TotalEnergies (TTE) investor relations material

Executive summary

• Q3 adjusted net income was $9.1B, up 51% QoQ; CFFO reached $12.3B, up 25%, supported by stronger refining margins, gas prices and trading.

• 9M adjusted net income rose 75% YoY to $20.5B and adjusted EBITDA increased 43% to $43.5B; integrated operations and geographic diversification supported results.

• Middle East conflict reduced Q3 production by ~5%; production rose >3% QoQ, while growth excluding the conflict exceeded 4% YoY.

• Gearing fell to 9.1% at September 30, from 13.1% in June and 17.3% a year earlier.

Financial highlights

• Q3 revenue from sales was $61.9B; Q3 net income attributable to shareholders was $8.3B, up 52% QoQ, and adjusted net income was $9.1B, or $4.03 per diluted share.

• Q3 adjusted EBITDA was $17.8B, up 35% QoQ; net cash flow was $9.0B and cash flow after organic investments was $7.5B.

• Reported operating cash flow was $15.4B, including a $3.1B positive working-capital contribution; CFFO was $12.3B.

• Downstream cash flow increased nearly $2B QoQ; Refining & Chemicals reported adjusted net operating income of $3.6B and CFFO of $3.9B.

• Net investments were $3.3B; shareholder returns totaled $3.7B, including $2.2B in dividends and $1.5B in buybacks.

Outlook and guidance

• FY 2026 operating cash flow is expected above $42B and potentially near $43B; Q4 working capital is expected to be neutral, within a +/- $1B range.

• Q4 hydrocarbon production is expected to grow >3% YoY excluding Middle East impacts; annual production growth guidance is maintained.

• Q4 LNG selling price is expected above $14/MBtu; gas and LNG trading results are expected in a similar range to Q3.

• Full-year net investment guidance remains $15B; Integrated Power is expected to become free-cash-flow positive in 2027.

• Refinery throughput is expected broadly in line with Q3; SATORP returned to normal operations, with a 20-day Normandy turnaround planned.