Totalenergies SeEURONEXT: TTE

Half-year Financial Report

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Watch Totalenergies explain itTotalEnergies SE Ordinary Shares (TTE) Q2 2026 Earnings Call · Replay · Jul 23

In a high commodity price environment, TotalEnergies is leveraging its integrated model to deliver increasing cash flow and adjusted net income of $9.8 billion and $6 billion over the quarter

TotalEnergies is giving priority to deleveraging, with a gearing ratio down to 13%, and to increasing the dividend with a second quarter dividend at €0.90/share, up 5.9%

PARIS, July 23, 2026--(BUSINESS WIRE)--

TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):

2Q26

Change
vs 1Q26

1H26

Change
vs 1H25

Cash flow from operations excluding working capital (CFFO)(1) (B$)

9.8

+14%

18.4

+35%

Adjusted net income (TotalEnergies share)(1)

- in billions of dollars (B$)

6.0

+12%

11.4

+47%

- in dollars per share (fully-diluted)

2.68

+9%

5.14

+51%

Net income (TotalEnergies share) (B$)

5.4

-6%

11.2

+72%

Adjusted EBITDA(1) (B$)

13.2

+5%

25.7

+27%

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on July 22, 2026, to approve the 2nd quarter 2026 financial statements. On the occasion, Patrick Pouyanné said:

"In a high-price environment related to the Middle East conflict, TotalEnergies is leveraging its integrated model and portfolio diversification to post adjusted net income of $6.0 billion and cash flow of $9.8 billion in the second quarter, up almost 15% quarter-to-quarter.

Second quarter Oil & Gas production reached 2.395 Mboe/d, benefiting from organic production growth of more than 4% year-on-year, notably from the ramp-up of projects started last year (Mero 4 and Lapa SW in Brazil, Ballymore in the U.S. and Mabruk in Libya) which partly compensated for the impact of production losses in the Middle East to an average 210 kboe/d over the quarter. Despite a lower lifting level because of difficulties to access the Strait of Hormuz, Exploration & Production posted adjusted net operating income of $3.2 billion and cash flow of $5.8 billion, up by more than 25% over the quarter, capturing the increase in the average selling price of liquids (+$17.9/b compared to the first quarter 2026). The Company also kept its Upstream operating costs at $5/b.

The Integrated LNG segment achieved adjusted net operating income and cash flow of $0.8 billion in the second quarter of 2026, decreasing significantly due to the underperformance of gas trading in a broadly flat to declining market in Europe, whereas it had outperformed in the first quarter. The ECA LNG project, located on the Pacific coast of Mexico, started-up early July, strengthening the diversification of the LNG portfolio of the Company towards the Asian market. Moreover, the Company pursued its strategy of signing long term oil-indexed LNG contracts with Chugoku in Japan and Hangzhou Gas in China.

Integrated Power generated adjusted cash flow of $700 million, up strongly, by 25%, supported by the contribution, in line with expectations, of EPH assets since early May, net operating income is stable quarter-to-quarter.

Downstream posted cash flow of $2.9 billion, up sharply by 35% and adjusted net operating income of $2.3 billion, up 24% in the quarter, driven by the ability of the Refining & Chemicals segment to fully capture the increase in refining and petrochemical margins and the strong performance of crude oil and petroleum products trading activities, at the same level as in the first quarter of 2026. Downstream results also benefited from the outstanding results and cash flow of Marketing & Services activities.

Net investments in the second quarter amounted to $3.4 billion and $7.9 billion in the first half of 2026, consistent with the annual guidance of $15 billion. The gearing ratio stood at 13.1% at the end of the quarter, an improvement of 2.4 percentage points, benefiting from a $3.3 billion reduction in net debt.

Given the Company's strong cash flow generation in the first half of the year and its ability to deliver growth quarter after quarter, the Board of Directors confirmed the priority to the dividend and to the deleveraging of the Company. It has therefore decided the distribution of a second interim dividend of €0.90/share for fiscal year 2026, up 5.9% compared to 2025. The Board also authorized the continuation of share buybacks up to $1.5 billion for the third quarter."

1. Highlights (2)

Upstream

  • United Arab Emirates:

    • Entry with a 10% stake into the Bab Gas Cap onshore concession in Abu Dhabi

    • Final Investment Decision on the Umm Shaif Gas Cap project, targeting over 600 MMcf/d of gas production by 2030 and the monetization of associated condensates

  • Malaysia: Sale of a non-operated interest in the Marjoram gas field

  • Syria: Cooperation agreement with the Syrian Petroleum Company (SPC) for the exploration of offshore block 3

  • Egypt: Signature of a cooperation agreement with EGAS on offshore exploration opportunities

  • Signing an agreement with Dell Technologies and NVIDIA for the construction of Pangea 5, the next high-performance supercomputer, with a computing power of 150 petaflops

Integrated LNG

  • Mexico (Pacific Coast): Start-up of ECA LNG plant

Integrated Power

  • Europe: Completion of the acquisition of 50% of a portfolio of flexible power generation assets from EPH (UK, Italy, the Netherlands, France)

  • Kazakhstan: Final Investment Decision for the Mirrny project, a giant onshore wind farm (1 GW) with batteries (600MWh) producing approximately 100 TWh of renewable electricity over 25 years

  • Philippines: Start-up of the construction of a 440 MWp solar power plant, aiming for commissioning at the end of 2027 and a production of 13.5 TWh over 20 years

  • Europe: Sale of all distributed solar assets in seven European countries

Social and environmental responsibility

  • Launch of MethaneLive, a new global methane emissions monitoring center

  • Allocation of a fuel bonus of $200 (€200 in Europe) to its 100,000 employees* worldwide to offset the increase in energy prices

  • Success of the 2026 capital increase reserved for TotalEnergies' employees

  • Maintaining consumer protection measures through the price cap on gasoline and diesel in France for the duration of the Middle East conflict

2. Key figures from TotalEnergies' consolidated financial statements (1)

2Q26

1Q26

2Q26
vs
1Q26

2Q25

In millions of dollars, except effective tax rate,
earnings per share and number of shares

1H26

1H25

1H26
vs
1H25

13,179

12,552

+5%

9,690

Adjusted EBITDA (1)

25,731

20,194

+27%

6,871

6,300

+9%

4,390

Adjusted net operating income from business segments

13,171

9,182

+43%

3,231

2,576

+25%

1,974

Exploration & Production

5,807

4,425

+31%

807

1,318

-39%

1,041

Integrated LNG

2,125

2,335

-9%

533

545

-2%

574

Integrated Power

1,078

1,080

-

1,800

1,599

+13%

389

Refining & Chemicals

3,399

690

x4.9

500

262

+91%

412

Marketing & Services

762

652

+17%

1,156

709

+63%

702

Contribution of equity affiliates to adjusted net income

1,865

1,417

+32%

39.3%

39.1%

-

41.5%

Effective tax rate (3)

39.2%

41.4%

-

6,027

5,394

+12%

3,578

Adjusted net income (TotalEnergies share) (1)

11,421

7,770

+47%

2.68

2.45

+9%

1.57

Adjusted fully-diluted earnings per share (dollars) (4)

5.14

3.41

+51%

2.31

2.10

+10%

1.38

Adjusted fully-diluted earnings per share (euros) (5)

4.41

3.12

+41%

2,216

2,164

+2%

2,224

Fully-diluted weighted-average shares (millions)

2,187

2,236

-2%

-

5,438

5,810

-6%

2,687

Net income (TotalEnergies share)

11,248

6,538

+72%

-

4,694

4,650

+1%

4,819

Organic investments (1)

9,344

9,320

-

(1,247)

(172)

ns

1,813

Acquisitions net of assets sales (1)

(1,419)

2,233

ns

3,447

4,478

-23%

6,632

Net investments (1)

7,925

11,553

-31%

-

9,804

8,576

+14%

6,618

Cash flow from operations excluding working capital (CFFO) (1)

18,380

13,610

+35%

10,188

8,979

+13%

6,943

Debt Adjusted Cash Flow (DACF) (1)

19,167

14,220

+35%

10,858

3,361

x3.2

5,960

Cash flow from operating activities

14,219

8,523

+67%

Gearing (1) of 13.1% at June 30, 2026 vs. 15.5% at March 31, 2024 and 17.9% at June 30, 2025

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment – liquids and gas price realizations, refining margins

2Q26

1Q26

2Q26
vs
1Q26

2Q25

1H26

1H25

1H26
vs
1H25

103.8

81.1

+28%

67.9

Brent ($/b)

92.3

71.9

+28%

2.9

3.5

-17%

3.5

Henry Hub ($/Mbtu)

3.2

3.7

-14%

15.6

13.7

+14%

11.9

TTF ($/Mbtu)

14.7

13.2

+11%

17.5

14.1

+24%

12.2

JKM ($/Mbtu)

15.8

13.1

+20%

91.6

73.7

+24%

65.6

Average price of liquids (6),(7) ($/b)
Consolidated subsidiaries

82.2

68.7

+20%

5.55

5.59

-1%

5.63

Average price of gas (6),(8) ($/Mbtu)
Consolidated subsidiaries

5.57

6.13

-9%

10.20

8.48

+20%

9.10

Average price of LNG (6),(9) ($/Mbtu)
Consolidated subsidiaries and equity affiliates

9.29

9.55

-3%

13.5

11.4

+19%

4.7

European Refining Margin Marker (ERM) (6),(10) ($/b)

12.4

4.3

x2.9

3.2 Greenhouse gas emissions (11)

2Q26

1Q26

2Q26
vs
1Q26

2Q25

Scope 1+2 emissions (12) (MtCO2e)

1H26

1H25

1H26
vs
1H25

7.3

7.9

-8%

8.0

Scope 1+2 from operated facilities (1)

15.1

16.4

-8%

6.4

6.9

-7%

7.1

of which Oil & Gas

13.2

14.3

-8%

0.9

1.0

-10%

0.9

of which CCGT

1.9

2.1

-10%

10.2

10.4

-2%

10.6

Scope 1+2 - ESRS share (1)

20.6

21.7

-5%

2Q26

1Q26

2Q26
vs
1Q26

2Q25

Methane emissions (ktCH4)

1H26

1H25

1H26
vs
1H25

4

4

-

6

Methane emissions from operated facilities (1)

8

11

-27%

Estimated quarterly emissions.

First half of 2026 Scope 3(13) Category 11 emissions are estimated at 163 Mt CO2e.

3.3 Production (14)

2Q26

1Q26

2Q26
vs
1Q26

2Q25

Hydrocarbon production

1H26

1H25

1H26
vs
1H25

2,395

2,553

-6%

2,503

Hydrocarbon production (kboe/d)

2,474

2,531

-2%

1,298

1,326

-2%

1,343

Oil (including bitumen) (kb/d)

1,312

1,349

-3%

1,097

1,227

-11%

1,160

Gas (including condensates and associated NGL) (kboe/d)

1,162

1,182

-2%

2,395

2,553

-6%

2,503

Hydrocarbon production (kboe/d)

2,474

2,531

-2%

1,410

1,481

-5%

1,506

Liquids (kb/d)

1,445

1,511

-4%

5,330

5,799

-8%

5,395

Gas (Mcf/d)

5,563

5,524

+1%

Hydrocarbon production was 2,395 thousand barrels of oil equivalent per day in the second quarter of 2026, down 4% year-on-year, due to the following:

  • +4% from project start-up and ramp-up of projects, including Mero-3, Mero-4 and Lapa SW in Brazil, Anchor and Ballymore in the United States, Begonia and Clov Phase 3 in Angola and Mabruk in Libya,

  • +3% due to improved plant availability,

  • -1% due to pricing effect,

  • -2% due to the natural decline of fields,

  • -8% due to the impact of the conflict in the Middle East.

Excluding the impact of the conflict in the Middle East, production was up more than 4% year-on-year, driven by the ramp-up and start-up of new projects and improved facility availability.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

2Q26

1Q26

2Q26
vs
1Q26

2Q25

Hydrocarbon production

1H26

1H25

1H26
vs
1H25

1,845

1,948

-5%

1,956

EP (kboe/d)

1,896

1,966

-4%

1,342

1,408

-5%

1,437

Liquids (kb/d)

1,375

1,440

-4%

2,668

2,863

-7%

2,767

Gas (Mcf/d)

2,765

2,807

-1%

4.1.2 Results

2Q26

1Q26

2Q26
vs
1Q26

2Q25

In millions of dollars, except effective tax rate

1H26

1H25

1H26
vs
1H25

3,231

2,576

+25%

1,974

Adjusted net operating income

5,807

4,425

+31%

137

139

-1%

176

including adjusted income from equity affiliates

276

326

-15%

45.4%

49.5%

-

50.1%

Effective tax rate (15)

47.3%

49.7%

-

2,231

2,724

-18%

3,053

Organic investments (1)

4,955

5,737

-14%

(348)

(227)

ns

162

Acquisitions net of assets sales (1)

(575)

278

ns

1,883

2,497

-25%

3,215

Net investments (1)

4,380

6,015

-27%

5,777

4,564

+27%

3,760

Cash flow from operations excluding working capital (CFFO) (1)

10,341

8,051

+28%

5,546

2,969

+87%

3,675

Cash flow from operating activities

8,515

6,941

+23%

Adjusted net operating income was $3,231 million, up 25% in the quarter, reflecting in particular the increase in the average selling price of liquids (+$17.9/b compared to the first quarter of 2026, vs +$22.7/b for Brent, reflecting a larger off-take schedule at the end of the quarter, in a bearish oil market,) affected by the effects of accounting for production not lifted.

Exploration & Production cash flow from operations excluding working capital (CFFO) was $5,777 million, up 27% in the quarter, for the same reasons.

4.2 Integrated LNG

4.2.1 Production

2Q26

1Q26

2Q26
vs
1Q26

2Q25

Hydrocarbon production for LNG

1H26

1H25

1H26
vs
1H25

550

605

-9%

547

Integrated LNG (kboe/d)

578

565

+2%

68

73

-8%

69

Liquids (kb/d)

70

71

-1%

2,662

2,936

-9%

2,628

Gas (Mcf/d)

2,798

2,717

+3%

2Q26

1Q26

2Q26
vs
1Q26

2Q25

Liquefied Natural Gas in Mt

1H26

1H25

1H26
vs
1H25

10.7

12.4

-13%

10.6

Overall LNG sales

23.1

21.2

+9%

3.9

4.1

-6%

3.9

incl. Sales from equity production*

8.0

7.9

+1%

9.8

10.9

-10%

9.4

incl. Sales by TotalEnergies from equity production and third party purchases

20.7

18.8

+10%

* The Company's equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG decreased by 9% quarter-to-quarter, mainly due to shut-in production in Qatar related to the Middle East conflict.

4.2.2 Results

2Q26

1Q26

2Q26
vs
1Q26

2Q25

In millions of dollars

1H26

1H25

1H26
vs
1H25

10.20

8.48

+20%

9.10

Average price of LNG (6),(9) ($/Mbtu)
Consolidated subsidiaries and equity affiliates

9.29

9.55

-3%

807

1,318

-39%

1,041

Adjusted net operating income

2,125

2,335

-9%

705

431

+64%

513

including adjusted income from equity affiliates

1,136

1,048

+8%

908

410

x2.2

743

Organic investments (1)

1,318

1,495

-12%

4

92

-96%

110

Acquisitions net of assets sales (1)

96

250

-62%

912

502

+82%

853

Net investments (1)

1,414

1,745

-19%

833

1,785

-53%

1,159

Cash flow from operations excluding working capital (CFFO) (1)

2,618

2,408

+9%

2,137

(1,120)

ns

539

Cash flow from operating activities

1,017

2,282

-55%

* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

Adjusted net operating income and cash flow from operations excluding working capital (CFFO) for the Integrated LNG segment were $807 million and $833 million, respectively, significantly lower quarter-on-quarter, impacted by the underperformance of gas trading activities in an overall flat, and even bearish, European market, whereas the segment outperformed in the first quarter.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

2Q26

1Q26

2Q26
vs
1Q26

2Q25

Integrated Power

1H26

1H25

1H26
vs
1H25

14.8

11.7

+26%

11.6

Net power production (TWh) *

26.4

22.9

+16%

9.6

8.2

+18%

8.4

o/w production from renewables

17.8

15.2

+17%

5.2

3.5

+47%

3.2

o/w production from gas flexible capacities

8.7

7.7

+12%

33.4

26.8

+24%

24.0

Portfolio of power generation net installed capacity (GW) **

33.4

24.0

+39%

21.1

...