from TOTALENERGIES (EPA:TTE)
TotalEnergies SE - Q1 2026 Limited audit Review
TotalEnergies SE
Period from January 1 to March 31, 2026
Statutory auditors’ review report on the condensed consolidated financial statements
PricewaterhouseCoopers Audit ERNST & YOUNG Audit
This is a free translation into English of the statutory auditors’ review report on the condensed consolidated financial statements of the Company issued in French and is provided solely for the convenience of English speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.
PricewaterhouseCoopers Audit
63, rue de Villiers
92208 Neuilly-sur-Seine cedex
S.A.S au capital de € 2 510 460
672 006 483 R.C.S Nanterre
Commissaire aux Comptes
Membre de la compagnie
régionale de Versailles et du Centre
ERNST & YOUNG Audit
Tour First
TSA 14444
92037 Paris-La Défense cedex
S.A.S. à capital variable
344 366 315 R.C.S. Nanterre
Commissaire aux Comptes
Membre de la compagnie
régionale de Versailles et du Centre
TotalEnergies SE
Period from January 1 to March 31, 2026
Statutory auditors’ review report on the condensed consolidated financial statements
To the Chairman and Chief Executive Officer,
In our capacity as statutory auditors of TotalEnergies SE and further to your request, we have reviewed the accompanying condensed consolidated financial statements of TotalEnergies SE for the period from January 1 to March 31, 2026.
These condensed consolidated financial statements were prepared under the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.
We conducted our review in accordance with professional standards applicable in France and the professional guidance issued by the French Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) applicable to such engagement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements have not been prepared, in all material respects, in accordance with IAS 34 – standard of the IFRS as adopted by the European Union related to interim financial information.
Neuilly-sur-Seine and Paris-La Défense, April 28, 2026
The Statutory Auditors
French original signed by
PricewaterhouseCoopers Audit ERNST & YOUNG Audit
Olivier Lotz Séverine Scheer Yvon Salaün Vincent Coste
Consolidated statement of income
TotalEnergies
(unaudited)
| 1st quarter 2026 | 4th quarter 2025 | 1st quarter 2025 | |
|---|---|---|---|
| (M$)(a) | |||
| Sales | 54,163 | 50,624 | 52,254 |
| Excise taxes | (4,647) | (4,699) | (4,355) |
| Revenue from sales | 49,516 | 45,925 | 47,899 |
| Purchases, net of inventory variation | (27,347) | (29,536) | (30,855) |
| Other operating expenses | (8,675) | (7,925) | (7,564) |
| Exploration costs | (133) | (177) | (81) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,206) | (3,776) | (2,998) |
| Other income | 471 | 806 | 247 |
| Other expense | (1,225) | (821) | (291) |
| Financial interest on debt | (791) | (833) | (725) |
| Financial income and expense from cash & cash equivalents | 222 | 233 | 290 |
| Cost of net debt | (569) | (600) | (435) |
| Other financial income | 294 | 324 | 318 |
| Other financial expense | (223) | (221) | (249) |
| Net income (loss) from equity affiliates | 817 | 759 | 663 |
| Income taxes | (3,788) | (1,830) | (2,733) |
| Consolidated net income | 5,932 | 2,928 | 3,921 |
| TotalEnergies share | 5,810 | 2,906 | 3,851 |
| Non-controlling interests | 122 | 22 | 70 |
| Earning per share ($) | 2.68 | 1.31 | 1.69 |
| Fully-diluted earnings per share ($) | 2.64 | 1.30 | 1.68 |
(a) Except for per share amounts.
Consolidated statement of comprehensive income
TotalEnergies
(unaudited)
| 1st quarter 2026 | 4th quarter 2025 | 1st quarter 2025 | |
|---|---|---|---|
| (M$) | |||
| Consolidated net income | 5,932 | 2,928 | 3,921 |
| Other comprehensive income | |||
| Actuarial gains and losses | 1 | 28 | – |
| Change in fair value of investments in equity instruments | 112 | (161) | 12 |
| Tax effect | (25) | 51 | 1 |
| Currency translation adjustment generated by the parent company | (1,792) | 49 | 2,882 |
| Sub-total items not potentially reclassifiable to profit and loss | (1,704) | (33) | 2,895 |
| Currency translation adjustment | 1,904 | (133) | (2,017) |
| Cash flow hedge | 937 | (46) | (833) |
| Variation of foreign currency basis spread | 4 | (3) | 15 |
| Share of other comprehensive income of equity affiliates, net amount | 155 | (98) | (100) |
| Other | 1 | (4) | 7 |
| Tax effect | (235) | 18 | 205 |
| Sub-total items potentially reclassifiable to profit and loss | 2,766 | (266) | (2,723) |
| Total other comprehensive income (net amount) | 1,062 | (299) | 172 |
| Comprehensive income | 6,994 | 2,629 | 4,093 |
| – TotalEnergies share | 6,884 | 2,596 | 4,007 |
| – Non-controlling interests | 110 | 33 | 86 |
Consolidated balance sheet
TotalEnergies
| March 31, 2026 (unaudited) | December 31, 2025 | March 31, 2025 (unaudited) | |
|---|---|---|---|
| (M$) | |||
| ASSETS | |||
| Non-current assets | |||
| Intangible assets, net | 36,387 | 37,345 | 34,543 |
| Property, plant and equipment, net | 116,240 | 114,694 | 112,249 |
| Equity affiliates : investments and loans | 39,123 | 38,090 | 35,687 |
| Other investments | 2,097 | 1,914 | 1,860 |
| Non-current financial assets | 2,877 | 3,270 | 2,231 |
| Deferred income taxes | 2,986 | 3,358 | 3,360 |
| Other non-current assets | 2,640 | 2,915 | 4,000 |
| Total non-current assets | 202,350 | 201,586 | 193,930 |
| Current assets | |||
| Inventories, net | 23,932 | 16,663 | 19,037 |
| Accounts receivables, net | 22,977 | 18,559 | 24,882 |
| Other current assets | 33,877 | 20,437 | 22,423 |
| Current financial assets | 4,173 | 3,332 | 6,237 |
| Cash and cash equivalents | 25,693 | 26,202 | 22,837 |
| Assets classified as held for sale | 1,560 | 4,276 | 1,711 |
| Total current assets | 112,212 | 89,469 | 97,127 |
| Total assets | 314,562 | 291,055 | 291,057 |
| LIABILITIES & SHAREHOLDERS' EQUITY | |||
| Shareholders' equity | |||
| Common shares | 7,007 | 7,059 | 7,231 |
| Paid-in surplus and retained earnings | 133,317 | 125,860 | 128,787 |
| Currency translation adjustment | (13,900) | (14,033) | (14,508) |
| Treasury shares | (3,883) | (4,003) | (3,554) |
| Total shareholders' equity - TotalEnergies share | 122,541 | 114,883 | 117,956 |
| Non-controlling interests | 2,696 | 2,640 | 2,465 |
| Total shareholders' equity | 125,237 | 117,523 | 120,421 |
| Non-current liabilities | |||
| Deferred income taxes | 12,990 | 12,634 | 12,621 |
| Employee benefits | 1,974 | 2,018 | 1,824 |
| Provisions and other non-current liabilities | 18,693 | 17,322 | 19,872 |
| Non-current financial debt | 51,426 | 48,995 | 45,858 |
| Total non-current liabilities | 85,083 | 80,969 | 80,175 |
| Current liabilities | |||
| Accounts payable | 42,693 | 38,065 | 42,554 |
| Other creditors and accrued liabilities | 47,512 | 36,344 | 32,505 |
| Current borrowings | 12,582 | 12,038 | 13,134 |
| Other current financial liabilities | 243 | 388 | 897 |
| Liabilities directly associated with the assets classified as held for sale | 1,212 | 5,728 | 1,371 |
| Total current liabilities | 104,242 | 92,563 | 90,461 |
| Total liabilities & shareholders' equity | 314,562 | 291,055 | 291,057 |
Consolidated statement of cash flow
TotalEnergies
(unaudited)
| 1st quarter 2026 | 4th quarter 2025 | 1st quarter 2025 | |
|---|---|---|---|
| (M$) | |||
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Consolidated net income | 5,932 | 2,928 | 3,921 |
| Depreciation, depletion, amortization and impairment | 4,149 | 3,996 | 3,086 |
| Non-current liabilities, valuation allowances and deferred taxes | 591 | 316 | 209 |
| (Gains) losses on disposals of assets | (320) | (655) | 25 |
| Undistributed affiliates' equity earnings | (187) | (203) | (423) |
| (Increase) decrease in working capital | (6,968) | 3,867 | (4,232) |
| Other changes, net | 164 | 222 | (23) |
| Cash flow from operating activities | 3,361 | 10,471 | 2,563 |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Intangible assets and property, plant and equipment additions | (4,621) | (4,153) | (4,222) |
| Acquisitions of subsidiaries, net of cash acquired | (79) | (140) | (232) |
| Investments in equity affiliates and other securities | (221) | (343) | (311) |
| Increase in non-current loans | (301) | (559) | (568) |
| Total expenditures | (5,222) | (5,195) | (5,333) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 181 | 730 | 301 |
| Proceeds from disposals of subsidiaries, net of cash sold | 397 | 451 | 117 |
| Proceeds from disposals of non-current investments | 7 | 321 | 1 |
| Repayment of non-current loans | 325 | 259 | 109 |
| Total divestments | 910 | 1,761 | 528 |
| Cash flow used in investing activities | (4,312) | (3,434) | (4,805) |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Issuance (repayment) of shares: – Parent company shareholders – Treasury shares | – (775) | – (1,506) | – (2,152) |
| Dividends paid: – Parent company shareholders – Non-controlling interests | (2,123) (9) | (2,160) (81) | (1,851) (139) |
| Net issuance of perpetual subordinated notes | 1,751 | – | (1,139) |
| Payments on perpetual subordinated notes | (154) | (122) | (128) |
| Other transactions with non-controlling interests | (16) | 313 | (20) |
| Net issuance of non-current debt | 3,584 | 611 | 3,431 |
| Increase (decrease) in current borrowings | (1,283) | (1,985) | 150 |
| Increase (decrease) in current financial assets and liabilities | (469) | 686 | 718 |
| Cash flow / (used in) financing activities | 506 | (4,244) | (1,130) |
| Net increase (decrease) in cash and cash equivalents | (445) | 2,793 | (3,372) |
| Effect of exchange rates | (64) | (6) | 365 |
| Cash and cash equivalents at the beginning of the period | 26,202 | 23,415 | 25,844 |
| Cash and cash equivalents at the end of the period | 25,693 | 26,202 | 22,837 |
Consolidated statement of changes in shareholders' equity
TotalEnergies
(unaudited)
| (M$) | Common shares issued | Paid-in surplus and retained earnings | Currency translation adjustment | Treasury shares | Shareholders' equity - TotalEnergies Share | Non-controlling interests | Total shareholders' equity | ||
|---|---|---|---|---|---|---|---|---|---|
| Number | Amount | Number | Amount | ||||||
| As of January 1, 2025 | 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 of 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 non-controlling interests | – | – | – | – | – | – | – | (20) | (20) |
| 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 |
| Net income from April 1st to December 31st 2025 | – | – | 9,276 | – | – | – | 9,276 | 160 | 9,436 |
| Other comprehensive income | – | – | (402) | 475 | – | – | 73 | 61 | 134 |
| Comprehensive income | – | – | 8,874 | 475 | – | – | 9,349 | 221 | 9,570 |
| Dividend | – | – | (8,135) | – | – | – | (8,135) | (343) | (8,478) |
| Issuance of common shares | 11,149,053 | 30 | 462 | – | – | – | 492 | – | 492 |
| Purchase of treasury shares | – | – | – | – | (88,866,748) | (4,893) | (4,893) | – | (4,893) |
| Sale of treasury shares(a) | – | – | (1) | – | 12,396 | 1 | – | – | – |
| Share-based payments | – | – | 473 | – | – | – | 473 | – | 473 |
| Share cancellation | (74,620,711) | (202) | (4,309) | – | 74,620,711 | 4,442 | (69) | – | (69) |
| Net issuance (repayment) of perpetual subordinated notes | – | – | – | – | – | – | – | – | – |
| Payments on perpetual subordinated notes | – | – | (243) | – | – | – | (243) | – | (243) |
| Other operations with non-controlling interests | – | – | (1) | – | – | – | (1) | 306 | 305 |
| Other items | – | – | (47) | – | – | 1 | (46) | (9) | (55) |
| As of December 31, 2025 | 2,206,585,543 | 7,059 | 125,860 | (14,033) | (63,702,529) | (4,003) | 114,883 | 2,640 | 117,523 |
| Net income of the first quarter of 2026 | – | – | 5,810 | – | – | – | 5,810 | 122 | 5,932 |
| Other comprehensive income | – | – | 941 | 133 | – | – | 1,074 | (12) | 1,062 |
| Comprehensive income | – | – | 6,751 | 133 | – | – | 6,884 | 110 | 6,994 |
| Dividend | – | – | – | – | – | – | – | (9) | (9) |
| Issuance of common shares | – | – | – | – | – | – | – | – | – |
| Purchase of treasury shares | – | – | – | – | (9,387,297) | (1,002) | (1,002) | – | (1,002) |
| Sale of treasury shares(a) | – | – | – | – | 1,640 | – | – | – | – |
| Share-based payments | – | – | 118 | – | – | – | 118 | – | 118 |
| Share cancellation | (18,185,068) | (52) | (1,093) | – | 18,185,068 | 1,122 | (23) | – | (23) |
| Net issuance (repayment) of perpetual subordinated notes | – | – | 1,751 | – | – | – | 1,751 | – | 1,751 |
| Payments on perpetual subordinated notes | – | – | (87) | – | – | – | (87) | – | (87) |
| Other operations with non-controlling interests | – | – | – | – | – | – | – | (16) | (16) |
| Other items | – | – | 17 | – | – | – | 17 | (29) | (12) |
| As of March 31, 2026 | 2,188,400,475 | 7,007 | 133,317 | (13,900) | (54,903,118) | (3,883) | 122,541 | 2,696 | 125,237 |
(a) Treasury shares related to the performance share grants.
March 31, 2026 - Notes to the consolidated financial statements - 1
TotalEnergies
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FIRST THREE MONTHS 2026
(unaudited)
1 Basis of preparation of the consolidated financial statements
The condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).
The condensed consolidated financial statements of TotalEnergies SE and its subsidiaries (the Company) as of March 31, 2026, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.
The accounting principles applied for the condensed consolidated financial statements at March 31, 2026, are consistent with those used for the financial statements at December 31, 2025.
The preparation of financial statements in accordance with IFRS for the closing as of March 31, 2026 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.
These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General Management and therefore could be revised as circumstances change or as a result of new information.
The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2025.
Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto. Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the General Management of the Company applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.
2 Changes in the Company structure
2.1 Main acquisitions and divestments
Exploration & Production
On March 30, 2026, TotalEnergies has completed the merger between NEO NEXT and TotalEnergies' UK Upstream Oil & Gas business. The combined group is renamed NEO NEXT+ and is owned by TotalEnergies (47.5%), HitechVision (28.875%) and Repsol UK (23.625%) exercising joint control. Further to this transaction, NEO NEXT+ becomes the largest independent Oil and Gas producer on the UK Continental Shelf.
As of March 31, 2026, TotalEnergies' interest is accounted for using the equity method.
2.2 Major business combinations
TotalEnergies did no complete any significant business combination during the first quarter of 2026.
2.3 Major divestment projects
Exploration & Production
On July 17, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria had signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the Renaissance JV (formerly “SPDC JV”) licenses in Nigeria, for which the conditions precedent to closing could not be met. On January 13, 2026, TotalEnergies EP Nigeria signed a new sale agreement with Vaaris.
As of March 31, 2026, the assets and liabilities are respectively classified in the consolidated balance sheet as “Assets classified as held for sale” for an amount of $1,407 million and “Liabilities classified as held for sale” for an amount of $1,070 million. These assets mainly include tangible assets.
March 31, 2026 - Notes to the consolidated financial statements - 2
3 Business segment information
Description of the business segments
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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices for transactions between business segments approximate market prices.
The reporting structure for the business segments’ financial information is based on the following five business segments:
- An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, as well as carbon storage activities, conducted in about 50 countries;
- An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities), biogas and synthetic methane activities, gas trading, as well as, from January 1, 2026, the LNG bunkering activity previously reported within the Marketing & Services segment;
- An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity;
- A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil supply, trading and marine shipping, as well as hydrogen activities;
- A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products.
In addition the Corporate segment includes holdings operating and financial activities.
Definition of the indicators
Adjusted Net Operating Income
TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.
The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.
Adjustment items include:
a) 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.
b) 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 method.
c) 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.
March 31, 2026 - Notes to the consolidated financial statements - 3
3.1 Information by business segment
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| External sales | 1,119 | 2,930 | 5,441 | 24,180 | 20,489 | 4 | – | 54,163 |
| Intersegment sales | 9,003 | 2,810 | 727 | 8,215 | 119 | 33 | (20,907) | – |
| Excise taxes | – | – | – | (167) | (4,480) | – | – | (4,647) |
| Revenues from sales | 10,122 | 5,740 | 6,168 | 32,228 | 16,128 | 37 | (20,907) | 49,516 |
| Operating expenses | (3,289) | (4,152) | (5,710) | (28,670) | (14,993) | (248) | 20,907 | (36,155) |
| Depreciation, depletion, and impairment of tangible assets and mineral interests | (1,965) | (421) | (163) | (403) | (230) | (24) | – | (3,206) |
| Net income (loss) from equity affiliates and other items | 386 | 453 | (813) | 225 | (120) | 3 | – | 134 |
| Tax on net operating income | (2,426) | (316) | (53) | (696) | (247) | (99) | – | (3,837) |
| Adjustments (a) | 252 | (14) | (1,116) | 1,085 | 276 | (23) | – | 460 |
| Adjusted net operating income | 2,576 | 1,318 | 545 | 1,599 | 262 | (308) | – | 5,992 |
| Adjustments (a) | 460 | |||||||
| Net cost of net debt | (520) | |||||||
| Non-controlling interests | (122) | |||||||
| Net income - TotalEnergies share | 5,810 | |||||||
(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 net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| Total expenditures | 2,860 | 649 | 901 | 616 | 152 | 44 | – | 5,222 |
| Total divestments | 462 | 151 | 218 | 23 | 52 | 4 | – | 910 |
| Cash flow from operating activities | 2,969 | (1,120) | (145) | 1,564 | 1,068 | (975) | – | 3,361 |
March 31, 2026 - Notes to the consolidated financial statements - 4
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| 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 interests | (1,950) | (391) | (75) | (339) | (217) | (26) | – | (2,998) |
| 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 net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |
|---|---|---|---|---|---|---|---|---|
| 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 |
March 31, 2026 - Notes to the consolidated financial statements - 5
3.2 Adjustment items
The main adjustment items for the first three months 2025 are the following:
- An “Inventory valuation effect” amounting to $1,551 million in net operating income for the Refining & Chemicals and Marketing & Services segments;
- An “Effect of changes in fair value” amounting to $(60) million in net operating income for the Integrated LNG and Integrated Power segments;
- "Asset impairment and provisions charges" of $(1,148) million in net operating income notably linked to the agreements with US federal authorities related to offshore wind leases and to the strategic review of the renewables portfolio outside key focus markets;
- "Gains on disposals of assets" for an amount of $252 million in net operating income mainly related to the creation of NEO NEXT+ in the UK.
The detail of the adjustment items is presented in the table below.
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Total (M$) | |
|---|---|---|---|---|---|---|---|
| Inventory valuation effect | – | – | – | 1,174 | 377 | – | 1,551 |
| Effect of changes in fair value | – | (7) | (53) | – | – | – | (60) |
| Restructuring charges | – | – | (6) | (16) | – | – | (22) |
| Asset impairment and provisions charges | – | – | (1,057) | (6) | (85) | – | (1,148) |
| Gains (losses) on disposals of assets | 252 | – | – | – | – | – | 252 |
| Other items | – | (7) | – | (67) | (16) | (23) | (113) |
| Total | 252 | (14) | (1,116) | 1,085 | 276 | (23) | 460 |
| Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Total (M$) | |
|---|---|---|---|---|---|---|---|
| Inventory valuation effect | – | – | – | (53) | (25) | – | (78) |
| Effect of changes in fair value | – | (11) | (144) | – | – | – | (155) |
| Restructuring charges | – | – | – | – | – | – | – |
| Asset impairment and provisions charges | – | – | – | – | – | – | – |
| Gains (losses) on disposals of assets | – | – | – | – | – | – | – |
| Other items | (100) | – | – | – | – | (22) | (122) |
| Total | (100) | (11) | (144) | (53) | (25) | (22) | (355) |
March 31, 2026 - Notes to the consolidated financial statements - 6
4 Shareholders' equity
Treasury shares (TotalEnergies shares held directly by TotalEnergies SE)
At its meeting on February 10, 2026, the Board of Directors decided, with effect from February 13, 2026, following the authorization of the Extraordinary Shareholder’s Meeting held on May 25, 2022, to cancel 18,185,068 treasury shares bought back between July 1st, 2025 and August 19, 2025.
Dividend
On February 10, 2026, the Board of Directors, after approving the financial statements for fiscal year 2025, decided to propose to the Shareholders’ Meeting on May 29, 2026 the distribution of an ordinary €3.40 dividend per share for fiscal year 2025. Subject to the Shareholders’ decision, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2025 will be €0.85 per share.
| First interim | Second interim | Third interim | Final | |
|---|---|---|---|---|
| EUR Amount (Euronext share) | 0.85€ | 0.85€ | 0.85€ | 0.85€ |
| USD Amount (NYSE share) | - | 0.987785$ | 1.00164$ | Set on July 15, 2026 |
| Set date | April 29, 2025 | July 23, 2025 | October 29, 2025 | February 10, 2026 |
| Ex-dividend date Euronext and NYSE (starting 2nd interim) | October 1, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 |
| Payment date Euronext | October 3, 2025 | January 5, 2026 | April 2, 2026 | July 2, 2026 |
| Payment date NYSE | - | January 23, 2026 | April 23, 2026 | July 22, 2026 |
The Board of Directors, at its meeting on April 28, 2026, set the first interim dividend for the fiscal year 2026 at €0.90 per share. The ex-dividend date of this interim dividend will be September 30, 2026 for shares listed on Euronext and the NYSE and it will be paid in cash on October 2, 2026 for shares listed on Euronext and on October 21, 2026 for shares listed on NYSE.
Earnings per share in Euro
Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €2.29 per share for the 1st quarter 2026 (€1.12 per share for the 4th quarter 2025 and €1.61 per share for the 1st quarter 2025). Diluted earnings per share calculated using the same method amounted to €2.26 per share for the 1st quarter 2026 (€1.10 per share for the 4th quarter 2025 and €1.60 per share for the 1st quarter 2025).
Earnings per share are calculated after remuneration of perpetual subordinated notes.
Perpetual subordinated notes
On February 26, 2026, TotalEnergies SE issued perpetual subordinated notes:
- €1,500 million perpetual subordinated notes with a 3.79% coupon, callable from February 2031.
TotalEnergies SE has not redeemed perpetual subordinated notes during the first quarter of 2026.
| December 31, 2025 | March 31, 2026 | |
|---|---|---|
| Number of treasury shares | 63,702,529 | 54,903,118 |
| Percentage of share capital | 2.89% | 2.51% |
March 31, 2026 - Notes to the consolidated financial statements - 7
Other comprehensive income
Detail of other comprehensive income is presented in the table below:
| (M$) | 1st quarter 2026 | 1st quarter 2025 |
|---|---|---|
| Actuarial gains and losses | 1 | – |
| Change in fair value of investments in equity instruments | 112 | 12 |
| Tax effect | (25) | 1 |
| Currency translation adjustment generated by the parent company | (1,792) | 2,882 |
| Sub-total items not potentially reclassifiable to profit and loss | (1,704) | 2,895 |
| Currency translation adjustment | 1,904 | (2,017) |
| – unrealized gain/(loss) of the period | 1,346 | (2,022) |
| – less gain/(loss) included in net income | (558) | (5) |
| Cash flow hedge | 937 | (833) |
| – unrealized gain/(loss) of the period | 968 | (1,050) |
| – less gain/(loss) included in net income | 31 | (217) |
| Variation of foreign currency basis spread | 4 | 15 |
| – unrealized gain/(loss) of the period | 1 | 11 |
| – less gain/(loss) included in net income | (3) | (4) |
| Share of other comprehensive income of equity affiliates, net amount | 155 | (100) |
| – unrealized gain/(loss) of the period | 157 | (98) |
| – less gain/(loss) included in net income | 2 | 2 |
| Other | 1 | 7 |
| Tax effect | (235) | 205 |
| Sub-total items potentially reclassifiable to profit and loss | 2,766 | (2,723) |
| Total other comprehensive income (net amount) | 1,062 | 172 |
Tax effects relating to each component of other comprehensive income are as follows:
| 1st quarter 2026 (M$) | Pre-tax amount | Tax effect | Net amount | Pre-tax amount | Tax effect | Net amount |
|---|---|---|---|---|---|---|
| Actuarial gains and losses | 1 | – | 1 | – | 3 | 3 |
| Change in fair value of investments in equity instruments | 112 | (25) | 87 | 12 | (2) | 10 |
| Currency translation adjustment generated by the parent company | (1,792) | – | (1,792) | 2,882 | – | 2,882 |
| Sub-total items not potentially reclassifiable to profit and loss | (1,679) | (25) | (1,704) | 2,894 | 1 | 2,895 |
| Currency translation adjustment | 1,904 | – | 1,904 | (2,017) | – | (2,017) |
| Cash flow hedge | 937 | (234) | 703 | (833) | 209 | (624) |
| Variation of foreign currency basis spread | 4 | (1) | 3 | 15 | (4) | 11 |
| Share of other comprehensive income of equity affiliates, net amount | 155 | – | 155 | (100) | – | (100) |
| Other | 1 | – | 1 | 7 | – | 7 |
| Sub-total items potentially reclassifiable to profit and loss | 3,001 | (235) | 2,766 | (2,928) | 205 | (2,723) |
| Total other comprehensive income | 1,322 | (260) | 1,062 | (34) | 206 | 172 |
March 31, 2026 - Notes to the consolidated financial statements - 8
5 Financial debt
The Company has issued senior bonds across three tranches in the U.S. markets in January 2026:
- $1,500 million at 4.248% issued by TotalEnergies Capital USA and maturing in January 2031;
- $1,250 million at 4.569% issued by TotalEnergies Capital USA and maturing in January 2033;
- $750 million at 4.857% issued by TotalEnergies Capital USA and maturing in January 2036.
The Company has redeemed one senior bond during the first three months of 2026:
- €1,100 million at 2.50% bond issued by TotalEnergies Capital International in 2014 and maturing in March 2026.
6 Related parties
The related parties are mainly equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related parties during the first three months of 2026.
7 Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Middle-East: Situation of the Company
Since the start of the crise in the Middle East on February 28, 2026, TotalEnergies is fully mobilized to monitor closely developments in the situation in order to implement appropriate measures.
Consequences of the conflict for TotalEnergies to date
- Production shut down in Qatar, Iraq and UAE offshore, represents approximately 15% of the total oil and gas production of the Company.
- Cash flow per barrel from Middle Eastern production is below the portfolio average due to higher taxes, and this 15% of volumes accounts for approximately 10% of our Upstream cash flow.
- The Company’s accretive growth expected for 2026 is largely outside the Middle East, meaning that the higher oil prices observed since the start of the crisis more than offset the loss of production in the Middle East: an $8/b increase in the price of Brent is sufficient to offset the expected 2026 cash flow from impacted assets in Iraq, Qatar, and offshore United Arab Emirates at $60/b.
- The impact of LNG production shutdowns in Qatar and in Abu Dhabi on the LNG trading activities is limited (around 1.5 Mt for the remainder of 2026), as most of the LNG produced by the joint venture in which TotalEnergies is a shareholder in Qatar is marketed by Qatar Energy.
- The SATORP1 site was affected by incidents that occurred during the night of April 7 to 8, causing damage to three refinery's units triggering the shutdown of the refinery as a safety precaution. No casualties were reported. The units which were not damaged were restarted and the refinery has been operating at a capacity of 230,000 b/d since April 14. The assessment of the consequences for the damaged units is currently underway.
The assessment of the impacts of the conflict on the Company's operations did not identify any impairment indicators as at the end of March 2026.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Legal and arbitration proceedings
Disputes relating to Climate
In France, TotalEnergies SE was summoned in January 2020 before Nanterre’s Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5 °C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company's activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July 6, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June 18, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies SE considers that it has fulfilled its obligations under the French law on the vigilance duty. A new action against the Corporation, with similar requests for injunction, has started in March 2024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against TotalEnergies SE, with the purpose of proving that since May 2021 – after the change of name of TotalEnergies – the Corporation’s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. By decision dated 23 October 2025, the Paris Judicial Court ruled that the Corporation’s institutional communication of an informational nature did not fall under the Consumer Code or the scope of misleading commercial practices. The claims concerning the communication campaign related to its name change in 2021, as well as those targeting its institutional communication on the role of natural gas and biofuels in the energy transition, were all dismissed. No “advertising” by TotalEnergies' subsidiaries in France was condemned by the court. However, the court requested the removal of three paragraphs relating to carbon neutrality ambitions from the website of its commercial subsidiary TotalEnergies Electricité et Gaz France intended for customers. Neither party appealed the ruling.
In France, on July 4, 2023, nine shareholders (two companies and 7 individuals holding a small number of the Corporation's shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no. 3 passed by the Corporation's Annual Shareholders’ Meeting on May 26, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies' assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (scope 3) and carbon cost assumptions presented as too low. The claimants request for annulment of the shareholders’ meeting resolution has been dismissed on September 25, 2025, for lack of interest during a preliminary procedural phase. They have appealed this judgment.
In the United States, the Corporation and several of its US subsidiaries of were summoned, amongst many other companies and professional associations, in several "climate litigation" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Company considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
Mozambique
In France, victims and heirs of deceased persons filed a complaint against the Company in October 2023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March 2021. This complaint would allege that the Corporation is liable for “unvoluntary manslaughter” and, “failure to assist people in danger”. The Corporation considers these accusations as unfounded in both law and fact2.
Kazakhstan
On April 1st, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
1 Platform jointly owned by Aramco (62.5%) and TotalEnergies (37.5%).
2 Refer to the press release published by the Company on October 11, 2023 contesting the accusations.
March 31, 2026 - Notes to the consolidated financial statements - 10
8 Subsequent events
There are no post-balance sheet events that could have a material impact on the Company's financial statements.