Jersey Opera House gets third chairperson of 2025
Laura Robertson, a lawyer, has stepped into the position having already served as part of the board of directors.
The decision comes after Cyril Whelan announced on Wednesday he was to resign having only just succeeded another outgoing interim chairperson in April.
Jersey Opera House's Grade II listed building in St Helier reopened after five years in May following a major £13m refurbishment scheme.
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In the first half of the year TotalEnergies continued to successfully execute its balanced multi-energy strategy, supported by sustained growth in hydrocarbon and electricity production: 2.53 Mboe/d of hydrocarbon production, which is an increase of more than 3% year-on-year and benefiting notably from the start-up of the Ballymore field in the United States and Mero-4 in Brazil, a quarter ahead of schedule nearly 23 TWh of electricity production in the first half of 2025, an increase of over 20% year-on-year Exploration & Production reported adjusted net operating income of $2.0 billion and cash flow of $3.8 billion in the second quarter, benefiting from accretive project start-ups in 2024 and 2025. Consistent with our strategy, the Company continued to actively manage its low-cost, low-emission portfolio by divesting non-operated interests in non-core projects in Nigeria and Brazil, and entering into new exploration permits in the United States, Malaysia, Indonesia, and Algeria. Integrated LNG achieved adjusted net operating income of $1.0 billion and cash flow of $1.2 billion this quarter, reflecting a 10% decrease in the LNG selling price, in line with oil price evolution, and low market volatility for gas trading activities. The Company strengthened its LNG portfolio by signing a 1.5 Mtpa LNG offtake agreement from Rio Grande LNG Train 4 and taking a positioning in the future Ksi Lisims LNG plant located on the Pacific Coast of Canada. Integrated Power posted adjusted net operating income and cash flow of close to $0.6 billion this quarter, resulting in cash flow of $1.2 billion in the first half of 2025, in line with the annual guidance. As part of its business model, the Company divested 50% of a renewable asset portfolio in Portugal. Downstream delivered adjusted net operating income of $0.8 billion and cash flow of $1.5 billion, reflecting improved refining margins (but still in the context of a globally weak environment) and utilization rate. Downstream results benefitted from the positive seasonal effect of Marketing & Services activities, with stronger results year-on-year. During the first half of 2025, net investments reached $11.6 billion, including $2.2 billion of net acquisitions, notably related to the acquisition of VSB. The Company anticipates that net investments for the full year will be within the $17-17.5 billion guidance range given the disposal program planned for the second half of the year. Normalized gearing(1), which excludes seasonal effects of working capital and investment pace, is 15%. Comforted by the Company's ability to reach its 2025 underlying growth objective while maintaining a strong balance sheet, the Board of Directors has confirmed the distribution of the second interim dividend of 0.85 €/share for fiscal year 2025, an increase close to 7.6% compared to 2024. It also decided to continue share buybacks for up to $2 billion in the third quarter. The Board also highlighted the recent success of the Capital increase reserved for employees, which brings TotalEnergies' employee ownership to nearly 9% of the Company's share capital and demonstrates their support of the Company's strategy." 1. Highlights (2) Upstream Production start-up of the Mero-4 offshore oil development, for 180,000 b/d, in Brazil Production start-up of the Ballymore offshore oil field, for 75,000 b/d, in the United States Divestment of TotalEnergies' 12.5% non-operated interest in the Bonga field, in Nigeria Divestment of TotalEnergies' 20% non-operated interest in Gato do Mato project to Shell in exchange for an increased 48% stake in the operated Lapa offshore field, in Brazil Acquisition of a 25% working interest in a portfolio of 40 Chevron-operated offshore exploration leases, in the United States Acquisition from Petronas of interests in multiple blocks, offshore Malaysia and Indonesia Acquisition of a 25% interest in Block 53, in Suriname Award of the Ahara Exploration license, in Algeria Downstream Announcement of the shut-down of the cracker NC2 in the Antwerp platform by 2027, in the context of over-capacity of petrochemicals in Europe Integrated LNG Signature of an agreement with NextDecade for LNG offtake of 1.5 Mt/year over 20 years from the future Train 4 of Rio Grande LNG, in Texas Signature of agreements with Western LNG for a future equity stake and LNG offtake in Ksi Lisims LNG project, in Canada Agreement between with CMA CGM to create a JV for LNG bunkering in Rotterdam, with TotalEnergies providing up to 360,000 tons of LNG per year Integrated Power Closing of the acquisition of the German renewable energy developer VSB Closing of the sale of 50% of TotalEnergies' 604 MW renewables portfolio, in Portugal Closing of the acquisition of 50% of AES' renewables portfolio, in the Dominican Republic Acquisition of 350 MW of solar projects and 85 MW of BESS projects, in the UK Award of a concession to develop a 1GW offshore wind farm, in Germany Signature of an agreement with RGE for the development of a solar and battery project, in Indonesia, to supply the local market and Singapore Carbon footprint reduction and low-carbon molecules Signature of an agreement for the sale of 50% of biogas leader PGB in Poland Signature of a 15-year agreement with Quatra for the supply of 60,000 tons/yr of European used cooking oil to TotalEnergies' biorefineries Innovation and Performance Collaboration with Mistral AI through a joint innovation lab to increase the application of AI in TotalEnergies' multi-energy strategy 2. Key figures from TotalEnergies' consolidated financial statements (1) 2Q25 1Q25 2Q25vs1Q25 2Q24 In millions of dollars, except effective tax rate,earnings per share and number of shares 1H25 1H24 1H25vs1H24 9,690 10,504 -8% 11,073 Adjusted EBITDA (1) 20,194 22,566 -11% 4,390 4,792 -8% 5,339 Adjusted net operating income from business segments 9,182 10,939 -16% 1,974 2,451 -19% 2,667 Exploration & Production 4,425 5,217 -15% 1,041 1,294 -20% 1,152 Integrated LNG 2,335 2,374 -2% 574 506 +13% 502 Integrated Power 1,080 1,113 -3% 389 301 +29% 639 Refining & Chemicals 690 1,601 -57% 412 240 +72% 379 Marketing & Services 652 634 +3% 702 715 -2% 636 Contribution of equity affiliates to adjusted net income 1,417 1,257 +13% 41.5% 41.4% - 40.4% Effective tax rate (3) 41.4% 39.0% - 3,578 4,192 -15% 4,672 Adjusted net income (TotalEnergies share) (1) 7,770 9,784 -21% 1.57 1.83 -14% 1.98 Adjusted fully-diluted earnings per share (dollars) (4) 3.41 4.14 -18% 1.38 1.74 -21% 1.85 Adjusted fully-diluted earnings per share (euros) (5) 3.12 3.82 -18% 2,224 2,246 -1% 2,328 Fully-diluted weighted-average shares (millions) 2,236 2,333 -4% 2,687 3,851 -30% 3,787 Net income (TotalEnergies share) 6,538 9,508 -31% 4,819 4,501 +7% 4,410 Organic investments (1) 9,320 8,482 +10% 1,813 420 x4,3 220 Acquisitions net of assets sales (1) 2,233 (280) ns 6,632 4,921 +35% 4,630 Net investments (1) 11,553 8,202 +41% 6,618 6,992 -5% 7,777 Cash flow from operations excluding working capital (CFFO) (1) 13,610 15,945 -15% 6,943 7,276 -5% 7,895 Debt Adjusted Cash Flow (DACF) (1) 14,220 16,207 -12% 5,960 2,563 x2,3 9,007 Cash flow from operating activities 8,523 11,176 -24% Gearing (1) of 14.3% at March 31, 2025 vs. 8.3% at December 31, 2024 and 10.5% at March 31, 2024 3. Key figures of environment, greenhouse gas emissions and production 3.1 Environment – liquids and gas price realizations, refining margins 2Q25 1Q25 2Q25 vs1Q25 2Q24 1H25 1H24 1H25 vs1H24 67.9 75.7 -10% 85.0 Brent ($/b) 71.9 84.1 -15% 3.5 3.9 -9% 2.3 Henry Hub ($/Mbtu) 3.7 2.2 +66% 11.9 14.4 -18% 10.0 TTF ($/Mbtu) 13.2 9.4 +40% 12.2 14.1 -13% 11.2 JKM ($/Mbtu) 13.1 10.3 +28% 65.6 72.2 -9% 81.0 Average price of liquids (6),(7) ($/b)Consolidated subsidiaries 68.7 79.9 -14% 5.63 6.60 -15% 5.05 Average price of gas (6),(8) ($/Mbtu)Consolidated subsidiaries 6.13 5.08 +21% 9.10 10.00 -9% 9.32 Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and equity affiliates 9.55 9.46 +1% 35.3 29.4 +20% 44.9 European Refining Margin Marker (ERM) (6),(10) ($/t) 32.4 58.3 -44% 3.2 Greenhouse gas emissions (11) 2Q25 1Q25 2Q25 vs1Q25 2Q24 Scope 1+2 emissions (12) (MtCO2e) 1H25 1H24 1H25 vs1H24 8.0 8.4 -5% 7.7 Scope 1+2 from operated facilities (1) 16.4 15.9 +3% 7.1 7.2 -1% 7.0 of which Oil & Gas 14.3 14.1 +1% 0.9 1.2 -25% 0.7 of which CCGT 2.1 1.8 +17% 10.6 11.1 -5% 10.3 Scope 1+2 - ESRS share (1) 21.7 21.2 +2% 2Q25 1Q25 2Q25 vs1Q25 2Q24 Methane emissions (ktCH4) 1H25 1H24 1H25 vs1H24 6 6 - 7 Methane emissions from operated facilities (1) 11 15 -27% Estimated quarterly emissions. Scope 1+2 emissions from operated installations were down 5% quarter-to-quarter given lower gas-fired power plants utilization rate. First half 2025 Scope 3 (13) Category 11 emissions are estimated to be about 170 Mt CO2e . 3.3 Production (14) 2Q25 1Q25 2Q25 vs1Q25 2Q24 Hydrocarbon production 1H25 1H24 1H25 vs1H24 2,503 2,558 -2% 2,441 Hydrocarbon production (kboe/d) 2,531 2,451 +3% 1,343 1,355 -1% 1,318 Oil (including bitumen) (kb/d) 1,349 1,320 +2% 1,160 1,203 -4% 1,123 Gas (including condensates and associated NGL) (kboe/d) 1,182 1,131 +4% 2,503 2,558 -2% 2,441 Hydrocarbon production (kboe/d) 2,531 2,451 +3% 1,506 1,516 -1% 1,477 Liquids (kb/d) 1,511 1,480 +2% 5,395 5,655 -5% 5,180 Gas (Mcf/d) 5,524 5,215 +6% Hydrocarbon production was 2,503 thousand barrels of oil equivalent per day in the second quarter 2025, up 2.5% year-on-year, and was comprised of: +5.5% due to start-ups and ramp-ups, including Mero-2, Mero-3 and Mero-4 in Brazil, Fenix in Argentina, Tyra in Denmark, and Anchor and Ballymore in the United States, -2.5% mainly due to more planned maintenance this quarter, +2.0% due to a portfolio effect related to the acquisitions of SapuraOMV in Malaysia and interests in the Eagle Ford shale gas plays in Texas and to a price effect, -2.5% due to the natural field declines. 4. Analysis of business segments 4.1 Exploration & Production 4.1.1 Production 2Q25 1Q25 2Q25 vs1Q25 2Q24 Hydrocarbon production 1H25 1H24 1H25 vs1H24 1,956 1,976 -1% 1,943 EP (kboe/d) 1,966 1,956 +1% 1,437 1,442 - 1,413 Liquids (kb/d) 1,440 1,416 +2% 2,767 2,848 -3% 2,829 Gas (Mcf/d) 2,807 2,883 -3% 4.1.2 Results 2Q25 1Q25 2Q25 vs1Q25 2Q24 In millions of dollars, except effective tax rate 1H25 1H24 1H25 vs1H24 1,974 2,451 -19% 2,667 Adjusted net operating income 4,425 5,217 -15% 176 150 +17% 207 including adjusted income from equity affiliates 326 352 -7% 50.1% 49.4% - 46.9% Effective tax rate (15) 49.7% 47.7% - 3,053 2,684 +14% 2,585 Organic investments (1) 5,737 4,626 +24% 162 116 +40% 57 Acquisitions net of assets sales (1) 278 93 x3 3,215 2,800 +15% 2,642 Net investments (1) 6,015 4,719 +27% 3,760 4,291 -12% 4,353 Cash flow from operations excluding working capital (CFFO) (1) 8,051 8,831 -9% 3,675 3,266 +13% 4,535 Cash flow from operating activities 6,941 8,125 -15% Adjusted net operating income was $1,974 million, down $480 million quarter-to-quarter, reflecting for 400 M$ the sensitivities linked to the changing environment (average liquids price down $7/b compared to the first quarter). Cash flow from operations excluding working capital (CFFO) was $3,760 million, down $530 million quarter-to-quarter, reflecting the sensitivities linked to the changing environment. 4.2 Integrated LNG 4.2.1 Production 2Q25 1Q25 2Q25 vs1Q25 2Q24 Hydrocarbon production for LNG 1H25 1H24 1H25 vs1H24 547 582 -6% 498 Integrated LNG (kboe/d) 565 495 +14% 69 74 -7% 64 Liquids (kb/d) 71 64 +12% 2,628 2,807 -6% 2,351 Gas (Mcf/d) 2,717 2,332 +17% 2Q25 1Q25 2Q25 vs1Q25 2Q24 Liquefied Natural Gas in Mt 1H25 1H24 1H25 vs1H24 10.6 10.6 -1% 8.8 Overall LNG sales 21.2 19.5 +9% 3.9 4.0 -3% 3.6 incl. Sales from equity production* 7.9 7.8 +1% 9.4 9.4 - 7.6 incl. Sales by TotalEnergies from equity production and third party purchases 18.8 16.9 +11% * The Company's equity production may be sold by TotalEnergies or by the joint ventures. Hydrocarbon production for LNG was down 6% this quarter compared to the first quarter 2025, notably due to scheduled maintenance at Snøhvit in Norway and Malaysia LNG, which impacted SK408 production. Quarterly LNG sales were stable. 4.2.2 Results 2Q25 1Q25 2Q25 vs1Q25 2Q24 In millions of dollars 1H25 1H24 1H25 vs1H24 9.10 10.00 -9% 9.32 Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and equity affiliates 9.55 9.46 +1% 1,041 1,294 -20% 1,152 Adjusted net operating income 2,335 2,374 -2% 513 535 -4% 421 including adjusted income from equity affiliates 1,048 915 +15% 743 752 -1% 624 Organic investments (1) 1,495 1,164 +28% 110 140 -21% 198 Acquisitions net of assets sales (1) 250 186 +34% 853 892 -4% 822 Net investments (1) 1,745 1,350 +29% 1,159 1,249 -7% 1,220 Cash flow from operations excluding working capital (CFFO) (1) 2,408 2,568 -6% 539 1,743 -69% 431 Cash flow from operating activities 2,282 2,141 +7% * Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. Adjusted net operating income for Integrated LNG was $1,041 million, down 20% this quarter primarily due to a lower average LNG selling price reflecting oil price evolution and low market volatility for gas trading activities. Cash flow from operations excluding working capital (CFFO) was $1,159 million, down 7% reflecting a lower average LNG selling price. 4.3 Integrated Power 4.3.1 Productions, capacities, clients and sales 2Q25 1Q25 2Q25 vs1Q25 2Q24 Integrated Power 1H25 1H24 1H25 vs1H24 11.6 11.3 +2% 9.1 Net power production (TWh) * 22.9 18.6 +23% 8.4 6.8 +23% 6.8 o/w production from renewables 15.2 12.8 +18% 3.2 4.5 -29% 2.2 o/w production from gas flexible capacities 7.7 5.8 +33% 24.0 22.7 +5% 19.6 Portfolio of power generation net installed capacity (GW) ** 24.0 19.6 +22% 17.4 16.2 +7% 13.8 o/w renewables 17.4 13.8 +26% 6.5 6.5 - 5.8 o/w gas flexible capacities 6.5 5.8 +13% 104.1 97.5 +7% 87.4 Portfolio of renewable power generation gross capacity (GW) **,*** 104.1 87.4 +19% 30.2 27.8 +9% 24.0 o/w installed capacity 30.2 24.0 +26% 6.0 6.0 - 6.0 Clients power - BtB and BtC (Million) ** 6.0 6.0 +1% 2.7 2.8 - 2.8 Clients gas - BtB and BtC (Million) ** 2.7 2.8 - 10.5 14.5 -27% 11.1 Sales power - BtB and BtC (TWh) 25.0 26.0 -4% 14.9 35.7 -58% 18.9 Sales gas - BtB and BtC (TWh) 50.6 54.6 -7% * Solar, wind, hydroelectric and gas flexible capacities. ** End of period data. *** Includes 19.25% of Adani Green Energy Ltd's gross capacity, 50% of Clearway Energy Group's gross capacity and 49% of Casa dos Ventos' gross capacity. Net power production increased by 28% year-on-year to 11.6 TWh, driven by growth in renewable energy production and the acquisition of flexible gas capacities in the United Kingdom in 2024. 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Refinery throughput was up 3% quarter-on-quarter. Petrochemicals output was down 7% for monomers and down 4% for polymers, mainly due to planned maintenance on the Normandie platform and to weak demand in Europe. 4.5.2 Results 2Q25 1Q25 2Q25 vs1Q25 2Q24 In millions of dollars 1H25 1H24 1H25 vs1H24 35.3 29.4 +20% 44.9 European Refining Margin Marker (ERM) ($/t) * 32.4 58.3 -44% 389 301 +29% 639 Adjusted net operating income 690 1,601 -57% 333 236 +41% 382 Organic investments (1) 569 801 -29% (24) - ns (95) Acquisitions net of assets sales (1) (24) (115) ns 309 236 +31% 287 Net investments (1) 545 686 -21% 772 633 +22% 1,117 Cash flow from operations excluding working capital (CFFO) (1) 1,405 2,408 -42% 887 (1,983) ns 1,541 Cash flow from operating activities (1,096) (588) ns * This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities. Adjusted net operating income was $389 million in the second quarter 2025, up 29% quarter-to-quarter, reflecting a slightly better level of refining margins and utilization rate. Cash flow from operations excluding working capital (CFFO) was $ 772 million, up 22% quarter-to-quarter for the same reasons. 4.6 Marketing & Services 4.6.1 Petroleum product sales 2Q25 1Q25 2Q25 vs1Q25 2Q24 Sales in kb/d* 1H25 1H24 1H25 vs1H24 1,324 1,266 +5% 1,363 Total Marketing & Services sales 1,295 1,338 -3% 790 714 +11% 773 Europe 753 744 +1% 534 551 -3% 591 Rest of world 543 594 -9% * Excludes trading and bulk refining sales. Sales of petroleum products are up 5% quarter-to-quarter due to the seasonality of transport markets in Europe. 4.6.2 Results 2Q25 1Q25 2Q25 vs1Q25 2Q24 In millions of dollars 1H25 1H24 1H25 vs1H24 412 240 +72% 379 Adjusted net operating income 652 634 +3% 199 150 +33% 186 Organic investments (1) 349 287 +22% (3) (75) ns 151 Acquisitions net of assets sales (1) (78) (1,087) ns 196 75 x2,6 337 Net investments (1) 271 (800) ns 711 484 +47% 659 Cash flow from operations excluding working capital (CFFO) (1) 1,195 1,138 +5% 628 568 +11% 1,650 Cash flow from operating activities 1,196 1,542 -22% Marketing & Services adjusted net operating income was $412 million in the second quarter of 2025, up 72% quarter-on-quarter benefiting from a seasonal effect and the increase of unit margins. Cash flow from operations excluding working capital (CFFO) was $711 million, up 47% quarter-to-quarter for the same reasons. 5. 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TotalEnergies repurchased*: 28.5 million shares in the second quarter 2025, for $1.7 billion, 62 million shares in the first half 2025, for $3.7 billion. 5.4 Acquisitions – asset sales Acquisitions were: $2,106 million in the second quarter of 2025, notably related to the finalization of the VSB acquisition and the acquisition of a renewable asset portfolio in the Dominican Republic, $2,942 million in the first half of 2025, notably related to the above items, as well as the acquisitions of an additional 10% interest in the Moho field in Congo, of SN Power and of renewable projects in Canada. Divestments were: $293 million in the second quarter of 2025, notably related to the sale of 50% of a renewable asset portfolio in Portugal, $709 million in the first half of 2025, notably related to the above items, as well as the divestment of interests in the Nkossa and Nsoko II permits in Congo and fuel distribution activities in Brazil. 5.5 Net cash flow (1) TotalEnergies' net cash flow in the second quarter of 2025 was ($14) million, down from $2,071 million the previous quarter, due to a $374 million decrease in CFFO and a $1,711 million increase in net investments over the quarter, reaching $6,632 million. 2025 second quarter cash flow from operating activities was $5,960 million versus CFFO of $6,618 million and was impacted by a $0.5 billion increase in working capital requirements, mainly due to the unfavorable effect of declining prices on tax liabilities and the payment during the quarter for the capital gain tax from divesting the German distribution networks to Alimentation Couche-Tard. This was partially offset by the seasonal effect on gas and electricity supply activities in Europe. 5.6 Profitability Return on equity was 14.1% for the twelve months ended June 30, 2025. In millions of dollars July 1, 2024 April 1, 2024 July 1, 2023 June 30, 2025 March 31, 2025 June 30, 2024 Adjusted net income (TotalEnergies share) (1) 16,535 17,636 21,769 Average adjusted shareholders' equity 117,441 116,758 116,286 Return on equity (ROE) 14.1% 15.1% 18.7% Return on average capital employed (1) was 12.4% for the twelve months ended June 30, 2025. In millions of dollars July 1, 2024 April 1, 2024 July 1, 2023 June 30, 2025 March 31, 2025 June 30, 2024 Adjusted net operating income (1) 18,184 19,125 23,030 Average capital employed (1) 146,456 144,629 138,776 ROACE (1) 12.4% 13.2% 16.6% 6. TotalEnergies SE statutory accounts Net income for TotalEnergies SE, the parent company, amounted to €4,098 million in the second quarter of 2025, compared to €3,726 million in the first quarter. 7. Annual 2025 Sensitivities (16) Change Estimated impact on adjustednet operating income Estimated impact on cash flow from operations Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$ Average liquids price (17) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$ European gas price - TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$ European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$ 8. Outlook In an unstable geopolitical and macroeconomic environment (tariff war), oil markets remain volatile with prices fluctuating between $60 and $70/b. The market is facing an abundant supply that is fueled by OPEC+'s decision to unwind some voluntary production cuts and weak demand that is linked to the slowdown in global economic growth. Refining and petrochemical margins are similarly facing structural overcapacity given persistently weak demand. However, due to traditionally stronger summer demand (driving season), refining margins are above $50/ton at the start of the third quarter of 2025. Forward European gas prices remain sustained around $12/Mbtu for the third quarter of 2025 and winter 2025/26 due to European stock replenishment. Given the evolution of oil and gas prices in recent months and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG selling price of $9 to $9.5/Mbtu for the third quarter of 2025. Hydrocarbon production in the third quarter of 2025 is expected to increase by over 3% compared to the third quarter of 2024, which is in line with the Company's annual objective of over 3% production growth in 2025 compared to 2024. Taking into account scheduled maintenance at Antwerp, Port Arthur and HTC, utilization rates should be around 80% to 85% in the third quarter. The Company anticipates that net investments for the full year will be within the $17-17.5 billion guidance range given the disposal program planned for the second half of the year. * * * * To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 1:00pm (Paris time), please log on to or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. The conference replay will be available on the Company's website after the event. * * * * 9. Operating information by segment 9.1 Company's production (Exploration & Production + Integrated LNG) 2Q25 1Q25 2Q25 vs1Q25 2Q24 Combined liquids and gasproduction by region (kboe/d) 1H25 1H24 1H25 vs1H24 522 571 -9% 561 Europe 547 566 -3% 424 424 - 449 Africa 424 456 -7% 850 849 - 825 Middle East and North Africa 849 820 +4% 436 424 +3% 358 Americas 430 355 +21% 271 290 -6% 248 Asia-Pacific 281 254 +10% 2,503 2,558 -2% 2,441 Total production 2,531 2,451 +3% 374 390 -4% 359 includes equity affiliates 382 352 +8% 2Q25 1Q25 2Q25 vs1Q25 2Q24 Liquids production by region (kb/d) 1H25 1H24 1H25 vs1H24 203 216 -6% 225 Europe 209 225 -7% 309 312 -1% 325 Africa 310 328 -5% 673 680 -1% 660 Middle East and North Africa 677 656 +3% 217 202 +8% 167 Americas 210 168 +24% 104 106 -2% 100 Asia-Pacific 105 103 +2% 1,506 1,516 -1% 1,477 Total production 1,511 1,480 +2% 158 163 -3% 150 includes equity affiliates 161 152 +6% 2Q25 1Q25 2Q25 vs1Q25 2Q24 Gas production by region (Mcf/d) 1H25 1H24 1H25 vs1H24 1,720 1,920 -10% 1,814 Europe 1,819 1,841 -1% 579 567 +2% 620 Africa 573 634 -10% 973 920 +6% 904 Middle East and North Africa 947 900 +5% 1,214 1,237 -2% 1,061 Americas 1,225 1,032 +19% 909 1,011 -10% 781 Asia-Pacific 960 808 +19% 5,395 5,655 -5% 5,180 Total production 5,524 5,215 +6% 1,173 1,237 -5% 1,127 includes equity affiliates 1,205 1,085 +11% 9.2 Downstream (Refining & Chemicals and Marketing & Services) 2Q25 1Q25 2Q25 vs1Q25 2Q24 Petroleum product sales by region (kb/d) 1H25 1H24 1H25 vs1H24 1,904 1,677 +14% 1,840 Europe 1,790 1,807 -1% 616 618 - 558 Africa 617 575 +7% 1,057 1,073 -2% 989 Americas 1,065 1,011 +5% 856 945 -9% 639 Rest of world 901 675 +33% 4,432 4,313 +3% 4,026 Total consolidated sales 4,373 4,068 +7% 379 344 +10% 397 Includes bulk sales 362 399 -9% 2,729 2,703 +1% 2,266 Includes trading 2,716 2,331 +16% 2Q25 1Q25 2Q25 vs1Q25 2Q24 Petrochemicals production* (kt) 1H25 1H24 1H25 vs1H24 832 984 -15% 900 Europe 1,816 1,890 -4% 750 694 +8% 756 Americas 1,444 1,401 +3% 709 745 -5% 702 Middle East and Asia 1,454 1,430 +2% * Olefins, polymers. 9.3 Integrated Power 9.3.1 Net power production 2Q25 1Q25 Net power production (TWh) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total France 0.2 0.2 - 0.5 0.0 1.0 0.1 0.2 - 1.9 0.0 2.2 Rest of Europe 0.2 0.5 0.2 1.0 0.1 2.0 0.1 0.6 0.3 1.6 0.1 2.6 Africa 0.0 - - - 0.1 0.1 0.0 - - - 0.0 0.1 Middle East 0.3 - - 0.3 - 0.5 0.2 - - 0.2 - 0.4 North America 1.3 0.6 - 1.4 - 3.3 0.7 0.5 - 0.9 - 2.1 South America 0.1 0.9 - - - 1.0 0.2 0.8 - - - 0.9 India 2.5 0.6 - - - 3.1 2.2 0.3 - - - 2.5 Pacific Asia 0.4 0.0 0.1 - - 0.5 0.3 0.0 0.2 - - 0.5 Total 5.1 2.8 0.3 3.2 0.2 11.6 3.8 2.4 0.5 4.5 0.1 11.3 9.3.2 Installed power generation net capacity 2Q25 1Q25 Installed power generation net capacity (GW) (18) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total France 0.8 0.5 - 2.7 0.2 4.2 0.8 0.4 - 2.7 0.2 4.0 Rest of Europe 0.5 1.0 0.3 2.1 0.2 4.0 0.6 1.0 0.3 2.1 0.2 4.1 Africa 0.0 - - - 0.1 0.1 0.0 - - - 0.1 0.1 Middle East 0.5 - - 0.3 - 0.8 0.4 - - 0.3 - 0.8 North America 2.8 0.9 - 1.5 0.4 5.5 2.5 0.8 - 1.5 0.3 5.1 South America 0.4 1.0 - - - 1.4 0.4 0.9 - - - 1.3 India 6.0 0.6 - - - 6.6 5.5 0.6 - - - 6.1 Pacific Asia 1.1 0.0 0.2 - - 1.3 1.1 0.0 0.2 - - 1.3 Total 12.2 4.0 0.5 6.5 0.8 24.0 11.2 3.8 0.5 6.5 0.7 22.7 9.3.3 Power generation gross capacity from renewables 2Q25 1Q25 Installed power generation gross capacity from renewables (GW) (19),(20) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France 1.3 0.9 0.0 0.2 2.3 1.2 0.7 0.0 0.2 2.1 Rest of Europe 0.6 1.5 1.1 0.3 3.5 0.6 1.3 1.1 0.3 3.2 Africa 0.1 0.0 0.0 0.3 0.4 0.1 0.0 0.0 0.3 0.4 Middle East 1.3 0.0 0.0 0.0 1.3 1.2 0.0 0.0 0.0 1.2 North America 6.1 2.3 0.0 0.8 9.3 5.6 2.2 0.0 0.7 8.4 South America 0.4 1.5 0.0 0.0 1.9 0.4 1.4 0.0 0.0 1.8 India 8.5 0.6 0.0 0.0 9.2 7.7 0.6 0.0 0.0 8.4 Asia-Pacific 1.7 0.0 0.6 0.0 2.4 1.7 0.0 0.6 0.0 2.3 Total 20.0 6.8 1.8 1.6 30.2 18.4 6.2 1.8 1.4 27.8 2Q25 1Q25 Power generation gross capacity from renewables in construction (GW) (19),(20) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France 0.3 0.1 0.0 0.0 0.4 0.3 0.0 0.0 0.0 0.3 Rest of Europe 0.5 0.2 0.8 0.3 1.9 0.5 0.1 0.8 0.3 1.8 Africa 0.5 0.1 0.0 0.1 0.7 0.4 0.1 0.0 0.1 0.7 Middle East 1.7 0.2 0.0 0.0 2.0 1.5 0.2 0.0 0.0 1.7 North America 1.2 0.0 0.0 0.5 1.7 1.3 0.0 0.0 0.5 1.9 South America 0.9 0.4 0.0 0.2 1.4 0.4 0.5 0.0 0.2 1.1 India 1.6 0.0 0.0 0.0 1.6 2.2 0.0 0.0 0.0 2.2 Asia-Pacific 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1 Total 6.7 1.1 0.8 1.2 9.8 6.7 1.1 0.8 1.2 9.9 2Q25 1Q25 Power generation gross capacity from renewables in development (GW) (19),(20) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France 1.0 0.5 0.0 0.0 1.6 0.9 0.3 0.0 0.1 1.3 Rest of Europe 6.4 1.7 14.3 2.9 25.3 4.6 0.6 13.3 2.5 20.9 Africa 0.5 0.2 0.0 0.0 0.7 0.5 0.2 0.0 0.0 0.7 Middle East 0.6 0.0 0.0 0.0 0.6 0.8 0.0 0.0 0.0 0.8 North America 10.9 3.7 4.1 4.6 23.3 10.6 3.0 4.1 4.4 22.1 South America 1.2 1.4 0.0 0.0 2.6 1.7 1.4 0.0 0.0 3.1 India 2.0 0.1 0.0 0.0 2.1 2.3 0.1 0.0 0.0 2.4 Asia-Pacific 3.2 1.1 2.6 1.1 7.9 3.4 1.1 3.0 1.1 8.5 Total 25.8 8.6 21.0 8.6 64.1 24.8 6.6 20.4 8.1 59.8 10. Alternative Performance Measures (Non-GAAP measures) 10.1 Adjustment items to net income (TotalEnergies share) 2Q25 1Q25 2Q24 In millions of dollars 1H25 1H24 2,687 3,851 3,787 Net income (TotalEnergies share) 6,538 9,508 (340) (108) (274) Special items affecting net income (TotalEnergies share) (448) 531 - - (110) Gain (loss) on asset sales - 1,397 - - (11) Restructuring charges - (11) (209) - - Impairments (209) (644) (131) (108) (153) Other * (239) (211) (268) (78) (320) After-tax inventory effect : FIFO vs. replacement cost (346) (196) (283) (155) (291) Effect of changes in fair value (438) (611) (891) (341) (885) Total adjustments affecting net income (1,232) (276) 3,578 4,192 4,672 Adjusted net income (TotalEnergies share) 7,770 9,784 10.2 Reconciliation of adjusted EBITDA with consolidated financial statements 10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA 2Q25 1Q25 2Q25 vs1Q25 2Q24 In millions of dollars 1H25 1H24 1H25 vs1H24 2,687 3,851 -30% 3,787 Net income (TotalEnergies share) 6,538 9,508 -31% 891 341 x2,6 885 Less: adjustment items to net income (TotalEnergies share) 1,232 276 x4,5 3,578 4,192 -15% 4,672 Adjusted net income (TotalEnergies share) 7,770 9,784 -21% Adjusted items 60 70 -14% 67 Add: non-controlling interests 130 167 -22% 2,328 2,705 -14% 2,977 Add: income taxes 5,033 5,968 -16% 3,106 2,998 +4% 2,962 Add: depreciation, depletion and impairment of tangible assets and mineral interests 6,104 5,904 +3% 96 83 +16% 87 Add: amortization and impairment of intangible assets 179 179 - 816 725 +13% 725 Add: financial interest on debt 1,541 1,433 +8% (294) (269) ns (417) Less: financial income and expense from cash & cash equivalents (563) (869) ns 9,690 10,504 -8% 11,073 Adjusted EBITDA 20,194 22,566 -11% 10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share) 2Q25 1Q25 2Q25 vs1Q25 2Q24 In millions of dollars 1H25 1H24 1H25 vs1H24 Adjusted items 44,676 47,899 -7% 49,183 Revenues from sales 92,575 101,066 -8% (28,533) (30,563) ns (31,314) Purchases, net of inventory variation (59,096) (64,839) ns (7,588) (7,542) ns (7,664) Other operating expenses (15,130) (15,244) ns (97) (81) ns (97) Exploration costs (178) (185) ns 544 247 x2,2 146 Other income 791 386 x2 (233) (216) ns (37) Other expense, excluding amortization and impairment of intangible assets (449) (162) ns 422 294 +44% 433 Other financial income 716 715 - (203) (249) ns (213) Other financial expense (452) (428) ns 702 715 -2% 636 Net income (loss) from equity affiliates 1,417 1,257 +13% 9,690 10,504 -8% 11,073 Adjusted EBITDA 20,194 22,566 -11% Adjusted items (3,106) (2,998) ns (2,962) Less: depreciation, depletion and impairment of tangible assets and mineral interests (6,104) (5,904) ns (96) (83) ns (87) Less: amortization of intangible assets (179) (179) ns (816) (725) ns (725) Less: financial interest on debt (1,541) (1,433) ns 294 269 +9% 417 Add: financial income and expense from cash & cash equivalents 563 869 -35% (2,328) (2,705) ns (2,977) Less: income taxes (5,033) (5,968) ns (60) (70) ns (67) Less: non-controlling interests (130) (167) ns (891) (341) ns (885) Add: adjustment (TotalEnergies share) (1,232) (276) ns 2,687 3,851 -30% 3,787 Net income (TotalEnergies share) 6,538 9,508 -31% 10.3 Investments – Divestments Reconciliation of Cash flow used in investing activities to Net investments 2Q25 1Q25 2Q25 vs1Q25 2Q24 In millions of dollars 1H25 1H24 1H25 vs1H24 6,689 4,805 +39% 4,558 Cash flow used in investing activities ( a ) 11,494 8,025 +43% - - ns - Other transactions with non-controlling interests ( b ) - - ns 54 6 x9 (29) Organic loan repayment from equity affiliates ( c ) 60 (26) ns (221) - ns - Change in debt from renewable projects financing ( d ) * (221) - ns 90 108 -17% 97 Capex linked to capitalized leasing contracts ( e ) 198 200 -1% 20 2 x10 4 Expenditures related to carbon credits ( f ) 22 3 x7,3 6,632 4,921 +35% 4,630 Net investments ( a + b + c + d + e + f = g - i + h ) 11,553 8,202 +41% 1,813 420 x4,3 220 of which acquisitions net of assets sales ( g-i ) 2,233 (280) ns 2,106 836 x2,5 544 Acquisitions ( g ) 2,942 1,618 +82% 293 416 -29% 324 Asset sales ( i ) 709 1,898 -63% 67 - ns - Change in debt (partner share) and capital gains from renewable project sales 67 - ns 4,819 4,501 +7% 4,410 of which organic investments ( h ) 9,320 8,482 +10% 37 111 -66% 101 Capitalized exploration 148 247 -40% 425 568 -25% 589 Increase in non-current loans 993 1,127 -12% (256) (103) ns (178) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (359) (324) ns (154) - ns - Change in debt from renewable projects (TotalEnergies share) (154) - ns * Change in debt from renewable projects (TotalEnergies share and partner share). 10.4 Cash flow Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow 2Q25 1Q25 2Q25 vs1Q25 2Q24 In millions of dollars 1H25 1H24 1H25 vs1H24 5,960 2,563 x2,3 9,007 Cash flow from operating activities ( a ) 8,523 11,176 -24% (246) (4,316) ns 1,669 (Increase) decrease in working capital ( b ) * (4,562) (4,452) ns (272) (107) ns (468) Inventory effect ( c ) (379) (343) ns 86 - ns - Capital gain from renewable project sales ( d ) 86 - ns 54 6 x9 (29) Organic loan repayments from equity affiliates ( e ) 60 (26) ns 6,618 6,992 -5% 7,777 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 13,610 15,945 -15% (325) (284) ns (118) Financial charges (610) (262) ns 6,943 7,276 -5% 7,895 Debt Adjusted Cash Flow (DACF) 14,220 16,207 -12% 4,819 4,501 +7% 4,410 Organic investments ( g ) 9,320 8,482 +10% 1,799 2,491 -28% 3,367 Free cash flow after organic investments ( f - g ) 4,290 7,463 -43% 6,632 4,921 +35% 4,630 Net investments ( h ) 11,553 8,202 +41% (14) 2,071 ns 3,147 Net cash flow ( f - h ) 2,057 7,743 -73% * Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments' contracts. 10.5 Gearing ratio In millions of dollars 06/30/2025 03/31/2025 06/30/2024 Current borrowings * 12,570 10,983 9,358 Other current financial liabilities 861 897 461 Current financial assets * , ** (4,872) (5,892) (6,425) Net financial assets classified as held for sale * 41 41 (61) Non-current financial debt * 39,161 37,862 34,726 Non-current financial assets * (1,410) (953) (1,166) Cash and cash equivalents (20,424) (22,837) (23,211) Net debt ( a ) 25,927 20,101 13,682 Shareholders' equity (TotalEnergies share) 116,642 117,956 117,379 Non-controlling interests 2,360 2,465 2,648 Shareholders' equity (b) 119,002 120,421 120,027 Gearing = a / ( a+b ) 17.9% 14.3% 10.2% Leases (c) 8,907 8,533 8,012 Gearing including leases ( a+c ) / ( a+b+c ) 22.6% 19.2% 15.3% * Excludes leases receivables and leases debts. ** Including initial margins held as part of the Company's activities on organized markets. Gearing was 17.9% at the end of June 2025 due to the seasonal effect of working capital variation and pace of investment. Normalized gearing was 15% excluding these effects. 10.6 Return on average capital employed In millions of dollars Exploration & Production IntegratedLNG Integrated Power Refining & Chemicals Marketing & Services Company Adjusted net operating income 9,212 4,830 2,140 1,249 1,378 18,184 Capital employed at 06/30/2024 65,809 38,708 21,861 8,728 6,954 140,180 Capital employed at 06/30/2025 67,042 44,300 27,033 8,827 7,326 152,731 ROACE 13.9% 11.6% 8.8% 14.2% 19.3% 12.4% 10.7 Payout In millions of dollars 1H25 1H24 2024 Dividend paid (parent company shareholders) 3,745 3,756 7,717 Repayment of treasury shares excluding fees and taxes 3,726 4,000 7,970 Payout ratio 54% 45% 50% 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: 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. Disclaimer: The terms "TotalEnergies", "TotalEnergies company" and "Company" in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities. This document does not constitute the half-year financial report, which will be separately published in accordance with article L. 451-1-2-III of the French Code monétaire et financier and applicable UK law, and available on the website This press release presents the results for the second quarter of 2025 and half-year 2025 from the consolidated financial statements of TotalEnergies SE as of June 30, 2025 (unaudited). The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the website 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 the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). 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 may prove to be inaccurate in the future, 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, 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, or pandemics such as the COVID-19 pandemic. 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. Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company'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 Company 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 United States Securities and Exchange Commission ("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. 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. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, cash flow from operations excluding working capital, debt adjusted cash flow, and the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies. These adjustment items include: (i) 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. (ii) 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. (iii) 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. The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. Euro amounts presented for the fully adjusted fully-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros. Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as "potential reserves" or "resources", that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company website You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC's website (1) Refer to Glossary pages 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables. (2) Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements. (3) 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). (4) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds. (5) Average €-$ exchange rate: 1.1338 in the 2nd quarter 2025, 1.0523 in the 1st quarter 2025, 1.0767 in the 2nd quarter 2024, 1.0927 in the 1st half 2025 and 1.0813 in the 1st half 2024 (6) Does not include oil, gas and LNG trading activities, respectively. (7) Sales in $ / Sales in volume for consolidated affiliates. (8) Sales in $ / Sales in volume for consolidated affiliates. (9) Sales in $ / Sales in volume for consolidated and equity affiliates. (10) This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. (11) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company's emissions or are considered as non-material and are therefore no longer counted with effect from 2018. In CO2 equivalent terms, nitrous oxide (N2O) represents less than 1% of the Company's Scope 1+2 emissions. (12) Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting and indirect emissions attributable to brought-in energy (electricity, heat, steam), net from potential energy sales, excluding purchased industrial gases (H2). Unless stated otherwise, TotalEnergies reports Scope 2 GHG emissions using the market-based method defined by the GHG Protocol. (13) If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the higher of the two production volumes or sales for end use. For TotalEnergies, in 2025, the calculation of Scope 3 GHG emissions for the oil value chain considers products sales (higher than production) and for the gas value chain, the marketable gas and condensates production (higher than gas sales, either as LNG or as direct sales to B2B/B2C customers). A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both consumers and business customers that use final products, and with IPIECA's Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities. (14) Company production = E&P production + Integrated LNG production. (15) 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). * Including coverage of employees share grant plans. (16) Sensitivities are revised once per year upon publication of the previous year's fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies' portfolio in 2025. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. (17) In a 70-80 $/b Brent environment. (18) End-of-period data. (19) Includes 19.25% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos. (20) End-of-period data. CONSOLIDATED STATEMENT OF INCOME TotalEnergies (unaudited) 2nd quarter 1st quarter 2nd quarter (M$)(a) 2025 2025 2024 Sales 49,627 52,254 53,743 Excise taxes (4,951) (4,355) (4,560) Revenues from sales 44,676 47,899 49,183 Purchases, net of inventory variation (29,158) (30,855) (32,117) Other operating expenses (7,834) (7,564) (7,729) Exploration costs (97) (81) (97) Depreciation, depletion and impairment of tangible assets and mineral interests (3,258) (2,998) (2,976) Other income 544 247 3 Other expense (287) (291) (251) Financial interest on debt (816) (725) (725) Financial income and expense from cash & cash equivalents 327 290 408 Cost of net debt (489) (435) (317) Other financial income 429 318 459 Other financial expense (203) (249) (213) Net income (loss) from equity affiliates 529 663 627 Income taxes (2,106) (2,733) (2,725) Consolidated net income 2,746 3,921 3,847 TotalEnergies share 2,687 3,851 3,787 Non-controlling interests 59 70 60 Earnings per share ($) 1.18 1.69 1.61 Fully-diluted earnings per share ($) 1.17 1.68 1.60 (a) Except for per share amounts. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TotalEnergies (unaudited) 2nd quarter 1st quarter 2nd quarter (M$) 2025 2025 2024 Consolidated net income 2,746 3,921 3,847 Other comprehensive income Actuarial gains and losses 16 - 22 Change in fair value of investments in equity instruments 52 12 103 Tax effect (20) 1 (11) Currency translation adjustment generated by the parent company 5,808 2,882 (683) Items not potentially reclassifiable to profit and loss 5,856 2,895 (569) Currency translation adjustment (4,692) (2,017) 523 Cash flow hedge 165 (833) 593 Variation of foreign currency basis spread 4 15 - Share of other comprehensive income of equity affiliates, net amount (174) (100) (38) Other - 7 (2) Tax effect (49) 205 (153) Items potentially reclassifiable to profit and loss (4,746) (2,723) 923 Total other comprehensive income (net amount) 1,110 172 354 Comprehensive income 3,856 4,093 4,201 TotalEnergies share 3,752 4,007 4,134 Non-controlling interests 104 86 67 CONSOLIDATED STATEMENT OF INCOME TotalEnergies (unaudited) 1st half 1st half (M$)(a) 2025 2024 Sales 101,881 110,021 Excise taxes (9,306) (8,955) Revenues from sales 92,575 101,066 Purchases, net of inventory variation (60,013) (65,897) Other operating expenses (15,398) (15,372) Exploration costs (178) (185) Depreciation, depletion and impairment of tangible assets and mineral interests (6,256) (5,918) Other income 791 1,761 Other expense (578) (566) Financial interest on debt (1,541) (1,433) Financial income and expense from cash & cash equivalents 617 880 Cost of net debt (924) (553) Other financial income 747 765 Other financial expense (452) (428) Net income (loss) from equity affiliates 1,192 645 Income taxes (4,839) (5,667) Consolidated net income 6,667 9,651 TotalEnergies share 6,538 9,508 Non-controlling interests 129 143 Earnings per share ($) 2.88 4.04 Fully-diluted earnings per share ($) 2.85 4.02 (a) Except for per share amounts. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TotalEnergies (unaudited) 1st half 1st half (M$) 2025 2024 Consolidated net income 6,667 9,651 Other comprehensive income Actuarial gains and losses 16 20 Change in fair value of investments in equity instruments 64 143 Tax effect (19) (19) Currency translation adjustment generated by the parent company 8,690 (2,189) Items not potentially reclassifiable to profit and loss 8,751 (2,045) Currency translation adjustment (6,709) 1,622 Cash flow hedge (668) 1,400 Variation of foreign currency basis spread 19 (15) share of other comprehensive income of equity affiliates, net amount (274) (114) Other 7 - Tax effect 156 (372) Items potentially reclassifiable to profit and loss (7,469) 2,521 Total other comprehensive income (net amount) 1,282 476 Comprehensive income 7,949 10,127 TotalEnergies share 7,759 10,004 Non-controlling interests 190 123 CONSOLIDATED BALANCE SHEET TotalEnergies June 30, 2025 March 31, 2025 December 31, 2024 June 30, 2024 (M$) (unaudited) (unaudited) (unaudited) ASSETS Non-current assets Intangible assets, net 36,687 34,543 34,238 33,477 Property, plant and equipment, net 116,153 112,249 109,095 109,403 Equity affiliates : investments and loans 36,657 35,687 34,405 32,800 Other investments 2,176 1,860 1,665 1,740 Non-current financial assets 2,691 2,231 2,305 2,469 Deferred income taxes 3,550 3,360 3,202 3,568 Other non-current assets 4,057 4,000 4,006 4,235 Total non-current assets 201,971 193,930 188,916 187,692 Current assets Inventories, net 17,275 19,037 18,868 20,189 Accounts receivable, net 21,254 24,882 19,281 20,647 Other current assets 24,160 22,423 23,687 20,014 Current financial assets 5,183 6,237 6,914 6,823 Cash and cash equivalents 20,424 22,837 25,844 23,211 Assets classified as held for sale 2,550 1,711 1,977 912 Total current assets 90,846 97,127 96,571 91,796 Total assets 292,817 291,057 285,487 279,488 LIABILITIES & SHAREHOLDERS' EQUITY Shareholders' equity Common shares 7,262 7,231 7,577 7,577 Paid-in surplus and retained earnings 128,103 128,787 135,496 130,688 Currency translation adjustment (13,564) (14,508) (15,259) (14,415) Treasury shares (5,159) (3,554) (9,956) (6,471) Total shareholders' equity - TotalEnergies share 116,642 117,956 117,858 117,379 Non-controlling interests 2,360 2,465 2,397 2,648 Total shareholders' equity 119,002 120,421 120,255 120,027 Non-current liabilities Deferred income taxes 12,729 12,621 12,114 12,461 Employee benefits 1,974 1,824 1,753 1,819 Provisions and other non-current liabilities 20,312 19,872 19,872 20,295 Non-current financial debt 47,584 45,858 43,533 42,526 Total non-current liabilities 82,599 80,175 77,272 77,101 Current liabilities Accounts payable 39,288 42,554 39,932 36,449 Other creditors and accrued liabilities 34,672 32,505 35,961 33,442 Current borrowings 14,637 13,134 10,024 11,271 Other current financial liabilities 861 897 664 461 Liabilities directly associated with the assets classified as held for sale 1,758 1,371 1,379 737 Total current liabilities 91,216 90,461 87,960 82,360 Total liabilities & shareholders' equity 292,817 291,057 285,487 279,488 CONSOLIDATED STATEMENT OF CASH FLOW TotalEnergies (unaudited) 2nd quarter 1st quarter 2nd quarter (M$) 2025 2025 2024 CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income 2,746 3,921 3,847 Depreciation, depletion, amortization and impairment 3,360 3,086 3,080 Non-current liabilities, valuation allowances and deferred taxes 127 209 (53) (Gains) losses on disposals of assets (335) 25 182 Undistributed affiliates' equity earnings (102) (423) (250) (Increase) decrease in working capital 49 (4,232) 2,013 Other changes, net 115 (23) 188 Cash flow from operating activities 5,960 2,563 9,007 CASH FLOW USED IN INVESTING ACTIVITIES Intangible assets and property, plant and equipment additions (4,766) (4,222) (3,699) Acquisitions of subsidiaries, net of cash acquired (1,627) (232) (251) Investments in equity affiliates and other securities (419) (311) (481) Increase in non-current loans (425) (568) (621) Total expenditures (7,237) (5,333) (5,052) Proceeds from disposals of intangible assets and property, plant and equipment 69 301 44 Proceeds from disposals of subsidiaries, net of cash sold 154 117 213 Proceeds from disposals of non-current investments 15 1 56 Repayment of non-current loans 310 109 181 Total divestments 548 528 494 Cash flow used in investing activities (6,689) (4,805) (4,558) CASH FLOW FROM FINANCING ACTIVITIES Issuance (repayment) of shares: - Parent company shareholders 492 - 521 - Treasury shares (1,707) (2,152) (2,007) Dividends paid: - Parent company shareholders (1,894) (1,851) (1,853) - Non-controlling interests (173) (139) (127) Net issuance (repayment) of perpetual subordinated notes - (1,139) (1,622) Payments on perpetual subordinated notes (27) (128) (50) Other transactions with non-controlling interests (31) (20) (19) Net issuance (repayment) of non-current debt 257 3,431 4,319 Increase (decrease) in current borrowings (356) 150 (5,453) Increase (decrease) in current financial assets and liabilities 1,287 718 (530) Cash flow from / (used in) financing activities (2,152) (1,130) (6,821) Net increase (decrease) in cash and cash equivalents (2,881) (3,372) (2,372) Effect of exchange rates 468 365 (57) Cash and cash equivalents at the beginning of the period 22,837 25,844 25,640 Cash and cash equivalents at the end of the period 20,424 22,837 23,211 CONSOLIDATED STATEMENT OF CASH FLOW TotalEnergies (unaudited) 1st half 1st half (M$) 2025 2024 CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income 6,667 9,651 Depreciation, depletion, amortization and impairment 6,446 6,116 Non-current liabilities, valuation allowances and deferred taxes 336 239 (Gains) losses on disposals of assets (310) (1,428) Undistributed affiliates' equity earnings (525) 38 (Increase) decrease in working capital (4,183) (3,673) Other changes, net 92 233 Cash flow from operating activities 8,523 11,176 CASH FLOW USED IN INVESTING ACTIVITIES Intangible assets and property, plant and equipment additions (8,988) (7,119) Acquisitions of subsidiaries, net of cash acquired (1,859) (1,010) Investments in equity affiliates and other securities (730) (969) Increase in non-current loans (993) (1,159) Total expenditures (12,570) (10,257) Proceeds from disposals of intangible assets and property, plant and equipment 370 381 Proceeds from disposals of subsidiaries, net of cash sold 271 1,431 Proceeds from disposals of non-current investments 16 90 Repayment of non-current loans 419 330 Total divestments 1,076 2,232 Cash flow used in investing activities (11,494) (8,025) CASH FLOW FROM FINANCING ACTIVITIES Issuance (repayment) of shares: - Parent company shareholders 492 521 - Treasury shares (3,859) (4,013) Dividends paid: - Parent company shareholders (3,745) (3,756) - Non-controlling interests (312) (133) Net issuance (repayment) of perpetual subordinated notes (1,139) (1,622) Payments on perpetual subordinated notes (155) (209) Other transactions with non-controlling interests (51) (36) Net issuance (repayment) of non-current debt 3,688 4,361 Increase (decrease) in current borrowings (206) (1,917) Increase (decrease) in current financial assets and liabilities 2,005 (259) Cash flow from / (used in) financing activities (3,282) (7,063) Net increase (decrease) in cash and cash equivalents (6,253) (3,912) Effect of exchange rates 833 (140) Cash and cash equivalents at the beginning of the period 25,844 27,263 Cash and cash equivalents at the end of the period 20,424 23,211 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY TotalEnergies (unaudited) Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity - TotalEnergies Share Non-controlling interests Total shareholders' equity (M$) Number Amount Number Amount As of January 1, 2024 2,412,251,835 7,616 126,857 (13,701) (60,543,213) (4,019) 116,753 2,700 119,453 Net income of the first half 2024 - - 9,508 - - - 9,508 143 9,651 Other comprehensive income - - 1,210 (714) - - 496 (20) 476 Comprehensive Income - - 10,718 (714) - - 10,004 123 10,127 Dividend - - (3,929) - - - (3,929) (133) (4,062) Issuance of common shares 10,833,187 29 492 - - - 521 - 521 Purchase of treasury shares - - - - (58,719,028) (4,513) (4,513) - (4,513) Sale of treasury shares(a) - - (397) - 6,065,491 397 - - - Share-based payments - - 356 - - - 356 - 356 Share cancellation (25,405,361) (68) (1,596) - 25,405,361 1,664 - - - Net issuance (repayment) of perpetual subordinated notes - - (1,679) - - - (1,679) - (1,679) Payments on perpetual subordinated notes - - (135) - - - (135) - (135) Other operations with non-controlling interests - - - - - - - (36) (36) Other items - - 1 - - - 1 (6) (5) As of June 30, 2024 2,397,679,661 7,577 130,688 (14,415) (87,791,389) (6,471) 117,379 2,648 120,027 Net income of the second half 2024 - - 6,250 - - - 6,250 130 6,380 Other comprehensive income - - 1,226 (844) - - 382 (24) 358 Comprehensive Income - - 7,476 (844) - - 6,632 106 6,738 Dividend - - (3,827) - - - (3,827) (322) (4,149) Issuance of common shares - - - - - - - - - Purchase of treasury shares - - - - (61,744,204) (3,482) (3,482) - (3,482) Sale of treasury shares(a) - - 2 - 5,775 (2) - - - Share-based payments - - 200 - - - 200 - 200 Share cancellation - - 1 - - (1) - - - Net issuance (repayment) of perpetual subordinated notes - - 1,103 - - - 1,103 - 1,103 Payments on perpetual subordinated notes - - (137) - - - (137) - (137) Other operations with non-controlling interests - - - - - - - (31) (31) Other items - - (10) - - - (10) (4) (14) As of December 31, 2024 2,397,679,661 7,577 135,496 (15,259) (149,529,818) (9,956) 117,858 2,397 120,255 Net income of the first half 2025 - - 6,538 - - - 6,538 129 6,667 Other comprehensive income - - (474) 1,695 - - 1,221 61 1,282 Comprehensive Income - - 6,064 1,695 - - 7,759 190 7,949 Dividend - - (4,072) - - - (4,072) (178) (4,250) Issuance of common shares 11,149,053 30 462 - - - 492 - 492 Purchase of treasury shares - - - - (62,261,210) (4,239) (4,239) - (4,239) Sale of treasury shares(a) - - (414) - 6,214,595 414 - - - Share-based payments - - 340 - - - 340 - 340 Share cancellation (127,622,460) (345) (8,397) - 127,622,460 8,622 (120) - (120) Net issuance (repayment) of perpetual subordinated notes - - (1,219) - - - (1,219) - (1,219) Payments on perpetual subordinated notes - - (156) - - - (156) - (156) Other operations with non-controlling interests - - - - - - - (51) (51) Other items - - (1) - - - (1) 2 1 As of June 30, 2025 2,281,206,254 7,262 128,103 (13,564) (77,953,973) (5,159) 116,642 2,360 119,002 (a)Treasury shares related to the performance share grants. INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) 2nd quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) External sales 1,369 2,586 3,958 21,759 19,944 11 - 49,627 Intersegment sales 8,862 1,869 701 7,006 177 32 (18,647) - Excise taxes - - - (254) (4,697) - - (4,951) Revenues from sales 10,231 4,455 4,659 28,511 15,424 43 (18,647) 44,676 Operating expenses (4,577) (3,632) (4,479) (27,995) (14,751) (302) 18,647 (37,089) Depreciation, depletion and impairment of tangible assets and mineral interests (1,978) (397) (108) (520) (224) (31) - (3,258) Net income (loss) from equity affiliates and other items 58 578 340 (42) 113 (35) - 1,012 Tax on net operating income (1,793) (166) (27) (12) (168) 57 - (2,109) Adjustments (a) (33) (203) (189) (447) (18) (23) - (913) Adjusted net operating income 1,974 1,041 574 389 412 (245) - 4,145 Adjustments (a) (913) Net cost of net debt (486) Non-controlling interests (59) Net income - TotalEnergies share 2,687 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. 2nd quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Total expenditures 3,186 877 2,503 351 234 86 - 7,237 Total divestments 80 25 347 42 38 16 - 548 Cash flow from operating activities 3,675 539 799 887 628 (568) - 5,960 INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) 1st quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) External sales 1,569 3,088 5,967 22,627 19,001 2 - 52,254 Intersegment sales 8,727 3,252 684 6,811 156 25 (19,655) - Excise taxes - - - (112) (4,243) - - (4,355) Revenues from sales 10,296 6,340 6,651 29,326 14,914 27 (19,655) 47,899 Operating expenses (3,800) (4,956) (6,185) (28,648) (14,374) (192) 19,655 (38,500) Depreciation, depletion and impairment of tangible assets and mineral interests (1,950) (391) (75) (339) (217) (26) - (2,998) Net income (loss) from equity affiliates and other items 133 565 44 (8) (10) (36) - 688 Tax on net operating income (2,328) (275) (73) (83) (98) 74 - (2,783) Adjustments (a) (100) (11) (144) (53) (25) (22) - (355) Adjusted net operating income 2,451 1,294 506 301 240 (131) - 4,661 Adjustments (a) (355) Net cost of net debt (385) Non-controlling interests (70) Net income - TotalEnergies share 3,851 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. 1st quarter 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Total expenditures 3,047 902 936 242 172 34 - 5,333 Total divestments 358 10 58 6 97 (1) - 528 Cash flow from operating activities 3,266 1,743 (399) (1,983) 568 (632) - 2,563 INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) 2nd quarter 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) External sales 1,416 1,986 4,464 24,516 21,358 3 - 53,743 Intersegment sales 9,796 2,111 369 8,203 164 77 (20,720) - Excise taxes - - - (208) (4,352) - - (4,560) Revenues from sales 11,212 4,097 4,833 32,511 17,170 80 (20,720) 49,183 Operating expenses (4,669) (2,922) (4,506) (31,647) (16,601) (318) 20,720 (39,943) Depreciation, depletion and impairment of tangible assets and mineral interests (1,907) (310) (105) (416) (208) (30) - (2,976) Net income (loss) from equity affiliates and other items 141 526 26 (13) (84) 29 - 625 Tax on net operating income (2,163) (251) (79) (60) (101) (23) - (2,677) Adjustments (a) (53) (12) (333) (264) (203) (9) - (874) Adjusted net operating income 2,667 1,152 502 639 379 (253) - 5,086 Adjustments (a) (874) Net cost of net debt (365) Non-controlling interests (60) Net income - TotalEnergies share 3,787 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. 2nd quarter 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Total expenditures 2,697 844 769 443 259 40 - 5,052 Total divestments 149 29 261 127 (78) 6 - 494 Cash flow from operating activities 4,535 431 1,647 1,541 1,650 (797) - 9,007 INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) 1st half 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) External sales 2,938 5,674 9,925 44,386 38,945 13 - 101,881 Intersegment sales 17,589 5,121 1,385 13,817 333 57 (38,302) - Excise taxes - - - (366) (8,940) - - (9,306) Revenues from sales 20,527 10,795 11,310 57,837 30,338 70 (38,302) 92,575 Operating expenses (8,377) (8,588) (10,664) (56,643) (29,125) (494) 38,302 (75,589) Depreciation, depletion and impairment of tangible assets and mineral interests (3,928) (788) (183) (859) (441) (57) - (6,256) Net income (loss) from equity affiliates and other items 191 1,143 384 (50) 103 (71) - 1,700 Tax on net operating income (4,121) (441) (100) (95) (266) 131 - (4,892) Adjustments (a) (133) (214) (333) (500) (43) (45) - (1,268) Adjusted net operating income 4,425 2,335 1,080 690 652 (376) - 8,806 Adjustments (a) (1,268) Net cost of net debt (871) Non-controlling interests (129) Net income - TotalEnergies share 6,538 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. 1st half 2025 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Total expenditures 6,233 1,779 3,439 593 406 120 - 12,570 Total divestments 438 35 405 48 135 15 - 1,076 Cash flow from operating activities 6,941 2,282 400 (1,096) 1,196 (1,200) - 8,523 INFORMATION BY BUSINESS SEGMENTTotalEnergies(unaudited) 1st half 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) External sales 2,734 4,645 11,546 49,049 42,029 18 - 110,021 Intersegment sales 19,531 5,606 1,159 16,346 433 140 (43,215) - Excise taxes - - - (378) (8,577) - - (8,955) Revenues from sales 22,265 10,251 12,705 65,017 33,885 158 (43,215) 101,066 Operating expenses (9,113) (7,706) (12,071) (62,535) (32,697) (547) 43,215 (81,454) Depreciation, depletion and impairment of tangible assets and mineral interests (3,824) (631) (202) (792) (414) (55) - (5,918) Net income (loss) from equity affiliates and other items 238 1,021 (589) 55 1,396 56 - 2,177 Tax on net operating income (4,424) (535) (119) (315) (209) 32 - (5,570) Adjustments (a) (75) 26 (1,389) (171) 1,327 (13) - (295) Adjusted net operating income 5,217 2,374 1,113 1,601 634 (343) - 10,596 Adjustments (a) (295) Net cost of net debt (650) Non-controlling interests (143) Net income - TotalEnergies share 9,508 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. 1st half 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Total expenditures 4,991 1,409 2,508 878 403 68 - 10,257 Total divestments 455 79 323 165 1,203 7 - 2,232 Cash flow from operating activities 8,125 2,141 1,398 (588) 1,542 (1,442) - 11,176 Alternative Performance Measures (Non-GAAP)TotalEnergies(unaudited) 1. Reconciliation of cash flow used in investing activities to Net investments 1.1 Exploration & Production 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 3,106 2,689 2,548 22% Cash flow used in investing activities ( a ) 5,795 4,536 28% - - - ns Other transactions with non-controlling interests ( b ) - - ns - - - ns Organic loan repayment from equity affiliates ( c ) - - ns - - - ns Change in debt from renewable projects financing ( d ) * - - ns 89 109 90 -1% Capex linked to capitalized leasing contracts ( e ) 198 180 10% 20 2 4 x5 Expenditures related to carbon credits ( f ) 22 3 x7.3 3,215 2,800 2,642 22% Net investments ( a + b + c + d + e + f = g - i + h ) 6,015 4,719 27% 162 116 57 x2.8 of which net acquisitions of assets sales ( g - i ) 278 93 x3 193 445 160 21% Acquisitions ( g ) 638 487 31% 31 329 103 -70% Assets sales ( i ) 360 394 -9% - - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns 3,053 2,684 2,585 18% of which organic investments ( h ) 5,737 4,626 24% 30 109 88 -66% Capitalized exploration 139 225 -38% 42 82 67 -37% Increase in non-current loans 124 109 14% (49) (29) (46) ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates (78) (61) ns - - - ns Change in debt from renewable projects (TotalEnergies share) - - ns *Change in debt from renewable projects (TotalEnergies share and partner share) 1.2 Integrated LNG 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 852 892 815 5% Cash flow used in investing activities ( a ) 1,744 1,330 31% - - - ns Other transactions with non-controlling interests ( b ) - - ns - 1 - ns Organic loan repayment from equity affiliates ( c ) 1 1 ns - - - ns Change in debt from renewable projects financing ( d ) * - - ns 1 (1) 7 -86% Capex linked to capitalized leasing contracts ( e ) - 19 -100% - - - ns Expenditures related to carbon credits ( f ) - - ns 853 892 822 4% Net investments ( a + b + c + d + e + f = g - i + h ) 1,745 1,350 29% 110 140 198 -44% of which net acquisitions of assets sales ( g - i ) 250 186 34% 110 144 199 -45% Acquisitions ( g ) 254 199 28% - 4 1 -100% Assets sales ( i ) 4 13 -69% - - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns 743 752 624 19% of which organic investments ( h ) 1,495 1,164 28% 7 2 13 -46% Capitalized exploration 9 22 -59% 187 182 153 22% Increase in non-current loans 369 326 13% (25) (5) (42) ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates (30) (79) ns - - - ns Change in debt from renewable projects (TotalEnergies share) - - ns *Change in debt from renewable projects (TotalEnergies share and partner share) Alternative Performance Measures (Non-GAAP)TotalEnergies(unaudited) 1.3 Integrated Power 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 2,156 878 508 x4.2 Cash flow used in investing activities ( a ) 3,034 2,185 39% - - - ns Other transactions with non-controlling interests ( b ) - - ns 54 5 - ns Organic loan repayment from equity affiliates ( c ) 59 - ns (221) - - ns Change in debt from renewable projects financing ( d ) * (221) - ns - - - ns Capex linked to capitalized leasing contracts ( e ) - 1 -100% - - - ns Expenditures related to carbon credits ( f ) - - ns 1,989 883 508 x3.9 Net investments ( a + b + c + d + e + f = g - i + h ) 2,872 2,186 31% 1,568 238 (88) ns of which net acquisitions of assets sales ( g - i ) 1,806 647 x2.8 1,791 245 142 x12.6 Acquisitions ( g ) 2,036 878 x2.3 223 7 230 -3% Assets sales ( i ) 230 231 ns 67 - - ns Change in debt (partner share) and capital gain from renewable projects sales 67 - ns 421 645 596 -29% of which organic investments ( h ) 1,066 1,539 -31% - - - ns Capitalized exploration - - ns 150 268 239 -37% Increase in non-current loans 418 544 -23% (137) (46) (31) ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates (183) (92) ns (154) - - ns Change in debt from renewable projects (TotalEnergies share) (154) - ns *Change in debt from renewable projects (TotalEnergies share and partner share) 1.4 Refining & Chemicals 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 309 236 316 -2% Cash flow used in investing activities ( a ) 545 713 -24% - - - ns Other transactions with non-controlling interests ( b ) - - ns - - (29) -100% Organic loan repayment from equity affiliates ( c ) - (27) -100% - - - ns Change in debt from renewable projects financing ( d ) * - - ns - - - ns Capex linked to capitalized leasing contracts ( e ) - - ns - - - ns Expenditures related to carbon credits ( f ) - - ns 309 236 287 8% Net investments ( a + b + c + d + e + f = g - i + h ) 545 686 -21% (24) - (95) ns of which net acquisitions of assets sales ( g - i ) (24) (115) ns 11 - 26 -58% Acquisitions ( g ) 11 35 -69% 35 - 121 -71% Assets sales ( i ) 35 150 -77% - - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns 333 236 382 -13% of which organic investments ( h ) 569 801 -29% - - - ns Capitalized exploration - - ns 17 10 58 -71% Increase in non-current loans 27 65 -58% (7) (6) (3) ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates (13) (10) ns - - - ns Change in debt from renewable projects (TotalEnergies share) - - ns *Change in debt from renewable projects (TotalEnergies share and partner share) Alternative Performance Measures (Non-GAAP)TotalEnergies(unaudited) 1.5 Marketing & Services 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 196 75 337 -42% Cash flow used in investing activities ( a ) 271 (800) ns - - - ns Other transactions with non-controlling interests ( b ) - - ns - - - ns Organic loan repayment from equity affiliates ( c ) - - ns - - - ns Change in debt from renewable projects financing ( d ) * - - ns - - - ns Capex linked to capitalized leasing contracts ( e ) - - ns - - - ns Expenditures related to carbon credits ( f ) - - ns 196 75 337 -42% Net investments ( a + b + c + d + e + f = g - i + h ) 271 (800) ns (3) (75) 151 ns of which net acquisitions of assets sales ( g - i ) (78) (1,087) ns 1 2 17 -94% Acquisitions ( g ) 3 19 -84% 4 77 (134) ns Assets sales ( i ) 81 1,106 -93% - - - ns Change in debt (partner share) and capital gain from renewable projects sales - - ns 199 150 186 7% of which organic investments ( h ) 349 287 22% - - - ns Capitalized exploration - - ns 26 18 57 -54% Increase in non-current loans 44 68 -35% (22) (17) (53) ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates (39) (79) ns - - - ns Change in debt from renewable projects (TotalEnergies share) - - ns *Change in debt from renewable projects (TotalEnergies share and partner share) 2. Reconciliation of cash flow from operating activities to CFFO 2.1 Exploration & Production 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 3,675 3,266 4,535 -19% Cash flow from operating activities ( a ) 6,941 8,125 -15% (85) (1,025) 182 ns (Increase) decrease in working capital ( b ) (1,110) (706) ns - - - ns Inventory effect ( c ) - - ns - - - ns Capital gain from renewable project sales ( d ) - - ns - - - ns Organic loan repayments from equity affiliates ( e ) - - ns 3,760 4,291 4,353 -14% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 8,051 8,831 -9% Alternative Performance Measures (Non-GAAP)TotalEnergies(unaudited) 2.2 Integrated LNG 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 539 1,743 431 25% Cash flow from operating activities ( a ) 2,282 2,141 7% (620) 495 (789) ns (Increase) decrease in working capital ( b ) * (125) (426) ns - - - ns Inventory effect ( c ) - - ns - - - ns Capital gain from renewable project sales ( d ) - - ns - 1 - ns Organic loan repayments from equity affiliates ( e ) 1 1 ns 1,159 1,249 1,220 -5% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 2,408 2,568 -6% *Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors' contracts. 2.3 Integrated Power 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 799 (399) 1,647 -51% Cash flow from operating activities ( a ) 400 1,398 -71% 377 (991) 1,024 -63% (Increase) decrease in working capital ( b ) * (614) 83 ns - - - ns Inventory effect ( c ) - - ns 86 - - ns Capital gain from renewable project sales ( d ) 86 - ns 54 5 - ns Organic loan repayments from equity affiliates ( e ) 59 - ns 562 597 623 -10% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 1,159 1,315 -12% * Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors' contracts. Alternative Performance Measures (Non-GAAP)TotalEnergies(unaudited) 2.4 Refining & Chemicals 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 887 (1,983) 1,541 -42% Cash flow from operating activities ( a ) (1,096) (588) ns 362 (2,543) 788 -54% (Increase) decrease in working capital ( b ) (2,181) (2,738) ns (247) (73) (393) ns Inventory effect ( c ) (320) (285) ns - - - ns Capital gain from renewable project sales ( d ) - - ns - - (29) -100% Organic loan repayments from equity affiliates ( e ) - (27) -100% 772 633 1,117 -31% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 1,405 2,408 -42% 2.5 Marketing & Services 2nd quarter 1st quarter 2nd quarter 2nd quarter 2025 vs (in millions of dollars) 6 months 6 months 6 months 2025 vs 2025 2025 2024 2nd quarter 2024 2025 2024 6 months 2024 628 568 1,650 -62% Cash flow from operating activities ( a ) 1,196 1,542 -22% (58) 118 1,066 ns (Increase) decrease in working capital ( b ) 60 462 -87% (25) (34) (75) ns Inventory effect ( c ) (59) (58) ns - - - ns Capital gain from renewable project sales ( d ) - - ns - - - ns Organic loan repayments from equity affiliates ( e ) - - ns 711 484 659 8% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 1,195 1,138 5% Alternative Performance Measures (Non-GAAP)TotalEnergies(unaudited) 3. Reconciliation of capital employed (balance sheet) and calculation of ROACE (In millions of dollars) Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate InterCompany Company Adjusted net operating income 2nd quarter 2025 1,974 1,041 574 389 412 (245) - 4,145 Adjusted net operating income 1st quarter 2025 2,451 1,294 506 301 240 (131) - 4,661 Adjusted net operating income 4th quarter 2024 2,305 1,432 575 318 362 (173) - 4,819 Adjusted net operating income 3rd quarter 2024 2,482 1,063 485 241 364 (76) - 4,559 Adjusted net operating income ( a ) 9,212 4,830 2,140 1,249 1,378 (625) - 18,184 Balance sheet as of June 30, 2025 Property plant and equipment intangible assets net 85,970 29,063 17,159 12,746 7,139 763 - 152,840 Investments & loans in equity affiliates 4,349 16,955 10,304 3,963 1,086 - - 36,657 Other non-current assets 3,685 2,210 1,771 699 1,089 329 - 9,783 Inventories, net 1,565 1,027 574 10,773 3,336 - - 17,275 Accounts receivable, net 5,841 6,227 4,554 20,019 8,369 1,148 (24,904) 21,254 Other current assets 6,848 8,899 5,206 2,723 2,955 5,627 (8,098) 24,160 Accounts payable (6,884) (7,473) (6,333) (32,438) (9,932) (1,049) 24,821 (39,288) Other creditors and accrued liabilities (9,785) (8,541) (4,484) (5,171) (5,385) (9,487) 8,181 (34,672) Working capital (2,415) 139 (483) (4,094) (657) (3,761) - (11,271) Provisions and other non-current liabilities (25,111) (4,260) (1,719) (3,577) (1,222) 874 - (35,015) Assets and liabilities classified as held for sale - Capital employed 564 193 1 - 84 - - 842 Capital Employed (Balance sheet) 67,042 44,300 27,033 9,737 7,519 (1,795) - 153,836 Less inventory valuation effect - - - (910) (194) - - (1,104) Capital Employed at replacement cost ( b ) 67,042 44,300 27,033 8,827 7,325 (1,795) - 152,732 Balance sheet as of June 30, 2024 Property plant and equipment intangible assets net 84,754 24,936 14,078 11,987 6,476 649 - 142,880 Investments & loans in equity affiliates 3,463 15,294 8,921 4,122 1,000 - - 32,800 Other non-current assets 3,803 2,424 1,147 731 1,224 214 - 9,543 Inventories, net 1,486 1,495 577 12,822 3,809 - - 20,189 Accounts receivable, net 6,432 5,526 4,766 20,755 8,940 1,073 (26,845) 20,647 Other current assets 6,497 7,876 4,797 2,146 3,141 7,313 (11,756) 20,014 Accounts payable (6,984) (6,429) (5,653) (33,025) (10,387) (775) 26,804 (36,449) Other creditors and accrued liabilities (8,785) (8,614) (4,989) (6,082) (5,762) (11,007) 11,797 (33,442) Working capital (1,354) (146) (502) (3,384) (259) (3,396) - (9,041) Provisions and other non-current liabilities (24,947) (3,800) (1,807) (3,467) (1,207) 653 - (34,575) Assets and liabilities classified as held for sale - Capital employed 90 - 24 - - - - 114 Capital Employed (Balance sheet) 65,809 38,708 21,861 9,989 7,234 (1,880) - 141,721 Less inventory valuation effect - - - (1,261) (280) - - (1,541) Capital Employed at replacement cost ( c ) 65,809 38,708 21,861 8,728 6,954 (1,880) - 140,180 ROACE as a percentage ( a / average ( b + c )) 13.9% 11.6% 8.8% 14.2% 19.3% 12.4% Alternative Performance Measures (Non-GAAP)TotalEnergies(unaudited) 4. Reconciliation of consolidated net income to adjusted net operating income (in millions of dollars) 2nd quarter 1st quarter 2nd quarter 6 months 6 months 2025 2025 2024 2025 2024 Consolidated net income ( a ) 2,746 3,921 3,847 6,667 9,651 Net cost of net debt ( b ) (486) (385) (365) (871) (650) Special items affecting net operating income (361) (122) (256) (483) 536 Gains (losses) on disposals of assets - - (110) - 1,397 Restructuring charges - - (11) - (11) Asset impairment and provisions charges (209) - - (209) (644) Other items (152) (122) (135) (274) (206) After-tax inventory effect: FIFO vs. replacement cost (269) (78) (327) (347) (220) Effect of changes in fair value (283) (155) (291) (438) (611) Total adjustments affecting net operating income ( c ) (913) (355) (874) (1,268) (295) Adjusted net operating income ( a - b - c ) 4,145 4,661 5,086 8,806 10,596 View source version on Contacts TotalEnergies contacts Media Relations: +33 (0)1 47 44 46 99 l presse@ l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@ Sign in to access your portfolio
Yahoo
3 hours ago
- Yahoo
Nasdaq Announces Quarterly Dividend of $0.27 Per Share
NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company's outstanding common stock. The dividend is payable on September 26, 2025 to shareholders of record at the close of business on September 12, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors. About Nasdaq Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These factors include, but are not limited to, Nasdaq's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq's investor relations website at and the SEC's website at Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Media Relations Contact: David Lurie + Investor Relations Contact: Ato Garrett+ -NDAQF-