Slide 1: 50% acquisition of EPH flexible generation in Europe
50% acquisition of EPH flexible generation in Europe November 17, 2025
Slide 2: An acquisition fully consistent with Integrated Power strategy and cash accretive
TS TotalEnergies An acquisition fully consistent with Integrated Power strategy and cash accretive for TotalEnergies’ shareholders
Slide 3: Sharpening focus on key deregulated markets
Integrated Power Strategy as presented on Sept. 29th Sharpening focus on key deregulated markets USA, Europe, Brazil Oil & Gas countries Leveraging the multi-energy model Key deregulated markets to scale up the integrated model to strengthen Oil & Gas positions Extended value proposition and = ~70%
Slide 4: All-stock transaction with closing expected by mid 2026
All-stock transaction with closing expected by mid 2026 Creation of a joint venture owned 50/50 by TotalEnergies and EPH Offer for 50% of EPH’s What TotalEnergies will gain flexible assets in Europe Partnering with a successful and experienced team that built a leading flexgen player in Europe 50% o
Slide 5: Building a major gas-to-power player in Europe
Building a major gas-to-power player in Europe Driving value through scale and integration Net gas-fired capacity in Europe LNG deliveries to Europe Q3 2025, in operation or under construction, GW 2024, Mtpa 15 15 ~15 TWh net production from new JV adds value to 2 Mtpa through integration ~11 GW 10
Slide 6: Immediately cash-accretive transaction
Immediately cash-accretive transaction Annual available cash flow Revised Capex guidance vs. Dividend charge for new shares B$/y M$/y 800 ~750 M$/y 20 15-17 B$/y 14-16 B$/y Extra -1 B$/y available cash 400 10 +95.4 M shares Dividend for new shares Available cash flow from transaction CMD Sept 25 gui
Slide 7: EPH's portfolio strong fit with...
TS TotalEnergies EPH’s portfolio strong fit with
Slide 8: Top-tier flexible assets across key European markets
Top-tier flexible assets across key European markets Acquiring >14 GW portfolio in Italy, UK, Ireland, Netherlands, France Acquisition Perimeter Gross capacity CCGT, in TotalEnergies current portfolio CCGT, acquired, in operation construction development BESS, acquired, in construction development U
Slide 9: Adding flexgen capacity in key European markets
Adding flexgen capacity in key European markets Italy – 6.1 GW* United Kingdom & Ireland – 5.4 GW* Netherlands – 2.8 GW* A power island with power price linked Power islands with power price linked Attractive market for power trading to gas and growing CO2 prices to gas and high CO2 prices Core posi
Slide 10: A growing platform generating resilient cash flow
A growing platform generating resilient cash flow Joint-venture electricity generation Joint-venture gross margin 100% JV, TWh/y 100% JV, B$ 40 2 ~+33% Revenues from Marketed production 20 Fixed costs 40% secured revenues from capacity remuneration 0 2026 2030 2026 2026 (full year basis) - 2030: Pro
Slide 11: Strong fit along Integrated Power value chain in Europe
Strong fit along Integrated Power value chain in Europe Upstream gas* Flexible generation Renewables Storage Power trading Customers & LNG portfolio** Gas-fired, Biomass BESS Power 2026 2026 2026 1.1 Bcf/d 25 TWh/y 6 GW 2 GW North Sea including 15 TWh/y installed gross including 1.3 GW gas productio
Slide 12: Myrtle Solar, USA
TotalEnergies ath 3 , ey N : 3 yi x s
Slide 13: Updated guidance for TotalEnergies
Updated guidance for TotalEnergies Reduced Capex guidance at Company level This transaction frontloads 6 B$ of inorganic Capex which were embedded in 15-17 B$/y net Capex guidance (Sept. 2025), out of which 3-4 B$ for Integrated Power Net Capex guidance revised down to 14-16 B$/y through 2026-2030,
Slide 14: Disclaimer and adjustment items
These adjustment items include: 1. Special items This document contains information that was inside information until its release. Due to their unusual nature or particular significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, sp
Slide 15: 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