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TotalEnergies (TTE) investor relations material
TotalEnergies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Q3 2025 delivered strong results with adjusted net income at $4.0 billion, matching the prior year despite a $10/bbl drop in oil prices, and cash flow from operations up 4% year-over-year to $7.1 billion, driven by accretive hydrocarbon production and downstream recovery. 
- Hydrocarbon production grew over 4% year-over-year, supported by new upstream projects and acquisitions, offsetting natural declines and maintenance. 
- Downstream segment saw a $500 million cash flow increase and improved refining margins, contributing to higher segment income. 
- Shareholder returns included a dividend increase (8% in euros, 10% in dollars), an interim dividend of €0.85/share for FY2025 (up 7.6% from 2024), and up to $1.5 billion in buybacks for Q4 2025. 
- Board approved ADR conversion to ordinary shares, with NYSE listing to begin December 8, 2025. 
Financial highlights
- Q3 2025 cash flow rose 7% sequentially; adjusted net income up 11% from Q2, with ROE at 14.2% for the trailing 12 months. 
- Adjusted EBITDA for Q3 2025 was $10.3 billion, up 6% sequentially; adjusted net income per share was $1.77, up 13% from Q2. 
- Upstream adjusted net income reached $2.2 billion (+10% QoQ), with cash flow at $4 billion (+6% QoQ). 
- Integrated LNG sales were flat at 10.4 Mt; adjusted net operating income fell 18% QoQ due to planned turnarounds. 
- Downstream adjusted net operating income was $1.1 billion (+30% QoQ); cash flow $1.7 billion (+11% QoQ). 
Outlook and guidance
- Upstream production expected to grow over 4% YoY in Q4 2025, with net investments to decrease further. 
- Gearing forecasted to decline to 15–16% by year-end 2025. 
- Full-year 2025 net investment guidance reiterated at $17–17.5 billion, with disposals of $2 billion expected in Q4. 
- Anticipated payout ratio for 2025 remains around 56%. 
- Refining utilization rate expected between 80–84% in Q4 due to planned turnarounds. 
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