Financial report
First half 2025
Table of contents
Certification of the person responsible 1.10.4 Cash-flow 26
for the half-year financial report 3 1.10.5 Gearing ratio 27
1.10.6 Return on average capital employed 27
Glossary 4
1.10.7 Pay-out 27
1 1.10.8 Reconciliation of cash flow used in investing
activities to Net investments 28
Half year financial report 7
1.10.9 Reconciliation of cash flow from operating
1.1 Highlights since the beginning of the year 2025 8 activities to CFFO 30
1.2 Key figures from TotalEnergies’ consolidated financial 1.10.10 Reconciliation of capital employed (balance
statements 10 sheet) and calculation of ROACE 32
1.3 Key figures of environment, greenhouse gas emissions 1.10.11 Reconciliation of consolidated net income to
and production 11 adjusted net operating income 33
1.3.1 Environment – liquids and gas price realizations, 1.11 Principal risks and uncertainties for the remaining
refining margins 11 six months of 2025 33
1.3.2 Greenhouse gas emissions 11 1.12 Major related parties’ transactions 33
1.3.3 Production 12 Disclaimer 34
1.4 Analysis of business segments 13
1.4.1 Exploration & Production 13 2
1.4.2 Integrated LNG 14 Consolidated Financial Statements
1.4.3 Integrated Power 15 as of June 30, 2025 37
1.4.4 Downstream (Refining & Chemicals and 2.1 Statutory Auditors’ Review Report on the half-yearly
Marketing & Services) 16 Financial Information 38
1.5 TotalEnergies results 18 2.2 Consolidated statement of income – half-yearly 39
1.5.1 Adjusted net operating income from business 2.3 Consolidated statement of comprehensive income –
segments 18 half-yearly 40
1.5.2 Adjusted net income (TotalEnergies share) 18 2.4 Consolidated statement of income – quarterly 41
1.5.3 Adjusted earnings per share 18 2.5 Consolidated statement of comprehensive income –
1.5.4 Acquisitions – asset sales 18 quarterly 42
1.5.5 Net cash flow 18 2.6 Consolidated balance sheet 43
1.5.6 Profitability 19 2.7 Consolidated statement of cash flow – half-yearly 44
1.6 TotalEnergies SE statutory accounts 19 2.8 Consolidated statement of cash flow – quarterly 45
1.7 Annual 2025 Sensitivities 19 2.9 Consolidated statement of changes in shareholders’
1.8 Outlook 20 equity 46
1.9 Operating information by segment 21 2.10 Notes to the Consolidated Financial Statements
1.9.1 Company’s production (Exploration & for the first six months 2025 (unaudited) 47
Production + Integrated LNG) 21 1) Basis of preparation of the consolidated financial
1.9.2 Downstream (Refining & Chemicals and statements 47
Marketing & Services) 21 2) Changes in the Company structure 47
1.9.3 Integrated power 22 3) Business segment information 49
1.10 Alternative Performance Measures (Non-GAAP measures) 24 4) Shareholders’ equity 53
1.10.1 Adjustment items to net income 5) Financial debt 55
(TotalEnergies share) 24 6) Related parties 55
1.10.2 Reconciliation of adjusted EBITDA with 7) Other risks and contingent liabilities 55
consolidated financial statements 24 8) Subsequent events 56
1.10.3 Investments – Divestments 26




The French language version of this Rapport financier semestriel (half-year financial report) was filed with the
French Financial Markets Authority (Autorité des marchés financiers) on July 25, 2025 pursuant to paragraph III
of Article L. 451-1-2 of the French Monetary and Financial Code.
Financial report 1st half 2025




Certification of the person responsible
for the half-year financial report

This semestrial financial report is a translation in english of the official version of the the semestrial financial report in french filed with the AMF on July 25,
2025 and available at https://totalenergies.com/investors/results.


“I certify, to the best of my knowledge, that the condensed Consolidated Financial Statements of TotalEnergies SE (the Corporation) for the first half of
2025 have been prepared in accordance with the applicable set of accounting standards and give a fair view of the assets, liabilities, financial position
and profit or loss of the Corporation and all the entities included in the consolidation, and that the half-year financial report on pages 7 to 35 herein
includes a fair review of the important events that have occurred during the first six months of the financial year and their impact on the financial
statements, major related parties transactions and the principal risks and uncertainties for the remaining six months of the financial year.
The statutory auditors’ report on the limited review of the above-mentioned condensed Consolidated Financial Statements is included on page 38 of this
half-year financial report.”
Courbevoie, July 24, 2025
Patrick Pouyanné
Chairman and Chief Executive Officer
Glossary
The terms “TotalEnergies” and “TotalEnergies company” as used in this document refer to TotalEnergies SE collectively with all of its direct
and indirect consolidated companies located in or outside of France. The term “Corporation” as used in this document exclusively refers to
TotalEnergies SE, which is the parent company of TotalEnergies company.




ABBREVIATIONS

€: euro FSRU: floating storage and regasification unit
$ or dollar: US dollar GHG: greenhouse gas
ADR: American depositary receipt (evidencing an ADS) HSE: health, safety and the environment
ADS: American depositary share (representing a share of a IEA (SDS): International Energy Agency (Sustainable Development
company) Scenario)
AMF: Autorité des marchés financiers (French Financial Markets IFRS: International Financial Reporting Standards
Authority)
API: American Petroleum Institute IPIECA: International Petroleum Industry Environmental
Conservation Association
ATEX: explosive atmosphere LNG: liquefied natural gas
CCS: carbon capture and storage LPG: liquefied petroleum gas
CCUS: carbon capture utilization and storage (refer to the NGL: natural gas liquids
definition of carbon capture and storage below)
CNG: compressed natural gas NGV : natural gas vehicle
CO2: carbon dioxide OML: oil mining lease
CO2e: equivalent CO2 PPA: Power Purchase Agreement (refer to the definition below)
CSR: corporate and social responsibility ROACE: return on average capital employed
ROE: return on equity
DACF: debt adjusted cash flow (refer to the definition of operating SDG: Sustainable development goal
cash flow before working capital changes without financial
charges below)
ESG: Environment, Social and Governance SEC: United States Securities and Exchange Commission
EV: electric vehicle TCFD: task force on climate-related financial disclosures
FLNG: floating liquefied natural gas WHRS: Worldwide Human Resources Survey
FPSO: floating production, storage and offloading



UNITS OF MEASUREMENT

b= barrel(1) m= meter
B= billion m³ = cubic meter(1)
Bcm = billion of cubic meters M= million
boe = barrel of oil equivalent Mtpa = million ton per annum
btu = British thermal unit MW = megawatt
cf = cubic feet PJ = petajoule
/d = per day t= (Metric) ton
Gt CO2 = billion of CO2 tons toe= ton of oil equivalent
GW = gigawatt TWh = terawatt hour
GWh = gigawatt hour W= watt
k= thousand /y = per year
km = kilometer



CONVERSION TABLE

1 acre ≈ 0.405 hectares 1 m³ ≈ 35.3 cf
1b= 42 US gallons ≈ 159 liters 1 Mt of LNG ≈ 48 Bcf of gas
1 b/d of crude oil ≈ 50 t/y of crude oil 1 Mt/y of LNG ≈ 131 Mcf/d of gas
1 Bcm/y ≈ 0.1 Bcf/d 1 t of oil ≈ 7.5 b of oil (assuming a specific gravity
of 37° API)
1 km ≈ 0.62 miles 1 boe = 1 b of crude oil ≈ 5,424 cf of gas in 2024(2) (5,419 cf of
gas in 2023 and 5,387 cf in 2022)




(1) Liquid and gas volumes are reported at international standard metric conditions (15 °C and 1 atm).
(2) Natural gas is converted to barrels of oil equivalent using a ratio of cubic feet of natural gas per one barrel. This ratio is based on the actual average equivalent energy content of
natural gas reserves during the applicable periods and is subject to change. The tabular conversion rate is applicable to TotalEnergies’ natural gas reserves on a Company-wide
basis.



4-5
Acquisitions net of assets sales is a non-GAAP financial measure and Debt adjusted cash flow (DACF) is a non-GAAP financial measure and
its most directly comparable IFRS measure is Cash flow used in investing its most directly comparable IFRS measure is Cash flow from operating
activities. Acquisitions net of assets sales refer to acquisitions minus activities. DACF is defined as Cash Flow From Operations excluding
assets sales (including other operations with non-controlling interests). working capital (CFFO) without financial charges. This indicator can be a
This indicator can be a valuable tool for decision makers, analysts and valuable tool for decision makers, analysts and shareholders alike
shareholders alike because it illustrates the allocation of cash flow used because it corresponds to the funds theoretically available to the
for growing the Company’s asset base via external growth opportunities. Company for investments, debt repayment and distribution to
shareholders, and therefore facilitates comparison of the Company’s
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
results of operations with those of other registrants, independent of their
Amortization) is a non-GAAP financial measure and its most directly
capital structure and working capital requirements.
comparable IFRS measure is Net Income. It refers to the adjusted
earnings before depreciation, depletion and impairment of tangible and ESRS perimeter: the GHG emissions within the ESRS perimeter
intangible assets and mineral interests, income tax expense and cost of correspond to 100% of the emissions from operated sites, plus the equity
net debt, i.e., all operating income and contribution of equity affiliates to share of emissions from non-operated and financially consolidated assets
net income. This indicator can be a valuable tool for decision makers, excluding equity affiliates.
analysts and shareholders alike to measure and compare the Company’s
Free cash flow after Organic Investments is a non-GAAP financial
profitability with utility companies (energy sector).
measure and its most directly comparable IFRS measure is Cash flow
Adjusted net income (TotalEnergies share) is a non-GAAP financial from operating activities. Free cash flow after Organic Investments, refers
measure and its most directly comparable IFRS measure is Net Income to Cash Flow From Operations excluding working capital minus Organic
(TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Investments. Organic Investments refer to Net Investments excluding
Net Income (TotalEnergies share) less adjustment items to Net Income acquisitions, asset sales and other transactions with non-controlling
(TotalEnergies share). Adjustment items are inventory valuation effect, interests. This indicator can be a valuable tool for decision makers,
effect of changes in fair value, and special items. This indicator can be a analysts and shareholders alike because it illustrates operating cash flow
valuable tool for decision makers, analysts and shareholders alike to generated by the business post allocation of cash for Organic
evaluate the Company’s operating results and to understand its operating Investments.
trends by removing the impact of non-operational results and special items.
Gearing is a non-GAAP financial measure and its most directly
Adjusted net operating income is a non-GAAP financial measure and comparable IFRS measure is the ratio of total financial liabilities to total
its most directly comparable IFRS measure is Net Income. Adjusted Net equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the
Operating Income refers to Net Income before net cost of net debt, i.e., ratio of Net debt excluding leases to (Equity + Net debt excluding leases).
cost of net debt net of its tax effects, less adjustment items. Adjustment This indicator can be a valuable tool for decision makers, analysts and
items are inventory valuation effect, effect of changes in fair value, and shareholders alike to assess the strength of the Company’s balance
special items. Adjusted Net Operating Income can be a valuable tool for sheet.
decision makers, analysts and shareholders alike to evaluate the
Normalized Gearing: indicator defined as the gearing excluding the
Company’s operating results and understanding its operating trends, by
impact of seasonal variations, notably on working capital.
removing the impact of non-operational results and special items and is
used to evaluate the Return on Average Capital Employed (ROACE) as Net cash flow (or free cash-flow) is a non-GAAP financial measure and
explained below. its most directly comparable IFRS measure is Cash flow from operating
activities. Net cash flow refers to Cash Flow From Operations excluding
Capital Employed is a non-GAAP financial measure. They are
working capital minus Net Investments. Net cash flow can be a valuable
calculated at replacement cost and refer to capital employed (balance
tool for decision makers, analysts and shareholders alike because it
sheet) less inventory valuations effect. Capital employed (balance sheet)
illustrates cash flow generated by the operations of the Company post
refers to the sum of the following items: (i) Property, plant and equipment,
allocation of cash for Organic Investments and Acquisitions net of assets
intangible assets, net, (ii) Investments & loans in equity affiliates, (iii)
sales (acquisitions - assets sales - other operations with non-controlling
Other non-current assets, (iv) Working capital which is the sum of:
interests). This performance indicator corresponds to the cash flow
Inventories, net, Accounts receivable, net, other current assets, Accounts
available to repay debt and allocate cash to shareholder distribution or
payable, Other creditors and accrued liabilities, (v) Provisions and other
share buybacks.
non-current liabilities and (vi) Assets and liabilities classified as held for
sale. Capital Employed can be a valuable tool for decision makers, Net investments is a non-GAAP financial measure and its most directly
analysts and shareholders alike to provide insight on the amount of comparable IFRS measure is Cash flow used in investing activities. Net
capital investment used by the Company or its business segments to Investments refer to Cash flow used in investing activities including other
operate. Capital Employed is used to calculate the Return on Average transactions with non-controlling interests, including change in debt from
Capital Employed (ROACE). renewable projects financing, including expenditures related to carbon
credits, including capex linked to capitalized leasing contracts and
Cash Flow From Operations excluding working capital (CFFO) is a
excluding organic loan repayment from equity affiliates. This indicator can
non-GAAP financial measure and its most directly comparable IFRS
be a valuable tool for decision makers, analysts and shareholders alike
measure is Cash flow from operating activities. Cash Flow From
to illustrate the cash directed to growth opportunities, both internal and
Operations excluding working capital is defined as cash flow from
external, thereby showing, when combined with the Company’s cash flow
operating activities before changes in working capital at replacement
statement prepared under IFRS, how cash is generated and allocated for
cost, excluding the mark-to-market effect of Integrated LNG and
uses within the organization. Net Investments are the sum of Organic
Integrated Power contracts, including capital gain from renewable
Investments and Acquisitions net of assets sales each of which is
projects sales and including organic loan repayments from equity
described in the Glossary.
affiliates.
Organic investments is a non-GAAP financial measure and its most
This indicator can be a valuable tool for decision makers, analysts and
directly comparable IFRS measure is Cash flow used in investing
shareholders alike to help understand changes in cash flow from
activities. Organic investments refers to Net Investments, excluding
operating activities, excluding the impact of working capital changes
acquisitions, asset sales and other operations with non-controlling
across periods on a consistent basis and with the performance of peer
interests. Organic Investments can be a valuable tool for decision
companies in a manner that, when viewed in combination with the
makers, analysts and shareholders alike because it illustrates cash flow
Company’s results prepared in accordance with GAAP, provides a more
used by the Company to grow its asset base, excluding sources of
complete understanding of the factors and trends affecting the
external growth.
Company’s business and performance. This performance indicator is
used by the Company as a base for its cash flow allocation and notably to
guide on the share of its cash flow to be allocated to the distribution to
shareholders.




Glossary
Operated perimeter: activities, sites and industrial assets of which Return on Average Capital Employed (ROACE) is a non-GAAP
TotalEnergies SE or one of its subsidiaries has operational control, i.e. financial measure. ROACE is the ratio of Adjusted Net Operating Income
has the responsibility of the conduct of operations on behalf of all its to average Capital Employed at replacement cost between the beginning
partners. For the operated perimeter, the environmental indicators are and the end of the period. This indicator can be a valuable tool for
reported 100%, regardless of the Company’s equity interest in the asset. decision makers, analysts and shareholders alike to measure the
profitability of the Company’s average Capital Employed in its business
Payout is a non-GAAP financial measure. Payout is defined as the ratio
operations and is used by the Company to benchmark its performance
of the dividends and share buybacks for cancellation to the Cash Flow
internally and externally with its peers.
From Operations excluding working capital. This indicator can be a
valuable tool for decision makers, analysts and shareholders as it
provides the portion of the Cash Flow From Operations excluding working
capital distributed to the shareholder.




6-7
1
Half year financial
report

1.1 Highlights since the beginning of the year 2025 8 1.9 Operating information by segment 21
1.2 Key figures from TotalEnergies’ consolidated 1.9.1 Company’s production (Exploration & Production +
financial statements 10 Integrated LNG) 21
1.9.2 Downstream (Refining & Chemicals and Marketing &
1.3 Key figures of environment, greenhouse gas
Services) 21
emissions and production 11
1.9.3 Integrated power 22
1.3.1 Environment – liquids and gas price realizations,
1.10 Alternative Performance Measures
refining margins 11 (Non-GAAP measures) 24
1.3.2 Greenhouse gas emissions 11
1.3.3 Production 12 1.10.1 Adjustment items to net income (TotalEnergies share) 24
1.10.2 Reconciliation of adjusted EBITDA with consolidated
1.4 Analysis of business segments 13
financial statements 24
1.4.1 Exploration & Production 13 1.10.3 Investments – Divestments 26
1.4.2 Integrated LNG 14 1.10.4 Cash-flow 26
1.4.3 Integrated Power 15 1.10.5 Gearing ratio 27
1.4.4 Downstream (Refining & Chemicals and Marketing & 1.10.6 Return on average capital employed 27
Services) 16 1.10.7 Pay-out 27
1.5 TotalEnergies results 18 1.10.8 Reconciliation of cash flow used in investing activities
1.5.1 Adjusted net operating income from business to Net investments 28
segments 18 1.10.9 Reconciliation of cash flow from operating activities
1.5.2 Adjusted net income (TotalEnergies share) 18 to CFFO 30
1.5.3 Adjusted earnings per share 18 1.10.10 Reconciliation of capital employed (balance sheet)
1.5.4 Acquisitions – asset sales 18 and calculation of ROACE 32
1.5.5 Net cash flow 18 1.10.11 Reconciliation of consolidated net income to adjusted
net operating income 33
1.5.6 Profitability 19
1.11 Principal risks and uncertainties for
1.6 TotalEnergies SE statutory accounts 19
the remaining six months of 2025 33
1.7 Annual 2025 Sensitivities 19
1.12 Major related parties’ transactions 33
1.8 Outlook 20
Disclaimer 34
1


1.1 Highlights since the beginning of the year 2025*

Upstream

– Production start-up of the Mero-4 offshore oil development, for – Divestment of TotalEnergies’ 12.5% non-operated interest in the
180,000 b/d, in Brazil Bonga field, in Nigeria
– Production start-up of the Ballymore offshore oil field, for 75,000 b/d, – Acquisition of a 25% working interest in a portfolio of 40 Chevron-
in the United States operated offshore exploration leases, in the United States
– Launch, as part of GGIP, of the construction of an early gas treatment – Acquisition from Petronas of interests in multiple blocks offshore
unit to stop flaring and supply gas-fired power plants in Iraq Malaysia and Indonesia
– Divestment of TotalEnergies’ 20% non-operated interest in Gato do – Acquisition of a 25% interest in Block 53, in Suriname
Mato project to Shell in exchange for an increased 48% stake in the – Award of the Ahara Exploration license, in Algeria
operated Lapa offshore field, in Brazil – Signature of an agreement with Egypt and Cyprus for the export of
Cyprus Block 6 gas through Egypt



Downstream

– Announcement of the shut-down of the cracker NC2 in the Antwerp platform by 2027, in the context of over-capacity of petrochemicals in Europe



Integrated LNG

– Signature of an agreement with NextDecade for LNG offtake of 1.5 Mt/year – Signature of agreements with Western LNG for a future equity stake
over 20 years from the future Train 4 of Rio Grande LNG, in Texas and LNG offtake in Ksi Lisims LNG project, in the Pacific coast of
– Signature of an LNG contract for 0.4 Mt/year over 10 years with Canada
GSPC, delivered in India from 2026 – Mozambique LNG: confirmation of the project financing by the US
– Signature of an agreement for the sale of 0.4 Mt/year of LNG over EXIM for $4.7 billion
15 years to Energia Natural Dominicana from 2027 – Agreement between with CMA CGM to create a JV for LNG bunkering
in Rotterdam, with TotalEnergies providing up to 360,000 tons of LNG
per year



Integrated Power

– Closing of the acquisition of the German renewable energy developer – Closing of the sale of 50% of TotalEnergies’ 604 MW renewables
VSB portfolio, in Portugal
– Signature of a Clean Firm Power contract with STMicroelectronics for – Closing of the acquisition of 50% of AES’ renewables portfolio, in the
1.5 TWh over 15 years Dominican Republic
– Start-up of the 640 MW Yunlin offshore wind farm, in Taiwan – Acquisition of 350 MW of solar projects and 85 MW of BESS projects,
– Launch of six new battery storage projects, for a capacity of 221 MW, in the UK
in Germany – Award of a concession to develop a 1GW offshore wind farm, in
– Closing of the SN Power acquisition, a hydro-electricity project Germany
developer, in Africa – Signature of an agreement with RGE for the development of a solar
– Closing of the acquisition of the Big Sky Solar facility (184 MW and battery project in Indonesia to supply the local market and
installed) and agreement to acquire additional renewables projects of Singapore
more than 600 MW, in Canada




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




8-9
Carbon footprint reduction and low-carbon molecules

– Final Investment Decision of the second phase of the Northern Lights – Signature of a 15-year agreement with Quatra for the supply of
CCS project 60,000 tons/yr of European used cooking oil to TotalEnergies’
– Launch of projects with Air Liquide to produce green hydrogen to biorefineries
European refineries – Signature of an agreement with RWE for the supply of 30,000 tons of
– Zeeland: Joint Venture for the construction and operation of an green hydrogen per year to decarbonize the Leuna refinery from 2030
electrolyzer producing 30,000 tons of green hydrogen per year – Start-up of BioNorrois, the second largest biogas production unit in
– Antwerp: tolling agreement for 15,000 tons of green hydrogen per year France
– Signature of an agreement for the sale of 50% of biogas leader PGB
in Poland



Innovation and Performance

– Collaboration with Mistral AI through a joint innovation lab to increase the application of AI in TotalEnergies’ multi-energy strategy



Social and environmental responsibility

– Publication of the Sustainability & Climate – 2025 Progress Report – Mozambique LNG: launch of official investigations in Mozambique, at
presenting the progress made by the Company in 2024 in the the request of TotalEnergies, following allegations of human right
implementation of its strategy and climate ambition abuses by members of Mozambique’s defense and security forces
and request of the intervention of the National Commission of Human
Rights




Chapter 1 / Half year financial report / Highlights since the beginning of the year 2025*
1

1.2 Key figures from TotalEnergies’ consolidated financial
statements(1)
1H25
vs
(in millions of dollars, except effective tax rate, earnings per share and number of shares) 1H25 1H24 1H24
Adjusted EBITDA(1) 20,194 22,566 -11%
Adjusted net operating income from business segments 9,182 10,939 -16%
Exploration & Production 4,425 5,217 -15%
Integrated LNG 2,335 2,374 -2%
Integrated Power 1,080 1,113 -3%
Refining & Chemicals 690 1,601 -57%
Marketing & Services 652 634 +3%
Contribution of equity affiliates to adjusted net income 1,417 1,257 +13%
Effective tax rate(2) 41.4% 39.0% –
Adjusted net income (TotalEnergies share)(1) 7,770 9,784 -21%
Adjusted fully-diluted earnings per share (dollars)(3) 3.41 4.14 -18%
Adjusted fully-diluted earnings per share (euros)(4) 3.12 3.82 -18%
Fully-diluted weighted-average shares (millions) 2,236 2,333 -4%
Net income (TotalEnergies share) 6,538 9,508 -31%
Organic investments(1) 9,320 8,482 +10%
Acquisitions net of assets sales(1) 2,233 (280) ns
(1)
Net investments 11,553 8,202 +41%
Cash flow from operations excluding working capital (CFFO)(1) 13,610 15,945 -15%
Debt Adjusted Cash Flow (DACF)(1) 14,220 16,207 -12%
Cash flow from operating activities 8,523 11,176 -24%
Gearing(1) of 17.9% at June 30, 2025 vs. 14.3% at March 31, 2025 and 10.2% at June 30, 2024.




(1) Refer to Glossary page 4 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 24 and following for reconciliation
tables.
(2) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received frominvestments – impairment of
goodwill + tax on adjusted net operating income).
(3) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds.
(4) Average €-$ exchange rate: 1.1338 in the 2nd quarter 2025, 1.0523 in the 1st quarter 2025, 1.0767 in the 2nd quarter 2024, 1.0927 in the 1st half 2025 and 1.0813 in the 1st half 2024.



10-11
1.3 Key figures of environment, greenhouse gas emissions
and production
1.3.1 Environment – liquids and gas price realizations, refining margins
1H25
vs
1H25 1H24 1H24
Brent ($/b) 71.9 84.1 -15%
Henry Hub ($/Mbtu) 3.7 2.2 +66%
TTF ($/Mbtu) 13.2 9.4 +40%
JKM ($/Mbtu) 13.1 10.3 +28%
Average price of liquids(5),(6) ($/b)
Consolidated subsidiaries 68.7 79.9 -14%
Average price of gas(5),(7) ($/Mbtu)
Consolidated subsidiaries 6.13 5.08 +21%
Average price of LNG(5),(8) ($/Mbtu)
Consolidated subsidiaries and equity affiliates 9.55 9.46 +1%
European Refining Margin Marker (ERM)(5),(9) ($/t) 32.4 58.3 -44%


1.3.2 Greenhouse gas emissions(10)
Scope 1+2 emissions(11) (MtCO2e) 1H25 1H24
Scope 1+2 from operated facilities(1) 16.4 15.9
of which Oil & Gas 14.3 14.1
of which CCGT 2.1 1.8
Scope 1+2 - ESRS share(1) 21.7 21.2


Methane emissions (ktCH4) 1H25 1H24
Methane emissions from operated facilities(1) 11 15
Estimated quarterly emissions.



Scope 1+2 emissions from operated installations were up 3% year-on-year mainly due to a perimeter effect following the acquisition of CCGTs in Texas.
First semester 2025 Scope 3(12) Category 11 emissions are estimated to be 170 Mt CO2e.




(5) Does not include oil, gas and LNG trading activities, respectively.
(6) Sales in $ / Sales in volume for consolidated affiliates.
(7) Sales in $ / Sales in volume for consolidated affiliates.
(8) Sales in $ / Sales in volume for consolidated and equity affiliates.
(9) This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the
European refining system of TotalEnergies.
(10) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective 100-year time horizon GWP (Global Warming Potential) as
described in the 2021 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore no longer counted
with effect from 2018. In CO2 equivalent terms, nitrous oxide (N2O) represents less than 1% of the Company's Scope 1+2 emissions.
(11) Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting and indirect emissions attributable to
brought-in energy (electricity, heat, steam), net from potential energy sales, excluding purchased industrial gases (H2). Unless stated otherwise, TotalEnergies reports Scope 2 GHG
emissions using the market-based method defined by the GHG Protocol.
(12) If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold
products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG
Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA,
which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the
higher of the two production volumes or sales for end use. For TotalEnergies, in 2024, the calculation of Scope 3 GHG emissions for the oil value chain considers products sales
(higher than production) and for the gas value chain, the marketable gas and condensates production (higher than gas sales, either as LNG or as direct sales to B2B/B2C
customers). A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the
Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both
consumers and business customers that use final products, and with IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under
which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities.


Chapter 1 / Half year financial report / Key figures of environment, greenhouse gas emissions and production
1

1.3.3 Production(13)
1H25
vs
Hydrocarbon production 1H25 1H24 1H24
Hydrocarbon production (kboe/d) 2,531 2,451 +3%
Oil (including bitumen) (kb/d) 1,349 1,320 +2%
Gas (including condensates and associated NGL) (kboe/d) 1,182 1,131 +4%
Hydrocarbon production (kboe/d) 2,531 2,451 +3%
Liquids (kb/d) 1,511 1,480 +2%
Gas (Mcf/d) 5,524 5,215 +6%


Hydrocarbon production was 2,531 thousand barrels of oil equivalent per – +2% portfolio effect related to the acquisitions of SapuraOMV in
day in the first semester 2025, up 3% year-on-year, and was comprised Malaysia and interests in the Eagle Ford shale gas plays in Texas,
of: and price effect;
– +5% due to start-ups and ramp-ups, including Mero-2, Mero-3 and – -2% mainly due to a higher level of planned maintenance;
Mero-4 in Brazil, Fenix in Argentina, Tyra in Denmark, Anchor and – -2% due to the natural field declines.
Ballymore in the United States and Akpo West in Nigeria;




(13) Company production = E&P production + Integrated LNG production.



12-13
1.4 Analysis of business segments
1.4.1 Exploration & Production
1.4.1.1 PRODUCTION

1H25
vs
Hydrocarbon production 1H25 1H24 1H24
EP (kboe/d) 1,966 1,956 +1%
Liquids (kb/d) 1,440 1,416 +2%
Gas (Mcf/d) 2,807 2,883 -3%


1.4.1.2 RESULTS

1H25
vs
(in millions of dollars, except effective tax rate) 1H25 1H24 1H24
Adjusted net operating income 4,425 5,217 -15%
including adjusted income from equity affiliates 326 352 -7%
(14)
Effective tax rate 49.7% 47.7% –
Organic investments(1) 5,737 4,626 +24%
Acquisitions net of assets sales(1) 278 93 x3
Net investments(1) 6,015 4,719 +27%
Cash flow from operations excluding working capital (CFFO)(1) 8,051 8,831 -9%
Cash flow from operating activities 6,941 8,125 -15%


Adjusted net operating income was $4,425 million, down 15% year-on- Cash flow from operations excluding working capital (CFFO)
year in line with a decrease in oil price partially compensated by the was $8,051 million, down 9% quarter-to-quarter, for the same reasons.
increase in accretive production and gas prices.




(14) 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).


Chapter 1 / Half year financial report / Analysis of business segments
1

1.4.2 Integrated LNG
1.4.2.1 PRODUCTION

1H25
vs
Hydrocarbon production for LNG 1H25 1H24 1H24
Integrated LNG (kboe/d) 565 495 +14%
Liquids (kb/d) 71 64 +12%
Gas (Mcf/d) 2,717 2,332 +17%


1H25
vs
Liquefied Natural Gas (in Mt) 1H25 1H24 1H24
Overall LNG sales 21.2 19.5 +9%
incl. Sales from equity production* 7.9 7.8 +1%
incl. Sales by TotalEnergies from equity production and third party purchases 18.8 16.9 +11%
* The Company's equity production may be sold by Total Energies or by the joint ventures.


Hydrocarbon production for LNG in the first semester 2025 was up 14% LNG sales in the first semester 2025 were up 9% year-on-year, mainly
year-on-year, related to the acquisitions of SapuraOMV in Malaysia and due to spot volumes.First semester 2024 had been impacted by a lower
interests in the Eagle Ford shale gas plays in Texas. demand of LNG in Europe in the context of a mild winter and high
storage.


1.4.2.2 RESULTS

1H25
vs
(in millions of dollars) 1H25 1H24 1H24
Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity affiliates 9.55 9.46 +1%
Adjusted net operating income 2,335 2,374 -2%
including adjusted income from equity affiliates 1,048 915 +15%
Organic investments(1) 1,495 1,164 +28%
Acquisitions net of assets sales(1) 250 186 +34%
Net investments(1) 1,745 1,350 +29%
Cash flow from operations excluding working capital (CFFO)(1) 2,408 2,568 -6%
Cash flow from operating activities 2,282 2,141 +7%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.


Adjusted net operating income for Integrated LNG was $2,335 million in Cash flow from operations excluding working capital (CFFO) was
the first semester 2025, down 2% year-on-year, the growth of production $2,408 million in the first semester down 6% year-on-year for the same
and sales having compensated gas trading activities which faced lower reason.
volatility.




14-15
1.4.3 Integrated Power
1.4.3.1 PRODUCTIONS, CAPACITIES, CLIENTS AND SALES

1H25
vs
Integrated Power 1H25 1H24 1H24
Net power production (TWh)* 22.9 18.6 23%
o/w production from renewables 15.2 12.8 18%
o/w production from gas flexible capacities 7.7 5.8 33%
Portfolio of power generation net installed capacity (GW)** 24.0 19.6 22%
o/w renewables 17.4 13.8 26%
o/w gas flexible capacities 6.5 5.8 13%
,
Portfolio of renewable power generation gross capacity (GW)** *** 104.1 87.4 19%
o/w installed capacity 30.2 24.0 26%
Clients power - BtB and BtC (Million)** 6.0 6.0 ns
Clients gas - BtB and BtC (Million)** 2.7 2.8 ns
Sales power - BtB and BtC (TWh) 25.0 26.0 -4%
Sales gas - BtB and BtC (TWh) 50.6 54.6 -7%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 19.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.


In the first semester 2025, net power production increased was 22.9 Wh, Gross installed renewable power generation capacity reached 30.2 GW
up 23% year-on-year, driven by growth in renewable energy and the at the end of the first semester 2025, up 26% year-on-year, i.e. a 6.2 GW
acquisition of flexible gas capacities in the United-States during the first increase.
half of 2025 and in the United Kingdom during the second half of 2024.


1.4.3.2 RESULTS

1H25
vs
(in millions of dollars) 1H25 1H24 1H24
Adjusted net operating income 1,080 1,113 -3%
including adjusted income from equity affiliates 66 (4) ns
Organic investments(1) 1,066 1,539 -31%
Acquisitions net of assets sales(1) 1,806 647 x2.8
Net investments(1) 2,872 2,186 +31%
Cash flow from operations excluding working capital (CFFO)(1) 1,159 1,315 -12%
Cash flow from operating activities 400 1,398 -71%


Adjusted net operating income for Integrated Power was $1,080 million in the first semester 2025 and cash flow from operations excluding working capital
(CFFO) was $1,159 million, in line with the annual guidance.




Chapter 1 / Half year financial report / Analysis of business segments
1

1.4.4 Downstream (Refining & Chemicals and Marketing & Services)
1.4.4.1 RESULTS

1H25
vs
(in millions of dollars) 1H25 1H24 1H24
Adjusted net operating income 1,342 2,235 -40%
Organic investments(1) 918 1,088 -16%
Acquisitions net of assets sales(1) (102) (1,202) ns
(1)
Net investments 816 (114) ns
Cash flow from operations excluding working capital (CFFO)(1) 2,600 3,546 -27%
Cash flow from operating activities 100 954 -90%


1.4.4.2 REFINING & CHEMICALS
1.4.4.2.1 REFINERY AND PETROCHEMICALS THROUGHPUT AND UTILIZATION RATES
1H25
vs
Refinery throughput and utilization rate* 1H25 1H24 1H24
Total refinery throughput (kb/d) 1,569 1,468 +7%
France 449 406 +11%
Rest of Europe 629 627 –
Rest of world 491 435 +13%
Utilization rate based on crude only* 89% 82% –
* Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024 and the African refinery Natref (divested) during the
4th quarter 2024.


1H25
vs
Petrochemicals production and utilization rate 1H25 1H24 1H24
Monomers* (kt) 2,414 2,535 -5%
Polymers (kt) 2,300 2,185 +5%
Steam cracker utilization rate** 76% 76% –
* 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.


Refinery throughput in the first semester was up by 7% year-on-year due In the first semester 2025, petrochemicals production was down 5% year-
to increased availability across the platforms and a lighter scheduled on-year for monomers, due to the disposal of Lavera plant in France in
maintenance program. the second quarter 2024 and to a planned maintenance in Normandie's
platform, and up 5% for polymers, reflecting the ramp-up of Baystar 3 in
the United Sates, despite weakness in European sales.

1.4.4.2.2 RESULTS
1H25
vs
(in millions of dollars, except ERM) 1H25 1H24 1H24
European Refining Margin Marker (ERM) ($/t)* 32.4 58.3 -44%
Adjusted net operating income 690 1,601 -57%
Organic investments(1) 569 801 -29%
Acquisitions net of assets sales(1) (24) (115) ns
(1)
Net investments 545 686 -21%
Cash flow from operations excluding working capital (CFFO)(1) 1,405 2,408 -42%
Cash flow from operating activities (1,096) (588) ns
* This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of
the European refining system of TotalEnergies. Does not include oil trading activities.


Adjusted net operating income was $690 million in the first semester Cash flow from operations excluding working capital (CFFO) was
2025, down 57% year-on-year, in line with the decrease of refining and $1,405 million, down 42% year-on-year for the same reasons.
petrochemical margins.




16-17
1.4.4.3 MARKETING & SERVICES
1.4.4.3.1 PETROLEUM PRODUCT SALES
1H25
vs
Sales (in kb/d)* 1H25 1H24 1H24
Total Marketing & Services sales 1,295 1,338 -3%
Europe 753 744 +1%
Rest of world 543 594 -9%
* Excludes trading and bulk refining sales.


Sales of petroleum products were down 3% year-on-year due to the portfolio refocusing on dominant positions, leading to the divestment of subsidiaries,
particularly in Asia and South America.

1.4.4.3.2 RESULTS
1H25
vs
(in millions of dollars) 1H25 1H24 1H24
Adjusted net operating income 652 634 +3%
Organic investments(1) 349 287 +22%
Acquisitions net of assets sales(1) (78) (1,087) ns
Net investments(1) 271 (800) ns
Cash flow from operations excluding working capital (CFFO)(1) 1,195 1,138 +5%
Cash flow from operating activities 1,196 1,542 -22%


Marketing & Services adjusted net operating income was $652 million in Cash flow from operations excluding working capital (CFFO) was
the first semester 2025, up 3% year-on-year despite a decrease in $1,195 million, up 5% year-on-year for the same reasons.
volumes sold reflecting an increase in margins.




Chapter 1 / Half year financial report / Analysis of business segments
1

1.5 TotalEnergies results
1.5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was $9,182 million in the first smester 2025 versus $10,939 million in the first semester 2024,
mainly due to a decrease in oil prices and refining margins, partially compensated by higher hydrocarbon production.


1.5.2 Adjusted net income(1) (TotalEnergies share)
TotalEnergies adjusted net income was $7,770 million in the first – ($0.2) billion of exceptional provisions and depreciations, mainly
semester 2025 versus $9,784 million in the first semester 2024, for the linked to the Antwerp platform reconfiguration for the Refining &
same reasons. Chemicals business;
Adjusted net income excludes the after-tax inventory effect, special items – ($0.2) billion of non-recurring items, mainly related to the impact of the
and the impact of changes in fair value. Energy Profit Levy in the United Kingdom.
Adjustments to net income were ($1.2) billion in the first semester 2025 TotalEnergies’ average tax rate was 41.6% in the first semester 2025
consisting mainly of: versus 39% in the first semester 2024.
– ($0.8) billion of changes in fair value and stock variation;


1.5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were $3.41 in the first semester As of June 30, 2025, the number of diluted shares was 2,220 million.
2025, based on 2,236 million weighted average diluted shares, compared As part of its shareholder return policy, TotalEnergies repurchased
to $4.41 in the first semester 2024. 62 million shares* in the first semester 2025 for $3.7 billion.


1.5.4 Acquisitions – asset sales
Acquisitions were $2,942 million in the first semester 2025, primarily Divestments were $709 million in the first semester 2025, primarily
related to: related to:
– the acquisiton VSB; – the sale of 50% of a renewable asset portfolio in Portugal;
– the acquisition of a renewable asset portfolio in the Dominican – the sale of interests in Nkossa and Nsoko II permits in Congo;
Republic; – the finalization of the divestment of fuel distributions activities in Brazil.
– the acquisition of an additional 10% interest in Moho field in Congo,
– the acquisition of SN Power, developer of hydro-electricity projects in
Africa;
– the acquisition of the renewable Big Sky Solar project in Canada.


1.5.5 Net cash flow(1)
TotalEnergies' net cash flow was $2,057 million in the first semester 2025 first semester cash flow from operating activities was $8,523 million
2025 compared to $7,743 million in the first semester 2024, reflecting the versus CFFO of $13,610 million, and was negatively impacted by
$2,335 million decrease in CFFO and the $3,551 million increase in net increased working capital of $4.9 billion, in line with first semester 2024,
investments to $11,553 million. mainly due to the reversal of exceptional working capital items which
reduced working capital in the fourth quarter 2024, the unfavorable effect
of declining prices on tax liabilities, the effect of the evolution of the
business (stocks and sales increase), and related to advanced payments
happening in the first half of the year 2025.




* Including coverage of employees share grant plans.




18-19
1.5.6 Profitability
Return on equity was 14.1% for the twelve months ended June 30, 2025.

July 1, 2024 April 1, 2024 July 1, 2023
(in millions of dollars) June 30, 2025 March 31, 2025 June 30, 2024
Adjusted net income (TotalEnergies share)(1) 16,535 17,636 21,769
Average adjusted shareholders' equity 117,441 116,758 116,286
Return on equity (ROE) 14.1% 15.1% 18.7%


Return on average capital employed(1) was 12.4% for the twelve months ended June 30, 2025.

July 1, 2024 April 1, 2024 July 1, 2023
(in millions of dollars) June 30, 2025 March 31, 2025 June 30, 2024
Adjusted net operating income(1) 18,184 19,125 23,030
Average capital employed(1) 146,456 144,629 138,776
ROACE(1) 12.4% 13.2% 16.6%



1.6 TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €7,824 million in the first semester 2025, compared to €7,965 million in the first
semester 2024.



1.7 Annual 2025 Sensitivities(15)
Estimated impact on Estimated impact on
adjusted cash flow from
Change net operating income operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price(16) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$




(15) Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio
in 2025. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is
essentially attributable to Refining & Chemicals.
(16) In a 70-80 $/b Brent environment.


Chapter 1 / Half year financial report / TotalEnergies SE statutory accounts
1

1.8 Outlook

In an unstable geopolitical and macroeconomic environment (tariff war), Taking into account scheduled maintenance at Antwerp, Port Arthur and
oil markets remain volatile with prices fluctuating between $60 and HTC, utilization rates should be around 80% and 85% in the third quarter.
$70/b. The market is facing an abundant supply that is fueled by
OPEC+'s decision to unwind some voluntary production cuts and weak
The Company anticipates that net investments for the full year will be
demand that is linked to the slowdown in global economic growth.
within the $17-17.5 billion guidance range given the disposal program
planned for the second half of the year.
Refining and petrochemical margins are similarly facing structural
overcapacity given persistently weak demand. However, due to
traditionally stronger summer demand (driving season), refining margins
are above $50/ton at the start of the third quarter 2025.


Forward European gas prices remain sustained around $12/Mbtu for the
third quarter of 2025 and winter 2025/26 due to European stock
replenishment. Given the evolution of oil and gas prices in recent months
and the lag effect on pricing formulas, TotalEnergies anticipates an
average LNG selling price of $9 to $9.5/Mbtu for the third quarter of 2025.


Hydrocarbon production in the third quarter of 2025 is expected to
increase by over 3% compared to the third quarter of 2024, which is in
line with the Company's annual objective of over 3% production growth in
2025 compared to 2024.




20-21
1.9 Operating information by segment
1.9.1 Company’s production (Exploration & Production + Integrated LNG)
1H25
vs
Combined liquids and gas production by region (kboe/d) 1H25 1H24 1H24
Europe 547 566 -3%
Africa 424 456 -7%
Middle East and North Africa 849 820 +4%
Americas 430 355 +21%
Asia-Pacific 281 254 +10%
Total production 2,531 2,451 +3%
includes equity affiliates 382 352 +8%


1H25
vs
Liquids production by region (kb/d) 1H25 1H24 1H24
Europe 209 225 -7%
Africa 310 328 -5%
Middle East and North Africa 677 656 +3%
Americas 210 168 +24%
Asia-Pacific 105 103 +2%
Total production 1,511 1,480 +2%
includes equity affiliates 161 152 +6%


1H25
vs
Gas production by region (Mcf/d) 1H25 1H24 1H24
Europe 1,819 1,841 -1%
Africa 573 634 -10%
Middle East and North Africa 947 900 +5%
Americas 1,225 1,032 +19%
Asia-Pacific 960 808 +19%
Total production 5,524 5,215 +6%
includes equity affiliates 1,205 1,085 +11%


1.9.2 Downstream (Refining & Chemicals and Marketing & Services)
1H25
vs
Petroleum product sales by region (kb/d) 1H25 1H24 1H24
Europe 1,790 1,807 -1%
Africa 617 575 +7%
Americas 1,065 1,011 +5%
Rest of world 901 675 +33%
Total consolidated sales 4,373 4,068 +7%
includes bulk sales 362 399 -9%
includes trading 2,716 2,331 +16%


1H25
vs
Petrochemicals production* (kt) 1H25 1H24 1H24
Europe 1,816 1,890 -4%
Americas 1,444 1,401 +3%
Middle East and Asia 1,454 1,430 +2%
* Olefins, polymers.




Chapter 1 / Half year financial report / Operating information by segment
1

1.9.3 Integrated power
1.9.3.1 NET POWER PRODUCTION

1H25 1H24
Net power production Onshore Offshore Onshore Offshore
(TWh) Solar Wind Wind Gas Others Total Solar Wind Wind Gas Others Total
France 0.4 0.4 – 2.4 0.0 3.2 0.3 0.4 – 2.3 0.0 3.0
Rest of Europe 0.3 1.1 0.5 2.6 0.2 4.7 0.2 1.0 1.0 1.1 0.2 3.4
Africa 0.0 – – – – 0.2 0.0 0.0 – – – 0.1
Middle East 0.5 – – 0.5 – 0.9 0.5 – – 0.5 – 1.0
North America 1.9 1.1 – – – 5.3 1.5 1.2 – – – 4.6
South America 0.3 1.6 – – – 1.9 0.3 1.4 – – – 1.7
India 4.7 0.9 – – – 5.6 3.4 0.6 – – – 4.0
Pacific Asia 0.7 0.0 0.3 – – 1.0 0.7 0.0 0.1 – – 0.9
Total 8.8 5.2 0.8 7.7 0.4 22.9 6.8 4.6 1.1 5.8 0.2 18.6


1.9.3.2 INSTALLED POWER GENERATION NET CAPACITY

1H25 1H24
Installed power
generation net capacity Onshore Offshore Onshore Offshore
(17)
(GW) Solar Wind Wind Gas Others Total Solar Wind Wind Gas Others Total
France 0.8 0.5 – 2.7 0.2 4.2 0.6 0.4 – 2.6 0.1 3.7
Rest of Europe 0.5 1.0 0.3 2.1 0.2 4.0 0.3 0.9 0.3 1.4 0.1 2.9
Africa 0.0 – – – 0.1 0.1 0.1 0.0 – – 0.0 0.1
Middle East 0.5 – – 0.3 – 0.8 0.4 – – 0.3 – 0.8
North America 2.8 0.9 – 1.5 0.4 5.5 2.3 0.8 – 1.5 0.4 5.0
South America 0.4 1.0 – – – 1.4 0.4 0.9 – – – 1.2
India 6.0 0.6 – – – 6.6 4.2 0.5 – – – 4.7
Pacific Asia 1.1 0.0 0.2 – – 1.3 1.1 0.0 0.1 – 0.0 1.2
Total 12.2 4.0 0.5 6.5 0.8 24.0 9.3 3.5 0.4 5.8 0.7 19.6




(17) End-of-period data.



22-23
1.9.3.3 POWER GENERATION GROSS CAPACITY FROM RENEWABLES

1H25 1H24
Installed power generation
gross capacity from Onshore Offshore Onshore Offshore
renewables (GW)(18),(19) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 1.3 0.9 – 0.2 2.3 1.1 0.7 – 0.2 2.0
Rest of Europe 0.6 1.5 1.1 0.3 3.5 0.3 1.1 1.1 0.2 2.7
Africa 0.1 – – 0.3 0.4 0.1 – – 0.0 0.1
Middle East 1.3 – – – 1.3 1.2 – – – 1.2
North America 6.1 2.3 – 0.8 9.3 5.2 2.2 – 0.7 8.1
South America 0.4 1.5 – – 1.9 0.4 1.3 – – 1.6
India 8.5 0.6 – – 9.2 5.9 0.5 – – 6.5
Asia-Pacific 1.7 – 0.6 – 2.4 1.5 – 0.3 – 1.8
Total 20.0 6.8 1.8 1.6 30.2 15.7 5.8 1.4 1.1 24.0


1H25 1H24
Power generation gross
capacity from renewables Onshore Offshore Onshore Offshore
in construction (GW)(19),(20) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.3 0.1 0.0 0.0 0.4 0.1 – 0.0 0.0 0.2
Rest of Europe 0.5 0.2 0.8 0.3 1.9 0.4 0.2 – 0.1 0.6
Africa 0.5 0.1 – 0.1 0.7 0.3 – – 0.1 0.4
Middle East 1.7 0.2 – – 2.0 0.1 – – – 0.1
North America 1.2 – – 0.5 1.7 1.7 0.0 – 0.3 2.0
South America 0.9 0.4 – 0.2 1.4 0.0 0.6 – – 0.7
India 1.6 – – – 1.6 0.5 0.1 – – 0.5
Asia-Pacific 0.1 – – – 0.1 0.0 0.0 0.4 – 0.4
Total 6.7 1.1 0.8 1.2 9.8 3.2 0.9 0.4 0.4 5.0


1H25 1H24
Power generation gross
capacity from renewables Onshore Offshore Onshore Offshore
in development (GW)(19),(20) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 1.0 0.5 – 0.0 1.6 1.4 0.4 – 0.1 1.9
Rest of Europe 6.4 1.7 14.3 2.9 25.3 4.4 0.8 8.9 2.2 16.4
Africa 0.5 0.2 – – 0.7 0.7 0.3 – – 1.0
Middle East 0.6 – – – 0.6 1.8 – – – 1.8
North America 10.9 3.7 4.1 4.6 23.3 9.7 2.9 4.1 4.4 21.1
South America 1.2 1.4 – 0.0 2.6 2.1 1.2 – 0.2 3.4
India 2.0 0.1 – – 2.1 4.5 0.2 – – 4.7
Asia-Pacific 3.2 1.1 2.6 1.1 7.9 3.4 1.1 2.6 1.1 8.2
Total 25.8 8.6 21.0 8.6 64.1 28.0 6.8 15.6 8.0 58.5




(18) Includes 19.25%% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.
(19) End-of-period data.


Chapter 1 / Half year financial report / Operating information by segment
1

1.10 Alternative Performance Measures (Non-GAAP measures)
1.10.1 Adjustment items to net income (TotalEnergies share)
(in millions of dollars) 1H25 1H24
Net income (TotalEnergies share) 6,538 9,508
Special items affecting net income (TotalEnergies share) (448) 531
Gain (loss) on asset sales – 1,397
Restructuring charges – (11)
Impairments (209) (644)
Other (239) (211)
After-tax inventory effect: FIFO vs. replacement cost (346) (196)
Effect of changes in fair value (438) (611)
Total adjustments affecting net income (1,232) (276)
Adjusted net income (TotalEnergies share) 7,770 9,784




1.10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
1.10.2.1 RECONCILIATION OF NET INCOME (TOTALENERGIES SHARE) TO ADJUSTED EBITDA

1H25
vs
(in millions of dollars) 1H25 1H24 1H24
Net income (TotalEnergies share) 6,538 9,508 -31%
Less: adjustment items to net income (TotalEnergies share) 1,232 276 x4.5
Adjusted net income (TotalEnergies share) 7,770 9,784 -21%
Adjusted items
Add: non-controlling interests 130 167 -22%
Add: income taxes 5,033 5,968 -16%
Add: depreciation, depletion and impairment of tangible assets and mineral interests 6,104 5,904 +3%
Add: amortization and impairment of intangible assets 179 179 –
Add: financial interest on debt 1,541 1,433 +8%
Less: financial income and expense from cash & cash equivalents (563) (869) ns
Adjusted EBITDA 20,194 22,566 -11%




24-25
1.10.2.2 RECONCILIATION OF REVENUES FROM SALES TO ADJUSTED EBITDA AND NET INCOME
(TOTALENERGIES SHARE)

1H25
vs
(in millions of dollars) 1H25 1H24 1H24
Adjusted items
Revenues from sales 92,575 101,066 -8%
Purchases, net of inventory variation (59,096) (64,839) ns
Other operating expenses (15,130) (15,244) ns
Exploration costs (178) (185) ns
Other income 791 386 x2
Other expense, excluding amortization and impairment of intangible assets (449) (162) ns
Other financial income 716 715 –
Other financial expense (452) (428) ns
Net income (loss) from equity affiliates 1,417 1,257 +13%
Adjusted EBITDA 20,194 22,566 -11%
Adjusted items
Less: depreciation, depletion and impairment of tangible assets and mineral interests (6,104) (5,904) ns
Less: amortization of intangible assets (179) (179) ns
Less: financial interest on debt (1,541) (1,433) ns
Add: financial income and expense from cash & cash equivalents 563 869 -35%
Less: income taxes (5,033) (5,968) ns
Less: non-controlling interests (130) (167) ns
Add: adjustment (TotalEnergies share) (1,232) (276) ns
Net income (TotalEnergies share) 6,538 9,508 -31%




Chapter 1 / Half year financial report / Alternative Performance Measures (Non-GAAP measures)
1

1.10.3 Investments – Divestments
Reconciliation of Cash flow used in investing activities to Net investments

1H25
vs
(in millions of dollars) 1H25 1H24 1H24
Cash flow used in investing activities (a) 11,494 8,025 +43%
Other transactions with non-controlling interests (b) – – ns
Organic loan repayment from equity affiliates (c) 60 (26) ns
Change in debt from renewable projects financing (d)* (221) – ns
Capex linked to capitalized leasing contracts (e) 198 200 -1%
Expenditures related to carbon credits (f) 22 3 x7.3
Net investments (a + b + c + d + e + f = g - i + h) 11,553 8,202 +41%
of which acquisitions net of assets sales (g-i) 2,233 (280) ns
Acquisitions (g) 2,942 1,618 +82%
Asset sales (i) 709 1,898 -63%
Change in debt (partner share) and capital gain from renewable projects sales 67 – ns
of which organic investments (h) 9,320 8,482 +10%
Capitalized exploration 148 247 -40%
Increase in non-current loans 993 1,127 -12%
Repayment of non-current loans, excluding organic loan repayment from equity affiliates (359) (324) ns
Change in debt from renewable projects (TotalEnergies share) (154) – ns
* Change in debt from renewable projects (TotalEnergies share and partner share).



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

1H25
vs
(in millions of dollars) 1H25 1H24 1H24
Cash flow from operating activities (a) 8,523 11,176 -24%
(Increase) decrease in working capital (b)* (4,562) (4,452) ns
Inventory effect (c) (379) (343) ns
Capital gain from renewable project sales (d) 86 – ns
Organic loan repayments from equity affiliates (e) 60 (26) ns
Cash flow from operations excluding working capital (CFFO)
(f = a - b - c + d + e) 13,610 15,945 -15%
Financial charges (610) (262) ns
Debt Adjusted Cash Flow (DACF) 14,220 16,207 -12%
Organic investments (g) 9,320 8.482 +10%
Free cash flow after organic investments (f - g) 4,290 7,463 -43%
Net investments (h) 11,553 8,202 +41%
Net cash flow (f - h) 2,057 7,743 -73%
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.




26-27
1.10.5 Gearing ratio
(in millions of dollars) 06/30/2025 03/31/2025 06/30/2024
Current borrowings* 12,570 10,983 9,358
Other current financial liabilities 861 897 461
Current financial assets* ,** (4,872) (5,892) (6,425)
Net financial assets classified as held for sale* 41 41 (61)
Non-current financial debt* 39,161 37,862 34,726
Non-current financial assets* (1,410) (953) (1,166)
Cash and cash equivalents (20,424) (22,837) (23,211)
Net debt (a) 25,927 20,101 13,682
Shareholders’ equity (TotalEnergies share) 116,642 117,956 117,379
Non-controlling interests 2,360 2,465 2,648
Shareholders' equity (b) 119,002 120,421 120,027
Gearing = a / (a+b) 17.9% 14.3% 10.2%
Leases (c) 8,907 8,533 8,012
Gearing including leases (a+c) / (a+b+c) 22.6% 19.2% 15.3%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.


Gearing was 17.9% at the end of June 2025 due to the seasonal effect of working capital variation and pace of investment. Normalized gearing was 15%
excluding these effects.


1.10.6 Return on average capital employed
TWELVE MONTHS ENDED JUNE 30, 2025

Exploration & Integrated Integrated Refining & Marketing &
(in millions of dollars) Production LNG Power Chemicals Services Company
Adjusted net operating income 9,212 4,830 2,140 1,249 1,378 18,184
Capital employed at 06/30/2024 65,809 38,708 21,861 8,728 6,954 140,180
Capital employed at 06/30/2025 67,042 44,300 27,033 8,827 7,325 152,732
ROACE 13.9% 11.6% 8.8% 14.2% 19.3% 12.4%


1.10.7 Pay-out
(in millions of dollars) 1H25 1H24 2024
Dividend paid (parent company shareholders) 3,745 3,756 7,717
Repayment of treasury shares excluding fees and taxes 3,726 4,000 7,970
Payout ratio 54% 45% 50%




Chapter 1 / Half year financial report / Alternative Performance Measures (Non-GAAP measures)
1

1.10.8 Reconciliation of cash flow used in investing activities to Net investments
1.10.8.1 EXPLORATION & PRODUCTION

2nd quarter 6 months
2025 vs 2025 vs
nd st nd
2 quarter 1 quarter 2 quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
3,106 2,689 2,548 22% Cash flow used in investing activities (a) 5,795 4,536 28%
– – – ns Other transactions with non-controlling interests (b) – – ns
– – – ns Organic loan repayment from equity affiliates (c) – – ns
– – – ns Change in debt from renewable projects financing (d)* – – ns
89 109 90 -1% Capex linked to capitalized leasing contracts (e) 198 180 10%
20 2 4 x5 Expenditures related to carbon credits (f) 22 3 x7.3
3,215 2,800 2,642 22% Net investments (a + b + c + d + e + f = g - i + h) 6,015 4,719 27%
162 116 57 x2.8 of which net acquisitions of assets sales (g - i) 278 93 x3
193 445 160 21% Acquisitions (g) 638 487 31%
31 329 103 -70% Assets sales (i) 360 394 -9%
Change in debt (partner share) and capital gain from renewable
– – – ns projects sales – – ns
3,053 2,684 2,585 18% of which organic investments (h) 5,737 4,626 24%
30 109 88 -66% Capitalized exploration 139 225 -38%
42 82 67 -37% Increase in non-current loans 124 109 14%
Repayment of non-current loans, excluding organic loan repayment
(49) (29) (46) ns from equity affiliates (78) (61) ns
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns
* Change in debt from renewable projects (TotalEnergies share and partner share).


1.10.8.2 INTEGRATED LNG

2nd quarter 6 months
2025 vs 2025 vs
2nd quarter 1st quarter 2nd quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
852 892 815 5% Cash flow used in investing activities (a) 1,744 1,330 31%
– – – ns Other transactions with non-controlling interests (b) – – ns
– 1 – ns Organic loan repayment from equity affiliates (c) 1 1 ns
– – – ns Change in debt from renewable projects financing (d)* – – ns
1 (1) 7 -86% Capex linked to capitalized leasing contracts (e) – 19 -100%
– – – ns Expenditures related to carbon credits (f) – – ns
853 892 822 4% Net investments (a + b + c + d + e + f = g - i + h) 1,745 1,350 29%
110 140 198 -44% of which net acquisitions of assets sales (g - i) 250 186 34%
110 144 199 -45% Acquisitions (g) 254 199 28%
– 4 1 -100% Assets sales (i) 4 13 -69%
Change in debt (partner share) and capital gain from renewable
– – – ns projects sales – – ns
743 752 624 19% of which organic investments (h) 1,495 1,164 28%
7 2 13 -46% Capitalized exploration 9 22 -59%
187 182 153 22% Increase in non-current loans 369 326 13%
Repayment of non-current loans, excluding organic loan repayment
(25) (5) (42) ns from equity affiliates (30) (79) ns
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns
* Change in debt from renewable projects (TotalEnergies share and partner share).




28-29
1.10.8.3 INTEGRATED POWER

2nd quarter 6 months
2025 vs 2025 vs
nd st
2 quarter 1 quarter 2nd quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
2,156 878 508 x4.2 Cash flow used in investing activities (a) 3,034 2,185 39%
– – – ns Other transactions with non-controlling interests (b) – – ns
54 5 – ns Organic loan repayment from equity affiliates (c) 59 – ns
(221) – – ns Change in debt from renewable projects financing (d)* (221) – ns
– – – ns Capex linked to capitalized leasing contracts (e) – 1 -100%
– – – ns Expenditures related to carbon credits (f) – – ns
1,989 883 508 x3.9 Net investments (a + b + c + d + e + f = g - i + h) 2,872 2,186 31%
1,568 238 (88) ns of which net acquisitions of assets sales (g - i) 1,806 647 x2.8
1,791 245 142 x12.6 Acquisitions (g) 2,036 878 x2.3
223 7 230 -3% Assets sales (i) 230 231 ns
Change in debt (partner share) and capital gain from renewable
67 – – ns projects sales 67 – ns
421 645 596 -29% of which organic investments (h) 1,066 1,539 -31%
– – – ns Capitalized exploration – – ns
150 268 239 -37% Increase in non-current loans 418 544 -23%
Repayment of non-current loans, excluding organic loan repayment
(137) (46) (31) ns from equity affiliates (183) (92) ns
(154) – – ns Change in debt from renewable projects (TotalEnergies share) (154) – ns
* Change in debt from renewable projects (TotalEnergies share and partner share).


1.10.8.4 REFINING & CHEMICALS

2nd quarter 6 months
2025 vs 2025 vs
2nd quarter 1st quarter 2nd quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
309 236 316 -2% Cash flow used in investing activities (a) 545 713 -24%
– – – ns Other transactions with non-controlling interests (b) – – ns
– – (29) -100% Organic loan repayment from equity affiliates (c) – (27) -100%
– – – ns Change in debt from renewable projects financing (d)* – – ns
– – – ns Capex linked to capitalized leasing contracts (e) – – ns
– – – ns Expenditures related to carbon credits (f) – – ns
309 236 287 8% Net investments (a + b + c + d + e + f = g - i + h) 545 686 -21%
(24) – (95) ns of which net acquisitions of assets sales (g - i) (24) (115) ns
11 – 26 -58% Acquisitions (g) 11 35 -69%
35 – 121 -71% Assets sales i) 35 150 -77%
Change in debt (partner share) and capital gain from renewable
– – – ns projects sales – – ns
333 236 382 -13% of which organic investments (h) 569 801 -29%
– – – ns Capitalized exploration – – ns
17 10 58 -71% Increase in non-current loans 27 65 -58%
Repayment of non-current loans, excluding organic loan repayment
(7) (6) (3) ns from equity affiliates (13) (10) ns
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns
* Change in debt from renewable projects (TotalEnergies share and partner share).




Chapter 1 / Half year financial report / Alternative Performance Measures (Non-GAAP measures)
1

1.10.8.5 MARKETING & SERVICES

2nd quarter 6 months
2025 vs 2025 vs
nd st nd
2 quarter 1 quarter 2 quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
196 75 337 -42% Cash flow used in investing activities (a) 271 (800) ns
– – – ns Other transactions with non-controlling interests (b) – – ns
– – – ns Organic loan repayment from equity affiliates (c) – – ns
– – – ns Change in debt from renewable projects financing (d)* – – ns
– – – ns Capex linked to capitalized leasing contracts (e) – – ns
– – – ns Expenditures related to carbon credits (f) – – ns
196 75 337 -42% Net investments (a + b + c + d + e + f = g - i + h) 271 (800) ns
(3) (75) 151 ns of which net acquisitions of assets sales (g - i) (78) (1,087) ns
1 2 17 -94% Acquisitions (g) 3 19 -84%
4 77 (134) ns Assets sales (i) 81 1,106 -93%
Change in debt (partner share) and capital gain from renewable
– – – ns projects sales – – ns
199 150 186 7% of which organic investments (h) 349 287 22%
– – – ns Capitalized exploration – – ns
26 18 57 -54% Increase in non-current loans 44 68 -35%
Repayment of non-current loans, excluding organic loan repayment
(22) (17) (53) ns from equity affiliates (39) (79) ns
– – – ns Change in debt from renewable projects (TotalEnergies share) – – ns
* Change in debt from renewable projects (TotalEnergies share and partner share).



1.10.9 Reconciliation of cash flow from operating activities to CFFO
1.10.9.1 EXPLORATION & PRODUCTION

2nd quarter 6 months
2025 vs 2025 vs
2nd quarter 1st quarter 2nd quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
3,675 3,266 4,535 -19% Cash flow from operating activities (a) 6,941 8,125 -15%
(85) (1,025) 182 ns (Increase) decrease in working capital (b) (1,110) (706) ns
– – – ns Inventory effect (c) – – ns
– – – ns Capital gain from renewable project sales (d) – – ns
– – – ns Organic loan repayments from equity affiliates (e) – – ns
Cash flow from operations excluding working capital (CFFO)
3,760 4,291 4,353 -14% (f = a - b - c + d + e) 8,051 8,831 -9%



1.10.9.2 INTEGRATED LNG

2nd quarter 6 months
2025 vs 2025 vs
2nd quarter 1st quarter 2nd quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
539 1,743 431 25% Cash flow from operating activities (a) 2,282 2,141 7%
(620) 495 (789) ns (Increase) decrease in working capital (b)* (125) (426) ns
– – – ns Inventory effect (c) – – ns
– – – ns Capital gain from renewable project sales (d) – – ns
– 1 – ns Organic loan repayments from equity affiliates (e) 1 1 ns
Cash flow from operations excluding working capital (CFFO)
1,159 1,249 1,220 -5% (f = a - b - c + d + e) 2,408 2,568 -6%
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.




30-31
1.10.9.3 INTEGRATED POWER

2nd quarter 6 months
2025 vs 2025 vs
nd st nd
2 quarter 1 quarter 2 quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
799 (399) 1,647 -51% Cash flow from operating activities (a) 400 1,398 -71%
377 (991) 1,024 -63% (Increase) decrease in working capital (b)* (614) 83 ns
– – – ns Inventory effect (c) – – ns
86 – – ns Capital gain from renewable project sales (d) 86 – ns
54 5 – ns Organic loan repayments from equity affiliates (e) 59 – ns
Cash flow from operations excluding working capital (CFFO)
562 597 623 -10% (f = a - b - c + d + e) 1,159 1,315 -12%
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.


1.10.9.4 REFINING & CHEMICALS

2nd quarter 6 months
2025 vs 2025 vs
2nd quarter 1st quarter 2nd quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
887 (1,983) 1,541 -42% Cash flow from operating activities (a) (1,096) (588) ns
362 (2,543) 788 -54% (Increase) decrease in working capital (b) (2,181) (2,738) ns
(247) (73) (393) ns Inventory effect (c) (320) (285) ns
– – – ns Capital gain from renewable project sales (d) – – ns
– – (29) -100% Organic loan repayments from equity affiliates (e) – (27) -100%
Cash flow from operations excluding working capital (CFFO)
772 633 1,117 -31% (f = a - b - c + d + e) 1,405 2,408 -42%



1.10.9.5 MARKETING & SERVICES

2nd quarter 6 months
2025 vs 2025 vs
2nd quarter 1st quarter 2nd quarter 2nd quarter 6 months 6 months 6 months
2025 2025 2024 2024 (in millions of dollars) 2025 2024 2024
628 568 1,650 -62% Cash flow from operating activities (a) 1,196 1,542 -22%
(58) 118 1,066 ns (Increase) decrease in working capital (b) 60 462 -87%
(25) (34) (75) ns Inventory effect (c) (59) (58) ns
– – – ns Capital gain from renewable project sales (d) – – ns
– – – ns Organic loan repayments from equity affiliates (e) – – ns
Cash flow from operations excluding working capital (CFFO)
711 484 659 8% (f = a - b - c + d + e) 1,195 1,138 5%




Chapter 1 / Half year financial report / Alternative Performance Measures (Non-GAAP measures)
1

1.10.10 Reconciliation of capital employed (balance sheet) and calculation of ROACE
Exploration Refining Marketing
& Integrated Integrated & &
(In millions of dollars) Production LNG Power Chemicals Services Corporate InterCompany Company
Adjusted net operating income 2 nd quarter 2025 1,974 1,041 574 389 412 (245) – 4,145
Adjusted net operating income 1 st quarter 2025 2,451 1,294 506 301 240 (131) – 4,661
Adjusted net operating income 4 th quarter 2024 2,305 1,432 575 318 362 (173) – 4,819
Adjusted net operating income 3 rd quarter 2024 2,482 1,063 485 241 364 (76) – 4,559
Adjusted net operating income (a) 9,212 4,830 2,140 1,249 1 378 (625) – 18,184




Balance sheet as of June 30, 2025

Property plant and equipment intangible assets net 85,970 29,063 17,159 12,746 7,139 763 – 152,840
Investments & loans in equity affiliates 4,349 16,955 10,304 3,963 1,086 – – 36,657
Other non-current assets 3,685 2,210 1,771 699 1,089 329 – 9,783
Inventories, net 1,565 1,027 574 10,773 3,336 – – 17,275
Accounts receivable, net 5,841 6,227 4,554 20,019 8,369 1,148 (24,904) 21,254
Other current assets 6,848 8,899 5,206 2,723 2,955 5,627 (8,098) 24,160
Accounts payable (6,884) (7,473) (6,333) (32,438) (9,932) (1,049) 24,821 (39,288)
Other creditors and accrued liabilities (9,785) (8,541) (4,484) (5,171) (5,385) (9,487) 8,181 (34,672)
Working capital (2,415) 139 (483) (4,094) (657) (3,761) – (11,271)
Provisions and other non-current liabilities (25,111) (4,260) (1,719) (3,577) (1,222) 874 – (35,015)
Assets and liabilities classified as held for sale -
Capital employed 564 193 1 – 84 – – 842
Capital Employed (Balance sheet) 67,042 44,300 27,033 9,737 7,519 (1,795) – 153,836
Less inventory valuation effect – – – (910) (194) – – (1,104)
Capital Employed at replacement cost (b) 67,042 44,300 27,033 8,827 7,325 (1,795) – 152,732




Balance sheet as of June 30, 2024

Property plant and equipment intangible assets net 84,754 24,936 14,078 11,987 6,476 649 – 142,880
Investments & loans in equity affiliates 3,463 15,294 8,921 4,122 1,000 – – 32,800
Other non-current assets 3,803 2,424 1,147 731 1,224 214 – 9,543
Inventories, net 1,486 1,495 577 12,822 3,809 – – 20,189
Accounts receivable, net 6,432 5,526 4,766 20,755 8,940 1,073 (26,845) 20,647
Other current assets 6,497 7,876 4,797 2,146 3,141 7,313 (11,756) 20,014
Accounts payable (6,984) (6,429) (5,653) (33,025) (10,387) (775) 26,804 (36,449)
Other creditors and accrued liabilities (8,785) (8,614) (4,989) (6,082) (5,762) (11,007) 11,797 (33,442)
Working capital (1,354) (146) (502) (3,384) (259) (3,396) – (9,041)
Provisions and other non-current liabilities (24,947) (3,800) (1,807) (3,467) (1,207) 653 – (34,575)
Assets and liabilities classified as held for sale -
Capital employed 90 – 24 – – – – 114
Capital Employed (Balance sheet) 65,809 38,708 21,861 9,989 7,234 (1,880) – 141,721
Less inventory valuation effect – – – (1,261) (280) – – (1,541)
Capital Employed at replacement cost (c) 65,809 38,708 21,861 8,728 6,954 (1,880) – 140,180


ROACE as a percentage (a / average (b + c)) 13.9% 11.6% 8.8% 14.2% 19.3% 12.4%




32-33
1.10.11 Reconciliation of consolidated net income to adjusted net operating income
2nd quarter 1st quarter 2nd quarter 6 months 6 months
(in millions of dollars) 2025 2025 2024 2025 2024
Consolidated net income (a) 2,746 3,921 3,847 6,667 9,651
Net cost of net debt (b) (486) (385) (365) (871) (650)
Special items affecting net operating income (361) (122) (256) (483) 536
Gains (losses) on disposals of assets – – (110) – 1 397
Restructuring charges – – (11) – (11)
Asset impairment and provisions charges (209) – – (209) (644)
Other items (152) (122) (135) (274) (206)
After-tax inventory effect : FIFO vs. replacement cost (269) (78) (327) (347) (220)
Effect of changes in fair value (283) (155) (291) (438) (611)
Total adjustments affecting net operating income (c) (913) (355) (874) (1,268) (295)
Adjusted net operating income (a - b - c) 4,145 4,661 5,086 8,806 10,596



1.11 Principal risks and uncertainties for the remaining
six months of 2025
The Company and its businesses are subject to various risks relating to Additionally, a description of certain risks is included in the Notes to the
changing political, economic, monetary, legal, environmental, social, condensed Consolidated Financial Statements for the first half of 2025
industrial, competitive, operating and financial conditions. A description of (page 55 of this half-year financial report).
such risk factors is provided in TotalEnergies’ 2024 Universal
Registration Document filed with the Autorité des marchés financiers
(French Financial Markets Authority) on March 31 2025. These conditions
are subject to change not only in the six months remaining
in the current financial year, but also in the years to come.



1.12 Major related parties’ transactions
Information concerning the major related parties’ transactions for the first six months of 2025 is provided in Note 6 to the condensed Consolidated
Financial Statements for the first half of 2025 (page 55 of this half-year financial report).




Chapter 1 / Half year financial report / Principal risks and uncertainties for the remaining six months of 2025
1

Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in social-related issues, may include information that is not necessarily
this document are used to designate TotalEnergies SE and the "material" under US securities laws for SEC reporting purposes or under
consolidated entities directly or indirectly controlled by TotalEnergies SE. applicable securities law.
Likewise, the words “we”, “us” and “our” may also be used to refer to
Financial information by business segment is reported in accordance with
these entities or their employees. The entities in which TotalEnergies SE
the internal reporting system and shows internal segment information
directly or indirectly owns a shareholding are separate and independent
that is used to manage and measure the performance of TotalEnergies.
legal entities.
In addition to IFRS measures, certain alternative performance indicators
This document may contain forward-looking statements (including are presented, such as performance indicators excluding the adjustment
forward-looking statements within the meaning of the Private Securities items described below (adjusted operating income, adjusted net
Litigation Reform Act of 1995), notably with respect to the financial operating income, adjusted net income), return on equity (ROE), return
condition, results of operations, business activities and strategy of on average capital employed (ROACE), gearing ratio, cash flow from
TotalEnergies. This document may also contain statements regarding the operations excluding working capital, debt adjusted cash flow, and the
perspectives, objectives, areas of improvement and goals of shareholder rate of return. These indicators are meant to facilitate the
TotalEnergies, including with respect to climate change and carbon analysis of the financial performance of TotalEnergies and the
neutrality (net zero emissions). An ambition expresses an outcome comparison of income between periods. They allow investors to track the
desired by TotalEnergies, it being specified that the means to be measures used internally to manage and measure the performance of
deployed do not depend solely on TotalEnergies. These forward-looking TotalEnergies.
statements may generally be identified by the use of the future or
These adjustment items include:
conditional tense or forward-looking words such as “will”, “should”,
“could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, (i) Special items
“anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,
Due to their unusual nature or particular significance, certain transactions
“commits”, “aims” or similar terminology. Such forward-looking
qualifying as "special items" are excluded from the business segment
statements included in this document are based on economic data,
figures. In general, special items relate to transactions that are significant,
estimates and assumptions prepared in a given economic, competitive
infrequent, or unusual. However, in certain instances, transactions such
and regulatory environment and considered to be reasonable by
as restructuring costs or assets disposals, which are not considered to be
TotalEnergies as of the date of this document. These forward-looking
representative of the normal course of business, may qualify as special
statements are not historical data and should not be interpreted as
items although they may have occurred in prior years or are likely to
assurances that the perspectives, objectives or goals announced will be
occur in following years.
achieved. They may prove to be inaccurate in the future, and may evolve
or be modified with a significant difference between the actual results and (ii) Inventory valuation effect
those initially estimated, due to the uncertainties notably related to the
In accordance with IAS 2, TotalEnergies values inventories of petroleum
economic, financial, competitive and regulatory environment, or due to
products in its financial statements according to the First-In, First-Out
the occurrence of risk factors, such as, notably, the price fluctuations in
(FIFO) method and other inventories using the weighted-average cost
crude oil and natural gas, the evolution of the demand and price of
method. Under the FIFO method, the cost of inventory is based on the
petroleum products, the changes in production results and reserves
historic cost of acquisition or manufacture rather than the current
estimates, the ability to achieve cost reductions and operating efficiencies
replacement cost. In volatile energy markets, this can have a significant
without unduly disrupting business operations, changes in laws and
distorting effect on the reported income. Accordingly, the adjusted results
regulations including those related to the environment and climate,
of the Refining & Chemicals and Marketing & Services segments are
currency fluctuations, technological innovations, meteorological
presented according to the replacement cost method. This method is
conditions and events, as well as socio-demographic, economic and
used to assess the segments’ performance and facilitate the
political developments, changes in market conditions, loss of market
comparability of the segments’ performance with those of its main
share and changes in consumer preferences, or pandemics such as the
competitors.
COVID-19 pandemic. Additionally, certain financial information is based
on estimates particularly in the assessment of the recoverable value of In the replacement cost method, which approximates the Last-In, First-
assets and potential impairments of assets relating thereto. Readers are Out (LIFO) method, the variation of inventory values in the statement of
cautioned not to consider forward-looking statements as accurate, but as income is, depending on the nature of the inventory, determined using
an expression of the Company’s views only as of the date this document either the month-end prices differential between one period and another
is published. TotalEnergies SE and its subsidiaries have no obligation, or the average prices of the period rather than the historical value. The
make no commitment and expressly disclaim any responsibility to inventory valuation effect is the difference between the results under the
investors or any stakeholder to update or revise, particularly as a result of FIFO and the replacement cost methods.
new information or future events, any forward-looking information or
(iii) Effect of changes in fair value
statement, objectives or trends contained in this document. In addition,
the Company has not verified, and is under no obligation to verify any The effect of changes in fair value presented as an adjustment item
third-party data contained in this document or used in the estimates and reflects, for trading inventories and storage contracts, differences
assumptions or, more generally, forward-looking statements published in between internal measures of performance used by TotalEnergies’
this document. The information on risk factors that could have a Executive Committee and the accounting for these transactions under
significant adverse effect on TotalEnergies’ business, financial condition, IFRS.
including its operating income and cash flow, reputation, outlook or the
IFRS requires that trading inventories be recorded at their fair value using
value of financial instruments issued by TotalEnergies is provided in the
period-end spot prices. In order to best reflect the management of
most recent version of the Universal Registration Document which is filed
economic exposure through derivative transactions, internal indicators
by TotalEnergies SE with the French Autorité des Marchés Financiers
used to measure performance include valuations of trading inventories
and the annual report on Form 20-F filed with the United States
based on forward prices.
Securities and Exchange Commission (“SEC”). Additionally, the
developments of climate change and other environmental-or social TotalEnergies, in its trading activities, enters into storage contracts,
related issues in this document are based on various frameworks and the whose future effects are recorded at fair value in TotalEnergies’ internal
interests of various stakeholders which are subject to evolve economic performance. IFRS precludes recognition of this fair value
independently of our will. Moreover, our disclosures on such issues, effect.
including disclosures on climate change and other environmental or




34-35
Furthermore, TotalEnergies enters into derivative instruments to risk Cautionary Note to U.S. Investors – The SEC permits oil and gas
manage certain operational contracts or assets. Under IFRS, these companies, in their filings with the SEC, to separately disclose proved,
derivatives are recorded at fair value while the underlying operational probable and possible reserves that a company has determined in
transactions are recorded as they occur. Internal indicators defer the fair accordance with SEC rules. We may use certain terms in this press
value on derivatives to match with the transaction occurrence. release, such as “potential reserves” or “resources”, that the SEC’s
guidelines strictly prohibit us from including in filings with the SEC. U.S.
The adjusted results (adjusted operating income, adjusted net operating
investors are urged to consider closely the disclosure in the Form 20-F of
income, adjusted net income) are defined as replacement cost results,
TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean
adjusted for special items, excluding the effect of changes in fair value.
Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex,
Euro amounts presented for the fully adjusted-diluted earnings per share France, or at the Company website totalenergies.com. You can also
represent dollar amounts converted at the average euro-dollar (€-$) obtain this form from the SEC by calling 1-800-SEC-0330 or on the
exchange rate for the applicable period and are not the result of financial SEC’s website sec.gov.
statements prepared in euros.




Chapter 1 / Half year financial report / Disclaimer
1




36-37
2
Consolidated Financial
Statements
as of June 30, 2025
2.1 Statutory Auditors’ Review Report on the 2.9 Consolidated statement of changes
half-yearly Financial Information 38 in shareholders’ equity 46
2.2 Consolidated statement of income – 2.10 Notes to the Consolidated Financial
half-yearly 39 Statements for the first six months 2025
(unaudited) 47
2.3 Consolidated statement of comprehensive
income – half-yearly 40 1) Basis of preparation of the consolidated financial
statements 47
2.4 Consolidated statement of income – quarterly 41
2) Changes in the Company structure 47
2.5 Consolidated statement of comprehensive 3) Business segment information 49
income – quarterly 42 4) Shareholders’ equity 53
2.6 Consolidated balance sheet 43 5) Financial debt 55
6) Related parties 55
2.7 Consolidated statement of cash flow –
7) Other risks and contingent liabilities 55
half-yearly 44
8) Subsequent events 56
2.8 Consolidated statement of cash flow –
quarterly 45
2

2.1 Statutory Auditors’ Review Report on the half-yearly
Financial Information
This is a free translation into English of the statutory auditors' review report on the half-yearly financial information issued in French and is provided solely
for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group’s
half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards
applicable in France.


For the period from January 1st to June 30, 2025
To the Shareholders,


In compliance with the assignment entrusted to us by your Annual General Meeting and in accordance with the requirements of article L. 451-1-2 III of the
French monetary and financial code (“code monétaire et financier”), we hereby report to you on:
– the review of the accompanying condensed half-yearly consolidated financial statements of TotalEnergies SE for the period from January 1st to
June 30, 2025;
– the verification of the information presented in the half-yearly management report.
These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on
these financial statements based on our review.

I – CONCLUSION ON THE FINANCIAL STATEMENTS
We conducted our review in accordance with professional standards applicable in France.
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards
applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial
statements are not prepared, in all material respects, in accordance with IAS 34 – standard of the IFRSs as adopted by the European Union applicable to
interim financial information.

II – SPECIFIC VERIFICATION
We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements
subject to our review.
We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.


Neuilly-sur-Seine and Paris-La Défense, July 23, 2025
The Statutory Auditors
French original signed by

PricewaterhouseCoopers Audit ERNST & YOUNG Audit
Olivier Lotz Cécile Saint-Martin Yvon Salaün Stéphane Pédron
Partner Partner Partner Partner




38-39
2.2 Consolidated statement of income – half-yearly
TotalEnergies
(unaudited)

(M$)(a) 1st half 2025 1st half 2024
Sales 101,881 110,021
Excise taxes (9,306) (8,955)
Revenues from sales 92,575 101,066
Purchases, net of inventory variation (60,013) (65,897)
Other operating expenses (15,398) (15,372)
Exploration costs (178) (185)
Depreciation, depletion and impairment of tangible assets and mineral interests (6,256) (5,918)
Other income 791 1,761
Other expense (578) (566)
Financial interest on debt (1,541) (1,433)
Financial income and expense from cash & cash equivalents 617 880
Cost of net debt (924) (553)
Other financial income 747 765
Other financial expense (452) (428)
Net income (loss) from equity affiliates 1,192 645
Income taxes (4,839) (5,667)
Consolidated net income 6,667 9,651
TotalEnergies share 6,538 9,508
Non-controlling interests 129 143
Earnings per share ($) 2.88 4.04
Fully-diluted earnings per share ($) 2.85 4.02
(a) Except for per share amounts.




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Consolidated statement of income – half-yearly
2

2.3 Consolidated statement of comprehensive income –
half-yearly
TotalEnergies
(unaudited)

(M$) 1st half 2025 1st half 2024
Consolidated net income 6,667 9,651
Other comprehensive income
Actuarial gains and losses 16 20
Change in fair value of investments in equity instruments 64 143
Tax effect (19) (19)
Currency translation adjustment generated by the parent company 8,690 (2,189)
Sub-total items not potentially reclassifiable to profit and loss 8,751 (2,045)
Currency translation adjustment (6,709) 1,622
Cash flow hedge (668) 1,400
Variation of foreign currency basis spread 19 (15)
Share of other comprehensive income of equity affiliates, net amount (274) (114)
Other 7 –
Tax effect 156 (372)
Sub-total items potentially reclassifiable to profit and loss (7,469) 2,521
Total other comprehensive income (net amount) 1,282 476
Comprehensive income 7,949 10,127
– TotalEnergies share 7,759 10,004
– Non-controlling interests 190 123




40-41
2.4 Consolidated statement of income – quarterly
TotalEnergies
(unaudited)

2nd quarter 1st quarter 2nd quarter
(M$)(a) 2025 2025 2024
Sales 49,627 52,254 53,743
Excise taxes (4,951) (4,355) (4,560)
Revenues from sales 44,676 47,899 49,183
Purchases, net of inventory variation (29,158) (30,855) (32,117)
Other operating expenses (7,834) (7,564) (7,729)
Exploration costs (97) (81) (97)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,258) (2,998) (2,976)
Other income 544 247 3
Other expense (287) (291) (251)
Financial interest on debt (816) (725) (725)
Financial income and expense from cash & cash equivalents 327 290 408
Cost of net debt (489) (435) (317)
Other financial income 429 318 459
Other financial expense (203) (249) (213)
Net income (loss) from equity affiliates 529 663 627
Income taxes (2,106) (2,733) (2,725)
Consolidated net income 2,746 3,921 3,847
TotalEnergies share 2,687 3,851 3,787
Non-controlling interests 59 70 60
Earnings per share ($) 1.18 1.69 1.61
Fully-diluted earnings per share ($) 1.17 1.68 1.60
(a) Except for per share amounts.




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Consolidated statement of income – quarterly
2

2.5 Consolidated statement of comprehensive income –
quarterly
TotalEnergies
(unaudited)

2nd quarter 1st quarter 2nd quarter
(M$) 2025 2025 2024
Consolidated net income 2,746 3,921 3,847
Other comprehensive income
Actuarial gains and losses 16 – 22
Change in fair value of investments in equity instruments 52 12 103
Tax effect (20) 1 (11)
Currency translation adjustment generated by the parent company 5,808 2,882 (683)
Sub-total items not potentially reclassifiable to profit and loss 5,856 2,895 (569)
Currency translation adjustment (4,692) (2,017) 523
Cash flow hedge 165 (833) 593
Variation of foreign currency basis spread 4 15 –
Share of other comprehensive income of equity affiliates, net amount (174) (100) (38)
Other – 7 (2)
Tax effect (49) 205 (153)
Sub-total items potentially reclassifiable to profit and loss (4,746) (2,723) 923
Total other comprehensive income (net amount) 1,110 172 354
Comprehensive income 3,856 4,093 4,201
– TotalEnergies share 3,752 4,007 4,134
– Non-controlling interests 104 86 67




42-43
2.6 Consolidated balance sheet
TotalEnergies

June 30, 2025 March 31, 2025 December 31, June 30, 2024
(M$) (unaudited) (unaudited) 2024 (unaudited)
ASSETS
Non-current assets
Intangible assets, net 36,687 34,543 34,238 33,477
Property, plant and equipment, net 116,153 112,249 109,095 109,403
Equity affiliates: investments and loans 36,657 35,687 34,405 32,800
Other investments 2,176 1,860 1,665 1,740
Non-current financial assets 2,691 2,231 2,305 2,469
Deferred income taxes 3,550 3,360 3,202 3,568
Other non-current assets 4,057 4,000 4,006 4,235
Total non-current assets 201,971 193,930 188,916 187,692
Current assets
Inventories, net 17,275 19,037 18,868 20,189
Accounts receivable, net 21,254 24,882 19,281 20,647
Other current assets 24,160 22,423 23,687 20,014
Current financial assets 5,183 6,237 6,914 6,823
Cash and cash equivalents 20,424 22,837 25,844 23,211
Assets classified as held for sale 2,550 1,711 1,977 912
Total current assets 90,846 97,127 96,571 91,796
Total assets 292,817 291,057 285,487 279,488


LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity
Common shares 7,262 7,231 7,577 7,577
Paid-in surplus and retained earnings 128,103 128,787 135,496 130,688
Currency translation adjustment (13,564) (14,508) (15,259) (14,415)
Treasury shares (5,159) (3,554) (9,956) (6,471)
Total shareholders’ equity – TotalEnergies share 116,642 117,956 117,858 117,379
Non-controlling interests 2,360 2,465 2,397 2,648
Total shareholders’ equity 119,002 120,421 120,255 120,027
Non-current liabilities
Deferred income taxes 12,729 12,621 12,114 12,461
Employee benefits 1,974 1,824 1,753 1,819
Provisions and other non-current liabilities 20,312 19,872 19,872 20,295
Non-current financial debt 47,584 45,858 43,533 42,526
Total non-current liabilities 82,599 80,175 77,272 77,101
Current liabilities
Accounts payable 39,288 42,554 39,932 36,449
Other creditors and accrued liabilities 34,672 32,505 35,961 33,442
Current borrowings 14,637 13,134 10,024 11,271
Other current financial liabilities 861 897 664 461
Liabilities directly associated with the assets classified as held for sale 1,758 1,371 1,379 737
Total current liabilities 91,216 90,461 87,960 82,360
Total liabilities & shareholders’ equity 292,817 291,057 285,487 279,488




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Consolidated balance sheet
2

2.7 Consolidated statement of cash flow – half-yearly
TotalEnergies
(unaudited)

(M$) 1st half 2025 1st half 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 6,667 9,651
Depreciation, depletion, amortization and impairment 6,446 6,116
Non-current liabilities, valuation allowances and deferred taxes 336 239
(Gains) losses on disposals of assets (310) (1,428)
Undistributed affiliates’ equity earnings (525) 38
(Increase) decrease in working capital (4,183) (3,673)
Other changes, net 92 233
Cash flow from operating activities 8,523 11,176
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (8,988) (7,119)
Acquisitions of subsidiaries, net of cash acquired (1,859) (1,010)
Investments in equity affiliates and other securities (730) (969)
Increase in non-current loans (993) (1,159)
Total expenditures (12,570) (10,257)
Proceeds from disposals of intangible assets and property, plant and equipment 370 381
Proceeds from disposals of subsidiaries, net of cash sold 271 1,431
Proceeds from disposals of non-current investments 16 90
Repayment of non-current loans 419 330
Total divestments 1,076 2,232
Cash flow used in investing activities (11,494) (8,025)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
– Parent company shareholders 492 521
– Treasury shares (3,859) (4,013)
Dividends paid:
– Parent company shareholders (3,745) (3,756)
– Non-controlling interests (312) (133)
Net issuance (repayment) of perpetual subordinated notes (1,139) (1,622)
Payments on perpetual subordinated notes (155) (209)
Other transactions with non-controlling interests (51) (36)
Net issuance (repayment) of non-current debt 3,688 4,361
Increase (decrease) in current borrowings (206) (1,917)
Increase (decrease) in current financial assets and liabilities 2,005 (259)
Cash flow from (used in) financing activities (3,282) (7,063)
Net increase (decrease) in cash and cash equivalents (6,253) (3,912)
Effect of exchange rates 833 (140)
Cash and cash equivalents at the beginning of the period 25,844 27,263
Cash and cash equivalents at the end of the period 20,424 23,211




44-45
2.8 Consolidated statement of cash flow – quarterly
TotalEnergies
(unaudited)

2nd quarter 1st quarter 2nd quarter
(M$) 2025 2025 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,746 3,921 3,847
Depreciation, depletion, amortization and impairment 3,360 3,086 3,080
Non-current liabilities, valuation allowances and deferred taxes 127 209 (53)
(Gains) losses on disposals of assets (335) 25 182
Undistributed affiliates’ equity earnings (102) (423) (250)
(Increase) decrease in working capital 49 (4,232) 2,013
Other changes, net 115 (23) 188
Cash flow from operating activities 5,960 2,563 9,007
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,766) (4,222) (3,699)
Acquisitions of subsidiaries, net of cash acquired (1,627) (232) (251)
Investments in equity affiliates and other securities (419) (311) (481)
Increase in non-current loans (425) (568) (621)
Total expenditures (7,237) (5,333) (5,052)
Proceeds from disposals of intangible assets and property, plant and equipment 69 301 44
Proceeds from disposals of subsidiaries, net of cash sold 154 117 213
Proceeds from disposals of non-current investments 15 1 56
Repayment of non-current loans 310 109 181
Total divestments 548 528 494
Cash flow used in investing activities (6,689) (4,805) (4,558)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
– Parent company shareholders 492 - 521
– Treasury shares (1,707) (2,152) (2,007)
Dividends paid:
– Parent company shareholders (1,894) (1,851) (1,853)
– Non-controlling interests (173) (139) (127)
Net issuance (repayment) of perpetual subordinated notes – (1,139) (1,622)
Payments on perpetual subordinated notes (27) (128) (50)
Other transactions with non-controlling interests (31) (20) (19)
Net issuance (repayment) of non-current debt 257 3,431 4,319
Increase (decrease) in current borrowings (356) 150 (5,453)
Increase (decrease) in current financial assets and liabilities 1,287 718 (530)
Cash flow from (used in) financing activities (2,152) (1,130) (6,821)
Net increase (decrease) in cash and cash equivalents (2,881) (3,372) (2,372)
Effect of exchange rates 468 365 (57)
Cash and cash equivalents at the beginning of the period 22,837 25,844 25,640
Cash and cash equivalents at the end of the period 20,424 22,837 23,211




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Consolidated statement of cash flow – quarterly
2

2.9 Consolidated statement of changes in shareholders’ equity
TotalEnergies
(unaudited)

Common shares issued Paid-in Treasury shares Shareholders’
surplus and Currency equity – Non- Total
retained translation TotalEnergies controlling shareholders’
(M$) Number Amount earnings adjustment Number Amount Share interests equity
As of January 1, 2024 2,412,251,835 7,616 126,857 (13,701) (60,543,213) (4,019) 116,753 2,700 119,453
Net income of the first half 2024 – – 9,508 – – – 9,508 143 9,651
Other comprehensive income – – 1,210 (714) – – 496 (20) 476
Comprehensive Income – – 10,718 (714) – – 10,004 123 10,127
Dividend – – (3,929) – – – (3,929) (133) (4,062)
Issuance of common shares 10,833,187 29 492 – – – 521 – 521
Purchase of treasury shares – – – – (58,719,028) (4,513) (4,513) – (4,513)
Sale of treasury shares(a) – – (397) – 6,065,491 397 – – –
Share-based payments – – 356 – – – 356 – 356
Share cancellation (25,405,361) (68) (1,596) – 25,405,361 1,664 – – –
Net issuance (repayment) of
perpetual subordinated notes – – (1,679) – – – (1,679) – (1,679)
Payments on perpetual subordinated notes – – (135) – – – (135) – (135)
Other operations with
non-controlling interests – – – – – – – (36) (36)
Other items – – 1 – – – 1 (6) (5)
As of June 30, 2024 2,397,679,661 7,577 130,688 (14,415) (87,791,389) (6,471) 117,379 2,648 120,027
Net income of the second half 2024 – – 6,250 – – – 6,250 130 6,380
Other comprehensive income – – 1,226 (844) – – 382 (24) 358
Comprehensive Income – – 7,476 (844) – – 6,632 106 6,738
Dividend – – (3,827) – – – (3,827) (322) (4,149)
Issuance of common shares – – – – – – – – –
Purchase of treasury shares – – – – (61,744,204) (3,482) (3,482) – (3,482)
Sale of treasury shares(a) – – 2 – 5,775 (2) - – –
Share-based payments – – 200 – – – 200 – 200
Share cancellation – – 1 – – (1) - – –
Net issuance (repayment) of
perpetual subordinated notes – – 1,103 – – – 1,103 – 1,103
Payments on perpetual subordinated notes – – (137) – – – (137) – (137)
Other operations with
non-controlling interests – – – – – – – (31) (31)
Other items – – (10) – – – (10) (4) (14)
As of December 31, 2024 2,397,679,661 7,577 135,496 (15,259) (149,529,818) (9,956) 117,858 2,397 120,255
Net income of the first half 2025 – – 6,538 – – – 6,538 129 6,667
Other comprehensive income – – (474) 1,695 – – 1,221 61 1,282
Comprehensive Income – – 6,064 1,695 – – 7,759 190 7,949
Dividend – – (4,072) – – – (4,072) (178) (4,250)
Issuance of common shares 11,149,053 30 462 – – – 492 – 492
Purchase of treasury shares – – – – (62,261,210) (4,239) (4,239) – (4,239)
Sale of treasury shares(a) – – (414) – 6,214,595 414 – – –
Share-based payments – – 340 – – – 340 – 340
Share cancellation (127,622,460) (345) (8,397) – 127,622,460 8,622 (120) – (120)
Net issuance (repayment) of
perpetual subordinated notes – – (1,219) – – – (1,219) – (1,219)
Payments on perpetual subordinated notes – – (156) – – – (156) – (156)
Other operations with
non-controlling interests – – – – – – – (51) (51)
Other items – – (1) – – – (1) 2 1
As of June 30, 2025 2,281,206,254 7,262 128,103 (13,564) (77,953,973) (5,159) 116,642 2,360 119,002
(a) Treasury shares related to the performance share grants.




46-47
2.10 Notes to the Consolidated Financial Statements for the first
six months 2025 (unaudited)
1) Basis of preparation of the consolidated financial statements
The consolidated financial statements are prepared in accordance with preparation of the financial statements. They are reviewed on an on-
International Financial Reporting Standards (IFRS) as adopted by the going basis by General Management and therefore could be revised as
European Union and IFRS as published by the International Accounting circumstances change or as a result of new information.
Standards Board (IASB). The main estimates, judgments and assumptions relate to the estimation
The interim consolidated financial statements of TotalEnergies SE and its of hydrocarbon reserves in application of the successful efforts method
subsidiaries (the Company) as of June 30, 2025, are presented in U.S. for the oil and gas activities, asset impairments, employee benefits, asset
dollars and have been prepared in accordance with International retirement obligations and income taxes. These estimates and
Accounting Standard (IAS) 34 “Interim Financial Reporting”. assumptions are described in the Notes to the Consolidated Financial
The accounting principles applied for the consolidated financial Statements as of December 31, 2024.
statements at June 30, 2025, are consistent with those used for the Different estimates, assumptions and judgments could significantly affect
financial statements at December 31, 2024. the information reported, and actual results may differ from the amounts
The preparation of financial statements in accordance with IFRS for the included in the Consolidated Financial Statements and the Notes
closing as of June 30, 2025 requires the General Management to make thereto.
estimates, assumptions and judgments that affect the information Furthermore, when the accounting treatment of a specific transaction is
reported in the Consolidated Financial Statements and the Notes thereto. not addressed by any accounting standard or interpretation, the General
These estimates, assumptions and judgments are based on historical Management of the Company applies its judgment to define and apply
experience and other factors believed to be reasonable at the date of accounting policies that provide information consistent with the general
IFRS concepts: faithful representation, relevance and materiality.


2) Changes in the Company structure
2.1) MAIN ACQUISITIONS AND DIVESTMENTS
INTEGRATED POWER
In April 2, 2025, following the agreements signed in 2024, TotalEnergies finalized the acquisition of VSB Group, a European wind and solar developer
with extensive operations in Germany, for a consideration of €1.57 billion. VSB has built a recognized expertise and notable track record in the
development of onshore wind power farms across Europe (more than 2 GW of developed capacity). VSB has 500 MW of renewable capacity in operation
or under construction mainly in Germany and France, and a pipeline of more than 15 GW of wind, solar and battery storage technologies mainly across
Germany, Poland and France.


2.2) MAJOR BUSINESS COMBINATIONS
INTEGRATED LNG
Acquisition of the Upstream Gas Assets of SapuraOMV
In December 2024, TotalEnergies has finalized the acquisition of the interests of OMV (50%) and Sapura Upstream Assets (50%) in SapuraOMV
Upstream (SapuraOMV), an independent gas producer and operator in Malaisia. In accordance with IFRS 3 “Business combinations”, TotalEnergies is
assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. The preliminary purchase
price allocation is shown below:

(M$) At the acquisition date
Goodwill 440
Intangible assets 437
Tangible assets 1,022
Other assets and liabilities (486)
Net debt of the acquired treasury (224)
Fair value of the consideration transferred 1,189


INTEGRATED POWER
Acquisition of VSB Group
TotalEnergies finalized the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany. In accordance with
IFRS 3, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information.
This assessment will be finalized within 12 months following the acquisition date.




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Notes to the Consolidated Financial Statements for the first six months 2025
(unaudited)
2

2.3) MAJOR DIVESTMENT PROJECTS
EXPLORATION & PRODUCTION
On July 17, 2024, TotalEnergies announced that its subsidiary On May 29, 2025, TotalEnergies announced that its subsidiary
TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) TotalEnergies EP Nigeria (TEPNG) signed an agreement with Shell
with Chappal Energies for the sale of its 10% interest in the SPDC JV Nigeria Exploration and Production Company Ltd (SNEPCo) for the sale
licenses in Nigeria. of its non-operated 12.5% interest in the OML118 Production Sharing
As of June 30, 2025, the assets and liabilities are respectively classified Contract (PSC).
in the consolidated balance sheet as “Assets classified as held for sale” As of June 30, 2025, the assets and liabilities are respectively classified
for an amount of $1,224 million and “Liabilities classified as held for sale” in the consolidated balance sheet as “Assets classified as held for sale”
for an amount of $1,068 million. These assets mainly include tangible for an amount of $605 million and “Liabilities classified as held for sale”
assets. for an amount of $233 million. These assets mainly include tangible
assets.




48-49
3) Business segment information
DESCRIPTION OF THE BUSINESS SEGMENTS
Financial information by business segment is reported in accordance with – An Integrated LNG segment covering the integrated gas chain
the internal reporting system and shows internal segment information (including upstream and midstream LNG activities) as well as biogas,
that is used to manage and measure the performance of TotalEnergies hydrogen and gas trading activities;
and which is reviewed by the main operational decision-making body of – An Integrated Power segment covering generation, storage, electricity
TotalEnergies, namely the Executive Committee. trading and B2B-B2C distribution of gas and electricity;
The operational profit and assets are broken down by business segment – A Refining & Chemicals segment constituting a major industrial hub
prior to the consolidation and inter-segment adjustments. comprising the activities of refining, petrochemicals and specialty
Sales prices for transactions between business segments approximate chemicals. This segment also includes the activities of oil Supply,
market prices. Trading and marine Shipping;
– A Marketing & Services segment including the global activities of
The reporting structure for the business segments’ financial information is
supply and marketing in the field of petroleum products;
based on the following five business segments:
In addition the Corporate segment includes holdings operating and
– An Exploration & Production segment that encompasses the activities
financial activities.
of exploration and production of oil and natural gas, conducted in
about 50 countries;

DEFINITION OF THE INDICATORS
Adjusted Net Operating Income Accordingly, the adjusted results of the Refining & Chemicals and
TotalEnergies measures performance at the segment level on the basis Marketing & Services segments are presented according to the
of adjusted net operating income. Adjusted net operating income replacement cost method. This method is used to assess the segments’
comprises operating income of the relevant segment after deducting the performance and facilitate the comparability of the segments’
amortization and the depreciation of intangible assets other than mineral performance with those of its main competitors.
interest, translation adjustments and gains or losses on the sale of In the replacement cost method, which approximates the Last-In, First-
assets, as well as all other income and expenses related to capital Out (LIFO) method, the variation of inventory values in the statement of
employed (dividends from non-consolidated companies, income from income is, depending on the nature of the inventory, determined using
equity affiliates and capitalized interest expenses) and after income taxes either the month-end prices differential between one period and another
applicable to the above, excluding the effect of the adjustments describe or the average prices of the period rather than the historical value. The
below. inventory valuation effect is the difference between the results under the
The income and expenses not included in net operating income adjusted FIFO and the replacement cost method.
that are included in net income TotalEnergies share are interest (iii) Effect of changes in fair value
expenses related to net financial debt, after applicable income taxes (net The effect of changes in fair value presented as an adjustment item
cost of net debt), non-controlling interests, and the adjusted items. reflects for trading inventories and storage contracts, differences between
Adjustment items include: internal measures of performance used by TotalEnergies’ Executive
(i) Special items Committee and the accounting for these transactions under IFRS.

Due to their unusual nature or particular significance, certain transactions IFRS requires that trading inventories be recorded at their fair value using
qualifying as "special items" are excluded from the business segment period end spot prices. In order to best reflect the management of
figures. In general, special items relate to transactions that are significant, economic exposure through derivative transactions, internal indicators
infrequent or unusual. However, in certain instances, transactions such used to measure performance include valuations of trading inventories
as restructuring costs or assets disposals, which are not considered to be based on forward prices.
representative of the normal course of business, may qualify as special TotalEnergies, in its trading activities, enters into storage contracts,
items although they may have occurred in prior years or are likely to whose future effects are recorded at fair value in TotalEnergies’ internal
occur in following years. economic performance. IFRS precludes recognition of this fair value
(ii) The inventory valuation effect effect.

In accordance with IAS 2, TotalEnergies values inventories of petroleum Furthermore, TotalEnergies enters into derivative instruments to risk
products in its financial statements according to the First-in, First-Out manage certain operational contracts or assets. Under IFRS, these
(FIFO) method and other inventories using the weighted-average cost derivatives are recorded at fair value while the underlying operational
method. Under the FIFO method, the cost of inventory is based on the transactions are recorded as they occur. Internal indicators defer the fair
historic cost of acquisition or manufacture rather than the current value on derivatives to match with the transaction occurrence.
replacement cost. In volatile energy markets, this can have a significant
distorting effect on the reported income.




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Notes to the Consolidated Financial Statements for the first six months 2025
(unaudited)
2

3.1) INFORMATION BY BUSINESS SEGMENT

1st half 2025 Exploration & Integrated Integrated Refining & Marketing &
(M$) Production LNG Power Chemicals Services Corporate Intercompany Total
External sales 2,938 5,674 9,925 44,386 38,945 13 – 101,881
Intersegment sales 17,589 5,121 1,385 13,817 333 57 (38,302) -
Excise taxes – – – (366) (8,940) – – (9,306)
Revenues from sales 20,527 10,795 11,310 57,837 30,338 70 (38,302) 92,575
Operating expenses (8,377) (8,588) (10,664) (56,643) (29,125) (494) 38,302 (75,589)
Depreciation, depletion and impairment of
tangible assets and mineral interests (3,928) (788) (183) (859) (441) (57) – (6,256)
Net income (loss) from equity affiliates and
other items 191 1,143 384 (50) 103 (71) – 1,700
Tax on net operating income (4,121) (441) (100) (95) (266) 131 – (4,892)
Adjustments(a) (133) (214) (333) (500) (43) (45) – (1,268)
Adjusted net operating income 4,425 2,335 1,080 690 652 (376) – 8,806
Adjustments(a) (1,268)
Net cost of net debt (871)
Non-controlling interests (129)
Net income – TotalEnergies share 6,538
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.


The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated
LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.


1st half 2025 Exploration & Integrated Integrated Refining & Marketing &
(M$) Production LNG Power Chemicals Services Corporate Intercompany Total
Total expenditures 6,233 1,779 3,439 593 406 120 – 12,570
Total divestments 438 35 405 48 135 15 – 1,076
Cash flow from operating activities 6,941 2,282 400 (1,096) 1,196 (1,200) – 8,523




1st half 2024 Exploration & Integrated Integrated Refining & Marketing &
(M$) Production LNG Power Chemicals Services Corporate Intercompany Total
External sales 2,734 4,645 11,546 49,049 42,029 18 – 110,021
Intersegment sales 19,531 5,606 1,159 16,346 433 140 (43,215) -
Excise taxes – – – (378) (8,577) – – (8,955)
Revenues from sales 22,265 10,251 12,705 65,017 33,885 158 (43,215) 101,066
Operating expenses (9,113) (7,706) (12,071) (62,535) (32,697) (547) 43,215 (81,454)
Depreciation, depletion and impairment of
tangible assets and mineral interests (3,824) (631) (202) (792) (414) (55) – (5,918)
Net income (loss) from equity affiliates and
other items 238 1,021 (589) 55 1,396 56 – 2,177
Tax on net operating income (4,424) (535) (119) (315) (209) 32 – (5,570)
Adjustments(a) (75) 26 (1,389) (171) 1,327 (13) – (295)
Adjusted net operating income 5,217 2,374 1,113 1,601 634 (343) – 10,596
Adjustments(a) (295)
Net cost of net debt (650)
Non-controlling interests (143)
Net income – TotalEnergies share 9,508
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.


The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated
LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.


1st half 2024 Exploration & Integrated Integrated Refining & Marketing &
(M$) Production LNG Power Chemicals Services Corporate Intercompany Total
Total expenditures 4,991 1,409 2,508 878 403 68 – 10,257
Total divestments 455 79 323 165 1,203 7 – 2,232
Cash flow from operating activities 8,125 2,141 1,398 (588) 1,542 (1,442) – 11,176




50-51
2nd quarter 2025 Exploration & Integrated Integrated Refining & Marketing &
(M$) Production LNG Power Chemicals Services Corporate Intercompany Total
External sales 1,369 2,586 3,958 21,759 19,944 11 - 49,627
Intersegment sales 8,862 1,869 701 7,006 177 32 (18,647) -
Excise taxes - - - (254) (4,697) - - (4,951)
Revenues from sales 10,231 4,455 4,659 28,511 15,424 43 (18,647) 44,676
Operating expenses (4,577) (3,632) (4,479) (27,995) (14,751) (302) 18,647 (37,089)
Depreciation, depletion and impairment of
(1,978) (397) (108) (520) (224) (31) - (3,258)
tangible assets and mineral interests
Net income (loss) from equity affiliates and
other items 58 578 340 (42) 113 (35) - 1,012
Tax on net operating income (1,793) (166) (27) (12) (168) 57 - (2,109)
Adjustments(a) (33) (203) (189) (447) (18) (23) - (913)
Adjusted net operating income 1,974 1,041 574 389 412 (245) - 4,145
Adjustments(a) (913)
Net cost of net debt (486)
Non-controlling interests (59)
Net income – TotalEnergies share 2,687
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.


The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated
LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.


2nd quarter 2025 Exploration & Integrated Integrated Refining & Marketing &
(M$) Production LNG Power Chemicals Services Corporate Intercompany Total
Total expenditures 3,186 877 2,503 351 234 86 - 7,237
Total divestments 80 25 347 42 38 16 - 548
Cash flow from operating activities 3,675 539 799 887 628 (568) - 5,960




2nd quarter 2024 Exploration & Integrated Integrated Refining & Marketing &
(M$) Production LNG Power Chemicals Services Corporate Intercompany Total
External sales 1,416 1,986 4,464 24,516 21,358 3 – 53,743
Intersegment sales 9,796 2,111 369 8,203 164 77 (20,720) –
Excise taxes – – – (208) (4,352) – – (4,560)
Revenues from sales 11,212 4,097 4,833 32,511 17,170 80 (20,720) 49,183
Operating expenses (4,669) (2,922) (4,506) (31,647) (16,601) (318) 20,720 (39,943)
Depreciation, depletion and impairment of
tangible assets and mineral interests (1,907) (310) (105) (416) (208) (30) – (2,976)
Net income (loss) from equity affiliates and
other items 141 526 26 (13) (84) 29 – 625
Tax on net operating income (2,163) (251) (79) (60) (101) (23) – (2,677)
Adjustments (a) (53) (12) (333) (264) (203) (9) – (874)
Adjusted net operating income 2,667 1,152 502 639 379 (253) – 5,086
Adjustments (a) (874)
Net cost of net debt (365)
Non-controlling interests (60)
Net income – TotalEnergies share 3,787
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.


The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated
LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.


2nd quarter 2024 Exploration & Integrated Integrated Refining & Marketing &
(M$) Production LNG Power Chemicals Services Corporate Intercompany Total
Total expenditures 2,697 844 769 443 259 40 – 5,052
Total divestments 149 29 261 127 (78) 6 – 494
Cash flow from operating activities 4,535 431 1,647 1,541 1,650 (797) – 9,007




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Notes to the Consolidated Financial Statements for the first six months 2025
(unaudited)
2

3.2) ADJUSTMENT ITEMS
The main adjustement items for 2025 are the following: 3. “Asset impairment and provisions charges” of $(209) million in net
1. An “Inventory valuation effect” amounting to $(347) million in net operating income mainly consisting of impairment and provision
operating income for the Refining & Chemicals and Marketing & related to the adaptation project of the Antwerp platform for the
Services segments; Refining & Chemicals segment;

2. An “Effect of changes in fair value” amounting to $(438) million in net 4. “Other items” amounted to $(274) million in net operating income
operating income for the Integrated LNG and Integrated Power notably related to the impacts of the Energy Profits Levy in the United
segments; Kingdom on deferred tax.

The detail of the adjustment items is presented in the table below.


Adjustments to Net Operating Income

Exploration Integrated Integrated Refining & Marketing &
(M$) & Production LNG Power Chemicals Services Corporate Total
2nd quarter 2025 Inventory valuation effect – – – (251) (18) – (269)
Effect of changes in fair value – (107) (176) – – – (283)
Restructuring charges – – – – – – –
Asset impairment and
provisions charges – – (13) (196) – – (209)
Gains (losses) on disposals of
assets – – – – – – –
Other items (33) (96) – – – (23) (152)
Total (33) (203) (189) (447) (18) (23) (913)
2nd quarter 2024 Inventory valuation effect – – – (263) (64) – (327)
Effect of changes in fair value – (12) (279) – – – (291)
Restructuring charges – – (11) – – – (11)
Asset impairment and
provisions charges – – – – – – –
Gains (losses) on disposals of
assets – – 29 – (139) – (110)
Other items (53) – (72) (1) – (9) (135)
Total (53) (12) (333) (264) (203) (9) (874)
1st half 2025 Inventory valuation effect – – – (304) (43) – (347)
Effect of changes in fair value – (118) (320) – – – (438)
Restructuring charges – – – – – – –
Asset impairment and
provisions charges – – (13) (196) – – (209)
Gains (losses) on disposals of
assets – – – – – – –
Other items (133) (96) – – – (45) (274)
Total (133) (214) (333) (500) (43) (45) (1,268)
1st half 2024 Inventory valuation effect – – – (170) (50) – (220)
Effect of changes in fair value – 26 (637) – – – (611)
Restructuring charges – – (11) – – – (11)
Asset impairment and
provisions charges – – (644) – – – (644)
Gains (losses) on disposals of
assets (9) – 29 – 1,377 – 1,397
Other items (66) – (126) (1) – (13) (206)
Total (75) 26 (1,389) (171) 1,327 (13) (295)




52-53
4) Shareholders’ equity
TREASURY SHARES (TotalEnergies shares held directly by TotalEnergies SE)
December 31, 2024 June 30, 2025
Number of treasury shares 149,529,818 77,953,973
Percentage of share capital 6.24% 3.42%


At its meeting on February 4, 2025, the Board of Directors decided, following the authorization of the Extraordinary Shareholder’s Meeting held on May 25, 2022,
to cancel 127,622,460 treasury shares bought back between October 27, 2023 and November 19, 2024.

DIVIDEND
The Shareholder’s Meeting of May 23, 2025 approved the distribution of an ordinary dividend at €3.22 per share. The final dividend for fiscal year 2024
was paid according to the following timetable :

Dividend 2024 First interim Second interim Third interim Final
Amount €0.79 €0.79 €0.79 €0.85
Set date April 25, 2024 July 24, 2024 October 30, 2024 May 23, 2025
Ex-dividend date September 25, 2024 January 2, 2025 March 26, 2025 June 19, 2025
Payment date October 1, 2024 January 6, 2025 April 1, 2025 July 1, 2025


The Board of Directors, at its meeting on April 29, 2025, set the first Furthermore, the Board of Directors, at its meeting on July 23, 2025, set
interim dividend for the fiscal year 2025 at €0.85 per share. The ex- the second interim dividend for the fiscal year 2025 at €0.85 per share,
dividend date of this interim dividend will be October 1, 2025 and it will be i.e. an amount equal to the aforementioned first interim dividend. The ex-
paid in cash on October 3, 2025. dividend date of this interim dividend will be December 31, 2025 and it
will be paid in cash on January 5, 2026.


Dividend 2025 First interim Second interim
Amount €0.85 €0.85
Set date April 29, 2025 July 23, 2025
Ex-dividend date October 1, 2025 December 31, 2025
Payment date October 3, 2025 January 5, 2026


EARNINGS PER SHARE IN EURO
Earnings per share in Euro, calculated from the earnings per share in amounted to €1.01 per share for the 2nd quarter 2025 (€1.60 per share for
U.S. dollars converted at the average Euro/USD exchange rate for the the 1st quarter 2025 and €1.51 per share for the 2nd quarter 2024).
period, amounted to €1.03 per share for the 2nd quarter 2025 (€1.61 per Earnings per share are calculated after remuneration of perpetual
share for the 1st quarter 2025 and €1.51 per share for the 2nd quarter subordinated notes.
2024). Diluted earnings per share calculated using the same method

PERPETUAL SUBORDINATED NOTES
TotalEnergies SE has not issued any perpetual subordinated notes In February 2025, TotalEnergies SE has redeemed the outstanding
during the first six months of 2025. nominal amount of €1,082 million of perpetual subordinated notes
carrying a coupon of 2.625%, issued in February 2015, on their first call
date.




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Notes to the Consolidated Financial Statements for the first six months 2025
(unaudited)
2

OTHER COMPREHENSIVE INCOME
Detail of other comprehensive income is presented in the table below:

(M$) 1st half 2025 1st half 2024
Actuarial gains and losses 16 20
Change in fair value of investments in equity instruments 64 143
Tax effect (19) (19)
Currency translation adjustment generated by the parent company 8,690 (2,189)
Sub-total items not potentially reclassifiable to profit and loss 8,751 (2,045)
Currency translation adjustment (6,709) 1,622
Unrealized gain/(loss) of the period (6,708) 1,634
Less gain/(loss) included in net income 1 12
Cash flow hedge (668) 1,400
Unrealized gain/(loss) of the period (1,000) 1,346
Less gain/(loss) included in net income (332) (54)
Variation of foreign currency basis spread 19 (15)
Unrealized gain/(loss) of the period 12 (6)
Less gain/(loss) included in net income (7) 9
Share of other comprehensive income of equity affiliates, net amount (274) (114)
Unrealized gain/(loss) of the period (268) (103)
Less gain/(loss) included in net income 6 11
Other 7 –
Tax effect 156 (372)
Sub-total items potentially reclassifiable to profit and loss (7,469) 2,521
Total other comprehensive income, net amount 1,282 476


Tax effects relating to each component of other comprehensive income are as follows:

1st half 2025 1st half 2024
Pre-tax Pre-tax
(M$) amount Tax effect Net amount amount Tax effect Net amount
Actuarial gains and losses 16 (5) 11 20 12 32
Change in fair value of investments in equity
instruments 64 (14) 50 143 (31) 112
Currency translation adjustment generated by the
parent company 8,690 – 8,690 (2,189) – (2,189)
Sub-total items not potentially reclassifiable to
profit and loss 8,770 (19) 8,751 (2,026) (19) (2,045)
Currency translation adjustment (6,709) – (6,709) 1,622 – 1,622
Cash flow hedge (668) 163 (505) 1,400 (376) 1,024
Variation of foreign currency basis spread 19 (7) 12 (15) 4 (11)
Share of other comprehensive income of equity
affiliates, net amount (274) – (274) (114) – (114)
Other 7 – 7 – – –
Sub-total items potentially reclassifiable to profit
and loss (7,625) 156 (7,469) 2,893 (372) 2,521
Total other comprehensive income 1,145 137 1,282 867 (391) 476




54-55
5) Financial debt
The Company has issued senior bonds across three tranches in the Euro – 1,100 million euros at 3.647% issued by TotalEnergies Capital
markets on February 24th, 2025 with a settlement date on March 3rd, International and maturing in July 2035;
2025: – 900 million euros at 4.060% issued by TotalEnergies Capital
– 1,000 million euros at 3.160% issued by TotalEnergies Capital International and maturing in July 2040.
International and maturing in March 2033; The Company has redeemed three senior bonds during the first six
– 850 million euros at 3.499% issued by TotalEnergies Capital months of 2025:
International and maturing in March 2037; – 1,000 million dollars at 2.434% bond issued by TotalEnergies Capital
– 1,300 million euros at 3.852% issued by TotalEnergies Capital International in 2019 and maturing in January 2025;
International and maturing in March 2045. – 850 million euros at 1.375% bond issued by TotalEnergies Capital
The Company has issued senior bonds across three tranches in the Euro International in 2014 and maturing in March 2025;
markets on June 24th, 2025 with a settlement date on July 1st, 2025: – 1,000 million Hong Kong dollars at 2.920% bond issued by
– 1,000 million euros at 3.075% issued by TotalEnergies Capital TotalEnergies Capital International in 2014 and maturing in April 2025.
International and maturing in July 2031;


6) Related parties
The related parties are mainly equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related
parties during the first six months of 2025.


7) Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, Justice, while strucking out 17 of the 22 applicants as well as declining to
risks or contingent liabilities that could have a material impact on the awards any provisional measures. TotalEnergies SE considers that it has
assets and liabilities, results, financial position or operations of the fulfilled its obligations under the French law on the vigilance duty. A new
TotalEnergies company, other than those mentioned below. action against the Corporation, with similar requests for injunction, has
started in March 2024 before the commercial court of Tournai in Belgium.
YEMEN
Some associations in France brought civil and criminal actions against
In Yemen, the deterioration of security conditions in the vicinity of the TotalEnergies SE, with the purpose of proving that since May 2021 –
Balhaf site caused the company Yemen LNG, in which the TotalEnergies after the change of name of TotalEnergies – the Corporation’s corporate
company holds a stake of 39.62%, to stop its commercial production and communication and its publicity campaign contain environmental claims
export of LNG and to declare force majeure to its various stakeholders in that are either false or misleading for the consumer. TotalEnergies
2015. The plant has been put in preservation mode. considers that these accusations are unfounded.
In France, on July 4, 2023, nine shareholders (two companies and 7
MOZAMBIQUE
individuals holding a small number of the Corporation's shares) brought
Considering the evolution of the security situation in the north of the Cabo an action against the Corporation before the Nanterre Commercial Court,
Delgado province in Mozambique, the TotalEnergies company has seeking the annulment of resolution no. 3 passed by the Corporation's
confirmed on April 26, 2021, the withdrawal of all Mozambique LNG Annual Shareholders’ Meeting on May 26, 2023, recording the results for
project personnel from the Afungi site. This situation led the Company, as fiscal year 2022 and setting the amount of the dividend to be distributed
operator of Mozambique LNG project, to declare force majeure. for fiscal year 2022. The plaintiffs essentially allege an insufficient
provision for impairment of TotalEnergies's assets in the financial
LEGAL AND ARBITRATION PROCEEDINGS
statements for the fiscal year 2022, due to the insufficient consideration
– Disputes relating to Climate of future risks and costs related to the consequences of greenhouse gas
In France, TotalEnergies SE was summoned in January 2020 before emissions emitted by its customers (scope 3) and carbon cost
Nanterre’s Civil Court of Justice by certain associations and local assumptions presented as too low. The Corporation considers this action
communities in order to oblige the Company to complete its Vigilance to be unfounded.
Plan, by identifying in detail risks relating to a global warming above 1.5 In the United States, several US subsidiaries of TotalEnergies were
°C, as well as indicating the expected amount of future greenhouse gas summoned, amongst many companies and professional associations, in
emissions related to the Company's activities and its product utilization by several "climate litigation" cases, seeking to establish legal liability for
third parties and in order to obtain an injunction ordering the Corporation past greenhouse gas emissions, and to compensate plaintiff public
to cease exploration and exploitation of new oil or gas fields, to reduce its authorities, in particular for resulting adaptation costs. The Corporation,
oil and gas production by 2030 and 2050, and to reduce its net direct which was initially summoned in some of these claims along with these
and indirect CO2 emissions by 40% in 2040 compared with 2019. This subsidiaries, is no longer named in these proceedings. The Company
action was declared inadmissible on July 6, 2023, by the Paris Civil Court considers that the courts lack jurisdiction, that it has many arguments to
of Justice to which the case was transferred following a new procedural put forward, and considers also that the past and present behavior of the
law. Following the appeal filed by the claimants, the Paris Court of Company does not constitute a fault susceptible to give rise to liability.
Appeal, in a judgment of June 18, 2024, considered the action initiated
admissible in particular on the basis of the law on the duty of vigilance
transferring the case for trial on the merits before the Paris Civil Court of




Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Notes to the Consolidated Financial Statements for the first six months 2025
(unaudited)
2

– Mozambique – Kazakhstan
In France, victims and heirs of deceased persons filed a complaint On April 1st, 2024, the Republic of Kazakhstan filed a Statement of
against TotalEnergies SE in October 2023 with the Nanterre Prosecutor, Claims in the context of an arbitration involving TotalEnergies EP
following the events perpetrated by terrorists in the city of Palma in March Kazakhstan and its partners under the production sharing contract related
2021. This complaint would allege that the Corporation is liable for to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners
“unvoluntary manslaughter” and “failure to assist people in danger”. The consider this action to be unfounded. Therefore, it is not possible at this
Corporation considers these accusations as unfounded in both law date to reliably assess the potential consequences of this claim,
and fact(1). particularly financial ones, nor the date of their implementation.




8) Subsequent events
There are no post-balance sheet events that could have a material impact on the Company’s financial statements.




(1) Refer to the press release published by the Company on October 11, 2023 contesting the accusations.



56-57
Chapter 2 / Consolidated Financial Statements as of June 30, 2025 / Notes to the Consolidated Financial Statements for the first six months 2025
(unaudited)
TotalEnergies SE Financial Report first half 2025
Registered office: Published in July 2025
2, place Jean Millier – La Défense 6 Produced by Acolad France
92400 Courbevoie – France


Reception:
+33 (0)1 47 44 45 46
Investor Relations:
+33 (0)1 47 44 46 46
Individual Shareholders Relations:
0800 039 039 from France
+33 (0) 1 47 44 24 02 from other countries


Share capital:
€5,703,015,635
542 051 180 RCS Nanterre