TotalEnergies (TTE) investor relations material

Executive summary

• Achieved strong Q2 and H1 2026 results with adjusted net income of $6.0B in Q2 (up 12% QoQ) and $11.4B for H1 (up 47% YoY), driven by high commodity prices, robust trading, and resilient operations despite Middle East conflict volatility.

• Cash flow from operations reached $9.8B in Q2 2026 (up 14% sequentially) and $18.4B for H1 2026 (up 35% YoY), with adjusted EBITDA at $13.2B in Q2 and $25.7B for H1 (up 27% YoY).

• Major upstream and power developments included NEO NEXT+ in the UK, new projects in Angola, Brazil, Libya, Namibia, Uganda, Suriname, Cyprus, Mozambique, and acquisitions of EPH's flexible power assets.

• Downstream performance was strong, with France's first chemical plastics recycling plant and record refining margins.

• Middle East conflict caused production and offtake disruptions, with impacts fluctuating between 5–15%.

Financial highlights

• Revenue from sales increased to $106.6B from $92.6B YoY; adjusted net operating income from business segments was $13.2B, up 43% YoY.

• Q2 2026 cash flow reached $9.8B; adjusted net income rose to $6B, up nearly 15% from Q1.

• Return on equity at 15.9%, ROACE at 13.9%.

• Net investments for Q2 at $3.4B; full-year CapEx guidance reaffirmed at $15B.

• Gearing improved to 13.1% with $3.3B net debt reduction.

Outlook and guidance

• Oil and gas production (ex-Middle East) expected to grow ~3% in Q3 2026, in line with annual guidance.

• LNG average selling price anticipated above $11.5/MMBtu for Q3.

• Integrated power on track for >60 TWh in 2026; targeting >100 TWh by 2030.

• Full-year operating cash flow guidance raised to $34.5–$38B, depending on price environment.

• Capital allocation to remain disciplined, with CapEx in $15–16B range.