TotalEnergies SE: First Quarter 2026 Results

PARIS--( BUSINESS WIRE)--Regulatory News:

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

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

8.6

7.2

+20%

7.0

+23%

5.4

3.8

+41%

4.2

+29%

2.45

1.73

+42%

1.83

+34%

5.8

2.9

+100%

3.9

+51%

12.6

10.1

+25%

10.5

+19%

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on April 28, 2026, to approve the 1 st quarter 2026 financial statements. On the occasion, Patrick Pouyanné said:

“Driven by a 4% year-on-year organic production growth, offsetting the impact on production of the current Middle East conflict, TotalEnergies reports adjusted net income of $5.4 billion and a cash flow of $8.6 billion in the first quarter, demonstrating its ability to capture price upside through a high-performing and diversified integrated portfolio in oil, gas and power. IFRS net income amounted to $5.8 billion.

First quarter Oil & Gas production reached 2.553 Mboe/d, benefiting from the ramp-ups and start-ups of new projects, in particular this quarter Lapa SW in Brazil and Mabruk in Libya, offsetting production losses in the Middle East (around 100 kboe/d on average over the quarter).

Exploration & Production delivered adjusted net operating income of $2.6 billion and cash flow of $4.6 billion, rising sharply quarter-to-quarter, fully reflecting the sensitivity to the increase of the average liquids price and the accretive contribution of the new projects. TotalEnergies successfully continued the active management of its portfolio by completing the merger of its UK Upstream assets with NEO NEXT this quarter and announcing two hydrocarbon discoveries on the Moho field in Congo.

Integrated LNG generated adjusted net operating income of $1.3 billion and cash flow of $1.8 billion in the first quarter of 2026. These results are underpinned by a 12% increase in LNG production and trading activities capturing market volatility. The Company has resumed this quarter construction of Mozambique LNG project, which will contribute to the diversification of its portfolio.

Integrated Power delivered adjusted net operating income of $0.5 billion and cash flow of $0.6 billion. The completion, as early as end of April, of the transaction with EPH accelerates the Company’s gas-to-power integration strategy in Europe and marks a major milestone for the Integrated Power business segment towards its objective of generating positive free cash flow by 2027. Furthermore, the Company is pursuing its growth in renewable energies portfolio with 8 GW commissioned over the last twelve months.

Downstream delivered adjusted net operating income of $1.9 billion and cash flow of $2.1 billion for the quarter. Refining units recovered their full operational performance (utilization rate above 90%), capturing the exceptional margins in March. Crude oil and petroleum products trading activities also achieved a very strong performance in March.

The gearing ratio stood at 15.5% at the end of the quarter, as cash flow growth driven by higher energy prices partly offset a $5.1 billion increase in working capital, half of it reflecting business seasonality and half of it linked to the impact of higher hydrocarbon prices at the end of the quarter, notably on inventories.

Given Company’s strong cash flow generation in the first quarter and supported by the ability of the Company to maintain a strong balance sheet, the Board of Directors decided to increase the first interim dividend by 5.9% to €0.90 per share, the highest dividend growth among the Oil and Gas majors. Furthermore, the Board authorized the continuation of share buybacks up to $1.5 billion in the second quarter and confirmed the objective of a payout ratio above 40% over the year.”

1. Highlights (2)

Social and environmental responsibility

Upstream

Integrated LNG

Integrated Power

Downstream

Status of the impact of the conflict in the Middle East

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

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

12,552

10,066

+25%

10,504

+19%

6,300

4,633

+36%

4,792

+31%

2,576

1,805

+43%

2,451

+5%

1,318

922

+43%

1,294

+2%

545

564

-3%

506

+8%

1,599

1,001

+60%

301

x5.3

262

341

-23%

240

+9%

709

739

-4%

715

-1%

39.1%

38.8%

-

41.4%

-

5,394

3,837

+41%

4,192

+29%

2.45

1.73

+42%

1.83

+34%

2.10

1.48

+42%

1.74

+21%

2,164

2,176

-1%

2,246

-4%

5,810

2,906

+100%

3,851

+51%

4,650

4,019

+16%

4,501

+3%

(172)

(1,573)

ns

420

ns

4,478

2,446

+83%

4,921

-9%

8,576

7,168

+20%

6,992

+23%

8,979

7,593

+18%

7,276

+23%

3,361

10,471

-68%

2,563

+31%

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

3.1 Environment – liquids and gas price realizations, refining margins

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

81.1

63.7

+27%

75.7

+7%

3.5

4.1

-15%

3.9

-11%

13.7

10.3

+34%

14.4

-5%

14.1

10.6

+32%

14.1

-

73.7

61.4

+20%

72.2

+2%

5.59

5.11

+10%

6.60

-15%

8.48

8.48

-

10.00

-15%

11.4

11.4

-

3.9

x2.9

3.2 Greenhouse gas emissions (11)

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

7.9

8.3

-5%

8.4

-6%

6.9

7.0

-1%

7.2

-4%

1.0

1.3

-23%

1.2

-17%

10.4

11.2

-7%

11.1

-6%

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

4

6

-33%

6

-33%

Estimated quarterly emissions.

Methane emissions from operated facilities are down 33% year-on-year, notably due to the continued reduction in flaring and fugitive emissions at Exploration & Production facilities.

Scope 1+2 emissions from operated installations decreased by 6% year-on-year mainly because of continued reduction of flaring in Exploration & Production and lower activity at gas-fired power plants.

First quarter 2026 Scope 3 (13) Category 11 emissions are estimated at 83 Mt CO 2e.

3.3 Production (14)

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

2,553

2,545

-

2,558

-

1,326

1,404

-6%

1,355

-2%

1,227

1,141

+8%

1,203

+2%

2,553

2,545

-

2,558

-

1,481

1,555

-5%

1,516

-2%

5,799

5,381

+8%

5,655

+3%

Hydrocarbon production averaged 2,553 thousand barrels of oil equivalent per day in the first quarter of 2026, stable year-on-year, due to the following factors:

Excluding the impact of the conflict in the Middle East, production increased by around 4% year-on-year, supported by new projects start-ups and ramp-ups.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

1,948

2,002

-3%

1,976

-1%

1,408

1,485

-5%

1,442

-2%

2,863

2,779

+3%

2,848

+1%

4.1.2 Results

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

2,576

1,805

+43%

2,451

+5%

139

211

-34%

150

-7%

49.5%

51.7%

-

49.4%

-

2,724

1,905

+43%

2,684

+1%

(227)

(530)

ns

116

ns

2,497

1,375

+82%

2,800

-11%

4,564

3,611

+26%

4,291

+6%

2,969

3,821

-22%

3,266

-9%

In the first quarter of 2026, the adjusted net operating income of the Exploration & Production segment amounted to $2,576 million, rising significantly by more than 40% quarter-to-quarter, fully reflecting the sensitivity to the increase of the average liquids price (+$12.4/b over the quarter, including the price lag effect in the United Arab Emirates) and the accretive contribution of the new projects.

Exploration & Production cash flow from operations excluding working capital (CFFO) amounted to $4,564 million, up 26% quarter-to-quarter, for the same reasons.

4.2 Integrated LNG

4.2.1 Production

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

605

543

+12%

582

+4%

73

70

+4%

74

-1%

2,936

2,602

+13%

2,807

+5%

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

12.4

12.2

+1%

10.6

+16%

4.1

3.9

+6%

4.0

+3%

10.9

10.8

+1%

9.4

+16%

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

LNG hydrocarbon production increased by 12% quarter-to-quarter, mainly supported by production growth in Australia, the United States and Malaysia.

LNG sales are stable quarter-to-quarter, in the context of strong spot activity.

4.2.2 Results

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

8.48

8.48

-

10.00

-15%

1,318

922

+43%

1,294

+2%

431

394

+9%

535

-19%

410

744

-45%

752

-45%

92

49

+88%

140

-34%

502

793

-37%

892

-44%

1,785

1,156

+54%

1,249

+43%

(1,120)

2,102

ns

1,743

ns

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

In the first quarter of 2026, the adjusted net operating income and cash flow from operations excluding working capital (CFFO) of Integrated LNG amounted to $1,318 million and $1,785 million respectively, increasing significantly quarter-to-quarter, underpinned by the LNG production increase and strong trading activities benefiting from market volatility.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

1Q25

4Q24

1Q25

vs

4Q24

1Q24

1Q25

vs

1Q24

11.7

12.6

-7%

11.3

+3%

8.2

8.1

+1%

6.8

+20%

3.5

4.5

-22%

4.5

-22%

26.8

26.0

+3%

22.7

+18%

19.8

19.0

+4%

16.2

+22%

7.0

7.0

-

6.5

+8%

109.7

108.7

+1%

97.5

+13%

35.6

34.1

+5%

27.8

+28%

6.1

6.0

+2%

6.0

+2%

2.7

2.7

-

2.8

-2%

15.2

13.2

+15%

14.5

+5%

31.5

27.0

+17%

35.7

-12%

* Solar, wind, hydroelectric and gas flexible capacities.

** End of period data.

*** Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

Net electricity production is increasing year-on-year to 11.7 TWh, with the growth of power generation from renewables of 20% offsetting the lower utilization of gas flexible capacities, in the context of lower winter demand in Europe and the United States.

Gross installed renewable power generation capacity reached 35.6 GW at the end of the first quarter of 2026, representing close to 8 GW of additional capacity year-on-year.

4.3.2 Results

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

545

564

-3%

506

+8%

52

97

-46%

44

+18%

823

525

+57%

645

+28%

(77)

(1,070)

ns

238

ns

746

(545)

ns

883

-16%

574

788

-27%

597

-4%

(145)

1,300

ns

(399)

ns

In the first quarter of 2026, the adjusted net operating income of the Integrated Power segment amounted to $545 million, in line with the first quarter 2025, with no farm-down registered this quarter unlike in fourth quarter 2025.

Integrated Power cash flow from operations excluding working capital (CFFO) amounted to $574 million, for the same reasons. Production activities (including renewables and gas-fired power plants) accounted for 35% and marketing activities (B2B, B2C and trading) accounted for 65%, this split being in line with the first quarter of 2025 due to the seasonal nature of marketing activities (higher consumption during the winter).

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

1,861

1,342

+39%

541

x3.4

654

731

-11%

386

+69%

39

(46)

ns

(75)

ns

693

685

+1%

311

x2.2

2,136

1,970

+8%

1,117

+91%

2,632

3,068

-14%

(1,415)

ns

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

1,624

1,489

+9%

1,549

+5%

462

502

-8%

435

+6%

677

572

+18%

627

+8%

485

415

+17%

487

-

92%

84%

87%

* Based on distillation capacity at the beginning of the year

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

1,183

1,227

-4%

1,250

-5%

1,159

1,184

-2%

1,173

-1%

74%

79%

78%

* Olefins.

** Based on olefins production from steam crackers and their treatment capacity at the start of the year.

Refinery throughput increased by 9% quarter-to-quarter, as units have recovered their full operational performance, reaching a utilization rate of 92% in the absence of turnaround during the first quarter of 2026.

Petrochemicals production decreased by 4% quarter-to-quarter for monomers and by 2% for polymers, mainly due to major turnarounds at BTP in the United States and at Feluy in Belgium.

4.5.2 Results

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

11.4

11.4

-

3.9

x2.9

1,599

1,001

+60%

301

x5.3

518

508

+2%

236

x2.2

75

(1)

ns

-

ns

593

507

+17%

236

x2.5

1,716

1,378

+25%

633

x2.7

1,564

1,716

-9%

(1,983)

ns

* This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.

Adjusted net operating income for Refining & Chemicals amounted to $1,599 million for the quarter, up by nearly $600 million versus the fourth quarter of 2025, driven by a strong operational performance of refineries which captured high refining margins in March, and crude oil and petroleum products trading activities which benefited from a favorable environment in March.

Cash flow from operations excluding working capital (CFFO) amounted to $1,716 million, for the same reasons.

4.6 Marketing & Services

4.6.1 Petroleum product sales

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

1,206

1,247

-3%

1,266

-5%

686

723

-5%

714

-4%

520

524

-1%

551

-6%

* Excludes trading and bulk refining sales.

Petroleum products sales decreased by 5% versus the first quarter of 2025, notably reflecting the disposal of networks in Brazil and African Sahel.

4.6.2 Results

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

262

341

-23%

240

+9%

136

223

-39%

150

-9%

(36)

(45)

ns

(75)

ns

100

178

-44%

75

+33%

420

592

-29%

484

-13%

1,068

1,352

-21%

568

+88%

Adjusted net operating income for Marketing & Services amounted to $262 million, up 9% compared to the first quarter of 2025, reflecting higher unit margins.

Cash flow from operations excluding working capital (CFFO) amounted to $420 million in the first quarter of 2026, due to the tax impact of higher prices on the valuation of petroleum product inventories.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income from business segments amounted to $6,300 million in the first quarter of 2026, compared with $4,633 million in the fourth quarter of 2025, reflecting mainly higher oil and gas prices as well as strong performance of trading activities in crude oil, petroleum products and LNG.

5.2 Adjusted net income (1) (TotalEnergies share)

Adjusted net income (TotalEnergies share) amounted to $5,394 million in the first quarter of 2026, compared with $3,837 million in the fourth quarter of 2025.

Adjusted net income excludes the after-tax inventory effect, non-recurring items, and fair-value changes.

Adjustment items to net income totaled $0.4 billion in the first quarter of 2026, consisting mainly of:

The average tax rate for TotalEnergies was 39.1% in the first quarter of 2026, versus 38.8% in the fourth quarter of 2025.

5.3 Adjusted earnings per share

Diluted adjusted net income per share amounted to $2.45 in the first quarter of 2026, calculated on the basis of a weighted average diluted number of shares of 2,164 million, compared with $1.73 in the fourth quarter of 2025.

As of March 31, 2026, the number of diluted shares was 2,165 million.

TotalEnergies repurchased* 9.4 million shares in the first quarter of 2026, for an amount of $0.75 billion.

5.4 Acquisitions – asset sales

Acquisitions amounted to $392 million in the first quarter of 2026, mainly related to the closing of the acquisition, from Continental Resources, of interests in dry gas fields in Anadarko basin, in the United States.

Divestments amounted to $564 million in the first quarter of 2026, mainly reflecting the closing of the transaction with NEO NEXT and the disposal of West of Shetland assets, in the UK.

5.5 Net cash flow (1)

TotalEnergies’ net cash flow amounted to $4,098 million in the first quarter of 2026, compared to $4,722 million in the previous quarter, as the $2,032 million increase in net investment was partially offset by a $1,408 million increase in CFFO over the quarter.

Operating cash flow amounted to $3,361 million in the first quarter of 2026, corresponding to cash flow from operations excluding working capital (CFFO) of $8,576 million and a $5.1 billion increase in working capital including:

5.6 Profitability

Return on equity was 14.4% for the first quarter of 2026.

April 1, 2025

January 1, 2025

April 1, 2024

March 31, 2026

December 31, 2025

March 31, 2025

17,043

15,833

17,636

118,641

116,827

116,758

14.4%

13.6%

15.1%

Return on average capital employed (1) was 12.7% for the first quarter of 2026.

April 1, 2025

January 1, 2025

April 1, 2024

March 31, 2026

December 31, 2025

March 31, 2025

19,158

17,827

19,125

151,105

141,802

144,629

12.7%

12.6%

13.2%

6. TotalEnergies SE statutory accounts

Net income for TotalEnergies SE, the parent company, amounted to €2,684 million in the first quarter of 2026 compared to €3,726 million in the first quarter of 2025.

7. Annual 2026 Sensitivities (16)

Change

Estimated impact on adjusted net operating income

Estimated impact on cash flow from operations

+/- 0.1 $ per €

-/+ 0.1 B$

~0 B$

+/- 10 $/b

+/- 2.3 B$

+/- 2.8 B$

+/- 2 $/Mbtu

+/- 0.4 B$

+/- 0.4 B$

+/- 1 $/b

+/- 0.3 B$

+/- 0.4 B$

8. Outlook

In the context of the conflict in the Middle East, oil markets remain elevated, around $100/b, and extremely volatile. Given the time required to restart production facilities in the Middle East (2-3 months), prices should remain at high levels during the second quarter. Furthermore, the impact of this conflict on global hydrocarbon inventories is leading to the drop of the 2026 surplus scenario that was anticipated at the beginning of the year.

European gas prices for the second quarter on forward markets are high, around $14-15/Mbtu, in the context of inventory replenishment in Europe, where storage levels, at the end of the winter season, are at the lowest point in the last five years (25%). Competition between LNG demand in Europe to replenish storage and in Asia for the warm season should support prices in the coming months.

Given the evolution of oil and gas prices in recent months and the lag effect in pricing formulas, TotalEnergies anticipates an average LNG selling price of around $10/Mbtu in the second quarter of 2026.

Excluding the impact of the conflict in the Middle East, the production of the second quarter is expected to grow around 4% compared to the second quarter of 2025, in line with the first quarter growth. At the end of April, production shut down in Qatar, Iraq and offshore in the United Arab Emirates represents around 15% of the Company’s total production.

Refinery utilization rates are expected to be between 80 and 85% in the second quarter, notably due to the impact of the capacity reduction of SATORP, in Saudi Arabia, and the planned turnaround of two months at the Donges refinery, in France.

Given the closing of transaction with EPH as of April 29, 2026, Integrated Power should benefit, in 2026, from 10 TWh of net power production, in line with the 15 TWh guidance given for a full year and from a contribution of more than $500 million of available cash flow.

The Company confirms it expects its yearly net investments to be at $15 billion in 2026, in line with annual guidance. The Company is evaluating options to accelerate short cycle investments to capture current hydrocarbon price environment.

To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 1:00 pm (Paris time), please log on to totalenergies.com or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. The conference replay will be available on the Company's website totalenergies.com after the event.

* * * *

9. Operating information by segment

9.1 Company’s production (Exploration & Production + Integrated LNG)

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

570

546

+4%

571

-

431

442

-2%

424

+2%

777

840

-8%

849

-9%

487

459

+6%

424

+15%

288

258

+11%

290

-1%

2,553

2,545

-

2,558

-

356

360

-1%

390

-9%

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

209

212

-2%

216

-3%

299

318

-6%

312

-4%

615

676

-9%

680

-10%

259

251

+3%

202

+28%

99

98

+1%

106

-6%

1,481

1,555

-5%

1,516

-2%

131

153

-14%

163

-20%

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

1,944

1,796

+8%

1,920

+1%

670

628

+7%

567

+18%

884

928

-5%

920

-4%

1,263

1,154

+9%

1,237

+2%

1,038

875

+19%

1,011

+3%

5,799

5,381

+8%

5,655

+3%

1,222

1,132

+8%

1,237

-1%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

1,766

1,774

-

1,677

+5%

531

517

+3%

618

-14%

1,134

958

+18%

1,073

+6%

986

921

+7%

945

+4%

4,416

4,170

+6%

4,313

+2%

361

366

-1%

344

+5%

2,849

2,557

+11%

2,703

+5%

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

989

985

-

984

+1%

676

775

-13%

694

-3%

677

651

+4%

745

-9%

* Olefins, polymers.

9.3 Integrated Power

9.3.1 Net power production

1Q26

4Q25

Solar

Onshore Wind

Offshore Wind

Gas

Others

Total

Solar

Onshore Wind

Offshore Wind

Gas

Others

Total

0.2

0.4

-

1.2

0.0

1.7

0.2

0.3

-

1.4

0.0

2.0

0.1

0.6

0.4

1.5

0.1

2.6

0.1

0.5

0.3

1.9

0.0

2.9

0.0

-

-

-

0.1

0.2

0.0

-

-

-

0.1

0.1

0.2

-

-

0.2

-

0.4

0.2

-

-

0.2

-

0.4

0.9

0.6

-

0.7

-

2.2

1.0

0.5

-

1.0

-

2.6

0.2

0.9

-

-

-

1.0

0.1

1.2

-

-

-

1.3

2.8

0.3

-

-

-

3.1

2.5

0.2

-

-

-

2.7

0.3

0.0

0.2

-

-

0.5

0.3

0.0

0.2

-

-

0.6

4.7

2.7

0.6

3.5

0.2

11.7

4.6

2.8

0.5

4.5

0.2

12.6

9.3.2 Installed power generation net capacity

1Q26

4Q25

Solar

Onshore Wind

Offshore Wind

Gas

Others

Total

Solar

Onshore Wind

Offshore Wind

Gas

Others

Total

0.8

0.6

-

2.7

0.2

4.2

0.8

0.5

-

2.7

0.2

4.2

0.6

1.0

0.3

2.1

0.1

4.1

0.6

1.0

0.3

2.1

0.1

4.1

0.1

-

-

-

0.1

0.2

0.1

-

-

-

0.1

0.2

0.7

-

-

0.3

-

1.0

0.5

-

-

0.3

-

0.8

3.1

0.9

-

2.0

0.5

6.5

3.0

0.9

-

2.0

0.5

6.4

0.5

1.2

-

-

-

1.7

0.5

1.2

-

-

-

1.7

7.0

0.6

-

-

0.1

7.7

6.7

0.6

-

-

-

7.2

1.2

0.0

0.2

-

-

1.4

1.2

0.0

0.2

-

-

1.4

14.0

4.3

0.5

7.0

1.1

26.8

13.4

4.1

0.5

7.0

1.0

26.0

9.3.3 Power generation gross capacity from renewables

1Q26

4Q25

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

1.3

0.9

0.0

0.2

2.4

1.4

0.9

0.0

0.2

2.5

0.7

1.7

1.1

0.3

3.8

0.7

1.7

1.1

0.3

3.8

0.3

0.0

0.0

0.4

0.7

0.3

0.0

0.0

0.4

0.7

1.6

0.0

0.0

0.0

1.6

1.3

0.0

0.0

0.0

1.3

7.8

2.3

0.0

1.2

11.3

7.3

2.3

0.0

1.0

10.6

0.6

1.8

0.0

0.0

2.4

0.6

1.8

0.0

0.0

2.4

10.1

0.7

0.0

0.1

10.8

9.7

0.6

0.0

0.0

10.3

1.9

0.0

0.6

0.0

2.5

1.8

0.0

0.6

0.0

2.5

24.3

7.4

1.8

2.1

35.6

23.1

7.3

1.8

1.9

34.1

1Q26

4Q25

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

0.1

0.1

0.0

0.0

0.3

0.1

0.2

0.0

0.0

0.3

0.9

0.1

0.8

0.4

2.1

0.7

0.1

0.8

0.4

2.1

0.2

0.2

0.0

0.0

0.4

0.2

0.1

0.0

0.0

0.4

1.4

0.2

0.0

0.0

1.7

1.7

0.2

0.0

0.0

2.0

0.8

0.1

0.0

0.3

1.2

0.8

0.0

0.0

0.5

1.3

1.1

0.3

0.0

0.3

1.7

0.7

0.1

0.0

0.3

1.1

0.3

0.0

0.0

0.0

0.3

0.8

0.0

0.0

0.0

0.8

0.1

0.0

0.0

0.0

0.1

0.3

0.0

0.0

0.0

0.3

4.9

1.0

0.8

1.0

7.7

5.5

0.8

0.8

1.2

8.3

1Q26

4Q25

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

0.8

0.5

1.5

0.0

2.8

0.9

0.5

1.5

0.1

2.9

5.2

2.0

14.3

4.2

25.7

5.9

1.8

14.3

3.6

25.6

1.1

0.5

0.0

0.0

1.6

0.3

0.2

0.0

0.0

0.5

1.2

0.0

0.0

0.0

1.2

1.1

0.0

0.0

0.0

1.1

10.8

3.7

4.1

5.0

23.6

10.8

3.8

4.1

5.4

24.2

0.7

1.7

0.0

0.0

2.5

1.3

1.3

0.0

0.0

2.6

1.5

0.0

0.0

0.0

1.5

1.6

0.0

0.0

0.0

1.6

2.7

1.1

2.6

1.1

7.5

3.0

1.1

2.6

1.1

7.8

23.9

9.6

22.5

10.3

66.4

24.9

8.8

22.5

10.1

66.3

10. Alternative Performance Measures (Non-GAAP measures)

10.1 Adjustment items to net income (TotalEnergies share)

1Q26

4Q25

1Q25

5,810

2,906

3,851

(1,031)

(644)

(108)

252

203

-

(22)

(51)

-

(1,148)

(661)

-

(113)

(135)

(108)

1,507

(232)

(78)

(60)

(55)

(155)

416

(931)

(341)

5,394

3,837

4,192

10.2 Reconciliation of adjusted EBITDA with consolidated financial statements

10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

5,810

2,906

+100%

3,851

+51%

(416)

931

ns

341

ns

5,394

3,837

+41%

4,192

+29%

78

36

x2.2

70

+11%

3,324

2,273

+46%

2,705

+23%

3,097

3,184

-3%

2,998

+3%

90

99

-9%

83

+8%

791

833

-5%

725

+9%

(222)

(196)

ns

(269)

ns

12,552

10,066

+25%

10,504

+19%

10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

49,516

45,925

+8%

47,899

+3%

(29,119)

(29,164)

ns

(30,563)

ns

(8,563)

(7,783)

ns

(7,542)

ns

(133)

(177)

ns

(81)

ns

185

592

-69%

247

-25%

(114)

(144)

ns

(216)

ns

294

299

-2%

294

-

(223)

(221)

ns

(249)

ns

709

739

-4%

715

-1%

12,552

10,066

+25%

10,504

+19%

(3,097)

(3,184)

ns

(2,998)

ns

(90)

(99)

ns

(83)

ns

(791)

(833)

ns

(725)

ns

222

196

+13%

269

-17%

(3,324)

(2,273)

ns

(2,705)

ns

(78)

(36)

ns

(70)

ns

416

(931)

ns

(341)

ns

5,810

2,906

+100%

3,851

+51%

10.3 Investments – Divestments

Reconciliation of Cash flow used in investing activities to Net investments

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

4,312

3,434

+26%

4,805

-10%

-

(331)

-100%

-

ns

49

-

ns

6

x8.2

14

(821)

ns

-

ns

75

115

-35%

108

-31%

28

49

-43%

2

x14

4,478

2,446

+83%

4,921

-9%

(172)

(1,573)

ns

420

ns

392

507

-23%

836

-53%

564

2,080

-73%

416

+36%

(18)

308

ns

-

ns

4,650

4,019

+16%

4,501

+3%

73

99

-26%

111

-34%

301

559

-46%

568

-47%

(276)

(259)

ns

(103)

ns

(4)

(513)

ns

-

ns

* Cash flows used in investing activities do not include increases in property, plant and equipment arising from Apache’s carry arrangement on the GranMorgu project in offshore Block 58 in Suriname, which resulted in specific supplier financing recognised as financial debt. These increases amounted to $218 million in the first quarter of 2026. Payments to these suppliers are classified as financing cash flows

** Change in debt from renewable projects (TotalEnergies share and partner share).

10.4 Cash flow

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow

1Q26

4Q25

Change

vs 4Q25

1Q25

Change

vs 1Q25

3,361

10,471

-68%

2,563

+31%

(6,993)

3,814

ns

(4,316)

ns

1,849

(299)

ns

(107)

ns

22

212

-90%

-

ns

49

-

ns

6

x8.2

8,576

7,168

+20%

6,992

+23%

(403)

(425)

ns

(284)

ns

8,979

7,593

+18%

7,276

+23%

4,650

4,019

+16%

4,501

+3%

3,926

3,149

+25%

2,491

+58%

4,478

2,446

+83%

4,921

-9%

4,098

4,722

-13%

2,071

+98%

* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.

10.5 Gearing ratio

03/31/2026

12/31/2025

03/31/2025

10,596

10,162

10,983

243

388

897

(3,837)

(3,093)

(5,892)

3

7

41

43,468

40,944

37,862

(1,731)

(1,991)

(953)

(25,693)

(26,202)

(22,837)

23,049

20,215

20,101

122,541

114,883

117,956

2,696

2,640

2,465

125,237

117,523

120,421

15.5%

14.7%

14.3%

8,491

8,567

8,533

20.1%

19.7%

19.2%

* Excludes leases receivables and leases debts.

** Including initial margins held as part of the Company's activities on organized markets.

10.6 Return on average capital employed

Exploration & Production

Integrated LNG

Integrated Power

Refining & Chemicals

Marketing & Services

Company

8,524

4,133

2,254

3,676

1,395

19,158

65,397

42,998

23,740

8,404

6,840

147,764

68,315

47,700

24,532

7,545

5,937

154,446

12.7%

9.1%

9.3%

46.1%

21.8%

12.7%

GLOSSARY

Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities.

Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector).

Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact of non-operational results and special items.

Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained below.

Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities, (v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).

Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates.

This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.

Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.

ESRS perimeter: the GHG emissions within the ESRS perimeter correspond to 100% of the emissions from operated sites, plus the equity share of emissions from non-operated and financially consolidated assets excluding equity affiliates.

Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.

Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.

Normalized Gearing: indicator defined as the gearing excluding the impact of seasonal variations, notably on working capital.

Net cash flow (or free cash-flow) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.

Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.

Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.

Operated perimeter: activities, sites and industrial assets of which TotalEnergies SE or one of its subsidiaries has operational control, i.e. has the responsibility of the conduct of operations on behalf of all its partners. For the operated perimeter, the environmental indicators are reported 100%, regardless of the Company’s equity interest in the asset.

Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.

Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.

Disclaimer:

Unless otherwise stated, the terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities. The term “Corporation” as used in this document exclusively refers to TotalEnergies SE, which is the parent company of the Company.

This press release presents the results for the first quarter of 2026 and first three months of 2026 from the consolidated financial statements of TotalEnergies SE as of March 31, 2026 (unaudited). The consolidated financial statements of TotalEnergies SE as of March 31, 2026 have been subject to a limited review by the Statutory Auditors. The notes to the consolidated financial statements (unaudited) are available on the Corporations’ website www.totalenergies.com.

This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies SE, including with respect to climate change and carbon neutrality. An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies.

These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “commits”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They are uncertain and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, pandemics, and other risk factors described from time to time in the Corporation regulatory filings, including its Universal Registration Document filed with the French Autorité des Marchés Financiers, its Annual Report on Form 20 F filed with the United States Securities and Exchange Commission (“SEC”) and its other reports filed or furnished with the SEC.

Future interim or final annual dividends payments beyond the interim dividend payable on October 2 nd, 2026 (or October 21 st, 2026, for holders on the U.S. register) have not yet, respectively, been decided by the Board of Directors or approved by shareholders at a General Meeting. Management’s expectations with respect to such future dividends are “forward-looking statements” and are non-binding. The Board of Directors retains full discretion to decide to distribute an interim dividend and to set the amount and date of the distribution and decide on the dividend to be submitted for approval by shareholders at a General Meeting, based on a number of factors, including TotalEnergies’ financial results, balance sheet strength, cash and liquidity requirements, future prospects, commodity prices, and other factors deemed relevant by the Board.

Readers are cautioned not to consider forward-looking statements as certain, but as an expression of the Corporation’s views only as of the date this document is published.

TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Corporation has not verified and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. 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 Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the SEC.

Additionally, the developments of climate change and other environmental or social-related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including disclosures on climate change and other environmental or social-related issues, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes or under applicable securities law.

In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted net operating income, adjusted net income), net cash flow, free cash flow after organic investments, normalized gearing, return on equity (ROE), return on average capital employed (ROACE), gearing ratio, cash flow from operations excluding working capital, debt adjusted cash flow, and the payout ratio. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. TotalEnergies measures performance at the segment level on the basis of adjusted net operating income.

These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.

(ii) The inventory valuation effect

In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.

In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.

Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

The adjusted results (adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault – 92078 Paris-La Défense Cedex, France, or at the Corporation website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

(1)

Refer to Glossary pages 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables.

(2)

Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements

(3)

Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).

(4)

In accordance with IFRS rules, adjusted fully diluted earnings per share corresponds to the ratio between the adjusted net income (TotalEnergies’ share), reduced by the coupon on perpetual subordinated notes and the weighted average diluted number of shares outstanding during the period, excluding shares held by TotalEnergies SE.

(5)

Average €-$ exchange rate: 1.1703 in the 1 st quarter 2026, 1.1634 in the 4 th quarter 2025 and 1.0523 in the 1 st quarter 2025.

(6)

Does not include oil, gas and LNG trading activities, respectively.

(7)

Sales in $ / Sales in volume for consolidated affiliates.

(8)

Sales in $ / Sales in volume for consolidated affiliates.

(9)

Sales in $ / Sales in volume for consolidated and equity affiliates.

(10)

This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies.

(11)

The seven greenhouse gases in the Kyoto protocol, namely CO 2, CH 4, N 2O, HFCs, PFCs, SF 6 and NF 3, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the most recent IPCC report. HFCs, PFCs, SF 6 and NF 3 are virtually absent from the Company’s emissions and are not accounted for by the Company.

(12)

Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting for climate change-related indicators and indirect emissions resulting from the production of electricity, steam, heat or cooling, purchased or acquired, and consumed by the sites or activities included in the scope of reporting for climate change-related indicators, net from potential energy sales, excluding purchased industrial gases (H 2). If not stated otherwise, TotalEnergies reports Scope 2 GHG emissions according to the market-based method defined by the GHG Protocol.

(13)

If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the higher of the two production volumes or sales for end use. The highest point for each value chain for the year 2026 will be determined with regard to the achievement over the whole year, with TotalEnergies providing estimates as the quarters progress. A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both consumers and business customers that use final products, and with IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities.

(14)

Company production = E&P production + Integrated LNG production.

(15)

Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).

*

Net of fees and taxes, including coverage of employees share grant plans.

(16)

Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2026. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

(17)

In a 60-70 $/b Brent environment.

(18)

End-of-period data.

(19)

Includes 17.25% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.

(20)

End-of-period data.

TotalEnergies financial statements

First quarter 2026 consolidated accounts, IFRS

Consolidated statement of income

TotalEnergies

(unaudited)

1st quarter

4th quarter

1st quarter

(M$) (a)

2026

2025

2025

Sales

54,163

50,624

52,254

Excise taxes

(4,647)

(4,699)

(4,355)

Revenue from sales

49,516

45,925

47,899

Purchases, net of inventory variation

(27,347)

(29,536)

(30,855)

Other operating expenses

(8,675)

(7,925)

(7,564)

Exploration costs

(133)

(177)

(81)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,206)

(3,776)

(2,998)

Other income

471

806

247

Other expense

(1,225)

(821)

(291)

Financial interest on debt

(791)

(833)

(725)

Financial income and expense from cash & cash equivalents

222

233

290

Cost of net debt

(569)

(600)

(435)

Other financial income

294

324

318

Other financial expense

(223)

(221)

(249)

Net income (loss) from equity affiliates

817

759

663

Income taxes

(3,788)

(1,830)

(2,733)

Consolidated net income

5,932

2,928

3,921

TotalEnergies share

5,810

2,906

3,851

Non-controlling interests

122

22

70

Earning per share ($)

2.68

1.31

1.69

Fully-diluted earnings per share ($)

2.64

1.30

1.68

(a) Except for per share amounts.

Consolidated statement of comprehensive income

TotalEnergies

(unaudited)

1st quarter

4th quarter

1st quarter

(M$)

2026

2025

2025

Consolidated net income

5,932

2,928

3,921

Other comprehensive income

Actuarial gains and losses

1

28

–

Change in fair value of investments in equity instruments

112

(161)

12

Tax effect

(25)

51

1

Currency translation adjustment generated by the parent company

(1,792)

49

2,882

Sub-total items not potentially reclassifiable to profit and loss

(1,704)

(33)

2,895

Currency translation adjustment

1,904

(133)

(2,017)

Cash flow hedge

937

(46)

(833)

Variation of foreign currency basis spread

4

(3)

15

Share of other comprehensive income of equity affiliates, net amount

155

(98)

(100)

Other

1

(4)

7

Tax effect

(235)

18

205

Sub-total items potentially reclassifiable to profit and loss

2,766

(266)

(2,723)

Total other comprehensive income (net amount)

1,062

(299)

172

Comprehensive income

6,994

2,629

4,093

– TotalEnergies share

6,884

2,596

4,007

– Non-controlling interests

110

33

86

Consolidated balance sheet

TotalEnergies

March 31, 2026

December 31, 2025

March 31, 2025

(M$)

(unaudited)

(unaudited)

ASSETS

Non-current assets

Intangible assets, net

36,387

37,345

34,543

Property, plant and equipment, net

116,240

114,694

112,249

Equity affiliates : investments and loans

39,123

38,090

35,687

Other investments

2,097

1,914

1,860

Non-current financial assets

2,877

3,270

2,231

Deferred income taxes

2,986

3,358

3,360

Other non-current assets

2,640

2,915

4,000

Total non-current assets

202,350

201,586

193,930

Current assets

Inventories, net

23,932

16,663

19,037

Accounts receivables, net

22,977

18,559

24,882

Other current assets

33,877

20,437

22,423

Current financial assets

4,173

3,332

6,237

Cash and cash equivalents

25,693

26,202

22,837

Assets classified as held for sale

1,560

4,276

1,711

Total current assets

112,212

89,469

97,127

Total assets

314,562

291,055

291,057

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity

Common shares

7,007

7,059

7,231

Paid-in surplus and retained earnings

133,317

125,860

128,787

Currency translation adjustment

(13,900)

(14,033)

(14,508)

Treasury shares

(3,883)

(4,003)

(3,554)

Total shareholders' equity - TotalEnergies share

122,541

114,883

117,956

Non-controlling interests

2,696

2,640

2,465

Total shareholders' equity

125,237

117,523

120,421

Non-current liabilities

Deferred income taxes

12,990

12,634

12,621

Employee benefits

1,974

2,018

1,824

Provisions and other non-current liabilities

18,693

17,322

19,872

Non-current financial debt

51,426

48,995

45,858

Total non-current liabilities

85,083

80,969

80,175

Current liabilities

Accounts payable

42,693

38,065

42,554

Other creditors and accrued liabilities

47,512

36,344

32,505

Current borrowings

12,582

12,038

13,134

Other current financial liabilities

243

388

897

Liabilities directly associated with the assets classified as held for sale

1,212

5,728

1,371

Total current liabilities

104,242

92,563

90,461

Total liabilities & shareholders' equity

314,562

291,055

291,057

Consolidated statement of cash flow

TotalEnergies

(unaudited)

1st quarter

4th quarter

1st quarter

(M$)

2026

2025

2025

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income

5,932

2,928

3,921

Depreciation, depletion, amortization and impairment

4,149

3,996

3,086

Non-current liabilities, valuation allowances and deferred taxes

591

316

209

(Gains) losses on disposals of assets

(320)

(655)

25

Undistributed affiliates' equity earnings

(187)

(203)

(423)

(Increase) decrease in working capital

(6,968)

3,867

(4,232)

Other changes, net

164

222

(23)

Cash flow from operating activities

3,361

10,471

2,563

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions

(4,621)

(4,153)

(4,222)

Acquisitions of subsidiaries, net of cash acquired

(79)

(140)

(232)

Investments in equity affiliates and other securities

(221)

(343)

(311)

Increase in non-current loans

(301)

(559)

(568)

Total expenditures

(5,222)

(5,195)

(5,333)

Proceeds from disposals of intangible assets and property, plant and equipment

181

730

301

Proceeds from disposals of subsidiaries, net of cash sold

397

451

117

Proceeds from disposals of non-current investments

7

321

1

Repayment of non-current loans

325

259

109

Total divestments

910

1,761

528

Cash flow used in investing activities

(4,312)

(3,434)

(4,805)

CASH FLOW FROM FINANCING ACTIVITIES

Issuance (repayment) of shares:

– Parent company shareholders

–

–

–

– Treasury shares

(775)

(1,506)

(2,152)

Dividends paid:

– Parent company shareholders

(2,123)

(2,160)

(1,851)

– Non-controlling interests

(9)

(81)

(139)

Net issuance of perpetual subordinated notes

1,751

–

(1,139)

Payments on perpetual subordinated notes

(154)

(122)

(128)

Other transactions with non-controlling interests

(16)

313

(20)

Net issuance of non-current debt

3,584

611

3,431

Increase (decrease) in current borrowings

(1,283)

(1,985)

150

Increase (decrease) in current financial assets and liabilities

(469)

686

718

Cash flow / (used in) financing activities

506

(4,244)

(1,130)

Net increase (decrease) in cash and cash equivalents

(445)

2,793

(3,372)

Effect of exchange rates

(64)

(6)

365

Cash and cash equivalents at the beginning of the period

26,202

23,415

25,844

Cash and cash equivalents at the end of the period

25,693

26,202

22,837

Consolidated statement of changes in shareholders' equity

TotalEnergies

(unaudited)

Common shares issued

Paid-in surplus and retained earnings

Currency translation adjustment

Treasury shares

Shareholders' equity - TotalEnergies Share

Non-controlling interests

Total shareholders' equity

(M$)

Number

Amount

Number

Amount

As of January 1, 2025

2,397,679,661

7,577

135,496

(15,259)

(149,529,818)

(9,956)

117,858

2,397

120,255

Net income of the first quarter of 2025

–

–

3,851

–

–

–

3,851

70

3,921

Other comprehensive income

–

–

(595)

751

–

–

156

16

172

Comprehensive income

–

–

3,256

751

–

–

4,007

86

4,093

Dividend

–

–

–

–

–

–

–

(5)

(5)

Issuance of common shares

–

–

–

–

–

–

–

–

–

Purchase of treasury shares

–

–

–

–

(33,770,546)

(2,633)

(2,633)

–

(2,633)

Sale of treasury shares (a)

–

–

(413)

–

6,209,016

413

–

–

–

Share-based payments

–

–

112

–

–

–

112

–

112

Share cancellation

(127,622,460)

(346)

(8,395)

–

127,622,460

8,622

(119)

–

(119)

Net issuance (repayment) of perpetual subordinated notes

–

–

(1,219)

–

–

–

(1,219)

–

(1,219)

Payments on perpetual subordinated notes

–

–

(77)

–

–

–

(77)

–

(77)

Other operations with non-controlling interests

–

–

–

–

–

–

–

(20)

(20)

Other items

–

–

27

–

–

–

27

7

34

As of March 31, 2025

2,270,057,201

7,231

128,787

(14,508)

(49,468,888)

(3,554)

117,956

2,465

120,421

Net income from April 1st to December 31st 2025

–

–

9,276

–

–

–

9,276

160

9,436

Other comprehensive income

–

–

(402)

475

–

–

73

61

134

Comprehensive income

–

–

8,874

475

–

–

9,349

221

9,570

Dividend

–

–

(8,135)

–

–

–

(8,135)

(343)

(8,478)

Issuance of common shares

11,149,053

30

462

–

–

–

492

–

492

Purchase of treasury shares

–

–

–

–

(88,866,748)

(4,893)

(4,893)

–

(4,893)

Sale of treasury shares (a)

–

–

(1)

–

12,396

1

–

–

–

Share-based payments

–

–

473

–

–

–

473

–

473

Share cancellation

(74,620,711)

(202)

(4,309)

–

74,620,711

4,442

(69)

–

(69)

Net issuance (repayment) of perpetual subordinated notes

–

–

–

–

–

–

–

–

–

Payments on perpetual subordinated notes

–

–

(243)

–

–

–

(243)

–

(243)

Other operations with non-controlling interests

–

–

(1)

–

–

–

(1)

306

305

Other items

–

–

(47)

–

–

1

(46)

(9)

(55)

As of December 31, 2025

2,206,585,543

7,059

125,860

(14,033)

(63,702,529)

(4,003)

114,883

2,640

117,523

Net income of the first quarter of 2026

–

–

5,810

–

–

–

5,810

122

5,932

Other comprehensive income

–

–

941

133

–

–

1,074

(12)

1,062

Comprehensive income

–

–

6,751

133

–

–

6,884

110

6,994

Dividend

–

–

–

–

–

–

–

(9)

(9)

Issuance of common shares

–

–

–

–

–

–

–

–

–

Purchase of treasury shares

–

–

–

–

(9,387,297)

(1,002)

(1,002)

–

(1,002)

Sale of treasury shares (a)

–

–

–

–

1,640

–

–

–

–

Share-based payments

–

–

118

–

–

–

118

–

118

Share cancellation

(18,185,068)

(52)

(1,093)

–

18,185,068

1,122

(23)

–

(23)

Net issuance (repayment) of perpetual subordinated notes

–

–

1,751

–

–

–

1,751

–

1,751

Payments on perpetual subordinated notes

–

–

(87)

–

–

–

(87)

–

(87)

Other operations with non-controlling interests

–

–

–

–

–

–

–

(16)

(16)

Other items

–

–

17

–

–

–

17

(29)

(12)

As of March 31, 2026

2,188,400,475

7,007

133,317

(13,900)

(54,903,118)

(3,883)

122,541

2,696

125,237

(a) Treasury shares related to the performance share grants.

Information by business segment

TotalEnergies

(unaudited)

1st quarter 2026

Exploration & Production

Integrated LNG

Integrated Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

(M$)

External sales

1,119

2,930

5,441

24,180

20,489

4

–

54,163

Intersegment sales

9,003

2,810

727

8,215

119

33

(20,907)

–

Excise taxes

–

–

–

(167)

(4,480)

–

–

(4,647)

Revenues from sales

10,122

5,740

6,168

32,228

16,128

37

(20,907)

49,516

Operating expenses

(3,289)

(4,152)

(5,710)

(28,670)

(14,993)

(248)

20,907

(36,155)

Depreciation, depletion, and impairment of tangible assets and mineral interests

(1,965)

(421)

(163)

(403)

(230)

(24)

–

(3,206)

Net income (loss) from equity affiliates and other items

386

453

(813)

225

(120)

3

–

134

Tax on net operating income

(2,426)

(316)

(53)

(696)

(247)

(99)

–

(3,837)

Adjustments (a)

252

(14)

(1,116)

1,085

276

(23)

–

460

Adjusted net operating income

2,576

1,318

545

1,599

262

(308)

–

5,992

Adjustments (a)

460

Net cost of net debt

(520)

Non-controlling interests

(122)

Net income - TotalEnergies share

5,810

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.

1st quarter 2026

Exploration & Production

Integrated LNG

Integrated Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

(M$)

Total expenditures

2,860

649

901

616

152

44

–

5,222

Total divestments

462

151

218

23

52

4

–

910

Cash flow from operating activities

2,969

(1,120)

(145)

1,564

1,068

(975)

–

3,361

Information by business segment

TotalEnergies

(unaudited)

4th quarter 2025

Exploration & Production

Integrated LNG

Integrated Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

(M$)

External sales

1,260

2,427

5,707

21,616

19,625

(11)

–

50,624

Intersegment sales

8,753

2,237

877

6,878

167

37

(18,949)

–

Excise taxes

–

–

–

(203)

(4,496)

–

–

(4,699)

Revenues from sales

10,013

4,664

6,584

28,291

15,296

26

(18,949)

45,925

Operating expenses

(4,758)

(3,617)

(6,332)

(27,025)

(14,656)

(199)

18,949

(37,638)

Depreciation, depletion, and impairment of tangible assets and mineral interests

(2,346)

(444)

(336)

(367)

(248)

(35)

–

(3,776)

Net income (loss) from equity affiliates and other items

258

469

90

24

14

(8)

–

847

Tax on net operating income

(1,501)

(182)

77

(114)

(165)

(1)

–

(1,886)

Adjustments (a)

(139)

(32)

(481)

(192)

(100)

(26)

–

(970)

Adjusted net operating income

1,805

922

564

1,001

341

(191)

–

4,442

Adjustments (a)

(970)

Net cost of net debt

(544)

Non-controlling interests

(22)

Net income - TotalEnergies share

2,906

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.

4th quarter 2025

Exploration & Production

Integrated LNG

Integrated Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,881

1,130

1,155

542

326

161

–

5,195

Total divestments

663

12

880

35

148

23

–

1,761

Cash flow from operating activities

3,821

2,102

1,300

1,716

1,352

180

–

10,471

Information by business segment

TotalEnergies

(unaudited)

1st quarter 2025

Exploration & Production

Integrated LNG

Integrated Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

(M$)

External sales

1,569

3,088

5,967

22,627

19,001

2

–

52,254

Intersegment sales

8,727

3,252

684

6,811

156

25

(19,655)

–

Excise taxes

–

–

–

(112)

(4,243)

–

–

(4,355)

Revenues from sales

10,296

6,340

6,651

29,326

14,914

27

(19,655)

47,899

Operating expenses

(3,800)

(4,956)

(6,185)

(28,648)

(14,374)

(192)

19,655

(38,500)

Depreciation, depletion, and impairment of tangible assets and mineral interests

(1,950)

(391)

(75)

(339)

(217)

(26)

–

(2,998)

Net income (loss) from equity affiliates and other items

133

565

44

(8)

(10)

(36)

–

688

Tax on net operating income

(2,328)

(275)

(73)

(83)

(98)

74

–

(2,783)

Adjustments (a)

(100)

(11)

(144)

(53)

(25)

(22)

–

(355)

Adjusted net operating income

2,451

1,294

506

301

240

(131)

–

4,661

Adjustments (a)

(355)

Net cost of net debt

(385)

Non-controlling interests

(70)

Net income - TotalEnergies share

3,851

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.

1st quarter 2025

Exploration & Production

Integrated LNG

Integrated Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

(M$)

Total expenditures

3,047

902

936

242

172

34

–

5,333

Total divestments

358

10

58

6

97

(1)

–

528

Cash flow from operating activities

3,266

1,743

(399)

(1,983)

568

(632)

–

2,563

Non GAAP Financial Measures

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

1. Reconciliation of cash flow used in investing activities to Net investments

1.1 Exploration & Production

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow used in investing activities ( a ) *

2,398

1,218

2,689

-11%

Other transactions with non-controlling interests ( b )

–

–

–

ns

Organic loan repayment from equity affiliates ( c )

–

–

–

ns

Change in debt from renewable projects financing ( d ) **

–

–

–

ns

Capex linked to capitalized leasing contracts ( e )

71

108

109

-35%

Expenditures related to carbon credits ( f )

28

49

2

x14

Net investments ( a + b + c + d + e + f = g - i + h )

2,497

1,375

2,800

-11%

of which net acquisitions of assets sales ( g - i )

(227)

(530)

116

ns

Acquisitions ( g )

222

79

445

-50%

Assets sales ( i )

449

609

329

36%

Change in debt (partner share) and capital gain from renewable projects sales

–

–

–

ns

of which organic investments ( h )

2,724

1,905

2,684

1%

Capitalized exploration

68

88

109

-37%

Increase in non-current loans

52

36

82

-37%

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(13)

(54)

(29)

ns

Change in debt from renewable projects (TotalEnergies share)

–

–

–

ns

*Cash flows used in investing activities do not include increases in property, plant and equipment arising from Apache’s carry arrangement on the GranMorgu project in offshore Block 58 in Suriname, which resulted in specific supplier financing recognised as financial debt. These increases amounted to $218 million in the first quarter of 2026. Payments to these suppliers are classified as financing cash flows

**Change in debt from renewable projects (TotalEnergies share and partner share)

1.2 Integrated LNG

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow used in investing activities ( a )

498

1,118

892

-44%

Other transactions with non-controlling interests ( b )

–

(331)

–

ns

Organic loan repayment from equity affiliates ( c )

1

–

1

ns

Change in debt from renewable projects financing ( d ) *

–

–

–

ns

Capex linked to capitalized leasing contracts ( e )

3

6

(1)

ns

Expenditures related to carbon credits ( f )

–

–

–

ns

Net investments ( a + b + c + d + e + f = g - i + h )

502

793

892

-44%

of which net acquisitions of assets sales ( g - i )

92

49

140

-34%

Acquisitions ( g )

92

352

144

-36%

Assets sales ( i )

–

303

4

-100%

Change in debt (partner share) and capital gain from renewable projects sales

–

–

–

ns

of which organic investments ( h )

410

744

752

-45%

Capitalized exploration

5

11

2

x2.5

Increase in non-current loans

69

211

182

-62%

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(150)

(40)

(5)

ns

Change in debt from renewable projects (TotalEnergies share)

–

–

–

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

1.3 Integrated Power

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow used in investing activities ( a )

683

275

878

-22%

Other transactions with non-controlling interests ( b )

–

–

–

ns

Organic loan repayment from equity affiliates ( c )

48

–

5

x9.6

Change in debt from renewable projects financing ( d ) *

14

(821)

–

ns

Capex linked to capitalized leasing contracts ( e )

1

1

–

ns

Expenditures related to carbon credits ( f )

–

–

–

ns

Net investments ( a + b + c + d + e + f = g - i + h )

746

(545)

883

-16%

of which net acquisitions of assets sales ( g - i )

(77)

(1,070)

238

ns

Acquisitions ( g )

3

35

245

-99%

Assets sales ( i )

80

1,105

7

x11.4

Change in debt (partner share) and capital gain from renewable projects sales

(18)

308

–

ns

of which organic investments ( h )

823

525

645

28%

Capitalized exploration

–

–

–

ns

Increase in non-current loans

101

215

268

-62%

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(72)

(83)

(46)

ns

Change in debt from renewable projects (TotalEnergies share)

(4)

(513)

–

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

1.4 Refining & Chemicals

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow used in investing activities ( a )

593

507

236

x2.5

Other transactions with non-controlling interests ( b )

–

–

–

ns

Organic loan repayment from equity affiliates ( c )

–

–

–

ns

Change in debt from renewable projects financing ( d ) *

–

–

–

ns

Capex linked to capitalized leasing contracts ( e )

–

–

–

ns

Expenditures related to carbon credits ( f )

–

–

–

ns

Net investments ( a + b + c + d + e + f = g - i + h )

593

507

236

x2.5

of which net acquisitions of assets sales ( g - i )

75

(1)

–

ns

Acquisitions ( g )

75

1

–

ns

Assets sales ( i )

–

2

–

ns

Change in debt (partner share) and capital gain from renewable projects sales

–

–

–

ns

of which organic investments ( h )

518

508

236

x2.2

Capitalized exploration

–

–

–

ns

Increase in non-current loans

69

67

10

x6.9

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(23)

(33)

(6)

ns

Change in debt from renewable projects (TotalEnergies share)

–

–

–

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

1.5 Marketing & Services

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow used in investing activities ( a )

100

178

75

33%

Other transactions with non-controlling interests ( b )

–

–

–

ns

Organic loan repayment from equity affiliates ( c )

–

–

–

ns

Change in debt from renewable projects financing ( d ) *

–

–

–

ns

Capex linked to capitalized leasing contracts ( e )

–

–

–

ns

Expenditures related to carbon credits ( f )

–

–

–

ns

Net investments ( a + b + c + d + e + f = g - i + h )

100

178

75

33%

of which net acquisitions of assets sales ( g - i )

(36)

(45)

(75)

ns

Acquisitions ( g )

–

(1)

2

-100%

Assets sales ( i )

36

44

77

-53%

Change in debt (partner share) and capital gain from renewable projects sales

–

–

–

ns

of which organic investments ( h )

136

223

150

-9%

Capitalized exploration

–

–

–

ns

Increase in non-current loans

10

27

18

-44%

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

(13)

(43)

(17)

ns

Change in debt from renewable projects (TotalEnergies share)

–

–

–

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

2. Reconciliation of cash flow from operating activities to CFFO

2.1 Exploration & Production

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow from operating activities ( a )

2,969

3,821

3,266

-9%

(Increase) decrease in working capital ( b )

(1,595)

210

(1,025)

ns

Inventory effect ( c )

–

–

–

ns

Capital gain from renewable project sales ( d )

–

–

–

ns

Organic loan repayments from equity affiliates ( e )

–

–

–

ns

Cash flow from operations excluding working capital (CFFO)

( f = a - b - c + d + e )

4,564

3,611

4,291

6%

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

2.2 Integrated LNG

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow from operating activities ( a )

(1,120)

2,102

1,743

ns

(Increase) decrease in working capital ( b )

(2,904)

946

495

ns

Inventory effect ( c )

–

–

–

ns

Capital gain from renewable project sales ( d )

–

–

–

ns

Organic loan repayments from equity affiliates ( e )

1

–

1

ns

Cash flow from operations excluding working capital (CFFO)

( f = a - b - c + d + e )

1,785

1,156

1,249

43%

*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

2.3 Integrated Power

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow from operating activities ( a )

(145)

1,300

(399)

ns

(Increase) decrease in working capital ( b )

(649)

724

(991)

ns

Inventory effect ( c )

–

–

–

ns

Capital gain from renewable project sales ( d )

22

212

–

ns

Organic loan repayments from equity affiliates ( e )

48

–

5

x9.6

Cash flow from operations excluding working capital (CFFO)

( f = a - b - c + d + e )

574

788

597

-4%

*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

2.4 Refining & Chemicals

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow from operating activities ( a )

1,564

1,716

(1,983)

ns

(Increase) decrease in working capital ( b )

(1,501)

559

(2,543)

ns

Inventory effect ( c )

1,349

(221)

(73)

ns

Capital gain from renewable project sales ( d )

–

–

–

ns

Organic loan repayments from equity affiliates ( e )

–

–

–

ns

Cash flow from operations excluding working capital (CFFO)

( f = a - b - c + d + e )

1,716

1,378

633

x2.7

2.5 Marketing & Services

(in millions of dollars)

1st quarter

4th quarter

1st quarter

1st quarter 2026

vs

2026

2025

2025

1st quarter 2025

Cash flow from operating activities ( a )

1,068

1,352

568

88%

(Increase) decrease in working capital ( b )

148

838

118

25%

Inventory effect ( c )

500

(78)

(34)

ns

Capital gain from renewable project sales ( d )

–

–

–

ns

Organic loan repayments from equity affiliates ( e )

–

–

–

ns

Cash flow from operations excluding working capital (CFFO)

( f = a - b - c + d + e )

420

592

484

-13%

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

3. Reconciliation of capital employed (balance sheet) and calculation of ROACE

(In million of dollars)

Exploration & Production

Integrated

LNG

Integrated Power

Raffinage & Chimie

Marketing & Services

Corporate

InterCompany

Company

Adjusted net operating income 1st quarter 2026

2,576

1,318

545

1,599

262

(308)

–

5,992

Adjusted net operating income 4th quarter 2025

1,805

922

564

1,001

341

(191)

–

4,442

Adjusted net operating income 3rd quarter 2025

2,169

852

571

687

380

(80)

–

4,579

Adjusted net operating income 2nd quarter 2025

1,974

1,041

574

389

412

(245)

–

4,145

Adjusted net operating income ( a )

8,524

4,133

2,254

3,676

1,395

(824)

–

19,158

Balance sheet as of march 31, 2026

Property plant and equipment intangible assets net

86,781

30,462

14,613

13,042

6,846

883

–

152,627

Investments & loans in equity affiliates

5,617

17,618

10,482

4,370

1,036

–

–

39,123

Other non-current assets

2,032

2,266

1,713

628

1,012

72

–

7,723

Inventories, net

1,681

1,567

581

16,239

3,864

–

–

23,932

Accounts receivable, net

6,597

12,141

4,804

21,891

8,814

1,477

(32,747)

22,977

Other current assets

7,197

19,160

5,029

8,906

3,292

3,074

(12,781)

33,877

Accounts payable

(6,442)

(13,101)

(6,019)

(37,509)

(10,982)

(1,125)

32,485

(42,693)

Other creditors and accrued liabilities

(11,794)

(17,710)

(5,119)

(14,784)

(6,255)

(4,893)

13,043

(47,512)

Working capital

(2,761)

2,057

(724)

(5,257)

(1,267)

(1,467)

–

(9,419)

Provisions and other non-current liabilities

(23,691)

(4,703)

(1,553)

(3,421)

(1,218)

929

–

(33,657)

Assets and liabilities classified as held for sale - Capital employed

337

–

1

–

42

–

–

380

Capital Employed (Balance sheet)

68,315

47,700

24,532

9,362

6,451

417

–

156,777

Less inventory valuation effect

–

–

–

(1,817)

(514)

–

–

(2,331)

Capital Employed at replacement cost ( b )

68,315

47,700

24,532

7,545

5,937

417

–

154,446

Balance sheet as of march 31, 2025

Property plant and equipment intangible assets net

84,198

29,006

13,997

12,203

6,716

672

–

146,792

Investments & loans in equity affiliates

4,181

16,501

9,988

3,967

1,050

–

–

35,687

Other non-current assets

3,668

2,140

1,500

659

1,030

223

–

9,220

Inventories, net

1,653

996

568

12,521

3,299

–

–

19,037

Accounts receivable, net

5,753

9,845

6,635

21,697

8,307

1,149

(28,504)

24,882

Other current assets

7,634

7,788

4,295

2,371

2,687

4,043

(6,395)

22,423

Accounts payable

(6,612)

(10,862)

(7,559)

(35,562)

(9,514)

(808)

28,363

(42,554)

Other creditors and accrued liabilities

(10,737)

(8,054)

(3,988)

(4,983)

(5,475)

(5,804)

6,536

(32,505)

Working capital

(2,309)

(287)

(49)

(3,956)

(696)

(1,420)

–

(8,717)

Provisions and other non-current liabilities

(24,645)

(4,362)

(1,697)

(3,377)

(1,146)

910

–

(34,317)

Assets and liabilities classified as held for sale - Capital employed

304

–

1

–

85

–

–

390

Capital Employed (Balance sheet)

65,397

42,998

23,740

9,496

7,039

385

–

149,055

Less inventory valuation effect

–

–

–

(1,092)

(199)

–

–

(1,291)

Capital Employed at replacement cost ( c )

65,397

42,998

23,740

8,404

6,840

385

–

147,764

ROACE as a percentage ( a / average ( b + c ) )

12.7%

9.1%

9.3%

46.1%

21.8%

12.7%

Alternative Performance Measures (Non-GAAP)

TotalEnergies

(unaudited)

4. Reconciliation of consolidated net income to adjusted net operating income

(in millions of dollars)

1st quarter

4th quarter

1st quarter

2026

2025

2025

Consolidated net income (a)

5,932

2,928

3,921

Net cost of net debt ( b )

(520)

(544)

(385)

Special items affecting net operating income

(1,031)

(678)

(122)

Gain (loss) on asset sales

252

203

–

Restructuring charges

(22)

(54)

–

Impairments

(1,148)

(667)

–

Other

(113)

(160)

(122)

After-tax inventory effect: FIFO vs. replacement cost

1,551

(237)

(78)

Effect of changes in fair value

(60)

(55)

(155)

Total adjustments affecting net operating income ( c )

460

(970)

(355)

Adjusted net operating income ( a - b - c )

5,992

4,442

4,661