TotalEnergies (TTE) Q1 2025 earnings summary

Executive summary

• Adjusted net income for Q1 2025 was $4.2B, down 18% year-over-year, with strong oil, gas, and electricity production growth offset by lower prices and weak refining margins.

• Hydrocarbon production rose nearly 4% year-over-year, and electricity production increased 18%, resulting in total energy production growth of close to 5%.

• Revenues from sales reached $47,899M, a decrease from $51,883M in Q1 2024.

• Board confirmed a 7.6% increase in the first interim dividend to €0.85/share and continued $2B quarterly share buybacks.

• No significant acquisitions or divestments occurred in Q1 2025; major renewable acquisition of VSB Group finalized in April 2025.

Financial highlights

• Adjusted EBITDA was $10.5B, down 9% year-over-year; cash flow from operations (CFO/CFFO) was $7B, down 14% year-over-year.

• Net income (TotalEnergies share) was $3.9B, down 33% year-over-year; adjusted EPS was $1.83, down 15% year-over-year.

• Net investments totaled $4.9B in Q1, up 38% year-over-year; seasonal working capital build of $4.4B, less than Q1 2024.

• Gearing at 14.3%, normalized to 11% excluding seasonality.

• Dividend for FY 2024 proposed at €3.22 per share; first interim dividend for FY 2025 set at €0.85 per share.

Outlook and guidance

• Q2 production expected to grow 2%-3% year-over-year, with full-year 2025 production growth guidance reiterated at more than 3% over 2024.

• Anticipates average energy selling price between $9 and $9.5 per mL cube in Q2 2025.

• Annual CapEx guidance maintained at $17-$17.5B, with $4.5B for low-carbon energies.

• Committed to maintaining at least 40% of cash flow from operations for shareholder distributions through cycles.

• No new perpetual subordinated notes issued in Q1 2025; redemption of €1,082M notes in February 2025.