This section is an analysis of the financial performance and of significant trends that may affect TotalEnergies’ future performance and it should be read in conjunction with the Consolidated Financial Statements and the Notes thereto starting on page F-9. The Consolidated Financial Statements and the Notes thereto are prepared in accordance with IFRS as issued by the IASB and IFRS as adopted by the EU. The critical accounting estimates are disclosed in the paragraph "Major judgments and accounting estimates" of the Notes to the Consolidated Financial Statements. This section contains forward-looking statements that are subject to risks and uncertainties. For a list of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, see “Cautionary Statement Concerning Forward-Looking Statements” starting on page i. For information on the invasion of Ukraine by Russia and the situation of the Company at March 27, 2026, refer to “Item 5. – 5.6 Situation of the Company in Russia at March 27, 2026” below. 5.1 Overview TotalEnergies’ results are affected by a variety of factors, including changes in crude oil and natural gas prices and refining and marketing margins, all generally expressed in dollars, as well as changes in exchange rates, particularly the value of the euro compared to the dollar. Higher crude oil and natural gas prices generally have a positive effect on the income of TotalEnergies because the Exploration & Production segment’s oil and gas business and the Integrated LNG and downstream gas business are positively impacted by the resulting increase in revenues. Lower crude oil and natural gas prices generally have a corresponding negative effect. The effect of changes in crude oil prices on the activities of TotalEnergies’ Refining & Chemicals and Marketing & Services segments (Downstream) depends upon the speed at which the prices of refined petroleum products adjust to reflect such changes. TotalEnergies’ results are also significantly affected by the costs of its activities, in particular those related to exploration and production, and by the outcome of its strategic decisions with respect to cost reduction efforts. In addition, TotalEnergies’ results are affected by general economic and political conditions and changes in governmental laws and regulations, as well as by the impact of decisions by OPEC+ on production levels. For more information, refer to “Item 3. – 3.1 Risk factors”. In 2025, TotalEnergies reported IFRS net income of $13.1 billion, adjusted net income1 of $15.6 billion, cash flow from operating activities of $27.3 billion and cash flow from operations excluding working capital (CFFO)1 of $27.8 billion in an environment marked by a decline of 15% in oil prices. Return on average capital employed (ROACE)1 stood at 12.6%, the best among the majors for the fourth consecutive year. TotalEnergies continued to implement its balanced, disciplined growth strategy by investing $17.1 billion in 2025, including 37% for new Oil & Gas projects and around $3.5 billion in low‑carbon energies, of which nearly $3 billion in electricity. TotalEnergies ended 2025 with a gearing1 ratio at 15%, highlighting the Company’s solid financial position. In 2025, Exploration & Production generated adjusted net operating income of $8.4 billion, cash flow from operating activities of $14.9 billion and cash flow from operations excluding working capital (CFFO) of $15.6 billion. In 2025, TotalEnergies’ production growth benefited from the start‑up and ramp‑up of seven major projects (Mero‑2, Mero‑3 and Mero‑4 in Brazil, Anchor and Ballymore in the United States, Fenix in Argentina and Tyra in Denmark). Accretive upstream production growth helped offset $5/b of the $11/b price decline recorded over the year. The Company maintained operating costs at $5/b in 2025 and continued to reduce operated methane emissions by over 20% during the year. With a reserve replacement rate of 116% in 2025, TotalEnergies maintains proven reserves life above 12 years, while continuing to build its future project portfolio. The Company signed an agreement with Galp to acquire a 40% operated interest in the prolific PEL83 license, which includes the Mopane discovery. It also expanded its exploration portfolio by entering new licenses in Algeria, the United States, Nigeria, Malaysia, Indonesia, Guyana and Liberia. TotalEnergies pursued active management of its upstream portfolio, notably signing an agreement to merge its mature UK North Sea assets with NEO NEXT and selling interests in non‑operated projects in Nigeria and Brazil. In 2025, Integrated LNG generated adjusted net operating income of $4.1 billion, cash flow from operating activities of $5.1 billion and cash flow from operations excluding working capital (CFFO) of $4.7 billion. The Company continued to strengthen its integration along the US LNG value chain with the investment decision for Train 4 of the Rio Grande LNG project, including the purchase of 1.5 Mt/year of LNG and the acquisition of new upstream gas interests in the Anadarko Basin. In 2025, Integrated Power segment cash flow from operating activities was $2.4 billion and cash flow from operations excluding working capital (CFFO) amounted to $2.6 billion, in line with the announced target. Return on average capital employed (ROACE) stood at 10%. Net electricity production reached 48 TWh, up 17% year‑on‑year, helping reduce the average carbon intensity of all energy products sold to customers (‑18.5% versus 2015). To accelerate its gas‑to‑power integration strategy in Europe, TotalEnergies signed an agreement with EPH to acquire 50% of a portfolio of flexible power generation assets with more than 14 GW of gross capacity. In 2025, TotalEnergies also recycled $2 billion of capital by selling 50% of a 2.7 GW gross capacity portfolio (United States, Portugal, Greece, France), in line with its renewables business model. In 2025, Downstream adjusted net operating income reached $3.8 billion, cash flow from operating activities was $6.2 billion and cash flow from operations excluding working capital (CFFO) $6.2 billion, with Refining & Chemicals capturing the margin improvement in the second half of the year and Marketing & Services benefiting from continued increases in unit margins. Given the Company’s strong cash‑flow from operations excluding working capital (CFFO) generation and solid balance sheet despite uncertain environment, the Board of Directors will propose to the Annual Shareholders’ Meeting to be held on May 29, 2026, the distribution of a final 2025 dividend of €0.85/share, bringing the full‑year 2025 dividend to €3.40/share, up 5.6% from the 2024 dividend, reflecting the share buybacks executed in 2025 ($7.5 billion for a 55% payout). The Board also confirmed the 2026 share‑buyback guidance of $3 billion to $6 billion for an oil price between $60/b and $70/b and an exchange rate around $1.20/€. Considering the uncertain price environment, it authorized $750 million of buybacks in the first quarter 2026, consistent with the budget assumption ($60/b), thereby preserving the flexibility to adjust the level of buybacks during 2026 depending on price developments. 1Adjusted net income, cash flow from operations excluding working capital (CFFO), free cash flow, capital employed, net investment, gearing, payout and ROACE are non-GAAP financial measures. Refer to the “Glossary” starting on page 657 of the Universal Registration Document 2025 for the definitions and further information on Non-GAAP measures (alternative performance measures). The reconciliation tables for the non-GAAP financial measures are set forth under “Item 5 – 5.3 Adjusted Items and Reconciliation of non-GAAP financial measures” below. ​ ​ Form 20-F 2025 TotalEnergies ​ ​4 ​ ​ ​ Outlook At the beginning of 2026, oil markets remain volatile in a constantly evolving geopolitical environment. Fundamentals, however, remain unchanged: global demand is expected to grow by around 0.9 million barrels per day (IEA – January 2026), driven by activity in non‑OECD countries and by petrochemical demand; at the same time, non‑OPEC supply growth is slowing, while OPEC+ has decided to maintain its quota policy at the beginning of 2026. European gas prices for the first quarter on forward markets are hovering around $11-12/MBtu, reflecting strong winter consumption and storage levels below the seasonal averages observed since 2022. In 2026, the Company intends to continue implementing its balanced and profitable transition strategy, anchored on its two growth pillars: hydrocarbons and electricity. The Company plans to increase its overall energy production (oil, gas and electricity) by 5% over the year while continuing to reduce emissions from its operations, with a target of achieving a 70% reduction in methane emissions in 2026 compared with 2020. For its first growth pillar, TotalEnergies expects to increase its oil and gas production by 3% in 2026, supported by the ramp‑up of projects started in 2025, the anticipated start‑ups in 2026 (notably Lapa in Brazil, Ratawi in Iraq, North Field East in Qatar, TFT II & South in Algeria, Tilenga in Uganda). These new barrels support a 7% increase in cash flow at $60/b, higher than production growth. The Company intends to maintain its competitive advantage by keeping production costs below $5/b through strong operational discipline. In the first quarter of 2026, hydrocarbon production is expected to be above 2.6 Mboe/d. At the start of the year, refining margins are hovering around $5/b in a context of volatile crude prices. The Company expects to benefit from the improved availability of certain units that underperformed in 2025 and therefore anticipates an increase in refinery utilization rates to around 88% in the first quarter of 2026, in the absence of major shutdowns. Integrated LNG is expected to continue its growth in 2026 with the start‑up of the North Field East project in Qatar (2 Mtpa of offtake) and Costa Azul on the North American Pacific coast (1.7 Mtpa of offtake). This growth, combined with LNG sales of over 44 Mt in 2026, should offset the expected decline in LNG prices and enable the segment to generate, at $60/b (Brent) and $10/MBtu (TTF), cash flow equivalent to that generated in 2025. Given recent oil and gas price trends and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG sales price close to $8.5/MBtu in the first quarter of 2026. For its second growth pillar, TotalEnergies plans to increase its electricity production by around 25% in 2026 to exceed 60 TWh, considering in particular the completion of the EPH acquisition, expected mid‑2026, which will enable the Company to accelerate its gas‑to‑power integration strategy in Europe. For the year, Integrated Power cash flow is expected to exceed $3 billion for investments of $2.5-3 billion. In 2026, TotalEnergies expects net investments of around $15 billion, including about $3 billion dedicated to low‑carbon energies, mainly electricity. Reintegrating the annual equivalent of more than $1 billion over five years linked to the acquisition of EPH’s flexible power assets in shares, the planned investment effort in low‑carbon energies thus amounts to around $4 billion in 2026. The Company is implementing its multi‑year cash‑savings plan (Capex + Opex), now targeting $12.5 billion over 2026–2030, including $2.5 billion planned for 2026. Under a scenario of $60/b Brent, $10/MBtu TTF and $5/b ERM, the Company expects to generate cash flow above $26 billion, supported by accretive production growth, improved Downstream performance and growth in Integrated Power. In this environment, the Company should maintain an attractive shareholder return while preserving the strength of its balance sheet, with a targeted gearing ratio of around 15% at end‑2026. Based on the seasonality observed in recent years, a temporary increase of around $2-3 billion in working capital requirements is expected in the first quarter of 2026. ​ ​ Form 20-F 2025 TotalEnergies ​ ​5 ​ 5.2 Results 2025-2023 5.2.1 TotalEnergies: ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31 (in millions of dollars, except earnings per shares data) ​ 2025 ​ 2024 ​ 2023 Sales 201,196 214,550 237,128 Net income (TotalEnergies share) ​ 13,127 ​ 15,758 ​ 21,384 Adjusted EBITDA (1) 40,555 43,143 50,030 Adjusted net operating income (2) from business segments 18,474 20,566 25,107 Exploration & Production 8,399 10,004 10,942 Integrated LNG 4,109 4,869 6,200 Integrated Power 2,215 2,173 1,853 Refining & Chemicals 2,378 2,160 4,654 Marketing & Services 1,373 1,360 1,458 Adjusted net income (1) (TotalEnergies share) 15,587 18,264 23,176 Fully-diluted earnings per shares ($) 5.78 6.69 8.67 Fully-diluted weighted-average shares (millions) 2,214 2,315 2,434 Cash flow used in investing activities 18,131 17,332 (16,454) Organic investments (1) 16,812 16,423 18,126 Acquisitions net of assets sales (1) 279 1,406 (1,289) Net investments (1) ​ 17,091 ​ 17,829 ​ 16,837 Cash flow from operating activities 27,343 30,854 40,679 Cash flow from operations excluding working capital (CFFO) (1) 27,839 29,917 35,946 Debt Adjusted Cash Flow (DACF) (1) 29,255 30,614 36,451 (1) Adjusted EBITDA, adjusted net income, organic investments, acquisitions net of assets sales, net investments, cash flow from operations excluding working capital (CFFO) and debt adjusted cash flow (DACF) are non-GAAP financial measures. Refer to the “Glossary” starting on page 641 of the Universal Registration Document 2025 for the definitions and further information on Non-GAAP measures (alternative performance measures). The reconciliation tables for the non-GAAP financial measures are set forth under “Item 5. – 5.3 Adjusted Items and Reconciliation of non-GAAP financial measures” below. (2) Detail of adjustment items shown in the business segment information. See “Item 5.- 5.2.2 Business segment reporting” below for further details. ​ ​ ​ ​ ​ ​ ​ ​ Market environment parameters ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Brent ($/b) 69.1 80.8 82.6 Henry Hub ($/Mbtu)(1) 3.6 2.4 2.7 TTF ($/Mbtu)(2) 12.0 11.0 13.1 JKM ($/Mbtu)(3) 12.2 11.9 13.8 Average price of liquids (4), (5) ($/b) Consolidated subsidiaries 66.2 77.1 76.2 Average price of gas (4), (5) ($/Mbtu) Consolidated subsidiaries 5.72 5.54 6.64 Average price of LNG (4), (6) ($/Mbtu) Consolidated subsidiaries and equity affiliates ​ 9.14 9.80 10.76 European Refining Margin (ERM) (4), (7) ($/b) ​ 7.1 ​ 5.3 ​ 9.5 (1) Henry Hub (HH), a pipeline located in Erath, Louisiana, USA, serves as the official delivery point for New York Mercantile Exchange (NYMEX) futures contracts. It is widely used as a price reference for natural gas markets in North America. The hub is operated by Sabine Pipe Line LLC and is connected to four intrastate and nine interstate pipelines, including the Transcontinental, Acadian and Sabine pipelines. (2) TTF (Title Transfer Facility) is a virtual trading point in the Netherlands for transferring rights in respect of physical gas. It is the most liquid and widely used price benchmark for the natural gas markets in Europe. TTF is operated by Gasunie Transport Services (GTS), the owner and operator of the national transmission network in the Netherlands. It is traded in €/MWh. (3) JKM (Japan-Korea Marker) measures the prices of spot liquid natural gas (LNG) trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 4:30 p.m. Singapore time. (4) Does not include oil, gas and LNG trading activities, respectively. (5) Sales in $ / Sales in volume for consolidated affiliates. (6) Sales in $ / Sales in volume for consolidated and equity affiliates. (7) This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Since the results for the fourth quarter of 2025, it has been expressed in ($/b), with a conversion factor of 7.5 b/t. The ERM stood at $ 71.0/t in 2023, $39.5/t in 2024 and $53.4/t in 2025. ​ ​ ​ ​ ​ ​ ​ ​ Hydrocarbon production(1) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Hydrocarbon production (kboe/d) 2,529 2,434 2,483 Oil (including bitumen) (kb/d) ​ 1,378 ​ 1,314 ​ 1,388 Gas (including condensates and associated NGL) (kboe/d) ​ 1,151 ​ 1,120 ​ 1,095 Hydrocarbon production (kboe/d) ​ 2,529 ​ 2,434 ​ 2,483 Liquids (kb/d) ​ 1,533 ​ 1,468 ​ 1,550 Gas (Mcf/d) 5,402 5,211 5,028 (1) TotalEnergies production = Exploration & Production production + Integrated LNG production. ​ ​ ​ ​ ​ ​ ​ ​ Return on equity (ROE) as of and for the year ended December 31 (in millions of dollars) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Consolidated net income 13,357 16,031 21,510 Adjusted net income 15,833 18,586 23,450 Average adjusted shareholders’ equity 116,827 117,835 115,006 Return on equity (ROE) 13.6% ​ 15.8% ​ 20.4% ​ ​ ​ ​ ​ ​ ​ ​ Return on average capital employed (ROACE) as of and for the year ended December 31 (in millions of dollars) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Consolidated net income 13,357 16,031 21,510 Adjusted net operating income 17,827 19,974 24,684 Average capital employed 141,802 135,174 130,517 ROACE 12.6% ​ 14.8% ​ 18.9% ​ For a discussion of TotalEnergies’ proved reserves, refer to point 2.1.1 of chapter 2 of the Universal Registration Document 2025 (starting on page 75), incorporated herein by reference. See also point 9.1 of chapter 9 of the Universal Registration Document 2025 (starting on page 570), incorporated herein by reference, for additional information on proved reserves, including tables showing changes in proved reserves by region. ​ Form 20-F 2025 TotalEnergies ​ ​6 ​ ​ ​ 2025 vs. 2024 In terms of market environment parameters: ● the Brent price decreased by 14% to $69.1/b on average in 2025 from $80.8/b on average in 2024; ● TotalEnergies’ average liquids price realization2 decreased by 14% to $66.2/b in 2025 from $77.1/b in 2024; ● TotalEnergies’ average gas price realization3 increased by 3% to $5.72/Mbtu in 2025 from $5.54/Mbtu in 2024; ● TotalEnergies’ average LNG price realization4 decreased by 7% to $9.14/Mbtu in 2025 from $9.80/Mbtu in 2024. Hydrocarbon production averaged 2,529 thousand barrels of oil equivalent per day in 2025, up nearly 4% compared to 2,434 thousand barrels of oil equivalent per day in 2024, due to the following factors: ● +6% from project start‑ups and ramp‑ups, notably Mero‑2, Mero‑3 and Mero‑4 in Brazil, Anchor and Ballymore in the United States, Fenix in Argentina, and Tyra in Denmark, ● +1% scope effect, mainly linked to the acquisitions of SapuraOMV in Malaysia and interests in gas licenses in the Eagle Ford basin in Texas, and ● -3% due to the natural decline of fields. The euro-dollar exchange rate averaged $1.1300/€ in 2025, compared to $1.0824/€ in 2024. Net income (TotalEnergies share) was $13,127 million in 2025, a decrease of 17% compared to $15,758 million in 2024. Adjusted net income (TotalEnergies share) was $15,587 million in 2025, a decrease of 15% compared to $18,264 million in 2024. Adjusted net income excludes the after‑tax inventory effect, non‑recurring items, and fair‑value changes. TotalEnergies SE bought back, in 2025, 122,637,294 TotalEnergies SE shares on the market, i.e., 5.56% of the share capital as of December 31, 2025, of which 116,292,328 were for cancellation and, in 2024, 120,463,232 TotalEnergies SE shares on the market, i.e., 5.02% of the share capital as of December 31, 2024, of which 110,946,344 were for cancellation. See also “Item 5. - 5.4.3 Shareholders’ equity”, below. Fully-diluted earnings per share was $5.78 in 2025 compared to $6.69 in 2024. Acquisitions were: ● $3,923 million in the full year 2025, mainly related to the acquisition of interests in 12 offshore blocks in Malaysia, as well as the completion of the VSB acquisition, various renewable projects to be developed in Canada, the Dominican Republic and Uganda for approximately $500 million, and an additional 10% stake in the Moho field in the Republic of the Congo. Divestments were: ● $3,644 million in the full year 2025, mainly reflecting the divestment of the non‑operated interest in the Bonga field in Nigeria, the partial sale of an interest in Block SK408 in Malaysia, the sale of 50% stakes in renewable portfolios in the United States and Greece, and the sale of a 1.7% stake in Adani Green Energy, as well as related to the divestment of interests in two unconventional blocks in Argentina, the sale of interests in the Nkossa and Nsoko II licenses in the Republic of the Congo, the sale of 50% of a renewable asset portfolio in Portugal and France, and the divestment of fuel distribution activities in Brazil. TotalEnergies’ cash flow from operating activities was $27,343 million in 2025, a decrease of 11% compared to $30,854 million in 2024. TotalEnergies’ cash flow used in investing activities was $(18,131) million in 2025 compared to $(17,332) million in 2024. TotalEnergies’ cash flow from operations excluding working capital (CFFO) was $27,839 million in 2025, a decrease of 7% compared to $29,917 million in 2024. In 2025, TotalEnergies’ cash flow from operating activities was $27,343 million versus cash flow from operations excluding working capital (CFFO) of $27,839 million. The change in working capital was a decrease of $1,284 million for the full year 2025 in accordance with IFRS. The difference of $1,780 million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $733 million, (ii) plus the mark-to-market effect of Integrated LNG’s and Integrated Power’s contracts of $650 million, (iii) plus the capital gains from the renewables project sale of $292 million and (iv) plus the organic loan repayments from equity affiliates of $105 million. 2Sales in $ / Sales in volume for consolidated affiliates. 3Sales in $ / Sales in volume for consolidated affiliates. 4Sales in $ / Sales in volume for consolidated and equity affiliates. ​ ​ Form 20-F 2025 TotalEnergies ​ ​7 ​ The change in working capital, as determined using the replacement cost method excluding the mark-to-market effect of Integrated LNG and Integrated Power’s contracts, including capital gain from renewable project sales and including organic loan repayment from equity affiliates, was an increase of $496 million for the full year 2025, compared to a decrease of $937 million for the full year 2024. TotalEnergies’ net cash flow5 was $10,748 million in 2025 compared to $12,088 million in 2024, reflecting a $2,078 million decrease in cash flow from operations excluding working capital (CFFO) and a $738 million decrease in net investments, which stood at $17,091 million in 2025. See also “Item 5. - 5.4 Liquidity and Capital Resources” below. 2024 vs. 2023 Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 5, Operating and Financial Review and Prospects, of the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2025. 5.2.2 Business segment reporting 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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee. Management presents adjusted financial indicators to assist investors in better understanding, in conjunction with the Company’s financial results presented in accordance with IFRS, the economic performance of the Company. Adjustment items are of three types: inventory valuation effect, effect of changes in fair value, and special items. The Inventory valuation effect: in accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods. 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. 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. TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from nonconsolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below. The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items. The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments. Sales prices between business segments approximate market prices. The reporting structure for the business segments’ financial information is based on the following five business segments: - An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, as well as carbon storage activities, conducted in about 50 countries; - An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas and gas trading activities; - An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity; - A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes oil supply and trading activities, maritime transport, and hydrogen activities previously reported within the Integrated LNG segment; - A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products. In addition, the Corporate segment includes holdings operating and financial activities. This segment reporting has been prepared in accordance with IFRS 8 and according to the same principles as the internal reporting followed by the TotalEnergies’ Executive Committee. 5Net cash flow is a non-GAAP financial measures. Refer to the “Glossary” starting on page 657 of the Universal Registration Document 2023 for the definitions and further information on Non-GAAP measures (alternative performance measures). The reconciliation tables for the non-GAAP financial measures are set forth under “Item 5. – 5.3 Adjusted Items and Reconciliation of non-GAAP financial measures” below. ​ ​ Form 20-F 2025 TotalEnergies ​ ​8 ​ ​ ​ 5.2.2.1 Exploration & Production segment ​ ​ ​ ​ ​ ​ ​ ​ Hydrocarbon production ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 EP (kboe/d) 1,990 1,947 2,034 Liquids (kb/d)* ​ 1,467 ​ 1,408 ​ 1,492 Gas (Mcf/d) 2,794 2,880 2,900 ​ ​ ​ ​ ​ ​ ​ ​ Results (in millions of dollars except effective tax rate) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Adjusted net operating income(1) 8,399 10,004 10,942 including adjusted income from equity affiliates 714 742 539 Effective tax rate(2) 49.9% ​ 47.8% ​ 50.0% Cash flow used in investing activities 8,800 8,385 7,260 Organic investments 9,564 9,060 10,232 Acquisitions net of assets sales (305) (207) (2,706) Net investments 9,259 8,853 7,526 Cash flow from operating activities 14,949 17,388 18,531 Cash flow from operations excluding working capital (CFFO) 15,646 17,049 19,126 (1) Adjusted for special items, inventory valuation effect and the effect of changes in fair value. See Note 3 to the Consolidated Financial Statements (starting on page F-24). (2) 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). 2025 vs. 2024 Exploration & Production adjusted net operating income was $8,399 million in 2025, down 16% compared to $10,004 million in 2024. The segment's cash flow from operating activities was $14,949 million in 2025, down 14% compared to $17,388 million in 2024. The segment’s cash flow from operations excluding working capital (CFFO) was $15,646 million in 2025, benefiting from accretive production growth that offset the impact of a $5/b decline in Brent, resulting in decrease of 8% compared to $17,049 million in 2024. For additional information on the EP segment’s capital expenditures, refer to point 1.4 (starting on page 36) of chapter 1 and point 2.1.2 (on page 76) of chapter 2 of the Universal Registration Document 2025, incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources”, below. ​ 2024 vs. 2023 Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 5, Operating and Financial Review and Prospects, of the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2025. ​ ​ Form 20-F 2025 TotalEnergies ​ ​9 ​ 5.2.2.2 Integrated LNG segment ​ ​ ​ ​ ​ ​ ​ ​ Hydrocarbon production for LNG ​ 2025 ​ 2024 ​ 2023 Integrated LNG (kboe/d) ​ 539 ​ 487 ​ 449 Liquids (kb/d) ​ 66 ​ 60 ​ 58 Gas (Mcf/d) ​ 2,608 ​ 2,331 ​ 2,128 ​ ​ ​ ​ ​ ​ ​ ​ Liquefied Natural Gas (in Mt) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Overall LNG sales ​ 43.9 ​ 39.8 ​ 44.3 Incl. Sales from equity production* 15.1 15.5 15.2 Incl. Sales by TotalEnergies from equity production and third party purchases 38.8 34.7 40.1 * The Company’s equity production may be sold by TotalEnergies or by the joint ventures. ​ ​ ​ ​ ​ ​ ​ ​ Results (in millions of dollars, except the average price of LNG) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Average price of LNG ($/Mbtu)(1) Consolidated subsidiaries and equity affiliates 9.14 9.80 10.76 Adjusted net operating income(2) 4,109 4,869 6,200 including adjusted income from equity affiliates 1,865 1,978 2,103 Cash flow used in investing activities 3,008 3,487 3,120 Organic investments 2,569 2,169 2,063 Acquisitions net of assets sales 165 1,367 1,096 Net investments 2,734 3,536 3,159 Cash flow from operating activities 5,173 5,185 8,442 Cash flow from operations excluding working capital (CFFO) 4,698 ​ 4,903 ​ 7,293 (1) Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. (2) Adjusted for special items, inventory valuation effect and the effect of changes in fair value. See Note 3 to the Consolidated Financial Statements (starting on page F-24). ​ 2025 vs. 2024 Integrated LNG adjusted net operating income was $4,109 million in 2025, down 16% compared to $4,869 million in 2024. The segment’s cash flow from operating activities was $5,173 million in 2025, stable compared to $5,185 million in 2024. The segment’s cash flow from operations excluding working capital (CFFO) was $4,698 million in 2025, down 4% compared to $4,903 million in 2024, supported by 10% growth in production and sales in an environment of low volatility and declining average price of LNG. For information on the segment’s investments, refer to point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources” below. 2024 vs. 2023 Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 5, Operating and Financial Review and Prospects, of the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2025. ​ ​ Form 20-F 2025 TotalEnergies ​ ​10 ​ ​ ​ 5.2.2.3 Integrated Power segment ​ ​ ​ ​ ​ ​ ​ Integrated Power ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Net power production (TWh) (1) ​ 48.1 ​ 41.1 ​ 33.4 o/w power production from renewables 31.4 26.0 18.9 o/w power production from gas flexible capacities 16.7 15.1 14.5 Portfolio of power generation net installed capacity (GW) (2) ​ 26.0 ​ 21.5 ​ 17.3 o/w renewables ​ 19.0 ​ 15.1 ​ 13.0 o/w gas flexible capacities ​ 7.0 ​ 6.5 ​ 4.3 Portfolio of renewable power generation gross capacity (GW) (2), (3) ​ 108.7 ​ 97.2 ​ 80.1 o/w installed capacity ​ 34.1 ​ 26.0 ​ 22.4 Clients power – BtB and BtC (Million) (2) ​ 6.0 ​ 6.1 ​ 5.9 Clients gas – BtB and BtC (Million) (2) ​ 2.7 ​ 2.8 ​ 2.8 Sales power – BtB and BtC (TWh) ​ 48.8 ​ 50.7 ​ 52.1 Sales gas – BtB and BtC (TWh) 89.2 98.6 100.9 (1) Solar, wind, hydroelectric and gas flexible capacities. (2) End of period data. (3) Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity effective third quarter 2022 and 49% of Casa dos Ventos’ gross capacity. ​ ​ ​ ​ ​ ​ ​ ​ Results (in millions of dollars) ​ 2025 ​ 2024 ​ 2023 Adjusted net operating income(1) ​ 2,215 ​ 2,173 ​ 1,853 including adjusted income from equity affiliates ​ 211 ​ – ​ 137 Cash flow used in investing activities ​ 4,001 ​ 3,897 ​ 4,836 Organic investments ​ 2,187 ​ 2,355 ​ 2,582 Acquisitions net of assets sales ​ 589 ​ 1,514 ​ 2,363 Net investments ​ 2,776 ​ 3,869 ​ 4,945 Cash flow from operating activities ​ 2,374 ​ 2,972 ​ 3,573 Cash flow from operations excluding working capital (CFFO) ​ 2,558 ​ 2,555 ​ 2,152 (1) Adjusted for special items, inventory valuation effect and the effect of changes in fair value. See Note 3 to the Consolidated Financial Statements (starting on page F-24). ​ 2025 vs. 2024 In the full year 2025, gross installed renewable power generation capacity reached 34.1 GW up 31% compared to 26.0 GW in 2024, representing more than 8 GW of additional capacity year‑on‑year. Integrated Power adjusted net operating income was $2,215 million in 2025, up 2% compared to $2,173 million in 2024. The segment's cash flow from operating activities was $2,374 million in 2025, down 20% compared to $2,972 million in 2024. The segment’s cash flow from operations excluding working capital (CFFO) was $2,558 million in 2025, stable compared to $2,555 million in 2024 in line with annual guidance. Production activities (including renewables and gas-fired power plants) accounted for 55% and marketing activities (B2B, B2C and trading) accounted for 45%. For information on the segment’s investments, refer to point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources” below. 2024 vs. 2023 Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 5, Operating and Financial Review and Prospects, of the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2025. ​ ​ Form 20-F 2025 TotalEnergies ​ ​11 ​ 5.2.2.4 Downstream (Refining & Chemicals and Marketing & Services segments) ​ ​ ​ ​ ​ ​ ​ Results (in millions of dollars) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Adjusted net operating income(1) 3,751 3,520 6,112 Cash flow used in investing activities 2,046 1,392 1,094 Organic investments 2,239 2,662 3,105 Acquisitions net of assets sales (193) (1,262) (2,042) Net investments 2,046 1,400 1,063 Cash flow from operating activities 6,294 6,709 9,914 Cash flow from operations excluding working capital (CFFO) 6,223 6,079 8,171 (1) Adjusted for special items, inventory valuation effect and the effect of changes in fair value. See Note 3 to the Consolidated Financial Statements (starting on page F-24). ​ A. Refining & Chemicals segment ​ ​ ​ ​ ​ ​ ​ Refinery throughput and utilization rate* ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023* Total refinery throughput (kb/d) 1,526 1,472 1,436 France 470 422 414 Rest of Europe 606 605 592 Rest of world 449 446 431 Utilization rates based on crude only** 86% ​ 83% ​ 81% * Includes refineries in Africa that are reported in the Marketing & Services segment for 2023. ** Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from the third quarter of 2024 and the African refinery Natref (divested) during the fourth quarter of 2024. ​ ​ ​ ​ ​ ​ ​ ​ Petrochemicals production and utilization rate ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Monomers* (kt) 4,967 5,082 4,896 Polymers (kt) 4,658 4,433 4,130 Steam cracker utilization rate** 79% ​ 79% ​ 69% * Olefins. ** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024. ​ ​ ​ ​ ​ ​ ​ ​ Results (in millions of dollars, except ERM) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 European Refining Margin Marker (ERM) ($/b)(1) 7.1 5.3 9.5 Adjusted net operating income(2) ​ 2,378 ​ 2,160 ​ 4,654 Cash flow used in investing activities 1,437 1,530 1,953 Organic investments 1,464 1,711 2,040 Acquisitions net of assets sales (27) (173) (118) Net investments 1,437 1,538 1,922 Cash flow from operating activities 3,459 3,808 7,957 Cash flow from operations excluding working capital (CFFO) 3,798 ​ 3,760 ​ 5,853 (1) 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. (2) Adjusted for special items, inventory valuation effect and the effect of changes in fair value. See Note 3 to the Consolidated Financial Statements (starting on page F-24). 2025 vs. 2024 In the full year 2025, refining throughput increased by 4% compared to the full year 2024, driven by high unit availability in the second half of the year of 2025. In 2025, Refining & Chemicals adjusted net operating income was $2,378 million, up 10% compared to $2,160 million in 2024 with higher refining margins offsetting the decline in petrochemical margins. The segment’s cash flow from operating activities was $3,459 million in 2025, down 9% compared to $3,808 million in 2024. The segment’s cash flow from operations excluding working capital (CFFO) was $3,798 million in 2025, up 1% compared to $3,760 million in 2024 with higher refining margins offsetting the decline in petrochemical margins. For information on the Refining & Chemicals segment’s investments, refer to point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources” below. 2024 vs. 2023 Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 5, Operating and Financial Review and Prospects, of the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2025. ​ ​ Form 20-F 2025 TotalEnergies ​ ​12 ​ ​ ​ B. Marketing & Services segment ​ ​ ​ ​ ​ ​ ​ Petroleum product sales (kb/d)* ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Total Marketing & Services sales 1,276 1,342 1,375 Europe 743 752 776 Rest of world ​ 533 ​ 591 ​ 599 * Excludes trading and bulk Refining sales. ​ ​ ​ ​ ​ ​ ​ ​ Results (in millions of dollars) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Adjusted net operating income(1) 1,373 1,360 1,458 Cash flow used in investing activities 609 (138) (859) Organic investments 775 951 1,065 Acquisitions net of assets sales (166) (1,089) (1,924) Net investments 609 (138) (859) Cash flow from operating activities 2,835 2,901 1,957 Cash flow from operations excluding working capital (CFFO) 2,425 ​ 2,319 ​ 2,318 (1) Adjusted for special items, inventory valuation effect and the effect of changes in fair value. See Note 3 to the Consolidated Financial Statements (starting on page F-24). 2025 vs. 2024 In the full year 2025, sales of petroleum products were down by 5% compared to the full year 2024 as a result of focusing the portfolio on higher margin activities. Marketing & Services adjusted net operating income was $1,373 million in 2025, stable compared to $1,360 million in 2024. The segment’s cash flow from operating activities was $2,835 million in 2025, down 2% compared to $2,901 million in 2024. The segment’s cash flow from operations excluding working capital (CFFO) was $2,425 million in 2025, up 5% compared to $2,319 million in 2024 with the improvement in unit margins more than offsetting a 5% decline in volumes. For information on the Marketing & Services segment’s investments, refer to point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference. See also “Item 5. - 5.4 Liquidity and Capital Resources”, below. 2024 vs. 2023 Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 5, Operating and Financial Review and Prospects, of the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2025. ​ ​ Form 20-F 2025 TotalEnergies ​ ​13 ​ 5.3 Adjusted Items and Reconciliation of non-GAAP financial measures A. Adjustment items to net income (TotalEnergies share) ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Net income (TotalEnergies share) 13,127 15,758 21,384 Special items affecting net income (TotalEnergies share) (1,185) (1,219) (1,105) Gain (loss) on asset sales 487 1,372 2,047 Restructuring charges (58) (27) (56) Impairments (1,156) (1,976) (2,166) Other* (458) (588) (930) After-tax inventory effect : FIFO vs. replacement cost (610) (339) (699) Effect of changes in fair value (665) (948) 12 Total adjustments affecting net income (2,460) (2,506) (1,792) Adjusted net income (TotalEnergies share) 15,587 18,264 23,176 ​ B. Reconciliation of consolidated net income to adjusted net operating income ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Consolidated net income (a) 13,357 16,031 21,510 Net cost of net debt (b) (1,914) (1,360) (1,108) Special items affecting net operating income (1,274) (1,249) (1,384) Gain (loss) on asset sales 487 1,372 2,047 Restructuring charges (61) (27) (56) Impairments (1,162) (1,978) (2,297) Other (538) (616) (1,078) After-tax inventory effect : FIFO vs. replacement cost (617) (386) (694) Effect of changes in fair value (665) (948) 12 Total adjustments affecting net operating income (c) (2,556) (2,583) (2,066) Adjusted net operating income (a - b - c) 17,827 19,974 24,684 ​ C. Reconciliation of net income (TotalEnergies share) to adjusted EBITDA ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Net income - TotalEnergies share 13,127 15,758 21,384 Less: adjustment items to net income (TotalEnergies share) 2,460 2,506 1,792 Adjusted net income - TotalEnergies share 15,587 18,264 23,176 Adjusted items ​ ​ ​ Add: non-controlling interests 246 322 274 Add: income taxes 9,587 11,209 12,939 Add: depreciation, depletion and impairment of tangible assets and mineral interests 12,565 11,667 12,012 Add: amortization and impairment of intangible assets 382 389 394 Add: financial interest on debt 3,182 3,016 2,820 Less: financial income and expense from cash & cash equivalents (994) (1,724) (1,585) Adjusted EBITDA 40,555 43,143 50,030 ​ D. Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share) ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Adjusted items ​ ​ ​ ​ ​ ​ Revenues from sales 182,344 195,610 218,945 Purchases, net of inventory variation (115,200) (126,000) (142,247) Other operating expenses (30,468) (29,485) (29,808) Exploration costs (419) (528) (575) Other income 1,686 725 504 Other expense, excluding amortization and impairment of intangible assets (694) (317) (288) Other financial income 1,339 1,304 1,221 Other financial expense (881) (835) (722) Net income (loss) from equity affiliates 2,848 2,669 3,000 Adjusted EBITDA 40,555 43,143 50,030 Adjusted items ​ ​ ​ Less: depreciation, depletion and impairment of tangible assets and mineral interests (12,565) (11,667) (12,012) Less: amortization of intangible assets (382) (389) (394) Less: financial interest on debt (3,182) (3,016) (2,820) Add: financial income and expense from cash & cash equivalents 994 1,724 1,585 Less: income taxes (9,587) (11,209) (12,939) Less: non-controlling interests (246) (322) (274) Add: adjustment - TotalEnergies share (2,460) (2,506) (1,792) Net income - TotalEnergies share 13,127 15,758 21,384 ​ ​ ​ Form 20-F 2025 TotalEnergies ​ ​14 ​ ​ ​ E. Investments – Divestments and reconciliation of cash flow used in investing activities to net investments, to acquisitions net of assets sales and to organic investments (1) Totalenergies share: ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow used in investing activities (a) 18,131 17,332 16,454 Other transactions with non-controlling interests (b) (331) - - Organic loan repayment from equity affiliates (c) 105 29 (2) Change in debt from renewable projects financing (d)* (1,284) (52) 78 Capex linked to capitalized leasing contracts (e) 397 471 259 Expenditures related to carbon credits (f) 73 49 48 Net investments (a + b + c + d + e + f = g - i + h) 17,091 17,829 16,837 of which acquisitions net of assets sales (g-i) 279 1,406 (1,289) Acquisitions (g) 3,923 4,646 6,428 Asset sales (i) 3,644 3,240 7,717 Change in debt from renewable projects (partner share) 495 26 (81) of which organic investments (h) 16,812 16,423 18,126 Capitalized exploration 322 516 1,094 Increase in non-current loans 1,960 2,210 1,845 Repayment of non-current loans, excluding organic loan repayment from equity affiliates (1,067) (1,083) (524) Change in debt from renewable projects (TotalEnergies share) (789) (26) (3) * Change in debt from renewable projects (TotalEnergies share and partner share). (2) Exploration & Production: ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow used in investing activities (a) 8,800 8,385 7,260 Other transactions with non-controlling interests (b) — — — Organic loan repayment from equity affiliates (c) — 1 — Change in debt from renewable projects financing (d)* — — — Capex linked to capitalized leasing contracts (e) 386 418 218 Expenditures related to carbon credits (f) 73 49 48 Net investments (a + b + c + d + e + f = g - i + h) 9,259 8,853 7,526 of which acquisitions net of assets sales (g-i) (305) (207) (2,706) Acquisitions (g) 1,239 534 2,320 Asset sales (i) 1,544 741 5,026 Change in debt from renewable projects (partner share) — — — of which organic investments (h) 9,564 9,060 10,232 Capitalized exploration 298 483 1,081 Increase in non-current loans 198 196 154 Repayment of non-current loans, excluding organic loan repayment from equity affiliates (179) (98) (92) Change in debt from renewable projects (TotalEnergies share) — — — * Change in debt from renewable projects (TotalEnergies share and partner share). (3) Integrated LNG: ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow used in investing activities (a) 3,008 3,487 3,120 Other transactions with non-controlling interests (b) (331) — — Organic loan repayment from equity affiliates (c) 47 3 2 Change in debt from renewable projects financing (d)* — — — Capex linked to capitalized leasing contracts (e) 10 46 37 Expenditures related to carbon credits (f) — — — Net investments (a + b + c + d + e + f = g - i + h) 2,734 3,536 3,159 of which acquisitions net of assets sales (g-i) 165 1,367 1,096 Acquisitions (g) 546 1,417 1,253 Asset sales (i) 381 50 157 Change in debt from renewable projects (partner share) — — — of which organic investments (h) 2,569 2,169 2,063 Capitalized exploration 24 33 13 Increase in non-current loans 754 809 570 Repayment of non-current loans, excluding organic loan repayment from equity affiliates (415) (372) (131) Change in debt from renewable projects (TotalEnergies share) — — — * Change in debt from renewable projects (TotalEnergies share and partner share). ​ ​ Form 20-F 2025 TotalEnergies ​ ​15 ​ (4) Integrated Power: ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow used in investing activities (a) 4,001 3,897 4,836 Other transactions with non-controlling interests (b) — — — Organic loan repayment from equity affiliates (c) 58 17 27 Change in debt from renewable projects financing (d)* (1,284) (52) 78 Capex linked to capitalized leasing contracts (e) 1 7 4 Expenditures related to carbon credits (f) — — — Net investments (a + b + c + d + e + f = g - i + h) 2,776 3,869 4,945 of which acquisitions net of assets sales (g-i) 589 1,514 2,363 Acquisitions (g) 2,083 2,515 2,739 Asset sales (i) 1,494 1,001 376 Change in debt from renewable projects (partner share) 495 26 (81) of which organic investments (h) 2,187 2,355 2,582 Capitalized exploration — — — Increase in non-current loans 795 979 870 Repayment of non-current loans, excluding organic loan repayment from equity affiliates (309) (439) (177) Change in debt from renewable projects (TotalEnergies share) (789) (26) (3) * Change in debt from renewable projects (TotalEnergies share and partner share). (5) Refining & Chemicals: ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow used in investing activities (a) 1,437 1,530 1,953 Other transactions with non-controlling interests (b) — — — Organic loan repayment from equity affiliates (c) — 8 (31) Change in debt from renewable projects financing (d)* — — — Capex linked to capitalized leasing contracts (e) — — — Expenditures related to carbon credits (f) — — — Net investments (a + b + c + d + e + f = g - i + h) 1,437 1,538 1,922 of which acquisitions net of assets sales (g-i) (27) (173) (118) Acquisitions (g) 12 77 32 Asset sales (i) 39 250 150 Change in debt from renewable projects (partner share) — — — of which organic investments (h) 1,464 1,711 2,040 Capitalized exploration — — — Increase in non-current loans 110 99 79 Repayment of non-current loans, excluding organic loan repayment from equity affiliates (61) (43) (33) Change in debt from renewable projects (TotalEnergies share) — — — * Change in debt from renewable projects (TotalEnergies share and partner share). (6) Marketing & Services: ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow used in investing activities (a) 609 (138) (859) Other transactions with non-controlling interests (b) — — — Organic loan repayment from equity affiliates (c) — — — Change in debt from renewable projects financing (d)* — — — Capex linked to capitalized leasing contracts (e) — — — Expenditures related to carbon credits (f) — — — Net investments (a + b + c + d + e + f = g - i + h) 609 (138) (859) of which acquisitions net of assets sales (g-i) (166) (1,089) (1,924) Acquisitions (g) 2 103 84 Asset sales (i) 168 1,192 2,008 Change in debt from renewable projects (partner share) — — — of which organic investments (h) 775 951 1,065 Capitalized exploration — — — Increase in non-current loans 89 103 152 Repayment of non-current loans, excluding organic loan repayment from equity affiliates (81) (109) (82) Change in debt from renewable projects (TotalEnergies share) — — — * Change in debt from renewable projects (TotalEnergies share and partner share). ​ ​ Form 20-F 2025 TotalEnergies ​ ​16 ​ ​ ​ F. Reconciliation of cash flow from operating activities to cash flow from operations excluding working capital (CFFO), to DACF and to net cash flow ​ (1) Totalenergies share: ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow from operating activities (a) 27,343 30,854 40,679 (Increase) decrease in working capital (b)* 634 1,491 5,526 Inventory effect (c) (733) (525) (714) Capital gain from renewable project sales (d) 292 — 81 Organic loan repayments from equity affiliates (e) 105 29 (2) Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 27,839 29,917 35,946 Financial charges (1,416) (697) (505) Debt Adjusted Cash Flow (DACF) 29,255 30,614 36,451 Organic investments (g) 16,812 16,423 18,126 Free cash flow after organic investments (f - g) 11,027 13,494 17,820 Net investments (h) 17,091 17,829 16,837 Net cash flow (f - h) 10,748 12,088 19,109 * Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts. ​ G. Reconciliation of cash flow from operating activities to cash flow from operations excluding working capital (CFFO) ​ (1) Exploration & Production ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow from operating activities (a) 14,949 17,388 18,531 (Increase) decrease in working capital (b)* (697) 340 (595) Inventory effect (c) — — — Capital gain from renewable project sales (d) — — — Organic loan repayments from equity affiliates (e) — 1 — Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 15,646 17,049 19,126 ​ (2) Integrated LNG ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow from operating activities (a) 5,173 5,185 8,442 (Increase) decrease in working capital (b)* 522 285 1,151 Inventory effect (c) — — — Capital gain from renewable project sales (d) — — — Organic loan repayments from equity affiliates (e) 47 3 2 Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 4,698 4,903 7,293 * Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG segments’ contracts. (3) Integrated Power ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow from operating activities (a) 2,374 2,972 3,573 (Increase) decrease in working capital (b)* 166 434 1,529 Inventory effect (c) — — — Capital gain from renewable project sales (d) 292 — 81 Organic loan repayments from equity affiliates (e) 58 17 27 Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 2,558 2,555 2,152 * Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG segments’ contracts. (4) Refining & Chemicals ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow from operating activities (a) 3,459 3,808 7,957 (Increase) decrease in working capital (b) 278 433 2,641 Inventory effect (c) (617) (377) (568) Capital gain from renewable project sales (d) — — — Organic loan repayments from equity affiliates (e) — 8 (31) Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 3,798 3,760 5,853 ​ (5) Marketing & Services ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow from operating activities (a) 2,835 2,901 1,957 (Increase) decrease in working capital (b) 526 730 (215) Inventory effect (c) (116) (148) (146) Capital gain from renewable project sales (d) — — — Organic loan repayments from equity affiliates (e) — — — Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 2,425 2,319 2,318 ​ ​ ​ Form 20-F 2025 TotalEnergies ​ ​17 ​ H. Gearing Ratio ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31 (in millions of dollars) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Current borrowings * 10,162 7,929 7,869 Other current financial liabilities 388 664 446 Current financial assets *, ** (3,093) (6,536) (6,256) Net financial assets classified as held for sale * 7 33 17 Non-current financial debt * 40,944 35,711 32,722 Non-current financial assets * (1,991) (1,027) (1,229) Cash and cash equivalents (26,202) (25,844) (27,263) Net debt (a) 20,215 10,930 6,306 Shareholders’ equity - TotalEnergies share 114,883 117,858 116,753 Non-controlling interests 2,640 2,397 2,700 Shareholders' equity (b) 117,523 120,255 119,453 Gearing = a / (a+b) 14.7% ​ 8.3% ​ 5.0% Leases (c) 8,567 8,272 8,275 Gearing including leases (a+c) / (a+b+c) 19.7% ​ 13.8% ​ 10.9% *Excludes leases receivables and leases debts. **Including initial margins held as part of the Company’s activities on organized markets. ​ I. ROACE (Full year 2025) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Refining ​ ​ ​ Marketing ​ ​ ​ ​ ​ ​ & ​ Integrated ​ Integrated ​ & ​ & ​ ​ In millions of dollars ​ Production ​ LNG ​ Power ​ Chemicals ​ Services ​ Company Adjusted net operating income 8,399 4,109 2,215 2,378 1,373 17,827 Capital employed at 12/31/2023 63,870 36,048 21,511 6,043 7,674 132,222 Capital employed at 12/31/2024 64,430 41,477 21,739 5,564 6,870 138,125 Capital employed at 12/31/2025 ​ 65,096 ​ 44,409 ​ 24,134 ​ 7,035 ​ 6,845 ​ 145,479 ROACE 13.0% ​ 9.6% ​ 9.7% ​ 37.8% ​ 20.0% ​ 12.6% ​ J. Reconciliation of capital employed (balance sheet) and calculation of ROACE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Refining ​ ​ ​ Marketing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ & ​ Integrated ​ Integrated ​ & ​ & ​ ​ ​ Inter- ​ ​ In millions of dollars ​ Production ​ LNG ​ Power ​ Chemicals ​ Services ​ Corporate ​ Company ​ Company Adjusted net operating income 2025 (a) 8,339 4,109 2,215 2,378 1,373 (647) — 17,827 Balance sheet as of December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ Property plant and equipment intangible assets net 85,692 30,087 15,218 12,974 7,181 887 — 152,039 Investments & loans in equity affiliates 4,684 17,635 10,633 4,074 1,064 — — 38,090 Other non-current assets 1,916 2,597 1,587 790 1,050 247 — 8,187 Inventories, net 1,464 1,019 566 10,455 3,159 — — 16,663 Accounts receivable, net 5,651 7,694 4,927 17,123 7,136 815 (24,787) 18,559 Other current assets 6,357 6,904 4,566 3,079 3,010 2,308 (5,787) 20,437 Accounts payable (6,061) (8,837) (7,448) (30,522) (9,035) (957) 24,795 (38,065) Other creditors and accrued liabilities (10,959) (8,178) (4,526) (6,731) (5,410) (6,319) 5,779 (36,344) Working capital (3,548) (1,398) (1,915) (6,596) (1,140) (4,153) — (18,750) Provisions and other non-current liabilities (22,183) (4,512) (1,506) (3,531) (1,214) 972 — (31,974) Assets and liabilities classified as held for sale - Capital employed (1,465) — 117 — 54 7 — (1,287) Capital Employed (Balance sheet) 65,096 44,409 24,134 7,711 6,995 (2,040) — 146,305 Less inventory valuation effect — — — (676) (150) — — (826) Capital Employed at replacement cost (b) 65,096 44,409 24,134 7,035 6,845 (2,040) — 145,479 Balance sheet as of December 31, 2024 ​ ​ ​ ​ ​ ​ — ​ Property plant and equipment intangible assets net 83,397 27,654 13,034 11,956 6,632 660 — 143,333 Investments & loans in equity affiliates 3,910 15,986 9,537 3,984 988 — — 34,405 Other non-current assets 3,732 1,952 1,316 646 1,116 111 — 8,873 Inventories, net 1,456 1,475 547 12,063 3,327 — — 18,868 Accounts receivable, net 5,845 8,412 7,466 16,362 7,167 581 (26,552) 19,281 Other current assets 6,663 10,198 4,086 2,208 2,870 2,342 (4,680) 23,687 Accounts payable (6,632) (8,888) (9,222) (32,204) (8,642) (805) 26,461 (39,932) Other creditors and accrued liabilities (10,241) (11,060) (3,363) (4,992) (5,329) (5,747) 4,771 (35,961) Working capital (2,909) 137 (486) (6,563) (607) (3,629) — (14,057) Provisions and other non-current liabilities (24,271) (4,252) (1,663) (3,343) (1,113) 903 — (33,739) Assets and liabilities classified as held for sale - Capital employed 571 — 1 — 70 — — 642 Capital Employed (Balance sheet) 64,430 41,477 21,739 6,680 7,086 (1,955) — 139,457 Less inventory valuation effect — — — (1,116) (216) — ​ (1,332) Capital Employed at replacement cost (c) 64,430 41,477 21,739 5,564 6,870 (1,955) — 138,125 ​ ​ ​ ​ ​ ​ ​ ​ ​ ROACE 2025 as a percentage (a / average (b + c)) 13.0% ​ 9.6% ​ 9.7% ​ 37.7% ​ 20.0% ​ — — 12.6% ​ ​ ​ Form 20-F 2025 TotalEnergies ​ ​18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Refining ​ ​ ​ Marketing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ & ​ Integrated ​ Integrated ​ & ​ & ​ ​ ​ Inter- ​ ​ In millions of dollars ​ Production ​ LNG ​ Power ​ Chemicals ​ Services ​ Corporate ​ Company ​ Company Adjusted net operating income 2024 (a) 10,004 4,869 2,173 2,160 1,360 (592) — 19,974 Balance sheet as of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Property plant and equipment intangible assets net 83,397 27,654 13,034 11,956 6,632 660 — 143,333 Investments & loans in equity affiliates 3,910 15,986 9,537 3,984 988 — — 34,405 Other non-current assets 3,732 1,952 1,316 646 1,116 111 — 8,873 Inventories, net 1,456 1,475 547 12,063 3,327 — — 18,868 Accounts receivable, net 5,845 8,412 7,466 16,362 7,167 581 (26,552) 19,281 Other current assets 6,663 10,198 4,086 2,208 2,870 2,342 (4,680) 23,687 Accounts payable (6,632) (8,888) (9,222) (32,204) (8,642) (805) 26,461 (39,932) Other creditors and accrued liabilities (10,241) (11,060) (3,363) (4,992) (5,329) (5,747) 4,771 (35,961) Working capital (2,909) 137 (486) (6,563) (607) (3,629) — (14,057) Provisions and other non-current liabilities (24,271) (4,252) (1,663) (3,343) (1,113) 903 — (33,739) Assets and liabilities classified as held for sale - Capital employed 571 — 1 — 70 — — 642 Capital Employed (Balance sheet) 64,430 41,477 21,739 6,680 7,086 (1,955) — 139,457 Less inventory valuation effect — — — (1,116) (216) — — (1,332) Capital Employed at replacement cost (b) 64,430 41,477 21,739 5,564 6,870 (1,955) — 138,125 Balance sheet as of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Property plant and equipment intangible assets net 84,876 24,936 12,526 12,287 6,696 678 — 141,999 Investments & loans in equity affiliates 2,630 13,905 9,202 4,167 553 — — 30,457 Other non-current assets 3,451 2,720 1,027 677 1,258 141 — 9,274 Inventories, net 1,463 1,784 689 11,582 3,798 1 — 19,317 Accounts receivable, net 6,849 10,183 7,601 20,010 9,024 683 (30,908) 23,442 Other current assets 6,218 9,782 6,963 2,383 3,465 1,817 (9,807) 20,821 Accounts payable (6,904) (11,732) (8,114) (33,864) (10,693) (798) 30,770 (41,335) Other creditors and accrued liabilities (9,875) (11,653) (6,985) (6,152) (5,707) (6,300) 9,945 (36,727) Working capital (2,249) (1,636) 154 (6,041) (113) (4,597) — (14,482) Provisions and other non-current liabilities (25,152) (3,877) (1,790) (3,706) (1,267) 854 — (34,938) Assets and liabilities classified as held for sale - Capital employed 314 — 392 137 881 — — 1,724 Capital Employed (Balance sheet) 63,870 36,048 21,511 7,521 8,008 (2,924) — 134,034 Less inventory valuation effect — — — (1,478) (334) — — (1,812) Capital Employed at replacement cost (c) 63,870 36,048 21,511 6,043 7,674 (2,924) — 132,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ROACE 2024 as a percentage (a / average (b + c)) 15.6% ​ 12.6% ​ 10.0% ​ 37.2% ​ 18.7% ​ — — 14.8% ​ K. Payout ​ ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Dividend paid (parent company shareholders) (a) 8,121 7,717 7,517 Repayment of treasury shares 7,714 7,995 9,167 of which buy-backs (b) 7,097 7,329 9,000 Cash flow from operations excluding working capital (CFFO) (c) 27,839 29,917 35,946 ​ ​ ​ ​ ​ ​ ​ Payout ratio = (a + b) / (c) 54.7% ​ 50.3% ​ 46.0% ​ ​ ​ Form 20-F 2025 TotalEnergies ​ ​19 ​ 5.4 Liquidity and capital resources ​ ​ ​ ​ ​ ​ ​ in millions of dollars ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Cash flow from operating activities 27,343 30,854 40,679 Including (increase) decrease in working capital 1,284 2,364 6,091 Cash flow used in investing activities (18,131) (17,332) (16,454) Total expenditures (22,200) (21,750) (24,860) Total divestments 4,069 4,418 8,406 Cash flow from/(used in) financing activities (9,934) (14,425) (29,730) Net increase (decrease) in cash and cash equivalents (722) (903) (5,505) Effect of exchange rates 1,080 (516) (258) Cash and cash equivalents at the beginning of the period 25,844 27,263 33,026 Cash and cash equivalents at the end of the period 26,202 25,844 27,263 ​ TotalEnergies’ cash requirements for working capital, capital expenditures, acquisitions and dividend payments over the past three years were financed primarily by a combination of funds generated from operations, net borrowings and divestments of assets. In the current environment, TotalEnergies expects its external debt to be principally financed from the international debt capital markets. TotalEnergies continually monitors the balance between cash flow from operating activities and net expenditures. In TotalEnergies SE’s opinion, its working capital is sufficient for its present requirements. 5.4.1 Cash flow Cash flow from operating activities in 2025 was $27,343 million compared to $30,854 million in 2024 and $40,679 million in 2023, a decrease of $3,511 million from 2024 to 2025. Cash flow used in investing activities in 2025 was $18,131 million compared to $17,332 million in 2024 and $16,454 million in 2023. The increase of $799 million from 2024 to 2025 was mainly due to higher expenditures in the Exploration & Production segment. The increase of $878 million from 2023 to 2024 was mainly due to higher expenditures in the Exploration & Production segment. TotalEnergies expenditures in 2025 were $22,200 million compared to $21,750 million in 2024 and $24,860 million in 2023. During 2025, 47% of the expenditures were made by the Exploration & Production segment (as compared to 42% in 2024 and 50% in 2023), 16% by the Integrated LNG segment (as compared to 18% in 2024 and 14% in 2023), 24% by the Integrated Power segment (as compared to 25% in 2024 and 22% in 2023), 7% by the Refining & Chemicals segment (compared to 9% in 2024 and 9% in 2023) and 4% by the Marketing & Services segment (compared to 5% in 2024 and 5% in 2023). The main source of funding for the expenditures was cash from operating activities and issuances of non-current debt in 2025, cash from operating activities and issuances of non-current debt in 2024 and cash from operating activities in 2023. For additional information on expenditures, please refer to the discussions in “Item 5.- 5.1 Overview”, “Item 5.- 5.2 TotalEnergies results 2023-2025” and “Item 5.- 5.2.2 Business segment reporting” above, and point 1.4 of chapter 1 of the Universal Registration Document 2025 (starting on page 36), incorporated herein by reference and Note 15.1.D to the Consolidated Financial Statements on page F-76. Divestments, based on selling price and net of cash sold, in 2025 were $4,069 million compared to $4,418 million in 2024 and $8,406 million in 2023. In 2025, TotalEnergies’ principal divestments were assets sales of $2,897 million compared to $3,240 million in 2024 and $7,717 million in 2023, consisting mainly of the sales described in “Item 5.- 5.2.1 TotalEnergies results 2023-2025” above. Cash flow from/(used in) financing activities in 2025 was $(9,934) million compared to $(14,425) million in 2024 and $(29,730) million in 2023 and. The decrease of $4,491 million in cash flow used in financing activities in 2025 compared to 2024 was mainly due to an increase in current financial assets and liabilities of $3,220 million in 2025 compared to a decrease in current borrowings of $(5,142) million in 2024 and $(14,289) million in 2023. The decrease of $15,305 million in cash flow used in financing activities in 2024 compared to 2023 was mainly due to a decrease in current borrowings of $(5,142) million in 2024 compared to $(14,289) million in 2023. 5.4.2 Indebtedness TotalEnergies’ non-current financial debt at year-end 2025 was $48,995 million, compared to $43,533 million at year-end 2024 and $40,478 million at year-end 2023. For further information on the level of borrowing and the type of financial instruments, including maturity profile of debt and currency and interest rate structure, see point 1.8.2 of chapter 1 in the Universal Registration Document 2025 (starting on page 66), incorporated herein by reference and Note 15 (“Financial structure and financial costs”) to the Consolidated Financial Statements starting on page F-72. For further information on the treasury policies, including the use of instruments for hedging purposes and the currencies in which cash and cash equivalents are held, see “Item 11. Quantitative and Qualitative Disclosures About Market Risk”. Cash and cash equivalents at year-end 2025 were $26,202 million compared to $25,844 million at year-end 2024 and $27,263 million at year-end 2023. 5.4.3 Shareholders’ equity Shareholders’ equity at year-end 2025 was $117,523 million, compared to $120,255 million at year-end 2024 and $119,453 million at year-ended 2023. - Changes in shareholders’ equity in 2025 were primarily due to the impacts of comprehensive income, dividend payments, the buy-back of TotalEnergies SE shares and the repurchase of the residual amount of perpetual subordinated notes issued in 2015 for a total amount of €1.1 billion. - Changes in shareholders’ equity in 2024 were primarily due to the impacts of comprehensive income, dividend payments, the buy-back of TotalEnergies SE shares, the issuance of €2.5 billion notional amount of perpetual subordinated notes issued and the repurchase of €2.9 billion notional amount of perpetual subordinated notes issued. - Changes in shareholders’ equity in 2023 were primarily due to the impacts of comprehensive income, dividend payments, the buy-back of TotalEnergies SE shares, and the repurchase of €1 billion notional amount of perpetual subordinated notes issued in 2016. ​ ​ Form 20-F 2025 TotalEnergies ​ ​20 ​ ​ ​ Variation of the number of shares composing the share capital ​ ​ ​ ​ ​ ​ As of December 31, 2023(a) ​ ​ ​ ​ ​ ​ ​ 2,412,251,835 ​ ​ Capital reduction by cancellation of treasury shares(b) ​ (25,405,361) ​ ​ 2024 Capital increase reserved for employees ​ 10,833,187 As of December 31, 2024(c) ​ ​ ​ 2,397,679,661 ​ ​ Capital reduction by cancellation of treasury shares(b) ​ (202,243,171) ​ ​ 2025 Capital increase reserved for employees ​ 11,149,053 As of December 31, 2025(d) ​ ​ ​ 2,206,585,543 ​ (a) Including 60,543,213 treasury shares deducted from consolidated shareholders’ equity. (b) These transactions had no impact on the consolidated financial statements of TotalEnergies SE, the number of fully-diluted weighted average shares or on the earnings per share (c) Including 149,529,818 treasury shares deducted from consolidated shareholders’ equity. (d) Including 63,702,529 treasury shares deducted from consolidated shareholders’ equity. TotalEnergies share buyback ​ ​ ​ ​ ​ ​ ​ ​ ​ Total number of ​ Shares repurchased for cancellation ​ Shares allocated to performance Fiscal year ​ ​ ​ shares purchased ​ ​ ​ (Units/$) ​ ​ ​ share plans 2025 122,637,294 116,292,328 / 7.10 billion 6,344,966 2024 120,463,232 110,946,344 / 7.33 billion 9,516,888 2023 ​ 144,700,577 ​ 142,569,920 / 9.00 billion ​ 2,130,657 ​ 5.4.4 Net-debt-to-capital ratio As of December 31, 2025, TotalEnergies’ net-debt-to-capital ratio excluding leases1 and including initial margins held as part of its activities on organized markets was 14.7% compared to 8.3% and 5.0% at year-ends 2024 and 2023, respectively. The increase from 2024 to 2025 and the increase from 2023 to 2024 were mostly due to the change in net debt. For additional information, please refer to the Notes to the Consolidated Financial Statements (starting on page F-15). For information on committed credit facilities and liquidity risk, please refer to Note 15.3 to the Consolidated Financial Statements (starting on page F-82). 5.4.5 Material cash requirements In 2025, the largest part of TotalEnergies’ capital expenditures of $22,200 million was made up of additions to intangible assets and property, plant and equipment (approximately 76%), with the remainder attributable to equity-method affiliates and to acquisitions of subsidiaries. - In the Exploration & Production segment, as described in more detail under point 9.1.6 and 9.1.7 of chapter 9 of the Universal Registration Document 2025 (beginning on page 580), incorporated herein by reference, capital expenditures in 2025 were principally development costs (approximately 85%), exploration expenditures (successful and unsuccessful, approximately 3%) and acquisitions (approximately 12%). - In the Integrated LNG segment, approximately 84% of capital expenditures were related mainly to facilities investments with the balance being related mainly to acquisitions. - In the Integrated Power segment, approximately 39% of capital expenditures were related to acquisitions in renewables with the balance being related mainly to investments. - In the Refining & Chemicals segment, approximately 71% of capital expenditures in 2025 were related to refining and petrochemical activities (essentially 90% for existing units including maintenance and major turnarounds and 10% for business development), the balance being related to Hutchinson and investments in low carbon activities. - In the Marketing & Services segment, 100% of capital expenditures in 2025 were related to investments, mainly in Europe and Africa. For additional information on capital expenditures, refer to the discussion above in “Item 5.- 5.1 Overview”, “Item 5.- 5.2 TotalEnergies results 2023-2025” and “Item 5.- 5.3 Business segment reporting”, above, as well as point 1.4 of chapter 1 (on page 36) of the Universal Registration Document 2025, incorporated herein by reference. As of December 31, 2025, TotalEnergies’ material contractual obligations include debt obligations net of hedging instruments, purchases obligations, asset retirement obligations and lease obligations. For additional information on TotalEnergies’ contractual obligations, refer to Note 13 to the Consolidated Financial Statements (starting on page F-66). TotalEnergies has other obligations in connection with pension plans that are described in Note 10 (“Payroll, staff and employee benefits obligations”) to the Consolidated Financial Statements (starting on page F-57). These obligations are not contractually fixed as to timing and amount. Other non-current liabilities, detailed in Note 12 (“Provisions and other non-current liabilities”) to the Consolidated Financial Statements (starting on page F-63), are liabilities related to risks that are probable and amounts that can be reasonably estimated. However, no contractual agreements exist related to the settlement of such liabilities, and the timing of the settlement is not known. TotalEnergies estimates the combination of its sources of capital will continue to be adequate to fund its short- and long- term contractual obligations. Information on TotalEnergies’ guarantees and other commitments and contingencies are presented in Note 13 (“Off balance sheet commitments and contractual obligations”) to the Consolidated Financial Statements (starting on page F-66). TotalEnergies does not currently consider that these guarantees, or any other off-balance sheet arrangements of TotalEnergies or any other members of TotalEnergies, have or are reasonably likely to have, currently or in the future, a material effect on the TotalEnergies’ financial condition, changes in financial condition, revenues or expenses, results of operation, liquidity, capital expenditures or capital resources. 1For additional information, refer to Note 15.1(E) to the Consolidated Financial Statements (starting on page F-76). ​ ​ Form 20-F 2025 TotalEnergies ​ ​21 ​ 5.5 Research and development For a discussion of TotalEnergies’ R&D policies and activities, refer to points 1.4.2 and 1.5 of chapter 1 (starting on pages 38 and 39, respectively) of the Universal Registration Document 2025, incorporated herein by reference. 5.6 Situation of the Company in Russia at March 27, 2026 The Company presents in the section below an update on the situation since the invasion of Ukraine by Russia on February 24, 2022 and the impact on its activities in connection with Russia. Principal activities of TotalEnergies in connection with Russia and principles of conduct On March 1, 2022, TotalEnergies announced that it condemns Russia’s military aggression against Ukraine, supports the scope and strength of the sanctions put in place by Europe that will be implemented by the Company regardless of the consequences on its asset management, and that it will no longer provide capital for new projects in Russia. On March 22, 2022, considering the worsening conflict, TotalEnergies reaffirmed its firmest condemnation of Russia’s military aggression against Ukraine, which has tragic consequences for the Ukrainian population and threatens peace in Europe. To act responsibly, as a European company and in accordance with its values, the Company defined clear principles of conduct for managing its Russian related business: ● Ensure strict compliance with current and future European sanctions, no matter what the consequences on the management of its assets in Russia, and gradually suspend its activities in Russia, while assuring its workforce’s safety, ● Provide no further capital of TotalEnergies SE for the development of projects in Russia, ● Do not reverse the purpose of sanctions against Russia: do not unwarrantedly transfer value to Russian interests by withdrawing from assets, ● Help ensure the security of the European continent’s energy supply within the framework defined by European authorities, and ● No longer enter into or renew contracts to purchase Russian oil and petroleum products, in order to halt all its purchases of Russian oil and petroleum products as soon as possible and by the end of 2022 at the latest. TotalEnergies announced that since February 25, 2022, it would not trade Russian oil or oil products on the spot markets, including spot trading of Russian natural gas or LNG. TotalEnergies restated that it did not operate any oil or gas field, or Liquefied Natural Gas (LNG) plant, in Russia and that was a minority shareholder, at that time, in a number of non-state-owned Russian companies: Novatek (19.4%)2, Yamal LNG (20%)3, Arctic LNG 2 (10%)4, TernefteGaz (49%)5 and partner with 20% in the Kharyaga joint venture operated by Zarubezhneft6, without any activity or operational responsibility on those sites. On the same day, concerning the Arctic LNG 2 project in particular, given the uncertainty created by technological and financial sanctions on the ability to carry out the Arctic LNG 2 project currently under construction and their probable tightening with the worsening conflict, TotalEnergies SE decided no longer to record proven reserves for Arctic LNG 2 in its accounts. On April 27, 2022, considering the new sanctions adopted by the European authorities on April 8, 2022, notably prohibiting export from European Union countries of goods and technology for use in the liquefaction of natural gas benefitting a Russian company, it appeared that these new prohibitions constituted additional risks on the execution of the Arctic LNG 2 project. As a result, TotalEnergies decided to record in its accounts, as of March 31, 2022, an impairment of $4.1 billion, concerning notably Arctic LNG 2. On July 28, 2022, in the context of its second quarter and first half 2022 results, TotalEnergies announced that had recorded in its accounts a new $3.5 billion impairment charge related mainly to the potential impact of international sanctions on the value of its Novatek stake. On August 26, 2022, TotalEnergies restated that in the context of the implementation of its principles of conduct, it would continue its duty to contribute toward securing Europe’s gas supply from the Yamal LNG plant within the framework of long-term contracts that it must honor as long as Europe’s governments do not impose sanctions on Russian gas. TotalEnergies had also announced the gradual suspension of its activities in Russia that do not contribute to the security of energy supply of Europe. This included assets producing oil (Kharyaga field) and gas for the local Russian market (Termokarstovoye field) as well as other local businesses (lubricants, batteries) which were mothballed in the first half of 2022. In accordance with these principles, TotalEnergies had announced on July 6, 2022 the sale of its remaining 20% interest in the Kharyaga oil project to Zarubezhneft. This sale was finalized on August 3, 2022. The Company also announced that it had agreed on July 18, 2022, to sell to Novatek TotalEnergies’ 49% interest in Terneftegaz, which operates the Termokarstovoye gas and condensates field in Russia, on economic terms enabling TotalEnergies to recover the outstanding amounts invested in the field. This sale was finalized on September 15, 2022. On October 27, 2022, in the context of its third quarter 2022 results, TotalEnergies announced that had recorded in its accounts a new $3.1 billion impairment charge related mainly to the potential impact of international sanctions on the value of its Novatek stake. On December 9, 2022, TotalEnergies reiterated that it holds a 19.4% stake in Novatek, that it cannot sell given the shareholders’ agreements in effect, as it is forbidden for TotalEnergies to sell any asset to one of Novatek’s main shareholders who is under sanctions. The Company highlighted that in view of the European sanctions in force since the beginning of the war, the two directors representing TotalEnergies on the board of directors of Novatek have to abstain from voting in meetings of the board of directors of this company, in particular on financial matters and that they are therefore no longer in a position to fully carry out their duties on the board, which might become an issue for the governance of this company. Under these circumstances, the Board of Directors of TotalEnergies decided to withdraw the representatives of the Company from the board of Novatek with immediate effect. As a result, as the criteria for significant influence within the meaning of the accounting regulations that apply to the Company are not met, TotalEnergies will no longer equity account for its 19.4% stake in Novatek in the Company’s accounts. In addition, TotalEnergies will no longer book reserves for its interest in Novatek. On February 8, 2023, TotalEnergies announced that it had recorded in its accounts for the fourth quarter results a new $4.1 billion impairment charge related to the deconsolidation of Novatek. 2Novatek is a Russian company listed on the Moscow stock exchange in which TotalEnergies held an interest of 19.4% as of December 31, 2025. 3Yamal LNG is a Russian company jointly owned by Novatek, TotalEnergies EP Yamal (20.02%), YAYM Limited, and China National Oil and Gas Exploration Development Company (CNODC), a subsidiary of CNPC, as of December 31, 2025. 4Arctic LNG 2 is a Russian company jointly owned by Novatek, TotalEnergies EP Salmanov (10%), CNODC Dawn Light Limited, CEPR Limited and Japan Arctic LNG, as of December 31, 2025. 5Terneftegas is a company jointly owned by Novatek, and TotalEnergies EP Termokarstovoye SAS (49%) before the sale of its interest finalized on September 15, 2022. 6Kharyaga is a non-incorporated joint venture with Zarubezhneft (operator, 40%), Equinor (30%) and Nenets Oil Company (10%). TotalEnergies finalized on August 3, 2022 the sale of its 20% interest in Kharyaga à Zarubezhneft. ​ Form 20-F 2025 TotalEnergies ​ ​22 ​ ​ ​ Russian assets were fully impaired in 2022, with the exception of the shares held in the Yamal LNG company. In total, the impact of impairments and provisions recorded in 2022 due to the Russo-Ukrainian conflict amounted to $(14,756) million in TotalEnergies’ net result. On November 2, 2023, the Arctic LNG 2 company was placed under sanctions by the US authorities. TotalEnergies initiated the contractual suspension procedure provided for in the Arctic LNG 2 shareholders’ agreement and that of force majeure for the LNG purchase contract from Arctic LNG 2. These procedures, upon their notification, resulted in the suspension of TotalEnergies’ rights and obligations under these agreements, thus implying in particular the suspension of the participation of TotalEnergies’ representatives in the governance bodies of Arctic LNG 2. As a result, the 10% interest held by TotalEnergies in Arctic LNG 2 is no longer accounted for using the equity method in the Company’s accounts since December 31, 2023 but is recorded under “other investments”. As mentioned above, as the shares in Arctic LNG 2 were fully impaired in 2022, this deconsolidation had no impact in the 2023 consolidated financial statements. The Company has also ensured the absence of depreciation to be accounted for on Yamal LNG, by testing the value of its equity accounted investment which amounts to $5,835 million as of December 31, 2025. With regard to the participation in Novatek, in the absence of any new event, the assessments and judgments taken into account on December 31, 2022, December 31, 2023 and on December 31, 2024 in the accounting and valuation method remain unchanged at December 31, 2025. As the criteria for significant influence are no longer met within the meaning of IAS 28 "Investments in associates and joint ventures", TotalEnergies' 19.4% interest in Novatek has no longer been accounted for using the equity method in the Company's financial statements since the end of the fourth quarter of 2022. Depending on the developments of the Russian-Ukrainian conflict and the measures that the European and American authorities may decide to implement, particularly in terms of sanctions, the activities of TotalEnergies in Russia, in particular those relating to the Yamal LNG asset, could be affected in the future, potentially impacting all or part of the carrying value of its equity interest. The table below presents TotalEnergies’ producing assets and entities in Russia as of December 31, 2025, the interest held in the asset or entities (TotalEnergies share in %). ​ Producing assets as of December 31, 2025 in Russia Exploration & Production segment Integrated LNG segment Non operated: None. Non operated: Yamal LNG (20.02%) TotalEnergies no longer equity account for its 19.4% stake in Novatek as of December 31, 2022. ​ ​ The tables below present the average daily production of liquids and natural gas of TotalEnergies in Russia, as well as the Upstream Capital Employed per project in Russia as of December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ TotalEnergies' average daily liquids and natural gas production in Russia in 2025 ​ ​ ​ Liquids ​ ​ ​ Natural gas ​ ​ ​ Total ​ ​ ​ ​ kb/d(a) ​ ​ ​ Mcf/d(b) ​ ​ ​ kboe/d Russia ​ 6 ​ 570 ​ 111 including production share of equity affiliates 6 570 111 Yamal LNG 6 570 111 (a) Liquids include crude oil, bitumen, condensates, and natural gas liquids (NGL). (b) Including fuel gas. ​ ​ ​ ​ ​ ​ ​ ​ Upstream Capital Employed in Russia as of and for the year ended December 31 (M$) ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Novatek ​ ​ ​ 0 ​ 0 ​ 0 Yamal LNG 5,835 ​ 5,200 ​ 4,560 Arctic LNG 2 0 ​ 0 ​ 0 Provisions ​ (1,804) ​ (1,844) ​ (1,822) Total Upstream Capital Employed 4,031 ​ 3,356 ​ 2,738 ​ Activities in Russia in 2025 In the Integrated LNG segment, LNG production in Russia was from the Yamal LNG project. This development project of the onshore South Tambey field (gas and condensates) located on the Yamal peninsula was launched in 2013 by the company Yamal LNG. TotalEnergies holds a direct 20.02% interest in the project through its subsidiary TotalEnergies EP Yamal. The project includes a four-train gas liquefaction plant with a nominal capacity of 17.4 Mt/y of LNG. In addition, TotalEnergies hold a 10% direct interest in the Arctic LNG 2 project since 2019, as well as, since July 2021, an interest of 10% in Arctic Transshipment7, which was established as part of the Arctic LNG 2 project. Given the uncertainties that technological and financial sanctions pose on the ability to complete the Arctic LNG 2 project, TotalEnergies has ceased to recognize as proved reserves the resources associated with the Arctic LNG 2 project since December 31, 2021, and has provisioned in its accounts the value of its investments as of March 31, 2022. TotalEnergies no longer recorded reserves from its interest in Novatek. The American Office of Foreign Assets Control (OFAC) designated, on September 14, 2023 and November 2, 2023, respectively, Arctic Transshipment and Arctic LNG 2 as Specially Designated Nationals with immediate effect subject to temporary exceptions under licenses issued by the OFAC. As a consequence of these designations, US persons are prohibited to deal with those two entities. All non-US persons are exposed to the risk of US secondary sanctions if they provide material support to these entities. Since April 18, 2023, TotalEnergies EP Transshipment has not participated in any governance body and has not paid any cash calls to Arctic Transshipment. On November 2, 2023, Arctic LNG 2 was placed under sanctions by the US authorities. As a result, in accordance with what it announced, on November 7, 2023, TotalEnergies initiated the contractual suspension procedure provided for in the Arctic LNG 2 shareholders' agreement and the force majeure procedure for the LNG purchase contract with Arctic LNG 2. Upon notification of these procedures, TotalEnergies' rights and obligations under these contracts were suspended (refer to point 3.2. of Chapter 3 of the Universal Registration Document 2025). TotalEnergies does not participate in and does not benefit, directly or indirectly, from LNG deliveries by Arctic LNG 2, which began in 2025. In the Marketing & Services segment, TotalEnergies stopped producing lubricants in Russia at the end of May 2022, in accordance with its principles of conduct published on March 22, 2022, and announced the sale of these activities in March 2023 to a company created by the Russian management team of the subsidiary TotalEnergies Marketing Russia. For more detailed information on economic sanctions against Russia, see Section 3.2 of Chapter 3 of the Universal Registration Document 2025 (starting on page 139), incorporated herein by reference. 7Arctic Transshipment is a Russian company jointly owned by Novatek (90%) and TotalEnergies EP Transshipment (10%) at December 31, 2025. ​ ​ Form 20-F 2025 TotalEnergies ​ ​23 ​ 5.7 ADANI: Situation of the Company at March 27, 2026 The Company presents in the section below an update on the situation following the public announcements made by the US authorities of the indictment of certain individual Adani Group executives in relation to an alleged corruption scheme linked to the business of Adani Green Energy Limited (AGEL) and the impact on its activities in connection with Adani Group. TotalEnergies’ main activities in relation with the Adani Group and principle of actions TotalEnergies’ investments in and with AGEL In January 2021 TotalEnergies acquired a minority interest in the listed company Adani Green Energy Limited of which it owns 17.25% as of December 31, 2025, following the sale of a 1.74% share of capital in this company in December 2025. As part of its strategy to enhance its development in renewables in India through direct access to a portfolio of assets, TotalEnergies has also acquired a 50% stake in three joint ventures operating renewable assets (AGE23L in 2020, ARE9L in 2023, ARE64L8 in 2024). In November 2024, TotalEnergies learnt through public announcements made by the US authorities of the indictment of certain individual Adani Group executives in relation to an alleged corruption scheme linked to the business of AGEL. This indictment does not target AGEL itself, nor any AGEL related companies. In accordance with its Code of Conduct, TotalEnergies rejects corruption in any form. TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as minority shareholder of AGEL and as a joint-venture partner in project companies with AGEL. Until such time when the accusations against the Adani Group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani Group of companies. TotalEnergies recalls that its investments in Adani’s entities were undertaken in full compliance with applicable laws, and with TotalEnergies’ own internal governance processes pursuant to due diligence and representations made by the sellers. In particular, TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme. Exposure resulting from these stakes is limited, as it represents 2.5% ($3.6 billion at December 31, 2025) of the Company’s capital employed and only $398 million of net operating income in 2025. These investments being accounted for under the equity method, TotalEnergies has not performed any re-evaluation in its accounts of its stakes in the listed entities ATGL and AGEL in relation to the variation in their stock values. The following table lists TotalEnergies’ current stakes in ventures with Adani: ​ ​ ​ ​ ​ ​ ​ TotalEnergies’ share Adani Green Energy Limited (AGEL) 17.25% Adani Green Twenty Three Limited 50% Adani Renewable Energy Nine Limited 50% Adani Renewable Energy Sixty Four Limited 50% Adani Total Private Limited (ATPL) 50% Adani Total Gas Limited (ATGL)9 37.4% Adani Total LNG Singapore Pte Ltd (ATLS) 50% ​ At the end of 2025 in India, the total gross power production installed capacity is 10.3 GW (30% of the Company’s total), the capacity in construction is 800 MW (10% of the Company’s total) and the capacity under development is 1.6 GW (2% of the Company’s total). 5.8 Middle-East: Situation of the Company The Company presents in the insert below an update on the situation since the start of the crise in the Middle East on February 28, 2026, and the impact on its activities. TotalEnergies is fully mobilized to monitor closely developments in the situation in order to implement appropriate measures. TotalEnergies is coordinating its actions between corporate teams, its local affiliates, as well as with its partners and local authorities. TotalEnergies affirms its support and solidarity with the populations affected by this conflict. Against a backdrop of deteriorating security situation in the Middle East, the Company's priority is the safety of the teams and their families. Consequences of the conflict for TotalEnergies to date ● Production shut down in Qatar, Iraq and UAE offshore, represents approximately 15% of the total oil and gas production of the Company. ● Cash flow per barrel from Middle Eastern production is below the portfolio average due to higher taxes, and this 15% of volumes accounts for approximately 10% of our Upstream cash flow. ● The Company’s accretive growth expected for 2026 is largely outside the Middle East, meaning that the higher oil prices observed since the start of the crisis more than offset the loss of production in the Middle East: an $8/b increase in the price of Brent is sufficient to offset the expected 2026 cash flow impacted from assets in Iraq, Qatar, and offshore United Arab Emirates at $60/b. ● Operations at the Satorp refinery are continuing normally and are supplying the Saudi domestic market. ● The impact of LNG production shutdowns in Qatar and in Abu Dhabi on the LNG trading activities is limited (around 1.5 Mt for the remainder of 2026), as most of the LNG produced by the joint venture in which TotalEnergies is a shareholder in Qatar is marketed by Qatar Energy. ​ 8Adani Green Energy Twenty-Three Limited, Adani Renewable Energy Nine Limited and Adani Renewable Energy Sixty-Four Limited. 9To be noted that ATGL owns 100% of Adani TotalEnergies E-Mobility Ltd (ATEEL), which has been active in the electric vehicle charging infrastructure market since March 2022 and of Adani TotalEnergies Biomass Limited (ATBL) dedicated to the development of biogas activities in India. ​ ​ Form 20-F 2025 TotalEnergies ​ ​24 ​ ​ ​