Totalenergies Se · EURONEXT:TTE
Totalenergies — Q4 2025 Earnings Presentation
51 slides from Totalenergies's earnings presentation, Feb 11, 2026
Slide 1: Delivering accretive energy growth, while strengthening resilience
Delivering accretive energy growth, while strengthening resilience February 11, 2026
Slide 2: 2025 Results & 2026 Objectives
2025 Results & 2026 Objectives Delivering accretive energy growth, while strengthening resilience 03 | Safety, our core value 04 | Relentlessly reducing emissions 06 | 2025: delivered growth while preparing 2030+ 17 | Opening a new chapter for TotalEnergies in Africa 31 | 2026 Oil and LNG key market
Slide 3: Safety, our core value
Safety, our core value Continuous improvement in safety, aiming for zero fatality Total recordable injury rate versus peers Primary losses of containment* per million man-hours number of incidents 100100 2,0 1,5 > -35% -60% in 5 Years in 5 Years Tier 2 50 50 1,0 0,5 0.47 Tier 1 Peers: BP, Chevron, E
Slide 4: Relentlessly reducing emissions
Relentlessly reducing emissions Reference 2015 2024 2024 2025 2025 -65% 2025 achievements Vs 2020 -55% Methane vs Obj. -60% operated kt CH4 64 29 22.5 Leading the industry on methane emissions All targets met and exceeded Vs 2015 -36% -38% 11,000 continuous detection systems Oil & Gas deployed acros
Slide 5: Mero-4, Brazil
Mero-4, Brazil
Slide 6: 2025: delivered growth while preparing 2030+
2025: delivered growth while preparing 2030+ Oil Gas & LNG Accelerate gas-to-power Start-up of Ballymore (US) and Mero-4 (Brazil) Rio Grande LNG Train 4 FID (US) integration in Europe through Namibia: entry as operator in PEL83 (Mopane) Acquisition of interests in Malaysia gas major transaction with
Slide 7: Delivered on our growth objectives
Delivered on our growth objectives 2025 objectives 2025 actuals More Energy production growth +5%* +5% energy Upstream production growth > +3% +3.9% Electricity net production > 50 TWh* 48 TWh 96% Refining utilization rate > 85% 86% LNG Sales > 40 Mt 44 Mt Renewables gross installed capacity 35 GW 3
Slide 8: Sustaining attractive distributions supported by accretive growth and strong balance sheet
Sustaining attractive distributions supported by accretive growth and strong balance sheet 2025 Cash flow allocation B$ 36 35 34 33 32 Net debt increase 7.5 31 30 Buybacks 29 28 27 27.8 B$ CFFO(1), with stable working capital year-on-year 26 Downstream despite quarterly fluctuations 25 24 6.2 B$ 23
Slide 9: Disciplined Capex within guidance
Disciplined Capex within guidance Active portfolio management through balanced acquisitions and divestments Integrated Power Low-carbon energies Maintenance Low-carbon Oil molecules 17.1 B$ Maintenance Gas Oil 2025 Net Capex LNG & Gas New Oil & Gas projects 2025 Results Net Capex = 16.8 B$ organic i
Slide 10: Accretive Upstream growth above expectations
Accretive Upstream growth above expectations New projects delivered > 150 kboe/d accretive production SEC Production Upstream CFFO Mboe/d at 70 $/b Brent and 12 $/Mbtu TTF 3,0 B$ 2024 2025 20 +10% vs +8% +4% vs > 3% kboe/d share op. Q3 Q4 Q1 Q2 Q3 Q4 2,5 > 30 $/boe Anchor US 75 37.1% 15 2,0 Fenix Ar
Slide 11: iLNG: 2025 CFFO supported by 10% growth in production and sales
iLNG: 2025 CFFO supported by 10% growth in production and sales, in a low-volatility environment US and Middle-East LNG cargoes destination* 100% An efficient market, optimizing LNG routes % of Middle-East cargoes and narrowing Asia/Europe spreads delivered to Asia > 80% • 60% of US LNG goes to Euro
Slide 12: iPower: continued strong delivery across the board
iPower: continued strong delivery across the board Tailwind from datacenter and AI growing demand Renewables Flexible generation Executing our focused strategy Europe: gas-to-power integration accelerated via EPH acquisition USA: Power & Gas • 1.7 GW of gross renewable capacity added in 2025, bringi
Slide 13: Ordinary shares begin trading on the NYSE
Ordinary shares begin trading on the NYSE Dec. 8, 2025 Termination of the ADR program and switch to ordinary shares listed on the NYSE A single class of TotalEnergies shares with extended trading hours (9:00 am Paris to 4:30 pm New York) Reach out to new shareholders Domestic funds previously exclud
Slide 14: Profitability, Longevity and Resilience to deliver superior performance through cycles
Profitability, Longevity and Resilience to deliver superior performance through cycles ROACE full-year 2025 2025 Total shareholder return* % % 28% 12.6% BP 10% 20% Shell BP Shell Exxon Exxon Chevron Chevron 0% 0% Proved reserves life index Upstream production costs** years $/boe 15 Exxon 12.2 10 10
Slide 15: Best performing stock in 2025
Best performing stock in 2025 Stock price base 100 at 31-Dec-24 130 +20% TotalEnergies +17% BP +17% Shell +12% Exxon 110 +5% Chevron 90 -20% Brent 70 Jan.25 Feb.25 Mar.25 Apr.25 May.25 Jun.25 Jul.25 Aug.25 Sep.25 Oct.25 Nov.25 Dec.25 2025 Results Source: Bloomberg; in US Dollars February 2026 – Resu
Slide 16: Namibia
TS TotalEnergies Namibia, a new golden province for TotalEnergies
Slide 17: Opening a new chapter for TotalEnergies in Africa
Opening a new chapter for TotalEnergies in Africa With 2 operated worldclass deepwater projects to start with PEL56 PEL83 PEL83 Mopane Operator Operator c. 35% share 40% share PEL91 300km from coast Venus - First FPSO Mopane - Second FPSO Olympe Venus 750 Mboe 800-1,100 Mboe Oil discovery Oil prospe
Slide 18: A major transaction concluded with Galp
A major transaction concluded with Galp Cashless, crystalizing Venus value, with closing expected by mid 2026 What TotalEnergies will take What TotalEnergies will give 40% 10% operated share of PEL83 (Mopane) share of PEL56 (Venus) Carry of 50% 800 – 1,100 Mboe of Galp’s capital expenditures for the
Slide 19: TotalEnergies becomes the anchor player for Namibia
TotalEnergies becomes the anchor player for Namibia Operated production capacity in Namibia kb/d, 100% Launching the first two oil projects in the country #1 Deepwater Operator in Africa 10 FPSO/FSU in operation + 1 in construction Further Upsides* Building on our proven low-cost track record Strong
Slide 20: First project: Venus, targeting FID in 2026
First project: Venus, targeting FID in 2026 Targeting 2030 production FEED finalized Designed to minimize emissions, targeting GHG Fully Production Resources intensity around appraised 150 kb/d ~750 Mboe 15 kgCO2e/boe discovery Capex firmed-up by competitive EPC bids Scope 1+2 supporting an FID in 2
Slide 21: Second project: Mopane, maturing the full-scale plan for a first development on PEL83
Second project: Mopane, maturing the full-scale plan for a first development on PEL83 Q4 26 Q1 27 Q2 27 Q3 27 Material contribution to 2030+ growth Exploration Well Appraisal Well #1 Appraisal Well #2 Proven reservoir Resources Production with good > 200 kb/d 800-1,100 permeability Mboe Capex + Opex
Slide 22: Best positioned to lead the Orange basin goldrush
Best positioned to lead the Orange basin goldrush PEL104 Oil discovery ~10 Bbo exploration potential Oil prospect Past wells 2026 target Lüderitz basin Dry well Namibia PEL83 Firming-up exploration plan Mopane on existing acreage Strategically expanding with PEL91 bia Venus mi rica Na h A f ut entry
Slide 23: TotalEnergies
— TotalEnergies
Slide 24: Creating value with fit-for-purpose solutions for datacenters
Creating value with fit-for-purpose solutions for datacenters Renewable pay-as- Clean Firm Power + “Powered land” produced PPA PPA option Quick to build, fast to Decarbonization solution Construction site connect for stable power for datacenter Premium packaged offer Energy supplier + Infrastructure
Slide 25: 2025-2026: Scaling up datacenter business with tech companies
2025-2026: Scaling up datacenter business with tech companies Deploying Integrated Power solutions Integrated Power focus aligned with datacenters’: USA, Europe 1.3 GW PPAs by TotalEnergies teams Leveraging JV participations Clearway 1.2 GW with Google 0.3 GW with Microsoft Casa dos Ventos 0.9 GW wi
Slide 26: A worldwide Google partnership, spanning Texas to Malaysia…
A worldwide Google partnership, spanning Texas to Malaysia… The Texas deal Signed today Options for tomorrow PPA with immediate “Power-land”: optional connection to the grid value multipliers Solar panels Option to collocate 1 GW 2 TWh/y 1.5 GW datacenter solar farms 15 years, from 2028 Potential fo
Slide 27: Casa dos Ventos: the strategic partner at the heart of Brazil's datacenter push
Casa dos Ventos: the strategic partner at the heart of Brazil’s datacenter push Record-breaking deal with From renewables to data export with 500 M$ transaction, the largest in LatAm for datacenters Powering a massive datacenter hub in Pecém • CDV will supply 110 MWavg with 24/7 uptime • ByteDance 3
Slide 28: 2025: Scaling up TotalEnergies data platform to be at the forefront of the AI users
2025: Scaling up TotalEnergies data platform to be at the forefront of the AI users Upstream Downstream Integrated Power AI Science to develop and industrialize AI models and agents New 2025 l Expose 40 Upstream sites 16 R&C sites 500 Integrated Power sites data to users and digital applications Sto
Slide 29: A clear definition of AI-driven priorities supported by a new global competency center
A clear definition of AI-driven priorities supported by a new global competency center 1 B$ investment over 2026-28 3 Digital Strategic Programs embedding AI Launching a new Global Competency Center in India Digital for HSE An enabler for Company’s Integrated Power Growth Reduce major risks and enha
Slide 30: NFQ 18, Qatar
NFQ 18, Qatar
Slide 31: 2026 Oil and LNG market drivers
2026 Oil and LNG market drivers Oil Gas Oil price TTF price Brent, $/b Monthly average, $/Mbtu 70$ 120 20 100 15 80 10 60 60 $/b 10 $/Mbtu 2026 budget assumption 2026 budget assumption 40 5 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2015 2020 2025 2024 2025 ‘26 Dynamic oil demand growth expected above 0.9 M
Slide 32: 2026: our differentiated growth, a unique hedge to face uncertainty
2026: our differentiated growth, a unique hedge to face uncertainty 2026 objectives More Energy production growth + 5%(1) energy Upstream production growth + 3% Electricity net production > 60 TWh(1) Refining utilization rate > 85% LNG Sales > 44 Mt Renewables gross installed capacity 42 GW Less Met
Slide 33: Enhancing resilience through additional cash savings
Enhancing resilience through additional cash savings 2026 Opex savings New initiatives in 2026 Cash savings program Creation of a global competence center in India over 2026-30 Downstream Upstream • Establish an India-based OneTech delivery organization at a competitive cost 500 M$ savings • Support
Slide 34: 2026: Reducing capital investment, confirming growth
2026: Reducing capital investment, confirming growth Integrated Power Low-carbon energies effort inc. ~1 B$eq EPH shares* ~20% 2026 Capex guidance reduced Low-carbon molecules to ~15 B$ Maintenance Capex dedicated to Major Oil & Gas projects secured ~15 B$ Oil Maintenance Gas Flexible power generati
Slide 35: 2026: Upstream growth continues
2026: Upstream growth continues Deep and rich project pipeline delivers > 125 kboe/d 2025 2026 Additional share Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Capacity Anchor US 75 37.1% kboe/d Ballymore US 75 40% kboe/d Mero 4 Brazil 180 19.3% kboe/d Clov Ph.3, Begonia Angola 60 38%, 30% op. kboe/d Lapa Southwest Brazil
Slide 36: Accretive growth enhances resilience
Accretive growth enhances resilience Offsetting 10 $/b lower oil price over two years SEC Production Upstream CFFO Mboe/d at 60 $/b Brent and 10 $/Mbtu TTF B$ 70 $/b +7% 3,0 +10% +4% +3% 15 2,5 2,0 Gas 10 1,5 Upstream 1,0 CFFO* 5 Oil 0,5 2024 * 2025 * 2026 2026 Objectives * 2024 & 2025 Upstream CFFO
Slide 37: Never stopped exploring
Never stopped exploring Major exploration successes… … consistently sustaining our 1 B$/year exploration & appraisal effort GranMorgu Production Resources 220 kb/d 750 Mb Norway Time to FID First Oil 1 Year 1H 2028 Algeria US offshore Libya Guyana Malaysia Venus Appraisal Liberia Production Resource
Slide 38: iLNG: accretive production growth and major project start-ups to offset softening prices
iLNG: accretive production growth and major project start-ups to offset softening prices Two competitive projects to start-up in 2026 iLNG CFFO B$ Q3 2026 Energia Costa Azul Serving US gas to Asian markets, from Pacific Coast -10 $/b > 4.5 B$ -2 $/Mbtu Offtake 4 +6% prod. 1.7 Mtpa ~550 $/t growth Ca
Slide 39: EPH transaction accelerating gas-to-power integration in Europe
EPH transaction accelerating gas-to-power integration in Europe ~14 GW 15 TWh/y gross installed capacity net power generation by end 2026 across Italy, UK, Ireland, Netherlands and France CCGT BESS Biomass ~750 M$/y available cash flow 12.5 GW 0.8 GW 0.5 GW Closing expected by mid-2026 2026 Objectiv
Slide 40: iPower: towards free cash flow positive
iPower: towards free cash positive Electricity generation CFFO Company share, TWh B$ 100 - 120 TWh 5,0 4-5 100 >3 > 60 TWh 2,5 4x JV with EPH* 50 3x Flexible generation Renewables 0 2021 2025 2026 2030 2021 2025 2026 2030 * Assuming closing of the acquisition on July 1st, 2026 Delivering production
Slide 41: Restoring the reliability of Refining & Chemicals
Restoring the reliability of Refining & Chemicals 2026: expected recovery from low-performing assets Port Arthur Refinery Lack of availability in H1 2025 (reformer and steam) Large turnaround safely delivered on time Port Arthur performances back on track after turnaround Donges Refinery Delays in d
Slide 42: M&S: Growing cash flow, focus on value over volume
M&S: Growing cash flow, focus on value over volume CFFO Sales Lubricants B$ Mb/d Network ~2.5 B$ 2 Leverage market share in France New global Lubricants BU 1 Develop non-fuel revenues from organized by end-markets Shops, Food and Mobility Auto, Industry, Marine Drive value from leadership Target hig
Slide 43: Growing free cash flow strengthening resilience
Growing free cash flow strengthening resilience Offsets prices and margin decline through energy production growth and cash savings CFFO & Net Investments Free Cash Flow B$ = CFFO – Net investments B$ 25 25 15 70 $/b 20 20 60 $/b 69 $/b 10 15 15 CFFO growth ~+4 B$ 60 $/b Cash savings 10 10 5 5 5 202
Slide 44: Priority to sacrosanct dividend growth
Priority to sacrosanct dividend growth 2025 dividend growth +5.6% in Euros ( ~+13% in US Dollars) Ordinary dividend per share €/share 3,5 3.40 ~ +30% 2025 dividend 3,0 Final 2025 dividend: 0.85 €/share as per quarterly interim dividends 2025 ordinary dividend growth of +5.6% in €/share, fully reflec
Slide 45: 2026 Cash balance preserving a healthy balance sheet
2026 Cash balance preserving a healthy balance sheet 2026 CFFO and cash flow allocation B$ 30 70 $/b Healthy balance sheet: gearing at 14.7% end-25 Leases Gearing objective: around 15% end-26 Buybacks Strong CFFO resilience Disciplined net investment 20 Dividend @ 1.2 $/€ Sacrosanct dividend Buyback
Slide 46: The differentiated and profitably growing energy company
The differentiated and profitably growing energy company Strategic consistency, growth and resilience supported by cash savings program Delivering accretive growth Low-cost LNG growth well positioned to Integrated Power: from low-cost upstream portfolio arbitrate European and Asian markets towards f
Slide 47: Appendix
Appendix
Slide 48: 2026 Cash flow allocation
2026 Cash flow allocation 2025 Ordinary Dividend: Net investment: 14.7% end-25 2026 (~1.2 $/€): +5.6% vs. 2024 in € (> 2025 buybacks) 2026: ~15 B$/y 3 – 6 B$ at 60-70 $/b around 15% end-26 +13.3% in $* * Assuming 1.2 $/€ from Jan. 26 Appendix February 2026 – Results and O bjectives | 48 ** Including
Slide 49: Working capital seasonality & impact on gearing
Working capital seasonality & impact on gearing Working capital cash contribution & Gearing impact B$ % 8 7,7 7 6 5,4 5 4 3,6 -6.2% 3 -3.9% 2 1,5 1,3 -2.3% 1,2 1 -1% 0,4 0,2 -0.9% -0.8% 0 -1 -0,5 -2 +2.9% +2.6% -3 +3.8% -4 -5 -4,5 -4,4 -6 -6,0 -7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Ap
Slide 50: The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the consolidated entities directly or indi
Slide 51: For more information go to
Corporate Communications TotalEnergies SE 2, place Jean-Millier 92400 Courbevoie, France Tel.: +33 (0)1 47 44 45 46 Share capital: €5,516,463,857.50 Registered in Nanterre: RCS 542 051 180 For more information go to