UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
(Mark One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
Commission file number: 1-10888
TotalEnergies SE
(Exact Name of Registrant as Specified in Its Charter)
N/A
(Translation of Registrant’s name into English)
Republic of France
(Jurisdiction of Incorporation or Organization)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of Principal Executive Offices)
Jean-Pierre Sbraire
Chief Financial Officer
Tel: +33 (0)1 47 44 45 46
Fax: +33 (0)1 47 44 49 44
(Name, Telephone, Email and/or Facsimile Number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Shares
TTE
New York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
2,206,585,543 Shares, par value €2.50 each, as of December 31, 2025
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑
Accelerated filer ☐
Non-accelerated filer ☐
Emerging growth company ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ☐
International Financial Reporting Standards as issued by the InternationalAccounting Standards Board ☑
Other ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
TABLE OF CONTENTS
BASIS OF PRESENTATION
i
STATEMENTS REGARDING COMPETITIVE POSITION
ADDITIONAL INFORMATION
CERTAIN TERMS, ABBREVIATIONS AND CONVERSION TABLE
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
ADDITIONAL IMPORTANT NOTES AND DISCLAIMERS
ii
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
3
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
ITEM 3.
KEY INFORMATION
ITEM 4.
INFORMATION ON THE COMPANY
ITEM 4A.
UNRESOLVED STAFF COMMENTS
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
4
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
25
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
ITEM 8.
FINANCIAL INFORMATION
ITEM 9.
THE OFFER AND LISTING
ITEM 10.
26
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
30
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
ITEM 15.
CONTROLS AND PROCEDURES
ITEM 16A.
AUDIT COMMITTEE FINANCIAL EXPERT
31
ITEM 16B.
CODE OF ETHICS
ITEM 16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
ITEM 16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
ITEM 16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
32
ITEM 16F.
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
ITEM 16G.
CORPORATE GOVERNANCE
ITEM 16H.
MINE SAFETY DISCLOSURE
35
ITEM 16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
ITEM 16J.
INSIDER TRADING POLICIES
ITEM 16K.
CYBERSECURITY
ITEM 17.
FINANCIAL STATEMENTS
36
ITEM 18.
ITEM 19.
EXHIBITS
37
References in this annual report on Form 20-F (this “Annual Report” or this “document”) to pages and sections of the “Universal Registration Document 2025” are references only to those pages and sections of TotalEnergies’ Universal Registration Document for the year ended December 31, 2025 attached in Exhibit 15.1 to this Annual Report and forming a part hereof. Other than as expressly provided herein, the Universal Registration Document 2025 is not incorporated herein by reference.
TotalEnergies’ Consolidated Financial Statements on pages F-9 to F-13 are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted by the European Union (EU) as of December 31, 2025.
In addition, this Annual Report and the Universal Registration Document 2025 contain certain measures that are not defined by generally accepted accounting principles (GAAP) such as IFRS. TotalEnergies’ management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating TotalEnergies’ operating performance. TotalEnergies believes that presentation of this information, along with comparable GAAP measures, is useful to investors because it allows investors to understand the primary method used by management to evaluate performance on a meaningful basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Non-GAAP financial measures as reported by TotalEnergies may not be comparable with similarly titled amounts reported by other companies.
Unless otherwise indicated, statements made in “Item 4. Information on the Company” referring to TotalEnergies’ competitive position are based on TotalEnergies’ estimates, and in some cases rely on a range of sources, including investment analysts’ reports, independent market studies and TotalEnergies’ internal assessments of market share based on publicly available information about the financial results and performance of market participants.
This Annual Report reports information primarily regarding TotalEnergies’ business, operations and financial information relating to the fiscal year ended December 31, 2025. For more recent updates regarding TotalEnergies, you may inspect any reports, statements or other information TotalEnergies files with the United States Securities and Exchange Commission (“SEC”). All of its SEC filings made after December 31, 2001 are available to the public at the SEC website at http://www.sec.gov and from certain commercial document retrieval services. See also “Item 10. - 10.7 Documents on display”.
No material on the TotalEnergies website (https://totalenergies.com) forms any part of this Annual Report. References in this Annual Report to documents on the TotalEnergies website are included as an aid to the location of such documents and such documents are not incorporated by reference. References to websites and the Sustainability & Climate – 2026 Progress Report contained in this Annual Report (including all exhibits hereto) are provided for reference only; the information contained on the referenced websites or in the Sustainability & Climate – 2026 Progress Report is not incorporated by reference in this Annual Report.
For the meanings of certain terms used in this document, as well as certain abbreviations and a conversion table, refer to the “Glossary” starting on page 641 of the Universal Registration Document 2025, incorporated herein by reference. Unless otherwise stated, the terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities located in or outside of France 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 term “Corporation” as used in this document exclusively refers to TotalEnergies SE, which is the parent company of the Company.
TotalEnergies has made certain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995) in this document and in the documents referred to in, or incorporated by reference into, this Annual Report. This document may contain forward-looking statements including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks. This document may also contain statements regarding the perspectives, objectives and goals of TotalEnergies SE, including with respect to climate change and carbon neutrality. 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 are uncertain and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences or pandemics. 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.
Form 20-F 2025 TotalEnergies
i
Readers are cautioned not to consider forward-looking statements as certain, but as an expression of the Corporation’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 Corporation 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.
TotalEnergies shall not be liable for any errors, omissions or inaccuracies in the information and data provided by or sourced from third parties contained in this document or used for assumptions, estimates or, more generally, forward-looking statements published in this document. Users are advised to verify them independently before relying on them.
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 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”.
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.
Our disclosures in this document or elsewhere, including disclosures on climate change and other environmental or social-related issues, may include information that is not necessarily “material” under U.S. securities laws for SEC reporting purposes or under applicable securities laws. For example, our sustainability-related information published in relation to the EU Corporate Sustainability Reporting Directive (together with the delegated regulation and transpositional legislation, “CSRD”) is subject to a different, more expansive standard of materiality than is understood in the context of U.S. federal securities laws and regulations. CSRD uses a “double materiality” standard, which requires the reporting entity to consider both financial materiality and impact materiality.
For “financial materiality”, CSRD states the scope of financial materiality for sustainability reporting is an expansion of the scope of materiality used in the process of determining which information should be included in the undertaking’s financial statements. CSRD provides that a sustainability matter is material from a financial perspective if it triggers or could reasonably be expected to trigger material financial effects on the undertaking i.e. that it generate risks or opportunities that have a material influence, or could reasonably be expected to have a material influence, on the undertaking’s development financial position, financial performance, cash flows, access to finance, or cost of capital over the short, medium, or long term. CSRD further provides that such information is considered material if omitting, misstating or obscuring that information could reasonably be expected to influence decisions that the primary users of general-purpose financial reports make on the basis of an undertaking’s sustainability statement.
For “impact materiality”, CSRD states that a sustainability matter is material from an impact perspective when it pertains to the undertaking’s material actual or potential, positive or negative impacts on people or the environment over the short-, medium- or long-term. As such, it is inherently focused on impacts to parties other than the Company itself.
Under CSRD, sustainability matters are material if they satisfy one or both of these materiality tests. Such information should therefore not necessarily be interpreted as material in the U.S. context, even if the words “material” or “materiality” are used. Investors are cautioned to read carefully the definitions of financial materiality and impact materiality set forth above and not to assume that those terms should be understood in the same way as under U.S. federal securities laws.
ii
TotalEnergies Form 20-F 2025
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
ITEM 3. KEY INFORMATION
3.1 Risk factors
TotalEnergies conducts its business in a constantly changing environment and is exposed to risks that, if they were to occur, could have a material adverse effect on its business, financial condition, reputation, outlook, or the price of financial instruments issued by TotalEnergies SE. Point 3.1 of chapter 3 of the Universal Registration Document 2025 (starting on page 130), incorporated herein by reference, presents the significant risk factors specific to TotalEnergies, to which it believes it is exposed as of the filing date of this Annual Report.
For additional information on the risks to which TotalEnergies believes it is exposed as of the filing date of this Annual Report, along with its approaches to managing certain of these risks, please refer to “Item 5. Operating and financial review and prospects” and “Item 11. Quantitative and qualitative disclosures about market risk”, as well as points 3.2, 3.3 and 3.6 of chapter 3 (starting on pages 139, 142 and 150, respectively) of the Universal Registration Document 2025, incorporated herein by reference.
ITEM 4. INFORMATION ON THE COMPANY
The following information providing an integrated overview of TotalEnergies from the Universal Registration Document 2025 is incorporated herein by reference:
-
presentation of TotalEnergies and its governance (points 1.1.1 and 1.7 of chapter 1, starting on pages 6 and 45 respectively);
its strategy and ambition (points 1.2 and 1.3 of chapter 1, starting on page 14);
history, employees, integrated business model, industrial assets and geographic presence (points 1.1.2, 1.1.3, and 1.6.1-1.6.4 of chapter 1, starting on pages 10, 12 and 42 respectively);
an overview of its approach to sustainable development, investment policy, R&D and dialogue with stakeholders (points 1.4, 1.5, and 1.6 of chapter 1, point 5.1.1 of chapter 5, starting on pages 36, 39, 42 and 274 respectively); and
organizational structure (point 1.7.3 of chapter 1, starting on page 49).
The following information providing an overview of TotalEnergies’ businesses and activities from the Universal Registration Document 2025 is incorporated herein by reference:
information concerning TotalEnergies’ principal capital expenditures and divestitures (point 1.5 of chapter 1, starting on page 39). See also “Item 5. Operating and financial review and prospects”;
business overview for fiscal year 2025 (points 2.1 to 2.6 of chapter 2, starting on page 74); and
geographical breakdown of TotalEnergies’ sales, property, plants and equipment, intangible assets and capital expenditures over the past three years (Note 4 to the Consolidated Financial Statements, on page F-31).
The following other information from the Universal Registration Document 2025 is incorporated herein by reference:
countries under economic sanctions (point 3.2 of chapter 3, starting on page 139);
insurance and risk management (point 3.4 of chapter 3, starting on page 148); and
investor relations (point 6.6 of chapter 6, starting on page 435).
See also “Additional Information” of this Annual Report.
ITEM 4A. UNRESOLVED STAFF COMMENTS
None.
3
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
This section is an analysis of the financial performance and of significant trends that may affect TotalEnergies’ future performance and it should be read in conjunction with the Consolidated Financial Statements and the Notes thereto starting on page F-9. The Consolidated Financial Statements and the Notes thereto are prepared in accordance with IFRS as issued by the IASB and IFRS as adopted by the EU. The critical accounting estimates are disclosed in the paragraph "Major judgments and accounting estimates" of the Notes to the Consolidated Financial Statements.
This section contains forward-looking statements that are subject to risks and uncertainties. For a list of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, see “Cautionary Statement Concerning Forward-Looking Statements” starting on page i.
For information on the invasion of Ukraine by Russia and the situation of the Company at March 27, 2026, refer to “Item 5. – 5.6 Situation of the Company in Russia at March 27, 2026” below.
5.1 Overview
TotalEnergies’ results are affected by a variety of factors, including changes in crude oil and natural gas prices and refining and marketing margins, all generally expressed in dollars, as well as changes in exchange rates, particularly the value of the euro compared to the dollar. Higher crude oil and natural gas prices generally have a positive effect on the income of TotalEnergies because the Exploration & Production segment’s oil and gas business and the Integrated LNG and downstream gas business are positively impacted by the resulting increase in revenues. Lower crude oil and natural gas prices generally have a corresponding negative effect. The effect of changes in crude oil prices on the activities of TotalEnergies’ Refining & Chemicals and Marketing & Services segments (Downstream) depends upon the speed at which the prices of refined petroleum products adjust to reflect such changes. TotalEnergies’ results are also significantly affected by the costs of its activities, in particular those related to exploration and production, and by the outcome of its strategic decisions with respect to cost reduction efforts. In addition, TotalEnergies’ results are affected by general economic and political conditions and changes in governmental laws and regulations, as well as by the impact of decisions by OPEC+ on production levels. For more information, refer to “Item 3. – 3.1 Risk factors”.
In 2025, TotalEnergies reported IFRS net income of $13.1 billion, adjusted net income1 of $15.6 billion, cash flow from operating activities of $27.3 billion and cash flow from operations excluding working capital (CFFO)1 of $27.8 billion in an environment marked by a decline of 15% in oil prices. Return on average capital employed (ROACE)1 stood at 12.6%, the best among the majors for the fourth consecutive year. TotalEnergies continued to implement its balanced, disciplined growth strategy by investing $17.1 billion in 2025, including 37% for new Oil & Gas projects and around $3.5 billion in low‑carbon energies, of which nearly $3 billion in electricity. TotalEnergies ended 2025 with a gearing1 ratio at 15%, highlighting the Company’s solid financial position.
In 2025, Exploration & Production generated adjusted net operating income of $8.4 billion, cash flow from operating activities of $14.9 billion and cash flow from operations excluding working capital (CFFO) of $15.6 billion. In 2025, TotalEnergies’ production growth benefited from the start‑up and ramp‑up of seven major projects (Mero‑2, Mero‑3 and Mero‑4 in Brazil, Anchor and Ballymore in the United States, Fenix in Argentina and Tyra in Denmark). Accretive upstream production growth helped offset $5/b of the $11/b price decline recorded over the year. The Company maintained operating costs at $5/b in 2025 and continued to reduce operated methane emissions by over 20% during the year.
With a reserve replacement rate of 116% in 2025, TotalEnergies maintains proven reserves life above 12 years, while continuing to build its future project portfolio. The Company signed an agreement with Galp to acquire a 40% operated interest in the prolific PEL83 license, which includes the Mopane discovery. It also expanded its exploration portfolio by entering new licenses in Algeria, the United States, Nigeria, Malaysia, Indonesia, Guyana and Liberia. TotalEnergies pursued active management of its upstream portfolio, notably signing an agreement to merge its mature UK North Sea assets with NEO NEXT and selling interests in non‑operated projects in Nigeria and Brazil.
In 2025, Integrated LNG generated adjusted net operating income of $4.1 billion, cash flow from operating activities of $5.1 billion and cash flow from operations excluding working capital (CFFO) of $4.7 billion. The Company continued to strengthen its integration along the US LNG value chain with the investment decision for Train 4 of the Rio Grande LNG project, including the purchase of 1.5 Mt/year of LNG and the acquisition of new upstream gas interests in the Anadarko Basin.
In 2025, Integrated Power segment cash flow from operating activities was $2.4 billion and cash flow from operations excluding working capital (CFFO) amounted to $2.6 billion, in line with the announced target. Return on average capital employed (ROACE) stood at 10%. Net electricity production reached 48 TWh, up 17% year‑on‑year, helping reduce the average carbon intensity of all energy products sold to customers (‑18.5% versus 2015). To accelerate its gas‑to‑power integration strategy in Europe, TotalEnergies signed an agreement with EPH to acquire 50% of a portfolio of flexible power generation assets with more than 14 GW of gross capacity. In 2025, TotalEnergies also recycled $2 billion of capital by selling 50% of a 2.7 GW gross capacity portfolio (United States, Portugal, Greece, France), in line with its renewables business model.
In 2025, Downstream adjusted net operating income reached $3.8 billion, cash flow from operating activities was $6.2 billion and cash flow from operations excluding working capital (CFFO) $6.2 billion, with Refining & Chemicals capturing the margin improvement in the second half of the year and Marketing & Services benefiting from continued increases in unit margins.
Given the Company’s strong cash‑flow from operations excluding working capital (CFFO) generation and solid balance sheet despite uncertain environment, the Board of Directors will propose to the Annual Shareholders’ Meeting to be held on May 29, 2026, the distribution of a final 2025 dividend of €0.85/share, bringing the full‑year 2025 dividend to €3.40/share, up 5.6% from the 2024 dividend, reflecting the share buybacks executed in 2025 ($7.5 billion for a 55% payout). The Board also confirmed the 2026 share‑buyback guidance of $3 billion to $6 billion for an oil price between $60/b and $70/b and an exchange rate around $1.20/€. Considering the uncertain price environment, it authorized $750 million of buybacks in the first quarter 2026, consistent with the budget assumption ($60/b), thereby preserving the flexibility to adjust the level of buybacks during 2026 depending on price developments.
1Adjusted net income, cash flow from operations excluding working capital (CFFO), free cash flow, capital employed, net investment, gearing, payout and ROACE are non-GAAP financial measures. Refer to the “Glossary” starting on page 657 of the Universal Registration Document 2025 for the definitions and further information on Non-GAAP measures (alternative performance measures). The reconciliation tables for the non-GAAP financial measures are set forth under “Item 5 – 5.3 Adjusted Items and Reconciliation of non-GAAP financial measures” below.
4
Outlook
At the beginning of 2026, oil markets remain volatile in a constantly evolving geopolitical environment. Fundamentals, however, remain unchanged: global demand is expected to grow by around 0.9 million barrels per day (IEA – January 2026), driven by activity in non‑OECD countries and by petrochemical demand; at the same time, non‑OPEC supply growth is slowing, while OPEC+ has decided to maintain its quota policy at the beginning of 2026.
European gas prices for the first quarter on forward markets are hovering around $11-12/MBtu, reflecting strong winter consumption and storage levels below the seasonal averages observed since 2022.
In 2026, the Company intends to continue implementing its balanced and profitable transition strategy, anchored on its two growth pillars: hydrocarbons and electricity.
The Company plans to increase its overall energy production (oil, gas and electricity) by 5% over the year while continuing to reduce emissions from its operations, with a target of achieving a 70% reduction in methane emissions in 2026 compared with 2020.
For its first growth pillar, TotalEnergies expects to increase its oil and gas production by 3% in 2026, supported by the ramp‑up of projects started in 2025, the anticipated start‑ups in 2026 (notably Lapa in Brazil, Ratawi in Iraq, North Field East in Qatar, TFT II & South in Algeria, Tilenga in Uganda). These new barrels support a 7% increase in cash flow at $60/b, higher than production growth. The Company intends to maintain its competitive advantage by keeping production costs below $5/b through strong operational discipline. In the first quarter of 2026, hydrocarbon production is expected to be above 2.6 Mboe/d.
At the start of the year, refining margins are hovering around $5/b in a context of volatile crude prices. The Company expects to benefit from the improved availability of certain units that underperformed in 2025 and therefore anticipates an increase in refinery utilization rates to around 88% in the first quarter of 2026, in the absence of major shutdowns.
Integrated LNG is expected to continue its growth in 2026 with the start‑up of the North Field East project in Qatar (2 Mtpa of offtake) and Costa Azul on the North American Pacific coast (1.7 Mtpa of offtake). This growth, combined with LNG sales of over 44 Mt in 2026, should offset the expected decline in LNG prices and enable the segment to generate, at $60/b (Brent) and $10/MBtu (TTF), cash flow equivalent to that generated in 2025. Given recent oil and gas price trends and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG sales price close to $8.5/MBtu in the first quarter of 2026.
For its second growth pillar, TotalEnergies plans to increase its electricity production by around 25% in 2026 to exceed 60 TWh, considering in particular the completion of the EPH acquisition, expected mid‑2026, which will enable the Company to accelerate its gas‑to‑power integration strategy in Europe. For the year, Integrated Power cash flow is expected to exceed $3 billion for investments of $2.5-3 billion.
In 2026, TotalEnergies expects net investments of around $15 billion, including about $3 billion dedicated to low‑carbon energies, mainly electricity. Reintegrating the annual equivalent of more than $1 billion over five years linked to the acquisition of EPH’s flexible power assets in shares, the planned investment effort in low‑carbon energies thus amounts to around $4 billion in 2026. The Company is implementing its multi‑year cash‑savings plan (Capex + Opex), now targeting $12.5 billion over 2026–2030, including $2.5 billion planned for 2026.
Under a scenario of $60/b Brent, $10/MBtu TTF and $5/b ERM, the Company expects to generate cash flow above $26 billion, supported by accretive production growth, improved Downstream performance and growth in Integrated Power. In this environment, the Company should maintain an attractive shareholder return while preserving the strength of its balance sheet, with a targeted gearing ratio of around 15% at end‑2026. Based on the seasonality observed in recent years, a temporary increase of around $2-3 billion in working capital requirements is expected in the first quarter of 2026.
5
5.2 Results 2025-2023
5.2.1 TotalEnergies:
As of and for the year ended December 31 (in millions of dollars, except earnings per shares data)
2025
2024
2023
Sales
201,196
214,550
237,128
Net income (TotalEnergies share)
13,127
15,758
21,384
Adjusted EBITDA (1)
40,555
43,143
50,030
Adjusted net operating income (2) from business segments
18,474
20,566
25,107
Exploration & Production
8,399
10,004
10,942
Integrated LNG
4,109
4,869
6,200
Integrated Power
2,215
2,173
1,853
Refining & Chemicals
2,378
2,160
4,654
Marketing & Services
1,373
1,360
1,458
Adjusted net income (1) (TotalEnergies share)
15,587
18,264
23,176
Fully-diluted earnings per shares ($)
5.78
6.69
8.67
Fully-diluted weighted-average shares (millions)
2,214
2,315
2,434
Cash flow used in investing activities
18,131
17,332
(16,454)
Organic investments (1)
16,812
16,423
18,126
Acquisitions net of assets sales (1)
279
1,406
(1,289)
Net investments (1)
17,091
17,829
16,837
Cash flow from operating activities
27,343
30,854
40,679
Cash flow from operations excluding working capital (CFFO) (1)
27,839
29,917
35,946
Debt Adjusted Cash Flow (DACF) (1)
29,255
30,614
36,451
(1)
Adjusted EBITDA, adjusted net income, organic investments, acquisitions net of assets sales, net investments, cash flow from operations excluding working capital (CFFO) and debt adjusted cash flow (DACF) are non-GAAP financial measures. Refer to the “Glossary” starting on page 641 of the Universal Registration Document 2025 for the definitions and further information on Non-GAAP measures (alternative performance measures). The reconciliation tables for the non-GAAP financial measures are set forth under “Item 5. – 5.3 Adjusted Items and Reconciliation of non-GAAP financial measures” below.
(2)
Detail of adjustment items shown in the business segment information. See “Item 5.- 5.2.2 Business segment reporting” below for further details.
Market environment parameters
Brent ($/b)
69.1
80.8
82.6
Henry Hub ($/Mbtu)(1)
3.6
2.4
2.7
TTF ($/Mbtu)(2)
12.0
11.0
13.1
JKM ($/Mbtu)(3)
12.2
11.9
13.8
Average price of liquids (4), (5) ($/b) Consolidated subsidiaries
66.2
77.1
76.2
Average price of gas (4), (5) ($/Mbtu) Consolidated subsidiaries
5.72
5.54
6.64
Average price of LNG (4), (6) ($/Mbtu) Consolidated subsidiaries and equity affiliates
9.14
9.80
10.76
European Refining Margin (ERM) (4), (7) ($/b)
7.1
5.3
9.5
Henry Hub (HH), a pipeline located in Erath, Louisiana, USA, serves as the official delivery point for New York Mercantile Exchange (NYMEX) futures contracts. It is widely used as a price reference for natural gas markets in North America. The hub is operated by Sabine Pipe Line LLC and is connected to four intrastate and nine interstate pipelines, including the Transcontinental, Acadian and Sabine pipelines.
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.
(3)
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 4:30 p.m. Singapore time.
(4)
Does not include oil, gas and LNG trading activities, respectively.
(5)
Sales in $ / Sales in volume for consolidated affiliates.
(6)
Sales in $ / Sales in volume for consolidated and equity affiliates.
(7)
This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Since the results for the fourth quarter of 2025, it has been expressed in ($/b), with a conversion factor of 7.5 b/t. The ERM stood at $ 71.0/t in 2023, $39.5/t in 2024 and $53.4/t in 2025.
Hydrocarbon production(1)
Hydrocarbon production (kboe/d)
2,529
2,483
Oil (including bitumen) (kb/d)
1,378
1,314
1,388
Gas (including condensates and associated NGL) (kboe/d)
1,151
1,120
1,095
Liquids (kb/d)
1,533
1,468
1,550
Gas (Mcf/d)
5,402
5,211
5,028
(1) TotalEnergies production = Exploration & Production production + Integrated LNG production.
Return on equity (ROE) as of and for the year ended December 31 (in millions of dollars)
Consolidated net income
13,357
16,031
21,510
Adjusted net income
15,833
18,586
23,450
Average adjusted shareholders’ equity
116,827
117,835
115,006
Return on equity (ROE)
13.6%
15.8%
20.4%
Return on average capital employed (ROACE) as of and for the year ended December 31 (in millions of dollars)
Adjusted net operating income
17,827
19,974
24,684
Average capital employed
141,802
135,174
130,517
ROACE
12.6%
14.8%
18.9%
For a discussion of TotalEnergies’ proved reserves, refer to point 2.1.1 of chapter 2 of the Universal Registration Document 2025 (starting on page 75), incorporated herein by reference. See also point 9.1 of chapter 9 of the Universal Registration Document 2025 (starting on page 570), incorporated herein by reference, for additional information on proved reserves, including tables showing changes in proved reserves by region.
6
2025 vs. 2024
In terms of market environment parameters:
Hydrocarbon production averaged 2,529 thousand barrels of oil equivalent per day in 2025, up nearly 4% compared to 2,434 thousand barrels of oil equivalent per day in 2024, due to the following factors:
The euro-dollar exchange rate averaged $1.1300/€ in 2025, compared to $1.0824/€ in 2024.
Net income (TotalEnergies share) was $13,127 million in 2025, a decrease of 17% compared to $15,758 million in 2024.
Adjusted net income (TotalEnergies share) was $15,587 million in 2025, a decrease of 15% compared to $18,264 million in 2024.
Adjusted net income excludes the after‑tax inventory effect, non‑recurring items, and fair‑value changes.
TotalEnergies SE bought back, in 2025, 122,637,294 TotalEnergies SE shares on the market, i.e., 5.56% of the share capital as of December 31, 2025, of which 116,292,328 were for cancellation and, in 2024, 120,463,232 TotalEnergies SE shares on the market, i.e., 5.02% of the share capital as of December 31, 2024, of which 110,946,344 were for cancellation. See also “Item 5. - 5.4.3 Shareholders’ equity”, below.
Fully-diluted earnings per share was $5.78 in 2025 compared to $6.69 in 2024.
Acquisitions were:
Divestments were:
TotalEnergies’ cash flow from operating activities was $27,343 million in 2025, a decrease of 11% compared to $30,854 million in 2024.
TotalEnergies’ cash flow used in investing activities was $(18,131) million in 2025 compared to $(17,332) million in 2024.
TotalEnergies’ cash flow from operations excluding working capital (CFFO) was $27,839 million in 2025, a decrease of 7% compared to $29,917 million in 2024.
In 2025, TotalEnergies’ cash flow from operating activities was $27,343 million versus cash flow from operations excluding working capital (CFFO) of $27,839 million.
The change in working capital was a decrease of $1,284 million for the full year 2025 in accordance with IFRS. The difference of $1,780 million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $733 million, (ii) plus the mark-to-market effect of Integrated LNG’s and Integrated Power’s contracts of $650 million, (iii) plus the capital gains from the renewables project sale of $292 million and (iv) plus the organic loan repayments from equity affiliates of $105 million.
2Sales in $ / Sales in volume for consolidated affiliates.
3Sales in $ / Sales in volume for consolidated affiliates.
4Sales in $ / Sales in volume for consolidated and equity affiliates.
7
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 an increase of $496 million for the full year 2025, compared to a decrease of $937 million for the full year 2024.
TotalEnergies’ net cash flow5 was $10,748 million in 2025 compared to $12,088 million in 2024, reflecting a $2,078 million decrease in cash flow from operations excluding working capital (CFFO) and a $738 million decrease in net investments, which stood at $17,091 million in 2025.
See also “Item 5. - 5.4 Liquidity and Capital Resources” below.
2024 vs. 2023
Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 5, Operating and Financial Review and Prospects, of the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2025.
5.2.2 Business segment reporting
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 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, as well as carbon storage activities, conducted in about 50 countries;
An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas 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 oil supply and trading activities, maritime transport, and hydrogen activities previously reported within the Integrated LNG segment;
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.
This segment reporting has been prepared in accordance with IFRS 8 and according to the same principles as the internal reporting followed by the TotalEnergies’ Executive Committee.
5Net cash flow is a non-GAAP financial measures. Refer to the “Glossary” starting on page 657 of the Universal Registration Document 2023 for the definitions and further information on Non-GAAP measures (alternative performance measures). The reconciliation tables for the non-GAAP financial measures are set forth under “Item 5. – 5.3 Adjusted Items and Reconciliation of non-GAAP financial measures” below.
8
5.2.2.1 Exploration & Production segment
Hydrocarbon production
EP (kboe/d)
1,990
1,947
2,034
Liquids (kb/d)*
1,467
1,408
1,492
2,794
2,880
2,900
Results (in millions of dollars except effective tax rate)
Adjusted net operating income(1)
including adjusted income from equity affiliates
714
742
539
Effective tax rate(2)
49.9%
47.8%
50.0%
8,800
8,385
7,260
Organic investments
9,564
9,060
10,232
Acquisitions net of assets sales
(305)
(207)
(2,706)
Net investments
9,259
8,853
7,526
14,949
17,388
18,531
Cash flow from operations excluding working capital (CFFO)
15,646
17,049
19,126
Adjusted for special items, inventory valuation effect and the effect of changes in fair value. See Note 3 to the Consolidated Financial Statements (starting on page F-24).
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).
Exploration & Production adjusted net operating income was $8,399 million in 2025, down 16% compared to $10,004 million in 2024.
The segment's cash flow from operating activities was $14,949 million in 2025, down 14% compared to $17,388 million in 2024.
The segment’s cash flow from operations excluding working capital (CFFO) was $15,646 million in 2025, benefiting from accretive production growth that offset the impact of a $5/b decline in Brent, resulting in decrease of 8% compared to $17,049 million in 2024.
For additional information on the EP segment’s capital expenditures, refer to point 1.4 (starting on page 36) of chapter 1 and point 2.1.2 (on page 76) of chapter 2 of the Universal Registration Document 2025, incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources”, below.
9
5.2.2.2 Integrated LNG segment
Hydrocarbon production for LNG
Integrated LNG (kboe/d)
487
449
66
60
58
2,608
2,331
2,128
Liquefied Natural Gas (in Mt)
Overall LNG sales
43.9
39.8
44.3
Incl. Sales from equity production*
15.1
15.5
15.2
Incl. Sales by TotalEnergies from equity production and third party purchases
38.8
34.7
40.1
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Results (in millions of dollars, except the average price of LNG)
Average price of LNG ($/Mbtu)(1) Consolidated subsidiaries and equity affiliates
Adjusted net operating income(2)
1,865
1,978
2,103
3,008
3,487
3,120
2,569
2,169
2,063
165
1,367
1,096
2,734
3,536
3,159
5,173
5,185
8,442
4,698
4,903
7,293
Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.
Integrated LNG adjusted net operating income was $4,109 million in 2025, down 16% compared to $4,869 million in 2024.
The segment’s cash flow from operating activities was $5,173 million in 2025, stable compared to $5,185 million in 2024.
The segment’s cash flow from operations excluding working capital (CFFO) was $4,698 million in 2025, down 4% compared to $4,903 million in 2024, supported by 10% growth in production and sales in an environment of low volatility and declining average price of LNG.
For information on the segment’s investments, refer to point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources” below.
10
5.2.2.3 Integrated Power segment
Net power production (TWh) (1)
48.1
41.1
33.4
o/w power production from renewables
31.4
26.0
18.9
o/w power production from gas flexible capacities
16.7
14.5
Portfolio of power generation net installed capacity (GW) (2)
21.5
17.3
o/w renewables
19.0
13.0
o/w gas flexible capacities
7.0
6.5
4.3
Portfolio of renewable power generation gross capacity (GW) (2), (3)
108.7
97.2
80.1
o/w installed capacity
34.1
22.4
Clients power – BtB and BtC (Million) (2)
6.0
6.1
5.9
Clients gas – BtB and BtC (Million) (2)
2.8
Sales power – BtB and BtC (TWh)
48.8
50.7
52.1
Sales gas – BtB and BtC (TWh)
89.2
98.6
100.9
Solar, wind, hydroelectric and gas flexible capacities.
End of period data.
Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity effective third quarter 2022 and 49% of Casa dos Ventos’ gross capacity.
Results (in millions of dollars)
211
–
137
4,001
3,897
4,836
2,187
2,355
2,582
589
1,514
2,363
2,776
3,869
4,945
2,374
2,972
3,573
2,558
2,555
2,152
In the full year 2025, gross installed renewable power generation capacity reached 34.1 GW up 31% compared to 26.0 GW in 2024, representing more than 8 GW of additional capacity year‑on‑year.
Integrated Power adjusted net operating income was $2,215 million in 2025, up 2% compared to $2,173 million in 2024.
The segment's cash flow from operating activities was $2,374 million in 2025, down 20% compared to $2,972 million in 2024.
The segment’s cash flow from operations excluding working capital (CFFO) was $2,558 million in 2025, stable compared to $2,555 million in 2024 in line with annual guidance. Production activities (including renewables and gas-fired power plants) accounted for 55% and marketing activities (B2B, B2C and trading) accounted for 45%.
11
5.2.2.4 Downstream (Refining & Chemicals and Marketing & Services segments)
3,751
3,520
6,112
2,046
1,392
1,094
2,239
2,662
3,105
(193)
(1,262)
(2,042)
1,400
1,063
6,294
6,709
9,914
6,223
6,079
8,171
A. Refining & Chemicals segment
Refinery throughput and utilization rate*
2023*
Total refinery throughput (kb/d)
1,526
1,472
1,436
470
422
414
Rest of Europe
606
605
592
Rest of world
446
431
Utilization rates based on crude only**
86%
83%
81%
*
Includes refineries in Africa that are reported in the Marketing & Services segment for 2023.
**
Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from the third quarter of 2024 and the African refinery Natref (divested) during the fourth quarter of 2024.
Petrochemicals production and utilization rate
Monomers* (kt)
4,967
5,082
4,896
Polymers (kt)
4,658
4,433
4,130
Steam cracker utilization rate**
79%
69%
Olefins.
Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024.
Results (in millions of dollars, except ERM)
European Refining Margin Marker (ERM) ($/b)(1)
1,437
1,530
1,953
1,464
1,711
2,040
(27)
(173)
(118)
1,538
1,922
3,459
3,808
7,957
3,798
3,760
5,853
This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.
In the full year 2025, refining throughput increased by 4% compared to the full year 2024, driven by high unit availability in the second half of the year of 2025.
In 2025, Refining & Chemicals adjusted net operating income was $2,378 million, up 10% compared to $2,160 million in 2024 with higher refining margins offsetting the decline in petrochemical margins.
The segment’s cash flow from operating activities was $3,459 million in 2025, down 9% compared to $3,808 million in 2024.
The segment’s cash flow from operations excluding working capital (CFFO) was $3,798 million in 2025, up 1% compared to $3,760 million in 2024 with higher refining margins offsetting the decline in petrochemical margins.
For information on the Refining & Chemicals segment’s investments, refer to point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources” below.
12
B. Marketing & Services segment
Petroleum product sales (kb/d)*
Total Marketing & Services sales
1,276
1,342
1,375
Europe
743
752
776
533
591
599
Excludes trading and bulk Refining sales.
609
(138)
(859)
775
951
1,065
(166)
(1,089)
(1,924)
2,835
2,901
1,957
2,425
2,319
2,318
In the full year 2025, sales of petroleum products were down by 5% compared to the full year 2024 as a result of focusing the portfolio on higher margin activities.
Marketing & Services adjusted net operating income was $1,373 million in 2025, stable compared to $1,360 million in 2024.
The segment’s cash flow from operating activities was $2,835 million in 2025, down 2% compared to $2,901 million in 2024.
The segment’s cash flow from operations excluding working capital (CFFO) was $2,425 million in 2025, up 5% compared to $2,319 million in 2024 with the improvement in unit margins more than offsetting a 5% decline in volumes.
For information on the Marketing & Services segment’s investments, refer to point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources”, below.
13
5.3 Adjusted Items and Reconciliation of non-GAAP financial measures
A. Adjustment items to net income (TotalEnergies share)
in millions of dollars
Special items affecting net income (TotalEnergies share)
(1,185)
(1,219)
(1,105)
Gain (loss) on asset sales
1,372
2,047
Restructuring charges
(58)
(56)
Impairments
(1,156)
(1,976)
(2,166)
Other*
(458)
(588)
(930)
After-tax inventory effect : FIFO vs. replacement cost
(610)
(339)
(699)
Effect of changes in fair value
(665)
(948)
12
Total adjustments affecting net income
(2,460)
(2,506)
(1,792)
Adjusted net income (TotalEnergies share)
B. Reconciliation of consolidated net income to adjusted net operating income
Consolidated net income (a)
Net cost of net debt (b)
(1,914)
(1,360)
(1,108)
Special items affecting net operating income
(1,274)
(1,249)
(1,384)
(61)
(1,162)
(1,978)
(2,297)
Other
(538)
(616)
(1,078)
(617)
(386)
(694)
Total adjustments affecting net operating income (c)
(2,556)
(2,583)
(2,066)
Adjusted net operating income (a - b - c)
C. Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
Net income - TotalEnergies share
Less: adjustment items to net income (TotalEnergies share)
2,460
2,506
1,792
Adjusted net income - TotalEnergies share
Adjusted items
Add: non-controlling interests
246
322
274
Add: income taxes
9,587
11,209
12,939
Add: depreciation, depletion and impairment of tangible assets and mineral interests
12,565
11,667
12,012
Add: amortization and impairment of intangible assets
382
389
394
Add: financial interest on debt
3,182
3,016
2,820
Less: financial income and expense from cash & cash equivalents
(994)
(1,724)
(1,585)
Adjusted EBITDA
D. Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)
Revenues from sales
182,344
195,610
218,945
Purchases, net of inventory variation
(115,200)
(126,000)
(142,247)
Other operating expenses
(30,468)
(29,485)
(29,808)
Exploration costs
(419)
(528)
(575)
Other income
1,686
725
504
Other expense, excluding amortization and impairment of intangible assets
(317)
(288)
Other financial income
1,339
1,304
1,221
Other financial expense
(881)
(835)
(722)
Net income (loss) from equity affiliates
2,848
2,669
3,000
Less: depreciation, depletion and impairment of tangible assets and mineral interests
(12,565)
(11,667)
(12,012)
Less: amortization of intangible assets
(382)
(389)
(394)
Less: financial interest on debt
(3,182)
(3,016)
(2,820)
Add: financial income and expense from cash & cash equivalents
994
1,724
1,585
Less: income taxes
(9,587)
(11,209)
(12,939)
Less: non-controlling interests
(246)
(322)
(274)
Add: adjustment - TotalEnergies share
14
E. Investments – Divestments and reconciliation of cash flow used in investing activities to net investments, to acquisitions net of assets sales and to organic investments
(1) Totalenergies share:
Cash flow used in investing activities (a)
16,454
Other transactions with non-controlling interests (b)
(331)
Organic loan repayment from equity affiliates (c)
105
29
Change in debt from renewable projects financing (d)*
(1,284)
(52)
78
Capex linked to capitalized leasing contracts (e)
397
471
259
Expenditures related to carbon credits (f)
73
49
48
Net investments (a + b + c + d + e + f = g - i + h)
of which acquisitions net of assets sales (g-i)
Acquisitions (g)
3,923
4,646
6,428
Asset sales (i)
3,644
3,240
7,717
Change in debt from renewable projects (partner share)
495
(81)
of which organic investments (h)
Capitalized exploration
516
Increase in non-current loans
1,960
2,210
1,845
Repayment of non-current loans, excluding organic loan repayment from equity affiliates
(1,067)
(1,083)
(524)
Change in debt from renewable projects (TotalEnergies share)
(789)
(26)
Change in debt from renewable projects (TotalEnergies share and partner share).
(2) Exploration & Production:
—
1
386
418
218
1,239
534
2,320
1,544
741
5,026
298
483
1,081
198
196
154
(179)
(98)
(92)
(3) Integrated LNG:
47
2
10
46
546
1,417
1,253
381
50
157
24
33
13
754
809
570
(415)
(372)
(131)
15
(4) Integrated Power:
17
27
7
2,083
2,515
2,739
1,494
1,001
376
795
979
870
(309)
(439)
(177)
(5) Refining & Chemicals:
8
(31)
77
39
250
150
110
99
79
(43)
(33)
(6) Marketing & Services:
103
84
168
1,192
2,008
89
152
(109)
(82)
16
F.
Reconciliation of cash flow from operating activities to cash flow from operations excluding working capital (CFFO), to DACF and to net cash flow
Cash flow from operating activities (a)
(Increase) decrease in working capital (b)*
634
1,491
5,526
Inventory effect (c)
(733)
(525)
(714)
Capital gain from renewable project sales (d)
292
81
Organic loan repayments from equity affiliates (e)
Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e)
Financial charges
(1,416)
(697)
(505)
Debt Adjusted Cash Flow (DACF)
Organic investments (g)
Free cash flow after organic investments (f - g)
11,027
13,494
17,820
Net investments (h)
Net cash flow (f - h)
10,748
12,088
19,109
Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
G. Reconciliation of cash flow from operating activities to cash flow from operations excluding working capital (CFFO)
(1) Exploration & Production
340
(595)
(2) Integrated LNG
522
285
Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG segments’ contracts.
(3) Integrated Power
166
434
1,529
(4) Refining & Chemicals
(Increase) decrease in working capital (b)
278
433
2,641
(377)
(568)
(5) Marketing & Services
526
730
(215)
(116)
(148)
(146)
17
H. Gearing Ratio
As of and for the year ended December 31 (in millions of dollars)
Current borrowings *
10,162
7,929
7,869
Other current financial liabilities
388
664
Current financial assets *, **
(3,093)
(6,536)
(6,256)
Net financial assets classified as held for sale *
Non-current financial debt *
40,944
35,711
32,722
Non-current financial assets *
(1,991)
(1,027)
(1,229)
Cash and cash equivalents
(26,202)
(25,844)
(27,263)
Net debt (a)
20,215
10,930
6,306
Shareholders’ equity - TotalEnergies share
114,883
117,858
116,753
Non-controlling interests
2,640
2,397
2,700
Shareholders' equity (b)
117,523
120,255
119,453
Gearing = a / (a+b)
14.7%
8.3%
5.0%
Leases (c)
8,567
8,272
8,275
Gearing including leases (a+c) / (a+b+c)
19.7%
13.8%
10.9%
*Excludes leases receivables and leases debts.
**Including initial margins held as part of the Company’s activities on organized markets.
I. ROACE (Full year 2025)
Exploration
Refining
Marketing
&
Integrated
In millions of dollars
Production
LNG
Power
Chemicals
Services
Company
Capital employed at 12/31/2023
63,870
36,048
21,511
6,043
7,674
132,222
Capital employed at 12/31/2024
64,430
41,477
21,739
5,564
6,870
138,125
Capital employed at 12/31/2025
65,096
44,409
24,134
7,035
6,845
145,479
13.0%
9.6%
9.7%
37.8%
20.0%
J. Reconciliation of capital employed (balance sheet) and calculation of ROACE
Inter-
Corporate
Adjusted net operating income 2025 (a)
8,339
(647)
Balance sheet as of December 31, 2025
Property plant and equipment intangible assets net
85,692
30,087
15,218
12,974
7,181
887
152,039
Investments & loans in equity affiliates
4,684
17,635
10,633
4,074
1,064
38,090
Other non-current assets
1,916
2,597
1,587
790
1,050
247
8,187
Inventories, net
1,019
566
10,455
16,663
Accounts receivable, net
5,651
7,694
4,927
17,123
7,136
815
(24,787)
18,559
Other current assets
6,357
6,904
4,566
3,079
3,010
2,308
(5,787)
20,437
Accounts payable
(6,061)
(8,837)
(7,448)
(30,522)
(9,035)
(957)
24,795
(38,065)
Other creditors and accrued liabilities
(10,959)
(8,178)
(4,526)
(6,731)
(5,410)
(6,319)
5,779
(36,344)
Working capital
(3,548)
(1,398)
(1,915)
(6,596)
(1,140)
(4,153)
(18,750)
Provisions and other non-current liabilities
(22,183)
(4,512)
(1,506)
(3,531)
(1,214)
972
(31,974)
Assets and liabilities classified as held for sale - Capital employed
(1,465)
117
54
(1,287)
Capital Employed (Balance sheet)
7,711
6,995
(2,040)
146,305
Less inventory valuation effect
(676)
(150)
(826)
Capital Employed at replacement cost (b)
Balance sheet as of December 31, 2024
83,397
27,654
13,034
11,956
6,632
660
143,333
3,910
15,986
9,537
3,984
988
34,405
3,732
1,952
1,316
646
1,116
111
8,873
1,456
1,475
547
12,063
3,327
18,868
5,845
8,412
7,466
16,362
7,167
581
(26,552)
19,281
6,663
10,198
4,086
2,208
2,870
2,342
(4,680)
23,687
(6,632)
(8,888)
(9,222)
(32,204)
(8,642)
(805)
26,461
(39,932)
(10,241)
(11,060)
(3,363)
(4,992)
(5,329)
(5,747)
4,771
(35,961)
(2,909)
(486)
(6,563)
(607)
(3,629)
(14,057)
(24,271)
(4,252)
(1,663)
(3,343)
(1,113)
903
(33,739)
571
70
642
6,680
7,086
(1,955)
139,457
(1,116)
(216)
(1,332)
Capital Employed at replacement cost (c)
ROACE 2025 as a percentage (a / average (b + c))
37.7%
18
Adjusted net operating income 2024 (a)
(592)
Balance sheet as of December 31, 2023
84,876
24,936
12,526
12,287
6,696
678
141,999
2,630
13,905
9,202
4,167
553
30,457
3,451
2,720
1,027
677
1,258
141
9,274
1,463
1,784
689
11,582
19,317
6,849
10,183
7,601
20,010
9,024
683
(30,908)
23,442
6,218
9,782
6,963
2,383
3,465
1,817
(9,807)
20,821
(6,904)
(11,732)
(8,114)
(33,864)
(10,693)
(798)
30,770
(41,335)
(9,875)
(11,653)
(6,985)
(6,152)
(5,707)
(6,300)
9,945
(36,727)
(2,249)
(1,636)
(6,041)
(113)
(4,597)
(14,482)
(25,152)
(3,877)
(1,790)
(3,706)
(1,267)
854
(34,938)
314
392
881
7,521
8,008
(2,924)
134,034
(1,478)
(334)
(1,812)
ROACE 2024 as a percentage (a / average (b + c))
15.6%
10.0%
37.2%
18.7%
K. Payout
Dividend paid (parent company shareholders) (a)
8,121
7,517
Repayment of treasury shares
7,714
7,995
9,167
of which buy-backs (b)
7,097
7,329
9,000
Cash flow from operations excluding working capital (CFFO) (c)
Payout ratio = (a + b) / (c)
54.7%
50.3%
46.0%
19
5.4 Liquidity and capital resources
Including (increase) decrease in working capital
1,284
2,364
6,091
(18,131)
(17,332)
Total expenditures
(22,200)
(21,750)
(24,860)
Total divestments
4,069
4,418
8,406
Cash flow from/(used in) financing activities
(9,934)
(14,425)
(29,730)
Net increase (decrease) in cash and cash equivalents
(903)
(5,505)
Effect of exchange rates
1,080
(516)
(258)
Cash and cash equivalents at the beginning of the period
25,844
27,263
33,026
Cash and cash equivalents at the end of the period
26,202
TotalEnergies’ cash requirements for working capital, capital expenditures, acquisitions and dividend payments over the past three years were financed primarily by a combination of funds generated from operations, net borrowings and divestments of assets. In the current environment, TotalEnergies expects its external debt to be principally financed from the international debt capital markets. TotalEnergies continually monitors the balance between cash flow from operating activities and net expenditures. In TotalEnergies SE’s opinion, its working capital is sufficient for its present requirements.
5.4.1 Cash flow
Cash flow from operating activities in 2025 was $27,343 million compared to $30,854 million in 2024 and $40,679 million in 2023, a decrease of $3,511 million from 2024 to 2025.
Cash flow used in investing activities in 2025 was $18,131 million compared to $17,332 million in 2024 and $16,454 million in 2023. The increase of $799 million from 2024 to 2025 was mainly due to higher expenditures in the Exploration & Production segment. The increase of $878 million from 2023 to 2024 was mainly due to higher expenditures in the Exploration & Production segment. TotalEnergies expenditures in 2025 were $22,200 million compared to $21,750 million in 2024 and $24,860 million in 2023. During 2025, 47% of the expenditures were made by the Exploration & Production segment (as compared to 42% in 2024 and 50% in 2023), 16% by the Integrated LNG segment (as compared to 18% in 2024 and 14% in 2023), 24% by the Integrated Power segment (as compared to 25% in 2024 and 22% in 2023), 7% by the Refining & Chemicals segment (compared to 9% in 2024 and 9% in 2023) and 4% by the Marketing & Services segment (compared to 5% in 2024 and 5% in 2023). The main source of funding for the expenditures was cash from operating activities and issuances of non-current debt in 2025, cash from operating activities and issuances of non-current debt in 2024 and cash from operating activities in 2023.
For additional information on expenditures, please refer to the discussions in “Item 5.- 5.1 Overview”, “Item 5.- 5.2 TotalEnergies results 2023-2025” and “Item 5.- 5.2.2 Business segment reporting” above, and point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference and Note 15.1.D to the Consolidated Financial Statements on page F-76.
Divestments, based on selling price and net of cash sold, in 2025 were $4,069 million compared to $4,418 million in 2024 and $8,406 million in 2023. In 2025, TotalEnergies’ principal divestments were assets sales of $2,897 million compared to $3,240 million in 2024 and $7,717 million in 2023, consisting mainly of the sales described in “Item 5.- 5.2.1 TotalEnergies results 2023-2025” above.
Cash flow from/(used in) financing activities in 2025 was $(9,934) million compared to $(14,425) million in 2024 and $(29,730) million in 2023 and. The decrease of $4,491 million in cash flow used in financing activities in 2025 compared to 2024 was mainly due to an increase in current financial assets and liabilities of $3,220 million in 2025 compared to a decrease in current borrowings of $(5,142) million in 2024 and $(14,289) million in 2023. The decrease of $15,305 million in cash flow used in financing activities in 2024 compared to 2023 was mainly due to a decrease in current borrowings of $(5,142) million in 2024 compared to $(14,289) million in 2023.
5.4.2 Indebtedness
TotalEnergies’ non-current financial debt at year-end 2025 was $48,995 million, compared to $43,533 million at year-end 2024 and $40,478 million at year-end 2023. For further information on the level of borrowing and the type of financial instruments, including maturity profile of debt and currency and interest rate structure, see point 1.8.2 of chapter 1 in the Universal Registration Document 2025 (starting on page 66), incorporated herein by reference and Note 15 (“Financial structure and financial costs”) to the Consolidated Financial Statements starting on page F-72. For further information on the treasury policies, including the use of instruments for hedging purposes and the currencies in which cash and cash equivalents are held, see “Item 11. Quantitative and Qualitative Disclosures About Market Risk”.
Cash and cash equivalents at year-end 2025 were $26,202 million compared to $25,844 million at year-end 2024 and $27,263 million at year-end 2023.
5.4.3 Shareholders’ equity
Shareholders’ equity at year-end 2025 was $117,523 million, compared to $120,255 million at year-end 2024 and $119,453 million at year-ended 2023.
Changes in shareholders’ equity in 2025 were primarily due to the impacts of comprehensive income, dividend payments, the buy-back of TotalEnergies SE shares and the repurchase of the residual amount of perpetual subordinated notes issued in 2015 for a total amount of €1.1 billion.
Changes in shareholders’ equity in 2024 were primarily due to the impacts of comprehensive income, dividend payments, the buy-back of TotalEnergies SE shares, the issuance of €2.5 billion notional amount of perpetual subordinated notes issued and the repurchase of €2.9 billion notional amount of perpetual subordinated notes issued.
Changes in shareholders’ equity in 2023 were primarily due to the impacts of comprehensive income, dividend payments, the buy-back of TotalEnergies SE shares, and the repurchase of €1 billion notional amount of perpetual subordinated notes issued in 2016.
20
Variation of the number of shares composing the share capital
As of December 31, 2023(a)
2,412,251,835
Capital reduction by cancellation of treasury shares(b)
(25,405,361)
2024 Capital increase reserved for employees
10,833,187
As of December 31, 2024(c)
2,397,679,661
(202,243,171)
2025 Capital increase reserved for employees
11,149,053
As of December 31, 2025(d)
2,206,585,543
TotalEnergies share buyback
Total number of
Shares repurchased for cancellation
Shares allocated to performance
Fiscal year
shares purchased
(Units/$)
share plans
122,637,294
116,292,328 / 7.10 billion
6,344,966
120,463,232
110,946,344 / 7.33 billion
9,516,888
144,700,577
142,569,920 / 9.00 billion
2,130,657
5.4.4 Net-debt-to-capital ratio
As of December 31, 2025, TotalEnergies’ net-debt-to-capital ratio excluding leases1 and including initial margins held as part of its activities on organized markets was 14.7% compared to 8.3% and 5.0% at year-ends 2024 and 2023, respectively. The increase from 2024 to 2025 and the increase from 2023 to 2024 were mostly due to the change in net debt. For additional information, please refer to the Notes to the Consolidated Financial Statements (starting on page F-15).
For information on committed credit facilities and liquidity risk, please refer to Note 15.3 to the Consolidated Financial Statements (starting on page F-82).
5.4.5 Material cash requirements
In 2025, the largest part of TotalEnergies’ capital expenditures of $22,200 million was made up of additions to intangible assets and property, plant and equipment (approximately 76%), with the remainder attributable to equity-method affiliates and to acquisitions of subsidiaries.
In the Exploration & Production segment, as described in more detail under point 9.1.6 and 9.1.7 of chapter 9 of the Universal Registration Document 2025 (beginning on page 580), incorporated herein by reference, capital expenditures in 2025 were principally development costs (approximately 85%), exploration expenditures (successful and unsuccessful, approximately 3%) and acquisitions (approximately 12%).
In the Integrated LNG segment, approximately 84% of capital expenditures were related mainly to facilities investments with the balance being related mainly to acquisitions.
In the Integrated Power segment, approximately 39% of capital expenditures were related to acquisitions in renewables with the balance being related mainly to investments.
In the Refining & Chemicals segment, approximately 71% of capital expenditures in 2025 were related to refining and petrochemical activities (essentially 90% for existing units including maintenance and major turnarounds and 10% for business development), the balance being related to Hutchinson and investments in low carbon activities.
In the Marketing & Services segment, 100% of capital expenditures in 2025 were related to investments, mainly in Europe and Africa.
For additional information on capital expenditures, refer to the discussion above in “Item 5.- 5.1 Overview”, “Item 5.- 5.2 TotalEnergies results 2023-2025” and “Item 5.- 5.3 Business segment reporting”, above, as well as point 1.4 of chapter 1 (on page 36) of the Universal Registration Document 2025, incorporated herein by reference.
As of December 31, 2025, TotalEnergies’ material contractual obligations include debt obligations net of hedging instruments, purchases obligations, asset retirement obligations and lease obligations. For additional information on TotalEnergies’ contractual obligations, refer to Note 13 to the Consolidated Financial Statements (starting on page F-66). TotalEnergies has other obligations in connection with pension plans that are described in Note 10 (“Payroll, staff and employee benefits obligations”) to the Consolidated Financial Statements (starting on page F-57). These obligations are not contractually fixed as to timing and amount. Other non-current liabilities, detailed in Note 12 (“Provisions and other non-current liabilities”) to the Consolidated Financial Statements (starting on page F-63), are liabilities related to risks that are probable and amounts that can be reasonably estimated. However, no contractual agreements exist related to the settlement of such liabilities, and the timing of the settlement is not known.
TotalEnergies estimates the combination of its sources of capital will continue to be adequate to fund its short- and long- term contractual obligations.
Information on TotalEnergies’ guarantees and other commitments and contingencies are presented in Note 13 (“Off balance sheet commitments and contractual obligations”) to the Consolidated Financial Statements (starting on page F-66). TotalEnergies does not currently consider that these guarantees, or any other off-balance sheet arrangements of TotalEnergies or any other members of TotalEnergies, have or are reasonably likely to have, currently or in the future, a material effect on the TotalEnergies’ financial condition, changes in financial condition, revenues or expenses, results of operation, liquidity, capital expenditures or capital resources.
1For additional information, refer to Note 15.1(E) to the Consolidated Financial Statements (starting on page F-76).
21
5.5 Research and development
For a discussion of TotalEnergies’ R&D policies and activities, refer to points 1.4.2 and 1.5 of chapter 1 (starting on pages 38 and 39, respectively) of the Universal Registration Document 2025, incorporated herein by reference.
5.6 Situation of the Company in Russia at March 27, 2026
The Company presents in the section below an update on the situation since the invasion of Ukraine by Russia on February 24, 2022 and the impact on its activities in connection with Russia.
Principal activities of TotalEnergies in connection with Russia and principles of conduct
On March 1, 2022, TotalEnergies announced that it condemns Russia’s military aggression against Ukraine, supports the scope and strength of the sanctions put in place by Europe that will be implemented by the Company regardless of the consequences on its asset management, and that it will no longer provide capital for new projects in Russia.
On March 22, 2022, considering the worsening conflict, TotalEnergies reaffirmed its firmest condemnation of Russia’s military aggression against Ukraine, which has tragic consequences for the Ukrainian population and threatens peace in Europe. To act responsibly, as a European company and in accordance with its values, the Company defined clear principles of conduct for managing its Russian related business:
TotalEnergies restated that it did not operate any oil or gas field, or Liquefied Natural Gas (LNG) plant, in Russia and that was a minority shareholder, at that time, in a number of non-state-owned Russian companies: Novatek (19.4%)2, Yamal LNG (20%)3, Arctic LNG 2 (10%)4, TernefteGaz (49%)5 and partner with 20% in the Kharyaga joint venture operated by Zarubezhneft6, without any activity or operational responsibility on those sites.
On the same day, concerning the Arctic LNG 2 project in particular, given the uncertainty created by technological and financial sanctions on the ability to carry out the Arctic LNG 2 project currently under construction and their probable tightening with the worsening conflict, TotalEnergies SE decided no longer to record proven reserves for Arctic LNG 2 in its accounts.
On April 27, 2022, considering the new sanctions adopted by the European authorities on April 8, 2022, notably prohibiting export from European Union countries of goods and technology for use in the liquefaction of natural gas benefitting a Russian company, it appeared that these new prohibitions constituted additional risks on the execution of the Arctic LNG 2 project. As a result, TotalEnergies decided to record in its accounts, as of March 31, 2022, an impairment of $4.1 billion, concerning notably Arctic LNG 2.
On July 28, 2022, in the context of its second quarter and first half 2022 results, TotalEnergies announced that had recorded in its accounts a new $3.5 billion impairment charge related mainly to the potential impact of international sanctions on the value of its Novatek stake.
On August 26, 2022, TotalEnergies restated that in the context of the implementation of its principles of conduct, it would continue its duty to contribute toward securing Europe’s gas supply from the Yamal LNG plant within the framework of long-term contracts that it must honor as long as Europe’s governments do not impose sanctions on Russian gas.
TotalEnergies had also announced the gradual suspension of its activities in Russia that do not contribute to the security of energy supply of Europe. This included assets producing oil (Kharyaga field) and gas for the local Russian market (Termokarstovoye field) as well as other local businesses (lubricants, batteries) which were mothballed in the first half of 2022.
In accordance with these principles, TotalEnergies had announced on July 6, 2022 the sale of its remaining 20% interest in the Kharyaga oil project to Zarubezhneft. This sale was finalized on August 3, 2022. The Company also announced that it had agreed on July 18, 2022, to sell to Novatek TotalEnergies’ 49% interest in Terneftegaz, which operates the Termokarstovoye gas and condensates field in Russia, on economic terms enabling TotalEnergies to recover the outstanding amounts invested in the field. This sale was finalized on September 15, 2022.
On October 27, 2022, in the context of its third quarter 2022 results, TotalEnergies announced that had recorded in its accounts a new $3.1 billion impairment charge related mainly to the potential impact of international sanctions on the value of its Novatek stake.
On December 9, 2022, TotalEnergies reiterated that it holds a 19.4% stake in Novatek, that it cannot sell given the shareholders’ agreements in effect, as it is forbidden for TotalEnergies to sell any asset to one of Novatek’s main shareholders who is under sanctions.
The Company highlighted that in view of the European sanctions in force since the beginning of the war, the two directors representing TotalEnergies on the board of directors of Novatek have to abstain from voting in meetings of the board of directors of this company, in particular on financial matters and that they are therefore no longer in a position to fully carry out their duties on the board, which might become an issue for the governance of this company.
Under these circumstances, the Board of Directors of TotalEnergies decided to withdraw the representatives of the Company from the board of Novatek with immediate effect. As a result, as the criteria for significant influence within the meaning of the accounting regulations that apply to the Company are not met, TotalEnergies will no longer equity account for its 19.4% stake in Novatek in the Company’s accounts. In addition, TotalEnergies will no longer book reserves for its interest in Novatek.
On February 8, 2023, TotalEnergies announced that it had recorded in its accounts for the fourth quarter results a new $4.1 billion impairment charge related to the deconsolidation of Novatek.
2Novatek is a Russian company listed on the Moscow stock exchange in which TotalEnergies held an interest of 19.4% as of December 31, 2025.
3Yamal LNG is a Russian company jointly owned by Novatek, TotalEnergies EP Yamal (20.02%), YAYM Limited, and China National Oil and Gas Exploration Development Company (CNODC), a subsidiary of CNPC, as of December 31, 2025.
4Arctic LNG 2 is a Russian company jointly owned by Novatek, TotalEnergies EP Salmanov (10%), CNODC Dawn Light Limited, CEPR Limited and Japan Arctic LNG, as of December 31, 2025.
5Terneftegas is a company jointly owned by Novatek, and TotalEnergies EP Termokarstovoye SAS (49%) before the sale of its interest finalized on September 15, 2022.
6Kharyaga is a non-incorporated joint venture with Zarubezhneft (operator, 40%), Equinor (30%) and Nenets Oil Company (10%). TotalEnergies finalized on August 3, 2022 the sale of its 20% interest in Kharyaga à Zarubezhneft.
22
Russian assets were fully impaired in 2022, with the exception of the shares held in the Yamal LNG company. In total, the impact of impairments and provisions recorded in 2022 due to the Russo-Ukrainian conflict amounted to $(14,756) million in TotalEnergies’ net result.
On November 2, 2023, the Arctic LNG 2 company was placed under sanctions by the US authorities. TotalEnergies initiated the contractual suspension procedure provided for in the Arctic LNG 2 shareholders’ agreement and that of force majeure for the LNG purchase contract from Arctic LNG 2. These procedures, upon their notification, resulted in the suspension of TotalEnergies’ rights and obligations under these agreements, thus implying in particular the suspension of the participation of TotalEnergies’ representatives in the governance bodies of Arctic LNG 2. As a result, the 10% interest held by TotalEnergies in Arctic LNG 2 is no longer accounted for using the equity method in the Company’s accounts since December 31, 2023 but is recorded under “other investments”. As mentioned above, as the shares in Arctic LNG 2 were fully impaired in 2022, this deconsolidation had no impact in the 2023 consolidated financial statements.
The Company has also ensured the absence of depreciation to be accounted for on Yamal LNG, by testing the value of its equity accounted investment which amounts to $5,835 million as of December 31, 2025.
With regard to the participation in Novatek, in the absence of any new event, the assessments and judgments taken into account on December 31, 2022, December 31, 2023 and on December 31, 2024 in the accounting and valuation method remain unchanged at December 31, 2025. As the criteria for significant influence are no longer met within the meaning of IAS 28 "Investments in associates and joint ventures", TotalEnergies' 19.4% interest in Novatek has no longer been accounted for using the equity method in the Company's financial statements since the end of the fourth quarter of 2022.
Depending on the developments of the Russian-Ukrainian conflict and the measures that the European and American authorities may decide to implement, particularly in terms of sanctions, the activities of TotalEnergies in Russia, in particular those relating to the Yamal LNG asset, could be affected in the future, potentially impacting all or part of the carrying value of its equity interest.
The table below presents TotalEnergies’ producing assets and entities in Russia as of December 31, 2025, the interest held in the asset or entities (TotalEnergies share in %).
Producing assets as of December 31, 2025 in Russia
Exploration & Production segment
Integrated LNG segment
Non operated: None.
Non operated: Yamal LNG (20.02%)
TotalEnergies no longer equity account for its 19.4% stake in Novatek as of December 31, 2022.
The tables below present the average daily production of liquids and natural gas of TotalEnergies in Russia, as well as the Upstream Capital Employed per project in Russia as of December 31, 2025.
TotalEnergies' average daily liquids and natural gas production in Russia in 2025
Liquids
Natural gas
Total
kb/d(a)
Mcf/d(b)
kboe/d
Russia
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including production share of equity affiliates
Yamal LNG
Upstream Capital Employed in Russia as of and for the year ended December 31 (M$)
Novatek
0
5,835
5,200
4,560
Arctic LNG 2
Provisions
(1,804)
(1,844)
(1,822)
Total Upstream Capital Employed
4,031
3,356
2,738
Activities in Russia in 2025
In the Integrated LNG segment, LNG production in Russia was from the Yamal LNG project. This development project of the onshore South Tambey field (gas and condensates) located on the Yamal peninsula was launched in 2013 by the company Yamal LNG. TotalEnergies holds a direct 20.02% interest in the project through its subsidiary TotalEnergies EP Yamal. The project includes a four-train gas liquefaction plant with a nominal capacity of 17.4 Mt/y of LNG.
In addition, TotalEnergies hold a 10% direct interest in the Arctic LNG 2 project since 2019, as well as, since July 2021, an interest of 10% in Arctic Transshipment7, which was established as part of the Arctic LNG 2 project.
Given the uncertainties that technological and financial sanctions pose on the ability to complete the Arctic LNG 2 project, TotalEnergies has ceased to recognize as proved reserves the resources associated with the Arctic LNG 2 project since December 31, 2021, and has provisioned in its accounts the value of its investments as of March 31, 2022. TotalEnergies no longer recorded reserves from its interest in Novatek.
The American Office of Foreign Assets Control (OFAC) designated, on September 14, 2023 and November 2, 2023, respectively, Arctic Transshipment and Arctic LNG 2 as Specially Designated Nationals with immediate effect subject to temporary exceptions under licenses issued by the OFAC. As a consequence of these designations, US persons are prohibited to deal with those two entities. All non-US persons are exposed to the risk of US secondary sanctions if they provide material support to these entities. Since April 18, 2023, TotalEnergies EP Transshipment has not participated in any governance body and has not paid any cash calls to Arctic Transshipment. On November 2, 2023, Arctic LNG 2 was placed under sanctions by the US authorities. As a result, in accordance with what it announced, on November 7, 2023, TotalEnergies initiated the contractual suspension procedure provided for in the Arctic LNG 2 shareholders' agreement and the force majeure procedure for the LNG purchase contract with Arctic LNG 2. Upon notification of these procedures, TotalEnergies' rights and obligations under these contracts were suspended (refer to point 3.2. of Chapter 3 of the Universal Registration Document 2025). TotalEnergies does not participate in and does not benefit, directly or indirectly, from LNG deliveries by Arctic LNG 2, which began in 2025.
In the Marketing & Services segment, TotalEnergies stopped producing lubricants in Russia at the end of May 2022, in accordance with its principles of conduct published on March 22, 2022, and announced the sale of these activities in March 2023 to a company created by the Russian management team of the subsidiary TotalEnergies Marketing Russia.
For more detailed information on economic sanctions against Russia, see Section 3.2 of Chapter 3 of the Universal Registration Document 2025 (starting on page 139), incorporated herein by reference.
7Arctic Transshipment is a Russian company jointly owned by Novatek (90%) and TotalEnergies EP Transshipment (10%) at December 31, 2025.
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5.7 ADANI: Situation of the Company at March 27, 2026
The Company presents in the section below an update on the situation following the public announcements made by the US authorities of the indictment of certain individual Adani Group executives in relation to an alleged corruption scheme linked to the business of Adani Green Energy Limited (AGEL) and the impact on its activities in connection with Adani Group.
TotalEnergies’ main activities in relation with the Adani Group and principle of actions
TotalEnergies’ investments in and with AGEL
In January 2021 TotalEnergies acquired a minority interest in the listed company Adani Green Energy Limited of which it owns 17.25% as of December 31, 2025, following the sale of a 1.74% share of capital in this company in December 2025. As part of its strategy to enhance its development in renewables in India through direct access to a portfolio of assets, TotalEnergies has also acquired a 50% stake in three joint ventures operating renewable assets (AGE23L in 2020, ARE9L in 2023, ARE64L8 in 2024).
In November 2024, TotalEnergies learnt through public announcements made by the US authorities of the indictment of certain individual Adani Group executives in relation to an alleged corruption scheme linked to the business of AGEL. This indictment does not target AGEL itself, nor any AGEL related companies.
In accordance with its Code of Conduct, TotalEnergies rejects corruption in any form.
TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as minority shareholder of AGEL and as a joint-venture partner in project companies with AGEL.
Until such time when the accusations against the Adani Group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani Group of companies.
TotalEnergies recalls that its investments in Adani’s entities were undertaken in full compliance with applicable laws, and with TotalEnergies’ own internal governance processes pursuant to due diligence and representations made by the sellers. In particular, TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme.
Exposure resulting from these stakes is limited, as it represents 2.5% ($3.6 billion at December 31, 2025) of the Company’s capital employed and only $398 million of net operating income in 2025. These investments being accounted for under the equity method, TotalEnergies has not performed any re-evaluation in its accounts of its stakes in the listed entities ATGL and AGEL in relation to the variation in their stock values.
The following table lists TotalEnergies’ current stakes in ventures with Adani:
TotalEnergies’ share
Adani Green Energy Limited (AGEL)
17.25%
Adani Green Twenty Three Limited
50%
Adani Renewable Energy Nine Limited
Adani Renewable Energy Sixty Four Limited
Adani Total Private Limited (ATPL)
Adani Total Gas Limited (ATGL)9
37.4%
Adani Total LNG Singapore Pte Ltd (ATLS)
At the end of 2025 in India, the total gross power production installed capacity is 10.3 GW (30% of the Company’s total), the capacity in construction is 800 MW (10% of the Company’s total) and the capacity under development is 1.6 GW (2% of the Company’s total).
5.8 Middle-East: Situation of the Company
The Company presents in the insert below an update on the situation since the start of the crise in the Middle East on February 28, 2026, and the impact on its activities.
TotalEnergies is fully mobilized to monitor closely developments in the situation in order to implement appropriate measures. TotalEnergies is coordinating its actions between corporate teams, its local affiliates, as well as with its partners and local authorities. TotalEnergies affirms its support and solidarity with the populations affected by this conflict.
Against a backdrop of deteriorating security situation in the Middle East, the Company's priority is the safety of the teams and their families.
Consequences of the conflict for TotalEnergies to date
8Adani Green Energy Twenty-Three Limited, Adani Renewable Energy Nine Limited and Adani Renewable Energy Sixty-Four Limited.
9To be noted that ATGL owns 100% of Adani TotalEnergies E-Mobility Ltd (ATEEL), which has been active in the electric vehicle charging infrastructure market since March 2022 and of Adani TotalEnergies Biomass Limited (ATBL) dedicated to the development of biogas activities in India.
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ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
The following information concerning directors and senior management from the Universal Registration Document 2025 is incorporated herein by reference:
composition of the Board of Directors (introduction and point 4.1.1 of chapter 4, starting on page 186); and
information concerning the General Management (point 4.1.5 of chapter 4, starting on page 225).
The following information concerning compensation from the Universal Registration Document 2025 is incorporated herein by reference:
compensation for the administration and management bodies (point 4.3 of chapter 4, starting on page 235).
The following information concerning Board practices and corporate governance from the Universal Registration Document 2025 is incorporated herein by reference:
functioning of the Board of Directors (point 4.1.2 of chapter 4, starting on page 211);
report of the Lead Independent Director on his mandate (point 4.1.3 of chapter 4, starting on page 223);
assessment of the Board of Directors practices (point 4.1.4 of chapter 4, on page 225); and
statement regarding corporate governance (point 4.2 of chapter 4, on page 235).
The following information concerning employees and share ownership from the Universal Registration Document 2025 is incorporated herein by reference:
company employees (point 5.2.3.1.(A) of chapter 5, starting on page 373);
shares held by the administration and management bodies (point 4.1.6 of chapter 4, starting on page 233); and
employee shareholding (point 6.4.2 of chapter 6, on page 433).
TotalEnergies believes that the relationship between its management and labor unions is, in general, satisfactory.
ITEM 6F. DISCLOSURE OF A REGISTRANT’S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
The following information concerning shareholders from the Universal Registration Document 2025 is incorporated herein by reference:
major shareholders (point 6.4.1 of chapter 6, starting on page 432); and
shareholding structure (point 6.4.3 of chapter 6, on page 434).
TotalEnergies’ main transactions with related parties (principally all the investments carried under the equity method) and the balances receivable from and payable to them are shown in point 8.3 of Note 8 (“Equity affiliates, other investments and related parties”) to the Consolidated Financial Statements (on page F-49). In the ordinary course of its business, TotalEnergies enters into transactions with various organizations with which certain of its directors or executive officers may be associated, but no such transactions of a material or unusual nature have been entered into during the period commencing on January 1, 2022, and ending on the date of this document. For further information on regulated agreement and undertakings and related-party transactions, refer to point 4.4.1 of chapter 4 of the Universal Registration Document 2025 (on page 266), incorporated herein by reference.
ITEM 8. FINANCIAL INFORMATION
The following information from the Universal Registration Document 2025 is incorporated herein by reference:
legal and arbitration proceedings (point 3.5 of chapter 3, on page 149);
dividend policy and other related information (point 6.2 of chapter 6, starting on page 426);
supplemental oil and gas information (points 9.1 and 9.2 of chapter 9, starting on page 570);
report on payments made to governments (point 9.3 of chapter 9, starting on page 587); and
reporting of payments to governments for purchases of oil, gas and minerals (EITI reporting) (point 9.4 of chapter 9, starting on page 612).
The Consolidated Financial Statements and Notes thereto are included in pages F-9 et seq. attached hereto.
Except for certain events mentioned in “Item 5. Operating and financial review and prospects ” and point 3.5 of chapter 3 (on page 149) of the Universal Registration Document 2025, incorporated herein by reference and Note 17 to the Consolidated Financial Statements (on page F-91), no significant changes to TotalEnergies’ financial or commercial situation have occurred since the date of the Consolidated Financial Statements.
Refer to “Item 18. Financial statements” for the reports of the statutory auditors.
ITEM 9. THE OFFER AND LISTING
The main trading markets for the TotalEnergies shares are the following: Euronext Paris (France) and the New York Stock Exchange (“NYSE”, United States). On December 8, 2025, TotalEnergies converted its American Depositary Shares (“ADSs”) into ordinary shares listed on the NYSE.
The shares are also listed on Euronext Brussels (Belgium) and the London Stock Exchange (“LSE”, United Kingdom) through CREST Depository Interest (“CDIs”).
TotalEnergies common shares trade on Euronext Paris, Euronext Brussels, the NYSE and the LSE under the same following ticker symbol: “TTE”.
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ITEM 10. ADDITIONAL INFORMATION
10.1 Share capital
information concerning the share capital (point 7.1 of chapter 7, starting on page 442);
the use of delegations of authority and power granted to the Board of Directors with respect to capital increases and cancellation of shares (point 4.4.2 of chapter 4, starting on page 267);
information on share buybacks (point 6.3 of chapter 6, starting on page 429); and
factors likely to have an impact in the event of a public takeover or exchange offer (point 4.4.4 of chapter 4, starting on page 268).
10.2 Memorandum and articles of association
information concerning the articles of incorporation and bylaws, and other information (point 7.2 of chapter 7, starting on page 443); and
participation of shareholders at shareholders’ meetings (point 4.4.3 of chapter 4, on page 268).
The Articles of Association (Statuts) of TotalEnergies SE are filed as Exhibit 1 hereto and the information set forth in Exhibit 2.2 "Description of TotalEnergies securities registered under section 12 of the Exchange Act " hereto is incorporated herein by reference.
10.3 Material contracts
There have been no material contracts (not entered into in the ordinary course of business) entered into by members of TotalEnergies since March 31, 2023.
10.4 Exchange controls
Under current French exchange control regulations, no limits exist on the amount of payments that TotalEnergies may remit to residents of the United States. Laws and regulations concerning foreign exchange controls do require, however, that an accredited intermediary must handle all payments or transfer of funds made by a French resident to a non-resident.
10.5 Taxation
10.5.1 General
This section generally summarizes certain material U.S. federal income tax and French tax consequences of owning and disposing of shares of TotalEnergies SE to U.S. Holders that hold their shares as capital assets for tax purposes. For purposes of this discussion, a “U.S. Holder” is a beneficial owner of shares that is (i) a citizen or resident of the United States for U.S. federal income tax purposes, (ii) a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state therein or the District of Columbia, (iii) an estate whose income is subject to U.S. federal income taxation regardless of its source, or (iv) a trust if (1) a court within the U.S. can exercise primary supervision over the trust’s administration and one or more United States persons are authorized to control all substantial decisions of the trust or (2) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person.
This section does not address the Medicare tax on net investment income, the application of special accounting rules under Section 451(b) of the Internal Revenue Code of 1986, as amended (“IRC”), U.S. federal estate or gift taxes or any taxes from jurisdictions other than the United States and France. This section does not apply to members of special classes of holders subject to special rules, including without limitation:
broker-dealers;
traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;
tax-exempt organizations;
certain financial institutions;
insurance companies;
U.S. pension funds;
U.S. Regulated Investment Companies (RICs), Real Estate Investment Trusts (REITs), and Real Estate Mortgage Investment Conduits (REMICs);
persons who are liable for the alternative minimum tax;
persons that actually or constructively own 5% or more of the shares of TotalEnergies SE (by vote or value);
persons who acquired the shares pursuant to the exercise of any employee share option or otherwise as consideration;
persons that purchase or sell shares as part of a wash sale for U.S. federal income tax purposes;
persons holding offsetting positions in respect of the shares (including as part of a straddle, hedging, conversion or integrated transaction);
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persons owning shares in connection with a trade or business conducted outside the United States.
tax-exempt entities, “individual retirement accounts” or “Roth IRAs”;
entities or arrangements classified as partnerships or pass-through entities for U.S. federal income tax purposes or holders of equity interests therein;
U.S. expatriates; and
persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar.
If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. Partners of a partnership holding these shares should consult their tax advisors as to the tax consequences of owning or disposing of shares, as applicable.
Under French law, specific rules apply to trusts, in particular specific tax and filing requirements; additionally, specific rules apply to wealth, estate and gift taxes as they apply to trusts. Given the complex nature of these rules and the fact that their application varies depending on the status of the trust, the grantor, the beneficiary and the assets held in the trust, the following summary does not address the tax treatment of shares held in a trust. If shares are held in trust, the grantor, trustee and beneficiary are urged to consult their own tax advisor regarding the specific tax consequences of acquiring, owning and disposing of shares.
In addition, the discussion below is limited to U.S. Holders that (i) are residents of the United States for purposes of the Treaty (as defined below), (ii) do not maintain a permanent establishment or fixed base in France to which the shares are attributable and through which the respective U.S. Holders carry on, or have carried on, a business (or, if the holder is an individual, performs or has performed independent personal services), and (iii) are otherwise eligible for the benefits of the Treaty in respect of income and gain from the shares (in particular, under the “Limitation on Benefits” provision of the Treaty).
The discussions below of the material U.S. federal income tax consequences to U.S. Holders of owning and disposing of shares of TotalEnergies SE are based on the IRC, its legislative history, U.S. Treasury regulations promulgated under the IRC and judicial and administrative interpretations thereof, as well as on the Convention Between the Government of the United States of America and the Government of the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital, as amended from time to time (the “Treaty”), in each case, as in effect on the date hereof. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below. No ruling will be sought from the U.S. Internal Revenue Service (the “IRS”) with respect to any statement or conclusion in this discussion, and there can be no assurance that the IRS will not challenge such statement or conclusion in the following discussion or, if challenged, that a court will uphold such statement or conclusion.
The description of the material French tax consequences is based on the laws of the Republic of France and French tax regulations, all as currently in effect, as well as the Treaty, as currently in effect. These laws, regulations and the Treaty are subject to change, possibly on a retroactive basis.
The following summary does not address the French tax treatment applicable to dividends paid in certain so-called “Non Cooperative Countries and Territories” (“NCCT”) within the meaning of Article 238-0 A of the French Code général des impôts (“French Tax Code”) (i.e., States other than the ones mentioned in Article 238-0 A 2 bis 2° of the same code) as such provision or list may be amended from time to time or replaced by any other provision or list having a similar purpose. It does not apply to dividends paid to persons established or domiciled in such a NCCT, or paid to a bank account opened in a financial institution located in such a NCCT, nor does it apply to capital gains realized by persons established or domiciled in such a NCCT. Furthermore, the following summary does not address the tax treatment applicable to transfers and other similar transactions which could, under certain conditions, fall within the scope of the anti-abuse measure set forth in Article 119 bis A of the French Tax Code.
This discussion is intended only as a descriptive summary and does not purport to be a complete analysis or listing of all potential tax effects of the ownership or disposition of the shares and is not intended to substitute competent professional advice. Individual situations of holders of shares may vary from the description made below.
Holders are urged to consult their own tax advisors regarding the U.S. federal, state and local, and the French and other tax consequences of owning and disposing shares of TotalEnergies in their respective circumstances. In particular, a holder is encouraged to confirm with its advisor whether the holder is a U.S. Holder eligible for the benefits of the Treaty.
10.5.2 Taxation of dividends
French taxation
The term “dividends” used in the following discussion means dividends within the meaning of the Treaty.
Dividends paid to non-residents of France who are U.S. Holders are in principle subject to a French withholding tax regardless of whether they are paid in cash, in shares or a mix of both. The French withholding tax is levied (i) at a rate of 12.8% for dividends paid to U.S. Holders who are individuals and (ii) at a rate of 25% for dividends paid to U.S. Holders that are legal entities (the “Legal Entities U.S. Holders”) subject to more favorable provisions of the Treaty as described below and certain more favorable French domestic law provisions.
The withholding tax is in principle levied on the gross amount of dividends. However, Article 235 quinquies of the French tax code allows, under certain conditions, for non-residents legal entities to compute the withholding tax on a net basis and to recover the excess of the tax initially withheld on a gross amount.
Under the Treaty, a U.S. Holder is generally entitled to a reduced rate of French withholding tax of 15% with respect to dividends, provided that certain requirements are satisfied. This reduced rate is, in practice, only of interest to Legal Entities U.S. Holders subject to the withholding tax at a rate of 25%.
Administrative guidelines (Bulletin Officiel des Finances Publiques, BOI-INT-DG-20-20-20-20-12/09/2012) (the “Administrative Guidelines”) set forth the conditions under which the reduced French withholding tax at the rate of 15% may be available. The immediate application of the reduced 15% rate (i.e., upon payment of the dividend) is available to those U.S. Holders that may benefit from the so-called “simplified procedure” (within the meaning of the Administrative Guidelines).
Under the “simplified procedure”, U.S. Holders may claim the immediate application of withholding tax at the rate of 15% on the dividends to be received by them, provided that:
(i)
they furnish to the U.S. financial institution managing their securities account a certificate of residence conforming with form No. 5000 FR (or similar certificate of residence). The immediate application of the 15% withholding tax will be available only if the certificate of residence is sent to the U.S. financial institution managing their securities account no later than the dividend payment date. Furthermore, each financial institution managing the U.S. Holders’ securities account must also send to the French paying agent the figure of the total amount of dividends to be received which are eligible to the reduced withholding tax rate before the dividend payment date; and
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(ii)
the U.S. financial institution managing the U.S. Holders’ securities account provides the French paying agent with a list of the eligible U.S. Holders and other pieces of information set forth in the Administrative Guidelines. Furthermore, the financial institution managing the U.S. Holders’ securities account should certify that the U.S. Holder is, to the best of its knowledge, a United States resident within the meaning of the Treaty. These documents must be sent to the French paying agent after the dividend payment date and within a time frame that will allow the French paying agent to file them no later than the end of the third month computed as from the end of the month of the dividend payment date.
Where the U.S. Holder’s identity and tax residence are known by the French paying agent, the latter may release such U.S. Holder from furnishing to (i) the financial institution managing its securities account, or (ii) as the case may be, the IRS, the abovementioned certificate of residence, and apply the 15% withholding tax rate to dividends it pays to such U.S. Holder.
For a U.S. Holder that is not entitled to the “simplified procedure” and whose identity and tax residence are not known by the paying agent at the time of the payment, the French withholding tax at the domestic rate will be levied at the time the dividends are paid. Such U.S. Holder, however, may be entitled to a refund of the withholding tax in excess of the 15% rate under the “standard procedure”, as opposed to the “simplified procedure”, provided that the U.S. Holder furnishes to the French paying agent an application for refund on forms No. 5000 FR and 5001 FR (or any other relevant form to be issued by the French tax authorities) certified by the U.S. financial institution managing the U.S. Holder’s securities account (or, if not, by the competent U.S. tax authorities) before December 31 of the second year following the date of payment of the withholding tax at the domestic rate to the French tax authorities, according to the requirements provided by the Administrative Guidelines it being specified that recent case law challenged this deadline, resulting in an uncertainty on whether the deadline expires on December 31 of the year following the date of payment of the dividend, or December 31 of the second year following the date of payment of the withholding tax.
Copies of forms No. 5000 FR and 5001 FR (or any other relevant form to be issued by the French tax authorities) as well as the form of the certificate of residence and the U.S. financial institution certification, together with instructions, are available from the IRS and the French tax authorities.
These forms, together with instructions, are to be provided to all U.S. Holders of shares registered on the U.S. Register. U.S. Holders may, through the U.S. transfer agent and French paying agent mandated by TotalEnergies, follow the procedures established by the French tax authorities to benefit from the immediate application of the 15% French withholding tax rate or, as the case may be, to recover the portion in excess over 15% of the French withholding tax initially withheld.
To effect such benefit or recovery, such U.S. Holder should return the relevant forms, properly completed and executed to the TotalEnergies’ agents. Upon receipt of the relevant forms properly completed and executed by such U.S. Holder, the TotalEnergies’ agents shall cause them to be filed with the appropriate French tax authorities, and upon receipt of any resulting remittance, the U.S. transfer agent shall distribute to the U.S. Holder entitled thereto, as soon as practicable, the proceeds thereof in U.S. dollars.
Holders of shares through brokers, banks or other similar intermediaries may receive forms, proceeds and information indirectly through such intermediaries and should contact their broker, bank or other similar intermediary for more information.
The identity and address of TotalEnergies’ U.S. transfer agent and the French paying agent are available from TotalEnergies.
In addition, subject to certain specific filing obligations, there is no withholding tax on dividend payments made by French companies to:
non-French collective investment funds formed under foreign law and established in a Member State of the European Union or in another State or territory, such as the United States, that has entered with France into an administrative assistance agreement for the purpose of combating fraud and tax evasion, and which fulfill the two following conditions: (a) the fund raises capital among a number of investors for the purpose of investing in accordance with a defined investment policy, in the interest of its investors, and (b) the fund has characteristics similar to those of collective investment funds organized under French law fulfilling the conditions set forth in Article 119 bis 2, 2 of the French Tax Code and the Administrative Guidelines Bulletin Officiel des Finances Publiques, BOI-RPPM-RCM-30-30-20-70-06/10/2021 (i.e., among others, open-end mutual fund (OPCVM), open-end real estate fund (OPCI) and closed-end investment companies (SICAF)); and
companies whose effective place of management is, or which have a permanent establishment receiving the dividends, in a Member State of the European Union or in another State or territory that has entered with France into an administrative assistance agreement for the purpose of combating fraud and tax evasion, such as the United States, that are in a loss-making position and subject, at the time of the distribution, to insolvency proceedings similar to the one set out in Article L. 640-1 of the French Commercial Code (or where there is no such procedure available, in a situation of cessation of payments with recovery being manifestly impossible) and that meet the other conditions set out in Article 119 quinquies of the French Tax Code as specified by the Administrative Guidelines Bulletin Officiel des Finances Publiques, BOI-RPPM-RCM-30-30-20-80-29/06/2022.
Collective investment funds and companies mentioned above are urged to consult their own tax advisors to confirm whether they are eligible to such provisions and under which conditions.
Finally, companies having their seat in a Member State of the European Union or in another Member State of the European Economic Area Agreement or any third country that has concluded with France a tax treaty including an administrative assistance provision to tackle tax evasion and avoidance and which is not a NCCT, such as the United States, and being in a tax loss position might, provided that the conditions set forth in Article 235 quater of the French Tax Code are met, benefit from a temporary reimbursement of the withholding tax applicable on dividend payments, the corresponding amount having to be refunded to the French treasury, in particular, at the time they become in a profitable tax position.
U.S. taxation
For U.S. federal income tax purposes and subject to the passive foreign investment company rules discussed below, the gross amount of any cash distributions that a U.S. Holder must include in gross income as dividend income equals the amount paid by TotalEnergies (i.e., the net distribution received plus any tax withheld therefrom) from its current or accumulated earnings and profits (as determined for U.S. federal income tax purposes). Distributions, if any, in excess of such current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will constitute a non-taxable return of capital to a U.S. Holder and will be applied against and reduce such U.S. Holder’s tax basis in such shares, but not below zero. To the extent that such distributions are in excess of such basis, the distributions will constitute capital gain. Because TotalEnergies does not currently maintain calculations of earnings and profits for U.S. federal income tax purposes, it is expected that the entire amount of distributions paid with respect to the shares generally will be taxable to U.S. Holders as dividends and, except as provided below, taxable at ordinary income tax rates.
Dividends will not be eligible for the dividends-received deduction allowed to a U.S. corporation with respect to dividends received from other U.S. corporations. Dividends paid to a non-corporate U.S. Holder that constitute “qualified dividend income” will be taxable to the U.S. Holder at the preferential rates applicable to long-term capital gains provided (1) TotalEnergies is neither a passive foreign investment company nor treated as such with respect to the U.S. Holder for the taxable year in which the dividend was paid and the preceding taxable year and (2) certain holding period and other requirements are met. TotalEnergies expects dividends paid by TotalEnergies with respect to its shares to be qualified dividend income. The dividend generally will be included in a U.S. Holder’s gross income on the date such U.S. Holder actually or constructively receives the dividend.
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The amount of any dividend paid in euro includible in the income of a U.S. Holder equals the U.S. dollar value of the euro payment made, determined at the spot euro/dollar exchange rate on the date the dividend distribution is includible in the U.S. Holder’s income, regardless of whether the payment is in fact converted into U.S. dollars. Any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend payment is includible in the U.S. Holder’s income to the date the payment is converted into U.S. dollars will generally be treated as ordinary income or loss and, for foreign tax credit limitation purposes, from sources within the United States and will not be eligible for the special tax rate applicable to qualified dividend income. The U.S. federal income tax rules governing the availability and computation of foreign tax credits are complex. U.S. Holders should consult their own tax advisors concerning the implications of these rules in light of their particular circumstances.
Subject to certain conditions and limitations, U.S. Holders may elect to claim a credit against their U.S. federal income tax liability for the net amount of French taxes withheld in accordance with the Treaty and paid over to the French tax authorities. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. In addition, special rules apply in determining the foreign tax credit limitation with respect to dividends that are subject to the preferential tax rates. To the extent a refund of the tax withheld is available to a U.S. Holder under French law or under the Treaty, the amount of tax withheld that is refundable will not be eligible for credit against such U.S. Holder’s U.S. federal income tax liability. For this purpose, dividends distributed by TotalEnergies will generally constitute “passive income” for purposes of computing the foreign tax credit allowable to the U.S. Holder. There are significant and complex limitations on a U.S. Holder’s ability to claim such credit.
If a U.S. Holder has the option to receive a distribution in shares instead of cash, the distribution of shares will be taxable as if the U.S. Holder had received an amount of cash equal to the fair market value of the distributed shares, and such U.S. Holder’s tax basis in the distributed shares will be equal to such amount.
10.5.3 Taxation of disposition of shares
Provided that a U.S. Holder is either entitled to the benefits of the Treaty, or that it does not hold more than 25% of the share capital of TotalEnergies SE will not be subject to French tax on any capital gain from the sale or exchange of the shares.
Pursuant to Article 235 ter ZD of the French tax code, a financial transaction tax applies, under certain conditions, to the acquisition of shares of publicly traded companies registered in France having a market capitalization over €1 billion on December 1 of the year preceding the acquisition. A list of the companies within the scope of the financial transaction tax for 2025 is published in the Administrative guidelines Bulletin Officiel des Finances Publiques, BOI-ANNX-000467-23/12/2024. TotalEnergies is included in this list, although it cannot be excluded that this list might be amended in the future. The financial transaction tax is due at a rate of 0.4%10 on the price paid to acquire the shares. The person or entity liable for the tax is generally the provider of investment services defined in Article L. 321-1 of the French Monetary and Financial Code (prestataire de services d’investissement). Investment service providers providing equivalent services outside France are subject to the tax under the same terms and conditions. Taxable transactions are broadly construed but several exceptions may apply. In general, non-income taxes, such as this financial transaction tax, paid by a U.S. Holder are not eligible for a foreign tax credit for U.S. federal income tax purposes. U.S. Holders should consult their own tax advisors as to the tax consequences and creditability of such financial transaction tax.
For U.S. federal income tax purposes and subject to the passive foreign investment company rules discussed below, a U.S. Holder generally will recognize capital gain or loss upon the sale, exchange or other taxable disposition of shares equal to the difference between the U.S. dollar value of the amount realized on the sale, exchange or other taxable disposition and the U.S. Holder’s adjusted tax basis, determined in U.S. dollars, in the shares disposed of. The gain or loss generally will be U.S. source gain or loss and will be long-term capital gain or loss if the U.S. Holder’s holding period of the shares is more than one year at the time of the disposition. Long-term capital gain of a non-corporate U.S. Holder is generally taxed at preferential rates if specified minimum holding periods are met. The deductibility of capital losses is subject to limitation.
10.5.4 Passive foreign investment company status
TotalEnergies believes that the shares are not treated as stock of a passive foreign investment company (“PFIC”) for U.S. federal income tax purposes, and TotalEnergies does not expect that it will be treated as a PFIC in the current or future taxable years. This conclusion is a factual determination that is made annually and thus is subject to uncertainty and change. In general, a non-U.S. corporation will be a PFIC for any taxable year if either (i) at least 75% of its gross income for such year is passive income or (ii) at least 50% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income. If TotalEnergies were treated as a PFIC with respect to a U.S. Holder for any taxable year, the U.S. Holder generally would suffer adverse tax consequences, that may include having gains realized on the disposition of the shares treated as ordinary income rather than capital gain and being subject to punitive interest charges on the receipt of certain distributions and on the proceeds of the sale or other disposition of the shares. U.S. Holders would also be subject to information reporting requirements on an annual basis. U.S. Holders should consult their tax advisors about the potential application of the PFIC rules to shares.
10.5.5 French estate and gift taxes
In general, a transfer of shares by gift or by reason of the death of a U.S. Holder that would otherwise be subject to French gift or inheritance tax, respectively, will not be subject to such French tax by reason of Article 8 of the Convention between the United States of America and the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Estates, Inheritances and Gifts, dated November 24, 1978, as amended, unless the donor or the transferor is domiciled in France at the time of the gift, or at the time of the transferor’s death, or if the shares were used in, or held for use in, the conduct of a business through a permanent establishment or a fixed base in France.
10.5.6 U.S. state and local taxes
In addition to U.S. federal income tax, U.S. Holders of shares may be subject to U.S. state and local taxes with respect to their shares. U.S. Holders should consult their own tax advisors.
10.5.7 U.S. Information Reporting and Backup Withholding
Payments of dividends and sales proceeds from a sale, exchange or other taxable disposition (including redemption) of the shares that are made within the United States, by a U.S. payor or through certain U.S.-related financial intermediaries to a U.S. Holder generally are subject to information reporting, unless the U.S. Holder is a corporation or other exempt recipient, and if required, demonstrates that fact. In addition, such payments may be subject to backup withholding, unless (1) the U.S. Holder is a corporation or other exempt recipient or (2) the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding in the manner required.
Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will generally be allowed as a credit against the U.S. Holder’s U.S. federal income tax liability or may entitle the U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.
10Former 0.3% rate applicable in 2024 increased by the Finance Law for 2025. The 0.4% rate applies to acquisitions as from April 1, 2025.
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10.5.8 Foreign Financial Asset Reporting
Certain U.S. Holders who are individuals or certain specified entities that own “specified foreign financial assets” with an aggregate value in excess of U.S.$50,000 (and in some circumstances, a higher threshold) may be required to report information relating to the shares by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets (which requires U.S. Holders to report “foreign financial assets,” which generally include financial accounts held at a non-U.S. financial institution, interests in non-U.S. entities, as well as stock and other securities issued by a non-U.S. person), to their tax return for each year in which they hold the shares, subject to certain exceptions (including an exception for the shares held in accounts maintained by U.S. financial institutions). U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to their acquisition, ownership, and disposition of the shares.
10.6 Dividends and paying agents
The information set forth in point 6.2.2 of chapter 6 of the Universal Registration Document 2025 (starting on page 427) is incorporated herein by reference.
10.7 Documents on display
TotalEnergies files annual, periodic and other reports and information with the SEC. All of its SEC filings made after December 31, 2001 are available to the public at the SEC website at www.sec.gov and from certain commercial document retrieval services.
ITEM 10J. ANNUAL REPORT TO SECURITY HOLDERS
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Please refer to Notes 15.3 (“Financial risks management”) (starting on page F-82) and 16.2 (“Oil, Gas and Power markets related risks management”) (on page F-90) to the Consolidated Financial Statements, for a qualitative and quantitative discussion of TotalEnergies’ exposure to market risks. Please also refer to Notes 15.2 (“Fair value of financial instruments (excluding commodity contracts)”) (starting on page F-77) and 16 (“Financial instruments related to commodity contracts”) (starting on page F-88) to the Consolidated Financial Statements, for details of the different derivatives owned by TotalEnergies in these markets.
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes 14, 15.1 and 15.2 to the Consolidated Financial Statements.
The financial performance of TotalEnergies is sensitive to a number of factors; the most significant being oil and gas prices, generally expressed in dollars, and exchange rates, in particular that of the dollar versus the euro. Generally, a rise in the price of crude oil has a positive effect on earnings as a result of an increase in revenues from oil and gas production. Conversely, a decline in crude oil prices reduces revenues. The impact of changes in crude oil prices on the activities of the Refining & Chemicals and Marketing & Services segments depends upon the speed at which the prices of finished products adjust to reflect these changes. All of TotalEnergies’ activities are, to various degrees, sensitive to fluctuations in the dollar/euro exchange rate.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
On December 8, 2025, TotalEnergies converted its American Depositary Shares (“ADSs”) into ordinary shares listed on the NYSE. The information called for by this item in connection with such conversion has been previously reported on current reports on Form 6-K furnished to the SEC on October 30, 2025 and December 8, 2025, and such information is hereby incorporated by reference in this Annual Report.
ITEM 15. CONTROLS AND PROCEDURES
15.1 Disclosure controls and procedures
An evaluation was carried out under the supervision and with the participation of TotalEnergies’ management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness, as of the end of the period covered by this Annual Report, of the design and operation of TotalEnergies’ disclosure controls and procedures, which are defined as those controls and procedures designed to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended, is recorded, summarized and reported within specified time periods. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can provide only reasonable assurance of achieving their control objectives.
Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports that TotalEnergies SE files under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to management, including themselves, as appropriate to allow timely decisions regarding required disclosure.
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15.2 Management’s annual report on internal control over financial reporting
TotalEnergies’ management is responsible for establishing and maintaining adequate internal control over financial reporting. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements and even when determined to be effective, can only provide reasonable assurance with respect to financial statement preparation and presentation. Also, the effectiveness of an internal control system may change over time.
TotalEnergies’ management, including the Chief Executive Officer and the Chief Financial Officer, conducted an evaluation of the effectiveness of internal control over financial reporting using the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on the results of this evaluation, TotalEnergies’ management concluded that its internal control over financial reporting was effective as of December 31, 2025.
The effectiveness of internal control over financial reporting as of December 31, 2025, was audited by ERNST & YOUNG Audit and PricewaterhouseCoopers Audit, independent registered public accounting firms, as stated in their report included starting on page F-2 attached hereto.
15.3 Changes in internal control over financial reporting
There were no changes in TotalEnergies’ internal control over financial reporting that occurred during the period covered by this Annual Report that have materially affected, or that were reasonably likely to materially affect, TotalEnergies’ internal control over financial reporting.
15.4 Internal control and risk management procedures
For additional information, refer to points 3.3 and 3.6 of chapter 3 of the Universal Registration Document 2025 (starting on pages 142 and 150, respectively), incorporated herein by reference.
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Mrs. Lise Croteau is the Audit Committee financial expert. She is an independent member of the Board of Directors in accordance with the NYSE listing standards applicable to TotalEnergies.
ITEM 16B. CODE OF ETHICS
At its meeting on October 27, 2016, the Board of Directors adopted a revised code of ethics that applies to its Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer and the financial and accounting officers for its principal activities. A copy of this code of ethics is included as an exhibit to this Annual Report. TotalEnergies will promptly disclose to its shareholders, if required by applicable laws or stock exchange requirements, any amendments to or waivers from the code of ethics applicable to its directors or officers by posting such information on TotalEnergies’ website. The Company has elected to comply with home country practice and disclose any waivers to its code of ethics in its Annual Report on Form 20-F instead of disclosing such waivers to shareholders within four business days pursuant to the NYSE rules. No waivers were given during 2025.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
16C.1 Fees for accountants’ services
The information set forth in point 4.4.6.2 of chapter 4 of the Universal Registration Document 2025 (on page 270) is incorporated herein by reference.
16C.2 Audit Committee pre-approval policy
The Audit Committee has adopted an Audit and Non-Audit Services Pre-Approval Policy that sets forth the procedures and the conditions pursuant to which services proposed to be performed by the statutory auditors may be pre-approved and that are not prohibited by regulatory or other professional requirements. This policy provides for both pre-approval of certain types of services through the use of an annual budget approved by the Audit Committee for these types of services and special pre-approval of services by the Audit Committee on a case-by-case basis. The Audit Committee reviews on an annual basis the services provided by the statutory auditors. During 2025, no audit-related fees, tax fees or other non-audit fees were approved by the Audit Committee pursuant to the de minimis exception to the pre-approval requirement provided by paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
16C.3 Auditor’s term of office
French law provides that the statutory and alternate auditors are appointed for renewable 6 fiscal-year terms. The terms of office of the statutory auditors and of the alternate auditors will expire at the end of the Shareholders’ Meeting to be convened in 2028 to approve the financial statements for fiscal year 2027. The information set forth in point 4.4.6.1 of chapter 4 of the Universal Registration Document 2025 (on page 269) is incorporated herein by reference.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
TotalEnergies’ Audit Committee consists of four directors, including three directors who meet the independence requirements under Rule 10A-3 of the Securities Exchange Act of 1934, as amended, and one who is exempt under such requirements pursuant to the Rule 10A-3(b)(1)(iv)(C) exemption for non-executive officer employees. The Audit Committee member exempt from the independence requirements under this rule is Mr. Romain Garcia-Ivaldi, appointed as the director representing employees pursuant to Article L.225-27-1 of the French Commercial Code (see “Item 6 — Directors, Senior Management and Employees”). TotalEnergies’ reliance on such exemption does not materially adversely affect the ability of the Audit Committee to act independently.
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ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Total Number of Shares (or
Maximum Number of
Units) Purchased, as part
Shares (or Units) that may
Total Number of Shares
Average Price Paid per
of Publicly Announced
yet be purchased under the
Period (in 2025)
(or Units) Purchased
Share (or Units) ($)(i)
Plans or Programs(ii)
Plans or Programs(iii)
January
11,807,167
57.59
78,430,981
February
10,889,869
60.43
182,403,376
March
11,073,510
62.21
177,536,832
April
9,206,600
58.65
168,330,832
May
9,284,839
58.48
159,047,112
June
9,999,225
61.61
150,166,652
July
9,299,747
61.99
140,868,466
August
12,092,291
61.39
128,776,175
September
15,406,797
61.82
180,530,111
October
7,971,909
60.53
172,198,784
November
5,016,462
64.10
167,544,803
December
10,588,878
65.62
156,956,025
Full Year
61.13
(i) Based on the daily European Central Bank exchange rate of each transaction.
(ii) The Annual Shareholders’ Meeting of May 23, 2025, cancelled and superseded the previous resolution (for any unused portion) from the Annual Shareholders’ Meeting of May 24, 2024, authorizing the Board of Directors to trade in the Company’s own shares on the market for a period of 18 months within the framework of the stock purchase program. The maximum number of shares that may be purchased by virtue of this authorization or under the previous authorization may not exceed 10% of the total number of shares constituting the share capital, this amount being periodically adjusted to take into account operations modifying the share capital after each shareholders’ meeting. Under no circumstances may the total number of shares held by the Corporation, either directly or indirectly through its subsidiaries, exceed 10% of the share capital. This authorization will be renewed subject to the approval of the Annual Shareholders’ Meeting of May 29, 2026.
(iii) Based on 10% of the Corporation share capital, and after deducting the shares held by the Corporation for cancellation and the shares held by the Corporation to cover the share subscription or purchase option plans and the performance share plans for Company employees.
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
ITEM 16G. CORPORATE GOVERNANCE
This section presents a summary of significant differences between French corporate governance practices and the NYSE corporate governance standards, as required by section 303A.11 of the NYSE Listed Company Manual.
16G.1 Overview
The following paragraphs provide a brief, general summary of significant ways in which the corporate governance practices of TotalEnergies differ from those required by the listing standards of the NYSE for U.S. companies that have common stock listed on the NYSE. While TotalEnergies’ management believes that the Company’s corporate governance practices are similar in many respects to those of U.S. domestic NYSE listed companies and provide investors with protections that are comparable in many respects to those established by the NYSE Listed Company Manual, certain significant differences are described below.
The principal sources of corporate governance standards in France are the French Commercial Code (Code de commerce), the French Financial and Monetary Code (Code monétaire et financier) and the regulations and recommendations provided by the French Financial Markets Authority (Autorité des marchés financiers, AMF), as well as a number of general recommendations and guidelines on corporate governance, most notably the Corporate Governance Code of Listed Corporations (the “AFEP-MEDEF Code”) published by the two main French business confederations, the Association Française des Entreprises Privées (AFEP) and the Mouvement des Entreprises de France (MEDEF), the latest version of which was published in December 2022.
The AFEP-MEDEF Code includes, among other things, recommendations relating to the role and operation of the board of directors (creation, composition and evaluation of the board of directors and the audit, compensation and nominations committees) and the independence criteria for board members. Articles L. 820-1 et seq. of the French Commercial Code authorize statutory auditors to provide certain non-audit services if in compliance with provisions of the French Commercial Code, the European legislation and the Code of ethics of the auditors. It also defines certain criteria for the independence of statutory auditors. In France, the independence of statutory auditors is also monitored by an independent body, the Audit Authority (Haute Autorité de l'Audit).
For an overview of certain of TotalEnergies’ corporate governance policies, refer to points 4.1 and 4.2 of chapter 4 of the Universal Registration Document 2025 (starting on page 186), incorporated herein by reference.
16G.2 Composition of Board of Directors; Independence
The NYSE listing standards provide that the board of directors of a U.S.-listed company must include a majority of independent directors and that the audit committee, the nominating/corporate governance committee and the compensation committee must be composed entirely of independent directors. A director qualifies as independent only if the board affirmatively determines that the director has no material relationship with the company, either directly or as a partner, shareholder or officer of an organization that has a relationship with the company. Furthermore, as discussed below, the listing standards require additional procedures in regard to the independence of directors who sit on the audit committee and the compensation committee. In addition, the listing standards enumerate a number of relationships that preclude independence.
French law does not contain any independence requirement for the members of the board of directors of a French company, except for the audit committee, as described below. The AFEP-MEDEF Code recommends, however, that (i) the independent directors should account for half of the members of the board of directors of widely-held corporations without controlling shareholders, and (ii) independent directors should account for at least one-third of board members in controlled companies. Members of the board representing employees and employee shareholders are not taken into account in calculating these percentages. The AFEP-MEDEF Code states that a director is independent when “he or she has no relationship of any kind whatsoever with the corporation, its group or the management that may interfere with his or her freedom of judgment. Accordingly, an independent director is understood to be any non-executive director of the corporation or the group who has no particular bonds of interest (significant shareholder, employee, other) with them”. The AFEP-MEDEF
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Code also enumerates specific criteria for determining independence, which are on the whole consistent with the goals of the NYSE listing standards, although the specific tests under the two standards may vary on some points.
As noted in the AFEP-MEDEF Code, “qualification as an independent director should be discussed by the appointments committee […] and decided on by the board on the occasion of the appointment of a director, and annually for all directors”.
For an overview of TotalEnergies SE’s Board of Directors’ assessment of the independence of its members, including a description of the Board of Directors’ independence criteria, refer to point 4.1.1.4 of chapter 4 of the Universal Registration Document 2025 (starting on page 205), incorporated herein by reference.
16G.3 Representation of women on corporate boards
French law provides for legally binding quotas to balance gender representation on boards of directors of French listed companies, requiring that each gender represents at least 40%. As from fiscal year 2026, this percentage is calculated separately within two distinct groups: the group of directors appointed by the general shareholders’ meeting (which includes the director representing employee shareholders), and the group of directors representing employees. When the board of directors consists of a maximum of eight members, the difference between the number of directors of each gender should not be higher than two. Any appointment of a director made in violation of these rules will be declared null and void and payment of the directors’ compensation will be suspended until the board composition is compliant with the required quota (the suspension of the directors’ compensation will also be disclosed in the management report). However, if a director whose appointment is null and void takes part in decisions of the board of directors, such decisions are not declared automatically null and void by virtue thereof. As of May 23, 2025, TotalEnergies SE’s Board of Directors consisted of eight male members and six female members. Excluding the directors representing employees in accordance with French law, the proportion of women on the Board of Directors was 45.5%. As from fiscal year 2026, the proportions of women and men are calculated excluding directors representing employees but taking into account the director representing employee shareholders in accordance with the Ordinance of October 15, 2024 transposing into French law the directive (EU) of November 23, 2022 (known as the “Women on Board” directive). For the 2025 fiscal year, the proportions of women and men calculated excluding directors representing employees pursuant to Article L. 225-27-1 of the French Commercial Code and directors representing employee shareholders pursuant to Articles L. 225-23 and L. 22-10-5 of the French Commercial Code, were 45.5% for women and 54.5% for men, respectively.
16G.4 Board committees
16G.4.1 Overview
The NYSE listing standards require that a U.S.-listed company have an audit committee, a nominating/corporate governance committee and a compensation committee. Each of these committees must consist solely of independent directors and must have a written charter that addresses certain matters specified in the listing standards. Furthermore, the listing standards require that, in addition to the independence criteria referenced above under “Composition of Board of Directors; Independence”, certain enumerated factors be taken into consideration when making a determination on the independence of directors on the compensation committee or when engaging advisors to the compensation committee.
With the exception of an audit committee, as described below, French law currently requires neither the establishment of board committees nor the adoption of written charters.
The AFEP-MEDEF Code recommends, however, that the board of directors sets up, in addition to the audit committee required by French law, a nominations committee, a compensation committee and a corporate social responsibility (CSR) committee. The AFEP-MEDEF Code also recommends that at least two-thirds of the audit committee members and a majority of the members of each of the compensation committee and the nominations committee be independent directors. It is recommended that the chairman of the compensation committee be independent and that one of its members be an employee director. None of those three committees should include any Executive Officer11.
TotalEnergies SE has established an Audit Committee, a Governance and Ethics Committee, a Compensation Committee and a Strategy & CSR Committee. As of March 18, 2026, the composition of these Committees was as follows:
the Audit Committee had five members, 75% of whom have been deemed independent by the Board of Directors (according to point 10.3 of the AFEP-MEDEF Code, directors representing the employee shareholders and directors representing employees are not taken into account when determining the independence rate);
the Governance and Ethics Committee had three members, 67% of whom have been deemed independent by the Board of Directors;
the Compensation Committee had three members, 100% of whom have been deemed independent by the Board of Directors (according to point 10.3 of the AFEP-MEDEF Code, directors representing the employee shareholders and directors representing employees are not taken into account when determining the independence rate); and
the Strategy & CSR Committee had six members, 60% of the members of this Committee have been deemed independent by the Board of Directors (according to point 10.3 of the AFEP-MEDEF Code, directors representing the employee shareholders and directors representing employees are not taken into account when determining the independence rate).
For a description of the independence assessment of each member of the Board of Directors, see point 4.1.1.4 of chapter 4 of the Universal Registration Document 2025 (starting on page 205), incorporated herein by reference. For a description of the scope of each Committee’s activity, see point 4.1.2.3 of chapter 4 of the Universal Registration Document 2025 (starting on page 218), incorporated herein by reference.
The NYSE listing standards also require that the audit, nominating/corporate governance and compensation committees of a U.S.-listed company be vested with decision-making powers on certain matters. Under French law, however, those committees are advisory in nature and have no decision-making authority. Board committees are responsible for examining matters within the scope of their charter and making recommendations thereon to the board of directors. Under French law, the board of directors has the final decision-making authority.
16G.4.2 Audit Committee
The NYSE listing standards contain detailed requirements for the audit committees of U.S.-listed companies. Some, but not all, of these requirements also apply to non U.S.-listed companies, such as TotalEnergies SE. French law and the AFEP-MEDEF Code share the NYSE listing standards’ goal of establishing a system for overseeing the company’s accounting process that is independent from management and that ensures auditor independence. As a result, they address similar topics, with some overlap.
Article L. 823-19 of the French Commercial Code requires the board of directors of companies listed in France to establish an audit committee, at least one member of which must be an independent director and must be competent in finance, accounting or statutory audit procedures.
11As defined by the AFEP-MEDEF Code, Executive Officers “include the Chairman and Chief Executive Officer, the Deputy chief executive officer(s) of public limited companies with a Board of Directors, the Chairman and members of the Management Board in public limited companies having a Management Board and Supervisory Board and the statutory managers of partnerships limited by shares”.
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The AFEP-MEDEF Code provides that at least two-thirds of the directors on the audit committee be independent and that the audit committee should not include any Executive Officer. Under NYSE rules, in the absence of an applicable exemption, audit committees are required to satisfy the independence requirements under Rule 10A-3 of the Exchange Act. TotalEnergies SE’s Audit Committee consists of five directors, four of whom meet independence requirements under Rule 10A-3 and one (a director representing employees) who is relying on Rule 10A-3(b)(1)(iv)(C) exemption for non-executive officer employees (see “Item 6 – Directors, Senior Management and Employees”).
The duties of TotalEnergies SE’s Audit Committee, in line with French law and the AFEP-MEDEF Code, are described in point 4.1.2.3 of chapter 4 of the Universal Registration Document 2025 (starting on page 218), incorporated herein by reference. The Audit Committee regularly reports to the Board of Directors on the fulfillment of its tasks, the results of the financial statements certification process, the mission of certification of the sustainability information, as well as the contribution of such process to guaranteeing the financial information’s integrity, the process regarding the sustainability information.
There is a structural difference between the legal status of the audit committee of a U.S.-listed company and that of a French-listed company regarding their involvement in managing the relationship with auditors. French law requires French companies that publish consolidated financial statements, such as TotalEnergies SE, to have two co-statutory auditors, while the NYSE listing standards require that the audit committee of a U.S.-listed company to have direct responsibility for the appointment, compensation, retention and oversight of the work of the auditor. French law provides that the election of the co-statutory auditors is the sole responsibility of the shareholders duly convened at a shareholders’ meeting. In making their decision, the shareholders may rely on proposals submitted to them by the board of directors based on recommendations from the audit committee. The shareholders elect the statutory auditors for an audit period of six financial years. The statutory auditors may only be revoked by a court order and only on grounds of professional negligence or incapacity to perform their mission.
16G.5 Meetings of non-management directors
The NYSE listing standards require that the non-management directors of a U.S.-listed company meet at regularly scheduled executive sessions without management. French law does not contain such a requirement. The AFEP-MEDEF Code recommends, however, that a meeting not attended by the Executive Officers be organized at least once a year.
Since December 16, 2015, the rules of procedure of the board of directors provide that, with the agreement of the Governance and Ethics Committee, the Lead Independent Director may hold meetings of the directors who do not hold executive or salaried positions on the Board of Directors. He or she reports to the Board of Directors on the conclusions of such meetings.
In December 2023, the Lead Independent Director held a meeting of the independent directors. He subsequently presented a summary of this meeting to the Board of Directors.
Thus, the Board of Directors’ practice is in line with the recommendation made in the AFEP-MEDEF Code.
16G.6 Shareholder approval of compensation
Pursuant to the provisions of the French Commercial Code, as amended, the compensation of the chairman of the board of directors, the members of the board of directors, the chief executive officer and, as the case may be, the deputy chief executive officer(s) in French listed companies shall each year be submitted to the approval of their shareholders. Articles L. 22-10-8 and L. 22-10-34 of the French Commercial Code provide, respectively, for an ex ante vote and two ex post votes:
ex ante vote: the shareholders shall each year approve the compensation policy of the above-mentioned directors and officers for the current fiscal year. Such policy shall describe all components of fixed and variable compensation and shall explain the decision process followed for its determination, review and implementation. In the event a resolution is rejected by the shareholders, the preceding already-approved compensation policy for the concerned director(s) and officer(s) will be applicable; in the absence of a preceding already-approved compensation policy, the compensation is determined in line with compensation granted the preceding year if any, or in line with existing practices in the company; and
two ex post votes, the shareholders shall each year approve:
16G.7 Disclosure
The NYSE listing standards require US-listed companies to adopt, and post on their websites, a set of corporate governance guidelines. The guidelines must address, among other things: director qualification standards, director responsibilities, director access to management and independent advisers, director compensation, director orientation and continuing education, management succession and an annual performance evaluation of the board. In addition, the chief executive officer of a U.S.-listed company must certify to the NYSE annually that he or she is not aware of any violations by the company of the NYSE’s corporate governance listing standards.
French law requires neither the adoption of such guidelines nor the provision of such certification. The AFEP-MEDEF Code recommends, however, that the board of directors of a French-listed company review its operation annually and perform a formal evaluation at least once every three years, under the leadership of the appointments or nominations committee or an independent director, assisted by an external consultant. TotalEnergies SE’s Board of Directors’ most recent formal self-evaluation took place in late 2025. The AFEP-MEDEF Code also recommends that shareholders be informed of these evaluations each year in the annual report. In addition, Article L. 225-37 of the French Commercial Code requires the board of directors to present to the shareholders a corporate governance report appended to the management report, notably describing the composition of the board and the balanced representation of men and women on the board, the preparation and organization of the board’s work, the offices and positions of each TotalEnergies SE executive officer and the compensation attributable and received by each such officer as well as the compensation attributable and received by the members of the board of directors. The AFEP-MEDEF Code also includes ethical rules concerning which directors are expected to comply.
34
16G.8 Code of business conduct and ethics
The NYSE listing standards require each U.S.-listed company to adopt, and post on its website, a code of business conduct and ethics for its directors, officers and employees. Under article 17 of French law n° 2016/1691 of December 9, 2016, top management (such as the chairman of the board or chief executive officer) of large French companies is required to adopt a code of conduct proscribing the different types of behavior being likely to characterize acts of corruption, bribery or influence peddling. This code must be included in the rules of procedure of the company and be submitted to employee representatives. Under the SEC’s rules and regulations, all companies required to submit periodic reports to the SEC, including TotalEnergies SE, must disclose in their annual reports whether they have adopted a code of ethics for their principal executive officers and senior financial officers. In addition, they must file a copy of the code with the SEC, post the text of the code on their website or undertake to provide a copy upon request to any person without charge. There is significant, though not complete, overlap between the code of ethics required by the NYSE listing standards and the code of ethics for senior financial officers required by the SEC’s rules. For a description of the code of ethics adopted by TotalEnergies, refer to point 3.3.2 of chapter 3 of the Universal Registration Document 2025 (starting on page 143), incorporated herein by reference, and “Item 16B. Code of ethics”.
ITEM 16H. MINE SAFETY DISCLOSURE
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
ITEM 16J. INSIDER TRADING POLICIES
The Company has adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of the Company's securities by directors, senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to the Company. A copy of the Company’s insider trading policy is filed hereto as Exhibit 11.2.
ITEM 16K. CYBERSECURITY
Cybersecurity Risk Management and Strategy:
The Company implements a cybersecurity risk management program designed to protect the confidentiality, integrity, and availability of its Information Systems as well as its critical data, including customers’ data.
TotalEnergies designs and evaluates its program based on the National Institute of Standards and Technology (NIST CSF), the ISO 27001 standard for information security management systems (ISMS), and communicates with the French information security agency (ANSSI) for certain scopes of action.
The Company’s cybersecurity risk management program is integrated into TotalEnergies’ overall risk management program and rely on common methods, reporting channels, and governance processes that apply to other risk areas such as legal, compliance, strategic, operational, and financial risk.
The key elements of the cybersecurity risk management program include, but are not limited to:
In addition to these key elements, the Company develops and relays rules to be followed everywhere regarding cybersecurity. It raises awareness and trains its employees on cybersecurity through various initiatives, such as mandatory training, courses tailored to different profiles, and guidelines for managers. Regular events like phishing awareness campaigns or Cybersecurity Month organized by the Company in October allow all employees to review best practices and identify cyber correspondents.
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. (See section 3.1.3 of Chapter 3 of the 2025 Universal Registration Document, starting on page 135.)
Cybersecurity Governance:
The Board of Directors considers cyber risk to fall within its risk oversight function and has delegated the oversight of cybersecurity risks as well as other IT-related risks to the Audit Committee (the Committee). The mitigation of cybersecurity risks and risks related to external threats is a high priority for the Company and is reflected in a structured governance framework.
The Committee oversees the implementation of the cybersecurity risk management program. The Committee reviews the cybersecurity risk control system and the deployment of the multi-year program that covers the Company's information systems. The Committee is informed of the results of audit missions conducted, self-assessments, and, if necessary, any significant cybersecurity incidents. The Committee periodically reports on its activities, including those related to cybersecurity, to the Board of Directors.
Finally, the Information Systems Department, overseen by the Finance President, annually submits the cybersecurity strategy for the Company’s Enterprise and Industrial Information Systems to the Executive Committee (Comex) for approval.
35
On an operational level, the management team which includes the Chief Security Officer (CSO), the Chief Information Officer (CIO), the Company Chief Security Officer (C-CISO), and the Branch Chief Information Security Officers (B-CISOs), is responsible for the assessment and management of material risks from cybersecurity threats. This team is in charge of the overall cybersecurity risk management program and oversees both internal staff and external consultants working on cybersecurity. The relevant experience of our management team includes the following:
Our management team is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
ITEM 17. FINANCIAL STATEMENTS
See “Item 18. Financial Statements”.
ITEM 18. FINANCIAL STATEMENTS
The reports of the statutory auditors, ERNST & YOUNG Audit and PricewaterhouseCoopers Audit, are included in pages F-2 to F-8 attached hereto.
36
ITEM 19. EXHIBITS
The following documents are filed as part of this Annual Report:
Articles of Association (Statuts) of TotalEnergies SE (as amended through February 13, 2026).
2.1
The total amount of long-term debt securities authorized under any instrument does not exceed 10% of the total assets of TotalEnergies SE and its subsidiaries on a consolidated basis. We hereby agree to furnish to the SEC, upon its request, a copy of any instrument defining the rights of holders of long-term debt of TotalEnergies SE or of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed.
2.2
Description of TotalEnergies securities registered under section 12 of the Exchange Act.
List of Subsidiaries (see Note 18 to the Consolidated Financial Statements, starting on page F-92).
11.1
Code of Ethics (incorporated by reference to exhibit 11 of TotalEnergies’ annual report on Form 20-F for the year ended December 31, 2016, filed on March 17, 2017).
11.2
Insider Trading Policy (incorporated by reference to exhibit 11.2 of TotalEnergies’ annual report on Form 20-F for the year ended December 31, 2024, filed on March 31, 2025).
12.1
Certification of Chief Executive Officer.
Certification of Chief Financial Officer.
13.1*
13.2*
Excerpt of the pages and sections of the Universal Registration Document 2025 incorporated herein by reference.
Consent of ERNST & YOUNG Audit and of PricewaterhouseCoopers Audit.
List of subsidiary guarantors and issuers of guaranteed securities.
97
Clawback Policy (incorporated by reference to exhibit 97 of TotalEnergies' annual report on Form 20 - F for the year ended December 31, 2023, filed on March 29, 2024).
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).
* Furnished herewith.
37
SIGNATURE
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.
By: /s/ PATRICK POUYANNÉ
Name:
Patrick Pouyanné
Title:
Chairman and Chief Executive Officer
Date: March 27, 2026
38
Report of independent registered public accounting firms on the internal control over financial reporting
PricewaterhouseCoopers Audit
Neuilly sur Seine
PCAOB ID : 1347
ERNST & YOUNG Audit
Paris-La Défense
PCAOB ID : 1692
F-2
Report of independent registered public accounting firms on the consolidated financial statements
F-4
Consolidated statement of income
F-9
Consolidated statement of comprehensive income
F-10
Consolidated balance sheet
F-11
Consolidated statement of cash flow
F-12
Consolidated statement of changes in shareholder’s equity
F-13
Notes to the Consolidated Financial Statements
F-14
F-1
63, rue de Villiers
92208 Neuilly-sur-Seine
S.A.S. au capital de € 2 510 460
672 006 483 R.C.S. Nanterre
Tour First
TSA 14444
92037 Paris-La Défense cedex
S.A.S. à capital variable
344 366 315 R.C.S. Nanterre
Commissaire aux Comptes
Membre de la compagnie
régionale de Versailles et du Centre
Commissaire aux ComptesMembre de la compagnie
Report of Independent Registered Public Accounting Firms
To the Shareholders and the Board of Directors,
Opinion on Internal Control Over Financial Reporting
We have audited TotalEnergies SE and its subsidiaries’ (the “Company”) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flow for each of the three years in the period ended December 31, 2025, and the related notes, and our report dated March 27, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are public accounting firms registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Neuilly-sur-Seine and Paris-La Défense, France, March 27, 2026
/s/PricewaterhouseCoopers Audit
/s/ERNST & YOUNG Audit
F-3
92208 Neuilly-sur-Seine cedex
SAS au capital de € 2 510 460
SAS à capital variable
344 366 315 R.C.S Nanterre
Commissaire aux comptes
To the Shareholders and the Board of Directors
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheet of TotalEnergies SE and its subsidiaries (the “Company”) as of December 31, 2025, 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flow for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with International Financial Reporting Standards as adopted by the European Union and in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 27, 2026 expressed an unqualified opinion thereon.
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are public accounting firms registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Evaluation of the impairment of non-current assets used in exploration and production activities in the Exploration and Production (E&P) and the Integrated LNG (iLNG) segments
Description of the Matter
As stated in notes 7.1 “Intangible assets”, 7.2 “Property, plant and equipment” and 8.1 “Equity affiliates: investments and loans" to the consolidated financial statements as at December 31, 2025, the non-current assets used in exploration and production activities in the E&P and iLNG segments are mainly comprised of proved mineral interests (M$ 9,523– net amount), unproved mineral interests (M$ 11,177– net amount), proved properties (M$ 62,034 – net amount), work in progress (M$ 23,668 – net amount) and a portion of the M$ 38,090 value of investments and loans in equity affiliates. The principles applied in determining the recoverable amounts of these assets are described in notes 7.1, 7.2, 3.C “Asset impairment” and “Major judgments and accounting estimates” to the consolidated financial statements.
F-5
The recoverable amount of these assets is tested for impairment as soon as any indication for impairment exists, these tests being carried out by the Company at the level of the related cash-generating units (CGUs). CGUs include the hydrocarbon sites and industrial assets enabling the production, processing and extraction of hydrocarbons. The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management’s expectation of future economic and operating conditions. The main assumptions considered by the Company in assessing the value in use include hydrocarbon prices scenarios, CO2 price for the future scope 1 and 2 emissions, operating costs, estimates of hydrocarbon reserves and discount rate.
As described in the notes "Major judgments and accounting estimates" and 3.C to the consolidated financial statements, the Company retains, for the purpose of impairment testing, an oil price trajectory that converges in the long term towards the price retained in 2050 by the International Energy Agency (IEA) Net Zero Emissions (NZE) scenario, i.e. 25,7$2025 /b. The prices retained for gas stabilize until 2040 at lower levels than the current prices, before also converging towards the IEA's NZE scenario prices in 2050. The determination of value in use takes also into account the impact of the assets CO2 emissions. Future scope 1and 2 emissions over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2031, the CO2 price is inflated by 2% per year.
The Company has ensured the consistency of the dates used for these site‑restoration activities and the dates used in calculating depreciation of upstream assets with those provided for in the contracts regarding license expiries and end‑of‑production, as reflected in the cash‑flow forecasts used for impairment testing.
Finally, as described in notes 7.1, 7.2 and "Major judgments and accounting estimates" to the consolidated financial statements, exploration costs capitalized in unproved mineral interests or in work in progress are subject to specific impairment tests to ensure that the exploratory wells have found a sufficient quantity of reserves and sufficient progress is made in the assessment of the reserves and the economic and operating viability of the project.
Impairments of non-current assets of exploration and production activities in the E&P and iLNG segments for 2025 amounted to M$ 250 in net income (TotalEnergies share) of which M$ 200 related to the E&P segment.
As described in the "Major judgments and accounting estimates - Russian-Ukrainian conflict" note to the consolidated financial statements, Russian assets were fully impaired in 2022, with the exception of the shares held in the Yamal LNG company. An impairment test of the investment in Yamal LNG was carried out, resulting in the absence of impairment charge as at December 31, 2025.
In order to assess the resilience of the portfolio to different parameters, sensitivity analysis to several assumptions was carried out by the Company, including a 10% and 20% decrease in the hydrocarbon prices over the duration of the price scenario, as well as considering a CO2 price applied to future scope 1 and 2 emissions of $200/t, inflated by 2% per year beyond 2031 for all assets.
We considered the evaluation of the impairment of non-current assets used in exploration and production activities in the E&P and iLNG segments to be a critical audit matter as evaluating the Company’s assumptions described above involves a high degree of judgment, notably forecasts relating to future events.
F-6
How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design and tested the operating effectiveness of certain controls implemented by the Company to address the risk of material misstatement relating to the evaluation of the impairment of non-current assets used in exploration and production activities in the E&P and iLNG segments. Our work included testing control activities linked to the identification of triggering events and the assessment of key assumptions by Management supporting the recoverable value of the assets tested.
The procedures we performed consisted mainly in:
F-7
Effect of estimated proved developed hydrocarbon reserves on the depreciation of the oil and gas assets used in production in the Exploration & Production (E&P) and integrated LNG (iLNG) segments
As discussed in the “Estimation of hydrocarbon reserves” paragraph of the “Major judgments and accounting estimates” note to the consolidated financial statements, the estimation of hydrocarbon reserves is a key factor in the Successful Efforts method used by the Company to account for its oil and gas activities. Notes 7.1 “Intangible Assets” and 7.2 “Property, Plant and Equipment” to the consolidated financial statements outline that under this method oil and gas assets are depreciated using the unit-of-production method based on either proved hydrocarbon reserves or proved developed hydrocarbon reserves. Those reserves are estimated by the Company’s petroleum engineers in accordance with industry practice and Securities and Exchange Commission (SEC) regulations.
The main assumptions used by the Company to estimate the hydrocarbon reserves in order to calculate the depreciation of the oil and gas assets in production in the E&P and iLNG segments, include the following: geoscience and engineering data used to estimate deposit quantities, the contractual arrangements that determine the Company’s share of the reserves and hydrocarbon prices.
We considered the impact of estimated proved developed hydrocarbon reserves on the depreciation of oil and gas assets in production in the E&P and iLNG segments to be a critical audit matter as the assumptions used by the Company to determine the reserves involve a high degree of judgment, due to their uncertain nature.
We obtained an understanding, evaluated the design and tested the operating effectiveness of certain controls, implemented by the Company, to address the risk of material misstatement relating to the depreciation of oil and gas assets in production in the E&P and iLNG segments, calculated based on proved developed hydrocarbon reserves. Our work included testing certain controls on the determination and evaluation of reserves and the modeling of the contractual arrangements that determine the Company’s share of proved developed hydrocarbon reserves.
The procedures we performed on the estimation by the Company of the proved developed hydrocarbon reserves to calculate the depreciation of the oil and gas assets in production in the E&P and iLNG segments, consisted mainly in:
We have served as the Company’sauditor since 2022.
We have served as the Company’s
auditor since 2004.
F-8
Consolidated Financial Statements
TotalEnergies
For the year ended December 31, (M$)(a)
(Notes 3, 4, 5)
Excise taxes
(Notes 3 & 5)
(18,852)
(18,940)
(18,183)
(Note 5)
(116,740)
(127,664)
(143,041)
(30,914)
(29,860)
(30,419)
(999)
(573)
Depreciation, depletion and impairment of tangible assets and mineral interests
(13,312)
(12,025)
(12,762)
(Note 6)
2,375
2,112
3,677
Other expense
(1,927)
(1,281)
(2,396)
Financial interest on debt
Financial income and expense from cash & cash equivalents
1,115
1,786
1,801
Cost of net debt
(Note 15)
(2,067)
(1,230)
(1,019)
1,403
1,285
(731)
(Note 8)
2,553
1,575
Income taxes
(Note 11)
(9,092)
(10,775)
(13,301)
CONSOLIDATED NET INCOME
TotalEnergies share
230
273
126
Earnings per share ($)
5.84
6.74
8.72
Fully-diluted earnings per share ($)
(a)
Except for per share amounts.
F-9
For the year ended December 31, (M$)
Other comprehensive income
Actuarial gains and losses
(Note 10)
42
20
(114)
Change in fair value of investments in equity instruments
144
(11)
Tax effect
51
Currency translation adjustment generated by the parent company
(Note 9)
8,737
(4,163)
2,573
Items not potentially reclassifiable to profit and loss
8,637
(3,953)
2,437
Currency translation adjustment
(7,072)
2,759
(3,277)
Cash flow hedge
(Notes 15 & 16)
(1,060)
3,119
2,898
Variation of foreign currency basis spread
22
(32)
Share of other comprehensive income of equity affiliates, net amount
(484)
(208)
255
(814)
(730)
Items potentially reclassifiable to profit and loss
(8,331)
4,787
(1,330)
Total other comprehensive income (net amount)
306
834
1,107
COMPREHENSIVE INCOME
13,663
16,865
22,617
- TotalEnergies share
13,356
16,636
22,534
- Non-controlling interests
307
229
83
As of December 31, (M$)
ASSETS
Non-current assets
Intangible assets, net
(Notes 4 & 7)
37,345
34,238
33,083
Property, plant and equipment, net
114,694
109,095
108,916
Equity affiliates: investments and loans
Other investments
1,914
1,665
1,543
Non-current financial assets
3,270
2,305
2,395
Deferred income taxes
3,358
3,202
3,418
2,915
4,006
4,313
Total non-current assets
201,586
188,916
184,125
Current assets
Current financial assets
3,332
6,914
6,585
Assets classified as held for sale
(Note 2)
4,276
1,977
2,101
Total current assets
89,469
96,571
99,529
TOTAL ASSETS
291,055
285,487
283,654
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares
7,059
7,577
7,616
Paid-in surplus and retained earnings
125,860
135,496
126,857
(14,033)
(15,259)
(13,701)
Treasury shares
(4,003)
(9,956)
(4,019)
Total shareholders' equity - TotalEnergies share
Total shareholders' equity
Non-current liabilities
12,634
12,114
11,688
Employee benefits
2,018
1,753
1,993
(Note 12)
17,322
19,872
21,257
Non-current financial debt
48,995
43,533
40,478
Total non-current liabilities
80,969
77,272
75,416
Current liabilities
38,065
39,932
41,335
36,344
35,961
36,727
Current borrowings
12,038
10,024
9,590
Liabilities directly associated with the assets classified as held for sale
5,728
1,379
687
Total current liabilities
92,563
87,960
88,785
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
F-11
CASH FLOW FROM OPERATING ACTIVITIES
Depreciation, depletion, amortization and impairment
(Note 5.3)
13,847
13,107
13,818
Non-current liabilities, valuation allowances, and deferred taxes
(Note 5.5)
924
190
813
(Gains) losses on disposals of assets
(1,568)
(1,497)
(3,452)
Undistributed affiliates’ equity earnings
(923)
124
649
(Increase) decrease in working capital
Other changes, net
535
1,250
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions
(Note 7)
(16,953)
(14,909)
(17,722)
Acquisitions of subsidiaries, net of cash acquired
(1,999)
(2,439)
(1,772)
Investments in equity affiliates and other securities
(1,288)
(2,127)
(3,477)
(1,960)
(2,275)
(1,889)
Proceeds from disposals of intangible assets and property, plant and equipment
1,713
727
3,789
Proceeds from disposals of subsidiaries, net of cash sold
855
2,167
3,561
Proceeds from disposals of non-current investments
329
347
490
Repayment of non-current loans
1,172
1,177
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
– Parent company shareholders
492
521
383
– Treasury shares
(7,714)
(7,995)
(9,167)
Dividends paid:
(8,121)
(7,717)
(7,517)
– Non-controlling interests
(482)
(311)
Net issuance of perpetual subordinated notes
(1,139)
(457)
(1,081)
Payments on perpetual subordinated notes
(303)
(314)
Other transactions with non-controlling interests
(67)
(126)
Net issuance (repayment) of non-current debt
7,981
7,532
130
Increase (decrease) in current borrowings
(5,142)
(14,289)
Increase (decrease) in current financial assets and liabilities
3,220
(464)
2,562
Cash flow from / (used in) financing activities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
Consolidated statement of changes in shareholders’ equity
Paid-in
Shareholders’
surplus and
Currency
equity -
Non-
Common shares issued
retained
translation
controlling
shareholders’
(M$)
Number
Amount
earnings
adjustment
share
interests
equity
As of January 1, 2023
2,619,131,285
8,163
123,951
(12,836)
(137,187,667)
(7,554)
111,724
2,846
114,570
Net income 2023
1,987
(837)
1,150
Comprehensive income
23,371
Dividend
(7,611)
(7,922)
Issuance of common shares
8,002,155
361
Purchase of treasury shares
(144,700,577)
Sale of treasury shares(a)
(396)
6,463,426
396
Share-based payments
291
Share cancellation
(214,881,605)
(569)
(11,737)
214,881,605
12,306
Net issuance (repayment) of perpetual subordinated notes
(1,107)
(294)
Other operations with non-controlling interests
(28)
85
87
Other items
As of December 31, 2023
(60,543,213)
Net income 2024
2,436
(1,558)
878
(44)
18,194
(7,756)
(455)
(8,211)
(120,463,232)
(395)
6,071,266
395
556
(68)
(1,595)
25,405,361
1,663
(576)
(272)
(9)
(10)
(19)
As of December 31, 2024
(149,529,818)
Net income 2025
(997)
1,226
12,130
(8,135)
(348)
(8,483)
462
(122,637,294)
(7,526)
(414)
6,221,412
585
(548)
(12,704)
202,243,171
13,064
(188)
(320)
286
(20)
(21)
AS OF DECEMBER 31, 2025
(63,702,529)
Changes in equity are detailed in Note 9.
F-13
Basis of preparation of the consolidated financial statements
F-15
Major judgments and accounting estimates
Judgments in case of transactions not addressed by any accounting standard or interpretation
F-20
NOTE 1 General accounting principles
F-21
NOTE 2 Changes in TotalEnergies’ perimeter
F-22
NOTE 3 Business segment information
F-24
NOTE 4 Segment information by geographical area
F-31
NOTE 5 Main items related to operating activities
F-32
NOTE 6 Other items from operating activities
F-38
NOTE 7 Intangible and tangible assets
F-40
NOTE 8 Equity affiliates, other investments and related parties
F-45
NOTE 9 Shareholders’ equity and share-based payments
F-50
NOTE 10 Payroll, staff and employee benefits obligations
F-57
NOTE 11 Income taxes
F-61
NOTE 12 Provisions and other non-current liabilities
F-63
NOTE 13 Off balance sheet commitments and lease contracts
F-66
NOTE 14 Financial assets and liabilities analysis per instrument class and strategy
F-70
NOTE 15 Financial structure and financial costs
F-72
NOTE 16 Financial instruments related to commodity contracts
F-88
NOTE 17 Post closing events
F-91
NOTE 18 Consolidation scope
F-92
On February 10, 2026, the Board of Directors established and authorized the publication of the Consolidated Financial Statements of TotalEnergies SE for the year ended December 31, 2025, which will be submitted for approval to the Shareholders’ Meeting to be held on May 29, 2026.
The Consolidated Financial Statements of TotalEnergies SE and its subsidiaries (the Company) are presented in U.S. dollars and have been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board) as of December 31, 2025.
The accounting principles applied for the Consolidated Financial Statements at December 31, 2025, were the same as those that were used for the financial statements at December 31, 2024, except for amendments and interpretations of IFRS which were mandatory for the periods beginning after January 1, 2025. Their application did not have a significant impact on the financial statements as of December 31, 2025.
The preparation of financial statements in accordance with IFRS for the closing as of December 31, 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.
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.
The following summary provides further information about the key estimates, assumptions and judgments that are involved in preparing the Consolidated Financial Statements and the Notes thereto. It should be read in conjunction with the sections of the Notes mentioned in the summary.
The estimation of oil and gas reserves is a key factor in the Successful Efforts method used by TotalEnergies to account for its oil and gas activities.
TotalEnergies’ oil and gas reserves are estimated by TotalEnergies’ petroleum engineers in accordance with industry standards and SEC (U.S. Securities and Exchange Commission) regulations.
Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geosciences and engineering data, can be determined with reasonable certainty to be recoverable (from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations), prior to the time at which contracts providing the rights to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.
Proved oil and gas reserves are calculated using a 12-month average price determined as the unweighted arithmetic average of the first-day-of-the-month price for each month of the relevant year unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. TotalEnergies reassesses its oil and gas reserves at least once a year on all its properties.
The Successful Efforts method and the mineral interests and property, plant and equipment of exploration and production are presented in Note 7 “Intangible and tangible assets”.
As part of the determination of the recoverable value of assets for impairment (IAS 36), the estimates, assumptions and judgments mainly concern hydrocarbon prices scenarios, operating costs, production volumes and oil and gas proved and probable reserves, refining margins and product marketing conditions (mainly petroleum, petrochemical and chemical products as well as renewable industry products). The estimates and assumptions used by the General Management are determined in specialized internal departments in light of economic conditions and external expert analysis. The discount rate is reviewed annually.
Impairment of assets and the method applied are described in Note 3 “Business segment information”.
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
This estimate is based on information available in terms of costs and work program. It is regularly reviewed to take into account the changes in laws and regulations, the estimates of reserves and production, the analysis of site conditions and technologies.
The discount rate is reviewed annually.
Asset retirement obligations and the method used are described in Note 12 “Provisions and other non-current liabilities”.
F-15
Climate change and the energy transition were considered in preparing the Consolidated Financial Statements. They may have significant impacts on the value of TotalEnergies’s assets and liabilities mentioned below, and on similar assets and liabilities that may be recognized in the future.
TotalEnergies supports the goals of the 2015 Paris Agreement, which calls for reducing greenhouse gas emissions in the context of sustainable development and the fight against poverty, and which aims to keep the increase in average global temperatures well below 2°C compared to pre-industrial levels.
TotalEnergies wants to rise to the dual challenge of meeting the energy needs of a growing world population while reducing global warming, and play an active role in the ongoing energy transition of the word.
TotalEnergies is thus implementing its transition strategy aimed at ensuring the growth of its energy production to reach a sales mix of 30% oil, 50% gas and 20% electricity and low-carbon molecules by 2030, with the lifecycle carbon intensity of energy products sold decreasing by 25% compared to 2015.
TotalEnergies has embedded the changing energy markets into its strategy by investing in electricity and renewables, developing the production of biofuels and biogas, favoring the use of natural gas, the transition fuel whose flexibility offers a lower carbon alternative to coal for electricity production and helps to mitigate the intermittency of solar and wind energies, targeting its investments in low-cost and low-emission oil, and developing nature-based carbon storage solutions as well as CO2 capture and sequestration.
TotalEnergies is committed to reducing its carbon footprint caused by the production, processing and supply of energy to its customers. Although the pace of the transition will depend on public policy, consumption patterns and resulting demand, TotalEnergies has set itself the mission to offer its customers energy products that are affordable and generate less CO2 and to support its partners and suppliers in their own low-carbon strategies.
TotalEnergies evaluates the solidity of its portfolio, particularly new material capital expenditure investments, on the basis of relevant scenarios and sensitivity tests. Each material capex investment, including in the exploration, acquisition or development of oil and gas resources, as well as in other energies and technologies, is subject to an evaluation that takes into consideration the objectives of the Paris Agreement, each new investment thus enhancing the resilience of the Company’s portfolio.
Economic criteria are analyzed in a scenario with Brent prices at $50/b and Henry Hub at $3/Mbtu, which are lower prices than those in the latest APS scenario published by the IEA and deemed compatible with the Paris agreement goals. Even if CO2 pricing does not currently apply in all of the Company’s host countries, TotalEnergies includes as a base case in its investment criteria a minimum CO2 price of 100$/t (or the applicable price in a given country, if it is higher), and beyond 2031, the CO2 price is inflated by 2% per year.
A physical risk assessment was carried out by the Company in 2024 for around 300 onshore and offshore assets. The Company identifies a limited potential evolution of physical risks related to climate change by 2050.
For investments in upstream oil & gas projects, TotalEnergies focuses on value creation and cash generation over volume, and the Company prioritizes projects with low technical costs (less than $20/b for operating costs plus investment costs) or low-breakeven points (less than $30/b, taxes included) and a profitability that exceeds an internally defined threshold. Carbon Capture and Storage (CCS) and Nature Based Solutions (NBS) projects are evaluated on the basis of the actual cost of one ton of CO2 (internal threshold in $/tCO2). As for projects in renewable energies, they are evaluated on their ability to generate a return higher than 10%.
All oil and gas projects must help to lower the average intensity of greenhouse gas emissions (Scope 1+2) in their respective category. Currently, that means:
Besides, as described in Note 3.C “Asset impairment”, in order to ensure the resilience of its assets recognized on the balance sheet, the oil price trajectory retained by the Company for the computation of its impairments converges in the long term towards the price retained in 2050 by the IEA’s NZE scenario, i.e. $25.72025/b; the prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices, before also converging towards the IEA’s NZE scenario prices in 2050.
The strategy is implemented in the long-term plan of the Company, which is forecasted for a 5-year period, updated every year, and approved by the Board of Directors.
It reflects the economic environment, the emission‑reduction targets set by the Company, and the current dynamics of energy transition, knowing that there is still significant uncertainty on the path to energy transition that the various countries will take.
The financial statements of TotalEnergies are prepared in coherence with the main technical and economic assumptions of the long-term plan and the objectives stated above.
They are also sensitive to various environmental considerations, including oil & gas prices and refining margins, as well as technical parameters, such as the estimation of hydrocarbons reserves. In particular, the selected assumptions and estimates have an impact on hydrocarbons reserves, the useful life of assets, the impairment of assets and provisions.
Asset impairment
The energy transition is likely to have an impact on future oil and gas prices and therefore on the recoverable amount of intangible assets and property, plant and equipment in the oil and gas industry.
The principles applied in determining the recoverable amounts are as follows:
the future cash flows were determined using the assumptions included in the 2026 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets;
F-16
the oil and gas price scenarios have been established based on data on global energy demand from the IEA’s World Energy Outlook, the latest edition of which was published in November 2025, and on its own supply and demand assessments; they take into account assumptions about the evolution of core indicators of the upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the downstream activity (changes in refining capacity and demand for petroleum products) and by integrating “climate” challenge;
these price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors;
the IEA’s World Energy Outlook 2025 presents three scenarios that are key references for the Company: the CPS (Current Policies Scenario), the STEPS (Stated Policies Scenario), and the NZE (Net Zero Emissions by 2050) long‑term scenario, as well as APS scenario from the IAE’s World Energy Outlook 2024;
o
the CPS scenario only includes climate actions already implemented to date around the world;
the STEP scenario encompasses a broader set of measures, including those that have been officially announced but not yet adopted;
The NZE scenario follows a different logic: it is a normative scenario that starts from the objective (net-zero emissions by 2050, without exceeding the CO₂ budget) and then constructs the energy pathways leading to it.
As a reminder, the APS 2024 scenario took into account all climate ambitions declared worldwide to date, including NDCs (Nationally Determined Contributions) and carbon-neutrality targets, and was compatible with the Paris Agreement.
the IEA's NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5°C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2024 and decrease by 33% between 2024 and 2035, whereas according to the IEA’s latest projections, oil demand in 2025 would be higher than in 2024 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand is expected to remain broadly stable until 2035 (a plateau around 2027–2033 according to WoodMac);
beyond 2030, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA’s NZE scenario, i.e $25.72025/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging towards the IEA’s NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
Oil demand experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand exceeded its pre‑Covid 2019 level. This increase was stimulated by the lifting of lockdown measures in China, enabling the recovery of industrial activity, particularly in the petrochemical sector, as well as the rise in air travel. In 2025, demand continued to expand, but at a slightly slower rate, reflecting macroeconomic uncertainty and the slowdown in the petrochemical sector. By 2030, oil consumption is expected to keep growing, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment in some regions of low-carbon substitute technologies. Some recent forecasts anticipate an oil‑demand peak before 2030 in China, while demand for certain petroleum products, such as gasoline and diesel, may already have peaked there. However, increasing oil demand in other Asian countries, particularly India, is partly taking over.
On the supply side, after a decade marked by strong U.S. production growth (accounting for 90% of global supply increases), the decision by the OPEC+ group of producers, to begin lifting part of the oil‑production restrictions in May 2025 is reshaping global oil‑supply trajectories. The expected increase in OPEC+ output and the impact of higher tariffs on trade had downward impacts on oil prices.
Brent is trading between $602025/b and $702025/b. In 2026, demand is expected to continue rising, and production capacity should be sufficient to meet it, although downward trends on prices may begin in 2026 to weigh on U.S. production levels. In this context, the selected scenario anticipates prices back toward $702025/b.
Beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low before reaching a plateau, and the selected price scenario decreases linearly to reach $502025/b in 2040 and then $25.72025/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2026-2050 thus stands at $51.82025/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
Following the 2022/23 supply shock, natural gas markets underwent a gradual rebalancing in 2024 and 2025. During this period, the supply–demand balance remained tight and prices stayed well above their historical levels. This limited demand growth, particularly in Asian markets that are more price‑sensitive. Global gas demand returned to structural growth in 2024, mainly in Europe and North America, and continued to grow in 2025, albeit at a slower pace. The Company anticipates that in 2026 prices will remain higher than pre‑crisis levels in Asian and European hubs. Thereafter, natural gas demand is expected to be driven by the same fundamentals as oil: rising demand in the Asia‑Pacific region and declining overall natural gas demand in Europe, although LNG demand should grow in Europe due to declining domestic production and ban on Russian gas imports from 2027. Natural gas demand should also be supported by its substitution for coal in power generation and by its role as a flexible, dispatchable source capable of offsetting the intermittency and seasonality of renewable energies. The abundant global gas supply and the upcoming wave of increased liquefied natural gas capacity (expected between 2027 and 2030) are likely to limit the potential for higher gas prices. Beyond 2040, with the rise of renewable energies including battery storage, gas demand is expected to stabilize.
Natural gas prices are thus expected to fall from $3.42025/Mbtu in 2026 to $3.02025/Mbtu in 2027 in the United States, and then stabilize at these levels until 2040, supported by domestic demand driven by electricity generation, particularly for data centers, and by the growing volumes of LNG exports.
F-17
In Europe and Asia, due to the rapid increase in LNG offer, prices should generally adjust downward until 2029/2030 in order to stimulate price‑elastic demand, particularly in some Asian countries such as India. However, the partly inelastic nature of domestic U.S. natural gas and electricity demand (gas‑to‑power) may act as a brake on the decline in feedgas prices for LNG terminals, limiting the reduction in LNG prices in Europe in particular, despite rising volumes. As seen in previous market cycles, the continued growth of LNG demand in Europe and Asia should allow the market to rebalance around 2030. Thus, prices in Europe and Asia could fall from $9.72025/Mbtu and $10.72025/Mbtu in 2026 to $6.52025/Mbtu and $7.52025/Mbtu respectively in 2029/2030, before rising again to $8.02025/Mbtu and $9.02025/Mbtu and stabilizing at these levels until 2040. Natural gas prices would then converge in 2050 toward the IEA’s NZE scenario levels: $2.32025/Mbtu in the United States, $4.12025/Mbtu in Europe, and $5.02025/Mbtu in Asia, respectively.
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all identified assets the impact of their CO2 emissions. Future scope 1 and 2 emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2031, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs’ assets. They are discounted using an 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2024 and 8% in 2023. The value in use calculated by discounting the above post-tax cash flows using an 7% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Asset impairments are subject to sensitivity testing. In particular, upstream assets are tested as follows:
Finally, in 2020, TotalEnergies also reviewed its upstream assets that can be qualified as “stranded”, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects concerned were the Fort Hills and Surmont oil sands projects in Canada that TotalEnergies sold in 2023.
This portfolio management approach, along with TotalEnergies’ strategy of focusing its new oil investments on low‑carbon‑intensity and low‑production‑cost projects, mitigates the risk of having stranded assets in the future if a structural decline in demand for hydrocarbons occurs due to stricter global environmental regulations and constraints and a resulting change in consumer preferences.
The Company will continue to review price assumptions as the energy transition progresses and this may result in additional impairment charges in the future.
The effect of asset impairments on TotalEnergies’ financial statements and the associated sensitivity calculations are detailed in Note 3.C “Asset impairment”.
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS 6 “Exploration for and Evaluation of Mineral Resources”. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
◾The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made;
◾TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in Note 7.2 “Property, plant and equipment”.
Intangible and tangible assets - depreciation and useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
F-18
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This alternative method was not applied as of December 31, 2025, 2024, and 2023 because, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets’ depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Given the characteristics of the Company’s portfolio of oil & gas assets, its current value on the balance sheet will be almost entirely depreciated by 2040.
Consequently, TotalEnergies does not anticipate significant changes in the useful life of its existing oil and gas assets that would represent an element of significant judgment impacting its consolidated accounts in the future.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in Notes 7.1 “Intangible assets” and 7.2 “Property, plant and equipment”.
Asset retirement obligations
The energy transition may bring forward asset retirement obligations of certain oil and gas assets, thereby increasing the present value of the associated provisions.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as “Other financial expense”.
The discount rate used for the valuation of asset retirement obligation is 5% in 2025, as in 2024 and in 2023 (the expenses are estimated at current currency values with an inflation rate of 2% in 2025, 2024, and 2023).
In upstream activities, in application of its internal procedures, TotalEnergies regularly reviews, on an asset-by-asset basis, the estimate of its future asset retirement costs, as well as the date at which work will be performed. The Company has ensured the consistency of the dates used for these site - restoration activities and the dates used in calculating depreciation of upstream assets with those provided for in the contracts regarding licence expiries and end - of - production, as reflected in the cash - flow forecasts used for impairment testing. The assets and liabilities recognized in respect of retirement obligations under these rules as described in Note 12.1 “Provisions and other non-current liabilities” are adjusted accordingly.
The Company will continue to review its estimates of both costs and the maturity of commitments on a regular basis and will take into account any significant impact that may result from changes in these parameters in the future.
The effect of the asset retirement obligations on the financial statements of TotalEnergies and the associated sensitivity calculations are detailed in Note 12.1 “Provisions and other non-current liabilities”. A maturity schedule of these obligations is presented in Note 13.1 “Off-balance sheet commitments and contractual obligations”.
A tax liability is recognized when in application of a tax regulation, a future payment is considered probable and can be reasonably estimated. The exercise of judgment is required to assess the impact of new events on the amount of the liability.
Deferred tax assets are recognized in the accounts to the extent that their recovery is considered probable. The amount of these assets is determined after taking into account deferred tax liabilities with comparable maturity, arising from the same entities and tax regimes. It takes into account existing taxable profits and future taxable profits which estimation is inherently uncertain and subject to change over time. The exercise of judgment is required to assess the impact of new events on the value of these assets and including changes in estimates of future taxable profits and the deadlines for their use.
In addition, these tax positions may depend on interpretations of tax laws and regulations in the countries where TotalEnergies operates. These interpretations may have uncertain nature. Depending on the circumstances, they are final only after negotiations or resolution of disputes with authorities that can last several years.
Incomes taxes and the accounting methods are described in Note 11 “Income taxes”.
The benefit obligations and plan assets can be subject to significant volatility due in part to changes in market values and actuarial assumptions. These assumptions vary between different pension plans and thus take into account local conditions. They are determined following a formal process involving expertise and TotalEnergies internal judgments, in financial and actuarial terms, and also in consultation with actuaries and independent experts.
The assumptions for each plan are reviewed annually and adjusted if necessary to reflect changes from the experience and actuarial advice. The discount rate is reviewed quarterly.
Payroll, staff and employee benefits obligations and the method applied are described in Note 10 “Payroll, staff and employee benefits obligations”.
F-19
Russian assets were fully impaired in 2022, with the exception of the shares held in the Yamal LNG company. As a reminder, in total, the impact of impairments and provisions recorded in 2022 due to the RussoUkrainian conflict amounted to $(14,756) million in TotalEnergies’ net result.
With regard to TotalEnergies’ interests in Novatek and Arctic LNG 2, the accounting and measurement method remains unchanged as of December 31, 2025 in the absence of any new events: as the criteria for significant influence are no longer met within the meaning of IAS 28 “Investments in associates and joint-ventures”, TotalEnergies' 19.4% interest in Novatek and 10% interest in Arctic LNG 2 have no longer been accounted for using the equity method in the Company's financial statements since the end of the 4th quarter of 2022 and the end of the 4th quarter of 2023, respectively.
The Company has also ensured the absence of depreciation to be accounted for on Yamal LNG as of December 31, 2025, by testing the value of its equity accounted investment which amounts to $5,835 million.
Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.
Note 1
Note 1 General accounting principles
1.1 Accounting principles
A) Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled through other consolidated entities are fully consolidated.
Investments in joint ventures are accounted for by the equity method. TotalEnergies accounts for joint operations by recognizing its share of assets, liabilities, income and expenses.
Investments in associates, in which TotalEnergies has significant influence, are accounted for by the equity method. Significant influence is presumed when TotalEnergies holds, directly or indirectly through subsidiaries, 20% or more of the voting rights. In the case of a percentage of less than 20%, accounting under the equity method applies only when significant influence can be demonstrated.
All internal balances, transactions and income are eliminated.
B) Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
C) Foreign currency translation
The presentation currency of TotalEnergies’ Consolidated Financial Statements is the U.S. dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line “Currency translation adjustment generated by the parent company” of the consolidated statement of comprehensive income, within “Items not potentially reclassifiable to profit and loss”. In the balance sheet, they are recorded in “Currency translation adjustment”.
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. It is referred to as their functional currency.
Since July 1, 2018, Argentina is considered to be hyperinflationary. IAS 29 “Financial Reporting in Hyperinflationary Economies” is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the U.S. dollar, therefore IAS 29 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i) Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii) Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders’ equity under “Currency translation adjustments” (for TotalEnergies share) or under “Non-controlling interests” (for the share of non-controlling interests) as deemed appropriate.
1.2) Significant accounting principles applicable in the future
The application of the standards or interpretations published respectively by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee (IFRS IC) which were not yet in effect at December 31, 2025, is expected to have a non material impact. Note that IFRS 18, published in April 2024 and applicable from January 1, 2027, will modify the presentation of the consolidated statement of income and the consolidated statement of cash flow.
F-21
Note 2
Note 2 Changes in TotalEnergies’ perimeter
2.1 Main acquisitions and divestments
In 2025, the main changes in TotalEnergies perimeter were as follows:
2.2 Major business combinations
Accounting principles
In accordance with IFRS 3 “Business combinations”, TotalEnergies is assessing the fair value of identifiable assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.
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 Malaysia. 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 purchase price allocation is shown below:
At the acquisition date
Goodwill
440
Intangible assets
437
Tangible assets
1,022
Other assets and liabilities
Net debt of the acquired treasury
(224)
Fair value of the consideration transferred
1,189
On April 2, 2025, TotalEnergies has finalized the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany. 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:
726
918
737
(184)
(499)
1,698
2.3 Main divestment projects
Pursuant to IFRS 5 “Non-current assets held for sale and discontinued operations”, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification as “Non-current assets held for sale”.
As of December 31, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as “Assets classified as held for sale” for an amount of $1,321 million and “Liabilities classified as held for sale” for an amount of $1,030 million. These assets mainly include tangible assets.
As of December 31, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as “Assets classified as held for sale” for an amount of $2,432 million and “Liabilities classified as held for sale” for an amount of $4,259 million. These assets mainly include tangible assets.
F-23
Note 3
Note 3 Business segment information
Description of the business segments
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of the Company, namely the Executive Committee.
an Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, as well as carbon storage activities, conducted in about 50 countries;
an Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities), biogas and synthetic methane activities, as well as gas trading;
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, as well as hydrogen activities previously reported within the Integrated LNG segment;
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.
This segment reporting has been prepared in accordance with IFRS 8 and according to the same principles as the internal reporting followed by the TotalEnergies’s Executive Committee.
Definition of the indicators
Adjusted Net Operating Income
Adjustment items include:
a) 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.
b) 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.
c) 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.
A) Information by business segment
For the year ended December 31, 2025
Intercompany
External sales
5,590
10,096
19,587
87,207
78,708
Intersegment sales
35,234
8,945
2,696
27,817
734
132
(75,558)
(770)
(18,082)
40,824
19,041
22,283
114,254
61,360
140
Operating expenses
(17,335)
(15,085)
(20,859)
(110,737)
(58,697)
(918)
75,558
(148,073)
(8,419)
(1,608)
(622)
(1,606)
(932)
(125)
Net income (loss) from equity affiliates and other items
971
2,104
93
3,557
Tax on net operating income
(7,677)
(720)
(133)
(352)
(608)
245
(9,245)
Adjustments(a)
(35)
(1,124)
(157)
(93)
Net cost of net debt
(230)
NET INCOME - TotalEnergies SHARE
(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 net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
10,523
5,367
1,537
937
316
22,200
1,723
512
1,366
100
328
40
(1,447)
For the year ended December 31, 2024
5,655
9,885
22,127
93,515
83,341
38,546
10,591
2,348
31,480
819
268
(84,052)
(784)
(18,156)
44,201
20,476
24,475
124,211
66,004
295
(19,124)
(15,530)
(22,936)
(120,424)
(63,551)
(1,010)
84,052
(158,523)
(8,001)
(1,251)
(344)
(1,442)
(870)
(117)
325
2,051
1,457
92
2,974
(8,466)
(1,073)
(255)
(526)
(10,645)
(1,069)
(196)
(2,070)
(343)
1,154
(59)
(273)
9,225
3,912
5,328
1,896
1,190
199
21,750
840
425
1,431
366
1,328
28
(1,400)
F-25
For the year ended December 31, 2023
6,561
12,086
27,337
101,203
89,909
42,595
14,789
4,126
36,581
631
206
(98,928)
(841)
(17,342)
49,156
26,875
31,463
136,943
73,198
238
(20,355)
(21,569)
(28,763)
(130,899)
(70,497)
(878)
98,928
(174,033)
(8,493)
(281)
(1,685)
(905)
(110)
(307)
2,194
(345)
(42)
3,680
(10,095)
(810)
(938)
(1,246)
271
(13,212)
(1,036)
(1,275)
1,300
(84)
(423)
12,378
3,410
5,497
2,149
1,273
153
24,860
5,118
290
661
2,132
9
219
F-26
B) Additional information on adjustment items
The main adjustment items for 2025 are the following:
The detail of the adjustment items is presented in the table below.
Adjustments to net operating income
Exploration &
Refining &
Marketing &
Inventory valuation effect
(89)
(49)
(12)
Asset impairment and provisions charges
(200)
(50)
(662)
Gains (losses) on disposals of assets
563
(349)
(22)
(30)
(13)
TOTAL
(276)
(864)
Asset impairment and provisions charges(a)
(982)
(965)
(17)
Gains (losses) on disposals of assets(b)
Other items(c)
(141)
(102)
(259)
(46)
(586)
(108)
(547)
559
(51)
(926)
(124)
(773)
(359)
(115)
1,616
(541)
(127)
(279)
F-27
C) Asset impairment
The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill.
The recoverable amount is the higher of the fair value (less costs to sell) or the value in use.
Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets.
The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management’s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. This loss is allocated first to goodwill with a corresponding amount in “Other expenses”. Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in “Depreciation, depletion and impairment of tangible assets and mineral interests” and to other intangible assets with a corresponding amount in “Other expenses”.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in “Net income (loss) from equity affiliates”.
For the financial year 2025, asset impairments were recorded for an amount of $(1,162) million in net operating income and $(1,156) million in net income, TotalEnergies share. These impairments were qualified as adjustment items of the net operating income and net income, TotalEnergies share.
Impairments relate to certain cash-generating units (CGUs) for which indicators of impairment have been identified, due to changes in operating conditions or the economic environment of the activities concerned.
Principles for determining value in use of a CGU
F-28
Natural gas prices would then converge in 2050 toward the IEA’s NZE scenario levels: $2.32025/ Mbtu in the United States, $4.12025/Mbtu in Europe, and $5.02025/Mbtu in Asia, respectively.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs' assets. They are discounted using an 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2024 and 8% in 2023. The value in use calculated by discounting the above post-tax cash flows using an 7% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Impairment losses recognized by segment
The CGUs of the Exploration & Production segment are defined as oil and gas fields or groups of oil and gas fields with industrial assets enabling the production, treatment and evacuation of the oil and gas. For the financial year 2025, the Company recorded impairments of assets over CGUs of the Exploration & Production segment for $(200) million in net income, TotalEnergies share.
Impairments recognized in 2025 are mainly related to the disposal of the Gato do Mato project as part of an asset swap with Shell in Brazil.
As for sensitivities of the Exploration & Production segment:
F-29
The CGUs of the Integrated LNG segment are subsidiaries or groups of subsidiaries organized by activity or geographical area, and by fields or groups of fields for upstream LNG activities. For the financial year 2025, the Company recorded impairments on CGUs in the Integrated LNG segment for $(50) million in net income, TotalEnergies share.
As for sensitivities of the Integrated LNG:
The CGUs of the Integrated Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area. For the financial year 2025, the Company recorded impairments on CGUs in the Integrated Power segment for $(656) million in net income, TotalEnergies share. Impairments recognized mainly relate to offshore wind projects, notably in Asia (Taiwan, Korea) and in Europe (United Kingdom, Germany and Denmark).
As for sensitivities of the Integrated Power:
In the event of an increase in the CO₂ price, the value of Integrated Power assets would increase as a result of higher electricity prices.
The CGUs of the Refining & Chemicals segment are subsidiaries or groups of subsidiaries organized by activity (grouping together the operational activities of refining and petrochemicals) and by relevant geographical area. Future cash flows are based on the gross contribution margin (calculated on the basis of net sales after purchases of crude oil and refined products, the effect of inventory valuation and variable costs). The other activities of the segment are global divisions, each division gathering a set of businesses or homogeneous products for strategic, commercial and industrial plans. Future cash flows are determined from the specific margins of these activities, unrelated to the price of oil.
For the financial year 2025, the Company has recorded impairments on CGUs in the Refining & Chemicals segment for an amount of $(200) million in net income TotalEnergies share.
The impairments recognized in 2025 are mainly related to the Antwerp NC2 steam cracker shutdown project.
As for sensitivities of the Refining & Chemicals segment:
The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by relevant geographical area.
For the financial year 2025, the Company recorded impairments on the CGUs of the Marketing & Services segment for $(50) million in net income, TotalEnergies share.
Impairments recognized in years 2024 and 2023
For the financial year 2024, asset impairments were recognized in the Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services segments, with a negative impact of $(1,977) million in net income, TotalEnergies share.
Impairments recognized on CGUs in the Exploration & Production segment amounted to $(982) million in net income, TotalEnergies share, and were mainly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
Those recognized on CGUs in the Integrated Power segment totaled $(965) million in net income, TotalEnergies share, and mainly concerned the Company’s minority interests in SunPower and Maxeon.
These impairments were classified as adjustment items to the net income, TotalEnergies share.
For the financial year 2023, the Company recorded impairments in the Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services segments with an impact of $(2,166) million in net income, TotalEnergies share.
Impairments recorded on the CGUs of the Exploration & Production segment amounted to $(881) million in net income, TotalEnergies share, mainly related to the Company's upstream assets in Kenya and Congo, and also Al Shaheen in Qatar related to temporary tax effects.
Those recorded on the CGUs of the Integrated Power segment amounted to $(773) million in net income, TotalEnergies share, mainly concerning the Yunlin offshore wind project in Taiwan and the goodwill and customer portfolios of gas-electricity marketing activities in Belgium, Spain and France.
Impairments recorded on the CGUs of the Refining & Chemicals segment amounted to $(273) million in net income, TotalEnergies share, mainly related to the divestment projects of Naphtachimie to INEOS and the Natref refinery in South Africa.
Finally, the impairments recorded on the CGUs of the Integrated LNG segment amounted to $(124) million in net income, TotalEnergies share, and those recorded on the CGUs of the Marketing & Services segment amounted to $(115) million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the net income, TotalEnergies share.
F-30
Note 4
Note 4 Segment Information by geographical area
Rest of
North
America
Africa
the world
45,866
90,558
14,463
20,012
30,297
Property, plant and equipment, intangible assets, net
17,960
27,094
11,827
38,731
56,427
49,269
89,077
17,915
21,901
36,388
15,486
25,969
11,938
37,375
52,565
55,610
97,662
22,219
21,709
39,928
16,863
24,486
11,228
38,658
50,764
F-31
Note 5
Note 5 Main items related to operating activities
Items related to the statement of income
5.1 Net sales
IFRS 15 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services.
Sales of goods
Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts.
Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the “Under-lifting” and “Over-lifting” accounts in the balance sheet and in operating expenses in the profit and loss.
Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada.
Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG.
Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet.
Sales of services
Revenues from services are recognized when the services have been rendered.
Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract.
Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer.
Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors.
Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price.
The analysis of the criteria set by IFRS 15 led TotalEnergies to determine that it was acting as principal in these transactions. Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal “Revenue from Sales” is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales.
5.2 Operating expenses and research and development
Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs.
Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs.
5.2.1 Operating expenses
For the year ended December 31,
Purchases, net of inventory variation (a) (b)
Other operating expenses (c)
of which non-current operating liabilities (allowances) reversals
821
of which current operating liabilities (allowances) reversals
15
(60)
OPERATING EXPENSES
Includes taxes paid on oil and gas production in the Exploration & Production segment, amongst others royalties.
(b)
TotalEnergies values under / over lifting at market value.
(c)
Principally composed of production and administrative costs (refer in particular to payroll costs as detailed in Note 10 to the Consolidated Financial Statements “Payroll, staff and employee benefits obligations”).
5.2.2 Research and development costs
Research costs are charged to expense as incurred.
Development expenses are capitalized when the criteria of IAS 38 are met.
Research and development costs incurred by TotalEnergies in 2025 and booked in operating expenses (excluding depreciations) amount to $810 million ($805 million in 2024 and $774 million in 2023), corresponding to 0.40% of the sales.
In 2025, 3,778 people are dedicated to these research and development activities (3,715 in 2024 and 3,687 in 2023).
5.3 Amortization, depreciation and impairment of tangible assets and mineral interests
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:
Depreciation and impairment of tangible assets
(12,315)
(10,911)
(11,902)
Amortization and impairment of mineral assets
(1,114)
(860)
F-33
Items related to balance sheet
5.4 Working capital
5.4.1 Inventories
Inventories are measured in the Consolidated Financial Statements at the lower of historical cost or market value. Costs for petroleum and petrochemical products are determined according to the FIFO (First-In, First-Out) method or weighted-average cost method and other inventories are measured using the weighted-average cost method.
In addition stocks held for trading are measured at fair value less cost to sell.
Petroleum product inventories are mainly comprised of crude oil and refined products. Refined products principally consist of gasoline, distillate and fuel produced by TotalEnergies’ refineries. The turnover of petroleum products does not exceed two months on average.
Crude oil costs include raw material and receiving costs. Refining costs principally include crude oil costs, production costs (energy, labor, depreciation of producing assets) and an allocation of production overheads (taxes, maintenance, insurance, etc.).
Costs of chemical product inventories consist of raw material costs, direct labor costs and an allocation of production overheads. Start-up costs, general administrative costs and financing costs are excluded from the costs of refined and chemicals products.
The costs of products refined by TotalEnergies’ entities include mainly raw materials costs, production costs (energy, labor, depreciation of producing assets), primary costs of transport and an allocation of production overheads (taxes, maintenance, insurance, etc.).
General administrative costs and financing costs are excluded from the cost price of products.
Product inventories purchased from entities external to TotalEnergies are valued at their purchase cost plus primary costs of transport.
Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS)
In the absence of a current IFRS standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied:
- Emission rights are managed as a cost of production and as such are recognized in inventories:
- If emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value;
- Forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income, unless hedge accounting has been applied.
Energy savings certificates
In the absence of current IFRS standards or interpretations on accounting for energy savings certificates (ESC), the following principles are applied:
- If the obligations linked to the sales of energy are greater than the number of ESC’s held then a liability is recorded. These liabilities are valued based on the price of the last transactions;
- In the event that the number of ESC’s held exceeds the obligation at the balance sheet date this is accounted for as inventory. Otherwise a valuation allowance is recorded;
- ESC inventories are valued at weighted-average cost (acquisition cost for those ESC’s acquired or cost incurred for those ESC’s generated internally).
If the carrying value of the inventory of certificates at the balance sheet date is higher than the market value, an impairment loss is recorded.
F-34
As of December 31, 2025
Valuation
Gross value
allowance
Net value
Crude oil and natural gas
2,367
(14)
2,353
Refined products
4,344
(66)
4,278
Chemicals products
(112)
1,414
Trading inventories
5,950
Other inventories
3,524
(856)
2,668
17,711
(1,048)
3,111
3,107
4,714
(48)
4,666
1,558
1,450
7,280
3,400
(1,035)
2,365
20,063
(1,195)
3,334
(152)
5,335
5,194
1,668
(97)
1,571
6,158
4,248
3,212
20,743
(1,426)
Changes in the valuation allowance on inventories are as follows:
allowance as of
adjustment and
January 1,
Increase (net)
other variations
December 31,
21
(15)
(1,312)
5.4.2 Accounts receivable and other current assets
Accounts receivable
19,458
(899)
Recoverable taxes
4,144
4,140
Other operating receivables
14,224
(292)
13,932
Prepaid expenses
2,260
Other debtors
20,733
(296)
20,183
(902)
4,295
4,289
17,094
(248)
16,846
2,481
71
23,941
(254)
24,334
(892)
4,085
4,078
(266)
14,952
1,731
21,094
F-35
Changes in the valuation allowance on “Accounts receivable” and “Other current assets” are as follows:
adjustments and
(53)
43
16
18
(325)
59
As of December 31, 2025, the net portion of the overdue receivables included in “Accounts receivable” and “Other current assets” was $4,858 million, of which $2,257 million was due less than 90 days, $364 million was due between 90 days and 6 months, $1,119 million was due between 6 and 12 months and $1,118 million was due after 12 months.
As of December 31, 2024, the net portion of the overdue receivables included in “Accounts receivable” and “Other current assets” was $4,987 million, of which $2,708 million was due less than 90 days, $443 million was due between 90 days and 6 months, $815 million was due between 6 and 12 months and $1,021 million was due after 12 months.
As of December 31, 2023, the net portion of the overdue receivables included in “Accounts receivable” and “Other current assets” was $5,903 million, of which $3,211 million was due less than 90 days, $420 million was due between 90 days and 6 months, $993 million was due between 6 and 12 months and $1,278 million was due after 12 months.
5.4.3 Other creditors and accrued liabilities
Accruals and deferred income
2,323
1,561
1,129
Payable to States (including taxes and duties)
10,427
12,561
13,974
Payroll
1,820
1,597
1,687
Other operating liabilities
21,774
20,242
19,937
OTHER CREDITORS AND ACCRUED LIABILITIES
As of December 31, 2025, the heading “Other operating liabilities” notably includes the second quarterly interim dividend for the fiscal year 2025 for $2,140 million, which was paid in January 2026 and the third quarterly interim dividend for the fiscal year 2025 for $2,148 million, which will be paid in April 2026. It also includes payment agent agreements with financial institutions, facilitating the operational processing of the suppliers’ payment chain and enabling the batch settlement of invoices, put in place in 2025. These invoices are settled by the agent at their due date, who is reimbursed by TotalEnergies at the beginning of the following month. As of December 31, 2025, the amount payable to payment agents amounted to $1,780 million.
As of December 31, 2024, the heading “Other operating liabilities” notably includes the second quarterly interim dividend for the fiscal year 2024 for $1,845 million, which was paid in January 2025 and the third quarterly interim dividend for the fiscal year 2024 for $1,851 million, which was paid in April 2025.
As of December 31, 2023, the heading “Other operating liabilities” notably included the second quarterly interim dividend for the fiscal year 2023 for $1,959 million, which was paid in January 2024 and the third quarterly interim dividend for the fiscal year 2023 for $1,923 million, which was paid in April 2024.
F-36
Notes 5
Items related to the cash flow statement
5.5 Cash flow from operating activities
The cash flows incurred in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into dollars using the closing exchange rates are shown in the consolidated statement of cash flows under “Effect of exchange rates”. Therefore, the consolidated statement of cash flows will not agree with the figures derived from the consolidated balance sheet.
The following table gives additional information on cash paid or received in the cash flow from operating activities.
Detail of interest, taxes and dividends
Interests paid
(3,051)
(2,934)
(2,883)
Interests received
944
1,302
Income tax paid(a)
(9,622)
(10,561)
(12,688)
Dividends received
1,722
1,833
2,821
These amounts include taxes paid in kind under production-sharing contracts in exploration and production activities.
Detail of changes in working capital
Inventories
(203)
3,884
3,266
(3,556)
14,860
(3,198)
(889)
572
(3,038)
3,128
(12,806)
NET AMOUNT, DECREASE (INCREASE)
Detail of changes in provisions and deferred taxes
Accruals
617
(373)
257
Deferred taxes
F-37
Note 6
Note 6 Other items from operating activities
6.1 Other income and other expense
Gains on disposal of assets
1,694
1,721
3,157
Foreign exchange gains
331
236
350
155
520
OTHER INCOME
Losses on disposal of assets
Foreign exchange losses
(354)
(406)
(763)
Amortization of other intangible assets (excl. mineral interests)
(445)
(769)
(1,002)
(262)
(766)
OTHER EXPENSE
In 2025, gains on disposal of assets are mainly related to the sale, in the segment Exploration & Production, of the operated participation of 45% in two unconventional oil and gas blocks in Argentina (Rincon La Ceniza and La Escalonada), to the sale of the non-operated participation of 39.89% in the fields of West Ekofisk and Albuskjell, and the non-operated participation of 20.23% in the field of Tommeliten Gamma, to the sale of the non-operated participation of 12.50% in the production sharing contract of OML118 and, in the segment Integrated Power, to the sale of 50% of solar assets portfolio reaching 1.4 GW in North America, and to the sale of 50% of 604 MW wind, solar and hydroelectric assets in Portugal.
In 2024, gains on disposal of assets were mainly related to the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands for the Marketing & Services segment. This amount included the revaluation of shares held and consolidated under the equity method in Belgium and Luxembourg.
In 2023, gains on disposal of assets were mainly related to the disposal of the retail network in Germany in the Marketing & Services segment, to the sale of the 50% participation in the Surmont asset and the disposal of TotalEnergies EP Canada Ltd. shares in the segment Exploration & Production. The “Other” heading notably included a revaluation of $388 million from the previously held share of Total Eren.
In 2025, the heading "Other" mainly consists in restructuration charges, shares and loans impairments, among which loans to subsidiaries carrying on offshore wind projects, notably in Asia (Taiwan, Korea) and in the United Kingdom for the segment Integrated Power, provisions for onerous midstream contracts, and restructuring charges for the Exploration & Production segment.
In 2024, the heading "Other" mainly consisted in the depreciation of a loan towards the minor participation of the company in SunPower.
In 2023, the heading "Other" mainly included impairments related to the Yunlin offshore wind project in Taiwan in the segment Integrated Power and to the divestment project of Natref refinery in South Africa in the segment Refining & Chemicals.
6.2 Other financial income and expense
Dividend income on non-consolidated subsidiaries
205
143
Capitalized financial expenses
624
652
667
608
555
475
OTHER FINANCIAL INCOME
Accretion of asset retirement obligations
(589)
(267)
OTHER FINANCIAL EXPENSE
6.3 Other non-current assets
Loans and advances (a)
(553)
2,241
Other non-current financial assets related to operational activities
288
3,468
2,433
2,175
1,677
4,264
2,516
2,222
1,761
330
4,607
Excluding loans to equity affiliates.
Changes in the valuation allowance on loans and advances are detailed as follows:
Increases
Decreases
(72)
19
F-39
Note 7
Note 7 Intangible and tangible assets
7.1 Intangible assets
Guidance for measuring goodwill is presented in Note 1.1 paragraph B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
Mineral interests
Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
Proved mineral interests are depreciated using the unit-of-production method based on proved reserves.
The corresponding expense is recorded under “Depreciation, depletion and impairment of tangible assets and mineral interests”.
Other intangible assets
Other intangible assets include patents, and trademarks.
Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses.
Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty years depending on the useful life of the assets. The corresponding depreciation expense is recorded under “Other expense”.
Amortization and
Cost
impairment
Net
12,881
(380)
12,501
Proved mineral interests
18,972
(9,449)
9,523
Unproved mineral interests
14,108
(2,931)
11,177
9,073
(4,929)
TOTAL INTANGIBLE ASSETS
55,034
(17,689)
11,654
11,265
18,218
(9,518)
8,700
14,124
(2,974)
11,150
7,204
(4,081)
3,123
51,200
(16,962)
10,484
(533)
9,951
17,713
(9,704)
8,009
14,976
(2,624)
12,352
7,354
(4,583)
2,771
50,527
(17,444)
Change in net intangible assets is analyzed in the following table:
Net amount as of
Expenditures
Disposals
1,197
(236)
(1,443)
1,161
2,428
1,438
(1,502)
(494)
1,732
31,931
1,244
(1,630)
148
1,848
In 2025, the heading “Amortization and impairment” includes the impact of exceptional asset impairments recorded for $235 million (refer to Note 3.C “Asset impairment”).
In 2025, the heading “Other” mainly reflects changes in the consolidation scope, in particular the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany for $1,644 million.
In 2024, the heading “Amortization and impairment" included the impact of exceptional asset impairments recorded for $340 million (refer to Note 3.C “Asset impairment”), particularly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
In 2024, the heading “Other” mainly reflected changes in the consolidation scope, in particular the acquisition of upstream gas assets from SapuraOMV for $833 million.
In 2023, the heading “Amortization and impairment” included the accounting impact of exceptional asset impairments for an amount of $472 million (refer to Note 3.C "Asset impairment"), related in particular to goodwill and customer portfolios of gas and power marketing activities in Belgium, Spain and France
In 2023, the heading “Other” mainly reflected changes in the consolidation scope, in particular the acquisition of Total Eren for $2,238 million.
A summary of changes in the carrying amount of goodwill by business segment for the year ended December 31, 2025 is as follows:
Net goodwill as of
January 1, 2025
December 31, 2025
2,482
(8)
2,474
3,304
186
3,476
4,360
828
(34)
214
5,368
643
473
814
(47)
469
F-41
7.2 Property, plant and equipment
- Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
- Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
● The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made;
● TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to “Exploration costs”.
Oil and Gas production assets of exploration and production activities
Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. As of December 31, 2025, 2024 and 2023, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
Other property, plant and equipment
Other property, plant and equipment are carried at cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the acquisition or production of a qualifying asset incurred until assets are placed in service. Borrowing costs are capitalized as follows:
● if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
● if the project is financed by all TotalEnergies’ debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
Routine maintenance and repairs are charged to expense as incurred. The costs of major turnarounds of refineries and large petrochemical units are capitalized as incurred and depreciated over the period of time between two consecutive major turnarounds.
Other property, plant and equipment are depreciated using the straight-line method over their useful lives, which are as follows:
●Furniture, office equipment, machinery and tools
3-12 years
●Transportation equipment
5-20 years
●Storage tanks and related equipment
10-15 years
●Specialized complex installations and pipelines
10-45 years
●Buildings
10-50 years
F-42
Depreciation and
Property, plant and equipment of exploration and production activities
Proved properties
198,464
(136,430)
62,034
Unproved properties
(160)
1,384
Work in progress
24,239
(571)
23,668
Subtotal
224,247
(137,161)
87,086
Land
2,826
(1,245)
1,581
Machinery, plant and equipment (including transportation equipment)
43,482
(31,114)
12,368
Buildings
10,487
(7,049)
3,438
5,886
(105)
5,781
12,923
4,440
75,604
(47,996)
27,608
TOTAL PROPERTY, PLANT AND EQUIPMENT
299,851
(185,157)
202,731
(140,850)
61,881
1,370
1,210
20,640
(312)
20,328
224,741
(141,322)
83,419
2,598
(1,044)
1,554
39,315
(27,116)
12,199
9,390
(6,192)
3,198
4,382
4,351
12,059
(7,685)
4,374
67,744
(42,068)
25,676
292,485
(183,390)
201,961
(144,082)
57,879
1,455
(268)
1,187
23,729
(443)
23,286
227,145
(144,793)
82,352
2,837
(1,008)
1,829
38,769
(27,222)
11,547
9,529
(6,105)
3,424
5,262
(23)
5,239
12,344
(7,819)
4,525
68,741
(42,177)
26,564
295,886
(186,970)
Change in net property, plant and equipment is analyzed in the following table:
15,756
(1,039)
(12,801)
3,164
519
13,471
(12,076)
(1,806)
1,163
107,101
16,478
(3,781)
(12,448)
415
In 2025, the heading “Disposals” mainly includes the impact of the sale of the non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) and Nigerian Agip Exploration Limited (NAE).
In 2025, the heading “Depreciation and impairment” includes the impact of exceptional asset impairments and capitalized exploration charges recorded for $575 million (refer to Note 3.C “Asset impairment”).
F-43
In 2025, the heading “Other” includes in particular the impact of changes in the consolidation scope for $(1,521) million (mainly the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany for $737 million and the sale of 50% of a portfolio of 2.7 GW of gross capacity (North America, Portugal, Greece, France) for $(2,398) million), the impact of the classifications as “Assets classified as held for sale” for $(1,349) million, the impact of new IFRS 16 contracts for the year (mainly FPSO and ships) for $2,402 million, and the effect of the revaluation of site restoration provisions on property, plant, and equipment for $466 million.
In 2024, the heading “Disposals” mainly included the impact of the sale of a 15% stake in the Absheron gas field to ADNOC (Abu Dhabi National Oil Company).
In 2024, the heading “Depreciation and impairment” included the impact of exceptional asset impairments and capitalized exploration charges recorded for $479 million (refer to Note 3.C “Asset impairment”).
In 2024, the heading “Other” included in particular the impact of changes in the consolidation scope for $(1,077) million (mainly the acquisition of upstream gas assets from SapuraOMV for $1,085 million and the sale of a 50% stake in three solar projects in the United States to the Apollo investment fund for $(1,745) million), the impact of new IFRS 16 contracts for the year (mainly FPSO and ships) for $2,725 million, and the effect of the revaluation of site restoration provisions on property, plant, and equipment for $363 million.
In 2023, the heading “Disposals” mainly included the impact of the sale of assets in Canada to ConocoPhillips of $3,220 million.
In 2023, the heading “Depreciation and impairment” included the impact of impairments of assets recognized for an amount of $653 million (refer to Note 3.C “Asset impairment”) including notably upstream assets in Kenya and Congo and impairments related to the project of selling Naphtachimie to INEOS.
In 2023, the heading “Other” included in particular the impact of changes in the consolidation scope for $298 million (mainly the acquisition of Total Eren for $2,193 million, the sale of TotalEnergies EP Canada Ltd. to Suncor for $(1,134) million and the exit of network activities in Germany for $(826) million), the impact of new IFRS 16 contracts during the year (mainly FPSO and ships) for $2,526 million and the impact of the revaluation of provisions for sites restitution on tangible assets for $(1,262) million.
Following the application of IFRS 16 “Leases”, property, plant and equipment as at December 31, 2025, 2024 and 2023 presented above include the following amounts for rights of use of assets:
6,533
(3,127)
3,406
693
6,028
(3,362)
2,666
1,490
701
1,062
(660)
402
9,865
(5,403)
4,462
16,398
(8,530)
7,868
5,918
(2,611)
3,307
1,183
(453)
5,371
(2,760)
2,611
1,365
(703)
662
898
(534)
364
8,817
(4,450)
4,367
14,735
(7,061)
4,770
2,843
1,383
968
4,751
(2,235)
1,332
(614)
718
908
(529)
379
8,374
(3,793)
4,581
13,144
(5,720)
7,424
F-44
Note 8
Note 8 Equity affiliates, other investments and related parties
8.1 EQUITY AFFILIATES: INVESTMENTS AND LOANS
Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies’ share of the net income and other comprehensive income of the associate or joint venture.
Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies’ interest in the equity accounted entity.
In equity affiliates, goodwill is included in investment book value.
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
Equity value
As of December 31,
Total Associates
10,864
10,387
9,484
Total Joint-ventures
19,801
17,485
16,411
30,665
27,872
25,895
Loans
7,425
4,562
Profit/(loss)
1,307
1,213
1,132
1,246
362
713
112
(57)
(358)
(151)
A) Information related to associates
Information (100% basis) related to significant associates is as follows:
Liquefaction entities
Exploration & Production activities (M$)
33,627
29,749
42,197
6,118
7,512
5,745
39,745
37,261
47,942
Shareholder’s equity
22,321
22,432
35,144
10,451
8,746
7,700
6,973
6,083
5,098
TOTAL LIABILITIES
22,227
23,407
26,288
Net income
5,177
6,769
6,880
% owned
3,860
3,904
3,963
Including goodwill and identifiable assets
768
822
Share of other comprehensive income, net amount
(64)
Dividends paid to TotalEnergies
708
820
1,052
F-45
As of December 31, 2025, and as of December 31, 2024, 2023 and 2022, Novatek is no longer consolidated as an equity accounted affiliate in the Company's consolidated financial statements. This stake is recognized in "other investments" and is measured in accordance with IFRS 9 at fair value through profit or loss. In the context of the Russian-Ukrainian conflict, the Company considers that the market value of Novatek is not representative of its fair value. As of December 31, 2025, and as of December 31, 2024, 2023 and 2022, the Company retained a zero fair value given the very significant uncertainties on any valuation assumption for the stake in Novatek.
TotalEnergies’ interests in associates operating liquefaction plants are combined. The amounts include investments in Nigeria LNG (15.00%), Angola LNG Limited (13.60%), Yemen LNG Co. (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG LLC (5.54%), Abu Dhabi Gas Liquefaction Company Limited (5.00%), Qatar Liquified Gas Company Limited 5 (North Field East project) (25.00%) and Qatar Liquified Gas Company Limited 10 (North Field South project) (25.00%).
Renewables and Electricity activities
Adani Green Energy Limited
13,641
10,936
7,887
1,075
1,264
1,091
14,716
12,200
8,978
2,196
1,137
965
10,616
8,175
5,712
1,904
2,888
2,301
1,268
1,049
1,061
187
184
162
(91)
5
17.25
%
19.74
1,734
1,863
1,877
including goodwill and identifiable assets
1,355
1,639
Saudi Aramco Total
Refining & Chemicals activities
Refining & Petrochemicals
Qatar
15,539
12,023
9,780
3,126
2,882
3,042
3,446
2,584
1,985
1,971
2,000
18,581
15,469
12,364
5,111
4,533
4,882
4,931
4,062
3,527
2,574
2,781
2,748
10,125
6,899
5,850
654
835
3,525
4,508
2,987
1,149
1,098
1,299
12,266
14,601
12,994
9,455
9,422
9,506
584
213
338
203
37.50
1,849
1,523
1,323
616
670
665
200
88
34
321
114
145
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 460,000 barrels/day with integrated petrochemical units.
The TotalEnergies’ interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%), Qatofin (49.08%), Laffan Refinery (10.00%).
F-46
B) Information related to joint ventures
The information (100% gross) related to significant joint ventures is as follows:
GIP III Zephyr
Hanwha TotalEnergies
(Integrated LNG)
(Integrated
Petrochemical Co.Ltd
Power)
(Refining & Chemicals)
62,465
59,764
62,461
14,320
14,258
13,111
3,265
3,373
3,959
Current assets excluding cash and cash equivalents
5,446
5,390
2,832
749
375
1,693
2,089
3,421
5,184
4,690
746
1,313
348
113
71,332
70,338
69,983
15,815
15,437
14,799
5,347
5,251
6,161
Shareholder’s equity - Group share
29,162
25,231
20,438
450
604
2,467
2,963
Shareholder's equity - Non controlling interests
2,756
1,912
Other non-current liabilities
11,025
11,822
10,399
2,619
1,645
1,460
174
Non-current financial debts
27,422
29,565
36,144
8,940
9,538
9,598
1,974
1,017
858
Other current liabilities
1,707
3,002
886
380
565
873
Current financial debts
2,010
2,013
579
811
359
1,029
14,957
17,212
17,605
1,748
1,609
1,452
7,548
8,616
8,754
Depreciation and depletion of tangible assets and mineral interests
(2,904)
(2,899)
(2,700)
(490)
(460)
(278)
Interest income
55
Interest expense
(2,470)
(2,901)
(3,146)
(672)
(357)
(315)
(80)
(264)
(2,656)
(1,798)
52
4,146
4,986
5,122
121
135
(232)
(136)
180
(90)
(76)
(361)
50.00
6,839
5,996
4,941
2,186
2,283
1,152
1,234
1,482
357
430
1,961
1,981
891
1,058
(176)
(69)
TotalEnergies’ interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.02% direct holding), Ichthys LNG in Australia (26.00%) and Marsa LNG LLC (80.00%).
GIP III Zephyr Holdings, LLC holds the shares of Clearway Energy Group (CEG), a developer of renewables projects, owning 42% of economic interest of its listed subsidiary, Clearway Energy LLC. (CWEN).
Hanwha TotalEnergies Petrochemical Co., Ltd is a South Korean company that operates a petrochemical complex in Daesan (condensate separator, steam cracker, styrene, paraxylene, polyolefins).
Off-balance sheet commitments relating to joint ventures or associates are disclosed in Note 13 of the Consolidated Financial Statements.
C) Other equity affiliates
In TotalEnergies share, the main aggregated financial items in equity affiliates including assets held for sale, which have not been presented individually are as follows:
Joint-
Associates
ventures
6,450
20,747
5,522
15,929
4,977
13,224
1,317
2,629
1,352
2,524
1,231
2,988
7,767
23,376
6,874
18,453
6,208
16,212
Shareholder’s equity - TotalEnergies share
1,535
8,001
1,214
6,604
921
4,625
Shareholder’s equity - Non controlling interests
75
5,188
12,875
4,830
9,605
4,553
8,798
1,044
2,500
830
2,246
2,714
F-47
2,855
5,468
2,981
6,476
2,026
7,451
548
324
(666)
Share of other comprehensive income items
(162)
11
2,805
9,624
2,427
8,016
1,656
7,705
Profit/(Loss)
365
420
(689)
341
296
106
323
120
8.2 OTHER INVESTMENTS
Other investments are equity instruments and are measured according to IFRS 9 at fair value through profit or loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss.
TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis.
For quoted shares on active markets, this fair value is based on the market price.
As of
Increase -
Change in
Decrease
fair value
Next Decade Corporation
346
237
Automotive Cells Company
177
101
OGCI Climate Investments Holdings LLP
56
65
Chicago Mercantile Exchange (CME)
45
53
Other shares at fair value through other comprehensive income (unit value < $50M)
64
63
138
Equity instruments recorded at fair value through other comprehensive income
511
244
(161)
594
Western LNG LLC
Other shares at fair value through profit or loss (unit value < $50M)
90
1,270
Equity instruments recorded at fair value through profit or loss
76
1,320
TOTAL EQUITY INSTRUMENTS
320
(71)
91
109
355
Nordian CPO (renamed TotalEnergies Charging Services España SL)(a)
(70)
1,118
23
1,188
Total equity instruments
(45)
167
F-48
14
119
Hubei Cathay Smart Energy Fund
(54)
264
(24)
932
280
1,051
527
8.3 Related parties
The main transactions as well as receivable and payable balances with related parties (principally non-consolidated subsidiaries and equity affiliates) are detailed as follows:
Balance sheet
Receivables
Debtors and other debtors
706
876
1,144
Loans (excl. loans to equity accounted for affiliates)
428
232
Payables
Creditors and other creditors
948
1,324
1,068
Debts
Statement of income
4,637
5,408
7,222
Purchases
(10,088)
(13,424)
(15,574)
Financial income
Financial expense
8.4 Compensation for the administration and management bodies
The aggregated amount of direct and indirect compensation accounted by the French and foreign affiliates of the Company, for all executive officers of TotalEnergies SE as of December 31 and for the members of the Board of Directors who are employees of TotalEnergies SE, is detailed below.
As of December 31, 2025, TotalEnergies SE Executive Officers are the members of the Executive Committee, i.e. ten people and there are three employees as members of the Board of Directors. As of December 31, 2024, TotalEnergies SE Executive Officers were the members of the Executive Committee, i.e. nine people and there were three employees as members of the Board of Directors. As of December 31, 2023, TotalEnergies SE Executive Officers were the members of the Executive Committee, i.e. eight people and there were three employees as members of the Board of Directors.
Number of people
Direct or indirect compensation
19.2
16.1
13.9
Pension expenses (a)
1.1
3.5
Share-based payments expense (IFRS 2) (b)
17.8
8.7
The benefits provided for Executive Officers of the Company and the members of the Board of Directors who are employees of the Company include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $81.1 million as of December 31, 2025 (against $72.6 million as of December 31, 2024 and $82.9 million as of December 31, 2023). The increase of the commitment is in link with rate exchange effect. Converted into Euros, this commitment amounts to €69.0 million as of December 31, 2025 (against €69.9 million as of December 31, 2024 and €75 million as of December 31, 2023). The decrease in the commitment expressed in euros is mainly due to the increase in the discount rate despite the changes among the number executives (two new entries and one retirement).
Share-based payments expense computed for the Executive Officers and the members of the Board of Directors who are employees of TotalEnergies and based on the principles of IFRS 2 “Share-based payments” described in Note 9.
The compensation allocated to members of the Board of Directors as directors’ fees totaled €1.91 million (equivalent to $2.16 million) in 2025, €1.95 million (equivalent to $2.11 million) in 2024, and €1.85 million (equivalent to $2 million) in 2023.
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Note 9
Note 9 Shareholders’ equity and share-based payments
9.1 SHAREHOLDERS’ EQUITY
Number of TotalEnergies shares and rights attached
As of December 31, 2025, the share capital of TotalEnergies SE amounts to €5,516,463,857.50, divided into 2,206,585,543 shares, with a par value of €2.50. There is only one category of shares. The shares may be held in either registered or bearer form.
The authorized share capital amounts to 3,229,286,115 shares as of December 31, 2025, compared to 3,421,656,457 shares as of December 31, 2024 and 3,436,374,353 shares as of December 31, 2023.
Pursuant to the Corporation's bylaws (Statutes), no shareholder may cast a vote at a Shareholders' Meeting, either by himself or through an agent, representing more than 10% of the total voting rights for the Corporation's shares. This limit applies to the aggregated amount of voting rights held directly, indirectly or through voting proxies.
These restrictions no longer apply if any individual or entity, acting alone or in concert, acquires at least two-thirds of the total share capital of the Corporation.
Pursuant to the authorization granted by the Extraordinary Shareholders’ Meeting on May 25, 2022, the Board of Directors is authorized to cancel, on one or more occasions, the shares of the Company within the limit of 10% of the existing capital on the date of the operation per period of 24 months, in accordance with the provisions of Article L. 22-10-62 of the French Commercial Code.
The Board of Directors has proceeded with the following cancellation of TotalEnergies shares:
Percentage
of the share
Board of Directors’
Number of shares bought back and cancelled
capital
decision date
for the purpose of the shareholder policy
cancelled(a)
September 24, 2025 (b)
74,620,711 shares bought back between November 20, 2024 and June 26, 2025
3.27
February 4, 2025 (c)
127,622,460 shares bought back between October 27, 2023 and November 19, 2024
5.32
February 6, 2024(d)
25,405,361 shares bought back between August 25 and October 26, 2023
1.05
September 21, 2023(e)
86,012,344 shares bought back between January 2 and August 24, 2023
3.44
February 7, 2023
128,869,261 shares bought back between February 11 and December 15, 2022
4.92
Percentage of the share capital that the cancelled shares represented on the operations’ date.
With effect as at September 26, 2025.
With effect as at February 10, 2025.
(d)
With effect as at February 12, 2024.
(e)
With effect as at September 25, 2023.
AS OF DECEMBER 31, 2022 (a)
Capital reduction by cancellation of treasury shares
2023 Capital increase reserved for employees
AS OF DECEMBER 31, 2023 (b)
AS OF DECEMBER 31, 2024 (c)
AS OF DECEMBER 31, 2025 (d)
Including 137,187,667 treasury shares deducted from consolidated shareholders’ equity.
Including 60,543,213 treasury shares deducted from consolidated shareholders’ equity.
Including 149,529,818 treasury shares deducted from consolidated shareholders’ equity.
Including 63,702,529 treasury shares deducted from consolidated shareholders’ equity.
Capital increase reserved for employees
The Extraordinary Shareholders’ Meeting (“ESM”) of May 23, 2025, in its fifteenth resolution, granted the authority to the Board of Directors to carry out, a capital increase, in one or more occasions within a maximum period of 26 months, reserved to members (employees and retirees) of a company or group savings plan (“ESOP”).
In fiscal year 2025, the Board of Directors of September 24, 2025, by virtue of the fifteenth resolution above-mentioned, decided to proceed with a capital increase reserved for employees and retirees within the limit of 18 million shares with immediate dividend rights and has granted all powers to the Chairman and Chief Executive Officer to determine the opening and closing dates of the subscription period and the subscription price. This capital increase is expected to be completed after the Shareholders’ Meeting of May 29, 2026.
During the fiscal years 2025, 2024 and 2023, the Corporation completed the following ESOP, which terms are set out below:
Date of the ESOP
June 10, 2025
June 6, 2024
June 7, 2023
By virtue of
22nd resolution of the ESM of May 24, 2024
16th resolution of the ESM of May 26, 2023
22nd resolution of the ESM of May 25, 2022
Subscriptions
Number of shares subscribed
10,572,824
10,251,337
7,760,062
Subscription price
42.50 euros
46.90 euros
45.60 euros
Free shares
Number of shares granted
576,229
581,850
242,093
Treasury shares held by TotalEnergies SE, or by its subsidiaries are deducted from consolidated shareholders' equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders’ equity.
Number of treasury shares held by TotalEnergies SE
63,702,529
149,529,818
60,543,213
Percentage of share capital
2.89
6.24
2.51
Paid-in surplus
In accordance with French law, the paid-in surplus corresponds to premiums related to shares issuances, contributions or mergers of the parent company which can be capitalized or used to offset losses if the legal reserve has reached its minimum required level. The amount of the paid-in surplus may also be distributed subject to taxation except when it qualifies as a refund of shareholder contributions.
As of December 31, 2025, paid-in surplus relating to TotalEnergies SE amounted to €12,253 million (€23,345 million as of December 31, 2024 and €24,385 million as of December 31, 2023).
Reserves
Under French law, 5% of net income must be transferred to the legal reserve until the legal reserve reaches 10% of the nominal value of the share capital. This reserve cannot be distributed to the shareholders other than upon liquidation but can be used to offset losses.
If wholly distributed, the unrestricted reserves of TotalEnergies SE would be taxed for an approximate amount of $293 million as of December 31, 2025 ($234 million as of December 31, 2024 and $234 million as of December 31, 2023) due to additional corporation tax applied on regulatory reserves so that they become distributable.
Earnings per share
Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies SE (Treasury shares) which are deducted from consolidated shareholders’ equity.
Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies SE are deducted from consolidated shareholders’ equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year.
The weighted-average number of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS 33. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number of shares thereby obtained leads to a reduction in the total number of shares that would result from the exercise of rights.
In compliance with IAS 33, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes.
F-51
The variation of both weighted-average number of shares and weighted-average number of diluted shares, as of December 31, respectively used in the calculation of earnings per share and fully-diluted earnings per share is detailed as follows:
Number of shares as of January 1,
TotalEnergies shares held by TotalEnergies SE or by its subsidiaries and deducted from shareholders' equity
Evolution of the number of shares during the financial year pro-rated
Final grant of TotalEnergies performance shares
5,179,418
4,041,839
5,378,956
Capital increase reserved for employees (a)
6,504,238
6,322,466
4,671,946
Capital increase as payment of the scrip dividend
Buyback of TotalEnergies treasury shares including:
(68,432,849)
(64,051,218)
(74,633,216)
Shares repurchased during the fiscal year to cancel the dilution caused by the scrip dividend payment and within the framework of the share buyback program
(65,408,275)
(56,849,392)
(72,985,133)
Shares repurchased during the fiscal year to cover for the performance share plans
(3,024,574)
(7,201,826)
(1,648,083)
WEIGHTED-AVERAGE NUMBER OF SHARES
2,191,400,651
2,298,021,710
2,417,361,304
Dilutive effect
Grant of TotalEnergies performance shares
21,029,751
14,553,688
14,354,523
Capital increase reserved for employees(a)
1,920,015
1,985,324
2,051,751
WEIGHTED-AVERAGE NUMBER OF DILUTED SHARES AS OF DECEMBER 31,
2,214,350,417
2,314,560,722
2,433,767,578
(a) Including the shares granted in consideration to the deferred contribution pursuant to the capital increase reserved for employees.
Earnings per share in euros
The earnings per share in euros, converted from the earnings per share in dollars, by using the average exchange rate euro/dollar, is €5.17 per share for 2025 closing (€6.23 for 2024 closing). The fully-diluted earnings per share calculated by using the same method is €5.12 per share for 2025 closing (€6.18 for 2024 closing).
On February 10, 2026, the Board of Directors after approving the financial statements for fiscal year 2025, decided to propose to the Shareholders’ Meeting on May 29, 2026 the distribution of an ordinary €3.40 dividend per share for fiscal year 2025. Subject to the Shareholders’ decision, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2025 will be €0.85 per share.
2025 Dividend
First interim
Second interim
Third interim
Final
EUR amount (Euronext share)
€0.85
USD amount (NYSE share)
$0.987785
Set on April 16, 2026
Set on July 15, 2026
Set date
April 29, 2025
July 23, 2025
October 29, 2025
February 10, 2026
Ex-dividend date Euronext and NYSE (starting 2nd interim)
October 1, 2025
March 31, 2026
June 30, 2026
Payment date Euronext
October 3, 2025
January 5, 2026
April 2, 2026
July 2, 2026
Payment date NYSE
January 23, 2026
April 23, 2026
July 22, 2026
Issuances and reimbursement of perpetual subordinated notes
As of December 31, 2025, the amount of perpetual subordinated notes booked in TotalEnergies shareholders' equity is $10,994 million. The coupons attributable to the holders of these securities are recognized as a deduction from TotalEnergies shareholders' equity for an amount of $320 million for fiscal year 2025. The tax deduction due to these coupons is booked in the statement of income.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances specified into the documentation of the notes) and in compliance with IAS 32 standard – Financial instruments - Presentation, these notes were recorded in equity.
F-52
Over the year 2025, TotalEnergies SE has fully redeemed on February 26, 2025 the residual nominal amount of €1,082 million of perpetual deeply subordinated notes carrying a coupon of 2.625%, issued in February 2015, at first call date. This issuance had already been the subject of a partial buyback offer for an amount of €1,418 million on November 22, 2024.
Summary of the perpetual deeply subordinated notes of TotalEnergies SE:
Perpetual deeply subordinated notes issues by TotalEnergies SE
Outstanding amount in M€ as of:
Date
Amount issued (M€)
Coupon (%)
First call date
December 31, 2024
December 31, 2023
November 19, 2024
4.120
February 19, 2030
4.500
November 19, 2034
January 17, 2022
750
3.250
January 17, 2037
1,000
2.000
April 17, 2027
January 25, 2021
1,500
2.125
January 25, 2033
1.625
January 25, 2028
September 4, 2020
September 4, 2030
April 4, 2019
1.750
April 4, 2024
October 6, 2016
3.369
October 6, 2026
2.708
May 5, 2023
February 26, 2015
2.625
February 26, 2025
1,082
9,750
10,832
11,250
Detail of other comprehensive income showing both items potentially reclassifiable and those not potentially reclassifiable from equity to net income is presented in the table below:
Sub-total items not potentially reclassifiable to profit & loss
– Unrealized gain/(loss) of the period
(7,084)
2,879
(2,524)
– Less gain/(loss) included in net income
753
(1,709)
188
3,155
(649)
(37)
(18)
(194)
Sub-total items potentially reclassifiable to profit & loss
TOTAL OTHER COMPREHENSIVE INCOME, NET AMOUNT
The currency translation adjustment by currency is detailed in the following table:
Pound
Euro
sterling
currencies
Parent company
Affiliates
(7,540)
240
228
Equity affiliates
(363)
(476)
125
TOTAL CURRENCY TRANSLATION ADJUSTMENT RECOGNIZED IN COMPREHENSIVE INCOME
721
353
F-53
3,238
(86)
(383)
(205)
(1,609)
(87)
(3,174)
(289)
(107)
(63)
(883)
(708)
Tax effects relating to each component of other comprehensive income are as follows:
Pre-tax
Tax
amount
effect
96
(171)
8,586
(3,999)
2,448
261
(799)
(822)
2,297
2,165
(8,586)
5,601
(600)
TOTAL OTHER COMPREHENSIVE INCOME
1,602
(768)
(741)
As of December 31, 2025, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies EP Gabon, TotalEnergies EP Congo and AzurVista Resources Pte. Ltd.
9.2 Share-based payments
TotalEnergies SE may grant employees performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders’ equity.
The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired.
For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period.
The number of allocated equity instruments can be revised during the vesting period in cases of non-compliance with performance conditions, with the exception of those related to the market, or according to the rate of turnover of the beneficiaries.
The cost of employee-reserved capital increases is immediately expensed.
The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors.
F-54
A. TotalEnergies’ performance share plans
2020
2021
2022
2023 (a)
Date of the Shareholders’ Meeting
6/1/2018
5/28/2021
5/26/2023
5/24/2024
Award date
3/18/2020
3/16/2022
3/19/2025
Date of the final award (end of the vesting period)
3/20/2023
5/29/2024
3/17/2025
5/27/2026
5/24/2027
3/20/2028
Transfer authorized as from
3/21/2025
5/30/2026
Grant date IFRS 2 fair value
12.40
€
27.40
37.22
46.24
55.83
48.23
Number of performance shares
Outstanding as of January 1, 2023
6,574,961
6,661,580
7,320,181
20,556,722
Notified
7,985,203
Cancelled
(128,577)
(98,291)
(86,348)
(42,040)
(355,256)
Finally granted
(6,446,384)
(5,250)
(5,568)
(190)
(6,457,392)
Outstanding as of January 1, 2024
6,558,039
7,228,265
7,942,973
21,729,277
7,775,722
(498,045)
(77,209)
(61,731)
(12,871)
(649,856)
(6,059,994)
(2,811)
(3,134)
(6,065,939)
Outstanding as of January 1, 2025
7,148,245
7,878,108
7,762,851
22,789,204
9,190,018
(937,957)
(127,154)
(83,775)
(70,975)
(1,219,861)
(6,210,288)
(2,580)
(2,831)
(243)
(6,215,942)
OUTSTANDING AS OF DECEMBER 31, 2025
7,748,374
7,676,245
9,118,800
24,543,419
includes 37,000 performance shares granted on December 13, 2023 to 4 executives recruited in 2023 in accordance with the decision of the Board of Directors on December 13, 2023 and the Shareholders’ Meeting on May 26, 2023. For these performance shares, the vesting period begins on December 13, 2023 and the final grant date is December 14, 2026, subject to the conditions set (end of the vesting period). The IFRS 2 fair value on the grant date was €51.56.
The performance shares, which are bought back by TotalEnergies SE on the market, are finally granted to their beneficiaries after a 3-year vesting period, from the date of the grant. The final grant is subject to a continued employment condition as well as:
four performance conditions for the 2020 Plan and
five performance conditions for the plans after the 2020 Plan.
Moreover, the transfer of the performance shares finally granted under the 2020 to 2021 Plans will not be permitted until the end of a 2-year holding period from the date of the final grant.
2025 Plan
The Board of Directors granted performance shares, on March 19, 2025, to certain employees and executive directors of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition of three years and five performance conditions.
The performance conditions apply differently depending on the capacity of the beneficiaries. If all shares granted to senior executives are subject to performance conditions, the grant of the first 150 shares to non-senior executives are not subject to the performance condition abovementioned, which will, nonetheless, apply to any shares granted above this threshold.
The applicable performance conditions are as follows:
for 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) during the three vesting years (2025, 2026 and 2027) based on the Total Shareholder Return (“TSR”) of the year in question, the dividend being considered reinvested;
for 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) based on the annual variation in net cash flow per share criterion expressed in dollars during the three vesting years (2025, 2026 and 2027);
for 20% of the shares, the level reached by the pre-dividend organic cash breakeven in view of the objective set for the three vesting years (2025, 2026 and 2027). The pre-dividend organic cash breakeven is defined as the Brent price for which the operating cash flow before working capital changes (MBA) covers the organic investments1. The ability of the Company to resist to the variations of the Brent barrel price is measured by this parameter;
for 15% of the shares, the change in methane emissions on operated facilities in relation to the achievement of the target to reduce methane emissions set for 2027;
for 15% of the shares, the criterion of the lifecycle carbon intensity of energy products sold to the Company's customers in relation to the achievement of the target to reduce this intensity set for 2027.
1 Organic investments: net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
F-55
Notes 9
B. Other TotalEnergies share plan
Worldwide Plan 2024
5/23/2024
5/24/2029
47.94
10,666,900
(337,500)
Finally granted(a)
10,329,400
(742,000)
(4,400)
Outstanding as of December 31, 2025
9,583,000
(a)Final grant following the death of the beneficiary of the shares.
At its meeting on May 23, 2024, the Board of Directors decided to grant 100 shares of the Company to each employee and executive director (excluding the Chairman and CEO) of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition of five years.
C. Share-based payment expense
Share-based payment expense before tax was broken down as follows:
TotalEnergies performance shares plans
377
287
217
TotalEnergies world shares plans
115
215
74
The main assumptions used for the valuation of the cost of the capital increase reserved for employees in 2025 were the following:
Date of the Board of Directors meeting that decided the issue
October 30, 2024
Reference price (€) (a)
53.02
Subscription price (€) (b)
42.50
Number of shares issued (in millions) (c)
11.10
Average of the closing prices of the TotalEnergies shares over the twenty trading sessions preceding April 29, 2025, being the date of the Chairman and CEO’s decision setting the opening date of the subscription period and the subscription price.
Reference price, reduced by a 20% discount and rounded off to the highest tenth of a euro.
Including the free shares issued.
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Note 10
Note 10 Payroll, staff and employee benefits obligations
10.1 EMPLOYEE BENEFITS OBLIGATIONS
In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits.
These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments.
For defined contribution plans, expenses correspond to the contributions paid.
Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement.
The past service cost is recorded immediately in the statement of income, whether vested or unvested.
The net periodic pension cost is recognized under “Other operating expenses”.
Liabilities for employee benefits obligations consist of the following:
Pension benefits liabilities
1,290
1,453
Other benefits liabilities
423
411
468
Restructuring reserves (early retirement plans)
72
Net liabilities relating to assets held for sale
Description of plans and risk management
TotalEnergies operates, for the benefit of its current and former employees, both defined benefit plans and defined contribution plans.
TotalEnergies recognized a charge of $217 million for defined contribution plans in 2025 ($175 million in 2024 and $167 million in 2023).
TotalEnergies’ main defined benefit pension plans are located in France, the United Kingdom, the United States, Belgium and Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following:
the benefits are usually based on the final salary and seniority;
they are usually funded (pension fund or insurer);
they are usually closed to new employees who benefit from defined contribution pension plans;
they are paid in annuity or in lump sum.
The pension benefits include also termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care.
In order to manage the inherent risks, TotalEnergies has implemented a dedicated governance framework to ensure the supervision of the different plans. These governance rules provide for:
TotalEnergies’ representation in key governance bodies or monitoring committees;
the principles of the funding policy;
the general investment policy, including for most plans:
the establishment of a monitoring committee to define and follow the investment strategy and performance,
the principles to be respected in term of investment allocation.
a procedure to approve the establishment of new plans or the amendment of existing plans;
the principles of administration, communication and reporting.
F-57
Notes 10
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
Pension benefits
Other benefits
Change in benefit obligation
Benefit obligation at beginning of year
8,176
8,847
8,267
467
Current service cost
212
191
178
Interest cost
369
Past service cost
(0)
Settlements
(55)
Plan participants’ contributions
Benefits paid
(635)
(563)
Actuarial losses / (gains)
(277)
393
Foreign currency translation and other
799
146
Benefit obligation at year-end
8,931
Of which plans entirely or partially funded
8,268
7,689
8,392
Of which plans not funded
663
455
Change in fair value of plan assets
Fair value of plan assets at beginning of year
(7,073)
(7,768)
(7,306)
(332)
(313)
Actuarial losses / (gains)(a)
57
Employer contributions
(181)
(163)
578
497
523
(692)
(104)
Fair value of plan assets at year-end
(7,747)
(FUNDED) UNFUNDED STATUS
1,184
1,103
1,079
Asset ceiling
44
(ASSETS) LIABILITIES NET RECOGNIZED AMOUNT
1,241
1,136
1,123
Pension benefits and other benefits liabilities
(154)
(330)
Net benefit liabilities relating to assets held for sale
(a)The amount for 2025 includes an adjustment of $(14) million related to asset ceiling, which impacts the net position (liabilities – assets).
As of December 31, 2025, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 79% for the Euro area, 8% for the United States and 2% for the United Kingdom.
In 2024, a buy-in transaction was carried out in the United Kingdom to cover the benefit obligations of beneficiaries not included in the buy-in concluded in 2014. This investment resulted in an actuarial loss of $147 million recognized in other comprehensive income.
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
Net interest cost
41
Benefit amounts recognized on profit and loss
223
- Actuarial (gains) / losses
- Effect of changes in demographic assumptions
- Effect of changes in financial assumptions
(122)
(425)
- Effect of experience adjustments
204
- Actual return on plan assets
(36)
303
- Effect of asset ceiling
(16)
Benefit amounts recognized on other of consolidated statement of comprehensive income
TOTAL BENEFIT AMOUNTS RECOGNIZED ON COMPREHENSIVE INCOME
216
284
F-58
Expected future cash outflows
The average duration of accrued benefits is approximately 10 years for defined pension benefits and 14 years for other benefits. TotalEnergies expects to pay contributions of $119 million in respect of funded pension plans in 2026.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
Estimated future payments
2026
607
2027
630
2028
648
2029
635
2030
613
2031-2035
3,548
Type of assets
Asset allocation
as of December 31,
Equity securities
18%
17%
27%
Debt securities
43%
44%
47%
Monetary
2%
Annuity contracts
31%
32%
Real estate
6%
5%
7%
Investments on equity and debt markets are quoted on active markets.
Main actuarial assumptions and sensitivity analysis
Assumptions used to determine benefits obligations:
Discount rate (weighted average for all regions)
4.40%
4.30%
3.89%
4.47%
4.17%
4.26%
of which Euro zone
3.72%
3.49%
3.27%
3.67%
3.41%
3.30%
of which United States
4.75%
5.00%
4.50%
of which United Kingdom
5.50%
Inflation rate (weighted average for all regions)
2.53%
2.54%
2.49%
2.00%
1.98%
2.24%
2.50%
3.00%
3.25%
The discount rate retained is determined by reference to the high quality rates for AA-rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.
Sensitivity to inflation in respect of defined benefit pension plans is not material in the United States.
A 0.5 point increase or decrease in discount rates – all other things being equal - would have the following approximate impact on the benefit obligation:
0.5 pt Increase
0.5 pt Decrease
Benefit obligation as of December 31, 2025
488
A 0.5 point increase or decrease in inflation rates – all other things being equal - would have the following approximate impact on the benefit obligation:
258
(251)
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10.2 Payroll and staff
Personnel expenses (M$)
Wages and salaries (including social charges)
9,973
9,460
9,210
TotalEnergies employees at December 31,
France (DROM COM includ.)
● Management
15,067
15,101
14,675
● Other
20,357
20,779
20,831
International
20,504
20,318
19,470
45,585
46,689
47,603
101,513
102,887
102,579
The number of employees includes only employees of fully consolidated subsidiaries.
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Note 11
Note 11 Income taxes
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (or income).
Current tax expenses (or income) are the estimated amount of the tax due for the taxable income of the period.
Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders’ equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Income taxes are detailed as follows:
Current income taxes
(8,785)
(10,212)
(12,745)
(556)
TOTAL INCOME TAXES
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:
Net operating losses and tax carry forwards
3,349
3,324
3,098
500
436
Other temporary non-deductible provisions
6,693
6,886
7,569
Differences in depreciations
(15,687)
(15,003)
(15,443)
Other temporary tax deductions
(4,131)
(4,555)
(3,909)
NET DEFERRED TAX LIABILITY
(9,276)
(8,912)
(8,270)
The reserves of TotalEnergies subsidiaries that would be taxable if distributed but for which no distribution is planned, and for which no deferred tax liability has therefore been recognized, totaled $4,271 million as of December 31, 2025.
Deferred tax assets not recognized as of December 31, 2025, amount to $2,899 million as their future recovery was not regarded as probable given the expected results of the entities, particularly in the Exploration & Production segment, when the affiliate or the field concerned is in its exploration phase, the net operating losses created during this phase will be useable only if a final investment and development decision is made. Accordingly, the time limit for the utilization of those net operating losses is not known.
Deferred tax assets not recognized relate notably to France for an amount of $1,153 million, Namibia for an amount of $315 million and Australia for an amount of $201 million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
Deferred tax assets
Deferred tax liabilities
(12,634)
(12,114)
(11,688)
NET AMOUNT
The net deferred tax variation in the balance sheet is analyzed as follows:
Opening balance
(5,972)
Deferred tax on income
Deferred tax on shareholders’ equity (a)
Changes in scope of consolidation and others
(75)
(1,102)
301
CLOSING BALANCE
This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments in equity instruments, as well as deferred taxes related to the cash flow hedge (refer to Note 9 to the Consolidated Financial Statements).
F-61
Reconciliation between provision for income taxes and pre-tax income
9,092
10,775
13,301
Pre-tax income
22,449
26,806
34,811
French statutory tax rate
25.83
Theoretical tax charge
(5,799)
(6,924)
(8,992)
Difference between French and foreign income tax rates
(5,143)
(5,554)
(5,925)
Tax effect of equity affiliates’ income (loss)
408
477
Permanent differences
1,271
890
800
Adjustments on prior years income taxes
221
Adjustments on deferred tax related to changes in tax rates
Variation of deferred tax assets not recognized
(211)
69
INCOME TAXES IN THE STATEMENT OF INCOME
The French statutory tax rate includes the standard corporate tax rate (25%), increased by the additional contribution that bring the overall tax rate to 25.83% in 2025 (as in 2024 and 2023).
Permanent differences are mainly due to impairment of goodwill and to dividends from non-consolidated companies as well as the specific taxation rules applicable to certain activities.
The international tax reform Pillar 2, applicable in France from January 1, 2024, introduces a minimum tax rate of 15% on the profits of companies in each of their operating countries. Given the high tax rates in the Company's operating countries and the increases in countries with lower rates, the application of this minimum tax will not result in the payment of additional tax for 2025, as for 2024.
Schedule of losses and tax credits carried forward
TotalEnergies has deferred tax assets related to losses and carried forward tax credits which expire according to the following years:
2028(a)
1,201
2029(b)
2030 and after
560
Unlimited
2,768
3,092
1,882
2028 and after for 2023.
2029 and after for 2024.
As of December 31, 2025 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:
United
States
Australia
575
993
1,030
999
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Note 12
Note 12 Provisions and other non-current liabilities
12.1 PROVISIONS AND OTHER NON-CURRENT LIABILITIES
A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate.
Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks.
Litigations and accrued penalty claims
384
476
Provisions for environmental contingencies
544
611
9,262
11,359
11,585
Other non-current provisions
3,316
3,032
3,588
of which restructuring activities
134
of which financial risks related to non-consolidated and equity accounted for affiliates
1,720
1,708
3,834
4,486
4,858
In 2025, litigation reserves amount to $366 million of which $241 million in the Exploration & Production, notably in Brazil, Angola and United States, and $58 million in Refining & Chemicals.
In 2024, litigation reserves amounted to $384 million of which $187 million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $93 million in Integrated Power.
In 2023, litigation reserves amounted to $476 million of which $276 million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $91 million in Refining & Chemicals.
Other non-current liabilities mainly include debts whose maturity is more than one year related to fixed assets acquisitions.
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
January, 1
Allowances
Reversals
December, 31
(1,346)
(3,379)
of which provisions for financial risks
of which asset retirement obligations
(612)
of which provisions for environmental contingencies
(120)
of which provisions for restructuring of activities
(40)
1,056
(1,538)
568
(183)
(103)
21,402
1,269
(1,315)
(29)
524
(158)
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The discount rate used for the valuation of asset retirement obligation is 5% in 2025 as in 2024 and 2023 (the expenses are estimated at current currency values with an inflation rate of 2% in 2025 as in 2024 and 2023).
A decrease of 0.5 point of this rate would increase the asset retirement obligation by $770 million, with a corresponding impact in tangible assets, and with a negative impact of approximately $44 million on the following years net income. Conversely, an increase of 0.5 point would lead to a decrease in asset retirement obligation by $693 million, with a corresponding impact in tangible assets, and with a positive impact of approximately $41 million on the following years net income.
Changes in the asset retirement obligation are as follows:
Spending on
Revision in
New
existing
Accretion
estimates
obligations
309
404
(2,928)
(249)
(436)
13,110
(1,499)
108
(420)
12.2 Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
YEMEN
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
MOZAMBIQUE
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April 26, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure which was lifted end of 2025 paving the way for the project to resume.
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. By decision dated October 23, 2025, the Paris Judicial Court ruled that the Corporation’s institutional communication of an informational nature did not fall under the Consumer Code or the scope of misleading commercial practices. The claims concerning the communication campaign related to 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 dismissed. No “advertising” by TotalEnergies' subsidiaries in France was condemned by the court. However, the court requested the removal of three paragraphs relating to carbon neutrality ambitions from the website of its commercial subsidiary TotalEnergies Electricité et Gaz France intended for customers. Neither party appealed the ruling.
F-64
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’ 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. They have appealed this judgment.
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.
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 fact2.
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.
2 Refer to the press release published by the Company on October 11, 2023 contesting the accusations.
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Note 13
Note 13 Off-balance sheet commitments and lease contracts
13.1 OFF-BALANCE SHEET COMMITMENTS AND CONTRACTUAL OBLIGATIONS
Maturity and installments
Less than 1
Between 1
More than 5
year
and 5 years
years
Non-current debt obligations net of hedging instruments (Note 15)
38,953
13,097
25,856
Current portion of non-current debt obligations net of hedging instruments (Note 15)
2,677
Lease obligations (Note 13.2)
9,927
1,876
3,782
4,269
Asset retirement obligations (Note 12)
1,238
7,520
Contractual obligations recorded in the balance sheet
60,819
5,057
18,117
37,645
Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2)
3,168
861
1,743
564
Purchase obligations
198,957
13,026
50,521
135,410
Contractual obligations not recorded in the balance sheet
202,125
13,887
52,264
135,974
TOTAL OF CONTRACTUAL OBLIGATIONS
262,944
18,944
70,381
173,619
Guarantees given to customs authorities
2,146
2,056
Guarantees given on borrowings
27,653
18,212
9,295
Guarantees related to sales of businesses
Guarantees of current liabilities
243
Guarantees to customers / suppliers
29,685
8,388
6,394
14,903
Letters of credit
4,308
4,102
179
Other operating commitments
19,153
6,013
2,037
11,103
TOTAL OF OTHER COMMITMENTS GIVEN
83,509
21,096
26,986
35,427
Assets received as collateral (security interests)
Sales obligations
115,446
9,588
51,780
54,078
Other commitments received
33,331
26,642
3,595
3,094
TOTAL OF COMMITMENTS RECEIVED
148,820
36,242
55,391
57,187
of which commitments given relating to joint ventures
33,915
378
12,304
21,233
of which commitments given relating to associates
65,185
169
14,562
50,454
34,684
13,950
20,734
3,863
9,917
2,095
3,893
3,929
1,588
9,247
59,823
6,482
19,431
33,910
3,429
772
1,746
911
188,827
12,307
47,855
128,665
192,256
13,079
49,601
129,576
252,079
19,561
69,032
163,486
1,908
1,839
22,317
419
12,887
9,011
27,510
11,618
1,599
14,293
3,974
3,767
189
19,093
6,198
818
12,077
75,275
24,162
15,654
35,459
116,850
10,743
55,870
50,237
25,736
19,822
2,838
3,076
142,626
30,582
58,720
53,324
35,755
12,267
23,401
90,221
674
21,074
68,473
31,493
13,068
18,425
5,669
9,477
3,652
4,104
453
9,680
58,224
7,843
18,172
32,209
2,221
529
178,772
14,536
40,850
123,386
180,993
15,179
41,899
123,915
239,217
23,022
60,071
156,124
2,001
1,913
19,219
582
9,131
312
160
67
23,382
6,768
3,946
12,668
3,294
270
20,409
8,698
1,083
10,628
68,684
21,190
14,852
32,642
97,436
8,470
47,178
41,788
25,365
18,025
3,355
3,985
122,843
26,517
50,541
45,785
32,846
906
10,643
21,297
97,130
850
14,676
81,604
A. Contractual obligations
Debt obligations
“Non-current debt obligations” are included in the items “Non-current financial debt” and “Non-current financial assets” of the Consolidated Balance Sheet. It includes the non-current portion of swaps hedging bonds and excludes non-current lease obligations of $8,051 million.
The current portion of non-current debt is included in the items “Current borrowings”, “Current financial assets” and “Other current financial liabilities” of the Consolidated Balance Sheet. It includes the current portion of swaps hedging bonds and excludes the current portion of lease obligations of $1,876 million.
The information regarding contractual obligations linked to indebtedness is presented in Note 15 to the Consolidated Financial Statements.
Lease contracts
The information regarding leases is presented in Note 13.2 to the Consolidated Financial Statements.
This item represents the discounted present value of Exploration & Production and Integrated LNG asset retirement obligations, primarily asset removal costs at the completion date. The information regarding contractual obligations linked to asset retirement obligations is presented in Note 12 to the Consolidated Financial Statements.
Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on the company and specify all significant terms, including the amount and the timing of the payments.
These obligations mainly include: unconditional hydrocarbon purchase contracts (except where an active, highly-liquid market exists and when the hydrocarbons are expected to be re-sold shortly after purchase) in the Integrated LNG segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production and Integrated LNG segment, and contracts for capital investment projects in the Refining & Chemicals segment.
B. Other commitments given
These consist of guarantees given by TotalEnergies to customs authorities in order to guarantee the payments of taxes and excise duties on the importation of oil and gas products, mostly in France.
F-67
TotalEnergies guarantees bank debt and lease obligations of certain non-consolidated subsidiaries and equity affiliates. Maturity dates vary, and guarantees will terminate on payment and/or cancellation of the obligation. A payment would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee, and no assets are held as collateral for these guarantees. As of December 31, 2025, the maturities of these guarantees are up to 2049.
As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Mozambique LNG project amount to $4,600 million as in 2024.
As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Ichthys LNG project amount to $3,914 million. As of December 31, 2024, the guarantees amounted to $4,022 million.
As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Yamal LNG project amount to $3,299 million. As of December 31, 2024, the guarantees amounted to $3,243 million.
As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Amiral project amount to $2,584 million as in 2024.
As of December 31, 2025, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Oranje Wind (HKW) project, amount to $1,469 million. As of December 31, 2024 the guarantees amounted to $1,299 million.
As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,400 million as in 2024.
As of December 31, 2025, the guarantee provided by TotalEnergies SE in connection with the financing of the North Field South project, amount to $1,300 million.
As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the EACOP project, amount to $1,245 million.
As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Arctic LNG2 project amount to $1,116 million. As of December 31, 2024, the guarantees amounted to $987 million.
As of December 31, 2025, TotalEnergies SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia SAS shareholders' advances for an amount of $1,025 million as in 2024.
As of December 31, 2025, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Rio Grande LNG project amount to $800 million as in 2024.
Indemnities related to sales of businesses
In the ordinary course of business, TotalEnergies executes contracts involving standard indemnities for the oil industry and indemnities specific to transactions such as sales of businesses. These indemnities might include claims against any of the following: environmental, tax and shareholder matters, intellectual property rights, governmental regulations and employment-related matters, and commercial contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a third party claim. TotalEnergies regularly evaluates the probability of having to incur costs associated with these indemnities.
Other guarantees given
Non-consolidated subsidiaries
TotalEnergies also guarantees the current liabilities of certain non-consolidated subsidiaries. Performance under these guarantees would be triggered by a financial default of the entity.
Operating agreements
As part of normal ongoing business operations and consistent with generally accepted industry practices, TotalEnergies enters into numerous agreements with other parties. These commitments are often entered into for commercial purposes, for regulatory purposes or for other operating agreements.
C. Commitments received
These amounts represent binding obligations to sell goods, including in particular hydrocarbon sales contracts (except where an active, highly-liquid market exists and when the volumes are expected to be re-sold shortly after purchase).
13.2 LEASE CONTRACTS
A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee’s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies.
Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments.
TotalEnergies mainly leases real estate, service stations, ships, and other equipment (refer to Note 7 to the Consolidated Financial Statements).
F-68
The future minimum lease payments on leases to which TotalEnergies is committed are as follows:
Leases recorded in
Exempted contracts
balance sheet
2,616
644
1,828
1,430
343
1,257
2031 and beyond
6,793
Total minimum payments
14,980
Less financial expenses
(5,053)
Nominal value of contracts
Less current portion of lease contracts (Note 15)
(1,876)
Non-current lease liabilities
8,051
2,713
494
1,202
337
1,086
2030 and beyond
6,215
14,546
(4,629)
(2,095)
7,822
2,473
406
1,607
249
231
1,142
163
1,007
2029 and beyond
6,188
13,801
(4,324)
(1,721)
7,756
For the year ended December 31, 2025, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $417 million and $173 million, respectively.
For the year ended December 31, 2024, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $641 million and $103 million, respectively.
For the year ended December 31, 2023, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $1,007 million and $183 million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note 15 to the Consolidated Financial Statements.
F-69
Note 14
Note 14 Financial assets and liabilities analysis per instrument class and strategy
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
Fair value through
comprehensive
Fair value of bonds
Assets / (Liabilities)
Amortized cost
P&L
income
hedging instruments
Fair value
Equity affiliates: loans
6,255
1,170
1,279
1,008
171
812
2,627
Accounts receivable, net(b)
8,222
5,638
Total financial assets
65,519
10,012
837
893
77,261
Total non-financial assets
213,794
Non-current financial debt(a)
(47,775)
(962)
(48,995)
(49,447)
Accounts payable(b)
(17,379)
(4,357)
(38)
(21,774)
Current borrowings(a)
(12,038)
(12,032)
(170)
(218)
(388)
Total financial liabilities
(115,257)
(4,785)
(1,180)
(121,260)
(121,706)
Total non-financial liabilities
(169,795)
(291,055)
The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note 15 to the Consolidated Financial Statements).
Receivables and payables are offset by an amount of $6,930 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis.
6,240
293
1,278
133
3,852
7,774
9,033
5,206
1,679
69,475
12,507
83,240
202,247
(40,939)
(2,313)
(43,533)
(43,905)
(12,562)
(7,665)
(20,242)
(10,024)
(10,012)
(239)
(664)
(103,457)
(8,185)
(2,738)
(114,395)
(114,755)
(171,092)
(285,487)
Receivables and payables are offset by an amount of $5,718 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis.
4,260
302
1,166
142
673
3,983
7,940
6,775
5,046
1,448
73,100
10,127
764
84,725
198,929
(38,040)
(240)
(2,198)
(40,478)
(41,329)
(12,287)
(7,573)
(77)
(19,937)
Current borrowings (a)
(9,590)
(9,601)
(178)
(446)
(101,252)
(7,991)
(2,466)
(111,786)
(112,648)
(171,868)
(283,654)
Receivables and payables are offset by an amount of $5,897 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis.
F-71
Note 15
Note 15 Financial structure and financial costs
15.1 FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS
A) Non-current financial debt and related financial instruments
(Assets) / Liabilities
Secured
Unsecured
8,699
40,296
of which hedging instruments of non-current financial debt (liabilities)
962
(1,279)
(3,270)
of which hedging instruments of non-current financial debt (assets)
(812)
NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS
7,420
38,305
45,725
Variable rate bonds or bonds after fair value hedge
9,305
Fixed rate bonds or bonds after cash flow hedge
28,740
Other floating rate debt
136
722
Other fixed rate debt
460
Lease obligations
Non-current financial assets excluding derivative financial instruments
(925)
(2,204)
Non-current instruments held for trading
8,518
35,015
2,313
(1,278)
(2,305)
(546)
7,240
33,988
41,228
9,712
9,755
23,446
305
304
1,074
(134)
(1,412)
8,427
32,051
2,198
(1,166)
(2,395)
(673)
7,261
30,822
38,083
7,051
22,839
838
241
(142)
(1,308)
(174)
The bonds, as of December 31, 2025, after taking into account currency and interest rates swaps fair value, are detailed as follows:
Bonds after fair value hedge or variable rate
after
bonds
Currency of
issuance
2023(a)
Bond
USD
5,299
6,332
3,542
EUR
2,636
3,209
Others
1,542
1,539
Current portion (less than one year)
(204)
(1,648)
(2,118)
Principal financing entities(b)
8,609
8,862
6,172
Other consolidated subsidiaries
696
879
TOTAL VARIABLE RATE BONDS OR BONDS AFTER FAIR VALUE HEDGE
Bonds after cash flow hedge or
fixed rate bonds
19,584
13,768
15,448
10,402
8,301
1,048
2,254
(2,341)
(1,909)
(3,175)
28,689
23,430
22,828
TOTAL BONDS AFTER CASH FLOW HEDGE OR FIXED RATE BONDS
The IBOR rate reform mainly impacted the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USD LIBOR rate. At December 31, 2023, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE was $ 8,290 million.
All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies SE as to payment of principal, premium, if any, interest and any other amounts due:
TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE;
TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies SE. It acted as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE;
TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE.
F-73
Loan repayment schedule (excluding current portion)
of which hedging
instruments
Non-current net
of non‑current
Non-current
of non-current
financial debt and
Non‑current
financial debt
financial
related financial
(liabilities)
assets
(assets)
4,476
(169)
3,841
4,389
5,778
(379)
5,399
2,971
62
(287)
2,684
31,163
457
(1,751)
(410)
29,412
4,498
(572)
3,926
3,906
173
3,614
4,596
391
(135)
4,329
5,755
723
(233)
5,407
24,778
615
23,952
5,381
(434)
4,947
4,013
(304)
3,709
3,720
3,371
4,502
4,256
22,862
1,117
(1,062)
21,800
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial net debt.
U.S. dollar
36,225
38,002
34,789
8,682
2,206
2,322
Other currencies
1,020
Fixed rate
35,740
30,922
30,311
80
Floating rate
9,985
10,306
7,772
F-74
B) Current financial assets and liabilities
Current borrowings consist mainly of drawings on commercial papers or treasury bills and of bank loans. Current deposits beyond three months include initial margins held as part of the Company’s activities on organized markets.
Current financial debt(a)
7,622
2,377
Current lease obligations
Current portion of non-current financial debt
2,540
3,467
5,492
Current borrowings (note 14)
Current portion of hedging instruments of debt (liabilities)
Other current financial instruments (liabilities)
170
239
Other current financial liabilities (note 14)
Current deposits beyond three months
(2,136)
(5,476)
(5,450)
Marketable securities
(707)
(683)
(519)
Financial receivables on sub-lease, current
(378)
(329)
Current portion of hedging instruments of debt (assets)
Other current financial instruments (assets)
Current financial assets (note 14)
(3,332)
(6,914)
(6,585)
NET CURRENT BORROWINGS
9,094
3,774
As of December 31, 2025, December 31, 2024 and December 31, 2023, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally secured by TotalEnergies SE.
C) Cash flow from (used in) financing activities
The variations of financial debt are detailed as follows:
Non-cash changes
Change in scope,
Reclassification
Cash
including IFRS 5
Foreign
Changes in
Non-current /
changes
reclassification
currency
Current
Non-current financial instruments - assets(a) and non-current financial assets
(159)
(1,075)
(1,216)
720
593
(4,941)
2,325
Non-current financial debt and related financial instruments
7,965
(1,176)
(4,591)
Current financial instruments - assets(a)
(755)
164
(350)
(489)
(4,746)
(172)
1,395
332
Current financial instruments - liabilities(a)
(302)
Current financial debt and related financial instruments
9,933
(143)
1,382
4,591
201
11,937
Financial debt and financial assets classified as held for sale
118
NET FINANCIAL DEBT
51,205
3,812
(1,201)
1,451
57,827
Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments.
(456)
(299)
(241)
(6,080)
2,596
(321)
(5,740)
2,140
(340)
(319)
(5,751)
(760)
6,080
682
9,420
(757)
5,740
363
310
(261)
47,813
2,390
(966)
(328)
2,503
Non-current financial instruments - assets (a) and non-current financial assets
(2,731)
(96)
387
45,264
2,268
42,533
(7,186)
(401)
(387)
15,502
(14,660)
181
7,573
484
15,589
(14,277)
7,186
58,084
(14,147)
443
(a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments.
F-75
Monetary changes in non-current financial debt are detailed as follows:
Issuance of non-current debt
7,563
Repayment of non-current debt
(182)
D) Cash and cash equivalents
Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value.
Investments with maturity greater than three months and less than twelve months are shown under “Current financial assets”.
Changes in current financial assets and liabilities are included in the financing activities section of the consolidated statement of cash flows.
Cash and cash equivalents are detailed as follows:
15,618
17,475
16,956
Cash equivalents
10,584
8,369
10,307
Cash equivalents are mainly composed of deposits with a maturity of less than three months, deposited in government institutions or deposit banks selected in accordance with strict criteria.
As of December 31, 2025, the cash and cash equivalents include $2,050 million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
E) Net-debt-to-capital ratio
For its internal and external communication needs, TotalEnergies calculates a debt ratio by dividing its net financial debt excluding leases by its equity.
The ratio is calculated as follows: Net debt excluding leases / (Equity + Net debt excluding leases)
Current financial assets(a)
Net financial assets and liabilities held for sale or exchange(a)
Non-current financial assets(a)
Net financial debt excluding leases
Shareholders’ equity – TotalEnergies share
Distribution of the income based on existing shares at the closing date
NET-DEBT-TO-CAPITAL RATIO EXCLUDING LEASES
14.7
8.3
5.0
Excluding lease receivables & lease debts.
F-76
15.2 FAIR VALUE OF FINANCIAL INSTRUMENTS (EXCLUDING COMMODITY CONTRACTS)
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
- Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in “Current financial assets” or “Other current financial liabilities”.
- Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1) Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under “Non-current financial assets” or in liabilities under “Non-current financial debt” for the non-current portion. The current portion (less than one year) is accounted for in “Current financial assets” or “Other current financial liabilities”.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
● If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
● If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2) Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3) In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges.
- Foreign subsidiaries’ equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as “net investment hedges” and changes in fair value are recorded in other comprehensive income under “Currency translation” for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under “Current financial assets” and “Other current financial liabilities”.
- Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders’ equity – TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
A) Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
F-77
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
Loans and receivables
770
1,335
1,420
Financing liabilities and associated hedging instruments
(2,424)
(2,321)
(2,190)
Fair value hedge (ineffective portion)
Lease assets and obligations
(628)
(552)
Assets and liabilities held for trading
202
248
IMPACT ON THE COST OF NET DEBT
B) Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item “Financial interest on debt” in the Consolidated Statement of Income is detailed as follows:
Revaluation impact at market value of bonds
(1,372)
(765)
Swaps hedging bonds
1,385
569
767
INEFFECTIVE PORTION OF THE FAIR VALUE HEDGE
The ineffective portion is not representative of TotalEnergies’ performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December 31, 2025, 2024 and 2023 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
Profit (Loss) recorded in other comprehensive income of the period
448
128
Recycled amount from other comprehensive income to the income statement of the period
158
(260)
As of December 31, 2025, 2024 and 2023, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
The nominal amounts and carrying amounts of hedging instruments;
The carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
The hedged items that have ceased to be adjusted for hedging gains and losses.
Cumulative FVH
Nominal
adjustments included
amount of
Carrying amount of
in the carrying amount
Line items in the
Hedging
hedging
hedged items
of the hedged items
statement of
Hedged items
Assets
Liabilities
financial position
Interest Rate
Financial debt /
Bonds
Swaps
5,250
(295)
(5,028)
222
Financial assets
Cross Currency
3,454
(3,391)
End of hedging (before 2018)
F-78
6,250
(6,103)
147
4,084
(618)
(3,588)
496
Interest RateSwaps
3,500
(3,457)
Financial debt / Financial assets
Cross Currency Swaps
4,671
(559)
(4,232)
439
The following charts regarding cash flow hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (interest rate swaps and cross currency swaps).
According to IFRS 9, there is no accounting entry related to cash flow hedge on hedged items.
Nature of
11,998
13,126
(641)
12,577
543
15,055
(1,890)
Line items in the statement of
17,511
(1,821)
F-79
C) Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
2027 and beyond
Notional value schedule 2027 and beyond
Fair
Notional
2031
value
and beyond
Fair value hedge
Swaps hedging bonds (assets)
68
Swaps hedging bonds (liabilities)
(511)
Total swaps hedging bonds - fair value hedge
8,502
789
875
5,018
823
744
14,879
3,245
(451)
6,177
Total swaps hedging bonds - cash flow hedge
(186)
4,068
21,056
2,070
4,672
5,643
8,221
Forward exchange contracts related to operating activities (assets)
358
Forward exchange contracts related to operating activities (liabilities)
Total forward exchange contracts related to operating activities
653
Held for trading
Other interest rate swaps (assets)
50,776
30,186
Other interest rate swaps (liabilities)
41,730
(252)
31,207
Total other interest rate swaps
92,506
61,393
31,266
7,141
3,878
2,983
16,124
Currency swaps and forward exchange contracts (assets)
7,052
360
Currency swaps and forward exchange contracts (liabilities)
9,860
515
Total currency swaps and forward exchange contracts
16,912
735
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
2026 and beyond
Notional value schedule 2026 and beyond
403
1,630
(803)
(776)
8,704
5,893
11,317
2,059
(1,510)
11,828
(351)
4,487
(991)
23,145
4,116
2,143
4,740
5,667
6,479
94
327
50,861
342
36,851
59,075
36,220
109,936
61
73,071
52,496
8,714
6,300
17,698
5,212
22,910
277
116
161
F-80
2025 and beyond
Notional value schedule 2025 and beyond
1,837
(570)
5,681
2,087
6,084
2,432
2,114
628
14,830
1,574
(1,628)
11,016
3,688
(1,000)
25,846
4,509
4,153
2,135
4,686
10,363
311
234
317
551
266
149
38,415
7,690
(94)
37,170
7,407
75,585
185
15,097
8,692
1,580
10,325
1,071
8,513
773
18,838
1,844
1,840
D) Fair value hierarchy
According to IFRS 13, fair values are estimated for the majority of TotalEnergies’ financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used.
Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account.
As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts.
The methods used are as follows:
- Financial debts, swaps
The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end.
- Other financial instruments
The fair value of interest rate swaps and of FRA’s (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities.
Exchange options are valued based on models commonly used by the market.
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
Quoted prices in
active markets
Prices based
Prices based on
for identical
on observable
non observable
data
(level 1)
(level 2)
(level 3)
Cash flow hedge instruments
Equity instruments
F-81
(821)
(1,375)
(2,022)
(1,631)
(1,104)
207
(1,242)
15.3 FINANCIAL RISKS MANAGEMENT
Financial markets related risks
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies’ General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, banking institutions, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty’s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, financial credit ratings, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies’ central treasury entities, according to TotalEnergies’ financial needs.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The USD LIBOR maturities ceased to be published end of June 2023 and was replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January 3, 2022 and was replaced by the ESTR rate.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note 15.1 “Financial debt and related financial instruments”.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies’ General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
F-82
Interest rate risk on non-current debt
TotalEnergies’ policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies’ general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies’ General Management.
The non-current debt described in Note 15.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies’ short-term currency swaps, the notional value of which appears in Note 15.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December 31, 2025, 2024 and 2023.
Change in fair value due to a change in
interest rate by
Carrying
Estimated
+ 10 basis
- 10 basis
points
Bonds (non-current portion, before swaps)
(37,895)
(38,347)
Total swaps hedging bonds (assets and liabilities)
Current portion of non-current debt after swaps (excluding lease obligations)
(2,677)
(2,671)
Other interest rates swaps
Currency swaps and forward exchange contracts
(31,434)
(31,806)
(291)
(1,767)
(3,863)
(3,851)
86
(28,365)
(29,216)
(1,525)
(5,669)
(5,680)
F-83
The impact of changes in interest rates on the cost of net debt before tax is as follows:
Interest rate translation of :
+ 10 basis points
‑ 10 basis points
As a result of the policy for the management of currency exposure previously described, TotalEnergies’ sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders’ equity which, over the course of the last three years, is essentially related to the fluctuation of the euro and the pound sterling and is set forth in the table below:
Dollar / Euro exchange
Dollar / Pound sterling
Closing rate
rates
exchange rates
0.85
0.74
0.96
0.80
0.90
0.79
Dollar
Shareholders’ equity at historical exchange rate
128,916
16,012
93,346
15,442
Currency translation adjustment before net investment hedge
(14,028)
(7,875)
(2,144)
(4,009)
Net investment hedge – open instruments
Shareholders’ equity at exchange rate as of December 31, 2025
8,132
1,972
11,433
133,117
20,336
93,078
4,439
15,264
(15,254)
(8,584)
(2,372)
(4,298)
Shareholders’ equity at exchange rate as of December 31, 2024
11,747
2,067
10,966
130,454
19,198
92,202
4,732
14,322
(13,696)
(7,881)
(2,285)
(3,530)
Shareholders’ equity at exchange rate as of December 31, 2023
11,312
2,447
10,792
Based on the 2025 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
Impact of an increase of 10% of exchange rates on:
– Shareholders’ equity
197
– net income (TotalEnergies share)
Impact of a decrease of (10)% of exchange rates on:
(813)
(197)
(25)
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (refer to Note 8 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December 31, 2025, these credit facilities amounted to $19,767 million and were entirely undrawn. The agreements underpinning credit facilities granted to TotalEnergies SE do not contain conditions related to TotalEnergies’ financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
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As of December 31, 2025, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies’ companies, including TotalEnergies SE, was $20,398 million, of which $20,225 million were unutilized.
Credit facilities granted to the TotalEnergies’ companies other than TotalEnergies SE are not intended to fund TotalEnergies’ general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December 31, 2025, 2024 and 2023 (refer to Note 15.1 to the Consolidated Financial Statements).
Assets/(Liabilities)
Less than
More than
one year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Non-current financial debt (notional value excluding interests)
(4,242)
(5,614)
(2,948)
(30,599)
(47,929)
401
1,186
2,204
Net financial assets and liabilities held for sale or exchange
(165)
Net amount before financial expense
16,943
(3,841)
(4,388)
(5,399)
(2,684)
(29,413)
(28,782)
Financial expense on non-current financial debt
(1,052)
(1,021)
(934)
(885)
(14,193)
(19,112)
Interest differential on swaps
(263)
(213)
(1,352)
15,628
(5,073)
(5,628)
(6,493)
(3,659)
(44,021)
(49,246)
(4,109)
(3,889)
(4,459)
(5,521)
(24,662)
(42,640)
183
275
710
1,412
22,026
(3,926)
(3,614)
(4,329)
(5,407)
(23,952)
(19,202)
(827)
(785)
(12,802)
(16,628)
(342)
(247)
(535)
(1,842)
20,857
(5,043)
(4,645)
(5,354)
(6,198)
(37,289)
(37,672)
(5,079)
(3,816)
(3,615)
(4,356)
(22,525)
(39,391)
107
1,308
(310)
23,502
(4,947)
(3,709)
(3,371)
(4,256)
(21,800)
(14,581)
(469)
(517)
(430)
(390)
(6,508)
(355)
(265)
(209)
(537)
(1,843)
22,678
(5,729)
(4,430)
(4,017)
(4,855)
(26,579)
(22,932)
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2025, 2024 and 2023 (refer to Note 14 of the notes to the Consolidated Financial Statements).
including derivative financial instruments related to commodity contracts (liabilities)
(4,395)
(7,680)
(7,650)
including derivative financial instruments related to commodity contracts (assets)
5,710
9,072
7,012
(27,348)
(24,047)
(22,878)
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies’ maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
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The following table presents TotalEnergies’ maximum credit risk exposure:
Loans to equity affiliates (note 8)
Loans and advances (note 6)
Other non-current financial assets related to operational activities (note 6)
Non-current financial assets (note 15.1)
Accounts receivable (note 5)
Other operating receivables (note 5)
Current financial assets (note 15.1)
Cash and cash equivalents (note 15.1)
75,347
81,575
83,182
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes 5 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December 31, 2025, the net margin call paid amounted to $1,094 million (against $3,002 million paid as of December 31, 2024 and $2,435 million paid as of December 31, 2023).
TotalEnergies has established a number of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December 31, 2025, the net value of receivables sold amounted to $9,864 million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
The Company has also put in place supplier financing arrangements (reverse factoring). Under these arrangements, a bank commits to settle the amounts owed to participating suppliers in respect of the invoices that the Company owes them, and the Company reimburses the bank at a later date.
The Company accounts for these arrangements as trade payables as the original liabilities have not been substantially modified, in particular since the payment terms are not extended beyond the normal conditions agreed with other non‑participating suppliers.
The amount of operating liabilities concerned at year‑end is $842 million.
Credit risk is managed by TotalEnergies’ business segments as follows:
- Exploration & Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
- Integrated LNG & Integrated Power segments
Gas & Power activities
Trading of gas & power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining. For the Professionals segment, the segregation of duties between the commercial and financial teams allows an “a priori” control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
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Notes 15
- Refining & Chemicals segment
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
implementation of credit limits with different authorization schemes;
use of insurance policies or specific guarantees (letters of credit);
regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading & Shipping activities
Trading & Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading & Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard & Poor’s, Moody’s Investors Service and other credit-rating agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
- Marketing & Services segment
Internal procedures for the Marketing & Services division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
F-87
Notes 16
Note 16 Financial instruments related to commodity contracts
16.1 FINANCIAL INSTRUMENTS RELATED TO COMMODITY CONTRACTS
Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies’ exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in “Other current assets” or “Other creditors and accrued liabilities” depending on whether they are assets or liabilities.
Certain energy derivatives are also held as part of a cash flow hedge for future transactions.
The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value.
Net balance
Amounts
sheet value
before offsetting
offset
presented
amounts not
Net carrying
Assets(c)
Liabilities(c)
value(b)
(221)
Forwards(a)
4,326
(2,692)
4,232
(2,598)
1,634
Options
129
Futures
Other/Collateral
123
Total Gas & Power
4,759
(3,029)
(202)
4,557
(2,827)
Crude oil, petroleum products and freight rates activities
Petroleum products, crude oil and freight rate swaps
(1,389)
1,060
(1,388)
(147)
Options on futures
Total crude oil, petroleum products and freight rates
1,263
(1,678)
1,153
6,022
(4,707)
Total of fair value non recognized in the balance sheet
Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.
When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.
Amounts offset in accordance with IAS 32.
(129)
8,060
(6,595)
(79)
(6,516)
1,465
8,454
(6,724)
8,368
(6,638)
2,133
656
(1,012)
(998)
(356)
877
(1,215)
704
(1,042)
(338)
9,331
(7,939)
1,795
5,875
(6,369)
(253)
253
5,622
(6,116)
540
(6,494)
(280)
6,253
(6,214)
38
655
(1,348)
(1,335)
(693)
(74)
(214)
209
1,032
759
(1,436)
(677)
7,565
(8,203)
Commitments on crude oil and refined products have, for the most part, a short-term maturity (less than one year).
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
Impact on
Settled
Fair value as of
as of January 1,
contracts
1,730
1,024
(1,094)
2,347
(5,792)
3,681
10,079
(10,124)
10,118
(9,779)
(901)
11,033
(10,812)
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
Quoted prices
in active markets for
identical
observable data
assets (level 1)
data (level 3)
(119)
1,409
(95)
970
1,315
(78)
1,846
(65)
1,054
(750)
1,127
927
(638)
Financial instruments classified as level 3 are mainly composed of long-term liquefied natural gas purchase and sale contracts which relate to the trading activity.
The management of positions is carried out on the basis of a net value of LNG purchase and sale commitments; the valuation of contracts is based on observable market data, such as commodity forward prices, but it also takes into account unobservable data on contract performance (assumptions on the variable terms of the contracts, on the availability of infrastructures, on the performance of counterparties…).
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The valuation of LNG contracts is sensitive to changes in oil and natural gas prices on North American, Asian and European markets, as well as to these assumptions on contract performance.
TotalEnergies’ management horizon is 12 months in 2025 (as in 2024 and 2023), and includes the full annual delivery program of LNG cargoes for the following year.
The analysis of the fair value of the LNG portfolio over the period beyond 12 months carried out by the Company, allows to verify that there is no material asset or liability to be recognized in its accounts for that period. This analysis, which takes into account the specific characteristics of LNG contracts and of the gas market, including its liquidity, incorporates valuation parameters that are unobservable over this period, in particular Company internal assumptions on the long-term evolution of hydrocarbon prices, the execution of contracts and the performance of counterparties, the renegotiation of price terms in contracts or the exercise of their contractual flexibilities.
The description of each fair value level is presented in Note 15 to the Consolidated Financial Statements.
The impact on the income statement and other comprehensive income of the hedging instruments related to commodity contracts and qualified as cash flow hedges is detailed as follows:
As of December 31
2,670
2,770
(807)
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
As of December 31, 2025, the ineffective portion of these financial instruments is $8 million (the ineffective portion of the financial instruments was $127 million in 2024 and $124 million in 2023).
16.2 Oil, Gas and Power markets related risks management
Due to the nature of its business, TotalEnergies has significant oil and gas trading activities as part of its day-to-day operations in order to optimize revenues from its oil and gas production and to obtain favorable pricing to supply its refineries.
In its international oil trading business, TotalEnergies usually follows a policy of not selling its future production. However, in connection with this trading business, TotalEnergies, like most other oil companies, uses energy derivative instruments to adjust its exposure to price fluctuations of crude oil, refined products, natural gas, and power. TotalEnergies also uses freight rate derivative contracts in its shipping business to adjust its exposure to freight-rate fluctuations. To hedge against this risk, TotalEnergies uses various instruments such as futures, forwards, swaps and options on organized markets or over-the-counter markets. The list of the different derivatives held by TotalEnergies in these markets is detailed in Note 16.1 to the Consolidated Financial Statements.
As part of its gas and power trading activity, TotalEnergies also uses derivative instruments such as futures, forwards, swaps and options in both organized and over-the-counter markets. In general, the transactions are settled at maturity date through physical delivery. TotalEnergies measures its market risk exposure, i.e. potential loss in fair values, on its trading business using a “value-at-risk” technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a one-day period. The calculation of the range of potential changes in fair values takes into account a snapshot of the end-of-day exposures and the set of historical price movements for the past two years for all instruments and maturities in the global trading business.
Gas & Power division trading: “value-at-risk” with a 97.5% probability
High
Low
Average
Year end
139
The Trading & Shipping division measures its market risk exposure, i.e. potential loss in fair values, on its crude oil, refined products and freight rates trading activities using a “value-at-risk” technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a 24-hour period. The calculation of the range of potential changes in fair values is based on the end-of-day exposures and historical price movements of the last 400 business days for all traded instruments and maturities. Options are systematically re-evaluated using appropriate models.
The “value-at-risk” represents the most unfavorable movement in fair value obtained with a 97.5% confidence level. This means that TotalEnergies’ portfolio result is likely to exceed the value-at-risk loss measure once over 40 business days if the portfolio exposures were left unchanged.
Trading & Shipping: “value-at-risk with” a 97.5% probability
TotalEnergies has implemented strict policies and procedures to manage and monitor these market risks. These are based on the separation of control and front-office functions and on an integrated information system that enables real-time monitoring of trading activities.
Limits on trading positions are approved by TotalEnergies’ Executive Committee and are monitored daily. To increase flexibility and encourage liquidity, hedging operations are performed with numerous independent operators, including other oil companies, major energy producers or consumers and financial institutions. TotalEnergies has established counterparty limits and monitors outstanding amounts with each counterparty on an ongoing basis.
F-90
Notes to the Conolidated Financial Statements
Note 17
Note 17 Post closing events
There are no post-balance sheet events that could have a material impact on the Company’s financial statements.
F-91
Note 18
Note 18 Consolidation scope
As of December 31, 2025, 1,463 entities are consolidated of which 209 are accounted for under the equity method (E).
The table below presents a comprehensive list of the consolidated entities:
Business
% Company
Country of
segment
Statutory corporate name
interest
Method
incorporation
Country of operations
Abu Dhabi Gas Industries Limited
15.00
E
United Arab Emirates
Angola LNG Supply Services, LLC
13.60
United States
Bayou Bend CCS OpCo LLC
25.00
Bonny Gas Transport Limited
Bermuda
Nigeria
Brass Holdings B.V.
100.00
Netherlands
Brass LNG Limited
20.48
CEPSA Suriname S.L.
Spain
Suriname
Congo Forest Company (CFC)
Congo
Dolphin Energy Limited
24.50
E.F. Oil And Gas Limited
United Kingdom
East African Crude Oil Pipeline (EACOP) Ltd
62.00
Uganda
Elf E&P
Elf Exploration UK Limited
Elf Petroleum Iran
Iran
Gas Investment and Services Company Limited
10.00
Oman
Global Forestry Development (GFD)
49.00
Belgium
Gabon
Luna Carbon Storage ANS
40.00
Norway
Mabruk Oil Operations
49.02
Libya
Net Zero North Sea Storage Holdings Ltd
Norpipe Oil AS
34.93
Norpipe Petroleum UK Limited
45.22
Norpipe Terminal Holdco Limited
Norsea Pipeline Limited
North Oil Company
30.00
Northern Lights JV DA
33.33
Pars LNG Limited
Private Oil Holdings Oman Limited
Stogg Eagle Funding B.V.
TEVA SHIP CHARTER LLC
75.00
TOQAP Guyana B.V.
Guyana
Total Austral
Argentina
Total E&P Al Shaheen A/S
Denmark
Total E&P Angola Block 15/06
Angola
Total E&P Angola Block 33
Total E&P Angola Block 39
Total E&P Chine
China
Total E&P Guyane Francaise
Total E&P Kurdistan Region of Iraq (Harir) B.V.
Iraq
Total E&P Kurdistan Region of Iraq (Safen) B.V.
Total E&P Kurdistan Region of Iraq (Taza) B.V.
Total E&P Kurdistan Region of Iraq B.V.
Total E&P M2 Holdings Limited
South Africa
Total E&P Participations Petrolieres Congo
Total E&P Philippines B.V.
Philippines
Total E&P Services China Company Limited
Total E&P South Pars
Total E&P South Sudan
South Sudan
Total E&P Syrie
Syria
Total E&P Tajikistan B.V.
Tajikistan
Total Oil and Gas South America
Total Pars LNG
Total South Pars
TotalEnergies (China) Investment Company Limited Nantong Branch
TotalEnergies Anchor USA LLC
TotalEnergies BTC B.V.
Azerbaijan
TotalEnergies Carbon Solutions
TotalEnergies CCS UK Ltd
TotalEnergies CCS USA, LLC
TotalEnergies Denmark ASW
TotalEnergies Denmark ASW Pipeline ApS
TotalEnergies E&P Algérie
Algeria
TotalEnergies E&P Algérie Berkine A/S
TotalEnergies E&P Americas LLC
TotalEnergies E&P Colombie
Colombia
TotalEnergies E&P New Ventures Inc.
TotalEnergies E&P North Sea UK Ltd
TotalEnergies E&P Research & Technology USA LLC
TotalEnergies E&P UK Ltd
TotalEnergies E&P USA Inc.
TotalEnergies E&P USA Oil Shale LLC
TotalEnergies E&P USA Well Containment LLC
TotalEnergies East Africa Midstream B.V.
TotalEnergies EP Absheron B.V.
TotalEnergies EP Abu Al Bu Khoosh
TotalEnergies EP Angola
TotalEnergies EP Angola Block 16
TotalEnergies EP Angola Block 16 Holdings
TotalEnergies EP Angola Block 16-21
TotalEnergies EP Angola Block 17.06
TotalEnergies EP Angola Block 20
TotalEnergies EP Angola Block 25
TotalEnergies EP Angola Block 29
TotalEnergies EP Angola Block 32
TotalEnergies EP Angola Block 40
TotalEnergies EP Angola Block 48 B.V.
TotalEnergies EP Aotearoa Sdn Bhd
Malaysia
New Zealand
TotalEnergies EP Asia Pacific Pte. Ltd
Singapore
TotalEnergies EP Azerbaijan B.V.
TotalEnergies EP Block 9
Lebanon
TOTALENERGIES EP BOBARA PTE. LTD.
Indonesia
TotalEnergies EP Bolivie
Bolivia
TotalEnergies EP Brasil Ltda
Brazil
TotalEnergies EP Cambodge
Cambodia
TotalEnergies EP Chissonga
TotalEnergies EP Company UK Ltd
TotalEnergies EP Congo
85.00
TotalEnergies EP Cyprus B.V.
Cyprus
TotalEnergies EP Danmark A/S
TotalEnergies EP Danmark A/S - CPH
TotalEnergies EP Dolphin Holdings
TotalEnergies EP Dolphin Midstream
TotalEnergies EP Dolphin Upstream
TotalEnergies EP France
TotalEnergies EP Gabon
58.28
TotalEnergies EP Gass Handel Norge AS
TotalEnergies EP Gastransport Nederland B.V.
TotalEnergies EP Golfe
TotalEnergies EP Guyana B.V.
TotalEnergies EP Guyana Shallow
TotalEnergies EP Holdings Russia
TotalEnergies EP Holdings UAE B.V.
TotalEnergies EP International K1 Ltd
Kenya
TotalEnergies EP International K2 Ltd
TotalEnergies EP International K3 Ltd
TotalEnergies EP International Ltd
TotalEnergies EP Iran B.V.
TotalEnergies EP Iraq
TotalEnergies EP Italia S.p.A.
Italy
TotalEnergies EP Kazakhstan
Kazakhstan
TotalEnergies EP Kenya B.V.
TotalEnergies EP Liban S.A.L.
TotalEnergies EP Liberia LLC
Liberia
TotalEnergies EP Libye
TotalEnergies EP Lower Zakum B.V.
TotalEnergies EP Malaysia
TotalEnergies EP Mauritania Blocks DW B.V.
Mauritania
TotalEnergies EP Mauritanie
TotalEnergies EP M'Bridge B.V.
TotalEnergies EP Mexico Block 30
Mexico
TotalEnergies EP Mexico S.A. de C.V.
TotalEnergies EP Myanmar
Myanmar
TotalEnergies EP Namibia B.V.
Namibia
TotalEnergies EP Nederland B.V.
TotalEnergies EP Nigeria Deepwater A Ltd
TotalEnergies EP Nigeria Deepwater B Ltd
TotalEnergies EP Nigeria Deepwater C Ltd
TotalEnergies EP Nigeria Deepwater D Ltd
TotalEnergies EP Nigeria Deepwater E Ltd
TotalEnergies EP Nigeria Deepwater F Ltd
TotalEnergies EP Nigeria Deepwater G Ltd
TotalEnergies EP Nigeria Deepwater H Ltd
TotalEnergies EP Nigeria Ltd
TotalEnergies EP Nigeria S.A.S.
TotalEnergies EP Norge AS
TotalEnergies EP Oman Block 11 B.V.
TotalEnergies EP Oman S.A.S.
TotalEnergies EP Petroleum Angola
TotalEnergies EP Pipelines Danmark A/S
TotalEnergies EP Profils Petroliers
TotalEnergies EP Qatar
TotalEnergies EP Qatar 2
TotalEnergies EP Ratawi Hub
TotalEnergies EP Russie
TotalEnergies EP Sao Tome and Principe B.V.
TotalEnergies EP Sebuku
TotalEnergies EP Senegal
Senegal
TotalEnergies EP Services Brazil B.V.
F-93
TotalEnergies EP South Africa Block 567 (Pty) Ltd
TotalEnergies EP South Africa S.A.S.
TotalEnergies EP Suriname B.V.
TotalEnergies EP Thailand
Thailand
TotalEnergies EP UAE Unconventional Gas B.V.
TotalEnergies EP Uganda S.A.S.
TotalEnergies EP Umm Lulu SARB
TotalEnergies EP Umm Shaif Nasr B.V.
TotalEnergies EP Vostok LLC
TotalEnergies EP Waha
TotalEnergies EP Well Response
TotalEnergies EP Western Australia Pty Ltd
TotalEnergies EP Yemen
Yemen
TotalEnergies EP Yemen Block 3 B.V.
TotalEnergies Holdings EACOP S.A.S.
TotalEnergies Holdings International B.V.
TotalEnergies Holdings Midstream SA
Switzerland
TotalEnergies Holdings Nederland B.V.
TotalEnergies Jack USA LLC
TotalEnergies LNG Supply Services USA
TotalEnergies Marine Investments LLC
TotalEnergies Nature Based Solutions
TotalEnergies Nature Based Solutions II
TotalEnergies Nederland Facilities Management B.V.
TotalEnergies Offshore GB Ltd
TotalEnergies Offshore UK Ltd
TotalEnergies Petróleo & Gás Brasil Ltda
TotalEnergies Shipping Brazil B.V.
TotalEnergies Upstream Danmark A/S
TotalEnergies Upstream Nigeria
TotalEnergies Upstream UK Ltd
Uintah Colorado Resources II, LLC
Uintah Colorado Resources, LLC
66.67
Abu Dhabi Gas Liquefaction Company Limited
5.00
Adani Total Gas Ltd (e)
37.40
India
Adani Total LNG Singapore Pte. Ltd
Adani Total Private Limited
ADNOC Ruwais LNG LLC
AL KHARSAA SOLAR HOLDINGS B.V.
Angola LNG Ltd
AzurVista Resources Pte. Ltd.
50.01
BioBearn S.A.S.
BioDeac S.A.S.
65.00
BioGasconha S.A.S.
Biogaz Breuil
Biogaz Chatillon
Biogaz Corcelles
Biogaz Epinay
Biogaz Libron
Biogaz Milhac
Biogaz Soignolles
Biogaz Sourcing
Biogaz Torcy
Biogaz Vert Le Grand
Biogaz Viriat
BIOLOIE
95.00
BIONORROIS
90.00
BioPommeria S.A.S.
BioQuercy S.A.S.
66.00
Bioroussillon S.A.S.
Biovilleneuvois S.A.S.
Cameron LNG Holdings LLC
16.60
Central Eolica Pampa de Malaspina S.A.U.
Del Rio Funding LLC (a)
59.71
ECA LNG Holdings B.V.
Ecosol San Luis SAU
Fonroche Energies Renouvelables S.A.S.
Gas Del Litoral SRLCV
Global LNG North America Corporation
Global LNG S.A.S.
Greenwind S. A.
Gulf Total Tractebel Power Company PSJC
20.00
Ichthys LNG Pty Limited
26.00
Margeriaz Energie
Marsa LNG, LLC
80.00
Methanergy
Moz LNG1 Co-Financing Company
7.03
Mozambique
Moz LNG1 Holding Company Ltd
26.50
Mozambique LNG Marine Terminal Company S.A.
Mozambique LNG1 Financing Company Ltd
F-94
Mozambique MOF Company S.A.
National Gas Shipping Company Limited
Nigeria LNG Limited
Oman LNG, LLC
Papua LNG Development Pte Ltd
Papua New Guinea
POLSKA GRUPA BIOGAZOWA S.A.
Poland
Qatar Liquefied Gas Company Limited (II)
16.70
Qatar Liquified Gas Company Limited 10 (QG10) - NFS Project
Qatar Liquified Gas Company Limited 5 (QG5) - NFE Project
Rio Grande LNG Intermediate Holdings, LLC (b)
20.31
Rio Grande LNG Train 4 Intermediate Holdings, LLC (d)
SHAMS POWER COMPANY PJSC
SN Power Invest Netherlands B.V.
51.00
South Hook LNG Terminal Company Limited
8.35
Total E&P Egypt Block 2 B.V.
Egypt
Total E&P Indonésie
Total Shenergy LNG (Shanghai) Co., Ltd.
TotalEnergies Australia Unit Trust (c)
0.00
TotalEnergies Biogas Holdings USA, LLC
TotalEnergies Biogaz France
TotalEnergies CCS Australia Pty Ltd
TotalEnergies E&P SW Texas, LLC
TotalEnergies E&P Yamal
TotalEnergies EP Angola Développement Gaz
TotalEnergies EP Australia
TotalEnergies EP Australia II
TotalEnergies EP Australia III
TotalEnergies EP Barnett USA
TotalEnergies EP Central America SDN. BHD.
TotalEnergies EP Deepwater Malaysia Sdn Bhd
TotalEnergies EP Egypt North Ras Kanayis Offshore B.V.
TotalEnergies EP Egypte
TotalEnergies EP Exploration Australia Pty Ltd
TotalEnergies EP Holdings Australia Pty Ltd
TotalEnergies EP Holdings Mauritius Ltd
Mauritius Island
TotalEnergies EP Ichthys Holdings
TotalEnergies EP Ichthys Pty Ltd
TotalEnergies EP JV New Zealand SDN.BHD.
TotalEnergies EP Kenyalang (Sarawak) Sdn Bhd
TotalEnergies EP Kundu Limited
TotalEnergies EP Malaysia Holdings Sdn Bhd
TotalEnergies EP Malaysia International Sdn. Bhd
TotalEnergies EP Mozambique Area1, Ltda
TotalEnergies EP Oceania Sdn Bhd
TotalEnergies EP Oman Block 12 B.V.
TotalEnergies EP Oman Development B.V.
TotalEnergies EP PNG Ltd
TotalEnergies EP PNG2 B.V.
TotalEnergies EP Ruwais LNG
TotalEnergies EP Sabah II Sdn Bhd
TotalEnergies EP Sabah SDN. BHD.
TotalEnergies EP Salmanov
TotalEnergies EP Sarawak Inc.
Bahamas
TotalEnergies EP Singapore Pte. Ltd.
TotalEnergies EP Sureste Sdn. Bhd.
TotalEnergies EP Tengah
TotalEnergies EP Transshipment S.A.S.
TotalEnergies EP Western Australia SDN. BHD.
TotalEnergies Gas & Power Asia Private Limited
TotalEnergies Gas & Power Holdings UK Ltd
TotalEnergies Gas & Power Ltd
TotalEnergies Gas & Power North America, Inc.
TotalEnergies Gas & Power Services UK Ltd
TotalEnergies Gas Pipeline USA, Inc.
TotalEnergies Gaz & Electricité Holdings
TotalEnergies GLNG Australia
TotalEnergies GLNG Holdings Australia S.A.S.
TotalEnergies LNG Angola
TotalEnergies LNG services France
TotalEnergies Sviluppo Italia S.R.L.
TotalEnergies USA International LLC
TotalEnergies Yemen LNG Company Ltd
Vientos Los Hercules S.A.U.
VIENTOS SOLUTIONS, S.L.U.
20.02
Yemen LNG Company Limited
39.62
F-95
Abarloar Solar S.L.U.
Abeto Solar, S.L.U.
Access Building Egypt Solar One SAE
Access Egypt Solar One
Adams Liberty, LLC
ADANI GREEN ENERGY LTD
Adani Green Energy Twenty Three Limited
Adani Renewable Energy Holding Nine Limited
Adani Renewable Energy Sixty four Limited
Advanced Thermal Batteries Inc.
Aerospatiale Batteries (ASB)
Aerowatt Energies
Aerowatt Energies 2
AES CFE Holding III, LLC
AES DR Renewables Holdings, S.L
AIDA RENEWABLES SINGLE MEMBER
Greece
Alberche Conex, S.L.
Alcad AB
Sweden
Alicante
Alicante 2
Altergie Territoires 2
44.58
Altergie Territoires 3
Altergie Territoires 5
Amber Solar Power Cinco, S.L.
Amber Solar Power Dieciseis, S.L.
AMBER SOLAR POWER VEINTICUATRO S.L.
Amura Solar, S.L.U.
Anayet Solar, S.L.U.
Anclote Solar, S.L.U.
Ancora Solar, S.L.U.
Arbotante Solar, S.L.U.
Armada Solar, S.L.U.
Atolón Solar, S.L.U.
Attentive Energy, LLC
56.00
Auriga Generacion S.L.
Avenir Solaire Etoile
Avenir Solaire Portfolio
Avenir Solaire Rhea
Avenir Solaire Tethys
Avenir Solaire Titan
Baker Creek Solar, LLC
Ballupur Solar Power Projects Private Ltd
Baltic Sea OFW O-2.2 GmbH
Germany
Baser Comercializadora de Referencia
BELHARRA
BELISE 2 SOLAIRE SERVICES
BELISE3 SOLAIRE SERVICES
Bidasoa Conex, S.L.
BJL11 Solar S.A.
BJL4 Solar S.A.
Bloomington Hill 1, LLC
Bloomington Hill 2, LLC
Brazoria Solar II, LLC
Brur Hail Sun, Limited Partnership
44.64
Israel
Budeshte Agro
Bulgaria
Canal City Solar, LLC
Casa dos Ventos S.A.
34.00
Castellaneta Solar S.R.L.
Castille
Cefeo Solar, S.L.U.
Centaurus Environment S.L.U.
Central Eolica Terra Santa SPE I S.A.
88.77
Central Eolica Terra Santa SPE II S.A.
Centrale Eolienne Alaincourt
Centrale Eolienne De La Vallee Gentillesse
74.80
Centrale Eolienne Mont de l'Arbre III
Centrale Eolienne RENFR 220
Centrale Eolienne Vallée de la Craie
Centrale Hydroélectrique Alas
Centrale Hydroélectrique Arvan
Centrale Hydroélectrique Barbaira
Centrale Hydroélectrique Bonnant
Centrale Hydroélectrique Gavet
Centrale Hydroélectrique Miage
Centrale Hydroélectrique Previnquieres
Centrale Photovoltaique De Merle Sud
40.58
Centrale Solaire 2
Centrale Solaire 21.09-5
Centrale Solaire APV R&D
Centrale Solaire Autoprod
F-96
Centrale Solaire Autoroutes PV BFC
Centrale Solaire Beauce Val de Loire
60.00
Centrale Solaire Chemin De Melette
Centrale Solaire De Cazedarnes
Centrale Solaire de La Bezassade
Centrale Solaire Dom
Centrale Solaire Du Lavoir
Centrale Solaire Estarac
35.00
Centrale Solaire Golbey
51.05
Centrale Solaire Guinots
Centrale Solaire Heliovale
59.63
Centrale Solaire La Jouannetterie
Centrale Solaire La Potence
Centrale Solaire La Roquette
Centrale Solaire La Tastere
Centrale Solaire Le Carteyrou
Centrale Solaire Les Cordeliers
83.98
Centrale Solaire Les Cordeliers 2
Centrale Solaire l'Estrade
Centrale Solaire Lodes
Centrale Solaire Lot 1
Centrale Solaire Macouria
Centrale Solaire Marlan
Centrale Solaire Mazeran Lr
Centrale Solaire Merle Sud 2
Centrale Solaire Olinoca
Centrale Solaire Ombrieres Cap Agathois
Centrale Solaire Ombrieres De Blyes
Centrale Solaire Plateau De Pouls
Centrale Solaire Pouy Negue
Centrale Solaire RENFR 331
Centrale Solaire RENFR 397
Centrale Solaire RENFR 412
Centrale Solaire RENFR 422
Centrale Solaire RENFR 440
Centrale Solaire RENFR 450
Centrale Solaire RENFR 453
Centrale Solaire RENFR 627
Centrale Solaire RENFR 629
Centrale Solaire Roquecamude
Centrale Solaire SRG Energy
Centrale Solaire Terre du Roi
Centrale Solaire Toiture Josse
Centrale Solaire TQ 3
Centrale Solaire Vauvoix
Cerezo Solar, S.L.U.
CH ARDON
Chudiala Solar Power Projects Private Ltd
Cidra Solar, S.L.U.
Circinus Energy, S.L.U.
Clean Energy
Clean Energy 1
Clinton & Montpelier Solar Class B HoldCo, LLC
Clinton & Montpelier Solar Class B Member, LLC
Clinton & Montpelier Solar TE Partnership,LLC
Clinton Solar, LLC
Colorado Bend I Power, LLC
Colorado Bend Services, LLC
Columba Renovables S.L.U.
Comanche Solar, LLC
Core Energy Development, LLC
Core Fund 1, LLC
Core Solar Capital, LLC
Core Solar Data, LLC
Core Solar Development, LLC
Core Solar DG, LLC
Core Solar Holdings I, LLC
Core Solar Land Holdings I, LLC
Core Solar SPV X, LLC
Core Solar SPV XV, LLC
Core Solar SPV XXIV, LLC
Core Solar, LLC
Cottonwood Bayou Storage, LLC
Cottonwood Solar Cash Equity HoldCo, LLC
Cottonwood Solar Class B HoldCo, LLC
Cowtown Solar, LLC
Crc Kern Front Tugboat, LLC
CS Anacona 1A, LLC
CS Anacona 1B, LLC
CS Anacona 1C, LLC
CS Anacona 1D, LLC
CS Black Oak A, LLC
CS Black Oak B, LLC
CS Clare, LLC
F-97
CS Danville, LLC
CS Kernan A, LLC
CS Kernan B, LLC
CS Kernan C, LLC
CS Kernan D, LLC
CS LES BRANDES
CS Long Point 1, LLC
CS Long Point 2A, LLC
CS Long Point 2B, LLC
CS RENFR 436
CS RENFR 603
CS RENFR 618
CS RENFR 693
New Caledonia
CS Spring Lake, LLC
CS Streator, LLC
CS ZABO 2
CWB I Storage Class B HoldCo, LLC
CWB I Storage Class B Member, LLC
CWB I Storage TE Partnership, LLC
Cygnus Environment, S.L.U.
Decatur Northwest 1 LLC
Decatur Notrhwest 2, LLC
DEMOSITES2022
DG Italy ASSETCO1 S.R.L
Dracena I Parque Solar S.A.
Dracena II Parque Solar S.A.
Dracena IV Parque Solar S.A.
Driza Solar, S.L.U.
Dubovo Energy
Eclipse Solar SpA
Chile
Edelweis Solar, S.L.U.
Eden Mumbai Solar Private Ltd
Eden Renewable Cite Private Ltd
Eden Renewable Ranji Private Ltd
Eden Solar Energy Gurgaon Private Ltd
Eden Solar Rajdhani Private Ltd
El Bosc
ENEOS TotalEnergies Renewables Solar Development Japan G.K.
Japan
Energia SI
Energy Solaire Services Mangassaye
Eneryo S.A.S.
Enwind
98.00
Eol Maral I SPE S.A.
Eol Maral II SPE S.A.
Eole Boin
Eole Champagne Conlinoise
Eole Dadoud
Eole Fonds Caraibes
Eole Grand Maison
Eole La Montagne
87.60
Eole La Perriere S.A.R.L.
Eole La Plaine
Eole Morne Carriere
Eole Yate
EOLES FUTUR LILET
Eólica da Boneca - Empreendimentos Eólicos S.A.
33.00
Portugal
EOLIENNES DE BOSJEAN
EOLIENNES DE BULEON
EOLIENNES DE FADOUMAL
EOLIENNES DE GRANGE NEUVE
EOLIENNES DE GUEHENNO
EOLIENNES DE LA CHAPPELLE AU MANS
EOLIENNES DE ROUGE
EOLIENNES DE TORTEBESSE
Eoliennes des Portes de Brâmes Benaize
EOLIENNES DES TROIS PLAINES
Eolmed
Eren do Brasil Participações e Consultoria em Energia Ltda.
99.81
Eren Maral Participações S.A.
Eren Terra Santa Participações S.A.
94.22
E-Vento Cirò
Evergreen Solar, LLC
ExGen Texas Power, LLC
Falla Solar, S.L.U.
FE Tutly Solar LLC
Uzbekistan
FEN sp. z o.o.
Fleming Solar, LLC
Fluxsol
FPV Blanchard
Friemann & Wolf Batterietechnick GmbH
Futur Portfolio
G.K. Succeed Tsu Haze
45.00
F-98
Galibier
Gallocanta Solar, S.L.U.
Garonne-et-Canal Energies
GENERACIÓN FOTOVOLTAICA DEHESA NUEVA DEL REY, S.L.U.
Geomundo Offshore Wind Power Co., Ltd.
South Korea
Glaciere De Palisse
Global Energy
Global Solar Services
Go Electric
Golden Triangle Solar, LLC
Goleta Solar, S.L.U.
GRAND RIVIERE EOLIEN STOCKAGE SERVICES
Gray Whale Offshore Wind Power No.1 Co., Ltd
Gray Whale Offshore Wind Power No.2 Co., Ltd
Gray Whale Offshore Wind Power No.3 Co., Ltd
Grillete Solar, S.L.U.
GT R4 Holdings Limited
Haeparang Energy Co. Ltd
70.00
Haiding one international investment co Ltd
TaIwan
Haiding three international investment co Ltd
Haiding two international investment co Ltd
Hanwha Total Solar II, LLC
Hanwha Total Solar, LLC
Helio 971
Helio 974 Sol 1
59.88
Helio Fonds Caraibes
Helio L'R
Helio Prony Resources New Caledonia
Helio Saint Benoit
Helio Wabealo
Helix Project V, LLC
HETTY
HFV Montenero
HFV Salentina
Horseshoe Kelly 1, LLC
Horseshoe Kelly 2, LLC
HT Solar Holdings II, LLC
HT Solar Holdings III, LLC
HTS Holdings LLC
Hydro 974
HYDRO TINEE
Hydromons
Inov
Iron Solar Class A Member 1, LLC
IS23 Georgia P2 LLC
Ise Total Nanao Power Plant G.K.
Jammerland Bay Nearshore A/S
Jingdan New Energy investment (Shanghai) Co. Ltd
Keith Solar I, LLC
Kidds Store
KSF Holding Trust
57.50
Kyon Energy Finance GmbH
Kyon Energy Solutions GmbH
LA Basin Solar I, LLC
La Compagnie Electrique de Bretagne
La Metairie Neuve
La Quercia Solar S.R.L
La Seauve
Lanuza Solar, S.L.U.
LaPorte Power, LLC
Lauderdale Solar, LLC
Laurel Energy Center, LLC
Laurens Solar I, LLC
Le Bois Joli
Lemoore Stratford Land Holdings IV, LLC
Les ailes de Taillard
LES VENTS MEUSE SUD
Leuret
Lillebaelt Holdco A/S
Lillebaelt Vind A/S
72.25
Lorance Creek Solar, LLC
Lorca
Luce Solar SpA
Luminora Solar Cinco, S.L.
Maenggoldo Offshore Wind Power Co., Ltd
Martianez Solar, S.L.U.
Marysville Unified School District Solar, LLC
Mastil Solar, S.L.U.
Mauricio Solar, S.L.U.
Maverick Equity Holding
Maverick Sponsor Member,LLC
Meco 8
Medha Energy Private Ltd
F-99
Merysol
MILIN SILIEG
Mishmar HaNegev Sun, Limited Partnership
Missiles & Space Batteries Limited
Miyagi Osato Solar Park G.K.
Miyako Kuzakai Solarpark G.K.
M-KAT Green Limited Liability Partnership
Montpelier Solar, LLC
Morena Solar, S.L.U.
Mulilo Prieska PV (RF) Proprietary Limited
27.00
Mustang Creek Solar, LLC
Myrtle Storage Cash Equity HoldCo, LLC
Myrtle Storage Class B HoldCo, LLC
Myrtle Storage Class B Member, LLC
Myrtle Storage TE Partnership, LLC
Myrtle Storage, LLC
New Green Energy Services
Nomad Solar
North Sea OFW N-11.2 GmbH
North Sea OFW N-12.1 GmbH
Nouvelle Centrale Eolienne de Lastours
Nova Solar Project
Canada
Nuza Solar, S.L.U.
Ombrea
OmbreaAOI2022
Ophelia Solar, LLC
Oranje Wind Power II B.V.
Orchard Capital S.L.
OSKVOLT Battery Services KB
Oyen Wind Alberta Inc.
Parc Eolien de Cassini
Parc Eolien de l'Equinville
Parc Eolien Du Coupru
Parc Eolien Du Vilpion
Parc Photovoltaique de Puyloubier
Parc Solaire du Lorrain
Parco Eolico La Guardia S.R.L.
Parque Fotovoltaico Alicahue Solar SpA
Parque Fotovoltaico Santa Adriana Solar SpA
Parsifal Co
Piedra Solar, LLC
Pigeon Run Solar, LLC
Pilastra Solar, S.L.U.
Plum Creek Solar, LLC
Pontenure Solar S.R.L.
Portalon Solar, S.L.U.
Pos Production Ii
Pos Production V
Poste HTB du Mont de L'Arbre
Postigo Solar, S.L.U.
Postor Solar, S.L.U.
PT TATS Indonesia
Quadra Energy GmbH
Quadrica
Quilla Solar, S.L.U.
Rabiza Solar, S.L.U.
Rainbow LuxCo S.à.r.l.
Luxembourg
Rainbow MidCo GmbH
Rainbow TopCo GmbH
Randolph Solar I, LLC
Rececho Solar, S.L.U.
Recova Solar, S.L.U.
Regata Solar, S.L.U.
Renewable Energy Seagreen Holdco Limited
Risen Bangladesh SKS Pte Ltd
Bangladesh
Risen Energy (Cambodia) Battambang Co. Ltd
RLA Solar SpA
Rockford Brook A, LLC
Rockford Brook B, LLC
Rocky Creek Solar, LLC
Rolling Green Solar, LLC
Rolling Plains Solar, LLC
Rönesans Enerji Üretim ve Ticaret Anonim Șirketi
Turkey
Runway Solar, LLC
Saft (Zhuhai FTZ) Batteries Company Limited
Saft (Zhuhai) Energy Storage Co.
Saft AB
Saft America Inc.
Saft Australia Pty Limited
Saft Batterias SL
Saft Batterie Italia S.R.L.
Saft Batterien GmbH
Saft Batteries Pte Limited
Saft Batteries Pty Limited
F-100
Saft Do Brasil Ltda
Saft EV S.A.S.
Saft Ferak AS
Czech Republic
Saft Groupe S.A.S.
Saft Hong Kong Limited
Hong Kong
Saft India Private Limited
Saft Japan KK
Saft Limited
Saft LLC
Saft Nife ME Limited
Saft S.A.S.
SAINT FRANCOIS 3 SOLAIRE SERVICES
San Luis Obispo Solar I, LLC
Sanabria Solar, S.L.U.
Sanders Creek Solar, LLC
SAS MONTJOLY SOLAIRE SERVICES
SERVIZI RINNOVABILI SRL
SGIP SLB Holdco 1, LLC
SGIP SLB I, LLC
Shakumbhari Solar Power Projects Private Ltd
SIIF EDF EN Israel Ltd.
51.02
Sistemi Energie Calabria S.R.L.
SN Power AS
Société Champenoise d'Energie
16.00
Société d'Exploitation du Soleil du Haut-Deffens
Société Economie Mixte Production Energetique Renouvelable
35.92
SOCIETE SOLAIRE DE BOUZAC
Sol Holding, LLC
SOLAIRE HABITAT SOCIAL
Solar Barocco
Solar Carport NJ, LLC
Solar Energies
Solar Life Energy
Solar Star Academia 1, LLC
Solar Star Addison North, LLC
Solar Star Allegany South, LLC
Solar Star Always Low Prices Hi, LLC
Solar Star Appling Peaches, LLC
Solar Star Arizona HMR-1, LLC
Solar Star Baltimore Carney, LLC
Solar Star Bay City 2, LLC
Solar Star Big Apple BTM, LLC
Solar Star Big Apple CDG B, LLC
Solar Star Big Apple CDG,LLC
Solar Star Big Spring, LLC
Solar Star Blakeslee 2, LLC
Solar Star Brancos, LLC
Solar Star Buchanan 2, LLC
Solar Star California LXXV, LLC
Solar Star California LXXVI, LLC
Solar Star California XXXV, LLC
Solar Star California XXXVI, LLC
Solar Star California XXXVIII, LLC
Solar Star Cambridge 1, LLC
Solar Star Cantil 1, LLC
Solar Star Carbondale 1, LLC
Solar Star Carlsbad 1, LLC
Solar Star Castlemont HS, LLC
Solar Star CCC Detention Center, LLC
Solar Star Central Light, LLC
Solar Star Charlotte 1, LLC
Solar Star Christie Hill LLC
Solar Star Clovis Curry North, LLC
Solar Star Clovis Curry South, LLC
Solar Star Co Co 2500, LLC
Solar Star Colorado II, LLC
Solar Star Cougars, LLC
Solar Star CRC Kern Front, LLC
Solar Star CRC Mt. Poso, LLC
Solar Star CRC North Shafter, LLC
Solar Star CRC Pier A West, LLC
Solar Star CRC Yowlumne 1 North, LLC
Solar Star CRC Yowlumne 2 South, LLC
Solar Star Dornsife 1, LLC
Solar Star Dorothy Avenue, LLC
Solar Star Fort Atkinson South, LLC
Solar Star Frontier BESS, LLC
Solar Star Gloucester 1, LLC
Solar Star Gloucester 2, LLC
Solar Star Goodwin Storage, LLC
Solar Star Harbor, LLC
Solar Star Harpst Arcata, LLC
Solar Star Hartford South, LLC
F-101
Solar Star Hawley 1, LLC
Solar Star HD Maryland, LLC
Solar Star HD New Jersey, LLC
Solar Star HD New York, LLC
Solar Star Herald Square 1, LLC
Solar Star Hernwood, LLC
Solar Star Hubbardson South, LLC
Solar Star Irvine Civic Center, LLC
Solar Star Jal, LLC
Solar Star Kennedale Storage, LLC
Solar Star Kern Lerdo Facility, LLC
Solar Star Khsd, LLC
Solar Star LA County High Desert, LLC
Solar Star Lake Mills 1, LLC
Solar Star LCR Culver City, LLC
Solar Star LCR Irvine, LLC
Solar Star LCR Split 2, LLC
Solar Star Light Park, LLC
Solar Star Lompoc Diatomite 1, LLC
Solar Star Lone Star Fiberglass, LLC
Solar Star Long Peaches, LLC
Solar Star Los Lunas 2 LLC
Solar Star Los Lunas, LLC
Solar Star MA - Tewksbury, LLC
Solar Star Massachusetts II, LLC
Solar Star Massachusetts III, LLC
Solar Star Mayfield 1, LLC
Solar Star Maynard 1, LLC
Solar Star Mifflinburg 1, LLC
Solar Star Millville Rohrsburg, LLC
Solar Star Millville, LLC
Solar Star North Herty Storage, LLC
Solar Star Oakland Technical HS, LLC
Solar Star Orangeville 2, LLC
Solar Star Orangeville Eagle, LLC
Solar Star Palmyra North, LLC
Solar Star Parent CRC Kern Front, LLC
Solar Star Parent CRC Mt. Poso, LLC
Solar Star Parent CRC North Shafter, LLC
Solar Star Parent CRC Pier A West, LLC
Solar Star Parent CRC Yowlumne 1 North, LLC
Solar Star Parent CRC Yowlumne 2 South, LLC
Solar Star Pennsauken, LLC
Solar Star Pleasant Mount 1, LLC
Solar Star Pleasant Mount 2, LLC
Solar Star PTC 1, LLC
Solar Star PTC 2, LLC
Solar Star PUSD Monache, LLC
Solar Star PUSD Porterville HS LLC
Solar Star Saft Valdosta, LLC
Solar Star Santa Ana HS, LLC
Solar Star Serving Science 2, LLC
Solar Star Seventeen Peaches, LLC
Solar Star Storage Texas, LLC
Solar Star Tift Toombs Peaches, LLC
Solar Star Timberville 1, LLC
Solar Star Timberville 2, LLC
Solar Star Track Southern Ave 1, LLC
Solar Star Tranquility, LLC
Solar Star Unkety Brook, LLC
Solar Star Urbana Landfill South, LLC
Solar Star Vegas 1, LLC
Solar Star Virginia Holdco, LLC
Solar Star Ware 1, LLC
Solar Star Western Hills Storage, LLC
Solar Star Whitewater South, LLC
Solar Star Wholesome Portland, LLC
Solarfarm Brzezinka sp. z o.o.
Solarstar Ma I, LLC
SolarStorage Fund A, LLC
SolarStorage Fund B, LLC
SolarStorage Fund C, LLC
SolarStorage Fund D, LLC
SOLEIL DE BAGNOLS
SOLEIL DE BALSAC
SOLEIL DE GAUJAC
SOLEIL D'IZERNORE
Solenergy
Sombrero Solar, LLC
Spinnaker Solar, S.L.U.
Springwater Solar, LLC
SPWR SS 1, LLC
Strongstown Solar, LLC
SunPower Bobcat Solar, LLC
F-102
SunPower Commercial FTB Construction, LLC
SunPower Helix I, LLC
SunPower NY CDG 1, LLC
SunPower Revolver HoldCo I Parent, LLC
SunPower Revolver HoldCo I, LLC
Sunzil
Swingletree Operations, LLC
Tadiran Batteries GmbH
Tadiran Batteries Limited
Talmei Eliyahu Green Energies Ltd.
46.94
Terrilvoltaïque de Ronchamp et Magny-Danigon
40.80
TexGen Power, LLC
TNE Holdco 1 Ltd
Tosca Holdco, LLC
Total Envision Energy Services (Shanghai) Co., Ltd
Total Eren H2
Total Tractebel Emirates O&M Company
Total Tractebel Emirates Power Company
TotalEnergies - Centrale Electrique Bayet
TotalEnergies - Centrale Electrique Marchienne-au-Pont
TotalEnergies - Centrale Electrique Pont-sur-Sambre
TotalEnergies - Centrale Electrique Saint-Avold
TotalEnergies - Centrale Electrique Toul
TotalEnergies Alamo Solar, S.L.U.
TotalEnergies Andromeda Solar, S.L.U.
TotalEnergies B Solar, LLC
TotalEnergies BZ Holdco, LLC
TotalEnergies C HoldCo, LLC
TotalEnergies Carolina Long Bay, LLC
TotalEnergies Clientes
TotalEnergies CWB 1 Solar, LLC
TotalEnergies DF Solar, LLC
TotalEnergies Distributed Generation Assets USA, LLC
TotalEnergies Distributed Generation Operations Holdco USA, LLC
TotalEnergies Distributed Generation Philippines Inc.
TotalEnergies Distributed Generation USA, LLC
TotalEnergies Dracena Participaçoes
TotalEnergies Electricidad y Gas España
TotalEnergies Electricité et Gaz France
TotalEnergies ENEOS Renewables Distributed Generation Asia Pte.Ltd
TotalEnergies Flexible Power USA, LLC
TotalEnergies H Solar, LLC
TotalEnergies HI Holdco, LLC
TotalEnergies HI II Holdco, LLC
TotalEnergies Integrated Power ESS Belgium
TotalEnergies L Wind Holdco, LLC
TotalEnergies Marahu Holding, LLC
TotalEnergies Montpelier Solar Holdco, LLC
TotalEnergies Offshore Wind Korea
TotalEnergies Offshore Wind Netherlands Participations I B.V.
TotalEnergies Offshore Wind Netherlands Participations II B.V.
TotalEnergies OFW NSE1 GmbH
TotalEnergies OFW NSE2 GmbH
TotalEnergies OFW OSE GmbH
TotalEnergies OFW US 1, LLC
TotalEnergies OFW US 4, LLC
TotalEnergies OFW WB Ost GmbH
TotalEnergies OFW WB West GmbH
TotalEnergies P Solar HoldCo, LLC
TotalEnergies Planta Solar Andalucia 3, S.L.U.
TotalEnergies Power & Gas Belgium
TotalEnergies Power Generation France
TotalEnergies Renewables
TotalEnergies Renewables (Cambodia) Co., Ltd
TotalEnergies Renewables Asia
TotalEnergies Renewables Australia
TotalEnergies Renewables Big Sky Solar Holding I Corporation
TotalEnergies Renewables Bulgaria
TotalEnergies Renewables Business Support Chile SpA
TotalEnergies Renewables Canada Holding Corporation
TotalEnergies Renewables Deutschland GmbH
TotalEnergies Renewables Development Asia Pte. Ltd.
TotalEnergies Renewables Development Middle East
TotalEnergies Renewables Development Partnership, LLC
TotalEnergies Renewables Development Philippines Corporation
TotalEnergies Renewables DG Asia Assets Pte Ltd
TotalEnergies Renewables DG Development Asia Pte. Ltd.
TotalEnergies Renewables DG Holdings Asia Pte Ltd
F-103
TotalEnergies Renewables DG MEA - Assets 1 FZE
TotalEnergies Renewables DG MEA FZE
TotalEnergies Renewables ESS Carling
TotalEnergies Renewables ESS Flandres
TotalEnergies Renewables ESS Grandpuits
TotalEnergies Renewables Holding Hellas
TotalEnergies Renewables Holding Luxembourg Nov S.A.
TotalEnergies Renewables Iberica, S.L.U
TotalEnergies Renewables India
TotalEnergies Renewables Indian Ocean Ltd
TotalEnergies Renewables International
TotalEnergies Renewables Investments, LLC
TotalEnergies Renewables Italia
TotalEnergies Renewables Jammerland ApS
TotalEnergies Renewables LandCo, LLC
TotalEnergies Renewables Latin America
TotalEnergies Renewables Lillebaelt ApS
TotalEnergies Renewables Malaysia Sdn. Bhd.
TotalEnergies Renewables Nederland A B.V.
TotalEnergies Renewables Nederland B.V.
TotalEnergies Renewables Nov
TotalEnergies Renewables Nova Solar Holding Corporation
TotalEnergies Renewables Oyen Wind Holding Corporation
TotalEnergies Renewables Poland
TotalEnergies Renewables Portugal Hibridização Gardunha, S.A.
TotalEnergies Renewables Portugal Hibridização S.A.
TotalEnergies Renewables Portugal International S.A.
TotalEnergies Renewables Portugal SGPS
TotalEnergies Renewables Portugal Sol & Vento S.A.
TotalEnergies Renewables Projects Philippines Corporation
TotalEnergies Renewables Projects Singapore Pte. Ltd
TotalEnergies Renewables Projects Vietnam
TotalEnergies Renewables R4 Holdco Ltd
TotalEnergies Renewables Services Bulgaria
TotalEnergies Renewables Services Italia
TotalEnergies Renewables Services Poland
TotalEnergies Renewables Services Portugal
TotalEnergies Renewables Services USA, LLC
TotalEnergies Renewables Singapore Pte. Ltd
TotalEnergies Renewables Solar Italia
TotalEnergies Renewables Southern Africa
TotalEnergies Renewables Thailand
TotalEnergies Renewables UK Limited
TotalEnergies Renewables USA, LLC
TotalEnergies Renouvelables Danemark ApS
TotalEnergies Renouvelables France
TotalEnergies Renouvelables Nogara
TotalEnergies Renouvelables Pacific
TotalEnergies Solar DG Nederland B.V.
TotalEnergies Solar France
TotalEnergies Solar Intl
TotalEnergies Solar Wind Indian Ocean Ltd
TotalEnergies Springwater Solar Holdco, LLC
TotalEnergies Strong, LLC
TotalEnergies Tymochtee Solar Holdco, LLC
TotalEnergies Wire 3, LLC
TQN Hydro
TQN Solar
TQN Solar Nogara
TQN Wind
Trofeo Solar, S.L.U.
Truyesol
TSGF SpA
TSSDG India Private Limited
Tymochtee Solar, LLC
Uusiutuva Energia Puutionsaari Oy
Finland
Valencia Solar 1, LLC
Valencia Solar 2, LLC
Valencia Solar 3, LLC
Valencia Solar 4, LLC
Valorene
Varadero Solar, S.L.U.
VENTO SOLARE S.R.L.
Vents D'Oc Centrale D'Energie Renouvelable 16
Vents D'Oc Centrale D'Energie Renouvelable 17
Vents D'Oc Centrale D'Energie Renouvelable 18
Vertigo
25.92
Vireausol
VSB ENERGIA VERDE ITALIA S.R.L.
VSB Energie Odnawialne Polska sp. z o.o.
VSB Energiepark Fischbach GmbH & Co. KG
VSB ENERGIES NOUVELLES
VSB Energy GmbH & Co. KG
F-104
VSB Green Yield One GmbH
VSB Holding GmbH
VSB Mobility GmbH
VSB Neue Energien Deutschland GmbH
VSB Obnovljiva Energija Hrvatska d.o.o.
Croatia
VSB Service GmbH
VSB Uusiutuva Energia Suomi Oy
VSB Windpark Arnsberg GmbH & Co. KG
VSB Windpark Elster Repowering GmbH & Co. KG
VSB Windpark Flintbek GmbH & Co. KG
VSB Windpark Jördenstorf GmbH & Co. KG
VSB Windpark Löberitz GmbH & Co. KG
VSB Windpark Pölzig Zwei GmbH & Co. KG
VSB Windpark Pustleben GmbH & Co. KG
VSB Windpark Schnorbeck-Extertal GmbH & Co. KG
VSB Windpark Vockenrod GmbH & Co. KG
VSB Windpark Weißandt-Gölzau Zwei GmbH & Co. KG
VSB Windpark Wirmighausen GmbH & Co. KG
VSB Windpark Zernitz-Lohm GmbH & Co. KG
West Burton Flexible Generation Ltd
Wichita Data, LLC
Wichita Solar I, LLC
Winche Solar, S.L.U.
Wind 1013 GmbH
Wind 1026 GmbH
Wind 1027 GmbH
Wind 1028 GmbH
Wind 1029 GmbH
Windbostel Ost GmbH
Windbostel West GmbH
Windpark Quellendorf Eins GmbH & Co. KG
Winergy
Wolf Hollow I Power, LLC
Wolf Hollow Services, LLC
Woodbury Solar, LLC
WP FRANCE 20
WP France 21
WP FRANCE 23
WP FRANCE 24
WP FRANCE 28
WSB Park Wiatrowy Kepno sp. z o.o.
Yunlin Holding GmbH
23.00
Yunlin Ukco Limited
29.46
Zenith Solar, LLC
Zephyr Holdings GP, LLC
operations
ATLANTIC TRADING AND MARKETING INC.
BALZATEX SAS
BASF TOTALENERGIES PETROCHEMICALS LLC
Bay Junction Inc.
Bayport Polymers LLC
BORRACHAS PORTALEGRE LTDA
BOU Verwaltungs GmbH
BxT Trading
CATELSA-CACERES SAU
Chartering and Shipping Services Singapore Pte. Ltd.
Composite Industrie Maroc S.A.R.L.
Morocco
Composite Industrie S.A.S.
Cosden, LLC
COS-MAR Company
Cray Valley (Guangzhou) Chemical Company, Limited
Cray Valley Czech
Cray Valley HSC Asia Ltd
Cray Valley S.A.
CSSA - Chartering and Shipping Services S.A.
EcoMotion JV GmbH
49.90
Elf Aquitaine Fertilisants
ESPA SARL
Feluy Immobati
Fina Technology, Inc.
FPL Enterprises, Inc.
Gasket (Suzhou) Valve Components Co., Ltd.
GASKET INTERNATIONAL SRL
Grande Paroisse S.A.
Hanwha TotalEnergies Petrochemical Co., Ltd
HBA HUTCHINSON BRASIL AUTOMOTIVE LTDA
Hutchinson (Chongqing) Automotive Systems Ltd
HUTCHINSON (MALTA) LIMITED
Malta
HUTCHINSON (UK) LIMITED
HUTCHINSON (WUHAN) AUTOMOTIVE RUBBER PRODUCTS COMPANY LTD
F-105
Hutchinson Aeronautique & Industrie Limited
HUTCHINSON AEROSPACE & INDUSTRY, INC.
HUTCHINSON AEROSPACE GMBH
Hutchinson Aerospace Services SNC
HUTCHINSON ANTIVIBRATION SYSTEMS, INC.
HUTCHINSON AUTOPARTES DE MEXICO SA.DE CV
HUTCHINSON BORRACHAS DE PORTUGAL LTDA
HUTCHINSON CORPORATION
Hutchinson d.o.o Ruma LLC
Serbia
HUTCHINSON DO BRASIL SA
HUTCHINSON FLUID MANAGEMENT SYSTEMS INC
HUTCHINSON GMBH
Hutchinson Holding GmbH
HUTCHINSON HOLDINGS UK LIMITED
HUTCHINSON IBERIA, S.A.
HUTCHINSON INDUSTRIAL RUBBER PRODUCTS (SUZHOU) CO,LTD
HUTCHINSON INDUSTRIAL RUBBER PRODUCTS PRIVATE LIMITED INDE
HUTCHINSON INDUSTRIAS DEL CAUCHO SAU
HUTCHINSON INDUSTRIES INC.
Hutchinson Japan Company Limited
HUTCHINSON KOREA LIMITED
Hutchinson Maroc S.A.R.L. AU
Hutchinson Poland SP ZO.O.
HUTCHINSON POLYMERS SNC
HUTCHINSON PORTO TUBOS FLEXIVEIS LTDA
Hutchinson Precision Sealing Systems, Inc.
Hutchinson Research & Innovation Singapore Pte. Ltd.
Hutchinson S.A.
Hutchinson S.N.C.
Hutchinson S.R.L. (Brasov)
Romania
HUTCHINSON SEAL DE MEXICO SA.DE CV.
HUTCHINSON SEALING SYSTEMS INC
HUTCHINSON SRL (ITALIE)
Hutchinson SRO
HUTCHINSON STOP-CHOC GMBH
Hutchinson Technologies (Maanshan) Co., Ltd.
Hutchinson Technologies (Shenyang) Co., Ltd.
HUTCHINSON TRANSFERENCIA DE FLUIDOS SA.DE CV
Hutchinson Tunisie S.A.R.L.
Tunisia
Hutchinson Vietnam Company Limited
Vietnam
Iber Resinas S.L.
INDUSTRIAS TECNICAS DE LA ESPUMA SL
INDUSTRIELLE DESMARQUOY SNC
JEHIER SAS
99.89
JPR SAS
KTN KUNSTSTOFFTECHNIK NOBITZ GMBH
La Porte Pipeline Company, L.P.
19.96
La Porte Pipeline GP, LLC
Laffan Refinery Company Limited 1
Le Joint Francais S.N.C.
Legacy Site Services Funding Inc.
Legacy Site Services LLC
LES STRATIFIES SAS
Lone Wolf Land Company
Machen Land Limited
Metafactory
Mide Technology Corporation
OLUTEX OBERLAUSITZER LUFTFAHRTTEXTILIEN GMBH
PAMARGAN PRODUCTS LIMITED
Paulstra S.N.C.
PFW Aerospace GmbH
PFW Havacilik Sanayi ve Dis Ticaret Limited Sirtketi
PFW UK MACHINING LIMITED
Polyblend GmbH
Qatar Petrochemical Company Q.S.C. (QAPCO)
Qatofin Company Limited
49.08
Résilium
Retia
Retia USA LLC
San Jacinto Rail Limited
17.00
Saudi Aramco Total Refining & Petrochemical Company
Saoudia Arabia
Septentrion Participations
Société Béarnaise De Gestion Industrielle
Société du Pipeline Sud-Européen
35.14
Southeast Texas Pipelines LLC
Stillman Seal Corporation
STOP-CHOC (UK) LIMITED
STR Tecoil Oy
Synova
TankOpslag en PijpleidingenNet N.V.
55.00
TECHLAM SAS
F-106
Tesbo Oy
TESSAF S.A.S.
50.10
THERMAL CONTROL SYSTEMS AUTOMOTIVE (TCFR)
Total Atlantic Trading Mexico S.A. de C.V.
Total Energy Marketing A/S
TotalEnergies Activités Maritimes
TotalEnergies Belgium Services
TotalEnergies Corbion B.V.
TotalEnergies Fluids
TotalEnergies Laffan Refinery Holdco
TotalEnergies Marketing Deutschland GmbH Refining (e)
TotalEnergies Olefins Antwerp
TotalEnergies Petrochemicals & Refining SA/NV
TotalEnergies Petrochemicals (Hong-Kong) Ltd
TotalEnergies Petrochemicals (Shanghai) Co. Ltd
TotalEnergies Petrochemicals Development Feluy
TotalEnergies Petrochemicals Ecaussinnes
TotalEnergies Petrochemicals Feluy
TotalEnergies Petrochemicals France
TotalEnergies Petrochemicals Iberica
TotalEnergies Petrochemicals UK Ltd
TotalEnergies Pipeline USA, Inc.
TotalEnergies Plastic Energy Advanced Recycling SAS
64.92
TotalEnergies Polymers Antwerp
TotalEnergies Raffinage Chimie
TotalEnergies Raffinage France
TotalEnergies Raffinerie Mitteldeutschland GmbH
TotalEnergies Refinery Antwerp
TotalEnergies Refinery Port Arthur, LLC
TotalEnergies Refining & Chemicals Arabia
TotalEnergies Splitter USA, Inc.
TotalEnergies Trading Asia Pte. Ltd
TotalEnergies Trading Europe
TotalEnergies Trading Products S.A.
TotalEnergies Trading Storage S.A.
TOTSA
Totseanergy
VIBRACHOC SAU
Zeeland Refinery NV
Antilles Gaz
Argedis
Aristea
Arteco
49.99
AS 24
AS 24 Belgium
AS 24 Espanola S.A.
AS 24 Fuel Card Limited
AS 24 Lietuva
Lithunia
AS 24 Polska SP ZO.O.
AS 24 Tankservice GmbH
BELGIAN EASY DATA DRIVEN ELECTRICAL CHARGING
C.M.T.M. CENTRE DE MANAGEMENT DE TRANSACTIONS MONETIQUES
99.90
Circle K Belgium
CLEAN ENERGY FUELS CORP
19.42
Elf Oil UK Aviation Limited
Elf Oil UK Properties Limited
Fioulmarket.fr
Gapco Kenya Limited
Gapco Tanzania Limited
Tanzania
Guangzhou Elf Lubricants Company Limited
77.00
Gulf Africa Petroleum Corporation
Hexawatt Holding
Lubricants Vietnam Holding Limited
Quimica Vasca S.A.U.
Saudi Total Petroleum Products
Société mahoraise de stockage de produits pétroliers
Société pour l'exploitation de l'usine de Rouen
98.98
Société Urbaine des Pétroles
S-OIL TotalEnergies Lubricants Co. Ltd
Source EV Limited
South Asia LPG Company Private Limited
Stedis
Tas'Helat Marketing Company
TEAL Mobility
TEVGO
Total (Tianjin) Manufacturing Co., Ltd.
Total Bitumen UK Limited
Total Lubricants (China) Company Limited
F-107
Total Marketing Uganda Ltd
TotalEnergies (China) Investment Co Ltd
TotalEnergies Additives and Fuels Solutions
TotalEnergies Aviation
TotalEnergies Aviation Suisse S.A.
TotalEnergies Aviation Zambia Ltd
Zambia
TotalEnergies Bitumen Deutschland GmbH
TotalEnergies Charging Services
TotalEnergies Charging Services España, S.L.U.
TotalEnergies Charging Services Singapore Pte. Ltd.
TotalEnergies Charging Solutions Belgium
TotalEnergies Charging Solutions Deutschland GmbH
TotalEnergies Charging Solutions Nederland B.V.
TotalEnergies Charging Solutions UK Ltd
TotalEnergies Glass Lubricants Europe GmbH
TotalEnergies Holdings Deutschland GmbH
TotalEnergies LPG Vietnam Company Ltd
TotalEnergies Lubrifiants
99.98
TotalEnergies Lubrifiants Algérie SPA
78.90
TotalEnergies Lubrifiants Services Automobile
TotalEnergies Marine Fuels Pte. Ltd
TotalEnergies Marketing (Cambodia) Co. Ltd
TotalEnergies Marketing (Fiji) Pte Ltd
Fiji Islands
TotalEnergies Marketing (Hubei) Co., Ltd
TotalEnergies Marketing (Shanghai) Co., Ltd
TotalEnergies Marketing African Holdings Ltd
TotalEnergies Marketing Afrique
TotalEnergies Marketing Angola S.A.
TotalEnergies Marketing Antilles-Guyane
TOTALENERGIES MARKETING ARGENTINA
TotalEnergies Marketing Asia-Pacific Middle East Pte. Ltd
TotalEnergies Marketing Austria Gmbh
Austria
TotalEnergies Marketing Belgium
TotalEnergies Marketing Cameroun S.A.
67.01
Cameroon
TotalEnergies Marketing Ceská republika S.R.O.
TotalEnergies Marketing Chile SA
TotalEnergies Marketing Congo
TotalEnergies Marketing Corse
TotalEnergies Marketing Côte d'Ivoire
72.99
Côte d'Ivoire
TotalEnergies Marketing Denmark A/S
TotalEnergies Marketing Dominicana, S.A.
Dominican Republic
TotalEnergies Marketing Egypt
TotalEnergies Marketing España, S.A.U.
TotalEnergies Marketing Eswatini (Pty) Ltd
Swaziland
TotalEnergies Marketing Ethiopia Share Company
Ethiopia
TotalEnergies Marketing France
TotalEnergies Marketing Gabon
TotalEnergies Marketing Ghana PLC
76.74
Ghana
TotalEnergies Marketing Guinea Ecuatorial
Equatorial Guinea
TotalEnergies Marketing Guinée
Guinea
TotalEnergies Marketing Holdings Africa
TotalEnergies Marketing Holdings Asia
TotalEnergies Marketing Holdings India
TotalEnergies Marketing India Private Ltd
TotalEnergies Marketing Italia SpA
TotalEnergies Marketing Jamaica Ltd
Jamaica
TotalEnergies Marketing Jordan
Jordan
TotalEnergies Marketing Kenya PLC
93.96
TotalEnergies Marketing Lebanon
TotalEnergies Marketing Madagasikara S.A.
79.44
Madagascar
TotalEnergies Marketing Malawi Ltd
Malawi
TotalEnergies Marketing Maroc
TotalEnergies Marketing Mauritius Ltd
TotalEnergies Marketing Mayotte
Mayotte
TotalEnergies Marketing Mexico S.A. de C.V.
TotalEnergies Marketing Middle East FZE
TotalEnergies Marketing Moçambique S.A.
TotalEnergies Marketing Namibia (Pty) Ltd
TotalEnergies Marketing Nederland NV
TotalEnergies Marketing Nigeria PLC
61.72
TotalEnergies Marketing Pacifique
TotalEnergies Marketing Polska
TotalEnergies Marketing Polynésie
French Polynesia
TotalEnergies Marketing Puerto Rico
Puerto Rico
TotalEnergies Marketing RDC
Democratic Republic of Congo
TotalEnergies Marketing Réunion
Reunion
TotalEnergies Marketing Romania S.A.
TotalEnergies Marketing Sénégal
69.14
TotalEnergies Marketing Services
TotalEnergies Marketing Services Brasil Lubrificantes
TotalEnergies Marketing South Africa (Pty) Ltd
TotalEnergies Marketing Taiwan Ltd
63.00
TotalEnergies Marketing Tanzania Ltd
F-108
TotalEnergies Marketing Togo
76.72
Togo
TotalEnergies Marketing Tunisie
TotalEnergies Marketing UAE LLC
TotalEnergies Marketing Uganda Ltd
TotalEnergies Marketing UK Limited
TotalEnergies Marketing Ukraine
Ukraine
TotalEnergies Marketing USA Inc.
TotalEnergies Marketing Vietnam Company Ltd
TotalEnergies Marketing Zambia Ltd
TotalEnergies Marketing Zimbabwe (Private) Ltd
Zimbabwe
TotalEnergies MKG Luxembourg S.A.
TotalEnergies Proxi Nord Est
TotalEnergies Proxi Nord Ouest
TotalEnergies Proxi Sud Est
TotalEnergies Proxi Sud Ouest
TotalEnergies Singapore Services Pte Ltd
TotalEnergies Sinochem Retail Company Ltd
TotalEnergies Supply Marketing Services S.A.
TotalEnergies Turkey Pazarlama A.S.
TotalEnergies Wärme&Kraftstoff Deutschland GmbH
TotalEnergies Wash France
Trapil
5.50
Upbeatprops 100 Pty Limited
Yangtze Gorges Green Way Charging Technology (Hubei) Co., Ltd.
F-109
Albatros
Elf Aquitaine Inc.
Elf Forest Products LLC
Elf Petroleum UK Limited
Institut Photovoltaïque D'Ile De France (IPVF)
43.00
Omnium Reinsurance Company S.A.
Pan Insurance Designated Activity Company
Ireland
Socap S.A.S.
Société Civile Immobilière CB2
Sofax Banque
Total International NV
Total Operations Canada Limited
Total Resources (Canada) Limited
TotalEnergies American Services, Inc.
TotalEnergies Capital
TotalEnergies Capital Canada Ltd
TotalEnergies Capital International
TotalEnergies Capital USA, LLC
TotalEnergies Consulting
TotalEnergies Delaware, Inc.
TotalEnergies Développement Régional S.A.S.
TotalEnergies Digital Factory
TotalEnergies EP Gestion Filiales
TotalEnergies EP Holdings Switzerland SA
TotalEnergies Facilities Management Services (TFMS)
TotalEnergies Finance
TotalEnergies Finance Corporate Services Ltd
TotalEnergies Finance Europe
TotalEnergies Finance International B.V.
TotalEnergies Finance USA, Inc.
TotalEnergies Funding Nederland B.V.
TotalEnergies Gestion USA
TotalEnergies Global Financial Services
TotalEnergies Global Human Resources Services
TotalEnergies Global Information Technology Services Belgium
TotalEnergies Global IT Services (TGITS)
TotalEnergies Global Procurement (TGP)
TotalEnergies Global Procurement Belgium S.A. (TGPB)
TotalEnergies Global Services Bucharest
TotalEnergies Global Services Philippines Inc.
TotalEnergies Holding Allemagne
TotalEnergies Holdings
TotalEnergies Holdings Europe
TotalEnergies Holdings Switzerland SA
TotalEnergies Holdings UK Ltd
TotalEnergies Holdings USA, Inc.
TotalEnergies Investment (Tianjin) Co., Ltd.
TotalEnergies Investment Management (Tianjin) Co., Ltd.
TotalEnergies Investments
TotalEnergies Learning Solutions (TLS)
TotalEnergies Marketing Holdings Nederland B.V.
TotalEnergies Marketing Holdings South Africa ZA (Pty) Ltd
TotalEnergies OneTech
TotalEnergies OneTech Belgium
TotalEnergies Participations
TotalEnergies Petrochemicals & Refining USA, Inc. (e)
TotalEnergies Renewables Holdings Switzerland SA
TotalEnergies Security USA, Inc.
TotalEnergies Treasury
TotalEnergies Treasury Belgium
TotalEnergies UK Finance Ltd
TotalEnergies Ventures Europe
TotalEnergies Ventures International
(a)Del Rio Funding LLC, % of control different from % of interest : 50.00%
(b)Rio Grande LNG Intermediate Holdings LLC, % of control different from % of interest : 16.67%
(c)TotalEnergies Australia Unit Trust, % of control different from % of interest : 75.16%
(d)Rio Grande LNG Train 4 Intermediate Holding LLC,% of control different from % of interest : 10.00%
(e)Multi-segment entities
F-110