Totalenergies Se · EURONEXT:TTE
Totalenergies — Investor Presentation (September 2026)
46 slides from Totalenergies's investor presentation, Sep 28, 2026
Slide 1: More oil & gas, more power, less emissions, growing free cash flow
More oil & gas, more power, less emissions, growing free cash flow September 28, 2026
Slide 2: Table of contents
Table of contents Safety Oil & Gas Integrated Power 03 | Safety in continuous improvement Upstream 33 | Integrated Power: delivering targets, strengthening integration, growing value 18 | Delivering Oil & Gas production growth More oil & gas, more power, less emissions, 34 | TTEP: A differentiated g
Slide 3: Safety in continuous improvement
Safety in continuous improvement Objective zero fatality Total recordable injury rate versus peers Primary losses of containment* per million man-hours number of incidents 100 -35% -60% 1. 2 in 5 Years In 5 Years Tier 2 50 0. 7 0.45 Tier 1 Peers: BP, Chevron, ExxonMobil, Shell 0. 2 0 2020 2021 2022
Slide 4: TotalEnergies' Executive Committee
TotalEnergies’ Executive Committee Chairman and President, President, Chief Executive Marketing & Services Strategy Officer & Sustainability President, President, Chief Financial Gas, Renewables People & Social Officer & Power Engagement President, President, President, OneTech & Asia Refining Explo
Slide 5: CLOV, Angola / Wolf Hollow, Texas
CLOV, Angola Wolf Hollow, Texas
Slide 6: Energy: an attractive sector combining growth and value, supported by a strong momentum
Energy: an attractive sector combining growth and value, supported by a strong momentum aiming at higher living standards leading to Structural lack of investment in Oil & Gas More investment required in renewables and flexible generation as well as in grids and network to fulfill strong electrifica
Slide 7: Strait of Hormuz crisis key takeaways so far
Strait of Hormuz crisis key takeaways so far Middle East crude and products supply disruption balance Crude oil main routes March-July 2026, Mb/d Mb/d 0 -4 -5 -10 -20 Baniyas -15 Suez Canal Basrah -20 0/1 Pre-war SoH SoH flows Rerouted ME Increase of non Commercial and Demand Strait of 0.7 / 2.5 Hor
Slide 8: Lasting Middle East conflict impacting gas markets perspectives
Lasting Middle East conflict impacting gas markets perspectives: tightness on the short term and delayed LNG supply wave TTF and JKM US Gulf netbacks* & HH month-ahead Global LNG supply capacity & demand** $/Mbtu Mtpa 900 Demand 800 +5-8% 25 CAGR 2028–35 Pre-FID 700 20 600 15 Existing, 500 under 50%
Slide 9: Power demand growth accelerating
Power demand growth accelerating Customers turning to electrification in response to hydrocarbons supply disruptions Global electricity consumption ‘000 TWh Confirmed strong drivers for power demand > 4% 2023-26 CAGR Heat pumps, air conditioning 25 China +6% Datacenters, digitalization 20 India +4%
Slide 10: TotalEnergies: integrated, diversified and resilient
TotalEnergies: integrated, diversified and resilient Integration Diversification Low breakeven Oil & Gas Power 2030 CFFO Split Breakeven* at 80 $/b Brent $/b Renewables 100 Asia Flexible Storage MENA LNG plants generation E&P equity & 75 offtake Clean firm power Americas 50 iLNG Trading Africa 25 Re
Slide 11: All 2030 targets confirmed: executing the plan
All 2030 targets confirmed: executing the plan Delivering more energy from our two pillars Oil & Gas Integrated Power Energy production Mboe/d SEC Production Electricity generation Low-carbon molecules Mboe/d Company share, TWh ~20% Electricity > +3%/y +4%/y 3 3 100 > +20%/y 2 ~40% Gas 2 50 1 0 2025
Slide 12: Delivering strong free cash flow growth from both pillars
Delivering strong free cash flow growth from both pillars Oil & Gas Integrated Power Free cash flow(1) Free cash flow(1) Free cash flow(1) at 80 $/b Brent, 8 $/Mbtu TTF and 6 $/b ERM at 80 $/b Brent, 8 $/Mbtu TTF and 6 $/b ERM B$ B$ B$ 20 +7 - 8 B$ +2 - 3 B$ ~+10 B$ Integrated at same price deck* 20
Slide 13: Strong visibility towards 2035 thanks to our rich and diversified portfolio
Strong visibility towards 2035 thanks to our rich and diversified portfolio Oil & Gas Integrated Power Proved Reserves Life Index Ambition: pursuing growth on the Ambition: +2-3%/y Years 2030-2035 production growth pace of 10-12 TWh/y (+8-10%/y) 2030-2035 net production growth 15 Baseline production
Slide 14: Investments supporting growth through 2030 and preparing 2030+ growth
Investments supporting growth through 2030 and preparing 2030+ growth Integrated Power 2027 – 2032 Low-carbon energies effort* Net Capex 14-17 B$/y Investing in 2030+ value Low-carbon Maintenance accretive growth Oil molecules Flexibility to accelerate highly profitable short-cycle 2027 – 2032 Maint
Slide 15: Continuously growing return on capital
Continuously growing return on capital The most profitable major ROACE 80 $/b 17-18% 15% 14.8% Low-cost oil & gas Cash-accretive 60 $/b 12.6% production** Upstream growth 11.8% 13-14% < 5 $/boe 10% Peers* Integrated Power Operational 12% ROACE excellence 5% 2018 2024 2025 2030 by 2030 in Downstream
Slide 16: Upstream, Integrated LNG, Downstream
Upstream Integrated LNG Downstream
Slide 17: Al Shaheen, Qatar
te TotalEnergies = 4°) ® pra) ” ok —
Slide 18: Delivering Oil & Gas production growth
Delivering Oil & Gas production growth More Oil & Gas, less emissions SEC Production Mboe/d Scope 1+2 Oil & Gas* Mt CO2e, Operated activities 3. 0 > +3%/y 40 46 -38% 2. 5 vs. 2015 -50% vs. 2015 Ima (NLNG T7) 2. 0 Absheron Ph2 Gas Ubeta (NLNG T7) 15 Cronos Mozambique LNG 2015 2020 2025 2030 Marsa LNG
Slide 19: Delivering Oil & Gas cash flow growth
Delivering Oil & Gas cash flow growth Upstream CFFO B$ Accretive +4 - 5 B$ > 25 $/boe ~17 $/boe 25 Projects CFFO vs. 2025 at 60 $/b 2027-30 at 60 $/b 20 60 $/b 60 $/b Cost efficient 15 60 $/b < 20 $/boe < 5 $/boe Capex + Opex Upstream OPEX** 10 Diversified 5 Geography Thematics Africa, US, LNG, Deep
Slide 20: 100% of 2030 production sanctioned
100% of 2030 production sanctioned Focusing on project execution Oil Capacity Share Op. First Oil SEC Production Ratawi Ph1 Iraq 120 kboe/d 45% l Q4 2026 Mboe/d Kingfisher Q4 2026 Uganda 230 kboe/d 56.7% Tilenga l H1 2027 > +3%/y Al Shaheen Ph3 Qatar 165 kboe/d 30% 2027 3. 0 Kaminho Angola 70 kboe/d
Slide 21: Continuous exploration effort paying off
Continuous exploration effort paying off Developing commercial discoveries and exploring for future growth > 3 Bboe discoveries Sustaining our 1 B$/y exploration & appraisal effort sanctioned or pre-FID Reserves & resources Exploration zones of interest Suriname 2027-28 exploration program Bboe Norw
Slide 22: 2030+: solid base to set the ambition for 2-3%/y production growth
2030+: solid base to set the ambition for 2-3%/y production growth SEC Production Mboe/d Ambition +2-3%/y New projects Track record in Exploration and DRO* access to be identified 3 allows the ambition of 2-3%/y growth to 2035 Identified projects Identified projects contributing to maintain 3 Mboe/d
Slide 23: ECA LNG, Mexico
T= TotalEnergies
Slide 24: A growing and diversified LNG portfolio
A growing and diversified LNG portfolio LNG equity production LNG sales* Mtpa Mtpa > 45 Mtpa From spot 40 40 purchases 30 30 MT & LT Americas > +10%/y Europe third-party offtakes CAGR 2025-30 Europe Asia Sold by JVs ~5 Mtpa 20 to third parties 20 Flexible MENA From ECA NFS North TotalEnergies 10 NFE
Slide 25: Doubling Integrated LNG CFFO
Doubling Integrated LNG CFFO Integrated LNG CFFO B$ 10 CFFO outlook underpinned by a growing asset and +4 - 5 B$ Midstream sales base & Downstream CFFO Top-tier LNG projects under construction Access to competitive US LNG supply 5 Diversified portfolio combining resilience and ability to capture spi
Slide 26: Delivering our competitive projects, well positioned to supply consuming regions
Delivering our competitive projects, well positioned to supply consuming regions and capture margins LNG projects pipeline LNG projects merit curve $/Mcf DES Asia, breakeven at 11% discount Capacity Share First LNG Mt/y ECA Mexico 3 16.6% July 2026 12 NFE Qatar 32 6.25% 2027 NLNG T7 Nigeria 7.6 15%
Slide 27: A resilient portfolio, with options to capture market opportunities
A resilient portfolio, with options to capture market opportunities LNG portfolio* net exposure Mt A diversified and resilient portfolio 2026: No Force Majeure passed to our customers 10 Portfolio strategically set up for geographical arbitrage between Europe and Asia ~20 Mtpa regas capacity in Euro
Slide 28: Leuna refinery, Germany
Leuna refinery, Germany
Slide 29: Downstream: consistently delivering cash flow through cycles
Downstream: consistently delivering cash flow through cycles Downstream CFFO B$ Downstream, a resilient cash engine ready to capture market upsides 10 Refining & Chemicals: maximizing availability to capture high cycles and be resilient to low cycles 5 Marketing & Services: value over volume, a recu
Slide 30: R&C: restored operational excellence, focusing on availability to capture high cycles
R&C: restored operational excellence, focusing on availability to capture high cycles R&C CFFO Unplanned events Restored operational excellence B$ program delivering results 12% Lowest level of unplanned events since 2017 10% 3 Short term: making the most of the high cycle 8% Jet and diesel producti
Slide 31: M&S: value over volume, focused on profitability
M&S: value over volume, focused on profitability M&S CFFO Retail networks B$ Focusing on high market share geographies (France, Africa) Complementing retail margins through non-fuel sales Lubricants 2 Lubricants business driven by value over volume, in a dedicated business unit Differentiation throu
Slide 32: Italy
Italy
Slide 33: Integrated Power: delivering targets, strengthening integration, growing value
Integrated Power: delivering targets, strengthening integration, growing value Electricity generation Company share, TWh 100 - 120 A proven business model, 2030 targets confirmed TWh Free cash flow positive from 2027, balanced in 2026 Flexible Growing power production by > 10 TWh/y 100 generation Pr
Slide 34: TTEP: A differentiated gas-to-power platform
TTEP*: A differentiated gas-to-power platform, driving cash flow growth through integration in Europe TTEP gross margin Contribution to Integrated Power CFFO B$, 100% TTEP B$ 1 2 Revenues from ~750 M$ ~30% gas tolling From direct electron sales by TotalEnergies > 500 M$ Revenues from 1 capacity remu
Slide 35: Key levers to reach ~12% ROACE target
Key levers to reach ~12% ROACE target Develop & Produce better: Sell better: Clean Firm Power Proven track record of scale and costs reduction > 6 TWh of CFP contracts secured in 2025-26 farm-downs Improved to 2nd quartile* in Europe for solar Underpinned by the size, diversity of our projects in 20
Slide 36: Beyond 2030: pursuing growth at the same pace on selected markets
Beyond 2030: pursuing growth at the same pace on selected markets Electricity generation Company share, TWh Priority to grow in the US & Europe Flexible 150 +10-12 generation Further gas-to-power integration opportunities in the US & Europe TWh/y ~1/3 Extensive renewable pipeline to promote Clean Fi
Slide 37: Integrated Power: a differentiated catalyst for stock re-rating
Integrated Power: a differentiated catalyst for stock re-rating CFFO Net Income B$ B$ ~5 ~4 5. 0 Sales ~4 Trading and Retail 3 >3 ~2 2. 5 Production Renewables + Flexible 2025 2026 2028 2030 2025 2026 2028 2030 Equity value > 50 B$ in 2030 based on a P/E multiple of 15x as per utilities benchmark In
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0
Slide 39: More oil & gas, more power, less emissions, delivering superior free cash flow growth
More oil & gas, more power, less emissions, delivering superior free cash flow growth Energy production GHG emissions Free Cash Flow Mboe/d B$ Scope 1+2 from O&G operated facilities(1) Low-carbon molecules MtCO2e ~+10 B$ ~20% Electricity at same price deck* 3 +4%/y 40 20 Integrated Power -50% 20 ~40
Slide 40: Committing to dividend growth of > +5%/y to 2030
Committing to dividend growth of > +5%/y to 2030 Underpinned by strong visibility on free cash flow growth Quarterly dividend* Base 100 in 2019 Chevron Priority to sacrosanct dividend 135 No dividend cut in 2020, ~+35% growth since 2021 2026 interim dividend growth of +5.9% in €/share Exxon 100 Conf
Slide 41: Sustaining shareholder payout > 40% while deleveraging the Company
Sustaining shareholder payout > 40% while deleveraging the Company 2026 CFFO and cash flow allocation B$ Deleveraging the Company 40 < 10% 30 Buybacks 2Q26–1Q27 as early as end 2026 Dividend* 20 CFFO Adjusting buybacks Capital 10 investment & Leases 4Q26: 2.5 B$ 1Q27: 2-2.5 B$ Brent ($/b) 90 TTF ($/
Slide 42: Strong free cash flow supporting growing distributions and deleveraging
Strong free cash flow supporting growing distributions and deleveraging 2026-30 Cumulative CFFO B$ ~100 B$ Cumulative free cash flow Available for at 80 $/b net debt reduction 150 & share buybacks < 35 $/b Dividend Dividend Post-dividend breakeven inc. 5%/y growth inc. 5%/y growth in 2030 100 Discip
Slide 43: The differentiated and profitably growing energy company
The differentiated and profitably growing energy company More oil & gas, more power, less emissions, growing free cash flow Delivering accretive growth Competitive LNG growth well positioned Integrated Power free cash flow positive from low-cost Upstream portfolio to arbitrate European and Asian mar
Slide 44: Celebrating our ordinary shares listed on the NYSE
Celebrating 35 years on the NYSE Our ordinary shares now trade since Dec. 8, 2025 Investing in TotalEnergies September 2026 – Strategy and O utlook | 44
Slide 45: September 2026 – Strategy and O utlook | 45
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
Slide 46: 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: €5,704,141,785.00 Registered in Nanterre: RCS 542 051 180 For more information go to
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