Totalenergies Se (TTE) filed its latest earnings report on July 23, 2026; detailed figures from it will appear here once available. The most recent complete reporting period is H2 2025. Revenue was $99.31B, down 5.0% year-over-year — its 3rd straight H2 of decline. Net income was $6.69B (up 4.9%) and EPS was $2.96 (up 9.6%). Source: SEC filing.
When does TTE report earnings next?
Totalenergies Se has not announced its next earnings date. It last reported on July 23, 2026. The Earnings Watcher sends a free email alert the day it files.
What were TTE's latest earnings results?
Totalenergies Se (TTE) filed its latest earnings report on July 23, 2026; detailed figures from it will appear here once available. The most recent complete reporting period is H2 2025. Revenue was $99.31B, down 5.0% year-over-year — its 3rd straight H2 of decline. Net income was $6.69B (up 4.9%) and EPS was $2.96 (up 9.6%).
Where can I read TTE's full earnings report?
The full earnings release, as filed with the SEC on July 23, 2026, is available on this page below the summary.
Exhibit 99.1
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this exhibit are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE.
The financial and extra-financial information on pages 1-24 of this exhibit relating to TotalEnergies with respect to the second quarter of 2026 and six months ended June 30, 2026 has been derived from TotalEnergies’ unaudited consolidated balance sheets as of June 30, 2026, unaudited statements of income, comprehensive income, cash flow and business segment information for the second quarter of 2026 and six months ended June 30, 2026 and unaudited consolidated statements of changes in shareholders’ equity for the six months ended June 30, 2026 on pages 26 et seq. of this exhibit.
The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TotalEnergies’ audited consolidated financial statements and related notes, provided in TotalEnergies’ Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 27, 2026.
| A. | KEY FIGURES |
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars, | 1H26 | 1H25 | vs | |
| 1Q26 | except earnings per share and number of shares | 1H25 | |||||
61,771 | 54,163 | +14% | 49,627 | Sales | 115,934 | 101,881 | +14% | |
5,438 |
| 5,810 | -6% | 2,687 | Net income (TotalEnergies share) | 11,248 | 6,538 | +72% |
13,179 | 12,552 | +5% | 9,690 | Adjusted EBITDA (1) | 25,731 | 20,194 | +27% | |
6,871 |
| 6,300 | +9% | 4,390 | Adjusted net operating income (2) from business segments | 13,171 | 9,182 | +43% |
3,231 |
| 2,576 | +25% | 1,974 | Exploration & Production | 5,807 | 4,425 | +31% |
807 |
| 1,318 | -39% | 1,041 | Integrated LNG | 2,125 | 2,335 | -9% |
533 | 545 | -2% | 574 | Integrated Power | 1,078 | 1,080 | - | |
1,800 | 1,599 | +13% | 389 | Refining & Chemicals | 3,399 | 690 | x4.9 | |
500 |
| 262 | +91% | 412 | Marketing & Services | 762 | 652 | +17% |
6,027 |
| 5,394 | +12% | 3,578 | Adjusted net income (1) (TotalEnergies share) | 11,421 | 7,770 | +47% |
2.41 |
| 2.64 | - | 1.17 | Fully-diluted earnings per shares ($) | 5.06 | 2.85 | - |
2,216 |
| 2,164 | +2% | 2,224 | Fully-diluted weighted-average shares (millions) | 2,187 | 2,236 | -2% |
3,276 |
| 4,312 | -24% | 6,689 | Cash flow used in investing activities | 7,588 | 11,494 | -34% |
4,694 |
| 4,650 | +1% | 4,819 | Organic investments (1) | 9,344 | 9,320 | - |
(1,247) |
| (172) | ns | 1,813 | Acquisitions net of assets sales(1) | (1,419) | 2,233 | ns |
3,447 | 4,478 | -23% | 6,632 | Net investments (1) | 7,925 | 11,553 | -31% | |
10,858 | 3,361 | x3.2 | 5,960 | Cash flow from operating activities | 14,219 | 8,523 | +67% | |
9,804 |
| 8,576 | +14% | 6,618 | Cash flow from operations excluding working capital (CFFO) (1) | 18,380 | 13,610 | +35% |
10,188 | 8,979 | +13% | 6,943 | Debt Adjusted Cash Flow (DACF) (1) | 19,167 | 14,220 | +35% | |
Gearing(1) of 13.1% at June 30, 2026 vs. 15.5% at March 31, 2026 and 17.9% at June 30, 2025. | ||||||||
| (1) | Adjusted EBITDA, adjusted net income, organic investments, acquisitions net of assets sales, net investments, cash flow from operations excluding working capital (CFFO), debt adjusted cash flow (DACF) and gearing are non-GAAP financial measures. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables. |
| (2) | Detail of adjustment items shown in the business segment information starting on page 40. |
Key figures of environment, greenhouse gas emissions (GHG) and production
Environment – liquids and gas price realizations, refining margins
| 2Q26 | | 1H26 | |||||
2Q26 | 1Q26 | vs | 2Q25 | 1H26 | 1H25 | vs | ||
1Q26 | 1H25 | |||||||
103.8 |
| 81.1 | +28% | 67.9 | Brent ($/b) | 92.3 | 71.9 | +28% |
2.9 |
| 3.5 | -17% | 3.5 | Henry Hub ($/Mbtu) | 3.2 | 3.7 | -14% |
15.6 |
| 13.7 | +14% | 11.9 | TTF ($/Mbtu)(1) | 14.7 | 13.2 | +11% |
17.5 |
| 14.1 | +24% | 12.2 | JKM ($/Mbtu)(2) | 15.8 | 13.1 | +20% |
91.6 |
| 73.7 | +24% | 65.6 | Average price of liquids (3), (4) ($/b) | 82.2 | 68.7 | +20% |
5.55 |
| 5.59 | -1% | 5.63 | Average price of gas (3), (5) ($/Mbtu) | 5.57 | 6.13 | -9% |
10.20 |
| 8.48 | +20% | 9.10 | Average price of LNG (3), (6) ($/Mbtu) | 9.29 | 9.55 | -3% |
13.5 |
| 11.4 | +19% | 4.7 | European Refining Margin (ERM) (3), (7) ($/t) | 12.4 | 4.3 | x2.9 |
| (1) | TTF (Title Transfer Facility) is a virtual trading point in the Netherlands for transferring rights in respect of physical gas. It is the most liquid and widely used price benchmark for the natural gas markets in Europe. TTF is operated by Gasunie Transport Services (GTS), the owner and operator of the national transmission network in the Netherlands. It is traded in €/MWh. |
| (2) | JKM (Japan-Korea Marker) measures the prices of spot liquid natural gas (LNG) trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time. |
| (3) | Does not include oil, gas and LNG trading activities, respectively. |
| (4) | Sales in $ / Sales in volume for consolidated affiliates. |
| (5) | Sales in $ / Sales in volume for consolidated affiliates. |
| (6) | Sales in $ / Sales in volume for consolidated and equity affiliates. |
| (7) | This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. |
Greenhouse gas emissions (GHG)(1)
2Q26 | | 1Q26 | 2Q26 | 2Q25 | Scope 1+2 emissions (2) (MtCO2e) | 1H26 | 1H25 | 1H26 |
7.3 |
| 7.9 | -8% | 8.0 | Scope 1+2 from operated perimeter(3) | 15.1 | 16.4 | -8% |
6.4 |
| 6.9 | -7% | 7.1 | of which Oil & Gas | 13.2 | 14.3 | -8% |
0.9 |
| 1.0 | -10% | 0.9 | of which CCGT | 1.9 | 2.1 | -10% |
10.2 |
| 10.4 | -2% | 10.6 | Scope 1+2 - ESRS perimeter (3) | 20.6 | 21.7 | -5% |
Estimated quarterly emissions.
| (1) | The seven greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the most recent IPCC report. HFCs, PFCs, SF6 and NF3 are virtually absent from the Company’s emissions and are not accounted for by the Company. |
| (2) | Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting for climate change-related indicators and indirect emissions resulting from the production of electricity, steam, heat or cooling, purchased or acquired, and consumed by the sites or activities included in the scope of reporting for climate change-related indicators, net from potential energy sales, excluding purchased industrial gases (H2). If not stated otherwise, TotalEnergies reports Scope 2 GHG emissions according to the market-based method defined by the GHG Protocol. |
| (3) | Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables. |
2Q26 | | 1Q26 | 2Q26 | 2Q25 | Methane emissions (ktCH4) | 1H26 | 1H25 | 1H26 |
4 |
| 4 | - | 6 | Methane emissions from operated perimeter (1) | 8 | 11 | -27% |
Estimated quarterly emissions.
(1) | Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables. |
First half of 2026 Scope 3(1) Category 11 emissions are estimated at 163 Mt CO2e.
1 If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the higher of the two production volumes or sales for end use. The highest point for each value chain for the year 2026 will be determined with regard to the achievement over the whole year, with TotalEnergies providing estimates as the quarters progress. A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both consumers and business customers that use final products, and with IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities.
Production*
| 2Q26 | | 1H26 | |||||
2Q26 | 1Q26 | vs | 2Q25 | Hydrocarbon production | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
2,395 |
| 2,553 | -6% | 2,503 | Hydrocarbon production (kboe/d) | 2,474 | 2,531 | -2% |
1,298 |
| 1,326 | -2% | 1,343 | Oil (including bitumen) (kb/d) | 1,312 | 1,349 | -3% |
1,097 | 1,227 | -11% | 1,160 | Gas (including condensates and associated NGL) (kboe/d) | 1,162 | 1,182 | -2% | |
2,395 | 2,553 | -6% | 2,503 | Hydrocarbon production (kboe/d) | 2,474 | 2,531 | -2% | |
1,410 | 1,481 | -5% | 1,506 | Liquids (kb/d) | 1,445 | 1,511 | -4% | |
5,330 | 5,799 | -8% | 5,395 | Gas (Mcf/d) | 5,563 | 5,524 | +1% |
* | Company production = Exploration & Production production + Integrated LNG production. |
Hydrocarbon production was 2,395 thousand barrels of oil equivalent per day in the second quarter of 2026, down 4% year‑on‑year, due to the following:
| ● | +4% from project start‑up and ramp‑up of projects, including Mero‑3, Mero‑4 and Lapa SW in Brazil, Anchor and Ballymore in the United States, Begonia and Clov Phase 3 in Angola and Mabruk in Libya, |
| ● | +3% due to improved plant availability, |
| ● | -1% due to pricing effect, |
| ● | -2% due to the natural decline of fields, |
| ● | -8% due to the impact of the conflict in the Middle East. |
Excluding the impact of the conflict in the Middle East, production was up more than 4% year-on-year, driven by the ramp-up and start-up of new projects and improved facility availability.
B.ANALYSIS OF BUSINESS SEGMENT RESULTS
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
Management presents adjusted financial indicators to assist investors in better understanding, in conjunction with the Company’s financial results presented in accordance with IFRS, the economic performance of the Company. Adjustment items are of three types: inventory valuation effect, effect of changes in fair value, and special items.
The inventory valuation effect: in accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.
Effect of changes in fair value: the effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect. Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
Special items: due to their unusual nature or particular significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.
TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from nonconsolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments described below.
The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices for transactions between business segments approximate market prices.
The reporting structure for the business segments’ financial information is based on the following five business segments:
- | An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, as well as carbon storage activities, conducted in about 50 countries; |
- | An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities), biogas and synthetic methane activities, gas trading, as well as, from January 1, 2026, the LNG bunkering activity previously reported within the Marketing & Services segment; |
- | An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity; |
- | A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil supply, trading and marine shipping, as well as hydrogen activities; |
- | A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products. |
In addition, the Corporate segment includes holdings operating and financial activities.
B.1 Exploration & Production
1. Production
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | Hydrocarbon production | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
1,845 |
| 1,948 | -5% | 1,956 | EP (kboe/d) | 1,896 | 1,966 | -4% |
1,342 |
| 1,408 | -5% | 1,437 | Liquids (kb/d) | 1,375 | 1,440 | -4% |
2,668 |
| 2,863 | -7% | 2,767 | Gas (Mcf/d) | 2,765 | 2,807 | -1% |
2. Results
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars, except effective tax rate | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
3,231 |
| 2,576 | +25% | 1,974 | Adjusted net operating income (1) | 5,807 | 4,425 | +31% |
137 |
| 139 | -1% | 176 | including adjusted income from equity affiliates | 276 | 326 | -15% |
45.4% | 49.5% | - | 50.1% | Effective tax rate (2) | 47.3% | 49.7% | - | |
1,822 |
| 2,398 | -24% | 3,106 | Cash flow used in investing activities | 4,220 | 5,795 | -27% |
2,231 |
| 2,724 | -18% | 3,053 | Organic investments | 4,955 | 5,737 | -14% |
(348) |
| (227) | ns | 162 | Acquisitions net of assets sales | (575) | 278 | ns |
1,883 |
| 2,497 | -25% | 3,215 | Net investments | 4,380 | 6,015 | -27% |
5,546 |
| 2,969 | +87% | 3,675 | Cash flow from operating activities | 8,515 | 6,941 | +23% |
5,777 |
| 4,564 | +27% | 3,760 | Cash flow from operations excluding working capital (CFFO) | 10,341 | 8,051 | +28% |
(1) | Detail of adjustment items shown in the business segment information starting on page 40. |
(2) | Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
In the second quarter of 2026, Exploration & Production:
| ● | adjusted net operating income was $3,231 million, up 25% in the quarter, reflecting in particular the increase in the average selling price of liquids (+$17.9/b compared to the first quarter of 2026, vs 22.7 $/b for Brent, reflecting a larger off-take schedule at the end of the quarter in a bearish oil market) affected by the effects of accounting for production not lifted, |
| ● | cash flow from operating activities was $5,546 million, up 87% in the quarter, and |
| ● | cash flow from operations excluding working capital (CFFO) was $5,777 million, up 27% in the quarter, for the same reasons stated above. |
B.2 Integrated LNG
1.Production
2Q26 | 1H26 | |||||||
2Q26 | | 1Q26 | vs | 2Q25 | Hydrocarbon production for LNG | 1H26 | 1H25 | vs |
1Q26 | 1H25 | |||||||
550 |
| 605 | -9% | 547 | Integrated LNG (kboe/d) | 578 | 565 | +2% |
68 | 73 | -8% | 69 | Liquids (kb/d) | 70 | 71 | -1% | |
2,662 |
| 2,936 | -9% | 2,628 | Gas (Mcf/d) | 2,798 | 2,717 | +3% |
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | Liquefied Natural Gas in Mt | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
10.7 |
| 12.4 | -13% | 10.6 | Overall LNG sales | 23.1 | 21.2 | +9% |
3.9 |
| 4.1 | -6% | 3.9 | Incl. Sales from equity production* | 8.0 | 7.9 | +1% |
9.8 |
| 10.9 | -10% | 9.4 | Incl. Sales by TotalEnergies from equity production and third party purchases | 20.7 | 18.8 | +10% |
| * | The Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
Hydrocarbon production for LNG decreased by 9% quarter-to-quarter, mainly due to shut-in production in Qatar related to the Middle East conflict.
2. Results
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars, except average price of LNG | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
10.20 |
| 8.48 | +20% | 9.10 | Average price of LNG ($/Mbtu)(1) | 9.29 | 9.55 | -3% |
807 |
| 1,318 | -39% | 1,041 | Adjusted net operating income(2) | 2,125 | 2,335 | -9% |
705 |
| 431 | +64% | 513 | including adjusted income from equity affiliates | 1,136 | 1,048 | +8% |
910 |
| 498 | +83% | 852 | Cash flow used in investing activities | 1,408 | 1,744 | -19% |
908 |
| 410 | x2.2 | 743 | Organic investments | 1,318 | 1,495 | -12% |
4 |
| 92 | -96% | 110 | Acquisitions net of assets sales | 96 | 250 | -62% |
912 |
| 502 | +82% | 853 | Net investments | 1,414 | 1,745 | -19% |
2,137 |
| (1,120) | ns | 539 | Cash flow from operating activities | 1,017 | 2,282 | -55% |
833 |
| 1,785 | -53% | 1,159 | Cash flow from operations excluding working capital (CFFO) | 2,618 | 2,408 | +9% |
| (1) | Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. |
| (2) | Detail of adjustment items shown in the business segment information starting on page 40. |
In the second quarter of 2026, Integrated LNG:
| ● | adjusted net operating income was $807 million significantly lower quarter-on-quarter, impacted by the underperformance of gas trading activities in an overall flat, and even bearish, European market, whereas the segment outperformed in the first quarter, |
| ● | cash flow from operating activities was $2,137 million, and |
| ● | cash flow from operations excluding working capital (CFFO) was $833 million, for the same reasons stated above. |
B.3 Integrated Power
1. Productions, capacities, clients and sales
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | Integrated Power | 1H26 | 1H25 | vs | |
| 1Q26 | 1H25 | ||||||
14.8 |
| 11.7 | +26% | 11.6 | Net power production (TWh) (1) | 26.4 | 22.9 | +16% |
9.6 |
| 8.2 | +18% | 8.4 | o/w power production from renewables | 17.8 | 15.2 | +17% |
5.2 |
| 3.5 | +47% | 3.2 | o/w power production from gas flexible capacities | 8.7 | 7.7 | +12% |
33.4 |
| 26.8 | +24% | 24.0 | Portfolio of power generation net installed capacity (GW) (2) | 33.4 | 24.0 | +39% |
21.1 |
| 19.8 | +7% | 17.4 | o/w renewables | 21.1 | 17.4 | +21% |
12.2 |
| 7.0 | +74% | 6.5 | o/w power production from gas flexible capacities | 12.2 | 6.5 | +88% |
105.8 |
| 109.7 | -4% | 104.1 | Portfolio of renewable power generation gross capacity (GW) (2), (3) | 105.8 | 104.1 | +2% |
37.4 |
| 35.6 | +5% | 30.2 | o/w installed capacity | 37.4 | 30.2 | +24% |
6.1 |
| 6.1 | - | 6.0 | Clients power – BtB and BtC (Million) (2) | 6.1 | 6.0 | +2% |
2.7 |
| 2.7 | - | 2.7 | Clients gas – BtB and BtC (Million) (2) | 2.7 | 2.7 | -2% |
11.6 |
| 15.2 | -23% | 10.5 | Sales power – BtB and BtC (TWh) | 26.8 | 25.0 | +7% |
14.5 |
| 31.5 | -54% | 14.9 | Sales gas – BtB and BtC (TWh) | 46.0 | 50.6 | -9% |
(1) | Solar, wind, hydroelectric and gas flexible capacities. |
(2) | End of period data. |
(3) | Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity. |
Net electricity production was 14.8 TWh, up 28% year-on-year, driven by an increase of nearly 15% in generation from renewable sources, reflecting growth in installed capacity, and by a 2 TWh increase in production from flexible gas-fired capacity resulting notably from the completion of the transaction with EPH.
Gross installed renewable electricity generation capacity reached 37.4 GW at the end of the second quarter of 2026, representing nearly 8 GW of additional capacity year‑on‑year.
Results
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars | 1H26 | 1H25 | vs | |
| 1Q26 | 1H25 | ||||||
533 |
| 545 | -2% | 574 | Adjusted net operating income(1) | 1,078 | 1,080 | - |
168 |
| 52 | x3.2 | 22 | including adjusted income from equity affiliates | 220 | 66 | x3.3 |
63 |
| 683 | -91% | 2,156 | Cash flow used in investing activities | 746 | 3,034 | -75% |
920 |
| 823 | +12% | 421 | Organic investments | 1,743 | 1,066 | +63% |
(749) |
| (77) | ns | 1,568 | Acquisitions net of assets sales | (826) | 1,806 | ns |
171 |
| 746 | -77% | 1,989 | Net investments | 917 | 2,872 | -68% |
(239) |
| (145) | ns | 799 | Cash flow from operating activities | (384) | 400 | ns |
721 |
| 574 | +26% | 562 | Cash flow from operations excluding working capital (CFFO) | 1,295 | 1,159 | +12% |
(1) | Detail of adjustment items shown in the business segment information starting on page 40. |
In the second quarter of 2026, Integrated Power:
| ● | adjusted net operating income was $533 million, in line with the first quarter of 2026, |
| ● | cash flow from operating activities was $(239) million; and |
| ● | cash flow from operations excluding working capital (CFFO) was $721 million, supported by the contribution, in line with expectations, of EPH assets since the closing of the transaction on April 29, 2026. It breaks down between production activities, including renewables and gas-fired power plants, for around 60%, and marketing activities, including B2B, B2C and trading, for around 40%. |
B.4 Downstream (Refining & Chemicals and Marketing & Services)
1. Results
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
2,300 |
| 1,861 | +24% | 801 | Adjusted net operating income(1) | 4,161 | 1,342 | x3.1 |
384 |
| 693 | -45% | 505 | Cash flow used in investing activities | 1,077 | 816 | +32% |
540 |
| 654 | -17% | 532 | Organic investments | 1,194 | 918 | +30% |
(156) |
| 39 | ns | (27) | Acquisitions net of assets sales | (117) | (102) | ns |
384 |
| 693 | -45% | 505 | Net investments | 1,077 | 816 | +32% |
4,114 |
| 2,632 | +56% | 1,515 | Cash flow from operating activities | 6,746 | 100 | x67.5 |
2,877 |
| 2,136 | +35% | 1,483 | Cash flow from operations excluding working capital (CFFO) | 5,013 | 2,600 | +93% |
(1)Detail of adjustment items shown in the business segment information starting on page 40.
B.5 Refining & Chemicals
1. Refinery and petrochemicals throughput and utilization rates
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | Refinery throughput and utilization rate | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
1,426 |
| 1,624 | -12% | 1,589 | Total refinery throughput (kb/d) | 1,524 | 1,569 | -3% |
354 |
| 462 | -23% | 463 | France | 408 | 449 | -9% |
684 |
| 677 | +1% | 632 | Rest of Europe | 680 | 629 | +8% |
389 |
| 485 | -20% | 494 | Rest of world | 436 | 491 | -11% |
80% | 92% | 90% | Utilization rate based on crude only* | 86% | 89% | - |
* | Based on distillation capacity at the beginning of the year. |
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | Petrochemicals production and utilization rate | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
1,100 |
| 1,183 | -7% | 1,164 | Monomers* (kt) | 2,283 | 2,414 | -5% |
1,165 |
| 1,159 | - | 1,127 | Polymers (kt) | 2,324 | 2,300 | +1% |
71% | 74% | 74% | Steam cracker utilization rate** | 73% | 76% | - |
* | Olefins. |
** | Based on olefins production from steam crackers and their treatment capacity at the start of the year. |
Refinery throughput was down 12% quarter-on-quarter, notably due to the deliberate decision to maximize distillates production given the higher margins. It was also impacted by the planned shutdown at Donges in France, the events in early April that affected the SATORP refinery in Saudi Arabia which has reached 70% of its nominal capacity since beginning of May and an unplanned shutdown in June of Port Arthur refinery in the United States caused by a tropical storm.
2. Results
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars, except ERM | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
13.5 |
| 11.4 | +19% | 4.7 | European Refining Margin Marker (ERM) ($/b)(1) | 12.4 | 4.3 | x2.9 |
1,800 |
| 1,599 | +13% | 389 | Adjusted net operating income(2) | 3,399 | 690 | x4.9 |
365 |
| 593 | -38% | 309 | Cash flow used in investing activities | 958 | 545 | 76% |
366 |
| 518 | -29% | 333 | Organic investments | 884 | 569 | +55% |
(1) |
| 75 | ns | (24) | Acquisitions net of assets sales | 74 | (24) | ns |
365 |
| 593 | -38% | 309 | Net investments | 958 | 545 | +76% |
3,565 |
| 1,564 | x2.3 | 887 | Cash flow from operating activities | 3,746 | 1,405 | x2.7 |
2,030 |
| 1,716 | +18% | 772 | Cash flow from operations excluding working capital (CFFO) | 5,129 | (1,096) | ns |
(1) | This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities. |
(2) | Detail of adjustment items shown in the business segment information starting on page 40. |
In the second quarter of 2026, Refining & Chemicals:
| ● | adjusted net operating income was $1,800 million for the quarter, demonstrating the segment’s ability to capture higher refining and petrochemical margins, in a context where oil trading results were at the same strong level as the first quarter, |
| ● | cash flow from operating activities was $3,565 million, and |
| ● | cash flow from operations excluding working capital (CFFO) was $2,030 million, for the same reasons stated above. |
B.6 Marketing & Services
1. Petroleum product sales
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | Sales in kb/d* | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
1,213 |
| 1,206 | +1% | 1,324 | Total Marketing & Services sales | 1,210 | 1,295 | -7% |
732 |
| 686 | +7% | 790 | Europe | 709 | 753 | -6% |
481 |
| 520 | -8% | 534 | Rest of world | 501 | 543 | -8% |
| * | Excludes trading and bulk refining sales. |
Sales of petroleum products were down 8% compared to the second quarter of 2025, reflecting in particular the sale of the retail network in Burkina Faso in West Africa, and a drop in demand related to higher prices.
2. Results
| 2Q26 | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
500 |
| 262 | +91% | 412 | Adjusted net operating income (1) | 762 | 652 | +17% |
19 |
| 100 | -81% | 196 | Cash flow used in investing activities | 119 | 271 | -56% |
174 |
| 136 | +28% | 199 | Organic investments | 310 | 349 | -11% |
(155) |
| (36) | ns | (3) | Acquisitions net of assets sales | (191) | (78) | ns |
19 |
| 100 | -81% | 196 | Net investments | 119 | 271 | -56% |
549 |
| 1,068 | -49% | 628 | Cash flow from operating activities | 1,617 | 1,196 | +35% |
847 |
| 420 | x2 | 711 | Cash flow from operations excluding working capital (CFFO) | 1,267 | 1,195 | +6% |
(1)Detail of adjustment items shown in the business segment information starting on page 40.
In the second quarter of 2026, Marketing & Services:
| ● | adjusted net operating income was $500 million in the quarter, driven by the positive impact of the seasonality in Europe, and up 21% year-on-year reflecting higher unit margins, |
| ● | cash flow from operating activities was $549 million, and |
| ● | cash flow from operations excluding working capital (CFFO) was $847 million in the second quarter of 2026, up 19% year-on-year, for the same reasons stated above. |
C.TOTALENERGIES RESULTS
1. Net income (TotalEnergies share)
Net income (TotalEnergies share) was $5,438 million in the second quarter of 2026 compared to $5,810 million in the first quarter of 2026 and $2,687 million in the second quarter of 2025.
Adjusted net income (TotalEnergies share) was $6,027 million in the second quarter of 2026 compared to $5,394 million in the first quarter of 2026.
Adjusted net income excludes the after-tax inventory effect, non-recurring items and effects of changes in fair-value.
Adjusting items to net income were ($0.6) billion in the second quarter of 2026, consisting mainly of ($0.4) in changes in inventories and fair value effects and restructuring charges.
2. Fully-diluted shares and share buybacks
As of June 30, 2026, the number of diluted shares was 2,245 million.
TotalEnergies repurchased1 the following:
| ● | 16.9 million shares in the second quarter of 2026 for an amount of $1.5 billion, and |
| ● | 26.3 million shares in the first half of 2026 for an amount of $2.25 billion. |
3. Acquisitions - asset sales
Acquisitions were $141 million in the second quarter of 2026, primarily related to the redetermination of ownership interests in the Johan Sverdrup field in Norway.
Divestments were $1,388 million in the second quarter of 2026, mainly reflecting the disposal of the non-operated interest in the Marjoram gas field in Malaysia, the farm-down transactions on battery storage projects in Germany and the divestment of non-core activities in Gas Renewables and Power and Marketing & Services.
4. Cash flow
TotalEnergies’ cash flow from operating activities was $10,858 million in the second quarter of 2026, corresponding to cash flow from operations excluding working capital (CFFO) of $9,804 million, taking into account the $1.2 billion decrease in working capital, mainly reflecting the impact of the decrease in hydrocarbon prices at the end of the quarter, particularly on inventories.
The change in working capital was a decrease of $1,663 million in the second quarter of 2026 in accordance with IFRS. The difference of $609 million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $506 million, (ii) less the mark-to-market effect of Integrated LNG’s and Integrated Power’s contracts of $4 million, (iii) plus the capital gains from the renewables project sale of $50 million and (iv) plus the organic loan repayments from equity affiliates of $57 million.
The change in working capital, as determined using the replacement cost method excluding the mark-to-market effect of Integrated LNG and Integrated Power’s contracts, including capital gain from renewable project sales and including organic loan repayment from equity affiliates, was a decrease of $1,054 million in the second quarter of 2026, compared to an increase of $5,215 million in the first quarter of 2026.
TotalEnergies’ net cash flow2 was $6,357 million in the second quarter of 2026 compared to $4,098 million in the previous quarter, considering the $1,228 million increase in cash flow from operations excluding working capital (CFFO), combined with a $1,031 million reduction in net investments over the quarter.
1 Net of fees and taxes, including coverage of employees share grant plans.
2 Net cash flow is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables.
D.PROFITABILITY
Return on equity was 15.9% for the twelve months ended June 30, 2026.
| July 1, 2025 | April 1, 2025 | July 1, 2024 | |
In millions of dollars | June 30, 2026 | March 31, 2026 | June 30, 2025 | |
Adjusted net income (TotalEnergies share) |
| 19,477 | 17,043 | 16,535 |
Average adjusted shareholders’ equity |
| 122,739 | 118,641 | 117,441 |
Return on equity (ROE) |
| 15.9% | 14.4% | 14.1% |
Return on average capital employed (ROACE)4 was 13.9% for the twelve months ended June 30, 2026.
| July 1, 2025 | April 1, 2025 | July 1, 2024 | |
In millions of dollars | June 30, 2026 | March 31, 2026 | June 30, 2025 | |
Adjusted net operating income |
| 21,608 | 19,158 | 18,184 |
Average capital employed |
| 155,138 | 151,105 | 146,456 |
ROACE |
| 13.9% | 12.7% | 12.4% |
E.Annual 2026 Sensitivities*
| ||||
Estimated impact | Estimated impact | |||
Change | on adjusted net | on cash flow | ||
operating income | from operations | |||
Dollar |
| +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
Average liquids price** |
| +/- 10$/b | +/- 2.3 B$ | +/- 2.8 B$ |
European gas price – TTF |
| +/- 2 $/Mbtu | +/- 0.4 B$ | +/- 0.4 B$ |
European Refining Margin Marker (ERM) |
| +/- 1 $/b | +/- 0.3 B$ | +/- 0.4 B$ |
| * | Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2026. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. |
** | In a 60-70 $/b Brent environment. |
F.SUMMARY AND OUTLOOK
Oil prices navigate above $80/b at the start of the third quarter, in very volatile markets reacting to the evolution of the security situation in the Strait of Hormuz.
Global refining margins are at historically high levels in an unprecedented context combining unavailability of Russian refining capacity, the disruption of the supply from the Middle East to Asian refineries and global inventories at historical lows.
European gas prices on the forward markets are around $16-$20/Mbtu in the third quarter, in a context where inventories in Europe are low and need to recover before the winter season. Continuing tensions in the Middle East, their impact on LNG production in Qatar (close to 20% of world market) and competition between LNG demand in Europe and Asia should support prices in the coming months. 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 above $11.5/Mbtu in the third quarter of 2026.
Excluding the impact of the conflict in the Middle East, third-quarter production is expected to grow in line with the guidance of 3% annual growth compared to 2025. In the Middle East, the impact of the conflict is estimated between 5% and 10% of the Company's total production due to the ramp-up and gradual restart of production in the region. However, the situation remains very volatile, and the level of production and effective lifting remains conditional on the ability to export through the Strait of Hormuz.
The refinery utilization rate is expected to be between 80% and 85% in the third quarter, taking into account the SATORP capacity reduction in Saudi Arabia, which runs since early May at 70% of its nominal capacity, and should return to its nominal capacity at the end of the third quarter of 2026.
The Company confirms its planned investments for the year for a net amount of $15 billion over 2026, in line with the annual guidance.
3 ROACE is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to (i) the financial condition, results of operations, business activities and strategy of TotalEnergies and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks, and (ii) oil and gas price predictions (including LNG), estimated production growth, expected utilization rates, anticipated cash flow contribution and capacity from EPH, and anticipated net investments. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies SE, including with respect to climate change and carbon neutrality. An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies.
These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “commits”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They are uncertain and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, changes in the geopolitical environment, including the impact of tariffs and trade disputes, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, pandemics and other risk factors described from time to time in the Corporation regulatory filings, including its Universal Registration Document filed with the French Autorité des Marchés Financiers, its Annual Report on Form 20 F filed with the SEC and its other reports filed or furnished with the SEC. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Future interim or final annual dividends payments beyond the interim dividend payable on January 5th, 2027 (or January 22nd, 2027, for holders on the U.S. register) have not yet, respectively, been decided by the Board of Directors or approved by shareholders at a General Meeting. Management’s expectations with respect to such future dividends are “forward-looking statements” and are non-binding. The Board of Directors retains full discretion to decide to distribute an interim dividend and to set the amount and date of the distribution and decide on the dividend to be submitted for approval by shareholders at a General Meeting, based on a number of factors, including TotalEnergies’ financial results, balance sheet strength, cash and liquidity requirements, future prospects, commodity prices, and other factors deemed relevant by the Board.
Readers are cautioned not to consider forward-looking statements as certain, but as an expression of the Corporation’s views only as of the date this document is published.
TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Corporation has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document.
The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the SEC.
Additionally, the developments of climate change and other environmental or social-related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including disclosures on climate change and other environmental or social-related issues, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes or under applicable securities law.
OPERATING INFORMATION BY SEGMENT
Company’s production (Exploration & Production + Integrated LNG)
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | Combined liquids and gas | 1H26 | 1H25 | vs | |
1Q26 | production by region (kboe/d) | | 1H25 | |||||
517 | 570 | -9% | 522 | Europe |
| 544 | 547 | -1% |
414 | 431 | -4% | 424 | Africa |
| 423 | 424 | - |
671 | 777 | -14% | 850 | Middle East and North Africa |
| 723 | 849 | -15% |
513 | 487 | +5% | 436 | Americas |
| 500 | 430 | +16% |
280 | 288 | -3% | 271 | Asia-Pacific |
| 284 | 281 | +1% |
2,395 | 2,553 | -6% | 2,503 | Total production |
| 2,474 | 2,531 | -2% |
375 | 356 | +5% | 374 | includes equity affiliates |
| 365 | 382 | -4% |
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | Liquids production by region (kb/d) | 1H26 | 1H25 | vs | |
1Q26 | | 1H25 | ||||||
202 | 209 | -3% | 203 | Europe |
| 205 | 209 | -2% |
286 | 299 | -4% | 309 | Africa |
| 292 | 310 | -6% |
537 | 615 | -13% | 673 | Middle East and North Africa |
| 576 | 677 | -15% |
283 | 259 | +9% | 217 | Americas |
| 271 | 210 | +29% |
102 | 99 | +3% | 104 | Asia-Pacific |
| 101 | 105 | -4% |
1,410 | 1,481 | -5% | 1,506 | Total production |
| 1,445 | 1,511 | -4% |
120 | 131 | -8% | 158 | includes equity affiliates |
| 126 | 161 | -22% |
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | Gas production by region (Mcf/d) | 1H26 | 1H25 | vs | |
1Q26 | | 1H25 | ||||||
1,693 | 1,944 | -13% | 1,720 | Europe |
| 1,818 | 1,819 | - |
656 | 670 | -2% | 579 | Africa |
| 663 | 573 | +16% |
736 | 884 | -17% | 973 | Middle East and North Africa |
| 810 | 947 | -14% |
1,275 | 1,263 | +1% | 1,214 | Americas |
| 1,268 | 1,225 | +4% |
970 | 1,038 | -7% | 909 | Asia-Pacific |
| 1,004 | 960 | +5% |
5,330 | 5,799 | -8% | 5,395 | Total production |
| 5,563 | 5,524 | +1% |
1,374 | 1,222 | +12% | 1,173 | includes equity affiliates |
| 1,298 | 1,205 | +8% |
Downstream (Refining & Chemicals and Marketing & Services)
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | Petroleum product sales by region (kb/d) | 1H26 | 1H25 | vs | |
1Q26 | | 1H25 | ||||||
1,704 | 1,766 | -3% | 1,904 | Europe |
| 1,739 | 1,790 | -3% |
445 | 531 | -16% | 616 | Africa |
| 489 | 617 | -21% |
1,141 | 1,134 | +1% | 1,057 | Americas |
| 1,143 | 1,065 | +7% |
721 | 986 | -27% | 856 | Rest of world |
| 857 | 901 | -5% |
4,011 | 4,416 | -9% | 4,432 | Total consolidated sales |
| 4,228 | 4,373 | -3% |
343 | 361 | -5% | 379 | Includes bulk sales |
| 352 | 362 | -3% |
2,455 | 2,849 | -14% | 2,729 | Includes trading |
| 2,666 | 2,716 | -2% |
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | Petrochemicals production* (kt) | 1H26 | 1H25 | vs | |
1Q26 | | 1H25 | ||||||
1,030 | 989 | +4% | 832 | Europe |
| 2,019 | 1,816 | +11% |
734 | 676 | +9% | 750 | Americas |
| 1,410 | 1,444 | -2% |
501 | 677 | -26% | 709 | Middle East and Asia |
| 1,178 | 1,454 | -19% |
* | Olefins, polymers. |
INTEGRATED POWER
Net power production
| 2Q26 |
| 1Q26 | |||||||||||
| Onshore | Offshore | | Onshore | Offshore | |||||||||
Net power production (TWh) | Solar | Wind | Wind | Gas | Others | Total | Solar | Wind | Wind | Gas | Others | Total | ||
France |
| 0.3 | 0.2 | – | 0.6 | 0.0 | 1.2 |
| 0.2 | 0.4 | – | 1.2 | 0.0 | 1.7 |
Rest of Europe |
| 0.2 | 0.4 | 0.2 | 2.7 | 0.4 | 3.9 |
| 0.1 | 0.6 | 0.4 | 1.5 | 0.1 | 2.6 |
Africa |
| 0.0 | – | – | – | 0.1 | 0.1 |
| 0.0 | – | – | – | 0.1 | 0.2 |
Middle East |
| 0.4 | – | – | 0.3 | – | 0.7 |
| 0.2 | – | – | 0.2 | – | 0.4 |
North America |
| 1.3 | 0.6 | – | 1.4 | – | 3.4 |
| 0.9 | 0.6 | – | 0.7 | – | 2.2 |
South America |
| 0.1 | 1.0 | – | – | – | 1.1 |
| 0.2 | 0.9 | – | – | – | 1.0 |
India |
| 3.1 | 0.7 | – | – | – | 3.8 |
| 2.8 | 0.3 | – | – | – | 3.1 |
Asia-Pacific |
| 0.4 | 0.0 | 0.1 | – | – | 0.5 |
| 0.3 | 0.0 | 0.2 | – | – | 0.5 |
Total |
| 5.9 | 2.9 | 0.3 | 5.2 | 0.5 | 14.8 |
| 4.7 | 2.7 | 0.6 | 3.5 | 0.2 | 11.7 |
Installed power generation net capacity
| 2Q26 |
| 1Q26 | |||||||||||
| Onshore | Offshore | | Onshore | Offshore | |||||||||
Installed power generation net capacity (GW) (1) | Solar | Wind | Wind | Gas | Others | Total | Solar | Wind | Wind | Gas | Others | Total | ||
France |
| 0.8 | 0.6 | 0.0 | 2.7 | 0.2 | 4.3 |
| 0.8 | 0.6 | – | 2.7 | 0.2 | 4.2 |
Rest of Europe |
| 0.8 | 1.1 | 0.3 | 7.3 | 0.4 | 9.8 |
| 0.6 | 1.0 | 0.3 | 2.1 | 0.1 | 4.1 |
Africa |
| 0.1 | – | – | – | 0.1 | 0.2 |
| 0.1 | – | – | – | 0.1 | 0.2 |
Middle East |
| 0.6 | – | – | 0.3 | – | 1.0 |
| 0.7 | – | – | 0.3 | – | 1.0 |
North America |
| 3.1 | 0.9 | – | 2.0 | 0.5 | 6.5 |
| 3.1 | 0.9 | – | 2.0 | 0.5 | 6.5 |
South America |
| 0.9 | 1.2 | – | – | – | 2.1 |
| 0.5 | 1.2 | – | – | – | 1.7 |
India |
| 7.2 | 0.7 | – | – | 0.3 | 8.1 |
| 7.0 | 0.6 | – | – | 0.1 | 7.7 |
Asia-Pacific |
| 1.2 | 0.0 | 0.2 | – | – | 1.4 |
| 1.2 | 0.0 | 0.2 | – | – | 1.4 |
Total |
| 14.8 | 4.4 | 0.5 | 12.2 | 1.5 | 33.4 |
| 14.0 | 4.3 | 0.5 | 7.0 | 1.1 | 26.8 |
(1)End - of - period data.
Power generation gross capacity from renewables
| 2Q26 |
| 1Q26 | |||||||||
| Onshore | Offshore | | Onshore | Offshore | |||||||
Installed power generation gross capacity from renewables (GW) (1), (2) | Solar | Wind | Wind | Other | Total | Solar | Wind | Wind | Other | Total | ||
France |
| 1.4 | 0.9 | 0.0 | 0.2 | 2.5 |
| 1.3 | 0.9 | 0.0 | 0.2 | 2.4 |
Rest of Europe |
| 0.9 | 1.8 | 1.1 | 0.5 | 4.4 |
| 0.7 | 1.7 | 1.1 | 0.3 | 3.8 |
Africa |
| 0.4 | 0.0 | 0.0 | 0.4 | 0.7 |
| 0.3 | 0.0 | 0.0 | 0.4 | 0.7 |
Middle East |
| 1.6 | 0.0 | 0.0 | 0.0 | 1.6 |
| 1.6 | 0.0 | 0.0 | 0.0 | 1.6 |
North America |
| 7.8 | 2.3 | 0.0 | 1.2 | 11.3 |
| 7.8 | 2.3 | 0.0 | 1.2 | 11.3 |
South America |
| 1.2 | 1.9 | 0.0 | 0.0 | 3.0 |
| 0.6 | 1.8 | 0.0 | 0.0 | 2.4 |
India |
| 10.3 | 0.7 | 0.0 | 0.3 | 11.2 |
| 10.1 | 0.7 | 0.0 | 0.1 | 10.8 |
Asia-Pacific |
| 1.9 | 0.0 | 0.6 | 0.0 | 2.6 |
| 1.9 | 0.0 | 0.6 | 0.0 | 2.5 |
Total |
| 25.4 | 7.6 | 1.8 | 2.5 | 37.4 |
| 24.3 | 7.4 | 1.8 | 2.1 | 35.6 |
| 2Q26 |
| 1Q26 | |||||||||
| Onshore | Offshore | | Onshore | Offshore | |||||||
Power generation gross capacity from renewables in construction (GW) (1), (2) | Solar | Wind | Wind | Other | Total | Solar | Wind | Wind | Other | Total | ||
France |
| 0.1 | 0.1 | 0.0 | 0.0 | 0.3 |
| 0.1 | 0.1 | 0.0 | 0.0 | 0.3 |
Rest of Europe |
| 0.7 | 0.1 | 0.8 | 0.7 | 2.3 |
| 0.9 | 0.1 | 0.8 | 0.4 | 2.1 |
Africa |
| 0.2 | 0.2 | 0.0 | 0.0 | 0.3 |
| 0.2 | 0.2 | 0.0 | 0.0 | 0.4 |
Middle East |
| 1.3 | 0.2 | 0.0 | 0.0 | 1.5 |
| 1.4 | 0.2 | 0.0 | 0.0 | 1.7 |
North America |
| 1.8 | 0.4 | 0.0 | 0.3 | 2.5 |
| 0.8 | 0.1 | 0.0 | 0.3 | 1.2 |
South America |
| 0.7 | 0.8 | 0.0 | 0.3 | 1.7 |
| 1.1 | 0.3 | 0.0 | 0.3 | 1.7 |
India |
| 0.3 | 0.0 | 0.0 | 0.0 | 0.3 |
| 0.3 | 0.0 | 0.0 | 0.0 | 0.3 |
Asia-Pacific |
| 0.5 | 0.0 | 0.0 | 0.0 | 0.5 |
| 0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
Total |
| 5.6 | 1.8 | 0.8 | 1.3 | 9.6 |
| 4.9 | 1.0 | 0.8 | 1.0 | 7.7 |
2Q26 | 1Q26 | |||||||||||
| Onshore | Offshore | | Onshore | Offshore | |||||||
Power generation gross capacity from renewables in development (GW) (1), (2) | Solar | Wind | Wind | Other | Total | Solar | Wind | Wind | Other | Total | ||
France | 0.9 | 0.5 | 1.5 | 0.0 | 2.8 | 0.8 | 0.5 | 1.5 | 0.0 | 2.8 | ||
Rest of Europe |
| 3.7 | 1.9 | 14.3 | 4.3 | 24.3 |
| 5.2 | 2.0 | 14.3 | 4.2 | 25.7 |
Africa |
| 1.1 | 0.5 | 0.0 | 0.0 | 1.6 |
| 1.1 | 0.5 | 0.0 | 0.0 | 1.6 |
Middle East |
| 0.8 | 0.0 | 0.0 | 0.0 | 0.8 |
| 1.2 | 0.0 | 0.0 | 0.0 | 1.2 |
North America |
| 10.8 | 3.1 | 0.0 | 4.9 | 18.8 |
| 10.8 | 3.7 | 4.1 | 5.0 | 23.6 |
South America |
| 0.7 | 1.0 | 0.0 | 0.0 | 1.8 |
| 0.7 | 1.7 | 0.0 | 0.0 | 2.5 |
India |
| 1.4 | 0.0 | 0.0 | 0.0 | 1.4 |
| 1.5 | 0.0 | 0.0 | 0.0 | 1.5 |
Asia-Pacific |
| 2.6 | 1.1 | 2.6 | 1.1 | 7.3 |
| 2.7 | 1.1 | 2.6 | 1.1 | 7.5 |
Total |
| 21.9 | 8.1 | 18.4 | 10.4 | 58.8 |
| 23.9 | 9.6 | 22.5 | 10.3 | 66.4 |
(1) | End-of-period data. |
(2) | Includes 17.25% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos. |
ADJUSTMENT ITEMS TO NET INCOME (TOTALENERGIES SHARE)
| 1Q26 | 2Q25 | In millions of dollars | | 1H26 | 1H25 |
5,438 | 5,810 | 2,687 | Net income (TotalEnergies share) |
| 11,248 | 6,538 |
(268) | (1,031) | (340) | Special items affecting net income (TotalEnergies share) |
| (1,299) | (448) |
(17) | 252 | – | Gain (loss) on asset sales |
| 235 | – |
(30) | (22) | – | Restructuring charges |
| (52) | – |
– | (1,148) | (209) | Impairments |
| (1,148) | (209) |
(221) | (113) | (131) | Other |
| (334) | (239) |
(290) | 1,507 | (268) | After-tax inventory effect : FIFO vs. replacement cost |
| 1,217 | (346) |
(31) | (60) | (283) | Effect of changes in fair value |
| (91) | (438) |
(589) | 416 | (891) | Total adjustments affecting net income |
| (173) | (1,232) |
6,027 | 5,394 | 3,578 | Adjusted net income (TotalEnergies share) |
| 11,421 | 7,770 |
RECONCILIATION OF NET INCOME (TOTALENERGIES SHARE) TO ADJUSTED EBITDA
2Q26 | | 1H26 | ||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars | 1H26 | 1H25 | vs | |
1Q26 | 1H25 | |||||||
5,438 | 5,810 | -6% | 2,687 | Net income (TotalEnergies share) |
| 11,248 | 6,538 | +72% |
589 | (416) | ns | 891 | Less: adjustment items to net income (TotalEnergies share) |
| 173 | 1,232 | -86% |
6,027 | 5,394 | +12% | 3,578 | Adjusted net income (TotalEnergies share) |
| 11,421 | 7,770 | +47% |
Adjusted items | ||||||||
45 | 78 | -42% | 60 | Add: non-controlling interests |
| 123 | 130 | -5% |
3,365 | 3,324 | +1% | 2,328 | Add: income taxes |
| 6,689 | 5,033 | +33% |
3,075 | 3,097 | -1% | 3,106 | Add: depreciation, depletion and impairment of tangible assets and mineral interests |
| 6,172 | 6,104 | +1% |
95 | 90 | +6% | 96 | Add: amortization and impairment of intangible assets |
| 185 | 179 | +3% |
817 | 791 | +3% | 816 | Add: financial interest on debt |
| 1,608 | 1,541 | +4% |
(245) | (222) | ns | (294) | Less: financial income and expense from cash & cash equivalents |
| (467) | (563) | ns |
13,179 | 12,552 | +5% | 9,690 | Adjusted EBITDA |
| 25,731 | 20,194 | +27% |
RECONCILIATION OF REVENUES FROM SALES TO ADJUSTED EBITDA AND NET INCOME (TOTALENERGIES SHARE)
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars | 1H26 | 1H25 | vs | |
1Q26 | | 1H25 | ||||||
Adjusted items | ||||||||
57,334 | 49,516 | +16% | 44,676 | Revenues from sales |
| 106,850 | 92,575 | +15% |
(37,734) | (29,119) | ns | (28,533) | Purchases, net of inventory variation |
| (66,853) | (59,096) | ns |
(7,954) | (8,563) | ns | (7,588) | Other operating expenses |
| (16,517) | (15,130) | ns |
(95) | (133) | ns | (97) | Exploration costs |
| (228) | (178) | ns |
338 | 185 | +83% | 544 | Other income |
| 523 | 791 | -34% |
(164) | (114) | ns | (233) | Other expense, excluding amortization and impairment of intangible assets |
| (278) | (449) | ns |
482 | 294 | +64% | 422 | Other financial income |
| 776 | 716 | +8% |
(184) | (223) | ns | (203) | Other financial expense |
| (407) | (452) | ns |
1,156 | 709 | +63% | 702 | Net income (loss) from equity affiliates |
| 1,865 | 1,417 | +32% |
13,179 | 12,552 | +5% | 9,690 | Adjusted EBITDA |
| 25,731 | 20,194 | +27% |
| Adjusted items | |||||||
(3,075) | (3,097) | ns | (3,106) | Less: depreciation, depletion and impairment of tangible assets and mineral interests |
| (6,172) | (6,104) | ns |
(95) | (90) | ns | (96) | Less: amortization of intangible assets |
| (185) | (179) | ns |
(817) | (791) | ns | (816) | Less: financial interest on debt |
| (1,608) | (1,541) | ns |
245 | 222 | +10% | 294 | Add: financial income and expense from cash & cash equivalents |
| 467 | 563 | -17% |
(3,365) | (3,324) | ns | (2,328) | Less: income taxes | (6,689) | (5,033) | ns | |
(45) | (78) | ns | (60) | Less: non-controlling interests | (123) | (130) | ns | |
(589) | 416 | ns | (891) | Add: adjustment - TotalEnergies share |
| (173) | (1,232) | ns |
5,438 | 5,810 | -6% | 2,687 | Net income - TotalEnergies share |
| 11,248 | 6,538 | +72% |
INVESTMENTS – DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: (TOTALENERGIES SHARE)
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars | 1H26 | 1H25 | vs | |
1Q26 | | 1H25 | ||||||
3,276 | 4,312 | -24% | 6,689 | Cash flow used in investing activities (a)* | 7,588 | 11,494 | -34% | |
- | - | ns | - | Other transactions with non-controlling interests (b) | - | - | ns | |
57 | 49 | +16% | 54 | Organic loan repayment from equity affiliates (c) | 106 | 60 | +77% | |
50 | 14 | x3.6 | (221) | Change in debt from renewable projects financing (d) ** | 64 | (221) | ns | |
63 | 75 | -16% | 90 | Capex linked to capitalized leasing contracts (e) | 138 | 198 | -30% | |
1 | 28 | -96% | 20 | Expenditures related to carbon credits (f) | 29 | 22 | +32% | |
3,447 | 4,478 | -23% | 6,632 | Net investments (a + b + c + d + e + f = g - i + h) | 7,925 | 11,553 | -31% | |
(1,247) | (172) | ns | 1,813 | of which acquisitions net of assets sales (g-i) | (1,419) | 2,233 | ns | |
141 | 392 | -64% | 2,106 | Acquisitions (g) | 533 | 2,942 | -82% | |
1,388 | 564 | x2.5 | 293 | Asset sales (i) | 1,952 | 709 | x2.8 | |
68 | (18) | ns | 67 | Change in debt from renewable projects (partner share) | 50 | 67 | -25% | |
4,694 | 4,650 | +1% | 4,819 | of which organic investments (h) | 9,344 | 9,320 | - | |
88 | 73 | +20% | 37 | Capitalized exploration | 162 | 148 | +9% | |
452 | 301 | +50% | 425 | Increase in non-current loans | 753 | 993 | -24% | |
(1,017) | (276) | ns | (256) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (1,293) | (359) | ns | |
118 | (4) | ns | (154) | Change in debt from renewable projects (TotalEnergies share) | 114 | (154) | ns |
* Cash flows used in investing activities do not include increases in property, plant and equipment arising from Apache’s carry arrangement on the GranMorgu project in offshore Block 58 in Suriname, which resulted in specific supplier financing recognised as financial debt. These increases amounted to $218 million in the first quarter of 2026, $153 million in the second quarter of 2026 and $371 million in the first half of 2026. Payments to these suppliers are classified as financing cash flows.
** Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: EXPLORATION & PRODUCTION
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | | 1H26 | 1H25 | vs |
2Q25 | 1H25 | |||||||
1,822 | 2,398 | 3,106 | -41% | Cash flow used in investing activities (a) * | 4,220 | 5,795 | -27% | |
- | - | - | 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 | |
60 | 71 | 89 | -33% | Capex linked to capitalized leasing contracts (e) | 131 | 198 | -34% | |
1 | 28 | 20 | -95% | Expenditures related to carbon credits (f) | 29 | 22 | 32% | |
1,883 | 2,497 | 3,215 | -41% | Net investments (a + b + c + d + e + f = g - i + h) | 4,380 | 6,015 | -27% | |
(348) | (227) | 162 | ns | of which acquisitions net of assets sales (g-i) | (575) | 278 | ns | |
105 | 222 | 193 | -46% | Acquisitions (g) | 327 | 638 | -49% | |
453 | 449 | 31 | x14.6 | Asset sales (i) | 902 | 360 | x2.5 | |
- | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns | |
2,231 | 2,724 | 3,053 | -27% | of which organic investments (h) | 4,955 | 5,737 | -14% | |
64 | 68 | 30 | x2.1 | Capitalized exploration | 133 | 139 | -4% | |
17 | 52 | 42 | -60% | Increase in non-current loans | 69 | 124 | -44% | |
(7) | (13) | (49) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (20) | (78) | ns | |
- | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Cash flows used in investing activities do not include increases in property, plant and equipment arising from Apache’s carry arrangement on the GranMorgu project in offshore Block 58 in Suriname, which resulted in specific supplier financing recognised as financial debt. These increases amounted to $218 million in the first quarter of 2026, $153 million in the second quarter of 2026, and $371 million in the first half of 2026. Payments to these suppliers are classified as financing cash flows.
** Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED LNG
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | 1H26 | 1H25 | vs | |
2Q25 | 1H25 | |||||||
910 | 498 | 852 | 7% | Cash flow used in investing activities (a) | 1,408 | 1,744 | -19% | |
- | - | - | 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 | |
2 | 3 | 1 | 100% | Capex linked to capitalized leasing contracts (e) | 5 | - | ns | |
- | - | - | ns | Expenditures related to carbon credits (f) | - | - | ns | |
912 | 502 | 853 | 7% | Net investments (a + b + c + d + e + f = g - i + h) | 1,414 | 1,745 | -19% | |
4 | 92 | 110 | -96% | of which acquisitions net of assets sales (g-i) | 96 | 250 | -62% | |
7 | 92 | 110 | -94% | Acquisitions (g) | 99 | 254 | -61% | |
3 | - | - | ns | Asset sales (i) | 3 | 4 | -25% | |
- | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns | |
908 | 410 | 743 | 22% | of which organic investments (h) | 1,318 | 1,495 | -12% | |
24 | 5 | 7 | x3.4 | Capitalized exploration | 29 | 9 | x3.2 | |
71 | 69 | 187 | -62% | Increase in non-current loans | 140 | 369 | -62% | |
39 | (150) | (25) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (111) | (30) | ns | |
- | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED POWER
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | | 1H26 | 1H25 | vs |
2Q25 | 1H25 | |||||||
63 | 683 | 2,156 | -97% | Cash flow used in investing activities (a) | 746 | 3,034 | -75% | |
- | - | - | ns | Other transactions with non-controlling interests (b) | - | - | ns | |
57 | 48 | 54 | 6% | Organic loan repayment from equity affiliates (c) | 105 | 59 | 78% | |
50 | 14 | (221) | ns | Change in debt from renewable projects financing (d) * | 64 | (221) | ns | |
1 | 1 | - | ns | Capex linked to capitalized leasing contracts (e) | 2 | - | ns | |
- | - | - | ns | Expenditures related to carbon credits (f) | - | - | ns | |
171 | 746 | 1,989 | -91% | Net investments (a + b + c + d + e + f = g - i + h) | 917 | 2,872 | -68% | |
(749) | (77) | 1,568 | ns | of which acquisitions net of assets sales (g-i) | (826) | 1,806 | ns | |
26 | 3 | 1,791 | -99% | Acquisitions (g) | 29 | 2,036 | -99% | |
775 | 80 | 223 | x3.5 | Asset sales (i) | 855 | 230 | x3.7 | |
68 | (18) | 67 | 1% | Change in debt from renewable projects (partner share) | 50 | 67 | -25% | |
920 | 823 | 421 | x2.2 | of which organic investments (h) | 1,743 | 1,066 | 63% | |
- | - | - | ns | Capitalized exploration | - | - | ns | |
320 | 101 | 150 | x2.1 | Increase in non-current loans | 421 | 418 | 1% | |
(1,014) | (72) | (137) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (1,086) | (183) | ns | |
118 | (4) | (154) | ns | Change in debt from renewable projects (TotalEnergies share) | 114 | (154) | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: REFINING & CHEMICALS
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | | 1H26 | 1H25 | vs |
2Q25 | 1H25 | |||||||
365 | 593 | 309 | 18% | Cash flow used in investing activities (a) | 958 | 545 | 76% | |
- | - | - | 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 | |
365 | 593 | 309 | 18% | Net investments (a + b + c + d + e + f = g - i + h) | 958 | 545 | 76% | |
(1) | 75 | (24) | ns | of which acquisitions net of assets sales (g-i) | 74 | (24) | ns | |
- | 75 | 11 | ns | Acquisitions (g) | 75 | 11 | x6.8 | |
1 | - | 35 | -97% | Asset sales (i) | 1 | 35 | -97% | |
- | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns | |
366 | 518 | 333 | 10% | of which organic investments (h) | 884 | 569 | 55% | |
- | - | - | ns | Capitalized exploration | - | - | ns | |
32 | 69 | 17 | 88% | Increase in non-current loans | 101 | 27 | x3.7 | |
(19) | (23) | (7) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (42) | (13) | ns | |
- | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: MARKETING & SERVICES
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | 1H26 | 1H25 | vs | |
2Q25 | 1H25 | |||||||
19 | 100 | 196 | -90% | Cash flow used in investing activities (a) | 119 | 271 | -56% | |
- | - | - | 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 | |
19 | 100 | 196 | -90% | Net investments (a + b + c + d + e + f = g - i + h) | 119 | 271 | -56% | |
(155) | (36) | (3) | ns | of which acquisitions net of assets sales (g-i) | (191) | (78) | ns | |
- | - | 1 | ns | Acquisitions (g) | - | 3 | -100% | |
155 | 36 | 4 | x38.8 | Asset sales (i) | 191 | 81 | x2.4 | |
- | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns | |
174 | 136 | 199 | -13% | of which organic investments (h) | 310 | 349 | -11% | |
- | - | - | ns | Capitalized exploration | - | - | ns | |
11 | 10 | 26 | -58% | Increase in non-current loans | 21 | 44 | -52% | |
(20) | (13) | (22) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (33) | (39) | ns | |
- | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
CASH FLOW (TOTALENERGIES SHARE)
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | vs | 2Q25 | In millions of dollars | 1H26 | 1H25 | vs | |
1Q26 | | 1H25 | ||||||
10,858 | 3,361 | x3.2 | 5,960 | Cash flow from operating activities (a) | 14,219 | 8,523 | +67% | |
1,667 | (6,993) | ns | (246) | (Increase) decrease in working capital (b) * | (5,326) | (4,562) | ns | |
(506) | 1,849 | ns | (272) | Inventory effect (c) | 1,343 | (379) | ns | |
50 | 22 | x2.3 | 86 | Capital gain from renewable project sales (d) | 72 | 86 | -16% | |
57 | 49 | +16% | 54 | Organic loan repayments from equity affiliates (e) | 106 | 60 | +77% | |
9,804 | 8,576 | +14% | 6,618 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 18,380 | 13,610 | +35% | |
(384) | (403) | ns | (325) | Financial charges | (787) | (610) | ns | |
10,188 | 8,979 | +13% | 6,943 | Debt Adjusted Cash Flow (DACF) | 19,167 | 14,220 | +35% | |
4,694 | 4,650 | +1% | 4,819 | Organic investments (g) | 9,344 | 9,320 | - | |
5,110 | 3,926 | +30% | 1,799 | Free cash flow after organic investments (f - g) | 9,036 | 4,290 | x2.1 | |
3,447 | 4,478 | -23% | 6,632 | Net investments (h) | 7,925 | 11,553 | -31% | |
6,357 | 4,098 | +55% | (14) | Net cash flow (f - h) | 10,455 | 2,057 | x5.1 |
* | Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts. |
CASH FLOW BY SEGMENT
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Exploration & Production
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | 1H26 | 1H25 | vs | |
2Q25 | 1H26 | |||||||
5,546 | 2,969 | 3,675 | 51% | Cash flow from operating activities (a) | 8,515 | 6,941 | 23% | |
(231) | (1,595) | (85) | ns | (Increase) decrease in working capital (b) | (1,826) | (1,110) | ns | |
- | - | - | ns | Inventory effect (c) | - | - | ns | |
- | - | - | ns | Capital gain from renewable project sales (d) | - | - | ns | |
- | - | - | ns | Organic loan repayments from equity affiliates (e) | - | - | ns | |
5,777 | 4,564 | 3,760 | 54% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 10,341 | 8,051 | 28% |
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated LNG
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | 1H26 | 1H25 | vs | |
2Q25 | 1H25 | |||||||
2,137 | (1,120) | 539 | x4 | Cash flow from operating activities (a) | 1,017 | 2,282 | -55% | |
1,304 | (2,904) | (620) | ns | (Increase) decrease in working capital (b) * | (1,600) | (125) | 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 | |
833 | 1,785 | 1,159 | -28% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 2,618 | 2,408 | 9% |
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments' contracts.
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated Power
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | 1H26 | 1H25 | vs | |
2Q25 | 1H25 | |||||||
(239) | (145) | 799 | ns | Cash flow from operating activities (a) | (384) | 400 | ns | |
(853) | (649) | 377 | ns | (Increase) decrease in working capital (b) * | (1,502) | (614) | ns | |
- | - | - | ns | Inventory effect (c) | - | - | ns | |
50 | 22 | 86 | -42% | Capital gain from renewable project sales (d) | 72 | 86 | -16% | |
57 | 48 | 54 | 6% | Organic loan repayments from equity affiliates (e) | 105 | 59 | 78% | |
721 | 574 | 562 | 28% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 1,295 | 1,159 | 12% |
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Refining & Chemicals
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | 1H26 | 1H25 | vs | |
2Q25 | 1H25 | |||||||
3,565 | 1,564 | 887 | x4 | Cash flow from operating activities (a) | 5,129 | (1,096) | ns | |
1,929 | (1,501) | 362 | x5.3 | (Increase) decrease in working capital (b) | 428 | (2,181) | ns | |
(394) | 1,349 | (247) | ns | Inventory effect (c) | 955 | (320) | ns | |
- | - | - | ns | Capital gain from renewable project sales (d) | - | - | ns | |
- | - | - | ns | Organic loan repayments from equity affiliates (e) | - | - | ns | |
2,030 | 1,716 | 772 | x2.6 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 3,746 | 1,405 | x2.7 |
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Marketing & Services
2Q26 | 1H26 | |||||||
2Q26 | 1Q26 | 2Q25 | vs | In millions of dollars | 1H26 | 1H25 | vs | |
2Q25 | 1H25 | |||||||
549 | 1,068 | 628 | -13% | Cash flow from operating activities (a) | 1,617 | 1,196 | 35% | |
(186) | 148 | (58) | ns | (Increase) decrease in working capital (b) | (38) | 60 | ns | |
(112) | 500 | (25) | ns | Inventory effect (c) | 388 | (59) | ns | |
- | - | - | ns | Capital gain from renewable project sales (d) | - | - | ns | |
- | - | - | ns | Organic loan repayments from equity affiliates (e) | - | - | ns | |
847 | 420 | 711 | 19% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 1,267 | 1,195 | 6% |
GEARING RATIO
In millions of dollars | | 06/30/2026 | 03/31/2026 | 06/30/2025 |
| ||||
Current borrowings * |
| 11,229 | 10,596 | 12,570 |
Other current financial liabilities |
| 209 | 243 | 861 |
Current financial assets *, ** | (3,720) | (3,837) | (4,872) | |
Net financial assets classified as held for sale * |
| 114 | 3 | 41 |
Non-current financial debt * |
| 41,157 | 43,468 | 39,161 |
Non-current financial assets * |
| (1,601) | (1,731) | (1,410) |
Cash and cash equivalents |
| (27,678) | (25,693) | (20,424) |
Net debt (a) |
| 19,710 | 23,049 | 25,927 |
Shareholders’ equity - TotalEnergies share |
| 128,408 | 122,541 | 116,642 |
Non-controlling interests |
| 2,545 | 2,696 | 2,360 |
Shareholders' equity (b) |
| 130,953 | 125,237 | 119,002 |
Gearing = a / (a+b) | 13.1% | 15.5% | 17.9% | |
| ||||
Leases (c) | 8,904 | 8,491 | 8,907 | |
Gearing including leases (a+c) / (a+b+c) |
| 17.9% | 20.1% | 22.6% |
* | Excludes leases receivables and leases debts. |
** | Including initial margins held as part of the Company’s activities on organized markets. |
RETURN ON AVERAGE CAPITAL EMPLOYED (ROACE)
Twelve months ended June 30, 2026
Exploration & | Integrated | Integrated | Refining & | Marketing | |||
In millions of dollars | | Production | LNG | Power | Chemicals | & Services | Company |
Adjusted net operating income |
| 9,781 | 3,899 | 2,213 | 5,087 | 1,483 | 21,608 |
Capital employed at 06/30/2025 |
| 67,042 | 44,300 | 27,033 | 8,827 | 7,325 | 152,732 |
Capital employed at 06/30/2026 |
| 68,125 | 47,755 | 30,870 | 6,066 | 5,907 | 157,544 |
ROACE |
| 14.5% | 8.5% | 7.6% | 68.3% | 22.4% | 13.9% |
PAYOUT1
In millions of dollars | | 1H26 | | 1H25 | | 2025 |
Dividend paid (parent company shareholders) |
| 4,217 |
| 3,745 |
| 8,121 |
Repayment of treasury shares excluding fees and taxes |
| 2,245 |
| 3,726 |
| 7,496 |
|
|
|
| |||
Payout ratio |
| 33% | 54% | 55% |
1 Payout is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).
RECONCILIATION OF CAPITAL EMPLOYED (BALANCE SHEET) AND CALCULATION OF ROACE
Exploration | Refining | Marketing | ||||||
In millions of dollars | & | Integrated | Integrated | & | & | Inter- | ||
Production | LNG | Power | Chemicals | Services | Corporate | Company | Company | |
Adjusted net operating income 2nd quarter 2026 | 3,231 | 807 | 533 | 1,800 | 500 | (276) | - | 6,595 |
Adjusted net operating income 1st quarter 2026 | 2,576 | 1,318 | 545 | 1,599 | 262 | (308) | - | 5,992 |
Adjusted net operating income 4th quarter 2025 | 1,805 | 922 | 564 | 1,001 | 341 | (191) | - | 4,442 |
Adjusted net operating income 3rd quarter 2025 | 2,169 | 852 | 571 | 687 | 380 | (80) | - | 4,579 |
Adjusted net operating income (a) | 9,781 | 3,899 | 2,213 | 5,087 | 1,483 | (855) | - | 21,608 |
Balance sheet as of June 30, 2026 | ||||||||
Property plant and equipment intangible assets net | 87,288 | 30,311 | 14,610 | 13,039 | 6,738 | 1,534 | - | 153,520 |
Investments & loans in equity affiliates | 5,137 | 18,365 | 15,740 | 4,560 | 861 | - | - | 44,663 |
Other non-current assets | 1,950 | 2,444 | 1,389 | 757 | 1,062 | 9 | - | 7,611 |
Inventories, net | 1,858 | 1,487 | 575 | 13,347 | 4,106 | - | - | 21,373 |
Accounts receivable, net | 6,136 | 9,665 | 3,594 | 21,974 | 8,922 | 1,705 | (30,812) | 21,184 |
Other current assets | 7,771 | 13,802 | 4,185 | 4,003 | 3,642 | 4,644 | (9,071) | 28,976 |
Accounts payable | (6,332) | (11,033) | (4,669) | (37,582) | (11,361) | (1,131) | 30,670 | (41,438) |
Other creditors and accrued liabilities | (12,188) | (12,446) | (3,674) | (8,890) | (6,394) | (8,729) | 9,213 | (43,108) |
Working capital | (2,755) | 1,475 | 11 | (7,148) | (1,085) | (3,511) | - | (13,013) |
Provisions and other non-current liabilities | (23,857) | (4,840) | (1,381) | (3,554) | (1,234) | 789 | - | (34,077) |
Assets and liabilities classified as held for sale – Capital employed | 362 | - | 501 | - | - | - | - | 863 |
Capital Employed (Balance sheet) | 68,125 | 47,755 | 30,870 | 7,654 | 6,342 | (1,179) | - | 159,567 |
Less inventory valuation effect | - | - | - | (1,588) | (435) | - | - | (2,023) |
Capital Employed at replacement cost (b) | 68,125 | 47,755 | 30,870 | 6,066 | 5,907 | (1,179) | - | 157,544 |
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 | 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 (c) | 67,042 | 44,300 | 27,033 | 8,827 | 7,325 | (1,795) | - | 152,732 |
ROACE as a percentage (a/average(b+c)) | 14.5% | 8.5% | 7.6% | 68.3% | 22.4% | - | - | 13.9% |
GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact of non-operational results and special items.
Adjusted net operating income is a non - GAAP financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company's operating results and understanding its operating trends, by removing the impact of non - operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities, (v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
ESRS perimeter: the GHG emissions within the ESRS perimeter correspond to 100% of the emissions from operated sites, plus the equity share of emissions from non-operated and financially consolidated assets excluding equity affiliates.
Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.
Normalized Gearing is an indicator defined as the gearing excluding the impact of seasonal variations, notably on working capital.
Net cash flow (or free cash flow) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic
Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.
Operated perimeter: activities, sites and industrial assets of which TotalEnergies SE or one of its subsidiaries has operational control, i.e. has the responsibility of the conduct of operations on behalf of all its partners. For the operated perimeter, the environmental indicators are reported 100%, regardless of the Company’s equity interest in the asset.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
| 2nd quarter | | 1st quarter | | 2nd quarter | |
(M$)(a) | 2026 | 2026 | 2025 | |||
Sales | | |
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Excise taxes | ( | ( |
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Revenue from sales | | |
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Purchases, net of inventory variation | ( | ( |
| ( | ||
Other operating expenses | ( | ( |
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Exploration costs | ( | ( |
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Depreciation, depletion and impairment of tangible assets and mineral interests | ( | ( |
| ( | ||
Other income | | |
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Other expense | ( | ( |
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Financial interest on debt | ( | ( |
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Financial income and expense from cash & cash equivalents | | |
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Cost of net debt | ( | ( |
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Other financial income | | |
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Other financial expense | ( | ( |
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Net income (loss) from equity affiliates | | |
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Income taxes | ( | ( |
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Consolidated net income | | |
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TotalEnergies share | | |
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Non-controlling interests | | |
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Earning per share ($) | | |
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Diluted earnings per share ($) | | |
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(a) Except for per share amounts.
1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
| 2nd quarter | | 1st quarter | | 2nd quarter | |
(M$) | 2026 | 2026 | 2025 | |||
Consolidated net income | | | | |||
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Other comprehensive income |
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Actuarial gains and losses | | | | |||
Change in fair value of investments in equity instruments | ( | | | |||
Tax effect | ( | ( | ( | |||
Currency translation adjustment generated by the parent company | ( | ( | | |||
Items not potentially reclassifiable to profit and loss | ( | ( | | |||
Currency translation adjustment | | | ( | |||
Cash flow hedge | | | | |||
Variation of foreign currency basis spread | | | | |||
Share of other comprehensive income of equity affiliates, net amount | | | ( | |||
Other | | | – | |||
Tax effect | ( | ( | ( | |||
Items potentially reclassifiable to profit and loss | | | ( | |||
Total other comprehensive income (net amount) | | | | |||
Comprehensive income | | | | |||
- TotalEnergies share | | | | |||
- Non-controlling interests | | | |
2
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
| 1st half | | 1st half | |
(M$)(a) | 2026 | 2025 | ||
Sales | |
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Excise taxes | ( |
| ( | |
Revenue from sales | |
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Purchases, net of inventory variation | ( |
| ( | |
Other operating expenses | ( |
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Exploration costs | ( |
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Depreciation, depletion and impairment of tangible assets and mineral interests | ( |
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Other income | |
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Other expenses | ( |
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Financial interest on debt | ( |
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Financial income and expenses from cash & cash equivalents | |
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Cost of net debt | ( |
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Other financial income | |
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Other financial expense | ( |
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Net income (loss) from equity affiliates | |
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Income taxes | ( |
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Consolidated net income | |
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TotalEnergies share | |
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Non-controlling interests | |
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Earnings per share ($) | |
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Diluted earnings per share ($) | |
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(a) Except for per share amounts.
3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
| 1st half | | 1st half | |
(M$) | 2026 | 2025 | ||
Consolidated net income | | | ||
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Other comprehensive income |
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Actuarial gains and losses | | | ||
Change in fair value of investments in equity instruments | | | ||
Tax effect | ( | ( | ||
Currency translation adjustment generated by the parent company | ( | | ||
Items not potentially reclassifiable to profit and loss | ( | | ||
Currency translation adjustment | | ( | ||
Cash flow hedge | | ( | ||
Variation of foreign currency basis spread | | | ||
Share of other comprehensive income of equity affiliates, net amount | | ( | ||
Other | | | ||
Tax effect | ( | | ||
Items potentially reclassifiable to profit and loss | | ( | ||
Total other comprehensive income (net amount) | | | ||
Comprehensive income | | | ||
- TotalEnergies share | | | ||
- Non-controlling interests | | |
4
CONSOLIDATED BALANCE SHEET
TotalEnergies
| June 30, | | March 31, | | December 31, | | June 30, | |
2026 | 2026 | 2025 | 2025 | |||||
(M$) | (unaudited) | (unaudited) | (unaudited) | |||||
ASSETS | | | | | ||||
Non-current assets |
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Intangible assets, net |
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Property, plant and equipment, net |
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Equity affiliates : investments and loans |
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Other investments |
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Non-current financial assets |
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Deferred income taxes |
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Other non-current assets |
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Total non-current assets |
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Current assets |
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Inventories, net |
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Accounts receivables, net |
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Other current assets |
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Current financial assets |
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Cash and cash equivalents |
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Assets classified as held for sale |
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Total current assets |
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Total assets |
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LIABILITIES & SHAREHOLDERS’ EQUITY |
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Shareholders’ equity |
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Common shares |
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Paid-in surplus and retained earnings |
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Currency translation adjustment |
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Treasury shares |
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Total shareholders’ equity - TotalEnergies share |
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Non-controlling interests |
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Total shareholders’ equity |
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Non-current liabilities |
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Deferred income taxes |
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Employee benefits |
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Provisions and other non-current liabilities |
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Non-current financial debt |
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Total non-current liabilities |
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Current liabilities |
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Accounts payable |
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Other creditors and accrued liabilities |
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Current borrowings |
| |
| |
| |
| |
Other current financial liabilities |
| |
| |
| |
| |
Liabilities directly associated with the assets classified as held for sale |
| |
| |
| |
| |
Total current liabilities |
| |
| |
| |
| |
Total liabilities & shareholders’ equity |
| |
| |
| |
| |
5
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
| 2nd quarter | | 1st quarter | | 2nd quarter | |
(M$) | 2026 | 2026 | 2025 | |||
CASH FLOW FROM OPERATING ACTIVITIES | | | | |||
Consolidated net income | |
| |
| | |
Depreciation, depletion, amortization and impairment | |
| |
| | |
Non-current liabilities, valuation allowances and deferred taxes | |
| |
| | |
(Gains) losses on disposals of assets | ( |
| ( |
| ( | |
Undistributed affiliates’ equity earnings | ( |
| ( |
| ( | |
(Increase) decrease in working capital | |
| ( |
| | |
Other changes, net | |
| |
| | |
Cash flow from operating activities | |
| |
| | |
CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
Intangible assets and property, plant and equipment additions | ( |
| ( |
| ( | |
Acquisitions of subsidiaries, net of cash acquired | ( |
| ( |
| ( | |
Investments in equity affiliates and other securities | ( |
| ( |
| ( | |
Increase in non-current loans | ( |
| ( |
| ( | |
Total expenditures | ( |
| ( |
| ( | |
Proceeds from disposals of intangible assets and property, plant and equipment | |
| |
| | |
Proceeds from disposals of subsidiaries, net of cash sold | |
| |
| | |
Proceeds from disposals of non-current investments | |
| |
| | |
Repayment of non-current loans | |
| |
| | |
Total divestments | |
| |
| | |
Cash flow used in investing activities | ( |
| ( |
| ( | |
CASH FLOW FROM FINANCING ACTIVITIES | ||||||
Issuance (repayment) of shares: | ||||||
- Parent company shareholders | |
| - |
| | |
- Treasury shares | ( |
| ( |
| ( | |
Dividends paid: |
|
| ||||
- Parent company shareholders | ( |
| ( |
| ( | |
- Non-controlling interests | ( |
| ( |
| ( | |
Net issuance (repayment) of perpetual subordinated notes | - |
| |
| - | |
Payments on perpetual subordinated notes | ( |
| ( |
| ( | |
Other transactions with non-controlling interests | ( |
| ( |
| ( | |
Net issuance (repayment) of non-current debt | |
| |
| | |
Increase (decrease) in current borrowings | ( |
| ( |
| ( | |
Increase (decrease) in current financial assets and liabilities | |
| ( |
| | |
Cash flow / (used in) financing activities | ( |
| |
| ( | |
Net increase (decrease) in cash and cash equivalents | |
| ( |
| ( | |
Effect of exchange rates | ( |
| ( |
| | |
Cash and cash equivalents at the beginning of the period | |
| |
| | |
Cash and cash equivalents at the end of the period | |
| |
| |
6
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
| 1st half | | 1st half | |
(M$) | 2026 | 2025 | ||
CASH FLOW FROM OPERATING ACTIVITIES | | | ||
Consolidated net income | |
| | |
Depreciation, depletion, amortization and impairment | |
| | |
Non-current liabilities, valuation allowances and deferred taxes | |
| | |
(Gains) losses on disposals of assets | ( |
| ( | |
Undistributed affiliates’ equity earnings | ( |
| ( | |
(Increase) decrease in working capital | ( |
| ( | |
Other changes, net | |
| | |
Cash flow from operating activities | |
| | |
CASH FLOW USED IN INVESTING ACTIVITIES | ||||
Intangible assets and property, plant and equipment additions | ( |
| ( | |
Acquisitions of subsidiaries, net of cash acquired | ( |
| ( | |
Investments in equity affiliates and other securities | ( |
| ( | |
Increase in non-current loans | ( |
| ( | |
Total expenditures | ( |
| ( | |
Proceeds from disposals of intangible assets and property, plant and equipment | |
| | |
Proceeds from disposals of subsidiaries, net of cash sold | |
| | |
Proceeds from disposals of non-current investments | |
| | |
Repayment of non-current loans | |
| | |
Total divestments | |
| | |
Cash flow used in investing activities | ( |
| ( | |
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Issuance (repayment) of shares: | ||||
- Parent company shareholders | |
| | |
- Treasury shares | ( |
| ( | |
Dividends paid: | ||||
- Parent company shareholders | ( |
| ( | |
- Non-controlling interests | ( |
| ( | |
Net issuance (repayment) of perpetual subordinated notes | |
| ( | |
Payments on perpetual subordinated notes | ( |
| ( | |
Other transactions with non-controlling interests | ( |
| ( | |
Net issuance (repayment) of non-current debt | |
| | |
Increase (decrease) in current borrowings | ( |
| ( | |
Increase (decrease) in current financial assets and liabilities | ( |
| | |
Cash flow / (used in) financing activities | ( |
| ( | |
Net increase (decrease) in cash and cash equivalents | |
| ( | |
Effect of exchange rates | ( |
| | |
Cash and cash equivalents at the beginning of the period | |
| | |
Cash and cash equivalents at the end of the period | |
| |
7
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
TotalEnergies
(unaudited)
Paid-in | Shareholders’ | |||||||||||||||||
surplus and | Currency | equity - | Non- | Total | ||||||||||||||
Common shares issued | retained | translation | Treasury shares | TotalEnergies | controlling | shareholders’ | ||||||||||||
(M$) | | Number | | Amount | | earnings | | adjustment | | Number | | Amount | | Share | | interests | | equity |
As of January 1, 2025 |
| | | ( | ( |
| ( | | | | ||||||||
Net income of the first half 2025 | - |
| - | | - | - |
| - | | | | |||||||
Other comprehensive income | - |
| - | ( | | - |
| - | | | | |||||||
Comprehensive income | - |
| - | | | - |
| - | | | | |||||||
Dividend | - |
| - | ( | - | - |
| - | ( | ( | ( | |||||||
Issuance of common shares | |
| | | - | - |
| - | | - | | |||||||
Purchase of treasury shares | - |
| - | - | - | ( |
| ( | ( | - | ( | |||||||
Sale of treasury shares(a) | - |
| - | ( | - | |
| | - | - | - | |||||||
Share-based payments | - |
| - | | - | - |
| - | | - | | |||||||
Share cancellation | ( |
| ( | ( | - | |
| | ( | - | ( | |||||||
Net issuance (repayment) of perpetual subordinated notes | - |
| - | ( | - | - |
| - | ( | - | ( | |||||||
Payments on perpetual subordinated notes | - |
| - | ( | - | - |
| - | ( | - | ( | |||||||
Other operations with non-controlling interests | - |
| - | - | - | - |
| - | - | ( | ( | |||||||
Other items | - |
| - | ( | - | - |
| - | ( | | | |||||||
As of June 30, 2025 |
| | | ( | ( |
| ( | | | | ||||||||
Net income of the second half 2025 | - |
| - | | - | - |
| - | | | | |||||||
Other comprehensive income | - |
| - | ( | ( | - |
| - | ( | | ( | |||||||
Comprehensive income | - |
| - | | ( | - |
| - | | | | |||||||
Dividend | - |
| - | ( | - | - |
| - | ( | ( | ( | |||||||
Issuance of common shares | - |
| - | - | - | - |
| - | - | - | - | |||||||
Purchase of treasury shares | - |
| - | - | - | ( |
| ( | ( | - | ( | |||||||
Sale of treasury shares(a) | - |
| - | - | - | |
| - | - | - | - | |||||||
Share-based payments | - |
| - | | - | - |
| - | | - | | |||||||
Share cancellation | ( |
| ( | ( | - | |
| | ( | - | ( | |||||||
Net issuance (repayment) of perpetual subordinated notes | - |
| - | - | - | - |
| - | - | - | - | |||||||
Payments on perpetual subordinated notes | - |
| - | ( | - | - |
| - | ( | - | ( | |||||||
Other operations with non-controlling interests | - |
| - | ( | - | - |
| - | ( | | | |||||||
Other items | - |
| - | ( | - | - |
| | ( | ( | ( | |||||||
As of December 31, 2025 |
| | | ( | ( |
| ( | | | | ||||||||
Net income of the first half 2026 | - |
| - | | - | - |
| - | | | | |||||||
Other comprehensive income | - |
| - | | ( | - |
| - | | | | |||||||
Comprehensive income | - |
| - | | ( | - |
| - | | | | |||||||
Dividend | - |
| - | ( | - | - |
| - | ( | ( | ( | |||||||
Issuance of common shares | |
| | | - | - |
| - | | - | | |||||||
Purchase of treasury shares | - |
| - | - | - | ( |
| ( | ( | - | ( | |||||||
Sale of treasury shares(a) | - |
| - | ( | - | |
| | - | - | - | |||||||
Share-based payments | - |
| - | | - | - |
| - | | - | | |||||||
Share cancellation | ( |
| ( | ( | - | |
| | ( | - | ( | |||||||
Net issuance (repayment) of perpetual subordinated notes | - |
| - | | - | - |
| - | | - | | |||||||
Payments on perpetual subordinated notes | - |
| - | ( | - | - |
| - | ( | - | ( | |||||||
Other operations with non-controlling interests | - |
| - | - | - | - |
| - | - | ( | ( | |||||||
Other items | - |
| - | - | - | - |
| - | - | ( | ( | |||||||
As of June 30, 2026 |
| | | ( | ( |
| ( | | | | ||||||||
(a)
8
TotalEnergies
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FIRST JUNE 30, 2026
(unaudited)
1) Basis of preparation of the consolidated financial statements
The condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).
The condensed consolidated financial statements of TotalEnergies SE and its subsidiaries (the Company) as of June 30, 2026, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.
The accounting principles applied for the condensed consolidated financial statements at June 30, 2026, are consistent with those used for the financial statements at December 31, 2025.
The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2026 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.
These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General Management and therefore could be revised as circumstances change or as a result of new information.
The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2025.
Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.
Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the General Management of the Company applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.
Significant accounting principles applicable in the future
The application of the standards or interpretations published respectively by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee (IFRS IC) which were not yet in effect is expected to have a non material impact. Note that IFRS 18, published in April 2024 and applicable from January 1, 2027, will modify the presentation of the consolidated statement of income and the consolidated statement of cash flow.
2) Changes in the Company structure
2.1) Main acquisitions and divestments
| Ø | Exploration & Production |
On March 30, 2026, TotalEnergies has completed the merger between NEO NEXT and TotalEnergies' UK Upstream Oil & Gas business.
The combined group is renamed NEO NEXT+ and is owned by TotalEnergies (
As of June 30, 2026, TotalEnergies' interest is accounted for using the equity method.
| Ø | Integrated Power |
On April 29, 2026, TotalEnergies has completed the acquisition agreed on November 16, 2025 of
9
Pursuant to the powers delegated to it by the Shareholders’ Meeting of May 24, 2024, the TotalEnergies SE Board of Directors has approved the issuance of
As of June 30, 2026, TotalEnergies' interest in TTEP is accounted for using the equity method.
10
2.2) Major business combinations
TotalEnergies did not complete any significant business combination during the first six months of 2026.
2.3) Major divestment projects
| Ø | Exploration & Production |
On July 17, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria had signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its
As of June 30, 2026, the assets and liabilities are respectively classified in the consolidated balance sheet as “Assets classified as held for sale” for an amount of $
11
3) Business segment information
Description of the business segments
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices for transactions between business segments approximate market prices.
The reporting structure for the business segments’ financial information is based on the following
- | An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, as well as carbon storage activities, conducted in about |
- | An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities), biogas and synthetic methane activities, gas trading, as well as, from January 1, 2026, the LNG bunkering activity previously reported within the Marketing & Services segment; |
- | An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity; |
- | A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil supply, trading and marine shipping, as well as hydrogen activities; |
- | A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products. |
In addition the Corporate segment includes holdings operating and financial activities.
12
Definition of the indicators
Adjusted Net Operating Income
TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.
The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.
Adjustment items include:
| a) | Special items |
Due to their unusual nature or particular significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.
| b) | The inventory valuation effect |
In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-in, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost method.
13
| c) | Effect of changes in fair value |
The effect of changes in fair value presented as an adjustment item reflects for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
3.1) Information by business segment
1st half 2026 | Exploration | Refining | Marketing | |||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Intercompany | | Total |
External sales |
| | |
| |
| |
| |
| |
| - |
| | |
Intersegment sales |
| | |
| |
| |
| |
| |
| ( |
| - | |
Excise taxes |
| - | - |
| - |
| ( |
| ( |
| - |
| - |
| ( | |
Revenues from sales |
| | |
| |
| |
| |
| |
| ( |
| | |
Operating expenses |
| ( | ( |
| ( |
| ( |
| ( |
| ( |
| |
| ( | |
Depreciation, depletion and impairment of tangible assets and mineral interests |
| ( | ( |
| ( |
| ( |
| ( |
| ( |
| - |
| ( | |
Net income (loss) from equity affiliates and other items |
| | |
| ( |
| |
| ( |
| ( |
| - |
| | |
Tax on net operating income |
| ( | ( |
| ( |
| ( |
| ( |
| ( |
| - |
| ( | |
Adjustments (a) |
| | |
| ( |
| |
| |
| ( |
| - |
| ( | |
Adjusted net operating income |
| | |
| |
| |
| |
| ( |
| - |
| | |
Adjustments (a) | ( | |||||||||||||||
Net cost of net debt |
|
|
|
|
|
|
| ( | ||||||||
Non-controlling interests |
|
|
|
|
|
|
| ( | ||||||||
Net income - TotalEnergies share |
|
|
|
|
|
|
| |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
14
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
1st half 2026 | Exploration | Refining | Marketing | |||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Intercompany | | Total |
Total expenditures |
| | |
| |
| |
| |
| |
| - |
| | |
Total divestments |
| | |
| |
| |
| |
| |
| - |
| | |
Cash flow from operating activities |
| | |
| ( |
| |
| |
| ( |
| - |
| |
1st half 2025 | Exploration | Refining | Marketing | |||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Intercompany | | Total |
External sales |
| | |
| |
| |
| |
| |
| - |
| | |
Intersegment sales |
| | |
| |
| |
| |
| |
| ( |
| - | |
Excise taxes |
| - | - |
| - |
| ( |
| ( |
| - |
| - |
| ( | |
Revenues from sales |
| | |
| |
| |
| |
| |
| ( |
| | |
Operating expenses |
| ( | ( |
| ( |
| ( |
| ( |
| ( |
| |
| ( | |
Depreciation, depletion and impairment of tangible assets and mineral interests |
| ( | ( |
| ( |
| ( |
| ( |
| ( |
| - |
| ( | |
Net income (loss) from equity affiliates and other items |
| | |
| |
| ( |
| |
| ( |
| - |
| | |
Tax on net operating income |
| ( | ( |
| ( |
| ( |
| ( |
| |
| - |
| ( | |
Adjustments (a) |
| ( | ( |
| ( |
| ( |
| ( |
| ( |
| - |
| ( | |
Adjusted net operating income |
| | |
| |
| |
| |
| ( |
| - |
| | |
Adjustments (a) | ( | |||||||||||||||
Net cost of net debt |
|
|
|
|
|
|
| ( | ||||||||
Non-controlling interests |
|
|
|
|
|
|
| ( | ||||||||
Net income - TotalEnergies share |
|
|
|
|
|
|
| |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
1st half 2025 | Exploration | Refining | Marketing | |||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Intercompany | | Total |
Total expenditures |
| | |
| |
| |
| |
| |
| - |
| | |
Total divestments |
| | |
| |
| |
| |
| |
| - |
| | |
Cash flow from operating activities |
| | |
| |
| ( |
| |
| ( |
| - |
| |
2nd quarter 2026 | Exploration | Refining | Marketing | |||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Intercompany | | Total |
External sales |
| | |
| | |
| |
| |
| - |
| | ||
Intersegment sales |
| | |
| | |
| |
| |
| ( |
| - | ||
Excise taxes |
| - | - |
| - | ( |
| ( |
| - |
| - |
| ( | ||
Revenues from sales |
| | |
| | |
| |
| |
| ( |
| | ||
Operating expenses |
| ( | ( |
| ( | ( |
| ( |
| ( |
| |
| ( | ||
Depreciation, depletion and impairment of tangible assets and mineral interests |
| ( | ( |
| ( | ( |
| ( |
| ( |
| - |
| ( | ||
Net income (loss) from equity affiliates and other items |
| | |
| | |
| |
| ( |
| - |
| | ||
Tax on net operating income |
| ( | ( |
| ( | ( |
| ( |
| |
| - |
| ( | ||
Adjustments (a) |
| ( | |
| ( | ( |
| ( |
| ( |
| - |
| ( | ||
Adjusted net operating income |
| | |
| | |
| |
| ( |
| - |
| | ||
Adjustments (a) | ( | |||||||||||||||
Net cost of net debt |
|
|
|
|
|
|
| ( | ||||||||
Non-controlling interests |
|
|
|
|
|
|
| ( | ||||||||
Net income - TotalEnergies share |
|
| |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
15
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
2nd quarter 2026 | Exploration | Refining | Marketing | |||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Intercompany | | Total |
Total expenditures |
| | |
| |
| |
| |
| |
| - |
| | |
Total divestments |
| | ( |
| |
| |
| |
| ( |
| - |
| | |
Cash flow from operating activities |
| | |
| ( |
| |
| |
| ( |
| - |
| |
2nd quarter 2025 | Exploration | Refining | Marketing | |||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Intercompany | | Total |
External sales |
| | |
| | |
| |
| |
| - |
| | ||
Intersegment sales |
| | |
| | |
| |
| |
| ( |
| - | ||
Excise taxes |
| - | - |
| - | ( |
| ( |
| - |
| - |
| ( | ||
Revenues from sales |
| | |
| | |
| |
| |
| ( |
| | ||
Operating expenses |
| ( | ( |
| ( | ( |
| ( |
| ( |
| |
| ( | ||
Depreciation, depletion and impairment of tangible assets and mineral interests |
| ( | ( |
| ( | ( |
| ( |
| ( |
| - |
| ( | ||
Net income (loss) from equity affiliates and other items |
| | |
| | ( |
| |
| ( |
| - |
| | ||
Tax on net operating income |
| ( | ( |
| ( | ( |
| ( |
| |
| - |
| ( | ||
Adjustments (a) |
| ( | ( |
| ( | ( |
| ( |
| ( |
| - |
| ( | ||
Adjusted net operating income |
| | |
| | |
| |
| ( |
| - |
| | ||
Adjustments (a) | ( | |||||||||||||||
Net cost of net debt |
|
|
|
|
|
|
| ( | ||||||||
Non-controlling interests |
|
|
|
|
|
|
| ( | ||||||||
Net income - TotalEnergies share |
|
| |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
2nd quarter 2025 | Exploration | Refining | Marketing | |||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Intercompany | | Total |
Total expenditures |
| | |
| |
| |
| |
| |
| - |
| | |
Total divestments |
| | |
| |
| |
| |
| |
| - |
| | |
Cash flow from operating activities |
| | |
| |
| |
| |
| ( |
| - |
| |
16
3.2) Adjustment items
The main adjustment items for the first six months of 2026 are the following:
1) | An “Inventory valuation effect” amounting to $ |
2) | An “Effect of changes in fair value” amounting to $( |
3) | "Asset impairment and provisions charges" of $( |
4) | “Gains on disposals of assets" for an amount of $ |
The detail of the adjustment items is presented in the table below.
ADJUSTMENTS TO NET OPERATING INCOME
| Exploration | Refining | Marketing | | ||||||||||||
& | Integrated | Integrated | & | & | ||||||||||||
(M$) | | | Production | | LNG | | Power | | Chemicals | | Services | | Corporate | | Total | |
2nd quarter 2026 | Inventory valuation effect | - | – | – | ( | ( | – | ( | ||||||||
Effect of changes in fair value | - | | ( | – | – | – | ( | |||||||||
| Restructuring charges |
| ( | – |
| – |
| – |
| ( |
| – |
| ( | ||
| Asset impairment and provisions charges |
| - | – |
| – |
| – |
| – |
| – |
| – | ||
Gains (losses) on disposals of assets | - | – | – | – | ( | – | ( | |||||||||
| Other items |
| - | – |
| ( |
| ( |
| – |
| ( |
| ( | ||
Total |
| ( | |
| ( |
| ( |
| ( |
| ( |
| ( | |||
2nd quarter 2025 |
| Inventory valuation effect |
| - | – | – | ( | ( | – | ( | ||||||
| Effect of changes in fair value |
| - | ( | ( | – | – | – | ( | |||||||
| Restructuring charges |
| - | – |
| – |
| – |
| – |
| – |
| – | ||
| Asset impairment and provisions charges |
| - | – |
| ( |
| ( |
| – |
| – |
| ( | ||
Gains (losses) on disposals of assets | - | – | – | – | – | – | – | |||||||||
| Other items |
| ( | ( |
| – |
| – |
| – |
| ( |
| ( | ||
Total |
| ( | ( |
| ( |
| ( |
| ( |
| ( |
| ( | |||
1st semester 2026 |
| Inventory valuation effect |
| - | – |
| – |
| |
| |
| – |
| | |
| Effect of changes in fair value |
| - | |
| ( |
| – |
| – |
| – |
| ( | ||
| Restructuring charges |
| ( | – |
| ( |
| ( |
| ( |
| – |
| ( | ||
| Asset impairment and provisions charges |
| - | – |
| ( |
| ( |
| ( |
| – |
| ( | ||
Gains (losses) on disposals of assets | | – | – | – | ( | – | | |||||||||
| Other items |
| - | ( |
| ( |
| ( |
| ( |
| ( |
| ( | ||
Total |
| | |
| ( |
| |
| |
| ( |
| ( | |||
1st semester 2025 |
| Inventory valuation effect |
| - | – |
| – |
| ( |
| ( |
| – |
| ( | |
| Effect of changes in fair value |
| - | ( |
| ( |
| – |
| – |
| – |
| ( | ||
| Restructuring charges |
| - | – |
| – |
| – |
| – |
| – |
| – | ||
| Asset impairment and provisions charges |
| - | – |
| ( |
| ( |
| – |
| – |
| ( | ||
Gains (losses) on disposals of assets | - | – | – | – | – | – | – | |||||||||
| Other items |
| ( | ( |
| – |
| – |
| – |
| ( |
| ( | ||
Total |
| ( | ( |
| ( |
| ( |
| ( |
| ( |
| ( |
17
4) Shareholders’ equity
Treasury shares (TotalEnergies shares held directly by TotalEnergies SE)
| December 31, 2025 | | June 30, 2026 | |
Number of treasury shares |
| |
| |
Percentage of share capital |
|
Following the authorization of the Extraordinary Shareholder’s Meeting held on May 25, 2022, the Board of Directors decided to cancel :
At its meeting on February 10, 2026, with effect on February 13, 2026,
At its meeting on April 28, 2026, with effect on April 30, 2026,
Dividend
The Shareholders’ Meeting of May 29, 2026 approved the distribution of an ordinary dividend at €
Dividend 2025 | | First interim | | Second interim | | Third interim | | Final |
EUR Amount (Euronext share) | ||||||||
USD Amount (NYSE share) | - | |||||||
Set date | April 29, 2025 | July 23, 2025 | October 29, 2025 | May 29, 2026 | ||||
Ex-dividend date Euronext and NYSE (starting 2nd interim) | October 1, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | ||||
Payment date Euronext | October 3, 2025 | January 5, 2026 | April 2, 2026 | July 2, 2026 | ||||
Payment date NYSE | - | January 23, 2026 | April 23, 2026 | July 22, 2026 |
The Board of Directors, at its meeting on April 28, 2026, set the first interim dividend for the fiscal year 2026 at €
Furthermore, the Board of Directors, at its meeting on July 22, 2026, set the second interim dividend for the fiscal year 2026 at €
Dividend 2026 | | First interim | | Second interim |
EUR Amount (Euronext share) | ||||
USD Amount (NYSE share) | Set on October 14, 2026 | Set on January 14, 2027 | ||
Set date | April 28, 2026 | July 22, 2026 | ||
Ex-dividend date Euronext and NYSE | September 30, 2026 | December 31, 2026 | ||
Payment date Euronext | October 2, 2026 | January 5, 2027 | ||
Payment date NYSE | October 21, 2026 | January 22, 2027 |
Earnings per share in Euro
Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €
Earnings per share are calculated after remuneration of perpetual subordinated notes.
18
Perpetual subordinated notes
On February 26, 2026, TotalEnergies SE issued perpetual subordinated notes:
€
TotalEnergies SE has
Other comprehensive income
Detail of other comprehensive income is presented in the table below:
(M$) | | 1st half 2026 | | 1st half 2025 |
Actuarial gains and losses |
| |
| |
Change in fair value of investments in equity instruments |
| |
| |
Tax effect |
| ( |
| ( |
Currency translation adjustment generated by the parent company |
| ( |
| |
Sub-total items not potentially reclassifiable to profit and loss |
| ( |
| |
Currency translation adjustment |
| |
| ( |
- unrealized gain/(loss) of the period |
| |
| ( |
- less gain/(loss) included in net income |
| ( |
| |
Cash flow hedge |
| |
| ( |
- unrealized gain/(loss) of the period |
| |
| ( |
- less gain/(loss) included in net income |
| ( |
| ( |
Variation of foreign currency basis spread |
| |
| |
- unrealized gain/(loss) of the period |
| |
| |
- less gain/(loss) included in net income |
| ( |
| ( |
Share of other comprehensive income of equity affiliates, net amount |
| |
| ( |
- unrealized gain/(loss) of the period |
| |
| ( |
- less gain/(loss) included in net income |
| ( |
| |
Other |
| |
| |
Tax effect |
| ( |
| |
Sub-total items potentially reclassifiable to profit and loss |
| |
| ( |
Total other comprehensive income (net amount) |
| |
| |
19
Tax effects relating to each component of other comprehensive income are as follows:
1st half 2026 | 1st half 2025 | |||||||||||||
Pre-tax | Pre-tax |
| ||||||||||||
(M$) | | amount | | Tax effect | | Net amount | | | amount | | Tax effect | | Net amount | |
Actuarial gains and losses | | ( | | | ( | | ||||||||
Change in fair value of investments in equity instruments | | ( | | | ( | | ||||||||
Currency translation adjustment generated by the parent company | ( | - | ( | | - | | ||||||||
Sub-total items not potentially reclassifiable to profit and loss | ( | ( | ( | | ( | | ||||||||
Currency translation adjustment | | - | | ( | - | ( | ||||||||
Cash flow hedge | | ( | | ( | | ( | ||||||||
Variation of foreign currency basis spread | | ( | | | ( | | ||||||||
Share of other comprehensive income of equity affiliates, net amount | | - | | ( | - | ( | ||||||||
Other | | - | | | - | | ||||||||
Sub-total items potentially reclassifiable to profit and loss | | ( | | ( | | ( | ||||||||
Total other comprehensive income | | ( | | | | | ||||||||
5) Financial debt
The Company has issued senior bonds across three tranches in the U.S. markets in January 2026:
-$
-$
-$
The Company has redeemed one senior bond during the first six months of 2026:
- | € |
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 2026.
20
7) Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Middle East: Situation of the Company
Since the start of the crisis in the Middle East on February 28, 2026, TotalEnergies is fully mobilized to monitor closely developments in the situation in order to implement appropriate measures.
Consequences of the conflict for TotalEnergies to date
| - | As of end of March, the production shut down in Qatar, Iraq and UAE offshore, represented approximately |
| - | During the second quarter of 2026, the conflict in the Middle East impacted the production of the Company by an average of |
| - | The impact of the conflict in the Middle East is estimated between |
| - | Following incidents that affected the SATORP1 refinery in early April, the refinery restarted at capacity one week later. Early May, it reached |
| - | With the exception of the SATORP refinery, the Company’s assets were not damaged during the conflict. |
The assessment of the impacts of the conflict on the Company's operations did not identify any impairment indicators as at the end of June 2026.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of
Legal and arbitration proceedings
| - | Disputes relating to Climate |
In France, TotalEnergies SE was summoned in January 2020 before Nanterre’s Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5 °C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company's activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by
In its judgement of 25 June 2026, the Paris Judicial Court did not uphold the claims seeking to prohibit TotalEnergies from developing or undertaking new oil and gas projects or to require it to reduce its oil and gas production; the Court confirmed that the duty of vigilance “law is not intended to hold the companies concerned responsible for the risks related to climate change resulting from all human activity on the planet since the Industrial Revolution”. The Court also held that it is not for the Court to dictate targets or specific measures that would be binding on TotalEnergies.
1 Platform jointly owned by Aramco (
21
However, the Court did not follow the opinion of the Public Prosecutor’s Office — according to which the scope of the Duty of vigilance law does not extend to climate change — and held that a company’s vigilance plan should address climate-related risks. Finding that greenhouse gas emissions from its operations (Scopes 1 and 2) are already effectively incorporated into its vigilance plan, the Court ordered TotalEnergies to include emissions from its customers (Scope 3) and to update its vigilance plan accordingly within
Proceedings against the Company, involving similar injunctive relief claims, were initiated in March 2024 before the Tournai Enterprise Court in Belgium. In a judgment dated 18 March 2026, the Court held that it had jurisdiction on the grounds that the damage alleged by the claimant was said to have materialised in Belgium, but decided to stay the proceedings pending the above-mentioned 25 June 2026 decision of the Paris Judicial Court. TotalEnergies has appealed that judgment before the Mons Court of Appeal.
Some associations in France brought civil and criminal actions against TotalEnergies SE, with the purpose of proving that since May 2021 – after the change of name of TotalEnergies – the Corporation’s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. By decision dated 23 October 2025, the Paris Judicial Court ruled that the Corporation’s institutional communication of an informational nature did not fall under the Consumer Code or the scope of misleading commercial practices. The claims concerning the communication campaign related to its name change in 2021, as well as those targeting its institutional communication on the role of natural gas and biofuels in the energy transition, were all dismissed. No “advertising” by TotalEnergies' subsidiaries in France was condemned by the court. However, the court requested the removal of three paragraphs relating to carbon neutrality ambitions from the website of its commercial subsidiary TotalEnergies Electricité et Gaz France intended for customers. Neither party appealed this civil ruling, which has become final.
In France, on July 4, 2023,
In the United States, the Corporation and several of its US subsidiaries of were summoned, amongst many other companies and professional associations, in several "climate litigation" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Company considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
-Mozambique
In France, victims and heirs of deceased persons filed a complaint against TotalEnergies SE in October 2023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March 2021. This complaint would allege that the Corporation is liable for “unvoluntary manslaughter” and “failure to assist people in danger”. The Corporation considers these accusations as unfounded in both law and fact2.
-Kazakhstan
On April 1st, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
2 Refer to the press release published by the Company on October 11, 2023 contesting the accusations.
22
8) Subsequent events
There are no post-balance sheet events that could have a material impact on the Company’s financial statements.
23