.9
| |
PRESS RELEASE |
Third quarter 2026 results
TotalEnergies is leveraging once again its integrated
business model
and geographic diversification to post adjusted net income of $9.1 billion
and cash flow of $12.3 billion, a sharp increase quarter-to-quarter
| · | Gearing reached below 10% by the end of the third quarter 2026 |
| · | New capital increase reserved for employees at a 20% discount on the share price |
| · | Interim dividend maintained at €0.90/share |
| · | $2.5 billion share buybacks in 4th quarter 2026 and in 1st quarter 2027 |
| 3Q26 | 2Q26 | Change
vs 2Q26 |
9M26 | Change vs 9M25 | |
Cash flow from operations excluding working capital (CFFO)(1) (B$) |
12.3 | 9.8 | +25% | 30.6 | +48% |
| Adjusted net income (TotalEnergies share)(1) | |||||
| - in billions of dollars (B$) | 9.1 | 6.0 | +51% | 20.5 | +75% |
| - in dollars per share (fully-diluted) | 4.03 | 2.68 | +51% | 9.19 | +78% |
| Net income (TotalEnergies share) (B$) | 8.3 | 5.4 | +52% | 19.5 | +91% |
| Adjusted EBITDA(1) (B$) | 17.8 | 13.2 | +35% | 43.5 | +43% |
| Gearing(1) of 9.1% at September 30, 2026 vs. 13.1% at June 30, 2026 | |||||
Paris, October 29, 2026 – The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on October 28, 2026, to approve the 3rd quarter 2026 financial statements. On the occasion, Patrick Pouyanné said:
“In a high-price environment characterized by historic refining margin levels and a bull gas market, TotalEnergies is once again fully leveraging its integrated business model and its geographic diversification by posting an adjusted net income of $9.1 billion and cash flow of $12.3 billion for the third quarter, a sharp increase quarter-to-quarter.
Oil & Gas production reached 2.474 Mboe/d in the third quarter, up more than 3% quarter-to-quarter, notably benefiting from a lower impact of the Middle East conflict, limited to only around 5% of the Company’s overall production over the quarter on average. Excluding the Middle East impact, production growth exceeds 4% year-on-year, supported by the ramp-up of projects launched since 2025. Furthermore, with the investment decisions taken this quarter for Cronos in Cyprus, Ima in Nigeria, Umm Shaif Gas Cap in the United Arab Emirates and Absheron Ph2 in Azerbaijan, all the projects contributing to achieving the production growth target of more than 3% per year by 2030 are now in execution phase.
Exploration and Production posted adjusted net operating income of $3.2 billion and cash flow of $5.4 billion, reflecting production growth, sensitivity to declining oil prices and rising gas prices quarter-to-quarter. The Company completed its entry into PEL83 license holding the Mopane discovery and took part in three exploration discoveries in Norway (Grimsnes) and in Angola (Block 0 and Block 17 – Violeta 4). TotalEnergies once again demonstrates its leadership to control costs, with operating costs of $4.7/boe, anchored below $5/boe.
The Integrated LNG segment achieved adjusted net operating income of $1.9 billion and cash flow of $1.7 billion in the third quarter of 2026, a very sharp increase quarter-to-quarter, underpinned by a 20% increase in average LNG price and the outperformance of LNG and gas trading activities in a bull market.
| (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. |
1
Downstream achieved a record quarter with adjusted net operating income of $4.1 billion and cash flow of $4.6 billion, up close to $2 billion compared to the previous quarter. The increase of nearly 10% refining throughput enabled the Company to fully capture historically high refining margins in Europe and worldwide, while oil trading activities outperformed at a level comparable with the two previous quarters. In this context of rising prices, the Company contributes to the security of supply for Europe by maximizing the use of its refineries and participating in diesel imports from the Middle East. TotalEnergies also announced enhanced protective measures for French consumers and economic players to face increasing diesel prices related to the Middle East conflict.
Integrated Power posted adjusted net operating income of $0.6 billion and cash flow of nearly $0.8 billion, benefiting from an increase of more than 20% in net production in the quarter and the expected contribution from TTEP assets over a full quarter.
Net investments amounted to $3.3 billion in the third quarter and $11.2 billion in the first nine months of 2026, in line with the annual guidance of $15 billion. The gearing ratio now stands at 9.1%, an improvement of 4 percentage points compared to the second quarter, benefiting from free cash flow of more than $6 billion after payment of the dividend.
The Board of Directors commended the very good operational performance of all business segments which enabled the Company to capture higher market prices. It authorized a new capital increase reserved for employees, who will benefit from a 20% discount on the share price. In line with the objective to return 40% of cash flow to shareholders, the Board confirmed a third interim dividend of €0.90/share for fiscal year 2026, up 5.9% compared to 2025, and it authorized share buybacks for cancellation of $2.5 billion for the fourth quarter as well as for the first quarter 2027.”
2
| 1. | Highlights (2) |
Upstream
| · | Namibia: closing of the transaction with Galp for the acquisition by TotalEnergies of a 40% operated interest in the PEL83 license, holding the Mopane discovery |
| · | US: acquisition of a 25% interest in a portfolio of 26 exploration licenses in the US |
| · | Angola: |
| · | Fast track start-up of Acacia-5 discovery on Block 17 |
| · | Acquisition of a 40% operated interest in two exploration Blocks |
| · | Azerbaijan: Final Investment Decision for Absheron Ph2 |
| · | United Arab Emirates: Final Investment Decision on the Umm Shaif Gas Cap project, targeting over 600 MMscf/d of gas production by 2030 and the monetization of associated condensates |
| · | Nigeria: divestment of a 10% non-operated interest in the Renaissance JV to Vaaris |
| · | Africa: signature of an agreement with Global Infrastructure Partners (GIP), relating to energy infrastructure assets in Africa, for $1.8 billion |
| · | Signature of a 3-year partnership with Mistral for the development of frontier AI models dedicated to exploration and reservoir engineering |
Integrated LNG
| · | Papua New Guinea: establishment of a LNG marketing joint venture (JV) with the national oil company Kumul Petroleum for 2.4 Mt/year of LNG and signature of an LNG offtake agreement of 1.5 Mt/year |
| · | Cyprus: Final Investment Decision on the Cronos gas field, for production start-up in 2028 |
| · | Nigeria: Final Investment Decision on the Ima gas field to supply Nigeria LNG plant starting in 2028 |
Integrated Power
| · | Europe: |
| · | Acquisition of a 4 GW portfolio of onshore renewable assets from Shell |
| · | Sale to KKR of a 50% stake in a 1.2 GW portfolio of developed assets |
| · | United States: addition by TotalEnergies of a 700 MW renewables portfolio to the 50/50 JV with KKR |
Downstream
| · | France: acquisition of all remaining interests in the Grandpuits chemical plastic recycling plant |
| (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
| 2. | Key figures from TotalEnergies’ consolidated financial statements (1) |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs
2Q26 |
3Q25 | In
millions of dollars, except effective tax rate, earnings per share and number of shares |
9M26 | 9M25 | vs
9M25 |
| 17,809 | 13,179 | .35% | 10,295 | Adjusted EBITDA (1) | 43,540 | 30,489 | .43% |
| 9,712 | 6,871 | .41% | 4,659 | Adjusted net operating income from business segments | 22,883 | 13,841 | .65% |
| 3,157 | 3,231 | -2% | 2,169 | Exploration & Production | 8,964 | 6,594 | .36% |
| 1,885 | 807 | x2.3 | 852 | Integrated LNG | 4,010 | 3,187 | .26% |
| 602 | 533 | .13% | 571 | Integrated Power | 1,680 | 1,651 | .2% |
| 3,601 | 1,800 | x2 | 687 | Refining & Chemicals | 7,000 | 1,377 | x5.1 |
| 467 | 500 | -7% | 380 | Marketing & Services | 1,229 | 1,032 | .19% |
| 1,358 | 1,156 | .17% | 692 | Contribution of equity affiliates to adjusted net income | 3,223 | 2,109 | .53% |
| 37.0% | 39.3% | 37.7% | Effective tax rate (3) | 38.3% | 40.2% | ||
| 9,097 | 6,027 | .51% | 3,980 | Adjusted net income (TotalEnergies share) (1) | 20,518 | 11,750 | .75% |
| 4.03 | 2.68 | .51% | 1.77 | Adjusted fully-diluted earnings per share (dollars) (4) | 9.19 | 5.17 | .78% |
| 3.50 | 2.31 | .52% | 1.50 | Adjusted fully-diluted earnings per share (euros) (5) | 7.91 | 4.62 | .71% |
| 2,234 | 2,216 | .1% | 2,200 | Fully-diluted weighted-average shares (millions) | 2,202 | 2,225 | -1% |
| 8,263 | 5,438 | .52% | 3,683 | Net income (TotalEnergies share) | 19,511 | 10,221 | .91% |
| 4,789 | 4,694 | .2% | 3,473 | Organic investments (1) | 14,133 | 12,794 | .10% |
| (1,510) | (1,247) | ns | (381) | Acquisitions net of assets sales (1) | (2,929) | 1,851 | ns |
| 3,279 | 3,447 | -5% | 3,092 | Net investments (1) | 11,204 | 14,645 | -23% |
| 12,255 | 9,804 | .25% | 7,061 | Cash flow from operations excluding working capital (CFFO) (1) | 30,635 | 20,671 | .48% |
| 12,634 | 10,188 | .24% | 7,443 | Debt Adjusted Cash Flow (DACF) (1) | 31,801 | 21,663 | .47% |
| 15,390 | 10,858 | .42% | 8,349 | Cash flow from operating activities | 29,609 | 16,872 | .75% |
| Gearing (1) of 9.1% at September 30, 2026 vs. 13.1% at June 30, 2026 and 17.3% at September 30, 2025 | |||||||
| (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: 1.1505 in the 3rd quarter 2026, 1.1629 in the 2nd quarter 2026, 1.1681 in the 3rd quarter 2025, 1.1610 in the first nine months of 2026 and 1.1188 in the first nine months of 2025. |
4
| 3. | Key figures of environment, greenhouse gas emissions and production |
| 3.1 | Environment – liquids and gas price realizations, refining margins |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | 9M26 | 9M25 | 9M26 9M25 | |
| 97.0 | 103.8 | -7% | 69.1 | Brent ($/b) | 93.9 | 70.9 | +32% |
| 2.9 | 2.9 | -2% | 3.1 | Henry Hub ($/Mbtu) | 3.1 | 3.5 | -11% |
| 21.5 | 15.6 | +38% | 11.3 | TTF ($/Mbtu) | 17.0 | 12.5 | +36% |
| 22.8 | 17.5 | +31% | 11.7 | JKM ($/Mbtu) | 18.2 | 12.7 | +44% |
| 87.1 | 91.6 | -5% | 66.5 | Average
price of liquids (6),(7) ($/b) Consolidated subsidiaries |
83.9 | 67.9 | +23% |
| 7.00 | 5.55 | +26% | 5.50 | Average
price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries |
6.04 | 5.92 | +2% |
| 12.28 | 10.20 | +20% | 8.91 | Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
10.18 | 9.36 | +9% |
| 33.2 | 13.5 | x2.5 | 8.4 | European Refining Margin Marker (ERM) (6),(10) ($/b) | 19.4 | 5.7 | x3.4 |
| 3.2 | Greenhouse gas emissions (11) |
| 3Q26 | 2Q26 | 3Q26
vs |
3Q25 | Scope 1+2 emissions (12) (MtCO2e) | 9M26 | 9M25 | 9M26
vs |
| 2Q26 | 9M25 | ||||||
| 8.5 | 7.3 | +16% | 8.4 | Scope 1+2 from operated perimeter (1) | 23.6 | 24.8 | -5% |
| 6.9 | 6.4 | +8% | 7.1 | of which Oil & Gas | 20.2 | 21.4 | -6% |
| 1.6 | 0.9 | +78% | 1.3 | of which CCGT | 3.4 | 3.4 | - |
| 11.7 | 10.2 | +15% | 11.0 | Scope 1+2 - ESRS perimeter (1) | 32.3 | 32.7 | -1% |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | Methane emissions (ktCH4) | 9M26 | 9M25 | 9M26
9M25 |
| 4 | 4 | - | 5 | Methane emissions from operated perimeter (1) | 12 | 17 | -29% |
Estimated quarterly emissions.
For the first nine months of 2026, Scope 3(13) Category 11 emissions are estimated at 243 Mt CO2e.
| (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 CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the most recent IPCC report. HFCs, PFCs, SF6 and NF3 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 (H2). 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. |
5
| 3.3 | Production (14) |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | Hydrocarbon production | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 2,474 | 2,395 | +3% | 2,508 | Hydrocarbon production (kboe/d) | 2,474 | 2,523 | -2% |
| 1,400 | 1,298 | +8% | 1,407 | Oil (including bitumen) (kb/d) | 1,342 | 1,369 | -2% |
| 1,074 | 1,097 | -2% | 1,101 | Gas (including condensates and associated NGL) (kboe/d) | 1,132 | 1,154 | -2% |
| 2,474 | 2,395 | +3% | 2,508 | Hydrocarbon production (kboe/d) | 2,474 | 2,523 | -2% |
| 1,510 | 1,410 | +7% | 1,553 | Liquids (kb/d) | 1,467 | 1,525 | -4% |
| 5,209 | 5,330 | -2% | 5,182 | Gas (Mcf/d) | 5,444 | 5,409 | +1% |
Hydrocarbon production was 2,474 thousand barrels of oil equivalent per day in the third quarter of 2026, up more than 3% compared to the second quarter, benefiting from a gradual return-to-normal oil production in the Middle East.
Hydrocarbon production is down 1% year-on-year primarily due to:
| · | +4% from project start-ups and project ramp-ups, notably Mero-4 and Lapa SW in Brazil, Anchor and Ballymore in the United States, Begonia and Clov Phase 3 in Angola, Mabruk in Libya and Ratawi in Iraq, |
| · | +2% due to improved plant availability, |
| · | -2% due to the natural decline of fields, |
| · | -5% due to the impact of the conflict in the Middle East. |
Excluding the impact of the conflict in the Middle East, production would be up by more than 4% year-on-year.
| (14) | Company production = E&P production + Integrated LNG production. |
6
| 4. | Analysis of business segments |
| 4.1 | Exploration & Production |
| 4.1.1 | Production |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | Hydrocarbon production | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 1,963 | 1,845 | +6% | 2,026 | EP (kboe/d) | 1,918 | 1,986 | -3% |
| 1,446 | 1,342 | +8% | 1,501 | Liquids (kb/d) | 1,399 | 1,460 | -4% |
| 2,739 | 2,668 | +3% | 2,782 | Gas (Mcf/d) | 2,756 | 2,799 | -2% |
| 4.1.2 | Results |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | In millions of dollars, except effective tax rate | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 3,157 | 3,231 | -2% | 2,169 | Adjusted net operating income | 8,964 | 6,594 | +36% |
| 263 | 137 | +92% | 177 | including adjusted income from equity affiliates | 539 | 503 | +7% |
| 49.2% | 45.4% | 48.5% | Effective tax rate (15) | 48.0% | 49.4% |
| 2,921 | 2,231 | +31% | 1,922 | Organic investments (1) | 7,876 | 7,659 | +3% |
| (321) | (348) | ns | (53) | Acquisitions net of assets sales (1) | (896) | 225 | ns |
| 2,600 | 1,883 | +38% | 1,869 | Net investments (1) | 6,980 | 7,884 | -11% |
| 5,389 | 5,777 | -7% | 3,984 | Cash flow from operations excluding working capital (CFFO) (1) | 15,730 | 12,035 | +31% |
| 4,905 | 5,546 | -12% | 4,187 | Cash flow from operating activities | 13,420 | 11,128 | +21% |
Adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $3,157 million and $5,389 million, respectively, reflecting production growth and sensitivities to declining oil prices and rising gas prices quarter-to-quarter.
| (15) | Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
7
| 4.2 | Integrated LNG |
| 4.2.1 | Production |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | Hydrocarbon production for LNG | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 511 | 550 | -7% | 482 | Integrated LNG (kboe/d) | 556 | 537 | +4% |
| 64 | 68 | -6% | 52 | Liquids (kb/d) | 68 | 65 | +6% |
| 2,470 | 2,662 | -7% | 2,400 | Gas (Mcf/d) | 2,688 | 2,610 | +3% |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | Liquefied Natural Gas in Mt | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 9.8 | 10.7 | -9% | 10.4 | Overall LNG sales | 32.9 | 31.6 | +4% |
| 3.5 | 3.9 | -9% | 3.4 | incl. Sales from equity production * |
11.5 | 11.2 | +2% |
| 9.4 | 9.8 | -4% | 9.2 | incl. Sales by TotalEnergies from equity production and third party purchases | 30.1 | 28.0 | +8% |
| * | The Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
Hydrocarbon production for LNG decreased by 7% quarter-to-quarter, mainly due to planned maintenance, notably on Angola LNG and Ichthys LNG.
| 4.2.2 | Results |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | In millions of dollars, except the average price of LNG | 9M26 | 9M25 | 9M26 9M25 |
| 12.28 | 10.20 | +20% | 8.91 | Average price of LNG ($/Mbtu) * Consolidated subsidiaries and equity affiliates |
10.18 | 9.36 | +9% |
| 1,885 | 807 | x2.3 | 852 | Adjusted net operating income | 4,010 | 3,187 | +26% |
| 574 | 705 | -19% | 423 | including adjusted income from equity affiliates | 1,710 | 1,471 | +16% |
| 328 | 908 | -64% | 330 | Organic investments (1) | 1,646 | 1,825 | -10% |
| (1,162) | 4 | ns | (134) | Acquisitions net of assets sales (1) | (1,066) | 116 | ns |
| (834) | 912 | ns | 196 | Net investments (1) | 580 | 1,941 | -70% |
| 1,724 | 833 | x2.1 | 1,134 | Cash flow from operations excluding working capital (CFFO) (1) | 4,342 | 3,542 | +23% |
| 1,213 | 2,137 | -43% | 789 | Cash flow from operating activities | 2,230 | 3,071 | -27% |
| * | 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 $1,885 million and $1,724 million, respectively, underpinned by a 20% increase of average LNG price and the outperformance of LNG and gas trading activities in a bull market, given the ongoing conflict in the Strait of Hormuz and the seasonality of demand.
8
| 4.3 | Integrated Power |
4.3.1 Productions, capacities, clients and sales
| 3Q26 | 2Q26 | 3Q26 vs |
3Q25 | Integrated Power | 9M26 | 9M25 | 9M26
vs |
| 2Q26 | 9M25 | ||||||
| 17.9 | 14.8 | +21% | 12.6 | Net power production (TWh) * | 44.3 | 35.5 | +25% |
| 9.6 | 9.6 | - | 8.2 | o/w production from renewables | 27.3 | 23.3 | +17% |
| 8.3 | 5.2 | +61% | 4.5 | o/w production from gas flexible capacities | 17.0 | 12.2 | +39% |
| 33.8 | 33.4 | +1% | 25.2 | Portfolio of power generation net installed capacity (GW) ** | 33.8 | 25.2 | +34% |
| 21.5 | 21.1 | +2% | 18.7 | o/w renewables | 21.5 | 18.7 | +15% |
| 12.3 | 12.2 | +1% | 6.5 | o/w gas flexible capacities | 12.3 | 6.5 | +88% |
| 105.9 | 105.8 | - | 106.0 | Portfolio of renewable power generation gross capacity (GW) **,*** | 105.9 | 106.0 | - |
| 37.9 | 37.4 | +1% | 32.3 | o/w installed capacity | 37.9 | 32.3 | +17% |
| 6.2 | 6.1 | +1% | 6.0 | Clients power - BtB and BtC (Million) ** | 6.2 | 6.0 | +3% |
| 2.7 | 2.7 | -1% | 2.7 | Clients gas - BtB and BtC (Million) ** | 2.7 | 2.7 | -1% |
| 11.9 | 11.6 | +3% | 10.6 | Sales power - BtB and BtC (TWh) | 38.7 | 35.6 | +9% |
| 10.6 | 14.5 | -27% | 11.6 | Sales gas - BtB and BtC (TWh) | 56.6 | 62.2 | -9% |
| * | 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 power production was 44.3 TWh over the first nine months of 2026, up 25% year-on-year and in line with the objective of 60 TWh in 2026. This reflects the growth of the integrated power generation portfolio, notably driven by the commissioning of new renewable capacities and the contribution of TTEP’s assets in line with expectations.
| 4.3.2 | Results |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | In millions of dollars | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 602 | 533 | +13% | 571 | Adjusted net operating income | 1,680 | 1,651 | +2% |
| 142 | 168 | -15% | 48 | including adjusted income from equity affiliates | 362 | 114 | x3.2 |
| 1,135 | 920 | +23% | 596 | Organic investments (1) | 2,878 | 1,663 | +73% |
| (25) | (749) | ns | (147) | Acquisitions net of assets sales (1) | (851) | 1,658 | ns |
| 1,110 | 171 | x6.5 | 449 | Net investments (1) | 2,027 | 3,321 | -39% |
| 774 | 721 | +7% | 611 | Cash flow from operations excluding working capital (CFFO) (1) | 2,069 | 1,770 | +17% |
| 1,636 | (239) | ns | 674 | Cash flow from operating activities | 1,252 | 1,074 | +17% |
Integrated Power segment adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $602 million and $774 million, respectively, in the quarter, sustained by the contribution of TTEP over a full quarter. This consists of production activities (including renewables and gas-fired power plants) for around 55%, and marketing activities (including B2B, B2C and trading), for around 45%.
9
| 4.4 | Downstream (Refining & Chemicals and Marketing & Services) |
| 4.4.1 | Results |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | In millions of dollars | 9M26 | 9M25 | 9M26
9M25 |
| 4,068 | 2,300 | +77% | 1,067 | Adjusted net operating income | 8,229 | 2,409 | x3.4 |
| 319 | 540 | -41% | 590 | Organic investments (1) | 1,513 | 1,508 | - |
| (4) | (156) | ns | (45) | Acquisitions net of assets sales (1) | (121) | (147) | ns |
| 315 | 384 | -18% | 545 | Net investments (1) | 1,392 | 1,361 | +2% |
| 4,622 | 2,877 | +61% | 1,653 | Cash flow from operations excluding working capital (CFFO) (1) | 9,635 | 4,253 | x2.3 |
| 7,912 | 4,114 | +92% | 3,126 | Cash flow from operating activities | 14,658 | 3,226 | x4.5 |
| 4.5 | Refining & Chemicals |
| 4.5.1 | Refinery and petrochemicals throughput and utilization rates |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | Refinery throughput and utilization rate | 9M26 | 9M25 | 9M26 9M25 |
| 1,555 | 1,426 | +9% | 1,478 | Total refinery throughput (kb/d) | 1,535 | 1,538 | - |
| 426 | 354 | +21% | 481 | France | 414 | 460 | -10% |
| 688 | 684 | +1% | 595 | Rest of Europe | 683 | 618 | +11% |
| 441 | 389 | +13% | 402 | Rest of world | 438 | 461 | -5% |
| 88% | 80% | 84% | Utilization rate based on crude only* | 86% | 87% |
| * | Based on distillation capacity at the beginning of the year |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | Petrochemicals production and utilization rate | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 1,165 | 1,100 | +6% | 1,326 | Monomers* (kt) | 3,448 | 3,740 | -8% |
| 1,152 | 1,165 | -1% | 1,174 | Polymers (kt) | 3,476 | 3,474 | - |
| 75% | 71% | 84% | Steam cracker utilization rate** | 73% | 79% |
| * | Olefins. |
| ** | Based on olefins production from steam crackers and their treatment capacity at the start of the year. |
Refinery throughput was up nearly 10% over the quarter, underpinned by all refineries well-functioning in Europe and United States (Port Arthur), and the progressive return of the SATORP refinery in Saudi Arabia to its nominal capacity.
| 4.5.2 | Results |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | In millions of dollars, except ERM | 9M26 | 9M25 | 9M26 9M25 |
| 33.2 | 13.5 | x2.5 | 8.4 | European Refining Margin Marker (ERM) ($/b) * | 19.4 | 5.7 | x3.4 |
| 3,601 | 1,800 | x2 | 687 | Adjusted net operating income | 7,000 | 1,377 | x5.1 |
| 150 | 366 | -59% | 387 | Organic investments (1) | 1,034 | 956 | +8% |
| (1) | (1) | ns | (2) | Acquisitions net of assets sales (1) | 73 | (26) | ns |
| 149 | 365 | -59% | 385 | Net investments (1) | 1,107 | 930 | +19% |
| 3,943 | 2,030 | +94% | 1,015 | Cash flow from operations excluding working capital (CFFO) (1) | 7,689 | 2,420 | x3.2 |
| 6,290 | 3,565 | +76% | 2,839 | Cash flow from operating activities | 11,419 | 1,743 | x6.6 |
| * | 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. |
Refining and Chemicals adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $3,601 million and $3,943 million, demonstrating the segment’s ability to capture historically high refining margins in Europe and worldwide, while oil trading activities continue to outperform on a level consistent with the previous two quarters.
10
| 4.6 | Marketing & Services |
| 4.6.1 | Petroleum product sales |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | Sales in kb/d* | 9M26 | 9M25 | 9M26 9M25 |
| 1,218 | 1,213 | - | 1,269 | Total Marketing & Services sales | 1,221 | 1,286 | -5% |
| 711 | 732 | -3% | 744 | Europe | 719 | 749 | -4% |
| 507 | 481 | +5% | 525 | Rest of world | 502 | 537 | -6% |
| * | Excludes trading and bulk refining sales. |
Sales of petroleum products were down 4% compared to the third quarter of 2025, reflecting demand elasticity in a high price environment.
| 4.6.2 | Results |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | In millions of dollars | 9M26 | 9M25 | 9M26 9M25 |
| 467 | 500 | -7% | 380 | Adjusted net operating income | 1,229 | 1,032 | +19% |
| 169 | 174 | -3% | 203 | Organic investments (1) | 479 | 552 | -13% |
| (3) | (155) | ns | (43) | Acquisitions net of assets sales (1) | (194) | (121) | ns |
| 166 | 19 | x8.7 | 160 | Net investments (1) | 285 | 431 | -34% |
| 679 | 847 | -20% | 638 | Cash flow from operations excluding working capital (CFFO) (1) | 1,946 | 1,833 | +6% |
| 1,622 | 549 | x3 | 287 | Cash flow from operating activities | 3,239 | 1,483 | x2.2 |
Marketing & Services segment adjusted net operating income was $467 million in the quarter, up 23% year-on-year, with higher unit margins that more than offset lower volumes.
Cash flow from operations excluding working capital (CFFO) amounted to $679 million in the third quarter of 2026, up 6% year-on-year for the same reasons.
11
| 5. | TotalEnergies results |
| 5.1 | Adjusted net operating income from business segments |
Segment adjusted net operating income was $9,712 million in the third quarter of 2026, compared to $6,871 million in the second quarter of 2026, due to increased production, higher refining margins in Europe and worldwide, higher gas prices and significant performance of LNG and gas trading activities.
| 5.2 | Adjusted net income (1) (TotalEnergies share) |
Adjusted net income (TotalEnergies share) was $9,097 million in the third quarter of 2026, compared with $6,027 million in the second quarter.
Adjusted net income excludes the after-tax inventory effect, non-recurring items, and effects of changes in fair-value.
Adjusting items to net income totaled ($0.8) billion in the third quarter, consisting mainly of:
| · | $1.5 billion in changes in inventories and fair value effects, |
| · | ($1.9) billion in impairments, in particular for the offshore wind activity within the Integrated Power segment and for the participation of TotalEnergies in Hanwha TotalEnergies Petrochemical Co., Ltd. |
TotalEnergies’ average tax rate was 37.0% in the third quarter versus 39.3% in the second quarter of 2026.
| 5.3 | Adjusted earnings per share |
Adjusted diluted net earnings per share were as follows:
| · | $4.03 in the third quarter of 2026, based on a diluted weighted average number of shares of 2,234 million, compared with $2.68 in the second quarter of 2026, |
| · | $9.19 in the first nine months of 2026, based on diluted weighted average number of shares of 2,202 million, compared with $5.17 a year ago. |
As of September 30, 2026, the number of diluted shares was 2,232 million.
TotalEnergies repurchased* the following:
| · | 17.5 million shares in the third quarter of 2026, for an amount of $1.5 billion, |
| · | 43.8 million shares in the first nine months of 2026, for an amount of $3.74 billion. |
| 5.4 | Acquisitions – asset sales |
Acquisitions amounted to $240 million in the third quarter of 2026, primarily related to the entry in the Bab Gas Cap concession in the United Arab Emirates.
Divestments amounted to $1,750 million in the third quarter of 2026, mainly reflecting the agreement with Global Infrastructure Partners (GIP) on some African energy infrastructure assets.
| 5.5 | Net cash flow (1) |
TotalEnergies’ net cash flow was $8,976 million in the third quarter of 2026, compared to $6,357 million in the previous quarter, considering the $2,451 million increase in cash flow from operations excluding working capital (CFFO), combined with a $168 million reduction in net investments over the quarter.
Cash flow from operating activities was $15,390 million in the third quarter of 2026, for a cash flow from operations excluding working capital (CFFO) of $12,255 million, positively impacted by a $3.1 billion decrease in working capital, driven notably by an increase in suppliers’ payables related to the increase of shipping costs and the increase in tax liabilities related to higher prices.
| * | Net of fees and taxes, including coverage of employees share grant plans. |
12
| 5.6 | Profitability |
Return on equity was 19.6% for the twelve months ending on September 30, 2026.
| In millions of dollars | October
1, 2025 September 30, 2026 |
July
1, 2025 June 30, 2026 |
October
1, 2024 September 30, 2025 |
| Adjusted net income (1) | 24,581 | 19,477 | 16,431 |
| Average adjusted shareholders' equity | 125,107 | 122,739 | 116,051 |
| Return on equity (ROE) | 19.6% | 15.9% | 14.2% |
Return on average capital employed (1) was 17.4% for the twelve months ending on September 30, 2026.
| In millions of dollars | October
1, 2025 September 30, 2026 |
July
1, 2025 June 30, 2026 |
October
1, 2024 September 30, 2025 |
| Adjusted net operating income (1) | 26,646 | 21,608 | 18,204 |
| Average capital employed (1) | 153,100 | 155,138 | 146,636 |
| ROACE (1) | 17.4% | 13.9% | 12.4% |
| 6. | TotalEnergies SE statutory accounts |
Net income for TotalEnergies SE, the parent company, was €2,728 million in the third quarter of 2026 compared to €3,618 million in the second quarter of 2026.
| 7. | Annual 2026 Sensitivities (16) |
| Change | Estimated
impact on net operating income |
Estimated
impact on cash flow from operations | |
| Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
| Average liquids price (17) | +/- 10 $/b | +/- 2.3 B$ | +/- 2.8 B$ |
| European gas price - TTF | +/- 2 $/Mbtu | +/- 0.4 B$ | +/- 0.4 B$ |
| European Refining Margin Marker (ERM) | +/- 1 $/b | +/- 0.3 B$ | +/- 0.4 B$ |
| (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. |
13
| 8. | Outlook |
At the beginning of the fourth quarter, oil prices remain above $100/b, reflecting lasting tensions in the Middle East. In petroleum products markets, the situation is highly volatile, impacted by supply disruptions from the Gulf and global inventories at their lowest levels.
Forward European gas prices remain on a bull trend in anticipation of the winter demand given the ongoing conflict in the Middle East. With the evolution of oil and gas prices in recent months and the lag effect on pricing formulas, TotalEnergies anticipates an increasing average LNG selling price of above $14/Mbtu for the fourth quarter of 2026.
Excluding the impact of the conflict in the Middle East, fourth-quarter production is expected to grow by more than 3% compared to fourth quarter 2025, in line with the annual growth guidance. The impact of the conflict on production is currently decreasing compared to the third quarter and represents less than 5% of the Company’s total production, primarily related to limited exports of LNG volumes via the Strait of Hormuz.
Refinery throughput volumes are expected to be broadly comparable to those of the third quarter, benefiting from the return-to-normal operations at the SATORP platform in Saudi Arabia, and despite a turnaround of the Normandy platform of 20 days.
The Company confirms its planned investments for the year, for a net amount of around $15 billion over 2026, in line with the annual guidance.
To listen to the live conference call in English with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 2:00 pm (Paris time) with financial analysts, 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.
* * * *
TotalEnergies contacts
| Media Relations: | +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR |
| Investor Relations: | +33 (0)1 47 44 46 46 l ir@totalenergies.com |
14
| 9. | Operating information by segment |
| 9.1 | Company’s production (Exploration & Production + Integrated LNG) |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | Combined
liquids and gas production by region (kboe/d) |
9M26 | 9M25 | 9M26 9M25 |
| 517 | 517 | - | 515 | Europe | 535 | 536 | - |
| 408 | 414 | -1% | 433 | Africa | 418 | 427 | -2% |
| 776 | 671 | +16% | 864 | Middle East and North Africa | 741 | 854 | -13% |
| 512 | 513 | - | 476 | Americas | 504 | 446 | +13% |
| 261 | 280 | -7% | 220 | Asia-Pacific | 276 | 260 | +6% |
2,474 383 |
2,395 375 |
+3% +2% |
2,508 361 |
Total production includes equity affiliates |
2,474 371 |
2,523 375 |
-2% -1% |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | Liquids production by region (kb/d) | 9M26 | 9M25 | 9M26 9M25 |
| 208 | 202 | +3% | 204 | Europe | 206 | 207 | -1% |
| 294 | 286 | +3% | 317 | Africa | 293 | 312 | -6% |
| 637 | 537 | +19% | 696 | Middle East and North Africa | 597 | 684 | -13% |
| 277 | 283 | -2% | 249 | Americas | 273 | 223 | +22% |
| 94 | 102 | -8% | 87 | Asia-Pacific | 98 | 99 | - |
| 1,510 | 1,410 | +7% | 1,553 | Total production | 1,467 | 1,525 | -4% |
| 167 | 120 | +39% | 161 | includes equity affiliates |
140 | 161 | -13% |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | Gas production by region (Mcf/d) | 9M26 | 9M25 | 9M26 9M25 |
| 1,654 | 1,693 | -2% | 1,675 | Europe | 1,764 | 1,771 | - |
| 574 | 656 | -13% | 588 | Africa | 633 | 578 | +10% |
| 761 | 736 | +3% | 928 | Middle East and North Africa | 793 | 940 | -16% |
| 1,310 | 1,275 | +3% | 1,260 | Americas | 1,282 | 1,237 | +4% |
| 910 | 970 | -6% | 731 | Asia-Pacific | 972 | 883 | +10% |
| 5,209 | 5,330 | -2% | 5,182 | Total production | 5,444 | 5,409 | +1% |
| 1,150 | 1,374 | -16% | 1,120 | includes equity affiliates |
1,248 | 1,176 | +6% |
15
| 9.2 | Downstream (Refining & Chemicals and Marketing & Services) |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | Petroleum product sales by region (kb/d) | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 1,731 | 1,704 | +2% | 1,839 | Europe | 1,748 | 1,806 | -3% |
| 478 | 445 | +7% | 566 | Africa | 485 | 600 | -19% |
| 1,033 | 1,141 | -9% | 978 | Americas | 1,110 | 1,036 | +7% |
| 730 | 721 | +1% | 1,128 | Rest of world | 816 | 976 | -16% |
| 3,972 | 4,011 | -1% | 4,510 | Total consolidated sales | 4,159 | 4,418 | -6% |
| 365 | 343 | +6% | 354 | Includes bulk sales | 356 | 359 | -1% |
| 2,389 | 2,455 | -3% | 2,887 | Includes trading | 2,582 | 2,773 | -7% |
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | Petrochemicals production* (kt) | 9M26 | 9M25 | 9M26 9M25 |
| 1,045 | 1,030 | +1% | 976 | Europe | 3,063 | 2,792 | +10% |
| 791 | 734 | +8% | 773 | Americas | 2,201 | 2,217 | -1% |
| 482 | 501 | -4% | 751 | Middle East and Asia | 1,660 | 2,205 | -25% |
| * | Olefins, polymers. |
16
| 9.3 | Integrated Power |
| 9.3.1 | Net power production |
| 3Q26 | 2Q26 | |||||||||||||
| Net power production (TWh) | Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | ||
| France | 0.3 | 0.2 | 0.0 | 1.5 | 0.0 | 2.0 | 0.3 | 0.2 | 0.0 | 0.6 | 0.0 | 1.2 | ||
| Rest of Europe | 0.2 | 0.4 | 0.2 | 4.5 | 0.5 | 5.9 | 0.2 | 0.4 | 0.2 | 2.7 | 0.4 | 3.9 | ||
| Africa | 0.0 | - | - | - | 0.1 | 0.2 | 0.0 | - | - | - | 0.1 | 0.1 | ||
| Middle East | 0.4 | - | - | 0.4 | - | 0.8 | 0.4 | - | - | 0.3 | - | 0.7 | ||
| North America | 1.5 | 0.5 | - | 1.9 | - | 3.9 | 1.3 | 0.6 | - | 1.4 | - | 3.4 | ||
| South America | 0.2 | 1.2 | - | - | - | 1.4 | 0.1 | 1.0 | - | - | - | 1.1 | ||
| India | 2.4 | 0.7 | - | - | - | 3.1 | 3.1 | 0.7 | - | - | - | 3.8 | ||
| Pacific Asia | 0.5 | 0.0 | 0.1 | - | - | 0.6 | 0.4 | 0.0 | 0.1 | - | - | 0.5 | ||
| Total | 5.5 | 3.1 | 0.3 | 8.3 | 0.7 | 17.9 | 5.9 | 2.9 | 0.3 | 5.2 | 0.5 | 14.8 | ||
| 9.3.2 | Installed power generation net capacity |
| 3Q26 | 2Q26 | |||||||||||||
| Installed
power generation net capacity (GW) (18) |
Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | Solar | Onshore
Wind |
Offshore Wind |
Gas | Others | Total | ||
| France | 0.8 | 0.6 | 0.0 | 2.7 | 0.2 | 4.3 | 0.8 | 0.6 | 0.0 | 2.7 | 0.2 | 4.3 | ||
| Rest of Europe | 0.7 | 1.1 | 0.3 | 7.4 | 0.4 | 9.9 | 0.8 | 1.1 | 0.3 | 7.3 | 0.4 | 9.8 | ||
| Africa | 0.1 | - | - | - | 0.1 | 0.2 | 0.1 | - | - | - | 0.1 | 0.2 | ||
| Middle East | 0.6 | - | - | 0.3 | - | 1.0 | 0.6 | - | - | 0.3 | - | 1.0 | ||
| North America | 3.1 | 0.9 | - | 1.9 | 0.5 | 6.4 | 3.1 | 0.9 | - | 2.0 | 0.5 | 6.5 | ||
| South America | 1.0 | 1.2 | - | - | - | 2.2 | 0.9 | 1.2 | - | - | - | 2.1 | ||
| India | 7.3 | 0.7 | - | - | 0.4 | 8.4 | 7.2 | 0.7 | - | - | 0.3 | 8.1 | ||
| Pacific Asia | 1.2 | 0.0 | 0.2 | - | - | 1.4 | 1.2 | 0.0 | 0.2 | - | - | 1.4 | ||
| Total | 14.9 | 4.4 | 0.5 | 12.3 | 1.7 | 33.8 | 14.8 | 4.4 | 0.5 | 12.2 | 1.5 | 33.4 | ||
| (18) | End-of-period data. |
17
| 9.3.3 | Power generation gross capacity from renewables |
| Installed
power generation gross capacity from renewables (GW) (19),(20) |
3Q26 | 2Q26 | ||||||||||
| Solar | Onshore Wind |
Offshore Wind |
Other | Total | Solar | Onshore Wind |
Offshore Wind |
Other | Total | |||
| France | 1.4 | 0.9 | 0.0 | 0.3 | 2.6 | 1.4 | 0.9 | 0.0 | 0.2 | 2.5 | ||
| Rest of Europe | 0.9 | 1.8 | 1.1 | 0.5 | 4.4 | 0.9 | 1.8 | 1.1 | 0.5 | 4.4 | ||
| Africa | 0.4 | 0.0 | 0.0 | 0.4 | 0.7 | 0.4 | 0.0 | 0.0 | 0.4 | 0.7 | ||
| Middle East | 1.6 | 0.0 | 0.0 | 0.0 | 1.6 | 1.6 | 0.0 | 0.0 | 0.0 | 1.6 | ||
| North America | 7.8 | 2.3 | 0.0 | 1.2 | 11.3 | 7.8 | 2.3 | 0.0 | 1.2 | 11.3 | ||
| South America | 1.2 | 1.9 | 0.0 | 0.0 | 3.1 | 1.2 | 1.9 | 0.0 | 0.0 | 3.0 | ||
| India | 10.4 | 0.7 | 0.0 | 0.4 | 11.5 | 10.3 | 0.7 | 0.0 | 0.3 | 11.2 | ||
| Asia-Pacific | 1.9 | 0.0 | 0.6 | 0.0 | 2.6 | 1.9 | 0.0 | 0.6 | 0.0 | 2.6 | ||
| Total | 25.6 | 7.7 | 1.8 | 2.8 | 37.9 | 25.4 | 7.6 | 1.8 | 2.5 | 37.4 | ||
| Power
generation gross capacity from renewables in construction (GW) (19),(20) |
3Q26 | 2Q26 | ||||||||||
| Solar | Onshore Wind |
Offshore
Wind |
Other | Total | Solar | Onshore
Wind |
Offshore Wind |
Other | Total | |||
| France | 0.1 | 0.1 | 0.0 | 0.0 | 0.3 | 0.1 | 0.1 | 0.0 | 0.0 | 0.3 | ||
| Rest of Europe | 0.7 | 0.1 | 0.8 | 0.8 | 2.4 | 0.7 | 0.1 | 0.8 | 0.7 | 2.3 | ||
| Africa | 0.2 | 0.2 | 0.0 | 0.0 | 0.3 | 0.2 | 0.2 | 0.0 | 0.0 | 0.3 | ||
| Middle East | 1.3 | 0.2 | 0.0 | 0.0 | 1.5 | 1.3 | 0.2 | 0.0 | 0.0 | 1.5 | ||
| North America | 1.8 | 0.4 | 0.0 | 0.3 | 2.5 | 1.8 | 0.4 | 0.0 | 0.3 | 2.5 | ||
| South America | 0.7 | 0.7 | 0.0 | 0.3 | 1.7 | 0.7 | 0.8 | 0.0 | 0.3 | 1.7 | ||
| India | 0.7 | 0.0 | 0.0 | 0.0 | 0.7 | 0.3 | 0.0 | 0.0 | 0.0 | 0.3 | ||
| Asia-Pacific | 0.6 | 0.0 | 0.0 | 0.0 | 0.6 | 0.5 | 0.0 | 0.0 | 0.0 | 0.5 | ||
| Total | 6.1 | 1.8 | 0.8 | 1.4 | 10.0 | 5.6 | 1.8 | 0.8 | 1.3 | 9.6 | ||
| Power
generation gross capacity from renewables in development (GW) (19),(20) |
3Q26 | 2Q26 | ||||||||||
| Solar | Onshore
Wind |
Offshore Wind |
Other | Total | Solar | Onshore Wind |
Offshore Wind |
Other | Total | |||
| France | 0.7 | 0.4 | 1.5 | 0.3 | 2.9 | 0.9 | 0.5 | 1.5 | 0.0 | 2.8 | ||
| Rest of Europe | 3.6 | 2.0 | 13.9 | 4.1 | 23.7 | 3.7 | 1.9 | 14.3 | 4.3 | 24.3 | ||
| Africa | 1.1 | 0.6 | 0.0 | 0.0 | 1.7 | 1.1 | 0.5 | 0.0 | 0.0 | 1.6 | ||
| Middle East | 0.8 | 0.0 | 0.0 | 0.0 | 0.8 | 0.8 | 0.0 | 0.0 | 0.0 | 0.8 | ||
| North America | 11.1 | 3.4 | 0.0 | 4.4 | 19.0 | 10.8 | 3.1 | 0.0 | 4.9 | 18.8 | ||
| South America | 0.6 | 1.0 | 0.0 | 0.0 | 1.7 | 0.7 | 1.0 | 0.0 | 0.0 | 1.8 | ||
| India | 1.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.4 | 0.0 | 0.0 | 0.0 | 1.4 | ||
| Asia-Pacific | 2.5 | 1.1 | 2.6 | 1.1 | 7.3 | 2.6 | 1.1 | 2.6 | 1.1 | 7.3 | ||
| Total | 21.6 | 8.6 | 18.0 | 9.9 | 58.0 | 21.9 | 8.1 | 18.4 | 10.4 | 58.8 |
| (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. |
18
| 10. | Alternative Performance Measures (Non-GAAP measures) |
| 10.1 | Adjustment items to net income (TotalEnergies share) |
| 3Q26 | 2Q26 | 3Q25 | In millions of dollars | 9M26 | 9M25 |
| 8,263 | 5,438 | 3,683 | Net income (TotalEnergies share) | 19,511 | 10,221 |
| (2,320) | (268) | (93) | Special items affecting net income (TotalEnergies share) | (3,619) | (541) |
| (114) | (17) | 284 | Gain (loss) on asset sales | 121 | 284 |
| - | (30) | (7) | Restructuring charges | (52) | (7) |
| (1,945) | - | (286) | Impairments | (3,093) | (495) |
| (261) | (221) | (84) | Other | (595) | (323) |
| 1,227 | (290) | (32) | After-tax inventory effect : FIFO vs. replacement cost | 2,444 | (378) |
| 259 | (31) | (172) | Effect of changes in fair value | 168 | (610) |
| (834) | (589) | (297) | Total adjustments affecting net income | (1,007) | (1,529) |
| 9,097 | 6,027 | 3,980 | Adjusted net income (TotalEnergies share) | 20,518 | 11,750 |
19
| 10.2 | Reconciliation of adjusted EBITDA with consolidated financial statements |
| 10.2.1 | Reconciliation of net income (TotalEnergies share) to adjusted EBITDA |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | In millions of dollars | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 8,263 | 5,438 | +52% | 3,683 | Net income (TotalEnergies share) | 19,511 | 10,221 | +91% |
| 834 | 589 | +42% | 297 | Less: adjustment items to net income (TotalEnergies share) | 1,007 | 1,529 | -34% |
| 9,097 | 6,027 | +51% | 3,980 | Adjusted net income (TotalEnergies share) | 20,518 | 11,750 | +75% |
| Adjusted items | |||||||
| 67 | 45 | +49% | 80 | Add: non-controlling interests | 190 | 210 | -10% |
| 4,741 | 3,365 | +41% | 2,281 | Add: income taxes | 11,430 | 7,314 | +56% |
| 3,233 | 3,075 | +5% | 3,277 | Add: depreciation, depletion and impairment of tangible assets and mineral interests | 9,405 | 9,381 | - |
| 116 | 95 | +22% | 104 | Add: amortization and impairment of intangible assets | 301 | 283 | +6% |
| 821 | 817 | - | 808 | Add: financial interest on debt | 2,429 | 2,349 | +3% |
| (266) | (245) | ns | (235) | Less: financial income and expense from cash & cash equivalents | (733) | (798) | ns |
| 17,809 | 13,179 | +35% | 10,295 | Adjusted EBITDA | 43,540 | 30,489 | +43% |
| 10.2.2 | Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share) |
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | In millions of dollars | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| Adjusted items | |||||||
| 61,622 | 57,334 | +7% | 43,844 | Revenues from sales | 168,472 | 136,419 | +23% |
| (37,008) | (37,734) | ns | (26,940) | Purchases, net of inventory variation | (103,861) | (86,036) | ns |
| (8,160) | (7,954) | ns | (7,555) | Other operating expenses | (24,677) | (22,685) | ns |
| (134) | (95) | ns | (64) | Exploration costs | (362) | (242) | ns |
| 146 | 338 | -57% | 303 | Other income | 669 | 1,094 | -39% |
| (222) | (164) | ns | (101) | Other expense, excluding amortization and impairment of intangible assets | (500) | (550) | ns |
| 391 | 482 | -19% | 324 | Other financial income | 1,167 | 1,040 | +12% |
| (184) | (184) | ns | (208) | Other financial expense | (591) | (660) | ns |
| 1,358 | 1,156 | +17% | 692 | Net income (loss) from equity affiliates | 3,223 | 2,109 | +53% |
| 17,809 | 13,179 | +35% | 10,295 | Adjusted EBITDA | 43,540 | 30,489 | +43% |
| Adjusted items | |||||||
| (3,233) | (3,075) | ns | (3,277) | Less: depreciation, depletion and impairment of tangible assets and mineral interests | (9,405) | (9,381) | ns |
| (116) | (95) | ns | (104) | Less: amortization of intangible assets | (301) | (283) | ns |
| (821) | (817) | ns | (808) | Less: financial interest on debt | (2,429) | (2,349) | ns |
| 266 | 245 | +9% | 235 | Add: financial income and expense from cash & cash equivalents | 733 | 798 | -8% |
| (4,741) | (3,365) | ns | (2,281) | Less: income taxes | (11,430) | (7,314) | ns |
| (67) | (45) | ns | (80) | Less: non-controlling interests | (190) | (210) | ns |
| (834) | (589) | ns | (297) | Add: adjustment (TotalEnergies share) | (1,007) | (1,529) | ns |
| 8,263 | 5,438 | +52% | 3,683 | Net income (TotalEnergies share) | 19,511 | 10,221 | +91% |
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| 10.3 | Investments – Divestments |
Reconciliation of Cash flow used in investing activities to Net investments
| 3Q26 | 9M26 | ||||||
| 3Q26 | 2Q26 | vs | 3Q25 | In millions of dollars | 9M26 | 9M25 | vs |
| 2Q26 | 9M25 | ||||||
| 4,962 | 3,276 | +51% | 3,203 | Cash flow used in investing activities ( a ) * | 12,550 | 14,697 | -15% |
| (1,815) | - | ns | - | Other transactions with non-controlling interests ( b ) | (1,815) | - | ns |
| 14 | 57 | -75% | 45 | Organic loan repayment from equity affiliates ( c ) | 120 | 105 | +14% |
| - | 50 | -100% | (242) | Change in debt from renewable projects financing ( d ) ** | 64 | (463) | ns |
| 88 | 63 | +40% | 84 | Capex linked to capitalized leasing contracts ( e ) | 226 | 282 | -20% |
| 30 | 1 | x30 | 2 | Expenditures related to carbon credits ( f ) | 59 | 24 | x2.5 |
| 3,279 | 3,447 | -5% | 3,092 | Net investments ( a + b + c + d + e + f = g - i + h ) | 11,204 | 14,645 | -23% |
| (1,510) | (1,247) | ns | (381) | of which acquisitions net of assets sales ( g - i ) | (2,929) | 1,851 | ns |
| 240 | 141 | +70% | 474 | Acquisitions ( g ) | 773 | 3,416 | -77% |
| 1,750 | 1,388 | +26% | 855 | Asset sales ( i ) | 3,702 | 1,565 | x2.4 |
| - | 68 | -100% | 121 | Change in debt (partner share) and capital gain from renewable project sales | 50 | 188 | -73% |
| 4,789 | 4,694 | +2% | 3,473 | of which organic investments ( h ) | 14,133 | 12,794 | +10% |
| 137 | 88 | +55% | 74 | Capitalized exploration | 299 | 222 | +34% |
| 413 | 452 | -9% | 408 | Increase in non-current loans | 1,166 | 1,401 | -17% |
| (202) | (1,017) | ns | (449) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (1,495) | (808) | ns |
| - | 118 | -100% | (121) | Change in debt from renewable projects (TotalEnergies share) | 114 | (275) | 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 $153 million in the second quarter of 2026, $207 million in the third quarter of 2026 and $578 million in the first nine months 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
| 3Q26 | 2Q26 | 3Q26 2Q26 |
3Q25 | In millions of dollars | 9M26 | 9M25 | 9M26 9M25 |
| 15,390 | 10,858 | +42% | 8,349 | Cash flow from operating activities ( a ) | 29,609 | 16,872 | +75% |
| 1,593 | 1,667 | -4% | 1,382 | (Increase) decrease in working capital ( b ) * | (3,733) | (3,180) | ns |
| 1,556 | (506) | ns | (55) | Inventory effect ( c ) | 2,899 | (434) | ns |
| 0 | 50 | -100% | (6) | Capital gain from renewable project sales ( d ) | 72 | 80 | -10% |
| 14 | 57 | -75% | 45 | Organic loan repayments from equity affiliates ( e ) | 120 | 105 | +14% |
| 12,255 | 9,804 | +25% | 7,061 | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 30,635 | 20,671 | +48% |
| (379) | (384) | ns | (382) | Financial charges | (1,166) | (992) | ns |
| 12,634 | 10,188 | +24% | 7,443 | Debt Adjusted Cash Flow (DACF) | 31,801 | 21,663 | +47% |
| 4,789 | 4,694 | +2% | 3,473 | Organic investments ( g ) | 14,133 | 12,794 | +10% |
| 7,466 | 5,110 | +46% | 3,588 | Cash flow after organic investments ( f - g ) | 16,502 | 7,877 | x2.1 |
| 3,279 | 3,447 | -5% | 3,092 | Net investments ( h ) | 11,204 | 14,645 | -23% |
| 8,976 | 6,357 | +41% | 3,969 | Net cash flow ( f - h ) | 19,431 | 6,026 | x3.2 |
| * | Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts. |
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| 10.5 | Gearing ratio |
| In millions of dollars | 09/30/2026 | 06/30/2026 | 09/30/2025 |
| Current borrowings * | 11,966 | 11,229 | 11,830 |
| Other current financial liabilities | 180 | 209 | 568 |
| Current financial assets * , ** | (3,327) | (3,720) | (4,607) |
| Net financial assets classified as held for sale * | 731 | 114 | 49 |
| Non-current financial debt * | 40,960 | 41,157 | 41,296 |
| Non-current financial assets * | (2,510) | (1,601) | (1,168) |
| Cash and cash equivalents | (34,208) | (27,678) | (23,415) |
| Net debt ( a ) | 13,792 | 19,710 | 24,553 |
| Shareholders’ equity (TotalEnergies share) | 132,698 | 128,408 | 115,281 |
| Non-controlling interests | 4,268 | 2,545 | 2,384 |
| Shareholders' equity (b) | 136,966 | 130,953 | 117,665 |
| Gearing = a / ( a+b ) | 9.1% | 13.1% | 17.3% |
| Leases (c) | 8,773 | 8,904 | 8,827 |
| Gearing including leases ( a+c ) / ( a+b+c ) | 14.1% | 17.9% | 22.1% |
| * | 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 |
Twelve months ended September 30, 2026
| In millions of dollars | Exploration
& Production |
Integrated LNG |
Integrated
Power |
Refining
& Chemicals |
Marketing
& Services |
Company |
| Adjusted net operating income | 10,769 | 4,932 | 2,244 | 8,001 | 1,570 | 26,646 |
| Capital employed at 09/30/2025 | 66,102 | 43,872 | 26,960 | 7,123 | 7,565 | 149,974 |
| Capital employed at 09/30/2026 | 69,581 | 51,030 | 29,648 | 3,087 | 4,671 | 156,226 |
| ROACE | 15.9% | 10.4% | 7.9% | 156.7% | 25.7% | 17.4% |
| 10.7 | Pay-out |
| In millions of dollars | 9M26 | 9M25 | 2025 |
| Dividend paid (parent company shareholders) | 6,372 | 5,961 | 8,121 |
| Repayment of treasury shares excluding fees and taxes | 3,744 | 5,997 | 7,496 |
| Payout ratio | 33% | 56% | 55% |
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| 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.
Cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. 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.
Free cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow refers to Net cash flow minus cash flows with non-controlling interests, payments on perpetual subordinated notes, repayments of leases and repayment (issuance) of shares of parent company shareholders. Free 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 Net investments and certain cash flows from financing activities. This performance indicator corresponds to the cash flow available to repay the other debts and allocate cash to parent company shareholders distribution or share buybacks.
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 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
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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 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.
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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 third quarter of 2026 and first nine months of 2026 from the consolidated financial statements of TotalEnergies SE as of September 30, 2026 (unaudited). The consolidated financial statements of TotalEnergies SE as of September 30, 2026 have been subject to a limited review by the Statutory Auditors. The notes to the consolidated financial statements (unaudited) are available on the Corporation’s 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 outlook, objectives, areas of improvement, goals and ambitions 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 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”, “estimates”, “considers”, “plans”, “expects”, “thinks”, “targets”, “has an ambition to”, “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 publication of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the outlook, objectives, goals or ambitions 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, fluctuations in the price of crude oil and natural gas, changes in demand and prices of petroleum products, changes in production levels and estimates of reserves, 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 in the Corporation’s 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. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Future interim or final annual dividend payments beyond the interim dividend payable on April 2nd, 2027 (or April 20th, 2027 for holders on the U.S. register) have not yet 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 undertake 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 statements, objectives or trends contained in this document. In addition, the Corporation has not verified and is under no obligation to verify any data or information provided by or sourced from third parties contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. Users are advised to verify them independently before relying on them. 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 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 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, 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
25
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 adjusted fully-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’s website totalenergies.com. The Form 20-F is also available from the SEC by calling 1-800-SEC-0330 or on the SEC’s website.
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TotalEnergies financial statements
Third quarter 2026 consolidated accounts, IFRS
27
Consolidated statement of income
TotalEnergies
(unaudited)
| 3rd quarter | 2nd quarter | 3rd quarter | |
| (M$)(a) | 2026 | 2026 | 2025 |
| Sales | 66,819 | 61,771 | 48,691 |
| Excise taxes | (4,960) | (4,674) | (4,847) |
| Revenue from sales | 61,859 | 57,097 | 43,844 |
| Purchases, net of inventory variation | (35,205) | (38,308) | (27,191) |
| Other operating expenses | (8,719) | (8,038) | (7,591) |
| Exploration costs | (134) | (95) | (64) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,180) | (3,075) | (3,280) |
| Other income | 146 | 330 | 778 |
| Other expenses | (403) | (279) | (528) |
| Financial interest on debt | (821) | (817) | (808) |
| Financial income and expenses from cash & cash equivalents | 266 | 245 | 265 |
| Cost of net debt | (555) | (572) | (543) |
| Other financial income | 391 | 482 | 366 |
| Other financial expenses | (184) | (184) | (208) |
| Net income (loss) from equity affiliates | 427 | 1,271 | 602 |
| Income taxes | (5,080) | (3,154) | (2,423) |
| Consolidated net income | 8,363 | 5,475 | 3,762 |
| TotalEnergies share | 8,263 | 5,438 | 3,683 |
| Non-controlling interests | 100 | 37 | 79 |
| Earnings per share ($) | 3.69 | 2.44 | 1.65 |
| Diluted earnings per share ($) | 3.66 | 2.41 | 1.64 |
(a) Except for per share amounts.
28
Consolidated statement of comprehensive income
TotalEnergies
(unaudited)
| 3rd quarter | 2nd quarter | 3rd quarter | |
| (M$) | 2026 | 2026 | 2025 |
| Consolidated net income | 8,363 | 5,475 | 3,762 |
| Other comprehensive income | |||
| Actuarial gains and losses | – | 21 | (2) |
| Change in fair value of investments in equity instruments | (74) | (29) | (96) |
| Tax effect | 25 | (7) | 19 |
| Currency translation adjustment generated by the parent company | (311) | (857) | (2) |
| Items not potentially reclassifiable to profit and loss | (360) | (872) | (81) |
| Currency translation adjustment | 125 | 573 | (230) |
| Cash flow hedge | 2,510 | 454 | (346) |
| Variation of foreign currency basis spread | 7 | 1 | 6 |
| Share of other comprehensive income of equity affiliates, net amount | 327 | 63 | (112) |
| Other | 1 | 2 | 5 |
| Tax effect | (650) | (113) | 81 |
| Items potentially reclassifiable to profit and loss | 2,320 | 980 | (596) |
| Total other comprehensive income (net amount) | 1,960 | 108 | (677) |
| Comprehensive income | 10,323 | 5,583 | 3,085 |
| – TotalEnergies share | 10,226 | 5,531 | 3,001 |
| – Non-controlling interests | 97 | 52 | 84 |
29
Consolidated statement of income
TotalEnergies
(unaudited)
| (M$)(a) | 9 months 2026 | 9 months 2025 |
| Sales | 182,753 | 150,572 |
| Excise taxes | (14,281) | (14,153) |
| Revenue from sales | 168,472 | 136,419 |
| Purchases, net of inventory variation | (100,860) | (87,204) |
| Other operating expenses | (25,432) | (22,989) |
| Exploration costs | (362) | (242) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (10,461) | (9,536) |
| Other income | 947 | 1,569 |
| Other expenses | (1,907) | (1,106) |
| Financial interest on debt | (2,429) | (2,349) |
| Financial income and expenses from cash & cash equivalents | 733 | 882 |
| Cost of net debt | (1,696) | (1,467) |
| Other financial income | 1,167 | 1,113 |
| Other financial expenses | (591) | (660) |
| Net income (loss) from equity affiliates | 2,515 | 1,794 |
| Income taxes | (12,022) | (7,262) |
| Consolidated net income | 19,770 | 10,429 |
| TotalEnergies share | 19,511 | 10,221 |
| Non-controlling interests | 259 | 208 |
| Earnings per share ($) | 8.82 | 4.53 |
| Diluted earnings per share ($) | 8.73 | 4.49 |
(a) Except for per share amounts.
30
Consolidated statement of comprehensive income
TotalEnergies
(unaudited)
| (M$) | 9 months 2026 | 9 months 2025 |
| Consolidated net income | 19,770 | 10,429 |
| Other comprehensive income | ||
| Actuarial gains and losses | 22 | 14 |
| Change in fair value of investments in equity instruments | 9 | (32) |
| Tax effect | (7) | – |
| Currency translation adjustment generated by the parent company | (2,960) | 8,688 |
| Items not potentially reclassifiable to profit and loss | (2,936) | 8,670 |
| Currency translation adjustment | 2,602 | (6,939) |
| Cash flow hedge | 3,901 | (1,014) |
| Variation of foreign currency basis spread | 12 | 25 |
| Share of other comprehensive income of equity affiliates, net amount | 545 | (386) |
| Other | 4 | 12 |
| Tax effect | (998) | 237 |
| Items potentially reclassifiable to profit and loss | 6,066 | (8,065) |
| Total other comprehensive income (net amount) | 3,130 | 605 |
| Comprehensive income | 22,900 | 11,034 |
| – TotalEnergies share | 22,641 | 10,760 |
| – Non-controlling interests | 259 | 274 |
31
Consolidated balance sheet
TotalEnergies
| September
30, 2026 |
June 30, 2026 | December
31, 2025 |
September 30, 2025 | |
| (M$) | (unaudited) | (unaudited) | (unaudited) | |
ASSETS Non-current assets |
||||
| Intangible assets, net | 34,488 | 35,631 | 37,345 | 37,764 |
| Property, plant and equipment, net | 115,021 | 117,889 | 114,694 | 115,198 |
| Equity affiliates: investments and loans | 47,632 | 44,663 | 38,090 | 36,968 |
| Other investments | 1,977 | 2,099 | 1,914 | 2,046 |
| Non-current financial assets | 3,551 | 2,702 | 3,270 | 2,426 |
| Deferred income taxes | 2,111 | 2,939 | 3,358 | 3,633 |
| Other non-current assets | 2,816 | 2,573 | 2,915 | 2,990 |
| Total non-current assets | 207,596 | 208,496 | 201,586 | 201,025 |
| Current assets | ||||
| Inventories, net | 26,887 | 21,373 | 16,663 | 17,058 |
| Accounts receivable, net | 24,712 | 21,184 | 18,559 | 19,735 |
| Other current assets | 40,474 | 28,976 | 20,437 | 21,833 |
| Current financial assets | 3,595 | 4,039 | 3,332 | 4,884 |
| Cash and cash equivalents | 34,208 | 27,678 | 26,202 | 23,415 |
| Assets classified as held for sale | 4,456 | 2,015 | 4,276 | 4,009 |
| Total current assets | 134,332 | 105,265 | 89,469 | 90,934 |
| Total assets | 341,928 | 313,761 | 291,055 | 291,959 |
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
||||
| Common shares | 7,280 | 7,280 | 7,059 | 7,059 |
| Paid-in surplus and retained earnings | 146,280 | 139,898 | 125,860 | 125,073 |
| Currency translation adjustment | (14,182) | (14,146) | (14,033) | (13,853) |
| Treasury shares | (6,680) | (4,624) | (4,003) | (2,998) |
| Total shareholders' equity - TotalEnergies share | 132,698 | 128,408 | 114,883 | 115,281 |
| Non-controlling interests | 4,268 | 2,545 | 2,640 | 2,384 |
| Total shareholders' equity | 136,966 | 130,953 | 117,523 | 117,665 |
| Non-current liabilities | ||||
| Deferred income taxes | 14,181 | 13,347 | 12,634 | 12,830 |
| Employee benefits | 2,006 | 1,996 | 2,018 | 1,991 |
| Provisions and other non-current liabilities | 18,721 | 18,734 | 17,322 | 20,096 |
| Non-current financial debt | 49,090 | 49,525 | 48,995 | 49,552 |
| Total non-current liabilities | 83,998 | 83,602 | 80,969 | 84,469 |
| Current liabilities | ||||
| Accounts payable | 47,176 | 41,438 | 38,065 | 38,062 |
| Other creditors and accrued liabilities | 57,374 | 43,108 | 36,344 | 35,266 |
| Current borrowings | 13,901 | 13,183 | 12,038 | 13,820 |
| Other current financial liabilities | 180 | 209 | 388 | 568 |
| Liabilities directly associated with the assets classified as held for sale | 2,333 | 1,268 | 5,728 | 2,109 |
| Total current liabilities | 120,964 | 99,206 | 92,563 | 89,825 |
| Total liabilities & shareholders' equity | 341,928 | 313,761 | 291,055 | 291,959 |
32
Consolidated statement of cash flow
TotalEnergies
(unaudited)
| 3rd quarter | 2nd quarter | 3rd quarter | |
| (M$) | 2026 | 2026 | 2025 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Consolidated net income | 8,363 | 5,475 | 3,762 |
| Depreciation, depletion, amortization and impairment | 4,342 | 3,097 | 3,405 |
| Non-current liabilities, valuation allowances and deferred taxes | 1,166 | 599 | 272 |
| (Gains) losses on disposals of assets | 52 | (266) | (603) |
| Undistributed affiliates' equity earnings | 333 | (65) | (195) |
| (Increase) decrease in working capital | 921 | 1,663 | 1,600 |
| Other changes, net | 213 | 355 | 108 |
| Cash flow from operating activities | 15,390 | 10,858 | 8,349 |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Intangible assets and property, plant and equipment additions | (4,449) | (4,232) | (3,812) |
| Acquisitions of subsidiaries, net of cash acquired | – | (6) | – |
| Investments in equity affiliates and other securities | (252) | (561) | (215) |
| Increase in non-current loans | (413) | (452) | (408) |
| Total expenditures | (5,114) | (5,251) | (4,435) |
| Proceeds from disposals of intangible assets and property, plant and equipment | (114) | 500 | 613 |
| Proceeds from disposals of subsidiaries, net of cash sold | 10 | 135 | 133 |
| Proceeds from disposals of non-current investments | 40 | 266 | (8) |
| Repayment of non-current loans | 216 | 1,074 | 494 |
| Total divestments | 152 | 1,975 | 1,232 |
| Cash flow used in investing activities | (4,962) | (3,276) | (3,203) |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Issuance (repayment) of shares: | |||
| – Parent company shareholders | (2) | 363 | – |
| – Treasury shares | (1,505) | (1,511) | (2,349) |
| Dividends paid: | |||
| – Parent company shareholders | (2,155) | (2,094) | (2,216) |
| – Non-controlling interests | (136) | (166) | (89) |
| Net issuance (repayment) of perpetual subordinated notes | – | – | – |
| Payments on perpetual subordinated notes | (22) | (40) | (26) |
| Other transactions with non-controlling interests | 1,771 | (37) | 23 |
| Net issuance (repayment) of non-current debt | 62 | 84 | 3,682 |
| Increase (decrease) in current borrowings | (2,033) | (1,994) | (1,962) |
| Increase (decrease) in current financial assets and liabilities | 323 | 127 | 529 |
| Cash flow / (used in) financing activities | (3,697) | (5,268) | (2,408) |
| Net increase (decrease) in cash and cash equivalents | 6,731 | 2,314 | 2,738 |
| Effect of exchange rates | (201) | (329) | 253 |
| Cash and cash equivalents at the beginning of the period | 27,678 | 25,693 | 20,424 |
| Cash and cash equivalents at the end of the period | 34,208 | 27,678 | 23,415 |
33
Consolidated statement of cash flow
TotalEnergies
(unaudited)
| (M$) | 9 months 2026 | 9 months 2025 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Consolidated net income | 19,770 | 10,429 |
| Depreciation, depletion, amortization and impairment | 11,588 | 9,851 |
| Non-current liabilities, valuation allowances and deferred taxes | 2,356 | 608 |
| (Gains) losses on disposals of assets | (534) | (913) |
| Undistributed affiliates' equity earnings | 81 | (720) |
| (Increase) decrease in working capital | (4,384) | (2,583) |
| Other changes, net | 732 | 200 |
| Cash flow from operating activities | 29,609 | 16,872 |
| CASH FLOW USED IN INVESTING ACTIVITIES | ||
| Intangible assets and property, plant and equipment additions | (13,302) | (12,800) |
| Acquisitions of subsidiaries, net of cash acquired | (85) | (1,859) |
| Investments in equity affiliates and other securities | (1,034) | (945) |
| Increase in non-current loans | (1,166) | (1,401) |
| Total expenditures | (15,587) | (17,005) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 567 | 983 |
| Proceeds from disposals of subsidiaries, net of cash sold | 542 | 404 |
| Proceeds from disposals of non-current investments | 313 | 8 |
| Repayment of non-current loans | 1,615 | 913 |
| Total divestments | 3,037 | 2,308 |
| Cash flow used in investing activities | (12,550) | (14,697) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Issuance (repayment) of shares: | ||
| – Parent company shareholders | 361 | 492 |
| – Treasury shares | (3,791) | (6,208) |
| Dividends paid: | ||
| – Parent company shareholders | (6,372) | (5,961) |
| – Non-controlling interests | (311) | (401) |
| Net issuance (repayment) of perpetual subordinated notes | 1,751 | (1,139) |
| Payments on perpetual subordinated notes | (216) | (181) |
| Other transactions with non-controlling interests | 1,718 | (28) |
| Net issuance (repayment) of non-current debt | 3,730 | 7,370 |
| Increase (decrease) in current borrowings | (5,310) | (2,168) |
| Increase (decrease) in current financial assets and liabilities | (19) | 2,534 |
| Cash flow / (used in) financing activities | (8,459) | (5,690) |
| Net increase (decrease) in cash and cash equivalents | 8,600 | (3,515) |
| Effect of exchange rates | (594) | 1,086 |
| Cash and cash equivalents at the beginning of the period | 26,202 | 25,844 |
| Cash and cash equivalents at the end of the period | 34,208 | 23,415 |
34
Consolidated statement of changes in shareholders' equity
TotalEnergies
(unaudited)
| (M$) | Common shares issued | Paid-in surplus and retained |
Currency translation |
Treasury shares | Shareholders’ equity- TotalEnergies |
Non-equity controlling |
Total | ||
| Number | Amount |
earnings |
adjustment |
Number | Amount |
Share |
interests |
shareholders' | |
| 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 nine months 2025 | – | – | 10,221 | – | – | – | 10,221 | 208 | 10,429 |
| Other comprehensive income | – | – | (867) | 1,406 | – | – | 539 | 66 | 605 |
| Comprehensive income | – | – | 9,354 | 1,406 | – | – | 10,760 | 274 | 11,034 |
| Dividend | – | – | (6,103) | – | – | – | (6,103) | (267) | (6,370) |
| Issuance of common shares | 11,149,053 | 30 | 462 | – | – | – | 492 | – | 492 |
| Purchase of treasury shares | – | – | – | – | (99,060,045) | (6,520) | (6,520) | – | (6,520) |
| Sale of treasury shares(a) | – | – | (414) | – | 6,218,249 | 414 | – | – | – |
| Share-based payments | – | – | 463 | – | – | – | 463 | – | 463 |
| Share cancellation | (202,243,171) | (548) | (12,704) | – | 202,243,171 | 13,064 | (188) | – | (188) |
| Net issuance (repayment) of perpetual subordinated notes | – | – | (1,219) | – | – | – | (1,219) | – | (1,219) |
| Payments on perpetual subordinated notes | – | – | (238) | – | – | – | (238) | – | (238) |
| Other operations with non-controlling interests | – | – | (6) | – | – | – | (6) | (22) | (28) |
| Other items | – | – | (18) | – | – | – | (18) | 2 | (16) |
| As of September 30, 2025 | 2,206,585,543 | 7,059 | 125,073 | (13,853) | (40,128,443) | (2,998) | 115,281 | 2,384 | 117,665 |
| Net income of the fourth quarter 2025 | – | – | 2,906 | – | – | – | 2,906 | 22 | 2,928 |
| Other comprehensive income | – | – | (130) | (180) | – | – | (310) | 11 | (299) |
| Comprehensive income | – | – | 2,776 | (180) | – | – | 2,596 | 33 | 2,629 |
| Dividend | – | – | (2,032) | – | – | – | (2,032) | (81) | (2,113) |
| Issuance of common shares | – | – | – | – | – | – | – | – | – |
| Purchase of treasury shares | – | – | – | – | (23,577,249) | (1,006) | (1,006) | – | (1,006) |
| Sale of treasury shares(a) | – | – | – | – | 3,163 | – | – | – | – |
| Share-based payments | – | – | 122 | – | – | – | 122 | – | 122 |
| Share cancellation | – | – | – | – | – | – | – | – | – |
| Net issuance (repayment) of perpetual subordinated notes | – | – | – | – | – | – | – | – | – |
| Payments on perpetual subordinated notes | – | – | (82) | – | – | – | (82) | – | (82) |
| Other operations with non-controlling interests | – | – | 5 | – | – | – | 5 | 308 | 313 |
| Other items | – | – | (2) | – | – | 1 | (1) | (4) | (5) |
| 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 nine months 2026 | – | – | 19,511 | – | – | – | 19,511 | 259 | 19,770 |
| Other comprehensive income | – | – | 3,279 | (149) | – | – | 3,130 | – | 3,130 |
| Comprehensive income | – | – | 22,790 | (149) | – | – | 22,641 | 259 | 22,900 |
| Dividend | – | – | (6,814) | – | – | – | (6,814) | (311) | (7,125) |
| Issuance of common shares | 100,985,040 | 295 | 6,090 | – | – | – | 6,385 | – | 6,385 |
| Purchase of treasury shares | – | – | – | – | (43,827,303) | (4,710) | (4,710) | – | (4,710) |
| Sale of treasury shares(a) | – | – | (426) | – | 6,640,933 | 426 | – | – | – |
| Share-based payments | – | – | 510 | – | – | – | 510 | – | 510 |
| Share cancellation | (25,913,869) | (74) | (1,564) | – | 25,913,869 | 1,607 | (31) | – | (31) |
| Net issuance (repayment) of perpetual subordinated notes | – | – | 91 | – | – | – | 91 | – | 91 |
| Payments on perpetual subordinated notes | – | – | (281) | – | – | – | (281) | – | (281) |
| Other operations with non-controlling interests | – | – | 24 | – | – | – | 24 | 1,704 | 1,728 |
| Other items | – | – | – | – | – | – | – | (24) | (24) |
| As of September 30, 2026 | 2,281,656,714 | 7,280 | 146,280 | (14,182) | (74,975,030) | (6,680) | 132,698 | 4,268 | 136,966 |
(a) Treasury shares related to the performance share grants.
35
Information by business segment
TotalEnergies
(unaudited)
| 3rd quarter 2026 | Exploration & | Integrated | Integrated | Refining & Marketing & | ||||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| External sales | 1,644 | 3,470 | 4,221 | 30,778 | 26,693 | 13 | – | 66,819 |
| Intersegment sales | 10,528 | 1,934 | 1,985 | 11,409 | 228 | 33 | (26,117) | – |
| Excise taxes | – | – | – | (188) | (4,772) | – | – | (4,960) |
| Revenues from sales | 12,172 | 5,404 | 6,206 | 41,999 | 22,149 | 46 | (26,117) | 61,859 |
| Operating expenses | (4,481) | (2,939) | (5,472) | (36,267) | (20,804) | (212) | 26,117 | (44,058) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,017) | (405) | (1,017) | (428) | (282) | (31) | – | (4,180) |
| Net income (loss) from equity affiliates and other items | 229 | 610 | 199 | (584) | (47) | (30) | – | 377 |
| Tax on net operating income | (2,873) | (648) | (136) | (1,306) | (328) | 109 | – | (5,182) |
| Adjustments(a) | (127) | 137 | (822) | (187) | 221 | (23) | – | (801) |
| Adjusted net operating income | 3,157 | 1,885 | 602 | 3,601 | 467 | (95) | – | 9,617 |
| Adjustments(a) | (801) | |||||||
| Net cost of net debt | (453) | |||||||
| Non-controlling interests | (100) | |||||||
| Net income - TotalEnergies share | 8,263 | |||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| 3rd quarter 2026 | Exploration & | Integrated | Integrated | Refining & Marketing & | ||||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| Total expenditures | 3,026 | 359 | 1,186 | 278 | 180 | 85 | – | 5,114 |
| Total divestments | (121) | 32 | 86 | 129 | 14 | 12 | – | 152 |
| Cash flow from operating activities | 4,905 | 1,213 | 1,636 | 6,290 | 1,622 | (276) | – | 15,390 |
36
Information by business segment
TotalEnergies
(unaudited)
| 2nd quarter 2026 | Exploration & | Integrated | Integrated | Refining & | Marketing & | |||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| External sales | 1,830 | 1,880 | 3,846 | 28,792 | 25,422 | 1 | – | 61,771 |
| Intersegment sales | 9,221 | 2,258 | 1,511 | 11,058 | 260 | 41 | (24,349) | – |
| Excise taxes | – | – | – | (164) | (4,510) | – | – | (4,674) |
| Revenues from sales | 11,051 | 4,138 | 5,357 | 39,686 | 21,172 | 42 | (24,349) | 57,097 |
| Operating expenses | (3,629) | (3,469) | (5,105) | (37,806) | (20,465) | (316) | 24,349 | (46,441) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(1,920) | (413) | (74) | (404) | (233) | (31) | – | (3,075) |
| Net income (loss) from equity affiliates and other items | 292 | 767 | 302 | 204 | 86 | (31) | – | 1,620 |
| Tax on net operating income | (2,570) | (167) | (36) | (259) | (183) | 12 | – | (3,203) |
| Adjustments(a) | (7) | 49 | (89) | (379) | (123) | (48) | – | (597) |
| Adjusted net operating income | 3,231 | 807 | 533 | 1,800 | 500 | (276) | – | 6,595 |
| Adjustments(a) | (597) | |||||||
| Net cost of net debt | (523) | |||||||
| Non-controlling interests | (37) | |||||||
| Net income - TotalEnergies share | 5,438 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| 2nd quarter 2026 | Exploration & | Integrated | Integrated | Refining & | Marketing & | |||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| Total expenditures | 2,282 | 874 | 1,419 | 385 | 197 | 94 | – | 5,251 |
| Total divestments | 460 | (36) | 1,356 | 20 | 178 | (3) | – | 1,975 |
| Cash flow from operating activities | 5,546 | 2,137 | (239) | 3,565 | 549 | (700) | – | 10,858 |
37
Information by business segment
TotalEnergies
(unaudited)
| 3rd quarter 2025 | Exploration & | Integrated | Integrated | Refining & | Marketing & | |||
| (M$) | Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| External sales | 1,392 | 1,995 | 3,955 | 21,205 | 20,138 | 6 | – | 48,691 |
| Intersegment sales | 8,892 | 1,587 | 434 | 7,122 | 234 | 38 | (18,307) | – |
| Excise taxes | – | – | – | (201) | (4,646) | – | – | (4,847) |
| Revenues from sales | 10,284 | 3,582 | 4,389 | 28,126 | 15,726 | 44 | (18,307) | 43,844 |
| Operating expenses | (4,200) | (2,880) | (3,863) | (27,069) | (14,916) | (225) | 18,307 | (34,846) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,145) | (376) | (103) | (380) | (243) | (33) | – | (3,280) |
| Net income (loss) from equity affiliates and other items | 522 | 492 | (52) | 75 | (24) | (3) | – | 1,010 |
| Tax on net operating income | (2,055) | (97) | (110) | (143) | (177) | 115 | – | (2,467) |
| Adjustments(a) | 237 | (131) | (310) | (78) | (14) | (22) | – | (318) |
| Adjusted net operating income | 2,169 | 852 | 571 | 687 | 380 | (80) | – | 4,579 |
| Adjustments(a) | (318) | |||||||
| Net cost of net debt | (499) | |||||||
| Non-controlling interests | (79) | |||||||
| Net income - TotalEnergies share | 3,683 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| 3rd quarter 2025 | Exploration & | Integrated | Integrated | Refining & | Marketing & | |||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| Total expenditures | 2,409 | 611 | 773 | 402 | 205 | 35 | – | 4,435 |
| Total divestments | 622 | 465 | 81 | 17 | 45 | 2 | – | 1,232 |
| Cash flow from operating activities | 4,187 | 789 | 674 | 2,839 | 287 | (427) | – | 8,349 |
38
Information by business segment
TotalEnergies
(unaudited)
| 9 months 2026 | Exploration & | Integrated | Integrated | Refining & | Marketing & | |||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| External sales | 4,593 | 8,280 | 13,508 | 83,750 | 72,604 | 18 | – | 182,753 |
| Intersegment sales | 28,752 | 7,002 | 4,223 | 30,682 | 607 | 107 | (71,373) | – |
| Excise taxes | – | – | – | (519) | (13,762) | – | – | (14,281) |
| Revenues from sales | 33,345 | 15,282 | 17,731 | 113,913 | 59,449 | 125 | (71,373) | 168,472 |
| Operating expenses | (11,399) | (10,560) | (16,287) | (102,743) | (56,262) | (776) | 71,373 | (126,654) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(5,902) | (1,239) | (1,254) | (1,235) | (745) | (86) | – | (10,461) |
| Net income (loss) from equity affiliates and other items | 907 | 1,830 | (312) | (155) | (81) | (58) | – | 2,131 |
| Tax on net operating income | (7,869) | (1,131) | (225) | (2,261) | (758) | 22 | – | (12,222) |
| Adjustments(a) | 118 | 172 | (2,027) | 519 | 374 | (94) | – | (938) |
| Adjusted net operating income | 8,964 | 4,010 | 1,680 | 7,000 | 1,229 | (679) | – | 22,204 |
| Adjustments(a) | (938) | |||||||
| Net cost of net debt | (1,496) | |||||||
| Non-controlling interests | (259) | |||||||
| Net income - TotalEnergies share | 19,511 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| 9 months 2026 | Exploration & | Integrated | Integrated | Refining & | Marketing & | |||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| Total expenditures | 8,168 | 1,882 | 3,506 | 1,279 | 529 | 223 | – | 15,587 |
| Total divestments | 801 | 147 | 1,660 | 172 | 244 | 13 | – | 3,037 |
| Cash flow from operating activities | 13,420 | 2,230 | 1,252 | 11,419 | 3,239 | (1,951) | – | 29,609 |
39
Information by business segment
TotalEnergies
(unaudited)
| 9 months 2025 | Exploration & | Integrated | Integrated | Refining & | Marketing & | |||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| External sales | 4,330 | 7,669 | 13,880 | 65,591 | 59,083 | 19 | – | 150,572 |
| Intersegment sales | 26,481 | 6,708 | 1,819 | 20,939 | 567 | 95 | (56,609) | – |
| Excise taxes | – | – | – | (567) | (13,586) | – | – | (14,153) |
| Revenues from sales | 30,811 | 14,377 | 15,699 | 85,963 | 46,064 | 114 | (56,609) | 136,419 |
| Operating expenses | (12,577) | (11,468) | (14,527) | (83,712) | (44,041) | (719) | 56,609 | (110,435) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,073) | (1,164) | (286) | (1,239) | (684) | (90) | – | (9,536) |
| Net income (loss) from equity affiliates and other items | 713 | 1,635 | 332 | 25 | 79 | (74) | – | 2,710 |
| Tax on net operating income | (6,176) | (538) | (210) | (238) | (443) | 246 | – | (7,359) |
| Adjustments(a) | 104 | (345) | (643) | (578) | (57) | (67) | – | (1,586) |
| Adjusted net operating income | 6,594 | 3,187 | 1,651 | 1,377 | 1,032 | (456) | – | 13,385 |
| Adjustments(a) | (1,586) | |||||||
| Net cost of net debt | (1,370) | |||||||
| Non-controlling interests | (208) | |||||||
| Net income - TotalEnergies share | 10,221 |
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| 9 months 2025 | Exploration & | Integrated | Integrated | Refining & | Marketing & | |||
|
(M$) |
Production |
LNG |
Power |
Chemicals |
Services |
Corporate | Intercompany | Total |
| Total expenditures | 8,642 | 2,390 | 4,212 | 995 | 611 | 155 | – | 17,005 |
| Total divestments | 1,060 | 500 | 486 | 65 | 180 | 17 | – | 2,308 |
| Cash flow from operating activities | 11,128 | 3,071 | 1,074 | 1,743 | 1,483 | (1,627) | – | 16,872 |
40
Non GAAP Financial Measures
41
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 3,147 | 1,822 | 1,787 | 76% | Cash flow used in investing activities ( a ) * | 7,367 | 7,582 | -3% |
| (647) | – | – | ns | Other transactions with non-controlling interests ( b ) | (647) | – | ns |
| – | – | – | ns | Organic loan repayment from equity affiliates ( c ) | – | – | ns |
| – | – | – | ns | Change in debt from renewable projects financing ( d ) ** | – | – | ns |
| 70 | 60 | 80 | -13% | Capex linked to capitalized leasing contracts ( e ) | 201 | 278 | -28% |
| 30 | 1 | 2 | x15 | Expenditures related to carbon credits ( f ) | 59 | 24 | x2.5 |
| 2,600 | 1,883 | 1,869 | 39% | Net investments ( a + b + c + d + e + f = g - i + h ) | 6,980 | 7,884 | -11% |
| (321) | (348) | (53) | ns | of which net acquisitions ( g - i ) | (896) | 225 | ns |
| 197 | 105 | 522 | -62% | Acquisitions ( g ) | 524 | 1,160 | -55% |
| 518 | 453 | 575 | -10% | Assets sales ( i ) | 1,420 | 935 | 52% |
| – | – | – | ns | Change in debt (partner share) and capital gain from renewable project sales | – | – | ns |
| 2,921 | 2,231 | 1,922 | 52% | Of which organic investments ( h ) | 7,876 | 7,659 | 3% |
| 111 | 64 | 70 | 58% | Capitalized exploration | 244 | 209 | 17% |
| 42 | 17 | 38 | 11% | Increase in non-current loans | 111 | 162 | -31% |
| (8) | (7) | (47) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (28) | (125) | ns |
| – | – | – | 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 $153 million in the second quarter of 2026, $207 million in the third quarter of 2026 and $578 million in the first nine months 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
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 327 | 910 | 146 | x2.2 | Cash flow used in investing activities ( a ) | 1,735 | 1,890 | -8% |
| (1,168) | – | – | ns | Other transactions with non-controlling interests ( b ) | (1,168) | – | ns |
| 3 | – | 46 | -93% | Organic loan repayment from equity affiliates ( c ) | 4 | 47 | -91% |
| – | – | – | ns | Change in debt from renewable projects financing ( d ) * | – | – | ns |
| 4 | 2 | 4 | ns | Capex linked to capitalized leasing contracts ( e ) | 9 | 4 | x2.3 |
| – | – | – | ns | Expenditures related to carbon credits ( f ) | – | – | ns |
| (834) | 912 | 196 | ns | Net investments ( a + b + c + d + e + f = g - i + h ) | 580 | 1,941 | -70% |
| (1,162) | 4 | (134) | ns | of which net acquisitions ( g - i ) | (1,066) | 116 | ns |
| 6 | 7 | (60) | ns | Acquisitions ( g ) | 105 | 194 | -46% |
| 1,168 | 3 | 74 | x15.8 | Assets sales ( i ) | 1,171 | 78 | x15 |
| – | – | – | ns | Change in debt (partner share) and capital gain from renewable project sales | – | – | ns |
| 328 | 908 | 330 | -1% | Of which organic investments ( h ) | 1,646 | 1,825 | -10% |
| 26 | 24 | 4 | x6.5 | Capitalized exploration | 55 | 13 | x4.2 |
| 49 | 71 | 174 | -72% | Increase in non-current loans | 189 | 543 | -65% |
| (29) | 39 | (345) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (140) | (375) | ns |
| – | – | – | ns | Change in debt from renewable projects (TotalEnergies share) | – | – | ns |
*Change in debt from renewable projects (TotalEnergies share and partner share)
42
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 1,100 | 63 | 692 | 59% | Cash flow used in investing activities ( a ) | 1,846 | 3,726 | -50% |
| – | – | – | ns | Other transactions with non-controlling interests ( b ) | – | – | ns |
| 11 | 57 | (1) | ns | Organic loan repayment from equity affiliates ( c ) | 116 | 58 | 100% |
| – | 50 | (242) | ns | Change in debt from renewable projects financing ( d ) * | 64 | (463) | ns |
| (1) | 1 | – | ns | Capex linked to capitalized leasing contracts ( e ) | 1 | – | ns |
| – | – | – | ns | Expenditures related to carbon credits ( f ) | – | – | ns |
| 1,110 | 171 | 449 | x2.5 | Net investments ( a + b + c + d + e + f = g - i + h ) | 2,027 | 3,321 | -39% |
| (25) | (749) | (147) | ns | of which net acquisitions ( g - i ) | (851) | 1,658 | ns |
| 35 | 26 | 12 | x2.9 | Acquisitions ( g ) | 64 | 2,048 | -97% |
| 60 | 775 | 159 | -62% | Assets sales ( i ) | 915 | 390 | x2.3 |
| – | 68 | 121 | -100% | Change in debt (partner share) and capital gain from renewable project sales | 50 | 188 | -73% |
| 1,135 | 920 | 596 | 90% | Of which organic investments ( h ) | 2,878 | 1,663 | 73% |
| – | – | – | ns | Capitalized exploration | – | – | ns |
| 250 | 320 | 162 | 54% | Increase in non-current loans | 671 | 580 | 16% |
| (15) | (1,014) | (43) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (1,101) | (226) | ns |
| – | 118 | (121) | ns | Change in debt from renewable projects (TotalEnergies share) | 114 | (275) | ns |
*Change in debt from renewable projects (TotalEnergies share and partner share)
1.4 Refining & Chemicals
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 149 | 365 | 385 | -61% | Cash flow used in investing activities ( a ) | 1,107 | 930 | 19% |
| – | – | – | ns | Other transactions with non-controlling interests ( b ) | – | – | ns |
| – | – | – | ns | Organic loan repayment from equity affiliates ( c ) | – | – | ns |
| – | – | – | ns | Change in debt from renewable projects financing ( d ) * | – | – | ns |
| – | – | – | ns | Capex linked to capitalized leasing contracts ( e ) | – | – | ns |
| – | – | – | ns | Expenditures related to carbon credits ( f ) | – | – | ns |
| 149 | 365 | 385 | -61% | Net investments ( a + b + c + d + e + f = g - i + h ) | 1,107 | 930 | 19% |
| (1) | (1) | (2) | ns | of which net acquisitions ( g - i ) | 73 | (26) | ns |
| 1 | – | – | ns | Acquisitions ( g ) | 76 | 11 | x6.9 |
| 2 | 1 | 2 | ns | Assets sales ( i ) | 3 | 37 | -92% |
| – | – | – | ns | Change in debt (partner share) and capital gain from renewable project sales | – | – | ns |
| 150 | 366 | 387 | -61% | Of which organic investments ( h ) | 1,034 | 956 | 8% |
| – | – | – | ns | Capitalized exploration | – | – | ns |
| 30 | 32 | 16 | 88% | Increase in non-current loans | 131 | 43 | x3 |
| (127) | (19) | (15) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (169) | (28) | ns |
| – | – | – | ns | Change in debt from renewable projects (TotalEnergies share) | – | – | ns |
*Change in debt from renewable projects (TotalEnergies share and partner share)
43
Alternative Performance Measures (Non-GAAP) TotalEnergies
(unaudited)
1.5 Marketing & Services
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 166 | 19 | 160 | 4% | Cash flow used in investing activities ( a ) | 285 | 431 | -34% |
| – | – | – | ns | Other transactions with non-controlling interests ( b ) | – | – | ns |
| – | – | – | ns | Organic loan repayment from equity affiliates ( c ) | – | – | ns |
| – | – | – | ns | Change in debt from renewable projects financing ( d ) * | – | – | ns |
| – | – | – | ns | Capex linked to capitalized leasing contracts ( e ) | – | – | ns |
| – | – | – | ns | Expenditures related to carbon credits ( f ) | – | – | ns |
| 166 | 19 | 160 | 4% | Net investments ( a + b + c + d + e + f = g - i + h ) | 285 | 431 | -34% |
| (3) | (155) | (43) | ns | of which net acquisitions ( g - i ) | (194) | (121) | ns |
| – | – | – | ns | Acquisitions ( g ) | – | 3 | -100% |
| 3 | 155 | 43 | -93% | Assets sales ( i ) | 194 | 124 | 56% |
| – | – | – | Change in debt (partner share) and capital gain from ns renewable project sales | – | – | ns | |
| 169 | 174 | 203 | -17% | Of which organic investments ( h ) | 479 | 552 | -13% |
| – | – | – | ns | Capitalized exploration | – | – | ns |
| 13 | 11 | 18 | -28% | Increase in non-current loans | 34 | 62 | -45% |
| (10) | (20) | 1 | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (43) | (38) | ns |
| – | – | – | 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
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 4,905 | 5,546 | 4,187 | 17% | Cash flow from operating activities ( a ) | 13,420 | 11,128 | 21% |
| (484) | (231) | 203 | ns | (Increase) decrease in working capital ( b ) | (2,310) | (907) | ns |
| – | – | – | ns | Inventory effect ( c ) | – | – | ns |
| – | – | – | ns | Capital gain from renewable projects sales ( d ) | – | – | ns |
| – | – | – | ns | Organic loan repayments from equity affiliates ( e ) | – | – | ns |
| 5,389 | 5,777 | 3,984 | 35% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 15,730 | 12,035 | 31% |
44
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 1,213 | 2,137 | 789 | 54% | Cash flow from operating activities ( a ) | 2,230 | 3,071 | -27% |
| (508) | 1,304 | (299) | ns | (Increase) decrease in working capital ( b ) * | (2,108) | (424) | ns |
| – | – | – | ns | Inventory effect ( c ) | – | – | ns |
| – | – | – | ns | Capital gain from renewable projects sales ( d ) | – | – | ns |
| 3 | – | 46 | -93% | Organic loan repayments from equity affiliates ( e ) | 4 | 47 | -91% |
| 1,724 | 833 | 1,134 | 52% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 4,342 | 3,542 | 23% |
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
2.3 Integrated Power
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 1,636 | (239) | 674 | x2.4 | Cash flow from operating activities ( a ) | 1,252 | 1,074 | 17% |
| 873 | (853) | 56 | x15.6 | (Increase) decrease in working capital ( b ) * | (629) | (558) | ns |
| – | – | – | ns | Inventory effect ( c ) | – | – | ns |
| – | 50 | (6) | ns | Capital gain from renewable projects sales ( d ) | 72 | 80 | -10% |
| 11 | 57 | (1) | ns | Organic loan repayments from equity affiliates ( e ) | 116 | 58 | 100% |
| 774 | 721 | 611 | 27% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 2,069 | 1,770 | 17% |
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
45
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 6,290 | 3,565 | 2,839 | x2.2 | Cash flow from operating activities ( a ) | 11,419 | 1,743 | x6.6 |
| 1,250 | 1,929 | 1,900 | -34% | (Increase) decrease in working capital ( b ) | 1,678 | (281) | ns |
| 1,097 | (394) | (76) | ns | Inventory effect ( c ) | 2,052 | (396) | ns |
| – | – | – | ns | Capital gain from renewable projects sales ( d ) | – | – | ns |
| – | – | – | ns | Organic loan repayments from equity affiliates ( e ) | – | – | ns |
| 3,943 | 2,030 | 1,015 | x3.9 | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 7,689 | 2,420 | x3.2 |
2.5 Marketing & Services
| 3rd | 2nd | 3rd | 3rd quarter 2026 | 9 months 2026 | |||
| quarter | quarter | quarter | vs | 9 months | 9 months | vs | |
| 2026 | 2026 | 2025 | 3rd quarter 2025 | (in millions of dollars) | 2026 | 2025 | 9 months 2025 |
| 1,622 | 549 | 287 | x5.7 | Cash flow from operating activities ( a ) | 3,239 | 1,483 | x2.2 |
| 484 | (186) | (372) | ns | (Increase) decrease in working capital ( b ) | 446 | (312) | ns |
| 459 | (112) | 21 | x21.9 | Inventory effect ( c ) | 847 | (38) | ns |
| – | – | – | ns | Capital gain from renewable projects sales ( d ) | – | – | ns |
| – | – | – | ns | Organic loan repayments from equity affiliates ( e ) | – | – | ns |
| 679 | 847 | 638 | 6% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 1,946 | 1,833 | 6% |
46
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
| (In millions of dollars) | Exploration
& Production |
Integrated |
Integrated Power |
Refining
& |
Marketing
& |
Corporate | InterCompany | Company |
| Adjusted net operating income 3rd quarter 2026 | 3,157 | 1,885 | 602 | 3,601 | 467 | (95) | – | 9,617 |
| Adjusted net operating income 2nd quarter 2026 | 3,231 | 807 | 533 | 1,800 | 500 | (276) | – | 6,595 |
| 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 ( a ) | 10,769 | 4,932 | 2,244 | 8,001 | 1,570 | (870) | – | 26,646 |
| Balance sheet as of September 30, 2026 | ||||||||
| Property plant and equipment intangible assets | ||||||||
| net | 88,505 | 27,132 | 12,834 | 13,055 | 6,432 | 1,551 | – | 149,509 |
| Investments & loans in equity affiliates | 5,189 | 21,648 | 15,838 | 4,102 | 855 | – | – | 47,632 |
| Other non-current assets | 1,976 | 2,879 | 988 | 715 | 1,014 | (668) | – | 6,904 |
| Inventories, net | 1,736 | 2,458 | 583 | 17,556 | 4,554 | – | – | 26,887 |
| Accounts receivable, net | 6,840 | 9,890 | 3,736 | 28,533 | 9,876 | 1,337 | (35,500) | 24,712 |
| Other current assets | 8,569 | 28,170 | 7,605 | 5,959 | 3,946 | 3,095 | (16,870) | 40,474 |
| Accounts payable | (6,372) | (10,374) | (5,298) | (46,961) | (12,760) | (982) | 35,571 | (47,176) |
| Other creditors and accrued liabilities | (12,989) | (26,484) | (6,852) | (13,490) | (7,222) | (7,136) | 16,799 | (57,374) |
| Working capital | (2,216) | 3,660 | (226) | (8,403) | (1,606) | (3,686) | – | (12,477) |
| Provisions and other non-current liabilities | (24,158) | (4,860) | (1,801) | (3,813) | (1,288) | 1,012 | – | (34,908) |
| Assets and liabilities classified as held for sale - Capital employed | 285 | 571 | 2,015 | – | – | – | – | 2,871 |
| Capital Employed (Balance sheet) | 69,581 | 51,030 | 29,648 | 5,656 | 5,407 | (1,791) | – | 159,531 |
| Less inventory valuation effect | – | – | – | (2,569) | (736) | – | – | (3,305) |
| Capital Employed at replacement cost ( b ) | 69,581 | 51,030 | 29,648 | 3,087 | 4,671 | (1,791) | – | 156,226 |
| Balance sheet as of September 30, 2025 | ||||||||
| Property plant and equipment intangible assets | ||||||||
| net | 87,453 | 29,195 | 15,681 | 12,725 | 7,111 | 797 | – | 152,962 |
| Investments & loans in equity affiliates | 4,498 | 16,983 | 10,257 | 4,137 | 1,093 | – | – | 36,968 |
| Other non-current assets | 2,504 | 2,285 | 1,705 | 748 | 1,083 | 344 | – | 8,669 |
| Inventories, net | 1,674 | 1,076 | 596 | 10,196 | 3,516 | – | – | 17,058 |
| Accounts receivable, net | 5,533 | 5,828 | 4,045 | 17,547 | 8,328 | 1,300 | (22,846) | 19,735 |
| Other current assets | 7,020 | 7,252 | 5,567 | 2,251 | 2,889 | 2,600 | (5,746) | 21,833 |
| Accounts payable | (6,668) | (6,661) | (6,309) | (30,876) | (9,472) | (901) | 22,825 | (38,062) |
| Other creditors and accrued liabilities | (11,225) | (7,587) | (4,810) | (5,175) | (5,546) | (6,690) | 5,767 | (35,266) |
| Working capital | (3,666) | (92) | (911) | (6,057) | (285) | (3,691) | – | (14,702) |
| Provisions and other non-current liabilities | (25,136) | (4,499) | (1,388) | (3,569) | (1,227) | 902 | – | (34,917) |
| Assets and liabilities classified as held for sale - Capital employed | 449 | – | 1,616 | – | – | – | – | 2,065 |
| Capital Employed (Balance sheet) | 66,102 | 43,872 | 26,960 | 7,984 | 7,775 | (1,648) | – | 151,045 |
| Less inventory valuation effect | – | – | – | (861) | (210) | – | – | (1,071) |
| Capital Employed at replacement cost ( c ) | 66,102 | 43,872 | 26,960 | 7,123 | 7,565 | (1,648) | – | 149,974 |
| ROACE as a percentage ( a / average ( b + c )) | 15.9% | 10.4% | 7.9% | 156.7% | 25.7% | – | – | 17. 4% |
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Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
| 3rd quarter | 2nd quarter | 3rd quarter | |||
| 2026 | 2026 | 2025 | (in millions of dollars) | 9 months 2026 | 9 months 2025 |
| 8,363 | 5,475 | 3,762 | Consolidated net income ( a ) | 19,770 | 10,429 |
| (453) | (523) | (499) | Net cost of net debt ( b ) | (1,496) | (1,370) |
| (2,320) | (268) | (113) | Special items affecting net operating income | (3,619) | (596) |
| (114) | (17) | 284 | Gains (losses) on disposals of assets | 121 | 284 |
| – | (30) | (7) | Restructuring charges | (52) | (7) |
| (1,945) | – | (286) | Asset impairment and provisions charges | (3,093) | (495) |
| (261) | (221) | (104) | Other items | (595) | (378) |
| 1,260 | (298) | (33) | After-tax inventory effect : FIFO vs. replacement cost | 2,513 | (380) |
| 259 | (31) | (172) | Effect of changes in fair value | 168 | (610) |
| (801) | (597) | (318) | Total adjustments affecting net operating income ( c ) | (938) | (1,586) |
| 9,617 | 6,595 | 4,579 | Adjusted net operating income ( a - b - c ) | 22,204 | 13,385 |
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