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Delivering accretive energy growth, while strengthening resilienceFebruary 11, 2026
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Table of contents Delivering accretive energy growth, while strengthening resilience2025 Results & 2026 Objectives February 2026 – Results and Objectives | 2 03 | Safety, our core value04 | Relentlessly reducing emissions 31 | 2026 Oil and LNG key market drivers32 | 2026: our differentiated growth, a unique hedge to face uncertainty33 | Enhancing resilience through additional cash savings34 | 2026: reduced capital investment, secured growth35 | 2026: Upstream growth continues36 | Accretive growth enhances resilience37 | Never stopped exploring38 | iLNG: accretive production growth and major project start-ups to offset softening prices39 | EPH transaction accelerating gas-to-power integration in Europe40 | iPower: towards free cash flow positive41 | Restoring the reliability of Refining & Chemicals42 | M&S: Growing cash flow, focus on value over volume43 | Growing free cash flow strengthening resilience44 | Priority to sacrosanct dividend growth45 | 2026 Cash balance preserving a healthy balance sheet46 | The differentiated and profitably growing energy company48 | 2026 Cash flow allocation49 | Working capital seasonality & impact on gearing 06 | 2025: delivered growth while preparing 2030+07 | Delivered on our growth objectives08 | Sustaining attractive distributions supported by accretive growth and strong balance sheet09 | Disciplined Capex within guidance10 | Accretive Upstream growth above expectations11 | iLNG: 2025 CFFO supported by 10% growth in production and sales, in a low-volatility environment 12 | iPower: continued strong delivery across the board13 | Ordinary shares begin trading on the NYSE14 | Profitability, Longevity and Resilience to deliver superior performance through cycles15 | Best performing stock in 2025 17 | Opening a new chapter for TotalEnergies in Africa18 | A major transaction concluded with Galp19 | TotalEnergies becomes the anchor player for Namibia20 | First project: Venus, targeting FID in 202621 | Second project: Mopane, maturing the full-scale plan for a first development on PEL8322 | Best positioned to lead the orange basin goldrush 24 | Creating value with fit-for-purpose solutionsfor datacenters25 | 2025-26: Scaling up datacenter business with tech companies26 | A worldwide Google partnership, spanning Texas to Malaysia…27 | Casa dos Ventos: the strategic partner at the heart of Brazil’s data center push28 | 2025: Scaling up TotalEnergies data platformto be at the forefront of the AI users29 | A clear definition of AI-driven prioritiessupported by a new global competency center
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0,5 1,0 1,5 2,0 20 2020 2120 2220 2320 2420 25 Safety, our core value Safety Continuous improvement in safety, aiming for zero fatality February 2026 – Results and Objectives | 3 Peers: BP, Chevron, Exxon, Shell > -35%in 5 Years 0.47 Total recordable injury rate versus peersper million man-hours 1 fatality in 2025 50 10 0 20 2020 2120 2220 2320 2420 25 Primary losses of containment* number of incidents -60%in 5 Years * Tier 1+2, as defined in IOGP 456 (Upstream) & API 754 (Downstream) – See Universal Registration Document 2024 100 50 Tier 1 Tier 2
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Relentlessly reducing emissions Emissions February 2026 – Results and Objectives | 4* Lifecycle carbon intensity of energy products sold used by end-customers - See Sustainability & Climate 2025 Progress Report 201520242025Methaneoperatedkt CH4 Vs 2020-55% -65%vs Obj. -60% 642922.5 Scope 1+2operated Mt CO2 Oil & Gas facilitiesVs 2015-36%-38%4629.428.4 IntegratedPower04.94.7 Overallscope 1+2463433vs Obj. < 37 Mt CO2 Lifecycle carbonintensity*(Scope 1+2+3)g CO2e/MJ Vs 201573-16.5% -18.6%vs Obj. > -17% 20242025Reference2025 achievementsLeading the industry on methane emissionsAll targets met and exceeded 11,000 continuous detection systemsdeployed across all operated upstream sitesUpstream operated O&G Methane intensity < 0.1% Generating tangible energy and CO2 savings2025: Reduction of 1 Mt CO2 on Oil & Gas facilities vs 2024Successful 2023-25 1G$ investment program> 2 Mt CO2/y avoided emissions and 200 M$/yof energy and CO2 savings from electrification,energy efficiency, heat recovery…
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Mero-4, Brazil
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February 2026 – Results and Objectives | 62025 Results 2025: delivered growth while preparing 2030+ Oil Gas & LNGStart-up of Ballymore (US) and Mero-4 (Brazil)Namibia: entry as operator in PEL83 (Mopane) and PEL104Replenishment of exploration portfolio with entries in Offshore US, Nigeria, Algeria, Malaysia, Indonesia, Guyana, Liberia… Rio Grande LNG Train 4 FID (US)Acquisition of interests in Malaysia gas assets and in US upstream gas assets inthe Anadarko basinAgreement with NEO NEXT, creating the largest player in UK North Sea Accelerate gas-to-power integration in Europe through major transaction with EPH ~6 TWh/y PPAs signedto supply datacentersSuccessful farm downs:2 B$ of recycled capital ~+20%Net power production 2025 achievements 5 $/boeUpstream production cost*+4%Upstream production growth~120%Proved Reserves Replacement Rate * ASC 932
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February 2026 – Results and Objectives | 7 Delivered on our growth objectives 2025 Results* Assuming 35% flexible capacity utilization rate** Lifecycle carbon intensity of energy products sold used by end-customers - See Sustainability & Climate 2025 Progress Report Mero - 3, Brazil 2025 objectivesMore energyEnergy production growth+5%* +5%Upstream production growth> +3%+3.9%Electricitynet production> 50 TWh*48 TWhRefining utilization rate> 85%86%LNG Sales> 40 Mt44MtRenewables gross installed capacity35 GW34 GWLess emissionsScope 1+2 from operated facilities< 37 MtCO2e33.1 MtCO2eMethane from operated facilities vs 2020-60%-65%Lifecycle carbon intensity** of our sales vs 2015> -17%-18.6%Growingfree cash flowUpstream production costs ASC 932< 5 $/boe5 $/boeCAPEX 17-17.5 B$17.1B$CFFO > 29 B$at 70 $/bbl27.8 B$at 69 $/bbl 2025 actuals 96% 97% 96%
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February 2026 – Results and Objectives | 82025 Results Sustaining attractive distributions supportedby accretive growth and strong balance sheet (1) Including (1.3) B$ Corporate (2) Excluding leases(3) Including coverage of employees share grant plans -3-2-10123456789101112131415161718192021222324252627282930313233343536 17.1 Dividend Capitalinvestment Integrated LNG4.7 B$ Integrated Power2.6 B$ Downstream6.2 B$ Exploration& Production15.6 B$ 7.5 2025 27.8 B$ CFFO(1), with stable working capital year-on-year despite quarterly fluctuations15.6 B$ Adj. net income, TotalEnergies share•12.6% ROACE•13.6% Return on Equity•13.1 B$ IFRS net income14.7% Gearing(2) at end-2515.6 B$ of dividends + buybacks(3) Net debt increase Leases 2025 Cash flow allocation B$ Brent ($/b)69.1Avg LNG price ($/Mbtu)9.1TTF ($/Mbtu)12.0ERM ($/b)7.1$/€ 1.13 8.1Buybacks
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Disciplined Capex within guidance 2025 Results Active portfolio management through balanced acquisitions and divestments February 2026 – Results and Objectives | 9 Tilenga , Uganda New Oil & Gas projects MaintenanceOil Low-carbonmolecules Low-carbon energies Net Capex = 16.8 B$ organic investments + 3.9 B$ acquisitions – 3.6 B$ divestments MaintenanceGas17.1 B$2025 Net Capex Integrated Power LNG & Gas Oil
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2025 Results New projects delivered > 150 kboe/d accretive productionAccretiveUpstream growthaboveexpectations February 2026 – Results and Objectives | 10* 2024 & 2025 Upstream CFFO rebased at 70 $/b Brent and 12 $/Mbtu TTF kboe/dshareop.Q3Q4Q1Q2Q3Q4AnchorUS7537.1%FenixArgentina7037.5%lMero 3Brazil18019.3%TyraDenmark7043.2%lJerunMalaysia16040%lBallymoreUS7540%Mero 4Brazil18019.3% 20242025SEC ProductionMboe/d 0,5 1,0 1,5 2,0 2,5 3,0 5 10 15 20 UpstreamCFFO* ~19 $/boe~19 $/boe > 30 $/boe First Oil/GasProduction plateauFeb 2025 schedule2024202520242025 Upstream CFFOat 70 $/b Brent and 12 $/Mbtu TTFB$+10% vs +8% Oil Gas +4% vs > 3%
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iLNG: 2025 CFFO supported by 10% growthin production and sales, in a low-volatility environment February 2026 – Results and Objectives | 112025 Results An efficient market, optimizing LNG routesand narrowing Asia/Europe spreads•60% of US LNG goes to Europe (shortest route)•TotalEnergies exported 18% of US LNG in 2025•TotalEnergies imported 20% of European LNG in 2025•Over 80% of Middle-East LNG goes to Asia•Excess LNG fleet capacityJKM-TTF spread closing, low volatility•JKM-TTF spread at only 0.2 $/Mbtu on average in H2 2025•Q4 2025: four-year low on TTF volatilityLess opportunities for arbitrage on Atlantic LNG cargoes US and Middle-East LNG cargoes destination* 20 % 40 % 60 % 80 % 10 0% 20 1620 1720 1820 1920 2020 2120 2220 2320 2420 25 % of Middle-East cargoesdelivered to Asia % of US cargoesdeliveredto Europe > 80% 60% * Sources: S&P Global, Bloomberg.
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iPower: continued strong delivery across the board 2025 Results Tailwind from datacenter and AI growing demand February 2026 – Results and Objectives | 12 20212025ProductionTWho/w RenewablesTWh2174831CFFOB$0.72.6NOIB$ 0.72.2ROACE7%10% Renewables Power & Gas marketingPower trading FlexiblegenerationExecuting our focused strategyEurope: gas-to-power integration accelerated via EPH acquisitionUSA:•1.7 GW of gross renewable capacity added in 2025, bringing total to ~10 GW•Over 2 GW of projects approved in 2025 Scaling up datacenter business with Big Tech1GW solar projects in the US tied to 15-year Google PPAs (~2 TWh/y)~6 TWh/y* PPAs signed to supply datacenters 2 B$ of capital recycled through farmdowns1.4 GW net capacity divested in USA, Greece, Portugal and France * Net sales, including TotalEnergies’s share of PPAs signed by Clearway and Casa dos Ventos
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2025 Results Ordinary shares begin trading on the NYSE February 2026 – Results and Objectives | 13 A single class of TotalEnergies shareswith extended trading hours(9:00 am Paris to 4:30 pm New York)Reach out to new shareholdersDomestic funds previously excluding ADRIndividual shareholders through wealth managersand financial advisorsOption to use ordinary shares as a currencyfor M&A in the US Dec. 8, 2025Termination of the ADR program and switchto ordinary shares listed on the NYSE
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2025 Results Profitability, Longevity and Resilience to deliver superior performance through cycles2025 Total shareholder return*% Proved reserves life indexyears 0 5 10 12.2 0% 20 % ShellBP28% 0% 10 % ROACE full-year 2025% ExxonChevronShellBP12.6% * Source: Bloomberg (31/12/2025 close vs 31/12/2024 close, in USD on the NYSE, including pre-tax dividends reinvested on the ex-date)** ASC 932; 2024 for peers ChevronExxon 0 5 10 15 Upstream production costs**$/boe ExxonChevronShellBP5BPShellChevron Exxon End-24End-25End-25End-25End-24 February 2026 – Results and Objectives | 14
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February 2026 – Results and Objectives | 152025 Results Best performing stock in 2025 Jan.25Feb.25Mar.25Apr.25May.25Jun.25Jul.25Aug.25Sep.25Oct.25Nov.25Dec.25 Source: Bloomberg; in US Dollars Stock pricebase 100 at 31-Dec-24 70 90 11 0 13 0 +5% Chevron +17% Shell+17% BP+20% TotalEnergies +12% Exxon -20% Brent
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Namibia
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PEL91 OlympeVenus PEL83 PEL56 Mopane 300km from coast Namibia With 2 operated worldclass deepwater projects to start withOpening a new chapter for TotalEnergies in Africa Oil discoveryOil prospectPast wells2026 targetDry well PEL56PEL83Operatorc. 35% shareVenus - First FPSO750 MboeOlympe(PEL91, operator c. 33% share)prospect to be explored Operator40% shareMopane - Second FPSO800-1,100 MboeMaterial exploration upside February 2026 – Results and Objectives | 17
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Namibia Cashless, crystalizing Venus value, with closing expected by mid 2026 A major transaction concluded with Galp What TotalEnergies will take40%operated share of PEL83 (Mopane) 800 – 1,100 MboeExpected resources from Mopane > 1.5 BboExploration potential from confirmed prospects (Mopane Extension, Quiver, Sobreiro) 10%share of PEL56 (Venus) Carry of 50%of Galp’s capital expenditures for the explorationand appraisal of the Mopane discoveryand the first development on PEL83 9.39%share of PEL91(Exploration) What TotalEnergies will give February 2026 – Results and Objectives | 18
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TotalEnergies becomes the anchor player for Namibia Namibia 35 0 Operated production capacity in Namibiakb/d, 100% 2030 20402035 FPSO #1 Venus* FPSO #2 Mopane* Further Upsides* > 1.5 Bbo already discovered Maximizing projects synergies for the benefits of all stakeholders* Assuming Venus FID in 2026, Mopane FID in 2028 and future upsides FID after 2030 Launching the first two oil projects in the country#1 Deepwater Operator in Africa 10 FPSO/FSU in operation + 1 in constructionBuilding on our proven low-cost track recordStrong relationship with contractorsAbility to develop short-cycle opportunities leveraging ullage Size of development will deliver synergiesMultiple FPSO developmentsOptimal structure, procurement and logistics costsCredible and sizeable partner for the authorities February 2026 – Results and Objectives | 19
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Namibia First project: Venus, targeting FID in 2026 Fully appraised discoveryProduction150 kb/dResources~750 Mboe First Oil2030Scope 1+2~15 kgCO2/boeCapex + Opex~20 $/boe Targeting2030 productionFEED finalizedDesigned to minimize emissions, targeting GHG intensity around 15 kgCO2e/boeCapex firmed-up by competitive EPC bids supporting an FID in 2026 Engaging with authorities with a target for FID mid 2026 February 2026 – Results and Objectives | 20
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PEL83PEL56 Mopane QuiverSobreiro MopaneExtension 10 kmOil discoveryOil prospectPast wellsPlanned wells Namibia Second project: Mopane, maturing the full-scale plan for a first development on PEL83 Exploration & Appraisal campaign in 2026-27to size the first development2026: Mopane Extension well to quantify the maximal resources2027: two appraisal wells to confirm the development planFurther prospectivity on PEL83 generating potential upside for additional future developments Materialcontribution to 2030+ growth Production> 200 kb/dResources800-1,100 Mboe FID Target2028Scope 1+2<15 kgCO2/boeCapex + Opex<20 $/boe Proven reservoirwith good permeability Q4 26Q1 27Q2 27Q3 27Exploration WellAppraisal Well #1Appraisal Well #2 February 2026 – Results and Objectives | 21
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~10 Bbo exploration potential Namibia Firming-up exploration plan on existing acreageStrategically expanding with entry as operator in PEL104 Namibia Exploration plans tackling huge potential through multiple prospects(Volstruis, Nayla, Perd…) South AfricaPEL91OlympeVenus PEL83Mopane NamibiaSouth Africa DWOB3B/4BNayla Volstruis Perd 50 km Oil discovery Past wells2026 targetDry well Oil prospect Orange basin PEL56 Best positioned to lead the Orange basin goldrush Lüderitz basin PEL104 February 2026 – Results and Objectives | 22
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Creating value with fit-for-purpose solutions for datacenters AI & Datacenters February 2026 – Results and Objectives | 24 Renewable pay-as-produced PPA Quick to build, fast to connect + “Powered land” optionConstruction sitefor datacenterClean Firm Power PPADecarbonization solution for stable power Premium packaged offerEnergy supplier + Infrastructure enablerUp to 10% Premium on PPA prices Upgradedouble-digit returns onIntegrated Power Capex
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2025-2026: Scaling up datacenter businesswith tech companies AI & Datacenters Deploying Integrated Power solutionsIntegrated Power focus aligned with datacenters’: USA, Europe1.3 GW PPAs by TotalEnergies teams Clearway1.2 GW with Google0.3 GW with MicrosoftCasa dos Ventos0.9 GW with ByteDance0.3 GW with AscentyLargest datacenter company in LatAm Leveraging JV participations February 2026 – Results and Objectives | 25 ~4 GW gross of projects backed by data center PPAs> 250 M$/y Ebitda secured
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A worldwide Google partnership, spanning Texasto Malaysia… AI & Datacenters Renewable energySecured grid connectionOptical fiber and water accessLand carve-out for datacenterGrid capacity reservation Gas transmission pipelineGas pipeline Potential BESS Solar panels Potentialdatacenter Electrical grid February 2026 – Results and Objectives | 26 1 GWsolar farms2 TWh/y15 years,from 2028 Option to collocate1.5 GW datacenterPotential for BESS Offering Google a land connected to the gridwith space available for datacenter PPA with immediateconnection to the grid “Power-land”: optional value multipliersSigned today Options for tomorrowThe Texas deal
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Casa dos Ventos: the strategic partner at the heart of Brazil’s datacenter push AI & Datacenters February 2026 – Results and Objectives | 27 “We have an abundant supply of cost-competitive renewable energy globally, as well as a clean energy matrix, and the capability to quickly connect loads for new datacenters – which other regions lack.” Mario Araripe, Chairman of Casa dos Ventos 500 M$ transaction, the largest in LatAm for datacenters•CDV will supply110 MWavg with 24/7 uptime•Supported by 0.3 GW solar and wind projects•5 Mt of CO2 emissions avoidedSelf-production model•Ascenty to take an equity stake in the generation assets•Capital efficient structure for CDV, deliveringdouble-digit IRR Powering a massive datacenter hub in Pecém•ByteDance300 MW datacenter (COD 2027), scalable to 1.5 GW•Supportedby 0.9 GW windprojectsCreating a profitable export of renewable value•Tax-favored datacenters leveraging optic-fiber cable proximity to “export” low-cost renewable energy as data•Enabling them to pay a premium on CPPA vs industrials Record-breakingdeal with From renewablesto data export with
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2025: Scaling up TotalEnergies data platformto be at the forefront of the AI users AI & Datacenters Target uplift in production and availabilitythrough AI-enabled performance improvements Data from all TotalEnergies operation sites 40 Upstream sites Upstream 16 R&C sites Downstream l500 Integrated Power sites Integrated Power New 2025 x10 real-time datapoints35 M datapoints valorized through contextualization New 2025 AI Scienceto developand industrializeAI modelsand agentsExposedata to usersand digital applicationsStorein variousstructuredand unstructuredformatsTransform& Enrichthe data integratedin the data platform February 2026 – Results and Objectives | 28 Data Fabric
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A clear definition of AI-driven prioritiessupported by a new global competency center AI & Datacenters 1 B$ investmentover 2026-28 Digital for HSEReduce major risksReduce human exposureReduce emissions (methane…) 3 Digital Strategic Programs embedding AI Digital PlantIncrease asset productionMaximize products valueReduce cost Launching a new Global Competency Center in IndiaAn enabler for Company’sIntegrated Power Growthand enhancedDigital Ambition Starting in 2026Deliver speed & scale Integrated Power ModelingAutomate origination & project design Maximize production at best returnin real timeGive trading an edge on weather forecast, grid modeling and supplyand demand simulations February 2026 – Results and Objectives | 29 Establish an India-based OneTech delivery organization Launch in 2026 through a phased deploymentwith a local partner Build a critical mass of ~500 engineers by 2027, leveraging vast, highly-skilled talent pool End-to-end responsibility on defined scopes,from delivery to run OneTechIndia
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NFQ 18, Qatar
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2040608010 012 0 2026 Objectives 2026 Oil and LNG market driversOil Dynamic oil demand growth expected above 0.9 Mb/d in 2026, entirely supported by non-OECD countries (IEA)Non-OPEC supply growth reducing in 2026, opening for increased OPEC+ influence on the global marketUS Oil Shale Producers reducing drilling activity (-15% yoy) Oil priceBrent, $/b Q1Q2Q3Q4Q1Q2Q3Q4Q12024 2025‘26 60 $/b 2026 budget assumption Sources: IEA Oil Market Report (January 2026), Energy Intelligence, ICE and Bloomberg. Gas Transitional year with limited additional LNG supply capacities and risk of new projects delaysTTF lower than in 2025 but still above historical averagesRising demand expected in price-sensitive Asian countries: coal and fuel to gas switching, industrial expansion, LNG bunkering and still growing European LNG market (2027 ban of Russian gas) February 2026 – Results and Objectives | 31 TTF priceMonthly average, $/Mbtu 5 10 15 20 20 1020 1520 2020 25 10 $/Mbtu 2026 budget assumption 70$
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2026: our differentiated growth, aunique hedge to face uncertainty 2026 Objectives GGIP, Iraq (1)Assuming 35% flexible capacity utilization rate(2)Lifecycle carbon intensity of energy products sold used by end-customers - See Sustainability & Climate 2025 Progress Report(3)At 60 $/bbl Brent, 10 $/Mbtu TTF and 5 $/b ERM(4)Gearing excluding leases debts and lease receivables, at 60 $/bbl Brent, 10 $/Mbtu TTF and 5 $/b ERMFebruary 2026 – Results and Objectives | 32 2026 objectivesMore energyEnergy production growth+ 5%(1) Upstream production growth+ 3%Electricitynet production> 60 TWh(1) Refining utilization rate> 85%LNG Sales> 44 MtRenewables gross installed capacity42 GWLess emissionsMethane from operated facilities vs 2020-70%Scope 1+2 from operated facilities< 34 MtCO2eLifecycle carbon intensity(2) of our sales vs 2015~ -19%Growingfree cash flowUpstream production costs ASC 932< 5 $/boeCAPEX ~15 B$CFFO(3) > 26 B$ at 60 $/bblGearing(4)at end-26 ~15%
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February 2026 – Results and Objectives | 33 Enhancing resilience through additional cash savings 2026 Objectives Cash savings programover 2026-30 By 2030Target increasedfrom 7.5 B$ to 12.5 B$5 B$ additional from Capex savings thanks to EPH deal First year of the 5-year program2.5 B$ cash savings2 B$ Capex0.5 B$ Opex In 2026 New initiatives in 20262026 Opex savings iPower: fixed cost reduction through farmdowns 200 M$Upstream: 150 M$•Lean operating model, logistics and procurement, structure costs in affiliates•Energy Savings & CO2Downstream: 150 M$•M&S central services reorganization•R&C headquarters streamlining•Energy Savings & CO2 500 M$savings iPower DownstreamUpstreamCreation of a global competence center in India•Establish an India-based OneTech delivery organization at a competitive cost•Support Integrated Power growth and our own digital & AI growthOffshorization of external services•Offshore external non-proximity-dependent services to lower-cost hubs•> 100 M$ savings from 2027Systematic use of procurement factory established in Romania by all LBUs•2 B$+ centralized sourcing of equipmentand services by 2027Regional Mutualizationof services across LBUs•Across LBUs in Africa•Across French refineries and OneTech
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February 2026 – Results and Objectives | 342026 Objectives 2026: Reducing capital investment, confirming growth 2026 Capex guidance reducedto ~15 B$Capex dedicated to Major Oil & Gas projects securedFlexible power generation growthwith all-shares EPH dealActive portfolio management with net cash proceeds > 1 B$Flexibilities down to 14 B$ in caseof prices lower than 50 $/b MaintenanceGas MaintenanceOil Low-carbonmolecules New Oil & Gas projects Low-carbon energies effort inc. ~1 B$eq EPH shares* ~15 B$2026 Net Capex * Equivalent to 5.1 B€ over five years ~20% Oil Integrated Power LNG & Gas
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2026: Upstream growth continues 2026 Objectives Deep and rich project pipeline delivers > 125 kboe/d Additional CapacityshareQ1Q2Q3Q4Q1Q2Q3Q4AnchorUS75kboe/d37.1%BallymoreUS75kboe/d40%Mero 4Brazil180kboe/d19.3%Clov Ph.3, BegoniaAngola60kboe/d38%, 30%op.Lapa SouthwestBrazil+ 25kboe/d48%op.MabrukLibya20kboe/d37.5%Ratawi Phase 1Iraq+ 60kboe/d45%op.TFT II & SudAlgeria+ 55kboe/d49%NFEQatar32Mt/y6.25%Tilenga (Train 1)Uganda110kboe/d56.7%op. 20252026 Lapa, Brazil February 2026 – Results and Objectives | 35 First Oil/GasProduction plateauFeb 2026 schedule
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February 2026 – Results and Objectives | 36 Accretive growth enhances resilience 2026 Objectives Offsetting 10 $/b lower oil price over two years TFT, Algeria * 2024 & 2025 Upstream CFFO rebased at 60 $/b Brent and 10 $/Mbtu TTF 0,5 1,0 1,5 2,0 2,5 3,0 5 10 15 Upstream CFFOat 60 $/b Brent and 10 $/Mbtu TTFB$SEC ProductionMboe/d 2024 * 2026 Oil Gas 2025 * +7%+3% UpstreamCFFO* +10%+4%70 $/b
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Offshore PNG Algeria NigeriaCongo NamibiaIndonesia Malaysia US offshore LiberiaGuyana Angola Norway Libya Never stopped exploring February 2026 – Results and Objectives | 37 Major exploration successes…… consistently sustaining our 1 B$/year exploration & appraisal effort 2025 New acreage2026 Exploration wells Production220 kb/dResources750 Mb Time to FID1 YearFirst Oil1H 2028 GranMorgu Production150 kb/dResources750 Mb Targeting FID2026Targeting First Oil2030 Venus Appraisal 2026 Objectives
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iLNG: accretive production growth and major project start-ups to offset softening prices February 2026 – Results and Objectives | 382026 Objectives* LNG plant Engineering Procurement Construction contract Two competitive projects to start-up in 2026Energia Costa AzulServing US gas to Asian markets, from Pacific Coast North Field EastWorld’s largest LNG project 2.0 MtpaCapacity: 4 x 8 Mtpa~550 $/tLNG EPC* Offtake 1.7 MtpaCapacity: 3 Mtpa~550 $/tLNG EPC* Offtake Q3 2026 Q3 2026 2 4 2025 2026Brent ($/b)TTF ($/Mbtu)Average LNG price ($/Mbtu)69.112.09.1 60108 > 4.5 B$iLNG CFFOB$ -10 $/b-2 $/Mbtu +6% prod.growth
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EPH transaction acceleratinggas-to-power integration in Europe February 2026 – Results and Objectives | 392026 ObjectivesTavazzano, Italy Closing expected by mid-2026 ~14 GWgross installed capacityby end 2026 across Italy, UK, Ireland, Netherlands and France 15 TWh/ynet power generation ~750 M$/yavailable cash flow CCGT 12.5 GW BESS 0.8 GW Biomass 0.5 GW
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iPower: towards free cash positive 2026 Objectives February 2026 – Results and Objectives | 40 Electricity generationCompany share, TWhCFFOB$ 50 10 0 20 2120 2520 2620 300 2,5 5,0 20 2120 2520 2620 30 > 3 Renewables Flexible generation 100 - 120 TWh > 60 TWh3x JV with EPH* 4x 4 - 5 Delivering production growth,with net Capex streamlined to 2.5 - 3 B$* Assuming closing of the acquisition on July 1st, 2026
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2026 Objectives Restoring the reliability of Refining & Chemicals February 2026 – Results and Objectives | 41 2026: expected recovery from low-performing assetsPort Arthur RefineryLack of availability in H1 2025 (reformer and steam)Large turnaround safely delivered on timePort Arthur performances back on track after turnaround Donges RefineryDelays in delivering Horizon projectOverall utilization of 88% in NovemberDonges upgrade S/U in Q1 2026 Normandie PlatformTechnical issues on cracker restart following turnaroundCracker back to normal operations in November after repairsNormandy refinery at > 90% utilization rate Global Operational Excellence Project2026 objective +2 pts availabilityThrough reduction of unplanned events 2026 vs 2025
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Lubricants 2026 Objectives M&S: Growing cash flow, focus on value over volume February 2026 – Results and Objectives | 42 1 2 20 2420 2520 26 Leverage market share in FranceDevelop non-fuel revenues from Shops, Food and MobilityDrive value from leadership position in Africa Network CFFOB$ SalesMb/d CFFOSales New global Lubricants BU organized by end-marketsAuto, Industry, MarineTarget high value-added applicationsMetal working, mining, cement ~2.5 B$
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2026 Objectives Offsets prices and margin decline through energy production growth and cash savingsGrowing free cash flow strengthening resilience February 2026 – Results and Objectives | 43 CFFO & Net InvestmentsB$ Brent ($/b)69.1 60TTF ($/Mbtu)12.0 10ERM ($/b)7.1 5 5 10 15 20 25 5 10 15 20 25 2025 2026 2024-26 Upstream accretive growth offsets 10 $/b 5 10 15 20 25 20 26 Free Cash Flow= CFFO – Net investmentsB$ 69 $/b Brent ($/b)60 /69.1 60 / 70TTF ($/Mbtu)10 /12.0 10ERM ($/b)5 /7.1 5 60 $/b~+4 B$60 $/bCFFO growth Cash savings 70 $/b
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2026 Objectives 2025 dividend growth +5.6% in Euros ( ~+13% in US Dollars)Priority to sacrosanct dividend growth February 2026 – Results and Objectives | 44 Ordinary dividend per share€/share 2.642.813.013.223.40+6.4%+7.1%+7.0%+5.6% 2,0 2,5 3,0 3,5 20 2220 2320 2420 2520 2120 2220 2320 2420 25 ~ +30%3.40 2.942.973.243.564.03*+1.2%+8.8%+9.9%+13.3% 2025 dividendFinal 2025 dividend: 0.85 €/share as per quarterly interim dividends2025 ordinary dividend growth of +5.6% in €/share, fully reflectingthe share of capital bought back in 2025 of 5.3%Growth of dividend in $/share amplified by exchange rate effect2026 buybacks guidanceAt 60-70 $/b and 1.2 $/€: 3 - 6 B$ for the full yearStopping buybacks in case of low prices, at 50 $/bBuyback for Q1 2026 on the basis of our budget assumption(0.75 B$/qtr at 60 $/b), keeping flexibility for adjustment along the year * Assuming 1.2 $/€ from Jan. 26 €/share $/share
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2026 Objectives 2026 Cash balance preserving a healthy balance sheet February 2026 – Results and Objectives | 45* In a 60-70 $/b Brent environment 10 20 30 60 / 701051.2 2026 CFFO and cash flow allocationB$ 2026 CFFO sensitivities+2.8 B$/y for +10 $/b Brent*+0.4 B$/y for +2 $/Mbtu TTF+0.4 B$/y for +1 $/b ERM 70 $/b CFFO@ 60$/bNetinvestment~15 B$ Dividend@ 1.2 $/€ Buybacks Brent ($/b)TTF ($/Mbtu)ERM ($/b)$/€ Healthy balance sheet: gearing at 14.7% end-25Gearing objective: around 15% end-26Strong CFFO resilienceDisciplined net investmentSacrosanct dividendBuybacks adjusted to oil and gas pricesGearing seasonality (+/-3%) linked to working capital seasonality Leases
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Delivering accretive growthfrom low-cost upstream portfolioLow-cost LNG growth well positioned to arbitrate European and Asian marketsIntegrated Power:towards free cash flow positive Strong capital discipline, Low breakeven portfolio > 40% payout through cycles: sacrosanct and growing dividend, supported by share buybacks Outstanding FCF growth underpinnedby CFFO growth and cash savingsSacrosanct and growing dividend, Healthy balance sheet The differentiated and profitably growing energy companyStrategic consistency, growth and resilience supported by cash savings program
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2026 Cash flow allocation February 2026 – Results and Objectives | 48* Assuming 1.2 $/€ from Jan. 26 ** Including coverage of employees share grant plans Net investment:2026: ~15 B$/y2025 Ordinary Dividend:+5.6% vs. 2024 in € (> 2025 buybacks)+13.3% in $* 2026 (~1.2 $/€): 3 – 6 B$ at 60-70 $/b14.7% end-25around 15% end-26 Appendix
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Appendix Workingcapital seasonality& impact on gearing February 2026 – Results and Objectives | 49 -4,5 1,50,2 7,7 -6,0 1,20,4 5,4 -4,4 -0,5 1,3 3,6 -7-6-5-4-3-2-1012345678 Working capital cash contribution & Gearing impactB$ % Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Q2Q3Q42023 2024 2025 +2.9% -1% -0.9% -0.8% -6.2% +3.8% +2.6% -3.9% -2.3%
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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 presents the results for the fourth quarter of 2025 and full year 2025 from the consolidated financial statements of TotalEnergies as of December 31, 2025 (unaudited). The audit procedures by the statutory auditors are underway. The consolidated financial statements (unaudited) are available on the Company’s website, www.totalenergies.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier).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 and expectations regarding returns to stockholders, including with respect to future dividends and share buybacks. This document may also contain statements regarding the perspectives, objectives 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, pandemics, and other risk factors described from time to time in the Company’s regulatory filings, including its Universal Registration Document filed with the French Autorité des Marchés Financiers, its Annual Report on Form 20 F filed with the United States Securities and Exchange Commission (“SEC”) and its other reports filed or furnished with the SEC.Future interim or final annual dividends payments beyond the interim dividend payable on July 2nd, 2026 (or July 22nd, 2026 for holders on the U.S. register) have not yet, respectively, been decided by the Board of Directors or approved by shareholders at a General Meeting. Management’s expectations with respect to such future dividends are “forward-looking statements” and are non-binding. The Board of Directors retains full discretion to decide to distribute an interim dividend and to set the amount and date of the distribution and decide on the dividend to be submitted for approval by shareholders at a General Meeting, based on a number of factors, including TotalEnergies’ financial results, balance sheet strength, cash and liquidity requirements, future prospects, commodity prices, and other factors deemed relevant by the Board.Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies 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 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. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted net operating income, adjusted net income), net cash flow, free cash flow after organic investments, normalized gearing, 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 payout ratio. 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. 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. TotalEnergies measures performance at the segment level on the basis of adjusted net operating income.These adjustment items include: 1.Special itemsDue 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. 2.The inventory valuation effectIn 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 Marketin & 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.3.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 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-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 – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies, 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 totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
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Corporate Communications TotalEnergies SE 2, place Jean-Millier92400 Courbevoie, FranceTel.: +33 (0)1 47 44 45 46Share capital: €5,516,463,857.50Registered in Nanterre: RCS 542 051 180 For more information go to