2025 Results & 2026 Objectives Delivering accretive energy growth, while strengthening resilience Delivering accretive energy growth, while strengthening resilience February 11, 2026 February 2026 – Results and Objectives | 2 Table of contents 03 | Safety, our core value 04 | Relentlessly reducing emissions 06 | 2025: delivered growth while preparing 2030+ 07 | Delivered on our growth objectives 08 | Sustaining attractive distributions supported by accretive growth and strong balance sheet 09 | Disciplined ...

Core Insights - TotalEnergies SE reported a cash flow from operations excluding working capital (CFFO) of $7.2 billion for Q4 2025, reflecting a 2% increase compared to Q3 2025, but a 7% decrease compared to 2024 [1] - The adjusted net income attributable to TotalEnergies' shareholders was $3.84 billion for Q4 2025, down 4% from Q3 2025 and down 15% from 2024 [1] - The net income attributable to TotalEnergies' shareholders decreased to $2.9 billion in Q4 2025, representing a 21% decline from Q3 2025 and a 17% decline from 2024 [1] - Adjusted EBITDA for Q4 2025 was reported at $10.1 billion [1]

Core Viewpoint - TotalEnergies CEO Patrick Pouyanné stated that returning to Venezuela is "too expensive and too polluting," despite calls from the Trump administration for U.S. oil companies to invest in the country [1][2]. Group 1: Company Position - TotalEnergies exited Venezuela in 2022, citing a clash with its strategic goals, emphasizing that the situation remains unchanged regarding costs and environmental concerns [2]. - The company has not provided immediate comments regarding the situation when contacted by media [3]. Group 2: Industry Context - The Trump administration has urged U.S. energy companies to invest $100 billion to rebuild Venezuela's oil industry, promising government security assistance to those who comply [3]. - Despite Venezuela having the world's largest oil reserves, some U.S. oil firms, including Exxon Mobil, have expressed caution about re-entering the market [3].

Group 1: Market Overview - European stocks experienced a decline, with the pan-European Stoxx 600 dropping 0.3 percent to 619.25, as investors reacted to mixed earnings results and awaited U.S. jobs and inflation data for direction [1] - Technology stocks were notably affected, particularly Dassault, which faced pressure from a weak European automotive sector [1] Group 2: Company Earnings and Stock Movements - TotalEnergies increased by 1.3 percent after raising its final 2025 dividend payout by 5.6 percent to €3.40 per share [2] - Dassault Systemes saw a significant drop of 20 percent following weaker-than-expected fourth-quarter results and a cautious outlook for the current year [2] - Randstad, a Dutch staffing firm, fell by 8.5 percent after providing soft guidance for Q1 [2] - Ahold Delhaize, a supermarket group, surged 7 percent after reporting fourth-quarter results that exceeded expectations [2] Group 3: Notable Company Developments - Heineken's shares rose by 5.3 percent despite announcing job cuts of up to 6,000 roles globally [3] - Commerzbank's shares tumbled 3 percent despite reporting a record operating result of €4.5 billion for the 2025 financial year [4] - Siemens Energy's stock surged 6 percent after its first-quarter profit nearly tripled, driven by AI-driven demand for gas turbines and grid equipment [4] - Thyssenkrupp Nucera's shares increased by 1.1 percent after reaffirming its FY26 outlook [4] Group 4: Additional Company Performance - Schindler Holding's shares plunged 8 percent as it projected 2026 revenue growth in the low- to mid-single digits in local currencies [5] - Renishaw, a British engineering firm, rose by 2.7 percent after reporting better-than-expected half-year results [5] - Barratt Redrow, a residential property developer, lost 6.3 percent after its first-half profit fell below expectations [5] - London Stock Exchange Group shares increased by 2.5 percent following reports of a significant stake acquisition by activist hedge fund Elliott Management [6]

Group 1 - The energy major has reduced its quarterly share buyback to $750 million due to an uncertain price environment [1]

Group 1: Heineken - Heineken announced it will cut between 5,000 and 6,000 jobs over the next two years due to "challenging market conditions" as part of a turnaround strategy aimed at accelerating growth by 2030 [3] - The company reported a 1.2% decline in total production volumes for 2025, while operating profit increased by 4.4% compared to the previous year [3] - Heineken expects operating profit growth in the range of 2% to 6% for the current year [3] Group 2: Siemens Energy - Siemens Energy reported a nearly tripled net profit of 746 million euros ($889 million) for its fiscal first quarter, driven by robust demand from data center expansion [4] - The company's stock rose by 5.3% following the earnings update [4] Group 3: Commerzbank - Commerzbank achieved a record operating profit of 4.5 billion euros, supported by net commission income and strong performance from its Polish subsidiary mBank [5] - The bank's net profit reached 2.6 billion euros, surpassing its target of 2.5 billion euros [5] - Commerzbank anticipates that net profit in 2026 will likely exceed its original target of 3.2 billion euros [5] Group 4: Lufthansa - Lufthansa's shares fell by 3.5% amid news of impending staff strikes, with pilots' union VC calling for a 24-hour strike over a pensions dispute [6] Group 5: Market Overview - European equities opened mixed as investors assessed a wave of corporate earnings, with the pan-European Stoxx 600 marginally lower [1] - Global investors are closely monitoring U.S. nonfarm payrolls data for January, scheduled for release at 8:30 a.m. ET [6]

Core Viewpoint - TotalEnergies has regained full ownership of the Zeeland refinery in the Netherlands by acquiring the remaining 45% stake from Russia's Lukoil, indicating a strategic move to consolidate its operations in the region [1] Company Summary - TotalEnergies has successfully re-acquired the 45% stake in the Zeeland refinery, which enhances its control over the facility and aligns with its broader strategic objectives [1] - The acquisition reflects TotalEnergies' commitment to strengthening its position in the European refining market [1] Industry Summary - The move by TotalEnergies to take full ownership of the Zeeland refinery may signal a trend of consolidation within the oil refining sector, particularly in response to geopolitical factors affecting ownership structures [1] - This acquisition could impact the competitive landscape in the European oil market, as companies reassess their positions amid changing dynamics [1]

Core Insights - Record Resources Inc is strategically entering the global oil and gas market with a focus on a significant offshore asset in Gabon, a region described as one of the last unexplored, well-rich areas in the world [2][11] - The company is forming a joint venture with Reconnaissance Energy Africa to explore the offshore Ngulu Block, which is seen as the foundation for a new international exploration and production platform [2][5] Asset Overview - The Ngulu Block covers approximately 1,200 square kilometers in shallow offshore waters, comparable in size to about 50 Gulf of Mexico blocks, and is located in Gabon's most productive oil trend [3] - Major operators like TotalEnergies and Perenco are already producing nearby, indicating the basin's commercial viability [3] Financial Structure - Record Resources holds a 20% working interest in the Ngulu Block, while ReconAfrica, as the operator, owns 55% and will fully carry Record through the initial four-year work program, which includes seismic reprocessing and drilling [4] - The absence of near-term funding obligations is a significant advantage for the company as it repositions itself in the market [4][5] Development Potential - The Ngulu Block features the Loba oil discovery, which was drilled in 1976 but never developed due to technological limitations; modern techniques now allow for reassessment [7] - The original Loba well recovered 27-degree API oil, and the company plans to conduct appraisal testing to confirm its potential [8] - Management estimates the potential to confirm 30 to 50 million barrels of contingent resources, with initial production projected at around 10,000 barrels per day, potentially doubling in a second phase [9] Exploration Opportunities - The Ngulu Block contains 28 mapped prospects across post-salt and pre-salt plays, allowing multiple targets to be tested from a single well [10] - Each well is expected to target at least three reservoir horizons, providing multiple value drivers for the company [10] Market Environment - Gabon produces over 220,000 barrels per day and has a stable fiscal and political framework, making it an attractive location for investment [11] - The government has shown openness to new investments, which bodes well for Record Resources' future operations in the region [11]

Core Viewpoint - TotalEnergies SE (TTE) is expected to report its fourth-quarter 2025 results on February 11, with a prior negative earnings surprise of 2.21% in the last quarter [1] Group 1: Factors Impacting Q4 Earnings - Fourth-quarter hydrocarbon production is anticipated to remain strong, aided by the restart of Ichthys LNG in Australia [2] - The company is expected to have divested additional non-core assets, positively impacting earnings, while strategic acquisitions are also projected to contribute to performance [3] - Planned turnarounds at Antwerp and SATORP in Saudi Arabia are likely to maintain refinery utilization rates between 80% and 84% during the fourth quarter [4] Group 2: Clean Energy and Demand - TotalEnergies' increasing supply of clean energy and focus on renewable sources are expected to support earnings growth, reflecting a transition towards sustainable energy solutions [5] - Strong demand from data centers, electric vehicle rollouts, decarbonization, and digitalization is likely to benefit fourth-quarter earnings [5] Group 3: Financial Expectations - Hydrocarbon production volumes are expected to improve by 4% year over year, with the Zacks Consensus Estimate for production volume at 2,528.6 thousand barrels of oil equivalent per day, marking a nearly 5% increase year over year [7] - The consensus estimate for earnings is $1.8 per share, while revenues are projected at $36.69 billion, indicating declines of 5.26% and 22.12% from the previous year [8] Group 4: Share Buybacks and Market Position - Ongoing share buybacks, with authorization up to $1.5 billion in the fourth quarter, are expected to positively impact earnings [6] - TotalEnergies currently has an Earnings ESP of -2.41% and a Zacks Rank of 3, indicating challenges in beating earnings expectations [11]

Core Viewpoint - TotalEnergies has signed two long-term Power Purchase Agreements (PPA) to deliver 1 GW of solar capacity to supply Google's data centers in Texas, representing a significant commitment to renewable energy [1] Group 1: Agreements and Capacity - The new PPAs will provide 1 GW of solar capacity, equivalent to 28 TWh of renewable electricity over a 15-year period [1] - The solar power will be generated from TotalEnergies-owned sites currently under development in Texas, specifically Wichita (805 MWp) and Mustang Creek (195 MWp) [1] Group 2: Construction Timeline - Construction for the solar projects is scheduled to begin in Q2 2026, indicating a future commitment to expanding renewable energy infrastructure [1]