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    TotalEnergies SE TotalEnergies SE: Third Quarter 2025 Results

    Picture of TotalEnergies SE logoTotalEnergies SE
    30/10/2025 07:15
    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):


    3Q252Q25Change 
    vs 2Q25    		9M25Change 
    vs 9M24
    Cash flow from operations excluding working capital (CFFO)(1) (B$)7.16.6+7%20.7-9%
    Adjusted net income (TotalEnergies share)(1)
    - in billions of dollars (B$)4.03.6+11%11.8-15%
    - in dollars per share (fully-diluted)1.771.57+13%5.17-12%
    Net income (TotalEnergies share) (B$)3.72.7+37%10.2-13%
    Adjusted EBITDA(1) (B$)10.39.7+6%30.5-7%
    

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on October 29, 2025, to approve the 3rd 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 24th, 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 CO2 volumes in Northern Lights, in Norway

Signature of an agreement for the farm-down of the Bifrost CO2 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)


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars, except effective tax rate, 
    earnings per share and number of shares    		9M259M249M25 
    vs 
    9M24
    10,2959,690+6%10,048Adjusted EBITDA (1)30,48932,614-7%
    4,6594,390+6%4,635Adjusted net operating income from business segments13,84115,574-11%
    2,1691,974+10%2,482Exploration & Production6,5947,699-14%
    8521,041-18%1,063Integrated LNG3,1873,437-7%
    571574-1%485Integrated Power1,6511,598+3%
    687389+77%241Refining & Chemicals1,3771,842-25%
    380412-8%364Marketing & Services1,032998+3%
    692702-1%706Contribution of equity affiliates to adjusted net income2,1091,963+7%
    37.7%41.5%-38.0%Effective tax rate (3)40.2%38.7%-
    3,9803,578+11%4,074Adjusted net income (TotalEnergies share) (1)11,75013,858-15%
    1.771.57+13%1.74Adjusted fully-diluted earnings per share (dollars) (4)5.175.87-12%
    1.501.38+9%1.58Adjusted fully-diluted earnings per share (euros) (5)4.625.40-14%
    2,2002,224-1%2,310Fully-diluted weighted-average shares (millions)2,2252,327-4%
    3,6832,687+37%2,294Net income (TotalEnergies share)10,22111,802-13%
    3,4734,819-28%4,102Organic investments (1)12,79412,584+2%
    (381)1,813ns1,662Acquisitions net of assets sales (1)1,8511,382+34%
    3,0926,632-53%5,764Net investments (1)14,64513,966+5%
    7,0616,618+7%6,821Cash flow from operations excluding working capital (CFFO) (1)20,67122,766-9%
    7,4436,943+7%7,009Debt Adjusted Cash Flow (DACF) (1)21,66323,215-7%
    8,3495,960+40%7,171Cash flow from operating activities16,87218,347-8%
    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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q249M259M249M25 
    vs 
    9M24
    69.167.9+2%80.3Brent ($/b)70.982.8-14%
    3.13.5-12%2.2Henry Hub ($/Mbtu)3.52.2+57%
    11.311.9-5%11.5TTF ($/Mbtu)12.510.1+24%
    11.712.2-4%13.0JKM ($/Mbtu)12.711.2+13%
    66.565.6+2%77.0Average price of liquids (6),(7) ($/b)
    Consolidated subsidiaries    		67.978.9-14%
    5.505.63-2%5.78Average price of gas (6),(8) ($/Mbtu)
    Consolidated subsidiaries    		5.925.30+12%
    8.919.10-2%9.91Average price of LNG (6),(9) ($/Mbtu)
    Consolidated subsidiaries and equity affiliates    		9.369.61-3%
    63.035.3+78%15.4European Refining Margin Marker (ERM) (6),(10) ($/t)42.644.0-3%
    

3.2 Greenhouse gas emissions (11)


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Scope 1+2 emissions (12) (MtCO2e)9M259M249M25 
    vs 
    9M24
    8.48.0+5%8.8Scope 1+2 from operated facilities (1)24.824.7-
    7.17.1-7.4of which Oil & Gas21.421.5-
    1.30.9+44%1.4of which CCGT3.43.2+6%
    11.010.6+4%11.3Scope 1+2 - ESRS share (1)32.732.5+1%
    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Methane emissions (ktCH4)9M259M249M25 
    vs 
    9M24
    56-17%7Methane emissions from operated facilities (1)1722-23%
    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 CO2e.

3.3 Production (14)


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Hydrocarbon production9M259M249M25 
    vs 
    9M24
    2,5082,503-2,409Hydrocarbon production (kboe/d)2,5232,437+4%
    1,4071,343+5%1,324Oil (including bitumen) (kb/d)1,3691,321+4%
    1,1011,160-5%1,086Gas (including condensates and associated NGL) (kboe/d)1,1541,116+3%
    2,5082,503-2,409Hydrocarbon production (kboe/d)2,5232,437+4%
    1,5531,506+3%1,466Liquids (kb/d)1,5251,475+3%
    5,1825,395-4%5,093Gas (Mcf/d)5,4095,174+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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Hydrocarbon production9M259M249M25 
    vs 
    9M24
    2,0261,956+4%1,944EP (kboe/d)1,9861,952+2%
    1,5011,437+4%1,414Liquids (kb/d)1,4601,415+3%
    2,7822,767+1%2,830Gas (Mcf/d)2,7992,865-2%
    

4.1.2 Results


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars, except effective tax rate9M259M249M25 
    vs 
    9M24
    2,1691,974+10%2,482Adjusted net operating income6,5947,699-14%
    177176+1%183including adjusted income from equity affiliates503535-6%
    48.5%50.1%-45.1%Effective tax rate (15)49.4%46.9%-
    1,9223,053-37%2,330Organic investments (1)7,6596,956+10%
    (53)162ns(42)Acquisitions net of assets sales (1)22551x4.4
    1,8693,215-42%2,288Net investments (1)7,8847,007+13%
    3,9843,760+6%4,273Cash flow from operations excluding working capital (CFFO) (1)12,03513,104-8%
    4,1873,675+14%4,763Cash flow from operating activities11,12812,888-14%
    

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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Hydrocarbon production for LNG9M259M249M25 
    vs 
    9M24
    482547-12%465Integrated LNG (kboe/d)537485+11%
    5269-24%52Liquids (kb/d)6560+8%
    2,4002,628-9%2,263Gas (Mcf/d)2,6102,309+13%
    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Liquefied Natural Gas in Mt9M259M249M25 
    vs 
    9M24
    10.410.6-1%9.5Overall LNG sales31.629.0+9%
    3.43.9-13%3.8incl. Sales from equity production*11.211.6-3%
    9.29.4-2%8.4incl. Sales by TotalEnergies from equity production and third party purchases28.025.3+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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars, except the average price of LNG9M259M249M25 
    vs 
    9M24
    8.919.10-2%9.91Average price of LNG ($/Mbtu) *
    Consolidated subsidiaries and equity affiliates    		9.369.61-3%
    8521,041-18%1,063Adjusted net operating income3,1873,437-7%
    423513-18%538including adjusted income from equity affiliates1,4711,453+1%
    330743-56%451Organic investments (1)1,8251,615+13%
    (134)110ns65Acquisitions net of assets sales (1)116251-54%
    196853-77%516Net investments (1)1,9411,866+4%
    1,1341,159-2%888Cash flow from operations excluding working capital (CFFO) (1)3,5423,456+2%
    789539+46%830Cash flow from operating activities3,0712,971+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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Integrated Power9M259M249M25 
    vs 
    9M24
    12.611.6+9%11.1Net power production (TWh) *35.529.7+19%
    8.28.4-2%6.7o/w production from renewables23.319.6+19%
    4.53.2+40%4.4o/w production from gas flexible capacities12.210.2+20%
    25.224.0+5%21.6Portfolio of power generation net installed capacity (GW) **25.221.6+16%
    18.717.4+7%14.5o/w renewables18.714.5+29%
    6.56.5-7.1o/w gas flexible capacities6.57.1-9%
    106.0104.1+2%89.6Portfolio of renewable power generation gross capacity (GW) **,***106.089.6+18%
    32.330.2+7%24.2o/w installed capacity32.324.2+34%
    6.06.0-1%6.0Clients power - BtB and BtC (Million) **6.06.0-
    2.72.7-1%2.8Clients gas - BtB and BtC (Million) **2.72.8-2%
    10.610.5-10.9Sales power - BtB and BtC (TWh)35.636.9-3%
    11.614.9-22%13.9Sales gas - BtB and BtC (TWh)62.268.4-9%
    * 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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars9M259M249M25 
    vs 
    9M24
    571574-1%485Adjusted net operating income1,6511,598+3%
    4822x2.229including adjusted income from equity affiliates11425x4.6
    596421+42%707Organic investments (1)1,6632,246-26%
    (147)1,568ns1,529Acquisitions net of assets sales (1)1,6582,176-24%
    4491,989-77%2,236Net investments (1)3,3214,422-25%
    611562+9%636Cash flow from operations excluding working capital (CFFO) (1)1,7701,951-9%
    674799-16%373Cash flow from operating activities1,0741,771-39%
    

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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars9M259M249M25 
    vs 
    9M24
    1,067801+33%605Adjusted net operating income2,4092,840-15%
    590532+11%561Organic investments (1)1,5081,649-9%
    (45)(27)ns112Acquisitions net of assets sales (1)(147)(1,090)ns
    545505+8%673Net investments (1)1,361559x2.4
    1,6531,483+11%1,177Cash flow from operations excluding working capital (CFFO) (1)4,2534,723-10%
    3,1261,515x2.11,145Cash flow from operating activities3,2262,099+54%
    

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Refinery throughput and utilization rate9M259M249M25 
    vs 
    9M24
    1,4781,589-7%1,539Total refinery throughput (kb/d)1,5381,493+3%
    481463+4%451France460421+9%
    595632-6%625Rest of Europe618627-1%
    402494-19%463Rest of world461445+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 3rd quarter 2024 and the African refinery Natref (divested) during the 4th quarter 2024.
    


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Petrochemicals production and utilization rate9M259M249M25 
    vs 
    9M24
    1,3261,164+14%1,314Monomers* (kt)3,7403,850-3%
    1,1741,127+4%1,167Polymers (kt)3,4743,352+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 2nd 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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars, except ERM9M259M249M25 
    vs 
    9M24
    63.035.3+78%15.4European Refining Margin Marker (ERM) ($/t) *42.644.0-3%
    687389+77%241Adjusted net operating income1,3771,842-25%
    387333+16%329Organic investments (1)9561,130-15%
    (2)(24)ns34Acquisitions net of assets sales (1)(26)(81)ns
    385309+25%363Net investments (1)9301,049-11%
    1,015772+31%530Cash flow from operations excluding working capital (CFFO) (1)2,4202,938-18%
    2,839887x3.2564Cash flow from operating activities1,743(24)ns
    * This market indicator for European refining, calculated based on public market prices ($/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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Sales in kb/d*9M259M249M25 
    vs 
    9M24
    1,2691,324-4%1,383Total Marketing & Services sales1,2861,353-5%
    744790-6%795Europe749761-2%
    525534-2%588Rest of world537592-9%
    * 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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars9M259M249M25 
    vs 
    9M24
    380412-8%364Adjusted net operating income1,032998+3%
    203199+2%232Organic investments (1)552519+6%
    (43)(3)ns78Acquisitions net of assets sales (1)(121)(1,009)ns
    160196-18%310Net investments (1)431(490)ns
    638711-10%647Cash flow from operations excluding working capital (CFFO) (1)1,8331,785+3%
    287628-54%581Cash flow from operating activities1,4832,123-30%
    

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 dollarsOctober 1, 2024July 1, 2024October 1, 2023
    September 30, 2025June 30, 2025September 30, 2024
    Adjusted net income (TotalEnergies share) (1)16,43116,53519,398
    Average adjusted shareholders' equity116,051117,441116,572
    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 dollarsOctober 1, 2024July 1, 2024October 1, 2023
    September 30, 2025June 30, 2025September 30, 2024
    Adjusted net operating income (1)18,20418,18420,701
    Average capital employed (1)146,636146,456142,195
    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)


    ChangeEstimated impact on adjusted net operating incomeEstimated 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 or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. The conference replay will be available on the Company's website totalenergies.com after the event.

* * * *

9. Operating information by segment

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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Combined liquids and gas
    production by region (kboe/d)    		9M259M249M25 
    vs 
    9M24
    515522-1%556Europe536563-5%
    433424+2%452Africa427454-6%
    864850+2%799Middle East and North Africa854813+5%
    476436+9%388Americas446366+22%
    220271-19%214Asia-Pacific260241+8%
    2,5082,503-2,409Total production2,5232,437+4%
    361374-3%371includes equity affiliates375359+5%
    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Liquids production by region (kb/d)9M259M249M25 
    vs 
    9M24
    204203+1%221Europe207224-7%
    317309+3%329Africa312328-5%
    696673+3%637Middle East and North Africa684649+5%
    249217+15%189Americas223176+27%
    87104-16%90Asia-Pacific9998+1%
    1,5531,506+3%1,466Total production1,5251,475+3%
    161158+2%154includes equity affiliates161153+5%
    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Gas production by region (Mcf/d)9M259M249M25 
    vs 
    9M24
    1,6751,720-3%1,812Europe1,7711,832-3%
    588579+2%632Africa578633-9%
    928973-5%888Middle East and North Africa940896+5%
    1,2601,214+4%1,100Americas1,2371,055+17%
    731909-20%661Asia-Pacific883758+16%
    5,1825,395-4%5,093Total production5,4095,174+5%
    1,1201,173-4%1,190includes equity affiliates1,1761,120+5%
    

9.2 Downstream (Refining & Chemicals and Marketing & Services)


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Petroleum product sales by region (kb/d)9M259M249M25 
    vs 
    9M24
    1,8391,904-3%1,932Europe1,8061,849-2%
    566616-8%585Africa600578+4%
    9781,057-7%1,091Americas1,0361,038-
    1,128856+32%747Rest of world976699+40%
    4,5104,432+2%4,355Total consolidated sales4,4184,164+6%
    354379-7%395Includes bulk sales359397-10%
    2,8872,729+6%2,578Includes trading2,7732,414+15%
    3Q252Q253Q25 
    vs 
    2Q25    		3Q24Petrochemicals production* (kt)9M259M249M25 
    vs 
    9M24
    976832+17%954Europe2,7922,844-2%
    773750+3%765Americas2,2172,166+2%
    751709+6%762Middle East and Asia2,2052,192+1%
    * Olefins, polymers.
    

9.3 Integrated Power

9.3.1 Net power production


    3Q252Q25
    Net power production (TWh)SolarOnshore WindOffshore WindGasOthersTotalSolarOnshore WindOffshore WindGasOthersTotal
    France0.30.2-0.60.01.10.20.2-0.50.01.0
    Rest of Europe0.20.40.21.50.12.50.20.50.21.00.12.0
    Africa0.0---0.10.10.0---0.10.1
    Middle East0.3--0.3-0.50.3--0.3-0.5
    North America1.40.5-2.1-4.01.30.6-1.4-3.3
    South America0.11.0---1.10.10.9---1.0
    India2.20.5---2.82.50.6---3.1
    Pacific Asia0.40.00.0--0.50.40.00.1--0.5
    Total5.02.60.34.50.212.65.12.80.33.20.211.6
    

9.3.2 Installed power generation net capacity


    3Q252Q25
    Installed power generation net capacity (GW) (18)SolarOnshore WindOffshore WindGasOthersTotalSolarOnshore WindOffshore WindGasOthersTotal
    France0.70.5-2.70.24.10.80.5-2.70.24.2
    Rest of Europe0.61.10.32.10.24.20.51.00.32.10.24.0
    Africa0.0---0.10.10.0---0.10.1
    Middle East0.5--0.3-0.80.5--0.3-0.8
    North America3.30.9-1.50.56.22.80.9-1.50.45.5
    South America0.41.1---1.50.41.0---1.4
    India6.40.6---7.06.00.6---6.6
    Pacific Asia1.10.00.2--1.31.10.00.2--1.3
    Total13.04.20.56.51.025.212.24.00.56.50.824.0
    

9.3.3 Power generation gross capacity from renewables


    3Q252Q25
    Installed power generation gross capacity from renewables (GW) (19),(20)SolarOnshore WindOffshore WindOtherTotalSolarOnshore WindOffshore WindOtherTotal
    France1.30.90.00.22.41.30.90.00.22.3
    Rest of Europe0.61.61.10.33.70.61.51.10.33.5
    Africa0.10.00.00.30.40.10.00.00.30.4
    Middle East1.30.00.00.01.31.30.00.00.01.3
    North America6.92.30.01.010.36.12.30.00.89.3
    South America0.51.80.00.02.20.41.50.00.01.9
    India9.10.70.00.09.78.50.60.00.09.2
    Asia-Pacific1.70.00.60.02.41.70.00.60.02.4
    Total21.57.21.81.832.320.06.81.81.630.2
    3Q252Q25
    Power generation gross capacity from renewables in construction (GW) (19),(20)SolarOnshore WindOffshore WindOtherTotalSolarOnshore WindOffshore WindOtherTotal
    France0.20.20.00.00.40.30.10.00.00.4
    Rest of Europe0.50.10.80.31.70.50.20.80.31.9
    Africa0.50.10.00.10.70.50.10.00.10.7
    Middle East1.70.20.00.02.01.70.20.00.02.0
    North America1.20.00.00.21.31.20.00.00.51.7
    South America0.80.20.00.31.30.90.40.00.21.4
    India1.40.00.00.01.41.60.00.00.01.6
    Asia-Pacific0.40.00.00.00.40.10.00.00.00.1
    Total6.70.80.80.99.26.71.10.81.29.8
    3Q252Q25
    Power generation gross capacity from renewables in development (GW) (19),(20)SolarOnshore WindOffshore WindOtherTotalSolarOnshore WindOffshore WindOtherTotal
    France1.00.51.50.02.91.00.50.00.01.6
    Rest of Europe5.81.814.33.225.16.41.714.32.925.3
    Africa0.30.20.00.00.50.50.20.00.00.7
    Middle East0.50.00.00.00.50.60.00.00.00.6
    North America10.43.64.15.323.410.93.74.14.623.3
    South America1.31.30.00.02.71.21.40.00.02.6
    India1.60.10.00.01.72.00.10.00.02.1
    Asia-Pacific3.01.12.61.17.73.21.12.61.17.9
    Total23.98.522.59.664.425.88.621.08.664.1
    

10. Alternative Performance Measures (Non-GAAP measures)

10.1 Adjustment items to net income (TotalEnergies share)


    3Q252Q253Q24In millions of dollars9M259M24
    3,6832,6872,294Net income (TotalEnergies share)10,22111,802
    (93)(340)(1,337)Special items affecting net income (TotalEnergies share)(541)(806)
    284--Gain (loss) on asset sales2841,397
    (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)
    3,9803,5784,074Adjusted net income (TotalEnergies share)11,75013,858
    

10.2 Reconciliation of adjusted EBITDA with consolidated financial statements

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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars9M259M249M25 
    vs 
    9M24
    3,6832,687+37%2,294Net income (TotalEnergies share)10,22111,802-13%
    297891-67%1,780Less: adjustment items to net income (TotalEnergies share)1,5292,056-26%
    3,9803,578+11%4,074Adjusted net income (TotalEnergies share)11,75013,858-15%
    Adjusted items
    8060+33%90Add: non-controlling interests210257-18%
    2,2812,328-2%2,369Add: income taxes7,3148,337-12%
    3,2773,106+6%3,048Add: depreciation, depletion and impairment of tangible assets and mineral interests9,3818,952+5%
    10496+8%103Add: amortization and impairment of intangible assets283282-
    808816-1%797Add: financial interest on debt2,3492,230+5%
    (235)(294)ns(433)Less: financial income and expense from cash & cash equivalents(798)(1,302)ns
    10,2959,690+6%10,048Adjusted EBITDA30,48932,614-7%
    

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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars9M259M249M25 
    vs 
    9M24
    Adjusted items
    43,84444,676-2%47,429Revenues from sales136,419148,495-8%
    (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
    303544-44%59Other income1,094445x2.5
    (101)(233)ns(121)Other expense, excluding amortization and impairment of intangible assets(550)(283)ns
    324422-23%293Other financial income1,0401,008+3%
    (208)(203)ns(214)Other financial expense(660)(642)ns
    692702-1%706Net income (loss) from equity affiliates2,1091,963+7%
    10,2959,690+6%10,048Adjusted EBITDA30,48932,614-7%
    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
    235294-20%433Add: financial income and expense from cash & cash equivalents7981,302-39%
    (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
    3,6832,687+37%2,294Net income (TotalEnergies share)10,22111,802-13%
    

10.3 Investments – Divestments

Reconciliation of Cash flow used in investing activities to Net investments


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars9M259M249M25 
    vs 
    9M24
    3,2036,689-52%5,562Cash flow used in investing activities ( a )14,69713,587+8%
    --ns-Other transactions with non-controlling interests ( b )--ns
    4554-17%57Organic loan repayment from equity affiliates ( c )10531x3.4
    (242)(221)ns-Change in debt from renewable projects financing ( d ) *(463)-ns
    8490-7%119Capex linked to capitalized leasing contracts ( e )282319-12%
    220-90%26Expenditures related to carbon credits ( f )2429-17%
    3,0926,632-53%5,764Net investments ( a + b + c + d + e + f = g - i + h )14,64513,966+5%
    (381)1,813ns1,662of which acquisitions net of assets sales ( g-i )1,8511,382+34%
    4742,106-77%1,795Acquisitions ( g )3,4163,413-
    855293x2.9133Asset sales ( i )1,5652,031-23%
    12167+81%-Change in debt (partner share) and capital gain from renewable project sales188-ns
    3,4734,819-28%4,102of which organic investments ( h )12,79412,584+2%
    7437+99%148Capitalized exploration222394-44%
    408425-4%458Increase in non-current loans1,4011,585-12%
    (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


    3Q252Q253Q25 
    vs 
    2Q25    		3Q24In millions of dollars9M259M249M25 
    vs 
    9M24
    8,3495,96040%7,171Cash flow from operating activities ( a )16,87218,347-8%
    1,382(246)ns871(Increase) decrease in working capital ( b ) *(3,180)(3,581)ns
    (55)(272)ns(464)Inventory effect ( c )(434)(807)ns
    (6)86ns-Capital gain from renewable project sales ( d )80-ns
    4554-17%57Organic loan repayments from equity affiliates ( e )10531x3.4
    7,0616,618+7%6,821Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )20,67122,766-9%
    (382)(325)ns(188)Financial charges(992)(449)ns
    7,4436,943+7%7,009Debt Adjusted Cash Flow (DACF)21,66323,215-7%
    3,4734,819-28%4,102Organic investments ( g )12,79412,584+2%
    3,5881,799+99%2,719Free cash flow after organic investments ( f - g )7,87710,182-23%
    3,0926,632-53%5,764Net investments ( h )14,64513,966+5%
    3,969(14)ns1,057Net cash flow ( f - h )6,0268,800-32%
    * 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 dollars09/30/202506/30/202509/30/2024
    Current borrowings *11,83012,57011,805
    Other current financial liabilities568861488
    Current financial assets * , **(4,607)(4,872)(5,780)
    Net financial assets classified as held for sale *4941204
    Non-current financial debt *41,29639,16137,824
    Non-current financial assets *(1,168)(1,410)(1,307)
    Cash and cash equivalents(23,415)(20,424)(25,672)
    Net debt ( a )24,55325,92717,562
    Shareholders’ equity (TotalEnergies share)115,281116,642116,059
    Non-controlling interests2,3842,3602,557
    Shareholders' equity (b)117,665119,002118,616
    Gearing = a / ( a+b )17.3%17.9%12.9%
    Leases (c)8,8278,9078,338
    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 dollarsExploration & ProductionIntegrated LNGIntegrated PowerRefining & ChemicalsMarketing & ServicesCompany
    Adjusted net operating income8,8994,6192,2261,6951,39418,204
    Capital employed at 09/30/202464,85939,46024,5899,0507,325143,297
    Capital employed at 09/30/202566,10243,87226,9607,1237,565149,974
    ROACE13.6%11.1%8.6%21.0%18.7%12.4%
    

10.7 Payout


    In millions of dollars9M259M242024
    Dividend paid (parent company shareholders)5,9615,7197,717
    Repayment of treasury shares excluding fees and taxes5,9975,9997,970
    Payout ratio56%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.

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. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov. 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 3rd quarter 2025, 1.1338 in the 2nd quarter 2025, 1.0983 in the 3rd 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 CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF6 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 CO2 equivalent terms, nitrous oxide (N2O) 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 (H2). 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)
    3rd quarter2nd quarter3rd quarter
    (M$)(a)202520252024
    Sales48,69149,62752,021
    Excise taxes(4,847)(4,951)(4,592)
    Revenues from sales43,84444,67647,429
    Purchases, net of inventory variation(27,191)(29,158)(31,425)
    Other operating expenses(7,591)(7,834)(7,269)
    Exploration costs(64)(97)(572)
    Depreciation, depletion and impairment of tangible assets and mineral interests(3,280)(3,258)(3,392)
    Other income77854445
    Other expense(528)(287)(374)
    Financial interest on debt(808)(816)(797)
    Financial income and expense from cash & cash equivalents265327457
    Cost of net debt(543)(489)(340)
    Other financial income366429319
    Other financial expense(208)(203)(214)
    Net income (loss) from equity affiliates602529333
    Income taxes(2,423)(2,106)(2,179)
    Consolidated net income3,7622,7462,361
    TotalEnergies share3,6832,6872,294
    Non-controlling interests795967
    Earnings per share ($)1.651.180.97
    Fully-diluted earnings per share ($)1.641.170.96
    (a) Except for per share amounts.
    


    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
    TotalEnergies
    (unaudited)
    3rd quarter2nd quarter3rd quarter
    (M$)202520252024
    Consolidated net income3,7622,7462,361
    Other comprehensive income
    Actuarial gains and losses(2)163
    Change in fair value of investments in equity instruments(96)52(141)
    Tax effect19(20)29
    Currency translation adjustment generated by the parent company(2)5,8083,151
    Items not potentially reclassifiable to profit and loss(81)5,8563,042
    Currency translation adjustment(230)(4,692)(2,457)
    Cash flow hedge(346)165(13)
    Variation of foreign currency basis spread64(4)
    Share of other comprehensive income of equity affiliates, net amount(112)(174)(208)
    Other5-2
    Tax effect81(49)(1)
    Items potentially reclassifiable to profit and loss(596)(4,746)(2,681)
    Total other comprehensive income (net amount)(677)1,110361
    Comprehensive income3,0853,8562,722
    TotalEnergies share3,0013,7522,631
    Non-controlling interests8410491
    


    CONSOLIDATED STATEMENT OF INCOME
    TotalEnergies
    (unaudited)
    9months9months
    (M$)(a)20252024
    Sales150,572162,042
    Excise taxes(14,153)(13,547)
    Revenues from sales136,419148,495
    Purchases, net of inventory variation(87,204)(97,322)
    Other operating expenses(22,989)(22,641)
    Exploration costs(242)(757)
    Depreciation, depletion and impairment of tangible assets and mineral interests(9,536)(9,310)
    Other income1,5691,806
    Other expense(1,106)(940)
    Financial interest on debt(2,349)(2,230)
    Financial income and expense from cash & cash equivalents8821,337
    Cost of net debt(1,467)(893)
    Other financial income1,1131,084
    Other financial expense(660)(642)
    Net income (loss) from equity affiliates1,794978
    Income taxes(7,262)(7,846)
    Consolidated net income10,42912,012
    TotalEnergies share10,22111,802
    Non-controlling interests208210
    Earnings per share ($)4.535.02
    Fully-diluted earnings per share ($)4.494.99
    (a) Except for per share amounts.
    


    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
    TotalEnergies
    (unaudited)
    9months9months
    (M$)20252024
    Consolidated net income10,42912,012
    Other comprehensive income
    Actuarial gains and losses1423
    Change in fair value of investments in equity instruments(32)2
    Tax effect-10
    Currency translation adjustment generated by the parent company8,688962
    Items not potentially reclassifiable to profit and loss8,670997
    Currency translation adjustment(6,939)(835)
    Cash flow hedge(1,014)1,387
    Variation of foreign currency basis spread25(19)
    share of other comprehensive income of equity affiliates, net amount(386)(322)
    Other122
    Tax effect237(373)
    Items potentially reclassifiable to profit and loss(8,065)(160)
    Total other comprehensive income (net amount)605837
    Comprehensive income11,03412,849
    TotalEnergies share10,76012,635
    Non-controlling interests274214
    


    CONSOLIDATED BALANCE SHEET
    TotalEnergies
    September 30, 2025June 30, 2025December 31, 2024September 30, 2024
    (M$)(unaudited)(unaudited)(unaudited)
    ASSETS
    Non-current assets
    Intangible assets, net37,76436,68734,23833,891
    Property, plant and equipment, net115,198116,153109,095110,125
    Equity affiliates : investments and loans36,96836,65734,40533,963
    Other investments2,0462,1761,6651,656
    Non-current financial assets2,4262,6912,3052,578
    Deferred income taxes3,6333,5503,2023,727
    Other non-current assets2,9904,0574,0064,170
    Total non-current assets201,025201,971188,916190,110
    Current assets
    Inventories, net17,05817,27518,86818,532
    Accounts receivable, net19,73521,25419,28118,777
    Other current assets21,83324,16023,68721,933
    Current financial assets4,8845,1836,9146,151
    Cash and cash equivalents23,41520,42425,84425,672
    Assets classified as held for sale4,0092,5501,9772,830
    Total current assets90,93490,84696,57193,895
    Total assets291,959292,817285,487284,005
    LIABILITIES & SHAREHOLDERS' EQUITY
    Shareholders' equity
    Common shares7,0597,2627,5777,577
    Paid-in surplus and retained earnings125,073128,103135,496130,804
    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 share115,281116,642117,858116,059
    Non-controlling interests2,3842,3602,3972,557
    Total shareholders' equity117,665119,002120,255118,616
    Non-current liabilities
    Deferred income taxes12,83012,72912,11411,750
    Employee benefits1,9911,9741,7531,890
    Provisions and other non-current liabilities20,09620,31219,87220,290
    Non-current financial debt49,55247,58443,53345,750
    Total non-current liabilities84,46982,59977,27279,680
    Current liabilities
    Accounts payable38,06239,28839,93234,668
    Other creditors and accrued liabilities35,26634,67235,96134,716
    Current borrowings13,82014,63710,02413,853
    Other current financial liabilities568861664488
    Liabilities directly associated with the assets classified as held for sale2,1091,7581,3791,984
    Total current liabilities89,82591,21687,96085,709
    Total liabilities & shareholders' equity291,959292,817285,487284,005
    


    CONSOLIDATED STATEMENT OF CASH FLOW
    TotalEnergies
    (unaudited)
    3rd quarter2nd quarter3rd quarter
    (M$)202520252024
    CASH FLOW FROM OPERATING ACTIVITIES
    Consolidated net income3,7622,7462,361
    Depreciation, depletion, amortization and impairment3,4053,3604,020
    Non-current liabilities, valuation allowances and deferred taxes272127(93)
    (Gains) losses on disposals of assets(603)(335)(3)
    Undistributed affiliates' equity earnings(195)(102)(13)
    (Increase) decrease in working capital1,60049836
    Other changes, net10811563
    Cash flow from operating activities8,3495,9607,171
    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 equipment6136932
    Proceeds from disposals of subsidiaries, net of cash sold13315482
    Proceeds from disposals of non-current investments(8)1537
    Repayment of non-current loans494310197
    Total divestments1,232548348
    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 interests23(31)(14)
    Net issuance (repayment) of non-current debt3,6822573,080
    Increase (decrease) in current borrowings(1,962)(356)911
    Increase (decrease) in current financial assets and liabilities5291,287760
    Cash flow from / (used in) financing activities(2,408)(2,152)575
    Net increase (decrease) in cash and cash equivalents2,738(2,881)2,184
    Effect of exchange rates253468277
    Cash and cash equivalents at the beginning of the period20,42422,83723,211
    Cash and cash equivalents at the end of the period23,41520,42425,672
    


    CONSOLIDATED STATEMENT OF CASH FLOW
    TotalEnergies
    (unaudited)
    9months9months
    (M$)20252024
    CASH FLOW FROM OPERATING ACTIVITIES
    Consolidated net income10,42912,012
    Depreciation, depletion, amortization and impairment9,85110,136
    Non-current liabilities, valuation allowances and deferred taxes608146
    (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, net200296
    Cash flow from operating activities16,87218,347
    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 equipment983413
    Proceeds from disposals of subsidiaries, net of cash sold4041,513
    Proceeds from disposals of non-current investments8127
    Repayment of non-current loans913527
    Total divestments2,3082,580
    Cash flow used in investing activities(14,697)(13,587)
    CASH FLOW FROM FINANCING ACTIVITIES
    Issuance (repayment) of shares:
    - Parent company shareholders492521
    - 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 debt7,3707,441
    Increase (decrease) in current borrowings(2,168)(1,006)
    Increase (decrease) in current financial assets and liabilities2,534501
    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 rates1,086137
    Cash and cash equivalents at the beginning of the period25,84427,263
    Cash and cash equivalents at the end of the period23,41525,672
    


    CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
    TotalEnergies
    (unaudited)
    Common shares issuedPaid-in surplus and retained earningsCurrency translation adjustmentTreasury sharesShareholders' equity - TotalEnergies
    Share    		Non-controlling interestsTotal shareholders' equity
    (M$)NumberAmountNumberAmount
    As of January 1, 20242,412,251,8357,616126,857(13,701)(60,543,213)(4,019)116,7532,700119,453
    Net income of the first nine months 2024--11,802---11,80221012,012
    Other comprehensive income--924(91)--8334837
    Comprehensive Income--12,726(91)--12,63521412,849
    Dividend--(5,863)---(5,863)(304)(6,167)
    Issuance of common shares10,833,18729492---521-521
    Purchase of treasury shares----(88,066,669)(6,568)(6,568)-(6,568)
    Sale of treasury shares(a)--(395)-6,067,493395---
    Share-based payments--458---458-458
    Share cancellation(25,405,361)(68)(1,595)-25,405,3611,663---
    Net issuance (repayment) of perpetual subordinated notes--(1,679)---(1,679)-(1,679)
    Payments on perpetual subordinated notes--(200)---(200)-(200)
    Other operations with
    non-controlling interests    		-------(50)(50)
    Other items--3(1)--2(3)(1)
    As of September 30, 20242,397,679,6617,577130,804(13,793)(117,137,028)(8,529)116,0592,557118,616
    Net income of the fourth quarter 2024--3,956---3,956634,019
    Other comprehensive income--1,512(1,467)--45(48)(3)
    Comprehensive Income--5,468(1,467)--4,001154,016
    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
    non-controlling interests    		-------(17)(17)
    Other items--(12)1--(11)(7)(18)
    As of December 31, 20242,397,679,6617,577135,496(15,259)(149,529,818)(9,956)117,8582,397120,255
    Net income of the first nine months 2025--10,221---10,22120810,429
    Other comprehensive income--(867)1,406--53966605
    Comprehensive Income--9,3541,406--10,76027411,034
    Dividend--(6,103)---(6,103)(267)(6,370)
    Issuance of common shares11,149,05330462---492-492
    Purchase of treasury shares----(99,060,045)(6,520)(6,520)-(6,520)
    Sale of treasury shares(a)--(414)-6,218,249414---
    Share-based payments--463---463-463
    Share cancellation(202,243,171)(548)(12,704)-202,243,17113,064(188)-(188)
    Net issuance (repayment) of perpetual subordinated notes--(1,219)---(1,219)-(1,219)
    Payments on perpetual subordinated notes--(238)---(238)-(238)
    Other operations with
    non-controlling interests    		--(6)---(6)(22)(28)
    Other items--(18)---(18)2(16)
    As of September 30, 20252,206,585,5437,059125,073(13,853)(40,128,443)(2,998)115,2812,384117,665
    (a)Treasury shares related to the performance share grants.
    


    INFORMATION BY BUSINESS SEGMENT
    TotalEnergies
    (unaudited)
    3rd quarter 2025Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    External sales1,3921,9953,95521,20520,1386-48,691
    Intersegment sales8,8921,5874347,12223438(18,307)-
    Excise taxes---(201)(4,646)--(4,847)
    Revenues from sales10,2843,5824,38928,12615,72644(18,307)43,844
    Operating expenses(4,200)(2,880)(3,863)(27,069)(14,916)(225)18,307(34,846)
    Depreciation, depletion and impairment of tangible assets and mineral interests(2,145)(376)(103)(380)(243)(33)-(3,280)
    Net income (loss) from equity affiliates and other items522492(52)75(24)(3)-1,010
    Tax on net operating income(2,055)(97)(110)(143)(177)115-(2,467)
    Adjustments (a)237(131)(310)(78)(14)(22)-(318)
    Adjusted net operating income2,169852571687380(80)-4,579
    Adjustments (a)(318)
    Net cost of net debt(499)
    Non-controlling interests(79)
    Net income - TotalEnergies share3,683
    (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
    The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
    Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
    Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
    3rd quarter 2025Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    Total expenditures2,40961177340220535-4,435
    Total divestments6224658117452-1,232
    Cash flow from operating activities4,1877896742,839287(427)-8,349
    


    INFORMATION BY BUSINESS SEGMENT
    TotalEnergies
    (unaudited)
    2nd quarter 2025Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    External sales1,3692,5863,95821,75919,94411-49,627
    Intersegment sales8,8621,8697017,00617732(18,647)-
    Excise taxes---(254)(4,697)--(4,951)
    Revenues from sales10,2314,4554,65928,51115,42443(18,647)44,676
    Operating expenses(4,577)(3,632)(4,479)(27,995)(14,751)(302)18,647(37,089)
    Depreciation, depletion and impairment of tangible assets and mineral interests(1,978)(397)(108)(520)(224)(31)-(3,258)
    Net income (loss) from equity affiliates and other items58578340(42)113(35)-1,012
    Tax on net operating income(1,793)(166)(27)(12)(168)57-(2,109)
    Adjustments (a)(33)(203)(189)(447)(18)(23)-(913)
    Adjusted net operating income1,9741,041574389412(245)-4,145
    Adjustments (a)(913)
    Net cost of net debt(486)
    Non-controlling interests(59)
    Net income - TotalEnergies share2,687
    (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
    The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
    Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
    Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
    2nd quarter 2025Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    Total expenditures3,1868772,50335123486-7,237
    Total divestments8025347423816-548
    Cash flow from operating activities3,675539799887628(568)-5,960
    


    INFORMATION BY BUSINESS SEGMENT
    TotalEnergies
    (unaudited)
    3rd quarter 2024Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    External sales1,4252,3504,44422,92620,8724-52,021
    Intersegment sales9,6332,0174247,92721858(20,277)-
    Excise taxes---(213)(4,379)--(4,592)
    Revenues from sales11,0584,3674,86830,64016,71162(20,277)47,429
    Operating expenses(5,257)(3,393)(4,329)(30,273)(16,082)(209)20,277(39,266)
    Depreciation, depletion and impairment of tangible assets and mineral interests(2,324)(294)(114)(400)(229)(31)-(3,392)
    Net income (loss) from equity affiliates and other items47482(274)(79)(29)(38)-109
    Tax on net operating income(1,879)(250)(66)40(102)117-(2,140)
    Adjustments (a)(837)(151)(400)(313)(95)(23)-(1,819)
    Adjusted net operating income2,4821,063485241364(76)-4,559
    Adjustments (a)(1,819)
    Net cost of net debt(379)
    Non-controlling interests(67)
    Net income - TotalEnergies share2,294
    (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
    The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
    Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
    Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
    3rd quarter 2024Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    Total expenditures2,2515992,29138832952-5,910
    Total divestments90997069191-348
    Cash flow from operating activities4,76383037356458160-7,171
    


    INFORMATION BY BUSINESS SEGMENT
    TotalEnergies
    (unaudited)
    9months 2025Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    External sales4,3307,66913,88065,59159,08319-150,572
    Intersegment sales26,4816,7081,81920,93956795(56,609)-
    Excise taxes---(567)(13,586)--(14,153)
    Revenues from sales30,81114,37715,69985,96346,064114(56,609)136,419
    Operating expenses(12,577)(11,468)(14,527)(83,712)(44,041)(719)56,609(110,435)
    Depreciation, depletion and impairment of tangible assets and mineral interests(6,073)(1,164)(286)(1,239)(684)(90)-(9,536)
    Net income (loss) from equity affiliates and other items7131,6353322579(74)-2,710
    Tax on net operating income(6,176)(538)(210)(238)(443)246-(7,359)
    Adjustments (a)104(345)(643)(578)(57)(67)-(1,586)
    Adjusted net operating income6,5943,1871,6511,3771,032(456)-13,385
    Adjustments (a)(1,586)
    Net cost of net debt(1,370)
    Non-controlling interests(208)
    Net income - TotalEnergies share10,221
    (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
    The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
    Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
    Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
    9months 2025Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    Total expenditures8,6422,3904,212995611155-17,005
    Total divestments1,0605004866518017-2,308
    Cash flow from operating activities11,1283,0711,0741,7431,483(1,627)-16,872
    


    INFORMATION BY BUSINESS SEGMENT
    TotalEnergies
    (unaudited)
    9months 2024Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    External sales4,1596,99515,99071,97562,90122-162,042
    Intersegment sales29,1647,6231,58324,273651198(63,492)-
    Excise taxes---(591)(12,956)--(13,547)
    Revenues from sales33,32314,61817,57395,65750,596220(63,492)148,495
    Operating expenses(14,370)(11,099)(16,400)(92,808)(48,779)(756)63,492(120,720)
    Depreciation, depletion and impairment of tangible assets and mineral interests(6,148)(925)(316)(1,192)(643)(86)-(9,310)
    Net income (loss) from equity affiliates and other items2851,503(863)(24)1,36718-2,286
    Tax on net operating income(6,303)(785)(185)(275)(311)149-(7,710)
    Adjustments (a)(912)(125)(1,789)(484)1,232(36)-(2,114)
    Adjusted net operating income7,6993,4371,5981,842998(419)-15,155
    Adjustments (a)(2,114)
    Net cost of net debt(1,029)
    Non-controlling interests(210)
    Net income - TotalEnergies share11,802
    (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
    The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
    Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
    Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
    9months 2024Exploration
    &
    Production    		Integrated LNGIntegrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateIntercompanyTotal
    (M$)
    Total expenditures7,2422,0084,7991,266732120-16,167
    Total divestments5451783932341,2228-2,580
    Cash flow from operating activities12,8882,9711,771(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


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    1,7873,1062,161-17%Cash flow used in investing activities ( a )7,5826,69713%
    ---nsOther transactions with non-controlling interests ( b )--ns
    --1-100%Organic loan repayment from equity affiliates ( c )-1-100%
    ---nsChange in debt from renewable projects financing ( d ) *--ns
    8089100-20%Capex linked to capitalized leasing contracts ( e )278280-1%
    22026-92%Expenditures related to carbon credits ( f )2429-17%
    1,8693,2152,288-18%Net investments ( a + b + c + d + e + f = g - i + h )7,8847,00713%
    (53)162(42)nsof which net acquisitions of assets sales ( g - i )22551x4.4
    52219336x14.5Acquisitions ( g )1,160523x2.2
    5753178x7.4Assets sales ( i )93547298%
    ---nsChange in debt (partner share) and capital gain from renewable projects sales--ns
    1,9223,0532,330-18%of which organic investments ( h )7,6596,95610%
    7030140-50%Capitalized exploration209364-43%
    384246-17%Increase in non-current loans1621555%
    (47)(49)(11)nsRepayment of non-current loans, excluding organic loan repayment from equity affiliates(125)(72)ns
    ---nsChange in debt from renewable projects (TotalEnergies share)--ns
    *Change in debt from renewable projects (TotalEnergies share and partner share)
    

1.2 Integrated LNG


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    146852500-71%Cash flow used in investing activities ( a )1,8901,8303%
    ---nsOther transactions with non-controlling interests ( b )--ns
    46-2x23Organic loan repayment from equity affiliates ( c )473x15.7
    ---nsChange in debt from renewable projects financing ( d ) *--ns
    4114-71%Capex linked to capitalized leasing contracts ( e )433-88%
    ---nsExpenditures related to carbon credits ( f )--ns
    196853516-62%Net investments ( a + b + c + d + e + f = g - i + h )1,9411,8664%
    (134)11065nsof which net acquisitions of assets sales ( g - i )116251-54%
    (60)11069nsAcquisitions ( g )194268-28%
    74-4x18.5Assets sales ( i )7817x4.6
    ---nsChange in debt (partner share) and capital gain from renewable projects sales--ns
    330743451-27%of which organic investments ( h )1,8251,61513%
    478-50%Capitalized exploration1330-57%
    174187214-19%Increase in non-current loans5435401%
    (345)(25)(79)nsRepayment of non-current loans, excluding organic loan repayment from equity affiliates(375)(158)ns
    ---nsChange 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


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    6922,1562,221-69%Cash flow used in investing activities ( a )3,7264,406-15%
    ---nsOther transactions with non-controlling interests ( b )--ns
    (1)5410nsOrganic loan repayment from equity affiliates ( c )5810x5.8
    (242)(221)-nsChange in debt from renewable projects financing ( d ) *(463)-ns
    --5-100%Capex linked to capitalized leasing contracts ( e )-6-100%
    ---nsExpenditures related to carbon credits ( f )--ns
    4491,9892,236-80%Net investments ( a + b + c + d + e + f = g - i + h )3,3214,422-25%
    (147)1,5681,529nsof which net acquisitions of assets sales ( g - i )1,6582,176-24%
    121,7911,565-99%Acquisitions ( g )2,0482,443-16%
    15922336x4.4Assets sales ( i )39026746%
    12167-nsChange in debt (partner share) and capital gain from renewable projects sales188-ns
    596421707-16%of which organic investments ( h )1,6632,246-26%
    ---nsCapitalized exploration--ns
    16215013520%Increase in non-current loans580679-15%
    (43)(137)(24)nsRepayment of non-current loans, excluding organic loan repayment from equity affiliates(226)(116)ns
    (121)(154)-nsChange in debt from renewable projects (TotalEnergies share)(275)-ns
    *Change in debt from renewable projects (TotalEnergies share and partner share)
    

1.4 Refining & Chemicals


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    38530931921%Cash flow used in investing activities ( a )9301,032-10%
    ---nsOther transactions with non-controlling interests ( b )--ns
    --44-100%Organic loan repayment from equity affiliates ( c )-17-100%
    ---nsChange in debt from renewable projects financing ( d ) *--ns
    ---nsCapex linked to capitalized leasing contracts ( e )--ns
    ---nsExpenditures related to carbon credits ( f )--ns
    3853093636%Net investments ( a + b + c + d + e + f = g - i + h )9301,049-11%
    (2)(24)34nsof which net acquisitions of assets sales ( g - i )(26)(81)ns
    -1142-100%Acquisitions ( g )1177-86%
    2358-75%Assets sales ( i )37158-77%
    ---nsChange in debt (partner share) and capital gain from renewable projects sales--ns
    38733332918%of which organic investments ( h )9561,130-15%
    ---nsCapitalized exploration--ns
    161733-52%Increase in non-current loans4398-56%
    (15)(7)(17)nsRepayment of non-current loans, excluding organic loan repayment from equity affiliates(28)(27)ns
    ---nsChange 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


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    160196310-48%Cash flow used in investing activities ( a )431(490)ns
    ---nsOther transactions with non-controlling interests ( b )--ns
    ---nsOrganic loan repayment from equity affiliates ( c )--ns
    ---nsChange in debt from renewable projects financing ( d ) *--ns
    ---nsCapex linked to capitalized leasing contracts ( e )--ns
    ---nsExpenditures related to carbon credits ( f )--ns
    160196310-48%Net investments ( a + b + c + d + e + f = g - i + h )431(490)ns
    (43)(3)78nsof which net acquisitions of assets sales ( g - i )(121)(1,009)ns
    -183-100%Acquisitions ( g )3102-97%
    4345x8.6Assets sales ( i )1241,111-89%
    ---nsChange in debt (partner share) and capital gain from renewable projects sales--ns
    203199232-13%of which organic investments ( h )5525196%
    ---nsCapitalized exploration--ns
    18261613%Increase in non-current loans6284-26%
    1(22)(10)nsRepayment of non-current loans, excluding organic loan repayment from equity affiliates(38)(89)ns
    ---nsChange in debt from renewable projects (TotalEnergies share)--ns
    *Change in debt from renewable projects (TotalEnergies share and partner share)
    

2. Reconciliation of cash flow from operating activities to CFFO

2.1 Exploration & Production


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    4,1873,6754,763-12%Cash flow from operating activities ( a )11,12812,888-14%
    203(85)491-59%(Increase) decrease in working capital ( b )(907)(215)ns
    ---nsInventory effect ( c )--ns
    ---nsCapital gain from renewable project sales ( d )--ns
    --1-100%Organic loan repayments from equity affiliates ( e )-1-100%
    3,9843,7604,273-7%Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )12,03513,104-8%
    

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

2.2 Integrated LNG


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    789539830-5%Cash flow from operating activities ( a )3,0712,9713%
    (299)(620)(56)ns(Increase) decrease in working capital ( b ) *(424)(482)ns
    ---nsInventory effect ( c )--ns
    ---nsCapital gain from renewable project sales ( d )--ns
    46-2x23Organic loan repayments from equity affiliates ( e )473x15.7
    1,1341,15988828%Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )3,5423,4562%
    *Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
    

2.3 Integrated Power


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    67479937381%Cash flow from operating activities ( a )1,0741,771-39%
    56377(253)ns(Increase) decrease in working capital ( b ) *(558)(170)ns
    ---nsInventory effect ( c )--ns
    (6)86-nsCapital gain from renewable project sales ( d )80-ns
    (1)5410nsOrganic loan repayments from equity affiliates ( e )5810x5.8
    611562636-4%Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )1,7701,951-9%
    * 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


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    2,839887564x5Cash flow from operating activities ( a )1,743(24)ns
    1,900362413x4.6(Increase) decrease in working capital ( b )(281)(2,325)ns
    (76)(247)(335)nsInventory effect ( c )(396)(620)ns
    ---nsCapital gain from renewable project sales ( d )--ns
    --44-100%Organic loan repayments from equity affiliates ( e )-17-100%
    1,01577253092%Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )2,4202,938-18%
    

2.5 Marketing & Services


    3rd quarter2nd quarter3rd quarter3rd quarter 2025 vs(in millions of dollars)9 months9 months9 months 2025 vs
    2025202520243rd quarter 2024202520249 months 2024
    287628581-51%Cash flow from operating activities ( a )1,4832,123-30%
    (372)(58)63ns(Increase) decrease in working capital ( b )(312)525ns
    21(25)(129)nsInventory effect ( c )(38)(187)ns
    ---nsCapital gain from renewable project sales ( d )--ns
    ---nsOrganic loan repayments from equity affiliates ( e )--ns
    638711647-1%Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )1,8331,7853%
    

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

3. Reconciliation of capital employed (balance sheet) and calculation of ROACE


    (In millions of dollars)Exploration & ProductionIntegrated
    LNG    		Integrated PowerRefining
    &
    Chemicals    		Marketing
    &
    Services    		CorporateInterCompanyCompany
    Adjusted net operating income 3rd quarter 20252,169852571687380(80)-4,579
    Adjusted net operating income 2nd quarter 20251,9741,041574389412(245)-4,145
    Adjusted net operating income 1st quarter 20252,4511,294506301240(131)-4,661
    Adjusted net operating income 4th quarter 20242,3051,432575318362(173)-4,819
    Adjusted net operating income ( a )8,8994,6192,2261,6951,394(629)-18,204
    Balance sheet as of September 30, 2025
    Property plant and equipment intangible assets net87,45329,19515,68112,7257,111797-152,962
    Investments & loans in equity affiliates4,49816,98310,2574,1371,093--36,968
    Other non-current assets2,5042,2851,7057481,083344-8,669
    Inventories, net1,6741,07659610,1963,516--17,058
    Accounts receivable, net5,5335,8284,04517,5478,3281,300(22,846)19,735
    Other current assets7,0207,2525,5672,2512,8892,600(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 employed449-1,616----2,065
    Capital Employed (Balance sheet)66,10243,87226,9607,9847,775(1,648)-151,045
    Less inventory valuation effect---(861)(210)--(1,071)
    Capital Employed at replacement cost ( b )66,10243,87226,9607,1237,565(1,648)-149,974
    Balance sheet as of September 30, 2024
    Property plant and equipment intangible assets net83,22425,42615,51712,3656,808676-144,016
    Investments & loans in equity affiliates3,85015,6099,3414,1171,046--33,963
    Other non-current assets3,8962,0961,2867411,210324-9,553
    Inventories, net1,4441,59561711,2773,599--18,532
    Accounts receivable, net5,8016,1464,27016,5068,7701,067(23,783)18,777
    Other current assets7,3637,8144,7882,4153,1542,357(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 employed484-572----1,056
    Capital Employed (Balance sheet)64,85939,46024,58910,0647,530(1,986)-144,516
    Less inventory valuation effect---(1,014)(205)--(1,219)
    Capital Employed at replacement cost ( c )64,85939,46024,5899,0507,325(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)3rd quarter2nd quarter3rd quarter9 months9 months
    20252025202420252024
    Consolidated net income ( a )3,7622,7462,36110,42912,012
    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 assets284--2841,397
    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 )4,5794,1454,55913,38515,155
    

TotalEnergies contacts

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

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

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