TotalEnergies (TTE) AGM 2025 summary

Opening remarks and agenda

• The meeting included both in-person and remote participation, with live streaming and advance or on-site voting for shareholders.

• The Bureau of the Assembly was formed, with scrutineers appointed based on the highest number of votes present.

• CFO Jean-Pierre Sbraire presented 2024 results, highlighting progress on oil & gas and integrated power pillars.

• The agenda covered financial results, board and governance updates, sustainability and climate strategy, compensation, and Q&A.

Financial performance review

• 2024 results: cash flow from operations at $29.9B, adjusted net income at $18.3B, and ROACE at 14.8%.

• Investments totaled $17.8B, with $4.8B in low-carbon energies; shareholder returns reached $15.7B via dividends and buybacks.

• Upstream production costs at $4.9/boe, with 3% annual production growth targeted for 2025-2030.

• Hydrocarbon production grew by 3.9% in Q1 2025, electricity generation and renewable capacity both increased by 20%.

• Gearing reduced to 8% at end-2024, with normalized gearing at -9.5%.

Board and executive committee updates

• The Board met 10 times in 2024, with 97.9% attendance and strong involvement in strategy and governance.

• Two new independent directors, Hélène Liébert and Laurent Mignon, were appointed, and Valérie Della Puppa was elected as employee representative.

• Board reviewed major investments, approved key oil projects in Brazil and Suriname, and acquired VSB Group.

• Board composition remains diverse, with 82% independent directors and 6 nationalities represented.

• Lead Independent Director ensured balanced governance, chaired executive sessions, and engaged with shareholders.