REG-TotalEnergies SE TotalEnergies SE: First Quarter 2025 Results
Wed 07:15
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TotalEnergies SE: First Quarter 2025 Results
Thanks to a year-on-year production growth of nearly 4% for oil & gas and
18% for electricity, TotalEnergies posts solid results and maintains
attractive shareholder returns despite an uncertain environment
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
1Q25 4Q24 Change 1Q24 Change
vs 4Q24
vs 1Q24
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 4.2 4.4 -5% 5.1 -18%
- in dollars per share 1.83 1.90 -4% 2.14 -15%
Net income (TotalEnergies share) (B$) 3.9 4.0 -3% 5.7 -33%
Adjusted EBITDA((1)) (B$) 10.5 10.5 - 11.5 -9%
Cash flow from operations excluding working capital (CFFO)((1)) (B$) 7.0 7.2 -2% 8.2 -14%
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné,
met on April 29, 2025, to approve the 1(st) quarter 2025 financial statements.
On the occasion, Patrick Pouyanné said:
“In a price environment globally similar to the fourth quarter 2024,
TotalEnergies delivered strong results in the first quarter 2025 that are in
line with the positive results of the fourth quarter 2024, reporting $4.2
billion of adjusted net income and $7.0 billion of CFFO.
In the Oil & Gas business, first quarter production was above 2.55 Mboe/d,
up 4% year-on-year, notably benefiting from the continued ramp up of projects
in Brazil, the United States, Malaysia, Argentina and Denmark. The start-ups
of the Ballymore offshore field in the United States during the second quarter
and Mero-4 in Brazil expected in the third quarter will continue to add
high-margin barrels and further reinforce the Company’s 2025 hydrocarbon
production growth objective of more than 3%.
Exploration & Production generated adjusted net operating income of $2.5
billion and cash flow of $4.3 billion in the first quarter, up 6% and 9%
quarter-to-quarter, respectively. Cash flow benefited from the accretive
effect of new oil production that is both low-cost and low-emission.
Integrated LNG achieved adjusted net operating income of $1.3 billion and cash
flow of $1.2 billion for the quarter, driven by LNG prices that were higher
year-on-year but lower than fourth quarter 2024. LNG trading results were in
line with expectations for 2025 while gas trading encountered the unexpected
downturn of European markets following new heightened uncertainties on the
evolution of the Russian-Ukrainian conflict.
During the first quarter, Integrated Power generated adjusted net operating
income of more than $500 million and cash flow of $600 million, in line with
annual Company guidance. TotalEnergies continued to deploy its differentiated
Integrated Power model in Germany with the closing of the acquisition of the
renewable energy developer VSB in the beginning of April and the launch of
battery storage projects developed by Kyon.
In the context of weak refining margins together with declining petrochemical
and biofuel margins in Europe, Downstream posted an adjusted net operating
income of $0.5 billion, and a cash flow of $1.1 billion, below expectations
due to operational performance at Donges and Port Arthur.
Confident in the Company’s ability to reach its 2025 underlying growth
objective and taking into account the strength of its balance sheet
(normalized gearing((1)) of 11% excluding the seasonal effect of working
capital), the Board of Directors has confirmed the distribution of the first
interim dividend of €0.85/share for fiscal year 2025, an increase of 7.6%
compared to 2024 and consistent with the attractive dividend growth guidance
announced in February. Furthermore, it has also decided to again continue
share buybacks for up to $2 billion in the second quarter despite a softening
price environment with Brent below $70/b since the beginning of April and an
uncertain geopolitical and macroeconomic context.”
1. Highlights ((2))
Upstream
* Production start-up of the Ballymore offshore oil field, for 75,000 b/d, in
the United States
* Launch, as part of GGIP, of the construction of an early gas treatment unit to
stop flaring and supply gas-fired power plants in Iraq
* Signature of an agreement with Egypt and Cyprus for the export of Cyprus Block
6 gas through Egypt
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 LNG contract for 0.4 Mt/year over 10 years with GSPC,
delivered in India from 2026
* Signature of an agreement for the sale of 0.4 Mt/year of LNG over 15 years to
Energia Natural Dominicana from 2027
* 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
* Mozambique LNG: confirmation of the project financing by the US EXIM for $4.7
billion
Integrated Power
* Signature of a Clean Firm Power contract with STMicroelectronics for 1.5 TWh
over 15 years
* Start-up of the 640 MW Yunlin offshore wind farm, in Taiwan
* Launch of six new battery storage projects, for a capacity of 221 MW, in
Germany
* Closing of the SN Power acquisition, a hydro-electricity project developer, in
Africa
* Closing of the acquisition of the Big Sky Solar facility (184 MW installed)
and agreement to acquire additional wind and solar projects of more than 600
MW, in Canada
* Closing of the acquisition of the German renewable energy developer VSB
Carbon footprint reduction and low-carbon molecules
* Final Investment Decision of the second phase of the Northern Lights CCS
project
* Launch of projects with Air Liquide to produce green hydrogen to European
refineries
* Zeeland: Joint Venture for the construction and operation of an electrolyzer
producing 30,000 tons of green hydrogen per year
* Antwerp: tolling agreement for 15,000 tons of green hydrogen per year
* Signature of an agreement with RWE for the supply of 30,000 tons of green
hydrogen per year to decarbonize the Leuna refinery from 2030
* Start-up of BioNorrois, the second largest biogas production unit in France
Social and environmental responsibility
* Publication of the Sustainability & Climate – 2025 Progress Report
presenting the progress made by the Company in 2024 in the implementation of
its strategy and climate ambition
* Mozambique LNG: launch of official investigations in Mozambique, at the
request of TotalEnergies, following allegations of human right abuses by
members of Mozambique’s defense and security forces and request of the
intervention of the National Commission of Human Rights
2. Key figures from TotalEnergies’ consolidated financial statements ((1))
In millions of dollars, except effective tax rate, 1Q25 4Q24 1Q25 1Q24 1Q25
earnings per share and number of shares
vs
vs
4Q24
1Q24
Adjusted EBITDA ((1)) 10,504 10,529 - 11,493 -9%
Adjusted net operating income from business segments 4,792 4,992 -4% 5,600 -14%
Exploration & Production 2,451 2,305 +6% 2,550 -4%
Integrated LNG 1,294 1,432 -10% 1,222 +6%
Integrated Power 506 575 -12% 611 -17%
Refining & Chemicals 301 318 -5% 962 -69%
Marketing & Services 240 362 -34% 255 -6%
Contribution of equity affiliates to adjusted net income 715 706 +1% 621 +15%
Effective tax rate ((3)) 41.4% 41.3% - 37.8% -
Adjusted net income (TotalEnergies share)( (1)) 4,192 4,406 -5% 5,112 -18%
Adjusted fully-diluted earnings per share (dollars) ((4)) 1.83 1.90 -4% 2.14 -15%
Adjusted fully-diluted earnings per share (euros) ((5)) 1.74 1.78 -2% 1.97 -12%
Fully-diluted weighted-average shares (millions) 2,246 2,282 -2% 2,352 -5%
Net income (TotalEnergies share) 3,851 3,956 -3% 5,721 -33%
Organic investments ((1)) 4,501 3,839 +17% 4,072 +11%
Acquisitions net of assets sales ((1)) 420 24 x17.4 (500) ns
Net investments ((1)) 4,921 3,863 +27% 3,572 +38%
Cash flow from operations excluding working capital (CFFO) ((1)) 6,992 7,151 -2% 8,168 -14%
Debt Adjusted Cash Flow (DACF) ((1)) 7,276 7,398 -2% 8,311 -12%
Cash flow from operating activities 2,563 12,507 -80% 2,169 +18%
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
1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Brent ($/b) 75.7 74.7 +1% 83.2 -9%
Henry Hub ($/Mbtu) 3.9 3.0 +29% 2.1 +84%
TTF ($/Mbtu) 14.4 13.6 +6% 8.8 +65%
JKM ($/Mbtu) 14.1 14.0 +1% 9.3 +52%
Average price of liquids ((6),(7)) ($/b) 72.2 71.8 +1% 78.9 -8%
Consolidated subsidiaries
Average price of gas ((6),(8)) ($/Mbtu) 6.60 6.26 +5% 5.11 +29%
Consolidated subsidiaries
Average price of LNG ((6),(9)) ($/Mbtu) 10.00 10.37 -4% 9.58 +4%
Consolidated subsidiaries and equity affiliates
European Refining Margin Marker (ERM) ((6),(10)) ($/t) 29.4 25.9 +14% 71.7 -59%
3.2 Greenhouse gas emissions ((11))
Scope 1+2 emissions ((12)) (MtCO(2)e) 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Scope 1+2 from operated facilities ((1)) 8.4 9.6 -13% 8.2 +2%
of which Oil & Gas 7.2 7.9 -9% 7.1 +1%
of which CCGT 1.2 1.7 -29% 1.1 +9%
Scope 1+2 - ESRS share ((1)) 11.1 12.4 -10% 10.9 +2%
Methane emissions (ktCH(4)) 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Methane emissions from operated facilities ((1)) 6 7 -14% 8 -25%
Estimated quarterly emissions.
Scope 1+2 emissions from operated installations were down 13%
quarter-to-quarter given continuous decline in flaring emissions on
Exploration & Production facilities, carbon footprint reduction
initiatives in Refining & Chemicals and the perimeter effect related to
the partial sale of West Burton gas-fired capacity during the fourth quarter
of 2024.
First quarter 2025 Scope 3 ((13)) Category 11 emissions are estimated to be 84
Mt CO(2)e.
3.3 Production ((14))
Hydrocarbon production 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Hydrocarbon production (kboe/d) 2,558 2,427 +5% 2,461 +4%
Oil (including bitumen) (kb/d) 1,355 1,292 +5% 1,322 +2%
Gas (including condensates and associated NGL) (kboe/d) 1,203 1,135 +6% 1,139 +6%
Hydrocarbon production (kboe/d) 2,558 2,427 +5% 2,461 +4%
Liquids (kb/d) 1,516 1,445 +5% 1,482 +2%
Gas (Mcf/d) 5,655 5,323 +6% 5,249 +8%
Hydrocarbon production was 2,558 thousand barrels of oil equivalent per day in
the first quarter 2025, up 4% year-on-year, and was comprised of:
* +4% due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil,
Fenix in Argentina, Tyra in Denmark, Anchor in the United States and Akpo West
in Nigeria,
* -1% due to lower availability of production facilities, mainly due to planned
maintenance,
* +3% portfolio effect related to the acquisitions of SapuraOMV in Malaysia and
interests in the Eagle Ford shale gas plays in Texas,
* -2% due to the natural field declines.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
Hydrocarbon production 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
EP (kboe/d) 1,976 1,933 +2% 1,969 -
Liquids (kb/d) 1,442 1,385 +4% 1,419 +2%
Gas (Mcf/d) 2,848 2,924 -3% 2,937 -3%
4.1.2 Results
In millions of dollars, except effective tax rate 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Adjusted net operating income 2,451 2,305 +6% 2,550 -4%
including adjusted income from equity affiliates 150 207 -28% 145 +3%
Effective tax rate ((15)) 49.4% 50.5% - 48.5% -
Organic investments( (1)) 2,684 2,104 +28% 2,041 +32%
Acquisitions net of assets sales ((1)) 116 (258) ns 36 x3.2
Net investments( (1)) 2,800 1,846 +52% 2,077 +35%
Cash flow from operations excluding working capital (CFFO) ((1)) 4,291 3,945 +9% 4,478 -4%
Cash flow from operating activities 3,266 4,500 -27% 3,590 -9%
Adjusted net operating income was $2,451 million, up 6% quarter-to-quarter,
driven by higher production in a slightly more favorable price environment.
Cash flow from operations excluding working capital (CFFO) was $4,291 million,
up 9% quarter-to-quarter, for the same reasons.
4.2 Integrated LNG
4.2.1 Production
Hydrocarbon production for LNG 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Integrated LNG (kboe/d) 582 494 +18% 492 +18%
Liquids (kb/d) 74 60 +24% 63 +18%
Gas (Mcf/d) 2,807 2,399 +17% 2,312 +21%
Liquefied Natural Gas in Mt 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Overall LNG sales 10.6 10.8 -2% 10.7 -1%
incl. Sales from equity production* 4.0 3.8 +4% 4.2 -4%
incl. Sales by TotalEnergies from equity production and third party purchases 9.4 9.4 - 9.3 +1%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
LNG sales were globally stable quarter-to-quarter, with increased sales from
equity production offset notably by lower spot activity.
4.2.2 Results
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Average price of LNG ((6),(9)) ($/Mbtu) 10.00 10.37 -4% 9.58 +4%
Consolidated subsidiaries and equity affiliates
Adjusted net operating income 1,294 1,432 -10% 1,222 +6%
including adjusted income from equity affiliates 535 525 +2% 494 +8%
Organic investments( (1)) 752 554 +36% 540 +39%
Acquisitions net of assets sales ((1)) 140 1,116 -87% (12) ns
Net investments( (1)) 892 1,670 -47% 528 +69%
Cash flow from operations excluding working capital (CFFO) ((1)) 1,249 1,447 -14% 1,348 -7%
Cash flow from operating activities 1,743 2,214 -21% 1,710 +2%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does
not include LNG trading activities.
Adjusted net operating income for Integrated LNG was $1,294 million in the
first quarter 2025, up 6% year-on-year and down 10% quarter-to-quarter, in
line with the evolution of the average LNG price.
Cash flow from operations excluding working capital (CFFO) was $1,249 million,
for the same reasons and due to a timing effect in dividend payments from some
equity affiliates.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
Integrated Power 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Net power production (TWh) * 11.3 11.4 -1% 9.6 +18%
o/w production from renewables 6.8 6.5 +5% 6.0 +13%
o/w production from gas flexible capacities 4.5 4.9 -8% 3.6 +27%
Portfolio of power generation net installed capacity (GW) ** 22.7 21.5 +6% 19.5 +17%
o/w renewables 16.2 15.1 +8% 13.7 +18%
o/w gas flexible capacities 6.5 6.5 +1% 5.8 +13%
Portfolio of renewable power generation gross capacity (GW) **,*** 97.5 97.2 - 84.1 +16%
o/w installed capacity 27.8 26.0 +7% 23.5 +18%
Clients power - BtB and BtC (Million) ** 6.0 6.1 - 6.0 +1%
Clients gas - BtB and BtC (Million) ** 2.8 2.8 - 2.8 -
Sales power - BtB and BtC (TWh) 14.5 13.8 +5% 14.9 -3%
Sales gas - BtB and BtC (TWh) 35.7 30.1 +19% 35.7 -
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 20% 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 18% year-on-year, reaching 11.3 TWh, linked to
the renewables production growth and the acquisition of flexible gas capacity
in the United Kingdom and the United States in 2024.
Gross installed renewable power generation capacity reached 27.8 GW at the end
of the first quarter 2025, up 18% year-on-year, i.e. a 4.3 GW increase.
4.3.2 Results
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Adjusted net operating income 506 575 -12% 611 -17%
including adjusted income from equity affiliates 44 (25) ns (39) ns
Organic investments( (1)) 645 109 x5.9 943 -32%
Acquisitions net of assets sales ((1)) 238 (662) ns 735 -68%
Net investments( (1)) 883 (553) ns 1,678 -47%
Cash flow from operations excluding working capital (CFFO) ((1)) 597 604 -1% 692 -14%
Cash flow from operating activities (399) 1,201 ns (249) ns
Adjusted net operating income for Integrated Power was $506 million in the
first quarter 2025, down 12% quarter-to-quarter in the absence of farm-downs
during the quarter.
Cash flow from operations excluding working capital (CFFO) was $597 million,
stable over the quarter and in line with the annual guidance.
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Adjusted net operating income 541 680 -20% 1,217 -56%
Organic investments( (1)) 386 1,013 -62% 520 -26%
Acquisitions net of assets sales ((1)) (75) (172) ns (1,258) ns
Net investments( (1)) 311 841 -63% (738) ns
Cash flow from operations excluding working capital (CFFO) ((1)) 1,117 1,356 -18% 1,770 -37%
Cash flow from operating activities (1,415) 4,610 ns (2,237) ns
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
Refinery throughput and utilization rate* 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Total refinery throughput (kb/d) 1,549 1,432 +8% 1,424 +9%
France 435 424 +3% 382 +14%
Rest of Europe 627 541 +16% 618 +1%
Rest of world 487 467 +4% 424 +15%
Utilization rate based on crude only** 87% 82% 79%
* Based on distillation capacity at the beginning of the year, excluding the
African refinery SIR (divested) from 3(rd) quarter 2024 and the African
refinery Natref (divested) during the 4(th) quarter 2024.
Petrochemicals production and utilization rate 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Monomers* (kt) 1,250 1,233 +1% 1,287 -3%
Polymers (kt) 1,173 1,080 +9% 1,076 +9%
Steam cracker utilization rate** 78% 79% 73%
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year, excluding Lavera (divested) from 2(nd)
quarter 2024.
Refinery throughput was up by 8% quarter-on-quarter, mainly due to the restart
of the Leuna refinery following a planned turnaround, setting the utilization
rate at 87% during the first quarter.
4.5.2 Results
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
European Refining Margin Marker (ERM) ($/t) * 29.4 25.9 +14% 71.7 -59%
Adjusted net operating income 301 318 -5% 962 -69%
Organic investments( (1)) 236 581 -59% 419 -44%
Acquisitions net of assets sales ((1)) - (92) -100% (20) -100%
Net investments( (1)) 236 489 -52% 399 -41%
Cash flow from operations excluding working capital (CFFO) ((1)) 633 822 -23% 1,291 -51%
Cash flow from operating activities (1,983) 3,832 ns (2,129) 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 $301 million in the first quarter 2025, down
5% quarter-to-quarter, reflecting low refining margins and declining
petrochemical and biofuel margins in Europe, together with operational
difficulties at the Donges and Port-Arthur refineries.
Cash flow from operations excluding working capital (CFFO) was $633 million,
down 23% compared to the previous quarter which benefited from dividends
received from equity affiliates.
4.6 Marketing & Services
4.6.1 Petroleum product sales
Sales in kb/d* 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Total Marketing & Services sales 1,266 1,312 -4% 1,312 -4%
Europe 714 724 -1% 715 -
Rest of world 551 587 -6% 597 -8%
* Excludes trading and bulk refining sales.
Sales of petroleum products were down 4% quarter-to-quarter due to the
seasonality of transport markets.
4.6.2 Results
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Adjusted net operating income 240 362 -34% 255 -6%
Organic investments( (1)) 150 432 -65% 101 +49%
Acquisitions net of assets sales ((1)) (75) (80) ns (1,238) ns
Net investments( (1)) 75 352 -79% (1,137) ns
Cash flow from operations excluding working capital (CFFO) ((1)) 484 534 -9% 479 +1%
Cash flow from operating activities 568 778 -27% (108) ns
Marketing & Services adjusted net operating income was $240 million in the
first quarter 2025, down 6% year-on-year, in line with the volume decrease.
Cash flow from operations excluding working capital (CFFO) was $484 million,
slightly up year-on-year with the strong performance of lubricants offsetting
the decrease of volumes sold.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was $4,792 million in the
first quarter of 2025 versus $5,600 million in the first quarter 2024, mainly
due to softening oil prices and refining margins, partially compensated by
higher hydrocarbon production and higher gas prices.
5.2 Adjusted net income ((1)) (TotalEnergies share)
TotalEnergies adjusted net income was $4,192 million in the first quarter 2025
versus $5,112 million in the first quarter 2024, for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of changes in fair value.
Adjustments to net income( )were ($0.3) billion in the first quarter 2025
consisting mainly of:
* ($0.2) billion of changes in fair value and stock variation,
* ($0.1) billion of non-recurring items, mainly related to the impact of the
Energy Profit Levy in the United Kingdom.
TotalEnergies’ average tax rate was stable at 41.4% in the first quarter
2025 versus 41.3% in the fourth quarter 2024.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were $1.83 in the first quarter 2025,
based on 2,246 million weighted average diluted shares, compared to $1.90 in
the fourth quarter 2024.
As of March 31, 2025, the number of diluted shares was 2,242 million.
As part of its shareholder return policy, TotalEnergies repurchased 33.3
million shares* in the first quarter 2025 for $2 billion.
5.4 Acquisitions – asset sales
Acquisitions were $836 million in the first quarter 2025, primarily related
to:
* the acquisition of an additional 10% interest in Moho field in Congo,
* the acquisition of SN Power, developer of hydro-electricity projects in
Africa,
* the acquisition of the Big Sky Solar project in Canada.
Divestments were $416 million in the first quarter 2025, primarily related to:
* the sale of interests in Nkossa and Nsoko II permits in Congo,
* the finalization of the divestment of fuel distributions activities in Brazil.
5.5 Net cash flow ((1))
TotalEnergies' net cash flow( )was $2,071 million in the first quarter 2025
compared to $3,288 million in the fourth quarter 2024, reflecting the $159
million decrease in CFFO and the $1,058 million increase in net investments to
$4,921 million.
2025 first quarter cash flow from operating activities was $2,563 million
versus CFFO of $6,992 million, and was impacted by increased working capital
of $4.4 billion, mainly due to:
* $1 billion reversal of exceptional working capital items which reduced working
capital in the fourth quarter 2024,
* $2 billion seasonal effect from gas and power distribution activities in
Europe and related to advanced payments happening in the first quarter of the
year,
* $1 billion effect of the evolution of the business (stocks and sales increase
at the end of the quarter).
5.6 Profitability
Return on equity was 15.1% for the twelve months ended March 31, 2025.
In millions of dollars April 1, 2024 January 1, 2024 April 1, 2023
March 31, 2025 December 31, 2024 March 31, 2024
Adjusted net income (TotalEnergies share) ((1)) 17,636 18,586 22,047
Average adjusted shareholders' equity 116,758 117,835 115,835
Return on equity (ROE) 15.1% 15.8% 19.0%
Return on average capital employed ((1)) was 13.2% for the twelve months ended
March 31, 2025.
In millions of dollars April 1, 2024 January 1, 2024 April 1, 2023
March 31, 2025 December 31, 2024 March 31, 2024
Adjusted net operating income ((1)) 19,125 19,974 23,278
Average capital employed ((1)) 144,629 135,174 140,662
ROACE( (1)) 13.2% 14.8% 16.5%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €3,726
million in the first quarter 2025, compared to €3,410 million in the first
quarter 2024.
7. Annual 2025 Sensitivities ((16))
Change Estimated impact on adjusted Estimated impact on cash flow from operations
net operating income
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 the context of geopolitical and macroeconomic uncertainties following the
introduction of trade tariffs by the United States, the oil demand outlook has
softened and meanwhile OPEC+ countries have announced the unwinding of some of
the voluntary production cuts beginning in the second quarter of 2025.
Consequently, oil prices remain volatile between $60 and $70/b and refining
and petrochemical margins are expected to remain weak.
Forward European markets expect gas prices to remain elevated in the second
quarter of 2025, in a context of inventory replenishment in Europe. Given the
evolution of oil and gas prices in the recent months and the lag effect on
price formulas, TotalEnergies anticipates its average LNG selling price will
be between $9 and $9.5/Mbtu in the second quarter 2025.
Hydrocarbon production in the second quarter 2025 will be impacted by more
planned maintenance than during the first quarter 2025 (50 kboe/d) and second
quarter 2024. As a result, second quarter hydrocarbon production is expected
to grow 2 to 3% year-on-year. Given the growth of nearly 4% in the first
quarter, the Company confirms its target to grow hydrocarbon production by
more than 3% in 2025 versus 2024.
For 2025, TotalEnergies reiterates net investments guidance of $17 to $17.5
billion, of which $4.5 billion is dedicated to low carbon energies, mostly
Integrated Power.
* * * *
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
totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54246260&newsitemid=20250429154787&lan=en-US&anchor=totalenergies.com&index=1&md5=71ee3c0aa085c618c81d283d3720f30e)
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 totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54246260&newsitemid=20250429154787&lan=en-US&anchor=totalenergies.com&index=2&md5=ceda099bccc785aebc5a95bbc44f62f6)
after the event.
* * * *
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2FTotalEnergiesPR&esheet=54246260&newsitemid=20250429154787&lan=en-US&anchor=%40TotalEnergiesPR&index=3&md5=043b5dbe827a4227f752ee62e16df75c)
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
Combined liquids and gas 1Q25 4Q24 1Q25 1Q24 1Q25
production by region (kboe/d)
vs
vs
4Q24
1Q24
Europe 571 589 -3% 570 -
Africa 424 437 -3% 463 -8%
Middle East and North Africa 849 790 +7% 815 +4%
Americas 424 401 +6% 352 +21%
Asia-Pacific 290 210 +38% 261 +11%
Total production 2,558 2,427 +5% 2,461 +4%
includes equity affiliates 390 369 +6% 346 +13%
Liquids production by region (kb/d) 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Europe 216 228 -6% 224 -4%
Africa 312 318 -2% 331 -6%
Middle East and North Africa 680 627 +8% 652 +4%
Americas 202 193 +5% 171 +18%
Asia-Pacific 106 79 +35% 104 +1%
Total production 1,516 1,445 +5% 1,482 +2%
includes equity affiliates 163 151 +8% 154 +6%
Gas production by region (Mcf/d) 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Europe 1,920 1,951 -2% 1,869 +3%
Africa 567 620 -9% 648 -13%
Middle East and North Africa 920 889 +3% 896 +3%
Americas 1,237 1,154 +7% 1,003 +23%
Asia-Pacific 1,011 709 +43% 833 +21%
Total production 5,655 5,323 +6% 5,249 +8%
includes equity affiliates 1,237 1,181 +5% 1,043 +19%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
Petroleum product sales by region (kb/d) 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Europe 1,677 1,820 -8% 1,774 -5%
Africa 618 614 +1% 591 +4%
Americas 1,073 970 +11% 1,033 +4%
Rest of world 945 975 -3% 711 +33%
Total consolidated sales 4,313 4,380 -2% 4,109 +5%
Includes bulk sales 344 343 - 401 -14%
Includes trading 2,703 2,725 -1% 2,397 +13%
Petrochemicals production* (kt) 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Europe 984 875 +12% 990 -1%
Americas 694 701 -1% 645 +8%
Middle East and Asia 745 737 +1% 727 +2%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
1Q25 4Q24
Net power production (TWh) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total
France 0.1 0.2 - 1.9 0.0 2.2 0.2 0.3 - 1.4 0.0 1.9
Rest of Europe 0.1 0.6 0.3 1.6 0.1 2.6 0.1 0.6 0.4 2.1 0.0 3.2
Africa 0.0 - - - 0.0 0.1 0.0 0.0 - - - 0.0
Middle East 0.2 - - 0.2 - 0.4 0.2 - - 0.2 - 0.4
North America 0.7 0.5 - 0.9 - 2.1 0.9 0.5 - 1.1 - 2.5
South America 0.2 0.8 - - - 0.9 0.1 0.9 - - - 1.1
India 2.2 0.3 - - - 2.5 1.6 0.2 - - - 1.9
Pacific Asia 0.3 0.0 0.2 - - 0.5 0.3 0.0 0.2 - - 0.4
Total 3.8 2.4 0.5 4.5 0.1 11.3 3.4 2.5 0.6 4.9 0.1 11.4
9.3.2 Installed power generation net capacity
1Q25 4Q24
Installed power generation net capacity (GW) ((19)) Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total
France 0.8 0.4 - 2.7 0.2 4.0 0.7 0.4 - 2.6 0.2 4.0
Rest of Europe 0.6 1.0 0.3 2.1 0.2 4.1 0.6 0.9 0.3 2.1 0.2 4.0
Africa 0.0 - - - 0.1 0.1 0.0 - - - - 0.0
Middle East 0.4 - - 0.3 - 0.8 0.4 - - 0.3 - 0.8
North America 2.5 0.8 - 1.5 0.3 5.1 2.3 0.8 - 1.5 0.3 4.9
South America 0.4 0.9 - - - 1.3 0.4 0.9 - - - 1.3
India 5.5 0.6 - - - 6.1 4.8 0.6 - - - 5.3
Pacific Asia 1.1 0.0 0.2 - - 1.3 1.1 0.0 0.2 - - 1.3
Total 11.2 3.8 0.5 6.5 0.7 22.7 10.3 3.6 0.5 6.5 0.6 21.5
9.3.3 Power generation gross capacity from renewables
1Q25 4Q24
Installed power generation gross capacity from renewables (GW) ((20),(21)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 1.2 0.7 - 0.2 2.1 1.2 0.7 - 0.2 2.1
Rest of Europe 0.6 1.3 1.1 0.3 3.2 0.6 1.1 1.1 0.3 3.1
Africa 0.1 - - 0.3 0.4 0.1 - - 0.0 0.1
Middle East 1.2 - - - 1.2 1.2 - - - 1.2
North America 5.6 2.2 - 0.7 8.4 5.4 2.2 - 0.7 8.2
South America 0.4 1.4 - - 1.8 0.4 1.3 - - 1.7
India 7.7 0.6 - - 8.4 6.7 0.6 - - 7.3
Asia-Pacific 1.7 0.0 0.6 0.0 2.3 1.6 0.0 0.6 0.0 2.2
Total 18.4 6.2 1.8 1.4 27.8 17.2 6.0 1.7 1.1 26.0
1Q25 4Q24
Power generation gross capacity from renewables in construction (GW) ((20),(21)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.3 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 0.3
Rest of Europe 0.5 0.1 0.8 0.3 1.8 0.5 0.2 0.8 0.0 1.4
Africa 0.4 0.1 - 0.1 0.7 0.4 0.1 - 0.1 0.6
Middle East 1.5 0.2 - - 1.7 0.1 - - - 0.1
North America 1.3 0.0 - 0.5 1.9 1.2 0.0 - 0.5 1.8
South America 0.4 0.5 - 0.2 1.1 0.4 0.6 - 0.2 1.2
India 2.2 0.0 - - 2.2 3.2 - - - 3.2
Asia-Pacific 0.1 - - - 0.1 0.1 - 0.1 - 0.1
Total 6.7 1.1 0.8 1.2 9.9 6.2 1.0 0.8 0.9 8.9
1Q25 4Q24
Power generation gross capacity from renewables in development (GW) ((20),(21)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.9 0.3 - 0.1 1.3 0.9 0.5 - 0.1 1.5
Rest of Europe 4.6 0.6 13.3 2.5 20.9 4.9 0.7 13.3 2.7 21.6
Africa 0.5 0.2 - - 0.7 0.6 0.2 - - 0.8
Middle East 0.8 - - - 0.8 2.3 0.2 - - 2.6
North America 10.6 3.0 4.1 4.4 22.1 10.3 3.1 4.1 4.4 21.9
South America 1.7 1.4 - 0.0 3.1 1.6 1.1 - 0.0 2.8
India 2.3 0.1 - - 2.4 2.3 0.1 - - 2.5
Asia-Pacific 3.4 1.1 3.0 1.1 8.5 3.4 1.1 3.0 1.2 8.6
Total 24.8 6.6 20.4 8.1 59.8 26.5 7.1 20.4 8.3 62.3
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
In millions of dollars 1Q25 4Q24 1Q24
Net income (TotalEnergies share) 3,851 3,956 5,721
Special items affecting net income (TotalEnergies share) (108) (413) 805
Gain (loss) on asset sales - (25) 1,507
Restructuring charges - (6) -
Impairments - (232) (644)
Other (108) (150) (58)
After-tax inventory effect : FIFO vs. replacement cost (78) 216 124
Effect of changes in fair value (155) (253) (320)
Total adjustments affecting net income (341) (450) 609
Adjusted net income (TotalEnergies share) 4,192 4,406 5,112
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Net income (TotalEnergies share) 3,851 3,956 -3% 5,721 -33%
Less: adjustment items to net income (TotalEnergies share) 341 450 -24% (609) ns
Adjusted net income (TotalEnergies share) 4,192 4,406 -5% 5,112 -18%
Adjusted items
Add: non-controlling interests 70 65 +8% 100 -30%
Add: income taxes 2,705 2,872 -6% 2,991 -10%
Add: depreciation, depletion and impairment of tangible assets and mineral interests 2,998 2,715 +10% 2,942 +2%
Add: amortization and impairment of intangible assets 83 107 -22% 92 -10%
Add: financial interest on debt 725 786 -8% 708 +2%
Less: financial income and expense from cash & cash equivalents (269) (422) ns (452) ns
Adjusted EBITDA 10,504 10,529 - 11,493 -9%
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Adjusted items
Revenues from sales 47,899 47,115 +2% 51,883 -8%
Purchases, net of inventory variation (30,563) (30,305) ns (33,525) ns
Other operating expenses (7,542) (7,094) ns (7,580) ns
Exploration costs (81) (242) ns (88) ns
Other income 247 280 -12% 240 +3%
Other expense, excluding amortization and impairment of intangible assets (216) (34) ns (125) ns
Other financial income 294 296 -1% 282 +4%
Other financial expense (249) (193) ns (215) ns
Net income (loss) from equity affiliates 715 706 +1% 621 +15%
Adjusted EBITDA 10,504 10,529 - 11,493 -9%
Adjusted items
Less: depreciation, depletion and impairment of tangible assets and mineral interests (2,998) (2,715) ns (2,942) ns
Less: amortization of intangible assets (83) (107) ns (92) ns
Less: financial interest on debt (725) (786) ns (708) ns
Add: financial income and expense from cash & cash equivalents 269 422 -36% 452 -40%
Less: income taxes (2,705) (2,872) ns (2,991) ns
Less: non-controlling interests (70) (65) ns (100) ns
Add: adjustment (TotalEnergies share) (341) (450) ns 609 ns
Net income (TotalEnergies share) 3,851 3,956 -3% 5,721 -33%
10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net investments
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Cash flow used in investing activities ( a ) 4,805 3,745 +28% 3,467 +39%
Other transactions with non-controlling interests ( b ) - - ns - ns
Organic loan repayment from equity affiliates ( c ) 6 (2) ns 3 +100%
Change in debt from renewable projects financing ( d ) * - (52) -100% - ns
Capex linked to capitalized leasing contracts ( e ) 108 152 -29% 103 +5%
Expenditures related to carbon credits ( f ) 2 20 -90% (1) ns
Net investments ( a + b + c + d + e + f = g - i + h ) 4,921 3,863 +27% 3,572 +38%
of which acquisitions net of assets sales ( g-i ) 420 24 x17.4 (500) ns
Acquisitions ( g ) 836 1,233 -32% 1,074 -22%
Asset sales ( i ) 416 1,209 -66% 1,574 -74%
Change in debt from renewable projects (partner share) - 26 -100% - ns
of which organic investments ( h ) 4,501 3,839 +17% 4,072 +11%
Capitalized exploration 111 122 -9% 145 -24%
Increase in non-current loans 568 625 -9% 538 +6%
Repayment of non-current loans, excluding organic loan repayment from equity affiliates (103) (619) ns (146) ns
Change in debt from renewable projects (TotalEnergies share) - (26) -100% - ns
* Change in debt from renewable projects (TotalEnergies share and partner
share).
10.4 Cash flow (TotalEnergies share)
Reconciliation of Cash flow from operating activities to Cash flow from
operations excluding working capital (CFFO), to DACF and to Net cash flow
In millions of dollars 1Q25 4Q24 1Q25 1Q24 1Q25
vs
vs
4Q24
1Q24
Cash flow from operating activities ( a ) 2,563 12,507 -80% 2,169 +18%
(Increase) decrease in working capital ( b ) * (4,316) 5,072 ns (6,121) ns
Inventory effect ( c ) (107) 282 ns 125 ns
Capital gain from renewable project sales ( d ) - - ns - ns
Organic loan repayments from equity affiliates ( e ) 6 (2) ns 3 +100%
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 6,992 7,151 -2% 8,168 -14%
Financial charges (284) (247) ns (143) ns
Debt Adjusted Cash Flow (DACF) 7,276 7,398 -2% 8,311 -12%
Organic investments ( g ) 4,501 3,839 +17% 4,072 +11%
Free cash flow after organic investments ( f - g ) 2,491 3,312 -25% 4,096 -39%
Net investments ( h ) 4,921 3,863 +27% 3,572 +38%
Net cash flow ( f - h ) 2,071 3,288 -37% 4,596 -55%
* 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 03/31/2025 12/31/2024 03/31/2024
Current borrowings * 10,983 7,929 16,068
Other current financial liabilities 897 664 481
Current financial assets * , ** (5,892) (6,536) (5,969)
Net financial assets classified as held for sale * 41 33 (11)
Non-current financial debt * 37,862 35,711 30,452
Non-current financial assets * (953) (1,027) (1,165)
Cash and cash equivalents (22,837) (25,844) (25,640)
Net debt ( a ) 20,101 10,930 14,216
Shareholders’ equity (TotalEnergies share) 117,956 117,858 118,409
Non-controlling interests 2,465 2,397 2,734
Shareholders' equity (b) 120,421 120,255 121,143
Gearing = a / ( a+b ) 14.3% 8.3% 10.5%
Leases (c) 8,533 8,272 8,013
Gearing including leases ( a+c ) / ( a+b+c ) 19.2% 13.8% 15.5%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on
organized markets.
Gearing was 14.3% at the end of March 2025 due to the seasonal effect of
working capital variation ($3.4 billion) and normalized gearing was 11%
excluding this effect.
10.6 Return on average capital employed
In millions of dollars Exploration & Production Integrated Integrated Power Refining & Chemicals Marketing & Services Company
LNG
Adjusted net operating income 9,905 4,941 2,068 1,499 1,345 19,125
Capital employed at 03/31/2023 64,968 36,678 22,890 9,360 8,013 141,494
Capital employed at 03/31/2024 65,397 42,998 23,740 8,404 6,840 147,764
ROACE 15.2% 12.4% 8.9% 16.9% 18.1% 13.2%
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 press release presents the results for the first quarter of 2025 from the
consolidated financial statements of TotalEnergies SE as of March 31, 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 totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54246260&newsitemid=20250429154787&lan=en-US&anchor=totalenergies.com&index=4&md5=516904945eb4e8ac80070dce0d225208)
.
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-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 totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54246260&newsitemid=20250429154787&lan=en-US&anchor=totalenergies.com&index=5&md5=3e814277be3355679fc8e0679c5d2647)
. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on
the SEC’s website sec.gov
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fsec.gov&esheet=54246260&newsitemid=20250429154787&lan=en-US&anchor=sec.gov&index=6&md5=c07b63eeb5d93a266f553ed0c627e6c4)
.
((1)) Refer to Glossary pages 22 & 23 for the definitions and further
information on alternative performance measures (Non-GAAP measures) and to
page 18 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: 1.0523 in the 1(st) quarter 2025, 1.0681 in the
4(th) quarter 2024, 1.0858 in the 1(st) quarter 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 CO(2), CH(4), N(2)O,
HFCs, PFCs and SF(6), with their respective 100-year time horizon GWP (Global
Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF(6)
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
CO(2) equivalent terms, nitrous oxide (N(2)O) 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 (H(2)).
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 2024, 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 $/b Brent environment.
((18)) End-of-period data.
((19)) Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of
Clearway Energy Group and 49% of Casa dos Ventos.
((20)) End-of-period data.
TotalEnergies financial statements
First quarter 2025 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$)((a)) 2025 2024 2024
Sales 52,254 52,508 56,278
Excise taxes (4,355) (5,393) (4,395)
Revenues from sales 47,899 47,115 51,883
Purchases, net of inventory variation (30,855) (30,342) (33,780)
Other operating expenses (7,564) (7,219) (7,643)
Exploration costs (81) (242) (88)
Depreciation, depletion and impairment of tangible assets and mineral (2,998) (2,715) (2,942)
interests
Other income 247 306 1,758
Other expense (291) (341) (315)
Financial interest on debt (725) (786) (708)
Financial income and expense from cash & cash equivalents 290 449 472
Cost of net debt (435) (337) (236)
Other financial income 318 319 306
Other financial expense (249) (193) (215)
Net income (loss) from equity affiliates 663 597 18
Income taxes (2,733) (2,929) (2,942)
Consolidated net income 3,921 4,019 5,804
TotalEnergies share 3,851 3,956 5,721
Non-controlling interests 70 63 83
Earnings per share ($) 1.69 1.72 2.42
Fully-diluted earnings per share ($) 1.68 1.70 2.40
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$) 2025 2024 2024
Consolidated net income 3,921 4,019 5,804
Other comprehensive income
Actuarial gains and losses - (3) (2)
Change in fair value of investments in equity instruments 12 142 40
Tax effect 1 36 (8)
Currency translation adjustment generated by the parent company 2,882 (5,125) (1,506)
Items not potentially reclassifiable to profit and loss 2,895 (4,950) (1,476)
Currency translation adjustment (2,017) 3,594 1,099
Cash flow hedge (833) 1,732 807
Variation of foreign currency basis spread 15 (13) (15)
Share of other comprehensive income of equity affiliates, net amount (100) 76 (76)
Other 7 (1) 2
Tax effect 205 (441) (219)
Items potentially reclassifiable to profit and loss (2,723) 4,947 1,598
Total other comprehensive income (net amount) 172 (3) 122
Comprehensive income 4,093 4,016 5,926
TotalEnergies share 4,007 4,001 5,870
Non-controlling interests 86 15 56
CONSOLIDATED BALANCE SHEET
TotalEnergies
March 31, 2025 December 31, 2024 March 31, 2024
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 34,543 34,238 33,193
Property, plant and equipment, net 112,249 109,095 109,462
Equity affiliates : investments and loans 35,687 34,405 31,256
Other investments 1,860 1,665 1,895
Non-current financial assets 2,231 2,305 2,308
Deferred income taxes 3,360 3,202 3,165
Other non-current assets 4,000 4,006 4,328
Total non-current assets 193,930 188,916 185,607
Current assets
Inventories, net 19,037 18,868 20,229
Accounts receivable, net 24,882 19,281 24,198
Other current assets 22,423 23,687 20,615
Current financial assets 6,237 6,914 6,319
Cash and cash equivalents 22,837 25,844 25,640
Assets classified as held for sale 1,711 1,977 525
Total current assets 97,127 96,571 97,526
Total assets 291,057 285,487 283,133
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,231 7,577 7,548
Paid-in surplus and retained earnings 128,787 135,496 129,937
Currency translation adjustment (14,508) (15,259) (14,167)
Treasury shares (3,554) (9,956) (4,909)
Total shareholders' equity - TotalEnergies Share 117,956 117,858 118,409
Non-controlling interests 2,465 2,397 2,734
Total shareholders' equity 120,421 120,255 121,143
Non-current liabilities
Deferred income taxes 12,621 12,114 11,878
Employee benefits 1,824 1,753 1,941
Provisions and other non-current liabilities 19,872 19,872 20,961
Non-current financial debt 45,858 43,533 38,053
Total non-current liabilities 80,175 77,272 72,833
Current liabilities
Accounts payable 42,554 39,932 37,647
Other creditors and accrued liabilities 32,505 35,961 32,949
Current borrowings 13,134 10,024 17,973
Other current financial liabilities 897 664 481
Liabilities directly associated with the assets classified as held for sale 1,371 1,379 107
Total current liabilities 90,461 87,960 89,157
Total liabilities & shareholders' equity 291,057 285,487 283,133
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
1(st) quarter 4(th) quarter 1(st) quarter
(M$) 2025 2024 2024
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,921 4,019 5,804
Depreciation, depletion, amortization and impairment 3,086 2,971 3,036
Non-current liabilities, valuation allowances and deferred taxes 209 44 292
(Gains) losses on disposals of assets 25 (66) (1,610)
Undistributed affiliates' equity earnings (423) 99 288
(Increase) decrease in working capital (4,232) 5,201 (5,686)
Other changes, net (23) 239 45
Cash flow from operating activities 2,563 12,507 2,169
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,222) (3,680) (3,420)
Acquisitions of subsidiaries, net of cash acquired (232) (932) (759)
Investments in equity affiliates and other securities (311) (313) (488)
Increase in non-current loans (568) (658) (538)
Total expenditures (5,333) (5,583) (5,205)
Proceeds from disposals of intangible assets and property, plant and equipment 301 314 337
Proceeds from disposals of subsidiaries, net of cash sold 117 654 1,218
Proceeds from disposals of non-current investments 1 220 34
Repayment of non-current loans 109 650 149
Total divestments 528 1,838 1,738
Cash flow used in investing activities (4,805) (3,745) (3,467)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - - -
- Treasury shares (2,152) (1,977) (2,006)
Dividends paid:
- Parent company shareholders (1,851) (1,998) (1,903)
- Non-controlling interests (139) (18) (6)
Net issuance (repayment) of perpetual subordinated notes (1,139) 1,165 -
Payments on perpetual subordinated notes (128) (82) (159)
Other transactions with non-controlling interests (20) (17) (17)
Net issuance (repayment) of non-current debt 3,431 91 42
Increase (decrease) in current borrowings 150 (4,136) 3,536
Increase (decrease) in current financial assets and liabilities 718 (965) 271
Cash flow from / (used in) financing activities (1,130) (7,937) (242)
Net increase (decrease) in cash and cash equivalents (3,372) 825 (1,540)
Effect of exchange rates 365 (653) (83)
Cash and cash equivalents at the beginning of the period 25,844 25,672 27,263
Cash and cash equivalents at the end of the period 22,837 25,844 25,640
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 Non-controlling interests Total shareholders' equity
Share
(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 quarter 2024 - - 5,721 - - - 5,721 83 5,804
Other comprehensive income - - 614 (465) - - 149 (27) 122
Comprehensive Income - - 6,335 (465) - - 5,870 56 5,926
Dividend - - - - - - - (6) (6)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (30,581,230) (2,556) (2,556) - (2,556)
Sale of treasury shares((a)) - - - - 2,957 - - - -
Share-based payments - - 59 - - - 59 - 59
Share cancellation (25,405,361) (68) (1,597) - 25,405,361 1,665 - - -
Net issuance (repayment) of perpetual subordinated notes - - (1,679) - - - (1,679) - (1,679)
Payments on perpetual subordinated notes - - (71) - - - (71) - (71)
Other operations with - - - - - - - (17) (17)
non-controlling interests
Other items - - 33 (1) - 1 33 1 34
As of March 31, 2024 2,386,846,474 7,548 129,937 (14,167) (65,716,125) (4,909) 118,409 2,734 121,143
Net income from April 1 to December 31, 2024 - - 10,037 - - - 10,037 190 10,227
Other comprehensive income - - 1,822 (1,093) - - 729 (17) 712
Comprehensive Income - - 11,859 (1,093) - - 10,766 173 10,939
Dividend - - (7,756) - - - (7,756) (449) (8,205)
Issuance of common shares 10,833,187 29 492 - - - 521 - 521
Purchase of treasury shares - - - - (89,882,002) (5,439) (5,439) - (5,439)
Sale of treasury shares((a)) - - (395) - 6,068,309 395 - - -
Share-based payments - - 497 - - - 497 - 497
Share cancellation - - 2 - - (2) - - -
Net issuance (repayment) of perpetual subordinated notes - - 1,103 - - - 1,103 - 1,103
Payments on perpetual subordinated notes - - (201) - - - (201) - (201)
Other operations with - - - - - - - (50) (50)
non-controlling interests
Other items - - (42) 1 - (1) (42) (11) (53)
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 quarter 2025 - - 3,851 - - - 3,851 70 3,921
Other comprehensive income - - (595) 751 - - 156 16 172
Comprehensive Income - - 3,256 751 - - 4,007 86 4,093
Dividend - - - - - - - (5) (5)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (33,770,546) (2,633) (2,633) - (2,633)
Sale of treasury shares((a)) - - (413) - 6,209,016 413 - - -
Share-based payments - - 112 - - - 112 - 112
Share cancellation (127,622,460) (346) (8,395) - 127,622,460 8,622 (119) - (119)
Net issuance (repayment) of perpetual subordinated notes - - (1,219) - - - (1,219) - (1,219)
Payments on perpetual subordinated notes - - (77) - - - (77) - (77)
Other operations with - - - - - - - (20) (20)
non-controlling interests
Other items - - 27 - - - 27 7 34
As of March 31, 2025 2,270,057,201 7,231 128,787 (14,508) (49,468,888) (3,554) 117,956 2,465 120,421
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1(st) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
External sales 1,569 3,088 5,967 22,627 19,001 2 - 52,254
Intersegment sales 8,727 3,252 684 6,811 156 25 (19,655) -
Excise taxes - - - (112) (4,243) - - (4,355)
Revenues from sales 10,296 6,340 6,651 29,326 14,914 27 (19,655) 47,899
Operating expenses (3,800) (4,956) (6,185) (28,648) (14,374) (192) 19,655 (38,500)
Depreciation, depletion and impairment of tangible assets and mineral (1,950) (391) (75) (339) (217) (26) - (2,998)
interests
Net income (loss) from equity affiliates and other items 133 565 44 (8) (10) (36) - 688
Tax on net operating income (2,328) (275) (73) (83) (98) 74 - (2,783)
Adjustments( (a)) (100) (11) (144) (53) (25) (22) - (355)
Adjusted net operating income 2,451 1,294 506 301 240 (131) - 4,661
Adjustments( (a)) (355)
Net cost of net debt (385)
Non-controlling interests (70)
Net income - TotalEnergies share 3,851
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
1(st) quarter 2025 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
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)
4(th) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
External sales 1,496 2,890 6,137 21,540 20,440 5 - 52,508
Intersegment sales 9,382 2,968 765 7,207 168 70 (20,560) -
Excise taxes - - - (193) (5,200) - - (5,393)
Revenues from sales 10,878 5,858 6,902 28,554 15,408 75 (20,560) 47,115
Operating expenses (4,754) (4,431) (6,536) (27,616) (14,772) (254) 20,560 (37,803)
Depreciation, depletion and impairment of tangible assets and mineral (1,853) (326) (28) (250) (227) (31) - (2,715)
interests
Net income (loss) from equity affiliates and other items 40 548 26 (90) 90 74 - 688
Tax on net operating income (2,163) (288) (70) (139) (215) (60) - (2,935)
Adjustments( (a)) (157) (71) (281) 141 (78) (23) - (469)
Adjusted net operating income 2,305 1,432 575 318 362 (173) - 4,819
Adjustments( (a)) (469)
Net cost of net debt (331)
Non-controlling interests (63)
Net income - TotalEnergies share 3,956
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
4(th) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
Total expenditures 1,983 1,904 529 630 458 79 - 5,583
Total divestments 295 247 1,038 132 106 20 - 1,838
Cash flow from operating activities 4,500 2,214 1,201 3,832 778 (18) - 12,507
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1(st) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
External sales 1,318 2,659 7,082 24,533 20,671 15 - 56,278
Intersegment sales 9,735 3,495 790 8,143 269 63 (22,495) -
Excise taxes - - - (170) (4,225) - - (4,395)
Revenues from sales 11,053 6,154 7,872 32,506 16,715 78 (22,495) 51,883
Operating expenses (4,444) (4,784) (7,565) (30,888) (16,096) (229) 22,495 (41,511)
Depreciation, depletion and impairment of tangible assets and mineral (1,917) (321) (97) (376) (206) (25) - (2,942)
interests
Net income (loss) from equity affiliates and other items 97 495 (615) 68 1,480 27 - 1,552
Tax on net operating income (2,261) (284) (40) (255) (108) 55 - (2,893)
Adjustments( (a)) (22) 38 (1,056) 93 1,530 (4) - 579
Adjusted net operating income 2,550 1,222 611 962 255 (90) - 5,510
Adjustments( (a)) 579
Net cost of net debt (285)
Non-controlling interests (83)
Net income - TotalEnergies share 5,721
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
1(st) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
Total expenditures 2,294 565 1,739 435 144 28 - 5,205
Total divestments 306 50 62 38 1,281 1 - 1,738
Cash flow from operating activities 3,590 1,710 (249) (2,129) (108) (645) - 2,169
Non GAAP Financial Measures
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow used in investing activities ( a ) 2,689 1,688 1,988 35%
Other transactions with non-controlling interests ( b ) - - - ns
Organic loan repayment from equity affiliates ( c ) - - - ns
Change in debt from renewable projects financing ( d ) * - - - ns
Capex linked to capitalized leasing contracts ( e ) 109 138 90 21%
Expenditures related to carbon credits ( f ) 2 20 (1) ns
Net investments ( a + b + c + d + e + f = g - i + h ) 2,800 1,846 2,077 35%
of which net acquisitions of assets sales ( g - i ) 116 (258) 36 x3.2
Acquisitions ( g ) 445 11 327 36%
Assets sales ( i ) 329 269 291 13%
Change in debt from renewable projects (partner share) - - - ns
of which organic investments ( h ) 2,684 2,104 2,041 32%
Capitalized exploration 109 119 136 -20%
Increase in non-current loans 82 41 42 95%
Repayment of non-current loans, excluding organic loan repayment from equity (29) (26) (15) ns
affiliates
Change in debt from renewable projects (TotalEnergies share) - - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.2 Integrated LNG
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow used in investing activities ( a ) 892 1,657 515 73%
Other transactions with non-controlling interests ( b ) - - - ns
Organic loan repayment from equity affiliates ( c ) 1 - 1 ns
Change in debt from renewable projects financing ( d ) * - - - ns
Capex linked to capitalized leasing contracts ( e ) (1) 13 12 ns
Expenditures related to carbon credits ( f ) - - - ns
Net investments ( a + b + c + d + e + f = g - i + h ) 892 1,670 528 69%
of which net acquisitions of assets sales ( g - i ) 140 1,116 (12) ns
Acquisitions ( g ) 144 1,149 - ns
Assets sales ( i ) 4 33 12 -67%
Change in debt from renewable projects (partner share) - - - ns
of which organic investments ( h ) 752 554 540 39%
Capitalized exploration 2 3 9 -78%
Increase in non-current loans 182 269 173 5%
Repayment of non-current loans, excluding organic loan repayment from equity (5) (214) (37) ns
affiliates
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
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow used in investing activities ( a ) 878 (509) 1,677 -48%
Other transactions with non-controlling interests ( b ) - - - ns
Organic loan repayment from equity affiliates ( c ) 5 7 - ns
Change in debt from renewable projects financing ( d ) * - (52) - ns
Capex linked to capitalized leasing contracts ( e ) - 1 1 -100%
Expenditures related to carbon credits ( f ) - - - ns
Net investments ( a + b + c + d + e + f = g - i + h ) 883 (553) 1,678 -47%
of which net acquisitions of assets sales ( g - i ) 238 (662) 735 -68%
Acquisitions ( g ) 245 72 736 -67%
Assets sales ( i ) 7 734 1 x7
Change in debt from renewable projects (partner share) - 26 - ns
of which organic investments ( h ) 645 109 943 -32%
Capitalized exploration - - - ns
Increase in non-current loans 268 300 305 -12%
Repayment of non-current loans, excluding organic loan repayment from equity (46) (323) (61) ns
affiliates
Change in debt from renewable projects (TotalEnergies share) - (26) - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.4 Refining & Chemicals
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow used in investing activities ( a ) 236 498 397 -41%
Other transactions with non-controlling interests ( b ) - - - ns
Organic loan repayment from equity affiliates ( c ) - (9) 2 -100%
Change in debt from renewable projects financing ( d ) * - - - ns
Capex linked to capitalized leasing contracts ( e ) - - - ns
Expenditures related to carbon credits ( f ) - - - ns
Net investments ( a + b + c + d + e + f = g - i + h ) 236 489 399 -41%
of which net acquisitions of assets sales ( g - i ) - (92) (20) -100%
Acquisitions ( g ) - - 9 -100%
Assets sales ( i ) - 92 29 -100%
Change in debt from renewable projects (partner share) - - - ns
of which organic investments ( h ) 236 581 419 -44%
Capitalized exploration - - - ns
Increase in non-current loans 10 1 7 43%
Repayment of non-current loans, excluding organic loan repayment from equity (6) (16) (7) ns
affiliates
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
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow used in investing activities ( a ) 75 352 (1,137) ns
Other transactions with non-controlling interests ( b ) - - - ns
Organic loan repayment from equity affiliates ( c ) - - - ns
Change in debt from renewable projects financing ( d ) * - - - ns
Capex linked to capitalized leasing contracts ( e ) - - - ns
Expenditures related to carbon credits ( f ) - - - ns
Net investments ( a + b + c + d + e + f = g - i + h ) 75 352 (1,137) ns
of which net acquisitions of assets sales ( g - i ) (75) (80) (1,238) ns
Acquisitions ( g ) 2 1 2 ns
Assets sales ( i ) 77 81 1,240 -94%
Change in debt from renewable projects (partner share) - - - ns
of which organic investments ( h ) 150 432 101 49%
Capitalized exploration - - - ns
Increase in non-current loans 18 19 11 64%
Repayment of non-current loans, excluding organic loan repayment from equity (17) (20) (26) ns
affiliates
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
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow from operating activities ( a ) 3,266 4,500 3,590 -9%
(Increase) decrease in working capital ( b ) (1,025) 555 (888) ns
Inventory effect ( c ) - - - ns
Capital gain from renewable project sales ( d ) - - - ns
Organic loan repayments from equity affiliates ( e ) - - - ns
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 4,291 3,945 4,478 -4%
+ e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow from operating activities ( a ) 1,743 2,214 1,710 2%
(Increase) decrease in working capital ( b ) * 495 767 363 36%
Inventory effect ( c ) - - - ns
Capital gain from renewable project sales ( d ) - - - ns
Organic loan repayments from equity affiliates ( e ) 1 - 1 ns
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 1,249 1,447 1,348 -7%
+ e )
*Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power sectors’ contracts.
2.3 Integrated Power
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow from operating activities ( a ) (399) 1,201 (249) ns
(Increase) decrease in working capital ( b ) * (991) 604 (941) ns
Inventory effect ( c ) - - - ns
Capital gain from renewable project sales ( d ) - - - ns
Organic loan repayments from equity affiliates ( e ) 5 7 - ns
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 597 604 692 -14%
+ e )
*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
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow from operating activities ( a ) (1,983) 3,832 (2,129) ns
(Increase) decrease in working capital ( b ) (2,543) 2,758 (3,526) ns
Inventory effect ( c ) (73) 243 108 ns
Capital gain from renewable project sales ( d ) - - - ns
Organic loan repayments from equity affiliates ( e ) - (9) 2 -100%
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 633 822 1,291 -51%
+ e )
2.5 Marketing & Services
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter 1(st) quarter 2025 vs
2025 2024 2024 1(st) quarter 2024
Cash flow from operating activities ( a ) 568 778 (108) ns
(Increase) decrease in working capital ( b ) 118 205 (604) ns
Inventory effect ( c ) (34) 39 17 ns
Capital gain from renewable project sales ( d ) - - - ns
Organic loan repayments from equity affiliates ( e ) - - - ns
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 484 534 479 1%
+ e )
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 Integrated Power Refining Marketing Corporate InterCompany Company
LNG & &
Chemicals Services
Adjusted net operating income 1(st) quarter 2025 2,451 1,294 506 301 240 (131) - 4,661
Adjusted net operating income 4(th) quarter 2024 2,305 1,432 575 318 362 (173) - 4,819
Adjusted net operating income 3(rd) quarter 2024 2,482 1,063 485 241 364 (76) - 4,559
Adjusted net operating income 2(nd) quarter 2024 2,667 1,152 502 639 379 (253) - 5,086
Adjusted net operating income ( a ) 9,905 4,941 2,068 1,499 1,345 (633) - 19,125
Balance sheet as of March 31, 2025
Property plant and equipment intangible assets net 84,198 29,006 13,997 12,203 6,716 672 - 146,792
Investments & loans in equity affiliates 4,181 16,501 9,988 3,967 1,050 - - 35,687
Other non-current assets 3,668 2,140 1,500 659 1,030 223 - 9,220
Inventories, net 1,653 996 568 12,521 3,299 - - 19,037
Accounts receivable, net 5,753 9,845 6,635 21,697 8,307 1,149 (28,504) 24,882
Other current assets 7,634 7,788 4,295 2,371 2,687 4,043 (6,395) 22,423
Accounts payable (6,612) (10,862) (7,559) (35,562) (9,514) (808) 28,363 (42,554)
Other creditors and accrued liabilities (10,737) (8,054) (3,988) (4,983) (5,475) (5,804) 6,536 (32,505)
Working capital (2,309) (287) (49) (3,956) (696) (1,420) - (8,717)
Provisions and other non-current liabilities (24,645) (4,362) (1,697) (3,377) (1,146) 910 - (34,317)
Assets and liabilities classified as held for sale - Capital employed 304 - 1 - 85 - - 390
Capital Employed (Balance sheet) 65,397 42,998 23,740 9,496 7,039 385 - 149,055
Less inventory valuation effect - - - (1,092) (199) - - (1,291)
Capital Employed at replacement cost ( b ) 65,397 42,998 23,740 8,404 6,840 385 - 147,764
Balance sheet as of March 31, 2024
Property plant and equipment intangible assets net 84,713 25,054 13,626 12,089 6,508 665 - 142,655
Investments & loans in equity affiliates 2,889 14,387 8,831 4,142 1,007 - - 31,256
Other non-current assets 3,626 2,500 1,280 715 1,236 31 - 9,388
Inventories, net 1,428 1,010 657 13,390 3,744 - - 20,229
Accounts receivable, net 6,329 8,061 6,819 20,658 9,822 983 (28,474) 24,198
Other current assets 6,404 8,918 5,939 2,674 3,288 5,024 (11,632) 20,615
Accounts payable (6,347) (9,053) (6,565) (32,774) (10,361) (874) 28,327 (37,647)
Other creditors and accrued liabilities (9,053) (10,425) (6,071) (6,449) (5,656) (7,074) 11,779 (32,949)
Working capital (1,239) (1,489) 779 (2,501) 837 (1,941) - (5,554)
Provisions and other non-current liabilities (25,021) (3,774) (1,902) (3,678) (1,235) 830 - (34,780)
Assets and liabilities classified as held for sale - Capital employed - - 276 131 - - - 407
Capital Employed (Balance sheet) 64,968 36,678 22,890 10,898 8,353 (415) - 143,372
Less inventory valuation effect - - - (1,538) (340) - - (1,878)
Capital Employed at replacement cost ( c ) 64,968 36,678 22,890 9,360 8,013 (415) - 141,494
ROACE as a percentage ( a / average ( b + c )) 15.2% 12.4% 8.9% 16.9% 18.1% - - 13.2%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
(in millions of dollars) 1(st) quarter 4(th) quarter 1(st) quarter
2025 2024 2024
Consolidated net income ( a ) 3,921 4,019 5,804
Net cost of net debt ( b ) (385) (331) (285)
Special items affecting net operating income (122) (425) 792
Gain (loss) on asset sales - (25) 1,507
Restructuring charges - (6) -
Impairments - (227) (644)
Other (122) (167) (71)
After-tax inventory effect: FIFO vs. replacement cost (78) 209 107
Effect of changes in fair value (155) (253) (320)
Total adjustments affecting net operating income ( c ) (355) (469) 579
Adjusted net operating income ( a - b - c ) 4,661 4,819 5,510
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