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TotalEnergies — Presentation (company IR deck)
TotalEnergies (TTE) · 0 slides · Filed Oct 21, 2026
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Slide 1 — TotalEnergies, the differentiated and profitably growing energy company
TotalEnergies, the differentiated and profitably growing energy company September 29, 2025
Slide 2 — Table of contents
September 2025 – Strategy and Outlook | 2 Table of contents Table of contents Safety 03 | Safety in continuous improvement Delivering profitable energy growth while maximizing free cash flow in an uncertain environment 06 | Oil market: strong fundamentals, short term uncertainties 07 | Gas markets: normalized volatility, next LNG supply wave will soften prices but foster demand 08 | Confirmed power demand growth 09 | Take actions to address macro uncertainties and keep agility 10 | Growing energy production by 4%/y through 2030 11 | Streamlining investments while delivering growth on both pillars 12 | Delivering our Oil & Gas production growth target 13 | Delivering our LNG projects and enhancing our portfolio 14 | Delivering Integrated Power growth more efficiently 15 | Delivering superior free cash flow growth 16 | Beyond 2030: pursuing growth and value creation 17 | Our People at the heart of the success of the strategy Integrated Power 36 | Confirmed power demand growth 37 | Sharpening focus on key deregulated markets 38 | Growing cash flow outside of Oil & Gas cycles also contributing to Company resiliency Investing in TotalEnergies 40 | More energy, less emissions, delivering superior free cash flow growth and higher shareholder return 41 | Shareholder returns through cycles: sacrosanct and growing dividend, payout > 40% 42 | Priority to preserve a healthy balance sheet to maintain agility and adapting buyback to energy prices 43 | Strong free cash flow growth creating a large potential to grow distributions 44 | Cash flow allocation 45 | Converting the ADRs into ordinary shares on the NYSE 46 | The differentiated and profitably growing energy company Oil & Gas Upstream 20 | Delivering Oil & Gas production growth 21 | Focused on delivering major accretive projects 22 | Sustainable, resilient and diversified portfolio 23 | MENA: resilient growth 24 | Deepwater: dynamic high-margin portfolio 25 | Malaysia: building a new hub in a prolific basin to meet growing regional gas demand 26 | Producing Oil & Gas with less emissions Downstream 28 | Downstream contributing to free cash flow growth 29 | R&C: pragmatically adapting to evolving markets 30 | M&S: leveraging strengths to keep growing returns Integrated LNG 32 | Growing a diversified and flexible LNG portfolio 33 | Shoring up our integrated gas value chain in the US 34 | Strong CFFO growth through 2030
Slide 3 — Safety in continuous improvement
Safety in continuous improvement Safety Objective zero fatality Total recordable injury rate versus peers per million man-hours 0.2 0.7 1.2 2020 2021 2022 2023 2024 YTD 2025 Peers: BP, Chevron, ExxonMobil, Shell 0.45 -50% 2015–2024 50 100 2020 2021 2022 2023 2024 YTD 2025 Primary losses of containment* number of incidents -75% 2015–2024 1 fatality in 2025 Tier 1 Tier 2 * Tier 1+2, as defined in IOGP 456 (Upstream) & API 754 (Downstream) September 2025 – Strategy and Outlook | 3
Slide 4 — TotalEnergies’ Executive Committee
September 2025 – Strategy and Outlook | 4 TotalEnergies’ Executive Committee President, Exploration & Production President, Refining & Chemicals President, OneTech Chief Financial Officer President, Downstream and Marketing & Services President, Asia Chairman and Chief Executive Officer President, Gas, Renewables & Power President, Strategy & Sustainability President, People & Social Engagement
Slide 5 — Danish Fields, USA
Danish Fields, USA Egina, Nigeria
Slide 6 — Oil market: strong fundamentals, short-term
-2 0 2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q September 2025 – Strategy and Outlook | 6 Strategy & Outlook Oil market: strong fundamentals, short-term uncertainties Short-term uncertainties Abundant supply • Combination of Non-OPEC+ supply growth and OPEC+ voluntary cut unwinding Soft demand, opportunistic price response • Short-term Asian demand impacted by economic uncertainty and trade tariffs • Crude inventory builds (China, US SPR replenishment) US shale oil production sensitive to oil price Medium-term supportive fundamentals From 2027: limited growth in Non-OPEC production, OPEC regaining control Shrinking global spare production capacity due to lower investment in case of lower price Slower shift to low-carbon alternatives due to customers prioritizing affordability Non-OPEC+ supply growth and Global demand growth Mb/d -1 0 1 2 3 2023 2024 2025 2026 2027 2028 2029 2030 Implied global stock change Mb/d 2024 2025 2026 Source: TotalEnergies projection
Slide 7 — Gas markets: normalized volatility, next LNG supply
200 400 600 5% 10% 15% 20% ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26 ’27 ’28 ’29 ’30 ’31 ’32 Gas markets: normalized volatility, next LNG supply wave will soften prices but foster demand September 2025 – Strategy and Outlook | 7 Strategy & Outlook Supply Increasing supply from 2027/2028 Increasing medium-term supply, with some timing uncertainties Previous LNG supply waves were absorbed in 2-3 years Demand Additional supply will soften prices but also foster demand given strong price elasticity, particularly in Asia Gas-to-power growth linked to increasing intermittent renewables in the US and Europe Coal-to-gas switching for industry in Asia TTF price ranges Front year, $/Mbtu 2021-2023 Exceptional market conditions: High prices & High volatility 2024-2025 Lower volatility Price signals clouded by geopolitics imply lower trading opportunities 2026-2027: tight market expected, supporting TTF/JKM gas prices Limited new LNG supply in the short- term, projects facing delays Asia: sustained demand growth Europe: storage obligation with reduced reliance on Russian gas * Post FID Annual incremental LNG supply* % Demand Mtpa 20 40 60 80 100 2019 2020 2021 2022 2023 2024 2025 +10%/y +3%/y +6-7%/y +1%/y +12%/y
Slide 8 — Confirmed power demand growth
September 2025 – Strategy and Outlook | 8 Confirmed power demand growth Strategy & Outlook More intermittent supply driving an increased need for flexible generation Strong drivers for power demand Data centers, digitalization Decarbonization, EV rollout Heat pumps, AC Increasing renewable share of power generation More intermittent supply Need for secure and resilient power calling for more flexible generation More induced volatility Heat/cold waves triggering price spikes Widening spreads calling for more BESS Global electricity consumption ‘000 TWh 10 15 20 25 30 2022 2024 2025e 0 Source: Enerdata, IEA // // USA Europe India Brazil RoW // +3.3% CAGR
Slide 9 — Take actions to address macro uncertainties
September 2025 – Strategy and Outlook | 9 Strategy & Outlook Take actions to address macro uncertainties and keep agility Delivering free cash flow growth and strong shareholder returns Keeping a healthy balance sheet Cash Savings 7.5 B$ savings over 2026-2030 in Capex and Opex Streamlined Capex focus on core growth projects on both pillars Opex savings programs reducing energy consumption, structure and fixed costs Deliver our growth Maintain all core accretive projects in Upstream and Integrated Power Deliver short-term growth 2025 & 26: ~5%/y energy production growth (Oil & Gas + Integrated Power) Confirm long-term growth target 4%/y energy production growth through 2030 Maintain strong shareholder distributions Adjust buybacks to energy prices to maintain gearing < 20% Sacrosanct dividend, fueled by buybacks and cash flow growth Adapt 70 $/b buybacks to macro reality: new normal gas environment, downstream margins under pressure In 2026, at 70 $/b, cash payout ~50%
Slide 10 — Growing energy production by 4%/y through 2030
September 2025 – Strategy and Outlook | 10 Strategy & Outlook From our two pillars: Oil & Gas and Integrated Power Growing energy production by 4%/y through 2030 > 3% Oil & Gas production growth in 2025 and in 2026 Oil & Gas Integrated Power Deep low-cost, low-emissions upstream portfolio, delivering accretive growth with further optionality Integrated and growing diversified LNG portfolio Focus downstream on low-cost and high margin assets Driving value from integrated model Clean firm power with renewables, gas-to-power and batteries Focusing on key selected deregulated markets Energy production Mboe/d ~+3%/y Oil & Gas production CAGR 2024–30 > 100 TWh Electricity production 2030 1 2 3 2024 2030 Low-carbon molecules +4%/y Gas 40% Oil 40% Electricity ~20%
Slide 11 — Streamlining investments while delivering growth
September 2025 – Strategy and Outlook | 11 Strategy & Outlook Streamlining investments while delivering growth on both pillars New projects LNG & Gas Maintenance Gas Maintenance Oil Low-carbon molecules Net Capex guidance reduced by 1 B$/y Disciplined organic investment • Major projects secured through FIDs and resilient to tariffs • Focus on core growth projects in Upstream and on Integrated Power growth Balanced portfolio rotation • Selective acquisitions to complete integrated model (US Upstream gas and gas-to-power) • Executing farm-down program in Renewables to recycle capital • Disposing non-core assets Capex flexibility down to 14 B$/y in case of very low prices 2026–2030 2026 ~16 B$ 2027 – 2030 15-17 B$/y Capex = organic investments + acquisitions - asset sales Integrated Power Oil
Slide 12 — Delivering our Oil & Gas production growth target
September 2025 – Strategy and Outlook | 12 Strategy & Outlook Adding 1 Mboe/d of low-cost, accretive projects Delivering our Oil & Gas production growth target ~95% of 2030 Production started-up or under development 0.5 1.0 1.5 2.0 2.5 2024 2025 2026 2030 Existing Portfolio 2024-25 Start-ups Post-FID Pre-FID SEC Production Mboe/d ~+3%/y > +3% > +3% Accretive Geography Africa, US, Americas, MENA Thematics LNG, Deepwater, Onshore Diversified < 20 $/boe Capex + Opex < 5 $/boe Upstream OPEX* Cost efficient ~25 $/boe CFFO 2026-30 at 60 $/b ~15 $/boe Base Portfolio vs. * ASC 932
Slide 13 — Delivering our LNG projects and enhancing our
Delivering our LNG projects and enhancing our portfolio September 2025 – Strategy and Outlook | 13 Strategy & Outlook LNG sales Mtpa 10 20 30 40 50 60 2024 2028 2030 Existing portfolio Including spot at ~10 Mt/y Post-FID ECA NFE NLNG T7 RG LNG T1-3 NFS Marsa LNG Cronos Ruwais LNG Mozambique LNG RG LNG T4 + ~5 Mt spot in line with market growth Strengthening portfolio with low-cost supply growth > +15 Mtpa from top-tier projects by 2030 Access to very cost competitive US supply, through ownership in NextDecade Managing the exposure to spot gas prices HH supply transformed into oil-linked sales Reduced exposure to HH through upstream gas integration and LNG long-term sales indexed to HH (coupled to Brent-indexed sales) Diversified portfolio, designed for flexibility Asia-Europe arbitrage enabled by contract optionality and dynamic routing of Atlantic cargoes #1 regasification capacity in Europe ~+7%/y excl. spot Pre-FID
Slide 14 — Delivering Integrated Power growth more efficiently
September 2025 – Strategy and Outlook | 14 Delivering Integrated Power growth more efficiently Strategy & Outlook 50 100 2024 2025 2030 Strategy & Outlook Electricity generation Company share, TWh Enhancing our development strategy Prioritizing investments in key deregulated markets: USA, Europe, Brazil Organically developing our sizeable renewable pipeline Rationalizing capital allocation, monetizing renewable assets in non-core markets Optimizing the capacity mix Expanding gas-to-power capacity to provide flexible energy Accelerating BESS development to capture price swings > 100 TWh/y power generation by 2030, while streamlining net Capex to 3-4 B$/y 50 100 2024 2025 2030 Flexible generation ~30% Renewables ~70% ~20% CAGR Gross power capacity GW ~100 GW Renewables Flexible generation Gas-to-power, batteries ~18% CAGR 100 to 120 TWh
Slide 15 — Delivering superior free cash flow growth
-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 2024 2027 2030 Integrated Power Oil & Gas ~ +10 B$ + 4-5 B$ 50 $/b CFFO growth Cash savings CFFO growth Cash savings (2) September 2025 – Strategy and Outlook | 15 Strategy & Outlook Growing cash available for distributions, securing future dividend increases Delivering superior free cash flow growth (1) Free cash flow = CFFO – Net investments (2) 2024 FCF and Reinvestment Rate rebased at 70 $/b Brent, 8 $/Mbtu TTF and 35 $/t ERM * At 70 $/b Brent, 8 $/Mbtu TTF and 35 $/t ERM. FCF/share = FCF divided by shares outstanding at the end of the period, excluding treasury shares 8 12 16 20 35% 45% 55% 65% 2024 2027 2030 Reinvestment rate at 70 $/b Brent, 8 $/Mbtu TTF and 35 $/t ERM % Net Capex B$ ~ -20% 2024-2030 Reinvestment rate = Net Capex / CFFO Free cash flow(1) at 70 $/b Brent, 8 $/Mbtu TTF and 35 $/t ERM B$ ~20%/y free cash flow per share growth* over 2024-30 (2)
Slide 16 — Beyond 2030: pursuing growth and value creation
September 2025 – Strategy and Outlook | 16 Strategy & Outlook Beyond 2030: pursuing growth and value creation Continue to explore for Oil & Gas Oil & Gas Integrated Power Namibia: progressing towards a first development Support LNG business growth • Additional phases of Mozambique LNG • Papua LNG • Exploring Canada Pacific opportunities Develop presence in Malaysia • Strategic partnership with Petronas • Gas supply to Malaysia LNG Develop valuable optionality ~1 B$/y consistent exploration and appraisal effort Continuously reloading our exploration portfolio, like in 2025 • High impact standalones (Niger delta) • Near-by opportunities (US Offshore, Congo, Suriname) • Frontier prospects (Algeria, Indonesia, Liberia) Capture value from worldwide growing demand (AI, AC, electrification) Pursue development in selected markets, towards > 150 TWh in 2035 Sustain profitable growth
Slide 17 — Our People at the heart of the success
Our People at the heart of the success of the strategy September 2025 – Strategy and Outlook | 17 Strategy & Outlook (1) Includes Shell, Exxon, Repsol, Solvay, Clariant, Allnex, Orlen, MOL, Cepsa, US Steel, OMV-Petrom, Petrobras, Braskem, Cenovus, Equinor, Sinopec, Saipem (2) Includes former employees as per Article L. 225-102 of the French Commercial Code, as of June 2025 (3) As of year-end 2024 #1 in employee(2) shareholding in Europe (12 B€ held, 8.9% of capital) Large subscription in 2025, as in record 2024 • > 60,000 subscribers • 515 M$ invested More than 70% of employees are shareholders(3) Pride Confidence Engagement O&G Benchmark(1) 82% 70% 64% 84% 69% From promising talents… … to engaged employees… … to committed shareholders 90% > 150 Applications received for each position open > 45% Employees recruited < 30 years of age
Slide 18 — Growing today’s
Growing today’s free cash flow engine Upstream Downstream Integrated LNG Mero-4, Brazil
Slide 19 — SK408, Malaysia
SK408, Malaysia
Slide 20 — Delivering Oil & Gas production growth
September 2025 – Strategy and Outlook | 20 Upstream Delivering Oil & Gas production growth SEC Production Mboe/d Upstream CFFO B$ 0.5 1.0 1.5 2.0 2.5 3.0 2024 2025 2026 2030 ~+3%/y Mero 2-3-4 Anchor Ballymore Qatar NFS Mozambique LNG Ubeta (NLNG) Ima (NLNG) Cronos Uganda (Train 2) GranMorgu Kaminho Sepia 2, Atapu 2 Iraq GGIP (Ph 2) Iraq GGIP (Ph 1) Uganda (Train 1) Malaysia Shale gas US Qatar NFE > +3% > +3% 10 20 2024* 2025 2028 2030 ~+5 B$ Gas Oil * 2024 Upstream CFFO restated at 70 $/b Brent and 12 $/Mbtu TTF > +8% 70 12 70 8 | 12 Brent ($/b) TTF ($/Mbtu) 70 12 70 8 | 12 12 $/Mbtu 12 $/Mbtu ~+3 B$
Slide 21 — Focused on delivering major accretive projects
September 2025 – Strategy and Outlook | 21 Upstream Focused on delivering major accretive projects * 2024 Upstream CFFO rebased at 70 $/b Brent and 8 $/Mbtu TTF 20 2024* 2028 2030 Upstream CFFO at 70 $/b Brent and 8 $/Mbtu TTF B$ Oil & Gas Existing Portfolio Oil Projects Integrated LNG Projects capacity share op. progress First Oil Anchor US 75 kboe/d 37.1% 100% 2024 Mero 3 Brazil 180 kboe/d 19.3% 100% 2024 Ballymore US 75 kboe/d 40% 100% 2025 Mero 4 Brazil 180 kboe/d 19.3% 100% 2025 Ratawi Phase 1 Iraq 120 kboe/d 45% l 60% Q1 2026 Tilenga Uganda 230 kboe/d 56.7% l 60% H2 2026 (Train 1) H1 2027 (Train 2) Kaminho Angola 70 kboe/d 40% l 20% 2028 GranMorgu Suriname 220 kboe/d 40% l 20% 2028 Ratawi Phase 2 Iraq 90 kboe/d 45% l - 2028 Atapu 2 Brazil 225 kboe/d 15% 25% 2029 Sepia 2 Brazil 225 kboe/d 16.9% 15% 2029 Oil capacity share op. progress First Gas/LNG Fenix Argentina 70 kboe/d 37.5% l 100% 2024 NFE Qatar 32 Mt/y 6.25% 85% 2026 Nigeria LNG T7 Nigeria 7.6 Mt/y 15% 80% 2027 Ubeta Nigeria 70 kboe/d 40% l 35% 2027 NFS Qatar 16 Mt/y 9.375% 40% 2028 Marsa LNG Oman 1 Mt/y 80% l 25% 2028 Mozambique LNG Mozambique 13 Mt/y 26.5% l 40% 2029 Gas & LNG > 40 $/boe > 15 $/boe Oil ~ 22 $/boe Gas/LNG ~ 12 $/boe + 2 - 3 $/boe 2024-30
Slide 22 — Sustainable, resilient and diversified portfolio
September 2025 – Strategy and Outlook | 22 Upstream Sustainable, resilient and diversified portfolio * ASC932 ** Peers: Exxon, Chevron, Shell, BP Production costs* $/boe 5 10 15 2014 2016 2018 2020 2022 2024 Consistent focus on portfolio longevity > 12 years proved reserves 18 years proved + probable Leadership on OPEX Reserves Life Index years Strong reserves life < 5 $/boe Peers** 5 10 15 2018 2019 2020 2021 2022 2023 2024 Exxon Chevron Shell BP Large footprint with key positions Hedge against geopolitical, supply chain and fiscal risks Resilient long plateau and high-margin short plateau assets Diversified asset base 0% 50% 100% Exxon Chevron BP Shell TTE US Americas Africa Europe MENA Asia Pacific Production geographical split % of total, 2024 Cash savings offsetting inflation Lean & digital deployment at scale Logistics & procurement synergies Adapting structure in mature affiliates
Slide 23 — MENA: resilient growth
September 2025 – Strategy and Outlook | 23 MENA: resilient growth Upstream Unique combination of resilience and free cash flow growth 2 4 2024 2028 2030 Free cash flow B$ 50 $/b 80 $/b Major developments with start-ups from 2026 Balanced combination of • Low-cost and long plateau oil assets in the UAE and Libya • Large and long-lasting value generative LNG projects in Qatar and Oman • Multi-energy contract in Iraq with price upside +2.5 B$ Strong and resilient FCF growth, generating long-lasting value 81 $/b NFE, Qatar Iraq GGIP (Ph 1) NFS, Qatar Iraq GGIP (Ph 2) Marsa LNG (Oman) El Sharara, Libya
Slide 24 — Deepwater: dynamic high-margin
September 2025 – Strategy and Outlook | 24 Deepwater: dynamic high-margin portfolio Upstream CLOV, Angola 2 4 6 2024 2028 2030 Free cash flow B$ ~+3 B$ 50 $/b 80 $/b 81 $/b Mero-3 & 4 Anchor Ballymore Granmorgu Kaminho Sepia 2 Atapu 2 Venus Recognized technical expertise and exploration successes Dynamic high-margin portfolio • Attractive contractual and fiscal terms enabling the capture of price upsides • High-margin assets in Brazil, the US, Suriname and Namibia • Leveraging historical presence in prolific West Africa basins Pursue options for 2030+ • Greenfield standalone developments • Highly profitable tie-backs to fill ullage in existing FPSOs (Angola, Suriname, Nigeria)
Slide 25 — Malaysia: building a new hub in a prolific basin
September 2025 – Strategy and Outlook | 25 Upstream Malaysia: building a new hub in a prolific basin to meet growing regional gas demand Capitalize on strategic partnership with Petronas: entry on 12 blocks Significant growth potential, including through exploration Kenyalang: a second development cluster (SK313 & 301B, 4 Tcf resources) Competitive development to supply Malaysia LNG from 2030 • ~50 kboe/d Company share at plateau • Capex + Opex < 10 $/boe 2025: Materializing growth ambition Acquisition of 100% of SapuraOMV Start-up of Jerun Phase 1 in 2024 Establish Asia exploration hub in Kuala Lumpur Low emission < 5 kgCO2/boe Low upstream OPEX* < 5 $/boe ~50 kboe/d 2025 Production Brent & JKM Price indexation 2024: Entry as operator in Malaysia, with the ambition to grow 100 km Bintulu Sabah Sarawak Malaysia Indonesia Brunei SK408 SK313 SK301b SK302a SK303a SK328 SB2K & SBN SB3K ND1 ND2 ND3 TEA Layang-Layang ND4 ND5 SB409 SB412 TE operator TE partner Farm-in Marjoram (via 2E) SK310 * ASC932
Slide 26 — Producing Oil & Gas with less emissions
September 2025 – Strategy and Outlook | 26 Producing Oil & Gas with less emissions Upstream * Oil & Gas activities, including Upstream and Downstream (not including CCGTs) ** Upstream Oil & Gas activities operated scope 15 40 2015 2020 2024 2030 Scope 1+2 Oil & Gas* Mt CO2e, Operated activities -36% vs. 2015 -50% vs. 2015 25 50 2020 2024 2025 2030 -55% vs. 2020 -80% vs. 2020 Methane emissions kt CH4, Operated activities -60% vs. 2020 46 64 2030: -90% in flaring** vs 2010, fully eliminating routine flaring
Slide 27 — Antwerp Platform, Belgium
Antwerp Platform, Belgium
Slide 28 — Downstream contributing to free cash flow growth
September 2025 – Strategy and Outlook | 28 Downstream Downstream contributing to free cash flow growth Oil production, refining throughput and oil product sales Mboe/d 0.5 1.0 1.5 2.0 2019 2024 2030 Oil Products sales Oil production Refining throughput Downstream: > +1 B$ Free Cash Flow 2030 versus 2024 at same price deck (nominal) Refining & Chemicals: optimizing the existing tool in a new normal environment facing overcapacities • High-grading operations in refining to restore excellence • Profitably growing petrochemicals on advantaged feedstock • Rationalize European capacities Marketing & Services: continuous margin improvement • Focusing on value over volume Downstream cash savings supporting higher returns • Fixed costs and energy savings programs • Structure optimization and selective development in M&S
Slide 29 — R&C: pragmatically adapting to evolving markets
September 2025 – Strategy and Outlook | 29 Downstream R&C: pragmatically adapting to evolving markets Competitively leveraging existing refining capacity Prioritize flexible coprocessing capacity increase (Normandie, Antwerp, Leuna) Ramping-up production from brownfield biorefineries (La Mède, Grandpuits) Securing competitive feedstock (Used cooking oil, animal fat, intermediate crops) Facing customers giving priority to affordable supply Optimizing the use of existing tool: taking the best from our assets Enhance availability Deliver cash savings • Streamlined Capex • Fixed costs reduction • Energy savings program Reducing petrochemicals capacity in an oversupplied market Antwerp cracker closure Positioned to grow profitably Focus on advantaged feedstocks US, Saudi Arabia High performing integrated platforms Partnerships and JVs enabling low equity approach Amiral in Saudi Arabia Capacity of 1.6 Mtpa Ethylene, mixed- feed based on low-cost feedstock and integrated with Satorp refinery Start-up expected end 2027, 50% progress as of Sept. 2025 European R&C Petrochemicals Bio-products
Slide 30 — M&S: leveraging strengths to keep growing returns
September 2025 – Strategy and Outlook | 30 Downstream Less volumes, more cash flow, ROACE > 20% M&S: leveraging strengths to keep growing returns 1 2 2020 2024 2030 Continuously improving margins CFFO M&S B$ CFFO Petroleum products sales Mb/d 2 1 Sales Rationalized retail networks Focusing on high market share geographies Disposal of peripheral subsidiaries Improved retail margins through non-fuel sales and loyalty cards Profitable lubricant business Lubricant business driven by value over volume Creation of a dedicated business unit to boost profitable growth and structural savings Differentiation through high-end industrial applications and circular lubricants (RRBOs) Pragmatic EV deployment Adapting investment to actual market penetration Focusing on high value charging hubs Streamlined Capex: low-equity approach
Slide 31 — Cameron LNG, USA
Cameron LNG, USA
Slide 32 — Growing a diversified and flexible LNG portfolio
Growing a diversified and flexible LNG portfolio September 2025 – Strategy and Outlook | 32 LNG Well positioned to arbitrate European and Asian LNG demand * Excluding spot ~60 Mtpa of LNG sales by 2030 +50% equity + offtake 2025-2030 Supply split by origin* % of total, 2030 USA, Mex. Africa ME Asia EU Sales split by destination* % of total, 2030 Asia EU Americas Europe-Asia arbitrage ECA LNG(1) Cameron LNG + T4 Angola LNG Mozambique LNG(1)(2) Nigeria LNG + T7(1) Yemen LNG(2) ELNG Snøhvit LNG Yamal LNG Papua LNG Gladstone LNG Ichthys LNG Qatar Oman LNG & Qalhat LNG Marsa LNG(1) Adnoc LNG Ruwais LNG(1) Ksi Lisims Cronos (2) Fully flexible volumes Equity production In construction Force Majeure Equity production (subject to FID) Long-term supply Long-term sales Regasification terminals in operation or planned Bunkering hub (1) ~20 Mtpa regas. RGLNG(1) + T4(1)
Slide 33 — Shoring up our integrated gas value chain in the US
Shoring up our integrated gas value chain in the US September 2025 – Strategy and Outlook | 33 LNG Actively managing our Henry Hub exposure Increasing competitive US supply with low-cost projects under construction Competitive supply secured via equity participation in RG LNG and ECA New volumes < 2.5 $/Mbtu liquefaction fee Ability to supply Asia from the Pacific Coast with ECA Managing Henry Hub exposure Increased upstream integration: Barnett, Eagle Ford (2024) Additional HH LNG sales (coupled to Brent-indexed sales) signed over 2024- 2025 LNG supply, USA & Mexico Mt/y Henry Hub short exposure, 2030 Bcf/d 10 20 2024 2027 2030 1 2 3 HH LNG supply 2030 CCGT HH LNG sales 2030 US shale gas prod. 2030 HH short… LT purchase from 3rd parties Cameron LNG ECA RG LNG T1-3 RG LNG T4 > 17 Mt LNG supply HH LNG sales (coupled to Brent sales) Upstream integration ~1 Bcf/d To be managed CCGT supply
Slide 34 — Strong CFFO growth through 2030
20 40 60 2024 2028 2030 0 5 10 2024 2028 2030 Portfolio CFFO ~+70% Upstream CFFO LNG Sales Strong CFFO growth through 2030 September 2025 – Strategy and Outlook | 34 LNG * Excluding spot LNG sales* Mt CFFO B$ 2024 81 11 | 2.4 10 2028 70 8 | 3 8 2030 70 8 | 3 8 Brent ($/b) TTF | HH ($/Mbtu) Average LNG price ($/Mbtu) CFFO growth outpacing volume growth through 2030 Top-tier LNG Upstream projects already under construction Enhanced LNG portfolio Competitive and diversified LT supply Attractive LT sales with built-in flexibility 8 - 9
Slide 35 — Growing cash flow
Growing cash flow and Company resilience Champagne, France
Slide 36 — Confirmed power demand growth
September 2025 – Strategy and Outlook | 36 Confirmed power demand growth Integrated Power More intermittent supply driving an increased need for flexible generation Strong drivers for power demand Data centers, digitalization Decarbonization, EV rollout Heat pumps, AC Increasing renewable share of power generation More intermittent supply Need for secure and resilient power calling for more flexible generation More induced volatility Heat/cold waves triggering price spikes Widening spreads calling for more BESS Global electricity consumption ‘000 TWh 10 15 20 25 30 2022 2024 2025e 0 Source: Enerdata, IEA // // USA Europe India Brazil RoW // +3.3% CAGR
Slide 37 — = ~70%
September 2025 – Strategy and Outlook | 37 Sharpening focus on key deregulated markets Integrated Power USA, Europe, Brazil Key deregulated markets to scale up the integrated model USA Growing power demand: datacenters, industry CCGTs & BESS to capture price spikes from renewable intermittence and high peak demand Expanding corporate PPA market driving profitable renewable projects Brazil Economic growth driving power demand growth Strong partnership with Casa dos Ventos Developed Clean Firm Power market, potential for flexible assets (BESS, hydro) Europe Growing electrification: EV penetration, heat pump High wholesale price driven by gas and CO2 prices Gas-to-power tailwinds: coal exit, energy security focus CCGTs & BESS capture price volatility from renewable intermittence Germany, UK in particular Leveraging the multi-energy model to strengthen Oil & Gas positions Extended value proposition and support to host countries energy transition Reduced emissions with on-site renewable Selectively targeting large-scale growing markets India, South Africa Strategic partnerships with local players Low-Capex, high-return assets Strategic review: monetizing all non-core assets Oil & Gas countries Selected renewable markets of TotalEnergies’ power capacity and generation + + = ~70%
Slide 38 — Growing cash flow outside of Oil & Gas cycles also
5% 10% 15% 20% 0 150 September 2025 – Strategy and Outlook | 38 Growing cash flow outside of Oil & Gas cycles also contributing to Company resiliency Contributing to dividend by 2028 Further strengthening Company’s resiliency 2030 ROACE, % vs. Capital employed, B$ 2.5 5.0 2024-2025 2028 2030 CFFO B$ > 2.5 4 - 5 Production Renewables + Flexible ~2/3 Sales Trading and Retail ~1/3 80 $/b Upstream Oil & Gas 60 $/b Integrated Power 12% by 2030 +/-150-200 M$ for +/-10 $/MWh 2030 CFFO sensitivities 3.5 - 4 Integrated Power
Slide 39
Slide 40 — More energy, less emissions, delivering superior free
September 2025 – Strategy and Outlook | 40 Investing in TotalEnergies More energy, less emissions, delivering superior free cash flow growth and higher shareholder return 1 2 3 2024 2030 Energy production Mboe/d +4%/y 40% 40% ~20% GHG emissions Scope 1+2 from O&G operated facilities(1) MtCO2e 20 40 2015 2024 2030 100 2015 2024 2030 Lifecycle carbon intensity of sales(2) Scope 1+2+3, base 100 in 2015 -25% -50% Oil Electricity Low-carbon molecules Gas (1) Oil & Gas activities, including Upstream and Downstream (not including CCGTs) (2) Lifecycle carbon intensity of energy products sold – See Sustainability & Climate 2025 Progress Report (3) 2024 FCF rebased at 70 $/b Brent, 8 $/Mbtu TTF and 35 $/t ERM -2 0 2 4 6 8 10 12 14 16 18 20 22 24 2024 2027 2030 ~ +10 B$ Integrated Power Oil & Gas 50 $/b 70 8 35 Brent ($/b) TTF ($/Mbtu) ERM ($/t) 50 | 70 8 35 (3) Free Cash Flow B$
Slide 41 — Shareholder returns through cycles:
Shareholder returns through cycles: sacrosanct and growing dividend, payout > 40% September 2025 – Strategy and Outlook | 41 Investing in TotalEnergies Payout = (dividends + share buybacks for cancellation) / CFFO Quarterly dividend €/share 0.0 0.5 2019 2020 2021 2022 2023 2024 2025 ~+30% 0.85 0% 40% 2021 2022 2023 2024 1H25 2026e Payout % > 40% through cycles 54% Brent ($/b) 70.9 101.3 82.6 80.8 71.9 ~50% 70
Slide 42 — Priority to preserve a healthy balance sheet to maintain
0% 10% 20% 2019 2020 2021 2022 2023 2024 2025e September 2025 – Strategy and Outlook | 42 Investing in TotalEnergies Objective to maintain gearing below 20% Priority to preserve a healthy balance sheet to maintain agility and adapting buyback to energy prices Guidance for 2026 At 80 $/b, share buyback* pace confirmed at 2 B$/qtr Within current environment (60-70 $/b and ~1.2 $/€): 0.75-1.5 B$/qtr Payout > 40% through cycles reiterated At 50 $/b, share buyback continues, aligned with cash payout commitment through cycles of > 40% Buyback levels will be re-scaled with growing free cash flow throughout 2027-2030 Gearing ratio Excluding leases, at year-end % * Including coverage of employees share grant plans
Slide 43 — Strong free cash flow growth creating
September 2025 – Strategy and Outlook | 43 Strong free cash flow growth creating a large potential to grow distributions Investing in TotalEnergies 50 100 150 50 $/b 70 $/b 2026-30 Cumulative CFFO B$ Disciplined Capital Investment 2025 Dividend (at 1.2 $/€) < 50 $/b Post-dividend breakeven Brent ($/b) TTF ($/Mbtu) ERM ($/t) 2025 Dividend (at 1.2 $/€) Disciplined Capital Investment +2.8 B$/y for +10 $/b Brent +0.4 B$/y for +2 $/Mbtu TTF +0.5 B$/y for +10 $/t ERM 2025 CFFO sensitivities ~80 B$ Free Cash Flow 50 70 8 8 35 35 Available for dividend per share increase, net debt reduction & share buybacks > 95 B$ Free Cash Flow at 80 $/b Free cash flow = CFFO – Net investments
Slide 44 — Cash flow allocation
September 2025 – Strategy and Outlook | 44 Investing in TotalEnergies Cash flow allocation Payout = (dividends + share buybacks for cancellation) / CFFO * Including coverage of employees share grant plans Net investment: 2025: 17-17.5 B$/y 2026: ~16 B$/y Dividends: +7% paid in 2023, 2024 and 2025 2025: 7.5 B$ 2026 (~1.2 $/€): 0.75-1.5 B$/qtr at 60-70 $/b 2 B$/qtr at 80 $/b 15% Normalized gearing 1H25 Cash payout > 40% through cycles
Slide 45 — Converting the ADRs into ordinary shares on the NYSE
September 2025 – Strategy and Outlook | 45 Investing in TotalEnergies 1991 Introduction of the ADR program on the NYSE Sept. 24, 2025 Board of Directors approved the conversion project End 25 / Beg. 26 Termination of the ADRs program and switch to ordinary shares listed on the NYSE Shareholding structure %, as of 30 June 2025, exc. treasury shares Converting the ADRs into ordinary shares on the NYSE 16% Individual shareholders 9% Company employees 75% Institutional shareholders 38% Adapting to the evolution of our shareholder base • North American institutional shareholders > 50% Removing ADR frictions and fostering access to additional Asset Under Management • Reinforces attractiveness of the stock without any additional obligations • Enhances trading liquidity One single class of TotalEnergies shares with extended trading hours • In Paris from 09:00 am to 05:30 pm (CET) • In New York City from 03:30 pm to 10:00 pm (CET) • Transferable between Euronext and NYSE No impact on holders of ordinary shares listed on Euronext, which will remain the introduction market
Slide 46 — The differentiated and profitably growing energy company
Delivering accretive growth from low-cost upstream portfolio Low-cost LNG growth well positioned to arbitrate European and Asian markets Integrated Power: free cash flow positive by 2028 Strong capital discipline, Low breakeven portfolio > 40% payout through cycles: secured and growing dividend, supported by share buybacks Outstanding FCF growth underpinned by CFFO growth and cash savings Strong balance sheet The differentiated and profitably growing energy company Strategic consistency, growth and resilience supported by 7.5 B$ cash savings program
Slide 47 — These adjustment items include:
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. 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. 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 operating income, 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 – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this document, such as “potential reserves”, “future reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our 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. 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 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 industrial strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “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, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. 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. 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. 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 United States Securities and Exchange Commission (“SEC”). 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. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. 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.
Slide 48 — 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 Photo credits: Agência Petrobras (p. 18)