TotalEnergies (TTE) AGM 2025 summary

Opening remarks and agenda

• The meeting featured improved logistics for in-person and remote participation, with an agenda covering financial results, governance, sustainability, and Q&A sessions.

• The Bureau of the Assembly was formed, scrutineers appointed, and the session opened with a quorum well above the required threshold.

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

Financial performance review

• 2024 delivered $29.9 billion cash flow from operations, $18.3 billion adjusted net income, and a 14.8% ROACE.

• Investments totaled $17.8 billion, with $4.8 billion for low-carbon energies; net investments of $17-17.5 billion planned for 2025.

• Hydrocarbon production grew nearly 4% year-on-year in Q1 2025; upstream production costs at $4.9/boe.

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

• Proven reserves replacement rate reached 157%.

Board and executive committee updates

• The Board met 10 times in 2024 with high attendance and strong involvement in transition strategy.

• Two new independent directors, Hélène Liébert and Laurent Mignon, and Valérie Della Puppa as Director representing employee shareholders, were appointed.

• 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 and engaged with shareholders.