119 Capex linked to capitalized leasing contracts ( e ) 282 319 -12%
2 20 -90% 26 Expenditures related to carbon credits ( f ) 24 29 -17%
3,092 6,632 -53% 5,764 Net investments ( a + b + c + d + e + f = g - i + h ) 14,645 13,966 +5%
(381) 1,813 ns 1,662 of which acquisitions net of assets sales ( g-i ) 1,851 1,382 +34%
474 2,106 -77% 1,795 Acquisitions ( g ) 3,416 3,413 -
855 293 x2.9 133 Asset sales ( i ) 1,565 2,031 -23%
121 67 +81% - Change in debt (partner share) and capital gain from renewable project sales 188 - ns
3,473 4,819 -28% 4,102 of which organic investments ( h ) 12,794 12,584 +2%
74 37 +99% 148 Capitalized exploration 222 394 -44%
408 425 -4% 458 Increase in non-current loans 1,401 1,585 -12%
(449) (256) ns (140) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (808) (464) ns
(121) (154) ns - Change in debt from renewable projects (TotalEnergies share) (275) - ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
10.4 Cash flow
Reconciliation of Cash flow from operating activities to Cash flow from
operations excluding working capital (CFFO), to DACF and to Net cash flow
3Q25 2Q25 3Q25 3Q24 In millions of dollars 9M25 9M24 9M25
vs
vs
2Q25
9M24
8,349 5,960 40% 7,171 Cash flow from operating activities ( a ) 16,872 18,347 -8%
1,382 (246) ns 871 (Increase) decrease in working capital ( b ) * (3,180) (3,581) ns
(55) (272) ns (464) Inventory effect ( c ) (434) (807) ns
(6) 86 ns - Capital gain from renewable project sales ( d ) 80 - ns
45 54 -17% 57 Organic loan repayments from equity affiliates ( e ) 105 31 x3.4
7,061 6,618 +7% 6,821 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 20,671 22,766 -9%
(382) (325) ns (188) Financial charges (992) (449) ns
7,443 6,943 +7% 7,009 Debt Adjusted Cash Flow (DACF) 21,663 23,215 -7%
3,473 4,819 -28% 4,102 Organic investments ( g ) 12,794 12,584 +2%
3,588 1,799 +99% 2,719 Free cash flow after organic investments ( f - g ) 7,877 10,182 -23%
3,092 6,632 -53% 5,764 Net investments ( h ) 14,645 13,966 +5%
3,969 (14) ns 1,057 Net cash flow ( f - h ) 6,026 8,800 -32%
* Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power segments’ contracts.
10.5 Gearing ratio
In millions of dollars 09/30/2025 06/30/2025 09/30/2024
Current borrowings * 11,830 12,570 11,805
Other current financial liabilities 568 861 488
Current financial assets * , ** (4,607) (4,872) (5,780)
Net financial assets classified as held for sale * 49 41 204
Non-current financial debt * 41,296 39,161 37,824
Non-current financial assets * (1,168) (1,410) (1,307)
Cash and cash equivalents (23,415) (20,424) (25,672)
Net debt ( a ) 24,553 25,927 17,562
Shareholders’ equity (TotalEnergies share) 115,281 116,642 116,059
Non-controlling interests 2,384 2,360 2,557
Shareholders' equity (b) 117,665 119,002 118,616
Gearing = a / ( a+b ) 17.3% 17.9% 12.9%
Leases (c) 8,827 8,907 8,338
Gearing including leases ( a+c ) / ( a+b+c ) 22.1% 22.6% 17.9%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on
organized markets.
Gearing was 17.3% at the end of September 2025 due to the seasonal effect of
working capital variation and investment pace. Normalized gearing is between
15% and 16%.
10.6 Return on average capital employed
Twelve months ended September 30, 2025
In millions of dollars Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Company
Adjusted net operating income 8,899 4,619 2,226 1,695 1,394 18,204
Capital employed at 09/30/2024 64,859 39,460 24,589 9,050 7,325 143,297
Capital employed at 09/30/2025 66,102 43,872 26,960 7,123 7,565 149,974
ROACE 13.6% 11.1% 8.6% 21.0% 18.7% 12.4%
10.7 Payout
In millions of dollars 9M25 9M24 2024
Dividend paid (parent company shareholders) 5,961 5,719 7,717
Repayment of treasury shares excluding fees and taxes 5,997 5,999 7,970
Payout ratio 56% 49% 50%
GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow used in investing activities.
Acquisitions net of assets sales refer to acquisitions minus assets sales
(including other operations with non-controlling interests). This indicator
can be a valuable tool for decision makers, analysts and shareholders alike
because it illustrates the allocation of cash flow used for growing the
Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization)
is a non-GAAP financial measure and its most directly comparable IFRS measure
is Net Income. It refers to the adjusted earnings before depreciation,
depletion and impairment of tangible and intangible assets and mineral
interests, income tax expense and cost of net debt, i.e., all operating income
and contribution of equity affiliates to net income. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike to measure
and compare the Company’s profitability with utility companies (energy
sector).
Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and
its most directly comparable IFRS measure is Net Income (TotalEnergies share).
Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies
share) less adjustment items to Net Income (TotalEnergies share). Adjustment
items are inventory valuation effect, effect of changes in fair value, and
special items. This indicator can be a valuable tool for decision makers,
analysts and shareholders alike to evaluate the Company’s operating results
and to understand its operating trends by removing the impact of
non-operational results and special items.
Adjusted net operating income is a non-GAAP financial measure and its most
directly comparable IFRS measure is Net Income. Adjusted Net Operating Income
refers to Net Income before net cost of net debt, i.e., cost of net debt net
of its tax effects, less adjustment items. Adjustment items are inventory
valuation effect, effect of changes in fair value, and special items. Adjusted
Net Operating Income can be a valuable tool for decision makers, analysts and
shareholders alike to evaluate the Company’s operating results and
understanding its operating trends, by removing the impact of non-operational
results and special items and is used to evaluate the Return on Average
Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at
replacement cost and refer to capital employed (balance sheet) less inventory
valuations effect. Capital employed (balance sheet) refers to the sum of the
following items: (i) Property, plant and equipment, intangible assets, net,
(ii) Investments & loans in equity affiliates, (iii) Other non-current
assets, (iv) Working capital which is the sum of: Inventories, net, Accounts
receivable, net, other current assets, Accounts payable, Other creditors and
accrued liabilities, (v) Provisions and other non-current liabilities and (vi)
Assets and liabilities classified as held for sale. Capital Employed can be a
valuable tool for decision makers, analysts and shareholders alike to provide
insight on the amount of capital investment used by the Company or its
business segments to operate. Capital Employed is used to calculate the Return
on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP
financial measure and its most directly comparable IFRS measure is Cash flow
from operating activities. Cash Flow From Operations excluding working capital
is defined as cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of Integrated
LNG and Integrated Power contracts, including capital gain from renewable
projects sales and including organic loan repayments from equity affiliates.
This indicator can be a valuable tool for decision makers, analysts and
shareholders alike to help understand changes in cash flow from operating
activities, excluding the impact of working capital changes across periods on
a consistent basis and with the performance of peer companies in a manner
that, when viewed in combination with the Company’s results prepared in
accordance with GAAP, provides a more complete understanding of the factors
and trends affecting the Company’s business and performance. This
performance indicator is used by the Company as a base for its cash flow
allocation and notably to guide on the share of its cash flow to be allocated
to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow from operating activities. DACF
is defined as Cash Flow From Operations excluding working capital (CFFO)
without financial charges. This indicator can be a valuable tool for decision
makers, analysts and shareholders alike because it corresponds to the funds
theoretically available to the Company for investments, debt repayment and
distribution to shareholders, and therefore facilitates comparison of the
Company’s results of operations with those of other registrants, independent
of their capital structure and working capital requirements.
ESRS perimeter: the GHG emissions within the ESRS perimeter correspond to 100%
of the emissions from operated sites, plus the equity share of emissions from
non-operated and financially consolidated assets excluding equity affiliates.
Free cash flow after Organic Investments is a non-GAAP financial measure and
its most directly comparable IFRS measure is Cash flow from operating
activities. Free cash flow after Organic Investments, refers to Cash Flow From
Operations excluding working capital minus Organic Investments. Organic
Investments refer to Net Investments excluding acquisitions, asset sales and
other transactions with non-controlling interests. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike because it
illustrates operating cash flow generated by the business post allocation of
cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS
measure is the ratio of total financial liabilities to total equity. Gearing
is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt
excluding leases to (Equity + Net debt excluding leases). This indicator can
be a valuable tool for decision makers, analysts and shareholders alike to
assess the strength of the Company’s balance sheet.
Normalized Gearing: indicator defined as the gearing excluding the impact of
seasonal variations, notably on working capital.
Net cash flow (or free cash-flow) is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow from operating activities. Net
cash flow refers to Cash Flow From Operations excluding working capital minus
Net Investments. Net cash flow can be a valuable tool for decision makers,
analysts and shareholders alike because it illustrates cash flow generated by
the operations of the Company post allocation of cash for Organic Investments
and Acquisitions net of assets sales (acquisitions - assets sales - other
operations with non-controlling interests). This performance indicator
corresponds to the cash flow available to repay debt and allocate cash to
shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly
comparable IFRS measure is Cash flow used in investing activities. Net
Investments refer to Cash flow used in investing activities including other
transactions with non-controlling interests, including change in debt from
renewable projects financing, including expenditures related to carbon
credits, including capex linked to capitalized leasing contracts and excluding
organic loan repayment from equity affiliates. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike to
illustrate the cash directed to growth opportunities, both internal and
external, thereby showing, when combined with the Company’s cash flow
statement prepared under IFRS, how cash is generated and allocated for uses
within the organization. Net Investments are the sum of Organic Investments
and Acquisitions net of assets sales each of which is described in the
Glossary.
Organic investments is a non-GAAP financial measure and its most directly
comparable IFRS measure is Cash flow used in investing activities. Organic
investments refers to Net Investments, excluding acquisitions, asset sales and
other operations with non-controlling interests. Organic Investments can be a
valuable tool for decision makers, analysts and shareholders alike because it
illustrates cash flow used by the Company to grow its asset base, excluding
sources of external growth.
Operated perimeter: activities, sites and industrial assets of which
TotalEnergies SE or one of its subsidiaries has operational control, i.e. has
the responsibility of the conduct of operations on behalf of all its partners.
For the operated perimeter, the environmental indicators are reported 100%,
regardless of the Company’s equity interest in the asset.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the
dividends and share buybacks for cancellation to the Cash Flow From Operations
excluding working capital. This indicator can be a valuable tool for decision
makers, analysts and shareholders as it provides the portion of the Cash Flow
From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure.
ROACE is the ratio of Adjusted Net Operating Income to average Capital
Employed at replacement cost between the beginning and the end of the period.
This indicator can be a valuable tool for decision makers, analysts and
shareholders alike to measure the profitability of the Company’s average
Capital Employed in its business operations and is used by the Company to
benchmark its performance internally and externally with its peers.
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the consolidated
entities directly or indirectly controlled by TotalEnergies SE. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate and independent legal entities.
This press release presents the results for the third quarter of 2025 and
first nine months of 2025 from the condensed consolidated financial statements
of TotalEnergies SE as of September 30, 2025 (unaudited). The condensed
consolidated financial statements of TotalEnergies SE as of September 30, 2025
have been subject to a limited review by the Statutory Auditors. The notes to
the condensed consolidated financial statements are available on the website
totalenergies.com
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.
This document contains forward-looking statements (including forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995), notably with respect to (i) the financial condition, results of
operations, business activities and strategy of TotalEnergies, (ii)
expectations regarding returns to stockholders, including with respect to
future dividends and share buybacks, (iii) the contemplated conversion of the
American Depositary Receipts (ADR), including the termination of the ADR
program in connection therewith and (iv) the contemplated listing of
TotalEnergies’ ordinary shares on the New York Stock Exchange (“NYSE”).
This document may also contain statements regarding the perspectives,
objectives and goals of TotalEnergies, including with respect to climate
change and carbon neutrality (net zero emissions). An ambition expresses an
outcome desired by TotalEnergies, it being specified that the means to be
deployed do not depend solely on TotalEnergies. These forward-looking
statements may generally be identified by the use of the future or conditional
tense or forward-looking words such as “will”, “should”, “could”,
“would”, “may”, “likely”, “might”, “envisions”,
“intends”, “anticipates”, “believes”, “considers”,
“plans”, “expects”, “thinks”, “targets”, “commits”,
“aims” or similar terminology. Such forward-looking statements included in
this document are based on economic data, estimates and assumptions prepared
in a given economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document. These
forward-looking statements are not historical data and should not be
interpreted as assurances that the perspectives, objectives or goals announced
will be achieved. They may prove to be inaccurate in the future, and may
evolve or be modified with a significant difference between the actual results
and those initially estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude
oil and natural gas, the evolution of the demand and price of petroleum
products, the changes in production results and reserves estimates, the
ability to achieve cost reductions and operating efficiencies without unduly
disrupting business operations, changes in laws and regulations including
those related to the environment and climate, currency fluctuations,
technological innovations, meteorological conditions and events, as well as
socio-demographic, economic and political developments, changes in market
conditions, loss of market share and changes in consumer preferences,
pandemics, and other risk factors described from time to time in the
Company’s regulatory filings, including its Universal Registration Document
filed with the French Autorité des Marchés Financiers, its Annual Report on
Form 20 F filed with the United States Securities and Exchange Commission
(“SEC”) and its other reports filed or furnished with the SEC.
The initial and continued listing of ordinary shares on the NYSE, as well as
the contemplated structure to support such listing, remain at the discretion
of TotalEnergies’ management, subject to compliance with applicable law and
the rules in force on the NYSE, and the implementation and maintenance of the
contemplated structure to support such listing.
Future interim or final annual dividends payments beyond the interim dividend
payable on April 2, 2026 (or April 23, 2026 for holders on the U.S. register)
have not yet, respectively, been decided by the Board of Directors or approved
by shareholders at a General Meeting. Management’s expectations with respect
to such future dividends are “forward-looking statements” and are
non-binding. The Board of Directors retains full discretion to decide to
distribute an interim dividend and to set the amount and date of the
distribution and decide on the dividend to be submitted for approval by
shareholders at a General Meeting, based on a number of factors, including
TotalEnergies’ financial results, balance sheet strength, cash and liquidity
requirements, future prospects, commodity prices, and other factors deemed
relevant by the Board.
Readers are cautioned not to consider forward-looking statements as accurate,
but as an expression of the Company’s views only as of the date this
document is published. TotalEnergies SE and its subsidiaries have no
obligation, make no commitment and expressly disclaim any responsibility to
investors or any stakeholder to update or revise, particularly as a result of
new information or future events, any forward-looking information or
statement, objectives or trends contained in this document. In addition, the
Company has not verified, and is under no obligation to verify any third-party
data contained in this document or used in the estimates and assumptions or,
more generally, forward-looking statements published in this document. The
information on risk factors that could have a significant adverse effect on
TotalEnergies’ business, financial condition, including its operating income
and cash flow, reputation, outlook or the value of financial instruments
issued by TotalEnergies is provided in the most recent version of the
Universal Registration Document which is filed by TotalEnergies SE with the
French Autorité des Marchés Financiers and the annual report on Form 20-F
filed with the SEC. Additionally, the developments of climate change and other
environmental-or social related issues in this document are based on various
frameworks and the interests of various stakeholders which are subject to
evolve independently of our will. Moreover, our disclosures on such issues,
including disclosures on climate change and other environmental or
social-related issues, may include information that is not necessarily
"material" under US securities laws for SEC reporting purposes or under
applicable securities law.
In addition to IFRS measures, certain alternative performance indicators are
presented, such as performance indicators excluding the adjustment items
described below (adjusted net operating income, adjusted net income), net cash
flow, free cash flow after organic investments, normalized gearing, return on
equity (ROE), return on average capital employed (ROACE), gearing ratio, cash
flow from operations excluding working capital, debt adjusted cash flow, and
the payout ratio. These indicators are meant to facilitate the analysis of the
financial performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally to manage
and measure the performance of TotalEnergies.
Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. TotalEnergies measures
performance at the segment level on the basis of adjusted net operating
income.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualifying as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent, or unusual. However, in certain instances, transactions such as
restructuring costs or assets disposals, which are not considered to be
representative of the normal course of business, may qualify as special items
although they may have occurred in prior years or are likely to occur in
following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum
products in its financial statements according to the First-In, First-Out
(FIFO) method and other inventories using the weighted-average cost method.
Under the FIFO method, the cost of inventory is based on the historic cost of
acquisition or manufacture rather than the current replacement cost. In
volatile energy markets, this can have a significant distorting effect on the
reported income. Accordingly, the adjusted results of the Refining &
Chemicals and Marketing & Services segments are presented according to the
replacement cost method. This method is used to assess the segments’
performance and facilitate the comparability of the segments’ performance
with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out
(LIFO) method, the variation of inventory values in the statement of income
is, depending on the nature of the inventory, determined using either the
month-end prices differential between one period and another or the average
prices of the period rather than the historical value. The inventory valuation
effect is the difference between the results under the FIFO and the
replacement cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for trading inventories and storage contracts, differences between internal
measures of performance used by TotalEnergies’ Executive Committee and the
accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted net operating income, adjusted net income) are
defined as replacement cost results, adjusted for special items, excluding the
effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – U.S. investors are urged to consider
closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888,
available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault -
92078 Paris-La Défense Cedex, France, or at the Company website
totalenergies.com
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. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on
the SEC’s website sec.gov
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. U.S. Investors are reminded that we are a French Societas Europaea and
therefore the rights of our shareholders under French law differ from the
rights and obligations of shareholders in companies governed by the laws of
U.S. jurisdictions. Société Générale will act in France as registered
intermediary (intermédiaire inscrit) for the account of the owners of the
Company’s ordinary shares registered on the U.S. register in accordance with
Articles L. 228.1 et seq. of the French commercial code, and such provisions
may result in differences in the exercise of shareholder rights compared to
the expectations of U.S. investors. In the performance of its duties, our
Board is required by French law to consider the interests of the Company, its
shareholders, its employees, and other stakeholders, in all cases with due
consideration to the principles of reasonableness and fairness. It is possible
that some of these parties could have interests that are different from, or in
addition to, your interests as a shareholder.
This communication does not constitute or form part of, and should not be
construed as constituting or forming part of, any offer to sell or issue, any
invitation to make an investment in, or any solicitation of any offer to
purchase or subscribe for, securities of TotalEnergies.
((1)) Refer to Glossary pages 23 & 24 for the definitions and further
information on alternative performance measures (Non-GAAP measures) and to
page 19 and following for reconciliation tables.
((2)) Some of the transactions mentioned in the highlights remain subject to the
agreement of the authorities or to the fulfilment of conditions precedent
under the terms of the agreements.
((3)) Effective tax rate = (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates – dividends received from
investments – impairment of goodwill + tax on adjusted net operating
income).
((4)) In accordance with IFRS rules, adjusted fully-diluted earnings per share is
calculated from the adjusted net income less the interest on the perpetual
subordinated bonds.
((5)) Average €-$ exchange rate: 1.1681 in the 3(rd) quarter 2025, 1.1338 in the
2(nd) quarter 2025, 1.0983 in the 3(rd) quarter 2024, 1.1188 in the first nine
months of 2025 and 1.0871 in the first nine months of 2024.
((6)) Does not include oil, gas and LNG trading activities, respectively.
((7)) Sales in $ / Sales in volume for consolidated affiliates.
((8)) Sales in $ / Sales in volume for consolidated affiliates.
((9)) Sales in $ / Sales in volume for consolidated and equity affiliates.
((10)) This market indicator for European refining, calculated based on public market
prices ($/t), uses a basket of crudes, petroleum product yields and variable
costs representative of the European refining system of TotalEnergies.
((11)) The six greenhouse gases in the Kyoto protocol, namely CO(2), CH(4), N(2)O,
HFCs, PFCs and SF(6), with their respective 100-year time horizon GWP (Global
Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF(6)
are virtually absent from the Company’s emissions or are considered as
non-material and are therefore no longer counted with effect from 2018. In
CO(2) equivalent terms, nitrous oxide (N(2)O) represents less than 1% of the
Company's Scope 1+2 emissions.
((12)) Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from
sites or activities that are included in the scope of reporting and indirect
emissions attributable to brought-in energy (electricity, heat, steam), net
from potential energy sales, excluding purchased industrial gases (H(2)).
Unless stated otherwise, TotalEnergies reports Scope 2 GHG emissions using the
market-based method defined by the GHG Protocol.
((13)) If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category
11, which correspond to indirect GHG emissions related to the direct use phase
emissions of sold products over their expected lifetime (i.e., the scope 1 and
scope 2 emissions of end users that occur from the combustion of fuels) in
accordance with the definition of the GHG Protocol Corporate Value Chain
(Scope 3) Accounting and Reporting Standard Supplement. The Company follows
the oil & gas industry reporting guidelines published by IPIECA, which
comply with the GHG Protocol methodologies. In order to avoid double counting,
this methodology accounts for the largest volume in the oil and gas value
chains, i.e. the higher of the two production volumes or sales for end use.
For TotalEnergies, in 2025, the calculation of Scope 3 GHG emissions for the
oil value chain considers products sales (higher than production) and for the
gas value chain, the marketable gas and condensates production (higher than
gas sales, either as LNG or as direct sales to B2B/B2C customers). A
stoichiometric emission factor (oxidation of molecules to carbon dioxide) is
applied to these sales or production to obtain an emission volume. In
accordance with the Technical Guidance for Calculating Scope 3 Emissions
Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting
Standard which defines end users as both consumers and business customers that
use final products, and with IPIECA’s Estimating petroleum industry value
chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of
emissions from fuel purchased for resale to non-end users (e.g. traded) is
optional, TotalEnergies does not report emissions associated with trading
activities.
((14)) Company production = E&P production + Integrated LNG production.
((15)) Effective tax rate = (tax on adjusted net operating income) / (adjusted net
operating income – income from equity affiliates – dividends received from
investments – impairment of goodwill + tax on adjusted net operating
income).
* Including coverage of employees share grant plans.
((16)) Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2025. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals.
((17)) In a 70-80 $/b Brent environment.
((18)) End-of-period data.
((19)) Includes 18.99% of the gross capacities of Adani Green Energy Limited, 50% of
Clearway Energy Group and 49% of Casa dos Ventos.
((20)) End-of-period data.
TotalEnergies financial statements
Third quarter 2025 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$)((a)) 2025 2025 2024
Sales 48,691 49,627 52,021
Excise taxes (4,847) (4,951) (4,592)
Revenues from sales 43,844 44,676 47,429
Purchases, net of inventory variation (27,191) (29,158) (31,425)
Other operating expenses (7,591) (7,834) (7,269)
Exploration costs (64) (97) (572)
Depreciation, depletion and impairment of tangible assets and mineral (3,280) (3,258) (3,392)
interests
Other income 778 544 45
Other expense (528) (287) (374)
Financial interest on debt (808) (816) (797)
Financial income and expense from cash & cash equivalents 265 327 457
Cost of net debt (543) (489) (340)
Other financial income 366 429 319
Other financial expense (208) (203) (214)
Net income (loss) from equity affiliates 602 529 333
Income taxes (2,423) (2,106) (2,179)
Consolidated net income 3,762 2,746 2,361
TotalEnergies share 3,683 2,687 2,294
Non-controlling interests 79 59 67
Earnings per share ($) 1.65 1.18 0.97
Fully-diluted earnings per share ($) 1.64 1.17 0.96
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2025 2025 2024
Consolidated net income 3,762 2,746 2,361
Other comprehensive income
Actuarial gains and losses (2) 16 3
Change in fair value of investments in equity instruments (96) 52 (141)
Tax effect 19 (20) 29
Currency translation adjustment generated by the parent company (2) 5,808 3,151
Items not potentially reclassifiable to profit and loss (81) 5,856 3,042
Currency translation adjustment (230) (4,692) (2,457)
Cash flow hedge (346) 165 (13)
Variation of foreign currency basis spread 6 4 (4)
Share of other comprehensive income of equity affiliates, net amount (112) (174) (208)
Other 5 - 2
Tax effect 81 (49) (1)
Items potentially reclassifiable to profit and loss (596) (4,746) (2,681)
Total other comprehensive income (net amount) (677) 1,110 361
Comprehensive income 3,085 3,856 2,722
TotalEnergies share 3,001 3,752 2,631
Non-controlling interests 84 104 91
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
9( )months 9( )months
(M$)((a)) 2025 2024
Sales 150,572 162,042
Excise taxes (14,153) (13,547)
Revenues from sales 136,419 148,495
Purchases, net of inventory variation (87,204) (97,322)
Other operating expenses (22,989) (22,641)
Exploration costs (242) (757)
Depreciation, depletion and impairment of tangible assets and mineral (9,536) (9,310)
interests
Other income 1,569 1,806
Other expense (1,106) (940)
Financial interest on debt (2,349) (2,230)
Financial income and expense from cash & cash equivalents 882 1,337
Cost of net debt (1,467) (893)
Other financial income 1,113 1,084
Other financial expense (660) (642)
Net income (loss) from equity affiliates 1,794 978
Income taxes (7,262) (7,846)
Consolidated net income 10,429 12,012
TotalEnergies share 10,221 11,802
Non-controlling interests 208 210
Earnings per share ($) 4.53 5.02
Fully-diluted earnings per share ($) 4.49 4.99
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
9( )months 9( )months
(M$) 2025 2024
Consolidated net income 10,429 12,012
Other comprehensive income
Actuarial gains and losses 14 23
Change in fair value of investments in equity instruments (32) 2
Tax effect - 10
Currency translation adjustment generated by the parent company 8,688 962
Items not potentially reclassifiable to profit and loss 8,670 997
Currency translation adjustment (6,939) (835)
Cash flow hedge (1,014) 1,387
Variation of foreign currency basis spread 25 (19)
share of other comprehensive income of equity affiliates, net amount (386) (322)
Other 12 2
Tax effect 237 (373)
Items potentially reclassifiable to profit and loss (8,065) (160)
Total other comprehensive income (net amount) 605 837
Comprehensive income 11,034 12,849
TotalEnergies share 10,760 12,635
Non-controlling interests 274 214
CONSOLIDATED BALANCE SHEET
TotalEnergies
September 30, 2025 June 30, 2025 December 31, 2024 September 30, 2024
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 37,764 36,687 34,238 33,891
Property, plant and equipment, net 115,198 116,153 109,095 110,125
Equity affiliates : investments and loans 36,968 36,657 34,405 33,963
Other investments 2,046 2,176 1,665 1,656
Non-current financial assets 2,426 2,691 2,305 2,578
Deferred income taxes 3,633 3,550 3,202 3,727
Other non-current assets 2,990 4,057 4,006 4,170
Total non-current assets 201,025 201,971 188,916 190,110
Current assets
Inventories, net 17,058 17,275 18,868 18,532
Accounts receivable, net 19,735 21,254 19,281 18,777
Other current assets 21,833 24,160 23,687 21,933
Current financial assets 4,884 5,183 6,914 6,151
Cash and cash equivalents 23,415 20,424 25,844 25,672
Assets classified as held for sale 4,009 2,550 1,977 2,830
Total current assets 90,934 90,846 96,571 93,895
Total assets 291,959 292,817 285,487 284,005
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,059 7,262 7,577 7,577
Paid-in surplus and retained earnings 125,073 128,103 135,496 130,804
Currency translation adjustment (13,853) (13,564) (15,259) (13,793)
Treasury shares (2,998) (5,159) (9,956) (8,529)
Total shareholders' equity - TotalEnergies share 115,281 116,642 117,858 116,059
Non-controlling interests 2,384 2,360 2,397 2,557
Total shareholders' equity 117,665 119,002 120,255 118,616
Non-current liabilities
Deferred income taxes 12,830 12,729 12,114 11,750
Employee benefits 1,991 1,974 1,753 1,890
Provisions and other non-current liabilities 20,096 20,312 19,872 20,290
Non-current financial debt 49,552 47,584 43,533 45,750
Total non-current liabilities 84,469 82,599 77,272 79,680
Current liabilities
Accounts payable 38,062 39,288 39,932 34,668
Other creditors and accrued liabilities 35,266 34,672 35,961 34,716
Current borrowings 13,820 14,637 10,024 13,853
Other current financial liabilities 568 861 664 488
Liabilities directly associated with the assets classified as held for sale 2,109 1,758 1,379 1,984
Total current liabilities 89,825 91,216 87,960 85,709
Total liabilities & shareholders' equity 291,959 292,817 285,487 284,005
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2025 2025 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,762 2,746 2,361
Depreciation, depletion, amortization and impairment 3,405 3,360 4,020
Non-current liabilities, valuation allowances and deferred taxes 272 127 (93)
(Gains) losses on disposals of assets (603) (335) (3)
Undistributed affiliates' equity earnings (195) (102) (13)
(Increase) decrease in working capital 1,600 49 836
Other changes, net 108 115 63
Cash flow from operating activities 8,349 5,960 7,171
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,812) (4,766) (4,110)
Acquisitions of subsidiaries, net of cash acquired - (1,627) (497)
Investments in equity affiliates and other securities (215) (419) (845)
Increase in non-current loans (408) (425) (458)
Total expenditures (4,435) (7,237) (5,910)
Proceeds from disposals of intangible assets and property, plant and equipment 613 69 32
Proceeds from disposals of subsidiaries, net of cash sold 133 154 82
Proceeds from disposals of non-current investments (8) 15 37
Repayment of non-current loans 494 310 197
Total divestments 1,232 548 348
Cash flow used in investing activities (3,203) (6,689) (5,562)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - 492 -
- Treasury shares (2,349) (1,707) (2,005)
Dividends paid:
- Parent company shareholders (2,216) (1,894) (1,963)
- Non-controlling interests (89) (173) (171)
Net issuance (repayment) of perpetual subordinated notes - - -
Payments on perpetual subordinated notes (26) (27) (23)
Other transactions with non-controlling interests 23 (31) (14)
Net issuance (repayment) of non-current debt 3,682 257 3,080
Increase (decrease) in current borrowings (1,962) (356) 911
Increase (decrease) in current financial assets and liabilities 529 1,287 760
Cash flow from / (used in) financing activities (2,408) (2,152) 575
Net increase (decrease) in cash and cash equivalents 2,738 (2,881) 2,184
Effect of exchange rates 253 468 277
Cash and cash equivalents at the beginning of the period 20,424 22,837 23,211
Cash and cash equivalents at the end of the period 23,415 20,424 25,672
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
9( )months 9( )months
(M$) 2025 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 10,429 12,012
Depreciation, depletion, amortization and impairment 9,851 10,136
Non-current liabilities, valuation allowances and deferred taxes 608 146
(Gains) losses on disposals of assets (913) (1,431)
Undistributed affiliates' equity earnings (720) 25
(Increase) decrease in working capital (2,583) (2,837)
Other changes, net 200 296
Cash flow from operating activities 16,872 18,347
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (12,800) (11,229)
Acquisitions of subsidiaries, net of cash acquired (1,859) (1,507)
Investments in equity affiliates and other securities (945) (1,814)
Increase in non-current loans (1,401) (1,617)
Total expenditures (17,005) (16,167)
Proceeds from disposals of intangible assets and property, plant and equipment 983 413
Proceeds from disposals of subsidiaries, net of cash sold 404 1,513
Proceeds from disposals of non-current investments 8 127
Repayment of non-current loans 913 527
Total divestments 2,308 2,580
Cash flow used in investing activities (14,697) (13,587)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 492 521
- Treasury shares (6,208) (6,018)
Dividends paid:
- Parent company shareholders (5,961) (5,719)
- Non-controlling interests (401) (304)
Net issuance (repayment) of perpetual subordinated notes (1,139) (1,622)
Payments on perpetual subordinated notes (181) (232)
Other transactions with non-controlling interests (28) (50)
Net issuance (repayment) of non-current debt 7,370 7,441
Increase (decrease) in current borrowings (2,168) (1,006)
Increase (decrease) in current financial assets and liabilities 2,534 501
Cash flow from / (used in) financing activities (5,690) (6,488)
Net increase (decrease) in cash and cash equivalents (3,515) (1,728)
Effect of exchange rates 1,086 137
Cash and cash equivalents at the beginning of the period 25,844 27,263
Cash and cash equivalents at the end of the period 23,415 25,672
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity - TotalEnergies Non-controlling interests Total shareholders' equity
Share
(M$) Number Amount Number Amount
As of January 1, 2024 2,412,251,835 7,616 126,857 (13,701) (60,543,213) (4,019) 116,753 2,700 119,453
Net income of the first nine months 2024 - - 11,802 - - - 11,802 210 12,012
Other comprehensive income - - 924 (91) - - 833 4 837
Comprehensive Income - - 12,726 (91) - - 12,635 214 12,849
Dividend - - (5,863) - - - (5,863) (304) (6,167)
Issuance of common shares 10,833,187 29 492 - - - 521 - 521
Purchase of treasury shares - - - - (88,066,669) (6,568) (6,568) - (6,568)
Sale of treasury shares((a)) - - (395) - 6,067,493 395 - - -
Share-based payments - - 458 - - - 458 - 458
Share cancellation (25,405,361) (68) (1,595) - 25,405,361 1,663 - - -
Net issuance (repayment) of perpetual subordinated notes - - (1,679) - - - (1,679) - (1,679)
Payments on perpetual subordinated notes - - (200) - - - (200) - (200)
Other operations with - - - - - - - (50) (50)
non-controlling interests
Other items - - 3 (1) - - 2 (3) (1)
As of September 30, 2024 2,397,679,661 7,577 130,804 (13,793) (117,137,028) (8,529) 116,059 2,557 118,616
Net income of the fourth quarter 2024 - - 3,956 - - - 3,956 63 4,019
Other comprehensive income - - 1,512 (1,467) - - 45 (48) (3)
Comprehensive Income - - 5,468 (1,467) - - 4,001 15 4,016
Dividend - - (1,893) - - - (1,893) (151) (2,044)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (32,396,563) (1,427) (1,427) - (1,427)
Sale of treasury shares((a)) - - - - 3,773 - - - -
Share-based payments - - 98 - - - 98 - 98
Share cancellation - - - - - - - - -
Net issuance (repayment) of perpetual subordinated notes - - 1,103 - - - 1,103 - 1,103
Payments on perpetual subordinated notes - - (72) - - - (72) - (72)
Other operations with - - - - - - - (17) (17)
non-controlling interests
Other items - - (12) 1 - - (11) (7) (18)
As of December 31, 2024 2,397,679,661 7,577 135,496 (15,259) (149,529,818) (9,956) 117,858 2,397 120,255
Net income of the first nine months 2025 - - 10,221 - - - 10,221 208 10,429
Other comprehensive income - - (867) 1,406 - - 539 66 605
Comprehensive Income - - 9,354 1,406 - - 10,760 274 11,034
Dividend - - (6,103) - - - (6,103) (267) (6,370)
Issuance of common shares 11,149,053 30 462 - - - 492 - 492
Purchase of treasury shares - - - - (99,060,045) (6,520) (6,520) - (6,520)
Sale of treasury shares((a)) - - (414) - 6,218,249 414 - - -
Share-based payments - - 463 - - - 463 - 463
Share cancellation (202,243,171) (548) (12,704) - 202,243,171 13,064 (188) - (188)
Net issuance (repayment) of perpetual subordinated notes - - (1,219) - - - (1,219) - (1,219)
Payments on perpetual subordinated notes - - (238) - - - (238) - (238)
Other operations with - - (6) - - - (6) (22) (28)
non-controlling interests
Other items - - (18) - - - (18) 2 (16)
As of September 30, 2025 2,206,585,543 7,059 125,073 (13,853) (40,128,443) (2,998) 115,281 2,384 117,665
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3(rd) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,392 1,995 3,955 21,205 20,138 6 - 48,691
Intersegment sales 8,892 1,587 434 7,122 234 38 (18,307) -
Excise taxes - - - (201) (4,646) - - (4,847)
Revenues from sales 10,284 3,582 4,389 28,126 15,726 44 (18,307) 43,844
Operating expenses (4,200) (2,880) (3,863) (27,069) (14,916) (225) 18,307 (34,846)
Depreciation, depletion and impairment of tangible assets and mineral (2,145) (376) (103) (380) (243) (33) - (3,280)
interests
Net income (loss) from equity affiliates and other items 522 492 (52) 75 (24) (3) - 1,010
Tax on net operating income (2,055) (97) (110) (143) (177) 115 - (2,467)
Adjustments( (a)) 237 (131) (310) (78) (14) (22) - (318)
Adjusted net operating income 2,169 852 571 687 380 (80) - 4,579
Adjustments( (a)) (318)
Net cost of net debt (499)
Non-controlling interests (79)
Net income - TotalEnergies share 3,683
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
3(rd) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 2,409 611 773 402 205 35 - 4,435
Total divestments 622 465 81 17 45 2 - 1,232
Cash flow from operating activities 4,187 789 674 2,839 287 (427) - 8,349
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2(nd) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,369 2,586 3,958 21,759 19,944 11 - 49,627
Intersegment sales 8,862 1,869 701 7,006 177 32 (18,647) -
Excise taxes - - - (254) (4,697) - - (4,951)
Revenues from sales 10,231 4,455 4,659 28,511 15,424 43 (18,647) 44,676
Operating expenses (4,577) (3,632) (4,479) (27,995) (14,751) (302) 18,647 (37,089)
Depreciation, depletion and impairment of tangible assets and mineral (1,978) (397) (108) (520) (224) (31) - (3,258)
interests
Net income (loss) from equity affiliates and other items 58 578 340 (42) 113 (35) - 1,012
Tax on net operating income (1,793) (166) (27) (12) (168) 57 - (2,109)
Adjustments( (a)) (33) (203) (189) (447) (18) (23) - (913)
Adjusted net operating income 1,974 1,041 574 389 412 (245) - 4,145
Adjustments( (a)) (913)
Net cost of net debt (486)
Non-controlling interests (59)
Net income - TotalEnergies share 2,687
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
2(nd) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 3,186 877 2,503 351 234 86 - 7,237
Total divestments 80 25 347 42 38 16 - 548
Cash flow from operating activities 3,675 539 799 887 628 (568) - 5,960
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3(rd) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,425 2,350 4,444 22,926 20,872 4 - 52,021
Intersegment sales 9,633 2,017 424 7,927 218 58 (20,277) -
Excise taxes - - - (213) (4,379) - - (4,592)
Revenues from sales 11,058 4,367 4,868 30,640 16,711 62 (20,277) 47,429
Operating expenses (5,257) (3,393) (4,329) (30,273) (16,082) (209) 20,277 (39,266)
Depreciation, depletion and impairment of tangible assets and mineral (2,324) (294) (114) (400) (229) (31) - (3,392)
interests
Net income (loss) from equity affiliates and other items 47 482 (274) (79) (29) (38) - 109
Tax on net operating income (1,879) (250) (66) 40 (102) 117 - (2,140)
Adjustments( (a)) (837) (151) (400) (313) (95) (23) - (1,819)
Adjusted net operating income 2,482 1,063 485 241 364 (76) - 4,559
Adjustments( (a)) (1,819)
Net cost of net debt (379)
Non-controlling interests (67)
Net income - TotalEnergies share 2,294
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
3(rd) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 2,251 599 2,291 388 329 52 - 5,910
Total divestments 90 99 70 69 19 1 - 348
Cash flow from operating activities 4,763 830 373 564 581 60 - 7,171
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9( )months 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 4,330 7,669 13,880 65,591 59,083 19 - 150,572
Intersegment sales 26,481 6,708 1,819 20,939 567 95 (56,609) -
Excise taxes - - - (567) (13,586) - - (14,153)
Revenues from sales 30,811 14,377 15,699 85,963 46,064 114 (56,609) 136,419
Operating expenses (12,577) (11,468) (14,527) (83,712) (44,041) (719) 56,609 (110,435)
Depreciation, depletion and impairment of tangible assets and mineral (6,073) (1,164) (286) (1,239) (684) (90) - (9,536)
interests
Net income (loss) from equity affiliates and other items 713 1,635 332 25 79 (74) - 2,710
Tax on net operating income (6,176) (538) (210) (238) (443) 246 - (7,359)
Adjustments( (a)) 104 (345) (643) (578) (57) (67) - (1,586)
Adjusted net operating income 6,594 3,187 1,651 1,377 1,032 (456) - 13,385
Adjustments( (a)) (1,586)
Net cost of net debt (1,370)
Non-controlling interests (208)
Net income - TotalEnergies share 10,221
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
9( )months 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 8,642 2,390 4,212 995 611 155 - 17,005
Total divestments 1,060 500 486 65 180 17 - 2,308
Cash flow from operating activities 11,128 3,071 1,074 1,743 1,483 (1,627) - 16,872
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9( )months 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 4,159 6,995 15,990 71,975 62,901 22 - 162,042
Intersegment sales 29,164 7,623 1,583 24,273 651 198 (63,492) -
Excise taxes - - - (591) (12,956) - - (13,547)
Revenues from sales 33,323 14,618 17,573 95,657 50,596 220 (63,492) 148,495
Operating expenses (14,370) (11,099) (16,400) (92,808) (48,779) (756) 63,492 (120,720)
Depreciation, depletion and impairment of tangible assets and mineral (6,148) (925) (316) (1,192) (643) (86) - (9,310)
interests
Net income (loss) from equity affiliates and other items 285 1,503 (863) (24) 1,367 18 - 2,286
Tax on net operating income (6,303) (785) (185) (275) (311) 149 - (7,710)
Adjustments( (a)) (912) (125) (1,789) (484) 1,232 (36) - (2,114)
Adjusted net operating income 7,699 3,437 1,598 1,842 998 (419) - 15,155
Adjustments( (a)) (2,114)
Net cost of net debt (1,029)
Non-controlling interests (210)
Net income - TotalEnergies share 11,802
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
9( )months 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 7,242 2,008 4,799 1,266 732 120 - 16,167
Total divestments 545 178 393 234 1,222 8 - 2,580
Cash flow from operating activities 12,888 2,971 1,771 (24) 2,123 (1,382) - 18,347
Non GAAP Financial Measures
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
1,787 3,106 2,161 -17% Cash flow used in investing activities ( a ) 7,582 6,697 13%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - 1 -100% Organic loan repayment from equity affiliates ( c ) - 1 -100%
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
80 89 100 -20% Capex linked to capitalized leasing contracts ( e ) 278 280 -1%
2 20 26 -92% Expenditures related to carbon credits ( f ) 24 29 -17%
1,869 3,215 2,288 -18% Net investments ( a + b + c + d + e + f = g - i + h ) 7,884 7,007 13%
(53) 162 (42) ns of which net acquisitions of assets sales ( g - i ) 225 51 x4.4
522 193 36 x14.5 Acquisitions ( g ) 1,160 523 x2.2
575 31 78 x7.4 Assets sales ( i ) 935 472 98%
- - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns
1,922 3,053 2,330 -18% of which organic investments ( h ) 7,659 6,956 10%
70 30 140 -50% Capitalized exploration 209 364 -43%
38 42 46 -17% Increase in non-current loans 162 155 5%
(47) (49) (11) ns Repayment of non-current loans, excluding organic loan repayment from equity (125) (72) ns
affiliates
- - - ns Change in debt from renewable projects (TotalEnergies share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.2 Integrated LNG
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
146 852 500 -71% Cash flow used in investing activities ( a ) 1,890 1,830 3%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
46 - 2 x23 Organic loan repayment from equity affiliates ( c ) 47 3 x15.7
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
4 1 14 -71% Capex linked to capitalized leasing contracts ( e ) 4 33 -88%
- - - ns Expenditures related to carbon credits ( f ) - - ns
196 853 516 -62% Net investments ( a + b + c + d + e + f = g - i + h ) 1,941 1,866 4%
(134) 110 65 ns of which net acquisitions of assets sales ( g - i ) 116 251 -54%
(60) 110 69 ns Acquisitions ( g ) 194 268 -28%
74 - 4 x18.5 Assets sales ( i ) 78 17 x4.6
- - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns
330 743 451 -27% of which organic investments ( h ) 1,825 1,615 13%
4 7 8 -50% Capitalized exploration 13 30 -57%
174 187 214 -19% Increase in non-current loans 543 540 1%
(345) (25) (79) ns Repayment of non-current loans, excluding organic loan repayment from equity (375) (158) ns
affiliates
- - - ns Change in debt from renewable projects (TotalEnergies share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
692 2,156 2,221 -69% Cash flow used in investing activities ( a ) 3,726 4,406 -15%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
(1) 54 10 ns Organic loan repayment from equity affiliates ( c ) 58 10 x5.8
(242) (221) - ns Change in debt from renewable projects financing ( d ) * (463) - ns
- - 5 -100% Capex linked to capitalized leasing contracts ( e ) - 6 -100%
- - - ns Expenditures related to carbon credits ( f ) - - ns
449 1,989 2,236 -80% Net investments ( a + b + c + d + e + f = g - i + h ) 3,321 4,422 -25%
(147) 1,568 1,529 ns of which net acquisitions of assets sales ( g - i ) 1,658 2,176 -24%
12 1,791 1,565 -99% Acquisitions ( g ) 2,048 2,443 -16%
159 223 36 x4.4 Assets sales ( i ) 390 267 46%
121 67 - ns Change in debt (partner share) and capital gain from renewable projects sales 188 - ns
596 421 707 -16% of which organic investments ( h ) 1,663 2,246 -26%
- - - ns Capitalized exploration - - ns
162 150 135 20% Increase in non-current loans 580 679 -15%
(43) (137) (24) ns Repayment of non-current loans, excluding organic loan repayment from equity (226) (116) ns
affiliates
(121) (154) - ns Change in debt from renewable projects (TotalEnergies share) (275) - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.4 Refining & Chemicals
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
385 309 319 21% Cash flow used in investing activities ( a ) 930 1,032 -10%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - 44 -100% Organic loan repayment from equity affiliates ( c ) - 17 -100%
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - - ns
- - - ns Expenditures related to carbon credits ( f ) - - ns
385 309 363 6% Net investments ( a + b + c + d + e + f = g - i + h ) 930 1,049 -11%
(2) (24) 34 ns of which net acquisitions of assets sales ( g - i ) (26) (81) ns
- 11 42 -100% Acquisitions ( g ) 11 77 -86%
2 35 8 -75% Assets sales ( i ) 37 158 -77%
- - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns
387 333 329 18% of which organic investments ( h ) 956 1,130 -15%
- - - ns Capitalized exploration - - ns
16 17 33 -52% Increase in non-current loans 43 98 -56%
(15) (7) (17) ns Repayment of non-current loans, excluding organic loan repayment from equity (28) (27) ns
affiliates
- - - ns Change in debt from renewable projects (TotalEnergies share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
160 196 310 -48% Cash flow used in investing activities ( a ) 431 (490) ns
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - - ns Organic loan repayment from equity affiliates ( c ) - - ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - - ns
- - - ns Expenditures related to carbon credits ( f ) - - ns
160 196 310 -48% Net investments ( a + b + c + d + e + f = g - i + h ) 431 (490) ns
(43) (3) 78 ns of which net acquisitions of assets sales ( g - i ) (121) (1,009) ns
- 1 83 -100% Acquisitions ( g ) 3 102 -97%
43 4 5 x8.6 Assets sales ( i ) 124 1,111 -89%
- - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns
203 199 232 -13% of which organic investments ( h ) 552 519 6%
- - - ns Capitalized exploration - - ns
18 26 16 13% Increase in non-current loans 62 84 -26%
1 (22) (10) ns Repayment of non-current loans, excluding organic loan repayment from equity (38) (89) ns
affiliates
- - - ns Change in debt from renewable projects (TotalEnergies share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
2. Reconciliation of cash flow from operating activities to CFFO
2.1 Exploration & Production
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
4,187 3,675 4,763 -12% Cash flow from operating activities ( a ) 11,128 12,888 -14%
203 (85) 491 -59% (Increase) decrease in working capital ( b ) (907) (215) ns
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - 1 -100% Organic loan repayments from equity affiliates ( e ) - 1 -100%
3,984 3,760 4,273 -7% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 12,035 13,104 -8%
+ e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
789 539 830 -5% Cash flow from operating activities ( a ) 3,071 2,971 3%
(299) (620) (56) ns (Increase) decrease in working capital ( b ) * (424) (482) ns
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
46 - 2 x23 Organic loan repayments from equity affiliates ( e ) 47 3 x15.7
1,134 1,159 888 28% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 3,542 3,456 2%
+ e )
*Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power sectors’ contracts.
2.3 Integrated Power
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
674 799 373 81% Cash flow from operating activities ( a ) 1,074 1,771 -39%
56 377 (253) ns (Increase) decrease in working capital ( b ) * (558) (170) ns
- - - ns Inventory effect ( c ) - - ns
(6) 86 - ns Capital gain from renewable project sales ( d ) 80 - ns
(1) 54 10 ns Organic loan repayments from equity affiliates ( e ) 58 10 x5.8
611 562 636 -4% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 1,770 1,951 -9%
+ e )
* Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power sectors’ contracts.
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
2,839 887 564 x5 Cash flow from operating activities ( a ) 1,743 (24) ns
1,900 362 413 x4.6 (Increase) decrease in working capital ( b ) (281) (2,325) ns
(76) (247) (335) ns Inventory effect ( c ) (396) (620) ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - 44 -100% Organic loan repayments from equity affiliates ( e ) - 17 -100%
1,015 772 530 92% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 2,420 2,938 -18%
+ e )
2.5 Marketing & Services
3(rd) quarter 2(nd) quarter 3(rd) quarter 3(rd) quarter 2025 vs (in millions of dollars) 9 months 9 months 9 months 2025 vs
2025 2025 2024 3(rd) quarter 2024 2025 2024 9 months 2024
287 628 581 -51% Cash flow from operating activities ( a ) 1,483 2,123 -30%
(372) (58) 63 ns (Increase) decrease in working capital ( b ) (312) 525 ns
21 (25) (129) ns Inventory effect ( c ) (38) (187) ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - - ns Organic loan repayments from equity affiliates ( e ) - - ns
638 711 647 -1% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 1,833 1,785 3%
+ e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
(In millions of dollars) Exploration & Production Integrated Integrated Power Refining Marketing Corporate InterCompany Company
LNG
&
&
Chemicals
Services
Adjusted net operating income 3(rd) quarter 2025 2,169 852 571 687 380 (80) - 4,579
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 ( a ) 8,899 4,619 2,226 1,695 1,394 (629) - 18,204
Balance sheet as of September 30, 2025
Property plant and equipment intangible assets net 87,453 29,195 15,681 12,725 7,111 797 - 152,962
Investments & loans in equity affiliates 4,498 16,983 10,257 4,137 1,093 - - 36,968
Other non-current assets 2,504 2,285 1,705 748 1,083 344 - 8,669
Inventories, net 1,674 1,076 596 10,196 3,516 - - 17,058
Accounts receivable, net 5,533 5,828 4,045 17,547 8,328 1,300 (22,846) 19,735
Other current assets 7,020 7,252 5,567 2,251 2,889 2,600 (5,746) 21,833
Accounts payable (6,668) (6,661) (6,309) (30,876) (9,472) (901) 22,825 (38,062)
Other creditors and accrued liabilities (11,225) (7,587) (4,810) (5,175) (5,546) (6,690) 5,767 (35,266)
Working capital (3,666) (92) (911) (6,057) (285) (3,691) - (14,702)
Provisions and other non-current liabilities (25,136) (4,499) (1,388) (3,569) (1,227) 902 - (34,917)
Assets and liabilities classified as held for sale - Capital employed 449 - 1,616 - - - - 2,065
Capital Employed (Balance sheet) 66,102 43,872 26,960 7,984 7,775 (1,648) - 151,045
Less inventory valuation effect - - - (861) (210) - - (1,071)
Capital Employed at replacement cost ( b ) 66,102 43,872 26,960 7,123 7,565 (1,648) - 149,974
Balance sheet as of September 30, 2024
Property plant and equipment intangible assets net 83,224 25,426 15,517 12,365 6,808 676 - 144,016
Investments & loans in equity affiliates 3,850 15,609 9,341 4,117 1,046 - - 33,963
Other non-current assets 3,896 2,096 1,286 741 1,210 324 - 9,553
Inventories, net 1,444 1,595 617 11,277 3,599 - - 18,532
Accounts receivable, net 5,801 6,146 4,270 16,506 8,770 1,067 (23,783) 18,777
Other current assets 7,363 7,814 4,788 2,415 3,154 2,357 (5,958) 21,933
Accounts payable (7,035) (6,771) (5,459) (28,346) (9,809) (994) 23,746 (34,668)
Other creditors and accrued liabilities (9,658) (8,693) (4,542) (5,596) (6,015) (6,207) 5,995 (34,716)
Working capital (2,085) 91 (326) (3,744) (301) (3,777) - (10,142)
Provisions and other non-current liabilities (24,510) (3,762) (1,801) (3,415) (1,233) 791 - (33,930)
Assets and liabilities classified as held for sale - Capital employed 484 - 572 - - - - 1,056
Capital Employed (Balance sheet) 64,859 39,460 24,589 10,064 7,530 (1,986) - 144,516
Less inventory valuation effect - - - (1,014) (205) - - (1,219)
Capital Employed at replacement cost ( c ) 64,859 39,460 24,589 9,050 7,325 (1,986) - 143,297
ROACE as a percentage ( a / average ( b + c )) 13.6% 11.1% 8.6% 21.0% 18.7% 12.4%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
(in millions of dollars) 3(rd) quarter 2(nd) quarter 3(rd) quarter 9 months 9 months
2025 2025 2024 2025 2024
Consolidated net income ( a ) 3,762 2,746 2,361 10,429 12,012
Net cost of net debt ( b ) (499) (486) (379) (1,370) (1,029)
Special items affecting net operating income (113) (361) (1,360) (596) (824)
Gains (losses) on disposals of assets 284 - - 284 1,397
Restructuring charges (7) - (10) (7) (21)
Asset impairment and provisions charges (286) (209) (1,107) (495) (1,751)
Other items (104) (152) (243) (378) (449)
After-tax inventory effect : FIFO vs. replacement cost (33) (269) (375) (380) (595)
Effect of changes in fair value (172) (283) (84) (610) (695)
Total adjustments affecting net operating income ( c ) (318) (913) (1,819) (1,586) (2,114)
Adjusted net operating income ( a - b - c ) 4,579 4,145 4,559 13,385 15,155
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)
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