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TotalEnergies — Presentation (company IR deck)
TotalEnergies (TTE) · 0 slides · Filed Oct 21, 2026
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Slide 1 — TotalEnergies
1 I TotalEnergies Neptune Floating Storage and Regasification Unit (FSRU) – Turkey November 4th, 2025
Slide 2 — Energy access is essential to human development
2 I 0,5 0,6 0,7 0,8 0,9 1,0 0 100 200 300 400 500 600 Africa Europe North America Middle East Latin America Central Asia Asia non-OECD Asia OECD Energy access is essential to human development Insufficient Sufficient Overabundant UN Human Development Index Primary Energy Demand per capita (GJ/capita) Today ~4.6 bn people lack access to energy (below ̴ 70 GJ/capita) Sources: HDI: UN data, TPED: Energy Institute & Our World in Data, Population: Oxford Economics, graph adapted from Smil (2017) TotalEnergies Energy Outlook 2025 – November 4th, 2025
Slide 3 — Looking back:
3 I Looking back: what has happened since the 2015 Paris Agreement PART 1 Analysis with the AUSEA drone of emissions at the Cidade de Caraguatatuba FPSO (MV 27), at the Lapa Field - Brazil
Slide 4 — Evolution of global energy indicators since 2000
4 I Part 1 Looking back Evolution of global energy indicators since 2000 Primary energy demand grows slower than GDP as CO2 emissions start to decouple ENERGY AND EMISSIONS Evolution since 2000 2000=100 Compound Annual Growth Rates (CAGR) Source: Oxford Economics, Enerdata, IEA “Global Energy Review 2025” Renewable energy supply 3.0% 5.3% 2024e 2000-2024e 2023-2024e 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 2000 2005 2010 2015 2020 Oil products demand 1.1% 0.8% Population 1.2% 0.9% Energy efficiency 1.4% 1.0% CO2 emissions 1.7% 0.8% Total primary energy demand 1.9% 2.2% Natural gas demand 2.3% 2.7% Coal demand 2.7% 1.0% Renewable energy supply 3.0% 5.8% Electricity demand 3.1% 4.3% GDP 3.3% 3.2% TotalEnergies Energy Outlook 2025 – November 4th, 2025
Slide 5 — Global and Energy-related GHG emissions
5 I Part 1 Looking back 31% 49% 59% 74% 38% 18% 31% 14% 98% 4% 23% 33% 59% 27% 22% 8% 4 1 3 3 6 8 14 0 5 10 15 Methane from energy system * Agriculture Energy system*** Buildings Industry Transport Electricity generation** Global and Energy-related GHG emissions Coal in electricity generation is the single largest source of emissions ENERGY AND EMISSIONS Energy-related GHG emissions ~39 Gt Global anthropogenic GHG emissions in 2023 GtCO2e Global energy-related GHG emissions in 2023 GtCO2e Energy related CO2 emissions From industrial processes From land use change Other greenhouse gases (N2O, F- gases,…) Other methane emissions Methane from fossil fuels*** ~56 Gt CO2e Energy related CO2 emissions Coal Oil Gas GHG: GreenHouse Gases Sources: IEA, Enerdata, UNEP, CITEPA, EDGAR, TTE internal analysis * Includes methane emissions from the production and transport of fossil fuels and bioenergies ** Includes heat combined with power *** Includes energy sector own use, transport losses and energy transformation TotalEnergies Energy Outlook 2025 – November 4th, 2025 Methane from the energy system* Bioenergy Methane from the energy system*
Slide 6 — Recent trends across regions
6 I Part 1 Looking back 56% 38% 31% 14% 28% 32% 4% 7% 9% 26% 27% 28% 23 33 35 2000 2015 Paris agreement 2024e Recent trends across regions Emissions have grown less than energy demand since 2015 ENERGY AND EMISSIONS TotalEnergies Energy Outlook 2025 – November 4th, 2025 OECD China India Rest of World Energy-related CO2 emissions evolution GtCO2 Total Primary Energy Demand (TPED) growth EJ Energy demand in OECD countries has broadly remained flat since 2000, while China, India, and the Rest of World have grown from less than half to almost two-thirds of global energy demand. Emissions growth has slowed markedly since 2015. The OECD share of global emissions has declined from more than half in 2000 to around one-third in 2024. Source: Enerdata, TTE internal analysis +2.1 % CAGR 2000-2015 +0.0 % -0.2 % -0.3 % +7.4 % +4.6 % +2.4 % +1.6 % CAGR 2015-2024 -0.2 % +0.0 % -1.2 % +3.7 % +3.6 % +1.7 % World OECD o/w U.S. o/w EU +2.3 % CAGR 2000-2015 -0.4 % -0.9 % -0.9 % +7.2 % +6.1 % +2.5 % +0.9 % CAGR 2015-2024 -1.3 % -1.1 % -2.3 % +2.3 % +3.6 % +1.4 % World OECD o/w U.S. o/w EU Paris agreement 56% 41% 35% 10% 22% 26% 4% 6% 7% 30% 31% 32% 419 572 657 2000 2015 Paris agreement 2024e
Slide 7 — The United States
7 I Part 1 Looking back The United States Between 2015 and 2025, the U.S. has become a net exporter of oil and gas 21% 19% 26% 0 20 40 60 80 100 2024e 2010 20% 9% 11% 11% 0 5 10 15 20 25 2024e 2010 Source: Enerdata, TTE internal analysis Oil products* production by region Mb/d, % of global production LNG exports by region Mtpa, % of total supply Fuel shares and emissions of the U.S. electricity mix % of fuel (left) and carbon intensity (right) Qatar U.S. Qatar 2.7X U.S. 0% U.S. U.S. Saudi Arabia 0 100 200 300 400 500 600 700 0% 10% 20% 30% 40% 50% 60% 2005 2010 2015 2020 2024 Coal Gas Carbon intensity (gCO2/kWh) U.S. imports 9.4 Mb/d U.S. exports 2.3 Mb/d The U.S. became net exporter of gas in 2017, and of petroleum** products in 2020 COUNTRY FOCUS The U.S. has reduced its emissions by 21% since 2005, out of which coal-to-gas switching in electricity generation accounts for 85% e TotalEnergies Energy Outlook 2025 – November 4th, 2025 Saudi Arabia * Oil products supply includes crude oil, condensate, NGL and biofuels ** Petroleum products include crude oil, condensate, unfinished oils and refined products
Slide 8 — China
8 I Part 1 Looking back 83% 95% 85% 65% 91% 9% 75% 25% 91% 70% 87% 86% 97% 78% 22% China The rise of clean energy superpower Electricity supply in China by fuel, 2000-2024e TWh China’s market shares of new supply chains % of China vs. rest of the world in 2024e*** Battery Rare Earths Refining Solar PV Panel Cell Wafer Polysilicon Ore extraction Ore processing Lithium refining Cell Cathode Anode China is dominant in most global clean energy supply chains – but facing domestic overcapacity challenges China accounted for more than half of global renewables capacity and EV additions in 2024 LV EV**: 14% of Chinese LV fleet in 2025 Other Vehicles Plug-in Electric Vehicles Battery Electric Vehicles COUNTRY FOCUS * Renewables include Solar PV, Wind and Biomass ** LV (Light Vehicles), EV (Electric Vehicles) = BEV (Battery Electric Vehicle) + PHEV (Plug-In Hybrid Electric Vehicle) *** Sources: IEA, BNEF, TTE internal analysis TotalEnergies Energy Outlook 2025 – November 4th, 2025 Light Vehicle sales in China Millions 4% 26% 20% 100% 99% 95% 54% 14.0 22.5 24.0 24.5 0 10 20 30 2010 2015 2019 2024e 77% 76% 71% 64% 59% 11% 20% 17% 19% 17% 14% 5% 4% 0 2 000 4 000 6 000 8 000 10 000 2000 2010 2015 2020 2024e - Electricity generation growth: +9%/year from 2000 to 2024 - Zero-carbon generation in mix: 17% (2000) → 38% (2024) Coal Hydro Nuclear Gas Renewables*
Slide 9 — Electricity generation mix
9 I Part 1 Looking back -10 -12 -12 -5 -12 -11 -4 -18 -44 -27 -60 -40 -20 0 14 63 42 30 12 4 9 8 7 6 29 88 56 43 0 20 40 60 80 100 2000 2010 2020 2024 2024e 39% 40% 35% 34% 7% 4% 18% 22% 24% 22% 17% 13% 10% 9% 17% 16% 16% 15% 6% 8% 7% 15 330 21 470 26 790 30 840 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 2000 2010 2020 2024e Electricity generation mix Energy security and affordability supported by coal in emerging countries, with CO2 intensity reduction driven by renewables and increased coal efficiency TECHNOLOGY World electricity generation by fuel* TWh 2023-24e growth Other Solar Biomass Hydro Gas Oil Coal Wind Nuclear 2020-2024: Power generation emissions increase from 8.1 to 14.6 Gt CO2, with carbon intensity falling from ~530 to ~470 g CO2e/kWh** TotalEnergies Energy Outlook 2025 – November 4th, 2025 Sources: * TTE internal analysis, Enerdata, IEA ** Ember *** Global Energy Monitor + 1200 TWhest Coal-fired generation capacity annual additions and retirements*** GW Other Countries Other Asia United States China European Union India More efficient new coal power plants: average carbon intensity from ~940 to ~900 gCO2e/kWh since 2000** - Load factor from 62% to 51% 80% of zero- carbon sources
Slide 10 — Cost of producing 24/7 reliable electricity
10 I Part 1 Looking back 54 100 95 +46 0 20 40 60 80 100 120 PV Batteries Total CCGT @100% Cost of producing 24/7 reliable electricity TECHNOLOGY While costs have fallen sharply, solar PV remains more expensive than natural gas for delivering 24/7 reliable electricity Cost of a 24/7 reliable electricity – EU example** PV (20%) + Batteries (80%) $/MWh Cost of wind and solar capacity* $/kW (2010-2023) Note: The total installed costs represent the total cost of completing a project (including project development costs, grid connection, equipment, installation, civil engineering, contingency, etc.) 0 1000 2000 3000 4000 5000 6000 7000 2010 2012 2014 2016 2018 2020 2022 2023 Offshore wind Onshore wind Solar PV CAGR 2010-23 - 4.9 % - 5.0 % CO2 pricing is essential for decarbonizing the electricity grid Note: Cost estimates refer to newly installed capacities in EU27 countries in 2025 Variable Cost CO2 Cost (at 80 $/tCO2) Fixed Cost - 13.9 % TotalEnergies Energy Outlook 2025 – November 4th, 2025 Sources: * IRENA, “Renewable Power Generation Costs in 2023” ** Internal calculations based on average assumptions derived from Wood Mackenzie, IHS, and BNEF
Slide 11 — System transformation required to integrate renewables
11 I Part 1 Looking back System transformation required to integrate renewables TECHNOLOGY Effective renewables deployment now limited by the absorption capacity of the electricity system Annual network buildout required for Europe’s energy transition*** Thousand kilometer of new lines per year Frequency of negative electricity prices* Share of annual hours with negative prices Sources: * ENTSO-E transparency platform, TTE internal analysis ** IEA, Renewables 2025 (Variable renewables refer to solar PV and wind) and TTE internal analysis *** Compass Lexecon for CurrENT (2024) based on ENTSO-E Distributed Energy Scenario, BNEF ETS (2025), TTE internal analysis Transmission lines Distribution lines 2019 - 2023 excl. 2020 2020 2024 2025 TotalEnergies Energy Outlook 2025 – November 4th, 2025 0.5 10 0 4 8 12 Current network Average by 2040 80 250 0 100 200 300 Current network Average by 2040 Annual variable renewables technical curtailment** TWh x 20 x 3 0% 2% 4% 6% 8% 10% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0% 2% 4% 6% 8% 10% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Massive deployment of demand flexibility and storage capacities is needed Expansion of transmission and distribution networks, along with transformation in planning and operation, is required 0 2 4 6 8 2019 2020 2021 2022 2023 2024 2025 Spain Germany
Slide 12 — Affordability and security vs. transition
12 I Part 1 Looking back Affordability and security vs. transition Throughout the world, priority is given to energy security and affordability POLICIES TotalEnergies Energy Outlook 2025 – November 4th, 2025 TPED growth by fuel – India & Rest of World* EJ EV sales in Germany** % sales 23% 19% 0% 5% 10% 15% 20% 25% 2023 2024 India Rest of World Heat pump sales in EU*** Million units 2.8 2.1 0 1 2 3 2023 2024 End of subsidies Dec 2023 17 13 0 5 10 15 20 00-15 15-24e 60% 59% 52 27 0 20 40 60 00-15 15-24e 10% 23% India & Rest of World • Coal use rebounded after 2016, as energy demand growth was largely met by local and affordable coal • Limited Progress on North-South energy partnerships —Just Transition Energy Partnerships have been launched for South Africa ($8.5 bn) and Indonesia ($20 bn) —The $100 bn per year climate finance goal was met in 2022, 2 years behind target OECD countries • Limited willingness to pay a “green premium” makes subsidies the main policy tool, though their continuity is uncertain in a tight fiscal context • When regulations and mandates are used instead, they often trigger political backlash Other Solar Wind Bio Nuclear Gas Oil Coal Sources: * Enerdata, TTE internal analysis ** TTE internal analysis *** European Heat Pump Association, considering 13 EU countries representing ~85% of EU heat pump market Scale-back of subsidies in 2024 Lower natural gas price
Slide 13 — Electric Vehicle penetration and performance
13 I Part 1 Looking back Electric Vehicle penetration and performance TECHNOLOGY Despite major technological progress and cost declines, barriers to widespread adoption remain Charging time to recover 300km of range min Evolution of EV LVs sales* Millions, % of EVs in country LV sales In 2024, 4% of cars in worldwide fleet were electric * LV (Light Vehicles), EV (Electric Vehicles) = BEV (Battery Electric Vehicle) + PHEV (Plug-In Hybrid Electric Vehicle) Sources: EV Volumes, Manufacturers data, TTE internal analysis TotalEnergies Energy Outlook 2025 – November 4th, 2025 2 2 4 1 11 0 5 10 2015 2019 2024e 10% 5% 20% 46% U.S. Europe China Other countries U.S. France China $ 0 $10 000 $20 000 $30 000 $40 000 $50 000 $60 000 $70 000 2018 2025 2018 2025 2018 2025 Average Prices for Top 10 Best-Selling BEV and ICE Models Across Regions and Years 2025$ Purchasing Power Parity (PPP) 51% In U.S. and France, most cars are sold on the used car market (over 70%); concerns over higher prices and battery life = key obstacles to EV adoption 45 4 0 10 20 30 40 Megane e-Tech Tesla model 3 Xpeng G9 (2022) Nio ET9 (jan 2024) BYD (march 2025) CATL (april 2025) Widespread and affordable reduction in charging time would lift one barrier to adoption Top 10 BEV Top 10 ICE
Slide 14 — Looking ahead
14 I Looking ahead PART 2 The Yunlin offshore wind farm off Taiwan
Slide 15 — Comparing emission pathways across the scenarios
15 I Part 2 Looking ahead If current trends hold, China advances toward its 2060 goal while OECD countries reduce emissions but fall short of their 2050 Net Zero targets. India and the Rest of World continue to develop with limited decarbonization 0 5 10 15 20 25 30 35 40 2000 2010 2020 2030 2040 2050 0 5 10 15 20 25 30 35 40 2000 2010 2020 2030 2040 2050 0 5 10 15 20 25 30 35 40 2000 2010 2020 2030 2040 2050 Comparing emission pathways across the scenarios THREE SCENARIOS TotalEnergies Energy Outlook 2025 – November 4th, 2025 Trends Emissions (GtCO2*) Our collective challenge is to accelerate global decarbonization without compromising growth in emerging and developing economies -1.7% / year -5.3% / year Rest of World China OECD -0.9% / year India * CO2 emissions related to energy combustion ** Temperature increases estimated at P66-P83, evaluation conducted by MIT +0.3% / year Reference: assuming recent trends in policies and technologies hold Goal-driven: OECD near Net Zero 50, China near Net Zero 60 Goal-driven: well-below 2°C Momentum Emissions (GtCO2*) Rupture Emissions (GtCO2*) ~ +2.6-2.8°C** by 2100 OECD countries are closer to their 2050 Net Zero targets, and China to its 2060 goal. In India and the Rest of World, nearly half of energy demand growth is met by low-carbon sources ~ +2.2-2.4°C** by 2100 Geopolitical fragmentation and tensions make this scenario out of reach as it would require a stronger international cooperation to stay well below 2°C: OECD countries and China need to support low- carbon growth in emerging economies ~ +1.7-1.9°C** by 2100 Rest of World India China OECD
Slide 16 — Primary Energy Demand in 2050
16 I Part 2 Looking ahead 23% 28% 15% 16% 5% 37% 30% 23% 19% 13% 21% 23% 22% 21% 20% 7% 5% 8% 8% 12% 9% 9% 10% 10% 13% 2% 2% 3% 3% 4% 2% 17% 20% 29% 2% 3% 4% 420 645 760 720 645 0 200 400 600 800 2000 2023 2050 Trends 2050 Momentum 2050 Rupture Primary Energy Demand in 2050 From sustained transition to global transformation THREE SCENARIOS TotalEnergies Energy Outlook 2025 – November 4th, 2025 Source: Enerdata, TTE internal analysis * Bioenergy includes biomass, waste, biofuels and biogas 81% 60% 56% Other renewables Solar & Wind power Hydropower Bioenergy* Nuclear Gas Oil Coal 81% 38% Share of fossil fuels in TPED % World Total Primary Energy Demand (TPED) EJ The Trends scenario assumes that Coal demand gradually declines, particularly in China’s power sector. Governments policies supporting electric vehicle adoption remain in place (e.g., ICE 2035 ban in the EU). The Momentum scenario assumes the 2050 targets set by the OECD countries and the 2060 targets set by China are met. The Rupture scenario assumes significantly enhanced multilateral cooperation towards global decarbonization. Geopolitical fragmentation and tensions make this scenario out of reach. Variable renewables expected to play a central role in electricity generation, which requires: • a profound transformation of the operations of electricity systems • massive investment in electricity grids Gas maintains a stable share in the TPED, notably as an energy source in industry.
Slide 17 — Electricity demand by sectors
17 I Part 2 Looking ahead Electricity demand by sectors In all scenarios, electricity demand increases, driven by new uses COMMON FEATURES TotalEnergies Energy Outlook 2025 – November 4th, 2025 Electricity demand evolution by sectors TWh, excluding H2 production use Historically, electricity demand has been largely driven by GDP. In the future, new uses, in addition to economic growth, will further increase demand. Transport : +5 000 TWh in Trends, mostly in China, Europe, and to a lesser extent the U.S. Buildings: +3 500 TWh for data centers, mainly in the U.S. and China +2 700 TWh for cooling, mainly in India, the Middle East and Indonesia In Rupture, electrification advances further across all sectors reaching 35% in industry compared to 29% in Trends Source: Enerdata, TTE internal analysis Industry Buildings Transport Others Data Centers 35% 37% 32% 30% 31% 7% 7% 6% 43% 41% 36% 35% 32% 9% 12% 15% 21% 19% 16% 16% 16% 15 340 29 780 57 140 58 760 62 440 0 10000 20000 30000 40000 50000 60000 70000 2000 2023 2050 Trends 2050 Momentum 2050 Rupture
Slide 18 — Gas demand growth over the last 20 years
18 I Part 2 Looking ahead Recent gas demand growth led by electricity generation, in particular coal- to-gas switching in the U.S., and by industrial use 35% 40% 39% 39% 21% 18% 19% 19% 25% 22% 20% 19% 2% 2% 19% 19% 20% 20% 2450 3200 3920 4200 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2000 2010 2020 2024e Gas demand growth over the last 20 years Gas demand has increased across all regions and sectors, except in Europe COMMON FEATURES TotalEnergies Energy Outlook 2025 – November 4th, 2025 CAGR 2000-24 +1.8 % +5.3 % +2.7% +4.0 % +11.2 % -0.4 % +1.4 % +2.3 % Other Countries U.S. Europe China India Other Asia Middle East Others** Power Industry Buildings Transport Agriculture CAGR 2000-24 +2.5 % +14.1 % +1.3% +2.0 % +2.7% +2.3 % Gas demand by regions Bcm* Gas demand by sectors Bcm* Recent global gas demand growth mainly driven by China and the Middle East 26% 20% 21% 21% 20% 18% 13% 10% 3% 8% 10% 10% 12% 12% 11% 8% 12% 15% 15% 34% 33% 29% 30% 2450 3200 3920 4200 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2000 2010 2020 2024e * Bcm normalized at 36 MJ/m3 ** Energy system uses (3/4), and non-energy uses (1/4) Sources: Enerdata, TTE Trends 25
Slide 19 — Gas demand growth over the next 25 years
19 I Part 2 Looking ahead Expected gas demand growth led by industry, supported by economic growth and coal- to-gas switching to reduce air pollution Expected global gas demand growth underpinned by China, India and the Rest of World, offsetting a slight decline in OECD countries Gas demand growth over the next 25 years Demand is expected to grow until the 2040s, then plateau COMMON FEATURES TotalEnergies Energy Outlook 2025 – November 4th, 2025 CAGR 2024-50 +0.6 % +0.6 % +0.3% +3.6 % +0.9 % -0.9% -0.2% +0.4 % Other Countries U.S. Europe China India Other Asia Middle East Others** Power Industry Buildings Transport Agriculture CAGR 2024-50 +0.7 % +1.9 % -0.2% +1.1 % +0.0% +0.4% Gas demand by regions, Trends scenario Bcm* Gas demand by sectors, Trends Scenario Bcm* 39% 38% 36% 36% 19% 20% 22% 23% 19% 19% 18% 17% 2% 2% 3% 3% 20% 21% 21% 21% 4 200 4 560 4 630 4 620 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 2024e 2030 2040 2050 21% 20% 18% 18% 10% 9% 8% 8% 10% 12% 13% 12% 4% 11% 11% 11% 11% 15% 15% 16% 16% 30% 30% 30% 31% 4 200 4 560 4 630 4 620 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 2024e 2030 2040 2050 * Bcm normalized at 36 MJ/m3 ** Energy system uses (3/4), and non-energy uses (1/4) Sources: Enerdata, TTE Trends 25
Slide 20 — Oil products demand growth over the next 25 years
20 I Part 2 Looking ahead India is the primary growth driver of global demand, along with the Middle East and Other Asia, offsetting decline in Europe and China Demand from aviation and petrochemicals grows over the period. Post-2040, EV penetration leads to a slow decline Oil products demand growth over the next 25 years Demand is expected to remain stable until 2040, then slowly decline COMMON FEATURES TotalEnergies Energy Outlook 2025 – November 4th, 2025 CAGR 2024-50 +0.6 % +0.4 % +0.3% +2.1 % -1.5 % -2.8% -0.4% -0.2 % Other Countries U.S. Europe China India Other Asia Middle East Agriculture Power Petrochemicals Industry Buildings Transport** CAGR 2024-50 +0.7% -0.6 % -0.9% -0.3% -2.8% -0.2% Oil products* demand by regions, Trends scenario Mb/d Oil products* demand by sectors, Trends scenario Mb/d * Oil products include all refined products and biofuels ** Transport : Aviation excluded; Others: Non-energy uses (2/3), and energy system uses (1/3) Sources: Enerdata, TTE Trends 25 Others** -0.5% -0.3% Aviation +1.8% 19% 19% 18% 18% 15% 13% 10% 7% 16% 16% 14% 12% 5% 6% 8% 10% 16% 16% 17% 18% 9% 9% 10% 10% 20% 21% 23% 25% 103 107 108 98 0 20 40 60 80 100 120 2024e 2030 2040 2050 7% 8% 10% 11% 51% 51% 47% 46% 14% 16% 18% 18% 6% 6% 5% 5% 8% 7% 6% 6% 9% 8% 9% 9% 103 107 108 98 0 20 40 60 80 100 120 2024e 2030 2040 2050
Slide 21 — Oil & Gas fields natural decline - an update from the IEA
21 I Part 2 Looking ahead Oil & Gas fields natural decline - an update from the IEA IEA analysis shows new field developments are needed across all scenarios COMMON FEATURES TotalEnergies Energy Outlook 2025 – November 4th, 2025 Oil production with no investment from given year Mb/d Oil production under varying average annual upstream Investment levels and demand benchmarks Mb/d USD 0 billion USD 100 billion USD 200 billion 40 80 120 1980 1990 2000 2010 2020 2030 2040 Historical 1980 1990 2000 2010 2025 “Natural decline rates are becoming steeper” (…) reflecting “the higher reliance today on unconventional sources and changes in the mix of conventional production” (more deep offshore fields) “Nearly 90% of annual upstream oil and gas investment since 2019 has been dedicated to offsetting production declines rather than to meet demand growth.” USD 300 billion USD 400 billion USD 500 billion IEA STEPS 24** IEA APS 24** IEA NZE 24** Trends 25 Rupture 25 Source: * IEA, “The Implications of Oil and Gas Field Decline Rates” (2025) ** IEA, World Energy Outlook 2024, Stated Policies Scenario (STEPS), Announced Pledges Scenario (APS), Net Zero Emissions by 2050 Scenario (NZE) “The oil and gas industry needs to run fast just to stand still” – IEA* IEA* 0 20 40 60 80 100 120 2025 2030 2035 2040 2045 2050
Slide 22 — Energy systems inertia
22 I Part 2 Looking ahead As coal-fired plants operate for 40 years on average, even with a ban on new coal plants from 2025, more than a third of existing capacity would still be in operation by 2050 Energy systems inertia Transforming energy systems takes decades COMMON FEATURES TotalEnergies Energy Outlook 2025 – November 4th, 2025 Light Vehicles fleet and sales share evolution by technology in Europe* % Capacity evolution of existing coal power plants** GW 0% 25% 50% 75% 100% 2020 2025 2030 2035 2040 2045 2050 ICE Ban in 2035 0 500 1000 1500 2000 2500 2024 2030 2040 2050 Around 20 years are needed to fully renew the vehicle fleet after a complete transition to BEV sales BEV Sales PHEV Sales LPG Sales ICE Sales ICE Fleet 0-10 10-30 >30 Age in 2024 (years): * BEV: Battery Electric Vehicle, PHEV: Plug-In Hybrid Electric Vehicle, LPG: Liquified Petroleum Gas Vehicle, ICE: Internal Combustion Engine, ** Source: Global Data, Energy Intelligence
Slide 23 — Decarbonization beyond Trends in India & Rest of World
23 I Part 2 Looking ahead 18% 58% 60% 36% 97% 17% 9% 57% 52% 3% 25% 31% 0 1 2 3 4 5 6 Agriculture Energy system** Res. & Com. Transport Industry Electricity generation* Low-hanging fruits decarbonization opportunities are available Decarbonization beyond Trends in India & Rest of World GOING BEYOND TRENDS TotalEnergies Energy Outlook 2025 – November 4th, 2025 Energy-related CO2 emissions in 2023, in India and Rest of World GtCO2 * Includes heat combined with power ** Includes energy sector own use, transport losses and energy transformation Sources: IEA, Enerdata, UNEP, CITEPA, EDGAR, TTE internal analysis Coal Oil Gas Electrifying 2- and 3-wheeler fleets could reduce emissions by around 180 MtCO2 per year at a cost of ~$50 per ton of CO2 abated Coal-to-renewables and gas switching in existing electricity generation capacity could cut emissions by up to 2.4 GtCO2 per year at a cost below $60 per ton of CO2 abated. Developing a reliable coal-free electricity system to support growth could avoid another ~2 GtCO2 by 2050, at a similar cost + Buildings
Slide 24 — From Trends to Momentum in Europe - gap analysis
24 I Part 2 Looking ahead 0 0,5 1 1,5 2 2,5 2023 2025 2030 2035 2040 2050 From Trends to Momentum in Europe - gap analysis CO2 Emissions* reduction between Trends and Momentum scenario in EU27 GtCO2 GOING BEYOND TRENDS TotalEnergies Energy Outlook 2025 – November 4th, 2025 Other Sectors** Transport Services Residential Industry Power * CO2 emissions related to energy combustion, excluding emissions from international trade ** Includes agriculture, transformations and losses of energy *** BEV: Battery Electric Vehicle, SAF: Sustainable Aviation Fuels -75% -61% -96% -77% -44% -48% -36% -52% -63% -730 MtCO2 “Over 2011-2020 an average of €764 billion was invested in the EU each year to reduce GHG emissions (…). To reach the 2030 target, the Commission estimates that an additional €477 billion of green investment will be needed each year (…). In sum, total green investment of around €1.2 trillion each year, equivalent to 8.3% of 2023 GDP, is needed. ” Source: ECB “Green investment needs in the EU and their funding”, 2025 Coal phase-out: Complete exit from coal before 2035 in Momentum vs. ~150 TWh remaining in 2050 in Trends CCS: +50 MtCO2 captured in Momentum vs. Trends from the power sector 39% Reduction of CO2 emissions compared to 1990 level in % Buildings: Greater electrification through heat pump deployment and improved energy efficiency, particularly better insulation 19% Transport: Road transport leads decarbonization, driven by higher BEV penetration. Greater incorporation of SAF in aviation*** 10% Trends Momentum Industry: Higher electrification displacing coal and gas CCS: +30 MtCO2 additional capture from industry in Momentum vs. Trends 27%
Slide 25 — Conclusion: a mindset change is required
25 I Part 2 Looking ahead < 60 280 1180 0 200 400 600 800 1000 1200 Low carbon electricity in India** Hydrogen-based steel*** e-SAF*** Conclusion: a mindset change is required Capture the great carbon arbitrage* GOING BEYOND TRENDS TotalEnergies Energy Outlook 2025 – November 4th, 2025 Abatement Costs $/tCO2 * The Great Carbon Arbitrage, Kleinnijenhuis A., Adrian T., and P. Bolton, INET Oxford University, 2022 ** Incremental power system cost from Trends to Rupture in India in 2030, including electricity demand due to faster electrification of usages and coal-to-gas and renewables switching *** Source: Gollier, C. (2025). L’économie de l’(in)action climatique. PUF. Climate policy should focus on emissions, not energy sources Prioritize the most efficient emission reduction actions today, and direct limited funding toward where it delivers the greatest impact: • Expansion of offset mechanisms: Article 6 of the Paris agreement • The EU should authorize at least 20% offset (hence closing its emission gap), channeling finance to cost-effective decarbonization projects abroad Phasing-out 40% of coal generation in India is equivalent to closing the emissions gap in the EU27
Slide 26 — APPENDIX
26 I APPENDIX La Perriere Multi-energy Park in Sainte-Suzanne – Reunion Island
Slide 27 — From Trends to Momentum and Rupture – in 2050
27 I From Trends to Momentum and Rupture – in 2050 All decarbonization levers would have to be pushed further to remain well-below 2°C THREE SCENARIOS TotalEnergies Energy Outlook 2025 – November 4th, 2025 Strong electrification of end-use ~33% of final demand ~36% ~43% Deep decarbonization of electricity grid 30 740 TWh* (~54% of power generation) 33 100 TWh* (~56%) 40 500 TWh* (~65%) Energy efficiency acceleration** +1.9%/yr 2023-50 +2.1%/yr +2.5%/yr Sustainable mobility ~44% Zero Emission Vehicles in light vehicles fleet ~55% ~73% Sustainable aviation fuels (SAF) @ ~8% of demand SAF @ ~24% SAF @ ~54% (~41% biofuels,~13% e-Fuels) Gas going greener ~10% green gases*** in gas supply ~14% ~23% Increasing plastics’ circularity ~18% of gross demand coming from recycled materials ~30% ~40% CCS to abate remaining emissions ~1.6 Gt (~6% CO2 emissions) ~2.8 Gt (~11%) ~5.4 Gt (~40%) Support to India and Rest of World ~30% of non-fossil sources in primary energy demand (vs. ~44% in OECD countries) ~30% (vs. ~64% in OECD countries) ~54% (vs. ~64% in OECD countries) Rupture Trends Momentum * Solar & wind – excluding renewable electricity generation for green H2 ** Energy efficiency is defined here as the decrease in primary energy required to produce 1$ of GDP *** Green gases include biogas and H2, excluding H2 share for liquid e-fuels production
Slide 28 — All rights are reserved and all material in this presentation may not be reproduced without the express written permission of TotalEnergies.
28 I Disclaimer and copyright reservation Definition - TotalEnergies / Company The entities in which TotalEnergies SE directly or indirectly holds an interest are separate and independent legal entities. The terms "TotalEnergies", "TotalEnergies company" and "Company" used in this document are used to refer to TotalEnergies SE and its affiliates included in the scope of consolidation. Similarly, the terms "we", "us", "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. Outlook The TotalEnergies Energy Outlook (TEO) sets out potential scenarios of energy mix evolution at world and regional levels until 2050, and the associated likely increase in global average temperature by the end of the century. It is based on in-house work conducted by the strategy and markets teams of TotalEnergies, and on data and input from third-party forecasters, data providers and consultants. The projections contained in the Trends outlook and the Momentum and Rupture scenarios rely on a set of assumptions that may or may not materialize in the future. The TEO is meant to contribute to the debate and discussions around the energy transition and, while it is taken into consideration by TotalEnergies to inform its strategic decisions, the TEO is not a presentation of TotalEnergies’ strategy, which is presented in other publications (Sustainability and Climate Report, Investors’ presentations). Disclaimer This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC). Copyright All rights are reserved and all material in this presentation may not be reproduced without the express written permission of TotalEnergies. TotalEnergies Energy Outlook 2025 – November 4th, 2025