# EDGAR Filing Document

**Accession Number:** 0000879764
**File Stem:** 0001104659-25-103965
**Filing Date:** 2025-10
**Character Count:** 293137
**Document Hash:** 5e555a0d8483ffe97b4de2e8a2a453cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103965.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001104659-25-103965

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251030

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TotalEnergies SE
- **CENTRAL INDEX KEY:** 0000879764
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10888
- **FILM NUMBER:** 251432067

**BUSINESS ADDRESS:**
- **STREET 1:** 2 PLACE JEAN MILLIER
- **STREET 2:** LA DEFENSE 6
- **CITY:** COURBEVOIE
- **STATE:** I0
- **ZIP:** 92400
- **BUSINESS PHONE:** 33 (0)1 41 35 04 48

**MAIL ADDRESS:**
- **STREET 1:** 2 PLACE JEAN MILLIER
- **STREET 2:** ARCHE NORD COUPOLE/REGNAULT
- **CITY:** PARIS LA DEFENSE CEDEX
- **STATE:** I0
- **ZIP:** 92078

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TOTAL SE
- **DATE OF NAME CHANGE:** 20200717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TOTAL S.A.
- **DATE OF NAME CHANGE:** 20121204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TOTAL SA
- **DATE OF NAME CHANGE:** 20030508

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**October 30, 2025**

**Commission File Number 001-10888**

**TotalEnergies SE**

**(Translation of registrant's name into English)**

**2, place Jean Millier**

**La Défense 6**

**92400 Courbevoie**

**France**

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ◻

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ◻

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-278983, 333-278983-01, 333-278983-03 AND 333-278983-04) OF TOTALENERGIES SE, TOTALENERGIES CAPITAL INTERNATIONAL, TOTALENERGIES CAPITAL USA LLC. AND TOTALENERGIES CAPITAL AND THE REGISTRATION STATEMENT ON FORM S-8 (NOS. 333-286845 AND 333-280516) OF TOTALENERGIES SE, AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

TotalEnergies SE is providing on this Form 6-K its results for the third quarter of 2025 and the nine months ended September 30, 2025, a description of certain recent developments relating to its business, as well as a capitalization table as of September 30, 2025.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| [Exhibit 99.1](tm2529545d1_ex99-1.htm) | [Results for the Third Quarter of 2025 and Nine Months Ended September 30, 2025](tm2529545d1_ex99-1.htm) |
| [Exhibit 99.2](tm2529545d1_ex99-2.htm) | [Recent Developments](tm2529545d1_ex99-2.htm) |
| [Exhibit 99.3](tm2529545d1_ex99-3.htm) | [Capitalization and Indebtedness](tm2529545d1_ex99-3.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **TotalEnergies SE** | **TotalEnergies SE** | **TotalEnergies SE** |
| Date: October 30<sup>th</sup>, 2025 | By: | /s/ DENIS TOULOUSE | /s/ DENIS TOULOUSE |
|  |  | Name: | Denis Toulouse |
|  |  | Title: | Company Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</u>**

The terms "TotalEnergies", "TotalEnergies company" and "Company" in this exhibit are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE.

The financial and extra-financial information on pages 1-24 of this exhibit relating to TotalEnergies with respect to the third quarter of 2025 and nine months ended September 30, 2025 has been derived from TotalEnergies' unaudited consolidated balance sheets as of September 30, 2025, unaudited statements of income, comprehensive income, cash flow and business segment information for the third quarter of 2025 and nine months ended September 30, 2025 and unaudited consolidated statements of changes in shareholders' equity for the nine months ended September 30, 2025 on pages 26 et seq. of this exhibit.

The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TotalEnergies' audited consolidated financial statements and related notes, provided in TotalEnergies' Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on March 31, 2025.

**A. KEY FIGURES**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **In millions of dollars, except earnings per share and number of shares** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 48691 | 49627 | *-2%* | 52021 | Sales | 150572 | 162042 | *-7%* |
| 3683 | 2687 | *+37%* | 2294 | Net income (TotalEnergies share) | 10221 | 11802 | *-13%* |
| 10295 | 9690 | *+6%* | 10048 | Adjusted EBITDA <sup>(1)</sup> | 30489 | 32614 | *-7%* |
| 4659 | 4390 | *+6%* | 4635 | Adjusted net operating income <sup>(2)</sup> from business segments | 13841 | 15574 | *-11%* |
| 2169 | 1974 | *+10%* | 2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration & Production | 6594 | 7699 | *-14%* |
| 852 | 1041 | *-18%* | 1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated LNG | 3187 | 3437 | *-7%* |
| 571 | 574 | *-1%* | 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power | 1651 | 1598 | *+3%* |
| 687 | 389 | *+77%* | 241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refining & Chemicals | 1377 | 1842 | *-25%* |
| 380 | 412 | *-8%* | 364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing & Services | 1032 | 998 | *+3%* |
| 3980 | 3578 | *+11%* | 4074 | Adjusted net income <sup>(1)</sup> (TotalEnergies share) | 11750 | 13858 | *-15%* |
| 1.64 | 1.17 | *-* | 0.96 | Fully-diluted earnings per shares ($) | 4.49 | 4.99 | *-* |
| 2200 | 2224 | *-1%* | 2310 | Fully-diluted weighted-average shares (millions) | 2225 | 2327 | *-4%* |
| 3203 | 6689 | *-52%* | 5562 | Cash flow used in investing activities | 14697 | 13587 | *+8%* |
| 3473 | 4819 | *-28%* | 4102 | Organic investments <sup>(1)</sup> | 12794 | 12584 | *+2%* |
| (381) | 1813 | *ns* | 1662 | Acquisitions net of assets sales <sup>(1)</sup> | 1851 | 1382 | *+34%* |
| 3092 | 6632 | *-53%* | 5764 | Net investments <sup>(1)</sup> | 14645 | 13966 | *+5%* |
| 8349 | 5960 | *+40%* | 7171 | Cash flow from operating activities | 16872 | 18347 | *-8%* |
| 7061 | 6618 | *+7%* | 6821 | Cash flow from operations excluding working capital (CFFO) <sup>(1)</sup> | 20671 | 22766 | *-9%* |
| 7443 | 6943 | *+7%* | 7009 | Debt Adjusted Cash Flow (DACF) <sup>(1)</sup> | 21663 | 23215 | *-7%* |
| Gearing<sup>(1)</sup> of 17.3% at September 30, 2025 vs. 17.9% at June 30, 2025 and 12.9% at September 30, 2024 | Gearing<sup>(1)</sup> of 17.3% at September 30, 2025 vs. 17.9% at June 30, 2025 and 12.9% at September 30, 2024 | Gearing<sup>(1)</sup> of 17.3% at September 30, 2025 vs. 17.9% at June 30, 2025 and 12.9% at September 30, 2024 | Gearing<sup>(1)</sup> of 17.3% at September 30, 2025 vs. 17.9% at June 30, 2025 and 12.9% at September 30, 2024 | Gearing<sup>(1)</sup> of 17.3% at September 30, 2025 vs. 17.9% at June 30, 2025 and 12.9% at September 30, 2024 | Gearing<sup>(1)</sup> of 17.3% at September 30, 2025 vs. 17.9% at June 30, 2025 and 12.9% at September 30, 2024 | Gearing<sup>(1)</sup> of 17.3% at September 30, 2025 vs. 17.9% at June 30, 2025 and 12.9% at September 30, 2024 | Gearing<sup>(1)</sup> of 17.3% at September 30, 2025 vs. 17.9% at June 30, 2025 and 12.9% at September 30, 2024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted EBITDA, adjusted net income, organic investments, acquisitions net of assets sales, net investments,
cash flow from operations excluding working capital (CFFO), debt adjusted cash flow (DACF) and gearing are non-GAAP financial measures.
Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and
to pages 16 and following for reconciliation tables.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Detail of adjustment items shown in the business segment information starting on page 34.

**Key figures of environment, greenhouse gas emissions (GHG) and production**

Environment – liquids and gas price realizations, refining margins

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;69.1 | &nbsp;&nbsp;67.9 | &nbsp;&nbsp;*+2%* | &nbsp;&nbsp;80.3 | &nbsp;&nbsp;Brent ($/b) | &nbsp;&nbsp;70.9 | &nbsp;&nbsp;82.8 | &nbsp;&nbsp;*-14%* |
| &nbsp;&nbsp;3.1 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;*-12%* | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;Henry Hub ($/Mbtu) | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;*+57%* |
| &nbsp;&nbsp;11.3 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;*-5%* | &nbsp;&nbsp;11.5 | &nbsp;&nbsp;TTF ($/Mbtu)<sup>(1)</sup> | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;*+24%* |
| &nbsp;&nbsp;11.7 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;*-4%* | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;JKM ($/Mbtu)<sup>(2)</sup> | &nbsp;&nbsp;12.7 | &nbsp;&nbsp;11.2 | &nbsp;&nbsp;*+13%* |
| &nbsp;&nbsp;66.5 | &nbsp;&nbsp;65.6 | &nbsp;&nbsp;*+2%* | &nbsp;&nbsp;77.0 | &nbsp;&nbsp; Average price of liquids <sup>(3), (4)</sup> ($/b)<br> Consolidated subsidiaries | &nbsp;&nbsp;67.9 | &nbsp;&nbsp;78.9 | &nbsp;&nbsp;*-14%* |
| &nbsp;&nbsp;5.50 | &nbsp;&nbsp;5.63 | &nbsp;&nbsp;*-2%* | &nbsp;&nbsp;5.78 | &nbsp;&nbsp; Average price of gas <sup>(3), (5)</sup> ($/Mbtu)<br> Consolidated subsidiaries | &nbsp;&nbsp;5.92 | &nbsp;&nbsp;5.30 | &nbsp;&nbsp;*+12%* |
| &nbsp;&nbsp;8.91 | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;*-2%* | &nbsp;&nbsp;9.91 | &nbsp;&nbsp; Average price of LNG <sup>(3), (6)</sup> ($/Mbtu)<br> Consolidated subsidiaries and equity affiliates | &nbsp;&nbsp;9.36 | &nbsp;&nbsp;9.61 | &nbsp;&nbsp;*-3%* |
| &nbsp;&nbsp;63.0 | &nbsp;&nbsp;35.3 | &nbsp;&nbsp;*+78%* | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;European Refining Margin (ERM) <sup>(3), (7)</sup> ($/t) | &nbsp;&nbsp;42.6 | &nbsp;&nbsp;44.0 | &nbsp;&nbsp;*-3%* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) TTF (Title Transfer Facility) is a virtual trading point in the Netherlands for transferring rights in respect of physical gas. It
is the most liquid and widely used price benchmark for the natural gas markets in Europe. TTF is operated by Gasunie Transport Services
(GTS), the owner and operator of the national transmission network in the Netherlands. It is traded in €/MWh.

&nbsp;&nbsp;&nbsp;&nbsp;(2) JKM (Japan-Korea Marker) measures the prices of spot liquid natural gas (LNG) trades in Asia. It is based on prices reported in spot
market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Does not include oil, gas and LNG trading activities, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Sales in $/ Sales in volume for consolidated affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Sales in $/ Sales in volume for consolidated affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Sales in $/ Sales in volume for consolidated and equity affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;(7) 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.

Greenhouse gas emissions (GHG) <sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Scope 1+2 emissions <sup>(2)</sup> (MtCO<sub>2</sub>e)** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 8.4 | 8.0 | *+5%* | 8.8 | Scope 1+2 from operated facilities <sup>(3)</sup> | 24.8 | 24.7 | *-* |
| 7.1 | 7.1 | *-* | 7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which Oil & Gas | 21.4 | 21.5 | *-* |
| 1.3 | 0.9 | *+44%* | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of which CCGT | 3.4 | 3.2 | *+6%* |
| 11.0 | 10.6 | *+4%* | 11.3 | Scope 1+2 – ESRS share <sup>(3)</sup> | 32.7 | 32.5 | *+1%* |

---

Estimated quarterly emissions.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The six greenhouse gases in the Kyoto protocol, namely CO<sub>2</sub>, CH<sub>4</sub>, N<sub>2</sub>O, HFCs, PFCs and SF<sub>6</sub>,
with their respective 100-year time horizon GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF<sub>6</sub>
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<sub>2</sub> equivalent terms, nitrous oxide (N<sub>2</sub>O) represents less than 1% of the Company's Scope 1+2 emissions.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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<sub>2</sub>). Unless stated otherwise, TotalEnergies reports Scope 2 GHG emissions using the market-based
method defined by the GHG Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Refer to the Glossary on page 25 for the definitions and further
information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 5 | 6 | *-17%* | 7 Methane emissions from operated facilities <sup>(1)</sup> | 17 | 22 | *-23%* |

---

Estimated quarterly emissions.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative
performance measures) and to pages 16 and following for reconciliation tables.

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 a 4% production growth.

First nine months of 2025 Scope 3<sup>(1)</sup> Category 11 emissions are estimated to be about 250 Mt CO<sub>2</sub>e.

<sup>1</sup>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.

Production\*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Hydrocarbon production** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 2508 | 2503 | *-* | 2409 | Hydrocarbon production (kboe/d) | 2523 | 2437 | *+4%* |
| 1407 | 1343 | *+5%* | 1324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil (including bitumen) (kb/d) | 1369 | 1321 | *+4%* |
| 1101 | 1160 | *-5%* | 1086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas (including condensates and associated NGL) (kboe/d) | 1154 | 1116 | *+3%* |
| 2508 | 2503 | *-* | 2409 | Hydrocarbon production (kboe/d) | 2523 | 2437 | *+4%* |
| 1553 | 1506 | *+3%* | 1466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquids (kb/d) | 1525 | 1475 | *+3%* |
| 5182 | 5395 | *-4%* | 5093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas (Mcf/d) | 5409 | 5174 | *+5%* |

---

\* Company production = Exploration & Production production + Integrated LNG production.

Hydrocarbon production was 2,508 thousand barrels of oil equivalent per day in the third quarter of 2025, up 4% year-on-year, and was comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· +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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· -1% mainly due to more planned
maintenance this quarter,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· +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, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· -3% due to the natural field
declines.

**B. ANALYSIS OF BUSINESS SEGMENT RESULTS**

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.

Management presents adjusted financial indicators to assist investors in better understanding, in conjunction with the Company's financial results

presented in accordance with IFRS, the economic performance of the Company. Adjustment items are of three types: inventory valuation effect, effect of changes in fair value, and special items.

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.

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.

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.

TotalEnergies measures performance at the segment level on the basis of Adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from nonconsolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.

The income and expenses not included in net operating income adjusted that are included in net income (TotalEnergies share) are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.

The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.

Sales prices for transactions between business segments approximate market prices.

The reporting structure for the business segments' financial information is based on the following five business segments:

- An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries;

- An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas, hydrogen and gas trading activities;

- An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity;

- A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;

- A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products.

In addition, the Corporate segment includes holdings operating and financial activities.

**B.1** **Exploration & Production**

1. Production

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Hydrocarbon production** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 2026 | 1956 | *+4%* | 1944 | EP (kboe/d) | 1986 | 1952 | *+2%* |
| 1501 | 1437 | *+4%* | 1414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquids (kb/d) | 1460 | 1415 | *+3%* |
| 2782 | 2767 | *+1%* | 2830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas (Mcf/d) | 2799 | 2865 | *-2%* |

---

2. Results

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **In millions of dollars, except effective tax rate** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 2169 | 1974 | *+10%* | 2482 | Adjusted net operating income <sup>(1)</sup> | 6594 | 7699 | *-14%* |
| 177 | 176 | *+1%* | 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including adjusted income from equity affiliates | 503 | 535 | *-6%* |
| 48.5% | 50.1% | *-* | 45.1% | Effective tax rate <sup>(2)</sup> | 49.4% | 46.9% | *-* |
| 1787 | 3106 | *-42%* | 2161 | Cash flow used in investing activities | 7582 | 6697 | *+13%* |
| 1922 | 3053 | *-37%* | 2330 | Organic investments | 7659 | 6956 | *+10%* |
| (53) | 162 | *ns* | (42) | Acquisitions net of assets sales | 225 | 51 | *x4.4* |
| 1869 | 3215 | *-42%* | 2288 | Net investments | 7884 | 7007 | *+13%* |
| 4187 | 3675 | *+14%* | 4763 | Cash flow from operating activities | 11128 | 12888 | *-14%* |
| 3984 | 3760 | *+6%* | 4273 | Cash flow from operations excluding working capital (CFFO) | 12035 | 13104 | *-8%* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Detail of adjustment items shown in the business segment information starting on page 34.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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).

In the third quarter of 2025, Exploration & Production:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash flow from operating activities was $4,187 million,
up 14% quarter-to-quarter, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash flow from operations excluding working
capital (CFFO) was $3,984 million, up 6% quarter-to-quarter, for the same reasons stated above.

**B.2 Integrated LNG**

1. Production

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Hydrocarbon production for LNG** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 482 | 547 | *-12%* | 465 | Integrated LNG (kboe/d) | 537 | 485 | *+11%* |
| 52 | 69 | *-24%* | 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquids (kb/d) | 65 | 60 | *+8%* |
| 2400 | 2628 | *-9%* | 2263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas (Mcf/d) | 2610 | 2309 | *+13%* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Liquefied Natural Gas in Mt** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 10.4 | 10.6 | *-1%* | 9.5 | Overall LNG sales | 31.6 | 29.0 | *+9%* |
| 3.4 | 3.9 | *-13%* | 3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incl. Sales from equity production\* | 11.2 | 11.6 | *-3%* |
| 9.2 | 9.4 | *-2%* | 8.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incl. Sales by TotalEnergies from equity production and third party purchases | 28.0 | 25.3 | *+11%* |

---

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

Hydrocarbon production for LNG was down 12% in the third quarter of 2025 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.

2. Results

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **In millions of dollars, except average price of LNG** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 8.91 | 9.10 | *-2%* | 9.91 | Average price of LNG ($/Mbtu) <sup>(1)</sup><br>Consolidated subsidiaries and equity affiliates | 9.36 | 9.61 | *-3%* |
| 852 | 1041 | *-18%* | 1063 | Adjusted net operating income <sup>(2)</sup> | 3187 | 3437 | *-7%* |
| 423 | 513 | *-18%* | 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including adjusted income from equity affiliates | 1471 | 1453 | *+1%* |
| 146 | 852 | *-83%* | 500 | Cash flow used in investing activities | 1890 | 1830 | *+3%* |
| 330 | 743 | *-56%* | 451 | Organic investments | 1825 | 1615 | *+13%* |
| (134) | 110 | *ns* | 65 | Acquisitions net of assets sales | 116 | 251 | *-54%* |
| 196 | 853 | *-77%* | 516 | Net investments | 1941 | 1866 | *+4%* |
| 789 | 539 | *+46%* | 830 | Cash flow from operating activities | 3071 | 2971 | *+3%* |
| 1134 | 1159 | *-2%* | 888 | Cash flow from operations excluding working capital (CFFO) | 3542 | 3456 | *+2%* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Sales in $/ Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Detail of adjustment items shown in the business segment information starting on page 34.

In the third quarter of 2025, Integrated LNG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adjusted net operating income was $852 million, down 18%
quarter-to-quarter primarily due to the planned turnaround at Ichthys LNG in Australia,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash flow from operating activities was $789 million, up
46% quarter-to-quarter, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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).

**B.3 Integrated Power**

1. Productions, capacities, clients and sales

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Integrated Power** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 12.6 | 11.6 | *+9%* | 11.1 | Net power production (TWh) <sup>(1)</sup> | 35.5 | 29.7 | *+19%* |
| 8.2 | 8.4 | *-2%* | 6.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o/w power production from renewables | 23.3 | 19.6 | *+19%* |
| 4.5 | 3.2 | *+40%* | 4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o/w power production from gas flexible capacities | 12.2 | 10.2 | *+20%* |
| 25.2 | 24.0 | *+5%* | 21.6 | Portfolio of power generation net installed capacity (GW) <sup>(2)</sup> | 25.2 | 21.6 | *+16%* |
| 18.7 | 17.4 | *+7%* | 14.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o/w renewables | 18.7 | 14.5 | *+29%* |
| 6.5 | 6.5 | *-* | 7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o/w power gas flexible capacities | 6.5 | 7.1 | *-9%* |
| 106.0 | 104.1 | *+2%* | 89.6 | Portfolio of renewable power generation gross capacity (GW) <sup>(2), (3)</sup> | 106.0 | 89.6 | *+18%* |
| 32.3 | 30.2 | *+7%* | 24.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o/w installed capacity | 32.3 | 24.2 | *+34%* |
| 6.0 | 6.0 | *-1%* | 6.0 | Clients power – BtB and BtC (Million) <sup>(2)</sup> | 6.0 | 6.0 | *-* |
| 2.7 | 2.7 | *-1%* | 2.8 | Clients gas – BtB and BtC (Million) <sup>(2)</sup> | 2.7 | 2.8 | *-2%* |
| 10.6 | 10.5 | *-* | 10.9 | Sales power – BtB and BtC (TWh) | 35.6 | 36.9 | *-3%* |
| 11.6 | 14.9 | *-22%* | 13.9 | Sales gas – BtB and BtC (TWh) | 62.2 | 68.4 | *-9%* |

---

(1) Solar, wind, hydroelectric and gas flexible capacities.

(2) End of period data *.* 

(3) 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.

Results

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **In millions of dollars** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 571 | 574 | *-1%* | 485 | Adjusted net operating income <sup>(1)</sup> | 1651 | 1598 | *+3%* |
| 48 | 22 | *x2.2* | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including adjusted income from equity affiliates | 114 | 25 | *x4.6* |
| 692 | 2156 | *-68%* | 2221 | Cash flow used in investing activities | 3726 | 4406 | *-15%* |
| 596 | 421 | *+42%* | 707 | Organic investments | 1663 | 2246 | *-26%* |
| (147) | 1568 | *ns* | 1529 | Acquisitions net of assets sales | 1658 | 2176 | *-24%* |
| 449 | 1989 | *-77%* | 2236 | Net investments | 3321 | 4422 | *-25%* |
| 674 | 799 | *-16%* | 373 | Cash flow from operating activities | 1074 | 1771 | *-39%* |
| 611 | 562 | *+9%* | 636 | Cash flow from operations excluding working capital (CFFO) | 1770 | 1951 | *-9%* |

---

(1) Detail of adjustment items shown
in the business segment information starting on page 34.

In the third quarter of 2025, Integrated Power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adjusted net operating income was $571 million, stable over
the quarter,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash flow from operating activities was $674 million, down
16% quarter-to-quarter, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash flow from operations excluding working
capital (CFFO) was $611 million, 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).

**B.4 Downstream (Refining & Chemicals and Marketing & Services)**

1. Results

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **In millions of dollars** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 1067 | 801 | *+33%* | 605 | Adjusted net operating income <sup>(1)</sup> | 2409 | 2840 | *-15%* |
| 545 | 505 | *+8%* | 629 | Cash flow used in investing activities | 1361 | 542 | *x2.5* |
| 590 | 532 | *+11%* | 561 | Organic investments | 1508 | 1649 | *-9%* |
| (45) | (27) | *ns* | 112 | Acquisitions net of assets sales | (147) | (1090) | *ns* |
| 545 | 505 | *+8%* | 673 | Net investments | 1361 | 559 | *x2.4* |
| 3126 | 1515 | *x2.1* | 1145 | Cash flow from operating activities | 3226 | 2099 | *+54%* |
| 1653 | 1483 | *+11%* | 1177 | Cash flow from operations excluding working capital (CFFO) | 4253 | 4723 | *-10%* |

---

(1) Detail of adjustment items shown in the business segment information starting
on page 34.

**B.5 Refining & Chemicals**

1. Refinery and petrochemicals throughput and utilization rates

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Refinery throughput and utilization rate** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 1478 | 1589 | -7% | 1539 | Total refinery throughput (kb/d) | 1538 | 1493 | +3% |
| 481 | 463 | +4% | 451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 460 | 421 | +9% |
| 595 | 632 | -6% | 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of Europe | 618 | 627 | -1% |
| 402 | 494 | -19% | 463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of world | 461 | 445 | +4% |
| 84% | 90% |  | 86% | Utilization rate based on crude only\* | 87% | 83% |  |

---

\* Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from the third quarter of 2024 and the African refinery Natref (divested) during the fourth

quarter of 2024.

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Petrochemicals production and utilization rate** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 1326 | 1164 | *+14%* | 1314 | Monomers\* (kt) | 3740 | 3850 | *-3%* |
| 1174 | 1127 | *+4%* | 1167 | Polymers (kt) | 3474 | 3352 | *+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 the second quarter of 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.

2. Results

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **In millions of dollars, except ERM** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 63.0 | 35.3 | *+78%* | 15.4 | European Refining Margin Marker (ERM) ($/t) <sup>(1)</sup> | 42.6 | 44.0 | *-3%* |
| 687 | 389 | *+77%* | 241 | Adjusted net operating income <sup>(2)</sup> | 1377 | 1842 | *-25%* |
| 385 | 309 | *+25%* | 319 | Cash flow used in investing activities | 930 | 1032 | *-10%* |
| 387 | 333 | *+16%* | 329 | Organic investments | 956 | 1130 | *-15%* |
| (2) | (24) | *ns* | 34 | Acquisitions net of assets sales | (26) | (81) | *ns* |
| 385 | 309 | *+25%* | 363 | Net investments | 930 | 1049 | *-11%* |
| 2839 | 887 | *x3.2* | 564 | Cash flow from operating activities | 1743 | (24) | *ns* |
| 1015 | 772 | *+31%* | 530 | Cash flow from operations excluding working capital (CFFO) | 2420 | 2938 | *-18%* |

---

(1) 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.

(2) Detail of adjustment items shown in the business segment information
starting on page 34.

In the third quarter of 2025, Refining & Chemicals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adjusted net operating income was $687 million,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash flow from operating activities was $2,839 million,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

**B.6 Marketing & Services**

1. Petroleum product sales

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **Sales in kb/d\*** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 1269 | 1324 | *-4%* | 1383 | Total Marketing & Services sales | 1286 | 1353 | *-5%* |
| 744 | 790 | *-6%* | 795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 749 | 761 | *-2%* |
| 525 | 534 | *-2%* | 588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of world | 537 | 592 | *-9%* |

---

\* Excludes trading and bulk refining sales.

In the third quarter of 2025, sales of petroleum products were down 8% year-on-year as a result of focusing the portfolio on higher margin activities.

2. Results

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **3Q25** | **2Q25** | **3Q25<br> vs**<br> **2Q25** | **3Q24** | **In millions of dollars** | **9M25** | **9M24** | **9M25**<br> **vs**<br> **9M24** |
| 380 | 412 | *-8%* | 364 | Adjusted net operating income <sup>(1)</sup> | 1032 | 998 | *+3%* |
| 160 | 196 | *-18%* | 310 | Cash flow used in investing activities | 431 | (490) | *ns* |
| 203 | 199 | *+2%* | 232 | Organic investments | 552 | 519 | *+6%* |
| (43) | (3) | *ns* | 78 | Acquisitions net of assets sales | (121) | (1009) | *ns* |
| 160 | 196 | *-18%* | 310 | Net investments | 431 | (490) | *ns* |
| 287 | 628 | *-54%* | 581 | Cash flow from operating activities | 1483 | 2123 | *-30%* |
| 638 | 711 | *-10%* | 647 | Cash flow from operations excluding working capital (CFFO) | 1833 | 1785 | *+3%* |

---

(1) Detail of adjustment items shown in the business segment information starting on page 34.

In the third quarter of 2025, Marketing & Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adjusted net operating income was $380 million, up 4% year-on-year
despite lower volumes, reflecting improved unit margins,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash flow from operating activities was $287 million, down
54% quarter-to-quarter, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash flow from operations excluding working
capital (CFFO) was $638 million, stable year-on-year for the same reasons stated above.

**C. TOTALENERGIES RESULTS**

1. Net income
(TotalEnergies share)

Net income (TotalEnergies share) was $3,683 million in the third quarter of 2025 compared to $2,687 million in the second quarter of 2025.

Adjusted net income (TotalEnergies share) was $3,980 million in the third quarter of 2025 compared to $3,578 million in the second quarter of 2025, driven by the accretive production growth of Exploration & Production and higher refining margins in Europe.

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

&nbsp;&nbsp;&nbsp;&nbsp;· $0.3 billion of capital gains/losses
on asset sales, related to the divestment of two blocks in Argentina,

&nbsp;&nbsp;&nbsp;&nbsp;· ($0.3) billion of exceptional
provisions and depreciation, and

&nbsp;&nbsp;&nbsp;&nbsp;· ($0.3) billion of changes in
fair value, stock variation and other items.

2. Fully-diluted shares and share buybacks

As of September 30, 2025, the number of diluted shares was 2,188 million.

TotalEnergies repurchased<sup>1</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 36.8 million shares in the third quarter of 2025 for $2.3
billion, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 99 million shares in the first nine months of 2025 for $6.0
billion.

3. Acquisitions - asset sales

Acquisitions were:

&nbsp;&nbsp;&nbsp;&nbsp;· $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, and

&nbsp;&nbsp;&nbsp;&nbsp;· $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:

&nbsp;&nbsp;&nbsp;&nbsp;· $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, and

&nbsp;&nbsp;&nbsp;&nbsp;· $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 renewable's portfolio in Portugal
and the divestment of interests in the Nkossa and Nsoko II permits in Congo and fuel distribution activities in Brazil.

4. Cash flow

TotalEnergies' cash flow from operating activities was $8,349 million in the third quarter of 2025, compared to a cash flow from operations excluding working capital (CFFO) of $7,061 million benefiting from a $1.3 billion positive contribution to working capital.

The change in working capital was a decrease of $1,600 million in the third quarter of 2025 in accordance with IFRS. The difference of $312 million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $55 million, (ii) plus the mark-to-market effect of Integrated LNG's and Integrated Power's contracts of $218 million, (iii) plus the capital gains from the renewable project sales of ($6) million and (iv) plus the organic loan repayments from equity affiliates of $45 million.

The change in working capital, as determined using the replacement cost method excluding the mark-to-market effect of Integrated LNG and Integrated Power's contracts, including capital gain from renewable project sales and including organic loan repayment from equity affiliates, was a decrease of $1,288 million in the third quarter of 2025, compared to an increase of $658 million in the second quarter of 2025.

TotalEnergies' net cash flow<sup>2</sup> was $3,969 million in the third quarter of 2025 compared to ($14) million in the second quarter of 2025, due to a $443 million increase in CFFO and a $3,540 million decrease in net investments over the quarter.

<sup>1</sup> Including coverage of employees share grant plans.

<sup>2</sup> Net cash flow is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables.

**D. PROFITABILITY**

Return on equity was 14.2% for the twelve months ended September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **In millions of dollars** | **October 1, 2024**<br> **September 30, 2025** | **July 1, 2024**<br> **June 30, 2025** | **October 1, 2023**<br> **September 30, 2024** |
| Adjusted net income (TotalEnergies share) | 16431 | 16535 | 19398 |
| Average adjusted shareholders' equity | 116051 | 117441 | 116572 |
| Return on equity (ROE) | **14.2%** | **14.1%** | **16.6%** |

---

Return on average capital employed (ROACE)<sup>3</sup> was 12.4% for the twelve months ended September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **In millions of dollars** | **October 1, 2024**<br> **September 30, 2025** | **July 1, 2024**<br> **June 30, 2025** | **October 1, 2023**<br> **September 30, 2024** |
| Adjusted net operating income | 18204 | 18184 | 20701 |
| Average capital employed | 146636 | 146456 | 142195 |
| ROACE | **12.4%** | **12.4%** | **14.6%** |

---

**E.** **Annual 2025 Sensitivities\***

---

| | | | |
|:---|:---|:---|:---|
| | **Change** | **Estimated impact**<br> **on adjusted net**<br> **operating income** | **Estimated impact**<br> **on cash flow**<br> **from operations** |
| Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
| Average liquids price\*\* | +/- 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$ |

---

\* 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.

\*\* In an 70-80 $/b Brent environment.

**F.** **SUMMARY AND 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 production 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%.

3 ROACE is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).

**FORWARD-LOOKING STATEMENTS**

*This document may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as "will", "should", "could", "would", "may", "likely", "might", "envisions", "intends", "anticipates", "believes", "considers", "plans", "expects", "thinks", "targets", "commits, ""aims" or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.*

*These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, changes in the geopolitical environment, including the impact of tariffs and trade disputes, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as COVID-19. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.*

*Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company's views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document.*

*For additional factors, you should read the information set forth under "Item 3. -3.1 Risk Factors", "Item 4. Information on the Company", "Item 5. Operating and Financial Review and Prospects" and "Item 11. Quantitative and Qualitative Disclosures about Market Risk" in TotalEnergies' Form 20-F for the year ended December 31, 2024.*

*Additionally, developments related to environmental and climate change-related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to change and evolve independently of the Company. Moreover, the Company's disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law.*

 

 

**OPERATING INFORMATION BY SEGMENT**

**Company's production (Exploration & Production + Integrated LNG)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25<br> vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**Combined liquids and gas<br> production by region (kboe/d)** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;*-1%* | &nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;*-5%* |
| &nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;*+2%* | &nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;*-6%* |
| &nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;*+2%* | &nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;Middle East and North Africa | &nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;*+9%* | &nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;Americas | &nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;*+22%* |
| &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;*-19%* | &nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;Asia-Pacific | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;*+8%* |
| &nbsp;&nbsp;&nbsp;2508 | &nbsp;&nbsp;&nbsp;2503 | &nbsp;&nbsp;&nbsp;*-* | &nbsp;&nbsp;&nbsp;2409 | &nbsp;&nbsp;&nbsp;Total production | &nbsp;&nbsp;&nbsp;2523 | &nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;*+4%* |
| &nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;*-3%* | &nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;includes equity affiliates | &nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25<br> vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**Liquids production by region (kb/d)** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;*+1%* | &nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;*-7%* |
| &nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;*+3%* | &nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;*-5%* |
| &nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;*+3%* | &nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;Middle East and North Africa | &nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;*+15%* | &nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;Americas | &nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;*+27%* |
| &nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;*-16%* | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;Asia-Pacific | &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;*+1%* |
| &nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;*+3%* | &nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;Total production | &nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;*+3%* |
| &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;*+2%* | &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;includes equity affiliates | &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25<br> vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**Gas production by region (Mcf/d)** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;*-3%* | &nbsp;&nbsp;&nbsp;1812 | &nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;1832 | &nbsp;&nbsp;&nbsp;*-3%* |
| &nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;*+2%* | &nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;*-9%* |
| &nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;*-5%* | &nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;Middle East and North Africa | &nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;*+4%* | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;Americas | &nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;*+17%* |
| &nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;*-20%* | &nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;Asia-Pacific | &nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;*+16%* |
| &nbsp;&nbsp;&nbsp;5182 | &nbsp;&nbsp;&nbsp;5395 | &nbsp;&nbsp;&nbsp;*-4%* | &nbsp;&nbsp;&nbsp;5093 | &nbsp;&nbsp;&nbsp;Total production | &nbsp;&nbsp;&nbsp;5409 | &nbsp;&nbsp;&nbsp;5174 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;*-4%* | &nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;includes equity affiliates | &nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;*+5%* |

---

**Downstream (Refining & Chemicals and Marketing & Services)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25<br> vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**Petroleum product sales by region (kb/d)** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;1904 | &nbsp;&nbsp;&nbsp;*-3%* | &nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;*-2%* |
| &nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;*-8%* | &nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;*+4%* |
| &nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;*-7%* | &nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;Americas | &nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;*-* |
| &nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;*+32%* | &nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;Rest of world | &nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;*+40%* |
| &nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;*+2%* | &nbsp;&nbsp;&nbsp;4355 | &nbsp;&nbsp;&nbsp;Total consolidated sales | &nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;4164 | &nbsp;&nbsp;&nbsp;*+6%* |
| &nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;*-7%* | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes bulk sales | &nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;*-10%* |
| &nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;2729 | &nbsp;&nbsp;&nbsp;*+6%* | &nbsp;&nbsp;&nbsp;2578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes trading | &nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;*+15%* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25<br> vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**Petrochemicals production\* (kt)** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;*+17%* | &nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;2844 | &nbsp;&nbsp;&nbsp;*-2%* |
| &nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;*+3%* | &nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;Americas | &nbsp;&nbsp;&nbsp;2217 | &nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;*+2%* |
| &nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;*+6%* | &nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;Middle East and Asia | &nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;2192 | &nbsp;&nbsp;&nbsp;*+1%* |

---

\* Olefins, polymers.

**INTEGRATED POWER** 

**Net power production**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** |  | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** |
| &nbsp;&nbsp;&nbsp;**Net power production (TWh)** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.1** | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.0** |
| &nbsp;&nbsp;&nbsp;Rest of Europe | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;**2.5** | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;**2.0** |
| &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;**0.1** | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;**0.1** |
| &nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**0.5** | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**0.5** |
| &nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**4.0** | &nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**3.3** |
| &nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**1.1** | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**1.0** |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**2.8** | &nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**3.1** |
| &nbsp;&nbsp;&nbsp;Asia-Pacific | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**0.5** | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**0.5** |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**5.0** | &nbsp;&nbsp;&nbsp;**2.6** | &nbsp;&nbsp;&nbsp;**0.3** | &nbsp;&nbsp;&nbsp;**4.5** | &nbsp;&nbsp;&nbsp;**0.2** | &nbsp;&nbsp;&nbsp;**12.6** | &nbsp;&nbsp;&nbsp;**5.1** | &nbsp;&nbsp;&nbsp;**2.8** | &nbsp;&nbsp;&nbsp;**0.3** | &nbsp;&nbsp;&nbsp;**3.2** | &nbsp;&nbsp;&nbsp;**0.2** | &nbsp;&nbsp;&nbsp;**11.6** |

---

**Installed power generation net capacity**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** |  | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** |
| &nbsp;&nbsp;&nbsp;**Installed power generation net capacity (GW) <sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Gas | &nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;**4.1** | &nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;**4.2** |
| &nbsp;&nbsp;&nbsp;Rest of Europe | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;**4.2** | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;**4.0** |
| &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;**0.1** | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;**0.1** |
| &nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**0.8** | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**0.8** |
| &nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;**6.2** | &nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;**5.5** |
| &nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**1.5** | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**1.4** |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**7.0** | &nbsp;&nbsp;&nbsp;6.0 | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**6.6** |
| &nbsp;&nbsp;&nbsp;Asia-Pacific | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**1.3** | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;**1.3** |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**13.0** | &nbsp;&nbsp;&nbsp;**4.2** | &nbsp;&nbsp;&nbsp;**0.5** | &nbsp;&nbsp;&nbsp;**6.5** | &nbsp;&nbsp;&nbsp;**1.0** | &nbsp;&nbsp;&nbsp;**25.2** | &nbsp;&nbsp;&nbsp;**12.2** | &nbsp;&nbsp;&nbsp;**4.0** | &nbsp;&nbsp;&nbsp;**0.5** | &nbsp;&nbsp;&nbsp;**6.5** | &nbsp;&nbsp;&nbsp;**0.8** | &nbsp;&nbsp;&nbsp;**24.0** |

---

**Power generation gross capacity from renewables**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** |
| &nbsp;&nbsp;&nbsp;**Installed power generation gross capacity<br> from renewables (GW) <sup>(1), (2)</sup>** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;**2.4** | &nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;**2.3** |
| &nbsp;&nbsp;&nbsp;Rest of Europe | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;**3.7** | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;**3.5** |
| &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;**0.4** | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;**0.4** |
| &nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.3** | &nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.3** |
| &nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;6.9 | &nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;**10.3** | &nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;**9.3** |
| &nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.2** | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.9** |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**9.7** | &nbsp;&nbsp;&nbsp;8.5 | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**9.2** |
| &nbsp;&nbsp;&nbsp;Asia-Pacific | &nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.4** | &nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.4** |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**21.5** | &nbsp;&nbsp;&nbsp;**7.2** | &nbsp;&nbsp;&nbsp;**1.8** | &nbsp;&nbsp;&nbsp;**1.8** | &nbsp;&nbsp;&nbsp;**32.3** | &nbsp;&nbsp;&nbsp;**20.0** | &nbsp;&nbsp;&nbsp;**6.8** | &nbsp;&nbsp;&nbsp;**1.8** | &nbsp;&nbsp;&nbsp;**1.6** | &nbsp;&nbsp;&nbsp;**30.2** |
|  | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** |
| &nbsp;&nbsp;&nbsp;**Power generation gross capacity from<br> renewables in construction (GW) <sup>(1), (2)</sup>** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**0.4** | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**0.4** |
| &nbsp;&nbsp;&nbsp;Rest of Europe | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;**1.7** | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;**1.9** |
| &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;**0.7** | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;**0.7** |
| &nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.0** | &nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.0** |
| &nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;**1.3** | &nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;**1.7** |
| &nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;**1.3** | &nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;**1.4** |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.4** | &nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.6** |
| &nbsp;&nbsp;&nbsp;Asia-Pacific | &nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**0.4** | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**0.1** |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**6.7** | &nbsp;&nbsp;&nbsp;**0.8** | &nbsp;&nbsp;&nbsp;**0.8** | &nbsp;&nbsp;&nbsp;**0.9** | &nbsp;&nbsp;&nbsp;**9.2** | &nbsp;&nbsp;&nbsp;**6.7** | &nbsp;&nbsp;&nbsp;**1.1** | &nbsp;&nbsp;&nbsp;**0.8** | &nbsp;&nbsp;&nbsp;**1.2** | &nbsp;&nbsp;&nbsp;**9.8** |
|  | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**2Q25** |
| &nbsp;&nbsp;&nbsp;**Power generation gross capacity from<br> renewables in development (GW) <sup>(1), (2)</sup>** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;Onshore Wind | &nbsp;&nbsp;&nbsp;Offshore Wind | &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.9** | &nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.6** |
| &nbsp;&nbsp;&nbsp;Rest of Europe | &nbsp;&nbsp;&nbsp;5.8 | &nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;14.3 | &nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;**25.1** | &nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;14.3 | &nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;**25.3** |
| &nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**0.5** | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**0.7** |
| &nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**0.5** | &nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**0.6** |
| &nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;3.6 | &nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;**23.4** | &nbsp;&nbsp;&nbsp;10.9 | &nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;4.6 | &nbsp;&nbsp;&nbsp;**23.3** |
| &nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.7** | &nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.6** |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**1.7** | &nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;**2.1** |
| &nbsp;&nbsp;&nbsp;Asia-Pacific | &nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;2.6 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;**7.7** | &nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;2.6 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;**7.9** |
| &nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;**23.9** | &nbsp;&nbsp;&nbsp;**8.5** | &nbsp;&nbsp;&nbsp;**22.5** | &nbsp;&nbsp;&nbsp;**9.6** | &nbsp;&nbsp;&nbsp;**64.4** | &nbsp;&nbsp;&nbsp;**25.8** | &nbsp;&nbsp;&nbsp;**8.6** | &nbsp;&nbsp;&nbsp;**21.0** | &nbsp;&nbsp;&nbsp;**8.6** | &nbsp;&nbsp;&nbsp;**64.1** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) End-of-period data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes
18.99% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos .

**ADJUSTMENT ITEMS TO NET INCOME (TOTALENERGIES SHARE)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** |
| &nbsp;&nbsp;&nbsp;**3683** | &nbsp;&nbsp;&nbsp;**2687** | &nbsp;&nbsp;&nbsp;**2294** | &nbsp;&nbsp;&nbsp;**Net income (TotalEnergies share)** | &nbsp;&nbsp;&nbsp;**10221** | &nbsp;&nbsp;&nbsp;**11802** |
| &nbsp;&nbsp;&nbsp;(93) | &nbsp;&nbsp;&nbsp;(340) | &nbsp;&nbsp;&nbsp;(1337) | &nbsp;&nbsp;&nbsp;Special items affecting net income (TotalEnergies share) | &nbsp;&nbsp;&nbsp;(541) | &nbsp;&nbsp;&nbsp;(806) |
| &nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on asset sales | &nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;1397 |
| &nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | &nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;(21) |
| &nbsp;&nbsp;&nbsp;(286) | &nbsp;&nbsp;&nbsp;(209) | &nbsp;&nbsp;&nbsp;(1100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairments | &nbsp;&nbsp;&nbsp;(495) | &nbsp;&nbsp;&nbsp;(1744) |
| &nbsp;&nbsp;&nbsp;(84) | &nbsp;&nbsp;&nbsp;(131) | &nbsp;&nbsp;&nbsp;(227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;(323) | &nbsp;&nbsp;&nbsp;(438) |
| &nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;(268) | &nbsp;&nbsp;&nbsp;(359) | &nbsp;&nbsp;&nbsp;After-tax inventory effect : FIFO vs. replacement cost | &nbsp;&nbsp;&nbsp;(378) | &nbsp;&nbsp;&nbsp;(555) |
| &nbsp;&nbsp;&nbsp;(172) | &nbsp;&nbsp;&nbsp;(283) | &nbsp;&nbsp;&nbsp;(84) | &nbsp;&nbsp;&nbsp;Effect of changes in fair value | &nbsp;&nbsp;&nbsp;(610) | &nbsp;&nbsp;&nbsp;(695) |
| &nbsp;&nbsp;&nbsp;**(297)** | &nbsp;&nbsp;&nbsp;**(891)** | &nbsp;&nbsp;&nbsp;**(1780)** | &nbsp;&nbsp;&nbsp;**Total adjustments affecting net income** | &nbsp;&nbsp;&nbsp;**(1529)** | &nbsp;&nbsp;&nbsp;**(2056)** |
| &nbsp;&nbsp;&nbsp;**3980** | &nbsp;&nbsp;&nbsp;**3578** | &nbsp;&nbsp;&nbsp;**4074** | &nbsp;&nbsp;&nbsp;**Adjusted net income (TotalEnergies share)** | &nbsp;&nbsp;&nbsp;**11750** | &nbsp;&nbsp;&nbsp;**13858** |

---

**RECONCILIATION OF NET INCOME (TOTALENERGIES SHARE) TO ADJUSTED EBITDA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**3683** | &nbsp;&nbsp;&nbsp;**2687** | &nbsp;&nbsp;&nbsp;***+37%*** | &nbsp;&nbsp;&nbsp;**2294** | &nbsp;&nbsp;&nbsp;**Net income (TotalEnergies share)** | &nbsp;&nbsp;&nbsp;**10221** | &nbsp;&nbsp;&nbsp;**11802** | &nbsp;&nbsp;&nbsp;***-13%*** |
| &nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;*-67%* | &nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;Less: adjustment items to net income (TotalEnergies share) | &nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;2056 | &nbsp;&nbsp;&nbsp;*-26%* |
| &nbsp;&nbsp;&nbsp;**3980** | &nbsp;&nbsp;&nbsp;**3578** | &nbsp;&nbsp;&nbsp;***+11%*** | &nbsp;&nbsp;&nbsp;**4074** | &nbsp;&nbsp;&nbsp;**Adjusted net income (TotalEnergies share)** | &nbsp;&nbsp;&nbsp;**11750** | &nbsp;&nbsp;&nbsp;**13858** | &nbsp;&nbsp;&nbsp;***-15%*** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;Adjusted items |  |  |  |
| &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;*+33%* | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: non-controlling interests | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;*-18%* |
| &nbsp;&nbsp;&nbsp;2281 | &nbsp;&nbsp;&nbsp;2328 | &nbsp;&nbsp;&nbsp;*-2%* | &nbsp;&nbsp;&nbsp;2369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: income taxes | &nbsp;&nbsp;&nbsp;7314 | &nbsp;&nbsp;&nbsp;8337 | &nbsp;&nbsp;&nbsp;*-12%* |
| &nbsp;&nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;3106 | &nbsp;&nbsp;&nbsp;*+6%* | &nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: depreciation, depletion and impairment of tangible assets and mineral interests | &nbsp;&nbsp;&nbsp;9381 | &nbsp;&nbsp;&nbsp;8952 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;*+8%* | &nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: amortization and impairment of intangible assets | &nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;*-* |
| &nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;*-1%* | &nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: financial interest on debt | &nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;(235) | &nbsp;&nbsp;&nbsp;(294) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: financial income and expense from cash & cash equivalents | &nbsp;&nbsp;&nbsp;(798) | &nbsp;&nbsp;&nbsp;(1302) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;**10295** | &nbsp;&nbsp;&nbsp;**9690** | &nbsp;&nbsp;&nbsp;***+6%*** | &nbsp;&nbsp;&nbsp;**10048** | &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | &nbsp;&nbsp;&nbsp;**30489** | &nbsp;&nbsp;&nbsp;**32614** | &nbsp;&nbsp;&nbsp;***-7%*** |

---

**RECONCILIATION OF REVENUES FROM SALES TO ADJUSTED EBITDA AND NET INCOME (TOTALENERGIES SHARE)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;*Adjusted items* |  |  |  |
| &nbsp;&nbsp;&nbsp;43844 | &nbsp;&nbsp;&nbsp;44676 | &nbsp;&nbsp;&nbsp;*-2%* | &nbsp;&nbsp;&nbsp;47429 | &nbsp;&nbsp;&nbsp;Revenues from sales | &nbsp;&nbsp;&nbsp;136419 | &nbsp;&nbsp;&nbsp;148495 | &nbsp;&nbsp;&nbsp;*-8%* |
| &nbsp;&nbsp;&nbsp;(26940) | &nbsp;&nbsp;&nbsp;(28533) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(30856) | &nbsp;&nbsp;&nbsp;Purchases, net of inventory variation | &nbsp;&nbsp;&nbsp;(86036) | &nbsp;&nbsp;&nbsp;(95695) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(7555) | &nbsp;&nbsp;&nbsp;(7588) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(7147) | &nbsp;&nbsp;&nbsp;Other operating expenses | &nbsp;&nbsp;&nbsp;(22685) | &nbsp;&nbsp;&nbsp;(22391) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(64) | &nbsp;&nbsp;&nbsp;(97) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;&nbsp;Exploration costs | &nbsp;&nbsp;&nbsp;(242) | &nbsp;&nbsp;&nbsp;(286) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;*-44%* | &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;Other income | &nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;*x2.5* |
| &nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;&nbsp;(233) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;Other expense, excluding amortization and impairment of intangible assets | &nbsp;&nbsp;&nbsp;(550) | &nbsp;&nbsp;&nbsp;(283) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;*-23%* | &nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;Other financial income | &nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;*+3%* |
| &nbsp;&nbsp;&nbsp;(208) | &nbsp;&nbsp;&nbsp;(203) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(214) | &nbsp;&nbsp;&nbsp;Other financial expense | &nbsp;&nbsp;&nbsp;(660) | &nbsp;&nbsp;&nbsp;(642) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;*-1%* | &nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;Net income (loss) from equity affiliates | &nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;1963 | &nbsp;&nbsp;&nbsp;*+7%* |
| &nbsp;&nbsp;&nbsp;**10295** | &nbsp;&nbsp;&nbsp;**9690** | &nbsp;&nbsp;&nbsp;***+6%*** | &nbsp;&nbsp;&nbsp;**10048** | &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | &nbsp;&nbsp;&nbsp;**30489** | &nbsp;&nbsp;&nbsp;**32614** | &nbsp;&nbsp;&nbsp;***-7%*** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;*Adjusted items* |  |  |  |
| &nbsp;&nbsp;&nbsp;(3277) | &nbsp;&nbsp;&nbsp;(3106) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(3048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: depreciation, depletion and impairment of tangible assets and mineral interests | &nbsp;&nbsp;&nbsp;(9381) | &nbsp;&nbsp;&nbsp;(8952) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(104) | &nbsp;&nbsp;&nbsp;(96) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: amortization of intangible assets | &nbsp;&nbsp;&nbsp;(283) | &nbsp;&nbsp;&nbsp;(282) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(808) | &nbsp;&nbsp;&nbsp;(816) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: financial interest on debt | &nbsp;&nbsp;&nbsp;(2349) | &nbsp;&nbsp;&nbsp;(2230) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;*-20%* | &nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: financial income and expense from cash & cash equivalents | &nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;*-39%* |
| &nbsp;&nbsp;&nbsp;(2281) | &nbsp;&nbsp;&nbsp;(2328) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(2369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: income taxes | &nbsp;&nbsp;&nbsp;(7314) | &nbsp;&nbsp;&nbsp;(8337) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(80) | &nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: non-controlling interests | &nbsp;&nbsp;&nbsp;(210) | &nbsp;&nbsp;&nbsp;(257) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(297) | &nbsp;&nbsp;&nbsp;(891) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(1780) | &nbsp;&nbsp;&nbsp;Add: adjustment - TotalEnergies share | &nbsp;&nbsp;&nbsp;(1529) | &nbsp;&nbsp;&nbsp;(2056) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;**3683** | &nbsp;&nbsp;&nbsp;**2687** | &nbsp;&nbsp;&nbsp;***+37%*** | &nbsp;&nbsp;&nbsp;**2294** | &nbsp;&nbsp;&nbsp;**Net income (TotalEnergies share)** | &nbsp;&nbsp;&nbsp;**10221** | &nbsp;&nbsp;&nbsp;**11802** | &nbsp;&nbsp;&nbsp;***-13%*** |

---

**INVESTMENTS – DIVESTMENTS AND** **RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: (TOTALENERGIES SHARE)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**3203** | &nbsp;&nbsp;&nbsp;**6689** | &nbsp;&nbsp;&nbsp;***-52%*** | &nbsp;&nbsp;&nbsp;**5562** | &nbsp;&nbsp;&nbsp;**Cash flow used in investing activities (a)** | &nbsp;&nbsp;&nbsp;**14697** | &nbsp;&nbsp;&nbsp;**13587** | &nbsp;&nbsp;&nbsp;***+8%*** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;Other transactions with non-controlling interests (b) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;*-17%* | &nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;Organic loan repayment from equity affiliates (c) | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;*x3.4* |
| &nbsp;&nbsp;&nbsp;(242) | &nbsp;&nbsp;&nbsp;(221) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;Change in debt from renewable projects financing (d) \* | &nbsp;&nbsp;&nbsp;(463) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;*-7%* | &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;Capex linked to capitalized leasing contracts (e) | &nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;*-12%* |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;*-90%* | &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;Expenditures related to carbon credits (f) | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;*-17%* |
| &nbsp;&nbsp;&nbsp;**3092** | &nbsp;&nbsp;&nbsp;**6632** | &nbsp;&nbsp;&nbsp;***-53%*** | &nbsp;&nbsp;&nbsp;**5764** | &nbsp;&nbsp;&nbsp;**Net investments (a + b + c + d + e + f = g - i + h)** | &nbsp;&nbsp;&nbsp;**14645** | &nbsp;&nbsp;&nbsp;**13966** | &nbsp;&nbsp;&nbsp;***+5%*** |
| &nbsp;&nbsp;&nbsp;(381) | &nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;of which acquisitions net of assets sales (g-i) | &nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;*+34%* |
| &nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;*-77%* | &nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions (g) | &nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;3413 | &nbsp;&nbsp;&nbsp;*-* |
| &nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;*x2.9* | &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset sales (i) | &nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;&nbsp;*-23%* |
| &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;*81%* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (partner share) | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;**3473** | &nbsp;&nbsp;&nbsp;**4819** | &nbsp;&nbsp;&nbsp;***-28%*** | &nbsp;&nbsp;&nbsp;**4102** | &nbsp;&nbsp;&nbsp;**of which organic investments (h)** | &nbsp;&nbsp;&nbsp;**12794** | &nbsp;&nbsp;&nbsp;**12584** | &nbsp;&nbsp;&nbsp;***+2%*** |
| &nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;*99%* | &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized exploration | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;*-44%* |
| &nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;*-4%* | &nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in non-current loans | &nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;*-12%* |
| &nbsp;&nbsp;&nbsp;(449) | &nbsp;&nbsp;&nbsp;(256) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of non-current loans, excluding organic loan repayment from equity affiliates | &nbsp;&nbsp;&nbsp;(808) | &nbsp;&nbsp;&nbsp;(464) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;(154) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (TotalEnergies share) | &nbsp;&nbsp;&nbsp;(275) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;*ns* |

---

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

 

**INVESTMENTS & DIVESTMENTS** **AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: EXPLORATION & PRODUCTION** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**1787** | &nbsp;&nbsp;&nbsp;**3106** | &nbsp;&nbsp;&nbsp;**2161** | &nbsp;&nbsp;&nbsp;**-17%** | &nbsp;&nbsp;&nbsp;**Cash flow used in investing activities (a)** | &nbsp;&nbsp;&nbsp;**7582** | &nbsp;&nbsp;&nbsp;**6697** | &nbsp;&nbsp;&nbsp;**13%** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Other transactions with non-controlling interests (b) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;-100% | &nbsp;&nbsp;&nbsp;Organic loan repayment from equity affiliates (c) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;-100% |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Change in debt from renewable projects financing (d) \* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;-20% | &nbsp;&nbsp;&nbsp;Capex linked to capitalized leasing contracts (e) | &nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;-1% |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;-92% | &nbsp;&nbsp;&nbsp;Expenditures related to carbon credits (f) | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;-17% |
| &nbsp;&nbsp;&nbsp;**1869** | &nbsp;&nbsp;&nbsp;**3215** | &nbsp;&nbsp;&nbsp;**2288** | &nbsp;&nbsp;&nbsp;**-18%** | &nbsp;&nbsp;&nbsp;**Net investments (a + b + c + d + e + f = g - i + h)** | &nbsp;&nbsp;&nbsp;**7884** | &nbsp;&nbsp;&nbsp;**7007** | &nbsp;&nbsp;&nbsp;**13%** |
| &nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;of which acquisitions net of assets sales (g-i) | &nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;x4.4 |
| &nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;x14.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions (g) | &nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;x2.2 |
| &nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;x7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset sales (i) | &nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;98% |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (partner share) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**1922** | &nbsp;&nbsp;&nbsp;**3053** | &nbsp;&nbsp;&nbsp;**2330** | &nbsp;&nbsp;&nbsp;**-18%** | &nbsp;&nbsp;&nbsp;**of which organic investments (h)** | &nbsp;&nbsp;&nbsp;**7659** | &nbsp;&nbsp;&nbsp;**6956** | &nbsp;&nbsp;&nbsp;**10%** |
| &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;-50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized exploration | &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;-43% |
| &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;-17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in non-current loans | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;5% |
| &nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of non-current loans, excluding organic loan repayment from equity affiliates | &nbsp;&nbsp;&nbsp;(125) | &nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (TotalEnergies share) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |

---

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

**INVESTMENTS & DIVESTMENTS** **AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED LNG** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**146** | &nbsp;&nbsp;&nbsp;**852** | &nbsp;&nbsp;&nbsp;**500** | &nbsp;&nbsp;&nbsp;**-71%** | &nbsp;&nbsp;&nbsp;**Cash flow used in investing activities (a)** | &nbsp;&nbsp;&nbsp;**1890** | &nbsp;&nbsp;&nbsp;**1830** | &nbsp;&nbsp;&nbsp;**3%** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Other transactions with non-controlling interests (b) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;x23 | &nbsp;&nbsp;&nbsp;Organic loan repayment from equity affiliates (c) | &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;x15.7 |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Change in debt from renewable projects financing (d) \* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;-71% | &nbsp;&nbsp;&nbsp;Capex linked to capitalized leasing contracts (e) | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;-88% |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Expenditures related to carbon credits (f) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**196** | &nbsp;&nbsp;&nbsp;**853** | &nbsp;&nbsp;&nbsp;**516** | &nbsp;&nbsp;&nbsp;**-62%** | &nbsp;&nbsp;&nbsp;**Net investments (a + b + c + d + e + f = g - i + h)** | &nbsp;&nbsp;&nbsp;**1941** | &nbsp;&nbsp;&nbsp;**1866** | &nbsp;&nbsp;&nbsp;**4%** |
| &nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;of which acquisitions net of assets sales (g-i) | &nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;-54% |
| &nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions (g) | &nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;-28% |
| &nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;x18.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset sales (i) | &nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;x4.6 |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (partner share) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**330** | &nbsp;&nbsp;&nbsp;**743** | &nbsp;&nbsp;&nbsp;**451** | &nbsp;&nbsp;&nbsp;**-27%** | &nbsp;&nbsp;&nbsp;**of which organic investments (h)** | &nbsp;&nbsp;&nbsp;**1825** | &nbsp;&nbsp;&nbsp;**1615** | &nbsp;&nbsp;&nbsp;**13%** |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;-50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized exploration | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;-57% |
| &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;-19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in non-current loans | &nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;1% |
| &nbsp;&nbsp;&nbsp;(345) | &nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of non-current loans, excluding organic loan repayment from equity affiliates | &nbsp;&nbsp;&nbsp;(375) | &nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (TotalEnergies share) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |

---

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

**INVESTMENTS & DIVESTMENTS** **AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED POWER**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**692** | &nbsp;&nbsp;&nbsp;**2156** | &nbsp;&nbsp;&nbsp;**2221** | &nbsp;&nbsp;&nbsp;**-69%** | &nbsp;&nbsp;&nbsp;**Cash flow used in investing activities (a)** | &nbsp;&nbsp;&nbsp;**3726** | &nbsp;&nbsp;&nbsp;**4406** | &nbsp;&nbsp;&nbsp;**-15%** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Other transactions with non-controlling interests (b) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Organic loan repayment from equity affiliates (c) | &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;x5.8 |
| &nbsp;&nbsp;&nbsp;(242) | &nbsp;&nbsp;&nbsp;(221) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Change in debt from renewable projects financing (d) \* | &nbsp;&nbsp;&nbsp;(463) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;-100% | &nbsp;&nbsp;&nbsp;Capex linked to capitalized leasing contracts (e) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;-100% |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Expenditures related to carbon credits (f) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**449** | &nbsp;&nbsp;&nbsp;**1989** | &nbsp;&nbsp;&nbsp;**2236** | &nbsp;&nbsp;&nbsp;**-80%** | &nbsp;&nbsp;&nbsp;**Net investments (a + b + c + d + e + f = g - i + h)** | &nbsp;&nbsp;&nbsp;**3321** | &nbsp;&nbsp;&nbsp;**4422** | &nbsp;&nbsp;&nbsp;**-25%** |
| &nbsp;&nbsp;&nbsp;(147) | &nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;of which acquisitions net of assets sales (g-i) | &nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;-24% |
| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;-99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions (g) | &nbsp;&nbsp;&nbsp;2048 | &nbsp;&nbsp;&nbsp;2443 | &nbsp;&nbsp;&nbsp;-16% |
| &nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;x4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset sales (i) | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;46% |
| &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (partner share) | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**596** | &nbsp;&nbsp;&nbsp;**421** | &nbsp;&nbsp;&nbsp;**707** | &nbsp;&nbsp;&nbsp;**-16%** | &nbsp;&nbsp;&nbsp;**of which organic investments (h)** | &nbsp;&nbsp;&nbsp;**1663** | &nbsp;&nbsp;&nbsp;**2246** | &nbsp;&nbsp;&nbsp;**-26%** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized exploration | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in non-current loans | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;-15% |
| &nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of non-current loans, excluding organic loan repayment from equity affiliates | &nbsp;&nbsp;&nbsp;(226) | &nbsp;&nbsp;&nbsp;(116) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;(154) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (TotalEnergies share) | &nbsp;&nbsp;&nbsp;(275) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |

---

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

**INVESTMENTS & DIVESTMENTS** **AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: REFINING & CHEMICALS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**385** | &nbsp;&nbsp;&nbsp;**309** | &nbsp;&nbsp;&nbsp;**319** | &nbsp;&nbsp;&nbsp;**21%** | &nbsp;&nbsp;&nbsp;**Cash flow used in investing activities (a)** | &nbsp;&nbsp;&nbsp;**930** | &nbsp;&nbsp;&nbsp;**1032** | &nbsp;&nbsp;&nbsp;**-10%** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Other transactions with non-controlling interests (b) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;-100% | &nbsp;&nbsp;&nbsp;Organic loan repayment from equity affiliates (c) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;-100% |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Change in debt from renewable projects financing (d) \* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Capex linked to capitalized leasing contracts (e) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Expenditures related to carbon credits (f) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**385** | &nbsp;&nbsp;&nbsp;**309** | &nbsp;&nbsp;&nbsp;**363** | &nbsp;&nbsp;&nbsp;**6%** | &nbsp;&nbsp;&nbsp;**Net investments (a + b + c + d + e + f = g - i + h)** | &nbsp;&nbsp;&nbsp;**930** | &nbsp;&nbsp;&nbsp;**1049** | &nbsp;&nbsp;&nbsp;**-11%** |
| &nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;of which acquisitions net of assets sales (g-i) | &nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;-100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions (g) | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;-86% |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;-75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset sales (i) | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;-77% |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (partner share) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**387** | &nbsp;&nbsp;&nbsp;**333** | &nbsp;&nbsp;&nbsp;**329** | &nbsp;&nbsp;&nbsp;**18%** | &nbsp;&nbsp;&nbsp;**of which organic investments (h)** | &nbsp;&nbsp;&nbsp;**956** | &nbsp;&nbsp;&nbsp;**1130** | &nbsp;&nbsp;&nbsp;**-15%** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized exploration | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;-52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in non-current loans | &nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;-56% |
| &nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of non-current loans, excluding organic loan repayment from equity affiliates | &nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (TotalEnergies share) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |

---

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

**INVESTMENTS & DIVESTMENTS** **AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: MARKETING & SERVICES**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**160** | &nbsp;&nbsp;&nbsp;**196** | &nbsp;&nbsp;&nbsp;**310** | &nbsp;&nbsp;&nbsp;**-48%** | &nbsp;&nbsp;&nbsp;**Cash flow used in investing activities (a)** | &nbsp;&nbsp;&nbsp;**431** | &nbsp;&nbsp;&nbsp;**(490)** | &nbsp;&nbsp;&nbsp;**ns** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Other transactions with non-controlling interests (b) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Organic loan repayment from equity affiliates (c) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Change in debt from renewable projects financing (d) \* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Capex linked to capitalized leasing contracts (e) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;Expenditures related to carbon credits (f) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**160** | &nbsp;&nbsp;&nbsp;**196** | &nbsp;&nbsp;&nbsp;**310** | &nbsp;&nbsp;&nbsp;**-48%** | &nbsp;&nbsp;&nbsp;**Net investments (a + b + c + d + e + f = g - i + h)** | &nbsp;&nbsp;&nbsp;**431** | &nbsp;&nbsp;&nbsp;**(490)** | &nbsp;&nbsp;&nbsp;**ns** |
| &nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;of which acquisitions net of assets sales (g-i) | &nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;(1009) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;-100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions (g) | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;-97% |
| &nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;x8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset sales (i) | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;-89% |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (partner share) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**203** | &nbsp;&nbsp;&nbsp;**199** | &nbsp;&nbsp;&nbsp;**232** | &nbsp;&nbsp;&nbsp;**-13%** | &nbsp;&nbsp;&nbsp;**of which organic investments (h)** | &nbsp;&nbsp;&nbsp;**552** | &nbsp;&nbsp;&nbsp;**519** | &nbsp;&nbsp;&nbsp;**6%** |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized exploration | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in non-current loans | &nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;-26% |
| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of non-current loans, excluding organic loan repayment from equity affiliates | &nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in debt from renewable projects (TotalEnergies share) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |

---

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

**CASH FLOW (TOTALENERGIES SHARE)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**8349** | &nbsp;&nbsp;&nbsp;**5960** | &nbsp;&nbsp;&nbsp;***+40%*** | &nbsp;&nbsp;&nbsp;**7171** | &nbsp;&nbsp;&nbsp;**Cash flow from operating activities (a)** | &nbsp;&nbsp;&nbsp;**16872** | &nbsp;&nbsp;&nbsp;**18347** | &nbsp;&nbsp;&nbsp;***-8%*** |
| &nbsp;&nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;(246) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in working capital (b) \* | &nbsp;&nbsp;&nbsp;(3180) | &nbsp;&nbsp;&nbsp;(3581) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;&nbsp;(272) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory effect (c) | &nbsp;&nbsp;&nbsp;(434) | &nbsp;&nbsp;&nbsp;(807) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain from renewable project sales (d) | &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;*-17%* | &nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organic loan repayments from equity affiliates (e) | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;*x3.4* |
| &nbsp;&nbsp;&nbsp;**7061** | &nbsp;&nbsp;&nbsp;**6618** | &nbsp;&nbsp;&nbsp;***+7%*** | &nbsp;&nbsp;&nbsp;**6821** | &nbsp;&nbsp;&nbsp;**Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e)** | &nbsp;&nbsp;&nbsp;**20671** | &nbsp;&nbsp;&nbsp;**22766** | &nbsp;&nbsp;&nbsp;***-9%*** |
| &nbsp;&nbsp;&nbsp;(382) | &nbsp;&nbsp;&nbsp;(325) | &nbsp;&nbsp;&nbsp;*ns* | &nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;Financial charges | &nbsp;&nbsp;&nbsp;(992) | &nbsp;&nbsp;&nbsp;(449) | &nbsp;&nbsp;&nbsp;*ns* |
| &nbsp;&nbsp;&nbsp;**7443** | &nbsp;&nbsp;&nbsp;**6943** | &nbsp;&nbsp;&nbsp;***+7%*** | &nbsp;&nbsp;&nbsp;**7009** | &nbsp;&nbsp;&nbsp;**Debt Adjusted Cash Flow (DACF)** | &nbsp;&nbsp;&nbsp;**21663** | &nbsp;&nbsp;&nbsp;**23215** | &nbsp;&nbsp;&nbsp;***-7%*** |
| &nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;4819 | &nbsp;&nbsp;&nbsp;*-28%* | &nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;Organic investments (g) | &nbsp;&nbsp;&nbsp;12794 | &nbsp;&nbsp;&nbsp;12584 | &nbsp;&nbsp;&nbsp;*+2%* |
| &nbsp;&nbsp;&nbsp;**3588** | &nbsp;&nbsp;&nbsp;**1799** | &nbsp;&nbsp;&nbsp;***+99%*** | &nbsp;&nbsp;&nbsp;**2719** | &nbsp;&nbsp;&nbsp;**Free cash flow after organic investments (f - g)** | &nbsp;&nbsp;&nbsp;**7877** | &nbsp;&nbsp;&nbsp;**10182** | &nbsp;&nbsp;&nbsp;***-23%*** |
| &nbsp;&nbsp;&nbsp;3092 | &nbsp;&nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;*-53%* | &nbsp;&nbsp;&nbsp;5764 | &nbsp;&nbsp;&nbsp;Net investments (h) | &nbsp;&nbsp;&nbsp;14645 | &nbsp;&nbsp;&nbsp;13966 | &nbsp;&nbsp;&nbsp;*+5%* |
| &nbsp;&nbsp;&nbsp;**3969** | &nbsp;&nbsp;&nbsp;**(14)** | &nbsp;&nbsp;&nbsp;***ns*** | &nbsp;&nbsp;&nbsp;**1057** | &nbsp;&nbsp;&nbsp;**Net cash flow (f - h)** | &nbsp;&nbsp;&nbsp;**6026** | &nbsp;&nbsp;&nbsp;**8800** | &nbsp;&nbsp;&nbsp;***-32%*** |

---

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

 

**CASH FLOW BY SEGMENT**

**Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Exploration & Production** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**4187** | &nbsp;&nbsp;&nbsp;**3675** | &nbsp;&nbsp;&nbsp;**4763** | &nbsp;&nbsp;&nbsp;**-12%** | &nbsp;&nbsp;&nbsp;**Cash flow from operating activities (a)** | &nbsp;&nbsp;&nbsp;**11128** | &nbsp;&nbsp;&nbsp;**12888** | &nbsp;&nbsp;&nbsp;**-14%** |
| &nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;(85) | &nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;-59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in working capital (b) | &nbsp;&nbsp;&nbsp;(907) | &nbsp;&nbsp;&nbsp;(215) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory effect (c) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain from renewable project sales (d) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;-100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organic loan repayments from equity affiliates (e) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;-100% |
| &nbsp;&nbsp;&nbsp;**3984** | &nbsp;&nbsp;&nbsp;**3760** | &nbsp;&nbsp;&nbsp;**4273** | &nbsp;&nbsp;&nbsp;**-7%** | &nbsp;&nbsp;&nbsp;**Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e)** | &nbsp;&nbsp;&nbsp;**12035** | &nbsp;&nbsp;&nbsp;**13104** | &nbsp;&nbsp;&nbsp;**-8%** |

---

**Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated LNG** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**789** | &nbsp;&nbsp;&nbsp;**539** | &nbsp;&nbsp;&nbsp;**830** | &nbsp;&nbsp;&nbsp;**-5%** | &nbsp;&nbsp;&nbsp;**Cash flow from operating activities (a)** | &nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;2971 | &nbsp;&nbsp;&nbsp;**3%** |
| &nbsp;&nbsp;&nbsp;(299) | &nbsp;&nbsp;&nbsp;(620) | &nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in working capital (b) \* | &nbsp;&nbsp;&nbsp;(424) | &nbsp;&nbsp;&nbsp;(482) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory effect (c) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain from renewable project sales (d) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;x23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organic loan repayments from equity affiliates (e) | &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;x15.7 |
| &nbsp;&nbsp;&nbsp;**1134** | &nbsp;&nbsp;&nbsp;**1159** | &nbsp;&nbsp;&nbsp;**888** | &nbsp;&nbsp;&nbsp;**28%** | &nbsp;&nbsp;&nbsp;**Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e)** | &nbsp;&nbsp;&nbsp;**3542** | &nbsp;&nbsp;&nbsp;**3456** | &nbsp;&nbsp;&nbsp;**2%** |

---

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

**Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated Power** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**674** | &nbsp;&nbsp;&nbsp;**799** | &nbsp;&nbsp;&nbsp;**373** | &nbsp;&nbsp;&nbsp;**81%** | &nbsp;&nbsp;&nbsp;**Cash flow from operating activities (a)** | &nbsp;&nbsp;&nbsp;**1074** | &nbsp;&nbsp;&nbsp;**1771** | &nbsp;&nbsp;&nbsp;**-39%** |
| &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;(253) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in working capital (b) \* | &nbsp;&nbsp;&nbsp;(558) | &nbsp;&nbsp;&nbsp;(170) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory effect (c) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain from renewable project sales (d) | &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organic loan repayments from equity affiliates (e) | &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;x5.8 |
| &nbsp;&nbsp;&nbsp;**611** | &nbsp;&nbsp;&nbsp;**562** | &nbsp;&nbsp;&nbsp;**636** | &nbsp;&nbsp;&nbsp;**-4%** | &nbsp;&nbsp;&nbsp;**Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e)** | &nbsp;&nbsp;&nbsp;**1770** | &nbsp;&nbsp;&nbsp;**1951** | &nbsp;&nbsp;&nbsp;**-9%** |

---

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

**Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Refining & Chemicals** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**2839** | &nbsp;&nbsp;&nbsp;**887** | &nbsp;&nbsp;&nbsp;**564** | &nbsp;&nbsp;&nbsp;**x5** | &nbsp;&nbsp;&nbsp;**Cash flow from operating activities (a)** | &nbsp;&nbsp;&nbsp;**1743** | &nbsp;&nbsp;&nbsp;**(24)** | &nbsp;&nbsp;&nbsp;**ns** |
| &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;x4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in working capital (b) | &nbsp;&nbsp;&nbsp;(281) | &nbsp;&nbsp;&nbsp;(2325) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;(76) | &nbsp;&nbsp;&nbsp;(247) | &nbsp;&nbsp;&nbsp;(335) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory effect (c) | &nbsp;&nbsp;&nbsp;(396) | &nbsp;&nbsp;&nbsp;(620) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain from renewable project sales (d) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;-100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organic loan repayments from equity affiliates (e) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;-100% |
| &nbsp;&nbsp;&nbsp;**1015** | &nbsp;&nbsp;&nbsp;**772** | &nbsp;&nbsp;&nbsp;**530** | &nbsp;&nbsp;&nbsp;**92%** | &nbsp;&nbsp;&nbsp;**Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e)** | &nbsp;&nbsp;&nbsp;**2420** | &nbsp;&nbsp;&nbsp;**2938** | &nbsp;&nbsp;&nbsp;**-18%** |

---

**Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Marketing & Services** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**3Q25** | &nbsp;&nbsp;&nbsp;**2Q25** | &nbsp;&nbsp;&nbsp;**3Q24** | &nbsp;&nbsp; **3Q25**<br> **vs**<br> **3Q24** | &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;&nbsp;**9M25** | &nbsp;&nbsp;&nbsp;**9M24** | &nbsp;&nbsp; **9M25**<br> **vs**<br> **9M24** |
| &nbsp;&nbsp;&nbsp;**287** | &nbsp;&nbsp;&nbsp;**628** | &nbsp;&nbsp;&nbsp;**581** | &nbsp;&nbsp;&nbsp;**-51%** | &nbsp;&nbsp;&nbsp;**Cash flow from operating activities (a)** | &nbsp;&nbsp;&nbsp;**1483** | &nbsp;&nbsp;&nbsp;**2123** | &nbsp;&nbsp;&nbsp;**-30%** |
| &nbsp;&nbsp;&nbsp;(372) | &nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in working capital (b) | &nbsp;&nbsp;&nbsp;(312) | &nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory effect (c) | &nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;(187) | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain from renewable project sales (d) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organic loan repayments from equity affiliates (e) | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;ns |
| &nbsp;&nbsp;&nbsp;**638** | &nbsp;&nbsp;&nbsp;**711** | &nbsp;&nbsp;&nbsp;**647** | &nbsp;&nbsp;&nbsp;**-1%** | &nbsp;&nbsp;&nbsp;**Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e)** | &nbsp;&nbsp;&nbsp;**1833** | &nbsp;&nbsp;&nbsp;**1785** | &nbsp;&nbsp;&nbsp;**3%** |

---

**GEARING RATIO**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;**09/30/2025** | &nbsp;&nbsp;**06/30/2025** | &nbsp;&nbsp;**09/30/2024** |
| &nbsp;&nbsp;&nbsp;Current borrowings \* | &nbsp;&nbsp;&nbsp;11830 | &nbsp;&nbsp;&nbsp;12570 | &nbsp;&nbsp;&nbsp;11805 |
| &nbsp;&nbsp;&nbsp;Other current financial liabilities | &nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;488 |
| &nbsp;&nbsp;&nbsp;Current financial assets \*<sup>,</sup> \*\* | &nbsp;&nbsp;&nbsp;(4607) | &nbsp;&nbsp;&nbsp;(4872) | &nbsp;&nbsp;&nbsp;(5780) |
| &nbsp;&nbsp;&nbsp;Net financial assets classified as held for sale \* | &nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;Non-current financial debt \* | &nbsp;&nbsp;&nbsp;41296 | &nbsp;&nbsp;&nbsp;39161 | &nbsp;&nbsp;&nbsp;37824 |
| &nbsp;&nbsp;&nbsp;Non-current financial assets \* | &nbsp;&nbsp;&nbsp;(1168) | &nbsp;&nbsp;&nbsp;(1410) | &nbsp;&nbsp;&nbsp;(1307) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;(23415) | &nbsp;&nbsp;&nbsp;(20424) | &nbsp;&nbsp;&nbsp;(25672) |
| &nbsp;&nbsp;&nbsp;**Net debt (a)** | &nbsp;&nbsp;&nbsp;**24553** | &nbsp;&nbsp;&nbsp;**25927** | &nbsp;&nbsp;&nbsp;**17562** |
| &nbsp;&nbsp;&nbsp;Shareholders' equity - TotalEnergies share | &nbsp;&nbsp;&nbsp;115281 | &nbsp;&nbsp;&nbsp;116642 | &nbsp;&nbsp;&nbsp;116059 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | &nbsp;&nbsp;&nbsp;2384 | &nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;2557 |
| &nbsp;&nbsp;&nbsp;**Shareholders' equity (b)** | &nbsp;&nbsp;&nbsp;**117665** | &nbsp;&nbsp;&nbsp;**119002** | &nbsp;&nbsp;&nbsp;**118616** |
| &nbsp;&nbsp;&nbsp;**Gearing = a / (a+b)** | &nbsp;&nbsp;&nbsp;**17.3%** | &nbsp;&nbsp;&nbsp;**17.9%** | &nbsp;&nbsp;&nbsp;**12.9%** |
| &nbsp;&nbsp;&nbsp;*Leases (c)* | &nbsp;&nbsp;&nbsp;*8827* | &nbsp;&nbsp;&nbsp;*8907* | &nbsp;&nbsp;&nbsp;*8338* |
| &nbsp;&nbsp;&nbsp;*Gearing including leases (a+c) / (a+b+c)* | &nbsp;&nbsp;&nbsp;*22.1%* | &nbsp;&nbsp;&nbsp;*22.6%* | &nbsp;&nbsp;&nbsp;*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%.

**RETURN ON AVERAGE CAPITAL EMPLOYED (ROACE)**

Twelve months ended September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **In millions of dollars** | **Exploration &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining &<br> Chemicals** | **Marketing &<br> Services** | **Company** |
| &nbsp;&nbsp;Adjusted net operating income | 8899 | 4619 | 2226 | 1695 | 1394 | 18204 |
| &nbsp;&nbsp;Capital employed at 09/30/2024 | 64859 | 39460 | 24589 | 9050 | 7325 | 143297 |
| &nbsp;&nbsp;Capital employed at 09/30/2025 | 66102 | 43872 | 26960 | 7123 | 7565 | 149974 |
| &nbsp;&nbsp;**ROACE** | **13.6%** | **11.1%** | **8.6%** | **21.0%** | **18.7%** | **12.4%** |

---

**PAYOUT<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**In millions of dollars** | &nbsp;&nbsp;**9M25** | &nbsp;&nbsp;**9M24** | &nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;Dividend paid (parent company shareholders) | &nbsp;&nbsp;&nbsp;5961 | &nbsp;&nbsp;&nbsp;5719 | &nbsp;&nbsp;&nbsp;7717 |
| &nbsp;&nbsp;&nbsp;Repayment of treasury shares excluding fees and taxes | &nbsp;&nbsp;&nbsp;5997 | &nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;7970 |
| &nbsp;&nbsp;&nbsp;**Payout ratio** | &nbsp;&nbsp;&nbsp;**56%** | &nbsp;&nbsp;&nbsp;**49%** | &nbsp;&nbsp;&nbsp;**50%** |

---

<sup>1</sup> Payout is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).

**RECONCILIATION OF CAPITAL EMPLOYED (BALANCE SHEET) AND CALCULATION OF ROACE** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **In millions of dollars** | **Exploration <br> &<br> Production** | **Integrated** <br> **LNG** | **Integrated<br> Power** | **Refining**<br> **&**<br> **Chemicals** | **Marketing**<br> **&** <br> **Services** | **Corporate** | **Inter-<br> Company** | **Company** |
| Adjusted net operating income 3<sup>rd</sup> quarter 2025 | 2169 | 852 | 571 | 687 | 380 | (80) |  | 4579 |
| Adjusted net operating income 2<sup>nd</sup> quarter 2025 | 1974 | 1041 | 574 | 389 | 412 | (245) |  | 4145 |
| Adjusted net operating income 1<sup>st</sup> quarter 2025 | 2451 | 1294 | 506 | 301 | 240 | (131) |  | 4661 |
| Adjusted net operating income 4<sup>th</sup> quarter 2024 | 2305 | 1432 | 575 | 318 | 362 | (173) | – | 4819 |
| **Adjusted net operating income (a)** | **8899** | **4619** | **2226** | **1695** | **1394** | **(629)** | – | **18204** |
| **Balance sheet as of September 30, 2025** |  |  |  |  |  |  |  |  |
| Property plant and equipment intangible assets net | 87453 | 29195 | 15681 | 12725 | 7111 | 797 |  | 152962 |
| Investments & loans in equity affiliates | 4498 | 16983 | 10257 | 4137 | 1093 |  |  | 36968 |
| Other non-current assets | 2504 | 2285 | 1705 | 748 | 1083 | 344 |  | 8669 |
| *Inventories, net* | *1674* | *1076* | *596* | *10196* | *3516* |  |  | *17058* |
| *Accounts receivable, net* | *5533* | *5828* | *4045* | *17547* | *8328* | *1300* | *(22846)* | *19735* |
| *Other current assets* | *7020* | *7252* | *5567* | *2251* | *2889* | *2600* | *(5746)* | *21833* |
| *Accounts payable* | *(6668)* | *(6661)* | *(6309)* | *(30876)* | *(9472)* | *(901)* | *22825* | *(38062)* |
| *Other creditors and accrued liabilities* | *(11225)* | *(7587)* | *(4810)* | *(5175)* | *(5546)* | *(6690)* | *5767* | *(35266)* |
| Working capital | (3666) | (92) | (911) | (6057) | (285) | (3691) |  | (14702) |
| Provisions and other non-current liabilities | (25136) | (4499) | (1388) | (3569) | (1227) | 902 |  | (34917) |
| Assets and liabilities classified as held for sale | 449 | – | 1616 | – | – | – | – | 2065 |
| **Capital Employed (Balance sheet)** | **66102** | **43872** | **26960** | **7984** | **7775** | **(1648)** | **–** | **151045** |
| Less inventory valuation effect | – | – | – | (861) | (210) | – | – | (1071) |
| **Capital Employed at replacement cost (b)** | **66102** | **43872** | **26960** | **7123** | **7565** | **(1648)** | **–** | **149974** |
| **Balance sheet as of September 30, 2024** |  |  |  |  |  |  |  |  |
| Property plant and equipment intangible assets net | 83224 | 25426 | 15517 | 12365 | 6808 | 676 |  | 144016 |
| Investments & loans in equity affiliates | 3850 | 15609 | 9341 | 4117 | 1046 |  |  | 33963 |
| Other non-current assets | 3896 | 2096 | 1286 | 741 | 1210 | 324 |  | 9553 |
| *Inventories, net* | *1444* | *1595* | *617* | *11277* | *3599* |  |  | *18532* |
| *Accounts receivable, net* | *5801* | *6146* | *4270* | *16506* | *8770* | *1067* | *(23783)* | *18777* |
| *Other current assets* | *7363* | *7814* | *4788* | *2415* | *3154* | *2357* | *(5958)* | *21933* |
| *Accounts payable* | *(7035)* | *(6771)* | *(5459)* | *(28346)* | *(9809)* | *(994)* | *23746* | *(34668)* |
| *Other creditors and accrued liabilities* | *(9658)* | *(8693)* | *(4542)* | *(5596)* | *(6015)* | *(6207)* | *5995* | *(34716)* |
| Working capital | (2085) | 91 | (326) | (3744) | (301) | (3777) |  | (10142) |
| Provisions and other non-current liabilities | (24510) | (3762) | (1801) | (3415) | (1233) | 791 |  | (33930) |
| Assets and liabilities classified as held for sale | 484 | – | 572 | – | – | – | – | 1056 |
| **Capital Employed (Balance sheet)** | **64859** | **39460** | **24589** | **10064** | **7530** | **(1986)** | **–** | **144516** |
| Less inventory valuation effect | – | – | – | (1014) | (205) | – | – | (1219) |
| **Capital Employed at replacement cost (c)** | **64859** | **39460** | **24589** | **9050** | **7325** | **(1986)** | **–** | **143297** |
| **ROACE as a percentage (a/average(b+c))** | **13.6%** | **11.1%** | **8.6%** | **21.0%** | **18.7%** | **34.6%** | **–** | **12.4%** |

---

**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.

**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** is an 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.

**CONSOLIDATED STATEMENT OF INCOME**

**TotalEnergies**

*(unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| <br>**(M$)<sup>(a)</sup>** | **3<sup>rd</sup> quarter**<br>**2025** | **2<sup>nd</sup> quarter**<br>**2025** | **3<sup>rd</sup> quarter**<br>**2024** |
| **Sales** | **48691** | **49627** | **52021** |
| Excise taxes | (4847) | (4951) | (4592) |
| &nbsp;&nbsp;&nbsp;Revenues from sales | 43844 | 44676 | 47429 |
| Purchases, net of inventory variation | (27191) | (29158) | (31425) |
| Other operating expenses | (7591) | (7834) | (7269) |
| Exploration costs | (64) | (97) | (572) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3280) | (3258) | (3392) |
| Other income | 778 | 544 | 45 |
| Other expense | (528) | (287) | (374) |
| Financial interest on debt | (808) | (816) | (797) |
| Financial income and expense from cash & cash equivalents | 265 | 327 | 457 |
| &nbsp;&nbsp;&nbsp;Cost of net debt | (543) | (489) | (340) |
| Other financial income | 366 | 429 | 319 |
| Other financial expense | (208) | (203) | (214) |
| Net income (loss) from equity affiliates | 602 | 529 | 333 |
| Income taxes | (2423) | (2106) | (2179) |
| **Consolidated net income** | **3762** | **2746** | **2361** |
| TotalEnergies share | 3683 | 2687 | 2294 |
| Non-controlling interests | 79 | 59 | 67 |
| Earnings per share ($) | 1.65 | 1.18 | 0.97 |
| Fully-diluted earnings per share ($) | 1.64 | 1.17 | 0.96 |
| *(a) Except for per share amounts.* |  |  |  |

---

**CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME**

**TotalEnergies**

*(unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| <br>**(M$)** | **3<sup>rd</sup> quarter**<br>**2025** | **2<sup>nd</sup> quarter**<br>**2025** | **3<sup>rd</sup> quarter**<br>**2024** |
| **Consolidated net income** | **3762** | **2746** | **2361** |
| **Other comprehensive income** |  |  |  |
| Actuarial gains and losses | (2) | 16 | 3 |
| Change in fair value of investments in equity instruments | (96) | 52 | (141) |
| Tax effect | 19 | (20) | 29 |
| Currency translation adjustment generated by the parent company | (2) | 5808 | 3151 |
| **Items not potentially reclassifiable to profit and loss** | **(81)** | **5856** | **3042** |
| Currency translation adjustment | (230) | (4692) | (2457) |
| Cash flow hedge | (346) | 165 | (13) |
| Variation of foreign currency basis spread | 6 | 4 | (4) |
| Share of other comprehensive income of equity affiliates, net amount | (112) | (174) | (208) |
| Other | 5 |  | 2 |
| Tax effect | 81 | (49) | (1) |
| **Items potentially reclassifiable to profit and loss** | **(596)** | **(4746)** | **(2681)** |
| **Total other comprehensive income (net amount)** | **(677)** | **1110** | **361** |
| **Comprehensive income** | **3085** | **3856** | **2722** |
| *TotalEnergies share* | *3001* | *3752* | *2631* |
| *Non-controlling interests* | *84* | *104* | *91* |

---

**CONSOLIDATED STATEMENT OF INCOME**

**TotalEnergies**

*(unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**(M$)**<sup>(a)</sup> | **9 months**<br>**2025** | **9 months**<br>**2024** |
| **Sales** | **150572** | **162042** |
| Excise taxes | (14153) | (13547) |
| &nbsp;&nbsp;&nbsp;Revenues from sales | 136419 | 148495 |
| Purchases, net of inventory variation | (87204) | (97322) |
| Other operating expenses | (22989) | (22641) |
| Exploration costs | (242) | (757) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (9536) | (9310) |
| Other income | 1569 | 1806 |
| Other expense | (1106) | (940) |
| Financial interest on debt | (2349) | (2230) |
| Financial income and expense from cash & cash equivalents | 882 | 1337 |
| &nbsp;&nbsp;&nbsp;Cost of net debt | (1467) | (893) |
| Other financial income | 1113 | 1084 |
| Other financial expense | (660) | (642) |
| Net income (loss) from equity affiliates | 1794 | 978 |
| Income taxes | (7262) | (7846) |
| **Consolidated net income** | **10429** | **12012** |
| TotalEnergies share | 10221 | 11802 |
| Non-controlling interests | 208 | 210 |
| Earnings per share ($) | 4.53 | 5.02 |
| Fully-diluted earnings per share ($) | 4.49 | 4.99 |
| *(a) Except for per share amounts.* |  |  |

---

**CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME**

**TotalEnergies**

*(unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**(M$)** | **9 months**<br>**2025** | **9 months**<br>**2024** |
| **Consolidated net income** | **10429** | **12012** |
| **Other comprehensive income** |  |  |
| Actuarial gains and losses | 14 | 23 |
| Change in fair value of investments in equity instruments | (32) | 2 |
| Tax effect |  | 10 |
| Currency translation adjustment generated by the parent company | 8688 | 962 |
| **Items not potentially reclassifiable to profit and loss** | **8670** | **997** |
| Currency translation adjustment | (6939) | (835) |
| Cash flow hedge | (1014) | 1387 |
| Variation of foreign currency basis spread | 25 | (19) |
| share of other comprehensive income of equity affiliates, net amount | (386) | (322) |
| Other | 12 | 2 |
| Tax effect | 237 | (373) |
| **Items potentially reclassifiable to profit and loss** | **(8065)** | **(160)** |
| **Total other comprehensive income (net amount)** | **605** | **837** |
| **Comprehensive income** | **11034** | **12849** |
| *TotalEnergies share* | *10760* | *12635* |
| *Non-controlling interests* | *274* | *214* |

---

**CONSOLIDATED BALANCE SHEET**

**TotalEnergies**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **June 30,** | **December 31,** | **September** |
|  | **2025** | **2025** | **2024** | **30, 2024** |
| (M$) | *(unaudited)* | *(unaudited)* |  | *(unaudited)* |
| **ASSETS** |  |  |  |  |
| **Non-current assets** |  |  |  |  |
| Intangible assets, net | 37764 | 36687 | 34238 | 33891 |
| Property, plant and equipment, net | 115198 | 116153 | 109095 | 110125 |
| Equity affiliates : investments and loans | 36968 | 36657 | 34405 | 33963 |
| Other investments | 2046 | 2176 | 1665 | 1656 |
| Non-current financial assets | 2426 | 2691 | 2305 | 2578 |
| Deferred income taxes | 3633 | 3550 | 3202 | 3727 |
| Other non-current assets | 2990 | 4057 | 4006 | 4170 |
| **Total non-current assets** | **201025** | **201971** | **188916** | **190110** |
| **Current assets** |  |  |  |  |
| Inventories, net | 17058 | 17275 | 18868 | 18532 |
| Accounts receivable, net | 19735 | 21254 | 19281 | 18777 |
| Other current assets | 21833 | 24160 | 23687 | 21933 |
| Current financial assets | 4884 | 5183 | 6914 | 6151 |
| Cash and cash equivalents | 23415 | 20424 | 25844 | 25672 |
| Assets classified as held for sale | 4009 | 2550 | 1977 | 2830 |
| **Total current assets** | **90934** | **90846** | **96571** | **93895** |
| **Total assets** | **291959** | **292817** | **285487** | **284005** |
| **LIABILITIES & SHAREHOLDERS' EQUITY** |  |  |  |  |
| **Shareholders' equity** |  |  |  |  |
| Common shares | 7059 | 7262 | 7577 | 7577 |
| Paid-in surplus and retained earnings | 125073 | 128103 | 135496 | 130804 |
| Currency translation adjustment | (13853) | (13564) | (15259) | (13793) |
| Treasury shares | (2998) | (5159) | (9956) | (8529) |
| **Total shareholders' equity - TotalEnergies share** | **115281** | **116642** | **117858** | **116059** |
| **Non-controlling interests** | **2384** | **2360** | **2397** | **2557** |
| **Total shareholders' equity** | **117665** | **119002** | **120255** | **118616** |
| **Non-current liabilities** |  |  |  |  |
| Deferred income taxes | 12830 | 12729 | 12114 | 11750 |
| Employee benefits | 1991 | 1974 | 1753 | 1890 |
| Provisions and other non-current liabilities | 20096 | 20312 | 19872 | 20290 |
| Non-current financial debt | 49552 | 47584 | 43533 | 45750 |
| **Total non-current liabilities** | **84469** | **82599** | **77272** | **79680** |
| **Current liabilities** |  |  |  |  |
| Accounts payable | 38062 | 39288 | 39932 | 34668 |
| Other creditors and accrued liabilities | 35266 | 34672 | 35961 | 34716 |
| Current borrowings | 13820 | 14637 | 10024 | 13853 |
| Other current financial liabilities | 568 | 861 | 664 | 488 |
| Liabilities directly associated with the assets classified as held for sale | 2109 | 1758 | 1379 | 1984 |
| **Total current liabilities** | **89825** | **91216** | **87960** | **85709** |
| **Total liabilities & shareholders' equity** | **291959** | **292817** | **285487** | **284005** |

---

**CONSOLIDATED STATEMENT OF CASH FLOW**

**TotalEnergies**

*(unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| <br>**(M$)** | **3<sup>rd</sup>** **quarter**<br>**2025** | **2<sup>nd</sup>** **quarter**<br>**2025** | **3<sup>rd</sup>** **quarter**<br>**2024** |
| **CASH FLOW FROM OPERATING ACTIVITIES** |  |  |  |
| Consolidated net income | 3762 | 2746 | 2361 |
| Depreciation, depletion, amortization and impairment | 3405 | 3360 | 4020 |
| Non-current liabilities, valuation allowances and deferred taxes | 272 | 127 | (93) |
| (Gains) losses on disposals of assets | (603) | (335) | (3) |
| Undistributed affiliates' equity earnings | (195) | (102) | (13) |
| (Increase) decrease in working capital | 1600 | 49 | 836 |
| Other changes, net | 108 | 115 | 63 |
| **Cash flow from operating activities** | **8349** | **5960** | **7171** |
| **CASH FLOW USED IN INVESTING ACTIVITIES** |  |  |  |
| Intangible assets and property, plant and equipment additions | (3812) | (4766) | (4110) |
| Acquisitions of subsidiaries, net of cash acquired |  | (1627) | (497) |
| Investments in equity affiliates and other securities | (215) | (419) | (845) |
| Increase in non-current loans | (408) | (425) | (458) |
| **Total expenditures** | **(4435)** | **(7237)** | **(5910)** |
| Proceeds from disposals of intangible assets and property, plant and equipment | 613 | 69 | 32 |
| Proceeds from disposals of subsidiaries, net of cash sold | 133 | 154 | 82 |
| Proceeds from disposals of non-current investments | (8) | 15 | 37 |
| Repayment of non-current loans | 494 | 310 | 197 |
| **Total divestments** | **1232** | **548** | **348** |
| **Cash flow used in investing activities** | **(3203)** | **(6689)** | **(5562)** |
| **CASH FLOW FROM FINANCING ACTIVITIES** |  |  |  |
| Issuance (repayment) of shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;- Parent company shareholders |  | 492 |  |
| &nbsp;&nbsp;&nbsp;- Treasury shares | (2349) | (1707) | (2005) |
| Dividends paid: |  |  |  |
| &nbsp;&nbsp;&nbsp;- Parent company shareholders | (2216) | (1894) | (1963) |
| &nbsp;&nbsp;&nbsp;- Non-controlling interests | (89) | (173) | (171) |
| Net issuance (repayment) of perpetual subordinated notes |  |  |  |
| Payments on perpetual subordinated notes | (26) | (27) | (23) |
| Other transactions with non-controlling interests | 23 | (31) | (14) |
| Net issuance (repayment) of non-current debt | 3682 | 257 | 3080 |
| Increase (decrease) in current borrowings | (1962) | (356) | 911 |
| Increase (decrease) in current financial assets and liabilities | 529 | 1287 | 760 |
| **Cash flow from / (used in) financing activities** | **(2408)** | **(2152)** | **575** |
| **Net increase (decrease) in cash and cash equivalents** | **2738** | **(2881)** | **2184** |
| Effect of exchange rates | 253 | 468 | 277 |
| Cash and cash equivalents at the beginning of the period | 20424 | 22837 | 23211 |
| **Cash and cash equivalents at the end of the period** | **23415** | **20424** | **25672** |

---

**CONSOLIDATED STATEMENT OF CASH FLOW**

**TotalEnergies**

*(unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**(M$)** | **9 months**<br>**2025** | **9 months**<br>**2024** |
| **CASH FLOW FROM OPERATING ACTIVITIES** |  |  |
| Consolidated net income | 10429 | 12012 |
| Depreciation, depletion, amortization and impairment | 9851 | 10136 |
| Non-current liabilities, valuation allowances and deferred taxes | 608 | 146 |
| (Gains) losses on disposals of assets | (913) | (1431) |
| Undistributed affiliates' equity earnings | (720) | 25 |
| (Increase) decrease in working capital | (2583) | (2837) |
| Other changes, net | 200 | 296 |
| **Cash flow from operating activities** | **16872** | **18347** |
| **CASH FLOW USED IN INVESTING ACTIVITIES** |  |  |
| Intangible assets and property, plant and equipment additions | (12800) | (11229) |
| Acquisitions of subsidiaries, net of cash acquired | (1859) | (1507) |
| Investments in equity affiliates and other securities | (945) | (1814) |
| Increase in non-current loans | (1401) | (1617) |
| **Total expenditures** | **(17005)** | **(16167)** |
| Proceeds from disposals of intangible assets and property, plant and equipment | 983 | 413 |
| Proceeds from disposals of subsidiaries, net of cash sold | 404 | 1513 |
| Proceeds from disposals of non-current investments | 8 | 127 |
| Repayment of non-current loans | 913 | 527 |
| **Total divestments** | **2308** | **2580** |
| **Cash flow used in investing activities** | **(14697)** | **(13587)** |
| **CASH FLOW FROM FINANCING ACTIVITIES** |  |  |
| Issuance (repayment) of shares: |  |  |
| &nbsp;&nbsp;&nbsp;- Parent company shareholders | 492 | 521 |
| &nbsp;&nbsp;&nbsp;- Treasury shares | (6208) | (6018) |
| Dividends paid: |  |  |
| &nbsp;&nbsp;&nbsp;- Parent company shareholders | (5961) | (5719) |
| &nbsp;&nbsp;&nbsp;- Non-controlling interests | (401) | (304) |
| Net issuance (repayment) of perpetual subordinated notes | (1139) | (1622) |
| Payments on perpetual subordinated notes | (181) | (232) |
| Other transactions with non-controlling interests | (28) | (50) |
| Net issuance (repayment) of non-current debt | 7370 | 7441 |
| Increase (decrease) in current borrowings | (2168) | (1006) |
| Increase (decrease) in current financial assets and liabilities | 2534 | 501 |
| **Cash flow from / (used in) financing activities** | **(5690)** | **(6488)** |
| **Net increase (decrease) in cash and cash equivalents** | **(3515)** | **(1728)** |
| Effect of exchange rates | 1086 | 137 |
| Cash and cash equivalents at the beginning of the period | 25844 | 27263 |
| **Cash and cash equivalents at the end of the period** | **23415** | **25672** |

---

**CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY**

**TotalEnergies**

*(unaudited)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common shares issued** | **Common shares issued** | **Paid-in** | **Currency** | **Treasury shares** | **Treasury shares** | **Shareholders'** | **Non-** | **Total** |
|  |  |  | **surplus and** | **translation** |  |  | **equity -** | **controlling** | **shareholders'** |
|  |  |  | **retained** | **adjustment** |  |  | **TotalEnergies** | **interests** | **equity** |
| (M$) | **Number** | **Amount** | **earnings** |  | **Number** | **Amount** | **Share** |  |  |
| **As of January 1, 2024** | **2412251835** | **7616** | **126857** | **(13701)** | **(60543213)** | **(4019)** | **116753** | **2700** | **119453** |
| Net income of the first nine months 2024 | - | - | 11802 | - | - | - | 11802 | 210 | 12012 |
| Other comprehensive income | - | - | 924 | (91) | - | - | 833 | 4 | 837 |
| **Comprehensive Income** | **-** | **-** | **12726** | **(91)** | **-** | **-** | **12635** | **214** | **12849** |
| Dividend | - | - | (5863) | - | - | - | (5863) | (304) | (6167) |
| Issuance of common shares | 10833187 | 29 | 492 | - | - | - | 521 | - | 521 |
| Purchase of treasury shares | - | - | - | - | (88066669) | (6568) | (6568) | - | (6568) |
| Sale of treasury shares<sup>(a)</sup> | - | - | (395) | - | 6067493 | 395 | - | - | - |
| Share-based payments | - | - | 458 | - | - | - | 458 | - | 458 |
| Share cancellation | (25405361) | (68) | (1595) | - | 25405361 | 1663 | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | (1679) | - | - | - | (1679) | - | (1679) |
| 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, 2024** | **2397679661** | **7577** | **130804** | **(13793)** | **(117137028)** | **(8529)** | **116059** | **2557** | **118616** |
| Net income of the fourth quarter 2024 | - | - | 3956 | - | - | - | 3956 | 63 | 4019 |
| Other comprehensive income | - | - | 1512 | (1467) | - | - | 45 | (48) | (3) |
| **Comprehensive Income** | **-** | **-** | **5468** | **(1467)** | **-** | **-** | **4001** | **15** | **4016** |
| Dividend | - | - | (1893) | - | - | - | (1893) | (151) | (2044) |
| Issuance of common shares | - | - | - | - | - | - | - | - | - |
| Purchase of treasury shares | - | - | - | - | (32396563) | (1427) | (1427) | - | (1427) |
| Sale of treasury shares<sup>(a)</sup> | - | - | - | - | 3773 | - | - | - | - |
| Share-based payments | - | - | 98 | - | - | - | 98 | - | 98 |
| Share cancellation | - | - | - | - | - | - | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | 1103 | - | - | - | 1103 | - | 1103 |
| 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, 2024** | **2397679661** | **7577** | **135496** | **(15259)** | **(149529818)** | **(9956)** | **117858** | **2397** | **120255** |
| Net income of the first nine months 2025 | - | - | 10221 | - | - | - | 10221 | 208 | 10429 |
| Other comprehensive income | - | - | (867) | 1406 | - | - | 539 | 66 | 605 |
| **Comprehensive Income** | **-** | **-** | **9354** | **1406** | **-** | **-** | **10760** | **274** | **11034** |
| Dividend | - | - | (6103) | - | - | - | (6103) | (267) | (6370) |
| Issuance of common shares | 11149053 | 30 | 462 | - | - | - | 492 | - | 492 |
| Purchase of treasury shares | - | - | - | - | (99060045) | (6520) | (6520) | - | (6520) |
| Sale of treasury shares<sup>(a)</sup> | - | - | (414) | - | 6218249 | 414 | - | - | - |
| Share-based payments | - | - | 463 | - | - | - | 463 | - | 463 |
| Share cancellation | (202243171) | (548) | (12704) | - | 202243171 | 13064 | (188) | - | (188) |
| Net issuance (repayment) of perpetual subordinated notes | - | - | (1219) | - | - | - | (1219) | - | (1219) |
| 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, 2025** | **2206585543** | **7059** | **125073** | **(13853)** | **(40128443)** | **(2998)** | **115281** | **2384** | **117665** |
| <sup>(a)</sup>*Treasury shares related to the performance share grants.* | <sup>(a)</sup>*Treasury shares related to the performance share grants.* | <sup>(a)</sup>*Treasury shares related to the performance share grants.* | <sup>(a)</sup>*Treasury shares related to the performance share grants.* | <sup>(a)</sup>*Treasury shares related to the performance share grants.* | <sup>(a)</sup>*Treasury shares related to the performance share grants.* | <sup>(a)</sup>*Treasury shares related to the performance share grants.* |  |  |  |

---

**INFORMATION BY BUSINESS SEGMENT**

**TotalEnergies**

*(unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **3<sup>rd</sup> quarter 2025**<br>(M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 1392 | 1995 | 3955 | 21205 | 20138 | 6 |  | 48691 |
| Intersegment sales | 8892 | 1587 | 434 | 7122 | 234 | 38 | (18307) |  |
| Excise taxes | - | - | - | (201) | (4646) | - | - | (4847) |
| **Revenues from sales** | **10284** | **3582** | **4389** | **28126** | **15726** | **44** | **(18307)** | **43844** |
| Operating expenses | (4200) | (2880) | (3863) | (27069) | (14916) | (225) | 18307 | (34846) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2145) | (376) | (103) | (380) | (243) | (33) |  | (3280) |
| Net income (loss) from equity affiliates and other items | 522 | 492 | (52) | 75 | (24) | (3) |  | 1010 |
| Tax on net operating income | (2055) | (97) | (110) | (143) | (177) | 115 |  | (2467) |
| Adjustments <sup>(a)</sup> | 237 | (131) | (310) | (78) | (14) | (22) | - | (318) |
| **Adjusted net operating income** | **2169** | **852** | **571** | **687** | **380** | **(80)** | **-** | **4579** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (318) |
| Net cost of net debt |  |  |  |  |  |  |  | (499) |
| Non-controlling interests |  |  |  |  |  |  |  | (79) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **3683** |

---

---

| |
|:---|
| *<sup>(a)</sup> Adjustments include special items, inventory valuation effect and the effect of changes in fair value.* |
| The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
| Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
| Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **3<sup>rd</sup> quarter 2025**<br>(M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 2409 | 611 | 773 | 402 | 205 | 35 |  | 4435 |
| Total divestments | 622 | 465 | 81 | 17 | 45 | 2 |  | 1232 |
| Cash flow from operating activities | 4187 | 789 | 674 | 2839 | 287 | (427) | - | 8349 |

---

**INFORMATION BY BUSINESS SEGMENT**

**TotalEnergies**

*(unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2<sup>nd</sup> quarter 2025**<br>(M$) | **Exploration**<br> **&**<br> **Production** | **Integrated**<br> **LNG**<br>| **Integrated**<br> **Power**<br>| **Refining**<br> **&**<br> **Chemicals** | **Marketing**<br> **&**<br> **Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 1369 | 2586 | 3958 | 21759 | 19944 | 11 |  | 49627 |
| Intersegment sales | 8862 | 1869 | 701 | 7006 | 177 | 32 | (18647) |  |
| Excise taxes | - | - | - | (254) | (4697) | - | - | (4951) |
| **Revenues from sales** | **10231** | **4455** | **4659** | **28511** | **15424** | **43** | **(18647)** | **44676** |
| Operating expenses | (4577) | (3632) | (4479) | (27995) | (14751) | (302) | 18647 | (37089) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1978) | (397) | (108) | (520) | (224) | (31) |  | (3258) |
| Net income (loss) from equity affiliates and other items | 58 | 578 | 340 | (42) | 113 | (35) |  | 1012 |
| Tax on net operating income | (1793) | (166) | (27) | (12) | (168) | 57 |  | (2109) |
| Adjustments <sup>(a)</sup> | (33) | (203) | (189) | (447) | (18) | (23) | - | (913) |
| **Adjusted net operating income** | **1974** | **1041** | **574** | **389** | **412** | **(245)** | **-** | **4145** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (913) |
| Net cost of net debt |  |  |  |  |  |  |  | (486) |
| Non-controlling interests |  |  |  |  |  |  |  | (59) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **2687** |

---

---

| |
|:---|
| *<sup>(a)</sup> Adjustments include special items, inventory valuation effect and the effect of changes in fair value.* |
| The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
| Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
| Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2<sup>nd</sup> quarter 2025**<br>(M$) | **Exploration**<br> **&**<br> **Production** | **Integrated**<br> **LNG**<br>| **Integrated**<br> **Power**<br>| **Refining**<br> **&**<br> **Chemicals** | **Marketing**<br> **&**<br> **Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 3186 | 877 | 2503 | 351 | 234 | 86 |  | 7237 |
| Total divestments | 80 | 25 | 347 | 42 | 38 | 16 |  | 548 |
| Cash flow from operating activities | 3675 | 539 | 799 | 887 | 628 | (568) | - | 5960 |

---

**INFORMATION BY BUSINESS SEGMENT**

**TotalEnergies**

*(unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **3<sup>rd</sup> quarter 2024**<br>(M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 1425 | 2350 | 4444 | 22926 | 20872 | 4 |  | 52021 |
| Intersegment sales | 9633 | 2017 | 424 | 7927 | 218 | 58 | (20277) |  |
| Excise taxes | - | - | - | (213) | (4379) | - | - | (4592) |
| **Revenues from sales** | **11058** | **4367** | **4868** | **30640** | **16711** | **62** | **(20277)** | **47429** |
| Operating expenses | (5257) | (3393) | (4329) | (30273) | (16082) | (209) | 20277 | (39266) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2324) | (294) | (114) | (400) | (229) | (31) |  | (3392) |
| Net income (loss) from equity affiliates and other items | 47 | 482 | (274) | (79) | (29) | (38) |  | 109 |
| Tax on net operating income | (1879) | (250) | (66) | 40 | (102) | 117 |  | (2140) |
| Adjustments <sup>(a)</sup> | (837) | (151) | (400) | (313) | (95) | (23) | - | (1819) |
| **Adjusted net operating income** | **2482** | **1063** | **485** | **241** | **364** | **(76)** | **-** | **4559** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (1819) |
| Net cost of net debt |  |  |  |  |  |  |  | (379) |
| Non-controlling interests |  |  |  |  |  |  |  | (67) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **2294** |

---

---

| |
|:---|
| *<sup>(a)</sup> Adjustments include special items, inventory valuation effect and the effect of changes in fair value.* |
| The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
| Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
| Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **3<sup>rd</sup> quarter 2024**<br>(M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 2251 | 599 | 2291 | 388 | 329 | 52 |  | 5910 |
| Total divestments | 90 | 99 | 70 | 69 | 19 | 1 |  | 348 |
| Cash flow from operating activities | 4763 | 830 | 373 | 564 | 581 | 60 | - | 7171 |

---

**INFORMATION BY BUSINESS SEGMENT**

**TotalEnergies**

*(unaudited)*

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9 months 2025**<br>(M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 4330 | 7669 | 13880 | 65591 | 59083 | 19 |  | 150572 |
| Intersegment sales | 26481 | 6708 | 1819 | 20939 | 567 | 95 | (56609) |  |
| Excise taxes | - | - | - | (567) | (13586) | - | - | (14153) |
| **Revenues from sales** | **30811** | **14377** | **15699** | **85963** | **46064** | **114** | **(56609)** | **136419** |
| Operating expenses | (12577) | (11468) | (14527) | (83712) | (44041) | (719) | 56609 | (110435) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6073) | (1164) | (286) | (1239) | (684) | (90) |  | (9536) |
| Net income (loss) from equity affiliates and other items | 713 | 1635 | 332 | 25 | 79 | (74) |  | 2710 |
| Tax on net operating income | (6176) | (538) | (210) | (238) | (443) | 246 |  | (7359) |
| Adjustments <sup>(a)</sup> | 104 | (345) | (643) | (578) | (57) | (67) | - | (1586) |
| **Adjusted net operating income** | **6594** | **3187** | **1651** | **1377** | **1032** | **(456)** | **-** | **13385** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (1586) |
| Net cost of net debt |  |  |  |  |  |  |  | (1370) |
| Non-controlling interests |  |  |  |  |  |  |  | (208) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **10221** |

---

---

| |
|:---|
| *<sup>(a)</sup> Adjustments include special items, inventory valuation effect and the effect of changes in fair value.* |
| The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
| Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
| Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9 months 2025**<br>(M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 8642 | 2390 | 4212 | 995 | 611 | 155 |  | 17005 |
| Total divestments | 1060 | 500 | 486 | 65 | 180 | 17 |  | 2308 |
| Cash flow from operating activities | 11128 | 3071 | 1074 | 1743 | 1483 | (1627) | - | 16872 |

---

 

 

 

**INFORMATION BY BUSINESS SEGMENT**

**TotalEnergies**

*(unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9 months 2024**<br>(M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 4159 | 6995 | 15990 | 71975 | 62901 | 22 |  | 162042 |
| Intersegment sales | 29164 | 7623 | 1583 | 24273 | 651 | 198 | (63492) |  |
| Excise taxes | - | - | - | (591) | (12956) | - | - | (13547) |
| **Revenues from sales** | **33323** | **14618** | **17573** | **95657** | **50596** | **220** | **(63492)** | **148495** |
| Operating expenses | (14370) | (11099) | (16400) | (92808) | (48779) | (756) | 63492 | (120720) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6148) | (925) | (316) | (1192) | (643) | (86) |  | (9310) |
| Net income (loss) from equity affiliates and other items | 285 | 1503 | (863) | (24) | 1367 | 18 |  | 2286 |
| Tax on net operating income | (6303) | (785) | (185) | (275) | (311) | 149 |  | (7710) |
| Adjustments <sup>(a)</sup> | (912) | (125) | (1789) | (484) | 1232 | (36) | - | (2114) |
| **Adjusted net operating income** | **7699** | **3437** | **1598** | **1842** | **998** | **(419)** | **-** | **15155** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (2114) |
| Net cost of net debt |  |  |  |  |  |  |  | (1029) |
| Non-controlling interests |  |  |  |  |  |  |  | (210) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **11802** |

---

---

| |
|:---|
| *<sup>(a)</sup> Adjustments include special items, inventory valuation effect and the effect of changes in fair value.* |
| The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
| Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
| Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9 months 2024**<br>(M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 7242 | 2008 | 4799 | 1266 | 732 | 120 |  | 16167 |
| Total divestments | 545 | 178 | 393 | 234 | 1222 | 8 |  | 2580 |
| Cash flow from operating activities | 12888 | 2971 | 1771 | (24) | 2123 | (1382) | - | 18347 |

---

**TotalEnergies**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE FIRST NINE MONTHS 2025**

*(unaudited)*

**1)** <u>Basis of preparation of the consolidated financial statements</u>**

The condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).

The condensed consolidated financial statements of TotalEnergies SE and its subsidiaries (the Company) as of September 30, 2025, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting".

The accounting principles applied for the condensed consolidated financial statements at September 30, 2025, are consistent with those used for the financial statements at December 31, 2024.

The preparation of financial statements in accordance with IFRS for the closing as of September 30, 2025 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General Management and therefore could be revised as circumstances change or as a result of new information.

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2024.

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the General Management of the Company applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

**2)** <u>Changes in the Company structure</u>**

***2.1) Main acquisitions and divestments***

---

| | |
|:---|:---|
| ⮚ | **Exploration & Production** |

---

&nbsp;&nbsp;&nbsp;&nbsp;· On August 6, 2025, TotalEnergies announced that its affiliate Total Austral has signed an agreement with
YPF SA for the sale of its 45% operated interest in two unconventional oil and gas blocks in Argentina, Rincon La Ceniza and La Escalonada,
located in the Vaca Muerta area in the Neuquén Basin, for an amount of $500 million. The transaction was completed on September
30, 2025.

September 30, 2025 - Notes to the consolidated financial statements - 1/15

---

| | |
|:---|:---|
| ⮚ | **Integrated Power** |

---

&nbsp;&nbsp;&nbsp;&nbsp;· On April 2, 2025, following the agreements signed in 2024, TotalEnergies finalized the acquisition of
VSB Group, a European wind and solar developer with extensive operations in Germany, for a consideration of €1.57 billion. VSB has
built a recognized expertise and notable track record in the development of onshore wind power farms across Europe (more than 2 GW of
developed capacity). VSB has 500 MW of renewable capacity in operation or under construction mainly in Germany and France, and a pipeline
of more than 15 GW of wind, solar and battery storage technologies mainly across Germany, Poland and France.

***2.2) Major business combinations***

---

| | |
|:---|:---|
| ⮚ | **Integrated LNG** |

---

**Acquisition of the Upstream Gas Assets of SapuraOMV**

In December 2024, TotalEnergies has finalized the acquisition of the interests of OMV (50%) and Sapura Upstream Assets (50%) in SapuraOMV Upstream (SapuraOMV), an independent gas producer and operator in Malaisia. In accordance with IFRS 3 "Business combinations", TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. The preliminary purchase price allocation is shown below:

---

| | |
|:---|:---|
| (M$) | At the acquisition date |
| Goodwill | 440 |
| Intangible assets | 437 |
| Tangible assets | 1022 |
| Other assets and liabilities | (486) |
| Net debt of the acquired treasury | (224) |
| **Fair value of the consideration transferred** | **1189** |

---

---

| | |
|:---|:---|
| ⮚ | **Integrated Power** |

---

**Acquisition of VSB Group**

TotalEnergies finalized the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany. In accordance with IFRS 3, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalized within 12 months following the acquisition date.

***2.3) Major divestment projects***

---

| | |
|:---|:---|
| ⮚ | **Exploration & Production** |

---

&nbsp;&nbsp;&nbsp;&nbsp;· On July 17, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria had signed a sale
and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria, the preceding
conditions of which could not be fulfilled. Advanced negotiations are engaged with other buyers with a view of a new sale agreement signature.

As of September 30, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as "Assets classified as held for sale" for an amount of $1,331 million and "Liabilities classified as held for sale" for an amount of $1,119 million. These assets mainly include tangible assets.

September 30, 2025 - Notes to the consolidated financial statements - 2/15

&nbsp;&nbsp;&nbsp;&nbsp;· On May 29, 2025, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria had signed an agreement
with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for the sale of its non-operated 12.5% interest in the OML118 Production
Sharing Contract (PSC). Nigerian Agip Exploration Limited (NAE), a subsidiary of ENI S.p.A., having exercised its right of pre-emption,
two sale agreements were signed on July 18, 2025: one for 10% with SNEPCo and another for 2.5% with NAE.

As of September 30, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as "Assets classified as held for sale" for an amount of $578 million and "Liabilities classified as held for sale" for an amount of $237 million. These assets mainly include tangible assets.

---

| | |
|:---|:---|
| ⮚ | **Integrated Power** |

---

&nbsp;&nbsp;&nbsp;&nbsp;· On September 29, 2025, TotalEnergies has signed an agreement with insurance vehicles and accounts managed
by KKR, a leading global investment firm, for the sale of 50% of a 1.4 GW solar portfolio in North America. The transaction covers six
utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totalling 140 MW, in North America.

As of September 30, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as "Assets classified as held for sale" for an amount of $1,936 million and "Liabilities classified as held for sale" for an amount of $480 million. These assets mainly include tangible assets.

**3)** <u>Business segment information</u>**

**Description of the business segments**

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.

The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.

Sales prices for transactions between business segments approximate market prices.

The reporting structure for the business segments' financial information is based on the following five business segments:

- An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries;

- An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas, hydrogen and gas trading activities;

- An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity;

- A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;

- A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;

In addition the Corporate segment includes holdings operating and financial activities.

September 30, 2025 - Notes to the consolidated financial statements - 3/15

**Definition of the indicators**

<u>Adjusted Net Operating Income</u>

TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.

The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.

Adjustment items include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>a) Special items</u>

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>b) The inventory valuation effect</u>

In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-in, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments' performance and facilitate the comparability of the segments' performance with those of its main competitors.

In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>c) Effect of changes in fair value</u> 

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.

September 30, 2025 - Notes to the consolidated financial statements - 4/15

***3.1) Information by business segment***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9 months 2025<br>** <br> (M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> & <br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 4330 | 7669 | 13880 | 65591 | 59083 | 19 |  | 150572 |
| Intersegment sales | 26481 | 6708 | 1819 | 20939 | 567 | 95 | (56609) |  |
| Excise taxes | - | - | - | (567) | (13586) | - | - | (14153) |
| **Revenues from sales** | **30811** | **14377** | **15699** | **85963** | **46064** | **114** | **(56609)** | **136419** |
| Operating expenses | (12577) | (11468) | (14527) | (83712) | (44041) | (719) | 56609 | (110435) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6073) | (1164) | (286) | (1239) | (684) | (90) |  | (9536) |
| Net income (loss) from equity affiliates and other items | 713 | 1635 | 332 | 25 | 79 | (74) |  | 2710 |
| Tax on net operating income | (6176) | (538) | (210) | (238) | (443) | 246 |  | (7359) |
| Adjustments <sup>(a)</sup> | 104 | (345) | (643) | (578) | (57) | (67) | - | (1586) |
| **Adjusted net operating income** | **6594** | **3187** | **1651** | **1377** | **1032** | **(456)** | **-** | **13385** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (1586) |
| Net cost of net debt |  |  |  |  |  |  |  | (1370) |
| Non-controlling interests |  |  |  |  |  |  |  | (208) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **10221** |

---

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9 months 2025<br>** <br> (M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> & <br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 8642 | 2390 | 4212 | 995 | 611 | 155 |  | 17005 |
| Total divestments | 1060 | 500 | 486 | 65 | 180 | 17 |  | 2308 |
| Cash flow from operating activities | 11128 | 3071 | 1074 | 1743 | 1483 | (1627) | - | 16872 |

---

September 30, 2025 - Notes to the consolidated financial statements - 5/15

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9 months 2024<br>** <br> (M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> & <br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 4159 | 6995 | 15990 | 71975 | 62901 | 22 |  | 162042 |
| Intersegment sales | 29164 | 7623 | 1583 | 24273 | 651 | 198 | (63492) |  |
| Excise taxes | - | - | - | (591) | (12956) | - | - | (13547) |
| **Revenues from sales** | **33323** | **14618** | **17573** | **95657** | **50596** | **220** | **(63492)** | **148495** |
| Operating expenses | (14370) | (11099) | (16400) | (92808) | (48779) | (756) | 63492 | (120720) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6148) | (925) | (316) | (1192) | (643) | (86) |  | (9310) |
| Net income (loss) from equity affiliates and other items | 285 | 1503 | (863) | (24) | 1367 | 18 |  | 2286 |
| Tax on net operating income | (6303) | (785) | (185) | (275) | (311) | 149 |  | (7710) |
| Adjustments <sup>(a)</sup> | (912) | (125) | (1789) | (484) | 1232 | (36) | - | (2114) |
| **Adjusted net operating income** | **7699** | **3437** | **1598** | **1842** | **998** | **(419)** | **-** | **15155** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (2114) |
| Net cost of net debt |  |  |  |  |  |  |  | (1029) |
| Non-controlling interests |  |  |  |  |  |  |  | (210) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **11802** |

---

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9 months 2024<br>** <br> (M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> & <br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 7242 | 2008 | 4799 | 1266 | 732 | 120 |  | 16167 |
| Total divestments | 545 | 178 | 393 | 234 | 1222 | 8 |  | 2580 |
| Cash flow from operating activities | 12888 | 2971 | 1771 | (24) | 2123 | (1382) | - | 18347 |

---

September 30, 2025 - Notes to the consolidated financial statements - 6/15

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **3<sup>rd</sup> quarter 2025<br>** <br> (M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> & <br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 1392 | 1995 | 3955 | 21205 | 20138 | 6 |  | 48691 |
| Intersegment sales | 8892 | 1587 | 434 | 7122 | 234 | 38 | (18307) |  |
| Excise taxes | - | - | - | (201) | (4646) | - | - | (4847) |
| **Revenues from sales** | **10284** | **3582** | **4389** | **28126** | **15726** | **44** | **(18307)** | **43844** |
| Operating expenses | (4200) | (2880) | (3863) | (27069) | (14916) | (225) | 18307 | (34846) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2145) | (376) | (103) | (380) | (243) | (33) |  | (3280) |
| Net income (loss) from equity affiliates and other items | 522 | 492 | (52) | 75 | (24) | (3) |  | 1010 |
| Tax on net operating income | (2055) | (97) | (110) | (143) | (177) | 115 |  | (2467) |
| Adjustments <sup>(a)</sup> | 237 | (131) | (310) | (78) | (14) | (22) | - | (318) |
| **Adjusted net operating income** | **2169** | **852** | **571** | **687** | **380** | **(80)** | **-** | **4579** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (318) |
| Net cost of net debt |  |  |  |  |  |  |  | (499) |
| Non-controlling interests |  |  |  |  |  |  |  | (79) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **3683** |

---

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **3<sup>rd</sup> quarter 2025<br>** <br> (M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> & <br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 2409 | 611 | 773 | 402 | 205 | 35 |  | 4435 |
| Total divestments | 622 | 465 | 81 | 17 | 45 | 2 |  | 1232 |
| Cash flow from operating activities | 4187 | 789 | 674 | 2839 | 287 | (427) | - | 8349 |

---

September 30, 2025 - Notes to the consolidated financial statements - 7/15

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **3<sup>rd</sup> quarter 2024<br>** <br> (M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> & <br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| External sales | 1425 | 2350 | 4444 | 22926 | 20872 | 4 |  | 52021 |
| Intersegment sales | 9633 | 2017 | 424 | 7927 | 218 | 58 | (20277) |  |
| Excise taxes | - | - | - | (213) | (4379) | - | - | (4592) |
| **Revenues from sales** | **11058** | **4367** | **4868** | **30640** | **16711** | **62** | **(20277)** | **47429** |
| Operating expenses | (5257) | (3393) | (4329) | (30273) | (16082) | (209) | 20277 | (39266) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2324) | (294) | (114) | (400) | (229) | (31) |  | (3392) |
| Net income (loss) from equity affiliates and other items | 47 | 482 | (274) | (79) | (29) | (38) |  | 109 |
| Tax on net operating income | (1879) | (250) | (66) | 40 | (102) | 117 |  | (2140) |
| Adjustments <sup>(a)</sup> | (837) | (151) | (400) | (313) | (95) | (23) | - | (1819) |
| **Adjusted net operating income** | **2482** | **1063** | **485** | **241** | **364** | **(76)** | **-** | **4559** |
| Adjustments <sup>(a)</sup> |  |  |  |  |  |  |  | (1819) |
| Net cost of net debt |  |  |  |  |  |  |  | (379) |
| Non-controlling interests |  |  |  |  |  |  |  | (67) |
| **Net income - TotalEnergies share** |  |  |  |  |  |  |  | **2294** |

---

*<sup>(a)</sup> Adjustments include special items, inventory valuation effect and the effect of changes in fair value.*

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **3<sup>rd</sup> quarter 2024<br>** <br> (M$) | **Exploration<br> &<br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> & <br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Intercompany** | **Total** |
| Total expenditures | 2251 | 599 | 2291 | 388 | 329 | 52 |  | 5910 |
| Total divestments | 90 | 99 | 70 | 69 | 19 | 1 |  | 348 |
| Cash flow from operating activities | 4763 | 830 | 373 | 564 | 581 | 60 | - | 7171 |

---

September 30, 2025 - Notes to the consolidated financial statements - 8/15

**3.2)** Adjustment items**

The main adjustement items for the first nine months 2025 are the following:

1) An "Inventory valuation effect" amounting to $(380) million in net operating income for the Refining & Chemicals and Marketing & Services segments;

2) An "Effect of changes in fair value" amounting to $(610) million in net operating income for the Integrated LNG and Integrated Power segments;

3) "Asset impairment and provisions charges" of $(495) million in net operating income mainly consisting of impairment and provision related to the adaptation project of the Antwerp platform for the Refining & Chemicals segment, and of impairment of offshore wind projects, notably in Asia (Taiwan, Korea) for the Integrated Power segment;

4) "Gains on disposals of assets" for an amount of $284 million in net operating income from the sale of a 45% operated interest in two unconventional oil and gas blocks, located in the Vaca Muerta area, in Argentina for the Exploration & Production segment;

5) "Other items" amounted to $(378) million in net operating income notably related to the impacts of the Energy Profits Levy in the United Kingdom on deferred tax.

September 30, 2025 - Notes to the consolidated financial statements - 9/15

The detail of the adjustment items is presented in the table below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADJUSTMENTS TO NET OPERATING INCOME** | **ADJUSTMENTS TO NET OPERATING INCOME** |  |  |  |  |  |  |  |
| (M$) | (M$) | **Exploration<br> & <br> Production** | **Integrated<br> LNG** | **Integrated<br> Power** | **Refining<br> &<br> Chemicals** | **Marketing<br> &<br> Services** | **Corporate** | **Total** |
| **3<sup>rd</sup> quarter 2025** | Inventory valuation effect |  |  |  | (48) | 15 |  | (33) |
|  | Effect of changes in fair value |  | (131) | (41) |  |  |  | (172) |
|  | Restructuring charges | (7) |  |  |  |  |  | (7) |
|  | Asset impairment and provisions charges |  |  | (257) |  | (29) |  | (286) |
|  | Gains (losses) on disposals of assets | 284 |  |  |  |  |  | 284 |
|  | Other items | (40) | - | (12) | (30) | - | (22) | (104) |
| **Total** |  | **237** | **(131)** | **(310)** | **(78)** | **(14)** | **(22)** | **(318)** |
| **3<sup>rd</sup> quarter 2024** | Inventory valuation effect |  |  |  | (290) | (85) |  | (375) |
|  | Effect of changes in fair value |  | (49) | (35) |  |  |  | (84) |
|  | Restructuring charges |  |  |  |  | (10) |  | (10) |
|  | Asset impairment and provisions charges | (811) |  | (281) | (15) |  |  | (1107) |
|  | Gains (losses) on disposals of assets |  |  |  |  |  |  |  |
|  | Other items | (26) | (102) | (84) | (8) | - | (23) | (243) |
| **Total** |  | **(837)** | **(151)** | **(400)** | **(313)** | **(95)** | **(23)** | **(1819)** |
| **9 months 2025** | Inventory valuation effect |  |  |  | (352) | (28) |  | (380) |
|  | Effect of changes in fair value |  | (249) | (361) |  |  |  | (610) |
|  | Restructuring charges | (7) |  |  |  |  |  | (7) |
|  | Asset impairment and provisions charges |  |  | (270) | (196) | (29) |  | (495) |
|  | Gains (losses) on disposals of assets | 284 |  |  |  |  |  | 284 |
|  | Other items | (173) | (96) | (12) | (30) | - | (67) | (378) |
| **Total** |  | **104** | **(345)** | **(643)** | **(578)** | **(57)** | **(67)** | **(1586)** |
| **9 months 2024** | Inventory valuation effect |  |  |  | (460) | (135) |  | (595) |
|  | Effect of changes in fair value |  | (23) | (672) |  |  |  | (695) |
|  | Restructuring charges |  |  | (11) |  | (10) |  | (21) |
|  | Asset impairment and provisions charges | (811) |  | (925) | (15) |  |  | (1751) |
|  | Gains (losses) on disposals of assets | (9) |  | 29 |  | 1377 |  | 1397 |
|  | Other items | (92) | (102) | (210) | (9) | - | (36) | (449) |
| **Total** |  | **(912)** | **(125)** | **(1789)** | **(484)** | **1232** | **(36)** | **(2114)** |

---

September 30, 2025 - Notes to the consolidated financial statements - 10/15

**4)** <u>Shareholders' equity</u>**

**Treasury shares (TotalEnergies shares held directly by TotalEnergies SE)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2024** | **September 30, 2025** |
| **Number of treasury shares** | **149529818** | **40128443** |
| Percentage of share capital | 6.24% | 1.82% |

---

Following the authorization of the Extraordinary Shareholder's Meeting held on May 25, 2022, the Board of Directors decided to cancel:

- at its meeting on February 4, 2025, with effect on February 10, 2025, 127,622,460 treasury shares bought back between October 27, 2023 and November 19, 2024;

- at its meeting on September 24, 2025, with effect on September 26, 2025, 74,620,711 treasury shares bought back between November 20, 2024 and June 26, 2025.

**Dividend**

The Board of Directors, at its meeting on April 29, 2025, set the first interim dividend for the fiscal year 2025 at €0.85 per share. The ex-dividend date of this interim dividend was October 1, 2025 and it was paid in cash on October 3, 2025.

Moreover, the Board of Directors, at its meeting on July 23, 2025, set the second interim dividend for the fiscal year 2025 at €0.85 per share, i.e. an amount equal to the aforementioned first interim dividend. The ex-dividend date of this second interim dividend will be December 31, 2025. It will be paid in cash on January 5, 2026 for shares listed on Euronext, and on January 23, 2026 for shares listed on the NYSE or for ADRs<sup>1</sup>.

Finally, the Board of Directors, at its meeting on October 29, 2025, set the third interim dividend for the fiscal year 2025 at €0.85 per share, i.e. an amount equal to the first and second interim dividends for the same fiscal year. The ex-dividend date of this third interim dividend will be March 31, 2026. It will be paid in cash on April 2, 2026 for shares listed on Euronext, and on April 23, 2026 for shares listed on the NYSE or for ADRs<sup>1</sup>.

---

| | | | |
|:---|:---|:---|:---|
| **Dividend 2025** | **First interim** | **Second interim** | **Third interim** |
| Amount | €0.85 | €0.85 | €0.85 |
| Set date | April 29, 2025 | July 23, 2025 | October 29, 2025 |
| Ex-dividend date | October 1, 2025 | December 31, 2025 | March 31, 2026 |
| Payment date ordinary shares Euronext | October 3, 2025 | January 5, 2026 | April 2, 2026 |
| Payment date ordinary shares NYSE<sup>1</sup> or ADRs |  | January 23, 2026 | April 23, 2026 |

---

<sup>1</sup> Dates applicable to ordinary shares that will be listed on the NYSE, subject to the effective completion of the conversion of ADRs into ordinary shares before the ex-dividend date, or to ADRs should the conversion of ADRs into ordinary shares not be completed by that date.

September 30, 2025 - Notes to the consolidated financial statements - 11/15

**Earnings per share in Euro**

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €1.41 per share for the 3<sup>rd</sup> quarter 2025 (€1.03 per share for the 2<sup>nd</sup> quarter 2025 and €0.88 per share for the 3<sup>rd</sup> quarter 2024). Diluted earnings per share calculated using the same method amounted to €1.40 per share for the 3<sup>rd</sup> quarter 2025 (€1.01 per share for the 2<sup>nd</sup> quarter 2025 and €0.87 per share for the 3<sup>rd</sup> quarter 2024).

Earnings per share are calculated after remuneration of perpetual subordinated notes.

**Perpetual subordinated notes**

TotalEnergies SE has not issued any perpetual subordinated notes during the first nine months of 2025.

In February 2025, TotalEnergies SE has redeemed the outstanding nominal amount of €1,082 million of perpetual subordinated notes carrying a coupon of 2.625%, issued in February 2015, on their first call date.

**Other comprehensive income**

Detail of other comprehensive income is presented in the table below:

---

| | | |
|:---|:---|:---|
| **(M$)** | **9 months 2025** | **9 months 2024** |
| Actuarial gains and losses | 14 | 23 |
| Change in fair value of investments in equity instruments | (32) | 2 |
| Tax effect |  | 10 |
| Currency translation adjustment generated by the parent company | 8688 | 962 |
| **Sub-total items not potentially reclassifiable to profit and loss** | **8670** | **997** |
| **Currency translation adjustment** | **(6939)** | **(835)** |
| - unrealized gain/(loss) of the period | (6936) | (700) |
| - less gain/(loss) included in net income | 3 | 135 |
| **Cash flow hedge** | **(1014)** | **1387** |
| - unrealized gain/(loss) of the period | (1522) | 1259 |
| - less gain/(loss) included in net income | (508) | (128) |
| **Variation of foreign currency basis spread** | **25** | **(19)** |
| - unrealized gain/(loss) of the period | 14 | (33) |
| - less gain/(loss) included in net income | (11) | (14) |
| **Share of other comprehensive income of equity affiliates, net amount** | **(386)** | **(322)** |
| - unrealized gain/(loss) of the period | (369) | (318) |
| - less gain/(loss) included in net income | 17 | 4 |
| **Other** | **12** | **2** |
| **Tax effect** | **237** | **(373)** |
| **Sub-total items potentially reclassifiable to profit and loss** | **(8065)** | **(160)** |
| **Total other comprehensive income (net amount)** | **605** | **837** |

---

September 30, 2025 - Notes to the consolidated financial statements - 12/15

Tax effects relating to each component of other comprehensive income are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **9 months 2025** | **9 months 2025** | **9 months 2025** | **9 months 2024** | **9 months 2024** | **9 months 2024** |
| <br>(M$) | **Pre-tax <br> amount** | **Tax effect** | **Net amount** | **Pre-tax <br> amount** | **Tax effect** | **Net amount** |
| Actuarial gains and losses | 14 | (7) | 7 | 23 | 10 | 33 |
| Change in fair value of investments in equity instruments | (32) | 7 | (25) | 2 |  | 2 |
| Currency translation adjustment generated by the parent company | 8688 | - | 8688 | 962 | - | 962 |
| **Sub-total items not potentially reclassifiable to profit and loss** | **8670** | **-** | **8670** | **987** | **10** | **997** |
| Currency translation adjustment | (6939) |  | (6939) | (835) |  | (835) |
| Cash flow hedge | (1014) | 248 | (766) | 1387 | (378) | 1009 |
| Variation of foreign currency basis spread | 25 | (11) | 14 | (19) | 5 | (14) |
| Share of other comprehensive income of equity affiliates, net amount | (386) |  | (386) | (322) |  | (322) |
| Other | 12 | - | 12 | 2 | - | 2 |
| **Sub-total items potentially reclassifiable to profit and loss** | **(8302)** | **237** | **(8065)** | **213** | **(373)** | **(160)** |
| **Total other comprehensive income** | **368** | **237** | **605** | **1200** | **(363)** | **837** |

---

**5)** <u>Financial debt</u>**

The Company has issued senior bonds across three tranches in the Euro markets on February 24<sup>th</sup>, 2025 with a settlement date on March 3<sup>rd</sup>, 2025:

1,000 million euros at 3.160% issued by TotalEnergies Capital International and maturing in March 2033;

850 million euros at 3.499% issued by TotalEnergies Capital International and maturing in March 2037;

1,300 million euros at 3.852% issued by TotalEnergies Capital International and maturing in March 2045.

The Company has issued senior bonds across three tranches in the Euro markets on June 24<sup>th</sup>, 2025 with a settlement date on July 1<sup>st</sup>, 2025:

1,000 million euros at 3.075% issued by TotalEnergies Capital International and maturing in July 2031;

1,100 million euros at 3.647% issued by TotalEnergies Capital International and maturing in July 2035;

900 million euros at 4.060% issued by TotalEnergies Capital International and maturing in July 2040.

The Company has redeemed five senior bonds during the first nine months of 2025:

1,000 million dollars at 2.434% bond issued by TotalEnergies Capital International in 2019 and maturing in January 2025;

850 million euros at 1.375% bond issued by TotalEnergies Capital International in 2014 and maturing in March 2025;

1,000 million Hong Kong dollars at 2.920% bond issued by TotalEnergies Capital International in 2014 and maturing in April 2025;

325 million pounds sterling at 1.750% bond issued by TotalEnergies Capital International in 2018 and maturing in July 2025;

100 million Australian dollars at 4.000% bond issued by TotalEnergies Capital International in 2015 and maturing in September 2025.

September 30, 2025 - Notes to the consolidated financial statements - 13/15

**6) <u>Related parties</u>**

The related parties are mainly equity affiliates and non-consolidated investments.

There were no major changes concerning transactions with related parties during the first nine months of 2025.

**7)** <u>Other risks and contingent liabilities</u>**

TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.

**Yemen**

In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.

**Mozambique** 

Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April 26, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure.

**Legal and arbitration proceedings**

- Disputes relating to Climate

In France, TotalEnergies SE was summoned in January 2020 before Nanterre's Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5 °C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company's activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July 6, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June 18, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies SE considers that it has fulfilled its obligations under the French law on the vigilance duty. A new action against the Corporation, with similar requests for injunction, has started in March 2024 before the commercial court of Tournai in Belgium.

Some associations in France brought civil and criminal actions against TotalEnergies SE, with the purpose of proving that since May 2021 – after the change of name of TotalEnergies – the Corporation's corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. In its decision of October 23, 2025, the Paris Judicial Court dismissed majority of the claims made against the Company, particularly those concerning its corporate communications. It requested the removal of three paragraphs relating to the ambition for carbon neutrality from the website of its French subsidiary TotalEnergies Electricité et Gaz France, which sells electricity and gas to French consumers. The claims relating to the communication campaign associated with the Company's name change in 2021, as well as those concerning its corporate communications on the role of natural gas and biofuels in the energy transition, were also dismissed. No "advertising" by TotalEnergies' affiliates in France was condemned by the Court.

In France, on July 4, 2023, nine shareholders (two companies and 7 individuals holding a small number of the Corporation's shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no. 3 passed by the Corporation's Annual Shareholders' Meeting on May 26, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies's assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (scope 3) and carbon cost assumptions presented as too low. The claimants request for annulment of the shareholders' meeting resolution has been dismissed on September 25, 2025, for lack of interest during a preliminary procedural phase.

September 30, 2025 - Notes to the consolidated financial statements - 14/15

In the United States, the Corporation and several of its US subsidiaries of were summoned, amongst many other companies and professional associations, in several "climate litigation" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Company considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.

- Mozambique

In France, victims and heirs of deceased persons filed a complaint against TotalEnergies SE in October 2023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March 2021. This complaint would allege that the Corporation is liable for "unvoluntary manslaughter" and "failure to assist people in danger". The Corporation considers these accusations as unfounded in both law and fact<sup>2</sup>.

- Kazakhstan

On April 1st, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.

**8) <u>Subsequent events</u>**

There are no post-balance sheet events that could have a material impact on the Company's financial statements.

<sup>2</sup> Refer to the press release published by the Company on October 11, 2023 contesting the accusations.

September 30, 2025 - Notes to the consolidated financial statements - 15/15

## Exhibit 99.2

**EXHIBIT 99.2**

**<u>RECENT DEVELOPMENTS</u>**

 

*The term "TotalEnergies" or the "Company" in this exhibit is used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.*

**TotalEnergies confirms the third interim dividend of €0.85/share for fiscal year 2025, an increase of 7.6% compared to 2024**

On October 29, 2025, the Board of Directors of the Company (the "Board of Directors") met, under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, and decided on the distribution of a third interim dividend of 0.85€/share for fiscal year 2025, an increase of 7.6% compared to the three interim dividends paid for fiscal year 2024 and identical to the final dividend for fiscal year 2024 and to the first and second interim dividends for fiscal year 2025. This increase is in line with the shareholder return policy for the year 2025 as announced by the Board of Directors in February 2025.

This interim dividend will be detached and paid exclusively in cash, according to the following timetable:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Euronext</u>** | &nbsp;&nbsp;**<u>NYSE<sup>1</sup></u>** |
| Ex-dividend date | March 31, 2026 | March 31, 2026 |
| Payment in cash<sup>2</sup> | April 2, 2026 | April 23, 2026 |

---

*<u>Progress of the project to transform ADRs into ordinary shares</u>*

The Board of Directors approved, during its meeting held on September 24, 2025, the project to convert American Depositary Receipts (ADRs) into ordinary shares listed on the New York Stock Exchange (NYSE).

The Company has launched today the termination of the deposit agreement between TotalEnergies, JP Morgan Chase Bank, N.A. (the depositary), and the ADR holders governing the ADR program. ADR holders will shortly receive a notice from the depositary. Upon termination of the deposit agreement, each outstanding ADR will be cancelled and an ordinary share listed on the NYSE will be delivered. The conversion of the ADRs into ordinary shares listed on the NYSE is expected to become effective from December 8, 2025.

This operation will have no impact on holders of ordinary shares listed on Euronext Paris, which will remain the introductory market for TotalEnergies shares.

Furthermore, the second interim dividend of 0.85 €/share for fiscal year 2025, decided by the Board of Directors during its meeting held on July 23, 2025, with an ex-dividend date of December 31, 2025, will be paid in cash in USD<sup>3</sup> for the ordinary shares listed on the NYSE on January 23, 2026 (on the same date as previously announced for the ADRs).

**Saudi Arabia: TotalEnergies and Aljomaih Energy & Water Awarded a 400 MW Solar Project**

On October 28, 2025, the consortium comprising France's TotalEnergies and Saudi developer Aljomaih Energy & Water (AEW) was awarded by the Saudi Power Procurement Company (SPPC) following a tender process, the license to develop, build and operate a 400 megawatts (MW) solar power plant in As Sufun, KSA.

The electricity produced is expected to be sold to SPPC through a 25-year Power Purchase Agreement (PPA). The solar plant is expected to connect to the grid in 2027, and is expected to power more than 68,400 homes.

The As Sufun project is part of Round 6 of the National Renewable Energy Program (NREP) overseen by the Ministry of Energy, aiming to reduce reliance on liquid fuels in electricity generation, in line with Saudi *Vision 2030*, where Saudi Arabia aims to increase the installed capacity shares from renewable energy sources and energy storage systems to reach Up to 50% by 2030, subject to electricity demand growth.

This renewable project is a new milestone for TotalEnergies in the Kingdom of Saudi Arabia where TotalEnergies is currently operating the 119 MW Wadi Al Dawasir solar power plant and building the 300MW Rabigh 2 project.

**Clarification by TotalEnergies** 

<sup>1</sup> Dates applicable for ordinary shares to be listed on the NYSE, subject to the completion of the conversion of ADRs into ordinary shares prior to the ex-dividend date of March 31, 2026, or for ADRs in the event that the conversion of ADRs into ordinary shares has not been completed by that date.

<sup>2</sup> In the event that the conversion of ADRs into ordinary shares is completed before March 31, 2026, the dividend will be paid in U.S. dollars for the shares to be listed on the NYSE. The applicable EUR/USD exchange rate will be the WM/Refinitiv Intra-Day spot rate published at 2:00 p.m. (Paris time) on April 16, 2026. The amount of the interim dividend in USD will be made available on the TotalEnergies website (<u>https://totalenergies.com/fr/actionnaires/action-et-dividende/dividende</u>). To ensure orderly dividend payment across both markets, a transfer freeze period between the two markets will be in effect from March 30, 2026 at 3:00 p.m. (New-York time) until the opening of the Euronext market on April 2, 2026.

<sup>3</sup> Subject to the completion of the conversion of ADRs into ordinary shares prior to the ex-dividend date of December 31, 2025. The applicable EUR/USD exchange rate will be the WM/Refinitiv Intra-Day spot rate published by Refinitiv at 2:00 p.m. (Paris time) on January 15, 2026. The amount of the interim dividend in USD will be made available on the TotalEnergies website (<u>https://totalenergies.com/fr/actionnaires/action-et-dividende/dividende</u>).

To ensure an orderly dividend payment across both markets, the transfer of shares between the two markets will be frozen from December 30, 2025 at 3:00 p.m. (New-York time) until the opening of the Euronext market on January 5, 2026.

The same ex-dividend and payment dates would apply to ADRs in the event that the conversion into ordinary shares has not been completed by that date.

On October 24, 2025, TotalEnergies SE acknowledges the decision of the Paris Judicial Court, which dismissed the majority of the claims brought against it, notably those targeting the Company's corporate communications. The Court ordered the removal from its French affiliate's website, aimed at its customers, of three paragraphs concerning the carbon neutrality ambition. Contrary to what certain media reported, the claims relating to the communication campaign associated with its name change in 2021, as well as those targeting its institutional communication on the role of natural gas and biofuels in the energy transition, were all rejected. No "advertising" by TotalEnergies' affiliates in France was condemned by the Court.

In light of this ruling, which actually pertains to the fact that the scenario on which TotalEnergies' multi-energy (oil, gas, power) transition strategy is based is not mentioned in these three paragraphs, TotalEnergies SE and its affiliate TotalEnergies Electricité et Gaz France have decided not to appeal the decision. The three paragraphs concerned will be replaced by a factual description of TotalEnergies' achievements to date in the implementation of its multi-energy strategy, to dispel any doubts among its customers.

TotalEnergies is well-known to the French people as the company that has been supplying the energy they need, every day, for over a hundred years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· TotalEnergies is proud to produce oil to supply French people with fuel
in its network of service stations, visited by 1 million customers every day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· TotalEnergies is proud to produce gas, and to have become the world's
third-ranking player in liquefied natural gas, allowing it to make a considerable contribution to securing France's gas supply since
the beginning of the war in Ukraine in 2022.

The French people are also entitled to be informed about everything that TotalEnergies is doing for the energy transition and new energies: electricity, renewables, biofuels and EV charge points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· TotalEnergies is proud to have invested over €20 billion in low-carbon
energies worldwide since 2020, including €4 billion in France alone, supporting the energy transition of its sites and its customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· TotalEnergies is proud to recall that, starting from virtually zero in 2020,
it is now producing 50 TWh of electricity (2025) worldwide, thanks largely to 32 GW of gross installed capacity in renewables, equivalent
to around fifteen nuclear reactors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In France, TotalEnergies is proud to have been selected to build the largest
renewables project ever developed in the country. This offshore wind facility will supply green power to over a million homes, for a total
investment of some €4.5 billion, the largest investment by TotalEnergies in France for thirty years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In France, TotalEnergies is proud to have reached over 2 GW of installed
renewable capacity, through 430 wind and solar facilities, and to supply electricity and gas to 4.2 million residential and business customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In France, TotalEnergies is proud to be the leader in motorway high-power
EV charging, with almost 1,900 charge points. The Company also has over 4,500 charge points in public concessions for motorists in urban
and suburban areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In France, TotalEnergies is proud to have invested almost €1 billion
in two biorefineries to produce biofuels and sustainable aviation fuel at La Mède near Marseille and Grandpuits outside Paris.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In France, TotalEnergies is proud to have established itself as a major
player in agrivoltaics with 117 projects under development nationwide, which will, on completion, represent almost 2 GW of renewable power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Worldwide, TotalEnergies is proud to have reduced its greenhouse gas emissions
by 36% on its operated oil and gas facilities between 2015 and 2024, and to have reduced its methane emissions by 55% between 2020 and
2024. Regardless of the opinions of all those who continue to accuse us of greenwashing, despite everything we have already achieved for the energy transition in France and the rest of the world, we are proud to make every effort to serve our customers every day, to contribute to the world's energy security, and to help to build the energy system of tomorrow.

**TotalEnergies Sells its GreenFlex Affiliate to the French Group Oteis to Create a Leading Player in Sustainable Consultancy and Solutions**

On October 20, 2025, TotalEnergies and the independent French consulting and engineering group Oteis signed a deal for the sale of TotalEnergies' sustainable consultancy and solutions affiliate

GreenFlex to Oteis, a divestment that reflects TotalEnergies' strategy to concentrate its activities on energy production and supply.

With over 800 employees and some thirty agencies in France and the rest of Europe, Oteis Conseil & Ingénierie operates in several fields: construction, water and development, infrastructure, and industry. The group's ability to integrate new teams and develop their skills following deals similar to the GreenFlex acquisition has delivered strong growth in recent years.

Oteis intends to harness GreenFlex's expertise in environmental and social consultancy, low-carbon energy performance and transition financing to establish a major new player with a full range of services and solutions on their markets.

For the teams at GreenFlex, the deal represents an opportunity to expand into new markets while continuing to help businesses and regions to become more sustainable, decarbonize and improve their energy efficiency.

Following divestment, TotalEnergies is expected to become a major GreenFlex customer, signing a contract for the production of French Energy Saving Certificates (CEEs).

Completion of the project is subject to the usual conditions, including the consultation of employee representatives and the authorization of the competition authorities.

**TotalEnergies and Veolia Join Forces for the Energy Transition and the Circular Economy**

On October 6, 2025, long-standing partners TotalEnergies and Veolia signed a memorandum of understanding for further cooperation in several key areas of energy transition and the circular economy, in line with their respective approaches to reduce their greenhouse gases emissions and water footprint. This cooperation is expected to benefit the entire industry through the scaling up of innovative processes and the advancement of research into future-oriented challenges.

The two companies are expected to pool their industrial competencies: Veolia is expected to contribute its expertise in water resource management and resource recovery from new waste streams, and TotalEnergies its expertise in the measurement and reduction of methane emissions and the production and supply of low-carbon energies.

&nbsp;&nbsp;&nbsp;&nbsp;· Reducing methane emissions from landfills

Veolia is studying the deployment of TotalEnergies' AUSEA, a pioneering technology using drones to measure methane emissions, to conduct measurement campaigns at its landfills. Initial tests on sites have demonstrated the technology's ability to provide reliable and replicable measurements, detect leaks and identify the areas with the highest emissions, adding to Veolia's existing arsenal a powerful and rapid solution for reducing emissions.

This deployment is expected to contribute to Veolia's strategy of maximizing the capture of methane emissions in landfills, with a target of 80% capture by 2032, but also to use this innovative technology beyond the oil and gas industry.

&nbsp;&nbsp;&nbsp;&nbsp;· Reducing the industrial sector's water footprint

Veolia is expected to support TotalEnergies in the implementation of its ambition to reduce freshwater withdrawals by 20% by 2030 compared to 2021 at sites located in areas of water stress, and to improve discharge quality.

Just a few weeks after the signing of a major agreement between Veolia and SATORP (co-owned by Saudi Aramco and TotalEnergies) in Saudi Arabia, the two companies are expected to be working to develop wastewater reuse projects at TotalEnergies sites, reuse municipal wastewater for the Company's industrial processes, and deploy Veolia technologies to improve water treatment.

&nbsp;&nbsp;&nbsp;&nbsp;· Making desalination more sustainable with low-carbon energy

TotalEnergies is expected to support Veolia in accelerating the deployment of low-carbon energy solutions at desalination plants built or operated by Veolia. The partners have already jointly built the largest solar power plant for a seawater desalination facility in Oman.

This project reflects Veolia's ambition to double its desalination capacity by 2030, while continuing to reduce the energy footprint of a technology which already uses ten times less energy than before.

&nbsp;&nbsp;&nbsp;&nbsp;· Recovering strategic resources from waste

Finally, Veolia and TotalEnergies are also expected to be pooling their research and innovation capabilities to explore the industrialization of new processes for recovering strategic chemical elements contained in waste that remain under-utilized, such as rare earths found in the permanent magnets used in wind turbines, photovoltaic panels and batteries.

**Nicola Mavilla is appointed Senior Vice-President Exploration of TotalEnergies**

On October 6, 2025, TotalEnergies announced the appointment of Nicola Mavilla as Senior Vice President Exploration of the Company, with effect from 1<sup>st</sup> November 2025. Nicola Mavilla is replacing Kevin McLachlan, who held this position since 2015.

Nicola Mavilla has 25 years of experience in the oil and gas industry and a strong track record in leading successful exploration activities. He joined Eni in 2002 and served as exploration manager in Libya and Norway, VP exploration for West Africa, VP exploration for Americas and Northern Europe and managing director of Eni Ivory Coast. Since 2024, he was Head of Exploration Projects of Eni. Nicola Mavilla holds a Ph.D. in Geology from the University of Bordeaux.

TotalEnergies invests around 1 billion dollars annually in exploration and appraisal, focusing on prospects that have the potential to generate low cost, low-emissions oil and gas developments. The Company's exploration activities led to major discoveries over the past three years, notably in Suriname and Namibia.

**Denmark: TotalEnergies Welcomes a Partner and Future Customer in the Bifrost CCS Project**

On October 2, 2025, TotalEnergies, through its affiliate TotalEnergies E&P Denmark, entered into a Farm-Down Agreement with CarbonVault, the Danish affiliate of the German cement producer SCHWENK. Under this agreement, TotalEnergies E&P Denmark is expected to hold a 45% interest in the Bifrost Carbon Capture and Storage (CCS) Project as the operator, alongside CarbonVault (35%) and Nordsøfonden (20%).

The Bifrost Project, which comprises two CO<sub>2</sub> offshore storage licenses located approximately 200 kilometers west of the Danish coast, is part of TotalEnergies' North Sea CCS portfolio.

SCHWENK is committed to the decarbonization of its activities in Europe and chose Bifrost to be its preferred solution to store its future emissions. This partnership within the Bifrost Project illustrates how TotalEnergies can contribute to its customers' own emissions reduction by combining the decarbonization roadmap of an industrial emitter with the capabilities of a CCS developer.

Completion of the transaction is subject to customary conditions, including regulatory approvals.

**Norway: TotalEnergies divests its non-operated interest in West Ekofisk, Albuskjell and Tommeliten Gamma fields**

On October 1, 2025, TotalEnergies EP Norge signed an agreement for the divestment of its non-operated interest (39.89%) in the West Ekofisk and Albuskjell fields to Vår Energi and also concluded an agreement with Orlen Upstream Norway for the divestment of its non-operated interest (20.23%) in the Tommeliten Gamma field.

These three mature fields, located in the Greater Ekofisk Area (Albuskjell and West Ekofisk in PL018 license and Tommeliten Gamma in PL044 license), ceased production in 1998 and are to be redeveloped as part of the so-called "Previously Produced Fields project" (PPF).

Completion of the transactions is subject to the Final Investment Decision of the PPF project, expected to be taken in the fourth quarter of 2025, and customary regulatory approvals.

**Renewables: TotalEnergies Divests 50% of a 270 MW Portfolio in France** 

On September 30, 2025, in line with its renewables business model, TotalEnergies announced the completion of the sale of 50% of a 270 MW wind and solar portfolio in France to investment funds managed by Eiffel investment Group. This transaction values the portfolio at €265 million.

Following this transaction, TotalEnergies retains a 50% stake and remains the operator of the assets, from which it offtakes and markets most of the production.

*TotalEnergies' Integrated Power Business Model*

TotalEnergies is building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. To achieve the 12% profitability target for its Integrated Power business, TotalEnergies divests up to 50% of its renewable assets once they reach commercial operation date (COD) and are derisked, allowing the Company to maximize asset value and manage risks.

***2025 Strategy and Outlook Presentation***

On September 29, 2025, Patrick Pouyanné, Chairman and CEO of TotalEnergies, and the members of the Executive Committee presented the Company's Strategy and Outlook in New York. A live broadcast of the event in English is available at totalenergies.com.

TotalEnergies implements with consistency its balanced and profitable transition strategy, anchored on two pillars: Oil & Gas, mainly LNG, and Integrated Power. The Company plans to increase energy production (oil, gas and electricity) by -'4% per year through 2030 while reducing emissions from its operations (-50% on Oil & Gas Scope 1+2<sup>4</sup> in 2030 compared to 2015, and -80% on methane emissions in 2030 compared to 2020).

While confirming its growth objectives, TotalEnergies announced a $7.5 billion savings program (Capex + Opex) over 2026-2030. The Company reduces its net Capex guidance to ~$16 billion in 2026 and $15-17 billion per year during 2027-2030, down $1 billion per year compared to previous guidance. The Company is expected to remain focused on high margin Upstream projects and stay selective on low-carbon Capex, which is expected to represent -'$4 billion per year, including $3 to 4 billion per year for the Integrated Power business.

TotalEnergies plans for +3% per year oil and gas growth between 2024 and 2030 thanks to the start-up of accretive projects from its rich portfolio, 95% of 2030 production being either already running or under development. In 2025 and 2026, this growth is expected to exceed 3% per year, benefiting from the start-up of several high-margin oil projects (Offshore US, Brazil, Iraq, Uganda) and major LNG and gas projects (NFE in Qatar, Jerun in Malaysia).

Integrated LNG is expected to deliver cash flow growth of more than 70% by 2030<sup>5</sup> compared to 2024 at $70/b and $8/Mbtu. This is driven by 50% sales growth that is mainly coming from LNG projects in the United States and Qatar (Rio Grande LNG Train 1-4 in the United-States, NFE and NFS in Qatar), which are among the most competitive in the world. In addition, the Company plans to develop gas-to-power integration, mainly in the United States and Europe, in order to complete its Integrated Power business model.

TotalEnergies plans to increase electricity production by approximately 20% per year through 2030, resulting in 100 to 120 TWh/y of electricity production, of which 70% is renewable and 30% flexible gas. TotalEnergies intends to focus its investments on the main deregulated markets (United States, Europe, Brazil) in which the Company deploys its integrated model. The Integrated Power segment is expected to be free cash-flow positive by 2028 and achieve a ROACE of 12% by 2030. TotalEnergies' profitable diversification through the electricity value chain is positively differentiating versus peers and creates value for shareholders by contributing to dividend growth regardless of Oil & Gas cycles and thus, enhancing the Company's resilience.

Thanks to the Company's disciplined investment policy as well as anticipated free cash flow growth of around $10 billion by 2030 (compared to 2024 in the same price environment), the Board of Directors reaffirmed the priority given to dividend and its growth through cycles and confirmed a shareholder return<sup>6</sup> policy of more than 40% of annual cash flow regardless of energy prices. On September 24, the Board of Directors also authorized $1.5 billion of share buybacks<sup>7</sup> in the fourth quarter 2025, resulting in $7.5 billion of share buybacks for the full year 2025. In addition, the Board of Directors approved 2026 share buyback guidance of between $0.75 billion and $1.5 billion per quarter for a Brent price between $60 and $70/b and an exchange rate of around 1.20 $/€. This should lead to a payout of around 50% at $70/b in 2026.

**United States: TotalEnergies Pursues its Gas Value Chain Integration by Acquiring Producing Assets in the Anadarko Basin**

On September 29, 2025, TotalEnergies signed an agreement with Continental Resources to acquire a 49% interest in natural gas producing assets, owned and operated by Continental Resources in the Anadarko Basin, Oklahoma. This acquisition of low-cost and long-plateau assets, well connected to Henry Hub through existing midstream infrastructure, further strengthens TotalEnergies' integration across the liquefied natural gas (LNG) value chain in the US.

*TotalEnergies further expands its natural gas production in the U.S.*

<sup>4</sup> Oil & Gas activities, including Upstream and Downstream (not including CCGTs)

<sup>5</sup> At 70 $/b Brent and 8 $/Mbtu TTF

<sup>6</sup> Shareholder return/Payout = (dividends + share buybacks for cancellation) / CFFO

<sup>7</sup> Including coverage of employees share grant plans

These assets have the potential to reach a gross production of around 350 MMscfd by 2030 and to sustain this production level over the long term. They are expected to enable TotalEnergies to secure a net gas production of around 150 MMscfd.

This acquisition of non-operated shale gas assets complements the Dorado and Constellation acquisitions completed in 2024 in the Eagle Ford Basin.

In addition, TotalEnergies operates a technical production of around 500 MMscfd in the Barnett.

**Renewables: TotalEnergies Divests 50% of 1.4 GW Solar Portfolio in North America**

On September 29, 2025, TotalEnergies signed an agreement with insurance vehicles and accounts managed by KKR, a leading global investment firm, for the sale of 50% of a 1.4 GW solar portfolio in North America. This transaction – which aligns with TotalEnergies' renewables business model – values the portfolio at an enterprise value of $1.25 billion. Thanks to these transactions and the bank refinancing currently being finalized, TotalEnergies is expected to receive a total of $950 million at closing.

The transaction covers six utility-scale solar assets with a combined capacity of 1.3 GW, and 41 distributed generation assets totalling 140 MW, primarily situated in the United States. The electricity production of these projects has either been sold to third parties or are expected to be commercialized by TotalEnergies.

TotalEnergies is expected to keep a 50% stake in the assets and continue to operate them after the closing of this transaction, which is subject to customary conditions.

*TotalEnergies' Integrated Power Business Model*

TotalEnergies is building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. To achieve the 12% profitability target it sets for its *Integrated Power* business, TotalEnergies divests up to 50% of its renewable assets once they reach commercial operation date (COD) and are derisked, allowing the Company to maximize asset value and manage risks.

**Digital Transformation: TotalEnergies and Cognite Expand Their Partnership to Scale Industrial AI**

On September 26, 2025, TotalEnergies, a major integrated energy company, and Cognite, a leader in industrial AI, announced a new phase of their strategic partnership. This agreement is expected to scale the deployment - over a period of three years - of the Cognite industrial data and AI platform, across all TotalEnergies' operated upstream assets worldwide, covering the entire value chain from drilling to production. The objective is to harness the potential of TotalEnergies' data to enhance the industrial performance of its sites.

Building on a long-standing collaboration, this new initiative aims to make complex data AI-ready, thereby boosting the value of TotalEnergies' existing data, to improve operational excellence across its assets. The collaboration is expected to position industrial data and AI as strategic levers for TotalEnergies to provide more reliable, efficient, and sustainable energy. This is expected to enable the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access more industrial data, to improve the accuracy of data analysis faster
and shorten the lead to adopt applications by providing easy and quick access to relevant, high quality industrial data,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Enable dynamic visualization of assets to enhance decision-making throughout
the production lifecycle and monitor critical equipment for production and operational safety, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accelerate the use of AI to analyze and drive operational performance across
sites.

**The Board of Directors of TotalEnergies confirms the relevance and progress of the Company's strategy, as the differentiated and profitably growing energy major**

On September 24, 2025, the Board of Directors of TotalEnergies announced that, during its annual strategic seminar held on September 23 & 24, 2025 and its meeting on September 24, 2025, the Board of Directors reviewed the Company's 2030 strategic outlook that was presented to investors on September 29.

The Board of Directors confirmed the relevance of the Company's profitable growth transition strategy that is anchored on two pillars: oil and gas, mainly LNG, and Integrated Power. The Board of

Directors is pleased by the progress of multiple projects that are expected to contribute to the Company's overall energy production (oil, gas, electricity) growth objective of 4% per year through 2030, while reducing emissions from its operations. In this context, the Board of Directors is pleased with the award of the offshore wind project "Centre Manche 2" to TotalEnergies, as the operator, materializing the Company's transition strategy in France.

Thanks to a clear and disciplined investment framework, the update of which was presented on September 29, alongside strong cash flow growth during 2025-2030, the Board of Directors confirmed its commitment to deliver an attractive shareholder return policy while preserving balance sheet strength.

The Board of Directors therefore confirmed the shareholder return policy of at least 40% of annual cash flow from operations through cycles and reaffirmed the dividend as a priority in a low cycle environment. TotalEnergies' dividend has grown more than 20% over the last three years and it has not been cut in 40 years.

The Board of Directors also confirmed the priority given to preserving a strong balance sheet and retaining maneuverability by maintaining a gearing ratio below 20% in an uncertain economic and geopolitical environment. Therefore, the Board of Directors decided to adjust the pace of share buybacks to hydrocarbon prices, refining and petrochemical margins and the $/€ exchange rate. Considering the current environment, the Board of Directors authorized $1.5 billion of share buybacks in the fourth quarter 2025, resulting in $7.5 billion of share buybacks for the full year 2025. In addition, the Board of Directors approved for 2026 share buyback guidance of between $0.75 billion and $1.5 billion per quarter for a Brent price between $60 and $70/b and an exchange rate around 1.20 $/€.

The Board of Directors also approved the terms for the 2026 capital increase reserved for employees. It was delighted by the strong participation of employees, with employee shareholding reaching 8.9% of Company's share capital in 2025 - an increase of more than 50% over the past ten years - making it #1 in employee shareholding in Europe in terms of capitalization held.

Finally, the Board of Directors also approved the technical project to convert the ADRs (American Depositary Receipts) that have been listed on the New York Stock Exchange since 1991 into ordinary shares. This operation is expected to have no impact on holders of ordinary shares listed on Euronext Paris, which will remain the introduction's market for TotalEnergies shares.

**France: TotalEnergies Selected by the State as Operator of the Country's Largest Renewable Energy Project**

On September 24, 2025, the consortium formed by TotalEnergies and RWE was selected by the Ministry in charge of Industry and Energy as the winner of the Centre Manche 2 (AO8) offshore wind tender. The consortium is expected to be responsible for designing, developing, building, and operating a 1.5 gigawatt (GW) offshore wind farm off the coast of Normandy.

*The Largest Renewable Project Ever Developed in France*

Located more than 40 km off the coast of Normandy, this is expected to be the largest renewable energy project ever developed in France. Once built, it is expected to generate approximately 6 TWh per year and supply green electricity to the equivalent of over 1 million French households. The electricity is expected to be sold at a competitive price of €66/MWh, as set by the tender.

TotalEnergies will be the operator of the project, relying on its expertise in offshore wind and the management of large-scale marine energy projects. The Company is expected to continue the necessary studies to reach a final investment decision by early 2029. Electricity production is expected to begin in 2033, in line with RTE's grid connection schedule.

As part of a strategic review of its investments, RWE expressed the wish to exit the consortium, subject to French authorities' approval. In any case, TotalEnergies is expected to pursue the project, assuming all the commitments of the consortium, and will propose to bring a new partner into the project.

*A €4.5 billion investment that is expected to benefit the Normandy region and the European industry*

The project is expected to represent a €4.5 billion investment and generate significant economic benefits for the Normandy region. Up to 2,500 people are expected to be employed during the three years of construction, and TotalEnergies committed to offering 500,000 hours of work to apprentices and individuals in professional reintegration. TotalEnergies also plans to engage the local economic ecosystem, which has already developed expertise in offshore wind.

The project is also expected to benefit the European industry, as TotalEnergies intends to source primarily from European suppliers, particularly for wind turbines and electrical cables.

*TotalEnergies is expected to ensure the proper integration of the project into the region*

In the coming months, a dedicated TotalEnergies team, based in Normandy, is expected to continue the consultation work with local and regional stakeholders that began during the tender phase. It is expected to ensure the proper integration of the project into the Normandy region, especially its coexistence with commercial fishing.

TotalEnergies is also expected to implement crowdfunding financing that is expected to allow local residents and authorities in the Normandy region to invest in the project and directly contribute to the energy transition of their territory. Additionally, TotalEnergies is expected to fund a €10 million territorial fund to support initiatives in training, education, and culture in Normandy.

On environmental matters, TotalEnergies is expected to allocate €45 million to measures aimed at avoiding, reducing, and offsetting the project's impacts; as well as €15 million to a biodiversity promotion fund in Normandy.

Finally, TotalEnergies committed to making this project exemplary in terms of recycling offshore wind farm components, with recycling, reuse, or repurposing rates of blades, towers, and nacelles equal to or greater than 95%, and 100% of generator magnets being recycled or reused.

*TotalEnergies in France: a historic territorial presence*

A leading economic player rooted in France for over a century, TotalEnergies continues to invest in the country to contribute to energy security and the supply of fuels, gas, and electricity across the territory.

Since 2020, while transforming its energy offer, TotalEnergies invested more than €8 billion in France, nearly half of which has supported the energy transition of its assets and for its customers. With a renewable portfolio of 660 wind, solar, hydro, and battery storage plants, TotalEnergies meets the electricity needs of the equivalent of 1.8 million people in France, ranking among the top three renewable electricity providers in the country with over 2 GW of installed capacity. TotalEnergies supplies electricity and gas to 4.2 million residential and business customers.

**Liberia: TotalEnergies is Awarded Four Offshore Exploration Permits**

On September 17, 2025, TotalEnergies signed four Production Sharing Contracts (PSC) for the LB-6, LB-11, LB-17 and LB-29 Exploration blocks offshore Liberia, which were awarded following the 2024 Direct Negotiation Licensing Round organized by the Liberia Petroleum Regulatory Agency.

The blocks LB-6, LB-11, LB-17 and LB-29, covering an area of approximately 12,700 square kilometers, are located in the south of the Liberia Basin. The work program includes acquiring one firm 3D seismic survey.

**Iraq: TotalEnergies Launches the Construction of the Final Two Major Projects of the GGIP** 

On September 15, 2025, Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, and His Excellency Saad Sherida Al-Kaabi, Qatari Minister of State for Energy Affairs, President and Chief Executive Officer of QatarEnergy, announced, following a meeting on Sunday, 14<sup>th</sup> of September in Baghdad with His Excellency Mohammed Shia al-Sudani, Prime Minister of the Republic of Iraq, and His Excellency Hayan Abulghani, Minister of Oil and Deputy Prime Minister, the start of construction of the Common Seawater Supply Project (CSSP) and the full field development of the Ratawi oil field.

These are the two last major contracts of the Gas Growth Integrated Project (GGIP), led by TotalEnergies (45%, operator) alongside its partners Basra Oil Company (30%), and QatarEnergy (25%).

With these signatures, all four parts (natural gas, solar, oil, water) of the GGIP are now in execution phase. The GGIP, a showcase project for TotalEnergies' multi-energy strategy, aims to sustainably develop Iraq's natural resources to improve the country's electricity supply while contributing to its energy independence and reducing its greenhouse gas emissions.

*The seawater treatment plant, a key infrastructure to preserving the country's water resources*

The CSSP is expected to be built on the coast near the town of Um Qasr. It is expected to process and transport 5 million barrels of seawater per day to the main oil fields in southern Iraq.

Treated seawater is expected to be substituted for the freshwater currently taken from the Tigris, Euphrates, and aquifers to maintain pressure in the oil wells. The project is therefore expected to help

alleviate water stress in the region and is expected to free up to 250,000 cubic meters of freshwater per day for irrigation and local agriculture needs.

*Ongoing redevelopment of the Ratawi field, one of Iraq's lowest-emission oil sites*

The Ratawi redevelopment was launched in September 2023. Phase 1 aims to increase production to 120,000 bpd and is expected to come on stream by early 2026.

The launch of phase 2 (full field development) is expected to enable to increase production to 210,000 bpd starting in 2028 with no routine flaring.

All 160 Mcf/d of associated gas produced every day are expected to be fully processed thanks to the 300 Mcf/d Gas Midstream Project (GMP), whose construction began early 2025. The GMP, which is also expected to treat previously flared gas from two other fields in southern Iraq, is expected to deliver processed gas into the national grid where it is expected to fuel power plants with a production capacity of approximately 1.5 GW, providing electricity to 1.5 million Iraqi households. An Early Production facility to process 50 Mcf/d of associated gas is expected to start early 2026 together with the Ratawi phase 1 oil production.

**United States: TotalEnergies reaches Final Investment Decision with its Partners on Rio Grande LNG Train 4, with a 10% Direct Participating Interest and 1.5 MT LNG offtake**

On September 10, 2025, TotalEnergies signed agreements with NextDecade to take a 10% stake in the joint venture developing Train 4 of Rio Grande LNG (RGLNG), a liquefied natural gas (LNG) plant project located in South Texas. In addition to the 10% held directly, TotalEnergies is expected to hold indirectly next to 7% in this Train 4 as a 17.1% shareholder of NextDecade.

At the same time, TotalEnergies, NextDecade (40%), and their partners Global Infrastructure Partners (GIP, 36.9%), GIC (7.9%), and Mubadala (5.2%) made the Final Investment Decision (FID) for the development of Train 4.

This fourth train, which has a capacity of approximately 6 million tons per annum (Mtpa), is expected to bring the plant's total capacity to approximately 24 Mtpa when it comes online in 2030. The project's overall cost is expected to be financed with approximately 40% equity and 60% debt.

TotalEnergies previously signed a Sales and Purchase Agreement (SPA) with NextDecade to offtake 1.5 Mtpa for 20 years of liquefied natural gas from the future Train 4. TotalEnergies currently holds a 16.7% interest in Phase 1 of Rio Grande LNG and will offtake 5.4 Mtpa. Phase 1 includes three liquefaction trains under construction in South Texas and is expected to start operations in 2027. TotalEnergies also holds a 17.1% stake in NextDecade, Rio Grande LNG's shareholder and operator.

**South Korea: TotalEnergies to supply 1 million tons per year of LNG to KOGAS for 10 years**

On September 9, 2025, TotalEnergies and KOGAS, South Korea's national natural gas company, announced the signing of a Heads of Agreement (HoA) for the annual delivery in South Korea of 1 million tons (Mt) of LNG per year over a 10-year period starting from the end of 2027.

Awarded to TotalEnergies by KOGAS following an international tender, this contract increases to 3 Mt per year from 2028 onward the volume of LNG supplied by TotalEnergies to KOGAS, currently the world's largest LNG importer. These additional LNG volumes are then expected to be delivered to Korean industries, businesses, and households. They are expected to come from TotalEnergies' global supply portfolio, and particularly from its U.S. LNG production and offtake.

**Nigeria: TotalEnergies is Awarded Two Offshore Exploration Permits**

On September 2, 2025, TotalEnergies (80%, operator), together with its partner South Atlantic Petroleum (20%), signed the Production Sharing Contract (PSC) for the PPL 2000 and PPL 2001 exploration licenses offshore Nigeria, which were awarded following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.

PPL 2000 & 2001, covering an area of approximately 2,000 square kilometers, are located in the prolific West Delta basin. The work program includes drilling one firm exploration well.

**Republic of the Congo: TotalEnergies is Awarded a New Exploration Permit** 

On September 1, 2025, TotalEnergies (50%, operator), together with its partners QatarEnergy (35%) and the national company SNPC (15%), were awarded the Nzombo exploration permit in the Republic of the Congo.

The 1,000 square kilometer Nzombo permit is located 100 kilometers off the coast of Pointe-Noire, close to the Moho production facilities operated by TotalEnergies EP Congo. The work program includes the drilling of one exploration well, which is expected to spud before the end of 2025.

**Norway: First CO2 storage in Northern Lights** 

On August 25, 2025, TotalEnergies and its partners, Equinor and Shell, announced that the first CO<sub>2</sub> volumes were successfully transported by vessel from Heidelberg Materials' cement factory in Brevik, Norway to Northern Lights' facilities in Øygarden. They were then injected 2,600 meters below the seabed into the storage facilities, 100 km off the coast of Western Norway.

Northern Lights is the world's first merchant CO<sub>2</sub> transportation and storage project. The first phase of the project has a storage capacity of 1.5 Mt CO<sub>2</sub>/year, which has been fully booked by customers from Norway and Continental Europe. Final Investment Decision of the second phase was announced in March 2025, which is expected to increase the project capacity to more than 5 Mt CO<sub>2</sub>/year from 2028.

The development of CO<sub>2</sub> transport and storage services is one of the necessary levers for reducing emissions for European industry. Northern Lights developed a strong customer base in Norway and continental Europe, with already five industrial customers: Hafslund Celsio and Heidelberg Materials in Norway, Yara in the Netherlands, Ørsted in Denmark and Stockholm Exergi in Sweden.

**Argentina: TotalEnergies divests its interest in two Vaca Muerta unconventional blocks**

On August 6, 2025, TotalEnergies announced that its affiliate Total Austral signed an agreement with YPF SA for the sale of its 45% operated interest in two unconventional oil and gas blocks in Argentina, Rincon La Ceniza and La Escalonada, for an amount of USD 500 million at a valuation of around 10,000 US$/acre.

Located in the Vaca Muerta area in the Neuquén Basin, these concessions (51,000 net acres) are currently in a pilot development phase.

Total Austral's partners in these concessions are Gas y Petroleo de Neuquen (10%) and O&G Developments LTD S.A (45%), owned by Shell.

Completion of the transaction is subject to customary conditions.

**Indicative dates for 2025 and 2026 dividends**

On July 23, 2025, the Board of Directors met and decided, subject to decisions by the Board of Directors and the Shareholders' Meeting which will approve the 2025 financial statements, allocation of earnings and final dividend, to amend the indicative ex-dividend dates and payment dates related to the second interim and third interim dividends and the final dividend for 2025 as follows.

**2025 :**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of coupon** | &nbsp;&nbsp;**Ex-dividend dates** | &nbsp;&nbsp;**Payment dates** |
| &nbsp;&nbsp;First interim | &nbsp;&nbsp;October 1, 2025 | &nbsp;&nbsp;October 3, 2025 |
| &nbsp;&nbsp;Second interim | &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;January 5, 2026 |
| &nbsp;&nbsp;Third interim | &nbsp;&nbsp;March 31, 2026 | &nbsp;&nbsp;April 2, 2026 |
| &nbsp;&nbsp;Final | &nbsp;&nbsp;June 30, 2026 | &nbsp;&nbsp;July 2, 2026 |

---

In addition, the Board of Directors decided, subject to decisions by the Board of Directors and the Shareholders' Meeting which will approve the 2026 financial statements, allocation of earnings and final dividend, the ex-dividend dates and payment dates of the interim and final dividends for 2026.

**2026 :**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of coupon** | &nbsp;&nbsp;**Ex-dividend dates** | &nbsp;&nbsp;**Payment dates** |
| &nbsp;&nbsp;First interim | &nbsp;&nbsp;September 30, 2026 | &nbsp;&nbsp;October 2, 2026 |
| &nbsp;&nbsp;Second interim | &nbsp;&nbsp;December 31, 2026 | &nbsp;&nbsp;January 5, 2027 |
| &nbsp;&nbsp;Third interim | &nbsp;&nbsp;March 31, 2027 | &nbsp;&nbsp;April 2, 2027 |
| &nbsp;&nbsp;Final | &nbsp;&nbsp;June 30, 2027 | &nbsp;&nbsp;July 2, 2027 |

---

The above indicative ex-dividend dates and payment dates relate to the TotalEnergies shares listed on Euronext**.**

***FORWARD-LOOKING STATEMENTS***

 

**Disclaimer:**

*The terms "TotalEnergies", "TotalEnergies company" and "Company" in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.* 

*This document 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 ADRs into ordinary shares, including the termination of the ADR program in connection therewith, (iv) the contemplated listing of TotalEnergies' ordinary shares on the NYSE, (v) the contemplated structure to support the trading of TotalEnergies ordinary shares on the NYSE, and (vi) the anticipated payment of dividends to owners of ordinary shares registered on the U.S. register in U.S. dollars and the timetable relating to such dividends. 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. Such contemplated listing and contemplated structure rely on, and may be impacted by changes in, among other things, (i) the final confirmation by the NYSE of the Company's technical application to list its ordinary shares, and (ii) the establishment and maintenance of the contemplated structure to support the listing of ordinary shares on the NYSE, including (a) the eligibility of the ordinary shares for clearance and holding in the DTC system, and (b) the continued involvement of certain other intermediaries, including but not limited to a U.S. transfer agent and a French registered intermediary (intermédiaire inscrit), as well the continued ability of the Company to benefit from the provisions of French law applicable to registered intermediaries. The failure of any such intermediaries may prevent the listing from being implemented as contemplated, or at all, or may impact the eligibility of the ordinary shares for continued deposit and continued listing on the NYSE.*

*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. Moreover, the payment of dividends to owners of the ordinary shares held on the U.S. register in U.S. dollars and the timetable for such payments will depend on, among other things, the ability to pay such dividend in U.S. dollars in compliance with applicable law and securities exchange rules in effect, the maintenance of the structure necessary to distribute such dividends in U.S. dollars, including through French and U.S. paying agents or other intermediaries, the timely processing of distributions through such structure, and declaration of an ex-dividend date by each of the relevant exchanges that corresponds to the expectations of the Company.*

*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.*

***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, including to participate in shareholder meetings, to propose resolutions at shareholder meetings, voting rights and rights to dividends, and the responsibilities of members of our Board 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.*

## Exhibit 99.3

**Exhibit 99.3**

**<u>CAPITALIZATION AND INDEBTEDNESS OF TOTALENERGIES</u>**

**(unaudited)**

The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE (collectively, "TotalEnergies") as of September 30, 2025, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars ("dollars" or "$") or in euros ("euros" or "€").

---

| | |
|:---|:---|
|  | **At September 30, 2025** |
|  | **(in millions of dollars)** |
| **Current financial debt, including current portion of non-current financial debt** |  |
| Current portion of non-current financial debt | 5290 |
| Current financial debt | 8530 |
| Current portion of financial instruments for interest rate swaps liabilities | 324 |
| Other current financial instruments — liabilities | 244 |
| Financial liabilities directly associated with assets held for sale | 224 |
| **Total current financial debt** | 14612 |
| **Non-current financial debt** | 49552 |
| **Non-controlling interests** | 2384 |
| **Shareholders' equity** |  |
| Common shares | 7059 |
| Paid-in surplus and retained earnings | &nbsp;&nbsp;&nbsp;&nbsp;125073 |
| Currency translation adjustment | (13853) |
| Treasury shares | (2998) |
| **Total shareholders' equity — TotalEnergies share** | 115281 |
| **Total capitalization and non-current indebtedness** | 167217 |

---

As of September 30, 2025, TotalEnergies SE had an issued share capital of 2,206,585,543 ordinary shares with a par value of €2.50 per share, of which 40,128,443 were treasury shares. For more information on the delegations of authority and powers granted to the Board of Directors with respect to share capital increases and authorization for share cancellation, see Exhibit 15.1 (section 4.4.2, chapter 4) to the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 31, 2025.

As of September 30, 2025, $8,943 million of TotalEnergies' non-current financial debt was secured and $40,609 million was unsecured, and all of TotalEnergies' current financial debt of $14,612 million was unsecured. As of September 30, 2025, TotalEnergies had no outstanding guarantees from third parties relating to its consolidated indebtedness.

For more information about TotalEnergies' off-balance sheet commitments and contingencies, see Note 13.1 of the Notes to TotalEnergies' audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 31, 2025.

Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TotalEnergies since September 30, 2025.