TotalEnergies (TTE) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with improved logistics, remote participation options, and a smooth welcome for shareholders, including those online and in overflow rooms.

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

• The Bureau of the Assembly was formed, with scrutineers appointed based on voting rights, and the CFO was named Secretary.

• Quorum was confirmed with over 33,700 shareholders representing more than 1.5 billion shares.

• The agenda included financial results, board governance, compensation, sustainability, and Q&A.

Financial performance review

• 2024 saw solid results with Brent oil averaging $81/bbl and gas prices high, though refining margins fell sharply in Europe.

• Cash flow from operations reached $29.9 billion, adjusted net income $18.3 billion, and ROACE 14.8%.

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

• Investments totaled $17.8 billion, with $7.7 billion in dividends and $8 billion in share buybacks, maintaining a 50% shareholder return ratio.

• 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 high attendance and strong involvement in strategy oversight.

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

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

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

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