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 [5][10] - 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 [15][10] - Return on equity for the 12 months ending September 30th was 14.2%, with ROE close to 12.5% [15] Business Line Data and Key Metrics Changes - Hydrocarbon production increased by more than 4% year on year, marking the highest growth quarter so far in 2025 [15][16] - 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% [16] - Integrated LNG sales were flat quarter over quarter at 10.4 million tonnes, with cash flow of $1.1 billion in line with Q2 2025 [18] - Downstream adjusted net operating income increased by over 30% quarter over quarter to $1.1 billion, with cash flow of $1.7 billion up 11% [22][23] Market Data and Key Metrics Changes - Brent averaged $59 per barrel in Q3 2025, down from $68 per barrel in Q2 2025 [13] - European refining margin improved significantly to $63 per tonne compared to $35 per tonne in Q2 2025, an increase of nearly 80% [14] - Average LNG price decreased to $8.9 per million BTU, down 2% from Q2 2025 [13] Company Strategy and Development Direction - The company emphasizes a two-pillar strategy focusing on strong production growth in oil and gas and capital discipline [4] - The company plans to grow upstream production by 3% per year through 2030, with over 95% of this production already online or under construction [7][8] - The roadmap to transform ADRs into ordinary shares is expected to enhance trading and market presence in the U.S. [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining cash flow growth despite challenging market conditions, with expectations for continued production growth and reduced net investments [10][11] - The company anticipates a strong fourth quarter, with upstream production expected to grow more than 4% year on year [11] - Management highlighted the importance of maintaining a strong balance sheet and indicated that any excess cash flow would be directed towards deleveraging [45] Other Important Information - The company plans to execute $2 billion in divestments, including assets in Nigeria and Norway, with additional projects expected to close in the next year [54] - The company is actively engaging with European leaders regarding competitiveness and energy supply security [56] Q&A Session Summary Question: Clarification on tax issues in France and cash flow growth for 2026 - Management addressed concerns about potential new taxes on share buybacks, emphasizing that the company does not generate significant profits in France and expects reasonable outcomes from ongoing discussions [29][30] - For 2026, management anticipates production growth of over 3% and expects cash flow to grow alongside production, particularly from new projects coming online [32] Question: Ability to capture refining margins and impact of Russian sanctions - Management confirmed that refining margins have improved significantly, with current margins around $100 per tonne, and noted the impact of sanctions on Russian oil trading [36][39] 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 [45] Question: Divestments and European competitiveness letter - Management clarified that the $2 billion in divestments includes several projects, with ongoing discussions for additional sales expected to close next year [54][56]

Financial Data and Key Metrics Changes - The company reported a 4% increase in cash flow for Q3 2025 despite a year-on-year drop in oil prices by more than $10 per barrel, with adjusted net income holding steady [5][15] - Cash flow from operations increased by 7% compared to Q2 2025, and adjusted net income rose by 11% [15] - The return on equity for the 12 months ending September 30th was 14.2%, with ROE close to 12.5% [15] Business Line Data and Key Metrics Changes - Hydrocarbon production increased by more than 4% year-on-year, marking the highest growth quarter so far in 2025 [15][16] - Exploration and Production (E&P) segment generated an adjusted net income of $2.2 billion, up 10% quarter-over-quarter, with cash flow growth at $4 billion, up 6% [16] - Integrated LNG sales remained flat at 10.4 million tonnes quarter-over-quarter, with cash flow of $1.1 billion in line with the previous quarter [18] - Downstream adjusted net operating income was $1.1 billion, up more than 30% quarter-over-quarter, with cash flow of $1.7 billion, up 11% [22][23] Market Data and Key Metrics Changes - Brent crude averaged $59 per barrel in Q3, down from $68 in Q2, while European refining margins improved significantly to $63 per tonne compared to $35 per tonne in Q2 [13][14] - The average LNG price decreased to $8.9 per million BTU from $9.1 per million BTU [13] Company Strategy and Development Direction - The company emphasizes a two-pillar strategy focusing on strong production growth in oil and gas and capital discipline, which is translating into increased cash flow [4][5] - The company plans to grow upstream production by 3% per year through 2030, with over 95% of this production already online or under construction [7][8] - The roadmap to transform ADRs into ordinary shares is expected to enhance trading activity in the U.S. market [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong momentum for Q4 2025, with anticipated upstream production growth of over 4% year-on-year [11] - The company expects net investments to decrease quarter-over-quarter, with a forecasted gearing decline to 15%-16% by year-end [11][25] - Management highlighted the importance of maintaining a strong balance sheet to support future buybacks and investments [44] Other Important Information - The company plans to close divestments totaling $2 billion, including assets in Nigeria and Norway, with additional projects expected to be announced [52][54] - The company is actively engaging with European leaders regarding competitiveness and sustainability policies [56][57] 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 ongoing discussions [29][30] - For 2026, management anticipates production growth of over 3% and expects cash flow to grow alongside new production coming online [32] 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 [36][39] 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 [44] Question: Status of divestments and European competitiveness letter - Management clarified that the $2 billion in divestments does not include certain assets that were not closed due to conditions not being met, and they are in discussions with new buyers [52][54] - The letter regarding European competitiveness has prompted discussions with European commissioners, indicating a growing awareness of the issues raised [56][57]

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]

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 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]

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]

An Islamist insurgency that froze TotalEnergies’ $24.5-billion gas project in Mozambique four years ago is intensifying, just as the French oil major prepares to restart development https://t.co/YSIvLcQEX8 ...

Group 1 - TotalEnergies and Aljomai Energy and Water have been awarded a license to construct and operate a 400 megawatt solar power plant in Saudi Arabia [1]

Group 1 - The consortium of TotalEnergies and Aljomaih Energy & Water has been awarded a license to develop a 400 MW solar power plant in As Sufun, KSA [1] - The electricity generated will be sold to the Saudi Power Procurement Company through a 25-year Power Purchase Agreement [1] - The solar plant is expected to connect to the grid in the near future [1]

Core Viewpoint - TotalEnergies has reported a $4.5 billion increase in costs for its liquefied natural gas (LNG) project in Mozambique, which has been on hold for four years, and is seeking adjustments to its production agreement [1] Group 1: Cost Implications - The total cost increase for the LNG project in Mozambique amounts to $4.5 billion over the four-year period it was inactive [1] Group 2: Production Agreement - TotalEnergies is requesting modifications to its production agreement in light of the increased costs associated with the LNG project [1]