TotalEnergies (TTE) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with welcome remarks, emphasizing shareholder democracy and participation, with provisions for remote and in-person attendance, and the election of the Assembly's Bureau.

• Agenda included financial results, auditor reports, governance updates, compensation, sustainability progress, strategy outlook, and Q&A.

Financial performance review

• 2025 saw production growth above forecast (4% vs. 3%), lowest peer production cost at $5/bbl, and 120% reserve replacement.

• Cash flow from operations reached $27.8B, net adjusted income $15.6B, and IFRS net income $13.1B.

• Dividend distribution grew 7.2% to $8.1B, with $7.5B in share buybacks, totaling 55% of cash flow returned to shareholders.

• CapEx was $17.1B, split among new oil/gas projects, Integrated Power, and maintenance, with $8B in asset recycling.

• Outperformed peers in ROACE, shareholder yield, reserve life, and production cost.

Board and executive committee updates

• Board met nine times, with near 100% attendance, and focused on transition strategy and governance.

• Board composition to be 14 directors, 50/50 gender balance, with new director appointments and statutory age limit revisions.

• Mandates renewed for key directors; new independent director with finance expertise proposed.