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TotalEnergies — Presentation (company IR deck)
TotalEnergies (TTE) · 0 slides · Filed Oct 21, 2026
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Slide 1 — Executing consistently our strategy,
Executing consistently our strategy, Delivering accretive growth and resilient attractive shareholder returns February 5, 2025
Slide 2 — 2024 Results & 2025 Objectives
Table of contents Executing consistently our strategy, Delivering accretive growth and resilient attractive shareholder returns 2024 Results & 2025 Objectives February 2025 – Results and Objectives | 2 03 | Safety: core value 14 | 2025 Oil and LNG key market drivers 15 | Strong differentiated growth in 2025 16 | 2025: Streamlined capital investment to accretive growth opportunities 17 | Ramp-ups and start-ups fueling 2025 production growth at > 3% 18 | Growing cash-accretive production 19 | Brazil: #1 in cash-flow in 2025 with more to come 20 | Namibia: advancing towards a first project 21 | Integrated LNG: leveraging our strong Atlantic position in a tighter market 22 | 2025: Reaching a sizeable Integrated Power business 23 | Restoring Downstream cash flow in 2025 24 | Strong track record of dividend growth and consistent buybacks pursued in 2025 25 | 2025: Delivering consistent superior shareholder returns 26 | More energy, less emissions, growing free cash flow 27 | Investing in TotalEnergies 05 | 2024: a year of progress on our two pillars 06 | Attractive shareholder distributions while keeping a strong balance sheet 07 | Disciplined Capex within guidance 08 | 2024 FIDs from our rich Upstream hopper 09 | Integrated LNG: 4Q24 benefiting from improved markets 10 | 2024: Integrated Power model yielding results 11 I Steadily reducing emissions, ahead of objectives 12 | Deep low cost portfolio delivering superior returns and shareholder distributions 2024 2025
Slide 3 — Safety: core value
Safety: core value Safety Continuous progress in 2024, but one fatality – Objective: zero fatality February 2025 – Results and Objectives | 3 0,5 1,0 1,5 2020 2021 2022 2023 2024 Total recordable injury rate versus peers per million man-hours > -50% in 5 Years Peers: BP, Chevron, Exxon, Shell > -20% in 5 Years Integrated Power total recordable injury rate per million man-hours 0.78 0.55 0,5 1,0 1,5 2020 2021 2022 2023 2024
Slide 4 — Tyra, Denmark
Tyra, Denmark
Slide 5 — 2024: a year of progress on our two pillars
2024 Results 2024: a year of progress on our two pillars February 2025 – Results and Objectives | 5 Oil Gas & LNG Start-up of five major oil and gas projects FID of four major oil projects (Suriname, Brazil and Angola) Namibia: progressing towards first development Signature of > 6 Mtpa LNG LT sales contracts Marsa LNG FID (Oman) Acquisition of interests in upstream gas assets in the Eagle Ford, Texas (US) and of SapuraOMV (Malaysia) Acquiring flexible assets (Texas, UK) to provide Clean Firm Power to customers Building Integrated Power value chain in Germany 2.6 B$ Integrated Power CFFO 2024 achievements 2024 FIDs anchor 3%/year cash-accretive production growth 2025-2030 Proved reserves replacement ratio of 157%
Slide 6 — Attractive shareholder distributions
2024 Results Attractive shareholder distributions while keeping a strong balance sheet February 2025 – Results and Objectives | 6 (1) Including (0.7) B$ Corporate (2) 1.5 B$ of exceptional working capital items at end-2024 (3) Including coverage of employees share grant plans 2024 Cash flow allocation B$ -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 17.8 8 B$ Buybacks + 7.7 B$ Dividend Capital investment Brent ($/b) 80.8 Avg LNG price ($/Mbtu) 9.8 TTF ($/Mbtu) 11.0 ERM ($/t) 39.5 Integrated LNG 4.9 B$ Integrated Power 2.6 B$ Downstream 6.1 B$ Exploration & Production 17.0 B$ 15.7 2024 29.9 B$ CFFO(1) 18.3 B$ Adj. net income, TotalEnergies share • 14.8% ROACE • 15.8% Return on Equity • 15.8 B$ IFRS net income 8.3% gearing at end-24, ~9.5% normalized gearing(2) 15.7 B$ of dividends + buybacks (3) Net debt increase Working capital Leases
Slide 7 — Disciplined Capex within guidance
Disciplined Capex within guidance 2024 Results February 2025 – Results and Objectives | 7 Tilenga, Uganda Capex = 16.4 B$ organic investments + 4.6 B$ acquisitions – 3.2 B$ divestments Oil Integrated Power LNG & Gas New Oil & Gas projects Maintenance Oil Maintenance Gas Low-carbon molecules Low-carbon energies 17.8 B$ 2024
Slide 8 — 2024 FIDs from our rich Upstream hopper
2024 Results 3%/y production growth through 2030 while successfully replenishing portfolio 2024 FIDs from our rich Upstream hopper February 2025 – Results and Objectives | 8 2024 Project sanctions Anchoring 3%/y accretive production growth through 2030 De-risking project costs with largely lumpsum EPC contracts Oil Gas & LNG Op. Production capacity Share First Oil GranMorgu Suriname ● 220 kboe/d 40%* 2028 Kaminho Angola ● 70 kboe/d 40% 2028 Atapu 2 Brazil 225 kboe/d 15% 2029 Sepia 2 Brazil 225 kboe/d 16.9% 2029 Op. Production capacity Share First Gas/LNG Marsa LNG Oman ● 1 Mtpa 80% 2028 Ubeta Nigeria ● 70 kboe/d 40% 2027 4 8 12 16 2018 2019 2020 2021 2022 2023 2024 Shell Exxon BP Chevron 157% reserves replacement in 2024, 150% organic 12.4 years proved reserves 18.5 years proved + probable reserves Proved reserves life index years Reserves replacements 157% 141% * After 20% state back-in
Slide 9 — Integrated LNG: 4Q24 benefiting from improved markets
1 2 4Q23 1Q24 2Q24 3Q24 4Q24 1 2 4Q23 1Q24 2Q24 3Q24 4Q24 25 50 75 25 50 75 Integrated LNG: 4Q24 benefiting from improved markets 2024 Results February 2025 – Results and Objectives | 9 2024: Facing low volatility in European gas market Mild winter 2023/24 leading to high stock levels in 2024 + low gas demand Low volatility Limited trading opportunities because of balanced worldwide LNG market (modest growth in China) Tighter market expected in 2025 Colder winter 2024/25 and low end-of-season storage expected in 2025 End of Russia-Ukraine transit agreement Tightness in Europe leading to more competition between Europe and Asia with more opportunities for arbitrage on Atlantic flexible cargoes * Source: Transport System Operators data, Company estimates for 2025. Austria, Belgium, Czech rep, France, Germany, Italy, Netherlands, Slovakia, Spain, UK iLNG Adjusted NOI B$ Avg LNG price ($/Mbtu) 10.3 9.6 9.3 9.9 10.4 European gas inventories* Bcm 2018–2022 range 2024 2025 forecast range +/- 1°C Q1 Q2 Q3 Q4
Slide 10 — 2024: Integrated Power model yielding results
2024: Integrated Power model yielding results 2024 Results Reaching our objective of > 2.5 B$ CFFO February 2025 – Results and Objectives | 10 2021 2024 Production TWh o/w Renewables TWh 21 7 41 26 CFFO B$ 0.7 2.6 NOI B$ 0.7 2.2 ROACE 7% 10% Renewables Power & Gas marketing Power trading Flexible generation Growing flexible capacities Acquisition of gas-fired plants in the US (1.5 GW) and in the UK (1.3 GW) Acquisition of Kyon, a major player in the BESS market in Germany Consolidating our Renewables portfolio 1.2 GW successfully farmed-down = 1 B$ of capital recycled with > 10% return Acquisition of VSB in Germany: a renewable developer with a pipeline of 18 GW Strengthening our differentiated road to market Capturing premium prices through Clean Firm Power: ~3 TWh sold to large industrial and big techs Acquisition of Quadra, a renewable aggregator in Germany (10 TWh in 2024)
Slide 11 — Steadily reducing emissions, ahead of objectives
Steadily reducing emissions, ahead of objectives 2024 Results February 2025 – Results and Objectives | 11 * Lifecycle carbon intensity of energy products sold used by end-customers - See Sustainability & Climate 2024 Progress Report 2015 2023 2024 Objectives Realizations Scope 1+2 operated Mt CO2 Oil & Gas facilities Vs 2015 - 34% - 36% 46 30.3 29.4 CCGT 0 4.3 4.9 Overall scope 1+2 46 35 < 38.8 34 Methane operated kt CH4 Vs 2020 - 47% - 50% -55% 96 34 29 Lifecycle carbon intensity* (Scope 1+2+3) g CO2e/MJ 73 - 13% - 14% -17% Relentlessly tracking methane - 50% target (vs. 2020) reached a year early Gabon: routine flaring eliminated, 2 years early Decision to deploy continuous detection systems across all operated upstream sites Deployment of ~13 000 equipment for continuous methane tracking Further technological improvements: switch gas instrument to air, flare tips replacement… 2024 achievements 2025 improved targets: - 60%
Slide 12 — Deep low cost portfolio delivering
2024 Results Deep low cost portfolio delivering superior returns and shareholder distributions February 2025 – Results and Objectives | 12 Dividend per Share(3) Growth 2024 vs. 2019 Proved reserves life index years 0 5 10 11.7 2023 RLI -30% -10% 10% 30% Shell BP 25% 0% 10% 20% ROACE full-year 2024(2) % Exxon Chevron Shell BP 14.8% (1) ASC 932; 2023 for peers (2) BP: 12 MR at end 3Q24 (3) Interim dividend 4Q24 vs 4Q19 in announced currency. BP: 3Q24 vs 3Q19 Chevron Exxon 0 5 10 15 Upstream production costs(1) $/boe Exxon Chevron Shell BP 4.9 Increment from 2024 bookings 12.4 BP Shell Chevron Exxon End-23 End-24 End-24 End-24 End-23
Slide 13 — Lapa, Brazil
Lapa, Brazil
Slide 14 — 2025 Oil and LNG market drivers
2025 Objectives 2025 Oil and LNG market drivers February 2025 – Results and Objectives | 14 Oil Gas Oil demand growth expected at 1.1 Mb/d in 2025 vs. 0.8 Mb/d in 2024, supported by emerging Asia (IEA) Non-OPEC strong supply growth, supported by US policy OPEC+ taking actions to balance the market Limited additional LNG capacity (+5%) on stream in 2025, with delays at key projects In Europe, lower Russia pipeline flow and low storage levels will increase LNG call in 2025 Asia and Europe to compete for LNG supply Oil price Brent, $/b TTF $/Mbtu Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 ‘25 5 10 15 20 70 $/b budget assumption 12 $/Mbtu budget assumption Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 ‘25 20 40 60 80 100 120 Sources: IEA Oil Market Report (December 2024), ICE and Bloomberg.
Slide 15 — Strong differentiated growth in 2025
Strong differentiated growth in 2025 2025 Objectives February 2025 – Results and Objectives | 15 Al Shaheen, Qatar * Assuming 35% flexible capacity utilization rate ** Lifecycle carbon intensity of energy products sold used by end-customers - See Sustainability & Climate 2024 Progress Report 2025 objectives More energy Energy production growth + 5%* Upstream production growth > + 3% Electricity net production > 50 TWh* Refining utilization rate > 85% LNG Sales > 40 Mt Renewables gross installed capacity 35 GW Less emissions Scope 1+2 from operated facilities < 37 MtCO2e Methane from operated facilities vs 2020 - 60% Lifecycle carbon intensity** vs 2015 > - 17% Growing free cash flow Upstream production costs ASC 932 < 5 $/boe CAPEX 17-17.5 B$ CFFO 70$/bbl Brent, 12$/Mbtu TTF and 35$/t ERM > 29 B$ at 70 $/bbl
Slide 16 — 2025: Streamlined capital investment to accretive growth
2025 Objectives 2025: Streamlined capital investment to accretive growth opportunities February 2025 – Results and Objectives | 16 2025 Organic Capex ~17 B$ Reduced Organic Capex from 18 B$ guidance* to 17 B$ Focus on core growth projects, through largely lumpsum EPC contracts Spanning low equity model in low-carbon molecules and EV charging Additional 1 B$ Organic Capex flexibility available in case of challenging market conditions Oil Integrated Power Maintenance Oil Maintenance Gas Low-carbon molecules 17-17.5 B$ 2025 Net Capex Low-carbon energies LNG & Gas New Oil & Gas projects * Guidance from 2024 Strategy & Outlook Presentation, October 2024
Slide 17 — Ramp-ups and start-ups fueling
kboe/d share op. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Mero 2 Brazil 180 19.3% Anchor US 75 37.1% Fenix Argentina 70 37.5% l Mero 3 Brazil 180 19.3% Tyra Denmark 70 43.2% l SK408, Jerun Malaysia 160 40% l Al Shaheen ext. Qatar 40 30% Ballymore US 75 40% Mero 4 Brazil 180 19.3% Ramp-ups and start-ups fueling 2025 production growth at > 3% 2025 Objectives New projects ~ +150 kboe/d in 2025 February 2025 – Results and Objectives | 17 2024 2025 First Oil/Gas Ramp up Production plateau SapuraOMV, Malaysia
Slide 18 — Growing cash-accretive production
Growing cash-accretive production 2025 Objectives Upstream cash flow growth outpacing production growth February 2025 – Results and Objectives | 18 0,5 1,0 1,5 2,0 2,5 3,0 5 10 15 20 Upstream CFFO at 70 $/b Brent and 12 $/Mbtu TTF B$ SEC Production Mboe/d > +3% 2024 2025 Oil Gas Mero-3, Brasil * 2024 Upstream CFFO rebased at 70 $/b Brent and 12 $/Mbtu TTF > +8% Upstream CFFO Upstream CFFO*
Slide 19 — Brazil: #1 in cash-flow in 2025 with more to come
2025 Objectives Brazil: #1 in cash-flow in 2025 with more to come February 2025 – Results and Objectives | 19 50 100 150 200 2022 2023 2024 2025 Production kboe/d Mero-1 Mero-2 Mero-3 Mero-4 Iara + Atapu Lapa Strong accretive growth 8 FPSOs in production, 1 start-up expected in 2025, 2 under construction Further production growth expected from 2024 FIDs Sepia & Atapu 2, with start-ups in 2029 Further exploration potential Água Marinha C-M-541 Mero Atapu Sépia Gato do Mato Iara Lapa S-M-1711/1815 TotalEnergies Operated Asset Asset Operated by Others 200 km > 35 $/boe CFFO in 2025 at 70$/bbl > x3 SEC Production 2021-2025 > 1 B$ 2025 Net Investment ~ 1.4 B$ Free Cash Flow in 2025 at 70$/bbl CAGR > 20% 2022–25 Sepia
Slide 20 — Namibia: advancing towards a first project
Namibia: Continue to assess full potential Pursue drilling program: Marula Q1 25, Olympe end-25 South Africa: promising plans in the southern Orange Basin Progressing permitting for 2026 drilling (Volstruis, Nayla…) 2025 Objectives Namibia: advancing towards a first project February 2025 – Results and Objectives | 20 Exploration 3,000 m Namibia South Africa DWOB 3B/4B Block 2913B Block 2912 Olympe Marula Tamboti Venus Nayla Volstruis 300km from coast Oil discovery Oil prospect 50 km “Albian Fan” reservoir Engineering a first development Two challenges: low permeability and high GOR 150 kb/d oil production (~45° API) plateau with a long, shallow decline afterwards Design to minimize emissions, targeting GHG intensity around 15 kgCO2e/boe Better density, better permeability than neighboring blocks Oil in place density 10-20 Mbo/km2 Permeability 2-4 mD Target 20 $/boe Capex + Opex Block 2913B at the heart of the system One thick reservoir 80-120 m
Slide 21 — 2025: leveraging our strong Atlantic
2025: leveraging our strong Atlantic position in a tighter market 2025 Objectives February 2025 – Results and Objectives | 21 LNG Adventure 2 4 6 2024 2025 Integrated LNG CFFO B$ Brent ($/b) 80.8 70 TTF ($/Mbtu) 11 12 Execute our projects with low liquefaction costs, top-tier in the merit curve Energia Costa Azul Mexico 2026 North Field East Qatar 2026 NLNG T7 Nigeria 2026 Rio Grande LNG US 2027 (Train 1) North Field South Qatar 2028 Marsa LNG, op. Oman 2028 at end-24 expected at end-25 Progress 0% 100% 1st LNG Execute our marketing strategy Manage exposure to Henry Hub through US upstream gas integration Manage exposure to spot gas prices by transforming Henry Hub supply into oil-indexed sales Target 6 B$
Slide 22 — 2025: Reaching a sizeable Integrated Power business
2025: Reaching a sizeable Integrated Power business 2025 Objectives ~10% of the energy produced by TotalEnergies, halfway to 2030 objectives February 2025 – Results and Objectives | 22 * Assuming 35% flexible capacity utilization rate Electricity generation Company share CFFO B$ 50 100 2021 2025 2030 2 4 6 2021 2025 2030 2.5-3 Renewables Flexible generation > 100 TWh > 5 x 3.5 > 50 TWh* x 2.5 kboe/d TWh 500 250
Slide 23 — Restoring Downstream cash flow in 2025
2025 Objectives in a challenging environment Restoring Downstream cash flow in 2025 February 2025 – Results and Objectives | 23 4 8 2023 ERM Operations 2024 ERM 2025e Refining environment back to 2018-2021 conditions Abundant supply Market normalization following the disruption in Russian supply Refining capacity shutdowns to resume in 2025 Targeting 7 B$ Downstream CFFO in 2025 supported by resilient Marketing & Trading ERM $/t Downstream CFFO B$ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 Decrease of Refining Margins Operational performance issues: Donges, Normandie, Port Arthur Focusing on operational excellence in Refining & Chemicals Discipline on costs Deliver energy efficiency savings programs: 100 M$/y savings from 2025 Focus on plant availability (target > 85% utilization) 2022 2023 2024 2025 ERM ($/t) 71 39.5 35 Min-max 2018–2021
Slide 24 — Strong track record of dividend growth and consistent
2025 Objectives 2024 dividend proposed at 3.22 €/share with final dividend increasing by 7.6% to 0.85 €/share Strong track record of dividend growth and consistent buybacks pursued in 2025 February 2025 – Results and Objectives | 24 Paid dividend €/share 2.67 2.86 3.06 3.28* +7.1% +7.0% +7.2% +7.1% €/share $/share 1€ = 1.1$ from Feb. 25 2.85 3.08 3.33 3.56 +6,9% +7.8% 1€ = 1.05$ from Feb. 25 +8.1% +8.2% 3.44 +3,2% +6.5% 2022 2023 2024 2025 2,0 2,5 3,0 3,5 2022 2023 2024 2025 > +20% 3.28 Buybacks B$ 1 2 3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025** ** Assuming reasonable market conditions 1.5 B$ from Canada divestment CAGR 2022-25 * Assuming first interim dividend of 0.85 €/share (paid in Q4 2025)
Slide 25 — 2025: Delivering consistent superior shareholder returns
Net debt Increase 2025 Objectives While maintaining a strong balance sheet to navigate an uncertain environment 2025: Delivering consistent superior shareholder returns February 2025 – Results and Objectives | 25 10 20 30 Brent ($/b) 70 I 80 TTF ($/Mbtu) 12 ERM ($/t) 35 2025 CFFO and cash flow allocation B$ 70 $/b 80 $/b Strong balance sheet: normalized gearing ~9.5% end-24 At 70 $/b, gearing at 12-13% by end-25 2025 CFFO sensitivities +2.8 B$/y for +10 $/b Brent* +0.4 B$/y for +2 $/Mbtu TTF +0.5 B$/y for +10 $/t ERM Resilient superior shareholder returns 2024 dividend growth +7%: 3.22 vs 3.01 €/share 2025 Buybacks: pursuing 2 B$/qtr assuming reasonable market conditions Pay-out > 40% Net investment 17-17.5 B$ < 3 % Gearing increase at 70$/b Dividend Buybacks CFFO * In a 70-80$/b Brent environment
Slide 26 — More energy, less emissions, growing free cash flow
2025 Objectives More energy, less emissions, growing free cash flow February 2025 – Results and Objectives | 26 Energy production Mboe/d GHG emissions Scope 1+2 from operated facilities MtCO2e 20 40 2015 2024 2025 2030 100 2015 2024 2025 2030 Lifecycle carbon intensity of sales(2) Scope 1+2+3, base 100 in 2015 -25% -40%(1) (1) Net of nature-based carbon sinks (2) Lifecycle carbon intensity of energy products sold used by end-customers – See Sustainability & Climate 2024 Progress Report (3) Free Cash Flow = CFFO – Net investments 10 20 2024 2025 2030 Brent ($/b) 80.8 70 I 80 80 TTF ($/Mbtu) 11 12 8 ERM ($/t) 39.5 35 35 70 $/b Free Cash Flow(3) B$ > 10 B$ 1 2 3 2024 2025 2030 40% 40% ~20% Oil Electricity Low-carbon molecules Gas > +3% Oil & Gas +4%/y +5% ~10% ~+3% Oil & Gas
Slide 27 — Strategic consistency, growth and resilience
More energy, less emissions, growing free cash flow De-risked high-margin growth from deep upstream portfolio LNG growth: de-risking exposure to spot gas Integrated Power: on the way to 12% ROACE Disciplined Capex & Opex, low-cost operator > 40% payout through the cycles: growing dividend, sustained share buybacks Low breakeven portfolio Strong balance sheet Strategic consistency, growth and resilience
Slide 28 — Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information
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. 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” 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 presents the results for the fourth quarter of 2024 and the full year of 2024 from the consolidated financial statements of TotalEnergies SE as of December 31, 2024 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the website 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. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “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, 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. Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward- looking statements published in this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”). Additionally, the developments of environmental and climate change-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 climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law.
Slide 29 — 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: €5,994,199,152.50 Registered in Nanterre: RCS 542 051 180 For more information go to