TotalEnergies SE: Fourth Quarter and Full Year 2025 Results

PARIS--( BUSINESS WIRE)--Regulatory News:

TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):

4Q25

Change

vs 3Q25

2025

Change

vs 2024

7.2

+2%

27.8

-7%

3.84

-4%

15.59

-15%

1.7

-3%

6.9

-11%

2.9

-21%

13.1

-17%

10.1

-2%

40.6

-6%

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 10, 2026, to approve the 4 th quarter 2025 financial statements. On the occasion, Patrick Pouyanné said:

“With cash flow stable at $7.2 billion, TotalEnergies once again demonstrates its ability to offset lower hydrocarbon prices thanks to accretive growth in its Upstream production of 3.9% in 2025, exceeding the guidance of above 3%.

For the year 2025, the Company reported adjusted net income of $15.6 billion and cash flow of $27.8 billion in an environment marked by a decline of 15% in oil prices. IFRS net income amounted to $13.1 billion, down 17%. Return on average capital employed stood at 12.6%, the best among the majors for the fourth consecutive year. TotalEnergies continued to implement its balanced, disciplined growth strategy by investing $17.1 billion in 2025, including 37% for new Oil & Gas projects and around $3.5 billion in low-carbon energies, of which nearly $3 billion in electricity. TotalEnergies ended 2025 with a gearing ratio at 15%, highlighting the Company’s solid financial position.

Fourth-quarter Oil & Gas production reached 2.545 Mboe/d, up nearly 5% year-on-year. Exploration & Production delivered adjusted net operating income of $1.8 billion and cash flow of $3.6 billion in the quarter. For the year 2025, Exploration & Production generated adjusted net operating income of $8.4 billion and cash flow of $15.6 billion. In 2025, TotalEnergies’ production growth benefited from the start-up and ramp-up of seven major projects (Mero-2, Mero-3 and Mero-4 in Brazil, Anchor and Ballymore in the United States, Fenix in Argentina and Tyra in Denmark). Accretive upstream production growth helped offset $5/b of the $11/b price decline recorded over the year. The Company maintained operating costs at $5/b in 2025 and continued to reduce operated methane emissions by over 20% during the year.

With a reserve replacement rate of 116% in 2025, TotalEnergies maintains proven reserves life above 12 years, while continuing to build its future project portfolio. The Company signed an agreement with Galp to acquire a 40% operated interest in the prolific PEL83 license, which includes the Mopane discovery. It also expanded its exploration portfolio by entering new licenses in Algeria, the United States, Nigeria, Malaysia, Indonesia, Guyana and Liberia. TotalEnergies pursued active management of its upstream portfolio, notably signing an agreement to merge its mature UK North Sea assets with NEO NEXT and selling interests in non-operated projects in Nigeria and Brazil.

Adjusted net operating income and cash flow for the Integrated LNG segment are stable compared to the third quarter of 2025, reaching $0.9 billion and $1.2 billion respectively. These results were supported by higher production (restart of Ichthys LNG) and LNG sales, offsetting a 5% decline in average LNG sales prices during the quarter. For full-year 2025, Integrated LNG generated adjusted net operating income of $4.1 billion and cash flow of $4.7 billion. The Company continued to strengthen its integration along the US LNG value chain with the investment decision for Train 4 of the Rio Grande LNG project, including the purchase of 1.5 Mt/year of LNG and the acquisition of new upstream gas interests in the Anadarko Basin.

In the fourth quarter, Integrated Power confirmed the strong performance of previous quarters with adjusted net operating income of $564 million and much higher cash flow of $788 million. For 2025, cash flow amounted to $2.6 billion, in line with the announced target. Return on average capital employed stood at 10%. Net electricity production reached 48 TWh, up 17% year-on-year, helping reduce the average carbon intensity of all energy products sold to customers (-18.5% versus 2015). To accelerate its gas-to-power integration strategy in Europe, TotalEnergies signed an agreement with EPH to acquire 50% of a portfolio of flexible power generation assets with more than 14 GW of gross capacity. In 2025, TotalEnergies also recycled $2 billion of capital by selling 50% of a 2.7 GW gross capacity portfolio (United States, Portugal, Greece, France), in line with its renewables business model.

Downstream delivered adjusted net operating income of $1.3 billion, up 26% in the quarter, and cash flow of $2.0 billion, up 19%, driven by more than a 30% increase in European refining margins. For 2025, Downstream adjusted net operating income reached $3.8 billion and cash flow $6.2 billion, with Refining & Chemicals capturing the margin improvement in the second half of the year and Marketing & Services benefiting from continued increases in unit margins.

Given the Company’s strong cash-flow generation and solid balance sheet despite uncertain environment, the Board of Directors will propose to the Annual Shareholders’ Meeting on May 29, 2026, the distribution of a final 2025 dividend of €0.85/share, bringing the full-year 2025 dividend to €3.40/share, up 5.6% from the 2024 dividend, reflecting the share buybacks executed in 2025 ($7.5 billion for a 55% payout). The Board also confirmed the 2026 share-buyback guidance of $3 billion to $6 billion for an oil price between $60 and $70/b and an exchange rate around $1.20/€. Considering the uncertain price environment, it authorized $750 million of buybacks in the first quarter 2026, consistent with the budget assumption ($60/b), thereby preserving the flexibility to adjust the level of buybacks during 2026 depending on price developments.”

1. Highlights (2)

Corporate

Upstream

Integrated LNG

Integrated Power

Carbon footprint reduction and low-carbon energies

2. Key figures from TotalEnergies’ consolidated financial statements (1)

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

10,066

10,295

-2%

10,529

40,555

43,143

-6%

4,633

4,659

-1%

4,992

18,474

20,566

-10%

1,805

2,169

-17%

2,305

8,399

10,004

-16%

922

852

+8%

1,432

4,109

4,869

-16%

564

571

-1%

575

2,215

2,173

+2%

1,001

687

+46%

318

2,378

2,160

+10%

341

380

-10%

362

1,373

1,360

+1%

739

692

+7%

706

2,848

2,669

+7%

38.8%

37.7%

-

41.3%

39.8%

39.4%

-

3,837

3,980

-4%

4,406

15,587

18,264

-15%

1.73

1.77

-3%

1.90

6.89

7.77

-11%

1.48

1.50

-1%

1.78

6.10

7.18

-15%

2,176

2,200

-1%

2,282

2,214

2,315

-4%

2,906

3,683

-21%

3,956

13,127

15,758

-17%

4,019

3,473

+16%

3,839

16,812

16,423

+2%

(1,573)

(381)

ns

24

279

1,406

-80%

2,446

3,092

-21%

3,863

17,091

17,829

-4%

7,168

7,061

+2%

7,151

27,839

29,917

-7%

7,593

7,443

+2%

7,398

29,255

30,614

-4%

10,471

8,349

+25%

12,507

27,343

30,854

-11%

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment – liquids and gas price realizations, refining margins

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

63.7

69.1

-8%

74.7

69.1

80.8

-14%

4.1

3.1

+32%

3.0

3.6

2.4

+50%

10.3

11.3

-9%

13.6

12.0

11.0

+9%

10.6

11.7

-9%

14.0

12.2

11.9

+2%

61.4

66.5

-8%

71.8

66.2

77.1

-14%

5.11

5.50

-7%

6.26

5.72

5.54

+3%

8.48

8.91

-5%

10.37

9.14

9.80

-7%

11.4

8.4

+36%

3.4

7.1

5.3

+35%

3.2 Greenhouse gas emissions (11)

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

8.3

8.4

-1%

9.6

33.1

34.3

-3%

7.0

7.1

-1%

7.9

28.4

29.4

-3%

1.3

1.3

-

1.7

4.7

4.9

-4%

11.2

11.0

+2%

12.4

43.9

44.9

-2%

4Q25

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

6

5

+20%

7

22.5

28.9

-22%

Estimated quarterly emissions.

Methane emissions from operated assets decreased by 22% in 2025 year-on-year and by 65% compared with the 2020 baseline year, mainly due to the continued reduction of flaring and fugitive emissions at Exploration & Production facilities.

Scope 1+2 emissions from operated Oil & Gas assets decreased by 3% in 2025 compared with 2024, despite an increase of nearly 4% in production.

Scope 3 (13) Category 11 emissions for 2025 are estimated at 335 Mt CO₂e, down 2% year-on-year.

3.3 Production (14)

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

2,545

2,508

+1%

2,427

2,529

2,434

+4%

1,404

1,407

-

1,292

1,378

1,314

+5%

1,141

1,101

+4%

1,135

1,151

1,120

+3%

2,545

2,508

+1%

2,427

2,529

2,434

+4%

1,555

1,553

-

1,445

1,533

1,468

+4%

5,381

5,182

+4%

5,323

5,402

5,211

+4%

Hydrocarbon production averaged 2,529 thousand barrels of oil equivalent per day in 2025, up nearly 4% year-on-year, due to the following factors:

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

2,002

2,026

-1%

1,933

1,990

1,947

+2%

1,485

1,501

-1%

1,385

1,467

1,408

+4%

2,779

2,782

-

2,924

2,794

2,880

-3%

4.1.2 Results

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

1,805

2,169

-17%

2,305

8,399

10,004

-16%

211

177

+19%

207

714

742

-4%

51.7%

48.5%

-

50.5%

49.9%

47.8%

-

1,905

1,922

-1%

2,104

9,564

9,060

+6%

(530)

(53)

ns

(258)

(305)

(207)

ns

1,375

1,869

-26%

1,846

9,259

8,853

+5%

3,611

3,984

-9%

3,945

15,646

17,049

-8%

3,821

4,187

-9%

4,500

14,949

17,388

-14%

In the fourth quarter of 2025, for the Exploration & Production segment:

For full-year 2025, Exploration & Production cash flow from operations excluding working capital amounted to $15,646 million, benefiting from accretive production growth that offset the impact of a $5/b decline in Brent, resulting in a year-on-year decrease of only 8%.

4.2 Integrated LNG

4.2.1 Production

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

543

482

+13%

494

539

487

+11%

70

52

+36%

60

66

60

+11%

2,602

2,400

+8%

2,399

2,608

2,331

+12%

4Q25

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

12.2

10.4

+17%

10.8

43.9

39.8

+10%

3.9

3.4

+15%

3.8

15.1

15.5

-2%

10.8

9.2

+18%

9.4

38.8

34.7

+12%

* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG increased by 13% in the quarter, mainly due to the restart of Ichthys LNG in Australia.

LNG sales rose by 1.8 Mt in the quarter, driven by the restart of Ichthys and higher spot activity.

4.2.2 Results

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

8.48

8.91

-5%

10.37

9.14

9.80

-7%

922

852

+8%

1,432

4,109

4,869

-16%

394

423

-7%

525

1,865

1,978

-6%

744

330

x2.3

554

2,569

2,169

+18%

49

(134)

ns

1,116

165

1,367

-88%

793

196

x4

1,670

2,734

3,536

-23%

1,156

1,134

+2%

1,447

4,698

4,903

-4%

2,102

789

x2.7

2,214

5,173

5,185

-

* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

In the fourth quarter of 2025, for the Integrated LNG segment:

For full-year 2025, cash flow from operations excluding working capital (CFFO) amounted to $4.7 billion, supported by 10% growth in production and sales in an environment of low volatility and declining average price of LNG.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

12.6

12.6

-

11.4

48.1

41.1

+17%

8.1

8.2

-1%

6.5

31.4

26.0

+21%

4.5

4.5

+1%

4.9

16.7

15.1

+11%

26.0

25.2

+3%

21.5

26.0

21.5

+21%

19.0

18.7

+2%

15.1

19.0

15.1

+26%

7.0

6.5

+8%

6.5

7.0

6.5

+9%

108.7

106.0

+3%

97.2

108.7

97.2

+12%

34.1

32.3

+6%

26.0

34.1

26.0

+31%

6.0

6.0

-

6.1

6.0

6.1

-1%

2.7

2.7

-

2.8

2.7

2.8

-2%

13.2

10.6

+25%

13.8

48.8

50.7

-4%

27.0

11.6

x2.3

30.1

89.2

98.6

-9%

* Solar, wind, hydroelectric and gas flexible capacities.

** End of period data.

*** Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

Net electricity production was stable in the quarter at 12.6 TWh.

Gross installed renewable power generation capacity reached 34.1 GW at the end of 2025, representing more than 8 GW of additional capacity year-on-year.

4.3.2 Results

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

564

571

-1%

575

2,215

2,173

+2%

97

48

x2

(25)

211

-

ns

525

596

-12%

109

2,187

2,355

-7%

(1,070)

(147)

ns

(662)

589

1,514

-61%

(545)

449

ns

(553)

2,776

3,869

-28%

788

611

+29%

604

2,558

2,555

-

1,300

674

+93%

1,201

2,374

2,972

-20%

The Integrated Power segment reported adjusted net operating income of $564 million for the quarter and cash flow from operations excluding working capital (CFFO) of $788 million, a sharp increase driven by the completion of farm-downs in the United States and Greece and the receipt of dividends from equity-accounted affiliates.

For full-year 2025, cash flow from operations excluding working capital (CFFO) amounted to $2.6 billion, in line with annual guidance. Production activities (including renewables and gas-fired power plants) accounted for 55% and marketing activities (B2B, B2C and trading) accounted for 45%.

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

1,342

1,067

+26%

680

3,751

3,520

+7%

731

590

+24%

1,013

2,239

2,662

-16%

(46)

(45)

ns

(172)

(193)

(1,262)

ns

685

545

+26%

841

2,046

1,400

+46%

1,970

1,653

+19%

1,356

6,223

6,079

+2%

3,068

3,126

-2%

4,610

6,294

6,709

-6%

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

1,489

1,478

+1%

1,432

1,526

1,472

+4%

502

481

+4%

424

470

422

+12%

572

595

-4%

541

606

605

-

415

402

+3%

467

449

446

+1%

84%

84%

82%

86%

83%

-

* Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3 rd quarter 2024 and the African refinery Natref (divested) during the 4 th quarter 2024.

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

1,227

1,326

-7%

1,233

4,967

5,082

-2%

1,184

1,174

+1%

1,080

4,658

4,433

+5%

79%

84%

79%

79%

79%

-

* Olefins.

** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2 nd quarter 2024.

Refinery throughput increased by 1% over the quarter and by 4% for the full year 2025, driven by high unit availability.

Petrochemical product output declined by 7% over the quarter for monomers, mainly due to a major turnaround on the Ras Laffan cracker in Qatar, while polymer production remained stable.

4.5.2 Results

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

11.4

8.4

+36%

3.4

7.1

5.3

+35%

1,001

687

+46%

318

2,378

2,160

+10%

508

387

+31%

581

1,464

1,711

-14%

(1)

(2)

ns

(92)

(27)

(173)

ns

507

385

+32%

489

1,437

1,538

-7%

1,378

1,015

+36%

822

3,798

3,760

+1%

1,716

2,839

-40%

3,832

3,459

3,808

-9%

* This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.

Refining & Chemicals posted adjusted net operating income of $1,001 million for the quarter, and cash flow from operations excluding working capital (CFFO) of $1,378 million, an increase of more than $300 million compared with the third quarter of 2025, as the Company captured the rise in European refining margins thanks to the efficient execution of major turnarounds and strong unit availability.

For the full year, adjusted net operating income and cash flow from operations excluding working capital (CFFO) amounted to $2,378 million and $3,798 million, with higher refining margins offsetting the decline in petrochemical margins.

4.6 Marketing & Services

4.6.1 Petroleum product sales

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

1,247

1,269

-2%

1,312

1,276

1,342

-5%

723

744

-3%

724

743

752

-1%

524

525

-

587

533

591

-10%

* Excludes trading and bulk refining sales.

Sales of petroleum products are down 5% year-on-year as a result of focusing the portfolio on higher margin activities.

4.6.2 Results

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

341

380

-10%

362

1,373

1,360

+1%

223

203

+10%

432

775

951

-19%

(45)

(43)

ns

(80)

(166)

(1,089)

ns

178

160

+11%

352

609

(138)

ns

592

638

-7%

534

2,425

2,319

+5%

1,352

287

x4.7

778

2,835

2,901

-2%

Adjusted net operating income for the Marketing & Services segment amounted to $341 million and cash flow from operations excluding working capital (CFFO) to $592 million in the fourth quarter of 2025, down 10% and 7% respectively compared with the third quarter of 2025, reflecting the seasonality of the business.

For the full year 2025, adjusted net operating income was stable and cash flow from operations excluding working capital (CFFO) amounted to $2,425 million, up 5%, with the improvement in unit margins more than offsetting a 5% decline in volumes.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income for the segments amounted to:

5.2 Adjusted net income (1) (TotalEnergies share)

Adjusted net income (TotalEnergies share) amounted to $3,837 million in the fourth quarter of 2025, compared with $3,980 million in the third quarter.

Adjusted net income excludes the after-tax inventory effect, non-recurring items, and fair-value changes.

Adjustment items to net income totaled -$0.9 billion in the fourth quarter of 2025, consisting mainly of:

The average tax rate for TotalEnergies was:

5.3 Adjusted earnings per share

Diluted adjusted net income per share amounted to:

As of December 31, 2025, the diluted number of shares was 2,167 million.

TotalEnergies carried out share buybacks* of:

5.4 Acquisitions – asset sales

Acquisitions amounted to:

Divestments amounted to:

5.5 Net cash flow (1)

TotalEnergies’ net cash flow amounted to:

Operating cash flow amounted to $10,471 million in the fourth quarter of 2025, corresponding to cash flow from operations excluding working capital (CFFO) of $7,168 million and a $3.8 billion improvement in working capital.

5.6 Profitability

Return on equity was 13.6% for full-year 2025.

January 1, 2025

October 1, 2024

January 1, 2024

December 31, 2025

September 30, 2025

December 31, 2024

15,833

16,431

18,586

116,827

116,051

117,835

13.6%

14.2%

15.8%

Return on average capital employed (1) was 12.6% for full-year 2025.

January 1, 2025

October 1, 2024

January 1, 2024

December 31, 2025

September 30, 2025

December 31, 2024

17,827

18,204

19,974

141,802

146,636

135,174

12.6%

12.4%

14.8%

6. TotalEnergies SE statutory accounts

Net income for TotalEnergies SE, the parent company, amounted to €13,721 million in 2025, compared to €15,275 million in 2024.

7. Annual 2026 Sensitivities (16)

Change

Estimated impact on adjusted net operating income

Estimated impact on cash flow from operations

+/- 0.1 $ per €

-/+ 0.1 B$

~0 B$

+/- 10 $/b

+/- 2.3 B$

+/- 2.8 B$

+/- 2 $/Mbtu

+/- 0.4 B$

+/- 0.4 B$

+/- 1 $/b

+/- 0.3 B$

+/- 0.4 B$

8. Outlook

At the beginning of 2026, oil markets remain volatile in a constantly evolving geopolitical environment. Fundamentals, however, remain unchanged: global demand is expected to grow by around 0.9 million barrels per day (IEA – January 2026), driven by activity in non-OECD countries and by petrochemical demand; at the same time, non-OPEC supply growth is slowing, while OPEC+ has decided to maintain its quota policy at the beginning of 2026.

European gas prices for the first quarter on forward markets are hovering around $11-12/MBtu, reflecting strong winter consumption and storage levels below the seasonal averages observed since 2022.

In 2026, the Company intends to continue implementing its balanced and profitable transition strategy, anchored on its two growth pillars: hydrocarbons and electricity.

The Company plans to increase its overall energy production (oil, gas and electricity) by 5% over the year while continuing to reduce emissions from its operations, with a target of achieving a 70% reduction in methane emissions in 2026 compared with 2020.

For its first growth pillar, TotalEnergies expects to increase its oil and gas production by 3% in 2026, supported by the ramp-up of projects started in 2025, the anticipated start-ups in 2026 (notably Lapa in Brazil, Ratawi in Iraq, North Field East in Qatar, TFT II & South in Algeria, Tilenga in Uganda). These new barrels support a 7% increase in cash flow at $60/b, higher than production growth. The Company intends to maintain its competitive advantage by keeping production costs below $5/b through strong operational discipline. In the first quarter of 2026, hydrocarbon production is expected to be above 2.6 Mboe/d.

At the start of the year, refining margins are hovering around $5/b in a context of volatile crude prices. The Company expects to benefit from the improved availability of certain units that underperformed in 2025 and therefore anticipates an increase in refinery utilization rates to around 88% in the first quarter of 2026, in the absence of major shutdowns.

Integrated LNG is expected to continue its growth in 2026 with the start-up of the North Field East project in Qatar (2 Mtpa of offtake) and Costa Azul on the North American Pacific coast (1.7 Mtpa of offtake). This growth, combined with LNG sales of over 44 Mt in 2026, should offset the expected decline in LNG prices and enable the segment to generate, at $60/b (Brent) and $10/MBtu (TTF), cash flow equivalent to that generated in 2025. Given recent oil and gas price trends and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG sales price close to $8.5/MBtu in the first quarter of 2026.

For its second growth pillar, TotalEnergies plans to increase its electricity production by around 25% in 2026 to exceed 60 TWh, considering in particular the completion of the EPH acquisition, expected mid-2026, which will enable the Company to accelerate its gas-to-power integration strategy in Europe. For the year, Integrated Power cash flow is expected to exceed $3 billion for investments of $2.5-3 billion.

In 2026, TotalEnergies expects net investments of around $15 billion, including about $3 billion dedicated to low-carbon energies, mainly electricity. Reintegrating the annual equivalent of more than $1 billion over five years linked to the acquisition of EPH’s flexible power assets in shares, the planned investment effort in low-carbon energies thus amounts to around $4 billion in 2026. The Company is implementing its multi-year cash-savings plan (Capex + Opex), now targeting $12.5 billion over 2026–2030, including $2.5 billion planned for 2026.

Under a scenario of $60/b Brent, $10/MBtu TTF and $5/b ERM, the Company expects to generate cash flow above $26 billion, supported by accretive production growth, improved Downstream performance and growth in Integrated Power. In this environment, the Company should maintain an attractive shareholder return while preserving the strength of its balance sheet, with a targeted gearing ratio of around 15% at end-2026. Based on the seasonality observed in recent years, a temporary increase of around $2-3 billion in working capital requirements is expected in the first quarter of 2026.

Patrick Pouyanné, Chairman and Chief Executive Officer, and Jean-Pierre Sbraire, Chief Financial Officer, will present TotalEnergies’ 2025 Results and 2026 Objectives on Wednesday, February 11, 2026, at 3:00 PM (Paris time).

The presentation and video broadcast in English of the event are available on totalenergies.com.

You can also dial +33 (0) 1 70 37 71 66, +44 (0) 33 0551 0200 or +1 786 697 3501.

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)

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

546

515

+6%

589

538

569

-5%

442

433

+2%

437

431

450

-4%

840

864

-3%

790

851

807

+5%

459

476

-4%

401

449

375

+20%

258

220

+18%

210

260

233

+11%

2,545

2,508

+1%

2,427

2,529

2,434

+4%

360

361

-

369

371

361

+3%

4Q25

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

212

204

+4%

228

209

225

-7%

318

317

-

318

314

325

-4%

676

696

-3%

627

681

644

+6%

251

249

+1%

193

230

180

+28%

98

87

+13%

79

99

94

+6%

1,555

1,553

-

1,445

1,533

1,468

+4%

153

161

-5%

151

159

152

+4%

4Q25

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

1,796

1,675

+7%

1,951

1,777

1,862

-5%

628

588

+7%

620

591

630

-6%

928

928

-

889

937

894

+5%

1,154

1,260

-8%

1,154

1,216

1,080

+13%

875

731

+20%

709

881

745

+18%

5,381

5,182

+4%

5,323

5,402

5,211

+4%

1,132

1,120

+1%

1,181

1,165

1,135

+3%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

1,774

1,839

-4%

1,820

1,798

1,842

-2%

517

566

-9%

614

579

587

-1%

958

978

-2%

970

1,017

1,021

-

921

1,128

-18%

975

962

768

+25%

4,170

4,510

-8%

4,380

4,356

4,218

+3%

366

354

+3%

343

361

384

-6%

2,557

2,887

-11%

2,725

2,719

2,492

+9%

4Q25

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

985

976

+1%

875

3,777

3,719

+2%

775

773

-

701

2,992

2,867

+4%

651

751

-13%

737

2,856

2,929

-3%

* Olefins, polymers.

9.3 Integrated Power

9.3.1 Net power production

4Q25

3Q25

Solar

Onshore Wind

Offshore Wind

Gas

Others

Total

Solar

Onshore Wind

Offshore Wind

Gas

Others

Total

0.2

0.3

-

1.4

0.0

2.0

0.3

0.2

-

0.6

0.0

1.1

0.1

0.5

0.3

1.9

0.0

2.9

0.2

0.4

0.2

1.5

0.1

2.5

0.0

-

-

-

0.1

0.1

0.0

-

-

-

0.1

0.1

0.2

-

-

0.2

-

0.4

0.3

-

-

0.3

-

0.5

1.0

0.5

-

1.0

-

2.6

1.4

0.5

-

2.1

-

4.0

0.1

1.2

-

-

-

1.3

0.1

1.0

-

-

-

1.1

2.5

0.2

-

-

-

2.7

2.2

0.5

-

-

-

2.8

0.3

0.0

0.2

-

-

0.6

0.4

0.0

0.0

-

-

0.5

4.6

2.8

0.5

4.5

0.2

12.6

5.0

2.6

0.3

4.5

0.2

12.6

9.3.2 Installed power generation net capacity

4Q25

3Q25

Solar

Onshore Wind

Offshore Wind

Gas

Others

Total

Solar

Onshore Wind

Offshore Wind

Gas

Others

Total

0.8

0.5

-

2.7

0.2

4.2

0.7

0.5

-

2.7

0.2

4.1

0.6

1.0

0.3

2.1

0.1

4.1

0.6

1.1

0.3

2.1

0.2

4.2

0.1

-

-

-

0.1

0.2

0.0

-

-

-

0.1

0.1

0.5

-

-

0.3

-

0.8

0.5

-

-

0.3

-

0.8

3.0

0.9

-

2.0

0.5

6.4

3.3

0.9

-

1.5

0.5

6.2

0.5

1.2

-

-

-

1.7

0.4

1.1

-

-

-

1.5

6.7

0.6

-

-

-

7.2

6.4

0.6

-

-

-

7.0

1.2

0.0

0.2

-

-

1.4

1.1

0.0

0.2

-

-

1.3

13.4

4.1

0.5

7.0

1.0

26.0

13.0

4.2

0.5

6.5

1.0

25.2

9.3.3 Power generation gross capacity from renewables

4Q25

3Q25

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

1.4

0.9

0.0

0.2

2.5

1.3

0.9

0.0

0.2

2.4

0.7

1.7

1.1

0.3

3.8

0.6

1.6

1.1

0.3

3.7

0.3

0.0

0.0

0.4

0.7

0.1

0.0

0.0

0.3

0.4

1.3

0.0

0.0

0.0

1.3

1.3

0.0

0.0

0.0

1.3

7.3

2.3

0.0

1.0

10.6

6.9

2.3

0.0

1.0

10.3

0.6

1.8

0.0

0.0

2.4

0.5

1.8

0.0

0.0

2.2

9.7

0.6

0.0

0.0

10.3

9.1

0.7

0.0

0.0

9.7

1.8

0.0

0.6

0.0

2.5

1.7

0.0

0.6

0.0

2.4

23.1

7.3

1.8

1.9

34.1

21.5

7.2

1.8

1.8

32.3

4Q25

3Q25

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

0.1

0.2

0.0

0.0

0.3

0.2

0.2

0.0

0.0

0.4

0.7

0.1

0.8

0.4

2.1

0.5

0.1

0.8

0.3

1.7

0.2

0.1

0.0

0.0

0.4

0.5

0.1

0.0

0.1

0.7

1.7

0.2

0.0

0.0

2.0

1.7

0.2

0.0

0.0

2.0

0.8

0.0

0.0

0.5

1.3

1.2

0.0

0.0

0.2

1.3

0.7

0.1

0.0

0.3

1.1

0.8

0.2

0.0

0.3

1.3

0.8

0.0

0.0

0.0

0.8

1.4

0.0

0.0

0.0

1.4

0.3

0.0

0.0

0.0

0.3

0.4

0.0

0.0

0.0

0.4

5.5

0.8

0.8

1.2

8.3

6.7

0.8

0.8

0.9

9.2

4Q25

3Q25

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

0.9

0.5

1.5

0.1

2.9

1.0

0.5

1.5

0.0

2.9

5.9

1.8

14.3

3.6

25.6

5.8

1.8

14.3

3.2

25.1

0.3

0.2

0.0

0.0

0.5

0.3

0.2

0.0

0.0

0.5

1.1

0.0

0.0

0.0

1.1

0.5

0.0

0.0

0.0

0.5

10.8

3.8

4.1

5.4

24.2

10.4

3.6

4.1

5.3

23.4

1.3

1.3

0.0

0.0

2.6

1.3

1.3

0.0

0.0

2.7

1.6

0.0

0.0

0.0

1.6

1.6

0.1

0.0

0.0

1.7

3.0

1.1

2.6

1.1

7.8

3.0

1.1

2.6

1.1

7.7

24.9

8.8

22.5

10.1

66.3

23.9

8.5

22.5

9.6

64.4

10. Alternative Performance Measures (Non-GAAP measures)

10.1 Adjustment items to net income (TotalEnergies share)

3Q25

4Q24

2025

2024

2,906

3,683

3,956

13,127

15,758

(644)

(93)

(413)

(1,185)

(1,219)

203

284

(25)

487

1,372

(51)

(7)

(6)

(58)

(27)

(661)

(286)

(232)

(1,156)

(1,976)

(135)

(84)

(150)

(458)

(588)

(232)

(32)

216

(610)

(339)

(55)

(172)

(253)

(665)

(948)

(931)

(297)

(450)

(2,460)

(2,506)

3,837

3,980

4,406

15,587

18,264

10.2 Reconciliation of adjusted EBITDA with consolidated financial statements

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

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

2,906

3,683

-21%

3,956

13,127

15,758

-17%

931

297

x3.1

450

2,460

2,506

-2%

3,837

3,980

-4%

4,406

15,587

18,264

-15%

36

80

-55%

65

246

322

-24%

2,273

2,281

-

2,872

9,587

11,209

-14%

3,184

3,277

-3%

2,715

12,565

11,667

+8%

99

104

-5%

107

382

389

-2%

833

808

+3%

786

3,182

3,016

+6%

(196)

(235)

ns

(422)

(994)

(1,724)

ns

10,066

10,295

-2%

10,529

40,555

43,143

-6%

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

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

45,925

43,844

+5%

47,115

182,344

195,610

-7%

(29,164)

(26,940)

ns

(30,305)

(115,200)

(126,000)

ns

(7,783)

(7,555)

ns

(7,094)

(30,468)

(29,485)

ns

(177)

(64)

ns

(242)

(419)

(528)

ns

592

303

+95%

280

1,686

725

x2.3

(144)

(101)

ns

(34)

(694)

(317)

ns

299

324

-8%

296

1,339

1,304

+3%

(221)

(208)

ns

(193)

(881)

(835)

ns

739

692

+7%

706

2,848

2,669

+7%

10,066

10,295

-2%

10,529

40,555

43,143

-6%

(3,184)

(3,277)

ns

(2,715)

(12,565)

(11,667)

ns

(99)

(104)

ns

(107)

(382)

(389)

ns

(833)

(808)

ns

(786)

(3,182)

(3,016)

ns

196

235

-17%

422

994

1,724

-42%

(2,273)

(2,281)

ns

(2,872)

(9,587)

(11,209)

ns

(36)

(80)

ns

(65)

(246)

(322)

ns

(931)

(297)

ns

(450)

(2,460)

(2,506)

ns

2,906

3,683

-21%

3,956

13,127

15,758

-17%

10.3 Investments – Divestments

Reconciliation of Cash flow used in investing activities to Net investments

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

3,434

3,203

+7%

3,745

18,131

17,332

+5%

(331)

-

ns

-

(331)

-

ns

-

45

-100%

(2)

105

29

x3.6

(821)

(242)

ns

(52)

(1,284)

(52)

ns

115

84

+37%

152

397

471

-16%

49

2

x24.5

20

73

49

+49%

2,446

3,092

-21%

3,863

17,091

17,829

-4%

(1,573)

(381)

ns

24

279

1,406

-80%

507

474

+7%

1,233

3,923

4,646

-16%

2,080

855

x2.4

1,209

3,644

3,240

+12%

308

121

x2.5

26

495

26

x19

4,019

3,473

+16%

3,839

16,812

16,423

+2%

99

74

+34%

122

322

516

-38%

559

408

+37%

625

1,960

2,210

-11%

(259)

(449)

ns

(619)

(1,067)

(1,083)

ns

(513)

(121)

ns

(26)

(789)

(26)

ns

* Change in debt from renewable projects (TotalEnergies share and partner share).

10.4 Cash flow

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow

3Q25

4Q25

vs

3Q25

4Q24

2025

2024

2025

vs

2024

10,471

8,349

25%

12,507

27,343

30,854

-11%

3,814

1,382

x2.8

5,072

634

1,491

-57%

(299)

(55)

ns

282

(733)

(525)

ns

212

(6)

ns

-

292

-

ns

-

45

-100%

(2)

105

29

x3.6

7,168

7,061

+2%

7,151

27,839

29,917

-7%

(425)

(382)

ns

(247)

(1,416)

(697)

ns

7,593

7,443

+2%

7,398

29,255

30,614

-4%

4,019

3,473

+16%

3,839

16,812

16,423

+2%

3,149

3,588

-12%

3,312

11,027

13,494

-18%

2,446

3,092

-21%

3,863

17,091

17,829

-4%

4,722

3,969

+19%

3,288

10,748

12,088

-11%

* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.

10.5 Gearing ratio

12/31/2025

09/30/2025

12/31/2024

10,162

11,830

7,929

388

568

664

(3,093)

(4,607)

(6,536)

7

49

33

40,944

41,296

35,711

(1,991)

(1,168)

(1,027)

(26,202)

(23,415)

(25,844)

20,215

24,553

10,930

114,883

115,281

117,858

2,640

2,384

2,397

117,523

117,665

120,255

14.7%

17.3%

8.3%

8,567

8,827

8,272

19.7%

22.1%

13.8%

* Excludes leases receivables and leases debts.

** Including initial margins held as part of the Company's activities on organized markets.

10.6 Return on average capital employed

Exploration & Production

Integrated LNG

Integrated Power

Refining & Chemicals

Marketing & Services

Company

8,399

4,109

2,215

2,378

1,373

17,827

64,430

41,477

21,739

5,564

6,870

138,125

65,096

44,409

24,134

7,035

6,845

145,479

13.0%

9.6%

9.7%

37.8%

20.0%

12.6%

10.7 Payout

2025

9M25

2024

8,121

5,961

7,717

7,496

5,997

7,970

55%

56%

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” 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 fourth quarter of 2025 and full year 2025 from the consolidated financial statements of TotalEnergies as of December 31, 2025 (unaudited). The audit procedures by the statutory auditors are underway. The consolidated financial statements (unaudited) are available on the Company’s website, www.totalenergies.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier).

This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks. This document may also contain statements regarding the perspectives, objectives 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.

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 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, 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.

(1)

Refer to Glossary pages 24 & 25 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: 1.1634 in the 4 th quarter 2025, 1.1681 in the 3 rd quarter 2025, 1.0681 in the 4 th quarter 2024, 1.1300 in 2025, 1,0824 in 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 ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies.

(11)

The six greenhouse gases in the Kyoto protocol, namely CO 2, CH 4, N 2O, HFCs, PFCs and SF 6, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF 6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore no longer counted with effect from 2018. In CO 2 equivalent terms, nitrous oxide (N 2O) represents less than 1% of the Company's Scope 1+2 emissions.

(12)

Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting and indirect emissions attributable to brought-in energy (electricity, heat, steam), net from potential energy sales, excluding purchased industrial gases (H 2). Unless stated otherwise, TotalEnergies reports Scope 2 GHG emissions using the market-based method defined by the GHG Protocol.

(13)

If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the higher of the two production volumes or sales for end use. For TotalEnergies, in 2025, the calculation of Scope 3 GHG emissions for the oil value chain considers products sales (higher than production) and for the gas value chain, the marketable gas and condensates production (higher than gas sales, either as LNG or as direct sales to B2B/B2C customers). A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both consumers and business customers that use final products, and with IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities.

(14)

Company production = E&P production + Integrated LNG production.

(15)

Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).

*

Net of fees and taxes, including coverage of employees share grant plans.

(16)

Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2026. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

(17)

In a 60-70 $/b Brent environment.

(18)

End-of-period data.

(19)

Includes 17.25% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.

(20)

End-of-period data.

TotalEnergies financial statements

Fourth quarter and full-year 2025 consolidated accounts, IFRS

50,624

48,691

52,508

(4,699)

(4,847)

(5,393)

45,925

43,844

47,115

(29,536)

(27,191)

(30,342)

(7,925)

(7,591)

(7,219)

(177)

(64)

(242)

(3,776)

(3,280)

(2,715)

806

778

306

(821)

(528)

(341)

(833)

(808)

(786)

233

265

449

(600)

(543)

(337)

324

366

319

(221)

(208)

(193)

759

602

597

(1,830)

(2,423)

(2,929)

2,928

3,762

4,019

2,906

3,683

3,956

22

79

63

1.31

1.65

1.72

1.30

1.64

1.70

2,928

3,762

4,019

28

(2)

(3)

(161)

(96)

142

51

19

36

49

(2)

(5,125)

(33)

(81)

(4,950)

(133)

(230)

3,594

(46)

(346)

1,732

(3)

6

(13)

(98)

(112)

76

(4)

5

(1)

18

81

(441)

(266)

(596)

4,947

(299)

(677)

(3)

2,629

3,085

4,016

2,596

3,001

4,001

33

84

15

201,196

214,550

(18,852)

(18,940)

182,344

195,610

(116,740)

(127,664)

(30,914)

(29,860)

(419)

(999)

(13,312)

(12,025)

2,375

2,112

(1,927)

(1,281)

(3,182)

(3,016)

1,115

1,786

(2,067)

(1,230)

1,437

1,403

(881)

(835)

2,553

1,575

(9,092)

(10,775)

13,357

16,031

13,127

15,758

230

273

5.84

6.74

5.78

6.69

13,357

16,031

42

20

(193)

144

51

46

8,737

(4,163)

8,637

(3,953)

(7,072)

2,759

(1,060)

3,119

22

(32)

(484)

(246)

8

1

255

(814)

(8,331)

4,787

306

834

13,663

16,865

13,356

16,636

307

229

37,345

37,764

34,238

114,694

115,198

109,095

38,090

36,968

34,405

1,914

2,046

1,665

3,270

2,426

2,305

3,358

3,633

3,202

2,915

2,990

4,006

201,586

201,025

188,916

16,663

17,058

18,868

18,559

19,735

19,281

20,437

21,833

23,687

3,332

4,884

6,914

26,202

23,415

25,844

4,276

4,009

1,977

89,469

90,934

96,571

291,055

291,959

285,487

7,059

7,059

7,577

125,860

125,073

135,496

(14,033)

(13,853)

(15,259)

(4,003)

(2,998)

(9,956)

114,883

115,281

117,858

2,640

2,384

2,397

117,523

117,665

120,255

12,634

12,830

12,114

2,018

1,991

1,753

17,322

20,096

19,872

48,995

49,552

43,533

80,969

84,469

77,272

38,065

38,062

39,932

36,344

35,266

35,961

12,038

13,820

10,024

388

568

664

5,728

2,109

1,379

92,563

89,825

87,960

291,055

291,959

285,487

2,928

3,762

4,019

3,996

3,405

2,971

316

272

44

(655)

(603)

(66)

(203)

(195)

99

3,867

1,600

5,201

222

108

239

10,471

8,349

12,507

(4,153)

(3,812)

(3,680)

(140)

-

(932)

(343)

(215)

(313)

(559)

(408)

(658)

(5,195)

(4,435)

(5,583)

730

613

314

451

133

654

321

(8)

220

259

494

650

1,761

1,232

1,838

(3,434)

(3,203)

(3,745)

-

-

-

(1,506)

(2,349)

(1,977)

(2,160)

(2,216)

(1,998)

(81)

(89)

(18)

-

-

1,165

(122)

(26)

(82)

313

23

(17)

611

3,682

91

(1,985)

(1,962)

(4,136)

686

529

(965)

(4,244)

(2,408)

(7,937)

2,793

2,738

825

(6)

253

(653)

23,415

20,424

25,672

26,202

23,415

25,844

13,357

16,031

13,847

13,107

924

190

(1,568)

(1,497)

(923)

124

1,284

2,364

422

535

27,343

30,854

(16,953)

(14,909)

(1,999)

(2,439)

(1,288)

(2,127)

(1,960)

(2,275)

(22,200)

(21,750)

1,713

727

855

2,167

329

347

1,172

1,177

4,069

4,418

(18,131)

(17,332)

492

521

(7,714)

(7,995)

(8,121)

(7,717)

(482)

(322)

(1,139)

(457)

(303)

(314)

285

(67)

7,981

7,532

(4,153)

(5,142)

3,220

(464)

(9,934)

(14,425)

(722)

(903)

1,080

(516)

25,844

27,263

26,202

25,844

2,412,251,835

7,616

126,857

(13,701)

(60,543,213)

(4,019)

116,753

2,700

119,453

-

-

15,758

-

-

-

15,758

273

16,031

-

-

2,436

(1,558)

-

-

878

(44)

834

-

-

18,194

(1,558)

-

-

16,636

229

16,865

-

-

(7,756)

-

-

-

(7,756)

(455)

(8,211)

10,833,187

29

492

-

-

-

521

-

521

-

-

-

-

(120,463,232)

(7,995)

(7,995)

-

(7,995)

-

-

(395)

-

6,071,266

395

-

-

-

-

-

556

-

-

-

556

-

556

(25,405,361)

(68)

(1,595)

-

25,405,361

1,663

-

-

-

-

-

(576)

-

-

-

(576)

-

(576)

-

-

(272)

-

-

-

(272)

-

(272)

-

-

-

-

-

-

-

(67)

(67)

-

-

(9)

-

-

-

(9)

(10)

(19)

2,397,679,661

7,577

135,496

(15,259)

(149,529,818)

(9,956)

117,858

2,397

120,255

-

-

13,127

-

-

-

13,127

230

13,357

-

-

(997)

1,226

-

-

229

77

306

-

-

12,130

1,226

-

-

13,356

307

13,663

-

-

(8,135)

-

-

-

(8,135)

(348)

(8,483)

11,149,053

30

462

-

-

-

492

-

492

-

-

-

-

(122,637,294)

(7,526)

(7,526)

-

(7,526)

-

-

(414)

-

6,221,412

414

-

-

-

-

-

585

-

-

-

585

-

585

(202,243,171)

(548)

(12,704)

-

202,243,171

13,064

(188)

-

(188)

-

-

(1,219)

-

-

-

(1,219)

-

(1,219)

-

-

(320)

-

-

-

(320)

-

(320)

-

-

(1)

-

-

-

(1)

286

285

-

-

(20)

-

-

1

(19)

(2)

(21)

2,206,585,543

7,059

125,860

(14,033)

(63,702,529)

(4,003)

114,883

2,640

117,523

1,260

2,427

5,707

21,616

19,625

(11)

-

50,624

8,753

2,237

877

6,878

167

37

(18,949)

-

-

-

-

(203)

(4,496)

-

-

(4,699)

10,013

4,664

6,584

28,291

15,296

26

(18,949)

45,925

(4,758)

(3,617)

(6,332)

(27,025)

(14,656)

(199)

18,949

(37,638)

(2,346)

(444)

(336)

(367)

(248)

(35)

-

(3,776)

258

469

90

24

14

(8)

-

847

(1,501)

(182)

77

(114)

(165)

(1)

-

(1,886)

(139)

(32)

(481)

(192)

(100)

(26)

-

(970)

1,805

922

564

1,001

341

(191)

-

4,442

(970)

(544)

(22)

2,906

1,881

1,130

1,155

542

326

161

-

5,195

663

12

880

35

148

23

-

1,761

3,821

2,102

1,300

1,716

1,352

180

-

10,471

1,392

1,995

3,955

21,205

20,138

6

-

48,691

8,892

1,587

434

7,122

234

38

(18,307)

-

-

-

-

(201)

(4,646)

-

-

(4,847)

10,284

3,582

4,389

28,126

15,726

44

(18,307)

43,844

(4,200)

(2,880)

(3,863)

(27,069)

(14,916)

(225)

18,307

(34,846)

(2,145)

(376)

(103)

(380)

(243)

(33)

-

(3,280)

522

492

(52)

75

(24)

(3)

-

1,010

(2,055)

(97)

(110)

(143)

(177)

115

-

(2,467)

237

(131)

(310)

(78)

(14)

(22)

-

(318)

2,169

852

571

687

380

(80)

-

4,579

(318)

(499)

(79)

3,683

2,409

611

773

402

205

35

-

4,435

622

465

81

17

45

2

-

1,232

4,187

789

674

2,839

287

(427)

-

8,349

1,496

2,890

6,137

21,540

20,440

5

-

52,508

9,382

2,968

765

7,207

168

70

(20,560)

-

-

-

-

(193)

(5,200)

-

-

(5,393)

10,878

5,858

6,902

28,554

15,408

75

(20,560)

47,115

(4,754)

(4,431)

(6,536)

(27,616)

(14,772)

(254)

20,560

(37,803)

(1,853)

(326)

(28)

(250)

(227)

(31)

-

(2,715)

40

548

26

(90)

90

74

-

688

(2,163)

(288)

(70)

(139)

(215)

(60)

-

(2,935)

(157)

(71)

(281)

141

(78)

(23)

-

(469)

2,305

1,432

575

318

362

(173)

-

4,819

(469)

(331)

(63)

3,956

1,983

1,904

529

630

458

79

-

5,583

295

247

1,038

132

106

20

-

1,838

4,500

2,214

1,201

3,832

778

(18)

-

12,507

5,590

10,096

19,587

87,207

78,708

8

-

201,196

35,234

8,945

2,696

27,817

734

132

(75,558)

-

-

-

-

(770)

(18,082)

-

-

(18,852)

40,824

19,041

22,283

114,254

61,360

140

(75,558)

182,344

(17,335)

(15,085)

(20,859)

(110,737)

(58,697)

(918)

75,558

(148,073)

(8,419)

(1,608)

(622)

(1,606)

(932)

(125)

-

(13,312)

971

2,104

422

49

93

(82)

-

3,557

(7,677)

(720)

(133)

(352)

(608)

245

-

(9,245)

(35)

(377)

(1,124)

(770)

(157)

(93)

-

(2,556)

8,399

4,109

2,215

2,378

1,373

(647)

-

17,827

(2,556)

(1,914)

(230)

13,127

10,523

3,520

5,367

1,537

937

316

-

22,200

1,723

512

1,366

100

328

40

-

4,069

14,949

5,173

2,374

3,459

2,835

(1,447)

-

27,343

5,655

9,885

22,127

93,515

83,341

27

-

214,550

38,546

10,591

2,348

31,480

819

268

(84,052)

-

-

-

-

(784)

(18,156)

-

-

(18,940)

44,201

20,476

24,475

124,211

66,004

295

(84,052)

195,610

(19,124)

(15,530)

(22,936)

(120,424)

(63,551)

(1,010)

84,052

(158,523)

(8,001)

(1,251)

(344)

(1,442)

(870)

(117)

-

(12,025)

325

2,051

(837)

(114)

1,457

92

-

2,974

(8,466)

(1,073)

(255)

(414)

(526)

89

-

(10,645)

(1,069)

(196)

(2,070)

(343)

1,154

(59)

-

(2,583)

10,004

4,869

2,173

2,160

1,360

(592)

-

19,974

(2,583)

(1,360)

(273)

15,758

9,225

3,912

5,328

1,896

1,190

199

-

21,750

840

425

1,431

366

1,328

28

-

4,418

17,388

5,185

2,972

3,808

2,901

(1,400)

-

30,854

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

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

1,218

1,787

1,688

-28%

Cash flow used in investing activities ( a )

8,800

8,385

5%

-

-

-

ns

Other transactions with non-controlling interests ( b )

-

-

ns

-

-

-

ns

Organic loan repayment from equity affiliates ( c )

-

1

-100%

-

-

-

ns

Change in debt from renewable projects financing ( d ) *

-

-

ns

108

80

138

-22%

Capex linked to capitalized leasing contracts ( e )

386

418

-8%

49

2

20

x2.5

Expenditures related to carbon credits ( f )

73

49

49%

1,375

1,869

1,846

-26%

Net investments ( a + b + c + d + e + f = g - i + h )

9,259

8,853

5%

(530)

(53)

(258)

ns

of which net acquisitions ( g - i )

(305)

(207)

ns

79

522

11

x7.2

Acquisitions ( g )

1,239

534

x2.3

609

575

269

x2.3

Assets sales ( i )

1,544

741

x2.1

-

-

-

ns

Change in debt from renewable projects (partner share)

-

-

ns

1,905

1,922

2,104

-9%

of which organic investments ( h )

9,564

9,060

6%

88

70

119

-26%

Capitalized exploration

298

483

-38%

36

38

41

-12%

Increase in non-current loans

198

196

1%

(54)

(47)

(26)

ns

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(179)

(98)

ns

-

-

-

ns

Change in debt from renewable projects (TotalEnergies share)

-

-

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

1.2 Integrated LNG

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

1,118

146

1,657

-33%

Cash flow used in investing activities ( a )

3,008

3,487

-14%

(331)

-

-

ns

Other transactions with non-controlling interests ( b )

(331)

-

ns

-

46

-

ns

Organic loan repayment from equity affiliates ( c )

47

3

x15.7

-

-

-

ns

Change in debt from renewable projects financing ( d ) *

-

-

ns

6

4

13

-54%

Capex linked to capitalized leasing contracts ( e )

10

46

-78%

-

-

-

ns

Expenditures related to carbon credits ( f )

-

-

ns

793

196

1,670

-53%

Net investments ( a + b + c + d + e + f = g - i + h )

2,734

3,536

-23%

49

(134)

1,116

-96%

of which net acquisitions ( g - i )

165

1,367

-88%

352

(60)

1,149

-69%

Acquisitions ( g )

546

1,417

-61%

303

74

33

x9.2

Assets sales ( i )

381

50

x7.6

-

-

-

ns

Change in debt from renewable projects (partner share)

-

-

ns

744

330

554

34%

of which organic investments ( h )

2,569

2,169

18%

11

4

3

x3.7

Capitalized exploration

24

33

-27%

211

174

269

-22%

Increase in non-current loans

754

809

-7%

(40)

(345)

(214)

ns

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(415)

(372)

ns

-

-

-

ns

Change in debt from renewable projects (TotalEnergies share)

-

-

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

1.3 Integrated Power

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

275

692

(509)

ns

Cash flow used in investing activities ( a )

4,001

3,897

3%

-

-

-

ns

Other transactions with non-controlling interests ( b )

-

-

ns

-

(1)

7

-100%

Organic loan repayment from equity affiliates ( c )

58

17

x3.4

(821)

(242)

(52)

ns

Change in debt from renewable projects financing ( d ) *

(1,284)

(52)

ns

1

-

1

0%

Capex linked to capitalized leasing contracts ( e )

1

7

-86%

-

-

-

ns

Expenditures related to carbon credits ( f )

-

-

ns

(545)

449

(553)

ns

Net investments ( a + b + c + d + e + f = g - i + h )

2,776

3,869

-28%

(1,070)

(147)

(662)

ns

of which net acquisitions ( g - i )

589

1,514

-61%

35

12

72

-51%

Acquisitions ( g )

2,083

2,515

-17%

1,105

159

734

51%

Assets sales ( i )

1,494

1,001

49%

308

121

26

x11.8

Change in debt from renewable projects (partner share)

495

26

x19

525

596

109

x4.8

of which organic investments ( h )

2,187

2,355

-7%

-

-

-

ns

Capitalized exploration

-

-

ns

215

162

300

-28%

Increase in non-current loans

795

979

-19%

(83)

(43)

(323)

ns

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(309)

(439)

ns

(513)

(121)

(26)

ns

Change in debt from renewable projects (TotalEnergies share)

(789)

(26)

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

1.4 Refining & Chemicals

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

507

385

498

2%

Cash flow used in investing activities ( a )

1,437

1,530

-6%

-

-

-

ns

Other transactions with non-controlling interests ( b )

-

-

ns

-

-

(9)

-100%

Organic loan repayment from equity affiliates ( c )

-

8

-100%

-

-

-

ns

Change in debt from renewable projects financing ( d ) *

-

-

ns

-

-

-

ns

Capex linked to capitalized leasing contracts ( e )

-

-

ns

-

-

-

ns

Expenditures related to carbon credits ( f )

-

-

ns

507

385

489

4%

Net investments ( a + b + c + d + e + f = g - i + h )

1,437

1,538

-7%

(1)

(2)

(92)

ns

of which net acquisitions ( g - i )

(27)

(173)

ns

1

-

-

ns

Acquisitions ( g )

12

77

-84%

2

2

92

-98%

Assets sales ( i )

39

250

-84%

-

-

-

ns

Change in debt from renewable projects (partner share)

-

-

ns

508

387

581

-13%

of which organic investments ( h )

1,464

1,711

-14%

-

-

-

ns

Capitalized exploration

-

-

ns

67

16

1

x67

Increase in non-current loans

110

99

11%

(33)

(15)

(16)

ns

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(61)

(43)

ns

-

-

-

ns

Change in debt from renewable projects (TotalEnergies share)

-

-

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

1.5 Marketing & Services

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

178

160

352

-49%

Cash flow used in investing activities ( a )

609

(138)

ns

-

-

-

ns

Other transactions with non-controlling interests ( b )

-

-

ns

-

-

-

ns

Organic loan repayment from equity affiliates ( c )

-

-

ns

-

-

-

ns

Change in debt from renewable projects financing ( d ) *

-

-

ns

-

-

-

ns

Capex linked to capitalized leasing contracts ( e )

-

-

ns

-

-

-

ns

Expenditures related to carbon credits ( f )

-

-

ns

178

160

352

-49%

Net investments ( a + b + c + d + e + f = g - i + h )

609

(138)

ns

(45)

(43)

(80)

ns

of which net acquisitions ( g - i )

(166)

(1,089)

ns

(1)

-

1

ns

Acquisitions ( g )

2

103

-98%

44

43

81

-46%

Assets sales ( i )

168

1,192

-86%

-

-

-

ns

Change in debt from renewable projects (partner share)

-

-

ns

223

203

432

-48%

of which organic investments ( h )

775

951

-19%

-

-

-

ns

Capitalized exploration

-

-

ns

27

18

19

42%

Increase in non-current loans

89

103

-14%

(43)

1

(20)

ns

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(81)

(109)

ns

-

-

-

ns

Change in debt from renewable projects (TotalEnergies share)

-

-

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

2. Reconciliation of cash flow from operating activities to CFFO

2.1 Exploration & Production

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

3,821

4,187

4,500

-15%

Cash flow from operating activities ( a )

14,949

17,388

-14%

210

203

555

-62%

(Increase) decrease in working capital ( b )

(697)

340

ns

-

-

-

ns

Inventory effect ( c )

-

-

ns

-

-

-

ns

Capital gain from renewable project sales ( d )

-

-

ns

-

-

-

ns

Organic loan repayments from equity affiliates ( e )

-

1

-100%

3,611

3,984

3,945

-8%

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

15,646

17,049

-8%

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

2.2 Integrated LNG

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

2,102

789

2,214

-5%

Cash flow from operating activities ( a )

5,173

5,185

0%

946

(299)

767

23%

(Increase) decrease in working capital ( b ) *

522

285

83%

-

-

-

ns

Inventory effect ( c )

-

-

ns

-

-

-

ns

Capital gain from renewable project sales ( d )

-

-

ns

-

46

-

ns

Organic loan repayments from equity affiliates ( e )

47

3

x15.7

1,156

1,134

1,447

-20%

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

4,698

4,903

-4%

* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

2.3 Integrated Power

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

1,300

674

1,201

8%

Cash flow from operating activities ( a )

2,374

2,972

-20%

724

56

604

20%

(Increase) decrease in working capital ( b ) *

166

434

-62%

-

-

-

ns

Inventory effect ( c )

-

-

ns

212

(6)

-

ns

Capital gain from renewable project sales ( d )

292

-

ns

-

(1)

7

-100%

Organic loan repayments from equity affiliates ( e )

58

17

x3.4

788

611

604

30%

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

2,558

2,555

0%

* 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

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

1,716

2,839

3,832

-55%

Cash flow from operating activities ( a )

3,459

3,808

-9%

559

1,900

2,758

-80%

(Increase) decrease in working capital ( b )

278

433

-36%

(221)

(76)

243

ns

Inventory effect ( c )

(617)

(377)

ns

-

-

-

ns

Capital gain from renewable project sales ( d )

-

-

ns

-

-

(9)

-100%

Organic loan repayments from equity affiliates ( e )

-

8

-100%

1,378

1,015

822

68%

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

3,798

3,760

1%

2.5 Marketing & Services

4 th quarter

3 rd quarter

4 th quarter

4 th quarter 2025 vs

(in millions of dollars)

2025

2024

2025 vs

2025

2025

2024

4 th quarter 2024

2024

1,352

287

778

74%

Cash flow from operating activities ( a )

2,835

2,901

-2%

838

(372)

205

x4.1

(Increase) decrease in working capital ( b )

526

730

-28%

(78)

21

39

ns

Inventory effect ( c )

(116)

(148)

ns

-

-

-

ns

Capital gain from renewable project sales ( d )

-

-

ns

-

-

-

ns

Organic loan repayments from equity affiliates ( e )

-

-

ns

592

638

534

11%

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

2,425

2,319

5%

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

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

(In millions of dollars)

Exploration & Production

Integrated

LNG

Integrated Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

InterCompany

Company

Adjusted net operating income 4 th quarter 2025

1,805

922

564

1,001

341

(191)

-

4,442

Adjusted net operating income 3 rd quarter 2025

2,169

852

571

687

380

(80)

-

4,579

Adjusted net operating income 2 nd quarter 2025

1,974

1,041

574

389

412

(245)

-

4,145

Adjusted net operating income 1 st quarter 2025

2,451

1,294

506

301

240

(131)

-

4,661

Adjusted net operating income ( a )

8,399

4,109

2,215

2,378

1373

(647)

-

17,827

Balance sheet as of December, 31 2025

Property plant and equipment intangible assets net

85,692

30,087

15,218

12,974

7,181

887

-

152,039

Investments & loans in equity affiliates

4,684

17,635

10,633

4,074

1,064

-

-

38,090

Other non-current assets

1,916

2,597

1,587

790

1,050

247

-

8,187

Inventories, net

1,464

1,019

566

10,455

3,159

-

-

16,663

Accounts receivable, net

5,651

7,694

4,927

17,123

7,136

815

(24,787)

18,559

Other current assets

6,357

6,904

4,566

3,079

3,010

2,308

(5,787)

20,437

Accounts payable

(6,061)

(8,837)

(7,448)

(30,522)

(9,035)

(957)

24,795

(38,065)

Other creditors and accrued liabilities

(10,959)

(8,178)

(4,526)

(6,731)

(5,410)

(6,319)

5,779

(36,344)

Working capital

(3,548)

(1,398)

(1,915)

(6,596)

(1,140)

(4,153)

-

(18,750)

Provisions and other non-current liabilities

(22,183)

(4,512)

(1,506)

(3,531)

(1,214)

972

-

(31,974)

Assets and liabilities classified as held for sale - Capital employed

(1,465)

-

117

-

54

7

-

(1,287)

Capital Employed (Balance sheet)

65,096

44,409

24,134

7,711

6,995

(2,040)

-

146,305

Less inventory valuation effect

-

-

-

(676)

(150)

-

-

(826)

Capital Employed at replacement cost ( b )

65,096

44,409

24,134

7,035

6,845

(2,040)

-

145,479

Balance sheet as of December, 31 2024

Property plant and equipment intangible assets net

83,397

27,654

13,034

11,956

6,632

660

-

143,333

Investments & loans in equity affiliates

3,910

15,986

9,537

3,984

988

-

-

34,405

Other non-current assets

3,732

1,952

1,316

646

1,116

111

-

8,873

Inventories, net

1,456

1,475

547

12,063

3,327

-

-

18,868

Accounts receivable, net

5,845

8,412

7,466

16,362

7,167

581

(26,552)

19,281

Other current assets

6,663

10,198

4,086

2,208

2,870

2,342

(4,680)

23,687

Accounts payable

(6,632)

(8,888)

(9,222)

(32,204)

(8,642)

(805)

26,461

(39,932)

Other creditors and accrued liabilities

(10,241)

(11,060)

(3,363)

(4,992)

(5,329)

(5,747)

4,771

(35,961)

Working capital

(2,909)

137

(486)

(6,563)

(607)

(3,629)

-

(14,057)

Provisions and other non-current liabilities

(24,271)

(4,252)

(1,663)

(3,343)

(1,113)

903

-

(33,739)

Assets and liabilities classified as held for sale - Capital employed

571

-

1

-

70

-

-

642

Capital Employed (Balance sheet)

64,430

41,477

21,739

6,680

7,086

(1,955)

-

139,457

Less inventory valuation effect

-

-

-

(1,116)

(216)

-

-

(1,332)

Capital Employed at replacement cost ( b )

64,430

41,477

21,739

5,564

6,870

(1,955)

-

138,125

ROACE as a percentage ( a / average ( b + c ))

13.0%

9.6%

9.7%

37.7%

20.0%

12.6%

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

4. Reconciliation of consolidated net income to adjusted net operating income

4 th quarter

3 rd quarter

4 th quarter

(in millions of dollars)

2025

2024

2025

2025

2024

2,928

3,762

4,019

Consolidated net income ( a )

13,357

16,031

(544)

(499)

(331)

Net cost of net debt ( b )

(1,914)

(1,360)

(678)

(113)

(425)

Special items affecting net operating income

(1,274)

(1,249)

203

284

(25)

Gain (loss) on asset sales

487

1,372

(54)

(7)

(6)

Restructuring charges

(61)

(27)

(667)

(286)

(227)

Impairments

(1,162)

(1,978)

(160)

(104)

(167)

Other

(538)

(616)

(237)

(33)

209

After-tax inventory effect : FIFO vs. replacement cost

(617)

(386)

(55)

(172)

(253)

Effect of changes in fair value

(665)

(948)

(970)

(318)

(469)

Total adjustments affecting net operating income ( c )

(2,556)

(2,583)

4,442

4,579

4,819

Adjusted net operating income ( a - b - c )

17,827

19,974