TTE

3.1 Risk factors TotalEnergies conducts its business in a constantly changing environment and is exposed to risks that, if they were to occur, could have a material adverse effect on its business, financial condition, reputation, outlook, or the price of financial instruments issued by TotalEnergies SE. Point 3.1 of chapter 3 of the Universal Registration Document 2025 (starting on page 130), incorporated herein by reference, presents the significant risk factors specific to TotalEnergies, to which it believes it is exposed as of the filing date of this Annual Report. For additional information on the risks to which TotalEnergies believes it is exposed as of the filing date of this Annual Report, along with its approaches to managing certain of these risks, please refer to “Item 5. Operating and financial review and prospects” and “Item 11. Quantitative and qualitative disclosures about market risk”, as well as points 3.2, 3.3 and 3.6 of chapter 3 (starting on pages 139, 142 and 150, respectively) of the Universal Registration Document 2025, incorporated herein by reference.

• The filing incorporates by reference the Universal Registration Document 2025 for a full business overview.
• Principal activities span Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services.
• The company operates an integrated business model from upstream production to downstream customer sales.
• Strategy includes expanding in renewables and electricity while maintaining a diversified energy portfolio.
• Geographic presence and industrial assets are detailed in the referenced document, with a breakdown of sales and capital expenditures by region.

• Adjusted net income declined 15% to $15.6B, driven by a 14% drop in Brent crude to $69.1/b, while hydrocarbon production rose 4% to 2,529 kboe/d from project ramp-ups.
• Exploration & Production adjusted net operating income fell 16% to $8.4B, as accretive production growth from new projects offset only $5/b of the $11/b oil price decline.
• Integrated LNG adjusted net operating income decreased 16% to $4.1B, with 10% higher LNG sales volumes partially mitigating a 7% decline in realized LNG prices.
• Integrated Power adjusted net operating income rose 2% to $2.2B, with net electricity production up 17% to 48 TWh, while CFFO remained stable at $2.6B.
• Downstream adjusted net operating income grew 7% to $3.8B, as Refining & Chemicals captured higher European refining margins ($7.1/b vs. $5.3/b) and Marketing & Services improved unit margins.
• The Board proposed a €3.40/share full-year dividend (up 5.6%) and set 2026 share buyback guidance of $3-6B, with a targeted gearing ratio of around 15% at end-2026.