Totalenergies Se · EURONEXT:TTE
Totalenergies — Investor Day (November 2025)
48 slides from Totalenergies's investor day presentation, Nov 19, 2025
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
Table of contents Safety Oil & Gas Integrated Power 03 | Safety in continuous improvement Upstream 36 | Confirmed power demand growth 20 | Delivering Oil & Gas production growth 37 | Sharpening focus on key deregulated markets Delivering profitable energy growth while 21 | Focused on delivering majo
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 -50% -75% 1. 2 2015–2024 2015–2024 Tier 2 50 0. 7 0.45 Tier 1 Peers: BP, Chevron, ExxonMobil, Shell 0. 2 2020 2021 2022 2023
Slide 4: TotalEnergies' Executive Committee
TotalEnergies’ Executive Committee Chairman and President, President, Chief Executive Strategy President, Asia Gas, Renewables Officer & Sustainability & Power President, President, Chief Financial Downstream and People & Social Officer Marketing & Services Engagement President, President, President
Slide 5: Egina, Nigeria / Danish Fields, USA
Egina, Nigeria Danish Fields, USA
Slide 6: Oil market: strong fundamentals, short-term uncertainties
Oil market: strong fundamentals, short-term uncertainties Non-OPEC+ supply growth and Global demand growth Mb/d 3 Short-term uncertainties Abundant supply 2 • Combination of Non-OPEC+ supply growth and OPEC+ 1 voluntary cut unwinding Soft demand, opportunistic price response 0 • Short-term Asian dem
Slide 7: Gas markets: normalized volatility, next LNG supply wave will soften prices but foster demand
Gas markets: normalized volatility, next LNG supply wave will soften prices but foster demand TTF price ranges Annual incremental LNG supply* Demand Front year, $/Mbtu % Mtpa 100 20% 80 600 +6-7%/y 15% 60 +3%/y 400 10% 40 +10%/y +1%/y +12%/y 200 20 5% 2019 2020 2021 2022 2023 2024 2025 ’08 ’09 ’10 ’
Slide 8: Confirmed power demand growth
Confirmed power demand growth More intermittent supply driving an increased need for flexible generation Global electricity consumption ‘000 TWh Strong drivers for power demand +3.3% 30 CAGR Data centers, digitalization India Decarbonization, EV rollout Brazil Heat pumps, AC Europe 25 Increasing ren
Slide 9: Take actions to address macro uncertainties and keep agility
Take actions to address macro uncertainties and keep agility Cash Savings Deliver our growth Maintain strong shareholder distributions 7.5 B$ savings over 2026-2030 Maintain all core accretive projects Adjust buybacks to energy prices in Capex and Opex in Upstream and Integrated Power to maintain ge
Slide 10: Growing energy production by 4%/y through 2030
Growing energy production by 4%/y through 2030 From our two pillars: Oil & Gas and Integrated Power Oil & Gas Integrated Power Energy production Mboe/d Low-carbon molecules ~20% Electricity 3 +4%/y 40% Gas 2 Deep low-cost, low-emissions upstream portfolio, Driving value from integrated model deliver
Slide 11: Streamlining investments while delivering growth on both pillars
Streamlining investments while delivering growth on both pillars Integrated Power 2026–2030 Net Capex guidance reduced by 1 B$/y Disciplined organic investment Maintenance • Major projects secured through FIDs and resilient to Oil Oil 2026 tariffs • Focus on core growth projects in Upstream and on ~
Slide 12: Delivering our Oil & Gas production growth target
Delivering our Oil & Gas production growth target Adding 1 Mboe/d of low-cost, accretive projects SEC Production Mboe/d Accretive ~+3%/y Pre-FID ~25 $/boe ~15 $/boe vs. > +3% > +3% CFFO 2026-30 Base Portfolio 2. 5 at 60 $/b Post-FID 2. 0 2024-25 Cost efficient Start-ups < 20 $/boe < 5 $/boe 1. 5 Cap
Slide 13: Delivering our LNG projects and enhancing our portfolio
Delivering our LNG projects and enhancing our portfolio LNG sales Mtpa Strengthening portfolio with low-cost supply growth 60 + ~5 Mt spot > +15 Mtpa from top-tier projects by 2030 in line with market growth ~+7%/y Pre-FID Access to very cost competitive US supply, through excl. spot 50 ownership in
Slide 14: Delivering Integrated Power growth more efficiently
Delivering Integrated Power growth more efficiently Gross power capacity Electricity generation GW Company share, TWh Enhancing our development 100 to 120 TWh ~100 GW strategy 100 Flexible Prioritizing investments in key generation Flexible Gas-to-power, deregulated markets: USA, Europe, Brazil 100
Slide 15: Delivering superior free cash flow growth
Delivering superior free cash flow growth Growing cash available for distributions, securing future dividend increases Reinvestment rate Net Capex Free cash flow(1) at 70 $/b Brent, 8 $/Mbtu TTF and 35 $/t ERM B$ at2570 $/b Brent, 8 $/Mbtu TTF and 35 $/t ERM % 24 B$ 20 23 22 21 65% 20 ~ +10 B$ 19 18
Slide 16: Beyond 2030: pursuing growth and value creation
Beyond 2030: pursuing growth and value creation Oil & Gas Integrated Power Develop valuable optionality Continue to explore for Oil & Gas Sustain profitable growth Namibia: progressing towards a first ~1 B$/y consistent exploration and Capture value from development appraisal effort worldwide growin
Slide 17: Our People at the heart of the success of the strategy
Our People at the heart of the success of the strategy From promising talents… … to engaged employees… … to committed shareholders 90% #1 in employee(2) shareholding in 82% 84% Europe (12 B€ held, 8.9% of capital) Large subscription in 2025, as in 70% 69% record 2024 > 150 > 45% 64% • > 60,000 subsc
Slide 18: Growing today's free cash flow engine
Growing today’s free cash flow engine Upstream Downstream Integrated LNG Mero-4, Brazil
Slide 19: SK408, Malaysia
SK408, Malaysia
Slide 20: Delivering Oil & Gas production growth
Delivering Oil & Gas production growth SEC Production Upstream CFFO Mboe/d B$ 3. 0 ~+3%/y ~+5 B$ 12 $/Mbtu 12 $/Mbtu > +3% > +3% 20 2. 5 > +8% Qatar NFS ~+3 B$ Mozambique LNG 2. 0 Ubeta (NLNG) Gas Ima (NLNG) Malaysia Qatar NFE Cronos Shale gas US 1. 5 10 1. 0 Uganda (Train 2) Oil GranMorgu 0. 5 Mero
Slide 21: Focused on delivering major accretive projects
Focused on delivering major accretive projects Oil Upstream CFFO capacity share op. progress First Oil at 70 $/b Brent and 8 $/Mbtu TTF Anchor US 75 kboe/d 37.1% 100% 2024 B$ Mero 3 Brazil 180 kboe/d 19.3% 100% 2024 Ballymore US 75 kboe/d 40% 100% 2025 + 2 - 3 $/boe 2024-30 Mero 4 Brazil 180 kboe/d
Slide 22: Sustainable, resilient and diversified portfolio
Sustainable, resilient and diversified portfolio Strong reserves life Leadership on OPEX Diversified asset base Consistent focus on portfolio longevity Production costs* Large footprint with key positions $/boe > 12 years proved reserves Hedge against geopolitical, supply chain and fiscal risks 18 y
Slide 23: MENA: resilient growth
MENA: resilient growth Unique combination of resilience and free cash flow growth Free cash flow B$ 4 80 Major developments with start-ups $/b from 2026 +2.5 B$ Balanced combination of • Low-cost and long plateau oil assets in the 2 UAE and Libya NFS, Qatar Iraq GGIP 50 • Large and long-lasting valu
Slide 24: Deepwater: dynamic high-margin portfolio
Deepwater: dynamic high-margin portfolio Free cash flow B$ Recognized technical expertise and 6 exploration successes ~+3 B$ Dynamic high-margin portfolio 80 • Attractive contractual and fiscal terms $/b enabling the capture of price upsides 4 • High-margin assets in Brazil, the US, Suriname and Nam
Slide 25: Malaysia: building a new hub in a prolific basin to meet growing regional gas demand
Malaysia: building a new hub in a prolific basin to meet growing regional gas demand 2024: Entry as operator in Malaysia, with the ambition to grow 2025: Materializing growth ambition ~50 kboe/d Brent TEA Layang-Layang 2025 & JKM Production Price indexation ND4 ND5 SB412 ND1 ND2 ND3 SK313 SB2K & SBN
Slide 26: Producing Oil & Gas with less emissions
Producing Oil & Gas with less emissions Scope 1+2 Oil & Gas* Methane emissions Mt CO2e, Operated activities kt CH4, Operated activities 64 46 40 50 -36% -55% vs. 2015 vs. 2020 -60% vs. 2020 25 -50% vs. 2015 -80% vs. 2020 15 2015 2020 2024 2030 2020 2024 2025 2030 2030: -90% in flaring** vs 2010, ful
Slide 27: Antwerp Platform, Belgium
Antwerp Platform, Belgium
Slide 28: Downstream contributing to free cash flow growth
Downstream contributing to free cash flow growth Oil production, refining throughput and oil product sales Mboe/d Refining & Chemicals: optimizing the existing tool in a new normal environment facing overcapacities 2. 0 • High-grading operations in refining to restore excellence • Profitably growing
Slide 29: R&C: pragmatically adapting to evolving markets
R&C: pragmatically adapting to evolving markets European R&C Petrochemicals Bio-products Optimizing the use of existing tool: Positioned to grow profitably Competitively leveraging existing taking the best from our assets Focus on advantaged feedstocks refining capacity US, Saudi Arabia Enhance avai
Slide 30: M&S: leveraging strengths to keep growing returns
M&S: leveraging strengths to keep growing returns Less volumes, more cash flow, ROACE > 20% Continuously improving margins Rationalized retail networks Focusing on high market share geographies CFFO M&S Petroleum products sales Disposal of peripheral subsidiaries B$ Mb/d Improved retail margins thro
Slide 31: Cameron LNG, USA
vo TotalEnergies
Slide 32: Growing a diversified and flexible LNG portfolio
Growing a diversified and flexible LNG portfolio Well positioned to arbitrate European and Asian LNG demand Supply split by origin* % of total, 2030 Yamal LNG EU Snøhvit LNG Asia ~20 Mtpa regas. USA, Ksi Lisims ME Mex. Cronos Ruwais LNG(1) ECA LNG(1) Cameron LNG + T4 ELNG Africa Qatar Marsa LNG(1) R
Slide 33: Shoring up our integrated gas value chain in the US
Shoring up our integrated gas value chain in the US Actively managing our Henry Hub exposure LNG supply, USA & Mexico Henry Hub short exposure, 2030 Mt/y Bcf/d 20 > 17 Mt CCGT HH LNG sales RG LNG T4 3 supply (coupled to Brent sales) RG LNG T1-3 LNG supply 2 ECA 10 Upstream integration Cameron LNG 1
Slide 34: Strong CFFO growth through 2030
Strong CFFO growth through 2030 LNG sales* CFFO Mt B$ 60 10 8-9 CFFO growth outpacing volume growth through 2030 ~+70% Portfolio 40 CFFO Top-tier LNG Upstream projects already under construction 5 Enhanced LNG portfolio 20 Upstream Competitive and diversified LT supply LNG CFFO Sales Attractive LT s
Slide 35: Growing cash flow and Company resilience
Growing cash flow and Company resilience Champagne, France
Slide 36: Confirmed power demand growth
Confirmed power demand growth More intermittent supply driving an increased need for flexible generation Global electricity consumption ‘000 TWh Strong drivers for power demand +3.3% 30 CAGR Data centers, digitalization India Decarbonization, EV rollout Brazil Heat pumps, AC Europe 25 Increasing ren
Slide 37: Sharpening focus on key deregulated markets
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 support to host countries energy = ~70% of TotalEnergies’ +
Slide 38: Growing cash flow outside of Oil & Gas cycles also contributing to Company resiliency
Growing cash flow outside of Oil & Gas cycles also contributing to Company resiliency CFFO Further strengthening Company’s resiliency B$ 2030 ROACE, % vs. Capital employed, B$ 5. 0 2030 CFFO sensitivities 4-5 20% Upstream Oil & Gas +/-150-200 M$ for +/-10 $/MWh 3.5 - 4 Sales ~1/3 Trading and Retail
Slide 39: 0
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Slide 40: More energy, less emissions, delivering superior free cash flow growth and higher shareholder return
More energy, less emissions, delivering superior free cash flow growth and higher shareholder return Energy production GHG emissions Free Cash Flow Mboe/d B$ Low-carbon Scope 1+2 from O&G operated facilities(1) 24 molecules MtCO2e 22 ~20% Electricity 3 +4%/y 20 40 ~ +10 B$ Integrated 18 Power -50% 1
Slide 41: Shareholder returns through cycles: sacrosanct and growing dividend, payout > 40%
Shareholder returns through cycles: sacrosanct and growing dividend, payout > 40% Quarterly dividend Payout €/share % 0.85 ~+30% 54% ~50% 40% 0.5 > 40% through cycles 0.0 0% 2019 2020 2021 2022 2023 2024 2025 2021 2022 2023 2024 1H2 5 2026e Brent ($/b) 70.9 101.3 82.6 80.8 71.9 70 Investing in Total
Slide 42: Priority to preserve a healthy balance sheet to maintain agility and adapting buyback to energy prices
Priority to preserve a healthy balance sheet to maintain agility and adapting buyback to energy prices Objective to maintain gearing below 20% Gearing ratio Excluding leases, at year-end % Guidance for 2026 20% At 80 $/b, share buyback* pace confirmed at 2 B$/qtr Within current environment (60-70 $/
Slide 43: Strong free cash flow growth creating a large potential to grow distributions
2025 CFFO sensitivities Strong free cash flow growth creating +2.8 B$/y for +10 $/b Brent +0.4 B$/y for +2 $/Mbtu TTF a large potential to grow distributions +0.5 B$/y for +10 $/t ERM 2026-30 Cumulative CFFO B$ > 95 B$ Free Cash Flow ~80 B$ at 80 $/b Free Cash Flow < 50 $/b Available for 150 Post-di
Slide 44: Cash flow allocation
Cash flow allocation Net investment: 2025: 7.5 B$ Dividends: 15% 2026 (~1.2 $/€): 2025: 17-17.5 B$/y +7% paid in 2023, 2024 and 2025 Normalized gearing 1H25 0.75-1.5 B$/qtr at 60-70 $/b 2026: ~16 B$/y 2 B$/qtr at 80 $/b Cash payout > 40% through cycles Payout = (dividends + share buybacks for cancel
Slide 45: Converting the ADRs into ordinary shares on the NYSE
Converting the ADRs into ordinary shares on the NYSE Shareholding structure %, as of 30 June 2025, exc. treasury shares Adapting to the evolution of our shareholder base • North American institutional shareholders > 50% 1991 Introduction of the ADR 9% Removing ADR frictions and fostering access to p
Slide 46: The differentiated and profitably growing energy company
The differentiated and profitably growing energy company Strategic consistency, growth and resilience supported by 7.5 B$ 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 fr
Slide 47: Disclaimer and definitions
These adjustment items include: 1. Special items The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate Due to their unusual nature or particular significance, certain transactions qualifying as “special items” are excluded from the business segment T
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)