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TotalEnergies — Presentation (company IR deck)
TotalEnergies (TTE) · 0 slides · Filed Oct 21, 2026
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Slide 1 — Delivering accretive energy growth, while strengthening resilience
Delivering accretive energy growth, while strengthening resilience February 11, 2026
Slide 2 — 2025 Results & 2026 Objectives
Table of contents Delivering accretive energy growth, while strengthening resilience 2025 Results & 2026 Objectives February 2026 – Results and Objectives | 2 03 | Safety, our core value 04 | Relentlessly reducing emissions 31 | 2026 Oil and LNG key market drivers 32 | 2026: our differentiated growth, a unique hedge to face uncertainty 33 | Enhancing resilience through additional cash savings 34 | 2026: reduced capital investment, secured growth 35 | 2026: Upstream growth continues 36 | Accretive growth enhances resilience 37 | Never stopped exploring 38 | iLNG: accretive production growth and major project start-ups to offset softening prices 39 | EPH transaction accelerating gas-to-power integration in Europe 40 | iPower: towards free cash flow positive 41 | Restoring the reliability of Refining & Chemicals 42 | M&S: Growing cash flow, focus on value over volume 43 | Growing free cash flow strengthening resilience 44 | Priority to sacrosanct dividend growth 45 | 2026 Cash balance preserving a healthy balance sheet 46 | The differentiated and profitably growing energy company 48 | 2026 Cash flow allocation 49 | Working capital seasonality & impact on gearing 06 | 2025: delivered growth while preparing 2030+ 07 | Delivered on our growth objectives 08 | Sustaining attractive distributions supported by accretive growth and strong balance sheet 09 | Disciplined Capex within guidance 10 | Accretive Upstream growth above expectations 11 | iLNG: 2025 CFFO supported by 10% growth in production and sales, in a low-volatility environment 12 | iPower: continued strong delivery across the board 13 | Ordinary shares begin trading on the NYSE 14 | Profitability, Longevity and Resilience to deliver superior performance through cycles 15 | Best performing stock in 2025 17 | Opening a new chapter for TotalEnergies in Africa 18 | A major transaction concluded with Galp 19 | TotalEnergies becomes the anchor player for Namibia 20 | First project: Venus, targeting FID in 2026 21 | Second project: Mopane, maturing the full-scale plan for a first development on PEL83 22 | Best positioned to lead the orange basin goldrush 24 | Creating value with fit-for-purpose solutions for datacenters 25 | 2025-26: Scaling up datacenter business with tech companies 26 | A worldwide Google partnership, spanning Texas to Malaysia… 27 | Casa dos Ventos: the strategic partner at the heart of Brazil’s data center push 28 | 2025: Scaling up TotalEnergies data platform to be at the forefront of the AI users 29 | A clear definition of AI-driven priorities supported by a new global competency center
Slide 3 — Safety, our core value
0,5 1,0 1,5 2,0 2020 2021 2022 2023 2024 2025 Safety, our core value Safety Continuous improvement in safety, aiming for zero fatality February 2026 – Results and Objectives | 3 Peers: BP, Chevron, Exxon, Shell > -35% in 5 Years 0.47 Total recordable injury rate versus peers per million man-hours 1 fatality in 2025 50 100 2020 2021 2022 2023 2024 2025 Primary losses of containment* number of incidents -60% in 5 Years * Tier 1+2, as defined in IOGP 456 (Upstream) & API 754 (Downstream) – See Universal Registration Document 2024 100 50 Tier 1 Tier 2
Slide 4 — Relentlessly reducing emissions
Relentlessly reducing emissions Emissions February 2026 – Results and Objectives | 4 * Lifecycle carbon intensity of energy products sold used by end-customers - See Sustainability & Climate 2025 Progress Report 2015 2024 2025 Methane operated kt CH4 Vs 2020 -55% -65% vs Obj. -60% 64 29 22.5 Scope 1+2 operated Mt CO2 Oil & Gas facilities Vs 2015 -36% -38% 46 29.4 28.4 Integrated Power 0 4.9 4.7 Overall scope 1+2 46 34 33 vs Obj. < 37 Mt CO2 Lifecycle carbon intensity* (Scope 1+2+3) g CO2e/MJ Vs 2015 73 -16.5% -18.6% vs Obj. > -17% 2024 2025 Reference 2025 achievements Leading the industry on methane emissions All targets met and exceeded 11,000 continuous detection systems deployed across all operated upstream sites Upstream operated O&G Methane intensity < 0.1% Generating tangible energy and CO2 savings 2025: Reduction of 1 Mt CO2 on Oil & Gas facilities vs 2024 Successful 2023-25 1G$ investment program > 2 Mt CO2/y avoided emissions and 200 M$/y of energy and CO2 savings from electrification, energy efficiency, heat recovery…
Slide 5 — Mero-4, Brazil
Mero-4, Brazil
Slide 6 — 2025: delivered growth while preparing 2030+
February 2026 – Results and Objectives | 6 2025 Results 2025: delivered growth while preparing 2030+ Oil Gas & LNG Start-up of Ballymore (US) and Mero-4 (Brazil) Namibia: entry as operator in PEL83 (Mopane) and PEL104 Replenishment of exploration portfolio with entries in Offshore US, Nigeria, Algeria, Malaysia, Indonesia, Guyana, Liberia… Rio Grande LNG Train 4 FID (US) Acquisition of interests in Malaysia gas assets and in US upstream gas assets in the Anadarko basin Agreement with NEO NEXT, creating the largest player in UK North Sea Accelerate gas-to-power integration in Europe through major transaction with EPH ~6 TWh/y PPAs signed to supply datacenters Successful farm downs: 2 B$ of recycled capital ~+20% Net power production 2025 achievements 5 $/boe Upstream production cost* +4% Upstream production growth ~120% Proved Reserves Replacement Rate * ASC 932
Slide 7 — Delivered on our growth objectives
February 2026 – Results and Objectives | 7 Delivered on our growth objectives 2025 Results * Assuming 35% flexible capacity utilization rate ** Lifecycle carbon intensity of energy products sold used by end-customers - See Sustainability & Climate 2025 Progress Report Mero-3, Brazil 2025 objectives More energy Energy production growth +5%* +5% Upstream production growth > +3% +3.9% Electricity net production > 50 TWh* 48 TWh Refining utilization rate > 85% 86% LNG Sales > 40 Mt 44 Mt Renewables gross installed capacity 35 GW 34 GW Less emissions Scope 1+2 from operated facilities < 37 MtCO2e 33.1 MtCO2e Methane from operated facilities vs 2020 -60% -65% Lifecycle carbon intensity** of our sales vs 2015 > -17% -18.6% Growing free cash flow Upstream production costs ASC 932 < 5 $/boe 5 $/boe CAPEX 17-17.5 B$ 17.1 B$ CFFO > 29 B$ at 70 $/bbl 27.8 B$ at 69 $/bbl 2025 actuals 96% 97% 96%
Slide 8 — Sustaining attractive distributions supported
February 2026 – Results and Objectives | 8 2025 Results Sustaining attractive distributions supported by accretive growth and strong balance sheet (1) Including (1.3) B$ Corporate (2) Excluding leases (3) Including coverage of employees share grant plans -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 17.1 Dividend Capital investment Integrated LNG 4.7 B$ Integrated Power 2.6 B$ Downstream 6.2 B$ Exploration & Production 15.6 B$ 7.5 2025 27.8 B$ CFFO(1), with stable working capital year-on-year despite quarterly fluctuations 15.6 B$ Adj. net income, TotalEnergies share • 12.6% ROACE • 13.6% Return on Equity • 13.1 B$ IFRS net income 14.7% Gearing(2) at end-25 15.6 B$ of dividends + buybacks(3) Net debt increase Leases 2025 Cash flow allocation B$ Brent ($/b) 69.1 Avg LNG price ($/Mbtu) 9.1 TTF ($/Mbtu) 12.0 ERM ($/b) 7.1 $/€ 1.13 8.1 Buybacks
Slide 9 — Disciplined Capex within guidance
Disciplined Capex within guidance 2025 Results Active portfolio management through balanced acquisitions and divestments February 2026 – Results and Objectives | 9 Tilenga, Uganda New Oil & Gas projects Maintenance Oil Low-carbon molecules Low-carbon energies Net Capex = 16.8 B$ organic investments + 3.9 B$ acquisitions – 3.6 B$ divestments Maintenance Gas 17.1 B$ 2025 Net Capex Integrated Power LNG & Gas Oil
Slide 10 — Accretive Upstream growth above expectations
2025 Results New projects delivered > 150 kboe/d accretive production Accretive Upstream growth above expectations February 2026 – Results and Objectives | 10 * 2024 & 2025 Upstream CFFO rebased at 70 $/b Brent and 12 $/Mbtu TTF kboe/d share op. Q3 Q4 Q1 Q2 Q3 Q4 Anchor US 75 37.1% Fenix Argentina 70 37.5% l Mero 3 Brazil 180 19.3% Tyra Denmark 70 43.2% l Jerun Malaysia 160 40% l Ballymore US 75 40% Mero 4 Brazil 180 19.3% 2024 2025 SEC Production Mboe/d 0,5 1,0 1,5 2,0 2,5 3,0 5 10 15 20 Upstream CFFO* ~19 $/boe ~19 $/boe > 30 $/boe First Oil/Gas Production plateau Feb 2025 schedule 2024 2025 2024 2025 Upstream CFFO at 70 $/b Brent and 12 $/Mbtu TTF B$ +10% vs +8% Oil Gas +4% vs > 3%
Slide 11 — iLNG: 2025 CFFO supported by 10% growth
iLNG: 2025 CFFO supported by 10% growth in production and sales, in a low-volatility environment February 2026 – Results and Objectives | 11 2025 Results An efficient market, optimizing LNG routes and narrowing Asia/Europe spreads • 60% of US LNG goes to Europe (shortest route) • TotalEnergies exported 18% of US LNG in 2025 • TotalEnergies imported 20% of European LNG in 2025 • Over 80% of Middle-East LNG goes to Asia • Excess LNG fleet capacity JKM-TTF spread closing, low volatility • JKM-TTF spread at only 0.2 $/Mbtu on average in H2 2025 • Q4 2025: four-year low on TTF volatility Less opportunities for arbitrage on Atlantic LNG cargoes US and Middle-East LNG cargoes destination* 20% 40% 60% 80% 100% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % of Middle-East cargoes delivered to Asia % of US cargoes delivered to Europe > 80% 60% * Sources: S&P Global, Bloomberg.
Slide 12 — iPower: continued strong delivery across the board
iPower: continued strong delivery across the board 2025 Results Tailwind from datacenter and AI growing demand February 2026 – Results and Objectives | 12 2021 2025 Production TWh o/w Renewables TWh 21 7 48 31 CFFO B$ 0.7 2.6 NOI B$ 0.7 2.2 ROACE 7% 10% Renewables Power & Gas marketing Power trading Flexible generation Executing our focused strategy Europe: gas-to-power integration accelerated via EPH acquisition USA: • 1.7 GW of gross renewable capacity added in 2025, bringing total to ~10 GW • Over 2 GW of projects approved in 2025 Scaling up datacenter business with Big Tech 1 GW solar projects in the US tied to 15-year Google PPAs (~2 TWh/y) ~6 TWh/y* PPAs signed to supply datacenters 2 B$ of capital recycled through farmdowns 1.4 GW net capacity divested in USA, Greece, Portugal and France * Net sales, including TotalEnergies’s share of PPAs signed by Clearway and Casa dos Ventos
Slide 13 — Ordinary shares begin trading on the NYSE
2025 Results Ordinary shares begin trading on the NYSE February 2026 – Results and Objectives | 13 A single class of TotalEnergies shares with extended trading hours (9:00 am Paris to 4:30 pm New York) Reach out to new shareholders Domestic funds previously excluding ADR Individual shareholders through wealth managers and financial advisors Option to use ordinary shares as a currency for M&A in the US Dec. 8, 2025 Termination of the ADR program and switch to ordinary shares listed on the NYSE
Slide 14 — Profitability, Longevity and Resilience to deliver
2025 Results Profitability, Longevity and Resilience to deliver superior performance through cycles 2025 Total shareholder return* % Proved reserves life index years 0 5 10 12.2 0% 20% Shell BP 28% 0% 10% ROACE full-year 2025 % Exxon Chevron Shell BP 12.6% * Source: Bloomberg (31/12/2025 close vs 31/12/2024 close, in USD on the NYSE, including pre-tax dividends reinvested on the ex-date) ** ASC 932; 2024 for peers Chevron Exxon 0 5 10 15 Upstream production costs** $/boe Exxon Chevron Shell BP 5 BP Shell Chevron Exxon End-24 End-25 End-25 End-25 End-24 February 2026 – Results and Objectives | 14
Slide 15 — Best performing stock in 2025
February 2026 – Results and Objectives | 15 2025 Results Best performing stock in 2025 Jan.25 Feb.25 Mar.25 Apr.25 May.25 Jun.25 Jul.25 Aug.25 Sep.25 Oct.25 Nov.25 Dec.25 Source: Bloomberg; in US Dollars Stock price base 100 at 31-Dec-24 70 90 110 130 +5% Chevron +17% Shell +17% BP +20% TotalEnergies +12% Exxon -20% Brent
Slide 16 — Namibia
Namibia
Slide 17 — Opening a new chapter for TotalEnergies in Africa
PEL91 Olympe Venus PEL83 PEL56 Mopane 300km from coast Namibia With 2 operated worldclass deepwater projects to start with Opening a new chapter for TotalEnergies in Africa Oil discovery Oil prospect Past wells 2026 target Dry well PEL56 PEL83 Operator c. 35% share Venus - First FPSO 750 Mboe Olympe (PEL91, operator c. 33% share) prospect to be explored Operator 40% share Mopane - Second FPSO 800-1,100 Mboe Material exploration upside February 2026 – Results and Objectives | 17
Slide 18 — A major transaction concluded with Galp
Namibia Cashless, crystalizing Venus value, with closing expected by mid 2026 A major transaction concluded with Galp What TotalEnergies will take 40% operated share of PEL83 (Mopane) 800 – 1,100 Mboe Expected resources from Mopane > 1.5 Bbo Exploration potential from confirmed prospects (Mopane Extension, Quiver, Sobreiro) 10% share of PEL56 (Venus) Carry of 50% of Galp’s capital expenditures for the exploration and appraisal of the Mopane discovery and the first development on PEL83 9.39% share of PEL91(Exploration) What TotalEnergies will give February 2026 – Results and Objectives | 18
Slide 19 — TotalEnergies becomes the anchor player for Namibia
TotalEnergies becomes the anchor player for Namibia Namibia 350 Operated production capacity in Namibia kb/d, 100% 2030 2040 2035 FPSO #1 Venus* FPSO #2 Mopane* Further Upsides* > 1.5 Bbo already discovered Maximizing projects synergies for the benefits of all stakeholders * Assuming Venus FID in 2026, Mopane FID in 2028 and future upsides FID after 2030 Launching the first two oil projects in the country #1 Deepwater Operator in Africa 10 FPSO/FSU in operation + 1 in construction Building on our proven low-cost track record Strong relationship with contractors Ability to develop short-cycle opportunities leveraging ullage Size of development will deliver synergies Multiple FPSO developments Optimal structure, procurement and logistics costs Credible and sizeable partner for the authorities February 2026 – Results and Objectives | 19
Slide 20 — First project: Venus, targeting FID in 2026
Namibia First project: Venus, targeting FID in 2026 Fully appraised discovery Production 150 kb/d Resources ~750 Mboe First Oil 2030 Scope 1+2 ~15 kgCO2/boe Capex + Opex ~20 $/boe Targeting 2030 production FEED finalized Designed to minimize emissions, targeting GHG intensity around 15 kgCO2e/boe Capex firmed-up by competitive EPC bids supporting an FID in 2026 Engaging with authorities with a target for FID mid 2026 February 2026 – Results and Objectives | 20
Slide 21 — Second project: Mopane, maturing the full-scale
PEL83 PEL56 Mopane Quiver Sobreiro Mopane Extension 10 km Oil discovery Oil prospect Past wells Planned wells Namibia Second project: Mopane, maturing the full-scale plan for a first development on PEL83 Exploration & Appraisal campaign in 2026-27 to size the first development 2026: Mopane Extension well to quantify the maximal resources 2027: two appraisal wells to confirm the development plan Further prospectivity on PEL83 generating potential upside for additional future developments Material contribution to 2030+ growth Production > 200 kb/d Resources 800-1,100 Mboe FID Target 2028 Scope 1+2 <15 kgCO2/boe Capex + Opex <20 $/boe Proven reservoir with good permeability Q4 26 Q1 27 Q2 27 Q3 27 Exploration Well Appraisal Well #1 Appraisal Well #2 February 2026 – Results and Objectives | 21
Slide 22 — Best positioned to lead the Orange basin goldrush
~10 Bbo exploration potential Namibia Firming-up exploration plan on existing acreage Strategically expanding with entry as operator in PEL104 Namibia Exploration plans tackling huge potential through multiple prospects (Volstruis, Nayla, Perd…) South Africa PEL91 Olympe Venus PEL83 Mopane Namibia South Africa DWOB 3B/4B Nayla Volstruis Perd 50 km Oil discovery Past wells 2026 target Dry well Oil prospect Orange basin PEL56 Best positioned to lead the Orange basin goldrush Lüderitz basin PEL104 February 2026 – Results and Objectives | 22
Slide 23
Slide 24 — Creating value with fit-for-purpose
Creating value with fit-for-purpose solutions for datacenters AI & Datacenters February 2026 – Results and Objectives | 24 Renewable pay-as- produced PPA Quick to build, fast to connect + “Powered land” option Construction site for datacenter Clean Firm Power PPA Decarbonization solution for stable power Premium packaged offer Energy supplier + Infrastructure enabler Up to 10% Premium on PPA prices Upgrade double-digit returns on Integrated Power Capex
Slide 25 — 2025-2026: Scaling up datacenter business
2025-2026: Scaling up datacenter business with tech companies AI & Datacenters Deploying Integrated Power solutions Integrated Power focus aligned with datacenters’: USA, Europe 1.3 GW PPAs by TotalEnergies teams Clearway 1.2 GW with Google 0.3 GW with Microsoft Casa dos Ventos 0.9 GW with ByteDance 0.3 GW with Ascenty Largest datacenter company in LatAm Leveraging JV participations February 2026 – Results and Objectives | 25 ~4 GW gross of projects backed by data center PPAs > 250 M$/y Ebitda secured
Slide 26 — A worldwide Google partnership, spanning Texas
A worldwide Google partnership, spanning Texas to Malaysia… AI & Datacenters Renewable energy Secured grid connection Optical fiber and water access Land carve-out for datacenter Grid capacity reservation Gas transmission pipeline Gas pipeline Potential BESS Solar panels Potential datacenter Electrical grid February 2026 – Results and Objectives | 26 1 GW solar farms 2 TWh/y 15 years, from 2028 Option to collocate 1.5 GW datacenter Potential for BESS Offering Google a land connected to the grid with space available for datacenter PPA with immediate connection to the grid “Power-land”: optional value multipliers Signed today Options for tomorrow The Texas deal
Slide 27 — Casa dos Ventos: the strategic partner at the heart
Casa dos Ventos: the strategic partner at the heart of Brazil’s datacenter push AI & Datacenters February 2026 – Results and Objectives | 27 “We have an abundant supply of cost-competitive renewable energy globally, as well as a clean energy matrix, and the capability to quickly connect loads for new datacenters – which other regions lack.” Mario Araripe, Chairman of Casa dos Ventos 500 M$ transaction, the largest in LatAm for datacenters • CDV will supply 110 MWavg with 24/7 uptime • Supported by 0.3 GW solar and wind projects • 5 Mt of CO2 emissions avoided Self-production model • Ascenty to take an equity stake in the generation assets • Capital efficient structure for CDV, delivering double-digit IRR Powering a massive datacenter hub in Pecém • ByteDance 300 MW datacenter (COD 2027), scalable to 1.5 GW • Supported by 0.9 GW wind projects Creating a profitable export of renewable value • Tax-favored datacenters leveraging optic-fiber cable proximity to “export” low-cost renewable energy as data • Enabling them to pay a premium on CPPA vs industrials Record-breaking deal with From renewables to data export with
Slide 28 — 2025: Scaling up TotalEnergies data platform
2025: Scaling up TotalEnergies data platform to be at the forefront of the AI users AI & Datacenters Target uplift in production and availability through AI-enabled performance improvements Data from all TotalEnergies operation sites 40 Upstream sites Upstream 16 R&C sites Downstream l 500 Integrated Power sites Integrated Power New 2025 x10 real-time datapoints 35 M datapoints valorized through contextualization New 2025 AI Science to develop and industrialize AI models and agents Expose data to users and digital applications Store in various structured and unstructured formats Transform & Enrich the data integrated in the data platform February 2026 – Results and Objectives | 28 Data Fabric
Slide 29 — A clear definition of AI-driven priorities
A clear definition of AI-driven priorities supported by a new global competency center AI & Datacenters 1 B$ investment over 2026-28 Digital for HSE Reduce major risks Reduce human exposure Reduce emissions (methane…) 3 Digital Strategic Programs embedding AI Digital Plant Increase asset production Maximize products value Reduce cost Launching a new Global Competency Center in India An enabler for Company’s Integrated Power Growth and enhanced Digital Ambition Starting in 2026 Deliver speed & scale Integrated Power Modeling Automate origination & project design Maximize production at best return in real time Give trading an edge on weather forecast, grid modeling and supply and demand simulations February 2026 – Results and Objectives | 29 Establish an India-based OneTech delivery organization Launch in 2026 through a phased deployment with a local partner Build a critical mass of ~500 engineers by 2027, leveraging vast, highly-skilled talent pool End-to-end responsibility on defined scopes, from delivery to run OneTech India
Slide 30 — NFQ 18, Qatar
NFQ 18, Qatar
Slide 31 — 2026 Oil and LNG market drivers
20 40 60 80 100 120 2026 Objectives 2026 Oil and LNG market drivers Oil Dynamic oil demand growth expected above 0.9 Mb/d in 2026, entirely supported by non-OECD countries (IEA) Non-OPEC supply growth reducing in 2026, opening for increased OPEC+ influence on the global market US Oil Shale Producers reducing drilling activity (-15% yoy) Oil price Brent, $/b Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 ‘26 60 $/b 2026 budget assumption Sources: IEA Oil Market Report (January 2026), Energy Intelligence, ICE and Bloomberg. Gas Transitional year with limited additional LNG supply capacities and risk of new projects delays TTF lower than in 2025 but still above historical averages Rising demand expected in price-sensitive Asian countries: coal and fuel to gas switching, industrial expansion, LNG bunkering and still growing European LNG market (2027 ban of Russian gas) February 2026 – Results and Objectives | 31 TTF price Monthly average, $/Mbtu 5 10 15 20 2010 2015 2020 2025 10 $/Mbtu 2026 budget assumption 70$
Slide 32 — 2026: our differentiated growth,
2026: our differentiated growth, a unique hedge to face uncertainty 2026 Objectives GGIP, Iraq (1) Assuming 35% flexible capacity utilization rate (2) Lifecycle carbon intensity of energy products sold used by end-customers - See Sustainability & Climate 2025 Progress Report (3) At 60 $/bbl Brent, 10 $/Mbtu TTF and 5 $/b ERM (4) Gearing excluding leases debts and lease receivables, at 60 $/bbl Brent, 10 $/Mbtu TTF and 5 $/b ERM February 2026 – Results and Objectives | 32 2026 objectives More energy Energy production growth + 5%(1) Upstream production growth + 3% Electricity net production > 60 TWh(1) Refining utilization rate > 85% LNG Sales > 44 Mt Renewables gross installed capacity 42 GW Less emissions Methane from operated facilities vs 2020 -70% Scope 1+2 from operated facilities < 34 MtCO2e Lifecycle carbon intensity(2) of our sales vs 2015 ~ -19% Growing free cash flow Upstream production costs ASC 932 < 5 $/boe CAPEX ~15 B$ CFFO(3) > 26 B$ at 60 $/bbl Gearing(4) at end-26 ~15%
Slide 33 — Enhancing resilience through additional cash savings
February 2026 – Results and Objectives | 33 Enhancing resilience through additional cash savings 2026 Objectives Cash savings program over 2026-30 By 2030 Target increased from 7.5 B$ to 12.5 B$ 5 B$ additional from Capex savings thanks to EPH deal First year of the 5-year program 2.5 B$ cash savings 2 B$ Capex 0.5 B$ Opex In 2026 New initiatives in 2026 2026 Opex savings iPower: fixed cost reduction through farmdowns 200 M$ Upstream: 150 M$ • Lean operating model, logistics and procurement, structure costs in affiliates • Energy Savings & CO2 Downstream: 150 M$ • M&S central services reorganization • R&C headquarters streamlining • Energy Savings & CO2 500 M$ savings iPower Downstream Upstream Creation of a global competence center in India • Establish an India-based OneTech delivery organization at a competitive cost • Support Integrated Power growth and our own digital & AI growth Offshorization of external services • Offshore external non-proximity-dependent services to lower-cost hubs • > 100 M$ savings from 2027 Systematic use of procurement factory established in Romania by all LBUs • 2 B$+ centralized sourcing of equipment and services by 2027 Regional Mutualization of services across LBUs • Across LBUs in Africa • Across French refineries and OneTech
Slide 34 — 2026: Reducing capital investment, confirming growth
February 2026 – Results and Objectives | 34 2026 Objectives 2026: Reducing capital investment, confirming growth 2026 Capex guidance reduced to ~15 B$ Capex dedicated to Major Oil & Gas projects secured Flexible power generation growth with all-shares EPH deal Active portfolio management with net cash proceeds > 1 B$ Flexibilities down to 14 B$ in case of prices lower than 50 $/b Maintenance Gas Maintenance Oil Low-carbon molecules New Oil & Gas projects Low-carbon energies effort inc. ~1 B$eq EPH shares* ~15 B$ 2026 Net Capex * Equivalent to 5.1 B€ over five years ~20% Oil Integrated Power LNG & Gas
Slide 35 — 2026: Upstream growth continues
2026: Upstream growth continues 2026 Objectives Deep and rich project pipeline delivers > 125 kboe/d Additional Capacity share Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Anchor US 75 kboe/d 37.1% Ballymore US 75 kboe/d 40% Mero 4 Brazil 180 kboe/d 19.3% Clov Ph.3, Begonia Angola 60 kboe/d 38%, 30% op. Lapa Southwest Brazil + 25 kboe/d 48% op. Mabruk Libya 20 kboe/d 37.5% Ratawi Phase 1 Iraq + 60 kboe/d 45% op. TFT II & Sud Algeria + 55 kboe/d 49% NFE Qatar 32 Mt/y 6.25% Tilenga (Train 1) Uganda 110 kboe/d 56.7% op. 2025 2026 Lapa, Brazil February 2026 – Results and Objectives | 35 First Oil/Gas Production plateau Feb 2026 schedule
Slide 36 — Accretive growth enhances resilience
February 2026 – Results and Objectives | 36 Accretive growth enhances resilience 2026 Objectives Offsetting 10 $/b lower oil price over two years TFT, Algeria * 2024 & 2025 Upstream CFFO rebased at 60 $/b Brent and 10 $/Mbtu TTF 0,5 1,0 1,5 2,0 2,5 3,0 5 10 15 Upstream CFFO at 60 $/b Brent and 10 $/Mbtu TTF B$ SEC Production Mboe/d 2024 * 2026 Oil Gas 2025 * +7% +3% Upstream CFFO* +10% +4% 70 $/b
Slide 37 — Never stopped exploring
Offshore PNG Algeria Nigeria Congo Namibia Indonesia Malaysia US offshore Liberia Guyana Angola Norway Libya Never stopped exploring February 2026 – Results and Objectives | 37 Major exploration successes… … consistently sustaining our 1 B$/year exploration & appraisal effort 2025 New acreage 2026 Exploration wells Production 220 kb/d Resources 750 Mb Time to FID 1 Year First Oil 1H 2028 GranMorgu Production 150 kb/d Resources 750 Mb Targeting FID 2026 Targeting First Oil 2030 Venus Appraisal 2026 Objectives
Slide 38 — iLNG: accretive production growth and major
iLNG: accretive production growth and major project start-ups to offset softening prices February 2026 – Results and Objectives | 38 2026 Objectives * LNG plant Engineering Procurement Construction contract Two competitive projects to start-up in 2026 Energia Costa Azul Serving US gas to Asian markets, from Pacific Coast North Field East World’s largest LNG project 2.0 Mtpa Capacity: 4 x 8 Mtpa ~550 $/t LNG EPC* Offtake 1.7 Mtpa Capacity: 3 Mtpa ~550 $/t LNG EPC* Offtake Q3 2026 Q3 2026 2 4 2025 2026 Brent ($/b) TTF ($/Mbtu) Average LNG price ($/Mbtu) 69.1 12.0 9.1 60 10 8 > 4.5 B$ iLNG CFFO B$ -10 $/b -2 $/Mbtu +6% prod. growth
Slide 39 — ~14 GW
EPH transaction accelerating gas-to-power integration in Europe February 2026 – Results and Objectives | 39 2026 Objectives Tavazzano, Italy Closing expected by mid-2026 ~14 GW gross installed capacity by end 2026 across Italy, UK, Ireland, Netherlands and France 15 TWh/y net power generation ~750 M$/y available cash flow CCGT 12.5 GW BESS 0.8 GW Biomass 0.5 GW
Slide 40 — iPower: towards free cash positive
iPower: towards free cash positive 2026 Objectives February 2026 – Results and Objectives | 40 Electricity generation Company share, TWh CFFO B$ 50 100 2021 2025 2026 2030 0 2,5 5,0 2021 2025 2026 2030 > 3 Renewables Flexible generation 100 - 120 TWh > 60 TWh 3x JV with EPH* 4x 4 - 5 Delivering production growth, with net Capex streamlined to 2.5 - 3 B$ * Assuming closing of the acquisition on July 1st, 2026
Slide 41 — Restoring the reliability of Refining & Chemicals
2026 Objectives Restoring the reliability of Refining & Chemicals February 2026 – Results and Objectives | 41 2026: expected recovery from low-performing assets Port Arthur Refinery Lack of availability in H1 2025 (reformer and steam) Large turnaround safely delivered on time Port Arthur performances back on track after turnaround Donges Refinery Delays in delivering Horizon project Overall utilization of 88% in November Donges upgrade S/U in Q1 2026 Normandie Platform Technical issues on cracker restart following turnaround Cracker back to normal operations in November after repairs Normandy refinery at > 90% utilization rate Global Operational Excellence Project 2026 objective +2 pts availability Through reduction of unplanned events 2026 vs 2025
Slide 42 — M&S: Growing cash flow, focus on value over volume
Lubricants 2026 Objectives M&S: Growing cash flow, focus on value over volume February 2026 – Results and Objectives | 42 1 2 2024 2025 2026 Leverage market share in France Develop non-fuel revenues from Shops, Food and Mobility Drive value from leadership position in Africa Network CFFO B$ Sales Mb/d CFFO Sales New global Lubricants BU organized by end-markets Auto, Industry, Marine Target high value-added applications Metal working, mining, cement ~2.5 B$
Slide 43 — Growing free cash flow strengthening resilience
2026 Objectives Offsets prices and margin decline through energy production growth and cash savings Growing free cash flow strengthening resilience February 2026 – Results and Objectives | 43 CFFO & Net Investments B$ Brent ($/b) 69.1 60 TTF ($/Mbtu) 12.0 10 ERM ($/b) 7.1 5 5 10 15 20 25 5 10 15 20 25 2025 2026 2024-26 Upstream accretive growth offsets 10 $/b 5 10 15 2025 2026 Free Cash Flow = CFFO – Net investments B$ 69 $/b Brent ($/b) 60 / 69.1 60 / 70 TTF ($/Mbtu) 10 / 12.0 10 ERM ($/b) 5 / 7.1 5 60 $/b ~+4 B$ 60 $/b CFFO growth Cash savings 70 $/b
Slide 44 — Priority to sacrosanct dividend growth
2026 Objectives 2025 dividend growth +5.6% in Euros ( ~+13% in US Dollars) Priority to sacrosanct dividend growth February 2026 – Results and Objectives | 44 Ordinary dividend per share €/share 2.64 2.81 3.01 3.22 3.40 +6.4% +7.1% +7.0% +5.6% 2,0 2,5 3,0 3,5 2022 2023 2024 2025 2021 2022 2023 2024 2025 ~ +30% 3.40 2.94 2.97 3.24 3.56 4.03* +1.2% +8.8% +9.9% +13.3% 2025 dividend Final 2025 dividend: 0.85 €/share as per quarterly interim dividends 2025 ordinary dividend growth of +5.6% in €/share, fully reflecting the share of capital bought back in 2025 of 5.3% Growth of dividend in $/share amplified by exchange rate effect 2026 buybacks guidance At 60-70 $/b and 1.2 $/€: 3 - 6 B$ for the full year Stopping buybacks in case of low prices, at 50 $/b Buyback for Q1 2026 on the basis of our budget assumption (0.75 B$/qtr at 60 $/b), keeping flexibility for adjustment along the year * Assuming 1.2 $/€ from Jan. 26 €/share $/share
Slide 45 — 2026 Cash balance preserving a healthy balance sheet
2026 Objectives 2026 Cash balance preserving a healthy balance sheet February 2026 – Results and Objectives | 45 * In a 60-70 $/b Brent environment 10 20 30 60 / 70 10 5 1.2 2026 CFFO and cash flow allocation B$ 2026 CFFO sensitivities +2.8 B$/y for +10 $/b Brent* +0.4 B$/y for +2 $/Mbtu TTF +0.4 B$/y for +1 $/b ERM 70 $/b CFFO @ 60$/b Net investment ~15 B$ Dividend @ 1.2 $/€ Buybacks Brent ($/b) TTF ($/Mbtu) ERM ($/b) $/€ Healthy balance sheet: gearing at 14.7% end-25 Gearing objective: around 15% end-26 Strong CFFO resilience Disciplined net investment Sacrosanct dividend Buybacks adjusted to oil and gas prices Gearing seasonality (+/-3%) linked to working capital seasonality Leases
Slide 46 — The differentiated and profitably growing energy company
Delivering accretive growth from low-cost upstream portfolio Low-cost LNG growth well positioned to arbitrate European and Asian markets Integrated Power: towards free cash flow positive Strong capital discipline, Low breakeven portfolio > 40% payout through cycles: sacrosanct and growing dividend, supported by share buybacks Outstanding FCF growth underpinned by CFFO growth and cash savings Sacrosanct and growing dividend, Healthy balance sheet The differentiated and profitably growing energy company Strategic consistency, growth and resilience supported by cash savings program
Slide 47
Slide 48 — 2026 Cash flow allocation
2026 Cash flow allocation February 2026 – Results and Objectives | 48 * Assuming 1.2 $/€ from Jan. 26 ** Including coverage of employees share grant plans Net investment: 2026: ~15 B$/y 2025 Ordinary Dividend: +5.6% vs. 2024 in € (> 2025 buybacks) +13.3% in $* 2026 (~1.2 $/€): 3 – 6 B$ at 60-70 $/b 14.7% end-25 around 15% end-26 Appendix
Slide 49 — Working capital seasonality & impact on gearing
Appendix Working capital seasonality & impact on gearing February 2026 – Results and Objectives | 49 -4,5 1,5 0,2 7,7 -6,0 1,2 0,4 5,4 -4,4 -0,5 1,3 3,6 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 Working capital cash contribution & Gearing impact B$ % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 +2.9% -1% -0.9% -0.8% -6.2% +3.8% +2.6% -3.9% -2.3%
Slide 50 — The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities. This document presents the results for the fourth quarter of 2025 and full year 2025 from the consolidated financial statements of TotalEnergies as of December 31, 2025 (unaudited). The audit procedures by the statutory auditors are underway. The consolidated financial statements (unaudited) are available on the Company’s website, www.totalenergies.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier). This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks. This document may also contain statements regarding the perspectives, objectives and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “commits”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document. These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, pandemics, and other risk factors described from time to time in the Company’s regulatory filings, including its Universal Registration Document filed with the French Autorité des Marchés Financiers, its Annual Report on Form 20 F filed with the United States Securities and Exchange Commission (“SEC”) and its other reports filed or furnished with the SEC. Future interim or final annual dividends payments beyond the interim dividend payable on July 2nd, 2026 (or July 22nd, 2026 for holders on the U.S. register) have not yet, respectively, been decided by the Board of Directors or approved by shareholders at a General Meeting. Management’s expectations with respect to such future dividends are “forward-looking statements” and are non-binding. The Board of Directors retains full discretion to decide to distribute an interim dividend and to set the amount and date of the distribution and decide on the dividend to be submitted for approval by shareholders at a General Meeting, based on a number of factors, including TotalEnergies’ financial results, balance sheet strength, cash and liquidity requirements, future prospects, commodity prices, and other factors deemed relevant by the Board. Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward- looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the SEC. Additionally, the developments of climate change and other environmental-or social related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including disclosures on climate change and other environmental or social-related issues, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted net operating income, adjusted net income), net cash flow, free cash flow after organic investments, normalized gearing, return on equity (ROE), return on average capital employed (ROACE), gearing ratio, cash flow from operations excluding working capital, debt adjusted cash flow, and the payout ratio. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies. Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. These adjustment items include: 1. 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. 2. 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 Marketin & 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. 3. Effect of changes in fair value The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect. Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence. The adjusted results (adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€- $) exchange rate for the applicable period and are not the result of financial statements prepared in euros. Cautionary Note to U.S. Investors – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies, File N° 1- 10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
Slide 51 — For more information go to
Corporate Communications TotalEnergies SE 2, place Jean-Millier 92400 Courbevoie, France Tel.: +33 (0)1 47 44 45 46 Share capital: €5,516,463,857.50 Registered in Nanterre: RCS 542 051 180 For more information go to