TotalEnergies (TTE) Q2 2025 earnings summary

Executive summary

• Adjusted net income for H1 2025 was $7.77B, down 21% year-over-year, as lower oil prices and refining margins were partially offset by over 3% hydrocarbon production growth and renewables expansion.

• Cash flow from operations excluding working capital was $13.6B for H1 2025, down 15% year-over-year, reflecting resilience amid a 10% drop in oil prices.

• Major acquisitions included VSB Group (renewables), SapuraOMV (LNG), and several upstream and renewables assets; significant divestments in Nigeria, Brazil, and Portugal.

• Shareholder returns remained a priority, with a payout ratio of 54–55% and $3.7B in buybacks in H1 2025.

• The Board approved a second interim dividend of €0.85/share for FY 2025, up 7.6% year-over-year.

Financial highlights

• Adjusted EBITDA was $20.2B for H1 2025, down 11% year-over-year; adjusted net operating income from business segments was $9.18B, down 16%.

• Cash flow from operations reached $13.6B in H1 2025; net investments totaled $11.6B, including $2.2B in acquisitions.

• Gearing was 17.9% at June 30, 2025, up from 10.2% a year earlier, with normalized gearing at 15%.

• Return on equity was 14.1% and ROACE was 12.4% for the twelve months ended June 30, 2025.

• Adjusted EPS was $3.41 for H1 2025, down 18% year-over-year.

Outlook and guidance

• Hydrocarbon production is expected to grow over 3% in Q3 2025 versus Q3 2024, in line with the annual target.

• Net investments for FY 2025 are anticipated within the $17–17.5B guidance range, supported by $3.5B in planned divestments in H2.

• Shareholder payout ratio projected at 54–55% for 2025, with continued $2B quarterly buybacks.

• Average LNG selling price for Q3 2025 is anticipated at $9–$9.5/MMBtu.

• Refinery utilization rates are projected at 80–85% in Q3 2025 due to scheduled maintenance.