COMMUNIQUÉ DE PRESSE
par TOTALENERGIES (EPA:TTE)
Q4 2025 Non audited financials
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(M$) (a)
| 4th quarter 2025 | 3rd quarter 2025 | 4th quarter 2024 | |
|---|---|---|---|
| Sales | 50,624 | 48,691 | 52,508 |
| Excise taxes | (4,699) | (4,847) | (5,393) |
| Revenues from sales | 45,925 | 43,844 | 47,115 |
| Purchases, net of inventory variation | (29,536) | (27,191) | (30,342) |
| Other operating expenses | (7,925) | (7,591) | (7,219) |
| Exploration costs | (177) | (64) | (242) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,776) | (3,280) | (2,715) |
| Other income | 806 | 778 | 306 |
| Other expense | (821) | (528) | (341) |
| Financial interest on debt | (833) | (808) | (786) |
| Financial income and expense from cash & cash equivalents | 233 | 265 | 449 |
| Cost of net debt | (600) | (543) | (337) |
| Other financial income | 324 | 366 | 319 |
| Other financial expense | (221) | (208) | (193) |
| Net income (loss) from equity affiliates | 759 | 602 | 597 |
| Income taxes | (1,830) | (2,423) | (2,929) |
| Consolidated net income | 2,928 | 3,762 | 4,019 |
| TotalEnergies share | 2,906 | 3,683 | 3,956 |
| Non-controlling interests | 22 | 79 | 63 |
| Earnings per share ($) | 1.31 | 1.65 | 1.72 |
| Fully-diluted earnings per share ($) | 1.30 | 1.64 | 1.70 |
(a) Except for per share amounts.
(unaudited)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(M$)
| 4th quarter 2025 | 3rd quarter 2025 | 4th quarter 2024 | |
|---|---|---|---|
| Consolidated net income | 2,928 | 3,762 | 4,019 |
| Other comprehensive income | |||
| Actuarial gains and losses | 28 | (2) | (3) |
| Change in fair value of investments in equity instruments | (161) | (96) | 142 |
| Tax effect | 51 | 19 | 36 |
| Currency translation adjustment generated by the parent company | 49 | (2) | (5,125) |
| Items not potentially reclassifiable to profit and loss | (33) | (81) | (4,950) |
| Currency translation adjustment | (133) | (230) | 3,594 |
| Cash flow hedge | (46) | (346) | 1,732 |
| Variation of foreign currency basis spread | (3) | 6 | (13) |
| Share of other comprehensive income of equity affiliates, net amount | (98) | (112) | 76 |
| Other | (4) | 5 | (1) |
| Tax effect | 18 | 81 | (441) |
| Items potentially reclassifiable to profit and loss | (266) | (596) | 4,947 |
| Total other comprehensive income (net amount) | (299) | (677) | (3) |
| Comprehensive income | 2,629 | 3,085 | 4,016 |
| TotalEnergies share | 2,596 | 3,001 | 4,001 |
| Non-controlling interests | 33 | 84 | 15 |
(unaudited)
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(M$) (a)
| Year 2025 (unaudited) | Year 2024 | |
|---|---|---|
| Sales | 201,196 | 214,550 |
| Excise taxes | (18,852) | (18,940) |
| Revenues from sales | 182,344 | 195,610 |
| Purchases, net of inventory variation | (116,740) | (127,664) |
| Other operating expenses | (30,914) | (29,860) |
| Exploration costs | (419) | (999) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (13,312) | (12,025) |
| Other income | 2,375 | 2,112 |
| Other expense | (1,927) | (1,281) |
| Financial interest on debt | (3,182) | (3,016) |
| Financial income and expense from cash & cash equivalents | 1,115 | 1,786 |
| Cost of net debt | (2,067) | (1,230) |
| Other financial income | 1,437 | 1,403 |
| Other financial expense | (881) | (835) |
| Net income (loss) from equity affiliates | 2,553 | 1,575 |
| Income taxes | (9,092) | (10,775) |
| Consolidated net income | 13,357 | 16,031 |
| TotalEnergies share | 13,127 | 15,758 |
| Non-controlling interests | 230 | 273 |
| Earnings per share ($) | 5.84 | 6.74 |
| Fully-diluted earnings per share ($) | 5.78 | 6.69 |
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(M$)
| Year 2025 (unaudited) | Year 2024 | |
|---|---|---|
| Consolidated net income | 13,357 | 16,031 |
| Other comprehensive income | ||
| Actuarial gains and losses | 42 | 20 |
| Change in fair value of investments in equity instruments | (193) | 144 |
| Tax effect | 51 | 46 |
| Currency translation adjustment generated by the parent company | 8,737 | (4,163) |
| Items not potentially reclassifiable to profit and loss | 8,637 | (3,953) |
| Currency translation adjustment | (7,072) | 2,759 |
| Cash flow hedge | (1,060) | 3,119 |
| Variation of foreign currency basis spread | 22 | (32) |
| Share of other comprehensive income of equity affiliates, net amount | (484) | (246) |
| Other | 8 | 1 |
| Tax effect | 255 | (814) |
| Items potentially reclassifiable to profit and loss | (8,331) | 4,787 |
| Total other comprehensive income (net amount) | 306 | 834 |
| Comprehensive income | 13,663 | 16,865 |
| TotalEnergies share | 13,356 | 16,636 |
| Non-controlling interests | 307 | 229 |
CONSOLIDATED BALANCE SHEET
TotalEnergies
(M$)
| December 31, 2025 (unaudited) | September 30, 2025 (unaudited) | December 31, 2024 | |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets, net | 37,345 | 37,764 | 34,238 |
| Property, plant and equipment, net | 114,694 | 115,198 | 109,095 |
| Equity affiliates : investments and loans | 38,090 | 36,968 | 34,405 |
| Other investments | 1,914 | 2,046 | 1,665 |
| Non-current financial assets | 3,270 | 2,426 | 2,305 |
| Deferred income taxes | 3,358 | 3,633 | 3,202 |
| Other non-current assets | 2,915 | 2,990 | 4,006 |
| Total non-current assets | 201,586 | 201,025 | 188,916 |
| Current assets | |||
| Inventories, net | 16,663 | 17,058 | 18,868 |
| Accounts receivable, net | 18,559 | 19,735 | 19,281 |
| Other current assets | 20,437 | 21,833 | 23,687 |
| Current financial assets | 3,332 | 4,884 | 6,914 |
| Cash and cash equivalents | 26,202 | 23,415 | 25,844 |
| Assets classified as held for sale | 4,276 | 4,009 | 1,977 |
| Total current assets | 89,469 | 90,934 | 96,571 |
| Total assets | 291,055 | 291,959 | 285,487 |
| LIABILITIES & SHAREHOLDERS' EQUITY | |||
| Shareholders' equity | |||
| Common shares | 7,059 | 7,059 | 7,577 |
| Paid-in surplus and retained earnings | 125,860 | 125,073 | 135,496 |
| Currency translation adjustment | (14,033) | (13,853) | (15,259) |
| Treasury shares | (4,003) | (2,998) | (9,956) |
| Total shareholders' equity - TotalEnergies share | 114,883 | 115,281 | 117,858 |
| Non-controlling interests | 2,640 | 2,384 | 2,397 |
| Total shareholders' equity | 117,523 | 117,665 | 120,255 |
| Non-current liabilities | |||
| Deferred income taxes | 12,634 | 12,830 | 12,114 |
| Employee benefits | 2,018 | 1,991 | 1,753 |
| Provisions and other non-current liabilities | 17,322 | 20,096 | 19,872 |
| Non-current financial debt | 48,995 | 49,552 | 43,533 |
| Total non-current liabilities | 80,969 | 84,469 | 77,272 |
| Current liabilities | |||
| Accounts payable | 38,065 | 38,062 | 39,932 |
| Other creditors and accrued liabilities | 36,344 | 35,266 | 35,961 |
| Current borrowings | 12,038 | 13,820 | 10,024 |
| Other current financial liabilities | 388 | 568 | 664 |
| Liabilities directly associated with the assets classified as held for sale | 5,728 | 2,109 | 1,379 |
| Total current liabilities | 92,563 | 89,825 | 87,960 |
| Total liabilities & shareholders' equity | 291,055 | 291,959 | 285,487 |
(unaudited)
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(M$)
4th quarter 2025 / 3rd quarter 2025 / 4th quarter 2024
| 4th quarter 2025 | 3rd quarter 2025 | 4th quarter 2024 | |
|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Consolidated net income | 2,928 | 3,762 | 4,019 |
| Depreciation, depletion, amortization and impairment | 3,996 | 3,405 | 2,971 |
| Non-current liabilities, valuation allowances and deferred taxes | 316 | 272 | 44 |
| (Gains) losses on disposals of assets | (655) | (603) | (66) |
| Undistributed affiliates' equity earnings | (203) | (195) | 99 |
| (Increase) decrease in working capital | 3,867 | 1,600 | 5,201 |
| Other changes, net | 222 | 108 | 239 |
| Cash flow from operating activities | 10,471 | 8,349 | 12,507 |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Intangible assets and property, plant and equipment additions | (4,153) | (3,812) | (3,680) |
| Acquisitions of subsidiaries, net of cash acquired | (140) | - | (932) |
| Investments in equity affiliates and other securities | (343) | (215) | (313) |
| Increase in non-current loans | (559) | (408) | (658) |
| Total expenditures | (5,195) | (4,435) | (5,583) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 730 | 613 | 314 |
| Proceeds from disposals of subsidiaries, net of cash sold | 451 | 133 | 654 |
| Proceeds from disposals of non-current investments | 321 | (8) | 220 |
| Repayment of non-current loans | 259 | 494 | 650 |
| Total divestments | 1,761 | 1,232 | 1,838 |
| Cash flow used in investing activities | (3,434) | (3,203) | (3,745) |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Issuance (repayment) of shares: - Parent company shareholders | - | - | - |
| - Treasury shares | (1,506) | (2,349) | (1,977) |
| Dividends paid: - Parent company shareholders | (2,160) | (2,216) | (1,998) |
| - Non-controlling interests | (81) | (89) | (18) |
| Net issuance (repayment) of perpetual subordinated notes | - | - | 1,165 |
| Payments on perpetual subordinated notes | (122) | (26) | (82) |
| Other transactions with non-controlling interests | 313 | 23 | (17) |
| Net issuance (repayment) of non-current debt | 611 | 3,682 | 91 |
| Increase (decrease) in current borrowings | (1,985) | (1,962) | (4,136) |
| Increase (decrease) in current financial assets and liabilities | 686 | 529 | (965) |
| Cash flow from / (used in) financing activities | (4,244) | (2,408) | (7,937) |
| Net increase (decrease) in cash and cash equivalents | 2,793 | 2,738 | 825 |
| Effect of exchange rates | (6) | 253 | (653) |
| Cash and cash equivalents at the beginning of the period | 23,415 | 20,424 | 25,672 |
| Cash and cash equivalents at the end of the period | 26,202 | 23,415 | 25,844 |
(unaudited)
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(M$)
Year 2025 (unaudited) / Year 2024
| Year 2025 (unaudited) | Year 2024 | |
|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Consolidated net income | 13,357 | 16,031 |
| Depreciation, depletion, amortization and impairment | 13,847 | 13,107 |
| Non-current liabilities, valuation allowances and deferred taxes | 924 | 190 |
| (Gains) losses on disposals of assets | (1,568) | (1,497) |
| Undistributed affiliates' equity earnings | (923) | 124 |
| (Increase) decrease in working capital | 1,284 | 2,364 |
| Other changes, net | 422 | 535 |
| Cash flow from operating activities | 27,343 | 30,854 |
| CASH FLOW USED IN INVESTING ACTIVITIES | ||
| Intangible assets and property, plant and equipment additions | (16,953) | (14,909) |
| Acquisitions of subsidiaries, net of cash acquired | (1,999) | (2,439) |
| Investments in equity affiliates and other securities | (1,288) | (2,127) |
| Increase in non-current loans | (1,960) | (2,275) |
| Total expenditures | (22,200) | (21,750) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 1,713 | 727 |
| Proceeds from disposals of subsidiaries, net of cash sold | 855 | 2,167 |
| Proceeds from disposals of non-current investments | 329 | 347 |
| Repayment of non-current loans | 1,172 | 1,177 |
| Total divestments | 4,069 | 4,418 |
| Cash flow used in investing activities | (18,131) | (17,332) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Issuance (repayment) of shares: - Parent company shareholders | 492 | 521 |
| - Treasury shares | (7,714) | (7,995) |
| Dividends paid: - Parent company shareholders | (8,121) | (7,717) |
| - Non-controlling interests | (482) | (322) |
| Net issuance (repayment) of perpetual subordinated notes | (1,139) | (457) |
| Payments on perpetual subordinated notes | (303) | (314) |
| Other transactions with non-controlling interests | 285 | (67) |
| Net issuance (repayment) of non-current debt | 7,981 | 7,532 |
| Increase (decrease) in current borrowings | (4,153) | (5,142) |
| Increase (decrease) in current financial assets and liabilities | 3,220 | (464) |
| Cash flow from / (used in) financing activities | (9,934) | (14,425) |
| Net increase (decrease) in cash and cash equivalents | (722) | (903) |
| Effect of exchange rates | 1,080 | (516) |
| Cash and cash equivalents at the beginning of the period | 25,844 | 27,263 |
| Cash and cash equivalents at the end of the period | 26,202 | 25,844 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(Unaudited: Year 2025 )
(M$)
| Common shares issued Number | Common shares issued Amount | Paid-in surplus and retained earnings | Currency translation adjustment | Treasury shares Number | Treasury shares Amount | Shareholders' equity - TotalEnergies share | Noncontrolling interests | Total shareholders' equity | |
|---|---|---|---|---|---|---|---|---|---|
| As of January 1, 2024 | 2,412,251,835 | 7,616 | 126,857 | (13,701) | (60,543,213) | (4,019) | 116,753 | 2,700 | 119,453 |
| Net income 2024 | - | - | 15,758 | - | - | - | 15,758 | 273 | 16,031 |
| Other comprehensive Income | - | - | 2,436 | (1,558) | - | - | 878 | (44) | 834 |
| Comprehensive Income | - | - | 18,194 | (1,558) | - | - | 16,636 | 229 | 16,865 |
| Dividend | - | - | (7,756) | - | - | - | (7,756) | (455) | (8,211) |
| Issuance of common shares | 10,833,187 | 29 | 492 | - | - | - | 521 | - | 521 |
| Purchase of treasury shares | - | - | - | - | (120,463,232) | (7,995) | (7,995) | - | (7,995) |
| Sale of treasury shares (1) | - | - | (395) | - | 6,071,266 | 395 | - | - | - |
| Share-based payments | - | - | 556 | - | - | - | 556 | - | 556 |
| Share cancellation | (25,405,361) | (68) | (1,595) | - | 25,405,361 | 1,663 | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | (576) | - | - | - | (576) | - | (576) |
| Payments on perpetual subordinated notes | - | - | (272) | - | - | - | (272) | - | (272) |
| Other operations with non-controlling interests | - | - | - | - | - | - | - | (67) | (67) |
| Other items | - | - | (9) | - | - | - | (9) | (10) | (19) |
| As of December 31, 2024 | 2,397,679,661 | 7,577 | 135,496 | (15,259) | (149,529,818) | (9,956) | 117,858 | 2,397 | 120,255 |
| Net income 2025 | - | - | 13,127 | - | - | - | 13,127 | 230 | 13,357 |
| Other comprehensive Income | - | - | (997) | 1,226 | - | - | 229 | 77 | 306 |
| Comprehensive Income | - | - | 12,130 | 1,226 | - | - | 13,356 | 307 | 13,663 |
| Dividend | - | - | (8,135) | - | - | - | (8,135) | (348) | (8,483) |
| Issuance of common shares | 11,149,053 | 30 | 462 | - | - | - | 492 | - | 492 |
| Purchase of treasury shares | - | - | - | - | (122,637,294) | (7,526) | (7,526) | - | (7,526) |
| Sale of treasury shares (1) | - | - | (414) | - | 6,221,412 | 414 | - | - | - |
| Share-based payments | - | - | 585 | - | - | - | 585 | - | 585 |
| 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 | - | - | (320) | - | - | - | (320) | - | (320) |
| Other operations with non-controlling interests | - | - | (1) | - | - | - | (1) | 286 | 285 |
| Other items | - | - | (20) | - | 1 | (19) | (19) | (2) | (21) |
| 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 |
(1) Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2025 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| External sales | 1,260 | 2,427 | 5,707 | 21,616 | 19,625 | (11) | - | 50,624 |
| Intersegment sales | 8,753 | 2,237 | 877 | 6,878 | 167 | 37 | (18,949) | - |
| Excise taxes | - | - | - | (203) | (4,496) | - | - | (4,699) |
| Revenues from sales | 10,013 | 4,664 | 6,584 | 28,291 | 15,296 | 26 | (18,949) | 45,925 |
| Operating expenses | (4,758) | (3,617) | (6,332) | (27,025) | (14,656) | (199) | 18,949 | (37,638) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,346) | (444) | (336) | (367) | (248) | (35) | - | (3,776) |
| Net income (loss) from equity affiliates and other items | 258 | 469 | 90 | 24 | 14 | (8) | - | 847 |
| Tax on net operating income | (1,501) | (182) | 77 | (114) | (165) | (1) | - | (1,886) |
| Adjustments (a) | (139) | (32) | (481) | (192) | (100) | (26) | - | (970) |
| Adjusted Net operating income | 1,805 | 922 | 564 | 1,001 | 341 | (191) | - | 4,442 |
| Adjustments (a) | (970) | |||||||
| Net cost of net debt | (544) | |||||||
| Non-controlling interests | (22) | |||||||
| Net income - TotalEnergies share | 2,906 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.
4th quarter 2025 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| Total expenditures | 1,881 | 1,130 | 1,155 | 542 | 326 | 161 | - | 5,195 |
| Total divestments | 663 | 12 | 880 | 35 | 148 | 23 | - | 1,761 |
| Cash flow from operating activities | 3,821 | 2,102 | 1,300 | 1,716 | 1,352 | 180 | - | 10,471 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2025 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| External sales | 1,392 | 1,995 | 3,955 | 21,205 | 20,138 | 6 | - | 48,691 |
| Intersegment sales | 8,892 | 1,587 | 434 | 7,122 | 234 | 38 | (18,307) | - |
| Excise taxes | - | - | - | (201) | (4,646) | - | - | (4,847) |
| Revenues from sales | 10,284 | 3,582 | 4,389 | 28,126 | 15,726 | 44 | (18,307) | 43,844 |
| Operating expenses | (4,200) | (2,880) | (3,863) | (27,069) | (14,916) | (225) | 18,307 | (34,846) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,145) | (376) | (103) | (380) | (243) | (33) | - | (3,280) |
| Net income (loss) from equity affiliates and other items | 522 | 492 | (52) | 75 | (24) | (3) | - | 1,010 |
| Tax on net operating income | (2,055) | (97) | (110) | (143) | (177) | 115 | - | (2,467) |
| Adjustments (a) | 237 | (131) | (310) | (78) | (14) | (22) | - | (318) |
| Adjusted Net operating income | 2,169 | 852 | 571 | 687 | 380 | (80) | - | 4,579 |
| Adjustments (a) | (318) | |||||||
| Net cost of net debt | (499) | |||||||
| Non-controlling interests | (79) | |||||||
| Net income - TotalEnergies share | 3,683 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.
3rd quarter 2025 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & 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 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2024 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| External sales | 1,496 | 2,890 | 6,137 | 21,540 | 20,440 | 5 | - | 52,508 |
| Intersegment sales | 9,382 | 2,968 | 765 | 7,207 | 168 | 70 | (20,560) | - |
| Excise taxes | - | - | - | (193) | (5,200) | - | - | (5,393) |
| Revenues from sales | 10,878 | 5,858 | 6,902 | 28,554 | 15,408 | 75 | (20,560) | 47,115 |
| Operating expenses | (4,754) | (4,431) | (6,536) | (27,616) | (14,772) | (254) | 20,560 | (37,803) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,853) | (326) | (28) | (250) | (227) | (31) | - | (2,715) |
| Net income (loss) from equity affiliates and other items | 40 | 548 | 26 | -90 | 90 | 74 | - | 688 |
| Tax on net operating income | (2,163) | (288) | (70) | (139) | (215) | (60) | - | (2,935) |
| Adjustments (a) | (157) | (71) | (281) | 141 | (78) | (23) | - | (469) |
| Adjusted Net operating income | 2,305 | 1,432 | 575 | 318 | 362 | (173) | - | 4,819 |
| Adjustments (a) | (469) | |||||||
| Net cost of net debt | (331) | |||||||
| Non-controlling interests | (63) | |||||||
| Net income - TotalEnergies share | 3,956 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.
4th quarter 2024 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| Total expenditures | 1,983 | 1,904 | 529 | 630 | 458 | 79 | - | 5,583 |
| Total divestments | 295 | 247 | 1,038 | 132 | 106 | 20 | - | 1,838 |
| Cash flow from operating activities | 4,500 | 2,214 | 1,201 | 3,832 | 778 | (18) | - | 12,507 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Year 2025 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| External sales | 5,590 | 10,096 | 19,587 | 87,207 | 78,708 | 8 | - | 201,196 |
| Intersegment sales | 35,234 | 8,945 | 2,696 | 27,817 | 734 | 132 | (75,558) | - |
| Excise taxes | - | - | - | (770) | (18,082) | - | - | (18,852) |
| Revenues from sales | 40,824 | 19,041 | 22,283 | 114,254 | 61,360 | 140 | (75,558) | 182,344 |
| Operating expenses | (17,335) | (15,085) | (20,859) | (110,737) | (58,697) | (918) | 75,558 | (148,073) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,419) | (1,608) | (622) | (1,606) | (932) | (125) | - | (13,312) |
| Net income (loss) from equity affiliates and other items | 971 | 2,104 | 422 | 49 | 93 | (82) | - | 3,557 |
| Tax on net operating income | (7,677) | (720) | (133) | (352) | (608) | 245 | - | (9,245) |
| Adjustments (a) | (35) | (377) | (1,124) | (770) | (157) | (93) | - | (2,556) |
| Adjusted Net operating income | 8,399 | 4,109 | 2,215 | 2,378 | 1,373 | (647) | - | 17,827 |
| Adjustments (a) | (2,556) | |||||||
| Net cost of net debt | (1,914) | |||||||
| Non-controlling interests | (230) | |||||||
| Net income - TotalEnergies share | 13,127 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.
Year 2025 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| Total expenditures | 10,523 | 3,520 | 5,367 | 1,537 | 937 | 316 | - | 22,200 |
| Total divestments | 1,723 | 512 | 1,366 | 100 | 328 | 40 | - | 4,069 |
| Cash flow from operating activities | 14,949 | 5,173 | 2,374 | 3,459 | 2,835 | (1,447) | - | 27,343 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
Year 2024 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| External sales | 5,655 | 9,885 | 22,127 | 93,515 | 83,341 | 27 | - | 214,550 |
| Intersegment sales | 38,546 | 10,591 | 2,348 | 31,480 | 819 | 268 | (84,052) | - |
| Excise taxes | - | - | - | (784) | (18,156) | - | - | (18,940) |
| Revenues from sales | 44,201 | 20,476 | 24,475 | 124,211 | 66,004 | 295 | (84,052) | 195,610 |
| Operating expenses | (19,124) | (15,530) | (22,936) | (120,424) | (63,551) | (1,010) | 84,052 | (158,523) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,001) | (1,251) | (344) | (1,442) | (870) | (117) | - | (12,025) |
| Net income (loss) from equity affiliates and other items | 325 | 2,051 | (837) | (114) | 1,457 | 92 | - | 2,974 |
| Tax on net operating income | (8,466) | (1,073) | (255) | (414) | (526) | 89 | - | (10,645) |
| Adjustments (a) | (1,069) | (196) | (2,070) | (343) | 1,154 | (59) | - | (2,583) |
| Adjusted Net operating income | 10,004 | 4,869 | 2,173 | 2,160 | 1,360 | (592) | - | 19,974 |
| Adjustments (a) | (2,583) | |||||||
| Net cost of net debt | (1,360) | |||||||
| Non-controlling interests | (273) | |||||||
| Net income - TotalEnergies share | 15,758 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the net operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the net operating income of integrated Power segment.
Year 2024 (M$)
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| Total expenditures | 9,225 | 3,912 | 5,328 | 1,896 | 1,190 | 199 | - | 21,750 |
| Total divestments | 840 | 425 | 1,431 | 366 | 1,328 | 28 | - | 4,418 |
| Cash flow from operating activities | 17,388 | 5,185 | 2,972 | 3,808 | 2,901 | (1,400) | - | 30,854 |
* Reclassification of intercompany transactions between Upstream and Corporate for €823 million with no impact on the total of cash flow from operating activities