Market Overview - US stock index futures are all down, with Dow futures down 0.32%, S&P 500 futures down 0.35%, and Nasdaq futures down 0.55% [1] - European indices also show declines, with Germany's DAX down 0.18%, UK's FTSE 100 down 0.67%, France's CAC40 down 1.04%, and the Euro Stoxx 50 down 0.61% [2][3] - WTI crude oil prices fell by 0.86% to $59.96 per barrel, while Brent crude also dropped by 0.86% to $63.77 per barrel [4] Economic and Policy Updates - The meeting between Chinese President and US President Trump emphasized that economic and trade relations should be a stabilizing force rather than a point of conflict [5] - Federal Reserve Chairman Jerome Powell's comments on interest rate cuts have led to skepticism in the market, with the 10-year US Treasury yield holding steady at 4.08% after a previous spike [5] - Powell also stated that the current AI investment wave is fundamentally different from the internet bubble, highlighting that AI companies are rooted in profitability and real economic activity [6] Company Earnings and Performance - Roblox reported a record Q3 with 151.5 million daily active users, a 70% year-over-year increase, and bookings of $1.92 billion, exceeding analyst expectations [7] - Microsoft exceeded Q1 expectations with revenues of $77.7 billion, driven by a significant increase in capital expenditures related to AI [7] - Alphabet's Q3 revenue was $102.35 billion, up 16% year-over-year, with strong performance in its cloud division [8] - Meta's Q3 net profit fell 83% due to a one-time tax expense, despite a 26% increase in revenue to $51.24 billion [9] - Starbucks reported Q4 revenue of $9.57 billion, a 5.5% increase, with same-store sales returning to positive growth [10] - Shell's Q3 profit exceeded expectations, supported by strong oil and gas trading performance despite weak energy prices [11] - TotalEnergies' Q3 adjusted net profit fell 2.3% to $3.98 billion, meeting analyst expectations [12] - Stellantis reported a 13% increase in Q3 revenue to €37.2 billion, but issued a cost warning that affected stock performance [13] - Samsung Electronics' semiconductor division saw a 79% increase in Q3 operating profit, driven by AI demand [14] Future Outlook - OpenAI is reportedly preparing for an IPO that could value the company at $1 trillion, with plans to raise at least $60 billion [5] - Eli Lilly raised its full-year guidance due to strong sales from its weight loss and diabetes drugs, with Q3 sales reaching $17.6 billion [17] - Tesla plans to showcase its Cybercab model at the Shanghai International Import Expo in November [19]

Financial Data and Key Metrics Changes - The company reported a 4% increase in cash flow for Q3 2025 despite a drop in oil prices by more than $10 per barrel year on year [4][13] - Adjusted net income for Q3 2025 remained steady, with a 7% increase in cash flow compared to Q2 2025 and an 11% increase in adjusted net income [13][4] - Return on equity for the 12 months ending September 30th was 14.2%, with ROE close to 12.5% [13] Business Line Data and Key Metrics Changes - Exploration and Production (E&P) segment generated an adjusted net income of $2.2 billion, up 10% quarter over quarter, with cash flow growth of 6% [14] - Integrated LNG sales were flat quarter over quarter at 10.4 million tonnes, with cash flow of $1.1 billion in line with Q2 [16] - Downstream adjusted net operating income increased by more than 30% quarter over quarter to $1.1 billion, with cash flow of $1.7 billion, up 11% [20] Market Data and Key Metrics Changes - Brent averaged $59 per barrel in Q3, down from $68 in Q2, while European refining margins improved significantly to $63 per tonne compared to $35 in Q2 [12][13] - LNG prices decreased slightly, with the average LNG price at $8.9 per million BTU, down 2% from Q2 [12] Company Strategy and Development Direction - The company is focused on strong and secured production growth in oil and gas, capital discipline, and cash flow generation [3] - A roadmap to transform ADRs into ordinary shares is underway, expected to enhance trading and market presence in the U.S. [11] - The company anticipates a 3% annual growth in upstream production through 2030, with over 95% of production already online or under construction [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong cash flow and production growth despite challenging market conditions [4][10] - The company expects to maintain a strong momentum for Q4 2025, with anticipated net investments decreasing and gearing forecasted to decline to 15-16% by year-end [10][23] - Management highlighted the importance of capturing refining margins and adapting to market changes due to sanctions affecting Russian oil [36] Other Important Information - The Board of Directors approved an increase in the third interim dividend by close to 8% in euros and more than 10% in dollars compared to 2024 [9] - The company plans to execute a share buyback program of up to $1.5 billion in Q4 2025 [9] Q&A Session Summary Question: Clarification on tax issues in France and cash flow growth for 2026 - Management addressed concerns about potential tax on share buybacks, emphasizing that the company does not generate significant profits in France and expects reasonable outcomes from the ongoing debate [25][27] - For 2026, management anticipates production growth of over 3% and expects cash flow to grow alongside production, particularly from new projects coming online [29][30] Question: Ability to capture refining margins and impact of Russian sanctions - Management confirmed the ability to capture high refining margins, noting that recent sanctions on Russian oil are affecting market dynamics and refining margins are currently higher than previously guided [33][36] Question: Upstream margin and cash flow allocation - Management indicated that any excess cash flow would be directed towards strengthening the balance sheet rather than increasing buybacks [42][43] Question: Updates on divestments and European competitiveness - Management clarified that the $2 billion in divestments includes several ongoing projects and emphasized the importance of addressing European competitiveness issues with policymakers [48][55] Question: LNG market competitiveness and compliance with EU sustainability rules - Management acknowledged increased competition in the LNG market but emphasized that the company is well-positioned with its asset base and long-term contracts [69][75]

Core Insights - TotalEnergies reported third-quarter earnings that were essentially flat year-over-year, with adjusted net income at $4 billion, slightly down from $4.1 billion in the same period of 2024, but higher than the second-quarter adjusted net income of $3.6 billion [1][2] Financial Performance - Cash flow from operations (CFFO) increased to $7.1 billion, representing a 7% rise compared to the second quarter and a 4% increase from the previous year [2] - The Exploration & Production division achieved adjusted net operating income of $2.2 billion and cash flow of $4.0 billion in the third quarter, marking a 10% and 6% increase quarter-over-quarter, respectively [3] - In the downstream sector, adjusted net operating income rose to $1.1 billion and cash flow increased to $1.7 billion, nearly $500 million higher year-over-year, driven by improved refining margins in Europe [4] Refining Margins - Refining margins across TotalEnergies' operations surged by 78% in the third quarter compared to the second quarter, with margins remaining above $50 per ton at the beginning of the fourth quarter [4][5] - The increase in refining margins is attributed to disruptions in diesel flows and low inventory levels, as Europe seeks to secure middle distillate supply amid sanctions against Russian oil producers [5]

The terms "TotalEnergies", "TotalEnergies company" and "Company" in this exhibit are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. The financial and extra-financial information on pages 1-24 of this exhibit relating to TotalEnergies with respect to the third quarter of 2025 and nine months ended September 30, 2025 has been derived from TotalEnergies' unaudited consolidated balance sheets as of September 30, 2025, unaudited statements ...

Core Viewpoint - TotalEnergies (TTE.US) reported third-quarter profits in line with analyst expectations, driven by increased oil and gas production and stronger refining margins, despite a decline in prices [2] Financial Performance - Adjusted net profit for Q3 decreased by 2.3% to $3.98 billion, meeting average expectations [2] - Revenue for Q3 was $43.84 billion, down 7.6% year-on-year, and $510 million below expectations [2] - Cash flow from operating activities for Q3 was $8.349 billion, compared to $7.061 billion in the same period last year, aided by a $1.3 billion positive contribution from working capital [2] Production and Market Conditions - Oil and gas production increased by over 4% year-on-year, with total production at 2.51 million barrels of oil equivalent per day [2] - The company noted that lower oil prices compared to the previous year were due to concerns over oversupply from OPEC+ and other countries, alongside weak European petrochemical demand [2] Debt Management and Asset Disposals - TotalEnergies reduced its spending and share buyback plans to manage debt amid rising concerns from investors [2] - Net debt decreased from $26 billion at the end of June to $24.6 billion by the end of September [3] - The company expects total asset disposals of $2 billion in Q4, including divestitures in Nigeria, Norway, and renewable energy assets in North America and Greece [3][4] Future Outlook - The company anticipates maintaining its annual net investment guidance between $17 billion and $17.5 billion, based on internal investments and expected asset disposals [3] - Refining margins are expected to remain above $50 per ton in Q4 2025, driven by low diesel supply and inventory levels [3] - The debt ratio at the end of Q3 was 17.3%, projected to decrease to 15% to 16% by year-end [4]

Core Insights - The company's net profit for the quarter increased to $3.68 billion, driven by higher production levels and improved refining profits [1] Group 1 - The rise in net profit indicates a positive financial performance for the company during the quarter [1] - Higher production levels contributed significantly to the profit increase [1] - Stronger refining profit also played a crucial role in boosting the net profit [1]

Group 1 - The core viewpoint of the article is that Total Group reported third-quarter revenue of $43.84 billion, exceeding the estimated $38.69 billion [1] - The adjusted net profit for the third quarter was $3.98 billion, which represents a year-on-year decline of 2.3%, slightly above the estimated $3.96 billion [1]

Financial Performance - TotalEnergies' profit met analyst estimates [1] - Higher oil and gas production contributed to the profit [1] - Stronger refining margins helped offset a drop in prices [1]

Core Viewpoint - TotalEnergies reported a 2.4% decline in third-quarter earnings, aligning with market expectations, as increased upstream production and improved crude refining margins partially mitigated the impact of lower overall earnings [1] Group 1: Earnings Performance - The company experienced a 2.4% drop in third-quarter earnings [1] - The earnings decline was in line with market expectations [1] - Higher upstream production contributed positively to earnings [1] Group 2: Operational Factors - Improving crude refining margins helped offset the earnings decline [1] - The overall earnings were negatively impacted by lower production levels [1]

Core Insights - TotalEnergies SE reported a 7% increase in cash flow from operations excluding working capital (CFFO) for Q3 2025, reaching B$7.1 billion compared to B$6.6 billion in Q2 2025 [1] - Adjusted net income for TotalEnergies' shareholders rose by 11% in Q3 2025, amounting to B$4.0 billion, up from B$3.6 billion in Q2 2025 [1] - The net income attributable to TotalEnergies' shareholders saw a significant increase of 37% in Q3 2025, reaching B$3.7 billion compared to B$2.7 billion in Q2 2025 [1] Financial Performance - Cash flow from operations excluding working capital (CFFO) for the first nine months of 2025 decreased by 9% year-over-year, totaling B$20.7 billion [1] - Adjusted net income for the first nine months of 2025 decreased by 15% year-over-year, amounting to B$11.8 billion [1] - The fully-diluted earnings per share for adjusted net income increased by 13% in Q3 2025, reaching $1.77 compared to $1.57 in Q2 2025 [1] Earnings Metrics - Adjusted EBITDA for Q3 2025 increased by 6%, reaching B$10.3 billion compared to B$9.7 billion in Q2 2025 [1] - The net income for the first nine months of 2025 decreased by 13% year-over-year, totaling B$10.2 billion [1] - The fully-diluted earnings per share for net income decreased by 12% year-over-year, amounting to $5.17 [1]