On February\u00a010, 2026, the Board of Directors established and authorized the publication of the Consolidated Financial Statements of TotalEnergies\u00a0SE for the year ended December\u00a031, 2025, which will be submitted for approval to the Shareholders\u2019 Meeting to be held on May\u00a029, 2026.
Basis of preparation of the consolidated financial statements
The Consolidated Financial Statements of TotalEnergies\u00a0SE and its subsidiaries (the Company) are presented in U.S. dollars and have been prepared on the basis of IFRS\u00a0(International Financial Reporting Standards) as adopted by the European Union and IFRS\u00a0as issued by the IASB (International Accounting Standards Board) as of December\u00a031, 2025.
The accounting principles applied for the Consolidated Financial Statements at December\u00a031, 2025, were the same as those that were used for the financial statements at December\u00a031, 2024, except for amendments and interpretations of IFRS\u00a0which were mandatory for the periods beginning after January\u00a01, 2025. Their application did not have a significant impact on the financial statements as of December\u00a031, 2025.
The Consolidated Financial Statements of TotalEnergies\u00a0SE and its subsidiaries (the Company) are presented in U.S. dollars and have been prepared on the basis of IFRS\u00a0(International Financial Reporting Standards) as adopted by the European Union and IFRS\u00a0as issued by the IASB (International Accounting Standards Board) as of December\u00a031, 2025.
1.1Accounting principles
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled through other consolidated entities are fully consolidated.
Investments in joint ventures are accounted for by the equity method. TotalEnergies accounts for joint operations by recognizing its share of assets, liabilities, income and expenses.
Investments in associates, in which TotalEnergies has significant influence, are accounted for by the equity method. Significant influence is presumed when TotalEnergies holds, directly or indirectly through subsidiaries, 20% or more of the voting rights. In the case of a percentage of less than 20%, accounting under the equity method applies only when significant influence can be demonstrated.
All internal balances, transactions and income are eliminated.
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
C)Foreign currency translation
The presentation currency of TotalEnergies\u2019 Consolidated Financial Statements is the U.S. dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \u201cCurrency translation adjustment generated by the parent company\u201d of the consolidated statement of comprehensive income, within \u201cItems not potentially reclassifiable to profit and loss\u201d. In\u00a0the balance sheet, they are recorded in \u201cCurrency translation adjustment\u201d.
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. It is referred to as their functional currency.
Since July\u00a01, 2018, Argentina is considered to be hyperinflationary. IAS\u00a029 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the U.S. dollar, therefore IAS\u00a029 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for\u00a0TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
1.2Significant accounting principles applicable in the future
The application of the standards or interpretations published respectively by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee (IFRS\u00a0IC) which were not yet in effect at December\u00a031, 2025, is expected to have a non material impact. Note\u00a0that IFRS\u00a018, published in April\u00a02024 and applicable from January\u00a01, 2027, will modify the presentation of the consolidated statement of income and the consolidated statement of cash flow.
The Consolidated Financial Statements of TotalEnergies\u00a0SE and its subsidiaries (the Company) are presented in U.S. dollars and have been prepared on the basis of IFRS\u00a0(International Financial Reporting Standards) as adopted by the European Union and IFRS\u00a0as issued by the IASB (International Accounting Standards Board) as of December\u00a031, 2025.
The accounting principles applied for the Consolidated Financial Statements at December\u00a031, 2025, were the same as those that were used for the financial statements at December\u00a031, 2024, except for amendments and interpretations of IFRS\u00a0which were mandatory for the periods beginning after January\u00a01, 2025. Their application did not have a significant impact on the financial statements as of December\u00a031, 2025.
The accounting principles applied for the Consolidated Financial Statements at December\u00a031, 2025, were the same as those that were used for the financial statements at December\u00a031, 2024, except for amendments and interpretations of IFRS\u00a0which were mandatory for the periods beginning after January\u00a01, 2025. Their application did not have a significant impact on the financial statements as of December\u00a031, 2025.
Major judgments and accounting estimates
The preparation of financial statements in accordance with IFRS\u00a0for the closing as of December 31, 2025 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes\u00a0thereto.
These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General Management and therefore could be revised as circumstances change or as a result of new information.
Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes\u00a0thereto.
The following summary provides further information about the key estimates, assumptions and judgments that are involved in preparing the Consolidated Financial Statements and the Notes\u00a0thereto. It should be read in conjunction with the sections of the Notes\u00a0mentioned in the summary.
Estimation of hydrocarbon reserves
The estimation of oil and gas reserves is a key factor in the Successful Efforts method used by TotalEnergies to account for its oil and gas activities.
TotalEnergies\u2019 oil and gas reserves are estimated by TotalEnergies\u2019 petroleum engineers in accordance with industry standards and\u00a0SEC (U.S. Securities and Exchange Commission) regulations.
Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geosciences and engineering data, can be determined with reasonable certainty to be recoverable (from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations), prior to the time at which contracts providing the rights to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.
Proved oil and gas reserves are calculated using a 12-month average price determined as the unweighted arithmetic average of the first-day-of-the-month price for each\u00a0month of the relevant year unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. TotalEnergies reassesses its oil and gas reserves at least once a year on all its properties.
The Successful Efforts method and the mineral interests and property, plant and equipment of exploration and production are presented in Note\u00a07 \u201cIntangible and tangible assets\u201d.
Impairment of property, plant and equipment, intangible assets and goodwill
As part of the determination of the recoverable value of assets for impairment (IAS\u00a036), the estimates, assumptions and judgments mainly concern hydrocarbon prices scenarios, operating costs, production volumes and oil and gas proved and probable reserves, refining margins and product marketing conditions (mainly petroleum, petrochemical and chemical products as well as renewable industry products). The estimates and assumptions used by the General Management are determined in specialized internal departments in light of economic conditions and external expert analysis. The discount rate is reviewed annually.
Impairment of assets and the method applied are described in Note\u00a03 \u201cBusiness segment information\u201d.
Asset retirement obligations
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
This estimate is based on information available in terms of costs and work program. It is regularly reviewed to take into account the changes in laws and regulations, the estimates of reserves and production, the analysis of site conditions and technologies.
The discount rate is reviewed annually.
Asset retirement obligations and the method used are described in Note\u00a012 \u201cProvisions and other non-current liabilities\u201d.
Climate change and energy transition
Climate change and the energy transition were considered in preparing the Consolidated Financial Statements. They may have significant impacts on the value of TotalEnergies\u2019s assets and liabilities mentioned below, and on similar assets and liabilities that may be recognized in the future.
TotalEnergies supports the goals of the 2015 Paris Agreement, which calls for reducing greenhouse gas emissions in the context of sustainable development and the fight against poverty, and which aims to keep the increase in average global temperatures well below 2\u00b0C compared to pre-industrial levels.
TotalEnergies wants to rise to the dual challenge of meeting the energy needs of a growing world population while reducing global warming, and play an active role in the ongoing energy transition of the word.
TotalEnergies is thus implementing its transition strategy aimed at ensuring the growth of its energy production to reach a sales mix of 30% oil, 50% gas and 20% electricity and low-carbon molecules by 2030, with the lifecycle carbon intensity of energy products sold decreasing by 25% compared to 2015.
TotalEnergies has embedded the changing energy markets into its strategy by investing in electricity and renewables, developing the production of biofuels and biogas, favoring the use of natural gas, the transition fuel whose flexibility offers a lower carbon alternative to coal for electricity production and helps to mitigate the intermittency of solar and wind energies, targeting its investments in low-cost and low-emission oil, and developing nature-based carbon storage solutions as well as CO2 capture and sequestration.
TotalEnergies is committed to reducing its carbon footprint caused by the production, processing and supply of energy to its customers. Although the pace of the transition will depend on public policy, consumption patterns and resulting demand, TotalEnergies has set itself the mission to offer its customers energy products that are affordable and generate less CO2 and to support its partners and suppliers in their own low-carbon strategies.
TotalEnergies evaluates the solidity of its portfolio, particularly new material capital expenditure investments, on the basis of relevant scenarios and sensitivity tests. Each material capex investment, including in the exploration, acquisition or development of oil and gas resources, as well as in other energies and technologies, is subject to an evaluation that takes into consideration the objectives of the Paris Agreement, each new investment thus enhancing the resilience of the Company\u2019s portfolio.
Economic criteria are analyzed in a scenario with Brent prices at $50/b and Henry Hub at $3/Mbtu, which are lower prices than those in the latest APS scenario published by the IEA and deemed compatible with the Paris agreement goals. Even if CO2 pricing does not currently apply in all of the Company\u2019s host countries, TotalEnergies includes as a base case in its investment criteria a CO2 price of $100/t (or the applicable price in a given country, if it is higher), and beyond 2031, the CO2 price is inflated by 2% per year.
A physical risk assessment was carried out by the Company in 2024 for around 300 onshore and offshore assets. The Company identifies a limited potential evolution of physical risks related to climate change by 2050.
For investments in upstream oil & gas projects, TotalEnergies focuses on value creation and cash generation over volume, and the Company prioritizes projects with low technical costs (less than $20/b for operating costs plus investment costs) or low-breakeven\u00a0points (less than $30/b, taxes included) and a profitability that exceeds an internally defined threshold. Carbon Capture and Storage (CCS) and Nature Based Solutions (NBS) projects are evaluated on the basis of the actual cost of one ton of CO2 (internal threshold in $/tCO2). As for projects in renewable energies, they are evaluated on their ability to generate a return higher than 10%.
All oil and gas projects must help to lower the average intensity of greenhouse gas emissions (Scope 1+2) in their respective category. Currently, that means:
\u2013for new oil and gas projects (greenfield and acquisitions), the intensity of Scope 1+2 greenhouse gas emissions is compared, depending on their nature, to the intensity of the average greenhouse gas emissions of the Company\u2019s upstream production assets or that of various downstream units (LNG plants, refineries);
\u2013for additional investments in existing assets (brownfield projects), the investment must lower the Scope 1+2 emissions intensity of the asset in question;
\u2013for projects involving other energies and technologies (biofuels, biogas\u2026), the greenhouse-gas emissions reductions are assessed based on their contribution to reducing the lifecycle carbon intensity of energy products sold of the Company.
Besides, as described in Note\u00a03. C \u201cAsset impairment\u201d, in order to ensure the resilience of its assets recognized on the balance sheet, the oil price trajectory retained by the Company for the computation of its impairments converges in the long term towards the price retained in 2050 by the IEA\u2019s NZE scenario, i.e., $25.72025/b; the prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices, before also converging towards the IEA\u2019s NZE scenario prices in 2050.
The strategy is implemented in the long-term plan of the Company, which is forecasted for a five-year period, updated every year, and approved by the Board of Directors.
It reflects the economic environment, the emission\u2011reduction targets set by the Company, and the current dynamics of energy transition, knowing that there is still significant uncertainty on the path to energy transition that the various countries will take.
The financial statements of TotalEnergies are prepared in coherence with the main technical and economic assumptions of the long-term plan and the objectives stated above.
They are also sensitive to various environmental considerations, including oil & gas prices and refining margins, as well as technical parameters, such as the estimation of hydrocarbons reserves. In particular, the selected assumptions and estimates have an impact on hydrocarbons reserves, the useful life of assets, the impairment of assets and provisions.
Asset impairment
The energy transition is likely to have an impact on future oil and gas prices and therefore on the recoverable amount of intangible assets and property, plant and equipment in the oil and gas industry.
The principles applied in determining the recoverable amounts are as follows:
\u2013the future cash flows were determined using the assumptions included in the 2026 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets;
\u2013the oil and gas price scenarios have been established based on data on global energy demand from the IEA\u2019s World Energy Outlook, the latest edition of which was published in November\u00a02025, and on its own supply and demand assessments; they take into account assumptions about the evolution of core indicators of the upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenge;
\u2013these price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors;
\u2013the IEA\u2019s World Energy Outlook 2025 presents three scenarios that are key references for the Company: the CPS (Current Policies Scenario), the STEPS (Stated Policies Scenario), and the NZE (Net Zero Emissions by 2050) long\u2011term scenario, as well as APS scenario from the IAE\u2019s World Energy Outlook 2024:
\u2013the CPS scenario only includes climate actions already implemented to date around the world;
\u2013the STEP scenario encompasses a broader set of measures, including those that have been officially announced but not yet adopted;
\u2013the NZE scenario follows a different logic: it is a normative scenario that starts from the objective (net\u2011zero emissions by 2050, without exceeding the CO\u2082 budget) and then constructs the energy pathways leading to it;
\u2013as a reminder, the APS 2024 scenario took into account all climate ambitions declared worldwide to date, including NDCs (Nationally Determined Contributions) and carbon\u2011neutrality targets, and was compatible with the Paris Agreement.
\u2013the IEA\u2019s NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5\u00b0C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2024 and decrease by 33% between 2024 and 2035, whereas according to the IEA\u2019s latest projections, oil demand in 2025 would be higher than in 2024 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand is expected to remain broadly stable until 2035 (a plateau around 2027-2033 according to WoodMac);
\u2013beyond 2030, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA\u2019s NZE scenario, i.e. $25.72025/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging towards the IEA\u2019s NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013oil demand experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand exceeded its pre\u2011Covid 2019 level. This increase was stimulated by the lifting of lockdown measures in China, enabling the recovery of industrial activity, particularly in the petrochemical sector, as well as the rise in air travel. In 2025, demand continued to expand, but at a slightly slower rate, reflecting macroeconomic uncertainty and the slowdown in the petrochemical sector. By 2030, oil consumption is expected to keep growing, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment in some regions of low-carbon substitute technologies. Some recent forecasts anticipate an oil\u2011demand peak before 2030 in China, while demand for certain petroleum products, such as gasoline and diesel, may already have peaked there. However, increasing oil demand in other Asian countries, particularly India, is partly taking over;
\u2013on the supply side, after a decade marked by strong U.S. production growth (accounting for 90% of global supply increases), the decision by the OPEC+ group of producers, to begin lifting part of the oil\u2011production restrictions in May\u00a02025 is reshaping global oil\u2011supply trajectories. The expected increase in OPEC+ output and the impact of\u00a0higher tariffs on trade had downward impacts on oil prices.
Brent is trading between $602025/b and $702025/b. In 2026, demand is expected to continue rising, and production capacity should be sufficient to meet it, although downward trends on prices may begin in 2026 to weigh on U.S. production levels. In this context, the selected scenario anticipates prices back toward $702025/b;
\u2013beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low before reaching a plateau, and the selected price scenario decreases linearly to reach $502025/b in 2040 and then $25.72025/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2026-2050 thus stands at $51.82025/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013following the 2022/23 supply shock, natural gas markets underwent a gradual rebalancing in 2024 and 2025. During this period, the supply\u2013demand balance remained tight and prices stayed well above their historical levels. This limited demand growth, particularly in Asian markets that are more price\u2011sensitive. Global gas demand returned to structural growth in 2024, mainly in Europe and North America, and continued to grow in 2025, albeit at a slower pace. The Company anticipates that in 2026 prices will remain higher than pre\u2011crisis levels in Asian and European hubs. Thereafter, natural gas demand is expected to be driven by the same fundamentals as oil: rising demand in the Asia\u2011Pacific region and declining overall natural gas demand in Europe, although LNG demand should grow in Europe due to declining domestic production and ban on Russian gas imports from 2027. Natural gas demand should also be supported by its substitution for coal in power generation and by its role as a flexible, dispatchable source capable of offsetting the intermittency and seasonality of renewable energies. The abundant global gas supply and the upcoming wave of increased liquefied natural gas capacity (expected between 2027 and 2030) are likely to limit the potential for higher gas prices. Beyond 2040, with the rise of renewable energies including battery storage, gas demand is expected to stabilize;
\u2013natural gas prices are thus expected to fall from $3.42025/Mbtu in 2026 to $3.02025/Mbtu in 2027 in the United States, and then stabilize at these levels until 2040, supported by domestic demand driven by electricity generation, particularly for data centers, and by the growing volumes of LNG exports;
\u2013in Europe and Asia, due to the rapid increase in LNG offer, prices should generally adjust downward until 2029/2030 in order to stimulate price\u2011elastic demand, particularly in some Asian countries such as India. However, the partly inelastic nature of domestic U.S. natural gas and electricity demand (gas\u2011to\u2011power) may act as a brake on the decline in feedgas prices for LNG terminals, limiting the reduction in LNG prices in Europe in particular, despite rising volumes. As seen in previous market cycles, the continued growth of LNG demand in Europe and Asia should allow the market to rebalance around 2030. Thus, prices in Europe and Asia could fall from $9.72025/Mbtu and $10.72025/Mbtu in 2026 to $6.52025/Mbtu and $7.52025/Mbtu respectively in 2029/2030, before rising again to $8.02025/Mbtu and $9.02025/Mbtu and stabilizing at these levels until 2040.
Natural gas prices would then converge in 2050 toward the IEA\u2019s NZE scenario levels: $2.32025/Mbtu in the United States, $4.12025/Mbtu in Europe, and $5.02025/Mbtu in Asia, respectively.
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all identified assets the impact of their CO2 emissions. Future Scope\u00a01+2 emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2031, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs\u2019 assets. They are discounted using an 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2024 and 8% in 2023. The value in use calculated by discounting the above post-tax cash flows using an 7% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Asset impairments are subject to sensitivity testing. In particular, upstream assets are tested as follows:
\u2013decreases of -10% and -20% in the hydrocarbon\u2019s prices, over the duration of the price scenario;
\u2013consideration of a CO2 cost applied to future scope 1 and 2 emissions of $200/t, inflated by 2% per year beyond 2031 for all assets;
\u2013increase or decrease of 1% in the discount rate of future cash flows.
Finally, in 2020, TotalEnergies also reviewed its upstream assets that can be qualified as \u201cstranded\u201d, meaning with reserves beyond 20\u00a0years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects concerned were the Fort Hills and Surmont oil sands projects in Canada that TotalEnergies sold in 2023.
This portfolio management approach, along with TotalEnergies\u2019 strategy of focusing its new oil investments on low\u2011carbon\u2011intensity and low\u2011production\u2011cost projects, mitigates the risk of having stranded assets in the future if a\u00a0structural decline in demand for hydrocarbons occurs due to stricter global environmental regulations and constraints and a resulting change in consumer preferences.
The Company will continue to review price assumptions as the energy transition progresses and this may result in additional impairment charges in the future.
The effect of asset impairments on TotalEnergies\u2019 financial statements and the associated sensitivity calculations are detailed in Note\u00a03.C \u201cAsset impairment\u201d.
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013the well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made,
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in Note\u00a07.2 \u201cProperty, plant and equipment\u201d.
Intangible and tangible assets - depreciation\u00a0and\u00a0useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
\u2013unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated;
\u2013unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked;
\u2013proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests;
\u2013development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations;
\u2013the depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year.
This alternative method was not applied as of December\u00a031, 2025, 2024, and 2023 because, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Given the characteristics of the Company\u2019s portfolio of oil & gas assets, its current value on the balance sheet will be almost entirely depreciated by 2040.
Consequently, TotalEnergies does not anticipate significant changes in the useful life of its existing oil and gas assets that would represent an element of significant judgment impacting its consolidated accounts in the future.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in Notes\u00a07.1 \u201cIntangible assets\u201d and 7.2 \u201cProperty, plant and equipment\u201d.
Asset retirement obligations
The energy transition may bring forward asset retirement obligations of certain oil and gas assets, thereby increasing the present value of the associated provisions.
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
The discount rate used for the valuation of asset retirement obligation is 5% in 2025, as in 2024 and in 2023 (the expenses are estimated at current currency values with an inflation rate of 2% in 2025, 2024, and 2023).
In upstream activities, in application of its internal procedures, TotalEnergies regularly reviews, on an asset-by-asset basis, the estimate of its future asset retirement costs, as well as the date at which work will be performed. The Company has ensured the consistency of the dates used for these site\u2011restoration activities and the dates used in calculating depreciation of upstream assets with those provided for in the contracts regarding license expiries and end\u2011of\u2011production, as reflected in the cash\u2011flow forecasts used for impairment testing. The assets and liabilities recognized in respect of retirement obligations under these rules as described in Note\u00a012.1 \u201cProvisions and other non-current liabilities\u201d are adjusted accordingly.
The Company will continue to review its estimates of both costs and the maturity of commitments on a regular basis and will take into account any significant impact that may result from changes in these parameters in the future.
The effect of the asset retirement obligations on the financial statements of TotalEnergies and the associated sensitivity calculations are detailed in\u00a0Note\u00a012.1 \u201cProvisions and other non-current liabilities\u201d. A maturity schedule of these obligations is presented in Note\u00a013.1 \u201cOff-balance sheet commitments and contractual obligations\u201d.
Income Taxes
A tax liability is recognized when in application of a tax regulation, a future payment is considered probable and can be reasonably estimated. The exercise of judgment is required to assess the impact of new events on the amount of the liability.
Deferred tax assets are recognized in the accounts to the extent that their recovery is considered probable. The amount of these assets is determined after taking into account deferred tax liabilities with comparable maturity, arising from the same entities and tax regimes. It takes into account existing taxable profits and future taxable profits which estimation is inherently uncertain and subject to change over time. The exercise of judgment is required to assess the impact of new events on the value of these assets and including changes in estimates of future taxable profits and the deadlines for their use.
In addition, these tax positions may depend on interpretations of tax laws and regulations in the countries where TotalEnergies operates. These interpretations may have uncertain nature. Depending on the circumstances, they are final only after negotiations or resolution of disputes with authorities that can last several\u00a0years.
Incomes taxes and the accounting methods are described in Note\u00a011 \u201cIncome taxes\u201d.
Employee benefits
The benefit obligations and plan assets can be subject to significant volatility due in part to changes in market values and actuarial assumptions. These assumptions vary between different pension plans and thus take into account local conditions. They are determined following a formal process involving expertise and TotalEnergies internal judgments, in financial and actuarial terms, and also in consultation with actuaries and independent experts.
The assumptions for each plan are reviewed annually and adjusted if necessary to reflect changes from the experience and actuarial advice. The discount rate is reviewed quarterly.
Payroll, staff and employee benefits obligations and the method applied are described in Note\u00a010 \u201cPayroll, staff and employee benefits obligations\u201d.
Russian-Ukrainian conflict
Russian assets were fully impaired in 2022, with the exception of the shares held in the Yamal LNG company. As a reminder, in total, the impact of impairments and provisions recorded in 2022 due to the Russo\u2011Ukrainian conflict amounted to $(14,756)\u00a0million in TotalEnergies\u2019 net result.
With regard to TotalEnergies\u2019 interests in Novatek and Arctic LNG\u00a02, the\u00a0accounting and measurement method remains unchanged as of December 31, 2025 in the absence of any new events: as the criteria for significant influence are no longer met within the meaning of IAS\u00a028 \u201cInvestments in associates and joint-ventures\u201d, TotalEnergies\u2019 19.4% interest in Novatek and 10% interest in Arctic LNG\u00a02 have no longer been accounted for using the equity method in the Company\u2019s financial statements since the end of the 4th quarter of 2022 and the end of the 4th\u00a0quarter of 2023, respectively.
The Company has also ensured the absence of depreciation to be accounted for on Yamal LNG as of December\u00a031, 2025, by testing the value of its equity accounted investment which amounts to $5,835\u00a0million.
Depending on the developments of the Russian-Ukrainian conflict and the measures that the European and American authorities may decide to implement, particularly in terms of sanctions, the activities of TotalEnergies in Russia, in particular those relating to the Yamal LNG asset, could be affected in the future, potentially impacting all or part of the carrying value of its equity interest.
Judgments in case of transactions not addressed by any accounting standard or\u00a0interpretation
Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS\u00a0concepts: faithful representation, relevance and materiality.
Impairment of property, plant and equipment, intangible assets and goodwill
As part of the determination of the recoverable value of assets for impairment (IAS\u00a036), the estimates, assumptions and judgments mainly concern hydrocarbon prices scenarios, operating costs, production volumes and oil and gas proved and probable reserves, refining margins and product marketing conditions (mainly petroleum, petrochemical and chemical products as well as renewable industry products). The estimates and assumptions used by the General Management are determined in specialized internal departments in light of economic conditions and external expert analysis. The discount rate is reviewed annually.
Impairment of assets and the method applied are described in Note\u00a03 \u201cBusiness segment information\u201d.
Asset impairment
The energy transition is likely to have an impact on future oil and gas prices and therefore on the recoverable amount of intangible assets and property, plant and equipment in the oil and gas industry.
The principles applied in determining the recoverable amounts are as follows:
\u2013the future cash flows were determined using the assumptions included in the 2026 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets;
\u2013the oil and gas price scenarios have been established based on data on global energy demand from the IEA\u2019s World Energy Outlook, the latest edition of which was published in November\u00a02025, and on its own supply and demand assessments; they take into account assumptions about the evolution of core indicators of the upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenge;
\u2013these price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors;
\u2013the IEA\u2019s World Energy Outlook 2025 presents three scenarios that are key references for the Company: the CPS (Current Policies Scenario), the STEPS (Stated Policies Scenario), and the NZE (Net Zero Emissions by 2050) long\u2011term scenario, as well as APS scenario from the IAE\u2019s World Energy Outlook 2024:
\u2013the CPS scenario only includes climate actions already implemented to date around the world;
\u2013the STEP scenario encompasses a broader set of measures, including those that have been officially announced but not yet adopted;
\u2013the NZE scenario follows a different logic: it is a normative scenario that starts from the objective (net\u2011zero emissions by 2050, without exceeding the CO\u2082 budget) and then constructs the energy pathways leading to it;
\u2013as a reminder, the APS 2024 scenario took into account all climate ambitions declared worldwide to date, including NDCs (Nationally Determined Contributions) and carbon\u2011neutrality targets, and was compatible with the Paris Agreement.
\u2013the IEA\u2019s NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5\u00b0C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2024 and decrease by 33% between 2024 and 2035, whereas according to the IEA\u2019s latest projections, oil demand in 2025 would be higher than in 2024 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand is expected to remain broadly stable until 2035 (a plateau around 2027-2033 according to WoodMac);
\u2013beyond 2030, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA\u2019s NZE scenario, i.e. $25.72025/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging towards the IEA\u2019s NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013oil demand experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand exceeded its pre\u2011Covid 2019 level. This increase was stimulated by the lifting of lockdown measures in China, enabling the recovery of industrial activity, particularly in the petrochemical sector, as well as the rise in air travel. In 2025, demand continued to expand, but at a slightly slower rate, reflecting macroeconomic uncertainty and the slowdown in the petrochemical sector. By 2030, oil consumption is expected to keep growing, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment in some regions of low-carbon substitute technologies. Some recent forecasts anticipate an oil\u2011demand peak before 2030 in China, while demand for certain petroleum products, such as gasoline and diesel, may already have peaked there. However, increasing oil demand in other Asian countries, particularly India, is partly taking over;
\u2013on the supply side, after a decade marked by strong U.S. production growth (accounting for 90% of global supply increases), the decision by the OPEC+ group of producers, to begin lifting part of the oil\u2011production restrictions in May\u00a02025 is reshaping global oil\u2011supply trajectories. The expected increase in OPEC+ output and the impact of\u00a0higher tariffs on trade had downward impacts on oil prices.
Brent is trading between $602025/b and $702025/b. In 2026, demand is expected to continue rising, and production capacity should be sufficient to meet it, although downward trends on prices may begin in 2026 to weigh on U.S. production levels. In this context, the selected scenario anticipates prices back toward $702025/b;
\u2013beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low before reaching a plateau, and the selected price scenario decreases linearly to reach $502025/b in 2040 and then $25.72025/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2026-2050 thus stands at $51.82025/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013following the 2022/23 supply shock, natural gas markets underwent a gradual rebalancing in 2024 and 2025. During this period, the supply\u2013demand balance remained tight and prices stayed well above their historical levels. This limited demand growth, particularly in Asian markets that are more price\u2011sensitive. Global gas demand returned to structural growth in 2024, mainly in Europe and North America, and continued to grow in 2025, albeit at a slower pace. The Company anticipates that in 2026 prices will remain higher than pre\u2011crisis levels in Asian and European hubs. Thereafter, natural gas demand is expected to be driven by the same fundamentals as oil: rising demand in the Asia\u2011Pacific region and declining overall natural gas demand in Europe, although LNG demand should grow in Europe due to declining domestic production and ban on Russian gas imports from 2027. Natural gas demand should also be supported by its substitution for coal in power generation and by its role as a flexible, dispatchable source capable of offsetting the intermittency and seasonality of renewable energies. The abundant global gas supply and the upcoming wave of increased liquefied natural gas capacity (expected between 2027 and 2030) are likely to limit the potential for higher gas prices. Beyond 2040, with the rise of renewable energies including battery storage, gas demand is expected to stabilize;
\u2013natural gas prices are thus expected to fall from $3.42025/Mbtu in 2026 to $3.02025/Mbtu in 2027 in the United States, and then stabilize at these levels until 2040, supported by domestic demand driven by electricity generation, particularly for data centers, and by the growing volumes of LNG exports;
\u2013in Europe and Asia, due to the rapid increase in LNG offer, prices should generally adjust downward until 2029/2030 in order to stimulate price\u2011elastic demand, particularly in some Asian countries such as India. However, the partly inelastic nature of domestic U.S. natural gas and electricity demand (gas\u2011to\u2011power) may act as a brake on the decline in feedgas prices for LNG terminals, limiting the reduction in LNG prices in Europe in particular, despite rising volumes. As seen in previous market cycles, the continued growth of LNG demand in Europe and Asia should allow the market to rebalance around 2030. Thus, prices in Europe and Asia could fall from $9.72025/Mbtu and $10.72025/Mbtu in 2026 to $6.52025/Mbtu and $7.52025/Mbtu respectively in 2029/2030, before rising again to $8.02025/Mbtu and $9.02025/Mbtu and stabilizing at these levels until 2040.
Natural gas prices would then converge in 2050 toward the IEA\u2019s NZE scenario levels: $2.32025/Mbtu in the United States, $4.12025/Mbtu in Europe, and $5.02025/Mbtu in Asia, respectively.
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all identified assets the impact of their CO2 emissions. Future Scope\u00a01+2 emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2031, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs\u2019 assets. They are discounted using an 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2024 and 8% in 2023. The value in use calculated by discounting the above post-tax cash flows using an 7% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Asset impairments are subject to sensitivity testing. In particular, upstream assets are tested as follows:
\u2013decreases of -10% and -20% in the hydrocarbon\u2019s prices, over the duration of the price scenario;
\u2013consideration of a CO2 cost applied to future scope 1 and 2 emissions of $200/t, inflated by 2% per year beyond 2031 for all assets;
\u2013increase or decrease of 1% in the discount rate of future cash flows.
Finally, in 2020, TotalEnergies also reviewed its upstream assets that can be qualified as \u201cstranded\u201d, meaning with reserves beyond 20\u00a0years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects concerned were the Fort Hills and Surmont oil sands projects in Canada that TotalEnergies sold in 2023.
This portfolio management approach, along with TotalEnergies\u2019 strategy of focusing its new oil investments on low\u2011carbon\u2011intensity and low\u2011production\u2011cost projects, mitigates the risk of having stranded assets in the future if a\u00a0structural decline in demand for hydrocarbons occurs due to stricter global environmental regulations and constraints and a resulting change in consumer preferences.
The Company will continue to review price assumptions as the energy transition progresses and this may result in additional impairment charges in the future.
The effect of asset impairments on TotalEnergies\u2019 financial statements and the associated sensitivity calculations are detailed in Note\u00a03.C \u201cAsset impairment\u201d.
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013the well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made,
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in Note\u00a07.2 \u201cProperty, plant and equipment\u201d.
C)Asset impairment
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill. The recoverable amount is the higher of the fair value (less costs to sell) or the value in use. Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets. The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. This loss is allocated first to goodwill with a corresponding amount in \u201cOther expenses\u201d. | \n\n \n | \n\n Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d and to other intangible assets with a corresponding amount in \u201cOther expenses\u201d. Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed. Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
For the financial year 2025, asset impairments were recorded for an amount of $(1,162)\u00a0million in net operating income and $(1,156)\u00a0million in net income, TotalEnergies share. These impairments were qualified as adjustment items of the net operating income and net income, TotalEnergies share.
Impairments relate to certain cash-generating units (CGUs) for which indicators of impairment have been identified, due to changes in operating conditions or the economic environment of the activities concerned.
Principles for determining value in use of a CGU
The principles applied in determining the recoverable amounts are as follows:
\u2013the future cash flows were determined using the assumptions included in the 2026 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets;
\u2013the oil and gas price scenarios have been established based on data on global energy demand from the IEA\u2019s World Energy Outlook, the latest edition of which was published in November\u00a02025, and on its own supply and demand assessments; they take into account assumptions about the evolution of core indicators of the upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenge;
\u2013these price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors;
\u2013the IEA\u2019s World Energy Outlook 2025 presents three scenarios that are key references for the Company: the CPS (Current Policies Scenario), the STEPS (Stated Policies Scenario), and the NZE (Net Zero Emissions by 2050) long\u2011term scenario, as well as APS scenario from the IAE\u2019s World Energy Outlook 2024;
\u2013the CPS scenario only includes climate actions already implemented to date around the world,
\u2013the STEP scenario encompasses a broader set of measures, including those that have been officially announced but not yet adopted,
\u2013the NZE scenario follows a different logic: it is a normative scenario that starts from the objective (net\u2011zero emissions by 2050, without exceeding the CO\u2082 budget) and then constructs the energy pathways leading to it,
\u2013as a reminder, the APS 2024 scenario took into account all climate ambitions declared worldwide to date, including NDCs (Nationally Determined Contributions) and carbon\u2011neutrality targets, and was compatible with the Paris Agreement;
\u2013the IEA\u2019s NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5\u00b0C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2024 and decrease by 33% between 2024 and 2035, whereas according to the IEA\u2019s latest projections, oil demand in 2025 would be higher than in 2024 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand is expected to remain broadly stable until 2035 (a plateau around 2027-2033 according to WoodMac);
\u2013beyond 2030, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA\u2019s NZE scenario, i.e., $25.72025/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging towards the IEA\u2019s NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013oil demand experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand exceeded its pre\u2011Covid 2019 level. This increase was stimulated by the lifting of lockdown measures in China, enabling the recovery of industrial activity, particularly in the petrochemical sector, as well as the rise in air travel. In 2025, demand continued to expand, but at a slightly slower rate, reflecting macroeconomic uncertainty and the slowdown in the petrochemical sector. By 2030, oil consumption is expected to keep growing, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment in some regions of low-carbon substitute technologies. Some recent forecasts anticipate an oil\u2011demand peak before 2030 in China, while demand for certain petroleum products, such as gasoline and diesel, may already have peaked there. However, increasing oil demand in other Asian countries, particularly India, is partly taking over;
\u2013on the supply side, after a decade marked by strong U.S. production growth (accounting for 90% of global supply increases), the decision by the OPEC+ group of producers, to begin lifting part of the oil\u2011production restrictions in May\u00a02025 is reshaping global oil\u2011supply trajectories. The expected increase in OPEC+ output and the impact of higher tariffs on trade had downward impacts on oil prices.
Brent is trading between $602025/b and $702025/b. In 2026, demand is expected to continue rising, and production capacity should be sufficient to meet it, although downward trends on prices may begin in 2026 to weigh on U.S. production levels. In this context, the selected scenario anticipates prices back toward $702025/b;
\u2013beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low before reaching a plateau, and the selected price scenario decreases linearly to reach $502025/b in 2040 and then $25.72025/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2026-2050 thus stands at $51.82025/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013following the 2022/23 supply shock, natural gas markets underwent a gradual rebalancing in 2024 and 2025. During this period, the supply\u2013demand balance remained tight and prices stayed well above their historical levels. This limited demand growth, particularly in Asian markets that are more price\u2011sensitive. Global gas demand returned to structural growth in 2024, mainly in Europe and North America, and continued to grow in 2025, albeit at a slower pace. The Company anticipates that in 2026 prices will remain higher than pre\u2011crisis levels in Asian and European hubs. Thereafter, natural gas demand is expected to be driven by the same fundamentals as oil: rising demand in the Asia\u2011Pacific region and declining overall natural gas demand in Europe, although LNG demand should grow in Europe due to declining domestic production and ban on Russian gas imports from 2027. Natural gas demand should also be supported by its substitution for coal in power generation and by its role as a flexible, dispatchable source capable of offsetting the intermittency and seasonality of renewable energies. The abundant global gas supply and the upcoming wave of increased liquefied natural gas capacity (expected between 2027 and 2030) are likely to limit the potential for higher gas prices. Beyond 2040, with the rise of renewable energies including battery storage, gas demand is expected to stabilize;
\u2013natural gas prices are thus expected to fall from $3.42025/Mbtu in 2026 to $3.02025/Mbtu in 2027 in the United States, and then stabilize at these levels until 2040, supported by domestic demand driven by electricity generation, particularly for data centers, and by the growing volumes of LNG exports;
\u2013in Europe and Asia, due to the rapid increase in LNG offer, prices should generally adjust downward until 2029/2030 in order to stimulate price\u2011elastic demand, particularly in some Asian countries such as India. However, the partly inelastic nature of domestic U.S. natural gas and electricity demand (gas\u2011to\u2011power) may act as a brake on the decline in feedgas prices for LNG terminals, limiting the reduction in LNG prices in Europe in particular, despite rising volumes. As seen in previous market cycles, the continued growth of LNG demand in Europe and Asia should allow the market to rebalance around 2030. Thus, prices in Europe and Asia could fall from $9.72025/Mbtu and $10.72025/Mbtu in 2026 to $6.52025/Mbtu and $7.52025/Mbtu respectively in 2029/2030, before rising again to $8.02025/Mbtu and $9.02025/Mbtu and stabilizing at these levels until 2040.
Natural gas prices would then converge in 2050 toward the IEA\u2019s NZE scenario levels: $2.32025/Mbtu in the United States, $4.12025/Mbtu in Europe, and $5.02025/Mbtu in Asia, respectively.
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all identified assets the impact of their CO2 emissions. Future Scope\u00a01+2 emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2031, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs\u2019 assets. They are discounted using an 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2024 and 8% in 2023. The value in use calculated by discounting the above post-tax cash flows using an 7% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Impairment losses recognized by segment
The CGUs of the Exploration & Production segment are defined as oil and gas fields or groups of oil and gas fields with industrial assets enabling the production, treatment and evacuation of the oil and gas.
For the financial year 2025, the Company recorded impairments of assets over CGUs of the Exploration & Production segment for $(200)\u00a0million in net income, TotalEnergies share.
Impairments recognized in 2025 are mainly related to the disposal of the Gato do Mato project as part of an asset swap with Shell in Brazil.
As for sensitivities of the Exploration & Production segment:
\u2013a 1\u2011percentage\u2011point decrease in the discount rate would have no impact on TotalEnergies\u2019 net income;
\u2013an increase of 1 percentage\u00a0point in the discount rate would have an additional negative impact of $0.5\u00a0billion on TotalEnergies\u2019 net income;
\u2013a 10% decrease in hydrocarbon prices over the entire duration of the plan (resulting in an average oil price of around $472025/b) would have an additional negative impact of $0.6\u00a0billion on TotalEnergies\u2019 net income;
\u2013a 20% decrease in hydrocarbon prices over the entire duration of the plan (resulting in an average oil price of around $412025/b) would have an additional negative impact of $2.6\u00a0billion on TotalEnergies\u2019 net income;
\u2013taking into account a CO2 cost applied to future Scope 1 and 2 emissions of $200/t, inflated by 2%/year beyond 2031 for all assets would have an additional negative impact of $0.2\u00a0billion on net income, TotalEnergies share.
The CGUs of the Integrated LNG segment are subsidiaries or groups of subsidiaries organized by activity or geographical area, and by fields or groups of fields for upstream LNG activities. For the financial year 2025, the Company recorded impairments on CGUs in the Integrated LNG segment for $(50)\u00a0million in net income, TotalEnergies share.
As for sensitivities of the Integrated LNG:
\u2013a decrease by 1\u00a0point in the discount rate would have no impact in net income, TotalEnergies share;
\u2013an increase by 1\u00a0point in the discount rate would have an additional negative impact of $0.6\u00a0billion in net income, TotalEnergies share;
\u2013a decrease of 10% of the oil and gas prices over the duration of the plan would have an additional negative impact of $2.0\u00a0billion in net income, TotalEnergies share;
\u2013a decrease of 20% of the oil and gas prices over the duration of the plan would have an additional negative impact of $6.6\u00a0billion in net income, TotalEnergies share;
\u2013taking into account a CO2 cost applied to future scope 1 and 2 emissions of $200/t inflated by 2%/year beyond 2031 for all assets would have an additional negative impact of approximately $0.8\u00a0billion in net income, TotalEnergies share.
The CGUs of the Integrated Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area. For the financial year 2025, the Company recorded impairments on CGUs in the Integrated Power segment for $(656)\u00a0million in net income, TotalEnergies share. Impairments recognized mainly relate to offshore wind projects, notably in\u00a0Asia (Taiwan, Korea) and in Europe (United Kingdom, Germany and Denmark).
As for sensitivities of the Integrated Power:
\u2013a decrease by 1\u00a0point in the discount rate would have no impact in net income, TotalEnergies share;
\u2013an increase by 1\u00a0point in the discount rate would have an additional negative impact of $0.3\u00a0billion in net income, TotalEnergies share.
In the event of an increase in the CO\u2082 price, the value of Integrated Power assets would increase as a result of higher electricity prices.
The CGUs of the Refining & Chemicals segment are subsidiaries or groups of subsidiaries organized by activity (grouping together the operational activities of refining and petrochemicals) and by relevant geographical area. Future cash flows are based on the gross contribution margin (calculated on the basis of net sales after purchases of crude oil and refined products, the effect of inventory valuation and variable costs). The other activities of the segment are global divisions, each division gathering a set of businesses or homogeneous products for strategic, commercial and industrial plans. Future cash flows are determined from the specific margins of these activities, unrelated to the price of oil.
For the financial year 2025, the Company has recorded impairments on CGUs in the Refining & Chemicals segment for an amount of $(200)\u00a0million in net income TotalEnergies share.
The impairments recognized in 2025 are mainly related to the Antwerp NC2 steam cracker shutdown project.
As for sensitivities of the Refining & Chemicals segment:
\u2013an increase by 1\u00a0point in the discount rate would not have any additional negative impact in the net income, TotalEnergies share;
\u2013a decrease of 10% of the refining margins (could be in link with the increase of CO2 cost) would have an additional negative impact of $0.8\u00a0billion in net income, TotalEnergies share.
The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by relevant geographical area.
For the financial year 2025, the Company recorded impairments on the CGUs of the Marketing & Services segment for $(50)\u00a0million in net income, TotalEnergies share.
Impairments recognized in years 2024 and 2023
For the financial year 2024, asset impairments were recognized in the Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services segments, with a negative impact of $(1,977)\u00a0million in net income, TotalEnergies share.
Impairments recognized on CGUs in the Exploration & Production segment amounted to $(982)\u00a0million in net income, TotalEnergies share, and were mainly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
Those recognized on CGUs in the Integrated Power segment totaled $(965)\u00a0million in net income, TotalEnergies share, and mainly concerned the Company\u2019s minority interests in SunPower and Maxeon.
These impairments were classified as adjustment items to the net income, TotalEnergies share.
For the financial year 2023, the Company recorded impairments in the Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services segments with an impact of $(2,166)\u00a0million in net income, TotalEnergies share.
Impairments recorded on the CGUs of the Exploration & Production segment amounted to $(881)\u00a0million in net income, TotalEnergies share, mainly related to the Company\u2019s upstream assets in Kenya and Congo, and also Al Shaheen in Qatar related to temporary tax effects.
Those recorded on the CGUs of the Integrated Power segment amounted to $(773)\u00a0million in net income, TotalEnergies share, mainly concerning the Yunlin offshore wind project in Taiwan and the goodwill and customer portfolios of gas-electricity marketing activities in Belgium, Spain and France.
Impairments recorded on the CGUs of the Refining & Chemicals segment amounted to $(273)\u00a0million in net income, TotalEnergies share, mainly related to the divestment projects of Naphtachimie to INEOS and the Natref refinery in South Africa.
Finally, the impairments recorded on the CGUs of the Integrated LNG segment amounted to $(124)\u00a0million in net income, TotalEnergies share, and those recorded on the CGUs of the Marketing & Services segment amounted to $(115)\u00a0million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the net income, TotalEnergies share.
Asset retirement obligations
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
This estimate is based on information available in terms of costs and work program. It is regularly reviewed to take into account the changes in laws and regulations, the estimates of reserves and production, the analysis of site conditions and technologies.
The discount rate is reviewed annually.
Asset retirement obligations and the method used are described in Note\u00a012 \u201cProvisions and other non-current liabilities\u201d.
Asset retirement obligations
The energy transition may bring forward asset retirement obligations of certain oil and gas assets, thereby increasing the present value of the associated provisions.
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
The discount rate used for the valuation of asset retirement obligation is 5% in 2025, as in 2024 and in 2023 (the expenses are estimated at current currency values with an inflation rate of 2% in 2025, 2024, and 2023).
In upstream activities, in application of its internal procedures, TotalEnergies regularly reviews, on an asset-by-asset basis, the estimate of its future asset retirement costs, as well as the date at which work will be performed. The Company has ensured the consistency of the dates used for these site\u2011restoration activities and the dates used in calculating depreciation of upstream assets with those provided for in the contracts regarding license expiries and end\u2011of\u2011production, as reflected in the cash\u2011flow forecasts used for impairment testing. The assets and liabilities recognized in respect of retirement obligations under these rules as described in Note\u00a012.1 \u201cProvisions and other non-current liabilities\u201d are adjusted accordingly.
The Company will continue to review its estimates of both costs and the maturity of commitments on a regular basis and will take into account any significant impact that may result from changes in these parameters in the future.
The effect of the asset retirement obligations on the financial statements of TotalEnergies and the associated sensitivity calculations are detailed in\u00a0Note\u00a012.1 \u201cProvisions and other non-current liabilities\u201d. A maturity schedule of these obligations is presented in Note\u00a013.1 \u201cOff-balance sheet commitments and contractual obligations\u201d.
12.1Provisions and other non-current liabilities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate. | \n\n \n | \n\n Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Litigations and accrued penalty claims | \n\n 366 | \n\n 384 | \n\n 476 | \n
| \n Provisions for environmental contingencies | \n\n 544 | \n\n 611 | \n\n 750 | \n
| \n Asset retirement obligations | \n\n 9,262 | \n\n 11,359 | \n\n 11,585 | \n
| \n Other non-current provisions | \n\n 3,316 | \n\n 3,032 | \n\n 3,588 | \n
| \n of which restructuring activities | \n\n 134 | \n\n 124 | \n\n 228 | \n
| \n of which financial risks related to non-consolidated and equity accounted for affiliates | \n\n 1,720 | \n\n 1,694 | \n\n 1,708 | \n
| \n Other non-current liabilities | \n\n 3,834 | \n\n 4,486 | \n\n 4,858 | \n
| \n Total | \n\n 17,322 | \n\n 19,872 | \n\n 21,257 | \n
In 2025, litigation reserves amount to $366\u00a0million of which $241\u00a0million in the Exploration & Production, notably in Brazil, Angola and United States, and $58\u00a0million in Refining & Chemicals.
In 2024, litigation reserves amounted to $384\u00a0million of which $187\u00a0million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $93\u00a0million in Integrated Power.
In 2023, litigation reserves amounted to $476\u00a0million of which $276\u00a0million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $91\u00a0million in Refining & Chemicals.
Other non-current liabilities mainly include debts whose maturity is more than one year related to fixed assets acquisitions.
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
| \n (M$) | \n\n As of January, 1 | \n\n Allowances | \n\n Reversals | \n\n Currency translation adjustment | \n\n Other | \n\n As of December, 31 | \n
|---|---|---|---|---|---|---|
| \n 2025 | \n\n 19,872 | \n\n 1,492 | \n\n (1,346) | \n\n 683 | \n\n (3,379) | \n\n 17,322 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 43 | \n\n (24) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 589 | \n\n (612) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 22 | \n\n (120) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 35 | \n\n (40) | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2024 | \n\n 21,257 | \n\n 1,056 | \n\n (1,538) | \n\n (419) | \n\n (484) | \n\n 19,872 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 20 | \n\n (16) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 568 | \n\n (464) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 65 | \n\n (183) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 15 | \n\n (103) | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2023 | \n\n 21,402 | \n\n 1,269 | \n\n (1,315) | \n\n 212 | \n\n (311) | \n\n 21,257 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 18 | \n\n (29) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 524 | \n\n (339) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 117 | \n\n (158) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 69 | \n\n (138) | \n\n \n | \n\n \n | \n\n \n | \n
Asset retirement obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset. | \n\n \n | \n\n An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The discount rate used for the valuation of asset retirement obligation is 5% in 2025 as in 2024 and 2023 (the expenses are estimated at current currency values with an inflation rate of 2% in 2025 as in 2024 and 2023).
A decrease of 0.5\u00a0point of this rate would increase the asset retirement obligation by $770\u00a0million, with a corresponding impact in tangible assets, and with a negative impact of approximately $44\u00a0million on the following years net\u00a0income. Conversely, an increase of 0.5\u00a0point would lead to a decrease in asset retirement obligation by $693\u00a0million, with a corresponding impact in tangible assets, and with a positive impact of approximately $41\u00a0million on the following\u00a0years net income.
Changes in the asset retirement obligation are as follows:
| \n (M$) | \n\n As of January\u00a01, | \n\n Accretion | \n\n Revision in estimates | \n\n New obligations | \n\n Spending | \n\n Currency translation adjustment | \n\n Other | \n\n As of December\u00a031, | \n
|---|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 11,359 | \n\n 589 | \n\n 309 | \n\n 141 | \n\n (612) | \n\n 404 | \n\n (2,928)(a) | \n\n 9,262 | \n
| \n 2024 | \n\n 11,585 | \n\n 568 | \n\n 155 | \n\n 200 | \n\n (464) | \n\n (249) | \n\n (436) | \n\n 11,359 | \n
| \n 2023 | \n\n 13,110 | \n\n 524 | \n\n (1,499) | \n\n 108 | \n\n (339) | \n\n 101 | \n\n (420) | \n\n 11,585 | \n
| \n (a)Including $(2,754) million corresponding to the impact of reclassifications under \u201cLiabilities directly associated with the assets classified as held for sale\u201d. | \n
12.2Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Mozambique
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April\u00a026, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure which was lifted end of 2025 paving the way for the project to resume.
Legal and arbitration proceedings
Disputes relating to Climate
In France, TotalEnergies\u00a0SE was summoned in January\u00a02020 before Nanterre\u2019s Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company\u2019s activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July\u00a06, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June\u00a018, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies\u00a0SE considers that it has fulfilled its obligations under the French law on the vigilance duty. A new action against the Corporation, with similar requests for injunction, has started in March\u00a02024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against TotalEnergies\u00a0SE, with the purpose of proving that since May\u00a02021 \u2013 after the change of name of TotalEnergies \u2013 the Corporation\u2019s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. By decision dated October\u00a023, 2025, the Paris Judicial Court ruled that the Corporation\u2019s institutional communication of an informational nature did not fall under the Consumer Code or the scope\u00a0of misleading commercial practices. The claims concerning the communication campaign related to its name change in 2021, as well as those targeting its institutional communication on the role of natural gas and biofuels in the energy transition, were all dismissed. No \u201cadvertising\u201d by TotalEnergies\u2019 subsidiaries in France was condemned by the court. However, the court requested the removal of three paragraphs relating to carbon neutrality ambitions from the website of its commercial subsidiary TotalEnergies \u00c9lectricit\u00e9 et Gaz France intended for customers. Neither party appealed the ruling.
In France, on July\u00a04, 2023, nine shareholders (two companies and seven individuals holding a small number\u00a0of the Corporation\u2019s shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no.\u00a03 passed by the Corporation\u2019s Annual Shareholders\u2019 Meeting on May\u00a026, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies\u2019 assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (Scope\u00a03) and carbon cost assumptions presented as too low. The claimants request for annulment of the Shareholders\u2019 Meeting resolution has been dismissed on September\u00a025, 2025, for lack of interest during a preliminary procedural phase. They have appealed this judgment.
In the United States, the Corporation and several of its US subsidiaries of were summoned, amongst many other companies and professional associations, in several \u201cclimate litigation\u201d cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Company considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
Mozambique
In France, victims and heirs of deceased persons filed a complaint against TotalEnergies\u00a0SE in October\u00a02023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March\u00a02021. This complaint would allege that the Corporation is liable for \u201cunvoluntary manslaughter\u201d and, \u201cfailure to assist people in danger\u201d. The Corporation considers these accusations as unfounded in both law and fact(420).
Kazakhstan
On April\u00a01, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
(420)Refer to the press release published by the Company on October\u00a011, 2023 contesting the accusations.
Asset retirement obligations
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
This estimate is based on information available in terms of costs and work program. It is regularly reviewed to take into account the changes in laws and regulations, the estimates of reserves and production, the analysis of site conditions and technologies.
The discount rate is reviewed annually.
Asset retirement obligations and the method used are described in Note\u00a012 \u201cProvisions and other non-current liabilities\u201d.
Asset retirement obligations
The energy transition may bring forward asset retirement obligations of certain oil and gas assets, thereby increasing the present value of the associated provisions.
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
The discount rate used for the valuation of asset retirement obligation is 5% in 2025, as in 2024 and in 2023 (the expenses are estimated at current currency values with an inflation rate of 2% in 2025, 2024, and 2023).
In upstream activities, in application of its internal procedures, TotalEnergies regularly reviews, on an asset-by-asset basis, the estimate of its future asset retirement costs, as well as the date at which work will be performed. The Company has ensured the consistency of the dates used for these site\u2011restoration activities and the dates used in calculating depreciation of upstream assets with those provided for in the contracts regarding license expiries and end\u2011of\u2011production, as reflected in the cash\u2011flow forecasts used for impairment testing. The assets and liabilities recognized in respect of retirement obligations under these rules as described in Note\u00a012.1 \u201cProvisions and other non-current liabilities\u201d are adjusted accordingly.
The Company will continue to review its estimates of both costs and the maturity of commitments on a regular basis and will take into account any significant impact that may result from changes in these parameters in the future.
The effect of the asset retirement obligations on the financial statements of TotalEnergies and the associated sensitivity calculations are detailed in\u00a0Note\u00a012.1 \u201cProvisions and other non-current liabilities\u201d. A maturity schedule of these obligations is presented in Note\u00a013.1 \u201cOff-balance sheet commitments and contractual obligations\u201d.
Employee benefits
The benefit obligations and plan assets can be subject to significant volatility due in part to changes in market values and actuarial assumptions. These assumptions vary between different pension plans and thus take into account local conditions. They are determined following a formal process involving expertise and TotalEnergies internal judgments, in financial and actuarial terms, and also in consultation with actuaries and independent experts.
The assumptions for each plan are reviewed annually and adjusted if necessary to reflect changes from the experience and actuarial advice. The discount rate is reviewed quarterly.
Payroll, staff and employee benefits obligations and the method applied are described in Note\u00a010 \u201cPayroll, staff and employee benefits obligations\u201d.
10.1Employee benefits obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits. These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments. For defined contribution plans, expenses correspond to the contributions paid. | \n\n \n | \n\n Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement. The past service cost is recorded immediately in the statement of income, whether vested or unvested. The net periodic pension cost is recognized under \u201cOther operating expenses\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Liabilities for employee benefits obligations consist of the following:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Pension benefits liabilities | \n\n 1,529 | \n\n 1,290 | \n\n 1,453 | \n
| \n Other benefits liabilities | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n Restructuring reserves (early retirement plans) | \n\n 66 | \n\n 52 | \n\n 72 | \n
| \n Total | \n\n 2,018 | \n\n 1,753 | \n\n 1,993 | \n
| \n Net liabilities relating to assets held for sale | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Description of plans and risk management
TotalEnergies operates, for the benefit of its current and former employees, both defined benefit plans and defined contribution plans.
TotalEnergies recognized a charge of $217\u00a0million for defined contribution plans in 2025 ($175\u00a0million in 2024 and $167\u00a0million in 2023).
TotalEnergies\u2019 main defined benefit pension plans are located in France, the United Kingdom, the United States, Belgium and Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following:
\u2013the benefits are usually based on the final salary and seniority;
\u2013they are usually funded (pension fund or insurer);
\u2013they are usually closed to new employees who benefit from defined contribution pension plans;
\u2013they are paid in annuity or in lump sum.
The pension benefits include also termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care.
In order to manage the inherent risks, TotalEnergies has implemented a dedicated governance framework to ensure the supervision of the different plans. These governance rules provide for:
\u2013TotalEnergies\u2019 representation in key governance bodies or monitoring committees;
\u2013the principles of the funding policy;
\u2013the general investment policy, including for most plans:
\u2013the establishment of a monitoring committee to define and follow the investment strategy and performance,
\u2013 the principles to be respected in term of investment allocation;
\u2013a procedure to approve the establishment of new plans or the amendment of existing plans;
\u2013the principles of administration, communication and reporting.
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
| \n As of December 31, (M$) | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Change in benefit obligation | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Benefit obligation at beginning of year | \n\n 8,176 | \n\n 8,847 | \n\n 8,267 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n \u2013Current service cost | \n\n 212 | \n\n 191 | \n\n 178 | \n\n \u00a0 | \n\n 10 | \n\n 8 | \n\n 12 | \n
| \n \u2013Interest cost | \n\n 369 | \n\n 328 | \n\n 355 | \n\n \u00a0 | \n\n 16 | \n\n 19 | \n\n 20 | \n
| \n \u2013Past service cost | \n\n (32) | \n\n 60 | \n\n 47 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 2 | \n\n (55) | \n\n 2 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants\u2019 contributions | \n\n 28 | \n\n 26 | \n\n 23 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n (635) | \n\n (538) | \n\n (563) | \n\n \u00a0 | \n\n (22) | \n\n (26) | \n\n (24) | \n
| \n \u2013Actuarial losses/(gains) | \n\n 12 | \n\n (277) | \n\n 393 | \n\n \u00a0 | \n\n (35) | \n\n (30) | \n\n (6) | \n
| \n \u2013Foreign currency translation and other | \n\n 799 | \n\n (406) | \n\n 146 | \n\n \u00a0 | \n\n 43 | \n\n (28) | \n\n (1) | \n
| \n Benefit obligation at year-end | \n\n 8,931 | \n\n 8,176 | \n\n 8,847 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n of which plans entirely or partially funded | \n\n 8,268 | \n\n 7,689 | \n\n 8,392 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which plans not funded | \n\n 663 | \n\n 487 | \n\n 455 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n Change in fair value of plan assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Fair value of plan assets at beginning of year | \n\n (7,073) | \n\n (7,768) | \n\n (7,306) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Interest income | \n\n (332) | \n\n (313) | \n\n (332) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Actuarial losses/(gains)(a) | \n\n (19) | \n\n 288 | \n\n (272) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n \u2013 | \n\n 57 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants\u2019 contributions | \n\n (28) | \n\n (26) | \n\n (23) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Employer contributions | \n\n (181) | \n\n (163) | \n\n (254) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n 578 | \n\n 497 | \n\n 523 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Foreign currency translation and other | \n\n (692) | \n\n 355 | \n\n (104) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Fair value of plan assets at year-end | \n\n (7,747) | \n\n (7,073) | \n\n (7,768) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (Funded) Unfunded status | \n\n 1,184 | \n\n 1,103 | \n\n 1,079 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n \u2013Asset ceiling | \n\n 57 | \n\n 33 | \n\n 44 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (Assets) Liabilities net recognized amount | \n\n 1,241 | \n\n 1,136 | \n\n 1,123 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n \u2013Pension benefits and other benefits liabilities | \n\n 1,529 | \n\n 1,290 | \n\n 1,453 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n \u2013Other non-current assets | \n\n (288) | \n\n (154) | \n\n (330) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Net benefit liabilities relating to assets held for sale | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (a)The amount for 2025 includes an adjustment of $(14) million related to asset ceiling, which impacts the net position (liabilities - assets). | \n
As of December\u00a031, 2025, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 79% for the Euro area, 8% for the United States and 2% for the United Kingdom.
In 2024, a buy-in transaction was carried out in the United Kingdom to cover the benefit obligations of beneficiaries not included in the buy-in concluded in 2014. This investment resulted in an actuarial loss of $147\u00a0million recognized in other comprehensive income.
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
| \n \n | \n\n Pension benefits | \n\n Other benefits | \n|||||
|---|---|---|---|---|---|---|---|
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
| \n Current service cost | \n\n 212 | \n\n 191 | \n\n 178 | \n\n \n | \n\n 10 | \n\n 8 | \n\n 12 | \n
| \n Past service cost | \n\n (32) | \n\n 60 | \n\n 47 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Settlements | \n\n 2 | \n\n 2 | \n\n 2 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Net interest cost | \n\n 41 | \n\n 21 | \n\n 28 | \n\n \n | \n\n 16 | \n\n 19 | \n\n 20 | \n
| \n Benefit amounts recognized on profit and loss | \n\n 223 | \n\n 274 | \n\n 255 | \n\n \n | \n\n 26 | \n\n 27 | \n\n 32 | \n
| \n Actuarial (gains)/losses | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Effect of changes in demographic assumptions | \n\n (6) | \n\n (69) | \n\n 4 | \n\n \u00a0(4) | \n\n (2) | \n\n (4) | \n\n (8) | \n
| \n \u2013Effect of changes in financial assumptions | \n\n (122) | \n\n (425) | \n\n 188 | \n\n (24) | \n\n (13) | \n\n (24) | \n\n (7) | \n
| \n \u2013Effect of experience adjustments | \n\n 143 | \n\n 217 | \n\n 204 | \n\n \u00a0(2) | \n\n (20) | \n\n (2) | \n\n 8 | \n
| \n \u2013Actual return on plan assets | \n\n (36) | \n\n 303 | \n\n (272) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Effect of asset ceiling | \n\n 14 | \n\n (16) | \n\n (3) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Benefit amounts recognized on other of consolidated statement of comprehensive income | \n\n (7) | \n\n 11 | \n\n 121 | \n\n (30) | \n\n (35) | \n\n (30) | \n\n (6) | \n
| \n Total benefit amounts recognized on comprehensive income | \n\n 216 | \n\n 284 | \n\n 376 | \n\n \n | \n\n (9) | \n\n (3) | \n\n 25 | \n
Expected future cash outflows
The average duration of accrued benefits is approximately 10\u00a0years for defined pension benefits and 14\u00a0years for other benefits. TotalEnergies expects to pay contributions of $119\u00a0million in respect of funded pension plans in 2026.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
| \n Estimated future payments (M$) | \n\n Pension benefits | \n\n Other benefits | \n
|---|---|---|
| \n 2026 | \n\n 607 | \n\n 23 | \n
| \n 2027 | \n\n 630 | \n\n 23 | \n
| \n 2028 | \n\n 648 | \n\n 22 | \n
| \n 2029 | \n\n 635 | \n\n 22 | \n
| \n 2030 | \n\n 613 | \n\n 23 | \n
| \n 2031-2035 | \n\n 3,548 | \n\n 112 | \n
Type of assets
| \n Asset allocation as of December 31, | \n\n Pension benefits | \n||
|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Equity securities | \n\n 18% | \n\n 17% | \n\n 27% | \n
| \n Debt securities | \n\n 43% | \n\n 44% | \n\n 47% | \n
| \n Monetary | \n\n 2% | \n\n 2% | \n\n 2% | \n
| \n Annuity contracts | \n\n 31% | \n\n 32% | \n\n 17% | \n
| \n Real estate | \n\n 6% | \n\n 5% | \n\n 7% | \n
Investments on equity and debt markets are quoted on active markets.
Main actuarial assumptions and sensitivity analysis
Assumptions used to determine benefits obligations:
| \n \n | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
|---|---|---|---|---|---|---|---|
| \n As of December 31, | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
| \n Discount rate (weighted average for all regions) | \n\n 4.40% | \n\n 4.30% | \n\n 3.89% | \n\n \n | \n\n 4.47% | \n\n 4.17% | \n\n 4.26% | \n
| \n of which Euro zone | \n\n 3.72% | \n\n 3.49% | \n\n 3.27% | \n\n \n | \n\n 3.67% | \n\n 3.41% | \n\n 3.30% | \n
| \n of which United States | \n\n 4.75% | \n\n 5.00% | \n\n 4.50% | \n\n \n | \n\n 5.00% | \n\n 5.00% | \n\n 4.50% | \n
| \n of which United Kingdom | \n\n 5.50% | \n\n 5.50% | \n\n 4.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Inflation rate (weighted average for all regions) | \n\n 2.53% | \n\n 2.54% | \n\n 2.49% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which Euro zone | \n\n 2.00% | \n\n 1.98% | \n\n 2.24% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United States | \n\n 2.50% | \n\n 2.50% | \n\n 2.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United Kingdom | \n\n 3.00% | \n\n 3.25% | \n\n 3.00% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
The discount rate retained is determined by reference to the high quality rates for AA-rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.
Sensitivity to inflation in respect of defined benefit pension plans is not material in the United States.
A 0.5\u00a0point increase or decrease in discount rates \u2013 all other things being equal \u2013 would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5 pt Increase | \n\n 0.5 pt Decrease | \n
|---|---|---|
| \n Benefit obligation as of December 31, 2025 | \n\n (453) | \n\n 488 | \n
A 0.5\u00a0point increase or decrease in inflation rates \u2013 all other things being equal \u2013 would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5 pt Increase | \n\n 0.5 pt Decrease | \n
|---|---|---|
| \n Benefit obligation as of December 31, 2025 | \n\n 258 | \n\n (251) | \n
12.1Provisions and other non-current liabilities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate. | \n\n \n | \n\n Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Litigations and accrued penalty claims | \n\n 366 | \n\n 384 | \n\n 476 | \n
| \n Provisions for environmental contingencies | \n\n 544 | \n\n 611 | \n\n 750 | \n
| \n Asset retirement obligations | \n\n 9,262 | \n\n 11,359 | \n\n 11,585 | \n
| \n Other non-current provisions | \n\n 3,316 | \n\n 3,032 | \n\n 3,588 | \n
| \n of which restructuring activities | \n\n 134 | \n\n 124 | \n\n 228 | \n
| \n of which financial risks related to non-consolidated and equity accounted for affiliates | \n\n 1,720 | \n\n 1,694 | \n\n 1,708 | \n
| \n Other non-current liabilities | \n\n 3,834 | \n\n 4,486 | \n\n 4,858 | \n
| \n Total | \n\n 17,322 | \n\n 19,872 | \n\n 21,257 | \n
In 2025, litigation reserves amount to $366\u00a0million of which $241\u00a0million in the Exploration & Production, notably in Brazil, Angola and United States, and $58\u00a0million in Refining & Chemicals.
In 2024, litigation reserves amounted to $384\u00a0million of which $187\u00a0million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $93\u00a0million in Integrated Power.
In 2023, litigation reserves amounted to $476\u00a0million of which $276\u00a0million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $91\u00a0million in Refining & Chemicals.
Other non-current liabilities mainly include debts whose maturity is more than one year related to fixed assets acquisitions.
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
| \n (M$) | \n\n As of January, 1 | \n\n Allowances | \n\n Reversals | \n\n Currency translation adjustment | \n\n Other | \n\n As of December, 31 | \n
|---|---|---|---|---|---|---|
| \n 2025 | \n\n 19,872 | \n\n 1,492 | \n\n (1,346) | \n\n 683 | \n\n (3,379) | \n\n 17,322 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 43 | \n\n (24) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 589 | \n\n (612) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 22 | \n\n (120) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 35 | \n\n (40) | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2024 | \n\n 21,257 | \n\n 1,056 | \n\n (1,538) | \n\n (419) | \n\n (484) | \n\n 19,872 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 20 | \n\n (16) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 568 | \n\n (464) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 65 | \n\n (183) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 15 | \n\n (103) | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2023 | \n\n 21,402 | \n\n 1,269 | \n\n (1,315) | \n\n 212 | \n\n (311) | \n\n 21,257 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 18 | \n\n (29) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 524 | \n\n (339) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 117 | \n\n (158) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 69 | \n\n (138) | \n\n \n | \n\n \n | \n\n \n | \n
Asset retirement obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset. | \n\n \n | \n\n An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The discount rate used for the valuation of asset retirement obligation is 5% in 2025 as in 2024 and 2023 (the expenses are estimated at current currency values with an inflation rate of 2% in 2025 as in 2024 and 2023).
A decrease of 0.5\u00a0point of this rate would increase the asset retirement obligation by $770\u00a0million, with a corresponding impact in tangible assets, and with a negative impact of approximately $44\u00a0million on the following years net\u00a0income. Conversely, an increase of 0.5\u00a0point would lead to a decrease in asset retirement obligation by $693\u00a0million, with a corresponding impact in tangible assets, and with a positive impact of approximately $41\u00a0million on the following\u00a0years net income.
Changes in the asset retirement obligation are as follows:
| \n (M$) | \n\n As of January\u00a01, | \n\n Accretion | \n\n Revision in estimates | \n\n New obligations | \n\n Spending | \n\n Currency translation adjustment | \n\n Other | \n\n As of December\u00a031, | \n
|---|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 11,359 | \n\n 589 | \n\n 309 | \n\n 141 | \n\n (612) | \n\n 404 | \n\n (2,928)(a) | \n\n 9,262 | \n
| \n 2024 | \n\n 11,585 | \n\n 568 | \n\n 155 | \n\n 200 | \n\n (464) | \n\n (249) | \n\n (436) | \n\n 11,359 | \n
| \n 2023 | \n\n 13,110 | \n\n 524 | \n\n (1,499) | \n\n 108 | \n\n (339) | \n\n 101 | \n\n (420) | \n\n 11,585 | \n
| \n (a)Including $(2,754) million corresponding to the impact of reclassifications under \u201cLiabilities directly associated with the assets classified as held for sale\u201d. | \n
12.2Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Mozambique
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April\u00a026, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure which was lifted end of 2025 paving the way for the project to resume.
Legal and arbitration proceedings
Disputes relating to Climate
In France, TotalEnergies\u00a0SE was summoned in January\u00a02020 before Nanterre\u2019s Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company\u2019s activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July\u00a06, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June\u00a018, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies\u00a0SE considers that it has fulfilled its obligations under the French law on the vigilance duty. A new action against the Corporation, with similar requests for injunction, has started in March\u00a02024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against TotalEnergies\u00a0SE, with the purpose of proving that since May\u00a02021 \u2013 after the change of name of TotalEnergies \u2013 the Corporation\u2019s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. By decision dated October\u00a023, 2025, the Paris Judicial Court ruled that the Corporation\u2019s institutional communication of an informational nature did not fall under the Consumer Code or the scope\u00a0of misleading commercial practices. The claims concerning the communication campaign related to its name change in 2021, as well as those targeting its institutional communication on the role of natural gas and biofuels in the energy transition, were all dismissed. No \u201cadvertising\u201d by TotalEnergies\u2019 subsidiaries in France was condemned by the court. However, the court requested the removal of three paragraphs relating to carbon neutrality ambitions from the website of its commercial subsidiary TotalEnergies \u00c9lectricit\u00e9 et Gaz France intended for customers. Neither party appealed the ruling.
In France, on July\u00a04, 2023, nine shareholders (two companies and seven individuals holding a small number\u00a0of the Corporation\u2019s shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no.\u00a03 passed by the Corporation\u2019s Annual Shareholders\u2019 Meeting on May\u00a026, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies\u2019 assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (Scope\u00a03) and carbon cost assumptions presented as too low. The claimants request for annulment of the Shareholders\u2019 Meeting resolution has been dismissed on September\u00a025, 2025, for lack of interest during a preliminary procedural phase. They have appealed this judgment.
In the United States, the Corporation and several of its US subsidiaries of were summoned, amongst many other companies and professional associations, in several \u201cclimate litigation\u201d cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Company considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
Mozambique
In France, victims and heirs of deceased persons filed a complaint against TotalEnergies\u00a0SE in October\u00a02023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March\u00a02021. This complaint would allege that the Corporation is liable for \u201cunvoluntary manslaughter\u201d and, \u201cfailure to assist people in danger\u201d. The Corporation considers these accusations as unfounded in both law and fact(420).
Kazakhstan
On April\u00a01, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
(420)Refer to the press release published by the Company on October\u00a011, 2023 contesting the accusations.
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013the well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made,
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in Note\u00a07.2 \u201cProperty, plant and equipment\u201d.
5.2Operating expenses and research and development
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method. | \n\n \n | \n\n Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs. Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
5.2.1Operating expenses
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Purchases, net of inventory variation(a) (b) | \n\n (116,740) | \n\n (127,664) | \n\n (143,041) | \n
| \n Exploration costs | \n\n (419) | \n\n (999) | \n\n (573) | \n
| \n Other operating expenses(c) | \n\n (30,914) | \n\n (29,860) | \n\n (30,419) | \n
| \n of which non-current operating liabilities (allowances) reversals | \n\n 660 | \n\n 870 | \n\n 821 | \n
| \n of which current operating liabilities (allowances) reversals | \n\n 15 | \n\n (60) | \n\n (92) | \n
| \n Operating expenses | \n\n (148,073) | \n\n (158,523) | \n\n (174,033) | \n
| \n (a)Includes taxes paid on oil and gas production in the Exploration & Production segment, amongst others royalties. (b)TotalEnergies values under/over lifting at market value. (c)Principally composed of production and administrative costs (refer in particular to payroll costs as detailed in Note 10 to the Consolidated Financial Statements \u201cPayroll, staff and employee benefits obligations\u201d). | \n
5.2.2Research and development costs
| \n \n | \n\n \n | \n\n\n | \n
|---|---|---|
| \n \n | \n\n Accounting principles | \n\n\n | \n
| \n \n | \n\n Research costs are charged to expense as incurred. Development expenses are capitalized when the criteria of IAS 38 are met. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Research and development costs incurred by TotalEnergies in 2025 and booked in operating expenses (excluding depreciations) amount to $810\u00a0million ($805\u00a0million in 2024 and $774\u00a0million in 2023), corresponding to 0.40% of the sales.
In 2025, 3,778 people are dedicated to these research and development activities (3,715 in 2024 and 3,687 in 2023).
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013the well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made,
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in Note\u00a07.2 \u201cProperty, plant and equipment\u201d.
Intangible and tangible assets - depreciation\u00a0and\u00a0useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
\u2013unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated;
\u2013unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked;
\u2013proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests;
\u2013development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations;
\u2013the depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year.
This alternative method was not applied as of December\u00a031, 2025, 2024, and 2023 because, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Given the characteristics of the Company\u2019s portfolio of oil & gas assets, its current value on the balance sheet will be almost entirely depreciated by 2040.
Consequently, TotalEnergies does not anticipate significant changes in the useful life of its existing oil and gas assets that would represent an element of significant judgment impacting its consolidated accounts in the future.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in Notes\u00a07.1 \u201cIntangible assets\u201d and 7.2 \u201cProperty, plant and equipment\u201d.
7.2Property, plant and equipment
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n|||||||||
| \n \n | \n\n Exploration costs TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method. Exploratory wells are capitalized and tested for impairment on an individual basis as follows: \u2013costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves; \u2013costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met: \u2013the well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made, \u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility. Costs of exploratory wells not meeting these conditions are charged to \u201cExploration costs\u201d. Oil and Gas production assets of exploration and production activities Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations. The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method). In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. As of December\u00a031, 2025, 2024 and 2023, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets. | \n\n \n | \n\n \n With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects. With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas). Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset. Other property, plant and equipment Other property, plant and equipment are carried at cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the acquisition or production of a qualifying asset incurred until assets are placed in service. Borrowing costs are capitalized as follows: \u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate; \u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period. Routine maintenance and repairs are charged to expense as incurred. The costs of major turnarounds of refineries and large petrochemical units are capitalized as incurred and depreciated over the period of time between two consecutive major turnarounds. Other property, plant and equipment are depreciated using the straight-line method over their useful lives, which are as follows:
| \n\n\n | \n||||||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n \n | \n\n \n | \n\n \n | \n
| \n Proved properties | \n\n 198,464 | \n\n (136,430) | \n\n 62,034 | \n
| \n Unproved properties | \n\n 1,544 | \n\n (160) | \n\n 1,384 | \n
| \n Work in progress | \n\n 24,239 | \n\n (571) | \n\n 23,668 | \n
| \n Subtotal | \n\n 224,247 | \n\n (137,161) | \n\n 87,086 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 2,826 | \n\n (1,245) | \n\n 1,581 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 43,482 | \n\n (31,114) | \n\n 12,368 | \n
| \n Buildings | \n\n 10,487 | \n\n (7,049) | \n\n 3,438 | \n
| \n Work in progress | \n\n 5,886 | \n\n (105) | \n\n 5,781 | \n
| \n Other | \n\n 12,923 | \n\n (8,483) | \n\n 4,440 | \n
| \n Subtotal | \n\n 75,604 | \n\n (47,996) | \n\n 27,608 | \n
| \n Total property, plant and equipment | \n\n 299,851 | \n\n (185,157) | \n\n 114,694 | \n
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n \n | \n\n \n | \n\n \n | \n
| \n Proved properties | \n\n 202,731 | \n\n (140,850) | \n\n 61,881 | \n
| \n Unproved properties | \n\n 1,370 | \n\n (160) | \n\n 1,210 | \n
| \n Work in progress | \n\n 20,640 | \n\n (312) | \n\n 20,328 | \n
| \n Subtotal | \n\n 224,741 | \n\n (141,322) | \n\n 83,419 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 2,598 | \n\n (1,044) | \n\n 1,554 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 39,315 | \n\n (27,116) | \n\n 12,199 | \n
| \n Buildings | \n\n 9,390 | \n\n (6,192) | \n\n 3,198 | \n
| \n Work in progress | \n\n 4,382 | \n\n (31) | \n\n 4,351 | \n
| \n Other | \n\n 12,059 | \n\n (7,685) | \n\n 4,374 | \n
| \n Subtotal | \n\n 67,744 | \n\n (42,068) | \n\n 25,676 | \n
| \n Total property, plant and equipment | \n\n 292,485 | \n\n (183,390) | \n\n 109,095 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Proved properties | \n\n 201,961 | \n\n (144,082) | \n\n 57,879 | \n
| \n Unproved properties | \n\n 1,455 | \n\n (268) | \n\n 1,187 | \n
| \n Work in progress | \n\n 23,729 | \n\n (443) | \n\n 23,286 | \n
| \n Subtotal | \n\n 227,145 | \n\n (144,793) | \n\n 82,352 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 2,837 | \n\n (1,008) | \n\n 1,829 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 38,769 | \n\n (27,222) | \n\n 11,547 | \n
| \n Buildings | \n\n 9,529 | \n\n (6,105) | \n\n 3,424 | \n
| \n Work in progress | \n\n 5,262 | \n\n (23) | \n\n 5,239 | \n
| \n Other | \n\n 12,344 | \n\n (7,819) | \n\n 4,525 | \n
| \n Subtotal | \n\n 68,741 | \n\n (42,177) | \n\n 26,564 | \n
| \n Total property, plant and equipment | \n\n 295,886 | \n\n (186,970) | \n\n 108,916 | \n
Change in net property, plant and equipment is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1, | \n\n Expenditures | \n\n Disposals | \n\n Depreciation and impairment | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 109,095 | \n\n 15,756 | \n\n (1,039) | \n\n (12,801) | \n\n 3,164 | \n\n 519 | \n\n 114,694 | \n
| \n 2024 | \n\n 108,916 | \n\n 13,471 | \n\n (573) | \n\n (12,076) | \n\n (1,806) | \n\n 1,163 | \n\n 109,095 | \n
| \n 2023 | \n\n 107,101 | \n\n 16,478 | \n\n (3,781) | \n\n (12,448) | \n\n 415 | \n\n 1,151 | \n\n 108,916 | \n
In 2025, the heading \u201cDisposals\u201d mainly includes the impact of the sale of the non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) and Nigerian Agip Exploration Limited (NAE).
In 2025, the heading \u201cDepreciation and impairment\u201d includes the impact of exceptional asset impairments and capitalized exploration charges recorded for $575\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d).
In 2025, the heading \u201cOther\u201d includes in particular the impact of changes in the consolidation scope\u00a0for $(1,521)\u00a0million (mainly the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany for $737\u00a0million and the sale of 50% of a portfolio of 2.7\u00a0GW of gross capacity (North America, Portugal, Greece, France) for $(2,398)\u00a0million), the impact of the classifications as \u201cAssets classified as held for sale\u201d for $(1,349)\u00a0million, the impact of new IFRS\u00a016 contracts for the year (mainly FPSO and ships) for $2,402\u00a0million, and the effect of the revaluation of site restoration provisions on property, plant, and equipment for $466\u00a0million.
In 2024, the heading \u201cDisposals\u201d mainly included the impact of the sale of a 15% stake in the Absheron gas field to ADNOC (Abu Dhabi National Oil Company).
In 2024, the heading \u201cDepreciation and impairment\u201d included the impact of exceptional asset impairments and capitalized exploration charges recorded for $479\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d).
In 2024, the heading \u201cOther\u201d included in particular the impact of changes in the consolidation scope\u00a0for $(1,077)\u00a0million (mainly the acquisition of upstream gas assets from SapuraOMV for $1,085\u00a0million and the sale of a 50% stake in three solar projects in the United States to the Apollo investment fund for $(1,745)\u00a0million), the impact of new IFRS\u00a016 contracts for the year (mainly FPSO and ships) for $2,725\u00a0million, and the effect of the revaluation of site restoration provisions on property, plant, and equipment for $363\u00a0million.
In 2023, the heading \u201cDisposals\u201d mainly included the impact of the sale of assets in Canada to ConocoPhillips of $3,220\u00a0million.
In 2023, the heading \u201cDepreciation and impairment\u201d included the impact of impairments of assets recognized for an amount of $653\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d) including notably upstream assets in Kenya and Congo and impairments related to the project of selling Naphtachimie to INEOS.
In 2023, the heading \u201cOther\u201d included in particular the impact of changes in the consolidation scope\u00a0for $298\u00a0million (mainly the acquisition of Total Eren for $2,193\u00a0million, the sale of TotalEnergies EP Canada Ltd. to Suncor for $(1,134)\u00a0million and the exit of network activities in Germany for $(826)\u00a0million), the impact of new IFRS\u00a016 contracts during the year (mainly FPSO and ships) for $2,526\u00a0million and the impact of the revaluation of provisions for sites restitution on tangible assets for $(1,262)\u00a0million.
Following the application of IFRS\u00a016 \u201cLeases\u201d, property, plant and equipment as at December\u00a031, 2025, 2024 and 2023 presented above include the following amounts for rights of use of assets:
| \n As of December 31, 2025 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 6,533 | \n\n (3,127) | \n\n 3,406 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,285 | \n\n (592) | \n\n 693 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 6,028 | \n\n (3,362) | \n\n 2,666 | \n
| \n Buildings | \n\n 1,490 | \n\n (789) | \n\n 701 | \n
| \n Other | \n\n 1,062 | \n\n (660) | \n\n 402 | \n
| \n Subtotal | \n\n 9,865 | \n\n (5,403) | \n\n 4,462 | \n
| \n Total property, plant and equipment | \n\n 16,398 | \n\n (8,530) | \n\n 7,868 | \n
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 5,918 | \n\n (2,611) | \n\n 3,307 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,183 | \n\n (453) | \n\n 730 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 5,371 | \n\n (2,760) | \n\n 2,611 | \n
| \n Buildings | \n\n 1,365 | \n\n (703) | \n\n 662 | \n
| \n Other | \n\n 898 | \n\n (534) | \n\n 364 | \n
| \n Subtotal | \n\n 8,817 | \n\n (4,450) | \n\n 4,367 | \n
| \n Total property, plant and equipment | \n\n 14,735 | \n\n (7,061) | \n\n 7,674 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 4,770 | \n\n (1,927) | \n\n 2,843 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,383 | \n\n (415) | \n\n 968 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,751 | \n\n (2,235) | \n\n 2,516 | \n
| \n Buildings | \n\n 1,332 | \n\n (614) | \n\n 718 | \n
| \n Other | \n\n 908 | \n\n (529) | \n\n 379 | \n
| \n Subtotal | \n\n 8,374 | \n\n (3,793) | \n\n 4,581 | \n
| \n Total property, plant and equipment | \n\n 13,144 | \n\n (5,720) | \n\n 7,424 | \n
Intangible and tangible assets - depreciation\u00a0and\u00a0useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
\u2013unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated;
\u2013unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked;
\u2013proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests;
\u2013development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations;
\u2013the depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year.
This alternative method was not applied as of December\u00a031, 2025, 2024, and 2023 because, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Given the characteristics of the Company\u2019s portfolio of oil & gas assets, its current value on the balance sheet will be almost entirely depreciated by 2040.
Consequently, TotalEnergies does not anticipate significant changes in the useful life of its existing oil and gas assets that would represent an element of significant judgment impacting its consolidated accounts in the future.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in Notes\u00a07.1 \u201cIntangible assets\u201d and 7.2 \u201cProperty, plant and equipment\u201d.
7.1Intangible assets
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Goodwill Guidance for measuring goodwill is presented in Note\u00a01.1 paragraph\u00a0B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment. Mineral interests Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated. Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked. Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded under \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d. | \n\n \n | \n\n Other intangible assets Other intangible assets include patents, and trademarks. Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses. Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty\u00a0years depending on the useful life of the assets. The corresponding depreciation expense is recorded under \u201cOther expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 12,881 | \n\n (380) | \n\n 12,501 | \n
| \n Proved mineral interests | \n\n 18,972 | \n\n (9,449) | \n\n 9,523 | \n
| \n Unproved mineral interests | \n\n 14,108 | \n\n (2,931) | \n\n 11,177 | \n
| \n Other intangible assets | \n\n 9,073 | \n\n (4,929) | \n\n 4,144 | \n
| \n Total intangible assets | \n\n 55,034 | \n\n (17,689) | \n\n 37,345 | \n
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 11,654 | \n\n (389) | \n\n 11,265 | \n
| \n Proved mineral interests | \n\n 18,218 | \n\n (9,518) | \n\n 8,700 | \n
| \n Unproved mineral interests | \n\n 14,124 | \n\n (2,974) | \n\n 11,150 | \n
| \n Other intangible assets | \n\n 7,204 | \n\n (4,081) | \n\n 3,123 | \n
| \n Total intangible assets | \n\n 51,200 | \n\n (16,962) | \n\n 34,238 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 10,484 | \n\n (533) | \n\n 9,951 | \n
| \n Proved mineral interests | \n\n 17,713 | \n\n (9,704) | \n\n 8,009 | \n
| \n Unproved mineral interests | \n\n 14,976 | \n\n (2,624) | \n\n 12,352 | \n
| \n Other intangible assets | \n\n 7,354 | \n\n (4,583) | \n\n 2,771 | \n
| \n Total intangible assets | \n\n 50,527 | \n\n (17,444) | \n\n 33,083 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1 | \n\n Expenditures | \n\n Disposals | \n\n Amortization | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 34,238 | \n\n 1,197 | \n\n (236) | \n\n (1,443) | \n\n 1,161 | \n\n 2,428 | \n\n 37,345 | \n
| \n 2024 | \n\n 33,083 | \n\n 1,438 | \n\n (19) | \n\n (1,502) | \n\n (494) | \n\n 1,732 | \n\n 34,238 | \n
| \n 2023 | \n\n 31,931 | \n\n 1,244 | \n\n (458) | \n\n (1,630) | \n\n 148 | \n\n 1,848 | \n\n 33,083 | \n
In 2025, the heading \u201cAmortization and impairment\u201d includes the impact of exceptional asset impairments recorded for $235\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d).
In 2025, the heading \u201cOther\u201d mainly reflects changes in the consolidation scope, in particular the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany for $1,644\u00a0million.
In 2024, the heading \u201cAmortization and impairment\u201d included the impact of exceptional asset impairments recorded for $340\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d), particularly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
In 2024, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of upstream gas assets from SapuraOMV for $833\u00a0million.
In 2023, the heading \u201cAmortization and impairment\u201d included the accounting impact of exceptional asset impairments for an amount of $472\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d), related in particular to goodwill and customer portfolios of gas and power marketing activities in Belgium, Spain and France.
In 2023, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of Total Eren for $2,238\u00a0million.
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2025 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2025 | \n
|---|---|---|---|---|---|
| \n Exploration & Production | \n\n 2,482 | \n\n \u2013 | \n\n \u2013 | \n\n (8) | \n\n 2,474 | \n
| \n Integrated LNG | \n\n 3,304 | \n\n (14) | \n\n \u2013 | \n\n 186 | \n\n 3,476 | \n
| \n Integrated Power | \n\n 4,360 | \n\n 828 | \n\n (34) | \n\n 214 | \n\n 5,368 | \n
| \n Refining & Chemicals | \n\n 643 | \n\n \u2013 | \n\n \u2013 | \n\n (35) | \n\n 608 | \n
| \n Marketing & Services | \n\n 473 | \n\n \u2013 | \n\n (13) | \n\n 111 | \n\n 571 | \n
| \n Corporate | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 4 | \n
| \n Total | \n\n 11,265 | \n\n 814 | \n\n (47) | \n\n 469 | \n\n 12,501 | \n
Intangible and tangible assets - depreciation\u00a0and\u00a0useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
\u2013unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated;
\u2013unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked;
\u2013proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests;
\u2013development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations;
\u2013the depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year.
This alternative method was not applied as of December\u00a031, 2025, 2024, and 2023 because, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Given the characteristics of the Company\u2019s portfolio of oil & gas assets, its current value on the balance sheet will be almost entirely depreciated by 2040.
Consequently, TotalEnergies does not anticipate significant changes in the useful life of its existing oil and gas assets that would represent an element of significant judgment impacting its consolidated accounts in the future.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in Notes\u00a07.1 \u201cIntangible assets\u201d and 7.2 \u201cProperty, plant and equipment\u201d.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
7.1Intangible assets
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Goodwill Guidance for measuring goodwill is presented in Note\u00a01.1 paragraph\u00a0B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment. Mineral interests Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated. Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked. Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded under \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d. | \n\n \n | \n\n Other intangible assets Other intangible assets include patents, and trademarks. Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses. Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty\u00a0years depending on the useful life of the assets. The corresponding depreciation expense is recorded under \u201cOther expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 12,881 | \n\n (380) | \n\n 12,501 | \n
| \n Proved mineral interests | \n\n 18,972 | \n\n (9,449) | \n\n 9,523 | \n
| \n Unproved mineral interests | \n\n 14,108 | \n\n (2,931) | \n\n 11,177 | \n
| \n Other intangible assets | \n\n 9,073 | \n\n (4,929) | \n\n 4,144 | \n
| \n Total intangible assets | \n\n 55,034 | \n\n (17,689) | \n\n 37,345 | \n
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 11,654 | \n\n (389) | \n\n 11,265 | \n
| \n Proved mineral interests | \n\n 18,218 | \n\n (9,518) | \n\n 8,700 | \n
| \n Unproved mineral interests | \n\n 14,124 | \n\n (2,974) | \n\n 11,150 | \n
| \n Other intangible assets | \n\n 7,204 | \n\n (4,081) | \n\n 3,123 | \n
| \n Total intangible assets | \n\n 51,200 | \n\n (16,962) | \n\n 34,238 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 10,484 | \n\n (533) | \n\n 9,951 | \n
| \n Proved mineral interests | \n\n 17,713 | \n\n (9,704) | \n\n 8,009 | \n
| \n Unproved mineral interests | \n\n 14,976 | \n\n (2,624) | \n\n 12,352 | \n
| \n Other intangible assets | \n\n 7,354 | \n\n (4,583) | \n\n 2,771 | \n
| \n Total intangible assets | \n\n 50,527 | \n\n (17,444) | \n\n 33,083 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1 | \n\n Expenditures | \n\n Disposals | \n\n Amortization | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 34,238 | \n\n 1,197 | \n\n (236) | \n\n (1,443) | \n\n 1,161 | \n\n 2,428 | \n\n 37,345 | \n
| \n 2024 | \n\n 33,083 | \n\n 1,438 | \n\n (19) | \n\n (1,502) | \n\n (494) | \n\n 1,732 | \n\n 34,238 | \n
| \n 2023 | \n\n 31,931 | \n\n 1,244 | \n\n (458) | \n\n (1,630) | \n\n 148 | \n\n 1,848 | \n\n 33,083 | \n
In 2025, the heading \u201cAmortization and impairment\u201d includes the impact of exceptional asset impairments recorded for $235\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d).
In 2025, the heading \u201cOther\u201d mainly reflects changes in the consolidation scope, in particular the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany for $1,644\u00a0million.
In 2024, the heading \u201cAmortization and impairment\u201d included the impact of exceptional asset impairments recorded for $340\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d), particularly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
In 2024, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of upstream gas assets from SapuraOMV for $833\u00a0million.
In 2023, the heading \u201cAmortization and impairment\u201d included the accounting impact of exceptional asset impairments for an amount of $472\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d), related in particular to goodwill and customer portfolios of gas and power marketing activities in Belgium, Spain and France.
In 2023, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of Total Eren for $2,238\u00a0million.
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2025 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2025 | \n
|---|---|---|---|---|---|
| \n Exploration & Production | \n\n 2,482 | \n\n \u2013 | \n\n \u2013 | \n\n (8) | \n\n 2,474 | \n
| \n Integrated LNG | \n\n 3,304 | \n\n (14) | \n\n \u2013 | \n\n 186 | \n\n 3,476 | \n
| \n Integrated Power | \n\n 4,360 | \n\n 828 | \n\n (34) | \n\n 214 | \n\n 5,368 | \n
| \n Refining & Chemicals | \n\n 643 | \n\n \u2013 | \n\n \u2013 | \n\n (35) | \n\n 608 | \n
| \n Marketing & Services | \n\n 473 | \n\n \u2013 | \n\n (13) | \n\n 111 | \n\n 571 | \n
| \n Corporate | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 4 | \n
| \n Total | \n\n 11,265 | \n\n 814 | \n\n (47) | \n\n 469 | \n\n 12,501 | \n
Income Taxes
A tax liability is recognized when in application of a tax regulation, a future payment is considered probable and can be reasonably estimated. The exercise of judgment is required to assess the impact of new events on the amount of the liability.
Deferred tax assets are recognized in the accounts to the extent that their recovery is considered probable. The amount of these assets is determined after taking into account deferred tax liabilities with comparable maturity, arising from the same entities and tax regimes. It takes into account existing taxable profits and future taxable profits which estimation is inherently uncertain and subject to change over time. The exercise of judgment is required to assess the impact of new events on the value of these assets and including changes in estimates of future taxable profits and the deadlines for their use.
In addition, these tax positions may depend on interpretations of tax laws and regulations in the countries where TotalEnergies operates. These interpretations may have uncertain nature. Depending on the circumstances, they are final only after negotiations or resolution of disputes with authorities that can last several\u00a0years.
Incomes taxes and the accounting methods are described in Note\u00a011 \u201cIncome taxes\u201d.
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (or income). Current tax expenses (or income) are the estimated amount of the tax due for the taxable income of the period. Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits. | \n\n \n | \n\n Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to. Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Income taxes are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Current income taxes | \n\n (8,785) | \n\n (10,212) | \n\n (12,745) | \n
| \n Deferred income taxes | \n\n (307) | \n\n (563) | \n\n (556) | \n
| \n Total income taxes | \n\n (9,092) | \n\n (10,775) | \n\n (13,301) | \n
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Net operating losses and tax carry forwards | \n\n 3,349 | \n\n 3,324 | \n\n 3,098 | \n
| \n Employee benefits | \n\n 500 | \n\n 436 | \n\n 415 | \n
| \n Other temporary non-deductible provisions | \n\n 6,693 | \n\n 6,886 | \n\n 7,569 | \n
| \n Differences in depreciations | \n\n (15,687) | \n\n (15,003) | \n\n (15,443) | \n
| \n Other temporary tax deductions | \n\n (4,131) | \n\n (4,555) | \n\n (3,909) | \n
| \n Net deferred tax liability | \n\n (9,276) | \n\n (8,912) | \n\n (8,270) | \n
The reserves of TotalEnergies subsidiaries that would be taxable if distributed but for which no distribution is planned, and for which no deferred tax liability has therefore been recognized, totaled $4,271\u00a0million as of December\u00a031, 2025.
Deferred tax assets not recognized as of December\u00a031, 2025, amount to $2,899\u00a0million as their future recovery was not regarded as probable given the expected results of the entities, particularly in the Exploration & Production segment, when the affiliate or the field concerned is in its exploration phase, the net operating losses created during this phase will be useable only if a final investment and development decision is made. Accordingly, the time limit for the utilization of those net operating losses is not known.
Deferred tax assets not recognized relate notably to France for an amount of $1,153\u00a0million, Namibia for an amount of $315\u00a0million and Australia for an amount of $201\u00a0million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Deferred tax assets | \n\n 3,358 | \n\n 3,202 | \n\n 3,418 | \n
| \n Deferred tax liabilities | \n\n (12,634) | \n\n (12,114) | \n\n (11,688) | \n
| \n Net amount | \n\n (9,276) | \n\n (8,912) | \n\n (8,270) | \n
The net deferred tax variation in the balance sheet is analyzed as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Opening balance | \n\n (8,912) | \n\n (8,270) | \n\n (5,972) | \n
| \n Deferred tax on income | \n\n (307) | \n\n (563) | \n\n (556) | \n
| \n Deferred tax on shareholders\u2019 equity(a) | \n\n 306 | \n\n (768) | \n\n (741) | \n
| \n Changes in scope\u00a0of consolidation and others | \n\n (75) | \n\n 388 | \n\n (1,102) | \n
| \n Currency translation adjustment | \n\n (288) | \n\n 301 | \n\n 101 | \n
| \n Closing balance | \n\n (9,276) | \n\n (8,912) | \n\n (8,270) | \n
| \n (a)This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments in equity instruments, as well as deferred taxes related to the cash flow hedge (refer to Note\u00a09 to the Consolidated Financial Statements). | \n
Reconciliation between provision for income taxes and pre-tax income
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Consolidated net income | \n\n 13,357 | \n\n 16,031 | \n\n 21,510 | \n
| \n Income taxes | \n\n 9,092 | \n\n 10,775 | \n\n 13,301 | \n
| \n Pre-tax income | \n\n 22,449 | \n\n 26,806 | \n\n 34,811 | \n
| \n French statutory tax rate | \n\n 25.83% | \n\n 25.83% | \n\n 25.83% | \n
| \n Theoretical tax charge | \n\n (5,799) | \n\n (6,924) | \n\n (8,992) | \n
| \n Difference between French and foreign income tax rates | \n\n (5,143) | \n\n (5,554) | \n\n (5,925) | \n
| \n Tax effect of equity affiliates\u2019 income (loss) | \n\n 660 | \n\n 408 | \n\n 477 | \n
| \n Permanent differences | \n\n 1,271 | \n\n 890 | \n\n 800 | \n
| \n Adjustments on prior years income taxes | \n\n 221 | \n\n 109 | \n\n 54 | \n
| \n Adjustments on deferred tax related to changes in tax rates | \n\n (91) | \n\n (35) | \n\n 216 | \n
| \n Variation of deferred tax assets not recognized | \n\n (211) | \n\n 331 | \n\n 69 | \n
| \n Income taxes in the statement of income | \n\n (9,092) | \n\n (10,775) | \n\n (13,301) | \n
The French statutory tax rate includes the standard corporate tax rate (25%), increased by the additional contribution that bring the overall tax rate to 25.83% in 2025 (as in 2024 and 2023).
Permanent differences are mainly due to impairment of goodwill and to dividends from non-consolidated companies as well as the specific taxation rules applicable to certain activities.
The international tax reform Pillar 2, applicable in France from January\u00a01, 2024, introduces a minimum tax rate of 15% on the profits of companies in each of their operating countries. Given the high tax rates in the Company\u2019s operating countries and the increases in countries with lower rates, the application of this minimum tax will not result in the payment of additional tax for 2025, as for 2024.
Schedule of losses and tax credits carried forward
TotalEnergies has deferred tax assets related to losses and carried forward tax credits which expire according to the following\u00a0years:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n 2024 | \n\n \n | \n\n \n | \n\n 2 | \n
| \n 2025 | \n\n \n | \n\n 2 | \n\n 2 | \n
| \n 2026 | \n\n 5 | \n\n 5 | \n\n 8 | \n
| \n 2027 | \n\n 6 | \n\n 4 | \n\n 3 | \n
| \n 2028(a) | \n\n 6 | \n\n 5 | \n\n 1,201 | \n
| \n 2029(b) | \n\n 4 | \n\n 216 | \n\n \u00a0 | \n
| \n 2030 and after | \n\n 560 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 2,768 | \n\n 3,092 | \n\n 1,882 | \n
| \n Total | \n\n 3,349 | \n\n 3,324 | \n\n 3,098 | \n
| \n (a)2028 and after for 2023. (b)2029 and after for 2024. | \n\n\n | \n\n\n | \n\n\n | \n
As of December 31, 2025 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:
| \n As of December 31, 2025 (M$) | \n\n \n | \n\n Tax | \n\n \n | \n
|---|---|---|---|
| \n United States | \n\n France | \n\n Australia | \n|
| \n 2026 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2027 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2028 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2029 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2030 and after | \n\n 455 | \n\n 6 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 575 | \n\n 993 | \n\n 571 | \n
| \n Total | \n\n 1,030 | \n\n 999 | \n\n 571 | \n
Employee benefits
The benefit obligations and plan assets can be subject to significant volatility due in part to changes in market values and actuarial assumptions. These assumptions vary between different pension plans and thus take into account local conditions. They are determined following a formal process involving expertise and TotalEnergies internal judgments, in financial and actuarial terms, and also in consultation with actuaries and independent experts.
The assumptions for each plan are reviewed annually and adjusted if necessary to reflect changes from the experience and actuarial advice. The discount rate is reviewed quarterly.
Payroll, staff and employee benefits obligations and the method applied are described in Note\u00a010 \u201cPayroll, staff and employee benefits obligations\u201d.
10.1Employee benefits obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits. These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments. For defined contribution plans, expenses correspond to the contributions paid. | \n\n \n | \n\n Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement. The past service cost is recorded immediately in the statement of income, whether vested or unvested. The net periodic pension cost is recognized under \u201cOther operating expenses\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Liabilities for employee benefits obligations consist of the following:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Pension benefits liabilities | \n\n 1,529 | \n\n 1,290 | \n\n 1,453 | \n
| \n Other benefits liabilities | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n Restructuring reserves (early retirement plans) | \n\n 66 | \n\n 52 | \n\n 72 | \n
| \n Total | \n\n 2,018 | \n\n 1,753 | \n\n 1,993 | \n
| \n Net liabilities relating to assets held for sale | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Description of plans and risk management
TotalEnergies operates, for the benefit of its current and former employees, both defined benefit plans and defined contribution plans.
TotalEnergies recognized a charge of $217\u00a0million for defined contribution plans in 2025 ($175\u00a0million in 2024 and $167\u00a0million in 2023).
TotalEnergies\u2019 main defined benefit pension plans are located in France, the United Kingdom, the United States, Belgium and Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following:
\u2013the benefits are usually based on the final salary and seniority;
\u2013they are usually funded (pension fund or insurer);
\u2013they are usually closed to new employees who benefit from defined contribution pension plans;
\u2013they are paid in annuity or in lump sum.
The pension benefits include also termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care.
In order to manage the inherent risks, TotalEnergies has implemented a dedicated governance framework to ensure the supervision of the different plans. These governance rules provide for:
\u2013TotalEnergies\u2019 representation in key governance bodies or monitoring committees;
\u2013the principles of the funding policy;
\u2013the general investment policy, including for most plans:
\u2013the establishment of a monitoring committee to define and follow the investment strategy and performance,
\u2013 the principles to be respected in term of investment allocation;
\u2013a procedure to approve the establishment of new plans or the amendment of existing plans;
\u2013the principles of administration, communication and reporting.
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
| \n As of December 31, (M$) | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Change in benefit obligation | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Benefit obligation at beginning of year | \n\n 8,176 | \n\n 8,847 | \n\n 8,267 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n \u2013Current service cost | \n\n 212 | \n\n 191 | \n\n 178 | \n\n \u00a0 | \n\n 10 | \n\n 8 | \n\n 12 | \n
| \n \u2013Interest cost | \n\n 369 | \n\n 328 | \n\n 355 | \n\n \u00a0 | \n\n 16 | \n\n 19 | \n\n 20 | \n
| \n \u2013Past service cost | \n\n (32) | \n\n 60 | \n\n 47 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 2 | \n\n (55) | \n\n 2 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants\u2019 contributions | \n\n 28 | \n\n 26 | \n\n 23 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n (635) | \n\n (538) | \n\n (563) | \n\n \u00a0 | \n\n (22) | \n\n (26) | \n\n (24) | \n
| \n \u2013Actuarial losses/(gains) | \n\n 12 | \n\n (277) | \n\n 393 | \n\n \u00a0 | \n\n (35) | \n\n (30) | \n\n (6) | \n
| \n \u2013Foreign currency translation and other | \n\n 799 | \n\n (406) | \n\n 146 | \n\n \u00a0 | \n\n 43 | \n\n (28) | \n\n (1) | \n
| \n Benefit obligation at year-end | \n\n 8,931 | \n\n 8,176 | \n\n 8,847 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n of which plans entirely or partially funded | \n\n 8,268 | \n\n 7,689 | \n\n 8,392 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which plans not funded | \n\n 663 | \n\n 487 | \n\n 455 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n Change in fair value of plan assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Fair value of plan assets at beginning of year | \n\n (7,073) | \n\n (7,768) | \n\n (7,306) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Interest income | \n\n (332) | \n\n (313) | \n\n (332) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Actuarial losses/(gains)(a) | \n\n (19) | \n\n 288 | \n\n (272) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n \u2013 | \n\n 57 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants\u2019 contributions | \n\n (28) | \n\n (26) | \n\n (23) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Employer contributions | \n\n (181) | \n\n (163) | \n\n (254) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n 578 | \n\n 497 | \n\n 523 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Foreign currency translation and other | \n\n (692) | \n\n 355 | \n\n (104) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Fair value of plan assets at year-end | \n\n (7,747) | \n\n (7,073) | \n\n (7,768) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (Funded) Unfunded status | \n\n 1,184 | \n\n 1,103 | \n\n 1,079 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n \u2013Asset ceiling | \n\n 57 | \n\n 33 | \n\n 44 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (Assets) Liabilities net recognized amount | \n\n 1,241 | \n\n 1,136 | \n\n 1,123 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n \u2013Pension benefits and other benefits liabilities | \n\n 1,529 | \n\n 1,290 | \n\n 1,453 | \n\n \u00a0 | \n\n 423 | \n\n 411 | \n\n 468 | \n
| \n \u2013Other non-current assets | \n\n (288) | \n\n (154) | \n\n (330) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Net benefit liabilities relating to assets held for sale | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (a)The amount for 2025 includes an adjustment of $(14) million related to asset ceiling, which impacts the net position (liabilities - assets). | \n
As of December\u00a031, 2025, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 79% for the Euro area, 8% for the United States and 2% for the United Kingdom.
In 2024, a buy-in transaction was carried out in the United Kingdom to cover the benefit obligations of beneficiaries not included in the buy-in concluded in 2014. This investment resulted in an actuarial loss of $147\u00a0million recognized in other comprehensive income.
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
| \n \n | \n\n Pension benefits | \n\n Other benefits | \n|||||
|---|---|---|---|---|---|---|---|
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
| \n Current service cost | \n\n 212 | \n\n 191 | \n\n 178 | \n\n \n | \n\n 10 | \n\n 8 | \n\n 12 | \n
| \n Past service cost | \n\n (32) | \n\n 60 | \n\n 47 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Settlements | \n\n 2 | \n\n 2 | \n\n 2 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Net interest cost | \n\n 41 | \n\n 21 | \n\n 28 | \n\n \n | \n\n 16 | \n\n 19 | \n\n 20 | \n
| \n Benefit amounts recognized on profit and loss | \n\n 223 | \n\n 274 | \n\n 255 | \n\n \n | \n\n 26 | \n\n 27 | \n\n 32 | \n
| \n Actuarial (gains)/losses | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Effect of changes in demographic assumptions | \n\n (6) | \n\n (69) | \n\n 4 | \n\n \u00a0(4) | \n\n (2) | \n\n (4) | \n\n (8) | \n
| \n \u2013Effect of changes in financial assumptions | \n\n (122) | \n\n (425) | \n\n 188 | \n\n (24) | \n\n (13) | \n\n (24) | \n\n (7) | \n
| \n \u2013Effect of experience adjustments | \n\n 143 | \n\n 217 | \n\n 204 | \n\n \u00a0(2) | \n\n (20) | \n\n (2) | \n\n 8 | \n
| \n \u2013Actual return on plan assets | \n\n (36) | \n\n 303 | \n\n (272) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Effect of asset ceiling | \n\n 14 | \n\n (16) | \n\n (3) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Benefit amounts recognized on other of consolidated statement of comprehensive income | \n\n (7) | \n\n 11 | \n\n 121 | \n\n (30) | \n\n (35) | \n\n (30) | \n\n (6) | \n
| \n Total benefit amounts recognized on comprehensive income | \n\n 216 | \n\n 284 | \n\n 376 | \n\n \n | \n\n (9) | \n\n (3) | \n\n 25 | \n
Expected future cash outflows
The average duration of accrued benefits is approximately 10\u00a0years for defined pension benefits and 14\u00a0years for other benefits. TotalEnergies expects to pay contributions of $119\u00a0million in respect of funded pension plans in 2026.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
| \n Estimated future payments (M$) | \n\n Pension benefits | \n\n Other benefits | \n
|---|---|---|
| \n 2026 | \n\n 607 | \n\n 23 | \n
| \n 2027 | \n\n 630 | \n\n 23 | \n
| \n 2028 | \n\n 648 | \n\n 22 | \n
| \n 2029 | \n\n 635 | \n\n 22 | \n
| \n 2030 | \n\n 613 | \n\n 23 | \n
| \n 2031-2035 | \n\n 3,548 | \n\n 112 | \n
Type of assets
| \n Asset allocation as of December 31, | \n\n Pension benefits | \n||
|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Equity securities | \n\n 18% | \n\n 17% | \n\n 27% | \n
| \n Debt securities | \n\n 43% | \n\n 44% | \n\n 47% | \n
| \n Monetary | \n\n 2% | \n\n 2% | \n\n 2% | \n
| \n Annuity contracts | \n\n 31% | \n\n 32% | \n\n 17% | \n
| \n Real estate | \n\n 6% | \n\n 5% | \n\n 7% | \n
Investments on equity and debt markets are quoted on active markets.
Main actuarial assumptions and sensitivity analysis
Assumptions used to determine benefits obligations:
| \n \n | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
|---|---|---|---|---|---|---|---|
| \n As of December 31, | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
| \n Discount rate (weighted average for all regions) | \n\n 4.40% | \n\n 4.30% | \n\n 3.89% | \n\n \n | \n\n 4.47% | \n\n 4.17% | \n\n 4.26% | \n
| \n of which Euro zone | \n\n 3.72% | \n\n 3.49% | \n\n 3.27% | \n\n \n | \n\n 3.67% | \n\n 3.41% | \n\n 3.30% | \n
| \n of which United States | \n\n 4.75% | \n\n 5.00% | \n\n 4.50% | \n\n \n | \n\n 5.00% | \n\n 5.00% | \n\n 4.50% | \n
| \n of which United Kingdom | \n\n 5.50% | \n\n 5.50% | \n\n 4.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Inflation rate (weighted average for all regions) | \n\n 2.53% | \n\n 2.54% | \n\n 2.49% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which Euro zone | \n\n 2.00% | \n\n 1.98% | \n\n 2.24% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United States | \n\n 2.50% | \n\n 2.50% | \n\n 2.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United Kingdom | \n\n 3.00% | \n\n 3.25% | \n\n 3.00% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
The discount rate retained is determined by reference to the high quality rates for AA-rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.
Sensitivity to inflation in respect of defined benefit pension plans is not material in the United States.
A 0.5\u00a0point increase or decrease in discount rates \u2013 all other things being equal \u2013 would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5 pt Increase | \n\n 0.5 pt Decrease | \n
|---|---|---|
| \n Benefit obligation as of December 31, 2025 | \n\n (453) | \n\n 488 | \n
A 0.5\u00a0point increase or decrease in inflation rates \u2013 all other things being equal \u2013 would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5 pt Increase | \n\n 0.5 pt Decrease | \n
|---|---|---|
| \n Benefit obligation as of December 31, 2025 | \n\n 258 | \n\n (251) | \n
10.2Payroll and staff
| \n For the year ended December 31, | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Personnel expenses (M$) | \n\n \n | \n\n \n | \n\n \n | \n
| \n Wages and salaries (including social charges) | \n\n 9,973 | \n\n 9,460 | \n\n 9,210 | \n
| \n TotalEnergies employees at December 31, | \n\n \n | \n\n \n | \n\n \n | \n
| \n France (DROM COM includ.) | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 15,067 | \n\n 15,101 | \n\n 14,675 | \n
| \n \u2013Other | \n\n 20,357 | \n\n 20,779 | \n\n 20,831 | \n
| \n International | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 20,504 | \n\n 20,318 | \n\n 19,470 | \n
| \n \u2013Other | \n\n 45,585 | \n\n 46,689 | \n\n 47,603 | \n
| \n Total | \n\n 101,513 | \n\n 102,887 | \n\n 102,579 | \n
The number of employees includes only employees of fully consolidated subsidiaries.
1.1Accounting principles
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled through other consolidated entities are fully consolidated.
Investments in joint ventures are accounted for by the equity method. TotalEnergies accounts for joint operations by recognizing its share of assets, liabilities, income and expenses.
Investments in associates, in which TotalEnergies has significant influence, are accounted for by the equity method. Significant influence is presumed when TotalEnergies holds, directly or indirectly through subsidiaries, 20% or more of the voting rights. In the case of a percentage of less than 20%, accounting under the equity method applies only when significant influence can be demonstrated.
All internal balances, transactions and income are eliminated.
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
C)Foreign currency translation
The presentation currency of TotalEnergies\u2019 Consolidated Financial Statements is the U.S. dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \u201cCurrency translation adjustment generated by the parent company\u201d of the consolidated statement of comprehensive income, within \u201cItems not potentially reclassifiable to profit and loss\u201d. In\u00a0the balance sheet, they are recorded in \u201cCurrency translation adjustment\u201d.
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. It is referred to as their functional currency.
Since July\u00a01, 2018, Argentina is considered to be hyperinflationary. IAS\u00a029 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the U.S. dollar, therefore IAS\u00a029 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for\u00a0TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
1.2Significant accounting principles applicable in the future
The application of the standards or interpretations published respectively by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee (IFRS\u00a0IC) which were not yet in effect at December\u00a031, 2025, is expected to have a non material impact. Note\u00a0that IFRS\u00a018, published in April\u00a02024 and applicable from January\u00a01, 2027, will modify the presentation of the consolidated statement of income and the consolidated statement of cash flow.
Accounting principles
In accordance with IFRS\u00a03 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12\u00a0months following the acquisition date.
Accounting principles
Pursuant to IFRS\u00a05 \u201cNon-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification as \u201cNon-current assets held for sale\u201d.
Accounting principles
The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill.
The recoverable amount is the higher of the fair value (less costs to sell) or the value in use.
Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets.
The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. This loss is allocated first to goodwill with a corresponding amount in \u201cOther expenses\u201d.
Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d and to other intangible assets with a corresponding amount in \u201cOther expenses\u201d.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d.
Accounting principles
IFRS\u00a015 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services.
Sales of goods
Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts.
Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the \u201cUnder-lifting\u201d and \u201cOver-lifting\u201d accounts in the balance sheet and in operating expenses in the profit and loss.
Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada.
Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG.
Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet.
Sales of services
Revenues from services are recognized when the services have been rendered.
Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract.
Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer.
Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors.
Excise taxes
Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price.
The analysis of the criteria set by IFRS\u00a015 led TotalEnergies to determine that it was acting as principal in these transactions. Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal \u201cRevenue from Sales\u201d is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales.
Accounting principles
TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs.
Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs.
Accounting principles
Research costs are charged to expense as incurred.
Development expenses are capitalized when the criteria of IAS 38 are met.
Accounting principles
Inventories are measured in the Consolidated Financial Statements at the lower of historical cost or market value. Costs for petroleum and petrochemical products are determined according to the FIFO (First-In, First-Out) method or weighted-average cost method and other inventories are measured using the weighted-average cost method.
In addition stocks held for trading are measured at fair value less cost to sell.
Refining & Chemicals
Petroleum product inventories are mainly comprised of crude oil and refined products. Refined products principally consist of gasoline, distillate and fuel produced by TotalEnergies\u2019 refineries. The turnover of petroleum products does not exceed two\u00a0months on average.
Crude oil costs include raw material and receiving costs. Refining costs principally include crude oil costs, production costs (energy, labor, depreciation of producing assets) and an allocation of production overheads (taxes, maintenance, insurance, etc.).
Costs of chemical product inventories consist of raw material costs, direct labor costs and an allocation of production overheads. Start-up costs, general administrative costs and financing costs are excluded from the costs of refined and chemicals products.
Marketing & Services
The costs of products refined by TotalEnergies\u2019 entities include mainly raw materials costs, production costs (energy, labor, depreciation of producing assets), primary costs of transport and an allocation of production overheads (taxes, maintenance, insurance, etc.).
General administrative costs and financing costs are excluded from the cost price of products.
Product inventories purchased from entities external to TotalEnergies are valued at their purchase cost plus primary costs of transport.
Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS)
In the absence of a current IFRS\u00a0standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied:
\u2013emission rights are managed as a cost of production and as such are recognized in inventories:
\u2013emission rights allocated for free are booked in inventories with a nil carrying amount,
\u2013purchased emission rights are booked at acquisition cost,
\u2013sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost,
\u2013if the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded;
\u2013if emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value;
\u2013forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income, unless hedge accounting has been applied.
Energy savings certificates
In the absence of current IFRS standards or interpretations on accounting for energy savings certificates (ESC), the following principles are applied:
\u2013if the obligations linked to the sales of energy are greater than the number\u00a0of ESC\u2019s held then a liability is recorded. These liabilities are valued based on the price of the last transactions;
\u2013in the event that the number\u00a0of ESC\u2019s held exceeds the obligation at the balance sheet date this is accounted for as inventory. Otherwise a valuation allowance is recorded;
\u2013ESC inventories are valued at weighted-average cost (acquisition cost for those ESC\u2019s acquired or cost incurred for those ESC\u2019s generated internally).
If the carrying value of the inventory of certificates at the balance sheet date is higher than the market value, an impairment loss is recorded.
Accounting principles
The cash flows incurred in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into dollars using the
closing exchange rates are shown in the consolidated statement of cash flows under \u201cEffect of exchange rates\u201d. Therefore, the consolidated statement of cash flows will not agree with the figures derived from the consolidated balance sheet.
Accounting principles
Goodwill
Guidance for measuring goodwill is presented in Note\u00a01.1 paragraph\u00a0B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
Mineral interests
Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded under \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d.
Other intangible assets
Other intangible assets include patents, and trademarks.
Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses.
Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty\u00a0years depending on the useful life of the assets. The corresponding depreciation expense is recorded under \u201cOther expense\u201d.
Accounting principles
Exploration costs
TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013the well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made,
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to \u201cExploration costs\u201d.
Oil and Gas production assets of exploration and production activities
Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. As of December\u00a031, 2025, 2024 and 2023, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Other property, plant and equipment
Other property, plant and equipment are carried at cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the acquisition or production of a qualifying asset incurred until assets are placed in service. Borrowing costs are capitalized as follows:
\u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
\u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
Routine maintenance and repairs are charged to expense as incurred. The costs of major turnarounds of refineries and large petrochemical units are capitalized as incurred and depreciated over the period of time between two consecutive major turnarounds.
Other property, plant and equipment are depreciated using the straight-line method over their useful lives, which are as follows:
| \n Furniture, office equipment, machinery and tools: | \n\n 3-12 years | \n
|---|---|
| \n Transportation equipment: | \n\n 5-20 years | \n
| \n Storage tanks and related equipment: | \n\n 10-15 years | \n
| \n Specialized complex installations and pipelines: | \n\n 10-45 years | \n
| \n Buildings: | \n\n 10-50 years | \n
Accounting principles
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
Accounting principles
Other investments are equity instruments and are measured according to IFRS\u00a09 at fair value through profit or loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss.
TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis.
For quoted shares on active markets, this fair value is based on the market price.
Accounting principles
Treasury shares held by TotalEnergies\u00a0SE, or by its subsidiaries are deducted from consolidated shareholders\u2019 equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity.
Accounting principles
Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number\u00a0of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies\u00a0SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity.
Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number\u00a0of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies\u00a0SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year.
The weighted-average number\u00a0of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS\u00a033. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number\u00a0of shares thereby obtained leads to a reduction in the total number\u00a0of shares that would result from the exercise of rights.
In compliance with IAS\u00a033, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes.
Accounting principles
TotalEnergies\u00a0SE may grant employees performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders\u2019 equity.
The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired.
For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period.
The cost of employee-reserved capital increases is immediately expensed.
The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors.
Accounting principles
In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits.
These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments.
For defined contribution plans, expenses correspond to the contributions paid.
Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement.
The past service cost is recorded immediately in the statement of income, whether vested or unvested.
The net periodic pension cost is recognized under \u201cOther operating expenses\u201d.
Accounting principles
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (or income).
Current tax expenses (or income) are the estimated amount of the tax due for the taxable income of the period.
Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Accounting principles
A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate.
Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks.
Accounting principles
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
Accounting principles
A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies.
Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments.
Accounting principles
Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value.
Investments with maturity greater than three\u00a0months and less than 12\u00a0months are shown under \u201cCurrent financial assets\u201d.
Changes in current financial assets and liabilities are included in the financing activities section of the consolidated statement of cash flows.
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d.
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
According to IFRS\u00a013, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used.
Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account.
As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts.
The methods used are as follows:
Financial debts, swaps
The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end.
Other financial instruments
The fair value of interest rate swaps and of FRA\u2019s (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities.
Exchange options are valued based on models commonly used by the market.
Accounting principles
Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies\u2019 exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities.
Certain energy derivatives are also held as part of a cash flow hedge for future transactions.
The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value.
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled through other consolidated entities are fully consolidated.
Investments in joint ventures are accounted for by the equity method. TotalEnergies accounts for joint operations by recognizing its share of assets, liabilities, income and expenses.
Investments in associates, in which TotalEnergies has significant influence, are accounted for by the equity method. Significant influence is presumed when TotalEnergies holds, directly or indirectly through subsidiaries, 20% or more of the voting rights. In the case of a percentage of less than 20%, accounting under the equity method applies only when significant influence can be demonstrated.
All internal balances, transactions and income are eliminated.
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
2.2Major business combinations
| \n \n | \n\n \n | \n\n\n | \n
|---|---|---|
| \n \n | \n\n Accounting principles In accordance with IFRS\u00a03 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12\u00a0months following the acquisition date. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Integrated LNG
Acquisition of the Upstream Gas Assets of SapuraOMV
In December\u00a02024, TotalEnergies has finalized the acquisition of the interests of OMV (50%) and Sapura Upstream Assets (50%) in SapuraOMV Upstream (SapuraOMV), an independent gas producer and operator in Malaysia. In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. The purchase price allocation is shown below:
| \n (M$) | \n\n At the acquisition date | \n
|---|---|
| \n Goodwill | \n\n 440 | \n
| \n Intangible assets | \n\n 437 | \n
| \n Tangible assets | \n\n 1,022 | \n
| \n Other assets and liabilities | \n\n (486) | \n
| \n Net debt of the acquired treasury | \n\n (224) | \n
| \n Fair value of the consideration transferred | \n\n 1,189 | \n
Integrated Power
Acquisition of VSB Group
On April\u00a02, 2025, TotalEnergies has finalized the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany. In accordance with IFRS\u00a03 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. The preliminary purchase price allocation is shown below:
| \n (M$) | \n\n At the acquisition date | \n
|---|---|
| \n Goodwill | \n\n 726 | \n
| \n Intangible assets | \n\n 918 | \n
| \n Tangible assets | \n\n 737 | \n
| \n Other assets and liabilities | \n\n (184) | \n
| \n Net debt of the acquired treasury | \n\n (499) | \n
| \n Fair value of the consideration transferred | \n\n 1,698 | \n
B)Business combinations
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Accounting principles
In accordance with IFRS\u00a03 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12\u00a0months following the acquisition date.
Accounting principles
Goodwill
Guidance for measuring goodwill is presented in Note\u00a01.1 paragraph\u00a0B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
B)Business combinations
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Accounting principles
In accordance with IFRS\u00a03 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12\u00a0months following the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Accounting principles
Goodwill
Guidance for measuring goodwill is presented in Note\u00a01.1 paragraph\u00a0B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
| \n As of December 31, 2025 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 12,881 | \n\n (380) | \n\n 12,501 | \n
| \n Proved mineral interests | \n\n 18,972 | \n\n (9,449) | \n\n 9,523 | \n
| \n Unproved mineral interests | \n\n 14,108 | \n\n (2,931) | \n\n 11,177 | \n
| \n Other intangible assets | \n\n 9,073 | \n\n (4,929) | \n\n 4,144 | \n
| \n Total intangible assets | \n\n 55,034 | \n\n (17,689) | \n\n 37,345 | \n
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 11,654 | \n\n (389) | \n\n 11,265 | \n
| \n Proved mineral interests | \n\n 18,218 | \n\n (9,518) | \n\n 8,700 | \n
| \n Unproved mineral interests | \n\n 14,124 | \n\n (2,974) | \n\n 11,150 | \n
| \n Other intangible assets | \n\n 7,204 | \n\n (4,081) | \n\n 3,123 | \n
| \n Total intangible assets | \n\n 51,200 | \n\n (16,962) | \n\n 34,238 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 10,484 | \n\n (533) | \n\n 9,951 | \n
| \n Proved mineral interests | \n\n 17,713 | \n\n (9,704) | \n\n 8,009 | \n
| \n Unproved mineral interests | \n\n 14,976 | \n\n (2,624) | \n\n 12,352 | \n
| \n Other intangible assets | \n\n 7,354 | \n\n (4,583) | \n\n 2,771 | \n
| \n Total intangible assets | \n\n 50,527 | \n\n (17,444) | \n\n 33,083 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1 | \n\n Expenditures | \n\n Disposals | \n\n Amortization | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 34,238 | \n\n 1,197 | \n\n (236) | \n\n (1,443) | \n\n 1,161 | \n\n 2,428 | \n\n 37,345 | \n
| \n 2024 | \n\n 33,083 | \n\n 1,438 | \n\n (19) | \n\n (1,502) | \n\n (494) | \n\n 1,732 | \n\n 34,238 | \n
| \n 2023 | \n\n 31,931 | \n\n 1,244 | \n\n (458) | \n\n (1,630) | \n\n 148 | \n\n 1,848 | \n\n 33,083 | \n
In 2025, the heading \u201cAmortization and impairment\u201d includes the impact of exceptional asset impairments recorded for $235\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d).
In 2025, the heading \u201cOther\u201d mainly reflects changes in the consolidation scope, in particular the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany for $1,644\u00a0million.
In 2024, the heading \u201cAmortization and impairment\u201d included the impact of exceptional asset impairments recorded for $340\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d), particularly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
In 2024, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of upstream gas assets from SapuraOMV for $833\u00a0million.
In 2023, the heading \u201cAmortization and impairment\u201d included the accounting impact of exceptional asset impairments for an amount of $472\u00a0million (refer to Note\u00a03.C \u201cAsset impairment\u201d), related in particular to goodwill and customer portfolios of gas and power marketing activities in Belgium, Spain and France.
In 2023, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of Total Eren for $2,238\u00a0million.
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2025 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2025 | \n
|---|---|---|---|---|---|
| \n Exploration & Production | \n\n 2,482 | \n\n \u2013 | \n\n \u2013 | \n\n (8) | \n\n 2,474 | \n
| \n Integrated LNG | \n\n 3,304 | \n\n (14) | \n\n \u2013 | \n\n 186 | \n\n 3,476 | \n
| \n Integrated Power | \n\n 4,360 | \n\n 828 | \n\n (34) | \n\n 214 | \n\n 5,368 | \n
| \n Refining & Chemicals | \n\n 643 | \n\n \u2013 | \n\n \u2013 | \n\n (35) | \n\n 608 | \n
| \n Marketing & Services | \n\n 473 | \n\n \u2013 | \n\n (13) | \n\n 111 | \n\n 571 | \n
| \n Corporate | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 4 | \n
| \n Total | \n\n 11,265 | \n\n 814 | \n\n (47) | \n\n 469 | \n\n 12,501 | \n
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Accounting principles
Goodwill
Guidance for measuring goodwill is presented in Note\u00a01.1 paragraph\u00a0B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013the consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Accounting principles
Goodwill
Guidance for measuring goodwill is presented in Note\u00a01.1 paragraph\u00a0B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
Mineral interests
Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded under \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d.
Other intangible assets
Other intangible assets include patents, and trademarks.
Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses.
Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty\u00a0years depending on the useful life of the assets. The corresponding depreciation expense is recorded under \u201cOther expense\u201d.
C)Foreign currency translation
The presentation currency of TotalEnergies\u2019 Consolidated Financial Statements is the U.S. dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \u201cCurrency translation adjustment generated by the parent company\u201d of the consolidated statement of comprehensive income, within \u201cItems not potentially reclassifiable to profit and loss\u201d. In\u00a0the balance sheet, they are recorded in \u201cCurrency translation adjustment\u201d.
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. It is referred to as their functional currency.
Since July\u00a01, 2018, Argentina is considered to be hyperinflationary. IAS\u00a029 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the U.S. dollar, therefore IAS\u00a029 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for\u00a0TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
C)Foreign currency translation
The presentation currency of TotalEnergies\u2019 Consolidated Financial Statements is the U.S. dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \u201cCurrency translation adjustment generated by the parent company\u201d of the consolidated statement of comprehensive income, within \u201cItems not potentially reclassifiable to profit and loss\u201d. In\u00a0the balance sheet, they are recorded in \u201cCurrency translation adjustment\u201d.
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. It is referred to as their functional currency.
Since July\u00a01, 2018, Argentina is considered to be hyperinflationary. IAS\u00a029 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the U.S. dollar, therefore IAS\u00a029 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for\u00a0TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
C)Foreign currency translation
The presentation currency of TotalEnergies\u2019 Consolidated Financial Statements is the U.S. dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \u201cCurrency translation adjustment generated by the parent company\u201d of the consolidated statement of comprehensive income, within \u201cItems not potentially reclassifiable to profit and loss\u201d. In\u00a0the balance sheet, they are recorded in \u201cCurrency translation adjustment\u201d.
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. It is referred to as their functional currency.
Since July\u00a01, 2018, Argentina is considered to be hyperinflationary. IAS\u00a029 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the U.S. dollar, therefore IAS\u00a029 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
2.1Main acquisitions and divestments
In 2025, the main changes in TotalEnergies perimeter were as follows:
Exploration & Production
\u2013On May\u00a029, 2025, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria had signed an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for the sale of its non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC). Nigerian Agip Exploration Limited (NAE), a subsidiary of ENI S.p.A., having exercised its right of pre-emption, two sale agreements were signed on July\u00a018, 2025: one for 10% with SNEPCo and another for 2.5% with NAE. The transaction was completed on November\u00a024, 2025 for an amount of $510\u00a0million.
\u2013On August\u00a06, 2025, TotalEnergies announced that its affiliate Total Austral has signed an agreement with YPF\u00a0SA for the sale of its 45% operated interest in two unconventional oil and gas blocks in Argentina, Rincon La Ceniza and La Escalonada, located in the Vaca Muerta area in the Neuqu\u00e9n Basin, for an amount of $500\u00a0million. The transaction was completed on September\u00a030, 2025.
Integrated Power
\u2013On April\u00a02, 2025, following the agreements signed in 2024, TotalEnergies finalized the acquisition of VSB Group, a European wind and solar developer with extensive operations in Germany, for a consideration of \u20ac1.57\u00a0billion. VSB has built a recognized expertise and notable track record in the development of onshore wind power farms across Europe (more than 2\u00a0GW of developed capacity). VSB has 500\u00a0MW of renewable capacity in operation or under construction mainly in Germany and France, and a pipeline of more than 15\u00a0GW of wind, solar and battery storage technologies mainly across Germany, Poland and France.
\u2013On December\u00a016, 2025, TotalEnergies finalized the sale of 50% of a 1.4\u00a0GW solar portfolio in North America to an insurance vehicles and accounts managed by KKR, a leading global investment firm. The transaction covers six utility-scale solar assets with a combined capacity of 1.3\u00a0GW, and 41 distributed generation assets totalling 140\u00a0MW, in North America, the whole being valued at $1.25\u00a0billion.
Integrated LNG
\u2013On June\u00a016, 2025, TotalEnergies announced the acquisition from PETRONAS of interests in several blocks located offshore Malaysia (including a 50% operated interest in blocks SK301b and SK313) and in a block located offshore Indonesia (a 24.5% interest in the Bobara block). These acquisitions were finalized during the fourth quarter.
8.1Equity affiliates: investments and loans
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Under the equity method, the investment in the associate or joint- venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint-venture. Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity. In equity affiliates, goodwill is included in investment book value. | \n\n \n | \n\n In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
| \n Equity value As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n 10,864 | \n\n 10,387 | \n\n 9,484 | \n
| \n Total Joint-ventures | \n\n 19,801 | \n\n 17,485 | \n\n 16,411 | \n
| \n Total | \n\n 30,665 | \n\n 27,872 | \n\n 25,895 | \n
| \n Loans | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Total | \n\n 38,090 | \n\n 34,405 | \n\n 30,457 | \n
| \n Profit/(loss) (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n 1,307 | \n\n 1,213 | \n\n 1,132 | \n
| \n Total Joint-ventures | \n\n 1,246 | \n\n 362 | \n\n 713 | \n
| \n Total | \n\n 2,553 | \n\n 1,575 | \n\n 1,845 | \n
| \n Other comprehensive income (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n (311) | \n\n 112 | \n\n (57) | \n
| \n Total Joint-ventures | \n\n (173) | \n\n (358) | \n\n (151) | \n
| \n Total | \n\n (484) | \n\n (246) | \n\n (208) | \n
A)Information related to associates
Information (100% basis) related to significant associates is as follows:
| \n Exploration & Production activities (M$) | \n\n Liquefaction entities | \n\n \n | \n||
|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n|
| \n Non-current assets | \n\n 33,627 | \n\n 29,749 | \n\n 42,197 | \n\n \n | \n
| \n Current assets | \n\n 6,118 | \n\n 7,512 | \n\n 5,745 | \n\n \n | \n
| \n Total assets | \n\n 39,745 | \n\n 37,261 | \n\n 47,942 | \n\n \n | \n
| \n Shareholder\u2019s equity | \n\n 22,321 | \n\n 22,432 | \n\n 35,144 | \n\n \n | \n
| \n Non-current liabilities | \n\n 10,451 | \n\n 8,746 | \n\n 7,700 | \n\n \n | \n
| \n Current liabilities | \n\n 6,973 | \n\n 6,083 | \n\n 5,098 | \n\n \n | \n
| \n Total liabilities | \n\n 39,745 | \n\n 37,261 | \n\n 47,942 | \n\n \n | \n
| \n Revenues from sales | \n\n 22,227 | \n\n 23,407 | \n\n 26,288 | \n\n \n | \n
| \n Net income | \n\n 5,177 | \n\n 6,769 | \n\n 6,880 | \n\n \n | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n Equity value | \n\n 3,860 | \n\n 3,904 | \n\n 3,963 | \n\n \n | \n
| \n including goodwill and identifiable assets | \n\n 27 | \n\n 29 | \n\n 32 | \n\n \n | \n
| \n Profit/(loss) | \n\n 660 | \n\n 768 | \n\n 822 | \n\n \n | \n
| \n Share of other comprehensive income, net amount | \n\n (64) | \n\n 28 | \n\n (19) | \n\n \n | \n
| \n Dividends paid to TotalEnergies | \n\n 708 | \n\n 820 | \n\n 1,052 | \n\n \n | \n
As of December\u00a031, 2025, and as of December\u00a031, 2024, 2023 and 2022, Novatek is no longer consolidated as an equity accounted affiliate in the Company\u2019s Consolidated Financial Statements. This stake is recognized in \u201cOther investments\u201d and is measured in accordance with IFRS\u00a09 at fair value through profit or loss. In the context of the Russian-Ukrainian conflict, the Company considers that the market value of Novatek is not representative of its fair value. As of December\u00a031, 2025, and as of December\u00a031, 2024, 2023 and 2022, the Company retained a zero fair value given the very significant uncertainties on any valuation assumption for the stake in Novatek.
TotalEnergies\u2019 interests in associates operating liquefaction plants are combined. The amounts include investments in Nigeria LNG (15.00%), Angola LNG Limited (13.60%), Yemen LNG Co. (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG LLC (5.54%), Abu Dhabi Gas Liquefaction Company Limited (5.00%), Qatar Liquified Gas Company Limited 5 (North Field East project) (25.00%) and Qatar Liquified Gas Company Limited 10 (North Field South project) (25.00%).
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited | \n||
|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 13,641 | \n\n 10,936 | \n\n 7,887 | \n
| \n Current assets | \n\n 1,075 | \n\n 1,264 | \n\n 1,091 | \n
| \n Total assets | \n\n 14,716 | \n\n 12,200 | \n\n 8,978 | \n
| \n Shareholder\u2019s equity | \n\n 2,196 | \n\n 1,137 | \n\n 965 | \n
| \n Non-current liabilities | \n\n 10,616 | \n\n 8,175 | \n\n 5,712 | \n
| \n Current liabilities | \n\n 1,904 | \n\n 2,888 | \n\n 2,301 | \n
| \n Total liabilities | \n\n 14,716 | \n\n 12,200 | \n\n 8,978 | \n
| \n Revenues from sales | \n\n 1,268 | \n\n 1,049 | \n\n 1,061 | \n
| \n Net income | \n\n 187 | \n\n 184 | \n\n 162 | \n
| \n Other comprehensive income | \n\n (91) | \n\n (13) | \n\n 5 | \n
| \n % owned | \n\n 17.25% | \n\n 19.74% | \n\n 19.74% | \n
| \n Equity value | \n\n 1,734 | \n\n 1,863 | \n\n 1,877 | \n
| \n including goodwill and identifiable assets | \n\n 1,355 | \n\n 1,639 | \n\n 1,687 | \n
| \n Profit/(loss) | \n\n 22 | \n\n 36 | \n\n 32 | \n
| \n Share of other comprehensive income, net amount | \n\n 4 | \n\n 9 | \n\n 3 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 15,539 | \n\n 12,023 | \n\n 9,780 | \n\n \n | \n\n 3,126 | \n\n 2,562 | \n\n 2,882 | \n
| \n Current assets | \n\n 3,042 | \n\n 3,446 | \n\n 2,584 | \n\n \n | \n\n 1,985 | \n\n 1,971 | \n\n 2,000 | \n
| \n Total assets | \n\n 18,581 | \n\n 15,469 | \n\n 12,364 | \n\n \n | \n\n 5,111 | \n\n 4,533 | \n\n 4,882 | \n
| \n Shareholder\u2019s equity | \n\n 4,931 | \n\n 4,062 | \n\n 3,527 | \n\n \n | \n\n 2,574 | \n\n 2,781 | \n\n 2,748 | \n
| \n Non-current liabilities | \n\n 10,125 | \n\n 6,899 | \n\n 5,850 | \n\n \n | \n\n 1,388 | \n\n 654 | \n\n 835 | \n
| \n Current liabilities | \n\n 3,525 | \n\n 4,508 | \n\n 2,987 | \n\n \n | \n\n 1,149 | \n\n 1,098 | \n\n 1,299 | \n
| \n Total liabilities | \n\n 18,581 | \n\n 15,469 | \n\n 12,364 | \n\n \n | \n\n 5,111 | \n\n 4,533 | \n\n 4,882 | \n
| \n Revenues from sales | \n\n 12,266 | \n\n 14,601 | \n\n 12,994 | \n\n \n | \n\n 9,455 | \n\n 9,422 | \n\n 9,506 | \n
| \n Net income | \n\n 535 | \n\n 66 | \n\n 584 | \n\n \n | \n\n 213 | \n\n 338 | \n\n 203 | \n
| \n Other comprehensive income | \n\n (146) | \n\n (32) | \n\n (59) | \n\n \n | \n\n 24 | \n\n 13 | \n\n (7) | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,849 | \n\n 1,523 | \n\n 1,323 | \n\n \n | \n\n 616 | \n\n 670 | \n\n 665 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 200 | \n\n 25 | \n\n 219 | \n\n \n | \n\n 60 | \n\n 88 | \n\n 78 | \n
| \n Share of other comprehensive income, net amount | \n\n (184) | \n\n 34 | \n\n (46) | \n\n \n | \n\n (19) | \n\n 10 | \n\n (7) | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n 150 | \n\n 321 | \n\n \n | \n\n 114 | \n\n 83 | \n\n 145 | \n
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 460,000\u00a0barrels/day with integrated petrochemical units.
The TotalEnergies\u2019 interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%), Qatofin (49.08%), Laffan Refinery (10.00%).
B)Information related to joint-ventures
The information (100% basis) related to significant joint-ventures is as follows:
| \n (M$) | \n\n Liquefaction entities | \n\n GIP III Zephyr | \n\n Hanwha TotalEnergies Petrochemical Co. Ltd | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 62,465 | \n\n 59,764 | \n\n 62,461 | \n\n 14,320 | \n\n 14,258 | \n\n 13,111 | \n\n 3,265 | \n\n 3,373 | \n\n 3,959 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 5,446 | \n\n 5,390 | \n\n 2,832 | \n\n 749 | \n\n 366 | \n\n 375 | \n\n 1,693 | \n\n 1,530 | \n\n 2,089 | \n
| \n Cash and cash equivalents | \n\n 3,421 | \n\n 5,184 | \n\n 4,690 | \n\n 746 | \n\n 813 | \n\n 1,313 | \n\n 388 | \n\n 348 | \n\n 113 | \n
| \n Total assets | \n\n 71,332 | \n\n 70,338 | \n\n 69,983 | \n\n 15,815 | \n\n 15,437 | \n\n 14,799 | \n\n 5,347 | \n\n 5,251 | \n\n 6,161 | \n
| \n Shareholder\u2019s equity - Group share | \n\n 29,162 | \n\n 25,231 | \n\n 20,438 | \n\n 450 | \n\n 539 | \n\n 604 | \n\n 2,305 | \n\n 2,467 | \n\n 2,963 | \n
| \n Shareholder\u2019s equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,425 | \n\n 2,756 | \n\n 1,912 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other non-current liabilities | \n\n 11,025 | \n\n 11,822 | \n\n 10,399 | \n\n 2,619 | \n\n 1,645 | \n\n 1,460 | \n\n 144 | \n\n 148 | \n\n 174 | \n
| \n Non-current financial debts | \n\n 27,422 | \n\n 29,565 | \n\n 36,144 | \n\n 8,940 | \n\n 9,538 | \n\n 9,598 | \n\n 1,974 | \n\n 1,017 | \n\n 858 | \n
| \n Other current liabilities | \n\n 1,713 | \n\n 1,707 | \n\n 3,002 | \n\n 886 | \n\n 380 | \n\n 414 | \n\n 565 | \n\n 873 | \n\n 1,137 | \n
| \n Current financial debts | \n\n 2,010 | \n\n 2,013 | \n\n - | \n\n 495 | \n\n 579 | \n\n 811 | \n\n 359 | \n\n 746 | \n\n 1,029 | \n
| \n Total liabilities | \n\n 71,332 | \n\n 70,338 | \n\n 69,983 | \n\n 15,815 | \n\n 15,437 | \n\n 14,799 | \n\n 5,347 | \n\n 5,251 | \n\n 6,161 | \n
| \n Revenues from sales | \n\n 14,957 | \n\n 17,212 | \n\n 17,605 | \n\n 1,748 | \n\n 1,609 | \n\n 1,452 | \n\n 7,548 | \n\n 8,616 | \n\n 8,754 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,904) | \n\n (2,899) | \n\n (2,700) | \n\n (568) | \n\n (490) | \n\n (460) | \n\n (267) | \n\n (278) | \n\n (281) | \n
| \n Interest income | \n\n 152 | \n\n 55 | \n\n 32 | \n\n 71 | \n\n 37 | \n\n 40 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,470) | \n\n (2,901) | \n\n (3,146) | \n\n (672) | \n\n (357) | \n\n (315) | \n\n (72) | \n\n (80) | \n\n (67) | \n
| \n Income taxes | \n\n (264) | \n\n (2,656) | \n\n (1,798) | \n\n (7) | \n\n (15) | \n\n \u2013 | \n\n 52 | \n\n (8) | \n\n 10 | \n
| \n Net income | \n\n 4,146 | \n\n 4,986 | \n\n 5,122 | \n\n 121 | \n\n 135 | \n\n 83 | \n\n (232) | \n\n (136) | \n\n (28) | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (4) | \n\n 180 | \n\n (126) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n (90) | \n\n (76) | \n\n (52) | \n\n \u2013 | \n\n \u2013 | \n\n (2) | \n\n 70 | \n\n (361) | \n\n (105) | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 6,839 | \n\n 5,996 | \n\n 4,941 | \n\n 2,186 | \n\n 2,241 | \n\n 2,283 | \n\n 1,152 | \n\n 1,234 | \n\n 1,482 | \n
| \n including goodwill and identifiable assets | \n\n 357 | \n\n 392 | \n\n 430 | \n\n 1,961(a) | \n\n 1,971 | \n\n 1,981 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 891 | \n\n 1,061 | \n\n 1,058 | \n\n 51 | \n\n 58 | \n\n 29 | \n\n (116) | \n\n (68) | \n\n (14) | \n
| \n Share of other comprehensive income, net amount | \n\n (23) | \n\n (20) | \n\n (14) | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n 12 | \n\n (176) | \n\n (69) | \n
| \n Dividends paid to TotalEnergies | \n\n 25 | \n\n 37 | \n\n 418 | \n\n 105 | \n\n 100 | \n\n 100 | \n\n \u2013 | \n\n \u2013 | \n\n 25 | \n
| \n (a)Goodwill represents the valuation of this entity\u2019s ability to generate future projects in the field of renewable energy and amounts to $ 1,755 millions as of December\u00a031, 2025. | \n
TotalEnergies\u2019 interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.02% direct holding), Ichthys LNG in Australia (26.00%) and Marsa LNG LLC (80.00%).
GIP III Zephyr Holdings, LLC holds the shares of Clearway Energy Group (CEG), a developer of renewables projects, owning 42% of economic interest of its listed subsidiary, Clearway Energy LLC. (CWEN).
Hanwha TotalEnergies Petrochemical Co. Ltd is a South Korean company that operates a petrochemical complex in Daesan (condensate separator, steam cracker, styrene, paraxylene, polyolefins).
Off-balance sheet commitments relating to joint ventures or associates are disclosed in Note\u00a013 of the Consolidated Financial Statements.
C)Other equity affiliates
In TotalEnergies share, the main aggregated financial items in equity affiliates including assets held for sale, which have not been presented individually are as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n \n | \n\n 2024 | \n\n \n | \n\n 2023 | \n|||
|---|---|---|---|---|---|---|---|---|
| \n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n|
| \n Non-current assets | \n\n 6,450 | \n\n 20,747 | \n\n \u00a0 | \n\n 5,522 | \n\n 15,929 | \n\n \u00a0 | \n\n 4,977 | \n\n 13,224 | \n
| \n Current assets | \n\n 1,317 | \n\n 2,629 | \n\n \u00a0 | \n\n 1,352 | \n\n 2,524 | \n\n \u00a0 | \n\n 1,231 | \n\n 2,988 | \n
| \n Total assets | \n\n 7,767 | \n\n 23,376 | \n\n \u00a0 | \n\n 6,874 | \n\n 18,453 | \n\n \u00a0 | \n\n 6,208 | \n\n 16,212 | \n
| \n Shareholder\u2019s equity - TotalEnergies share | \n\n 1,535 | \n\n 8,001 | \n\n \u00a0 | \n\n 1,214 | \n\n 6,604 | \n\n \u00a0 | \n\n 921 | \n\n 4,625 | \n
| \n Shareholder\u2019s equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n (2) | \n\n \u00a0 | \n\n \u2013 | \n\n 75 | \n
| \n Non-current liabilities | \n\n 5,188 | \n\n 12,875 | \n\n \u00a0 | \n\n 4,830 | \n\n 9,605 | \n\n \n | \n\n 4,553 | \n\n 8,798 | \n
| \n Current liabilities | \n\n 1,044 | \n\n 2,500 | \n\n \u00a0 | \n\n 830 | \n\n 2,246 | \n\n \u00a0 | \n\n 734 | \n\n 2,714 | \n
| \n Total liabilities | \n\n 7,767 | \n\n 23,376 | \n\n \u00a0 | \n\n 6,874 | \n\n 18,453 | \n\n \u00a0 | \n\n 6,208 | \n\n 16,212 | \n
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n \n | \n\n 2024 | \n\n \n | \n\n 2023 | \n|||
|---|---|---|---|---|---|---|---|---|
| \n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n|
| \n Revenues from sales | \n\n 2,855 | \n\n 5,468 | \n\n \u00a0 | \n\n 2,981 | \n\n 6,476 | \n\n \u00a0 | \n\n 2,026 | \n\n 7,451 | \n
| \n Net income | \n\n 379 | \n\n 548 | \n\n \u00a0 | \n\n 324 | \n\n (666) | \n\n \u00a0 | \n\n 7 | \n\n (279) | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n (64) | \n
| \n Share of other comprehensive income items | \n\n (49) | \n\n (162) | \n\n \u00a0 | \n\n 31 | \n\n (162) | \n\n \u00a0 | \n\n 11 | \n\n (67) | \n
| \n Equity value | \n\n 2,805 | \n\n 9,624 | \n\n \u00a0 | \n\n 2,427 | \n\n 8,016 | \n\n \u00a0 | \n\n 1,656 | \n\n 7,705 | \n
| \n Profit/(Loss) | \n\n 365 | \n\n 420 | \n\n \u00a0 | \n\n 295 | \n\n (689) | \n\n \u00a0 | \n\n (19) | \n\n (359) | \n
| \n Dividends paid to TotalEnergies | \n\n 341 | \n\n 247 | \n\n \u00a0 | \n\n 296 | \n\n 106 | \n\n \u00a0 | \n\n 323 | \n\n 120 | \n
8.2Other investments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Other investments are equity instruments and are measured according to IFRS\u00a09 at fair value through profit or loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss. | \n\n \n | \n\n TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis. For quoted shares on active markets, this fair value is based on the market price. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n 346 | \n\n \u2013 | \n\n (109) | \n\n 237 | \n
| \n Automotive Cells Company | \n\n \u2013 | \n\n 177 | \n\n (76) | \n\n 101 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 56 | \n\n 4 | \n\n 5 | \n\n 65 | \n
| \n Chicago Mercantile Exchange (CME) | \n\n 45 | \n\n \u2013 | \n\n 8 | \n\n 53 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 64 | \n\n 63 | \n\n 11 | \n\n 138 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 511 | \n\n 244 | \n\n (161) | \n\n 594 | \n
| \n Western LNG LLC | \n\n \u2013 | \n\n 50 | \n\n \u2013 | \n\n 50 | \n
| \n Other shares at fair value through profit or loss | \n\n 1,154 | \n\n 26 | \n\n 90 | \n\n 1,270 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 1,154 | \n\n 76 | \n\n 90 | \n\n 1,320 | \n
| \n Total equity instruments | \n\n 1,665 | \n\n 320 | \n\n (71) | \n\n 1,914 | \n
| \n As of December 31, 2024 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n 214 | \n\n \u2013 | \n\n 132 | \n\n 346 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 50 | \n\n 7 | \n\n (1) | \n\n 56 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 91 | \n\n 5 | \n\n 13 | \n\n 109 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 355 | \n\n 12 | \n\n 144 | \n\n 511 | \n
| \n Nordian CPO (renamed TotalEnergies Charging Services Espa\u00f1a SL)(a) | \n\n 70 | \n\n (70) | \n\n \u2013 | \n\n \u2013 | \n
| \n Other shares at fair value through profit or loss | \n\n 1,118 | \n\n 13 | \n\n 23 | \n\n 1,154 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 1,188 | \n\n (57) | \n\n 23 | \n\n 1,154 | \n
| \n Total equity instruments | \n\n 1,543 | \n\n (45) | \n\n 167 | \n\n 1,665 | \n
| \n (a)Nordian CPO has been consolidated in 2024. | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2023 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n \u2013 | \n\n 219 | \n\n (5) | \n\n 214 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 34 | \n\n 14 | \n\n 2 | \n\n 50 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 85 | \n\n 14 | \n\n (8) | \n\n 91 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 119 | \n\n 247 | \n\n (11) | \n\n 355 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 54 | \n\n (54) | \n\n \u2013 | \n\n \u2013 | \n
| \n Nordian CPO (renamed TotalEnergies Charging Services Espa\u00f1a SL)(a) | \n\n \u2013 | \n\n 70 | \n\n \u2013 | \n\n 70 | \n
| \n Other shares at fair value through profit or loss (unit value < $50M) | \n\n 878 | \n\n 264 | \n\n (24) | \n\n 1,118 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 932 | \n\n 280 | \n\n (24) | \n\n 1,188 | \n
| \n Total equity instruments | \n\n 1,051 | \n\n 527 | \n\n (35) | \n\n 1,543 | \n
| \n (a)Nordian CPO will be consolidate in 2024. | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Non-controlling interests
As of December\u00a031, 2025, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies EP Gabon, TotalEnergies EP Congo and AzurVista Resources Pte. Ltd.
As of December 31, 2025, 1,463 entities are consolidated of which 209 are accounted for under the equity method (E).
The table below presents a comprehensive list of the consolidated entities:
| \n Business segment | \n\n Statutory corporate name | \n\n % Company interest | \n\n Method | \n\n Country of incorporation | \n\n Country of operations | \n
|---|---|---|---|---|---|
| \n Exploration & Production | \n|||||
| \n \n | \n\n Abu Dhabi Gas Industries Limited | \n\n 15.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Angola LNG Supply Services, LLC | \n\n 13.60% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bayou Bend CCS OpCo LLC | \n\n 25.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bonny Gas Transport Limited | \n\n 15.00% | \n\n E | \n\n Bermuda | \n\n Nigeria | \n
| \n \n | \n\n Brass Holdings B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Nigeria | \n
| \n \n | \n\n Brass LNG Limited | \n\n 20.48% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n CEPSA Suriname S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Suriname | \n
| \n \n | \n\n Congo Forest Company (CFC) | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n Dolphin Energy Limited | \n\n 24.50% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n E.F. Oil And Gas Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n East African Crude Oil Pipeline (EACOP) Ltd | \n\n 62.00% | \n\n E | \n\n United Kingdom | \n\n Uganda | \n
| \n \n | \n\n Elf E&P | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Exploration UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Petroleum Iran | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n Gas Investment and Services Company Limited | \n\n 10.00% | \n\n E | \n\n Bermuda | \n\n Oman | \n
| \n \n | \n\n Global Forestry Development (GFD) | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Gabon | \n
| \n \n | \n\n Luna Carbon Storage ANS | \n\n 40.00% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Mabruk Oil Operations | \n\n 49.02% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n Net Zero North Sea Storage Holdings Ltd | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Norpipe Oil AS | \n\n 34.93% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norpipe Petroleum UK Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n
| \n \n | \n\n Norpipe Terminal Holdco Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n
| \n \n | \n\n Norsea Pipeline Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n
| \n \n | \n\n North Oil Company | \n\n 30.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Northern Lights JV DA | \n\n 33.33% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Pars LNG Limited | \n\n 40.00% | \n\n E | \n\n Bermuda | \n\n Iran | \n
| \n \n | \n\n Private Oil Holdings Oman Limited | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n Oman | \n
| \n \n | \n\n Stogg Eagle Funding B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Nigeria | \n
| \n \n | \n\n TEVA SHIP CHARTER LLC | \n\n 75.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TOQAP Guyana B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Guyana | \n
| \n \n | \n\n Total Austral | \n\n 100.00% | \n\n \n | \n\n France | \n\n Argentina | \n
| \n \n | \n\n Total E&P Al Shaheen A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Qatar | \n
| \n \n | \n\n Total E&P Angola Block 15/06 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Angola Block 33 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Angola Block 39 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Chine | \n\n 100.00% | \n\n \n | \n\n France | \n\n China | \n
| \n \n | \n\n Total E&P Guyane Francaise | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Harir) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Safen) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Taza) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P M2 Holdings Limited | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n Total E&P Participations Petrolieres Congo | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n Total E&P Philippines B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Philippines | \n
| \n \n | \n\n Total E&P Services China Company Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total E&P South Pars | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n Total E&P South Sudan | \n\n 100.00% | \n\n \n | \n\n France | \n\n South Sudan | \n
| \n \n | \n\n Total E&P Syrie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Syria | \n
| \n \n | \n\n Total E&P Tajikistan B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Tajikistan | \n
| \n \n | \n\n Total Oil and Gas South America | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Exploration & Production (continued) | \n|||||
| \n \n | \n\n Total Pars LNG | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total South Pars | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n TotalEnergies (China) Investment Company Limited Nantong\u00a0Branch | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Anchor USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies BTC B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies Carbon Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies CCS UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies CCS USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Denmark ASW | \n\n 100.00% | \n\n \n | \n\n United States | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Denmark ASW Pipeline ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie Berkine A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies E&P Americas LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Colombie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Colombia | \n
| \n \n | \n\n TotalEnergies E&P New Ventures Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P North Sea UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies E&P Research & Technology USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies E&P USA Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P USA Oil Shale LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P USA Well Containment LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies East Africa Midstream B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Absheron B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies EP Abu Al Bu Khoosh | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16 Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16-21 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 17.06 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 20 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 25 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 29 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 32 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 40 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 48 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Aotearoa Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n New Zealand | \n
| \n \n | \n\n TotalEnergies EP Asia Pacific Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies EP Azerbaijan B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies EP Block 9 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Lebanon | \n
| \n \n | \n\n TOTALENERGIES EP BOBARA PTE. LTD. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Bolivie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Bolivia | \n
| \n \n | \n\n TotalEnergies EP Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies EP Cambodge | \n\n 100.00% | \n\n \n | \n\n France | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies EP Chissonga | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Company UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Congo | \n\n 85.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n TotalEnergies EP Cyprus B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Cyprus | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S \u2013 CPH | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Dolphin Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Midstream | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Upstream | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gabon | \n\n 58.28% | \n\n \n | \n\n Gabon | \n\n Gabon | \n
| \n Exploration & Production (continued) | \n|||||
| \n \n | \n\n TotalEnergies EP Gass Handel Norge AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Gastransport Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Golfe | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Guyana B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Guyana Shallow | \n\n 100.00% | \n\n \n | \n\n France | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Holdings Russia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings UAE B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP International K1 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International K2 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International K3 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Iran B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Iraq | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Italia S.p.A. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies EP Kazakhstan | \n\n 100.00% | \n\n \n | \n\n France | \n\n Kazakhstan | \n
| \n \n | \n\n TotalEnergies EP Kenya B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Liban S.A.L. | \n\n 100.00% | \n\n \n | \n\n Lebanon | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies EP Liberia LLC | \n\n 100.00% | \n\n \n | \n\n Liberia | \n\n Liberia | \n
| \n \n | \n\n TotalEnergies EP Libye | \n\n 100.00% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP Lower Zakum B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Malaysia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Mauritania Blocks DW B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP Mauritanie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP M\u2019Bridge B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Mexico Block 30 | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Myanmar | \n\n 100.00% | \n\n \n | \n\n France | \n\n Myanmar | \n
| \n \n | \n\n TotalEnergies EP Namibia B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies EP Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater A Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater B Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater C Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater D Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater E Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater F Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater G Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater H Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Norge AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Oman Block 11 B.V. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Oman S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Petroleum Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Pipelines Danmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Profils Petroliers | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Qatar | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Qatar 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Ratawi Hub | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Russie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Sao Tome and Principe B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Sebuku | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Senegal | \n\n 100.00% | \n\n \n | \n\n France | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies EP Services Brazil B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP South Africa Block 567 (Pty) Ltd | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n Exploration & Production (continued) | \n|||||
| \n \n | \n\n TotalEnergies EP South Africa S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Suriname B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Suriname | \n
| \n \n | \n\n TotalEnergies EP Thailand | \n\n 100.00% | \n\n \n | \n\n France | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies EP UAE Unconventional Gas B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Uganda S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Umm Lulu SARB | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Umm Shaif Nasr B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Vostok LLC | \n\n 100.00% | \n\n \n | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Waha | \n\n 100.00% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP Well Response | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Western Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Yemen | \n\n 100.00% | \n\n \n | \n\n France | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies EP Yemen Block 3 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Holdings EACOP S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Holdings International B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Holdings Midstream SA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Holdings Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Jack USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies LNG Supply Services USA | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marine Investments LLC | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions II | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nederland Facilities Management B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore GB Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Offshore UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petr\u00f3leo & G\u00e1s Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Shipping Brazil B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Upstream Danmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Upstream Nigeria | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Upstream UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Uintah Colorado Resources II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uintah Colorado Resources, LLC | \n\n 66.67% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated LNG | \n|||||
| \n \n | \n\n Abu Dhabi Gas Liquefaction Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Adani Total Gas Ltd(e) | \n\n 37.40% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Total LNG Singapore Pte. Ltd | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Adani Total Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n ADNOC Ruwais LNG LLC | \n\n 10.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n AL KHARSAA SOLAR HOLDINGS B.V. | \n\n 49.00% | \n\n E | \n\n Netherlands | \n\n Qatar | \n
| \n \n | \n\n Angola LNG Ltd | \n\n 13.60% | \n\n E | \n\n Bermuda | \n\n Angola | \n
| \n \n | \n\n AzurVista Resources Pte. Ltd. | \n\n 50.01% | \n\n \n | \n\n Singapore | \n\n Malaysia | \n
| \n \n | \n\n BioBearn S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BioDeac S.A.S. | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n BioGasconha S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Breuil | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Chatillon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Corcelles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Epinay | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Libron | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Milhac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Soignolles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Sourcing | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Torcy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Vert Le Grand | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated LNG (continued) | \n|||||
| \n \n | \n\n Biogaz Viriat | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Bioloie | \n\n 95.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Bionorrois | \n\n 90.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BioPommeria S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BioQuercy S.A.S. | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Bioroussillon S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biovilleneuvois S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Cameron LNG Holdings LLC | \n\n 16.60% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Central Eolica Pampa de Malaspina S.A.U. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Del Rio Funding LLC(a) | \n\n 59.71% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n ECA LNG Holdings B.V. | \n\n 16.60% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Ecosol San Luis SAU | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Fonroche Energies Renouvelables S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Gas Del Litoral SRLCV | \n\n 25.00% | \n\n E | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Global LNG North America Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Global LNG S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Greenwind S.A. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Gulf Total Tractebel Power Company PSJC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Ichthys LNG Pty Limited | \n\n 26.00% | \n\n E | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Margeriaz Energie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Marsa LNG, LLC | \n\n 80.00% | \n\n E | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Methanergy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Moz LNG1 Co-Financing Company | \n\n 7.03% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n Moz LNG1 Holding Company Ltd | \n\n 26.50% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Mozambique LNG Marine Terminal Company S.A. | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n Mozambique LNG1 Financing Company Ltd | \n\n 26.50% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Mozambique MOF Company S.A. | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n National Gas Shipping Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Nigeria LNG Limited | \n\n 15.00% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Oman LNG, LLC | \n\n 5.54% | \n\n E | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Papua LNG Development Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Papua New Guinea | \n
| \n \n | \n\n POLSKA GRUPA BIOGAZOWA S.A. | \n\n 50.00% | \n\n E | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Qatar Liquefied Gas Company Limited (II) | \n\n 16.70% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatar Liquified Gas Company Limited 10 (QG10) - NFS Project | \n\n 25.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatar Liquified Gas Company Limited 5 (QG5) - NFE Project | \n\n 25.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Rio Grande LNG Intermediate Holdings, LLC(b) | \n\n 20.31% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rio Grande LNG Train 4 Intermediate Holdings, LLC(d) | \n\n 10.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n SHAMS POWER COMPANY PJSC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n SN Power Invest Netherlands B.V. | \n\n 51.00% | \n\n E | \n\n Netherlands | \n\n Uganda | \n
| \n \n | \n\n South Hook LNG Terminal Company Limited | \n\n 8.35% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Total E&P Egypt Block 2 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n Total E&P Indon\u00e9sie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n Total Shenergy LNG (Shanghai) Co., Ltd. | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Australia Unit Trust(c) | \n\n 0.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Biogas Holdings USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Biogaz France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies CCS Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies E&P SW Texas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Yamal | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Angola D\u00e9veloppement Gaz | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Australia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Australia II | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Australia III | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n Integrated LNG (continued) | \n|||||
| \n \n | \n\n TotalEnergies EP Barnett USA | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Central America SDN. BHD. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Deepwater Malaysia Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Egypt North Ras Kanayis Offshore B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies EP Egypte | \n\n 100.00% | \n\n \n | \n\n France | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies EP Exploration Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Holdings Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Holdings Mauritius Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies EP Ichthys Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP JV New Zealand SDN.BHD. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Kenyalang (Sarawak) Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Kundu Limited | \n\n 100.00% | \n\n \n | \n\n Papua New Guinea | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP Malaysia Holdings Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Malaysia International Sdn.Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Mozambique Area1, Ltda | \n\n 100.00% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies EP Oceania Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Oman Block 12 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Oman Development B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP PNG Ltd | \n\n 100.00% | \n\n \n | \n\n Papua New Guinea | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP PNG2 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP Ruwais LNG | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Sabah II Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Sabah SDN. BHD. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Salmanov | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Sarawak Inc. | \n\n 100.00% | \n\n \n | \n\n Bahamas | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies EP Sureste Sdn. Bhd. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Tengah | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Transshipment S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Western Australia SDN.BHD. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies Gas & Power Asia Private Limited | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gas & Power Holdings UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas & Power North America, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Gas & Power Services UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas Pipeline USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Gaz & Electricit\u00e9 Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies GLNG Australia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies GLNG Holdings Australia S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies LNG Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies LNG services France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Sviluppo Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies USA International LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Yemen LNG Company Ltd | \n\n 100.00% | \n\n \n | \n\n Bermuda | \n\n Bermuda | \n
| \n \n | \n\n Vientos Los Hercules S.A.U. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n VIENTOS SOLUTIONS, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Argentina | \n
| \n \n | \n\n Yamal LNG | \n\n 20.02% | \n\n E | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Yemen LNG Company Limited | \n\n 39.62% | \n\n E | \n\n Bermuda | \n\n Yemen | \n
| \n Integrated Power | \n|||||
| \n \n | \n\n Abarloar Solar S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Abeto Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Access Building Egypt Solar One SAE | \n\n 100.00% | \n\n \n | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n Access Egypt Solar One | \n\n 100.00% | \n\n \n | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n Adams Liberty, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n ADANI GREEN ENERGY LTD | \n\n 17.25% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Green Energy Twenty Three Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Renewable Energy Holding Nine Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Renewable Energy Sixty four Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Advanced Thermal Batteries Inc. | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Aerospatiale Batteries (ASB) | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies 2 | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n AES CFE Holding III, LLC | \n\n 30.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n AES DR Renewables Holdings, S.L. | \n\n 50.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n AIDA RENEWABLES SINGLE MEMBER | \n\n 50.00% | \n\n E | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Alberche Conex, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Alcad AB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Alicante | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Alicante 2 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 2 | \n\n 44.58% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 3 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 5 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Amber Solar Power Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Dieciseis, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Veinticuatro S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amura Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anayet Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anclote Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ancora Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Arbotante Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Armada Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Atol\u00f3n Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Attentive Energy, LLC | \n\n 56.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Auriga Generacion S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Avenir Solaire Etoile | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Portfolio | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Rhea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Tethys | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Titan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Baker Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Ballupur Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Baltic Sea OFW O-2.2 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Baser Comercializadora de Referencia | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n BELHARRA | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Belise 2 Solaire Services | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Belise3 Solaire Services | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Bidasoa Conex, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n BJL11 Solar S.A. | \n\n 90.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n BJL4 Solar S.A. | \n\n 90.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Bloomington Hill 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bloomington Hill 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brazoria Solar II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brur Hail Sun, Limited Partnership | \n\n 44.64% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Budeshte Agro | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Canal City Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Casa dos Ventos S.A. | \n\n 34.00% | \n\n E | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Castellaneta Solar S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Castille | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Cefeo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Centaurus Environment S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Central Eolica Terra Santa SPE I S.A. | \n\n 88.77% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Central Eolica Terra Santa SPE II S.A. | \n\n 88.77% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Centrale Eolienne Alaincourt | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne De La Vallee Gentillesse | \n\n 74.80% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne Mont de l\u2019Arbre III | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne RENFR 220 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne Vall\u00e9e de la Craie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Alas | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Arvan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Barbaira | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Bonnant | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Gavet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Miage | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Previnquieres | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Photovoltaique De Merle Sud | \n\n 40.58% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-5 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire APV R&D | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoprod | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoroutes PV BFC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Beauce Val de Loire | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Chemin De Melette | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire De Cazedarnes | \n\n 75.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire de La Bezassade | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Dom | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Lavoir | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Estarac | \n\n 35.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Golbey | \n\n 51.05% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Guinots | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Heliovale | \n\n 59.63% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Jouannetterie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Potence | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Roquette | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Tastere | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Le Carteyrou | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers | \n\n 83.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers 2 | \n\n 75.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire l\u2019Estrade | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lodes | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lot 1 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Macouria | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Marlan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Mazeran Lr | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Merle Sud 2 | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Olinoca | \n\n 10.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres Cap Agathois | \n\n 83.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres De Blyes | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Centrale Solaire Plateau De Pouls | \n\n 51.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 331 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 397 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 412 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 422 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 440 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 450 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 453 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 627 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 629 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Roquecamude | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire SRG Energy | \n\n 80.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Terre du Roi | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Toiture Josse | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire TQ 3 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Vauvoix | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Cerezo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n CH Ardon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Chudiala Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Cidra Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Circinus Energy, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Clean Energy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Clean Energy 1 | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Clinton & Montpelier Solar Class B HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Clinton & Montpelier Solar Class B Member, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Clinton & Montpelier Solar TE Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Clinton Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Colorado Bend I Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Colorado Bend Services, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Columba Renovables S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Comanche Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Energy Development, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Fund 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Capital, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Data, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Development, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar DG, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Holdings I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Land Holdings I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV X, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV XV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV XXIV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Bayou Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Solar Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Solar Class B HoldCo, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cowtown Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Crc Kern Front Tugboat, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Black Oak A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n CS Black Oak B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Clare, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Danville, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS LES BRANDES | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CS Long Point 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 2A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 2B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS RENFR 436 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CS RENFR 603 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CS RENFR 618 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CS RENFR 693 | \n\n 100.00% | \n\n \n | \n\n France | \n\n New Caledonia | \n
| \n \n | \n\n CS Spring Lake, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Streator, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS ZABO 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CWB I Storage Class B HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CWB I Storage Class B Member, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CWB I Storage TE Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cygnus Environment, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Decatur Northwest 1 LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Decatur Notrhwest 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Demosites2022 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n DG Italy ASSETCO1 S.R.L | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Dracena I Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Dracena II Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Dracena IV Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Driza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Dubovo Energy | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Eclipse Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Edelweis Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Eden Mumbai Solar Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Renewable Cite Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Renewable Ranji Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Solar Energy Gurgaon Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Solar Rajdhani Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n El Bosc | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n ENEOS TotalEnergies Renewables Solar Development Japan\u00a0G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Energia SI | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Energy Solaire Services Mangassaye | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eneryo S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Enwind | \n\n 98.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Eol Maral I SPE S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eol Maral II SPE S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eole Boin | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Champagne Conlinoise | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Dadoud | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Fonds Caraibes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Grand Maison | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Montagne | \n\n 87.60% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Perriere S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Plaine | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Eole Morne Carriere | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Yate | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoles Futur Lilet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n E\u00f3lica da Boneca \u2013 Empreendimentos E\u00f3licos S.A. | \n\n 33.00% | \n\n E | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Eoliennes De Bosjean | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Buleon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Fadoumal | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Grange Neuve | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Guehenno | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De La Chappelle Au Mans | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Rouge | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Tortebesse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes des Portes de Br\u00e2mes Benaize | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes Des Trois Plaines | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eolmed | \n\n 20.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eren do Brasil Participa\u00e7\u00f5es e Consultoria em Energia Ltda. | \n\n 99.81% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eren Maral Participa\u00e7\u00f5es S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eren Terra Santa Participa\u00e7\u00f5es S.A. | \n\n 94.22% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n E-Vento Cir\u00f2 | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Evergreen Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n ExGen Texas Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Falla Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n FE Tutly Solar LLC | \n\n 100.00% | \n\n \n | \n\n Uzbekistan | \n\n Uzbekistan | \n
| \n \n | \n\n FEN sp. z o.o. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Fleming Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Fluxsol | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n FPV Blanchard | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Friemann & Wolf Batterietechnick GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Futur Portfolio | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n G.K. Succeed Tsu Haze | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Galibier | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Gallocanta Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Garonne-et-Canal Energies | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Generaci\u00f3n Fotovoltaica Dehesa Nueva | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Geomundo Offshore Wind Power Co., Ltd. | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Glaciere De Palisse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Global Energy | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Global Solar Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Go Electric | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Golden Triangle Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Goleta Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Grand Riviere Eolien Stockage Services | \n\n 33.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.1 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.2 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.3 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Grillete Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n GT R4 Holdings Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Haeparang Energy Co. Ltd | \n\n 70.00% | \n\n \n | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Haiding one international investment co Ltd | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Haiding three international investment co Ltd | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Haiding two international investment co Ltd | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Hanwha Total Solar II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hanwha Total Solar, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Helio 971 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Helio 974 Sol 1 | \n\n 59.88% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Fonds Caraibes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio L\u2019R | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Prony Resources New Caledonia | \n\n 100.00% | \n\n \n | \n\n New Caledonia | \n\n New Caledonia | \n
| \n \n | \n\n Helio Saint Benoit | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Wabealo | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helix Project V, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n HETTY | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n HFV Montenero | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n HFV Salentina | \n\n 50.00% | \n\n E | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Horseshoe Kelly 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Horseshoe Kelly 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n HT Solar Holdings II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n HT Solar Holdings III, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n HTS Holdings LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hydro 974 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hydro Tinee | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hydromons | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Inov | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Iron Solar Class A Member 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n IS23 Georgia P2 LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Ise Total Nanao Power Plant G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Jammerland Bay Nearshore A/S | \n\n 85.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n Jingdan New Energy investment (Shanghai) Co. Ltd | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n Keith Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Kidds Store | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n KSF Holding Trust | \n\n 57.50% | \n\n E | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Kyon Energy Finance GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Kyon Energy Solutions GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n LA Basin Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Compagnie Electrique de Bretagne | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n La Metairie Neuve | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n La Quercia Solar S.R.L | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n La Seauve | \n\n 40.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lanuza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n LaPorte Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Lauderdale Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laurel Energy Center, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laurens Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Le Bois Joli | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lemoore Stratford Land Holdings IV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les ailes de Taillard | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents Meuse Sud | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Leuret | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lillebaelt Holdco A/S | \n\n 85.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n Lillebaelt Vind A/S | \n\n 72.25% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n Lorance Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Lorca | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Luce Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Luminora Solar Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Maenggoldo Offshore Wind Power Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Martianez Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Marysville Unified School District Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Mastil Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Mauricio Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Maverick Equity Holding | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Maverick Sponsor Member,LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Meco 8 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Medha Energy Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Merysol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Milin Silieg | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Mishmar HaNegev Sun, Limited Partnership | \n\n 44.64% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Missiles & Space Batteries Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Miyagi Osato Solar Park G.K. | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Miyako Kuzakai Solarpark G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n M-KAT Green Limited Liability Partnership | \n\n 100.00% | \n\n \n | \n\n Kazakhstan | \n\n Kazakhstan | \n
| \n \n | \n\n Montpelier Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Morena Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Mulilo Prieska PV (RF) Proprietary Limited | \n\n 27.00% | \n\n E | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n Mustang Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Class B HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Class B Member, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage TE Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n New Green Energy Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Nomad Solar | \n\n 100.00% | \n\n \n | \n\n Kazakhstan | \n\n Kazakhstan | \n
| \n \n | \n\n North Sea OFW N-11.2 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n North\u00a0Sea\u00a0OFW\u00a0N-12.1\u00a0GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Nouvelle Centrale Eolienne de Lastours | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Nova Solar Project | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Nuza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ombrea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n OmbreaAOI2022 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Ophelia Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Oranje Wind Power II B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Orchard Capital S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Oskvolt Battery Services KB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Oyen Wind Alberta Inc. | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Parc Eolien de Cassini | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien de l\u2019Equinville | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien Du Coupru | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien Du Vilpion | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Photovoltaique de Puyloubier | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Solaire du Lorrain | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parco Eolico La Guardia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Parque Fotovoltaico Alicahue Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Parque Fotovoltaico Santa Adriana Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Parsifal Co | \n\n 50.00% | \n\n E | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Piedra Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pigeon Run Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pilastra Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Plum Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pontenure Solar S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Portalon Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Pos Production Ii | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Pos Production V | \n\n 70.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Poste HTB du Mont de L\u2019Arbre | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Postigo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Postor Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n PT TATS Indonesia | \n\n 100.00% | \n\n \n | \n\n Indonesia | \n\n Indonesia | \n
| \n \n | \n\n Quadra Energy GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Quadrica | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Quilla Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Rabiza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Rainbow LuxCo S.\u00e0.r.l. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n Rainbow MidCo GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Rainbow TopCo GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Randolph Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rececho Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Recova Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Regata Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Renewable Energy Seagreen Holdco Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Risen Bangladesh SKS Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Bangladesh | \n\n Singapore | \n
| \n \n | \n\n Risen Energy (Cambodia) Battambang Co. Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n RLA Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Rockford Brook A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rockford Brook B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rocky Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rolling Green Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rolling Plains Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n R\u00f6nesans Enerji \u00dcretim ve Ticaret Anonim \u0218irketi | \n\n 50.00% | \n\n E | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n Runway Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saft (Zhuhai FTZ) Batteries Company Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Saft (Zhuhai) Energy Storage Co. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Saft AB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Saft America Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saft Australia Pty Limited | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Saft Batterias SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Saft Batterie Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Saft Batterien GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Saft Batteries Pte Limited | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Saft Batteries Pty Limited | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Saft Do Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Saft EV S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saft Ferak AS | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Saft Groupe S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saft Hong Kong Limited | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Saft India Private Limited | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Saft Japan KK | \n\n 100.00% | \n\n \n | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Saft Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Saft LLC | \n\n 100.00% | \n\n \n | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Saft Nife ME Limited | \n\n 100.00% | \n\n \n | \n\n Cyprus | \n\n Cyprus | \n
| \n \n | \n\n Saft S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saint Francois 3 Solaire Services | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n San Luis Obispo Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sanabria Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Sanders Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SAS Montjoly Solaire Services | \n\n 33.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Servizi Rinnovabili SRL | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n SGIP SLB Holdco 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SGIP SLB I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Shakumbhari Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n SIIF EDF EN Israel Ltd. | \n\n 51.02% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Sistemi Energie Calabria S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n SN Power AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Soci\u00e9t\u00e9 Champenoise d\u2019Energie | \n\n 16.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 d\u2019Exploitation du Soleil du Haut-Deffens | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 Economie Mixte Production Energetique Renouvelable | \n\n 35.92% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Solaire De Bouzac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Sol Holding, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solaire Habitat Social | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Solar Barocco | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Solar Carport NJ, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Solar Life Energy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Solar Star Academia 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Addison North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Allegany South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Always Low Prices Hi, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Appling Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Arizona HMR-1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Carney, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Bay City 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple BTM, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Spring, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Blakeslee 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Brancos, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVI, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVI, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVIII, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cambridge 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cantil 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carbondale 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carlsbad 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Castlemont HS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CCC Detention Center, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Central Light, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charlotte 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Christie Hill LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Co Co 2500, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Colorado II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cougars, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Kern Front, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC North Shafter, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Pier A West, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Solar Star Dornsife 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Dorothy Avenue, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Fort Atkinson South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Frontier BESS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goodwin Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harbor, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harpst Arcata, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hartford South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hawley 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD Maryland, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New Jersey, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New York, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Herald Square 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hernwood, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hubbardson South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Irvine Civic Center, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Jal, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kennedale Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kern Lerdo Facility, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Khsd, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LA County High Desert, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lake Mills 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Culver City, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Irvine, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Split 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Light Park, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lompoc Diatomite 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lone Star Fiberglass, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Long Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas 2 LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star MA - Tewksbury, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts III, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mayfield 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maynard 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mifflinburg 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville Rohrsburg, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star North Herty Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Oakland Technical HS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville Eagle, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Palmyra North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Kern Front, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC North Shafter, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Pier A West, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pennsauken, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Solar Star Pleasant Mount 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PUSD Monache, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PUSD Porterville HS LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Saft Valdosta, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Santa Ana HS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Seventeen Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Storage Texas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tift Toombs Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Track Southern Ave 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tranquility, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Unkety Brook, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Urbana Landfill South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Vegas 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Virginia Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Ware 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Western Hills Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Whitewater South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Wholesome Portland, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarfarm Brzezinka sp. z o.o. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Solarstar Ma I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Soleil De Bagnols | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soleil De Balsac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soleil De Gaujac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soleil D\u2019Izernore | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Solenergy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Sombrero Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Spinnaker Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Springwater Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SPWR SS 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Strongstown Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Bobcat Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial FTB Construction, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Helix I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower NY CDG 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I Parent, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sunzil | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Swingletree Operations, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Tadiran Batteries GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Tadiran Batteries Limited | \n\n 100.00% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Talmei Eliyahu Green Energies Ltd. | \n\n 46.94% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Terrilvolta\u00efque de Ronchamp et Magny-Danigon | \n\n 40.80% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TexGen Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TNE Holdco 1 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Tosca Holdco, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Total Envision Energy Services (Shanghai) Co., Ltd | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n Total Eren H2 | \n\n 80.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Total Tractebel Emirates O&M Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n Total Tractebel Emirates Power Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Bayet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Marchienne-au-Pont | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Pont-sur-Sambre | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Saint-Avold | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Toul | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Alamo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Andromeda Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies B Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies BZ Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies C HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Carolina Long Bay, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Clientes | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies CWB 1 Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies DF Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Assets USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Operations Holdco\u00a0USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Philippines Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Dracena Participa\u00e7oes | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Electricidad y Gas Espa\u00f1a | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Electricit\u00e9 et Gaz France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies ENEOS Renewables Distributed Generation\u00a0Asia Pte.Ltd | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Flexible Power USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies H Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies HI Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies HI II Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Integrated Power ESS Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies L Wind Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marahu Holding, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Montpelier Solar Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Offshore Wind Korea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Offshore Wind Netherlands Participations I B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore Wind Netherlands Participations II B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies OFW NSE1 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW NSE2 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW OSE GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW US 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies OFW US 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies OFW WB Ost GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW WB West GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies P Solar HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Planta Solar Andalucia 3, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Power & Gas Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Power Generation France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables (Cambodia) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies Renewables Asia | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Australia | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Renewables Big Sky Solar Holding I Corporation | \n\n 50.00% | \n\n E | \n\n Canada | \n\n Canada | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n TotalEnergies Renewables Bulgaria | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies Renewables Business Support Chile SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Canada Holding Corporation | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Renewables Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Renewables Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Development Middle East | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Development Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Development Philippines Corporation | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Renewables DG Asia Assets Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG Holdings Asia Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA \u2013 Assets 1 FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables ESS Carling | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Flandres | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Grandpuits | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Holding Hellas | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Holding Luxembourg Nov S.A. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Iberica, S.L.U | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables India | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Indian Ocean Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Renewables International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Investments, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Jammerland ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renewables LandCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Latin America | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Lillebaelt ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renewables Malaysia Sdn. Bhd. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies Renewables Nederland A B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Renewables Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Renewables Nov | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Nova Solar Holding Corporation | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Renewables Oyen Wind Holding Corporation | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Renewables Poland | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Hibridiza\u00e7\u00e3o Gardunha, S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Hibridiza\u00e7\u00e3o S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal International S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal SGPS | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Sol & Vento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Projects Philippines Corporation | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Renewables Projects Singapore Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Projects Vietnam | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables R4 Holdco Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Services Bulgaria | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies Renewables Services Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Services Poland | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Renewables Services Portugal | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Services USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Singapore Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Solar Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Southern Africa | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Renewables Thailand | \n\n 100.00% | \n\n \n | \n\n Thailand | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies Renewables UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n TotalEnergies Renewables USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renouvelables Danemark ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renouvelables France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Pacific | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar DG Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Solar France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Intl | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Wind Indian Ocean Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Springwater Solar Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Strong, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Tymochtee Solar Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Wire 3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TQN Hydro | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Solar | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Solar Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Wind | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Trofeo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Truyesol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TSGF SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TSSDG India Private Limited | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Tymochtee Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uusiutuva Energia Puutionsaari Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n Valencia Solar 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valorene | \n\n 66.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Varadero Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Vento Solare S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Vents D\u2019Oc Centrale D\u2019Energie Renouvelable 16 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D\u2019Oc Centrale D\u2019Energie Renouvelable 17 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D\u2019Oc Centrale D\u2019Energie Renouvelable 18 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Vertigo | \n\n 25.92% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Vireausol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n VSB Energia Verde Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n VSB Energie Odnawialne Polska sp. z o.o. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n VSB Energiepark Fischbach GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Energies Nouvelles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n VSB Energy GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Green Yield One GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Holding GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Mobility GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Neue Energien Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Obnovljiva Energija Hrvatska d.o.o. | \n\n 100.00% | \n\n \n | \n\n Croatia | \n\n Croatia | \n
| \n \n | \n\n VSB Service GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Uusiutuva Energia Suomi Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n VSB Windpark Arnsberg GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Elster Repowering GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Flintbek GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark J\u00f6rdenstorf GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark L\u00f6beritz GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark P\u00f6lzig Zwei GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Pustleben GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n VSB Windpark Schnorbeck-Extertal GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Vockenrod GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Wei\u00dfandt-G\u00f6lzau Zwei GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Wirmighausen GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Zernitz-Lohm GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n West Burton Flexible Generation Ltd | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Wichita Data, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Wichita Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Winche Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Wind 1013 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Wind 1026 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n France | \n
| \n \n | \n\n Wind 1027 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Wind 1028 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Wind 1029 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Windbostel Ost GmbH | \n\n 50.00% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Windbostel West GmbH | \n\n 50.00% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Windpark Quellendorf Eins GmbH & Co. KG | \n\n 65.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Winergy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Wolf Hollow I Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Wolf Hollow Services, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Woodbury Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n WP France 20 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP France 21 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP France 23 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP France 24 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP France 28 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WSB Park Wiatrowy Kepno sp. z o.o. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Yunlin Holding GmbH | \n\n 23.00% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Yunlin Ukco Limited | \n\n 29.46% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Zenith Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Zephyr Holdings GP, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n Refining & Chemicals | \n|||||
| \n \n | \n\n Atlantic Trading And Marketing INC. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Balzatex SAS | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BASF Totalenergies Petrochemicals LLC | \n\n 40.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bay Junction Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bayport Polymers LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Borrachas Portalegre LTDA | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n BOU Verwaltungs GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n BxT Trading | \n\n 50.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Catelsa-Caceres SAU | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Chartering and Shipping Services Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Composite Industrie Maroc S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Composite Industrie S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Cosden, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cos-Mar Company | \n\n 50.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cray Valley (Guangzhou) Chemical Company, Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley Czech | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Cray Valley HSC Asia Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CSSA - Chartering and Shipping Services S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n EcoMotion JV GmbH | \n\n 49.90% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Elf Aquitaine Fertilisants | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n ESPA SARL | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Refining & Chemicals (continued) | \n|||||
| \n \n | \n\n Feluy Immobati | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Fina Technology, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n FPL Enterprises, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Gasket (Suzhou) Valve Components Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Gasket International SRL | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Grande Paroisse S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hanwha TotalEnergies Petrochemical Co., Ltd | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n HBA Hutchinson Brasil Automotive Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson (Chongqing) Automotive Systems Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson (Malta) Limited | \n\n 100.00% | \n\n \n | \n\n Malta | \n\n Malta | \n
| \n \n | \n\n Hutchinson (UK) Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson (Wuhan) Automotive Rubber Products Company Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Aeronautique & Industrie Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Hutchinson Aerospace & Industry, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Aerospace GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Aerospace Services SNC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Antivibration Systems, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Autopartes De Mexico SA. De CV | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Borrachas De Portugal Ltda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson d.o.o Ruma LLC | \n\n 100.00% | \n\n \n | \n\n Serbia | \n\n Serbia | \n
| \n \n | \n\n Hutchinson Do Brasil SA | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson Fluid Management Systems Inc | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holding GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holdings UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson Iberia, S.A. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products (Suzhou) CO, Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products Private Limited Inde | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Hutchinson Industrias Del Caucho SAU | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industries Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Japan Company Limited | \n\n 100.00% | \n\n \n | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Hutchinson Korea Limited | \n\n 100.00% | \n\n \n | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Hutchinson Maroc S.A.R.L. AU | \n\n 100.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Hutchinson Poland SP ZO.O. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Hutchinson Polymers SNC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Porto Tubos Flexiveis Ltda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Precision Sealing Systems, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Research & Innovation Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Hutchinson S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.R.L. (Brasov) | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n Hutchinson Seal De Mexico SA. De CV. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Sealing Systems Inc | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson SRL (Italie) | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hutchinson SRO | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Hutchinson Stop-Choc GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Technologies (Maanshan) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Technologies (Shenyang) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Transferencia De Fluidos SA. De CV | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Tunisie S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n Hutchinson Vietnam Company Limited | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n Refining & Chemicals (continued) | \n|||||
| \n \n | \n\n Iber Resinas S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Industrias Tecnicas De La Espuma SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Industrielle Desmarquoy SNC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Jehier SAS | \n\n 99.89% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n JPR SAS | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n KTN Kunststofftechnik Nobitz GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n La Porte Pipeline Company, L.P. | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Porte Pipeline GP, LLC | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laffan Refinery Company Limited 1 | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Le Joint Francais S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Legacy Site Services Funding Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Legacy Site Services LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les Stratifies SAS | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lone Wolf Land Company | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Machen Land Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Metafactory | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Mide Technology Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Olutex Oberlausitzer Luftfahrttextilien GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Pamargan Products Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Paulstra S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n PFW Aerospace GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n PFW Havacilik Sanayi ve Dis Ticaret Limited Sirtketi | \n\n 100.00% | \n\n \n | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n PFW UK Machining Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Polyblend GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Qatar Petrochemical Company Q.S.C. (QAPCO) | \n\n 20.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatofin Company Limited | \n\n 49.08% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n R\u00e9silium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Retia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Retia USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n San Jacinto Rail Limited | \n\n 17.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saudi Aramco Total Refining & Petrochemical Company | \n\n 37.50% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n
| \n \n | \n\n Septentrion Participations | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 B\u00e9arnaise De Gestion Industrielle | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 du Pipeline Sud-Europ\u00e9en | \n\n 35.14% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Southeast Texas Pipelines LLC | \n\n 40.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Stillman Seal Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Stop-Choc (UK) Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n STR Tecoil Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n Synova | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TankOpslag en PijpleidingenNet N.V. | \n\n 55.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Techlam SAS | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Tesbo Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n Tessaf S.A.S. | \n\n 50.10% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Thermal Control Systems Automotive (TCFR) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total Atlantic Trading Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Total Energy Marketing A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Activit\u00e9s Maritimes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Belgium Services | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Corbion B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Fluids | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Deutschland GmbH Refining(e) | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Olefins Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining SA/NV | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n Refining & Chemicals (continued) | \n|||||
| \n \n | \n\n TotalEnergies Petrochemicals (Hong-Kong) Ltd | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n TotalEnergies Petrochemicals (Shanghai) Co. Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Petrochemicals Development Feluy | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Ecaussinnes | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Feluy | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals Iberica | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Petrochemicals UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Pipeline USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Plastic Energy Advanced Recycling SAS | \n\n 64.92% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Polymers Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Raffinage Chimie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinage France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinerie Mitteldeutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Refinery Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Refinery Port Arthur, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refining & Chemicals Arabia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Splitter USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Trading Asia Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Trading Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Trading Products S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Storage S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TOTSA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Totseanergy | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Vibrachoc SAU | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Zeeland Refinery NV | \n\n 55.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n Marketing & Services | \n|||||
| \n \n | \n\n Antilles Gaz | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Argedis | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Aristea | \n\n 51.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Arteco | \n\n 49.99% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n AS 24 Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 Espanola S.A. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n AS 24 Fuel Card Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n AS 24 Lietuva | \n\n 100.00% | \n\n \n | \n\n Lithunia | \n\n Lithunia | \n
| \n \n | \n\n AS 24 Polska SP ZO.O. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n AS 24 Tankservice GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Belgian Easy Data Driven Electrical Charging | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n C.M.T.M. Centre De Management De Transactions Monetiques | \n\n 99.90% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Circle K Belgium | \n\n 40.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Clean Energy Fuels Corp | \n\n 19.42% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Oil UK Aviation Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Oil UK Properties Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Fioulmarket.fr | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Gapco Kenya Limited | \n\n 100.00% | \n\n \n | \n\n Kenya | \n\n Kenya | \n
| \n \n | \n\n Gapco Tanzania Limited | \n\n 100.00% | \n\n \n | \n\n Tanzania | \n\n Tanzania | \n
| \n \n | \n\n Guangzhou Elf Lubricants Company Limited | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Gulf Africa Petroleum Corporation | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hexawatt Holding | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lubricants Vietnam Holding Limited | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Quimica Vasca S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Saudi Total Petroleum Products | \n\n 51.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n
| \n \n | \n\n Soci\u00e9t\u00e9 mahoraise de stockage de produits p\u00e9troliers | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Marketing & Services (continued) | \n|||||
| \n \n | \n\n Soci\u00e9t\u00e9 pour l\u2019exploitation de l\u2019usine de Rouen | \n\n 98.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 Urbaine des P\u00e9troles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n S-OIL TotalEnergies Lubricants Co. Ltd | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Source EV Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n South Asia LPG Company Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Stedis | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Tas\u2019Helat Marketing Company | \n\n 50.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n
| \n \n | \n\n TEAL Mobility | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TEVGO | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total (Tianjin) Manufacturing Co., Ltd. | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total Bitumen UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Total Lubricants (China) Company Limited | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total Marketing Uganda Ltd | \n\n 100.00% | \n\n \n | \n\n Uganda | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies (China) Investment Co Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Additives and Fuels Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Aviation | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Aviation Suisse S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Aviation Zambia Ltd | \n\n 100.00% | \n\n \n | \n\n Zambia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Bitumen Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Charging Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Services Espa\u00f1a, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Charging Services Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Charging Solutions Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Charging Solutions Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Charging Solutions Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Charging Solutions UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Glass Lubricants Europe GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Holdings Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies LPG Vietnam Company Ltd | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Lubrifiants | \n\n 99.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Lubrifiants Alg\u00e9rie SPA | \n\n 78.90% | \n\n \n | \n\n Algeria | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies Lubrifiants Services Automobile | \n\n 99.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marine Fuels Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing (Cambodia) Co. Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies Marketing (Fiji) Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Fiji Islands | \n\n Fiji Islands | \n
| \n \n | \n\n TotalEnergies Marketing (Hubei) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing (Shanghai) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing African Holdings Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing Afrique | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Angola S.A. | \n\n 50.00% | \n\n E | \n\n Angola | \n\n Angola | \n
| \n \n | \n\n TotalEnergies Marketing Antilles-Guyane | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Argentina | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n TotalEnergies Marketing Asia-Pacific Middle East Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Austria Gmbh | \n\n 100.00% | \n\n \n | \n\n Austria | \n\n Austria | \n
| \n \n | \n\n TotalEnergies Marketing Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Cameroun S.A. | \n\n 67.01% | \n\n \n | \n\n Cameroon | \n\n Cameroon | \n
| \n \n | \n\n TotalEnergies Marketing Cesk\u00e1 republika S.R.O. | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n TotalEnergies Marketing Chile SA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Marketing Congo | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n TotalEnergies Marketing Corse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing C\u00f4te d\u2019Ivoire | \n\n 72.99% | \n\n \n | \n\n C\u00f4te d\u2019Ivoire | \n\n C\u00f4te d\u2019Ivoire | \n
| \n \n | \n\n TotalEnergies Marketing Denmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Marketing Dominicana, S.A. | \n\n 50.00% | \n\n \n | \n\n Dominican Republic | \n\n Dominican Republic | \n
| \n Marketing & Services (continued) | \n|||||
| \n \n | \n\n TotalEnergies Marketing Egypt | \n\n 50.00% | \n\n E | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies Marketing Espa\u00f1a, S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Marketing Eswatini (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n Swaziland | \n\n Swaziland | \n
| \n \n | \n\n TotalEnergies Marketing Ethiopia Share Company | \n\n 100.00% | \n\n \n | \n\n Ethiopia | \n\n Ethiopia | \n
| \n \n | \n\n TotalEnergies Marketing France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Gabon | \n\n 90.00% | \n\n \n | \n\n Gabon | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies Marketing Ghana PLC | \n\n 76.74% | \n\n \n | \n\n Ghana | \n\n Ghana | \n
| \n \n | \n\n TotalEnergies Marketing Guinea Ecuatorial | \n\n 70.00% | \n\n \n | \n\n Equatorial Guinea | \n\n Equatorial Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Guin\u00e9e | \n\n 100.00% | \n\n \n | \n\n Guinea | \n\n Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Africa | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Asia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings India | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing India Private Ltd | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n TotalEnergies Marketing Italia SpA | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Marketing Jamaica Ltd | \n\n 100.00% | \n\n \n | \n\n Jamaica | \n\n Jamaica | \n
| \n \n | \n\n TotalEnergies Marketing Jordan | \n\n 100.00% | \n\n \n | \n\n Jordan | \n\n Jordan | \n
| \n \n | \n\n TotalEnergies Marketing Kenya PLC | \n\n 93.96% | \n\n \n | \n\n Kenya | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies Marketing Lebanon | \n\n 100.00% | \n\n \n | \n\n Lebanon | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies Marketing Madagasikara S.A. | \n\n 79.44% | \n\n \n | \n\n Madagascar | \n\n Madagascar | \n
| \n \n | \n\n TotalEnergies Marketing Malawi Ltd | \n\n 100.00% | \n\n \n | \n\n Malawi | \n\n Malawi | \n
| \n \n | \n\n TotalEnergies Marketing Maroc | \n\n 55.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n TotalEnergies Marketing Mauritius Ltd | \n\n 55.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Marketing Mayotte | \n\n 100.00% | \n\n \n | \n\n France | \n\n Mayotte | \n
| \n \n | \n\n TotalEnergies Marketing Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies Marketing Middle East FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing Mo\u00e7ambique S.A. | \n\n 100.00% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Marketing Namibia (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n Namibia | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies Marketing Nederland NV | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Nigeria PLC | \n\n 61.72% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Marketing Pacifique | \n\n 100.00% | \n\n \n | \n\n France | \n\n New Caledonia | \n
| \n \n | \n\n TotalEnergies Marketing Polska | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Marketing Polyn\u00e9sie | \n\n 100.00% | \n\n \n | \n\n France | \n\n French Polynesia | \n
| \n \n | \n\n TotalEnergies Marketing Puerto Rico | \n\n 100.00% | \n\n \n | \n\n Puerto Rico | \n\n Puerto Rico | \n
| \n \n | \n\n TotalEnergies Marketing RDC | \n\n 60.00% | \n\n \n | \n\n Democratic Republic of\u00a0Congo | \n\n Democratic Republic of Congo | \n
| \n \n | \n\n TotalEnergies Marketing R\u00e9union | \n\n 100.00% | \n\n \n | \n\n France | \n\n Reunion | \n
| \n \n | \n\n TotalEnergies Marketing Romania S.A. | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Marketing S\u00e9n\u00e9gal | \n\n 69.14% | \n\n \n | \n\n Senegal | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies Marketing Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Services Brasil Lubrificantes | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Marketing South Africa (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Marketing Taiwan Ltd | \n\n 63.00% | \n\n \n | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n TotalEnergies Marketing Tanzania Ltd | \n\n 100.00% | \n\n \n | \n\n Tanzania | \n\n Tanzania | \n
| \n \n | \n\n TotalEnergies Marketing Togo | \n\n 76.72% | \n\n \n | \n\n Togo | \n\n Togo | \n
| \n \n | \n\n TotalEnergies Marketing Tunisie | \n\n 100.00% | \n\n \n | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n TotalEnergies Marketing UAE LLC | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing Uganda Ltd | \n\n 100.00% | \n\n \n | \n\n Uganda | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Marketing UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing Ukraine | \n\n 100.00% | \n\n \n | \n\n Ukraine | \n\n Ukraine | \n
| \n \n | \n\n TotalEnergies Marketing USA Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marketing Vietnam Company Ltd | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Marketing Zambia Ltd | \n\n 100.00% | \n\n \n | \n\n Zambia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Marketing Zimbabwe (Private) Ltd | \n\n 80.00% | \n\n \n | \n\n Zimbabwe | \n\n Zimbabwe | \n
| \n \n | \n\n TotalEnergies MKG Luxembourg S.A. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n Marketing & Services (continued) | \n|||||
| \n \n | \n\n TotalEnergies Proxi Nord Est | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Nord Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Sud Est | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Sud Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Singapore Services Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Sinochem Retail Company Ltd | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Supply Marketing Services S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Turkey Pazarlama A.S. | \n\n 100.00% | \n\n \n | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n TotalEnergies W\u00e4rme&Kraftstoff Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Wash France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Trapil | \n\n 5.50% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Upbeatprops 100 Pty Limited | \n\n 50.10% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n Yangtze Gorges Green Way Charging Technology (Hubei) Co., Ltd. | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n
| \n Holding | \n|||||
| \n \n | \n\n Albatros | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Forest Products LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Petroleum UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Institut Photovolta\u00efque D\u2019Ile De France (IPVF) | \n\n 43.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Omnium Reinsurance Company S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Pan Insurance Designated Activity Company | \n\n 100.00% | \n\n \n | \n\n Ireland | \n\n Ireland | \n
| \n \n | \n\n Socap S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 Civile Immobili\u00e8re CB2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Sofax Banque | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total International NV | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Total Operations Canada Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Total Resources (Canada) Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies American Services, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Capital | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital Canada Ltd | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Capital International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Consulting | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Delaware, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies D\u00e9veloppement R\u00e9gional S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Digital Factory | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gestion Filiales | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings Switzerland SA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Facilities Management Services (TFMS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance Corporate Services Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Finance Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance International B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Finance USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Funding Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Gestion USA | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Financial Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Human Resources Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Information Technology Services Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global IT Services (TGITS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement (TGP) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement Belgium S.A. (TGPB) | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global Services Bucharest | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Global Services Philippines Inc. | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n Holding (continued) | \n|||||
| \n \n | \n\n TotalEnergies Holding Allemagne | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Switzerland SA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Holdings UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Holdings USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Investment (Tianjin) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Investment Management (Tianjin) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Investments | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Learning Solutions (TLS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Holdings South Africa ZA (Pty) Ltd | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies OneTech | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies OneTech Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Participations | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining USA, Inc.(e) | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Holdings Switzerland SA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies SE | \n\n 0.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Security USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Treasury | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Treasury Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies UK Finance Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Ventures Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n (a)Del Rio Funding LLC, % of control different from % of interest: 50.00%. (b)Rio Grande LNG Intermediate Holdings LLC, % of control different from % of interest: 16.67%. (c)TotalEnergies Australia Unit Trust, % of control different from % of interest: 75.16%. (d)Rio Grande LNG Train 4 Intermediate Holding LLC, % of control different from % of interest: 10.00%. (e)Multi-segment entities. | \n
2.3Main divestment projects
| \n \n | \n\n \n | \n\n\n | \n
|---|---|---|
| \n \n | \n\n Accounting principles Pursuant to IFRS\u00a05 \u201cNon-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification as \u201cNon-current assets held for sale\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Exploration & Production
On July\u00a017, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria had signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the Renaissance JV (formerly \u201cSPDC JV\u201d) licenses in Nigeria, for which the conditions precedent to closing could not be met. On January\u00a013, 2026, TotalEnergies EP Nigeria signed a new sale agreement with Vaaris.
As of December\u00a031, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as \u201cAssets classified as held for sale\u201d for an amount of $1,321\u00a0million and \u201cLiabilities classified as held for sale\u201d for an amount of $1,030\u00a0million. These assets mainly include tangible assets.
On December\u00a08, 2025, TotalEnergies signed an agreement with NEO NEXT Energy Limited (NEO NEXT) under which the Company\u2019s upstream activities in the United Kingdom would be merged with NEO NEXT. TotalEnergies would become the main shareholder of the new enlarged entity, renamed NEO NEXT+, with a 47.5% stake, positioning this entity as the largest independent oil and gas producer in the United Kingdom.
As of December\u00a031, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as \u201cAssets classified as held for sale\u201d for an amount of $2,432\u00a0million and \u201cLiabilities classified as held for sale\u201d for an amount of $4,259\u00a0million. These assets mainly include tangible assets.
2.3Main divestment projects
| \n \n | \n\n \n | \n\n\n | \n
|---|---|---|
| \n \n | \n\n Accounting principles Pursuant to IFRS\u00a05 \u201cNon-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification as \u201cNon-current assets held for sale\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Exploration & Production
On July\u00a017, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria had signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the Renaissance JV (formerly \u201cSPDC JV\u201d) licenses in Nigeria, for which the conditions precedent to closing could not be met. On January\u00a013, 2026, TotalEnergies EP Nigeria signed a new sale agreement with Vaaris.
As of December\u00a031, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as \u201cAssets classified as held for sale\u201d for an amount of $1,321\u00a0million and \u201cLiabilities classified as held for sale\u201d for an amount of $1,030\u00a0million. These assets mainly include tangible assets.
On December\u00a08, 2025, TotalEnergies signed an agreement with NEO NEXT Energy Limited (NEO NEXT) under which the Company\u2019s upstream activities in the United Kingdom would be merged with NEO NEXT. TotalEnergies would become the main shareholder of the new enlarged entity, renamed NEO NEXT+, with a 47.5% stake, positioning this entity as the largest independent oil and gas producer in the United Kingdom.
As of December\u00a031, 2025, the assets and liabilities are respectively classified in the consolidated balance sheet as \u201cAssets classified as held for sale\u201d for an amount of $2,432\u00a0million and \u201cLiabilities classified as held for sale\u201d for an amount of $4,259\u00a0million. These assets mainly include tangible assets.
Accounting principles
Pursuant to IFRS\u00a05 \u201cNon-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification as \u201cNon-current assets held for sale\u201d.
Accounting principles
Pursuant to IFRS\u00a05 \u201cNon-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification as \u201cNon-current assets held for sale\u201d.
Description of the business segments
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of the Company, namely the Executive Committee.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices between business segments approximate market prices.
The reporting structure for the business segments\u2019 financial information is based on the following five business segments:
\u2013an Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, as well as carbon storage activities, conducted in about 50\u00a0countries;
\u2013an Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities), biogas and synthetic methane activities, as well as gas trading;
\u2013an Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity;
\u2013a Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil supply, trading and marine shipping, as well as hydrogen activities previously reported within the Integrated LNG;
\u2013a Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products.
In addition the Corporate segment includes holdings operating and financial activities.
This segment reporting has been prepared in accordance with IFRS\u00a08 and according to the same principles as the internal reporting followed by the TotalEnergies\u2019s Executive Committee.
Definition of the indicators
Adjusted Net Operating Income
TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.
The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.
Adjustment items include:
a)Special items
Due to their unusual nature or particular significance, certain transactions qualifying as \u201cspecial items\u201d are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior\u00a0years or are likely to occur in following\u00a0years.
b)The inventory valuation effect
In accordance with IAS\u00a02, TotalEnergies values inventories of petroleum products in its financial statements according to the First In, First Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income.
Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments\u2019 performance and facilitate the comparability of the segments\u2019 performance with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the\u00a0month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.
c)Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies\u2019 Executive Committee and the accounting for these transactions under IFRS.
IFRS\u00a0requires that trading inventories be recorded at their fair value using period end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies\u2019 internal economic performance. IFRS\u00a0precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
A)Information by business segment
| \n For the year ended | \n\n Exploration\u00a0& Production | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining\u00a0& Chemicals | \n\n Marketing\u00a0& Services | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n External sales | \n\n 5,590 | \n\n 10,096 | \n\n 19,587 | \n\n 87,207 | \n\n 78,708 | \n\n 8 | \n\n \u2013 | \n\n 201,196 | \n
| \n Intersegment sales | \n\n 35,234 | \n\n 8,945 | \n\n 2,696 | \n\n 27,817 | \n\n 734 | \n\n 132 | \n\n (75,558) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (770) | \n\n (18,082) | \n\n \u2013 | \n\n \u2013 | \n\n (18,852) | \n
| \n Revenues from sales | \n\n 40,824 | \n\n 19,041 | \n\n 22,283 | \n\n 114,254 | \n\n 61,360 | \n\n 140 | \n\n (75,558) | \n\n 182,344 | \n
| \n Operating expenses | \n\n (17,335) | \n\n (15,085) | \n\n (20,859) | \n\n (110,737) | \n\n (58,697) | \n\n (918) | \n\n 75,558 | \n\n (148,073) | \n
| \n Depreciation, depletion and impairment of tangible assets and\u00a0mineral interests | \n\n (8,419) | \n\n (1,608) | \n\n (622) | \n\n (1,606) | \n\n (932) | \n\n (125) | \n\n \u2013 | \n\n (13,312) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 971 | \n\n 2,104 | \n\n 422 | \n\n 49 | \n\n 93 | \n\n (82) | \n\n \u2013 | \n\n 3,557 | \n
| \n Tax on net operating income | \n\n (7,677) | \n\n (720) | \n\n (133) | \n\n (352) | \n\n (608) | \n\n 245 | \n\n \u2013 | \n\n (9,245) | \n
| \n Adjustments(a) | \n\n (35) | \n\n (377) | \n\n (1,124) | \n\n (770) | \n\n (157) | \n\n (93) | \n\n \u2013 | \n\n (2,556) | \n
| \n Adjusted net operating income | \n\n 8,399 | \n\n 4,109 | \n\n 2,215 | \n\n 2,378 | \n\n 1,373 | \n\n (647) | \n\n \u2013 | \n\n 17,827 | \n
| \n Adjustments(a) | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (2,556) | \n
| \n Net cost of net debt | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (1,914) | \n
| \n Non-controlling interests | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (230) | \n
| \n Net income - TotalEnergies share | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 13,127 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| \n For the year ended | \n\n Exploration & Production | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining & Chemicals | \n\n Marketing\u00a0& Services | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n Total expenditures | \n\n 10,523 | \n\n 3,520 | \n\n 5,367 | \n\n 1,537 | \n\n 937 | \n\n 316 | \n\n \u2013 | \n\n 22,200 | \n
| \n Total divestments | \n\n 1,723 | \n\n 512 | \n\n 1,366 | \n\n 100 | \n\n 328 | \n\n 40 | \n\n \u2013 | \n\n 4,069 | \n
| \n Cash flow from operating activities | \n\n 14,949 | \n\n 5,173 | \n\n 2,374 | \n\n 3,459 | \n\n 2,835 | \n\n (1,447) | \n\n \u2013 | \n\n 27,343 | \n
| \n For the year ended | \n\n Exploration & | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining & | \n\n Marketing & | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n External sales | \n\n 5,655 | \n\n 9,885 | \n\n 22,127 | \n\n 93,515 | \n\n 83,341 | \n\n 27 | \n\n \u2013 | \n\n 214,550 | \n
| \n Intersegment sales | \n\n 38,546 | \n\n 10,591 | \n\n 2,348 | \n\n 31,480 | \n\n 819 | \n\n 268 | \n\n (84,052) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (784) | \n\n (18,156) | \n\n \u2013 | \n\n \u2013 | \n\n (18,940) | \n
| \n Revenues from sales | \n\n 44,201 | \n\n 20,476 | \n\n 24,475 | \n\n 124,211 | \n\n 66,004 | \n\n 295 | \n\n (84,052) | \n\n 195,610 | \n
| \n Operating expenses | \n\n (19,124) | \n\n (15,530) | \n\n (22,936) | \n\n (120,424) | \n\n (63,551) | \n\n (1,010) | \n\n 84,052 | \n\n (158,523) | \n
| \n Depreciation, depletion and impairment of tangible assets and\u00a0mineral interests | \n\n (8,001) | \n\n (1,251) | \n\n (344) | \n\n (1,442) | \n\n (870) | \n\n (117) | \n\n \u2013 | \n\n (12,025) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 325 | \n\n 2,051 | \n\n (837) | \n\n (114) | \n\n 1,457 | \n\n 92 | \n\n \u2013 | \n\n 2,974 | \n
| \n Tax on net operating income | \n\n (8,466) | \n\n (1,073) | \n\n (255) | \n\n (414) | \n\n (526) | \n\n 89 | \n\n \u2013 | \n\n (10,645) | \n
| \n Adjustments(a) | \n\n (1,069) | \n\n (196) | \n\n (2,070) | \n\n (343) | \n\n 1,154 | \n\n (59) | \n\n \u2013 | \n\n (2,583) | \n
| \n Adjusted net operating income | \n\n 10,004 | \n\n 4,869 | \n\n 2,173 | \n\n 2,160 | \n\n 1,360 | \n\n (592) | \n\n \u2013 | \n\n 19,974 | \n
| \n Adjustments(a) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2,583) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,360) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (273) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 15,758 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| \n For the year ended | \n\n Exploration & | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining & | \n\n Marketing\u00a0& Services | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n Total expenditures | \n\n 9,225 | \n\n 3,912 | \n\n 5,328 | \n\n 1,896 | \n\n 1,190 | \n\n 199 | \n\n \u2013 | \n\n 21,750 | \n
| \n Total divestments | \n\n 840 | \n\n 425 | \n\n 1,431 | \n\n 366 | \n\n 1,328 | \n\n 28 | \n\n \u2013 | \n\n 4,418 | \n
| \n Cash flow from operating activities | \n\n 17,388 | \n\n 5,185 | \n\n 2,972 | \n\n 3,808 | \n\n 2,901 | \n\n (1,400) | \n\n \u2013 | \n\n 30,854 | \n
| \n For the year ended | \n\n Exploration & Production | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining & Chemicals | \n\n Marketing\u00a0& Services | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n External sales | \n\n 6,561 | \n\n 12,086 | \n\n 27,337 | \n\n 101,203 | \n\n 89,909 | \n\n 32 | \n\n \u2013 | \n\n 237,128 | \n
| \n Intersegment sales | \n\n 42,595 | \n\n 14,789 | \n\n 4,126 | \n\n 36,581 | \n\n 631 | \n\n 206 | \n\n (98,928) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (841) | \n\n (17,342) | \n\n \u2013 | \n\n \u2013 | \n\n (18,183) | \n
| \n Revenues from sales | \n\n 49,156 | \n\n 26,875 | \n\n 31,463 | \n\n 136,943 | \n\n 73,198 | \n\n 238 | \n\n (98,928) | \n\n 218,945 | \n
| \n Operating expenses | \n\n (20,355) | \n\n (21,569) | \n\n (28,763) | \n\n (130,899) | \n\n (70,497) | \n\n (878) | \n\n 98,928 | \n\n (174,033) | \n
| \n Depreciation, depletion and impairment of tangible assets and\u00a0mineral interests | \n\n (8,493) | \n\n (1,288) | \n\n (281) | \n\n (1,685) | \n\n (905) | \n\n (110) | \n\n \u2013 | \n\n (12,762) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (307) | \n\n 2,194 | \n\n (345) | \n\n (42) | \n\n 2,208 | \n\n (28) | \n\n \u2013 | \n\n 3,680 | \n
| \n Tax on net operating income | \n\n (10,095) | \n\n (810) | \n\n (394) | \n\n (938) | \n\n (1,246) | \n\n 271 | \n\n \u2013 | \n\n (13,212) | \n
| \n Adjustments(a) | \n\n (1,036) | \n\n (798) | \n\n (173) | \n\n (1,275) | \n\n 1,300 | \n\n (84) | \n\n \u2013 | \n\n (2,066) | \n
| \n Adjusted net operating income | \n\n 10,942 | \n\n 6,200 | \n\n 1,853 | \n\n 4,654 | \n\n 1,458 | \n\n (423) | \n\n \u2013 | \n\n 24,684 | \n
| \n Adjustments(a) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2,066) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,108) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (126) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 21,384 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the net operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the net operating income of Integrated Power segment.
| \n For the year ended | \n\n Exploration\u00a0& Production | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining\u00a0& Chemicals | \n\n Marketing\u00a0& Services | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n Total expenditures | \n\n 12,378 | \n\n 3,410 | \n\n 5,497 | \n\n 2,149 | \n\n 1,273 | \n\n 153 | \n\n \u2013 | \n\n 24,860 | \n
| \n Total divestments | \n\n 5,118 | \n\n 290 | \n\n 661 | \n\n 196 | \n\n 2,132 | \n\n 9 | \n\n \u2013 | \n\n 8,406 | \n
| \n Cash flow from operating activities | \n\n 18,531 | \n\n 8,442 | \n\n 3,573 | \n\n 7,957 | \n\n 1,957 | \n\n 219 | \n\n \u2013 | \n\n 40,679 | \n
B)Additional information on adjustment items
The main adjustment items for 2025 are the following:
1.An \u201cInventory valuation effect\u201d amounting to $(617)\u00a0million in net operating income for the Refining & Chemicals and Marketing & Services segments;
2.An \u201cEffect of changes in fair value\u201d amounting to $(665)\u00a0million in net operating income for the Integrated LNG and Integrated Power segments;
3.\u201cAsset impairment and provisions charges\u201d of $(1,162)\u00a0million in net operating income consisting mainly of the impairment and provision related to the adaptation project of the Antwerp platform for the Refining & Chemicals segment, of the disposal of the Gato do Mato project as part of an asset swap with Shell in Brazil for the Exploration\u00a0& Production segment, and of impairment of offshore wind projects, notably in Asia (Taiwan, Korea) and Europe (United Kingdom, Germany and Denmark) for the Integrated Power segment (refer to Note\u00a03.C \u201cAsset impairment\u201d);
4.\u201cGains (losses) on disposals of assets\u201d for an amount of $487\u00a0million in net operating income generated on the sale of a 45% operated interest in two unconventional oil and gas blocks, located in the Vaca Muerta area, in Argentina, on the sale of the non\u2011operated interest in\u00a0the West Ekofisk fields in Norway, and the sale of the non\u2011operated 12.5% interest in the OML118 Production Sharing Contract (PSC) in\u00a0Nigeria for the Exploration & Production segment;
5.\u201cOther items\u201d amounted to $(538)\u00a0million in net operating income notably related to the impacts of the Energy Profits Levy in the United Kingdom on deferred tax and to provisions for onerous midstream contracts for the Exploration & Production segment.
The detail of the adjustment items is presented in the table below.
Adjustments to net operating income
| \n For the year ended December 31, 2025 | \n\n Exploration\u00a0& Production | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining\u00a0& Chemicals | \n\n Marketing\u00a0& Services | \n\n Corporate | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (528) | \n\n (89) | \n\n \u2013 | \n\n (617) | \n
| \n Effect of changes in fair value | \n\n \u2013 | \n\n (246) | \n\n (419) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (665) | \n
| \n Restructuring charges | \n\n (49) | \n\n \u2013 | \n\n \u2013 | \n\n (12) | \n\n \u2013 | \n\n \u2013 | \n\n (61) | \n
| \n Asset impairment and provisions charges | \n\n (200) | \n\n (50) | \n\n (662) | \n\n (200) | \n\n (50) | \n\n \u2013 | \n\n (1,162) | \n
| \n Gains (losses) on disposals of assets | \n\n 563 | \n\n (59) | \n\n (12) | \n\n \u2013 | \n\n (5) | \n\n \u2013 | \n\n 487 | \n
| \n Other items | \n\n (349) | \n\n (22) | \n\n (31) | \n\n (30) | \n\n (13) | \n\n (93) | \n\n (538) | \n
| \n Total | \n\n (35) | \n\n (377) | \n\n (1,124) | \n\n (770) | \n\n (157) | \n\n (93) | \n\n (2,556) | \n
Adjustments to net operating income
| \n For the year ended December 31, 2024 | \n\n Exploration\u00a0& Production | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining\u00a0& Chemicals | \n\n Marketing\u00a0& Services | \n\n Corporate | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (276) | \n\n (110) | \n\n \u2013 | \n\n (386) | \n
| \n Effect of changes in fair value | \n\n \u2013 | \n\n (84) | \n\n (864) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (948) | \n
| \n Restructuring charges | \n\n \u2013 | \n\n \u2013 | \n\n (11) | \n\n (6) | \n\n (10) | \n\n \u2013 | \n\n (27) | \n
| \n Asset impairment and provisions charges(a) | \n\n (982) | \n\n (10) | \n\n (965) | \n\n (4) | \n\n (17) | \n\n \u2013 | \n\n (1,978) | \n
| \n Gains (losses) on disposals of assets(b) | \n\n 54 | \n\n \u2013 | \n\n 29 | \n\n (11) | \n\n 1,300 | \n\n \u2013 | \n\n 1,372 | \n
| \n Other items(c) | \n\n (141) | \n\n (102) | \n\n (259) | \n\n (46) | \n\n (9) | \n\n (59) | \n\n (616) | \n
| \n Total | \n\n (1,069) | \n\n (196) | \n\n (2,070) | \n\n (343) | \n\n 1,154 | \n\n (59) | \n\n (2,583) | \n
| \n (a)Refer to Note\u00a03.C \u201cAsset impairment\u201d. (b)Refer to Note\u00a06.1 \u201cOther income and other expense\u201d. (c)\u201cOther items\u201d include $(0.6)\u00a0billion in net operating income mainly consisting of the impacts of the contribution on inframarginal annuity in France and deferred tax adjustments related to rates changes. | \n
Adjustments to net operating income
| \n For the year ended December 31, 2023 | \n\n Exploration\u00a0& Production | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining\u00a0& Chemicals | \n\n Marketing\u00a0& Services | \n\n Corporate | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (586) | \n\n (108) | \n\n \u2013 | \n\n (694) | \n
| \n Effect of changes in fair value | \n\n \u2013 | \n\n (547) | \n\n 559 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 12 | \n
| \n Restructuring charges | \n\n \u2013 | \n\n \u2013 | \n\n (5) | \n\n (51) | \n\n \u2013 | \n\n \u2013 | \n\n (56) | \n
| \n Asset impairment and provisions charges(a) | \n\n (926) | \n\n (124) | \n\n (773) | \n\n (359) | \n\n (115) | \n\n \u2013 | \n\n (2,297) | \n
| \n Gains (losses) on disposals of assets | \n\n 431 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,616 | \n\n \u2013 | \n\n 2,047 | \n
| \n Other items(b) | \n\n (541) | \n\n (127) | \n\n 46 | \n\n (279) | \n\n (93) | \n\n (84) | \n\n (1,078) | \n
| \n Total | \n\n (1,036) | \n\n (798) | \n\n (173) | \n\n (1,275) | \n\n 1,300 | \n\n (84) | \n\n (2,066) | \n
| \n (a)Refer to Note\u00a03.C \u201cAsset impairment\u201d. (b)Refer to Note\u00a06.1 \u201cOther income and other expense\u201d. (c)\u201cOther items\u201d include $0.4\u00a0billion of revaluation of the previously held share of Total Eren and $(1.5)\u00a0billion mainly consisting of the impacts of the European solidarity contribution, the contribution on inframarginal annuity in France and the devaluation of the Argentine peso. | \n
C)Asset impairment
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill. The recoverable amount is the higher of the fair value (less costs to sell) or the value in use. Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets. The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. This loss is allocated first to goodwill with a corresponding amount in \u201cOther expenses\u201d. | \n\n \n | \n\n Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d and to other intangible assets with a corresponding amount in \u201cOther expenses\u201d. Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed. Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
For the financial year 2025, asset impairments were recorded for an amount of $(1,162)\u00a0million in net operating income and $(1,156)\u00a0million in net income, TotalEnergies share. These impairments were qualified as adjustment items of the net operating income and net income, TotalEnergies share.
Impairments relate to certain cash-generating units (CGUs) for which indicators of impairment have been identified, due to changes in operating conditions or the economic environment of the activities concerned.
Principles for determining value in use of a CGU
The principles applied in determining the recoverable amounts are as follows:
\u2013the future cash flows were determined using the assumptions included in the 2026 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets;
\u2013the oil and gas price scenarios have been established based on data on global energy demand from the IEA\u2019s World Energy Outlook, the latest edition of which was published in November\u00a02025, and on its own supply and demand assessments; they take into account assumptions about the evolution of core indicators of the upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenge;
\u2013these price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors;
\u2013the IEA\u2019s World Energy Outlook 2025 presents three scenarios that are key references for the Company: the CPS (Current Policies Scenario), the STEPS (Stated Policies Scenario), and the NZE (Net Zero Emissions by 2050) long\u2011term scenario, as well as APS scenario from the IAE\u2019s World Energy Outlook 2024;
\u2013the CPS scenario only includes climate actions already implemented to date around the world,
\u2013the STEP scenario encompasses a broader set of measures, including those that have been officially announced but not yet adopted,
\u2013the NZE scenario follows a different logic: it is a normative scenario that starts from the objective (net\u2011zero emissions by 2050, without exceeding the CO\u2082 budget) and then constructs the energy pathways leading to it,
\u2013as a reminder, the APS 2024 scenario took into account all climate ambitions declared worldwide to date, including NDCs (Nationally Determined Contributions) and carbon\u2011neutrality targets, and was compatible with the Paris Agreement;
\u2013the IEA\u2019s NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5\u00b0C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2024 and decrease by 33% between 2024 and 2035, whereas according to the IEA\u2019s latest projections, oil demand in 2025 would be higher than in 2024 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand is expected to remain broadly stable until 2035 (a plateau around 2027-2033 according to WoodMac);
\u2013beyond 2030, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA\u2019s NZE scenario, i.e., $25.72025/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging towards the IEA\u2019s NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013oil demand experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand exceeded its pre\u2011Covid 2019 level. This increase was stimulated by the lifting of lockdown measures in China, enabling the recovery of industrial activity, particularly in the petrochemical sector, as well as the rise in air travel. In 2025, demand continued to expand, but at a slightly slower rate, reflecting macroeconomic uncertainty and the slowdown in the petrochemical sector. By 2030, oil consumption is expected to keep growing, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment in some regions of low-carbon substitute technologies. Some recent forecasts anticipate an oil\u2011demand peak before 2030 in China, while demand for certain petroleum products, such as gasoline and diesel, may already have peaked there. However, increasing oil demand in other Asian countries, particularly India, is partly taking over;
\u2013on the supply side, after a decade marked by strong U.S. production growth (accounting for 90% of global supply increases), the decision by the OPEC+ group of producers, to begin lifting part of the oil\u2011production restrictions in May\u00a02025 is reshaping global oil\u2011supply trajectories. The expected increase in OPEC+ output and the impact of higher tariffs on trade had downward impacts on oil prices.
Brent is trading between $602025/b and $702025/b. In 2026, demand is expected to continue rising, and production capacity should be sufficient to meet it, although downward trends on prices may begin in 2026 to weigh on U.S. production levels. In this context, the selected scenario anticipates prices back toward $702025/b;
\u2013beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low before reaching a plateau, and the selected price scenario decreases linearly to reach $502025/b in 2040 and then $25.72025/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2026-2050 thus stands at $51.82025/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013following the 2022/23 supply shock, natural gas markets underwent a gradual rebalancing in 2024 and 2025. During this period, the supply\u2013demand balance remained tight and prices stayed well above their historical levels. This limited demand growth, particularly in Asian markets that are more price\u2011sensitive. Global gas demand returned to structural growth in 2024, mainly in Europe and North America, and continued to grow in 2025, albeit at a slower pace. The Company anticipates that in 2026 prices will remain higher than pre\u2011crisis levels in Asian and European hubs. Thereafter, natural gas demand is expected to be driven by the same fundamentals as oil: rising demand in the Asia\u2011Pacific region and declining overall natural gas demand in Europe, although LNG demand should grow in Europe due to declining domestic production and ban on Russian gas imports from 2027. Natural gas demand should also be supported by its substitution for coal in power generation and by its role as a flexible, dispatchable source capable of offsetting the intermittency and seasonality of renewable energies. The abundant global gas supply and the upcoming wave of increased liquefied natural gas capacity (expected between 2027 and 2030) are likely to limit the potential for higher gas prices. Beyond 2040, with the rise of renewable energies including battery storage, gas demand is expected to stabilize;
\u2013natural gas prices are thus expected to fall from $3.42025/Mbtu in 2026 to $3.02025/Mbtu in 2027 in the United States, and then stabilize at these levels until 2040, supported by domestic demand driven by electricity generation, particularly for data centers, and by the growing volumes of LNG exports;
\u2013in Europe and Asia, due to the rapid increase in LNG offer, prices should generally adjust downward until 2029/2030 in order to stimulate price\u2011elastic demand, particularly in some Asian countries such as India. However, the partly inelastic nature of domestic U.S. natural gas and electricity demand (gas\u2011to\u2011power) may act as a brake on the decline in feedgas prices for LNG terminals, limiting the reduction in LNG prices in Europe in particular, despite rising volumes. As seen in previous market cycles, the continued growth of LNG demand in Europe and Asia should allow the market to rebalance around 2030. Thus, prices in Europe and Asia could fall from $9.72025/Mbtu and $10.72025/Mbtu in 2026 to $6.52025/Mbtu and $7.52025/Mbtu respectively in 2029/2030, before rising again to $8.02025/Mbtu and $9.02025/Mbtu and stabilizing at these levels until 2040.
Natural gas prices would then converge in 2050 toward the IEA\u2019s NZE scenario levels: $2.32025/Mbtu in the United States, $4.12025/Mbtu in Europe, and $5.02025/Mbtu in Asia, respectively.
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all identified assets the impact of their CO2 emissions. Future Scope\u00a01+2 emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2031, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs\u2019 assets. They are discounted using an 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2024 and 8% in 2023. The value in use calculated by discounting the above post-tax cash flows using an 7% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Impairment losses recognized by segment
The CGUs of the Exploration & Production segment are defined as oil and gas fields or groups of oil and gas fields with industrial assets enabling the production, treatment and evacuation of the oil and gas.
For the financial year 2025, the Company recorded impairments of assets over CGUs of the Exploration & Production segment for $(200)\u00a0million in net income, TotalEnergies share.
Impairments recognized in 2025 are mainly related to the disposal of the Gato do Mato project as part of an asset swap with Shell in Brazil.
As for sensitivities of the Exploration & Production segment:
\u2013a 1\u2011percentage\u2011point decrease in the discount rate would have no impact on TotalEnergies\u2019 net income;
\u2013an increase of 1 percentage\u00a0point in the discount rate would have an additional negative impact of $0.5\u00a0billion on TotalEnergies\u2019 net income;
\u2013a 10% decrease in hydrocarbon prices over the entire duration of the plan (resulting in an average oil price of around $472025/b) would have an additional negative impact of $0.6\u00a0billion on TotalEnergies\u2019 net income;
\u2013a 20% decrease in hydrocarbon prices over the entire duration of the plan (resulting in an average oil price of around $412025/b) would have an additional negative impact of $2.6\u00a0billion on TotalEnergies\u2019 net income;
\u2013taking into account a CO2 cost applied to future Scope 1 and 2 emissions of $200/t, inflated by 2%/year beyond 2031 for all assets would have an additional negative impact of $0.2\u00a0billion on net income, TotalEnergies share.
The CGUs of the Integrated LNG segment are subsidiaries or groups of subsidiaries organized by activity or geographical area, and by fields or groups of fields for upstream LNG activities. For the financial year 2025, the Company recorded impairments on CGUs in the Integrated LNG segment for $(50)\u00a0million in net income, TotalEnergies share.
As for sensitivities of the Integrated LNG:
\u2013a decrease by 1\u00a0point in the discount rate would have no impact in net income, TotalEnergies share;
\u2013an increase by 1\u00a0point in the discount rate would have an additional negative impact of $0.6\u00a0billion in net income, TotalEnergies share;
\u2013a decrease of 10% of the oil and gas prices over the duration of the plan would have an additional negative impact of $2.0\u00a0billion in net income, TotalEnergies share;
\u2013a decrease of 20% of the oil and gas prices over the duration of the plan would have an additional negative impact of $6.6\u00a0billion in net income, TotalEnergies share;
\u2013taking into account a CO2 cost applied to future scope 1 and 2 emissions of $200/t inflated by 2%/year beyond 2031 for all assets would have an additional negative impact of approximately $0.8\u00a0billion in net income, TotalEnergies share.
The CGUs of the Integrated Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area. For the financial year 2025, the Company recorded impairments on CGUs in the Integrated Power segment for $(656)\u00a0million in net income, TotalEnergies share. Impairments recognized mainly relate to offshore wind projects, notably in\u00a0Asia (Taiwan, Korea) and in Europe (United Kingdom, Germany and Denmark).
As for sensitivities of the Integrated Power:
\u2013a decrease by 1\u00a0point in the discount rate would have no impact in net income, TotalEnergies share;
\u2013an increase by 1\u00a0point in the discount rate would have an additional negative impact of $0.3\u00a0billion in net income, TotalEnergies share.
In the event of an increase in the CO\u2082 price, the value of Integrated Power assets would increase as a result of higher electricity prices.
The CGUs of the Refining & Chemicals segment are subsidiaries or groups of subsidiaries organized by activity (grouping together the operational activities of refining and petrochemicals) and by relevant geographical area. Future cash flows are based on the gross contribution margin (calculated on the basis of net sales after purchases of crude oil and refined products, the effect of inventory valuation and variable costs). The other activities of the segment are global divisions, each division gathering a set of businesses or homogeneous products for strategic, commercial and industrial plans. Future cash flows are determined from the specific margins of these activities, unrelated to the price of oil.
For the financial year 2025, the Company has recorded impairments on CGUs in the Refining & Chemicals segment for an amount of $(200)\u00a0million in net income TotalEnergies share.
The impairments recognized in 2025 are mainly related to the Antwerp NC2 steam cracker shutdown project.
As for sensitivities of the Refining & Chemicals segment:
\u2013an increase by 1\u00a0point in the discount rate would not have any additional negative impact in the net income, TotalEnergies share;
\u2013a decrease of 10% of the refining margins (could be in link with the increase of CO2 cost) would have an additional negative impact of $0.8\u00a0billion in net income, TotalEnergies share.
The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by relevant geographical area.
For the financial year 2025, the Company recorded impairments on the CGUs of the Marketing & Services segment for $(50)\u00a0million in net income, TotalEnergies share.
Impairments recognized in years 2024 and 2023
For the financial year 2024, asset impairments were recognized in the Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services segments, with a negative impact of $(1,977)\u00a0million in net income, TotalEnergies share.
Impairments recognized on CGUs in the Exploration & Production segment amounted to $(982)\u00a0million in net income, TotalEnergies share, and were mainly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
Those recognized on CGUs in the Integrated Power segment totaled $(965)\u00a0million in net income, TotalEnergies share, and mainly concerned the Company\u2019s minority interests in SunPower and Maxeon.
These impairments were classified as adjustment items to the net income, TotalEnergies share.
For the financial year 2023, the Company recorded impairments in the Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services segments with an impact of $(2,166)\u00a0million in net income, TotalEnergies share.
Impairments recorded on the CGUs of the Exploration & Production segment amounted to $(881)\u00a0million in net income, TotalEnergies share, mainly related to the Company\u2019s upstream assets in Kenya and Congo, and also Al Shaheen in Qatar related to temporary tax effects.
Those recorded on the CGUs of the Integrated Power segment amounted to $(773)\u00a0million in net income, TotalEnergies share, mainly concerning the Yunlin offshore wind project in Taiwan and the goodwill and customer portfolios of gas-electricity marketing activities in Belgium, Spain and France.
Impairments recorded on the CGUs of the Refining & Chemicals segment amounted to $(273)\u00a0million in net income, TotalEnergies share, mainly related to the divestment projects of Naphtachimie to INEOS and the Natref refinery in South Africa.
Finally, the impairments recorded on the CGUs of the Integrated LNG segment amounted to $(124)\u00a0million in net income, TotalEnergies share, and those recorded on the CGUs of the Marketing & Services segment amounted to $(115)\u00a0million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the net income, TotalEnergies share.
| \n (M$) | \n\n France | \n\n Rest of Europe | \n\n North America | \n\n Africa | \n\n Rest of the world | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n For the year ended December 31, 2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 45,866 | \n\n 90,558 | \n\n 14,463 | \n\n 20,012 | \n\n 30,297 | \n\n 201,196 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 17,960 | \n\n 27,094 | \n\n 11,827 | \n\n 38,731 | \n\n 56,427 | \n\n 152,039 | \n
| \n For the year ended December 31, 2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 49,269 | \n\n 89,077 | \n\n 17,915 | \n\n 21,901 | \n\n 36,388 | \n\n 214,550 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 15,486 | \n\n 25,969 | \n\n 11,938 | \n\n 37,375 | \n\n 52,565 | \n\n 143,333 | \n
| \n For the year ended December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 55,610 | \n\n 97,662 | \n\n 22,219 | \n\n 21,709 | \n\n 39,928 | \n\n 237,128 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 16,863 | \n\n 24,486 | \n\n 11,228 | \n\n 38,658 | \n\n 50,764 | \n\n 141,999 | \n
Accounting principles
The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill.
The recoverable amount is the higher of the fair value (less costs to sell) or the value in use.
Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets.
The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. This loss is allocated first to goodwill with a corresponding amount in \u201cOther expenses\u201d.
Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d and to other intangible assets with a corresponding amount in \u201cOther expenses\u201d.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d.
Accounting principles
The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill.
The recoverable amount is the higher of the fair value (less costs to sell) or the value in use.
Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets.
The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. This loss is allocated first to goodwill with a corresponding amount in \u201cOther expenses\u201d.
Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d and to other intangible assets with a corresponding amount in \u201cOther expenses\u201d.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d.
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
| \n As of December 31, 2025 (M$) ASSETS/(LIabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other comprehensive income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
|---|---|---|---|---|---|---|
| \n Equity affiliates: loans | \n\n 6,255 | \n\n 1,170 | \n\n \u2013 | \n\n \u2013 | \n\n 7,425 | \n\n 7,425 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,320 | \n\n 594 | \n\n \u2013 | \n\n 1,914 | \n\n 1,914 | \n
| \n Non-current financial assets | \n\n 1,279 | \n\n 1,008 | \n\n 171 | \n\n 812 | \n\n 3,270 | \n\n 3,270 | \n
| \n Other non-current assets | \n\n 2,627 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,627 | \n\n 2,627 | \n
| \n Accounts receivable, net(b) | \n\n 18,559 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 18,559 | \n\n 18,559 | \n
| \n Other operating receivables | \n\n 8,222 | \n\n 5,638 | \n\n 72 | \n\n \u2013 | \n\n 13,932 | \n\n 13,932 | \n
| \n Current financial assets | \n\n 2,375 | \n\n 876 | \n\n \u2013 | \n\n 81 | \n\n 3,332 | \n\n 3,332 | \n
| \n Cash and cash equivalents | \n\n 26,202 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 26,202 | \n\n 26,202 | \n
| \n Total financial assets | \n\n 65,519 | \n\n 10,012 | \n\n 837 | \n\n 893 | \n\n 77,261 | \n\n 77,261 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 213,794 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 291,055 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (47,775) | \n\n (258) | \n\n \u2013 | \n\n (962) | \n\n (48,995) | \n\n (49,447) | \n
| \n Accounts payable(b) | \n\n (38,065) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (38,065) | \n\n (38,065) | \n
| \n Other operating liabilities | \n\n (17,379) | \n\n (4,357) | \n\n (38) | \n\n \u2013 | \n\n (21,774) | \n\n (21,774) | \n
| \n Current borrowings(a) | \n\n (12,038) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (12,038) | \n\n (12,032) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (170) | \n\n \u2013 | \n\n (218) | \n\n (388) | \n\n (388) | \n
| \n Total financial liabilities | \n\n (115,257) | \n\n (4,785) | \n\n (38) | \n\n (1,180) | \n\n (121,260) | \n\n (121,706) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (169,795) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (291,055) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note\u00a015 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $6,930\u00a0million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
| \n As of December 31, 2024 (M$) ASSETS/(LIabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other comprehensive income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
|---|---|---|---|---|---|---|
| \n Equity affiliates: loans | \n\n 6,240 | \n\n 293 | \n\n \u2013 | \n\n \u2013 | \n\n 6,533 | \n\n 6,533 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,154 | \n\n 511 | \n\n \u2013 | \n\n 1,665 | \n\n 1,665 | \n
| \n Non-current financial assets | \n\n 1,278 | \n\n 348 | \n\n 133 | \n\n 546 | \n\n 2,305 | \n\n 2,305 | \n
| \n Other non-current assets | \n\n 3,852 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,852 | \n\n 3,852 | \n
| \n Accounts receivable, net(b) | \n\n 19,281 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 19,281 | \n\n 19,281 | \n
| \n Other operating receivables | \n\n 7,774 | \n\n 9,033 | \n\n 39 | \n\n \u2013 | \n\n 16,846 | \n\n 16,846 | \n
| \n Current financial assets | \n\n 5,206 | \n\n 1,679 | \n\n \u2013 | \n\n 29 | \n\n 6,914 | \n\n 6,914 | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n\n 25,844 | \n
| \n Total financial assets | \n\n 69,475 | \n\n 12,507 | \n\n 683 | \n\n 575 | \n\n 83,240 | \n\n 83,240 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 202,247 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 285,487 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (40,939) | \n\n (281) | \n\n \u2013 | \n\n (2,313) | \n\n (43,533) | \n\n (43,905) | \n
| \n Accounts payable(b) | \n\n (39,932) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (39,932) | \n\n (39,932) | \n
| \n Other operating liabilities | \n\n (12,562) | \n\n (7,665) | \n\n (15) | \n\n \u2013 | \n\n (20,242) | \n\n (20,242) | \n
| \n Current borrowings(a) | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n\n (10,012) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (239) | \n\n \u2013 | \n\n (425) | \n\n (664) | \n\n (664) | \n
| \n Total financial liabilities | \n\n (103,457) | \n\n (8,185) | \n\n (15) | \n\n (2,738) | \n\n (114,395) | \n\n (114,755) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (171,092) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (285,487) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note\u00a015 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $5,718\u00a0million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other comprehensive income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
|---|---|---|---|---|---|---|
| \n Equity affiliates: loans | \n\n 4,260 | \n\n 302 | \n\n \u2013 | \n\n \u2013 | \n\n 4,562 | \n\n 4,562 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,188 | \n\n 355 | \n\n \u2013 | \n\n 1,543 | \n\n 1,543 | \n
| \n Non-current financial assets | \n\n 1,166 | \n\n 414 | \n\n 142 | \n\n 673 | \n\n 2,395 | \n\n 2,395 | \n
| \n Other non-current assets | \n\n 3,983 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,983 | \n\n 3,983 | \n
| \n Accounts receivable, net(b) | \n\n 23,442 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 23,442 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 7,940 | \n\n 6,775 | \n\n 237 | \n\n \u2013 | \n\n 14,952 | \n\n 14,952 | \n
| \n Current financial assets | \n\n 5,046 | \n\n 1,448 | \n\n \u2013 | \n\n 91 | \n\n 6,585 | \n\n 6,585 | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n\n 27,263 | \n
| \n Total financial assets | \n\n 73,100 | \n\n 10,127 | \n\n 734 | \n\n 764 | \n\n 84,725 | \n\n 84,725 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 198,929 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 283,654 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (38,040) | \n\n (240) | \n\n \u2013 | \n\n (2,198) | \n\n (40,478) | \n\n (41,329) | \n
| \n Accounts payable(b) | \n\n (41,335) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (41,335) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (12,287) | \n\n (7,573) | \n\n (77) | \n\n \u2013 | \n\n (19,937) | \n\n (19,937) | \n
| \n Current borrowings(a) | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n\n (9,601) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (178) | \n\n \u2013 | \n\n (268) | \n\n (446) | \n\n (446) | \n
| \n Total financial liabilities | \n\n (101,252) | \n\n (7,991) | \n\n (77) | \n\n (2,466) | \n\n (111,786) | \n\n (112,648) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (171,868) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (283,654) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note\u00a015 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $5,897\u00a0million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
15.1Financial debt and related financial instruments
A)Non-current financial debt and related financial instruments
| \n As of December 31, 2025 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,699 | \n\n 40,296 | \n\n 48,995 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 962 | \n\n 962 | \n
| \n Non-current financial assets | \n\n (1,279) | \n\n (1,991) | \n\n (3,270) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (812) | \n\n (812) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,420 | \n\n 38,305 | \n\n 45,725 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 9,305 | \n\n 9,305 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 28,740 | \n\n 28,740 | \n
| \n Other floating rate debt | \n\n 136 | \n\n 722 | \n\n 858 | \n
| \n Other fixed rate debt | \n\n 512 | \n\n 460 | \n\n 972 | \n
| \n Lease obligations | \n\n 8,051 | \n\n \u2013 | \n\n 8,051 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,279) | \n\n (925) | \n\n (2,204) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n 3 | \n\n 3 | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,420 | \n\n 38,305 | \n\n 45,725 | \n
| \n As of December 31, 2024 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,518 | \n\n 35,015 | \n\n 43,533 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,313 | \n\n 2,313 | \n
| \n Non-current financial assets | \n\n (1,278) | \n\n (1,027) | \n\n (2,305) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (546) | \n\n (546) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n 43 | \n\n 9,712 | \n\n 9,755 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 23,446 | \n\n 23,446 | \n
| \n Other floating rate debt | \n\n 305 | \n\n 304 | \n\n 609 | \n
| \n Other fixed rate debt | \n\n 348 | \n\n 726 | \n\n 1,074 | \n
| \n Lease obligations | \n\n 7,822 | \n\n \u2013 | \n\n 7,822 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,278) | \n\n (134) | \n\n (1,412) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (66) | \n\n (66) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n As of December 31, 2023 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,427 | \n\n 32,051 | \n\n 40,478 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,198 | \n\n 2,198 | \n
| \n Non-current financial assets | \n\n (1,166) | \n\n (1,229) | \n\n (2,395) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (673) | \n\n (673) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 7,051 | \n\n 7,051 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 22,839 | \n\n 22,839 | \n
| \n Other floating rate debt | \n\n 430 | \n\n 408 | \n\n 838 | \n
| \n Other fixed rate debt | \n\n 241 | \n\n 840 | \n\n 1,081 | \n
| \n Lease obligations | \n\n 7,756 | \n\n \u2013 | \n\n 7,756 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,166) | \n\n (142) | \n\n (1,308) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (174) | \n\n (174) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
The bonds, as of December\u00a031, 2025, after taking into account currency and interest rates swaps fair value, are detailed as follows:
| \n Bonds after fair value hedge or\u00a0variable rate bonds | \n\n Currency of issuance | \n\n Amount after December\u00a031, 2025 | \n\n Amount after December\u00a031, 2024 | \n\n Amountafter December\u00a031, 2023(a) | \n
|---|---|---|---|---|
| \n Bond | \n\n USD | \n\n 5,299 | \n\n 6,332 | \n\n 3,542 | \n
| \n Bond | \n\n EUR | \n\n 2,611 | \n\n 2,636 | \n\n 3,209 | \n
| \n Bond | \n\n Others | \n\n 903 | \n\n 1,542 | \n\n 1,539 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (204) | \n\n (1,648) | \n\n (2,118) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 8,609 | \n\n 8,862 | \n\n 6,172 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 696 | \n\n 893 | \n\n 879 | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \u00a0 | \n\n 9,305 | \n\n 9,755 | \n\n 7,051 | \n
| \n Bonds after cash flow hedge or\u00a0fixed\u00a0rate\u00a0bonds | \n\n Currency of issuance | \n\n Amount after December\u00a031, 2025 | \n\n Amount after December\u00a031, 2024 | \n\n Amount after December\u00a031, 2023 | \n
|---|---|---|---|---|
| \n Bond | \n\n EUR | \n\n 19,584 | \n\n 13,768 | \n\n 15,448 | \n
| \n Bond | \n\n USD | \n\n 10,402 | \n\n 10,523 | \n\n 8,301 | \n
| \n Bond | \n\n Others | \n\n 1,044 | \n\n 1,048 | \n\n 2,254 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (2,341) | \n\n (1,909) | \n\n (3,175) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 28,689 | \n\n 23,430 | \n\n 22,828 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 51 | \n\n 16 | \n\n 11 | \n
| \n Total bonds after cash flow hedge or fixed rate bonds | \n\n \u00a0 | \n\n 28,740 | \n\n 23,446 | \n\n 22,839 | \n
| \n (a)The IBOR rate reform mainly impacted the bonds after fair value hedge, on principal financing entities and TotalEnergies\u00a0SE, indexed on the USD LIBOR rate. At December\u00a031, 2023, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies\u00a0SE was $8,290\u00a0million. (b)All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies\u00a0SE as to payment of principal, premium, if any, interest and any other amounts due: \u2013TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE; \u2013TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE. It acted as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE; \u2013TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE. | \n
Loan repayment schedule (excluding current portion)
| \n As of December 31, 2025 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2027 | \n\n 4,476 | \n\n 11 | \n\n (635) | \n\n (169) | \n\n 3,841 | \n\n 8% | \n
| \n 2028 | \n\n 4,607 | \n\n 63 | \n\n (218) | \n\n (71) | \n\n 4,389 | \n\n 10% | \n
| \n 2029 | \n\n 5,778 | \n\n 369 | \n\n (379) | \n\n (150) | \n\n 5,399 | \n\n 12% | \n
| \n 2030 | \n\n 2,971 | \n\n 62 | \n\n (287) | \n\n (12) | \n\n 2,684 | \n\n 6% | \n
| \n 2031 and beyond | \n\n 31,163 | \n\n 457 | \n\n (1,751) | \n\n (410) | \n\n 29,412 | \n\n 64% | \n
| \n Total | \n\n 48,995 | \n\n 962 | \n\n (3,270) | \n\n (812) | \n\n 45,725 | \n\n 100% | \n
| \n As of December 31, 2024 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2026 | \n\n 4,498 | \n\n 411 | \n\n (572) | \n\n (71) | \n\n 3,926 | \n\n 10% | \n
| \n 2027 | \n\n 3,906 | \n\n 173 | \n\n (292) | \n\n (14) | \n\n 3,614 | \n\n 9% | \n
| \n 2028 | \n\n 4,596 | \n\n 391 | \n\n (267) | \n\n (135) | \n\n 4,329 | \n\n 11% | \n
| \n 2029 | \n\n 5,755 | \n\n 723 | \n\n (348) | \n\n (233) | \n\n 5,407 | \n\n 13% | \n
| \n 2030 and beyond | \n\n 24,778 | \n\n 615 | \n\n (826) | \n\n (93) | \n\n 23,952 | \n\n 57% | \n
| \n Total | \n\n 43,533 | \n\n 2,313 | \n\n (2,305) | \n\n (546) | \n\n 41,228 | \n\n 100% | \n
| \n As of December 31, 2023 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2025 | \n\n 5,381 | \n\n 369 | \n\n (434) | \n\n (110) | \n\n 4,947 | \n\n 13% | \n
| \n 2026 | \n\n 4,013 | \n\n 323 | \n\n (304) | \n\n (102) | \n\n 3,709 | \n\n 10% | \n
| \n 2027 | \n\n 3,720 | \n\n 85 | \n\n (349) | \n\n (55) | \n\n 3,371 | \n\n 9% | \n
| \n 2028 | \n\n 4,502 | \n\n 304 | \n\n (246) | \n\n (142) | \n\n 4,256 | \n\n 11% | \n
| \n 2029 and beyond | \n\n 22,862 | \n\n 1,117 | \n\n (1,062) | \n\n (264) | \n\n 21,800 | \n\n 57% | \n
| \n Total | \n\n 40,478 | \n\n 2,198 | \n\n (2,395) | \n\n (673) | \n\n 38,083 | \n\n 100% | \n
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial net debt.
| \n As of December 31, | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n U.S. dollar | \n\n 36,225 | \n\n 79% | \n\n 38,002 | \n\n 92% | \n\n 34,789 | \n\n 91% | \n
| \n Euro | \n\n 8,682 | \n\n 19% | \n\n 2,206 | \n\n 5% | \n\n 2,322 | \n\n 6% | \n
| \n Other currencies | \n\n 818 | \n\n 2% | \n\n 1,020 | \n\n 3% | \n\n 972 | \n\n 3% | \n
| \n Total | \n\n 45,725 | \n\n 100% | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n
| \n As of December 31, | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n Fixed rate | \n\n 35,740 | \n\n 78% | \n\n 30,922 | \n\n 75% | \n\n 30,311 | \n\n 80% | \n
| \n Floating rate | \n\n 9,985 | \n\n 22% | \n\n 10,306 | \n\n 25% | \n\n 7,772 | \n\n 20% | \n
| \n Total | \n\n 45,725 | \n\n 100% | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n
B)Current financial assets and liabilities
Current borrowings consist mainly of drawings on commercial papers or treasury bills and of bank loans. Current deposits beyond three\u00a0months include initial margins held as part of the Company\u2019s activities on organized markets.
| \n As of December 31, (M$) (Assets)/Liabilities | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Current financial debt(a) | \n\n 7,622 | \n\n 4,462 | \n\n 2,377 | \n
| \n Current lease obligations | \n\n 1,876 | \n\n 2,095 | \n\n 1,721 | \n
| \n Current portion of non-current financial debt | \n\n 2,540 | \n\n 3,467 | \n\n 5,492 | \n
| \n Current borrowings (note 14) | \n\n 12,038 | \n\n 10,024 | \n\n 9,590 | \n
| \n Current portion of hedging instruments of debt (liabilities) | \n\n 218 | \n\n 425 | \n\n 268 | \n
| \n Other current financial instruments (liabilities) | \n\n 170 | \n\n 239 | \n\n 178 | \n
| \n Other current financial liabilities (note 14) | \n\n 388 | \n\n 664 | \n\n 446 | \n
| \n Current deposits beyond three months | \n\n (2,136) | \n\n (5,476) | \n\n (5,450) | \n
| \n Marketable securities | \n\n (707) | \n\n (683) | \n\n (519) | \n
| \n Financial receivables on sub-lease, current | \n\n (239) | \n\n (378) | \n\n (329) | \n
| \n Current portion of hedging instruments of debt (assets) | \n\n (81) | \n\n (29) | \n\n (91) | \n
| \n Other current financial instruments (assets) | \n\n (169) | \n\n (348) | \n\n (196) | \n
| \n Current financial assets (note 14) | \n\n (3,332) | \n\n (6,914) | \n\n (6,585) | \n
| \n Net current borrowings | \n\n 9,094 | \n\n 3,774 | \n\n 3,451 | \n
| \n (a)As of December\u00a031, 2025, December\u00a031, 2024 and December\u00a031, 2023, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally secured by TotalEnergies\u00a0SE. | \n
C)Cash flow from (used in) financing activities
The variations of financial debt are detailed as follows:
| \n (M$) | \n\n As of January 1, 2025 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,305) | \n\n (16) | \n\n 40 | \n\n (105) | \n\n (159) | \n\n 350 | \n\n (1,075) | \n\n (3,270) | \n
| \n Non-current financial debt | \n\n 43,533 | \n\n 7,981 | \n\n (1,216) | \n\n 720 | \n\n 593 | \n\n (4,941) | \n\n 2,325 | \n\n 48,995 | \n
| \n Non-current financial debt and related financial instruments | \n\n 41,228 | \n\n 7,965 | \n\n (1,176) | \n\n 615 | \n\n 434 | \n\n (4,591) | \n\n 1,250 | \n\n 45,725 | \n
| \n Current financial instruments - assets(a) | \n\n (755) | \n\n 593 | \n\n 30 | \n\n (40) | \n\n 164 | \n\n (350) | \n\n (131) | \n\n (489) | \n
| \n Current borrowings | \n\n 10,024 | \n\n (4,746) | \n\n (172) | \n\n 1,395 | \n\n 264 | \n\n 4,941 | \n\n 332 | \n\n 12,038 | \n
| \n Current financial instruments - liabilities(a) | \n\n 664 | \n\n \u2013 | \n\n (1) | \n\n 27 | \n\n (302) | \n\n \u2013 | \n\n \u2013 | \n\n 388 | \n
| \n Current financial debt and related financial instruments | \n\n 9,933 | \n\n (4,153) | \n\n (143) | \n\n 1,382 | \n\n 126 | \n\n 4,591 | \n\n 201 | \n\n 11,937 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 44 | \n\n \u2013 | \n\n 118 | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 165 | \n
| \n Net financial debt | \n\n 51,205 | \n\n 3,812 | \n\n (1,201) | \n\n 2,000 | \n\n 560 | \n\n \u2013 | \n\n 1,451 | \n\n 57,827 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2024 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,395) | \n\n \u2013 | \n\n 37 | \n\n 37 | \n\n 132 | \n\n 340 | \n\n (456) | \n\n (2,305) | \n
| \n Non-current financial debt | \n\n 40,478 | \n\n 7,532 | \n\n (299) | \n\n (241) | \n\n (453) | \n\n (6,080) | \n\n 2,596 | \n\n 43,533 | \n
| \n Non-current financial debt and related financial instruments | \n\n 38,083 | \n\n 7,532 | \n\n (262) | \n\n (204) | \n\n (321) | \n\n (5,740) | \n\n 2,140 | \n\n 41,228 | \n
| \n Current financial instruments - assets(a) | \n\n (616) | \n\n 609 | \n\n (2) | \n\n 20 | \n\n (107) | \n\n (340) | \n\n (319) | \n\n (755) | \n
| \n Current borrowings | \n\n 9,590 | \n\n (5,751) | \n\n 321 | \n\n (760) | \n\n (138) | \n\n 6,080 | \n\n 682 | \n\n 10,024 | \n
| \n Current financial instruments - liabilities(a) | \n\n 446 | \n\n \u2013 | \n\n (3) | \n\n (17) | \n\n 238 | \n\n \u2013 | \n\n \u2013 | \n\n 664 | \n
| \n Current financial debt and related financial instruments | \n\n 9,420 | \n\n (5,142) | \n\n 316 | \n\n (757) | \n\n (7) | \n\n 5,740 | \n\n 363 | \n\n 9,933 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 310 | \n\n \u2013 | \n\n (261) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 44 | \n
| \n Net financial debt | \n\n 47,813 | \n\n 2,390 | \n\n (207) | \n\n (966) | \n\n (328) | \n\n \u2013 | \n\n 2,503 | \n\n 51,205 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2023 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,731) | \n\n \u2013 | \n\n (96) | \n\n (21) | \n\n 353 | \n\n 387 | \n\n (287) | \n\n (2,395) | \n
| \n Non-current financial debt | \n\n 45,264 | \n\n 130 | \n\n 667 | \n\n 65 | \n\n (343) | \n\n (7,573) | \n\n 2,268 | \n\n 40,478 | \n
| \n Non-current financial debt and related financial instruments | \n\n 42,533 | \n\n 130 | \n\n 571 | \n\n 44 | \n\n 10 | \n\n (7,186) | \n\n 1,981 | \n\n 38,083 | \n
| \n Current financial instruments - assets(a) | \n\n (401) | \n\n 383 | \n\n (1) | \n\n (8) | \n\n (68) | \n\n (387) | \n\n (134) | \n\n (616) | \n
| \n Current borrowings | \n\n 15,502 | \n\n (14,660) | \n\n 181 | \n\n 389 | \n\n 121 | \n\n 7,573 | \n\n 484 | \n\n 9,590 | \n
| \n Current financial instruments - liabilities(a) | \n\n 488 | \n\n \u2013 | \n\n 6 | \n\n 11 | \n\n (59) | \n\n \u2013 | \n\n \u2013 | \n\n 446 | \n
| \n Current financial debt and related financial instruments | \n\n 15,589 | \n\n (14,277) | \n\n 186 | \n\n 392 | \n\n (6) | \n\n 7,186 | \n\n 350 | \n\n 9,420 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (38) | \n\n \u2013 | \n\n 341 | \n\n 7 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 310 | \n
| \n Net financial debt | \n\n 58,084 | \n\n (14,147) | \n\n 1,098 | \n\n 443 | \n\n 4 | \n\n \u2013 | \n\n 2,331 | \n\n 47,813 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
Monetary changes in non-current financial debt are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Issuance of non-current debt | \n\n 8,163 | \n\n 7,563 | \n\n 189 | \n
| \n Repayment of non-current debt | \n\n (182) | \n\n (31) | \n\n (59) | \n
| \n Net amount | \n\n 7,981 | \n\n 7,532 | \n\n 130 | \n
D)Cash and cash equivalents
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value. | \n\n \n | \n\n Investments with maturity greater than three\u00a0months and less than 12\u00a0months are shown under \u201cCurrent financial assets\u201d. Changes in current financial assets and liabilities are included in the financing activities section of the consolidated statement of cash flows. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Cash and cash equivalents are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Cash | \n\n 15,618 | \n\n 17,475 | \n\n 16,956 | \n
| \n Cash equivalents | \n\n 10,584 | \n\n 8,369 | \n\n 10,307 | \n
| \n Total | \n\n 26,202 | \n\n 25,844 | \n\n 27,263 | \n
Cash equivalents are mainly composed of deposits with a maturity of less than three\u00a0months, deposited in government institutions or deposit banks selected in accordance with strict criteria.
As of December\u00a031, 2025, the cash and cash equivalents include $2,050\u00a0million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
E)Net-debt-to-capital ratio
For its internal and external communication needs, TotalEnergies calculates a debt ratio by dividing its net financial debt excluding leases by its equity.
The ratio is calculated as follows: Net debt excluding leases/(Equity + Net debt excluding leases).
| \n As of December 31, (M$) (Assets)/Liabilities | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Current borrowings(a) | \n\n 10,162 | \n\n 7,929 | \n\n 7,869 | \n
| \n Other current financial liabilities | \n\n 388 | \n\n 664 | \n\n 446 | \n
| \n Current financial assets(a) | \n\n (3,093) | \n\n (6,536) | \n\n (6,256) | \n
| \n Net financial assets and liabilities held for sale or exchange(a) | \n\n 7 | \n\n 33 | \n\n 17 | \n
| \n Non-current financial debt(a) | \n\n 40,944 | \n\n 35,711 | \n\n 32,722 | \n
| \n Non-current financial assets(a) | \n\n (1,991) | \n\n (1,027) | \n\n (1,229) | \n
| \n Cash and cash equivalents | \n\n (26,202) | \n\n (25,844) | \n\n (27,263) | \n
| \n Net financial debt excluding leases | \n\n 20,215 | \n\n 10,930 | \n\n 6,306 | \n
| \n Shareholders\u2019 equity - TotalEnergies share | \n\n 114,883 | \n\n 117,858 | \n\n 116,753 | \n
| \n Distribution of the income based on existing shares at the closing date | \n\n 2,640 | \n\n 2,397 | \n\n 2,700 | \n
| \n Shareholders\u2019 equity | \n\n 117,523 | \n\n 120,255 | \n\n 119,453 | \n
| \n Net-debt-to-capital ratio excluding leases | \n\n 14.7% | \n\n 8.3% | \n\n 5.0% | \n
| \n (a)Excluding lease receivables & lease debts. | \n
15.2Fair value of financial instruments (excluding commodity contracts)
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following: Cash management Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. Long-term financing When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as: 1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and: \u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement; \u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items. In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship. | \n\n \n | \n\n 2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss. 3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges. Foreign subsidiaries\u2019 equity hedge Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity. The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d. Commitments to purchase shares held by non-controlling interests (put options written on minority interests) Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three\u00a0months) classified as \u201cLoans and receivables\u201d;
\u2013financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013ineffective portion of bond hedging;
\u2013financial income and financial expense on lease contracts; and
\u2013financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 770 | \n\n 1,335 | \n\n 1,420 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,424) | \n\n (2,321) | \n\n (2,190) | \n
| \n Fair value hedge (ineffective portion) | \n\n 13 | \n\n 1 | \n\n 2 | \n
| \n Lease assets and obligations | \n\n (628) | \n\n (552) | \n\n (499) | \n
| \n Assets and liabilities held for trading | \n\n 202 | \n\n 307 | \n\n 248 | \n
| \n Impact on the cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Revaluation impact at market value of bonds | \n\n (1,372) | \n\n (568) | \n\n (765) | \n
| \n Swaps hedging bonds | \n\n 1,385 | \n\n 569 | \n\n 767 | \n
| \n Ineffective portion of the fair value hedge | \n\n 13 | \n\n 1 | \n\n 2 | \n
The ineffective portion is not representative of TotalEnergies\u2019 performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December\u00a031, 2025, 2024 and 2023 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (330) | \n\n 448 | \n\n 128 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n 158 | \n\n (260) | \n\n 140 | \n
As of December\u00a031, 2025, 2024 and 2023, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
\u2013the nominal amounts and carrying amounts of hedging instruments;
\u2013the carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
\u2013the hedged items that have ceased to be adjusted for hedging gains and losses.
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 5,250 | \n\n 25 | \n\n (295) | \n\n \n | \n\n \u2013 | \n\n (5,028) | \n\n \n | \n\n 222 | \n\n \u2013 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 3,454 | \n\n 92 | \n\n (216) | \n\n \n | \n\n \u2013 | \n\n (3,391) | \n\n \n | \n\n 63 | \n\n \u2013 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 27 | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 6,250 | \n\n \u2013 | \n\n (230) | \n\n \n | \n\n \u2013 | \n\n (6,103) | \n\n \n | \n\n \u2013 | \n\n 147 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,084 | \n\n 27 | \n\n (618) | \n\n \n | \n\n \u2013 | \n\n (3,588) | \n\n \n | \n\n \u2013 | \n\n 496 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 21 | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 3,500 | \n\n \u2013 | \n\n (86) | \n\n \n | \n\n \u2013 | \n\n (3,457) | \n\n \n | \n\n \u2013 | \n\n 43 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,671 | \n\n 45 | \n\n (559) | \n\n \n | \n\n \u2013 | \n\n (4,232) | \n\n \n | \n\n \u2013 | \n\n 439 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 10 | \n\n \n | \n
Cash flow hedge
The following charts regarding cash flow hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (interest rate swaps and cross currency swaps).
According to IFRS\u00a09, there is no accounting entry related to cash flow hedge on hedged items.
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 11,998 | \n\n 411 | \n\n (28) | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 13,126 | \n\n 365 | \n\n (641) | \n\n Financial debt/Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,577 | \n\n 543 | \n\n \u2013 | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 15,055 | \n\n 5 | \n\n (1,890) | \n\n Financial debt/Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,023 | \n\n 611 | \n\n \u2013 | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 108 | \n\n (1,821) | \n\n Financial debt/Financial assets | \n
C)Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
| \n For the year ended December 31, 2025 (M$) Assets/(Liabilities) | \n\n 2026 | \n\n 2027 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n 2031 and beyond | \n|
| \n Fair value hedge | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 49 | \n\n 202 | \n\n 68 | \n\n 1,451 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (511) | \n\n 7,051 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n 49 | \n\n 202 | \n\n (443) | \n\n 8,502 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 875 | \n\n 5,018 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 32 | \n\n 823 | \n\n 744 | \n\n 14,879 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (218) | \n\n 3,245 | \n\n (451) | \n\n 6,177 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (186) | \n\n 4,068 | \n\n 293 | \n\n 21,056 | \n\n 2,070 | \n\n 4,672 | \n\n 5,643 | \n\n 450 | \n\n 8,221 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 12 | \n\n 358 | \n\n 25 | \n\n 328 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (1) | \n\n 99 | \n\n (3) | \n\n 325 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total forward exchange contracts related to operating activities | \n\n 11 | \n\n 457 | \n\n 22 | \n\n 653 | \n\n 328 | \n\n 325 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (assets) | \n\n 137 | \n\n 50,776 | \n\n 250 | \n\n 30,186 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 41,730 | \n\n (252) | \n\n 31,207 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total other interest rate swaps | \n\n 13 | \n\n 92,506 | \n\n (2) | \n\n 61,393 | \n\n 31,266 | \n\n 7,141 | \n\n 3,878 | \n\n 2,983 | \n\n 16,124 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 32 | \n\n 7,052 | \n\n 5 | \n\n 360 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (46) | \n\n 9,860 | \n\n (6) | \n\n 515 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total currency swaps and forward exchange contracts | \n\n (14) | \n\n 16,912 | \n\n (1) | \n\n 875 | \n\n 735 | \n\n 140 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2024 (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2026 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 and beyond | \n|
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 27 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (45) | \n\n 1,630 | \n\n (803) | \n\n 8,301 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (45) | \n\n 1,630 | \n\n (776) | \n\n 8,704 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 5,893 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 29 | \n\n 2,428 | \n\n 519 | \n\n 11,317 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (380) | \n\n 2,059 | \n\n (1,510) | \n\n 11,828 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (351) | \n\n 4,487 | \n\n (991) | \n\n 23,145 | \n\n 4,116 | \n\n 2,143 | \n\n 4,740 | \n\n 5,667 | \n\n 6,479 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n \u2013 | \n\n 94 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (13) | \n\n 271 | \n\n (23) | \n\n 634 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (13) | \n\n 365 | \n\n (23) | \n\n 634 | \n\n 307 | \n\n 327 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 50,861 | \n\n 342 | \n\n 36,851 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 59,075 | \n\n (281) | \n\n 36,220 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 30 | \n\n 109,936 | \n\n 61 | \n\n 73,071 | \n\n 52,496 | \n\n 8,714 | \n\n 2,739 | \n\n 2,821 | \n\n 6,300 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 196 | \n\n 17,698 | \n\n 5 | \n\n 322 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (115) | \n\n 5,212 | \n\n \u2013 | \n\n (45) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n 81 | \n\n 22,910 | \n\n 5 | \n\n 277 | \n\n 116 | \n\n 161 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2023 (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2025 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 and beyond | \n|
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n 250 | \n\n 45 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (75) | \n\n 1,837 | \n\n (570) | \n\n 5,681 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (75) | \n\n 2,087 | \n\n (525) | \n\n 6,084 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 2,432 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 91 | \n\n 2,114 | \n\n 628 | \n\n 14,830 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (193) | \n\n 1,574 | \n\n (1,628) | \n\n 11,016 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (102) | \n\n 3,688 | \n\n (1,000) | \n\n 25,846 | \n\n 4,509 | \n\n 4,153 | \n\n 2,135 | \n\n 4,686 | \n\n 10,363 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 2 | \n\n 83 | \n\n 8 | \n\n 311 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (14) | \n\n 234 | \n\n (2) | \n\n 240 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (12) | \n\n 317 | \n\n 6 | \n\n 551 | \n\n 285 | \n\n 266 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 149 | \n\n 38,415 | \n\n 393 | \n\n 7,690 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (94) | \n\n 37,170 | \n\n (208) | \n\n 7,407 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 55 | \n\n 75,585 | \n\n 185 | \n\n 15,097 | \n\n 8,692 | \n\n 1,580 | \n\n 1,500 | \n\n 1,908 | \n\n 1,417 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 66 | \n\n 10,325 | \n\n 21 | \n\n 1,071 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (84) | \n\n 8,513 | \n\n (32) | \n\n 773 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (18) | \n\n 18,838 | \n\n (11) | \n\n 1,844 | \n\n 1,840 | \n\n (2) | \n\n 6 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
D)Fair value hierarchy
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n According to IFRS\u00a013, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used. Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account. As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts. | \n\n \n | \n\n The methods used are as follows: Financial debts, swaps The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end. Other financial instruments The fair value of interest rate swaps and of FRA\u2019s (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities. Exchange options are valued based on models commonly used by the market. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
| \n As of December 31, 2025 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (394) | \n\n \u2013 | \n\n (394) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n 142 | \n\n \u2013 | \n\n 142 | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n (6) | \n\n \u2013 | \n\n (6) | \n
| \n Equity instruments | \n\n 290 | \n\n \u2013 | \n\n \u2013 | \n\n 290 | \n
| \n Total | \n\n 290 | \n\n (258) | \n\n \u2013 | \n\n 32 | \n
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (821) | \n\n \u2013 | \n\n (821) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,375) | \n\n \u2013 | \n\n (1,375) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 174 | \n\n \u2013 | \n\n 174 | \n
| \n Equity instruments | \n\n 391 | \n\n \u2013 | \n\n \u2013 | \n\n 391 | \n
| \n Total | \n\n 391 | \n\n (2,022) | \n\n \u2013 | \n\n (1,631) | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (600) | \n\n \u2013 | \n\n (600) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,104) | \n\n \u2013 | \n\n (1,104) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 207 | \n\n \u2013 | \n\n 207 | \n
| \n Equity instruments | \n\n 255 | \n\n \u2013 | \n\n \u2013 | \n\n 255 | \n
| \n Total | \n\n 255 | \n\n (1,497) | \n\n \u2013 | \n\n (1,242) | \n
15.3Financial risks management
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes\u00a014, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, banking institutions, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, financial credit ratings, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The USD LIBOR maturities ceased to be published end of June\u00a02023 and was replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January\u00a03, 2022 and was replaced by the ESTR rate.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note\u00a015.1 \u201cFinancial debt and related financial instruments\u201d.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note\u00a015.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note\u00a015.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis\u00a0points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2025, 2024 and 2023.
| \n Assets/(Liabilities) (M$) | \n\n Carrying amount | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
|---|---|---|---|---|
| \n +10 basis points | \n\n -10 basis points | \n|||
| \n As of December\u00a031, 2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (37,895) | \n\n (38,347) | \n\n 343 | \n\n (343) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (962) | \n\n (962) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 812 | \n\n 812 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (150) | \n\n (150) | \n\n (15) | \n\n 15 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (2,677) | \n\n (2,671) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 11 | \n\n 11 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n (15) | \n\n (15) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December\u00a031, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n - | \n\n - | \n
| \n As of December\u00a031, 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n +10 basis\u00a0points | \n\n 17 | \n\n 15 | \n\n 10 | \n
| \n -10 basis\u00a0points | \n\n (17) | \n\n (15) | \n\n (10) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three\u00a0years, is essentially related to the fluctuation of the euro and the pound sterling and is set forth in the table below:
| \n Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling exchange rates | \n
|---|---|---|
| \n December\u00a031, 2025 | \n\n 0.85 | \n\n 0.74 | \n
| \n December\u00a031, 2024 | \n\n 0.96 | \n\n 0.80 | \n
| \n December\u00a031, 2023 | \n\n 0.90 | \n\n 0.79 | \n
| \n As of December\u00a031, 2025 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 128,916 | \n\n 16,012 | \n\n 93,346 | \n\n 4,116 | \n\n 15,442 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (14,028) | \n\n (7,875) | \n\n \u2013 | \n\n (2,144) | \n\n (4,009) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2025 | \n\n 114,883 | \n\n 8,132 | \n\n 93,346 | \n\n 1,972 | \n\n 11,433 | \n
| \n As of December\u00a031, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n (4,298) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n (3,530) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n 10,792 | \n
Based on the 2025 financial statements, a conversion using rates different from + or -10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2025 (M$) | \n\n Euro | \n\n Pound sterling | \n
|---|---|---|
| \n Impact of an increase of 10% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n 813 | \n\n 197 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (53) | \n\n 25 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n (813) | \n\n (197) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 53 | \n\n (25) | \n
Stock market risk
TotalEnergies holds interests in a number\u00a0of publicly-traded companies (refer to Note\u00a08 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies\u00a0SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December\u00a031, 2025, these credit facilities amounted to $19,767\u00a0million and were entirely undrawn. The agreements underpinning credit facilities granted to TotalEnergies\u00a0SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December\u00a031, 2025, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies\u00a0SE, was $20,398\u00a0million, of which $20,225\u00a0million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies\u00a0SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2025, 2024 and 2023 (refer to Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2025 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,242) | \n\n (4,526) | \n\n (5,614) | \n\n (2,948) | \n\n (30,599) | \n\n (47,929) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 401 | \n\n 138 | \n\n 215 | \n\n 264 | \n\n 1,186 | \n\n 2,204 | \n
| \n Current borrowings | \n\n (12,038) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (12,038) | \n
| \n Other current financial liabilities | \n\n (388) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (388) | \n
| \n Current financial assets | \n\n 3,332 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,332 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (165) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (165) | \n
| \n Cash and cash equivalents | \n\n 26,202 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 26,202 | \n
| \n Net amount before financial expense | \n\n 16,943 | \n\n (3,841) | \n\n (4,388) | \n\n (5,399) | \n\n (2,684) | \n\n (29,413) | \n\n (28,782) | \n
| \n Financial expense on non-current financial debt | \n\n (1,052) | \n\n (1,021) | \n\n (1,027) | \n\n (934) | \n\n (885) | \n\n (14,193) | \n\n (19,112) | \n
| \n Interest differential on swaps | \n\n (263) | \n\n (211) | \n\n (213) | \n\n (160) | \n\n (90) | \n\n (415) | \n\n (1,352) | \n
| \n Net amount | \n\n 15,628 | \n\n (5,073) | \n\n (5,628) | \n\n (6,493) | \n\n (3,659) | \n\n (44,021) | \n\n (49,246) | \n
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December\u00a031, 2025, 2024 and 2023 (refer to note\u00a014 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (38,065) | \n\n (39,932) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (21,774) | \n\n (20,242) | \n\n (19,937) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (4,395) | \n\n (7,680) | \n\n (7,650) | \n
| \n Accounts receivable, net | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 5,710 | \n\n 9,072 | \n\n 7,012 | \n
| \n Total | \n\n (27,348) | \n\n (24,047) | \n\n (22,878) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies\u2019 maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies\u2019 maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans to equity affiliates (note\u00a08) | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Loans and advances (note\u00a06) | \n\n 2,241 | \n\n 2,175 | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities (note\u00a06) | \n\n 386 | \n\n 1,677 | \n\n 1,761 | \n
| \n Non-current financial assets (note\u00a015.1) | \n\n 3,270 | \n\n 2,305 | \n\n 2,395 | \n
| \n Accounts receivable (note\u00a05) | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables (note\u00a05) | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n Current financial assets (note\u00a015.1) | \n\n 3,332 | \n\n 6,914 | \n\n 6,585 | \n
| \n Cash and cash equivalents (note\u00a015.1) | \n\n 26,202 | \n\n 25,844 | \n\n 27,263 | \n
| \n Total | \n\n 75,347 | \n\n 81,575 | \n\n 83,182 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes\u00a05 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December\u00a031, 2025, the net margin call paid amounted to $1,094\u00a0million (against $3,002\u00a0million paid as of December\u00a031, 2024 and $2,435\u00a0million paid as of December\u00a031, 2023).
TotalEnergies has established a number\u00a0of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December\u00a031, 2025, the net value of receivables sold amounted to $9,864\u00a0million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
The Company has also put in place supplier financing arrangements (reverse factoring). Under these arrangements, a bank commits to settle the amounts owed to participating suppliers in respect of the invoices that the Company owes them, and the Company reimburses the bank at a later date.
The Company accounts for these arrangements as trade payables, as the original liabilities have not been substantially modified, in particular since the payment terms are not extended beyond the normal conditions agreed with other non\u2011participating suppliers.
The amount of operating liabilities concerned at year\u2011end is $842\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Integrated LNG & Integrated Power segments
Gas & Power activities
Trading of Gas & Power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining.
For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other credit-rating agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services Division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
16.1Financial instruments related to commodity contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies\u2019 exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities. Certain energy derivatives are also held as part of a cash flow hedge for future transactions. | \n\n \n | \n\n The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps | \n\n 304 | \n\n (329) | \n\n \n | \n\n (108) | \n\n 108 | \n\n \n | \n\n 196 | \n\n (221) | \n\n \u2013 | \n\n (25) | \n\n (25) | \n
| \n Forwards(a) | \n\n 4,326 | \n\n (2,692) | \n\n \n | \n\n (94) | \n\n 94 | \n\n \n | \n\n 4,232 | \n\n (2,598) | \n\n \u2013 | \n\n 1,634 | \n\n 1,634 | \n
| \n Options | \n\n 129 | \n\n (8) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 129 | \n\n (8) | \n\n \u2013 | \n\n 121 | \n\n 121 | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 123 | \n\n 123 | \n\n 123 | \n
| \n Total Gas & Power | \n\n 4,759 | \n\n (3,029) | \n\n \n | \n\n (202) | \n\n 202 | \n\n \n | \n\n 4,557 | \n\n (2,827) | \n\n 123 | \n\n 1,853 | \n\n 1,853 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 87 | \n\n (53) | \n\n \n | \n\n (33) | \n\n 33 | \n\n \n | \n\n 54 | \n\n (20) | \n\n \u2013 | \n\n 34 | \n\n 34 | \n
| \n Forwards(a) | \n\n 1,061 | \n\n (1,389) | \n\n \n | \n\n (1) | \n\n 1 | \n\n \n | \n\n 1,060 | \n\n (1,388) | \n\n \u2013 | \n\n (328) | \n\n (328) | \n
| \n Options | \n\n 55 | \n\n (202) | \n\n \n | \n\n (42) | \n\n 42 | \n\n \n | \n\n 13 | \n\n (160) | \n\n \u2013 | \n\n (147) | \n\n (147) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 60 | \n\n (34) | \n\n \n | \n\n (34) | \n\n 34 | \n\n \n | \n\n 26 | \n\n \u2013 | \n\n \u2013 | \n\n 26 | \n\n 26 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 1,263 | \n\n (1,678) | \n\n \n | \n\n (110) | \n\n 110 | \n\n \n | \n\n 1,153 | \n\n (1,568) | \n\n \u2013 | \n\n (415) | \n\n (415) | \n
| \n Total | \n\n 6,022 | \n\n (4,707) | \n\n \n | \n\n (312) | \n\n 312 | \n\n \n | \n\n 5,710 | \n\n (4,395) | \n\n 123 | \n\n 1,438 | \n\n 1,438 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
| \n As of December 31, 2024 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 117 | \n\n (129) | \n\n \n | \n\n (7) | \n\n 7 | \n\n \n | \n\n 110 | \n\n (122) | \n\n \u2013 | \n\n (12) | \n\n (12) | \n
| \n Forwards(a) | \n\n 8,060 | \n\n (6,595) | \n\n \n | \n\n (79) | \n\n 79 | \n\n \n | \n\n 7,981 | \n\n (6,516) | \n\n \u2013 | \n\n 1,465 | \n\n 1,465 | \n
| \n Options | \n\n 277 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 277 | \n\n \u2013 | \n\n \u2013 | \n\n 277 | \n\n 277 | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 403 | \n\n 403 | \n\n 403 | \n
| \n Total Gas & Power | \n\n 8,454 | \n\n (6,724) | \n\n \n | \n\n (86) | \n\n 86 | \n\n \n | \n\n 8,368 | \n\n (6,638) | \n\n 403 | \n\n 2,133 | \n\n 2,133 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 85 | \n\n (46) | \n\n \n | \n\n (44) | \n\n 44 | \n\n \n | \n\n 41 | \n\n (2) | \n\n \u2013 | \n\n 39 | \n\n 39 | \n
| \n Forwards(a) | \n\n 656 | \n\n (1,012) | \n\n \n | \n\n (14) | \n\n 14 | \n\n \n | \n\n 642 | \n\n (998) | \n\n \u2013 | \n\n (356) | \n\n (356) | \n
| \n Options | \n\n 70 | \n\n (102) | \n\n \n | \n\n (60) | \n\n 60 | \n\n \n | \n\n 10 | \n\n (42) | \n\n \u2013 | \n\n (32) | \n\n (32) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 66 | \n\n (55) | \n\n \n | \n\n (55) | \n\n 55 | \n\n \n | \n\n 11 | \n\n \u2013 | \n\n \u2013 | \n\n 11 | \n\n 11 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 877 | \n\n (1,215) | \n\n \n | \n\n (173) | \n\n 173 | \n\n \n | \n\n 704 | \n\n (1,042) | \n\n \u2013 | \n\n (338) | \n\n (338) | \n
| \n Total | \n\n 9,331 | \n\n (7,939) | \n\n \n | \n\n (259) | \n\n 259 | \n\n \n | \n\n 9,072 | \n\n (7,680) | \n\n 403 | \n\n 1,795 | \n\n 1,795 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
| \n As of December 31, 2023 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 116 | \n\n (125) | \n\n \n | \n\n (27) | \n\n 27 | \n\n \n | \n\n 89 | \n\n (98) | \n\n \u2013 | \n\n (9) | \n\n (9) | \n
| \n Forwards(a) | \n\n 5,875 | \n\n (6,369) | \n\n \n | \n\n (253) | \n\n 253 | \n\n \n | \n\n 5,622 | \n\n (6,116) | \n\n \u2013 | \n\n (494) | \n\n (494) | \n
| \n Options | \n\n 540 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n 540 | \n
| \n Futures | \n\n 2 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 109 | \n\n 109 | \n\n 109 | \n
| \n Total Gas & Power | \n\n 6,533 | \n\n (6,494) | \n\n \n | \n\n (280) | \n\n 280 | \n\n \n | \n\n 6,253 | \n\n (6,214) | \n\n 109 | \n\n 148 | \n\n 148 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 66 | \n\n (50) | \n\n \n | \n\n (28) | \n\n 28 | \n\n \n | \n\n 38 | \n\n (22) | \n\n \u2013 | \n\n 16 | \n\n 16 | \n
| \n Forwards(a) | \n\n 655 | \n\n (1,348) | \n\n \n | \n\n (13) | \n\n 13 | \n\n \n | \n\n 642 | \n\n (1,335) | \n\n \u2013 | \n\n (693) | \n\n (693) | \n
| \n Options | \n\n 23 | \n\n (97) | \n\n \n | \n\n (23) | \n\n 23 | \n\n \n | \n\n \u2013 | \n\n (74) | \n\n \u2013 | \n\n (74) | \n\n (74) | \n
| \n Futures | \n\n 1 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Options on futures | \n\n 287 | \n\n (214) | \n\n \n | \n\n (209) | \n\n 209 | \n\n \n | \n\n 78 | \n\n (5) | \n\n \u2013 | \n\n 73 | \n\n 73 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 1,032 | \n\n (1,709) | \n\n \n | \n\n (273) | \n\n 273 | \n\n \n | \n\n 759 | \n\n (1,436) | \n\n \u2013 | \n\n (677) | \n\n (677) | \n
| \n Total | \n\n 7,565 | \n\n (8,203) | \n\n \n | \n\n (553) | \n\n 553 | \n\n \n | \n\n 7,012 | \n\n (7,650) | \n\n 109 | \n\n (529) | \n\n (529) | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
Commitments on crude oil and refined products have, for the most part, a short-term maturity (less than one year).
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Fair value as of January 1, | \n\n Impact on income | \n\n Settled contracts | \n\n Other | \n\n Fair value as of December 31, | \n
|---|---|---|---|---|---|
| \n Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2025 | \n\n 1,730 | \n\n 1,024 | \n\n (1,094) | \n\n 70 | \n\n 1,730 | \n
| \n 2024 | \n\n 39 | \n\n (345) | \n\n 2,000 | \n\n 36 | \n\n 1,730 | \n
| \n 2023 | \n\n 2,347 | \n\n (5,792) | \n\n 3,681 | \n\n (197) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2025 | \n\n (338) | \n\n 10,079 | \n\n (10,124) | \n\n (32) | \n\n (415) | \n
| \n 2024 | \n\n (677) | \n\n 10,118 | \n\n (9,779) | \n\n \u2013 | \n\n (338) | \n
| \n 2023 | \n\n (901) | \n\n 11,033 | \n\n (10,812) | \n\n 3 | \n\n (677) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2025 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (119) | \n\n 1,409 | \n\n 440 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 24 | \n\n (439) | \n\n \u2013 | \n\n (415) | \n
| \n Total | \n\n (95) | \n\n 970 | \n\n 440 | \n\n 1,315 | \n
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (78) | \n\n (38) | \n\n 1,846 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 13 | \n\n (351) | \n\n \u2013 | \n\n (338) | \n
| \n Total | \n\n (65) | \n\n (389) | \n\n 1,846 | \n\n 1,392 | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n 1,054 | \n\n 1,677 | \n\n (2,692) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 73 | \n\n (750) | \n\n \u2013 | \n\n (677) | \n
| \n Total | \n\n 1,127 | \n\n 927 | \n\n (2,692) | \n\n (638) | \n
Financial instruments classified as level 3 are mainly composed of long-term liquefied natural gas purchase and sale contracts which relate to the trading activity.
The management of positions is carried out on the basis of a net value of LNG purchase and sale commitments; the valuation of contracts is based on observable market data, such as commodity forward prices, but it also takes into account unobservable data on contract performance (assumptions on the variable terms of the contracts, on the availability of infrastructures, on the performance of counterparties...).
The valuation of LNG contracts is sensitive to changes in oil and natural gas prices on North American, Asian and European markets, as well as to these assumptions on contract performance.
TotalEnergies\u2019 management horizon is 12\u00a0months in 2025 (as in 2024 and 2023), and includes the full annual delivery program of LNG cargoes for the following year.
The analysis of the fair value of the LNG portfolio over the period beyond 12\u00a0months carried out by the Company, allows to verify that there is no material asset or liability to be recognized in its accounts for that period. This analysis, which takes into account the specific characteristics of LNG contracts and of the gas market, including its liquidity, incorporates valuation parameters that are unobservable over this period, in particular Company internal assumptions on the long-term evolution of hydrocarbon prices, the execution of contracts and the performance of counterparties, the renegotiation of price terms in contracts or the exercise of their contractual flexibilities.
The description of each fair value level is presented in Note\u00a015 to the Consolidated Financial Statements.
Cash flow hedge
The impact on the income statement and other comprehensive income of the hedging instruments related to commodity contracts and qualified as cash flow hedges is detailed as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (730) | \n\n 2,670 | \n\n 2,770 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (807) | \n\n (2,671) | \n\n 117 | \n
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
As of December\u00a031, 2025, the ineffective portion of these financial instruments is $8\u00a0million (the ineffective portion of the financial instruments was $127\u00a0million in 2024 and $124\u00a0million in 2023).
16.2Oil, Gas and Power markets related risks management
Due to the nature of its business, TotalEnergies has significant oil and gas trading activities as part of its day-to-day operations in order to optimize revenues from its oil and gas production and to obtain favorable pricing to supply its refineries.
In its international oil trading business, TotalEnergies usually follows a policy of not selling its future production. However, in connection with this trading business, TotalEnergies, like most other oil companies, uses energy derivative instruments to adjust its exposure to price fluctuations of crude oil, refined products, natural gas, and power. TotalEnergies also uses freight rate derivative contracts in its shipping business to adjust its exposure to freight-rate fluctuations. To hedge against this risk, TotalEnergies uses various instruments such as futures, forwards, swaps and options on organized markets or over-the-counter markets. The list of the different derivatives held by TotalEnergies in these markets is detailed in Note\u00a016.1 to the Consolidated Financial Statements.
As part of its gas and power trading activity, TotalEnergies also uses derivative instruments such as futures, forwards, swaps and options in both organized and over-the-counter markets. In general, the transactions are settled at maturity date through physical delivery. TotalEnergies measures its market risk exposure, i.e., potential loss in fair values, on its trading business using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a one-day period. The calculation of the range of potential changes in fair values takes into account a snapshot of the end-of-day exposures and the set of historical price movements for the past two\u00a0years for all instruments and maturities in the global trading business.
Gas& Power Division trading: \u201cvalue-at-risk\u201d with a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
|---|---|---|---|---|
| \n 2025 | \n\n 108 | \n\n 11 | \n\n 38 | \n\n 36 | \n
| \n 2024 | \n\n 139 | \n\n 19 | \n\n 54 | \n\n 77 | \n
| \n 2023 | \n\n 111 | \n\n 16 | \n\n 54 | \n\n 54 | \n
The Trading & Shipping Division measures its market risk exposure, i.e.,\u00a0potential loss in fair values, on its crude oil, refined products and freight rates trading activities using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a 24-hour period. The calculation of the range of potential changes in fair values is based on the end-of-day exposures and historical price movements of the last 400 business\u00a0days for all traded instruments and maturities. Options are systematically re-evaluated using appropriate models.
The \u201cvalue-at-risk\u201d represents the most unfavorable movement in fair value obtained with a 97.5% confidence level. This means that TotalEnergies\u2019 portfolio result is likely to exceed the value-at-risk loss measure once over 40\u00a0business\u00a0days if the portfolio exposures were left unchanged.
Trading & Shipping: \u201cvalue-at-risk with\u201d a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
|---|---|---|---|---|
| \n 2025 | \n\n 41 | \n\n 11 | \n\n 20 | \n\n 13 | \n
| \n 2024 | \n\n 53 | \n\n 8 | \n\n 24 | \n\n 16 | \n
| \n 2023 | \n\n 74 | \n\n 17 | \n\n 37 | \n\n 28 | \n
TotalEnergies has implemented strict policies and procedures to manage and monitor these market risks. These are based on the separation of control and front-office functions and on an integrated information system that enables real-time monitoring of trading activities.
Limits on trading positions are approved by TotalEnergies\u2019 Executive Committee and are monitored daily. To increase flexibility and encourage liquidity, hedging operations are performed with numerous independent operators, including other oil companies, major energy producers or consumers and financial institutions. TotalEnergies has established counterparty limits and monitors outstanding amounts with each counterparty on an ongoing basis.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies\u2019 maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies\u2019 maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans to equity affiliates (note\u00a08) | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Loans and advances (note\u00a06) | \n\n 2,241 | \n\n 2,175 | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities (note\u00a06) | \n\n 386 | \n\n 1,677 | \n\n 1,761 | \n
| \n Non-current financial assets (note\u00a015.1) | \n\n 3,270 | \n\n 2,305 | \n\n 2,395 | \n
| \n Accounts receivable (note\u00a05) | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables (note\u00a05) | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n Current financial assets (note\u00a015.1) | \n\n 3,332 | \n\n 6,914 | \n\n 6,585 | \n
| \n Cash and cash equivalents (note\u00a015.1) | \n\n 26,202 | \n\n 25,844 | \n\n 27,263 | \n
| \n Total | \n\n 75,347 | \n\n 81,575 | \n\n 83,182 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes\u00a05 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December\u00a031, 2025, the net margin call paid amounted to $1,094\u00a0million (against $3,002\u00a0million paid as of December\u00a031, 2024 and $2,435\u00a0million paid as of December\u00a031, 2023).
TotalEnergies has established a number\u00a0of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December\u00a031, 2025, the net value of receivables sold amounted to $9,864\u00a0million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
The Company has also put in place supplier financing arrangements (reverse factoring). Under these arrangements, a bank commits to settle the amounts owed to participating suppliers in respect of the invoices that the Company owes them, and the Company reimburses the bank at a later date.
The Company accounts for these arrangements as trade payables, as the original liabilities have not been substantially modified, in particular since the payment terms are not extended beyond the normal conditions agreed with other non\u2011participating suppliers.
The amount of operating liabilities concerned at year\u2011end is $842\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Integrated LNG & Integrated Power segments
Gas & Power activities
Trading of Gas & Power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining.
For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other credit-rating agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services Division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d.
Accounting principles
Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value.
Investments with maturity greater than three\u00a0months and less than 12\u00a0months are shown under \u201cCurrent financial assets\u201d.
Changes in current financial assets and liabilities are included in the financing activities section of the consolidated statement of cash flows.
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d.
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
According to IFRS\u00a013, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used.
Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account.
As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts.
The methods used are as follows:
Financial debts, swaps
The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end.
Other financial instruments
The fair value of interest rate swaps and of FRA\u2019s (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities.
Exchange options are valued based on models commonly used by the market.
Accounting principles
Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies\u2019 exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities.
Certain energy derivatives are also held as part of a cash flow hedge for future transactions.
The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \u201cNet income (loss) from equity affiliates\u201d.
| \n (M$) | \n\n France | \n\n Rest of Europe | \n\n North America | \n\n Africa | \n\n Rest of the world | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n For the year ended December 31, 2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 45,866 | \n\n 90,558 | \n\n 14,463 | \n\n 20,012 | \n\n 30,297 | \n\n 201,196 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 17,960 | \n\n 27,094 | \n\n 11,827 | \n\n 38,731 | \n\n 56,427 | \n\n 152,039 | \n
| \n For the year ended December 31, 2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 49,269 | \n\n 89,077 | \n\n 17,915 | \n\n 21,901 | \n\n 36,388 | \n\n 214,550 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 15,486 | \n\n 25,969 | \n\n 11,938 | \n\n 37,375 | \n\n 52,565 | \n\n 143,333 | \n
| \n For the year ended December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 55,610 | \n\n 97,662 | \n\n 22,219 | \n\n 21,709 | \n\n 39,928 | \n\n 237,128 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 16,863 | \n\n 24,486 | \n\n 11,228 | \n\n 38,658 | \n\n 50,764 | \n\n 141,999 | \n
5.1Net sales
Accounting principles
IFRS\u00a015 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services.
Sales of goods
Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts.
Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the \u201cUnder-lifting\u201d and \u201cOver-lifting\u201d accounts in the balance sheet and in operating expenses in the profit and loss.
Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada.
Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG.
Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet.
Sales of services
Revenues from services are recognized when the services have been rendered.
Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract.
Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer.
Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors.
Excise taxes
Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price.
The analysis of the criteria set by IFRS\u00a015 led TotalEnergies to determine that it was acting as principal in these transactions. Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal \u201cRevenue from Sales\u201d is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales.
| \n (M$) | \n\n France | \n\n Rest of Europe | \n\n North America | \n\n Africa | \n\n Rest of the world | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n For the year ended December 31, 2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 45,866 | \n\n 90,558 | \n\n 14,463 | \n\n 20,012 | \n\n 30,297 | \n\n 201,196 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 17,960 | \n\n 27,094 | \n\n 11,827 | \n\n 38,731 | \n\n 56,427 | \n\n 152,039 | \n
| \n For the year ended December 31, 2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 49,269 | \n\n 89,077 | \n\n 17,915 | \n\n 21,901 | \n\n 36,388 | \n\n 214,550 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 15,486 | \n\n 25,969 | \n\n 11,938 | \n\n 37,375 | \n\n 52,565 | \n\n 143,333 | \n
| \n For the year ended December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 55,610 | \n\n 97,662 | \n\n 22,219 | \n\n 21,709 | \n\n 39,928 | \n\n 237,128 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 16,863 | \n\n 24,486 | \n\n 11,228 | \n\n 38,658 | \n\n 50,764 | \n\n 141,999 | \n
5.1Net sales
Accounting principles
IFRS\u00a015 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services.
Sales of goods
Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts.
Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the \u201cUnder-lifting\u201d and \u201cOver-lifting\u201d accounts in the balance sheet and in operating expenses in the profit and loss.
Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada.
Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG.
Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet.
Sales of services
Revenues from services are recognized when the services have been rendered.
Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract.
Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer.
Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors.
Excise taxes
Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price.
The analysis of the criteria set by IFRS\u00a015 led TotalEnergies to determine that it was acting as principal in these transactions. Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal \u201cRevenue from Sales\u201d is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales.
Accounting principles
IFRS\u00a015 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services.
Sales of goods
Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts.
Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the \u201cUnder-lifting\u201d and \u201cOver-lifting\u201d accounts in the balance sheet and in operating expenses in the profit and loss.
Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada.
Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG.
Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet.
Sales of services
Revenues from services are recognized when the services have been rendered.
Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract.
Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer.
Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors.
Excise taxes
Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price.
The analysis of the criteria set by IFRS\u00a015 led TotalEnergies to determine that it was acting as principal in these transactions. Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal \u201cRevenue from Sales\u201d is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales.
5.2Operating expenses and research and development
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method. | \n\n \n | \n\n Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs. Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
5.2.1Operating expenses
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Purchases, net of inventory variation(a) (b) | \n\n (116,740) | \n\n (127,664) | \n\n (143,041) | \n
| \n Exploration costs | \n\n (419) | \n\n (999) | \n\n (573) | \n
| \n Other operating expenses(c) | \n\n (30,914) | \n\n (29,860) | \n\n (30,419) | \n
| \n of which non-current operating liabilities (allowances) reversals | \n\n 660 | \n\n 870 | \n\n 821 | \n
| \n of which current operating liabilities (allowances) reversals | \n\n 15 | \n\n (60) | \n\n (92) | \n
| \n Operating expenses | \n\n (148,073) | \n\n (158,523) | \n\n (174,033) | \n
| \n (a)Includes taxes paid on oil and gas production in the Exploration & Production segment, amongst others royalties. (b)TotalEnergies values under/over lifting at market value. (c)Principally composed of production and administrative costs (refer in particular to payroll costs as detailed in Note 10 to the Consolidated Financial Statements \u201cPayroll, staff and employee benefits obligations\u201d). | \n
5.2.2Research and development costs
| \n \n | \n\n \n | \n\n\n | \n
|---|---|---|
| \n \n | \n\n Accounting principles | \n\n\n | \n
| \n \n | \n\n Research costs are charged to expense as incurred. Development expenses are capitalized when the criteria of IAS 38 are met. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Research and development costs incurred by TotalEnergies in 2025 and booked in operating expenses (excluding depreciations) amount to $810\u00a0million ($805\u00a0million in 2024 and $774\u00a0million in 2023), corresponding to 0.40% of the sales.
In 2025, 3,778 people are dedicated to these research and development activities (3,715 in 2024 and 3,687 in 2023).
5.3Amortization, depreciation and impairment of tangible assets and mineral interests
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Depreciation and impairment of tangible assets | \n\n (12,315) | \n\n (10,911) | \n\n (11,902) | \n
| \n Amortization and impairment of mineral assets | \n\n (997) | \n\n (1,114) | \n\n (860) | \n
| \n Total | \n\n (13,312) | \n\n (12,025) | \n\n (12,762) | \n
Accounting principles
TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs.
Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs.
5.2.2Research and development costs
| \n \n | \n\n \n | \n\n\n | \n
|---|---|---|
| \n \n | \n\n Accounting principles | \n\n\n | \n
| \n \n | \n\n Research costs are charged to expense as incurred. Development expenses are capitalized when the criteria of IAS 38 are met. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Research and development costs incurred by TotalEnergies in 2025 and booked in operating expenses (excluding depreciations) amount to $810\u00a0million ($805\u00a0million in 2024 and $774\u00a0million in 2023), corresponding to 0.40% of the sales.
In 2025, 3,778 people are dedicated to these research and development activities (3,715 in 2024 and 3,687 in 2023).
Accounting principles
Research costs are charged to expense as incurred.
Development expenses are capitalized when the criteria of IAS 38 are met.
5.3Amortization, depreciation and impairment of tangible assets and mineral interests
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Depreciation and impairment of tangible assets | \n\n (12,315) | \n\n (10,911) | \n\n (11,902) | \n
| \n Amortization and impairment of mineral assets | \n\n (997) | \n\n (1,114) | \n\n (860) | \n
| \n Total | \n\n (13,312) | \n\n (12,025) | \n\n (12,762) | \n
5.4.1Inventories
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Inventories are measured in the Consolidated Financial Statements at the lower of historical cost or market value. Costs for petroleum and petrochemical products are determined according to the FIFO (First-In, First-Out) method or weighted-average cost method and other inventories are measured using the weighted-average cost method. In addition stocks held for trading are measured at fair value less cost to sell. Refining & Chemicals Petroleum product inventories are mainly comprised of crude oil and refined products. Refined products principally consist of gasoline, distillate and fuel produced by TotalEnergies\u2019 refineries. The turnover of petroleum products does not exceed two\u00a0months on average. Crude oil costs include raw material and receiving costs. Refining costs principally include crude oil costs, production costs (energy, labor, depreciation of producing assets) and an allocation of production overheads (taxes, maintenance, insurance, etc.). Costs of chemical product inventories consist of raw material costs, direct labor costs and an allocation of production overheads. Start-up costs, general administrative costs and financing costs are excluded from the costs of refined and chemicals products. Marketing & Services The costs of products refined by TotalEnergies\u2019 entities include mainly raw materials costs, production costs (energy, labor, depreciation of producing assets), primary costs of transport and an allocation of production overheads (taxes, maintenance, insurance, etc.). General administrative costs and financing costs are excluded from the cost price of products. Product inventories purchased from entities external to TotalEnergies are valued at their purchase cost plus primary costs of transport. | \n\n \n | \n\n Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS) In the absence of a current IFRS\u00a0standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied: \u2013emission rights are managed as a cost of production and as such are recognized in inventories: \u2013emission rights allocated for free are booked in inventories with a nil carrying amount, \u2013purchased emission rights are booked at acquisition cost, \u2013sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost, \u2013if the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded; \u2013if emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value; \u2013forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income, unless hedge accounting has been applied. Energy savings certificates In the absence of current IFRS standards or interpretations on accounting for energy savings certificates (ESC), the following principles are applied: \u2013if the obligations linked to the sales of energy are greater than the number\u00a0of ESC\u2019s held then a liability is recorded. These liabilities are valued based on the price of the last transactions; \u2013in the event that the number\u00a0of ESC\u2019s held exceeds the obligation at the balance sheet date this is accounted for as inventory. Otherwise a valuation allowance is recorded; \u2013ESC inventories are valued at weighted-average cost (acquisition cost for those ESC\u2019s acquired or cost incurred for those ESC\u2019s generated internally). If the carrying value of the inventory of certificates at the balance sheet date is higher than the market value, an impairment loss is recorded. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Crude oil and natural gas | \n\n 2,367 | \n\n (14) | \n\n 2,353 | \n
| \n Refined products | \n\n 4,344 | \n\n (66) | \n\n 4,278 | \n
| \n Chemicals products | \n\n 1,526 | \n\n (112) | \n\n 1,414 | \n
| \n Trading inventories | \n\n 5,950 | \n\n \u2013 | \n\n 5,950 | \n
| \n Other inventories | \n\n 3,524 | \n\n (856) | \n\n 2,668 | \n
| \n Total | \n\n 17,711 | \n\n (1,048) | \n\n 16,663 | \n
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Crude oil and natural gas | \n\n 3,111 | \n\n (4) | \n\n 3,107 | \n
| \n Refined products | \n\n 4,714 | \n\n (48) | \n\n 4,666 | \n
| \n Chemicals products | \n\n 1,558 | \n\n (108) | \n\n 1,450 | \n
| \n Trading inventories | \n\n 7,280 | \n\n \u2013 | \n\n 7,280 | \n
| \n Other inventories | \n\n 3,400 | \n\n (1,035) | \n\n 2,365 | \n
| \n Total | \n\n 20,063 | \n\n (1,195) | \n\n 18,868 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Crude oil and natural gas | \n\n 3,334 | \n\n (152) | \n\n 3,182 | \n
| \n Refined products | \n\n 5,335 | \n\n (141) | \n\n 5,194 | \n
| \n Chemicals products | \n\n 1,668 | \n\n (97) | \n\n 1,571 | \n
| \n Trading inventories | \n\n 6,158 | \n\n \u2013 | \n\n 6,158 | \n
| \n Other inventories | \n\n 4,248 | \n\n (1,036) | \n\n 3,212 | \n
| \n Total | \n\n 20,743 | \n\n (1,426) | \n\n 19,317 | \n
Changes in the valuation allowance on inventories are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of | \n\n Increase (net) | \n\n Currency translation adjustment and | \n\n Valuation allowance as of December 31, | \n
|---|---|---|---|---|
| \n 2025 | \n\n (1,195) | \n\n 21 | \n\n 126 | \n\n (1,048) | \n
| \n 2024 | \n\n (1,426) | \n\n 246 | \n\n (15) | \n\n (1,195) | \n
| \n 2023 | \n\n (1,312) | \n\n (92) | \n\n (22) | \n\n (1,426) | \n
Accounting principles
Inventories are measured in the Consolidated Financial Statements at the lower of historical cost or market value. Costs for petroleum and petrochemical products are determined according to the FIFO (First-In, First-Out) method or weighted-average cost method and other inventories are measured using the weighted-average cost method.
In addition stocks held for trading are measured at fair value less cost to sell.
Refining & Chemicals
Petroleum product inventories are mainly comprised of crude oil and refined products. Refined products principally consist of gasoline, distillate and fuel produced by TotalEnergies\u2019 refineries. The turnover of petroleum products does not exceed two\u00a0months on average.
Crude oil costs include raw material and receiving costs. Refining costs principally include crude oil costs, production costs (energy, labor, depreciation of producing assets) and an allocation of production overheads (taxes, maintenance, insurance, etc.).
Costs of chemical product inventories consist of raw material costs, direct labor costs and an allocation of production overheads. Start-up costs, general administrative costs and financing costs are excluded from the costs of refined and chemicals products.
Marketing & Services
The costs of products refined by TotalEnergies\u2019 entities include mainly raw materials costs, production costs (energy, labor, depreciation of producing assets), primary costs of transport and an allocation of production overheads (taxes, maintenance, insurance, etc.).
General administrative costs and financing costs are excluded from the cost price of products.
Product inventories purchased from entities external to TotalEnergies are valued at their purchase cost plus primary costs of transport.
Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS)
In the absence of a current IFRS\u00a0standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied:
\u2013emission rights are managed as a cost of production and as such are recognized in inventories:
\u2013emission rights allocated for free are booked in inventories with a nil carrying amount,
\u2013purchased emission rights are booked at acquisition cost,
\u2013sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost,
\u2013if the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded;
\u2013if emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value;
\u2013forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income, unless hedge accounting has been applied.
Energy savings certificates
In the absence of current IFRS standards or interpretations on accounting for energy savings certificates (ESC), the following principles are applied:
\u2013if the obligations linked to the sales of energy are greater than the number\u00a0of ESC\u2019s held then a liability is recorded. These liabilities are valued based on the price of the last transactions;
\u2013in the event that the number\u00a0of ESC\u2019s held exceeds the obligation at the balance sheet date this is accounted for as inventory. Otherwise a valuation allowance is recorded;
\u2013ESC inventories are valued at weighted-average cost (acquisition cost for those ESC\u2019s acquired or cost incurred for those ESC\u2019s generated internally).
If the carrying value of the inventory of certificates at the balance sheet date is higher than the market value, an impairment loss is recorded.
Accounting principles
Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS)
In the absence of a current IFRS\u00a0standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied:
\u2013emission rights are managed as a cost of production and as such are recognized in inventories:
\u2013emission rights allocated for free are booked in inventories with a nil carrying amount,
\u2013purchased emission rights are booked at acquisition cost,
\u2013sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost,
\u2013if the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded;
\u2013if emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value;
\u2013forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income, unless hedge accounting has been applied.
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2025 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 19,458 | \n\n (899) | \n\n 18,559 | \n
| \n Recoverable taxes | \n\n 4,144 | \n\n (4) | \n\n 4,140 | \n
| \n Other operating receivables | \n\n 14,224 | \n\n (292) | \n\n 13,932 | \n
| \n Prepaid expenses | \n\n 2,260 | \n\n \u2013 | \n\n 2,260 | \n
| \n Other debtors | \n\n 105 | \n\n \u2013 | \n\n 105 | \n
| \n Other current assets | \n\n 20,733 | \n\n (296) | \n\n 20,437 | \n
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 20,183 | \n\n (902) | \n\n 19,281 | \n
| \n Recoverable taxes | \n\n 4,295 | \n\n (6) | \n\n 4,289 | \n
| \n Other operating receivables | \n\n 17,094 | \n\n (248) | \n\n 16,846 | \n
| \n Prepaid expenses | \n\n 2,481 | \n\n \u2013 | \n\n 2,481 | \n
| \n Other debtors | \n\n 71 | \n\n \u2013 | \n\n 71 | \n
| \n Other current assets | \n\n 23,941 | \n\n (254) | \n\n 23,687 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 24,334 | \n\n (892) | \n\n 23,442 | \n
| \n Recoverable taxes | \n\n 4,085 | \n\n (7) | \n\n 4,078 | \n
| \n Other operating receivables | \n\n 15,218 | \n\n (266) | \n\n 14,952 | \n
| \n Prepaid expenses | \n\n 1,731 | \n\n \u2013 | \n\n 1,731 | \n
| \n Other debtors | \n\n 60 | \n\n \u2013 | \n\n 60 | \n
| \n Other current assets | \n\n 21,094 | \n\n (273) | \n\n 20,821 | \n
Changes in the valuation allowance on \u201cAccounts receivable\u201d and \u201cOther current assets\u201d are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increase (net) | \n\n Currency translation adjustments and other variations | \n\n Valuation allowance as of December 31, | \n
|---|---|---|---|---|
| \n Accounts receivable | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n (902) | \n\n 31 | \n\n (28) | \n\n (899) | \n
| \n 2024 | \n\n (892) | \n\n (53) | \n\n 43 | \n\n (902) | \n
| \n 2023 | \n\n (826) | \n\n (82) | \n\n 16 | \n\n (892) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n (254) | \n\n (22) | \n\n (20) | \n\n (296) | \n
| \n 2024 | \n\n (273) | \n\n 1 | \n\n 18 | \n\n (254) | \n
| \n 2023 | \n\n (325) | \n\n (7) | \n\n 59 | \n\n (273) | \n
As of December\u00a031, 2025, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,858\u00a0million, of which $2,257\u00a0million was due less than 90\u00a0days, $364\u00a0million was due between 90\u00a0days and 6\u00a0months, $1,119\u00a0million was due between 6 and 12\u00a0months and $1,118\u00a0million was due after 12\u00a0months.
As of December\u00a031, 2024, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,987\u00a0million, of which $2,708\u00a0million was due less than 90\u00a0days, $443\u00a0million was due between 90\u00a0days and 6\u00a0months, $815\u00a0million was due between 6 and 12\u00a0months and $1,021\u00a0million was due after 12\u00a0months.
As of December\u00a031, 2023, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,903\u00a0million, of which $3,211\u00a0million was due less than 90\u00a0days, $420\u00a0million was due between 90\u00a0days and 6\u00a0months, $993\u00a0million was due between 6 and 12\u00a0months and $1,278\u00a0million was due after 12\u00a0months.
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2025 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 19,458 | \n\n (899) | \n\n 18,559 | \n
| \n Recoverable taxes | \n\n 4,144 | \n\n (4) | \n\n 4,140 | \n
| \n Other operating receivables | \n\n 14,224 | \n\n (292) | \n\n 13,932 | \n
| \n Prepaid expenses | \n\n 2,260 | \n\n \u2013 | \n\n 2,260 | \n
| \n Other debtors | \n\n 105 | \n\n \u2013 | \n\n 105 | \n
| \n Other current assets | \n\n 20,733 | \n\n (296) | \n\n 20,437 | \n
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 20,183 | \n\n (902) | \n\n 19,281 | \n
| \n Recoverable taxes | \n\n 4,295 | \n\n (6) | \n\n 4,289 | \n
| \n Other operating receivables | \n\n 17,094 | \n\n (248) | \n\n 16,846 | \n
| \n Prepaid expenses | \n\n 2,481 | \n\n \u2013 | \n\n 2,481 | \n
| \n Other debtors | \n\n 71 | \n\n \u2013 | \n\n 71 | \n
| \n Other current assets | \n\n 23,941 | \n\n (254) | \n\n 23,687 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 24,334 | \n\n (892) | \n\n 23,442 | \n
| \n Recoverable taxes | \n\n 4,085 | \n\n (7) | \n\n 4,078 | \n
| \n Other operating receivables | \n\n 15,218 | \n\n (266) | \n\n 14,952 | \n
| \n Prepaid expenses | \n\n 1,731 | \n\n \u2013 | \n\n 1,731 | \n
| \n Other debtors | \n\n 60 | \n\n \u2013 | \n\n 60 | \n
| \n Other current assets | \n\n 21,094 | \n\n (273) | \n\n 20,821 | \n
Changes in the valuation allowance on \u201cAccounts receivable\u201d and \u201cOther current assets\u201d are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increase (net) | \n\n Currency translation adjustments and other variations | \n\n Valuation allowance as of December 31, | \n
|---|---|---|---|---|
| \n Accounts receivable | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n (902) | \n\n 31 | \n\n (28) | \n\n (899) | \n
| \n 2024 | \n\n (892) | \n\n (53) | \n\n 43 | \n\n (902) | \n
| \n 2023 | \n\n (826) | \n\n (82) | \n\n 16 | \n\n (892) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n (254) | \n\n (22) | \n\n (20) | \n\n (296) | \n
| \n 2024 | \n\n (273) | \n\n 1 | \n\n 18 | \n\n (254) | \n
| \n 2023 | \n\n (325) | \n\n (7) | \n\n 59 | \n\n (273) | \n
As of December\u00a031, 2025, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,858\u00a0million, of which $2,257\u00a0million was due less than 90\u00a0days, $364\u00a0million was due between 90\u00a0days and 6\u00a0months, $1,119\u00a0million was due between 6 and 12\u00a0months and $1,118\u00a0million was due after 12\u00a0months.
As of December\u00a031, 2024, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,987\u00a0million, of which $2,708\u00a0million was due less than 90\u00a0days, $443\u00a0million was due between 90\u00a0days and 6\u00a0months, $815\u00a0million was due between 6 and 12\u00a0months and $1,021\u00a0million was due after 12\u00a0months.
As of December\u00a031, 2023, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,903\u00a0million, of which $3,211\u00a0million was due less than 90\u00a0days, $420\u00a0million was due between 90\u00a0days and 6\u00a0months, $993\u00a0million was due between 6 and 12\u00a0months and $1,278\u00a0million was due after 12\u00a0months.
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2025 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 19,458 | \n\n (899) | \n\n 18,559 | \n
| \n Recoverable taxes | \n\n 4,144 | \n\n (4) | \n\n 4,140 | \n
| \n Other operating receivables | \n\n 14,224 | \n\n (292) | \n\n 13,932 | \n
| \n Prepaid expenses | \n\n 2,260 | \n\n \u2013 | \n\n 2,260 | \n
| \n Other debtors | \n\n 105 | \n\n \u2013 | \n\n 105 | \n
| \n Other current assets | \n\n 20,733 | \n\n (296) | \n\n 20,437 | \n
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 20,183 | \n\n (902) | \n\n 19,281 | \n
| \n Recoverable taxes | \n\n 4,295 | \n\n (6) | \n\n 4,289 | \n
| \n Other operating receivables | \n\n 17,094 | \n\n (248) | \n\n 16,846 | \n
| \n Prepaid expenses | \n\n 2,481 | \n\n \u2013 | \n\n 2,481 | \n
| \n Other debtors | \n\n 71 | \n\n \u2013 | \n\n 71 | \n
| \n Other current assets | \n\n 23,941 | \n\n (254) | \n\n 23,687 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 24,334 | \n\n (892) | \n\n 23,442 | \n
| \n Recoverable taxes | \n\n 4,085 | \n\n (7) | \n\n 4,078 | \n
| \n Other operating receivables | \n\n 15,218 | \n\n (266) | \n\n 14,952 | \n
| \n Prepaid expenses | \n\n 1,731 | \n\n \u2013 | \n\n 1,731 | \n
| \n Other debtors | \n\n 60 | \n\n \u2013 | \n\n 60 | \n
| \n Other current assets | \n\n 21,094 | \n\n (273) | \n\n 20,821 | \n
Changes in the valuation allowance on \u201cAccounts receivable\u201d and \u201cOther current assets\u201d are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increase (net) | \n\n Currency translation adjustments and other variations | \n\n Valuation allowance as of December 31, | \n
|---|---|---|---|---|
| \n Accounts receivable | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n (902) | \n\n 31 | \n\n (28) | \n\n (899) | \n
| \n 2024 | \n\n (892) | \n\n (53) | \n\n 43 | \n\n (902) | \n
| \n 2023 | \n\n (826) | \n\n (82) | \n\n 16 | \n\n (892) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n (254) | \n\n (22) | \n\n (20) | \n\n (296) | \n
| \n 2024 | \n\n (273) | \n\n 1 | \n\n 18 | \n\n (254) | \n
| \n 2023 | \n\n (325) | \n\n (7) | \n\n 59 | \n\n (273) | \n
As of December\u00a031, 2025, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,858\u00a0million, of which $2,257\u00a0million was due less than 90\u00a0days, $364\u00a0million was due between 90\u00a0days and 6\u00a0months, $1,119\u00a0million was due between 6 and 12\u00a0months and $1,118\u00a0million was due after 12\u00a0months.
As of December\u00a031, 2024, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,987\u00a0million, of which $2,708\u00a0million was due less than 90\u00a0days, $443\u00a0million was due between 90\u00a0days and 6\u00a0months, $815\u00a0million was due between 6 and 12\u00a0months and $1,021\u00a0million was due after 12\u00a0months.
As of December\u00a031, 2023, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,903\u00a0million, of which $3,211\u00a0million was due less than 90\u00a0days, $420\u00a0million was due between 90\u00a0days and 6\u00a0months, $993\u00a0million was due between 6 and 12\u00a0months and $1,278\u00a0million was due after 12\u00a0months.
6.3Other non-current assets
| \n As of December 31, 2025 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,794 | \n\n (553) | \n\n 2,241 | \n
| \n Other non-current financial assets related to operational activities | \n\n 386 | \n\n \u2013 | \n\n 386 | \n
| \n Other | \n\n 288 | \n\n \u2013 | \n\n 288 | \n
| \n Total | \n\n 3,468 | \n\n (553) | \n\n 2,915 | \n
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,433 | \n\n (258) | \n\n 2,175 | \n
| \n Other non-current financial assets related to operational activities | \n\n 1,677 | \n\n \u2013 | \n\n 1,677 | \n
| \n Other | \n\n 154 | \n\n \u2013 | \n\n 154 | \n
| \n Total | \n\n 4,264 | \n\n (258) | \n\n 4,006 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,516 | \n\n (294) | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities | \n\n 1,761 | \n\n \u2013 | \n\n 1,761 | \n
| \n Other | \n\n 330 | \n\n \u2013 | \n\n 330 | \n
| \n Total | \n\n 4,607 | \n\n (294) | \n\n 4,313 | \n
| \n (a)Excluding loans to equity affiliates. | \n\n\n | \n\n\n | \n\n\n | \n
Changes in the valuation allowance on loans and advances are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increases | \n\n Decreases | \n\n Currency translation adjustment and | \n\n Valuation allowance as of December 31, | \n
|---|---|---|---|---|---|
| \n 2025 | \n\n (258) | \n\n (274) | \n\n 22 | \n\n (43) | \n\n (553) | \n
| \n 2024 | \n\n (294) | \n\n (72) | \n\n 19 | \n\n 89 | \n\n (258) | \n
| \n 2023 | \n\n (255) | \n\n (11) | \n\n 2 | \n\n (30) | \n\n (294) | \n
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accruals and deferred income | \n\n 2,323 | \n\n 1,561 | \n\n 1,129 | \n
| \n Payable to States (including taxes and duties) | \n\n 10,427 | \n\n 12,561 | \n\n 13,974 | \n
| \n Payroll | \n\n 1,820 | \n\n 1,597 | \n\n 1,687 | \n
| \n Other operating liabilities | \n\n 21,774 | \n\n 20,242 | \n\n 19,937 | \n
| \n Other creditors and accrued liabilities | \n\n 36,344 | \n\n 35,961 | \n\n 36,727 | \n
As of December\u00a031, 2025, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2025 for $2,140\u00a0million, which was paid in January\u00a02026 and the third quarterly interim dividend for the fiscal year 2025 for $2,148\u00a0million, which will be paid in April\u00a02026. It also includes payment agent agreements with financial institutions, facilitating the operational processing of the suppliers\u2019 payment chain and enabling the batch settlement of invoices, put in place in 2025. These invoices are settled by the agent at their due date, who is reimbursed by TotalEnergies at the beginning of the following\u00a0month. As of December\u00a031, 2025, the amount payable to payment agents amounted to $1,780\u00a0million.
As of December\u00a031, 2024, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2024 for $1,845\u00a0million, which was paid in January\u00a02025 and the third quarterly interim dividend for the fiscal year 2024 for $1,851\u00a0million, which was paid in April\u00a02025.
As of December\u00a031, 2023, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2023 for $1,959\u00a0million, which was paid in January\u00a02024 and the third quarterly interim dividend for the fiscal year 2023 for $1,923\u00a0million, which was paid in April\u00a02024.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accruals and deferred income | \n\n 2,323 | \n\n 1,561 | \n\n 1,129 | \n
| \n Payable to States (including taxes and duties) | \n\n 10,427 | \n\n 12,561 | \n\n 13,974 | \n
| \n Payroll | \n\n 1,820 | \n\n 1,597 | \n\n 1,687 | \n
| \n Other operating liabilities | \n\n 21,774 | \n\n 20,242 | \n\n 19,937 | \n
| \n Other creditors and accrued liabilities | \n\n 36,344 | \n\n 35,961 | \n\n 36,727 | \n
As of December\u00a031, 2025, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2025 for $2,140\u00a0million, which was paid in January\u00a02026 and the third quarterly interim dividend for the fiscal year 2025 for $2,148\u00a0million, which will be paid in April\u00a02026. It also includes payment agent agreements with financial institutions, facilitating the operational processing of the suppliers\u2019 payment chain and enabling the batch settlement of invoices, put in place in 2025. These invoices are settled by the agent at their due date, who is reimbursed by TotalEnergies at the beginning of the following\u00a0month. As of December\u00a031, 2025, the amount payable to payment agents amounted to $1,780\u00a0million.
As of December\u00a031, 2024, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2024 for $1,845\u00a0million, which was paid in January\u00a02025 and the third quarterly interim dividend for the fiscal year 2024 for $1,851\u00a0million, which was paid in April\u00a02025.
As of December\u00a031, 2023, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2023 for $1,959\u00a0million, which was paid in January\u00a02024 and the third quarterly interim dividend for the fiscal year 2023 for $1,923\u00a0million, which was paid in April\u00a02024.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accruals and deferred income | \n\n 2,323 | \n\n 1,561 | \n\n 1,129 | \n
| \n Payable to States (including taxes and duties) | \n\n 10,427 | \n\n 12,561 | \n\n 13,974 | \n
| \n Payroll | \n\n 1,820 | \n\n 1,597 | \n\n 1,687 | \n
| \n Other operating liabilities | \n\n 21,774 | \n\n 20,242 | \n\n 19,937 | \n
| \n Other creditors and accrued liabilities | \n\n 36,344 | \n\n 35,961 | \n\n 36,727 | \n
As of December\u00a031, 2025, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2025 for $2,140\u00a0million, which was paid in January\u00a02026 and the third quarterly interim dividend for the fiscal year 2025 for $2,148\u00a0million, which will be paid in April\u00a02026. It also includes payment agent agreements with financial institutions, facilitating the operational processing of the suppliers\u2019 payment chain and enabling the batch settlement of invoices, put in place in 2025. These invoices are settled by the agent at their due date, who is reimbursed by TotalEnergies at the beginning of the following\u00a0month. As of December\u00a031, 2025, the amount payable to payment agents amounted to $1,780\u00a0million.
As of December\u00a031, 2024, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2024 for $1,845\u00a0million, which was paid in January\u00a02025 and the third quarterly interim dividend for the fiscal year 2024 for $1,851\u00a0million, which was paid in April\u00a02025.
As of December\u00a031, 2023, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2023 for $1,959\u00a0million, which was paid in January\u00a02024 and the third quarterly interim dividend for the fiscal year 2023 for $1,923\u00a0million, which was paid in April\u00a02024.
5.5Cash flow from operating activities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The cash flows incurred in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into dollars using the | \n\n \n | \n\n closing exchange rates are shown in the consolidated statement of cash flows under \u201cEffect of exchange rates\u201d. Therefore, the consolidated statement of cash flows will not agree with the figures derived from the consolidated balance sheet. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The following table gives additional information on cash paid or received in the cash flow from operating activities.
Detail of interest, taxes and dividends
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Interests paid | \n\n (3,051) | \n\n (2,934) | \n\n (2,883) | \n
| \n Interests received | \n\n 944 | \n\n 1,302 | \n\n 1,431 | \n
| \n Income tax paid(a) | \n\n (9,622) | \n\n (10,561) | \n\n (12,688) | \n
| \n Dividends received | \n\n 1,722 | \n\n 1,833 | \n\n 2,821 | \n
| \n (a)These amounts include taxes paid in kind under production-sharing contracts in exploration and production activities. | \n
Detail of changes in working capital
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Inventories | \n\n 2,848 | \n\n (203) | \n\n 3,159 | \n
| \n Accounts receivable | \n\n 1,406 | \n\n 3,884 | \n\n 306 | \n
| \n Other current assets | \n\n 3,266 | \n\n (3,556) | \n\n 14,860 | \n
| \n Accounts payable | \n\n (3,198) | \n\n (889) | \n\n 572 | \n
| \n Other creditors and accrued liabilities | \n\n (3,038) | \n\n 3,128 | \n\n (12,806) | \n
| \n Net amount, Decrease (Increase) | \n\n 1,284 | \n\n 2,364 | \n\n 6,091 | \n
Detail of changes in provisions and deferred taxes
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accruals | \n\n 617 | \n\n (373) | \n\n 257 | \n
| \n Deferred taxes | \n\n 307 | \n\n 563 | \n\n 556 | \n
| \n Total | \n\n 924 | \n\n 190 | \n\n 813 | \n
C)Cash flow from (used in) financing activities
The variations of financial debt are detailed as follows:
| \n (M$) | \n\n As of January 1, 2025 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,305) | \n\n (16) | \n\n 40 | \n\n (105) | \n\n (159) | \n\n 350 | \n\n (1,075) | \n\n (3,270) | \n
| \n Non-current financial debt | \n\n 43,533 | \n\n 7,981 | \n\n (1,216) | \n\n 720 | \n\n 593 | \n\n (4,941) | \n\n 2,325 | \n\n 48,995 | \n
| \n Non-current financial debt and related financial instruments | \n\n 41,228 | \n\n 7,965 | \n\n (1,176) | \n\n 615 | \n\n 434 | \n\n (4,591) | \n\n 1,250 | \n\n 45,725 | \n
| \n Current financial instruments - assets(a) | \n\n (755) | \n\n 593 | \n\n 30 | \n\n (40) | \n\n 164 | \n\n (350) | \n\n (131) | \n\n (489) | \n
| \n Current borrowings | \n\n 10,024 | \n\n (4,746) | \n\n (172) | \n\n 1,395 | \n\n 264 | \n\n 4,941 | \n\n 332 | \n\n 12,038 | \n
| \n Current financial instruments - liabilities(a) | \n\n 664 | \n\n \u2013 | \n\n (1) | \n\n 27 | \n\n (302) | \n\n \u2013 | \n\n \u2013 | \n\n 388 | \n
| \n Current financial debt and related financial instruments | \n\n 9,933 | \n\n (4,153) | \n\n (143) | \n\n 1,382 | \n\n 126 | \n\n 4,591 | \n\n 201 | \n\n 11,937 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 44 | \n\n \u2013 | \n\n 118 | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 165 | \n
| \n Net financial debt | \n\n 51,205 | \n\n 3,812 | \n\n (1,201) | \n\n 2,000 | \n\n 560 | \n\n \u2013 | \n\n 1,451 | \n\n 57,827 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2024 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,395) | \n\n \u2013 | \n\n 37 | \n\n 37 | \n\n 132 | \n\n 340 | \n\n (456) | \n\n (2,305) | \n
| \n Non-current financial debt | \n\n 40,478 | \n\n 7,532 | \n\n (299) | \n\n (241) | \n\n (453) | \n\n (6,080) | \n\n 2,596 | \n\n 43,533 | \n
| \n Non-current financial debt and related financial instruments | \n\n 38,083 | \n\n 7,532 | \n\n (262) | \n\n (204) | \n\n (321) | \n\n (5,740) | \n\n 2,140 | \n\n 41,228 | \n
| \n Current financial instruments - assets(a) | \n\n (616) | \n\n 609 | \n\n (2) | \n\n 20 | \n\n (107) | \n\n (340) | \n\n (319) | \n\n (755) | \n
| \n Current borrowings | \n\n 9,590 | \n\n (5,751) | \n\n 321 | \n\n (760) | \n\n (138) | \n\n 6,080 | \n\n 682 | \n\n 10,024 | \n
| \n Current financial instruments - liabilities(a) | \n\n 446 | \n\n \u2013 | \n\n (3) | \n\n (17) | \n\n 238 | \n\n \u2013 | \n\n \u2013 | \n\n 664 | \n
| \n Current financial debt and related financial instruments | \n\n 9,420 | \n\n (5,142) | \n\n 316 | \n\n (757) | \n\n (7) | \n\n 5,740 | \n\n 363 | \n\n 9,933 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 310 | \n\n \u2013 | \n\n (261) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 44 | \n
| \n Net financial debt | \n\n 47,813 | \n\n 2,390 | \n\n (207) | \n\n (966) | \n\n (328) | \n\n \u2013 | \n\n 2,503 | \n\n 51,205 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2023 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,731) | \n\n \u2013 | \n\n (96) | \n\n (21) | \n\n 353 | \n\n 387 | \n\n (287) | \n\n (2,395) | \n
| \n Non-current financial debt | \n\n 45,264 | \n\n 130 | \n\n 667 | \n\n 65 | \n\n (343) | \n\n (7,573) | \n\n 2,268 | \n\n 40,478 | \n
| \n Non-current financial debt and related financial instruments | \n\n 42,533 | \n\n 130 | \n\n 571 | \n\n 44 | \n\n 10 | \n\n (7,186) | \n\n 1,981 | \n\n 38,083 | \n
| \n Current financial instruments - assets(a) | \n\n (401) | \n\n 383 | \n\n (1) | \n\n (8) | \n\n (68) | \n\n (387) | \n\n (134) | \n\n (616) | \n
| \n Current borrowings | \n\n 15,502 | \n\n (14,660) | \n\n 181 | \n\n 389 | \n\n 121 | \n\n 7,573 | \n\n 484 | \n\n 9,590 | \n
| \n Current financial instruments - liabilities(a) | \n\n 488 | \n\n \u2013 | \n\n 6 | \n\n 11 | \n\n (59) | \n\n \u2013 | \n\n \u2013 | \n\n 446 | \n
| \n Current financial debt and related financial instruments | \n\n 15,589 | \n\n (14,277) | \n\n 186 | \n\n 392 | \n\n (6) | \n\n 7,186 | \n\n 350 | \n\n 9,420 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (38) | \n\n \u2013 | \n\n 341 | \n\n 7 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 310 | \n
| \n Net financial debt | \n\n 58,084 | \n\n (14,147) | \n\n 1,098 | \n\n 443 | \n\n 4 | \n\n \u2013 | \n\n 2,331 | \n\n 47,813 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
Monetary changes in non-current financial debt are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Issuance of non-current debt | \n\n 8,163 | \n\n 7,563 | \n\n 189 | \n
| \n Repayment of non-current debt | \n\n (182) | \n\n (31) | \n\n (59) | \n
| \n Net amount | \n\n 7,981 | \n\n 7,532 | \n\n 130 | \n
Accounting principles
The cash flows incurred in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into dollars using the
closing exchange rates are shown in the consolidated statement of cash flows under \u201cEffect of exchange rates\u201d. Therefore, the consolidated statement of cash flows will not agree with the figures derived from the consolidated balance sheet.
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Gains on disposal of assets | \n\n 1,694 | \n\n 1,721 | \n\n 3,157 | \n
| \n Foreign exchange gains | \n\n 331 | \n\n 236 | \n\n \u2013 | \n
| \n Other | \n\n 350 | \n\n 155 | \n\n 520 | \n
| \n Other income | \n\n 2,375 | \n\n 2,112 | \n\n 3,677 | \n
| \n Losses on disposal of assets | \n\n (126) | \n\n (224) | \n\n (98) | \n
| \n Foreign exchange losses | \n\n (354) | \n\n (406) | \n\n (763) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (445) | \n\n (389) | \n\n (769) | \n
| \n Other | \n\n (1,002) | \n\n (262) | \n\n (766) | \n
| \n Other expense | \n\n (1,927) | \n\n (1,281) | \n\n (2,396) | \n
Other expense
In 2025, the heading \u201cOther\u201d mainly consists in restructuration charges, shares and loans impairments, among which loans to subsidiaries carrying on offshore wind projects, notably in Asia (Taiwan, Korea) and in the United Kingdom for the segment Integrated Power, provisions for onerous midstream contracts, and restructuring charges for the Exploration & Production segment.
In 2024, the heading \u201cOther\u201d mainly consisted in the depreciation of a loan towards the minor participation of the Company in SunPower.
In 2023, the heading \u201cOther\u201d mainly included impairments related to the Yunlin offshore wind project in Taiwan in the segment Integrated Power and to the divestment project of Natref refinery in South Africa in the segment Refining & Chemicals.
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Gains on disposal of assets | \n\n 1,694 | \n\n 1,721 | \n\n 3,157 | \n
| \n Foreign exchange gains | \n\n 331 | \n\n 236 | \n\n \u2013 | \n
| \n Other | \n\n 350 | \n\n 155 | \n\n 520 | \n
| \n Other income | \n\n 2,375 | \n\n 2,112 | \n\n 3,677 | \n
| \n Losses on disposal of assets | \n\n (126) | \n\n (224) | \n\n (98) | \n
| \n Foreign exchange losses | \n\n (354) | \n\n (406) | \n\n (763) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (445) | \n\n (389) | \n\n (769) | \n
| \n Other | \n\n (1,002) | \n\n (262) | \n\n (766) | \n
| \n Other expense | \n\n (1,927) | \n\n (1,281) | \n\n (2,396) | \n
Other income
In 2025, gains on disposal of assets are mainly related to the sale, in the segment Exploration & Production, of the operated participation of 45% in two unconventional oil and gas blocks in Argentina (Rincon La Ceniza and La Escalonada), to the sale of the non-operated participation of 39,89% in the fields of West Ekofisk and Albuskjell, and the non-operated participation of 20.23% in the field of Tommeliten Gamma, to the sale of the non-operated participation of 12.50% in the production sharing contract of OML118 and, in the segment Integrated Power, to the sale of 50% of solar assets portfolio reaching 1.4\u00a0GW in North America, and to the sale of 50% of 604\u00a0MW wind, solar and hydroelectric assets in Portugal.
In 2024, gains on disposal of assets were mainly related to the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands for the Marketing & Services segment. This amount included the revaluation of shares held and consolidated under the equity method in Belgium and Luxembourg.
In 2023, gains on disposal of assets were mainly related to the disposal of the retail network in Germany in the Marketing & Services segment, to the sale of the 50% participation in the Surmont asset and the disposal of TotalEnergies EP Canada Ltd. shares in the segment Exploration & Production. The \u201cOther\u201d heading notably included a revaluation of $388\u00a0million from the previously held share of Total Eren.
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Gains on disposal of assets | \n\n 1,694 | \n\n 1,721 | \n\n 3,157 | \n
| \n Foreign exchange gains | \n\n 331 | \n\n 236 | \n\n \u2013 | \n
| \n Other | \n\n 350 | \n\n 155 | \n\n 520 | \n
| \n Other income | \n\n 2,375 | \n\n 2,112 | \n\n 3,677 | \n
| \n Losses on disposal of assets | \n\n (126) | \n\n (224) | \n\n (98) | \n
| \n Foreign exchange losses | \n\n (354) | \n\n (406) | \n\n (763) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (445) | \n\n (389) | \n\n (769) | \n
| \n Other | \n\n (1,002) | \n\n (262) | \n\n (766) | \n
| \n Other expense | \n\n (1,927) | \n\n (1,281) | \n\n (2,396) | \n
Other income
In 2025, gains on disposal of assets are mainly related to the sale, in the segment Exploration & Production, of the operated participation of 45% in two unconventional oil and gas blocks in Argentina (Rincon La Ceniza and La Escalonada), to the sale of the non-operated participation of 39,89% in the fields of West Ekofisk and Albuskjell, and the non-operated participation of 20.23% in the field of Tommeliten Gamma, to the sale of the non-operated participation of 12.50% in the production sharing contract of OML118 and, in the segment Integrated Power, to the sale of 50% of solar assets portfolio reaching 1.4\u00a0GW in North America, and to the sale of 50% of 604\u00a0MW wind, solar and hydroelectric assets in Portugal.
In 2024, gains on disposal of assets were mainly related to the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands for the Marketing & Services segment. This amount included the revaluation of shares held and consolidated under the equity method in Belgium and Luxembourg.
In 2023, gains on disposal of assets were mainly related to the disposal of the retail network in Germany in the Marketing & Services segment, to the sale of the 50% participation in the Surmont asset and the disposal of TotalEnergies EP Canada Ltd. shares in the segment Exploration & Production. The \u201cOther\u201d heading notably included a revaluation of $388\u00a0million from the previously held share of Total Eren.
Other expense
In 2025, the heading \u201cOther\u201d mainly consists in restructuration charges, shares and loans impairments, among which loans to subsidiaries carrying on offshore wind projects, notably in Asia (Taiwan, Korea) and in the United Kingdom for the segment Integrated Power, provisions for onerous midstream contracts, and restructuring charges for the Exploration & Production segment.
In 2024, the heading \u201cOther\u201d mainly consisted in the depreciation of a loan towards the minor participation of the Company in SunPower.
In 2023, the heading \u201cOther\u201d mainly included impairments related to the Yunlin offshore wind project in Taiwan in the segment Integrated Power and to the divestment project of Natref refinery in South Africa in the segment Refining & Chemicals.
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Dividend income on non-consolidated subsidiaries | \n\n 205 | \n\n 196 | \n\n 143 | \n
| \n Capitalized financial expenses | \n\n 624 | \n\n 652 | \n\n 667 | \n
| \n Other | \n\n 608 | \n\n 555 | \n\n 475 | \n
| \n Other financial income | \n\n 1,437 | \n\n 1,403 | \n\n 1,285 | \n
| \n Accretion of asset retirement obligations | \n\n (589) | \n\n (568) | \n\n (524) | \n
| \n Other | \n\n (292) | \n\n (267) | \n\n (207) | \n
| \n Other financial expense | \n\n (881) | \n\n (835) | \n\n (731) | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three\u00a0months) classified as \u201cLoans and receivables\u201d;
\u2013financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013ineffective portion of bond hedging;
\u2013financial income and financial expense on lease contracts; and
\u2013financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 770 | \n\n 1,335 | \n\n 1,420 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,424) | \n\n (2,321) | \n\n (2,190) | \n
| \n Fair value hedge (ineffective portion) | \n\n 13 | \n\n 1 | \n\n 2 | \n
| \n Lease assets and obligations | \n\n (628) | \n\n (552) | \n\n (499) | \n
| \n Assets and liabilities held for trading | \n\n 202 | \n\n 307 | \n\n 248 | \n
| \n Impact on the cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Dividend income on non-consolidated subsidiaries | \n\n 205 | \n\n 196 | \n\n 143 | \n
| \n Capitalized financial expenses | \n\n 624 | \n\n 652 | \n\n 667 | \n
| \n Other | \n\n 608 | \n\n 555 | \n\n 475 | \n
| \n Other financial income | \n\n 1,437 | \n\n 1,403 | \n\n 1,285 | \n
| \n Accretion of asset retirement obligations | \n\n (589) | \n\n (568) | \n\n (524) | \n
| \n Other | \n\n (292) | \n\n (267) | \n\n (207) | \n
| \n Other financial expense | \n\n (881) | \n\n (835) | \n\n (731) | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three\u00a0months) classified as \u201cLoans and receivables\u201d;
\u2013financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013ineffective portion of bond hedging;
\u2013financial income and financial expense on lease contracts; and
\u2013financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 770 | \n\n 1,335 | \n\n 1,420 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,424) | \n\n (2,321) | \n\n (2,190) | \n
| \n Fair value hedge (ineffective portion) | \n\n 13 | \n\n 1 | \n\n 2 | \n
| \n Lease assets and obligations | \n\n (628) | \n\n (552) | \n\n (499) | \n
| \n Assets and liabilities held for trading | \n\n 202 | \n\n 307 | \n\n 248 | \n
| \n Impact on the cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Dividend income on non-consolidated subsidiaries | \n\n 205 | \n\n 196 | \n\n 143 | \n
| \n Capitalized financial expenses | \n\n 624 | \n\n 652 | \n\n 667 | \n
| \n Other | \n\n 608 | \n\n 555 | \n\n 475 | \n
| \n Other financial income | \n\n 1,437 | \n\n 1,403 | \n\n 1,285 | \n
| \n Accretion of asset retirement obligations | \n\n (589) | \n\n (568) | \n\n (524) | \n
| \n Other | \n\n (292) | \n\n (267) | \n\n (207) | \n
| \n Other financial expense | \n\n (881) | \n\n (835) | \n\n (731) | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three\u00a0months) classified as \u201cLoans and receivables\u201d;
\u2013financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013ineffective portion of bond hedging;
\u2013financial income and financial expense on lease contracts; and
\u2013financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 770 | \n\n 1,335 | \n\n 1,420 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,424) | \n\n (2,321) | \n\n (2,190) | \n
| \n Fair value hedge (ineffective portion) | \n\n 13 | \n\n 1 | \n\n 2 | \n
| \n Lease assets and obligations | \n\n (628) | \n\n (552) | \n\n (499) | \n
| \n Assets and liabilities held for trading | \n\n 202 | \n\n 307 | \n\n 248 | \n
| \n Impact on the cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
6.3Other non-current assets
| \n As of December 31, 2025 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,794 | \n\n (553) | \n\n 2,241 | \n
| \n Other non-current financial assets related to operational activities | \n\n 386 | \n\n \u2013 | \n\n 386 | \n
| \n Other | \n\n 288 | \n\n \u2013 | \n\n 288 | \n
| \n Total | \n\n 3,468 | \n\n (553) | \n\n 2,915 | \n
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,433 | \n\n (258) | \n\n 2,175 | \n
| \n Other non-current financial assets related to operational activities | \n\n 1,677 | \n\n \u2013 | \n\n 1,677 | \n
| \n Other | \n\n 154 | \n\n \u2013 | \n\n 154 | \n
| \n Total | \n\n 4,264 | \n\n (258) | \n\n 4,006 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,516 | \n\n (294) | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities | \n\n 1,761 | \n\n \u2013 | \n\n 1,761 | \n
| \n Other | \n\n 330 | \n\n \u2013 | \n\n 330 | \n
| \n Total | \n\n 4,607 | \n\n (294) | \n\n 4,313 | \n
| \n (a)Excluding loans to equity affiliates. | \n\n\n | \n\n\n | \n\n\n | \n
Changes in the valuation allowance on loans and advances are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increases | \n\n Decreases | \n\n Currency translation adjustment and | \n\n Valuation allowance as of December 31, | \n
|---|---|---|---|---|---|
| \n 2025 | \n\n (258) | \n\n (274) | \n\n 22 | \n\n (43) | \n\n (553) | \n
| \n 2024 | \n\n (294) | \n\n (72) | \n\n 19 | \n\n 89 | \n\n (258) | \n
| \n 2023 | \n\n (255) | \n\n (11) | \n\n 2 | \n\n (30) | \n\n (294) | \n
Mineral interests
Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded under \u201cDepreciation, depletion and impairment of tangible assets and mineral interests\u201d.
Other intangible assets
Other intangible assets include patents, and trademarks.
Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses.
Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty\u00a0years depending on the useful life of the assets. The corresponding depreciation expense is recorded under \u201cOther expense\u201d.
Accounting principles
Exploration costs
TotalEnergies applies IFRS\u00a06 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013the well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made,
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to \u201cExploration costs\u201d.
Oil and Gas production assets of exploration and production activities
Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. As of December\u00a031, 2025, 2024 and 2023, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Other property, plant and equipment
Other property, plant and equipment are carried at cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the acquisition or production of a qualifying asset incurred until assets are placed in service. Borrowing costs are capitalized as follows:
\u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
\u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
Routine maintenance and repairs are charged to expense as incurred. The costs of major turnarounds of refineries and large petrochemical units are capitalized as incurred and depreciated over the period of time between two consecutive major turnarounds.
Other property, plant and equipment are depreciated using the straight-line method over their useful lives, which are as follows:
| \n Furniture, office equipment, machinery and tools: | \n\n 3-12 years | \n
|---|---|
| \n Transportation equipment: | \n\n 5-20 years | \n
| \n Storage tanks and related equipment: | \n\n 10-15 years | \n
| \n Specialized complex installations and pipelines: | \n\n 10-45 years | \n
| \n Buildings: | \n\n 10-50 years | \n
Oil and Gas production assets of exploration and production activities
Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. As of December\u00a031, 2025, 2024 and 2023, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
\u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
\u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
\u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
\u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
Following the application of IFRS\u00a016 \u201cLeases\u201d, property, plant and equipment as at December\u00a031, 2025, 2024 and 2023 presented above include the following amounts for rights of use of assets:
| \n As of December 31, 2025 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 6,533 | \n\n (3,127) | \n\n 3,406 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,285 | \n\n (592) | \n\n 693 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 6,028 | \n\n (3,362) | \n\n 2,666 | \n
| \n Buildings | \n\n 1,490 | \n\n (789) | \n\n 701 | \n
| \n Other | \n\n 1,062 | \n\n (660) | \n\n 402 | \n
| \n Subtotal | \n\n 9,865 | \n\n (5,403) | \n\n 4,462 | \n
| \n Total property, plant and equipment | \n\n 16,398 | \n\n (8,530) | \n\n 7,868 | \n
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 5,918 | \n\n (2,611) | \n\n 3,307 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,183 | \n\n (453) | \n\n 730 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 5,371 | \n\n (2,760) | \n\n 2,611 | \n
| \n Buildings | \n\n 1,365 | \n\n (703) | \n\n 662 | \n
| \n Other | \n\n 898 | \n\n (534) | \n\n 364 | \n
| \n Subtotal | \n\n 8,817 | \n\n (4,450) | \n\n 4,367 | \n
| \n Total property, plant and equipment | \n\n 14,735 | \n\n (7,061) | \n\n 7,674 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 4,770 | \n\n (1,927) | \n\n 2,843 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,383 | \n\n (415) | \n\n 968 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,751 | \n\n (2,235) | \n\n 2,516 | \n
| \n Buildings | \n\n 1,332 | \n\n (614) | \n\n 718 | \n
| \n Other | \n\n 908 | \n\n (529) | \n\n 379 | \n
| \n Subtotal | \n\n 8,374 | \n\n (3,793) | \n\n 4,581 | \n
| \n Total property, plant and equipment | \n\n 13,144 | \n\n (5,720) | \n\n 7,424 | \n
13.2Lease contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies. | \n\n \n | \n\n Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments. | \n\n\n | \n|
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
TotalEnergies mainly leases real estate, service stations, ships, and other equipment (refer to Note 7 to the Consolidated Financial Statements).
The future minimum lease payments on leases to which TotalEnergies is committed are as follows:
| \n For the year ended December 31, 2025 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2026 | \n\n 861 | \n\n 2,616 | \n
| \n 2027 | \n\n 644 | \n\n 1,828 | \n
| \n 2028 | \n\n 449 | \n\n 1,430 | \n
| \n 2029 | \n\n 343 | \n\n 1,257 | \n
| \n 2030 | \n\n 306 | \n\n 1,056 | \n
| \n 2031 and beyond | \n\n 565 | \n\n 6,793 | \n
| \n Total minimum payments | \n\n 3,168 | \n\n 14,980 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (5,053) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,927 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (1,876) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 8,051 | \n
| \n For the year ended December 31, 2024 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2025 | \n\n 772 | \n\n 2,713 | \n
| \n 2026 | \n\n 494 | \n\n 1,916 | \n
| \n 2027 | \n\n 497 | \n\n 1,414 | \n
| \n 2028 | \n\n 418 | \n\n 1,202 | \n
| \n 2029 | \n\n 337 | \n\n 1,086 | \n
| \n 2030 and beyond | \n\n 911 | \n\n 6,215 | \n
| \n Total minimum payments | \n\n 3,429 | \n\n 14,546 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (4,629) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,917 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (2,095) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 7,822 | \n
| \n For the year ended December 31, 2023 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2024 | \n\n 643 | \n\n 2,473 | \n
| \n 2025 | \n\n 406 | \n\n 1,607 | \n
| \n 2026 | \n\n 249 | \n\n 1,384 | \n
| \n 2027 | \n\n 231 | \n\n 1,142 | \n
| \n 2028 | \n\n 163 | \n\n 1,007 | \n
| \n 2029 and beyond | \n\n 529 | \n\n 6,188 | \n
| \n Total minimum payments | \n\n 2,221 | \n\n 13,801 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (4,324) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,477 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (1,721) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 7,756 | \n
For the year ended December\u00a031, 2025, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $417\u00a0million and $173\u00a0million, respectively.
For the year ended December\u00a031, 2024, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $641\u00a0million and $103\u00a0million, respectively.
For the year ended December\u00a031, 2023, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $1,007\u00a0million and $183\u00a0million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note\u00a015 to the Consolidated Financial Statements.
8.1Equity affiliates: investments and loans
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Under the equity method, the investment in the associate or joint- venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint-venture. Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity. In equity affiliates, goodwill is included in investment book value. | \n\n \n | \n\n In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
| \n Equity value As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n 10,864 | \n\n 10,387 | \n\n 9,484 | \n
| \n Total Joint-ventures | \n\n 19,801 | \n\n 17,485 | \n\n 16,411 | \n
| \n Total | \n\n 30,665 | \n\n 27,872 | \n\n 25,895 | \n
| \n Loans | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Total | \n\n 38,090 | \n\n 34,405 | \n\n 30,457 | \n
| \n Profit/(loss) (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n 1,307 | \n\n 1,213 | \n\n 1,132 | \n
| \n Total Joint-ventures | \n\n 1,246 | \n\n 362 | \n\n 713 | \n
| \n Total | \n\n 2,553 | \n\n 1,575 | \n\n 1,845 | \n
| \n Other comprehensive income (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n (311) | \n\n 112 | \n\n (57) | \n
| \n Total Joint-ventures | \n\n (173) | \n\n (358) | \n\n (151) | \n
| \n Total | \n\n (484) | \n\n (246) | \n\n (208) | \n
A)Information related to associates
Information (100% basis) related to significant associates is as follows:
| \n Exploration & Production activities (M$) | \n\n Liquefaction entities | \n\n \n | \n||
|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n|
| \n Non-current assets | \n\n 33,627 | \n\n 29,749 | \n\n 42,197 | \n\n \n | \n
| \n Current assets | \n\n 6,118 | \n\n 7,512 | \n\n 5,745 | \n\n \n | \n
| \n Total assets | \n\n 39,745 | \n\n 37,261 | \n\n 47,942 | \n\n \n | \n
| \n Shareholder\u2019s equity | \n\n 22,321 | \n\n 22,432 | \n\n 35,144 | \n\n \n | \n
| \n Non-current liabilities | \n\n 10,451 | \n\n 8,746 | \n\n 7,700 | \n\n \n | \n
| \n Current liabilities | \n\n 6,973 | \n\n 6,083 | \n\n 5,098 | \n\n \n | \n
| \n Total liabilities | \n\n 39,745 | \n\n 37,261 | \n\n 47,942 | \n\n \n | \n
| \n Revenues from sales | \n\n 22,227 | \n\n 23,407 | \n\n 26,288 | \n\n \n | \n
| \n Net income | \n\n 5,177 | \n\n 6,769 | \n\n 6,880 | \n\n \n | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n Equity value | \n\n 3,860 | \n\n 3,904 | \n\n 3,963 | \n\n \n | \n
| \n including goodwill and identifiable assets | \n\n 27 | \n\n 29 | \n\n 32 | \n\n \n | \n
| \n Profit/(loss) | \n\n 660 | \n\n 768 | \n\n 822 | \n\n \n | \n
| \n Share of other comprehensive income, net amount | \n\n (64) | \n\n 28 | \n\n (19) | \n\n \n | \n
| \n Dividends paid to TotalEnergies | \n\n 708 | \n\n 820 | \n\n 1,052 | \n\n \n | \n
As of December\u00a031, 2025, and as of December\u00a031, 2024, 2023 and 2022, Novatek is no longer consolidated as an equity accounted affiliate in the Company\u2019s Consolidated Financial Statements. This stake is recognized in \u201cOther investments\u201d and is measured in accordance with IFRS\u00a09 at fair value through profit or loss. In the context of the Russian-Ukrainian conflict, the Company considers that the market value of Novatek is not representative of its fair value. As of December\u00a031, 2025, and as of December\u00a031, 2024, 2023 and 2022, the Company retained a zero fair value given the very significant uncertainties on any valuation assumption for the stake in Novatek.
TotalEnergies\u2019 interests in associates operating liquefaction plants are combined. The amounts include investments in Nigeria LNG (15.00%), Angola LNG Limited (13.60%), Yemen LNG Co. (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG LLC (5.54%), Abu Dhabi Gas Liquefaction Company Limited (5.00%), Qatar Liquified Gas Company Limited 5 (North Field East project) (25.00%) and Qatar Liquified Gas Company Limited 10 (North Field South project) (25.00%).
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited | \n||
|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 13,641 | \n\n 10,936 | \n\n 7,887 | \n
| \n Current assets | \n\n 1,075 | \n\n 1,264 | \n\n 1,091 | \n
| \n Total assets | \n\n 14,716 | \n\n 12,200 | \n\n 8,978 | \n
| \n Shareholder\u2019s equity | \n\n 2,196 | \n\n 1,137 | \n\n 965 | \n
| \n Non-current liabilities | \n\n 10,616 | \n\n 8,175 | \n\n 5,712 | \n
| \n Current liabilities | \n\n 1,904 | \n\n 2,888 | \n\n 2,301 | \n
| \n Total liabilities | \n\n 14,716 | \n\n 12,200 | \n\n 8,978 | \n
| \n Revenues from sales | \n\n 1,268 | \n\n 1,049 | \n\n 1,061 | \n
| \n Net income | \n\n 187 | \n\n 184 | \n\n 162 | \n
| \n Other comprehensive income | \n\n (91) | \n\n (13) | \n\n 5 | \n
| \n % owned | \n\n 17.25% | \n\n 19.74% | \n\n 19.74% | \n
| \n Equity value | \n\n 1,734 | \n\n 1,863 | \n\n 1,877 | \n
| \n including goodwill and identifiable assets | \n\n 1,355 | \n\n 1,639 | \n\n 1,687 | \n
| \n Profit/(loss) | \n\n 22 | \n\n 36 | \n\n 32 | \n
| \n Share of other comprehensive income, net amount | \n\n 4 | \n\n 9 | \n\n 3 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 15,539 | \n\n 12,023 | \n\n 9,780 | \n\n \n | \n\n 3,126 | \n\n 2,562 | \n\n 2,882 | \n
| \n Current assets | \n\n 3,042 | \n\n 3,446 | \n\n 2,584 | \n\n \n | \n\n 1,985 | \n\n 1,971 | \n\n 2,000 | \n
| \n Total assets | \n\n 18,581 | \n\n 15,469 | \n\n 12,364 | \n\n \n | \n\n 5,111 | \n\n 4,533 | \n\n 4,882 | \n
| \n Shareholder\u2019s equity | \n\n 4,931 | \n\n 4,062 | \n\n 3,527 | \n\n \n | \n\n 2,574 | \n\n 2,781 | \n\n 2,748 | \n
| \n Non-current liabilities | \n\n 10,125 | \n\n 6,899 | \n\n 5,850 | \n\n \n | \n\n 1,388 | \n\n 654 | \n\n 835 | \n
| \n Current liabilities | \n\n 3,525 | \n\n 4,508 | \n\n 2,987 | \n\n \n | \n\n 1,149 | \n\n 1,098 | \n\n 1,299 | \n
| \n Total liabilities | \n\n 18,581 | \n\n 15,469 | \n\n 12,364 | \n\n \n | \n\n 5,111 | \n\n 4,533 | \n\n 4,882 | \n
| \n Revenues from sales | \n\n 12,266 | \n\n 14,601 | \n\n 12,994 | \n\n \n | \n\n 9,455 | \n\n 9,422 | \n\n 9,506 | \n
| \n Net income | \n\n 535 | \n\n 66 | \n\n 584 | \n\n \n | \n\n 213 | \n\n 338 | \n\n 203 | \n
| \n Other comprehensive income | \n\n (146) | \n\n (32) | \n\n (59) | \n\n \n | \n\n 24 | \n\n 13 | \n\n (7) | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,849 | \n\n 1,523 | \n\n 1,323 | \n\n \n | \n\n 616 | \n\n 670 | \n\n 665 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 200 | \n\n 25 | \n\n 219 | \n\n \n | \n\n 60 | \n\n 88 | \n\n 78 | \n
| \n Share of other comprehensive income, net amount | \n\n (184) | \n\n 34 | \n\n (46) | \n\n \n | \n\n (19) | \n\n 10 | \n\n (7) | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n 150 | \n\n 321 | \n\n \n | \n\n 114 | \n\n 83 | \n\n 145 | \n
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 460,000\u00a0barrels/day with integrated petrochemical units.
The TotalEnergies\u2019 interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%), Qatofin (49.08%), Laffan Refinery (10.00%).
B)Information related to joint-ventures
The information (100% basis) related to significant joint-ventures is as follows:
| \n (M$) | \n\n Liquefaction entities | \n\n GIP III Zephyr | \n\n Hanwha TotalEnergies Petrochemical Co. Ltd | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 62,465 | \n\n 59,764 | \n\n 62,461 | \n\n 14,320 | \n\n 14,258 | \n\n 13,111 | \n\n 3,265 | \n\n 3,373 | \n\n 3,959 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 5,446 | \n\n 5,390 | \n\n 2,832 | \n\n 749 | \n\n 366 | \n\n 375 | \n\n 1,693 | \n\n 1,530 | \n\n 2,089 | \n
| \n Cash and cash equivalents | \n\n 3,421 | \n\n 5,184 | \n\n 4,690 | \n\n 746 | \n\n 813 | \n\n 1,313 | \n\n 388 | \n\n 348 | \n\n 113 | \n
| \n Total assets | \n\n 71,332 | \n\n 70,338 | \n\n 69,983 | \n\n 15,815 | \n\n 15,437 | \n\n 14,799 | \n\n 5,347 | \n\n 5,251 | \n\n 6,161 | \n
| \n Shareholder\u2019s equity - Group share | \n\n 29,162 | \n\n 25,231 | \n\n 20,438 | \n\n 450 | \n\n 539 | \n\n 604 | \n\n 2,305 | \n\n 2,467 | \n\n 2,963 | \n
| \n Shareholder\u2019s equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,425 | \n\n 2,756 | \n\n 1,912 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other non-current liabilities | \n\n 11,025 | \n\n 11,822 | \n\n 10,399 | \n\n 2,619 | \n\n 1,645 | \n\n 1,460 | \n\n 144 | \n\n 148 | \n\n 174 | \n
| \n Non-current financial debts | \n\n 27,422 | \n\n 29,565 | \n\n 36,144 | \n\n 8,940 | \n\n 9,538 | \n\n 9,598 | \n\n 1,974 | \n\n 1,017 | \n\n 858 | \n
| \n Other current liabilities | \n\n 1,713 | \n\n 1,707 | \n\n 3,002 | \n\n 886 | \n\n 380 | \n\n 414 | \n\n 565 | \n\n 873 | \n\n 1,137 | \n
| \n Current financial debts | \n\n 2,010 | \n\n 2,013 | \n\n - | \n\n 495 | \n\n 579 | \n\n 811 | \n\n 359 | \n\n 746 | \n\n 1,029 | \n
| \n Total liabilities | \n\n 71,332 | \n\n 70,338 | \n\n 69,983 | \n\n 15,815 | \n\n 15,437 | \n\n 14,799 | \n\n 5,347 | \n\n 5,251 | \n\n 6,161 | \n
| \n Revenues from sales | \n\n 14,957 | \n\n 17,212 | \n\n 17,605 | \n\n 1,748 | \n\n 1,609 | \n\n 1,452 | \n\n 7,548 | \n\n 8,616 | \n\n 8,754 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,904) | \n\n (2,899) | \n\n (2,700) | \n\n (568) | \n\n (490) | \n\n (460) | \n\n (267) | \n\n (278) | \n\n (281) | \n
| \n Interest income | \n\n 152 | \n\n 55 | \n\n 32 | \n\n 71 | \n\n 37 | \n\n 40 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,470) | \n\n (2,901) | \n\n (3,146) | \n\n (672) | \n\n (357) | \n\n (315) | \n\n (72) | \n\n (80) | \n\n (67) | \n
| \n Income taxes | \n\n (264) | \n\n (2,656) | \n\n (1,798) | \n\n (7) | \n\n (15) | \n\n \u2013 | \n\n 52 | \n\n (8) | \n\n 10 | \n
| \n Net income | \n\n 4,146 | \n\n 4,986 | \n\n 5,122 | \n\n 121 | \n\n 135 | \n\n 83 | \n\n (232) | \n\n (136) | \n\n (28) | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (4) | \n\n 180 | \n\n (126) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n (90) | \n\n (76) | \n\n (52) | \n\n \u2013 | \n\n \u2013 | \n\n (2) | \n\n 70 | \n\n (361) | \n\n (105) | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 6,839 | \n\n 5,996 | \n\n 4,941 | \n\n 2,186 | \n\n 2,241 | \n\n 2,283 | \n\n 1,152 | \n\n 1,234 | \n\n 1,482 | \n
| \n including goodwill and identifiable assets | \n\n 357 | \n\n 392 | \n\n 430 | \n\n 1,961(a) | \n\n 1,971 | \n\n 1,981 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 891 | \n\n 1,061 | \n\n 1,058 | \n\n 51 | \n\n 58 | \n\n 29 | \n\n (116) | \n\n (68) | \n\n (14) | \n
| \n Share of other comprehensive income, net amount | \n\n (23) | \n\n (20) | \n\n (14) | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n 12 | \n\n (176) | \n\n (69) | \n
| \n Dividends paid to TotalEnergies | \n\n 25 | \n\n 37 | \n\n 418 | \n\n 105 | \n\n 100 | \n\n 100 | \n\n \u2013 | \n\n \u2013 | \n\n 25 | \n
| \n (a)Goodwill represents the valuation of this entity\u2019s ability to generate future projects in the field of renewable energy and amounts to $ 1,755 millions as of December\u00a031, 2025. | \n
TotalEnergies\u2019 interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.02% direct holding), Ichthys LNG in Australia (26.00%) and Marsa LNG LLC (80.00%).
GIP III Zephyr Holdings, LLC holds the shares of Clearway Energy Group (CEG), a developer of renewables projects, owning 42% of economic interest of its listed subsidiary, Clearway Energy LLC. (CWEN).
Hanwha TotalEnergies Petrochemical Co. Ltd is a South Korean company that operates a petrochemical complex in Daesan (condensate separator, steam cracker, styrene, paraxylene, polyolefins).
Off-balance sheet commitments relating to joint ventures or associates are disclosed in Note\u00a013 of the Consolidated Financial Statements.
C)Other equity affiliates
In TotalEnergies share, the main aggregated financial items in equity affiliates including assets held for sale, which have not been presented individually are as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n \n | \n\n 2024 | \n\n \n | \n\n 2023 | \n|||
|---|---|---|---|---|---|---|---|---|
| \n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n|
| \n Non-current assets | \n\n 6,450 | \n\n 20,747 | \n\n \u00a0 | \n\n 5,522 | \n\n 15,929 | \n\n \u00a0 | \n\n 4,977 | \n\n 13,224 | \n
| \n Current assets | \n\n 1,317 | \n\n 2,629 | \n\n \u00a0 | \n\n 1,352 | \n\n 2,524 | \n\n \u00a0 | \n\n 1,231 | \n\n 2,988 | \n
| \n Total assets | \n\n 7,767 | \n\n 23,376 | \n\n \u00a0 | \n\n 6,874 | \n\n 18,453 | \n\n \u00a0 | \n\n 6,208 | \n\n 16,212 | \n
| \n Shareholder\u2019s equity - TotalEnergies share | \n\n 1,535 | \n\n 8,001 | \n\n \u00a0 | \n\n 1,214 | \n\n 6,604 | \n\n \u00a0 | \n\n 921 | \n\n 4,625 | \n
| \n Shareholder\u2019s equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n (2) | \n\n \u00a0 | \n\n \u2013 | \n\n 75 | \n
| \n Non-current liabilities | \n\n 5,188 | \n\n 12,875 | \n\n \u00a0 | \n\n 4,830 | \n\n 9,605 | \n\n \n | \n\n 4,553 | \n\n 8,798 | \n
| \n Current liabilities | \n\n 1,044 | \n\n 2,500 | \n\n \u00a0 | \n\n 830 | \n\n 2,246 | \n\n \u00a0 | \n\n 734 | \n\n 2,714 | \n
| \n Total liabilities | \n\n 7,767 | \n\n 23,376 | \n\n \u00a0 | \n\n 6,874 | \n\n 18,453 | \n\n \u00a0 | \n\n 6,208 | \n\n 16,212 | \n
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n \n | \n\n 2024 | \n\n \n | \n\n 2023 | \n|||
|---|---|---|---|---|---|---|---|---|
| \n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n|
| \n Revenues from sales | \n\n 2,855 | \n\n 5,468 | \n\n \u00a0 | \n\n 2,981 | \n\n 6,476 | \n\n \u00a0 | \n\n 2,026 | \n\n 7,451 | \n
| \n Net income | \n\n 379 | \n\n 548 | \n\n \u00a0 | \n\n 324 | \n\n (666) | \n\n \u00a0 | \n\n 7 | \n\n (279) | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n (64) | \n
| \n Share of other comprehensive income items | \n\n (49) | \n\n (162) | \n\n \u00a0 | \n\n 31 | \n\n (162) | \n\n \u00a0 | \n\n 11 | \n\n (67) | \n
| \n Equity value | \n\n 2,805 | \n\n 9,624 | \n\n \u00a0 | \n\n 2,427 | \n\n 8,016 | \n\n \u00a0 | \n\n 1,656 | \n\n 7,705 | \n
| \n Profit/(Loss) | \n\n 365 | \n\n 420 | \n\n \u00a0 | \n\n 295 | \n\n (689) | \n\n \u00a0 | \n\n (19) | \n\n (359) | \n
| \n Dividends paid to TotalEnergies | \n\n 341 | \n\n 247 | \n\n \u00a0 | \n\n 296 | \n\n 106 | \n\n \u00a0 | \n\n 323 | \n\n 120 | \n
Accounting principles
Under the equity method, the investment in the associate or joint- venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint-venture. Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity. In equity affiliates, goodwill is included in investment book value.
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
| \n Equity value As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n 10,864 | \n\n 10,387 | \n\n 9,484 | \n
| \n Total Joint-ventures | \n\n 19,801 | \n\n 17,485 | \n\n 16,411 | \n
| \n Total | \n\n 30,665 | \n\n 27,872 | \n\n 25,895 | \n
| \n Loans | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Total | \n\n 38,090 | \n\n 34,405 | \n\n 30,457 | \n
| \n Profit/(loss) (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n 1,307 | \n\n 1,213 | \n\n 1,132 | \n
| \n Total Joint-ventures | \n\n 1,246 | \n\n 362 | \n\n 713 | \n
| \n Total | \n\n 2,553 | \n\n 1,575 | \n\n 1,845 | \n
| \n Other comprehensive income (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n (311) | \n\n 112 | \n\n (57) | \n
| \n Total Joint-ventures | \n\n (173) | \n\n (358) | \n\n (151) | \n
| \n Total | \n\n (484) | \n\n (246) | \n\n (208) | \n
B)Information related to joint-ventures
The information (100% basis) related to significant joint-ventures is as follows:
| \n (M$) | \n\n Liquefaction entities | \n\n GIP III Zephyr | \n\n Hanwha TotalEnergies Petrochemical Co. Ltd | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 62,465 | \n\n 59,764 | \n\n 62,461 | \n\n 14,320 | \n\n 14,258 | \n\n 13,111 | \n\n 3,265 | \n\n 3,373 | \n\n 3,959 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 5,446 | \n\n 5,390 | \n\n 2,832 | \n\n 749 | \n\n 366 | \n\n 375 | \n\n 1,693 | \n\n 1,530 | \n\n 2,089 | \n
| \n Cash and cash equivalents | \n\n 3,421 | \n\n 5,184 | \n\n 4,690 | \n\n 746 | \n\n 813 | \n\n 1,313 | \n\n 388 | \n\n 348 | \n\n 113 | \n
| \n Total assets | \n\n 71,332 | \n\n 70,338 | \n\n 69,983 | \n\n 15,815 | \n\n 15,437 | \n\n 14,799 | \n\n 5,347 | \n\n 5,251 | \n\n 6,161 | \n
| \n Shareholder\u2019s equity - Group share | \n\n 29,162 | \n\n 25,231 | \n\n 20,438 | \n\n 450 | \n\n 539 | \n\n 604 | \n\n 2,305 | \n\n 2,467 | \n\n 2,963 | \n
| \n Shareholder\u2019s equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,425 | \n\n 2,756 | \n\n 1,912 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other non-current liabilities | \n\n 11,025 | \n\n 11,822 | \n\n 10,399 | \n\n 2,619 | \n\n 1,645 | \n\n 1,460 | \n\n 144 | \n\n 148 | \n\n 174 | \n
| \n Non-current financial debts | \n\n 27,422 | \n\n 29,565 | \n\n 36,144 | \n\n 8,940 | \n\n 9,538 | \n\n 9,598 | \n\n 1,974 | \n\n 1,017 | \n\n 858 | \n
| \n Other current liabilities | \n\n 1,713 | \n\n 1,707 | \n\n 3,002 | \n\n 886 | \n\n 380 | \n\n 414 | \n\n 565 | \n\n 873 | \n\n 1,137 | \n
| \n Current financial debts | \n\n 2,010 | \n\n 2,013 | \n\n - | \n\n 495 | \n\n 579 | \n\n 811 | \n\n 359 | \n\n 746 | \n\n 1,029 | \n
| \n Total liabilities | \n\n 71,332 | \n\n 70,338 | \n\n 69,983 | \n\n 15,815 | \n\n 15,437 | \n\n 14,799 | \n\n 5,347 | \n\n 5,251 | \n\n 6,161 | \n
| \n Revenues from sales | \n\n 14,957 | \n\n 17,212 | \n\n 17,605 | \n\n 1,748 | \n\n 1,609 | \n\n 1,452 | \n\n 7,548 | \n\n 8,616 | \n\n 8,754 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,904) | \n\n (2,899) | \n\n (2,700) | \n\n (568) | \n\n (490) | \n\n (460) | \n\n (267) | \n\n (278) | \n\n (281) | \n
| \n Interest income | \n\n 152 | \n\n 55 | \n\n 32 | \n\n 71 | \n\n 37 | \n\n 40 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,470) | \n\n (2,901) | \n\n (3,146) | \n\n (672) | \n\n (357) | \n\n (315) | \n\n (72) | \n\n (80) | \n\n (67) | \n
| \n Income taxes | \n\n (264) | \n\n (2,656) | \n\n (1,798) | \n\n (7) | \n\n (15) | \n\n \u2013 | \n\n 52 | \n\n (8) | \n\n 10 | \n
| \n Net income | \n\n 4,146 | \n\n 4,986 | \n\n 5,122 | \n\n 121 | \n\n 135 | \n\n 83 | \n\n (232) | \n\n (136) | \n\n (28) | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (4) | \n\n 180 | \n\n (126) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n (90) | \n\n (76) | \n\n (52) | \n\n \u2013 | \n\n \u2013 | \n\n (2) | \n\n 70 | \n\n (361) | \n\n (105) | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 6,839 | \n\n 5,996 | \n\n 4,941 | \n\n 2,186 | \n\n 2,241 | \n\n 2,283 | \n\n 1,152 | \n\n 1,234 | \n\n 1,482 | \n
| \n including goodwill and identifiable assets | \n\n 357 | \n\n 392 | \n\n 430 | \n\n 1,961(a) | \n\n 1,971 | \n\n 1,981 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 891 | \n\n 1,061 | \n\n 1,058 | \n\n 51 | \n\n 58 | \n\n 29 | \n\n (116) | \n\n (68) | \n\n (14) | \n
| \n Share of other comprehensive income, net amount | \n\n (23) | \n\n (20) | \n\n (14) | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n 12 | \n\n (176) | \n\n (69) | \n
| \n Dividends paid to TotalEnergies | \n\n 25 | \n\n 37 | \n\n 418 | \n\n 105 | \n\n 100 | \n\n 100 | \n\n \u2013 | \n\n \u2013 | \n\n 25 | \n
| \n (a)Goodwill represents the valuation of this entity\u2019s ability to generate future projects in the field of renewable energy and amounts to $ 1,755 millions as of December\u00a031, 2025. | \n
TotalEnergies\u2019 interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.02% direct holding), Ichthys LNG in Australia (26.00%) and Marsa LNG LLC (80.00%).
GIP III Zephyr Holdings, LLC holds the shares of Clearway Energy Group (CEG), a developer of renewables projects, owning 42% of economic interest of its listed subsidiary, Clearway Energy LLC. (CWEN).
Hanwha TotalEnergies Petrochemical Co. Ltd is a South Korean company that operates a petrochemical complex in Daesan (condensate separator, steam cracker, styrene, paraxylene, polyolefins).
Off-balance sheet commitments relating to joint ventures or associates are disclosed in Note\u00a013 of the Consolidated Financial Statements.
Accounting principles
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
Accounting principles
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
Accounting principles
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
Accounting principles
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
| \n Equity value As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n 10,864 | \n\n 10,387 | \n\n 9,484 | \n
| \n Total Joint-ventures | \n\n 19,801 | \n\n 17,485 | \n\n 16,411 | \n
| \n Total | \n\n 30,665 | \n\n 27,872 | \n\n 25,895 | \n
| \n Loans | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Total | \n\n 38,090 | \n\n 34,405 | \n\n 30,457 | \n
| \n Profit/(loss) (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n 1,307 | \n\n 1,213 | \n\n 1,132 | \n
| \n Total Joint-ventures | \n\n 1,246 | \n\n 362 | \n\n 713 | \n
| \n Total | \n\n 2,553 | \n\n 1,575 | \n\n 1,845 | \n
| \n Other comprehensive income (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Total Associates | \n\n (311) | \n\n 112 | \n\n (57) | \n
| \n Total Joint-ventures | \n\n (173) | \n\n (358) | \n\n (151) | \n
| \n Total | \n\n (484) | \n\n (246) | \n\n (208) | \n
A)Information related to associates
Information (100% basis) related to significant associates is as follows:
| \n Exploration & Production activities (M$) | \n\n Liquefaction entities | \n\n \n | \n||
|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n|
| \n Non-current assets | \n\n 33,627 | \n\n 29,749 | \n\n 42,197 | \n\n \n | \n
| \n Current assets | \n\n 6,118 | \n\n 7,512 | \n\n 5,745 | \n\n \n | \n
| \n Total assets | \n\n 39,745 | \n\n 37,261 | \n\n 47,942 | \n\n \n | \n
| \n Shareholder\u2019s equity | \n\n 22,321 | \n\n 22,432 | \n\n 35,144 | \n\n \n | \n
| \n Non-current liabilities | \n\n 10,451 | \n\n 8,746 | \n\n 7,700 | \n\n \n | \n
| \n Current liabilities | \n\n 6,973 | \n\n 6,083 | \n\n 5,098 | \n\n \n | \n
| \n Total liabilities | \n\n 39,745 | \n\n 37,261 | \n\n 47,942 | \n\n \n | \n
| \n Revenues from sales | \n\n 22,227 | \n\n 23,407 | \n\n 26,288 | \n\n \n | \n
| \n Net income | \n\n 5,177 | \n\n 6,769 | \n\n 6,880 | \n\n \n | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n Equity value | \n\n 3,860 | \n\n 3,904 | \n\n 3,963 | \n\n \n | \n
| \n including goodwill and identifiable assets | \n\n 27 | \n\n 29 | \n\n 32 | \n\n \n | \n
| \n Profit/(loss) | \n\n 660 | \n\n 768 | \n\n 822 | \n\n \n | \n
| \n Share of other comprehensive income, net amount | \n\n (64) | \n\n 28 | \n\n (19) | \n\n \n | \n
| \n Dividends paid to TotalEnergies | \n\n 708 | \n\n 820 | \n\n 1,052 | \n\n \n | \n
As of December\u00a031, 2025, and as of December\u00a031, 2024, 2023 and 2022, Novatek is no longer consolidated as an equity accounted affiliate in the Company\u2019s Consolidated Financial Statements. This stake is recognized in \u201cOther investments\u201d and is measured in accordance with IFRS\u00a09 at fair value through profit or loss. In the context of the Russian-Ukrainian conflict, the Company considers that the market value of Novatek is not representative of its fair value. As of December\u00a031, 2025, and as of December\u00a031, 2024, 2023 and 2022, the Company retained a zero fair value given the very significant uncertainties on any valuation assumption for the stake in Novatek.
TotalEnergies\u2019 interests in associates operating liquefaction plants are combined. The amounts include investments in Nigeria LNG (15.00%), Angola LNG Limited (13.60%), Yemen LNG Co. (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG LLC (5.54%), Abu Dhabi Gas Liquefaction Company Limited (5.00%), Qatar Liquified Gas Company Limited 5 (North Field East project) (25.00%) and Qatar Liquified Gas Company Limited 10 (North Field South project) (25.00%).
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited | \n||
|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 13,641 | \n\n 10,936 | \n\n 7,887 | \n
| \n Current assets | \n\n 1,075 | \n\n 1,264 | \n\n 1,091 | \n
| \n Total assets | \n\n 14,716 | \n\n 12,200 | \n\n 8,978 | \n
| \n Shareholder\u2019s equity | \n\n 2,196 | \n\n 1,137 | \n\n 965 | \n
| \n Non-current liabilities | \n\n 10,616 | \n\n 8,175 | \n\n 5,712 | \n
| \n Current liabilities | \n\n 1,904 | \n\n 2,888 | \n\n 2,301 | \n
| \n Total liabilities | \n\n 14,716 | \n\n 12,200 | \n\n 8,978 | \n
| \n Revenues from sales | \n\n 1,268 | \n\n 1,049 | \n\n 1,061 | \n
| \n Net income | \n\n 187 | \n\n 184 | \n\n 162 | \n
| \n Other comprehensive income | \n\n (91) | \n\n (13) | \n\n 5 | \n
| \n % owned | \n\n 17.25% | \n\n 19.74% | \n\n 19.74% | \n
| \n Equity value | \n\n 1,734 | \n\n 1,863 | \n\n 1,877 | \n
| \n including goodwill and identifiable assets | \n\n 1,355 | \n\n 1,639 | \n\n 1,687 | \n
| \n Profit/(loss) | \n\n 22 | \n\n 36 | \n\n 32 | \n
| \n Share of other comprehensive income, net amount | \n\n 4 | \n\n 9 | \n\n 3 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2024 | \n\n 2023 | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n|
| \n Non-current assets | \n\n 15,539 | \n\n 12,023 | \n\n 9,780 | \n\n \n | \n\n 3,126 | \n\n 2,562 | \n\n 2,882 | \n
| \n Current assets | \n\n 3,042 | \n\n 3,446 | \n\n 2,584 | \n\n \n | \n\n 1,985 | \n\n 1,971 | \n\n 2,000 | \n
| \n Total assets | \n\n 18,581 | \n\n 15,469 | \n\n 12,364 | \n\n \n | \n\n 5,111 | \n\n 4,533 | \n\n 4,882 | \n
| \n Shareholder\u2019s equity | \n\n 4,931 | \n\n 4,062 | \n\n 3,527 | \n\n \n | \n\n 2,574 | \n\n 2,781 | \n\n 2,748 | \n
| \n Non-current liabilities | \n\n 10,125 | \n\n 6,899 | \n\n 5,850 | \n\n \n | \n\n 1,388 | \n\n 654 | \n\n 835 | \n
| \n Current liabilities | \n\n 3,525 | \n\n 4,508 | \n\n 2,987 | \n\n \n | \n\n 1,149 | \n\n 1,098 | \n\n 1,299 | \n
| \n Total liabilities | \n\n 18,581 | \n\n 15,469 | \n\n 12,364 | \n\n \n | \n\n 5,111 | \n\n 4,533 | \n\n 4,882 | \n
| \n Revenues from sales | \n\n 12,266 | \n\n 14,601 | \n\n 12,994 | \n\n \n | \n\n 9,455 | \n\n 9,422 | \n\n 9,506 | \n
| \n Net income | \n\n 535 | \n\n 66 | \n\n 584 | \n\n \n | \n\n 213 | \n\n 338 | \n\n 203 | \n
| \n Other comprehensive income | \n\n (146) | \n\n (32) | \n\n (59) | \n\n \n | \n\n 24 | \n\n 13 | \n\n (7) | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,849 | \n\n 1,523 | \n\n 1,323 | \n\n \n | \n\n 616 | \n\n 670 | \n\n 665 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 200 | \n\n 25 | \n\n 219 | \n\n \n | \n\n 60 | \n\n 88 | \n\n 78 | \n
| \n Share of other comprehensive income, net amount | \n\n (184) | \n\n 34 | \n\n (46) | \n\n \n | \n\n (19) | \n\n 10 | \n\n (7) | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n 150 | \n\n 321 | \n\n \n | \n\n 114 | \n\n 83 | \n\n 145 | \n
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 460,000\u00a0barrels/day with integrated petrochemical units.
The TotalEnergies\u2019 interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%), Qatofin (49.08%), Laffan Refinery (10.00%).
C)Other equity affiliates
In TotalEnergies share, the main aggregated financial items in equity affiliates including assets held for sale, which have not been presented individually are as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n \n | \n\n 2024 | \n\n \n | \n\n 2023 | \n|||
|---|---|---|---|---|---|---|---|---|
| \n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n|
| \n Non-current assets | \n\n 6,450 | \n\n 20,747 | \n\n \u00a0 | \n\n 5,522 | \n\n 15,929 | \n\n \u00a0 | \n\n 4,977 | \n\n 13,224 | \n
| \n Current assets | \n\n 1,317 | \n\n 2,629 | \n\n \u00a0 | \n\n 1,352 | \n\n 2,524 | \n\n \u00a0 | \n\n 1,231 | \n\n 2,988 | \n
| \n Total assets | \n\n 7,767 | \n\n 23,376 | \n\n \u00a0 | \n\n 6,874 | \n\n 18,453 | \n\n \u00a0 | \n\n 6,208 | \n\n 16,212 | \n
| \n Shareholder\u2019s equity - TotalEnergies share | \n\n 1,535 | \n\n 8,001 | \n\n \u00a0 | \n\n 1,214 | \n\n 6,604 | \n\n \u00a0 | \n\n 921 | \n\n 4,625 | \n
| \n Shareholder\u2019s equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n (2) | \n\n \u00a0 | \n\n \u2013 | \n\n 75 | \n
| \n Non-current liabilities | \n\n 5,188 | \n\n 12,875 | \n\n \u00a0 | \n\n 4,830 | \n\n 9,605 | \n\n \n | \n\n 4,553 | \n\n 8,798 | \n
| \n Current liabilities | \n\n 1,044 | \n\n 2,500 | \n\n \u00a0 | \n\n 830 | \n\n 2,246 | \n\n \u00a0 | \n\n 734 | \n\n 2,714 | \n
| \n Total liabilities | \n\n 7,767 | \n\n 23,376 | \n\n \u00a0 | \n\n 6,874 | \n\n 18,453 | \n\n \u00a0 | \n\n 6,208 | \n\n 16,212 | \n
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n \n | \n\n 2024 | \n\n \n | \n\n 2023 | \n|||
|---|---|---|---|---|---|---|---|---|
| \n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n|
| \n Revenues from sales | \n\n 2,855 | \n\n 5,468 | \n\n \u00a0 | \n\n 2,981 | \n\n 6,476 | \n\n \u00a0 | \n\n 2,026 | \n\n 7,451 | \n
| \n Net income | \n\n 379 | \n\n 548 | \n\n \u00a0 | \n\n 324 | \n\n (666) | \n\n \u00a0 | \n\n 7 | \n\n (279) | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n (64) | \n
| \n Share of other comprehensive income items | \n\n (49) | \n\n (162) | \n\n \u00a0 | \n\n 31 | \n\n (162) | \n\n \u00a0 | \n\n 11 | \n\n (67) | \n
| \n Equity value | \n\n 2,805 | \n\n 9,624 | \n\n \u00a0 | \n\n 2,427 | \n\n 8,016 | \n\n \u00a0 | \n\n 1,656 | \n\n 7,705 | \n
| \n Profit/(Loss) | \n\n 365 | \n\n 420 | \n\n \u00a0 | \n\n 295 | \n\n (689) | \n\n \u00a0 | \n\n (19) | \n\n (359) | \n
| \n Dividends paid to TotalEnergies | \n\n 341 | \n\n 247 | \n\n \u00a0 | \n\n 296 | \n\n 106 | \n\n \u00a0 | \n\n 323 | \n\n 120 | \n
8.2Other investments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Other investments are equity instruments and are measured according to IFRS\u00a09 at fair value through profit or loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss. | \n\n \n | \n\n TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis. For quoted shares on active markets, this fair value is based on the market price. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n 346 | \n\n \u2013 | \n\n (109) | \n\n 237 | \n
| \n Automotive Cells Company | \n\n \u2013 | \n\n 177 | \n\n (76) | \n\n 101 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 56 | \n\n 4 | \n\n 5 | \n\n 65 | \n
| \n Chicago Mercantile Exchange (CME) | \n\n 45 | \n\n \u2013 | \n\n 8 | \n\n 53 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 64 | \n\n 63 | \n\n 11 | \n\n 138 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 511 | \n\n 244 | \n\n (161) | \n\n 594 | \n
| \n Western LNG LLC | \n\n \u2013 | \n\n 50 | \n\n \u2013 | \n\n 50 | \n
| \n Other shares at fair value through profit or loss | \n\n 1,154 | \n\n 26 | \n\n 90 | \n\n 1,270 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 1,154 | \n\n 76 | \n\n 90 | \n\n 1,320 | \n
| \n Total equity instruments | \n\n 1,665 | \n\n 320 | \n\n (71) | \n\n 1,914 | \n
| \n As of December 31, 2024 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n 214 | \n\n \u2013 | \n\n 132 | \n\n 346 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 50 | \n\n 7 | \n\n (1) | \n\n 56 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 91 | \n\n 5 | \n\n 13 | \n\n 109 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 355 | \n\n 12 | \n\n 144 | \n\n 511 | \n
| \n Nordian CPO (renamed TotalEnergies Charging Services Espa\u00f1a SL)(a) | \n\n 70 | \n\n (70) | \n\n \u2013 | \n\n \u2013 | \n
| \n Other shares at fair value through profit or loss | \n\n 1,118 | \n\n 13 | \n\n 23 | \n\n 1,154 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 1,188 | \n\n (57) | \n\n 23 | \n\n 1,154 | \n
| \n Total equity instruments | \n\n 1,543 | \n\n (45) | \n\n 167 | \n\n 1,665 | \n
| \n (a)Nordian CPO has been consolidated in 2024. | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2023 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n \u2013 | \n\n 219 | \n\n (5) | \n\n 214 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 34 | \n\n 14 | \n\n 2 | \n\n 50 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 85 | \n\n 14 | \n\n (8) | \n\n 91 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 119 | \n\n 247 | \n\n (11) | \n\n 355 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 54 | \n\n (54) | \n\n \u2013 | \n\n \u2013 | \n
| \n Nordian CPO (renamed TotalEnergies Charging Services Espa\u00f1a SL)(a) | \n\n \u2013 | \n\n 70 | \n\n \u2013 | \n\n 70 | \n
| \n Other shares at fair value through profit or loss (unit value < $50M) | \n\n 878 | \n\n 264 | \n\n (24) | \n\n 1,118 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 932 | \n\n 280 | \n\n (24) | \n\n 1,188 | \n
| \n Total equity instruments | \n\n 1,051 | \n\n 527 | \n\n (35) | \n\n 1,543 | \n
| \n (a)Nordian CPO will be consolidate in 2024. | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Accounting principles
Other investments are equity instruments and are measured according to IFRS\u00a09 at fair value through profit or loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss.
TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis.
For quoted shares on active markets, this fair value is based on the market price.
8.3Related parties
The main transactions as well as receivable and payable balances with related parties (principally non-consolidated subsidiaries and equity affiliates) are detailed as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Balance sheet | \n\n \n | \n\n \n | \n\n \n | \n
| \n Receivables | \n\n \n | \n\n \n | \n\n \n | \n
| \n Debtors and other debtors | \n\n 706 | \n\n 876 | \n\n 1,144 | \n
| \n Loans (excl. loans to equity accounted for affiliates) | \n\n 135 | \n\n 428 | \n\n 232 | \n
| \n Payables | \n\n \n | \n\n \n | \n\n \n | \n
| \n Creditors and other creditors | \n\n 948 | \n\n 1,324 | \n\n 1,068 | \n
| \n Debts | \n\n 4 | \n\n 1 | \n\n 1 | \n
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Statement of income | \n\n \n | \n\n \n | \n\n \n | \n
| \n Sales | \n\n 4,637 | \n\n 5,408 | \n\n 7,222 | \n
| \n Purchases | \n\n (10,088) | \n\n (13,424) | \n\n (15,574) | \n
| \n Financial income | \n\n 6 | \n\n 13 | \n\n 3 | \n
| \n Financial expense | \n\n 11 | \n\n (6) | \n\n (5) | \n
8.4Compensation for the administration and management bodies
The aggregated amount of direct and indirect compensation accounted by the French and foreign affiliates of the Company, for all executive officers of TotalEnergies\u00a0SE as of December\u00a031 and for the members of the Board of Directors who are employees of TotalEnergies\u00a0SE, is detailed below.
As of December\u00a031, 2025, TotalEnergies\u00a0SE Executive Officers are the members of the Executive Committee, i.e., ten people and there are three employees as members of the Board of Directors. As of December\u00a031, 2024, TotalEnergies\u00a0SE Executive Officers were the members of the Executive Committee, i.e., nine people and there were three employees as members of the Board of Directors. As of December\u00a031, 2023, TotalEnergies\u00a0SE Executive Officers were the members of the Executive Committee, i.e., eight people and there were three employees as members of the Board of Directors.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Number of people | \n\n 13 | \n\n 12 | \n\n 11 | \n
| \n Direct or indirect compensation | \n\n 19.2 | \n\n 16.1 | \n\n 13.9 | \n
| \n Pension expenses(a) | \n\n 1.1 | \n\n 1.1 | \n\n 3.5 | \n
| \n Share-based payments expense | \n\n 17.8 | \n\n 13.1 | \n\n 8.7 | \n
| \n (a)The benefits provided for Executive Officers of the Company and the members of the Board of Directors who are employees of the Company include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $81.1\u00a0million as of December\u00a031, 2025 (against $72.6\u00a0million as of December\u00a031, 2024 and $82.9\u00a0million as of December\u00a031, 2023). The increase of the commitment is in link with rate exchange effect. Converted into euros, this commitment amounts to \u20ac69.0\u00a0million as of December\u00a031, 2025 (against \u20ac69.9\u00a0million as of December\u00a031, 2024 and \u20ac75\u00a0million as of December\u00a031, 2023). The decrease in the commitment expressed in euros is mainly due to the increase in the discount rate despite the changes among the number\u00a0executives (two new entries and one retirement). (b)Share-based payments expense computed for the Executive Officers and the members of the Board of Directors who are employees of TotalEnergies and based on the principles of IFRS\u00a02 \u201cShare-based payments\u201d described in Note\u00a09. | \n
The compensation allocated to members of the Board of Directors as directors\u2019 fees totaled \u20ac1.91\u00a0million (equivalent to $2.16\u00a0million) in 2025, \u20ac1.95\u00a0million (equivalent to $2.11\u00a0million) in 2024, and \u20ac1.85\u00a0million (equivalent to $2\u00a0million) in 2023.
8.4Compensation for the administration and management bodies
The aggregated amount of direct and indirect compensation accounted by the French and foreign affiliates of the Company, for all executive officers of TotalEnergies\u00a0SE as of December\u00a031 and for the members of the Board of Directors who are employees of TotalEnergies\u00a0SE, is detailed below.
As of December\u00a031, 2025, TotalEnergies\u00a0SE Executive Officers are the members of the Executive Committee, i.e., ten people and there are three employees as members of the Board of Directors. As of December\u00a031, 2024, TotalEnergies\u00a0SE Executive Officers were the members of the Executive Committee, i.e., nine people and there were three employees as members of the Board of Directors. As of December\u00a031, 2023, TotalEnergies\u00a0SE Executive Officers were the members of the Executive Committee, i.e., eight people and there were three employees as members of the Board of Directors.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Number of people | \n\n 13 | \n\n 12 | \n\n 11 | \n
| \n Direct or indirect compensation | \n\n 19.2 | \n\n 16.1 | \n\n 13.9 | \n
| \n Pension expenses(a) | \n\n 1.1 | \n\n 1.1 | \n\n 3.5 | \n
| \n Share-based payments expense | \n\n 17.8 | \n\n 13.1 | \n\n 8.7 | \n
| \n (a)The benefits provided for Executive Officers of the Company and the members of the Board of Directors who are employees of the Company include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $81.1\u00a0million as of December\u00a031, 2025 (against $72.6\u00a0million as of December\u00a031, 2024 and $82.9\u00a0million as of December\u00a031, 2023). The increase of the commitment is in link with rate exchange effect. Converted into euros, this commitment amounts to \u20ac69.0\u00a0million as of December\u00a031, 2025 (against \u20ac69.9\u00a0million as of December\u00a031, 2024 and \u20ac75\u00a0million as of December\u00a031, 2023). The decrease in the commitment expressed in euros is mainly due to the increase in the discount rate despite the changes among the number\u00a0executives (two new entries and one retirement). (b)Share-based payments expense computed for the Executive Officers and the members of the Board of Directors who are employees of TotalEnergies and based on the principles of IFRS\u00a02 \u201cShare-based payments\u201d described in Note\u00a09. | \n
The compensation allocated to members of the Board of Directors as directors\u2019 fees totaled \u20ac1.91\u00a0million (equivalent to $2.16\u00a0million) in 2025, \u20ac1.95\u00a0million (equivalent to $2.11\u00a0million) in 2024, and \u20ac1.85\u00a0million (equivalent to $2\u00a0million) in 2023.
9.1Shareholders\u2019 equity
Number of TotalEnergies shares and rights attached
As of December\u00a031, 2025, the share capital of TotalEnergies\u00a0SE amounts to \u20ac5,516,463,857.50, divided into 2,206,585,543 shares, with a par value of \u20ac2.50. There is only one category of shares. The shares may be held in either registered or bearer form.
The authorized share capital amounts to 3,229,286,115 shares as of December\u00a031, 2025, compared to 3,421,656,457 shares as of December\u00a031, 2024 and 3,436,374,353 shares as of December\u00a031, 2023.
Pursuant to the Corporation\u2019s bylaws (Statutes), no shareholder may cast a vote at a Shareholders\u2019 Meeting, either by himself or through an agent, representing more than 10% of the total voting rights for the Corporation\u2019s shares. This limit applies to the aggregated amount of voting rights held directly, indirectly or through voting proxies.
These restrictions no longer apply if any individual or entity, acting alone or in concert, acquires at least two-thirds of the total share capital of the Corporation.
Share cancellation
Pursuant to the authorization granted by the Extraordinary Shareholders\u2019 Meeting on May\u00a025, 2022, the Board of Directors is authorized to cancel, on one or more occasions, the shares of the Company within the limit of 10% of the existing capital on the date of the operation per period of 24\u00a0months, in accordance with the provisions of Article\u00a0L.\u00a022-10-62 of the French Commercial Code.
The Board of Directors has proceeded with the following cancellation of TotalEnergies shares:
| \n Fiscal year | \n\n Board of Directors\u2019 decision date | \n\n Number of shares bought back and cancelled | \n\n Percentage of | \n
|---|---|---|---|
| \n 2025 | \n\n September\u00a024, 2025(b) | \n\n 74,620,711 shares bought back between November\u00a020, 2024 and June\u00a026, 2025 | \n\n 3.27% | \n
| \n 2025 | \n\n February\u00a04, 2025(c) | \n\n 127,622,460 shares bought back between October\u00a027, 2023 and November\u00a019, 2024 | \n\n 5.32% | \n
| \n 2024 | \n\n February\u00a06, 2024(d) | \n\n 25,405,361 shares bought back between August\u00a025 and October\u00a026, 2023 | \n\n 1.05% | \n
| \n 2023 | \n\n September\u00a021, 2023(e) | \n\n 86,012,344 shares bought back between January\u00a02 and August\u00a024, 2023 | \n\n 3.44% | \n
| \n 2023 | \n\n February 7, 2023 | \n\n 128,869,261 shares bought back between February\u00a011 and December\u00a015, 2022 | \n\n 4.92% | \n
| \n (a)Percentage of the share capital that the cancelled shares represented on the operations\u2019 date. (b)With effect as at September\u00a026, 2025. (c)With effect as at February\u00a010, 2025. (d)With effect as at February\u00a012, 2024. (e)With effect as at September\u00a025, 2023. | \n
Variation of the number of shares composing the share capital
| \n As of December 31, 2022(a) | \n\n \u00a0 | \n\n 2,619,131,285 | \n
|---|---|---|
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (214,881,605) | \n
| \n 2023 Capital increase reserved for employees | \n\n 8,002,155 | \n|
| \n As of December 31, 2023(b) | \n\n \n | \n\n 2,412,251,835 | \n
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (25,405,361) | \n
| \n 2024 Capital increase reserved for employees | \n\n 10,833,187 | \n|
| \n As of December 31, 2024(c) | \n\n \n | \n\n 2,397,679,661 | \n
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (202,243,171) | \n
| \n \n | \n\n 2025 Capital increase reserved for employees | \n\n 11,149,053 | \n
| \n As of December 31, 2025(d) | \n\n \n | \n\n 2,206,585,543 | \n
| \n (a)Including 137,187,667 treasury shares deducted from consolidated shareholders\u2019 equity. (b)Including 60,543,213 treasury shares deducted from consolidated shareholders\u2019 equity. (c)Including 149,529,818 treasury shares deducted from consolidated shareholders\u2019 equity. (d)Including 63,702,529 treasury shares deducted from consolidated shareholders\u2019 equity. | \n
Capital increase reserved for employees
The Extraordinary Shareholders\u2019 Meeting (\u201cESM\u201d) of May\u00a023, 2025, in its fifteenth resolution, granted the authority to the Board of Directors to carry out, a capital increase, in one or more occasions within a maximum period of 26\u00a0months, reserved to members (employees and retirees) of a company or group savings plan (\u201cESOP\u201d).
In fiscal year 2025, the Board of Directors of September\u00a024, 2025, by virtue of the fifteenth resolution above-mentioned, decided to proceed with a capital increase reserved for employees and retirees within the limit of 18\u00a0million shares with immediate dividend rights and has granted all powers to the Chairman and Chief Executive Officer to determine the opening and closing dates of the subscription period and the subscription price. This capital increase is expected to be completed after the Shareholders\u2019 Meeting of May\u00a029, 2026.
During the fiscal years 2025, 2024 and 2023, the Corporation completed the following ESOP, which terms are set out below:
| \n Fiscal year | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Date of the ESOP | \n\n June\u00a010, 2025 | \n\n June\u00a06, 2024 | \n\n June\u00a07, 2023 | \n
| \n By virtue of | \n\n 22nd resolution of the ESM of May\u00a024, 2024 | \n\n 16th resolution of the ESM\u00a0of May\u00a026, 2023 | \n\n 22nd resolution of the ESM of May\u00a025, 2022 | \n
| \n Subscriptions | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n Number of shares subscribed | \n\n 10,572,824 | \n\n 10,251,337 | \n\n 7,760,062 | \n
| \n Subscription price | \n\n \u20ac42.50 | \n\n \u20ac46.90 | \n\n \u20ac45.60 | \n
| \n Free shares | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n Number of shares granted | \n\n 576,229 | \n\n 581,850 | \n\n 242,093 | \n
Treasury shares
| \n \n | \n\n \n | \n\n\n | \n
|---|---|---|
| \n \n | \n\n Accounting principles Treasury shares held by TotalEnergies\u00a0SE, or by its subsidiaries are deducted from consolidated shareholders\u2019 equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Number of treasury shares held by TotalEnergies SE
| \n As of December 31, | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Number of treasury shares held by TotalEnergies SE | \n\n 63,702,529 | \n\n 149,529,818 | \n\n 60,543,213 | \n
| \n Percentage of share capital | \n\n 2.89% | \n\n 6.24% | \n\n 2.51% | \n
Paid-in surplus
In accordance with French law, the paid-in surplus corresponds to premiums related to shares issuances, contributions or mergers of the parent company which can be capitalized or used to offset losses if the legal reserve has reached its minimum required level. The amount of the paid-in surplus may also be distributed subject to taxation except when it qualifies as a refund of shareholder contributions.
As of December\u00a031, 2025, paid-in surplus relating to TotalEnergies\u00a0SE amounted to \u20ac12,253\u00a0million (\u20ac23,345\u00a0million as of December\u00a031, 2024 and \u20ac24,385\u00a0million as of December\u00a031, 2023).
Reserves
Under French law, 5% of net income must be transferred to the legal reserve until the legal reserve reaches 10% of the nominal value of the share capital. This reserve cannot be distributed to the shareholders other than upon liquidation but can be used to offset losses.
If wholly distributed, the unrestricted reserves of TotalEnergies\u00a0SE would be taxed for an approximate amount of $293\u00a0million as of December\u00a031, 2025 ($234\u00a0million as of December\u00a031, 2024 and $234\u00a0million as of December\u00a031,\u00a02023) due to additional corporation tax applied on regulatory reserves so that they become distributable.
Earnings per share
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number\u00a0of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies\u00a0SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity. Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number\u00a0of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies\u00a0SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year. | \n\n \n | \n\n The weighted-average number\u00a0of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS\u00a033. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number\u00a0of shares thereby obtained leads to a reduction in the total number\u00a0of shares that would result from the exercise of rights. In compliance with IAS\u00a033, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The variation of both weighted-average number\u00a0of shares and weighted-average number\u00a0of diluted shares, as of December\u00a031, respectively used in the calculation of earnings per share and fully-diluted earnings per share is detailed as follows:
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Number\u00a0of shares as of January\u00a01, | \n\n 2,397,679,661 | \n\n 2,412,251,835 | \n\n 2,619,131,285 | \n
| \n TotalEnergies shares held by TotalEnergies\u00a0SE or by its subsidiaries and deducted from shareholders\u2019 equity | \n\n (149,529,818) | \n\n (60,543,213) | \n\n (137,187,667) | \n
| \n Evolution of the number\u00a0of shares during the financial year pro-rated | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Final grant of TotalEnergies performance shares | \n\n 5,179,418 | \n\n 4,041,839 | \n\n 5,378,956 | \n
| \n Capital increase reserved for employees(a) | \n\n 6,504,238 | \n\n 6,322,466 | \n\n 4,671,946 | \n
| \n Capital increase as payment of the scrip dividend | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Buyback of TotalEnergies treasury shares including: | \n\n (68,432,849) | \n\n (64,051,218) | \n\n (74,633,216) | \n
| \n Shares repurchased during the fiscal year to cancel the dilution caused by the scrip dividend payment and within the framework of the share buyback program | \n\n (65,408,275) | \n\n (56,849,392) | \n\n (72,985,133) | \n
| \n Shares repurchased during the fiscal year to cover for the performance share plans | \n\n (3,024,574) | \n\n (7,201,826) | \n\n (1,648,083) | \n
| \n Weighted-average number\u00a0of shares | \n\n 2,191,400,651 | \n\n 2,298,021,710 | \n\n 2,417,361,304 | \n
| \n Dilutive effect | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Grant of TotalEnergies performance shares | \n\n 21,029,751 | \n\n 14,553,688 | \n\n 14,354,523 | \n
| \n Capital increase reserved for employees(a) | \n\n 1,920,015 | \n\n 1,985,324 | \n\n 2,051,751 | \n
| \n Weighted-average number\u00a0of diluted shares as of December\u00a031, | \n\n 2,214,350,417 | \n\n 2,314,560,722 | \n\n 2,433,767,578 | \n
| \n (a)Including the shares granted in consideration to the deferred contribution pursuant to the capital increase reserved for employees. | \n
Earnings per share in euros
The earnings per share in euros, converted from the earnings per share in dollars, by using the average exchange rate euro/dollar, is \u20ac5.17 per share for 2025 closing (\u20ac6.23 for 2024 closing). The fully-diluted earnings per share calculated by using the same method is \u20ac5.12 per share for 2025 closing (\u20ac6.18 for 2024 closing).
Dividend
On February\u00a010, 2026, the Board of Directors after approving the financial statements for fiscal year 2025, decided to propose to the Shareholders\u2019 Meeting on May\u00a029, 2026 the distribution of an ordinary \u20ac3.40 dividend per share for fiscal year 2025. Subject to the Shareholders\u2019 decision, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2025 will be \u20ac0.85 per share.
| \n 2025 Dividend | \n\n First interim | \n\n Second interim | \n\n Third interim | \n\n Final | \n
|---|---|---|---|---|
| \n EUR amount (Euronext share) | \n\n \u20ac0.85 | \n\n \u20ac0.85 | \n\n \u20ac0.85 | \n\n \u20ac0.85 | \n
| \n USD amount (NYSE share) | \n\n \u2013 | \n\n $0.987785 | \n\n Set on April\u00a016, 2026 | \n\n Set on July\u00a015, 2026 | \n
| \n Set date | \n\n April\u00a029, 2025 | \n\n July\u00a023, 2025 | \n\n October\u00a029, 2025 | \n\n February\u00a010, 2026 | \n
| \n Ex-dividend date Euronext and NYSE (starting 2nd interim) | \n\n October\u00a01, 2025 | \n\n December\u00a031, 2025 | \n\n March\u00a031, 2026 | \n\n June\u00a030, 2026 | \n
| \n Payment date Euronext | \n\n October\u00a03, 2025 | \n\n January\u00a05, 2026 | \n\n April\u00a02, 2026 | \n\n July\u00a02, 2026 | \n
| \n Payment date NYSE | \n\n \u2013 | \n\n January\u00a023, 2026 | \n\n April\u00a023, 2026 | \n\n July\u00a022, 2026 | \n
Issuances and reimbursement of perpetual subordinated notes
As of December\u00a031, 2025, the amount of perpetual subordinated notes booked in TotalEnergies shareholders\u2019 equity is $10,994\u00a0million. The coupons attributable to the holders of these securities are recognized as a deduction from TotalEnergies shareholders\u2019 equity for an amount of $320\u00a0million for fiscal year 2025. The tax deduction due to these coupons is booked in the statement of income.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances specified into the documentation of the notes) and in compliance with IAS\u00a032 standard \u201cFinancial instruments \u2013 Presentation\u201d, these notes were recorded in equity.
Over the year 2025, TotalEnergies\u00a0SE has fully redeemed on February\u00a026, 2025 the residual nominal amount of \u20ac1,082\u00a0million of perpetual deeply subordinated notes carrying a coupon of 2.625%, issued in February\u00a02015, at first call date. This issuance had already been the subject of a partial buyback offer for an amount of \u20ac1,418\u00a0million on November\u00a022, 2024.
Summary of the perpetual deeply subordinated notes of TotalEnergies SE:
| \n Perpetual deeply subordinated notes | \n\n \n | \n\n Outstanding amount in M\u20ac as of | \n||||
|---|---|---|---|---|---|---|
| \n Date | \n\n Amount issued (M\u20ac) | \n\n Coupon (%) | \n\n First call date | \n\n December 31, 2025 | \n\n December 31, 2024 | \n\n December 31, 2023 | \n
| \n November 19, 2024 | \n\n 1,250 | \n\n 4.120% | \n\n February\u00a019, 2030 | \n\n 1,250 | \n\n 1,250 | \n\n \u2013 | \n
| \n 1,250 | \n\n 4.500% | \n\n November\u00a019, 2034 | \n\n 1,250 | \n\n 1,250 | \n\n \u2013 | \n|
| \n January 17, 2022 | \n\n 750 | \n\n 3.250% | \n\n January\u00a017, 2037 | \n\n 750 | \n\n 750 | \n\n 750 | \n
| \n 1,000 | \n\n 2.000% | \n\n April\u00a017, 2027 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \n|
| \n January 25, 2021 | \n\n 1,500 | \n\n 2.125% | \n\n January\u00a025, 2033 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n
| \n 1,500 | \n\n 1.625% | \n\n January\u00a025, 2028 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n|
| \n September 4, 2020 | \n\n 1,000 | \n\n 2.000% | \n\n September\u00a04, 2030 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \n
| \n April 4, 2019 | \n\n 1,500 | \n\n 1.750% | \n\n April\u00a04, 2024 | \n\n \u2013 | \n\n \u2013 | \n\n 1,500 | \n
| \n October 6, 2016 | \n\n 1,500 | \n\n 3.369% | \n\n October\u00a06, 2026 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n
| \n 1,000 | \n\n 2.708% | \n\n May\u00a05, 2023 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n|
| \n February 26, 2015 | \n\n 2,500 | \n\n 2.625% | \n\n February\u00a026, 2025 | \n\n \u2013 | \n\n 1,082 | \n\n 2,500 | \n
| \n Total | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 9,750 | \n\n 10,832 | \n\n 11,250 | \n
Other comprehensive income
Detail of other comprehensive income showing both items potentially reclassifiable and those not potentially reclassifiable from equity to net income is presented in the table below:
| \n For the year ended December\u00a031, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Actuarial gains and losses | \n\n 42 | \n\n 20 | \n\n (114) | \n
| \n Change in fair value of investments in equity instruments | \n\n (193) | \n\n 144 | \n\n (11) | \n
| \n Tax effect | \n\n 51 | \n\n 46 | \n\n (11) | \n
| \n Currency translation adjustment generated by the parent company | \n\n 8,737 | \n\n (4,163) | \n\n 2,573 | \n
| \n Sub-total items not potentially reclassifiable to profit & loss | \n\n 8,637 | \n\n (3,953) | \n\n 2,437 | \n
| \n Currency translation adjustment | \n\n (7,072) | \n\n 2,759 | \n\n (3,277) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n (7,084) | \n\n 2,879 | \n\n (2,524) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (12) | \n\n 120 | \n\n 753 | \n
| \n Cash flow hedge | \n\n (1,060) | \n\n 3,119 | \n\n 2,898 | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n (1,709) | \n\n 188 | \n\n 3,155 | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (649) | \n\n (2,931) | \n\n 257 | \n
| \n Variation of foreign currency basis spread | \n\n 22 | \n\n (32) | \n\n (11) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 8 | \n\n (50) | \n\n (37) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (14) | \n\n (18) | \n\n (26) | \n
| \n Share of other comprehensive income of equity affiliates, net amount | \n\n (484) | \n\n (246) | \n\n (208) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n (460) | \n\n (294) | \n\n (194) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n 24 | \n\n (48) | \n\n 14 | \n
| \n Other | \n\n 8 | \n\n 1 | \n\n (2) | \n
| \n Tax effect | \n\n 255 | \n\n (814) | \n\n (730) | \n
| \n Sub-total items potentially reclassifiable to profit & loss | \n\n (8,331) | \n\n 4,787 | \n\n (1,330) | \n
| \n Total other comprehensive income, net amount | \n\n 306 | \n\n 834 | \n\n 1,107 | \n
The currency translation adjustment by currency is detailed in the following table:
| \n As of December 31, 2025 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|
| \n Parent company | \n\n 8,737 | \n\n 8,737 | \n\n \u2013 | \n\n \u2013 | \n
| \n Affiliates | \n\n (7,072) | \n\n (7,540) | \n\n 240 | \n\n 228 | \n
| \n Equity affiliates | \n\n (363) | \n\n (476) | \n\n (12) | \n\n 125 | \n
| \n Total currency translation adjustment recognized in comprehensive income | \n\n 1,302 | \n\n 721 | \n\n 228 | \n\n 353 | \n
| \n As of December 31, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|
| \n Parent company | \n\n (4,163) | \n\n (4,163) | \n\n \u2013 | \n\n \u2013 | \n
| \n Affiliates | \n\n 2,759 | \n\n 3,238 | \n\n (86) | \n\n (383) | \n
| \n Equity affiliates | \n\n (205) | \n\n 211 | \n\n (1) | \n\n (415) | \n
| \n Total currency translation adjustment recognized in comprehensive income | \n\n (1,609) | \n\n (714) | \n\n (87) | \n\n (798) | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|
| \n Parent company | \n\n 2,573 | \n\n 2,573 | \n\n \u2013 | \n\n \u2013 | \n
| \n Affiliates | \n\n (3,277) | \n\n (3,174) | \n\n 186 | \n\n (289) | \n
| \n Equity affiliates | \n\n (179) | \n\n (107) | \n\n (9) | \n\n (63) | \n
| \n Total currency translation adjustment recognized in comprehensive income | \n\n (883) | \n\n (708) | \n\n 177 | \n\n (352) | \n
Tax effects relating to each component of other comprehensive income are as follows:
| \n For the year ended December\u00a031, (M$) | \n\n 2025 | \n\n \n | \n\n 2024 | \n\n \n | \n\n 2023 | \n||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Pre-tax | \n\n Tax | \n\n Net amount | \n\n \n | \n\n Pre-tax amount | \n\n Tax | \n\n Net amount | \n\n \n | \n\n Pre-tax amount | \n\n Tax | \n\n Net amount | \n|
| \n Actuarial gains and losses | \n\n 42 | \n\n 29 | \n\n 71 | \n\n \n | \n\n 20 | \n\n 76 | \n\n 96 | \n\n (10) | \n\n (114) | \n\n (10) | \n\n (124) | \n
| \n Change in fair value of investments in equity instruments | \n\n (193) | \n\n 22 | \n\n (171) | \n\n \n | \n\n 144 | \n\n (30) | \n\n 114 | \n\n (1) | \n\n (11) | \n\n (1) | \n\n (12) | \n
| \n Currency translation adjustment | \n\n 8,737 | \n\n \u2013 | \n\n 8,737 | \n\n \n | \n\n (4,163) | \n\n \u2013 | \n\n (4,163) | \n\n \u2013 | \n\n 2,573 | \n\n \u2013 | \n\n 2,573 | \n
| \n Sub-total items not potentially reclassifiable | \n\n 8,586 | \n\n 51 | \n\n 8,637 | \n\n \n | \n\n (3,999) | \n\n 46 | \n\n (3,953) | \n\n (11) | \n\n 2,448 | \n\n (11) | \n\n 2,437 | \n
| \n Currency translation adjustment | \n\n (7,072) | \n\n \u2013 | \n\n (7,072) | \n\n \n | \n\n 2,759 | \n\n \u2013 | \n\n 2,759 | \n\n \u2013 | \n\n (3,277) | \n\n \u2013 | \n\n (3,277) | \n
| \n Cash flow hedge | \n\n (1,060) | \n\n 261 | \n\n (799) | \n\n \n | \n\n 3,119 | \n\n (822) | \n\n 2,297 | \n\n (733) | \n\n 2,898 | \n\n (733) | \n\n 2,165 | \n
| \n Variation of foreign currency basis spread | \n\n 22 | \n\n (6) | \n\n 16 | \n\n \n | \n\n (32) | \n\n 8 | \n\n (24) | \n\n 3 | \n\n (11) | \n\n 3 | \n\n (8) | \n
| \n Share of other comprehensive income of equity affiliates, net amount | \n\n (484) | \n\n \u2013 | \n\n (484) | \n\n \n | \n\n (246) | \n\n \u2013 | \n\n (246) | \n\n \u2013 | \n\n (208) | \n\n \u2013 | \n\n (208) | \n
| \n Other | \n\n 8 | \n\n \u2013 | \n\n 8 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n 1 | \n\n \u2013 | \n\n (2) | \n\n \u2013 | \n\n (2) | \n
| \n Sub-total items potentially reclassifiable | \n\n (8,586) | \n\n 255 | \n\n (8,331) | \n\n \n | \n\n 5,601 | \n\n (814) | \n\n 4,787 | \n\n (730) | \n\n (600) | \n\n (730) | \n\n (1,330) | \n
| \n Total other comprehensive income | \n\n \u2013 | \n\n 306 | \n\n 306 | \n\n \n | \n\n 1,602 | \n\n (768) | \n\n 834 | \n\n (741) | \n\n 1,848 | \n\n (741) | \n\n 1,107 | \n
Non-controlling interests
As of December\u00a031, 2025, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies EP Gabon, TotalEnergies EP Congo and AzurVista Resources Pte. Ltd.
9.1Shareholders\u2019 equity
Number of TotalEnergies shares and rights attached
As of December\u00a031, 2025, the share capital of TotalEnergies\u00a0SE amounts to \u20ac5,516,463,857.50, divided into 2,206,585,543 shares, with a par value of \u20ac2.50. There is only one category of shares. The shares may be held in either registered or bearer form.
The authorized share capital amounts to 3,229,286,115 shares as of December\u00a031, 2025, compared to 3,421,656,457 shares as of December\u00a031, 2024 and 3,436,374,353 shares as of December\u00a031, 2023.
Pursuant to the Corporation\u2019s bylaws (Statutes), no shareholder may cast a vote at a Shareholders\u2019 Meeting, either by himself or through an agent, representing more than 10% of the total voting rights for the Corporation\u2019s shares. This limit applies to the aggregated amount of voting rights held directly, indirectly or through voting proxies.
These restrictions no longer apply if any individual or entity, acting alone or in concert, acquires at least two-thirds of the total share capital of the Corporation.
Share cancellation
Pursuant to the authorization granted by the Extraordinary Shareholders\u2019 Meeting on May\u00a025, 2022, the Board of Directors is authorized to cancel, on one or more occasions, the shares of the Company within the limit of 10% of the existing capital on the date of the operation per period of 24\u00a0months, in accordance with the provisions of Article\u00a0L.\u00a022-10-62 of the French Commercial Code.
The Board of Directors has proceeded with the following cancellation of TotalEnergies shares:
| \n Fiscal year | \n\n Board of Directors\u2019 decision date | \n\n Number of shares bought back and cancelled | \n\n Percentage of | \n
|---|---|---|---|
| \n 2025 | \n\n September\u00a024, 2025(b) | \n\n 74,620,711 shares bought back between November\u00a020, 2024 and June\u00a026, 2025 | \n\n 3.27% | \n
| \n 2025 | \n\n February\u00a04, 2025(c) | \n\n 127,622,460 shares bought back between October\u00a027, 2023 and November\u00a019, 2024 | \n\n 5.32% | \n
| \n 2024 | \n\n February\u00a06, 2024(d) | \n\n 25,405,361 shares bought back between August\u00a025 and October\u00a026, 2023 | \n\n 1.05% | \n
| \n 2023 | \n\n September\u00a021, 2023(e) | \n\n 86,012,344 shares bought back between January\u00a02 and August\u00a024, 2023 | \n\n 3.44% | \n
| \n 2023 | \n\n February 7, 2023 | \n\n 128,869,261 shares bought back between February\u00a011 and December\u00a015, 2022 | \n\n 4.92% | \n
| \n (a)Percentage of the share capital that the cancelled shares represented on the operations\u2019 date. (b)With effect as at September\u00a026, 2025. (c)With effect as at February\u00a010, 2025. (d)With effect as at February\u00a012, 2024. (e)With effect as at September\u00a025, 2023. | \n
Variation of the number of shares composing the share capital
| \n As of December 31, 2022(a) | \n\n \u00a0 | \n\n 2,619,131,285 | \n
|---|---|---|
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (214,881,605) | \n
| \n 2023 Capital increase reserved for employees | \n\n 8,002,155 | \n|
| \n As of December 31, 2023(b) | \n\n \n | \n\n 2,412,251,835 | \n
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (25,405,361) | \n
| \n 2024 Capital increase reserved for employees | \n\n 10,833,187 | \n|
| \n As of December 31, 2024(c) | \n\n \n | \n\n 2,397,679,661 | \n
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (202,243,171) | \n
| \n \n | \n\n 2025 Capital increase reserved for employees | \n\n 11,149,053 | \n
| \n As of December 31, 2025(d) | \n\n \n | \n\n 2,206,585,543 | \n
| \n (a)Including 137,187,667 treasury shares deducted from consolidated shareholders\u2019 equity. (b)Including 60,543,213 treasury shares deducted from consolidated shareholders\u2019 equity. (c)Including 149,529,818 treasury shares deducted from consolidated shareholders\u2019 equity. (d)Including 63,702,529 treasury shares deducted from consolidated shareholders\u2019 equity. | \n
Capital increase reserved for employees
The Extraordinary Shareholders\u2019 Meeting (\u201cESM\u201d) of May\u00a023, 2025, in its fifteenth resolution, granted the authority to the Board of Directors to carry out, a capital increase, in one or more occasions within a maximum period of 26\u00a0months, reserved to members (employees and retirees) of a company or group savings plan (\u201cESOP\u201d).
In fiscal year 2025, the Board of Directors of September\u00a024, 2025, by virtue of the fifteenth resolution above-mentioned, decided to proceed with a capital increase reserved for employees and retirees within the limit of 18\u00a0million shares with immediate dividend rights and has granted all powers to the Chairman and Chief Executive Officer to determine the opening and closing dates of the subscription period and the subscription price. This capital increase is expected to be completed after the Shareholders\u2019 Meeting of May\u00a029, 2026.
During the fiscal years 2025, 2024 and 2023, the Corporation completed the following ESOP, which terms are set out below:
| \n Fiscal year | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Date of the ESOP | \n\n June\u00a010, 2025 | \n\n June\u00a06, 2024 | \n\n June\u00a07, 2023 | \n
| \n By virtue of | \n\n 22nd resolution of the ESM of May\u00a024, 2024 | \n\n 16th resolution of the ESM\u00a0of May\u00a026, 2023 | \n\n 22nd resolution of the ESM of May\u00a025, 2022 | \n
| \n Subscriptions | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n Number of shares subscribed | \n\n 10,572,824 | \n\n 10,251,337 | \n\n 7,760,062 | \n
| \n Subscription price | \n\n \u20ac42.50 | \n\n \u20ac46.90 | \n\n \u20ac45.60 | \n
| \n Free shares | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n Number of shares granted | \n\n 576,229 | \n\n 581,850 | \n\n 242,093 | \n
Treasury shares
| \n \n | \n\n \n | \n\n\n | \n
|---|---|---|
| \n \n | \n\n Accounting principles Treasury shares held by TotalEnergies\u00a0SE, or by its subsidiaries are deducted from consolidated shareholders\u2019 equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Number of treasury shares held by TotalEnergies SE
| \n As of December 31, | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Number of treasury shares held by TotalEnergies SE | \n\n 63,702,529 | \n\n 149,529,818 | \n\n 60,543,213 | \n
| \n Percentage of share capital | \n\n 2.89% | \n\n 6.24% | \n\n 2.51% | \n
Accounting principles
Treasury shares held by TotalEnergies\u00a0SE, or by its subsidiaries are deducted from consolidated shareholders\u2019 equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity.
Reserves
Under French law, 5% of net income must be transferred to the legal reserve until the legal reserve reaches 10% of the nominal value of the share capital. This reserve cannot be distributed to the shareholders other than upon liquidation but can be used to offset losses.
If wholly distributed, the unrestricted reserves of TotalEnergies\u00a0SE would be taxed for an approximate amount of $293\u00a0million as of December\u00a031, 2025 ($234\u00a0million as of December\u00a031, 2024 and $234\u00a0million as of December\u00a031,\u00a02023) due to additional corporation tax applied on regulatory reserves so that they become distributable.
Earnings per share
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number\u00a0of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies\u00a0SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity. Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number\u00a0of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies\u00a0SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year. | \n\n \n | \n\n The weighted-average number\u00a0of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS\u00a033. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number\u00a0of shares thereby obtained leads to a reduction in the total number\u00a0of shares that would result from the exercise of rights. In compliance with IAS\u00a033, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The variation of both weighted-average number\u00a0of shares and weighted-average number\u00a0of diluted shares, as of December\u00a031, respectively used in the calculation of earnings per share and fully-diluted earnings per share is detailed as follows:
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Number\u00a0of shares as of January\u00a01, | \n\n 2,397,679,661 | \n\n 2,412,251,835 | \n\n 2,619,131,285 | \n
| \n TotalEnergies shares held by TotalEnergies\u00a0SE or by its subsidiaries and deducted from shareholders\u2019 equity | \n\n (149,529,818) | \n\n (60,543,213) | \n\n (137,187,667) | \n
| \n Evolution of the number\u00a0of shares during the financial year pro-rated | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Final grant of TotalEnergies performance shares | \n\n 5,179,418 | \n\n 4,041,839 | \n\n 5,378,956 | \n
| \n Capital increase reserved for employees(a) | \n\n 6,504,238 | \n\n 6,322,466 | \n\n 4,671,946 | \n
| \n Capital increase as payment of the scrip dividend | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Buyback of TotalEnergies treasury shares including: | \n\n (68,432,849) | \n\n (64,051,218) | \n\n (74,633,216) | \n
| \n Shares repurchased during the fiscal year to cancel the dilution caused by the scrip dividend payment and within the framework of the share buyback program | \n\n (65,408,275) | \n\n (56,849,392) | \n\n (72,985,133) | \n
| \n Shares repurchased during the fiscal year to cover for the performance share plans | \n\n (3,024,574) | \n\n (7,201,826) | \n\n (1,648,083) | \n
| \n Weighted-average number\u00a0of shares | \n\n 2,191,400,651 | \n\n 2,298,021,710 | \n\n 2,417,361,304 | \n
| \n Dilutive effect | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Grant of TotalEnergies performance shares | \n\n 21,029,751 | \n\n 14,553,688 | \n\n 14,354,523 | \n
| \n Capital increase reserved for employees(a) | \n\n 1,920,015 | \n\n 1,985,324 | \n\n 2,051,751 | \n
| \n Weighted-average number\u00a0of diluted shares as of December\u00a031, | \n\n 2,214,350,417 | \n\n 2,314,560,722 | \n\n 2,433,767,578 | \n
| \n (a)Including the shares granted in consideration to the deferred contribution pursuant to the capital increase reserved for employees. | \n
Earnings per share in euros
The earnings per share in euros, converted from the earnings per share in dollars, by using the average exchange rate euro/dollar, is \u20ac5.17 per share for 2025 closing (\u20ac6.23 for 2024 closing). The fully-diluted earnings per share calculated by using the same method is \u20ac5.12 per share for 2025 closing (\u20ac6.18 for 2024 closing).
Accounting principles
Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number\u00a0of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies\u00a0SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity.
Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number\u00a0of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies\u00a0SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year.
The weighted-average number\u00a0of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS\u00a033. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number\u00a0of shares thereby obtained leads to a reduction in the total number\u00a0of shares that would result from the exercise of rights.
In compliance with IAS\u00a033, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes.
Dividend
On February\u00a010, 2026, the Board of Directors after approving the financial statements for fiscal year 2025, decided to propose to the Shareholders\u2019 Meeting on May\u00a029, 2026 the distribution of an ordinary \u20ac3.40 dividend per share for fiscal year 2025. Subject to the Shareholders\u2019 decision, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2025 will be \u20ac0.85 per share.
| \n 2025 Dividend | \n\n First interim | \n\n Second interim | \n\n Third interim | \n\n Final | \n
|---|---|---|---|---|
| \n EUR amount (Euronext share) | \n\n \u20ac0.85 | \n\n \u20ac0.85 | \n\n \u20ac0.85 | \n\n \u20ac0.85 | \n
| \n USD amount (NYSE share) | \n\n \u2013 | \n\n $0.987785 | \n\n Set on April\u00a016, 2026 | \n\n Set on July\u00a015, 2026 | \n
| \n Set date | \n\n April\u00a029, 2025 | \n\n July\u00a023, 2025 | \n\n October\u00a029, 2025 | \n\n February\u00a010, 2026 | \n
| \n Ex-dividend date Euronext and NYSE (starting 2nd interim) | \n\n October\u00a01, 2025 | \n\n December\u00a031, 2025 | \n\n March\u00a031, 2026 | \n\n June\u00a030, 2026 | \n
| \n Payment date Euronext | \n\n October\u00a03, 2025 | \n\n January\u00a05, 2026 | \n\n April\u00a02, 2026 | \n\n July\u00a02, 2026 | \n
| \n Payment date NYSE | \n\n \u2013 | \n\n January\u00a023, 2026 | \n\n April\u00a023, 2026 | \n\n July\u00a022, 2026 | \n
Issuances and reimbursement of perpetual subordinated notes
As of December\u00a031, 2025, the amount of perpetual subordinated notes booked in TotalEnergies shareholders\u2019 equity is $10,994\u00a0million. The coupons attributable to the holders of these securities are recognized as a deduction from TotalEnergies shareholders\u2019 equity for an amount of $320\u00a0million for fiscal year 2025. The tax deduction due to these coupons is booked in the statement of income.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances specified into the documentation of the notes) and in compliance with IAS\u00a032 standard \u201cFinancial instruments \u2013 Presentation\u201d, these notes were recorded in equity.
Over the year 2025, TotalEnergies\u00a0SE has fully redeemed on February\u00a026, 2025 the residual nominal amount of \u20ac1,082\u00a0million of perpetual deeply subordinated notes carrying a coupon of 2.625%, issued in February\u00a02015, at first call date. This issuance had already been the subject of a partial buyback offer for an amount of \u20ac1,418\u00a0million on November\u00a022, 2024.
Summary of the perpetual deeply subordinated notes of TotalEnergies SE:
| \n Perpetual deeply subordinated notes | \n\n \n | \n\n Outstanding amount in M\u20ac as of | \n||||
|---|---|---|---|---|---|---|
| \n Date | \n\n Amount issued (M\u20ac) | \n\n Coupon (%) | \n\n First call date | \n\n December 31, 2025 | \n\n December 31, 2024 | \n\n December 31, 2023 | \n
| \n November 19, 2024 | \n\n 1,250 | \n\n 4.120% | \n\n February\u00a019, 2030 | \n\n 1,250 | \n\n 1,250 | \n\n \u2013 | \n
| \n 1,250 | \n\n 4.500% | \n\n November\u00a019, 2034 | \n\n 1,250 | \n\n 1,250 | \n\n \u2013 | \n|
| \n January 17, 2022 | \n\n 750 | \n\n 3.250% | \n\n January\u00a017, 2037 | \n\n 750 | \n\n 750 | \n\n 750 | \n
| \n 1,000 | \n\n 2.000% | \n\n April\u00a017, 2027 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \n|
| \n January 25, 2021 | \n\n 1,500 | \n\n 2.125% | \n\n January\u00a025, 2033 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n
| \n 1,500 | \n\n 1.625% | \n\n January\u00a025, 2028 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n|
| \n September 4, 2020 | \n\n 1,000 | \n\n 2.000% | \n\n September\u00a04, 2030 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \n
| \n April 4, 2019 | \n\n 1,500 | \n\n 1.750% | \n\n April\u00a04, 2024 | \n\n \u2013 | \n\n \u2013 | \n\n 1,500 | \n
| \n October 6, 2016 | \n\n 1,500 | \n\n 3.369% | \n\n October\u00a06, 2026 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n
| \n 1,000 | \n\n 2.708% | \n\n May\u00a05, 2023 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n|
| \n February 26, 2015 | \n\n 2,500 | \n\n 2.625% | \n\n February\u00a026, 2025 | \n\n \u2013 | \n\n 1,082 | \n\n 2,500 | \n
| \n Total | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 9,750 | \n\n 10,832 | \n\n 11,250 | \n
Non-controlling interests
As of December\u00a031, 2025, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies EP Gabon, TotalEnergies EP Congo and AzurVista Resources Pte. Ltd.
As of December 31, 2025, 1,463 entities are consolidated of which 209 are accounted for under the equity method (E).
The table below presents a comprehensive list of the consolidated entities:
| \n Business segment | \n\n Statutory corporate name | \n\n % Company interest | \n\n Method | \n\n Country of incorporation | \n\n Country of operations | \n
|---|---|---|---|---|---|
| \n Exploration & Production | \n|||||
| \n \n | \n\n Abu Dhabi Gas Industries Limited | \n\n 15.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Angola LNG Supply Services, LLC | \n\n 13.60% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bayou Bend CCS OpCo LLC | \n\n 25.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bonny Gas Transport Limited | \n\n 15.00% | \n\n E | \n\n Bermuda | \n\n Nigeria | \n
| \n \n | \n\n Brass Holdings B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Nigeria | \n
| \n \n | \n\n Brass LNG Limited | \n\n 20.48% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n CEPSA Suriname S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Suriname | \n
| \n \n | \n\n Congo Forest Company (CFC) | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n Dolphin Energy Limited | \n\n 24.50% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n E.F. Oil And Gas Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n East African Crude Oil Pipeline (EACOP) Ltd | \n\n 62.00% | \n\n E | \n\n United Kingdom | \n\n Uganda | \n
| \n \n | \n\n Elf E&P | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Exploration UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Petroleum Iran | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n Gas Investment and Services Company Limited | \n\n 10.00% | \n\n E | \n\n Bermuda | \n\n Oman | \n
| \n \n | \n\n Global Forestry Development (GFD) | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Gabon | \n
| \n \n | \n\n Luna Carbon Storage ANS | \n\n 40.00% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Mabruk Oil Operations | \n\n 49.02% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n Net Zero North Sea Storage Holdings Ltd | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Norpipe Oil AS | \n\n 34.93% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norpipe Petroleum UK Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n
| \n \n | \n\n Norpipe Terminal Holdco Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n
| \n \n | \n\n Norsea Pipeline Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n
| \n \n | \n\n North Oil Company | \n\n 30.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Northern Lights JV DA | \n\n 33.33% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Pars LNG Limited | \n\n 40.00% | \n\n E | \n\n Bermuda | \n\n Iran | \n
| \n \n | \n\n Private Oil Holdings Oman Limited | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n Oman | \n
| \n \n | \n\n Stogg Eagle Funding B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Nigeria | \n
| \n \n | \n\n TEVA SHIP CHARTER LLC | \n\n 75.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TOQAP Guyana B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Guyana | \n
| \n \n | \n\n Total Austral | \n\n 100.00% | \n\n \n | \n\n France | \n\n Argentina | \n
| \n \n | \n\n Total E&P Al Shaheen A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Qatar | \n
| \n \n | \n\n Total E&P Angola Block 15/06 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Angola Block 33 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Angola Block 39 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Chine | \n\n 100.00% | \n\n \n | \n\n France | \n\n China | \n
| \n \n | \n\n Total E&P Guyane Francaise | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Harir) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Safen) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Taza) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P M2 Holdings Limited | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n Total E&P Participations Petrolieres Congo | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n Total E&P Philippines B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Philippines | \n
| \n \n | \n\n Total E&P Services China Company Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total E&P South Pars | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n Total E&P South Sudan | \n\n 100.00% | \n\n \n | \n\n France | \n\n South Sudan | \n
| \n \n | \n\n Total E&P Syrie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Syria | \n
| \n \n | \n\n Total E&P Tajikistan B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Tajikistan | \n
| \n \n | \n\n Total Oil and Gas South America | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Exploration & Production (continued) | \n|||||
| \n \n | \n\n Total Pars LNG | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total South Pars | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n TotalEnergies (China) Investment Company Limited Nantong\u00a0Branch | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Anchor USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies BTC B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies Carbon Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies CCS UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies CCS USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Denmark ASW | \n\n 100.00% | \n\n \n | \n\n United States | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Denmark ASW Pipeline ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie Berkine A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies E&P Americas LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Colombie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Colombia | \n
| \n \n | \n\n TotalEnergies E&P New Ventures Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P North Sea UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies E&P Research & Technology USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies E&P USA Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P USA Oil Shale LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P USA Well Containment LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies East Africa Midstream B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Absheron B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies EP Abu Al Bu Khoosh | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16 Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16-21 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 17.06 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 20 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 25 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 29 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 32 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 40 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 48 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Aotearoa Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n New Zealand | \n
| \n \n | \n\n TotalEnergies EP Asia Pacific Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies EP Azerbaijan B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies EP Block 9 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Lebanon | \n
| \n \n | \n\n TOTALENERGIES EP BOBARA PTE. LTD. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Bolivie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Bolivia | \n
| \n \n | \n\n TotalEnergies EP Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies EP Cambodge | \n\n 100.00% | \n\n \n | \n\n France | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies EP Chissonga | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Company UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Congo | \n\n 85.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n TotalEnergies EP Cyprus B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Cyprus | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S \u2013 CPH | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Dolphin Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Midstream | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Upstream | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gabon | \n\n 58.28% | \n\n \n | \n\n Gabon | \n\n Gabon | \n
| \n Exploration & Production (continued) | \n|||||
| \n \n | \n\n TotalEnergies EP Gass Handel Norge AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Gastransport Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Golfe | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Guyana B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Guyana Shallow | \n\n 100.00% | \n\n \n | \n\n France | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Holdings Russia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings UAE B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP International K1 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International K2 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International K3 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Iran B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Iraq | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Italia S.p.A. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies EP Kazakhstan | \n\n 100.00% | \n\n \n | \n\n France | \n\n Kazakhstan | \n
| \n \n | \n\n TotalEnergies EP Kenya B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Liban S.A.L. | \n\n 100.00% | \n\n \n | \n\n Lebanon | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies EP Liberia LLC | \n\n 100.00% | \n\n \n | \n\n Liberia | \n\n Liberia | \n
| \n \n | \n\n TotalEnergies EP Libye | \n\n 100.00% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP Lower Zakum B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Malaysia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Mauritania Blocks DW B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP Mauritanie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP M\u2019Bridge B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Mexico Block 30 | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Myanmar | \n\n 100.00% | \n\n \n | \n\n France | \n\n Myanmar | \n
| \n \n | \n\n TotalEnergies EP Namibia B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies EP Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater A Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater B Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater C Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater D Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater E Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater F Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater G Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater H Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Norge AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Oman Block 11 B.V. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Oman S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Petroleum Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Pipelines Danmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Profils Petroliers | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Qatar | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Qatar 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Ratawi Hub | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Russie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Sao Tome and Principe B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Sebuku | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Senegal | \n\n 100.00% | \n\n \n | \n\n France | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies EP Services Brazil B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP South Africa Block 567 (Pty) Ltd | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n Exploration & Production (continued) | \n|||||
| \n \n | \n\n TotalEnergies EP South Africa S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Suriname B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Suriname | \n
| \n \n | \n\n TotalEnergies EP Thailand | \n\n 100.00% | \n\n \n | \n\n France | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies EP UAE Unconventional Gas B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Uganda S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Umm Lulu SARB | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Umm Shaif Nasr B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Vostok LLC | \n\n 100.00% | \n\n \n | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Waha | \n\n 100.00% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP Well Response | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Western Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Yemen | \n\n 100.00% | \n\n \n | \n\n France | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies EP Yemen Block 3 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Holdings EACOP S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Holdings International B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Holdings Midstream SA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Holdings Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Jack USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies LNG Supply Services USA | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marine Investments LLC | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions II | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nederland Facilities Management B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore GB Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Offshore UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petr\u00f3leo & G\u00e1s Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Shipping Brazil B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Upstream Danmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Upstream Nigeria | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Upstream UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Uintah Colorado Resources II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uintah Colorado Resources, LLC | \n\n 66.67% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated LNG | \n|||||
| \n \n | \n\n Abu Dhabi Gas Liquefaction Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Adani Total Gas Ltd(e) | \n\n 37.40% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Total LNG Singapore Pte. Ltd | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Adani Total Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n ADNOC Ruwais LNG LLC | \n\n 10.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n AL KHARSAA SOLAR HOLDINGS B.V. | \n\n 49.00% | \n\n E | \n\n Netherlands | \n\n Qatar | \n
| \n \n | \n\n Angola LNG Ltd | \n\n 13.60% | \n\n E | \n\n Bermuda | \n\n Angola | \n
| \n \n | \n\n AzurVista Resources Pte. Ltd. | \n\n 50.01% | \n\n \n | \n\n Singapore | \n\n Malaysia | \n
| \n \n | \n\n BioBearn S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BioDeac S.A.S. | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n BioGasconha S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Breuil | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Chatillon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Corcelles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Epinay | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Libron | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Milhac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Soignolles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Sourcing | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Torcy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Vert Le Grand | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated LNG (continued) | \n|||||
| \n \n | \n\n Biogaz Viriat | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Bioloie | \n\n 95.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Bionorrois | \n\n 90.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BioPommeria S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BioQuercy S.A.S. | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Bioroussillon S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biovilleneuvois S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Cameron LNG Holdings LLC | \n\n 16.60% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Central Eolica Pampa de Malaspina S.A.U. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Del Rio Funding LLC(a) | \n\n 59.71% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n ECA LNG Holdings B.V. | \n\n 16.60% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Ecosol San Luis SAU | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Fonroche Energies Renouvelables S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Gas Del Litoral SRLCV | \n\n 25.00% | \n\n E | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Global LNG North America Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Global LNG S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Greenwind S.A. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Gulf Total Tractebel Power Company PSJC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Ichthys LNG Pty Limited | \n\n 26.00% | \n\n E | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Margeriaz Energie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Marsa LNG, LLC | \n\n 80.00% | \n\n E | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Methanergy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Moz LNG1 Co-Financing Company | \n\n 7.03% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n Moz LNG1 Holding Company Ltd | \n\n 26.50% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Mozambique LNG Marine Terminal Company S.A. | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n Mozambique LNG1 Financing Company Ltd | \n\n 26.50% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Mozambique MOF Company S.A. | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n National Gas Shipping Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Nigeria LNG Limited | \n\n 15.00% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Oman LNG, LLC | \n\n 5.54% | \n\n E | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Papua LNG Development Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Papua New Guinea | \n
| \n \n | \n\n POLSKA GRUPA BIOGAZOWA S.A. | \n\n 50.00% | \n\n E | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Qatar Liquefied Gas Company Limited (II) | \n\n 16.70% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatar Liquified Gas Company Limited 10 (QG10) - NFS Project | \n\n 25.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatar Liquified Gas Company Limited 5 (QG5) - NFE Project | \n\n 25.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Rio Grande LNG Intermediate Holdings, LLC(b) | \n\n 20.31% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rio Grande LNG Train 4 Intermediate Holdings, LLC(d) | \n\n 10.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n SHAMS POWER COMPANY PJSC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n SN Power Invest Netherlands B.V. | \n\n 51.00% | \n\n E | \n\n Netherlands | \n\n Uganda | \n
| \n \n | \n\n South Hook LNG Terminal Company Limited | \n\n 8.35% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Total E&P Egypt Block 2 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n Total E&P Indon\u00e9sie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n Total Shenergy LNG (Shanghai) Co., Ltd. | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Australia Unit Trust(c) | \n\n 0.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Biogas Holdings USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Biogaz France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies CCS Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies E&P SW Texas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Yamal | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Angola D\u00e9veloppement Gaz | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Australia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Australia II | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Australia III | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n Integrated LNG (continued) | \n|||||
| \n \n | \n\n TotalEnergies EP Barnett USA | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Central America SDN. BHD. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Deepwater Malaysia Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Egypt North Ras Kanayis Offshore B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies EP Egypte | \n\n 100.00% | \n\n \n | \n\n France | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies EP Exploration Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Holdings Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Holdings Mauritius Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies EP Ichthys Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP JV New Zealand SDN.BHD. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Kenyalang (Sarawak) Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Kundu Limited | \n\n 100.00% | \n\n \n | \n\n Papua New Guinea | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP Malaysia Holdings Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Malaysia International Sdn.Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Mozambique Area1, Ltda | \n\n 100.00% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies EP Oceania Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Oman Block 12 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Oman Development B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP PNG Ltd | \n\n 100.00% | \n\n \n | \n\n Papua New Guinea | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP PNG2 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP Ruwais LNG | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Sabah II Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Sabah SDN. BHD. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Salmanov | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Sarawak Inc. | \n\n 100.00% | \n\n \n | \n\n Bahamas | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies EP Sureste Sdn. Bhd. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Tengah | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Transshipment S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Western Australia SDN.BHD. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies Gas & Power Asia Private Limited | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gas & Power Holdings UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas & Power North America, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Gas & Power Services UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas Pipeline USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Gaz & Electricit\u00e9 Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies GLNG Australia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies GLNG Holdings Australia S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies LNG Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies LNG services France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Sviluppo Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies USA International LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Yemen LNG Company Ltd | \n\n 100.00% | \n\n \n | \n\n Bermuda | \n\n Bermuda | \n
| \n \n | \n\n Vientos Los Hercules S.A.U. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n VIENTOS SOLUTIONS, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Argentina | \n
| \n \n | \n\n Yamal LNG | \n\n 20.02% | \n\n E | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Yemen LNG Company Limited | \n\n 39.62% | \n\n E | \n\n Bermuda | \n\n Yemen | \n
| \n Integrated Power | \n|||||
| \n \n | \n\n Abarloar Solar S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Abeto Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Access Building Egypt Solar One SAE | \n\n 100.00% | \n\n \n | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n Access Egypt Solar One | \n\n 100.00% | \n\n \n | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n Adams Liberty, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n ADANI GREEN ENERGY LTD | \n\n 17.25% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Green Energy Twenty Three Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Renewable Energy Holding Nine Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Renewable Energy Sixty four Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Advanced Thermal Batteries Inc. | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Aerospatiale Batteries (ASB) | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies 2 | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n AES CFE Holding III, LLC | \n\n 30.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n AES DR Renewables Holdings, S.L. | \n\n 50.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n AIDA RENEWABLES SINGLE MEMBER | \n\n 50.00% | \n\n E | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Alberche Conex, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Alcad AB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Alicante | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Alicante 2 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 2 | \n\n 44.58% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 3 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 5 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Amber Solar Power Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Dieciseis, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Veinticuatro S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amura Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anayet Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anclote Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ancora Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Arbotante Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Armada Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Atol\u00f3n Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Attentive Energy, LLC | \n\n 56.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Auriga Generacion S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Avenir Solaire Etoile | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Portfolio | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Rhea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Tethys | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Titan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Baker Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Ballupur Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Baltic Sea OFW O-2.2 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Baser Comercializadora de Referencia | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n BELHARRA | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Belise 2 Solaire Services | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Belise3 Solaire Services | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Bidasoa Conex, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n BJL11 Solar S.A. | \n\n 90.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n BJL4 Solar S.A. | \n\n 90.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Bloomington Hill 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bloomington Hill 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brazoria Solar II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brur Hail Sun, Limited Partnership | \n\n 44.64% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Budeshte Agro | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Canal City Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Casa dos Ventos S.A. | \n\n 34.00% | \n\n E | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Castellaneta Solar S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Castille | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Cefeo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Centaurus Environment S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Central Eolica Terra Santa SPE I S.A. | \n\n 88.77% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Central Eolica Terra Santa SPE II S.A. | \n\n 88.77% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Centrale Eolienne Alaincourt | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne De La Vallee Gentillesse | \n\n 74.80% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne Mont de l\u2019Arbre III | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne RENFR 220 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne Vall\u00e9e de la Craie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Alas | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Arvan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Barbaira | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Bonnant | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Gavet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Miage | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydro\u00e9lectrique Previnquieres | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Photovoltaique De Merle Sud | \n\n 40.58% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-5 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire APV R&D | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoprod | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoroutes PV BFC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Beauce Val de Loire | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Chemin De Melette | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire De Cazedarnes | \n\n 75.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire de La Bezassade | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Dom | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Lavoir | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Estarac | \n\n 35.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Golbey | \n\n 51.05% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Guinots | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Heliovale | \n\n 59.63% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Jouannetterie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Potence | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Roquette | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Tastere | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Le Carteyrou | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers | \n\n 83.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers 2 | \n\n 75.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire l\u2019Estrade | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lodes | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lot 1 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Macouria | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Marlan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Mazeran Lr | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Merle Sud 2 | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Olinoca | \n\n 10.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres Cap Agathois | \n\n 83.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres De Blyes | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Centrale Solaire Plateau De Pouls | \n\n 51.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 331 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 397 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 412 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 422 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 440 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 450 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 453 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 627 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 629 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Roquecamude | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire SRG Energy | \n\n 80.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Terre du Roi | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Toiture Josse | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire TQ 3 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Vauvoix | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Cerezo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n CH Ardon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Chudiala Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Cidra Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Circinus Energy, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Clean Energy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Clean Energy 1 | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Clinton & Montpelier Solar Class B HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Clinton & Montpelier Solar Class B Member, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Clinton & Montpelier Solar TE Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Clinton Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Colorado Bend I Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Colorado Bend Services, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Columba Renovables S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Comanche Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Energy Development, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Fund 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Capital, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Data, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Development, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar DG, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Holdings I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Land Holdings I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV X, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV XV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV XXIV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Bayou Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Solar Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Solar Class B HoldCo, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cowtown Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Crc Kern Front Tugboat, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Black Oak A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n CS Black Oak B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Clare, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Danville, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS LES BRANDES | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CS Long Point 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 2A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 2B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS RENFR 436 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CS RENFR 603 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CS RENFR 618 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CS RENFR 693 | \n\n 100.00% | \n\n \n | \n\n France | \n\n New Caledonia | \n
| \n \n | \n\n CS Spring Lake, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Streator, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS ZABO 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CWB I Storage Class B HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CWB I Storage Class B Member, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CWB I Storage TE Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cygnus Environment, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Decatur Northwest 1 LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Decatur Notrhwest 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Demosites2022 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n DG Italy ASSETCO1 S.R.L | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Dracena I Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Dracena II Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Dracena IV Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Driza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Dubovo Energy | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Eclipse Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Edelweis Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Eden Mumbai Solar Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Renewable Cite Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Renewable Ranji Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Solar Energy Gurgaon Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Solar Rajdhani Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n El Bosc | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n ENEOS TotalEnergies Renewables Solar Development Japan\u00a0G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Energia SI | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Energy Solaire Services Mangassaye | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eneryo S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Enwind | \n\n 98.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Eol Maral I SPE S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eol Maral II SPE S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eole Boin | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Champagne Conlinoise | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Dadoud | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Fonds Caraibes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Grand Maison | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Montagne | \n\n 87.60% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Perriere S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Plaine | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Eole Morne Carriere | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Yate | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoles Futur Lilet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n E\u00f3lica da Boneca \u2013 Empreendimentos E\u00f3licos S.A. | \n\n 33.00% | \n\n E | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Eoliennes De Bosjean | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Buleon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Fadoumal | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Grange Neuve | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Guehenno | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De La Chappelle Au Mans | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Rouge | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes De Tortebesse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes des Portes de Br\u00e2mes Benaize | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eoliennes Des Trois Plaines | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eolmed | \n\n 20.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eren do Brasil Participa\u00e7\u00f5es e Consultoria em Energia Ltda. | \n\n 99.81% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eren Maral Participa\u00e7\u00f5es S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eren Terra Santa Participa\u00e7\u00f5es S.A. | \n\n 94.22% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n E-Vento Cir\u00f2 | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Evergreen Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n ExGen Texas Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Falla Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n FE Tutly Solar LLC | \n\n 100.00% | \n\n \n | \n\n Uzbekistan | \n\n Uzbekistan | \n
| \n \n | \n\n FEN sp. z o.o. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Fleming Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Fluxsol | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n FPV Blanchard | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Friemann & Wolf Batterietechnick GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Futur Portfolio | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n G.K. Succeed Tsu Haze | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Galibier | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Gallocanta Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Garonne-et-Canal Energies | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Generaci\u00f3n Fotovoltaica Dehesa Nueva | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Geomundo Offshore Wind Power Co., Ltd. | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Glaciere De Palisse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Global Energy | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Global Solar Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Go Electric | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Golden Triangle Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Goleta Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Grand Riviere Eolien Stockage Services | \n\n 33.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.1 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.2 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.3 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Grillete Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n GT R4 Holdings Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Haeparang Energy Co. Ltd | \n\n 70.00% | \n\n \n | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Haiding one international investment co Ltd | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Haiding three international investment co Ltd | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Haiding two international investment co Ltd | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Hanwha Total Solar II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hanwha Total Solar, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Helio 971 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Helio 974 Sol 1 | \n\n 59.88% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Fonds Caraibes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio L\u2019R | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Prony Resources New Caledonia | \n\n 100.00% | \n\n \n | \n\n New Caledonia | \n\n New Caledonia | \n
| \n \n | \n\n Helio Saint Benoit | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Wabealo | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helix Project V, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n HETTY | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n HFV Montenero | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n HFV Salentina | \n\n 50.00% | \n\n E | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Horseshoe Kelly 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Horseshoe Kelly 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n HT Solar Holdings II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n HT Solar Holdings III, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n HTS Holdings LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hydro 974 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hydro Tinee | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hydromons | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Inov | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Iron Solar Class A Member 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n IS23 Georgia P2 LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Ise Total Nanao Power Plant G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Jammerland Bay Nearshore A/S | \n\n 85.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n Jingdan New Energy investment (Shanghai) Co. Ltd | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n Keith Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Kidds Store | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n KSF Holding Trust | \n\n 57.50% | \n\n E | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Kyon Energy Finance GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Kyon Energy Solutions GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n LA Basin Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Compagnie Electrique de Bretagne | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n La Metairie Neuve | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n La Quercia Solar S.R.L | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n La Seauve | \n\n 40.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lanuza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n LaPorte Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Lauderdale Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laurel Energy Center, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laurens Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Le Bois Joli | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lemoore Stratford Land Holdings IV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les ailes de Taillard | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents Meuse Sud | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Leuret | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lillebaelt Holdco A/S | \n\n 85.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n Lillebaelt Vind A/S | \n\n 72.25% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n Lorance Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Lorca | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Luce Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Luminora Solar Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Maenggoldo Offshore Wind Power Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Martianez Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Marysville Unified School District Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Mastil Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Mauricio Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Maverick Equity Holding | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Maverick Sponsor Member,LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Meco 8 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Medha Energy Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Merysol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Milin Silieg | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Mishmar HaNegev Sun, Limited Partnership | \n\n 44.64% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Missiles & Space Batteries Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Miyagi Osato Solar Park G.K. | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Miyako Kuzakai Solarpark G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n M-KAT Green Limited Liability Partnership | \n\n 100.00% | \n\n \n | \n\n Kazakhstan | \n\n Kazakhstan | \n
| \n \n | \n\n Montpelier Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Morena Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Mulilo Prieska PV (RF) Proprietary Limited | \n\n 27.00% | \n\n E | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n Mustang Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Class B HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Class B Member, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage TE Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n New Green Energy Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Nomad Solar | \n\n 100.00% | \n\n \n | \n\n Kazakhstan | \n\n Kazakhstan | \n
| \n \n | \n\n North Sea OFW N-11.2 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n North\u00a0Sea\u00a0OFW\u00a0N-12.1\u00a0GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Nouvelle Centrale Eolienne de Lastours | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Nova Solar Project | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Nuza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ombrea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n OmbreaAOI2022 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Ophelia Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Oranje Wind Power II B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Orchard Capital S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Oskvolt Battery Services KB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Oyen Wind Alberta Inc. | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Parc Eolien de Cassini | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien de l\u2019Equinville | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien Du Coupru | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien Du Vilpion | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Photovoltaique de Puyloubier | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Solaire du Lorrain | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parco Eolico La Guardia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Parque Fotovoltaico Alicahue Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Parque Fotovoltaico Santa Adriana Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Parsifal Co | \n\n 50.00% | \n\n E | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Piedra Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pigeon Run Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pilastra Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Plum Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pontenure Solar S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Portalon Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Pos Production Ii | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Pos Production V | \n\n 70.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Poste HTB du Mont de L\u2019Arbre | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Postigo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Postor Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n PT TATS Indonesia | \n\n 100.00% | \n\n \n | \n\n Indonesia | \n\n Indonesia | \n
| \n \n | \n\n Quadra Energy GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Quadrica | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Quilla Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Rabiza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Rainbow LuxCo S.\u00e0.r.l. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n Rainbow MidCo GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Rainbow TopCo GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Randolph Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rececho Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Recova Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Regata Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Renewable Energy Seagreen Holdco Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Risen Bangladesh SKS Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Bangladesh | \n\n Singapore | \n
| \n \n | \n\n Risen Energy (Cambodia) Battambang Co. Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n RLA Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Rockford Brook A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rockford Brook B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rocky Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rolling Green Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rolling Plains Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n R\u00f6nesans Enerji \u00dcretim ve Ticaret Anonim \u0218irketi | \n\n 50.00% | \n\n E | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n Runway Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saft (Zhuhai FTZ) Batteries Company Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Saft (Zhuhai) Energy Storage Co. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Saft AB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Saft America Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saft Australia Pty Limited | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Saft Batterias SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Saft Batterie Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Saft Batterien GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Saft Batteries Pte Limited | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Saft Batteries Pty Limited | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Saft Do Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Saft EV S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saft Ferak AS | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Saft Groupe S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saft Hong Kong Limited | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Saft India Private Limited | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Saft Japan KK | \n\n 100.00% | \n\n \n | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Saft Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Saft LLC | \n\n 100.00% | \n\n \n | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Saft Nife ME Limited | \n\n 100.00% | \n\n \n | \n\n Cyprus | \n\n Cyprus | \n
| \n \n | \n\n Saft S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saint Francois 3 Solaire Services | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n San Luis Obispo Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sanabria Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Sanders Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SAS Montjoly Solaire Services | \n\n 33.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Servizi Rinnovabili SRL | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n SGIP SLB Holdco 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SGIP SLB I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Shakumbhari Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n SIIF EDF EN Israel Ltd. | \n\n 51.02% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Sistemi Energie Calabria S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n SN Power AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Soci\u00e9t\u00e9 Champenoise d\u2019Energie | \n\n 16.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 d\u2019Exploitation du Soleil du Haut-Deffens | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 Economie Mixte Production Energetique Renouvelable | \n\n 35.92% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Solaire De Bouzac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Sol Holding, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solaire Habitat Social | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Solar Barocco | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Solar Carport NJ, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Solar Life Energy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Solar Star Academia 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Addison North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Allegany South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Always Low Prices Hi, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Appling Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Arizona HMR-1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Carney, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Bay City 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple BTM, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Spring, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Blakeslee 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Brancos, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVI, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVI, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVIII, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cambridge 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cantil 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carbondale 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carlsbad 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Castlemont HS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CCC Detention Center, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Central Light, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charlotte 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Christie Hill LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Co Co 2500, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Colorado II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cougars, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Kern Front, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC North Shafter, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Pier A West, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Solar Star Dornsife 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Dorothy Avenue, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Fort Atkinson South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Frontier BESS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goodwin Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harbor, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harpst Arcata, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hartford South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hawley 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD Maryland, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New Jersey, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New York, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Herald Square 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hernwood, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hubbardson South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Irvine Civic Center, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Jal, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kennedale Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kern Lerdo Facility, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Khsd, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LA County High Desert, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lake Mills 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Culver City, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Irvine, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Split 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Light Park, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lompoc Diatomite 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lone Star Fiberglass, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Long Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas 2 LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star MA - Tewksbury, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts III, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mayfield 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maynard 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mifflinburg 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville Rohrsburg, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star North Herty Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Oakland Technical HS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville Eagle, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Palmyra North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Kern Front, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC North Shafter, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Pier A West, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pennsauken, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Solar Star Pleasant Mount 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PUSD Monache, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PUSD Porterville HS LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Saft Valdosta, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Santa Ana HS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Seventeen Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Storage Texas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tift Toombs Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Track Southern Ave 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tranquility, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Unkety Brook, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Urbana Landfill South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Vegas 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Virginia Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Ware 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Western Hills Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Whitewater South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Wholesome Portland, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarfarm Brzezinka sp. z o.o. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Solarstar Ma I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Soleil De Bagnols | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soleil De Balsac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soleil De Gaujac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soleil D\u2019Izernore | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Solenergy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Sombrero Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Spinnaker Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Springwater Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SPWR SS 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Strongstown Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Bobcat Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial FTB Construction, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Helix I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower NY CDG 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I Parent, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sunzil | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Swingletree Operations, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Tadiran Batteries GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Tadiran Batteries Limited | \n\n 100.00% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Talmei Eliyahu Green Energies Ltd. | \n\n 46.94% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Terrilvolta\u00efque de Ronchamp et Magny-Danigon | \n\n 40.80% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TexGen Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TNE Holdco 1 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Tosca Holdco, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n Total Envision Energy Services (Shanghai) Co., Ltd | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n Total Eren H2 | \n\n 80.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Total Tractebel Emirates O&M Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n Total Tractebel Emirates Power Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Bayet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Marchienne-au-Pont | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Pont-sur-Sambre | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Saint-Avold | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Toul | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Alamo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Andromeda Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies B Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies BZ Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies C HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Carolina Long Bay, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Clientes | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies CWB 1 Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies DF Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Assets USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Operations Holdco\u00a0USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Philippines Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Dracena Participa\u00e7oes | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Electricidad y Gas Espa\u00f1a | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Electricit\u00e9 et Gaz France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies ENEOS Renewables Distributed Generation\u00a0Asia Pte.Ltd | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Flexible Power USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies H Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies HI Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies HI II Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Integrated Power ESS Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies L Wind Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marahu Holding, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Montpelier Solar Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Offshore Wind Korea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Offshore Wind Netherlands Participations I B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore Wind Netherlands Participations II B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies OFW NSE1 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW NSE2 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW OSE GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW US 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies OFW US 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies OFW WB Ost GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW WB West GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies P Solar HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Planta Solar Andalucia 3, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Power & Gas Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Power Generation France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables (Cambodia) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies Renewables Asia | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Australia | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Renewables Big Sky Solar Holding I Corporation | \n\n 50.00% | \n\n E | \n\n Canada | \n\n Canada | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n TotalEnergies Renewables Bulgaria | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies Renewables Business Support Chile SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Canada Holding Corporation | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Renewables Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Renewables Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Development Middle East | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Development Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Development Philippines Corporation | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Renewables DG Asia Assets Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG Holdings Asia Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA \u2013 Assets 1 FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables ESS Carling | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Flandres | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Grandpuits | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Holding Hellas | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Holding Luxembourg Nov S.A. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Iberica, S.L.U | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables India | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Indian Ocean Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Renewables International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Investments, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Jammerland ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renewables LandCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Latin America | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Lillebaelt ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renewables Malaysia Sdn. Bhd. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies Renewables Nederland A B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Renewables Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Renewables Nov | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Nova Solar Holding Corporation | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Renewables Oyen Wind Holding Corporation | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Renewables Poland | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Hibridiza\u00e7\u00e3o Gardunha, S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Hibridiza\u00e7\u00e3o S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal International S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal SGPS | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Sol & Vento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Projects Philippines Corporation | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Renewables Projects Singapore Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Projects Vietnam | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables R4 Holdco Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Services Bulgaria | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies Renewables Services Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Services Poland | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Renewables Services Portugal | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Services USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Singapore Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Solar Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Southern Africa | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Renewables Thailand | \n\n 100.00% | \n\n \n | \n\n Thailand | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies Renewables UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n TotalEnergies Renewables USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renouvelables Danemark ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renouvelables France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Pacific | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar DG Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Solar France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Intl | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Wind Indian Ocean Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Springwater Solar Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Strong, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Tymochtee Solar Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Wire 3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TQN Hydro | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Solar | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Solar Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Wind | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Trofeo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Truyesol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TSGF SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TSSDG India Private Limited | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Tymochtee Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uusiutuva Energia Puutionsaari Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n Valencia Solar 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valorene | \n\n 66.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Varadero Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Vento Solare S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Vents D\u2019Oc Centrale D\u2019Energie Renouvelable 16 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D\u2019Oc Centrale D\u2019Energie Renouvelable 17 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D\u2019Oc Centrale D\u2019Energie Renouvelable 18 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Vertigo | \n\n 25.92% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Vireausol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n VSB Energia Verde Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n VSB Energie Odnawialne Polska sp. z o.o. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n VSB Energiepark Fischbach GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Energies Nouvelles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n VSB Energy GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Green Yield One GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Holding GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Mobility GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Neue Energien Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Obnovljiva Energija Hrvatska d.o.o. | \n\n 100.00% | \n\n \n | \n\n Croatia | \n\n Croatia | \n
| \n \n | \n\n VSB Service GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Uusiutuva Energia Suomi Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n VSB Windpark Arnsberg GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Elster Repowering GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Flintbek GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark J\u00f6rdenstorf GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark L\u00f6beritz GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark P\u00f6lzig Zwei GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Pustleben GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n Integrated Power (continued) | \n|||||
| \n \n | \n\n VSB Windpark Schnorbeck-Extertal GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Vockenrod GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Wei\u00dfandt-G\u00f6lzau Zwei GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Wirmighausen GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n VSB Windpark Zernitz-Lohm GmbH & Co. KG | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n West Burton Flexible Generation Ltd | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Wichita Data, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Wichita Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Winche Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Wind 1013 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Wind 1026 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n France | \n
| \n \n | \n\n Wind 1027 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Wind 1028 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Wind 1029 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Windbostel Ost GmbH | \n\n 50.00% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Windbostel West GmbH | \n\n 50.00% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Windpark Quellendorf Eins GmbH & Co. KG | \n\n 65.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Winergy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Wolf Hollow I Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Wolf Hollow Services, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Woodbury Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n WP France 20 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP France 21 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP France 23 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP France 24 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP France 28 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WSB Park Wiatrowy Kepno sp. z o.o. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Yunlin Holding GmbH | \n\n 23.00% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Yunlin Ukco Limited | \n\n 29.46% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Zenith Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Zephyr Holdings GP, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n Refining & Chemicals | \n|||||
| \n \n | \n\n Atlantic Trading And Marketing INC. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Balzatex SAS | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BASF Totalenergies Petrochemicals LLC | \n\n 40.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bay Junction Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bayport Polymers LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Borrachas Portalegre LTDA | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n BOU Verwaltungs GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n BxT Trading | \n\n 50.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Catelsa-Caceres SAU | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Chartering and Shipping Services Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Composite Industrie Maroc S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Composite Industrie S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Cosden, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cos-Mar Company | \n\n 50.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cray Valley (Guangzhou) Chemical Company, Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley Czech | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Cray Valley HSC Asia Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CSSA - Chartering and Shipping Services S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n EcoMotion JV GmbH | \n\n 49.90% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Elf Aquitaine Fertilisants | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n ESPA SARL | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Refining & Chemicals (continued) | \n|||||
| \n \n | \n\n Feluy Immobati | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Fina Technology, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n FPL Enterprises, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Gasket (Suzhou) Valve Components Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Gasket International SRL | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Grande Paroisse S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hanwha TotalEnergies Petrochemical Co., Ltd | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n HBA Hutchinson Brasil Automotive Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson (Chongqing) Automotive Systems Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson (Malta) Limited | \n\n 100.00% | \n\n \n | \n\n Malta | \n\n Malta | \n
| \n \n | \n\n Hutchinson (UK) Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson (Wuhan) Automotive Rubber Products Company Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Aeronautique & Industrie Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Hutchinson Aerospace & Industry, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Aerospace GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Aerospace Services SNC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Antivibration Systems, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Autopartes De Mexico SA. De CV | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Borrachas De Portugal Ltda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson d.o.o Ruma LLC | \n\n 100.00% | \n\n \n | \n\n Serbia | \n\n Serbia | \n
| \n \n | \n\n Hutchinson Do Brasil SA | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson Fluid Management Systems Inc | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holding GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holdings UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson Iberia, S.A. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products (Suzhou) CO, Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products Private Limited Inde | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Hutchinson Industrias Del Caucho SAU | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industries Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Japan Company Limited | \n\n 100.00% | \n\n \n | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Hutchinson Korea Limited | \n\n 100.00% | \n\n \n | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Hutchinson Maroc S.A.R.L. AU | \n\n 100.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Hutchinson Poland SP ZO.O. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Hutchinson Polymers SNC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Porto Tubos Flexiveis Ltda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Precision Sealing Systems, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Research & Innovation Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Hutchinson S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.R.L. (Brasov) | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n Hutchinson Seal De Mexico SA. De CV. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Sealing Systems Inc | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson SRL (Italie) | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hutchinson SRO | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Hutchinson Stop-Choc GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Technologies (Maanshan) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Technologies (Shenyang) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Transferencia De Fluidos SA. De CV | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Tunisie S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n Hutchinson Vietnam Company Limited | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n Refining & Chemicals (continued) | \n|||||
| \n \n | \n\n Iber Resinas S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Industrias Tecnicas De La Espuma SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Industrielle Desmarquoy SNC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Jehier SAS | \n\n 99.89% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n JPR SAS | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n KTN Kunststofftechnik Nobitz GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n La Porte Pipeline Company, L.P. | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Porte Pipeline GP, LLC | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laffan Refinery Company Limited 1 | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Le Joint Francais S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Legacy Site Services Funding Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Legacy Site Services LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les Stratifies SAS | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lone Wolf Land Company | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Machen Land Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Metafactory | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Mide Technology Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Olutex Oberlausitzer Luftfahrttextilien GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Pamargan Products Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Paulstra S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n PFW Aerospace GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n PFW Havacilik Sanayi ve Dis Ticaret Limited Sirtketi | \n\n 100.00% | \n\n \n | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n PFW UK Machining Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Polyblend GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Qatar Petrochemical Company Q.S.C. (QAPCO) | \n\n 20.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatofin Company Limited | \n\n 49.08% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n R\u00e9silium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Retia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Retia USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n San Jacinto Rail Limited | \n\n 17.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saudi Aramco Total Refining & Petrochemical Company | \n\n 37.50% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n
| \n \n | \n\n Septentrion Participations | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 B\u00e9arnaise De Gestion Industrielle | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 du Pipeline Sud-Europ\u00e9en | \n\n 35.14% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Southeast Texas Pipelines LLC | \n\n 40.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Stillman Seal Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Stop-Choc (UK) Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n STR Tecoil Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n Synova | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TankOpslag en PijpleidingenNet N.V. | \n\n 55.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Techlam SAS | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Tesbo Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n Tessaf S.A.S. | \n\n 50.10% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Thermal Control Systems Automotive (TCFR) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total Atlantic Trading Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Total Energy Marketing A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Activit\u00e9s Maritimes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Belgium Services | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Corbion B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Fluids | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Deutschland GmbH Refining(e) | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Olefins Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining SA/NV | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n Refining & Chemicals (continued) | \n|||||
| \n \n | \n\n TotalEnergies Petrochemicals (Hong-Kong) Ltd | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n TotalEnergies Petrochemicals (Shanghai) Co. Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Petrochemicals Development Feluy | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Ecaussinnes | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Feluy | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals Iberica | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Petrochemicals UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Pipeline USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Plastic Energy Advanced Recycling SAS | \n\n 64.92% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Polymers Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Raffinage Chimie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinage France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinerie Mitteldeutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Refinery Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Refinery Port Arthur, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refining & Chemicals Arabia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Splitter USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Trading Asia Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Trading Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Trading Products S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Storage S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TOTSA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Totseanergy | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Vibrachoc SAU | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Zeeland Refinery NV | \n\n 55.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n Marketing & Services | \n|||||
| \n \n | \n\n Antilles Gaz | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Argedis | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Aristea | \n\n 51.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Arteco | \n\n 49.99% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n AS 24 Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 Espanola S.A. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n AS 24 Fuel Card Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n AS 24 Lietuva | \n\n 100.00% | \n\n \n | \n\n Lithunia | \n\n Lithunia | \n
| \n \n | \n\n AS 24 Polska SP ZO.O. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n AS 24 Tankservice GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Belgian Easy Data Driven Electrical Charging | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n C.M.T.M. Centre De Management De Transactions Monetiques | \n\n 99.90% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Circle K Belgium | \n\n 40.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Clean Energy Fuels Corp | \n\n 19.42% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Oil UK Aviation Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Oil UK Properties Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Fioulmarket.fr | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Gapco Kenya Limited | \n\n 100.00% | \n\n \n | \n\n Kenya | \n\n Kenya | \n
| \n \n | \n\n Gapco Tanzania Limited | \n\n 100.00% | \n\n \n | \n\n Tanzania | \n\n Tanzania | \n
| \n \n | \n\n Guangzhou Elf Lubricants Company Limited | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Gulf Africa Petroleum Corporation | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hexawatt Holding | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lubricants Vietnam Holding Limited | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Quimica Vasca S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Saudi Total Petroleum Products | \n\n 51.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n
| \n \n | \n\n Soci\u00e9t\u00e9 mahoraise de stockage de produits p\u00e9troliers | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n Marketing & Services (continued) | \n|||||
| \n \n | \n\n Soci\u00e9t\u00e9 pour l\u2019exploitation de l\u2019usine de Rouen | \n\n 98.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 Urbaine des P\u00e9troles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n S-OIL TotalEnergies Lubricants Co. Ltd | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Source EV Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n South Asia LPG Company Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Stedis | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Tas\u2019Helat Marketing Company | \n\n 50.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n
| \n \n | \n\n TEAL Mobility | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TEVGO | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total (Tianjin) Manufacturing Co., Ltd. | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total Bitumen UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Total Lubricants (China) Company Limited | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total Marketing Uganda Ltd | \n\n 100.00% | \n\n \n | \n\n Uganda | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies (China) Investment Co Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Additives and Fuels Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Aviation | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Aviation Suisse S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Aviation Zambia Ltd | \n\n 100.00% | \n\n \n | \n\n Zambia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Bitumen Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Charging Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Services Espa\u00f1a, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Charging Services Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Charging Solutions Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Charging Solutions Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Charging Solutions Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Charging Solutions UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Glass Lubricants Europe GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Holdings Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies LPG Vietnam Company Ltd | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Lubrifiants | \n\n 99.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Lubrifiants Alg\u00e9rie SPA | \n\n 78.90% | \n\n \n | \n\n Algeria | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies Lubrifiants Services Automobile | \n\n 99.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marine Fuels Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing (Cambodia) Co. Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies Marketing (Fiji) Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Fiji Islands | \n\n Fiji Islands | \n
| \n \n | \n\n TotalEnergies Marketing (Hubei) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing (Shanghai) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing African Holdings Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing Afrique | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Angola S.A. | \n\n 50.00% | \n\n E | \n\n Angola | \n\n Angola | \n
| \n \n | \n\n TotalEnergies Marketing Antilles-Guyane | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Argentina | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n TotalEnergies Marketing Asia-Pacific Middle East Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Austria Gmbh | \n\n 100.00% | \n\n \n | \n\n Austria | \n\n Austria | \n
| \n \n | \n\n TotalEnergies Marketing Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Cameroun S.A. | \n\n 67.01% | \n\n \n | \n\n Cameroon | \n\n Cameroon | \n
| \n \n | \n\n TotalEnergies Marketing Cesk\u00e1 republika S.R.O. | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n TotalEnergies Marketing Chile SA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Marketing Congo | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n TotalEnergies Marketing Corse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing C\u00f4te d\u2019Ivoire | \n\n 72.99% | \n\n \n | \n\n C\u00f4te d\u2019Ivoire | \n\n C\u00f4te d\u2019Ivoire | \n
| \n \n | \n\n TotalEnergies Marketing Denmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Marketing Dominicana, S.A. | \n\n 50.00% | \n\n \n | \n\n Dominican Republic | \n\n Dominican Republic | \n
| \n Marketing & Services (continued) | \n|||||
| \n \n | \n\n TotalEnergies Marketing Egypt | \n\n 50.00% | \n\n E | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies Marketing Espa\u00f1a, S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Marketing Eswatini (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n Swaziland | \n\n Swaziland | \n
| \n \n | \n\n TotalEnergies Marketing Ethiopia Share Company | \n\n 100.00% | \n\n \n | \n\n Ethiopia | \n\n Ethiopia | \n
| \n \n | \n\n TotalEnergies Marketing France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Gabon | \n\n 90.00% | \n\n \n | \n\n Gabon | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies Marketing Ghana PLC | \n\n 76.74% | \n\n \n | \n\n Ghana | \n\n Ghana | \n
| \n \n | \n\n TotalEnergies Marketing Guinea Ecuatorial | \n\n 70.00% | \n\n \n | \n\n Equatorial Guinea | \n\n Equatorial Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Guin\u00e9e | \n\n 100.00% | \n\n \n | \n\n Guinea | \n\n Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Africa | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Asia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings India | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing India Private Ltd | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n TotalEnergies Marketing Italia SpA | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Marketing Jamaica Ltd | \n\n 100.00% | \n\n \n | \n\n Jamaica | \n\n Jamaica | \n
| \n \n | \n\n TotalEnergies Marketing Jordan | \n\n 100.00% | \n\n \n | \n\n Jordan | \n\n Jordan | \n
| \n \n | \n\n TotalEnergies Marketing Kenya PLC | \n\n 93.96% | \n\n \n | \n\n Kenya | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies Marketing Lebanon | \n\n 100.00% | \n\n \n | \n\n Lebanon | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies Marketing Madagasikara S.A. | \n\n 79.44% | \n\n \n | \n\n Madagascar | \n\n Madagascar | \n
| \n \n | \n\n TotalEnergies Marketing Malawi Ltd | \n\n 100.00% | \n\n \n | \n\n Malawi | \n\n Malawi | \n
| \n \n | \n\n TotalEnergies Marketing Maroc | \n\n 55.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n TotalEnergies Marketing Mauritius Ltd | \n\n 55.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Marketing Mayotte | \n\n 100.00% | \n\n \n | \n\n France | \n\n Mayotte | \n
| \n \n | \n\n TotalEnergies Marketing Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies Marketing Middle East FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing Mo\u00e7ambique S.A. | \n\n 100.00% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Marketing Namibia (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n Namibia | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies Marketing Nederland NV | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Nigeria PLC | \n\n 61.72% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Marketing Pacifique | \n\n 100.00% | \n\n \n | \n\n France | \n\n New Caledonia | \n
| \n \n | \n\n TotalEnergies Marketing Polska | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Marketing Polyn\u00e9sie | \n\n 100.00% | \n\n \n | \n\n France | \n\n French Polynesia | \n
| \n \n | \n\n TotalEnergies Marketing Puerto Rico | \n\n 100.00% | \n\n \n | \n\n Puerto Rico | \n\n Puerto Rico | \n
| \n \n | \n\n TotalEnergies Marketing RDC | \n\n 60.00% | \n\n \n | \n\n Democratic Republic of\u00a0Congo | \n\n Democratic Republic of Congo | \n
| \n \n | \n\n TotalEnergies Marketing R\u00e9union | \n\n 100.00% | \n\n \n | \n\n France | \n\n Reunion | \n
| \n \n | \n\n TotalEnergies Marketing Romania S.A. | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Marketing S\u00e9n\u00e9gal | \n\n 69.14% | \n\n \n | \n\n Senegal | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies Marketing Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Services Brasil Lubrificantes | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Marketing South Africa (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Marketing Taiwan Ltd | \n\n 63.00% | \n\n \n | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n TotalEnergies Marketing Tanzania Ltd | \n\n 100.00% | \n\n \n | \n\n Tanzania | \n\n Tanzania | \n
| \n \n | \n\n TotalEnergies Marketing Togo | \n\n 76.72% | \n\n \n | \n\n Togo | \n\n Togo | \n
| \n \n | \n\n TotalEnergies Marketing Tunisie | \n\n 100.00% | \n\n \n | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n TotalEnergies Marketing UAE LLC | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing Uganda Ltd | \n\n 100.00% | \n\n \n | \n\n Uganda | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Marketing UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing Ukraine | \n\n 100.00% | \n\n \n | \n\n Ukraine | \n\n Ukraine | \n
| \n \n | \n\n TotalEnergies Marketing USA Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marketing Vietnam Company Ltd | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Marketing Zambia Ltd | \n\n 100.00% | \n\n \n | \n\n Zambia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Marketing Zimbabwe (Private) Ltd | \n\n 80.00% | \n\n \n | \n\n Zimbabwe | \n\n Zimbabwe | \n
| \n \n | \n\n TotalEnergies MKG Luxembourg S.A. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n Marketing & Services (continued) | \n|||||
| \n \n | \n\n TotalEnergies Proxi Nord Est | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Nord Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Sud Est | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Sud Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Singapore Services Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Sinochem Retail Company Ltd | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Supply Marketing Services S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Turkey Pazarlama A.S. | \n\n 100.00% | \n\n \n | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n TotalEnergies W\u00e4rme&Kraftstoff Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Wash France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Trapil | \n\n 5.50% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Upbeatprops 100 Pty Limited | \n\n 50.10% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n Yangtze Gorges Green Way Charging Technology (Hubei) Co., Ltd. | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n
| \n Holding | \n|||||
| \n \n | \n\n Albatros | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Forest Products LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Petroleum UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Institut Photovolta\u00efque D\u2019Ile De France (IPVF) | \n\n 43.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Omnium Reinsurance Company S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Pan Insurance Designated Activity Company | \n\n 100.00% | \n\n \n | \n\n Ireland | \n\n Ireland | \n
| \n \n | \n\n Socap S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Soci\u00e9t\u00e9 Civile Immobili\u00e8re CB2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Sofax Banque | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total International NV | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Total Operations Canada Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Total Resources (Canada) Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies American Services, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Capital | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital Canada Ltd | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Capital International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Consulting | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Delaware, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies D\u00e9veloppement R\u00e9gional S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Digital Factory | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gestion Filiales | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings Switzerland SA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Facilities Management Services (TFMS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance Corporate Services Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Finance Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance International B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Finance USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Funding Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Gestion USA | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Financial Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Human Resources Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Information Technology Services Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global IT Services (TGITS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement (TGP) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement Belgium S.A. (TGPB) | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global Services Bucharest | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Global Services Philippines Inc. | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n Holding (continued) | \n|||||
| \n \n | \n\n TotalEnergies Holding Allemagne | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Switzerland SA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Holdings UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Holdings USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Investment (Tianjin) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Investment Management (Tianjin) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Investments | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Learning Solutions (TLS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Holdings South Africa ZA (Pty) Ltd | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies OneTech | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies OneTech Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Participations | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining USA, Inc.(e) | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Holdings Switzerland SA | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies SE | \n\n 0.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Security USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Treasury | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Treasury Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies UK Finance Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Ventures Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n (a)Del Rio Funding LLC, % of control different from % of interest: 50.00%. (b)Rio Grande LNG Intermediate Holdings LLC, % of control different from % of interest: 16.67%. (c)TotalEnergies Australia Unit Trust, % of control different from % of interest: 75.16%. (d)Rio Grande LNG Train 4 Intermediate Holding LLC, % of control different from % of interest: 10.00%. (e)Multi-segment entities. | \n
Non-controlling interests
As of December\u00a031, 2025, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies EP Gabon, TotalEnergies EP Congo and AzurVista Resources Pte. Ltd.
9.2Share-based payments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies\u00a0SE may grant employees performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders\u2019 equity. The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired. For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period. | \n\n \n | \n\n The number\u00a0of allocated equity instruments can be revised during the vesting period in cases of non-compliance with performance conditions, with the exception of those related to the market, or according to the rate of turnover of the beneficiaries. The cost of employee-reserved capital increases is immediately expensed. The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)TotalEnergies\u2019s performance share plans
| \n \n | \n\n 2020 | \n\n 2021 | \n\n 2022 | \n\n 2023(a) | \n\n 2024 | \n\n 2025 | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Date of the Shareholders\u2019 Meeting | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 5/28/2021 | \n\n 5/26/2023 | \n\n 5/24/2024 | \n\n 5/24/2024 | \n\n \n | \n
| \n Award date | \n\n 3/18/2020 | \n\n 5/28/2021 | \n\n 3/16/2022 | \n\n 5/26/2023 | \n\n 5/24/2024 | \n\n 3/19/2025 | \n\n \n | \n
| \n Date of the final award (end of the vesting period) | \n\n 3/20/2023 | \n\n 5/29/2024 | \n\n 3/17/2025 | \n\n 5/27/2026 | \n\n 5/24/2027 | \n\n 3/20/2028 | \n\n \n | \n
| \n Transfer authorized as from | \n\n 3/21/2025 | \n\n 5/30/2026 | \n\n 3/17/2025 | \n\n 5/27/2026 | \n\n 5/24/2027 | \n\n 3/20/2028 | \n\n \n | \n
| \n Grant date IFRS\u00a02 fair value | \n\n \u20ac12.40 | \n\n \u20ac27.40 | \n\n \u20ac37.22 | \n\n \u20ac46.24 | \n\n \u20ac55.83 | \n\n \u20ac48.23 | \n\n \n | \n
| \n Number\u00a0of performance shares | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Outstanding as of January\u00a01, 2023 | \n\n 6,574,961 | \n\n 6,661,580 | \n\n 7,320,181 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20,556,722 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,985,203 | \n\n \u2013 | \n\n \u2013 | \n\n 7,985,203 | \n
| \n Cancelled | \n\n (128,577) | \n\n (98,291) | \n\n (86,348) | \n\n (42,040) | \n\n \u2013 | \n\n \u2013 | \n\n (355,256) | \n
| \n Finally granted | \n\n (6,446,384) | \n\n (5,250) | \n\n (5,568) | \n\n (190) | \n\n \u2013 | \n\n \u2013 | \n\n (6,457,392) | \n
| \n Outstanding as of January\u00a01, 2024 | \n\n \u2013 | \n\n 6,558,039 | \n\n 7,228,265 | \n\n 7,942,973 | \n\n \u2013 | \n\n \u2013 | \n\n 21,729,277 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,775,722 | \n\n \u2013 | \n\n 7,775,722 | \n
| \n Cancelled | \n\n \u2013 | \n\n (498,045) | \n\n (77,209) | \n\n (61,731) | \n\n (12,871) | \n\n \u2013 | \n\n (649,856) | \n
| \n Finally granted | \n\n \u2013 | \n\n (6,059,994) | \n\n (2,811) | \n\n (3,134) | \n\n \u2013 | \n\n \u2013 | \n\n (6,065,939) | \n
| \n Outstanding as of January\u00a01, 2025 | \n\n \u2013 | \n\n \u2013 | \n\n 7,148,245 | \n\n 7,878,108 | \n\n 7,762,851 | \n\n \u2013 | \n\n 22,789,204 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 9,190,018 | \n\n 9,190,018 | \n
| \n Cancelled | \n\n \u2013 | \n\n \u2013 | \n\n (937,957) | \n\n (127,154) | \n\n (83,775) | \n\n (70,975) | \n\n (1,219,861) | \n
| \n Finally granted | \n\n \u2013 | \n\n \u2013 | \n\n (6,210,288) | \n\n (2,580) | \n\n (2,831) | \n\n (243) | \n\n (6,215,942) | \n
| \n Outstanding as of December\u00a031, 2025 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,748,374 | \n\n 7,676,245 | \n\n 9,118,800 | \n\n 24,543,419 | \n
| \n (a)Includes 37,000 performance shares granted on December\u00a013, 2023 to 4 executives recruited in 2023 in accordance with the decision of the Board of Directors on December\u00a013, 2023 and the Shareholders\u2019 Meeting on May\u00a026, 2023. For these performance shares, the vesting period begins on December\u00a013, 2023 and the final grant date is December\u00a014, 2026, subject to the conditions set (end of the vesting period). The IFRS\u00a02 fair value on the grant date was \u20ac51.56. | \n
The performance shares, which are bought back by TotalEnergies\u00a0SE on the market, are finally granted to their beneficiaries after a 3-year vesting period, from the date of the grant. The final grant is subject to a continued employment condition as well as:
\u2013four performance conditions for the 2020 Plan; and
\u2013five performance conditions for the plans after the 2020 Plan.
Moreover, the transfer of the performance shares finally granted under the 2020 to 2021 Plans will not be permitted until the end of a 2-year holding period from the date of the final grant.
2025 Plan
The Board of Directors granted performance shares, on March\u00a019, 2025, to certain employees and executive directors of TotalEnergies\u00a0SE or its subsidiaries, subject to the fulfilment of the continued employment condition of three\u00a0years and five performance conditions.
The performance conditions apply differently depending on the capacity of the beneficiaries. If all shares granted to senior executives are subject to performance conditions, the grant of the first 150 shares to non-senior executives are not subject to the performance condition abovementioned, which will, nonetheless, apply to any shares granted above this threshold.
The applicable performance conditions are as follows:
\u2013for 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) during the three vesting\u00a0years (2025, 2026 and 2027) based on the Total Shareholder Return (\u201cTSR\u201d) of the year in question, the dividend being considered reinvested;
\u2013for 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) based on the annual variation in net cash flow per share criterion expressed in dollars during the three vesting\u00a0years (2025, 2026 and 2027);
\u2013for 20% of the shares, the level reached by the pre-dividend organic cash breakeven in view of the objective set for the three vesting\u00a0years (2025, 2026 and 2027). The pre-dividend organic cash breakeven is defined as the Brent price for which the operating cash flow before working capital changes (MBA) covers the organic investments(419). The ability of the Company to resist to the variations of the Brent barrel price is measured by this parameter;
\u2013for 15% of the shares, the change in methane emissions on operated facilities in relation to the achievement of the target to reduce methane emissions set for 2027;
\u2013for 15% of the shares, the criterion of the lifecycle carbon intensity of energy products sold to the Company\u2019s customers in relation to the achievement of the target to reduce this intensity set for 2027.
B)Other TotalEnergies share plan
Worldwide Plan 2024
| \n \n | \n\n 2024 | \n
|---|---|
| \n Date of the Shareholders\u2019 Meeting | \n\n 5/26/2023 | \n
| \n Award date | \n\n 5/23/2024 | \n
| \n Date of the final award (end of the vesting period) | \n\n 5/24/2029 | \n
| \n Transfer authorized as from | \n\n 5/24/2029 | \n
| \n Grant date IFRS\u00a02 fair value | \n\n \u20ac47.94 | \n
| \n Number\u00a0of performance shares | \n\n \n | \n
| \n Outstanding as of January\u00a01, 2024 | \n\n \u2013 | \n
| \n Notified | \n\n 10,666,900 | \n
| \n Cancelled | \n\n (337,500) | \n
| \n Finally granted(a) | \n\n \u2013 | \n
| \n Outstanding as of January\u00a01, 2025 | \n\n 10,329,400 | \n
| \n Notified | \n\n \u2013 | \n
| \n Cancelled | \n\n (742,000) | \n
| \n Finally granted(a) | \n\n (4,400) | \n
| \n Outstanding as of December\u00a031, 2025 | \n\n 9,583,000 | \n
| \n (a)Final grant following the death of the beneficiary of the shares. | \n
At its meeting on May\u00a023, 2024, the Board of Directors decided to grant 100 shares of the Company to each employee and executive director (excluding the Chairman and CEO) of TotalEnergies\u00a0SE or its subsidiaries, subject to the fulfilment of the continued employment condition of five\u00a0years.
C)Share-based payment expense
Share-based payment expense before tax was broken down as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n TotalEnergies performance shares plans | \n\n 377 | \n\n 287 | \n\n 217 | \n
| \n TotalEnergies world shares plans | \n\n 93 | \n\n 54 | \n\n \u2013 | \n
| \n Capital increase reserved for employees | \n\n 115 | \n\n 215 | \n\n 74 | \n
| \n Total | \n\n 585 | \n\n 556 | \n\n 291 | \n
The main assumptions used for the valuation of the cost of the capital increase reserved for employees in 2025 were the following:
| \n For the year ended December 31, | \n\n 2025 | \n
|---|---|
| \n Date of the Board of Directors meeting that decided the issue | \n\n October\u00a030, 2024 | \n
| \n Reference price (\u20ac)(a) | \n\n 53.02 | \n
| \n Subscription price (\u20ac)(b) | \n\n 42.50 | \n
| \n Number of shares issued (in millions)(c) | \n\n 11.10 | \n
| \n (a)Average of the closing prices of the TotalEnergies shares over the 20\u00a0trading sessions preceding April\u00a029, 2025, being the date of the Chairman and CEO\u2019s decision setting the opening date of the subscription period and the subscription price. (b)Reference price, reduced by a 20% discount and rounded off to the highest tenth of a euro. (c)Including the free shares issued. | \n
(419)Organic investments: net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
Accounting principles
TotalEnergies\u00a0SE may grant employees performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders\u2019 equity.
The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired.
For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period.
The cost of employee-reserved capital increases is immediately expensed.
The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors.
Accounting principles
In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits.
These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments.
For defined contribution plans, expenses correspond to the contributions paid.
Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement.
The past service cost is recorded immediately in the statement of income, whether vested or unvested.
The net periodic pension cost is recognized under \u201cOther operating expenses\u201d.
10.2Payroll and staff
| \n For the year ended December 31, | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Personnel expenses (M$) | \n\n \n | \n\n \n | \n\n \n | \n
| \n Wages and salaries (including social charges) | \n\n 9,973 | \n\n 9,460 | \n\n 9,210 | \n
| \n TotalEnergies employees at December 31, | \n\n \n | \n\n \n | \n\n \n | \n
| \n France (DROM COM includ.) | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 15,067 | \n\n 15,101 | \n\n 14,675 | \n
| \n \u2013Other | \n\n 20,357 | \n\n 20,779 | \n\n 20,831 | \n
| \n International | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 20,504 | \n\n 20,318 | \n\n 19,470 | \n
| \n \u2013Other | \n\n 45,585 | \n\n 46,689 | \n\n 47,603 | \n
| \n Total | \n\n 101,513 | \n\n 102,887 | \n\n 102,579 | \n
The number of employees includes only employees of fully consolidated subsidiaries.
Accounting principles
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (or income).
Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Accounting principles
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (or income).
Current tax expenses (or income) are the estimated amount of the tax due for the taxable income of the period.
Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Accounting principles
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (or income).
Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Income taxes are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Current income taxes | \n\n (8,785) | \n\n (10,212) | \n\n (12,745) | \n
| \n Deferred income taxes | \n\n (307) | \n\n (563) | \n\n (556) | \n
| \n Total income taxes | \n\n (9,092) | \n\n (10,775) | \n\n (13,301) | \n
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Net operating losses and tax carry forwards | \n\n 3,349 | \n\n 3,324 | \n\n 3,098 | \n
| \n Employee benefits | \n\n 500 | \n\n 436 | \n\n 415 | \n
| \n Other temporary non-deductible provisions | \n\n 6,693 | \n\n 6,886 | \n\n 7,569 | \n
| \n Differences in depreciations | \n\n (15,687) | \n\n (15,003) | \n\n (15,443) | \n
| \n Other temporary tax deductions | \n\n (4,131) | \n\n (4,555) | \n\n (3,909) | \n
| \n Net deferred tax liability | \n\n (9,276) | \n\n (8,912) | \n\n (8,270) | \n
The reserves of TotalEnergies subsidiaries that would be taxable if distributed but for which no distribution is planned, and for which no deferred tax liability has therefore been recognized, totaled $4,271\u00a0million as of December\u00a031, 2025.
Deferred tax assets not recognized as of December\u00a031, 2025, amount to $2,899\u00a0million as their future recovery was not regarded as probable given the expected results of the entities, particularly in the Exploration & Production segment, when the affiliate or the field concerned is in its exploration phase, the net operating losses created during this phase will be useable only if a final investment and development decision is made. Accordingly, the time limit for the utilization of those net operating losses is not known.
Deferred tax assets not recognized relate notably to France for an amount of $1,153\u00a0million, Namibia for an amount of $315\u00a0million and Australia for an amount of $201\u00a0million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Deferred tax assets | \n\n 3,358 | \n\n 3,202 | \n\n 3,418 | \n
| \n Deferred tax liabilities | \n\n (12,634) | \n\n (12,114) | \n\n (11,688) | \n
| \n Net amount | \n\n (9,276) | \n\n (8,912) | \n\n (8,270) | \n
The net deferred tax variation in the balance sheet is analyzed as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Opening balance | \n\n (8,912) | \n\n (8,270) | \n\n (5,972) | \n
| \n Deferred tax on income | \n\n (307) | \n\n (563) | \n\n (556) | \n
| \n Deferred tax on shareholders\u2019 equity(a) | \n\n 306 | \n\n (768) | \n\n (741) | \n
| \n Changes in scope\u00a0of consolidation and others | \n\n (75) | \n\n 388 | \n\n (1,102) | \n
| \n Currency translation adjustment | \n\n (288) | \n\n 301 | \n\n 101 | \n
| \n Closing balance | \n\n (9,276) | \n\n (8,912) | \n\n (8,270) | \n
| \n (a)This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments in equity instruments, as well as deferred taxes related to the cash flow hedge (refer to Note\u00a09 to the Consolidated Financial Statements). | \n
Reconciliation between provision for income taxes and pre-tax income
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Consolidated net income | \n\n 13,357 | \n\n 16,031 | \n\n 21,510 | \n
| \n Income taxes | \n\n 9,092 | \n\n 10,775 | \n\n 13,301 | \n
| \n Pre-tax income | \n\n 22,449 | \n\n 26,806 | \n\n 34,811 | \n
| \n French statutory tax rate | \n\n 25.83% | \n\n 25.83% | \n\n 25.83% | \n
| \n Theoretical tax charge | \n\n (5,799) | \n\n (6,924) | \n\n (8,992) | \n
| \n Difference between French and foreign income tax rates | \n\n (5,143) | \n\n (5,554) | \n\n (5,925) | \n
| \n Tax effect of equity affiliates\u2019 income (loss) | \n\n 660 | \n\n 408 | \n\n 477 | \n
| \n Permanent differences | \n\n 1,271 | \n\n 890 | \n\n 800 | \n
| \n Adjustments on prior years income taxes | \n\n 221 | \n\n 109 | \n\n 54 | \n
| \n Adjustments on deferred tax related to changes in tax rates | \n\n (91) | \n\n (35) | \n\n 216 | \n
| \n Variation of deferred tax assets not recognized | \n\n (211) | \n\n 331 | \n\n 69 | \n
| \n Income taxes in the statement of income | \n\n (9,092) | \n\n (10,775) | \n\n (13,301) | \n
The French statutory tax rate includes the standard corporate tax rate (25%), increased by the additional contribution that bring the overall tax rate to 25.83% in 2025 (as in 2024 and 2023).
Permanent differences are mainly due to impairment of goodwill and to dividends from non-consolidated companies as well as the specific taxation rules applicable to certain activities.
The international tax reform Pillar 2, applicable in France from January\u00a01, 2024, introduces a minimum tax rate of 15% on the profits of companies in each of their operating countries. Given the high tax rates in the Company\u2019s operating countries and the increases in countries with lower rates, the application of this minimum tax will not result in the payment of additional tax for 2025, as for 2024.
Schedule of losses and tax credits carried forward
TotalEnergies has deferred tax assets related to losses and carried forward tax credits which expire according to the following\u00a0years:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n 2024 | \n\n \n | \n\n \n | \n\n 2 | \n
| \n 2025 | \n\n \n | \n\n 2 | \n\n 2 | \n
| \n 2026 | \n\n 5 | \n\n 5 | \n\n 8 | \n
| \n 2027 | \n\n 6 | \n\n 4 | \n\n 3 | \n
| \n 2028(a) | \n\n 6 | \n\n 5 | \n\n 1,201 | \n
| \n 2029(b) | \n\n 4 | \n\n 216 | \n\n \u00a0 | \n
| \n 2030 and after | \n\n 560 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 2,768 | \n\n 3,092 | \n\n 1,882 | \n
| \n Total | \n\n 3,349 | \n\n 3,324 | \n\n 3,098 | \n
| \n (a)2028 and after for 2023. (b)2029 and after for 2024. | \n\n\n | \n\n\n | \n\n\n | \n
As of December 31, 2025 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:
| \n As of December 31, 2025 (M$) | \n\n \n | \n\n Tax | \n\n \n | \n
|---|---|---|---|
| \n United States | \n\n France | \n\n Australia | \n|
| \n 2026 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2027 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2028 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2029 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2030 and after | \n\n 455 | \n\n 6 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 575 | \n\n 993 | \n\n 571 | \n
| \n Total | \n\n 1,030 | \n\n 999 | \n\n 571 | \n
Accounting principles
Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks.
12.2Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Mozambique
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April\u00a026, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure which was lifted end of 2025 paving the way for the project to resume.
Legal and arbitration proceedings
Disputes relating to Climate
In France, TotalEnergies\u00a0SE was summoned in January\u00a02020 before Nanterre\u2019s Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company\u2019s activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July\u00a06, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June\u00a018, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies\u00a0SE considers that it has fulfilled its obligations under the French law on the vigilance duty. A new action against the Corporation, with similar requests for injunction, has started in March\u00a02024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against TotalEnergies\u00a0SE, with the purpose of proving that since May\u00a02021 \u2013 after the change of name of TotalEnergies \u2013 the Corporation\u2019s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. By decision dated October\u00a023, 2025, the Paris Judicial Court ruled that the Corporation\u2019s institutional communication of an informational nature did not fall under the Consumer Code or the scope\u00a0of misleading commercial practices. The claims concerning the communication campaign related to its name change in 2021, as well as those targeting its institutional communication on the role of natural gas and biofuels in the energy transition, were all dismissed. No \u201cadvertising\u201d by TotalEnergies\u2019 subsidiaries in France was condemned by the court. However, the court requested the removal of three paragraphs relating to carbon neutrality ambitions from the website of its commercial subsidiary TotalEnergies \u00c9lectricit\u00e9 et Gaz France intended for customers. Neither party appealed the ruling.
In France, on July\u00a04, 2023, nine shareholders (two companies and seven individuals holding a small number\u00a0of the Corporation\u2019s shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no.\u00a03 passed by the Corporation\u2019s Annual Shareholders\u2019 Meeting on May\u00a026, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies\u2019 assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (Scope\u00a03) and carbon cost assumptions presented as too low. The claimants request for annulment of the Shareholders\u2019 Meeting resolution has been dismissed on September\u00a025, 2025, for lack of interest during a preliminary procedural phase. They have appealed this judgment.
In the United States, the Corporation and several of its US subsidiaries of were summoned, amongst many other companies and professional associations, in several \u201cclimate litigation\u201d cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Company considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
Mozambique
In France, victims and heirs of deceased persons filed a complaint against TotalEnergies\u00a0SE in October\u00a02023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March\u00a02021. This complaint would allege that the Corporation is liable for \u201cunvoluntary manslaughter\u201d and, \u201cfailure to assist people in danger\u201d. The Corporation considers these accusations as unfounded in both law and fact(420).
Kazakhstan
On April\u00a01, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
13.1Off-balance sheet commitments and contractual obligations
| \n As of December 31, 2025 (M$) | \n\n Maturity and installments | \n|||
|---|---|---|---|---|
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (note 15) | \n\n 38,953 | \n\n \u2013 | \n\n 13,097 | \n\n 25,856 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (note\u00a015) | \n\n 2,677 | \n\n 2,677 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (note 13.2) | \n\n 9,927 | \n\n 1,876 | \n\n 3,782 | \n\n 4,269 | \n
| \n Asset retirement obligations (note 12) | \n\n 9,262 | \n\n 504 | \n\n 1,238 | \n\n 7,520 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 60,819 | \n\n 5,057 | \n\n 18,117 | \n\n 37,645 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (note 13.2) | \n\n 3,168 | \n\n 861 | \n\n 1,743 | \n\n 564 | \n
| \n Purchase obligations | \n\n 198,957 | \n\n 13,026 | \n\n 50,521 | \n\n 135,410 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 202,125 | \n\n 13,887 | \n\n 52,264 | \n\n 135,974 | \n
| \n Total of contractual obligations | \n\n 262,944 | \n\n 18,944 | \n\n 70,381 | \n\n 173,619 | \n
| \n Guarantees given to customs authorities | \n\n 2,146 | \n\n 2,056 | \n\n 5 | \n\n 85 | \n
| \n Guarantees given on borrowings | \n\n 27,653 | \n\n 146 | \n\n 18,212 | \n\n 9,295 | \n
| \n Guarantees related to sales of businesses | \n\n 321 | \n\n 168 | \n\n 153 | \n\n \u2013 | \n
| \n Guarantees of current liabilities | \n\n 243 | \n\n 223 | \n\n 6 | \n\n 14 | \n
| \n Guarantees to customers/suppliers | \n\n 29,685 | \n\n 8,388 | \n\n 6,394 | \n\n 14,903 | \n
| \n Letters of credit | \n\n 4,308 | \n\n 4,102 | \n\n 179 | \n\n 27 | \n
| \n Other operating commitments | \n\n 19,153 | \n\n 6,013 | \n\n 2,037 | \n\n 11,103 | \n
| \n Total of other commitments given | \n\n 83,509 | \n\n 21,096 | \n\n 26,986 | \n\n 35,427 | \n
| \n Assets received as collateral (security interests) | \n\n 43 | \n\n 12 | \n\n 16 | \n\n 15 | \n
| \n Sales obligations | \n\n 115,446 | \n\n 9,588 | \n\n 51,780 | \n\n 54,078 | \n
| \n Other commitments received | \n\n 33,331 | \n\n 26,642 | \n\n 3,595 | \n\n 3,094 | \n
| \n Total of commitments received | \n\n 148,820 | \n\n 36,242 | \n\n 55,391 | \n\n 57,187 | \n
| \n of which commitments given relating to joint-ventures | \n\n 33,915 | \n\n 378 | \n\n 12,304 | \n\n 21,233 | \n
| \n of which commitments given relating to associates | \n\n 65,185 | \n\n 169 | \n\n 14,562 | \n\n 50,454 | \n
| \n As of December\u00a031, 2024 (M$) | \n\n Maturity and installments | \n|||
|---|---|---|---|---|
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (note 15) | \n\n 34,684 | \n\n \u2013 | \n\n 13,950 | \n\n 20,734 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (note 15) | \n\n 3,863 | \n\n 3,863 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (note 13.2) | \n\n 9,917 | \n\n 2,095 | \n\n 3,893 | \n\n 3,929 | \n
| \n Asset retirement obligations (note 12) | \n\n 11,359 | \n\n 524 | \n\n 1,588 | \n\n 9,247 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 59,823 | \n\n 6,482 | \n\n 19,431 | \n\n 33,910 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (note 13.2) | \n\n 3,429 | \n\n 772 | \n\n 1,746 | \n\n 911 | \n
| \n Purchase obligations | \n\n 188,827 | \n\n 12,307 | \n\n 47,855 | \n\n 128,665 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 192,256 | \n\n 13,079 | \n\n 49,601 | \n\n 129,576 | \n
| \n Total of contractual obligations | \n\n 252,079 | \n\n 19,561 | \n\n 69,032 | \n\n 163,486 | \n
| \n Guarantees given to customs authorities | \n\n 1,908 | \n\n 1,839 | \n\n 9 | \n\n 60 | \n
| \n Guarantees given on borrowings | \n\n 22,317 | \n\n 419 | \n\n 12,887 | \n\n 9,011 | \n
| \n Guarantees related to sales of businesses | \n\n 306 | \n\n 154 | \n\n 152 | \n\n \u2013 | \n
| \n Guarantees of current liabilities | \n\n 167 | \n\n 167 | \n\n \u2013 | \n\n \u2013 | \n
| \n Guarantees to customers/suppliers | \n\n 27,510 | \n\n 11,618 | \n\n 1,599 | \n\n 14,293 | \n
| \n Letters of credit | \n\n 3,974 | \n\n 3,767 | \n\n 189 | \n\n 18 | \n
| \n Other operating commitments | \n\n 19,093 | \n\n 6,198 | \n\n 818 | \n\n 12,077 | \n
| \n Total of other commitments given | \n\n 75,275 | \n\n 24,162 | \n\n 15,654 | \n\n 35,459 | \n
| \n Assets received as collateral (security interests) | \n\n 40 | \n\n 17 | \n\n 12 | \n\n 11 | \n
| \n Sales obligations | \n\n 116,850 | \n\n 10,743 | \n\n 55,870 | \n\n 50,237 | \n
| \n Other commitments received | \n\n 25,736 | \n\n 19,822 | \n\n 2,838 | \n\n 3,076 | \n
| \n Total of commitments received | \n\n 142,626 | \n\n 30,582 | \n\n 58,720 | \n\n 53,324 | \n
| \n of which commitments given relating to joint-ventures | \n\n 35,755 | \n\n 87 | \n\n 12,267 | \n\n 23,401 | \n
| \n of which commitments given relating to associates | \n\n 90,221 | \n\n 674 | \n\n 21,074 | \n\n 68,473 | \n
| \n As of December 31, 2023 (M$) | \n\n Maturity and installments | \n|||
|---|---|---|---|---|
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (note 15) | \n\n 31,493 | \n\n \u2013 | \n\n 13,068 | \n\n 18,425 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (note 15) | \n\n 5,669 | \n\n 5,669 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (note 13.2) | \n\n 9,477 | \n\n 1,721 | \n\n 3,652 | \n\n 4,104 | \n
| \n Asset retirement obligations (note 12) | \n\n 11,585 | \n\n 453 | \n\n 1,452 | \n\n 9,680 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 58,224 | \n\n 7,843 | \n\n 18,172 | \n\n 32,209 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (note 13.2) | \n\n 2,221 | \n\n 643 | \n\n 1,049 | \n\n 529 | \n
| \n Purchase obligations | \n\n 178,772 | \n\n 14,536 | \n\n 40,850 | \n\n 123,386 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 180,993 | \n\n 15,179 | \n\n 41,899 | \n\n 123,915 | \n
| \n Total of contractual obligations | \n\n 239,217 | \n\n 23,022 | \n\n 60,071 | \n\n 156,124 | \n
| \n Guarantees given to customs authorities | \n\n 2,001 | \n\n 1,913 | \n\n 47 | \n\n 41 | \n
| \n Guarantees given on borrowings | \n\n 19,219 | \n\n 582 | \n\n 9,506 | \n\n 9,131 | \n
| \n Guarantees related to sales of businesses | \n\n 312 | \n\n 160 | \n\n \u2013 | \n\n 152 | \n
| \n Guarantees of current liabilities | \n\n 67 | \n\n 67 | \n\n \u2013 | \n\n \u2013 | \n
| \n Guarantees to customers/suppliers | \n\n 23,382 | \n\n 6,768 | \n\n 3,946 | \n\n 12,668 | \n
| \n Letters of credit | \n\n 3,294 | \n\n 3,002 | \n\n 270 | \n\n 22 | \n
| \n Other operating commitments | \n\n 20,409 | \n\n 8,698 | \n\n 1,083 | \n\n 10,628 | \n
| \n Total of other commitments given | \n\n 68,684 | \n\n 21,190 | \n\n 14,852 | \n\n 32,642 | \n
| \n Assets received as collateral (security interests) | \n\n 42 | \n\n 22 | \n\n 8 | \n\n 12 | \n
| \n Sales obligations | \n\n 97,436 | \n\n 8,470 | \n\n 47,178 | \n\n 41,788 | \n
| \n Other commitments received | \n\n 25,365 | \n\n 18,025 | \n\n 3,355 | \n\n 3,985 | \n
| \n Total of commitments received | \n\n 122,843 | \n\n 26,517 | \n\n 50,541 | \n\n 45,785 | \n
| \n of which commitments given relating to joint-ventures | \n\n 32,846 | \n\n 906 | \n\n 10,643 | \n\n 21,297 | \n
| \n of which commitments given relating to associates | \n\n 97,130 | \n\n 850 | \n\n 14,676 | \n\n 81,604 | \n
A)Contractual obligations
Debt obligations
\u201cNon-current debt obligations\u201d are included in the items \u201cNon-current financial debt\u201d and \u201cNon-current financial assets\u201d of the Consolidated Balance Sheet. It includes the non-current portion of swaps hedging bonds and excludes non-current lease obligations of $8,051\u00a0million.
The current portion of non-current debt is included in the items \u201cCurrent borrowings\u201d, \u201cCurrent financial assets\u201d and \u201cOther current financial liabilities\u201d of the Consolidated Balance Sheet. It includes the current portion of swaps hedging bonds and excludes the current portion of lease obligations of $1,876\u00a0million.
The information regarding contractual obligations linked to indebtedness is presented in Note\u00a015 to the Consolidated Financial Statements.
Lease contracts
The information regarding leases is presented in Note\u00a013.2 to the Consolidated Financial Statements.
Asset retirement obligations
This item represents the discounted present value of Exploration & Production and Integrated LNG asset retirement obligations, primarily asset removal costs at the completion date. The information regarding contractual obligations linked to asset retirement obligations is presented in Note\u00a012 to the Consolidated Financial Statements.
Purchase obligations
Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on the Company and specify all significant terms, including the amount and the timing of the payments.
These obligations mainly include: unconditional hydrocarbon purchase contracts (except where an active, highly-liquid market exists and when the hydrocarbons are expected to be re-sold shortly after purchase) in the Integrated LNG segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production and Integrated LNG segment, and contracts for capital investment projects in the Refining & Chemicals segment.
B)Other commitments given
Guarantees given to customs authorities
These consist of guarantees given by TotalEnergies to customs authorities in order to guarantee the payments of taxes and excise duties on the importation of oil and gas products, mostly in France.
Guarantees given on borrowings
TotalEnergies guarantees bank debt and lease obligations of certain non-consolidated subsidiaries and equity affiliates. Maturity dates vary, and guarantees will terminate on payment and/or cancellation of the obligation. A payment would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee, and no assets are held as collateral for these guarantees. As of December\u00a031, 2025, the maturities of these guarantees are up to 2049.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Mozambique LNG project amount to $4,600\u00a0million as in 2024.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Ichthys LNG project amount to $3,914\u00a0million. As of December\u00a031, 2024, the guarantees amounted to $4,022\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Yamal LNG project amount to $3,299\u00a0million. As of December\u00a031, 2024, the guarantees amounted to $3,243\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Amiral project amount to $2,584\u00a0million as in 2024.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Oranje Wind (HKW) project, amount to $1,469\u00a0million. As of December\u00a031, 2024 the guarantees amounted to $1,299\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,400\u00a0million as in 2024.
As of December\u00a031, 2025, the guarantee provided by TotalEnergies\u00a0SE in connection with the financing of the North Field South project, amount to $1,300\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the EACOP project, amount to $1,245\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Arctic LNG2 project amount to $1,116\u00a0million. As of December\u00a031, 2024, the guarantees amounted to $987\u00a0million.
As of December\u00a031, 2025, TotalEnergies\u00a0SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia\u00a0SAS shareholders\u2019 advances for an amount of $1,025\u00a0million as in 2024.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Rio Grande LNG project amount to $800\u00a0million as in 2024.
Indemnities related to sales of businesses
In the ordinary course of business, TotalEnergies executes contracts involving standard indemnities for the oil industry and indemnities specific to transactions such as sales of businesses. These indemnities might include claims against any of the following: environmental, tax and shareholder matters, intellectual property rights, governmental regulations and employment-related matters, and commercial contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a third party claim. TotalEnergies regularly evaluates the probability of having to incur costs associated with these indemnities.
Other guarantees given
Non-consolidated subsidiaries
TotalEnergies also guarantees the current liabilities of certain non\u2011consolidated subsidiaries. Performance under these guarantees would be triggered by a financial default of the entity.
Operating agreements
As part of normal ongoing business operations and consistent with generally accepted industry practices, TotalEnergies enters into numerous agreements with other parties. These commitments are often entered into for commercial purposes, for regulatory purposes or for other operating agreements.
C)Commitments received
Sales obligations
These amounts represent binding obligations to sell goods, including in particular hydrocarbon sales contracts (except where an active, highly\u2011liquid market exists and when the volumes are expected to be re-sold shortly after purchase).
13.2Lease contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies. | \n\n \n | \n\n Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments. | \n\n\n | \n|
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
TotalEnergies mainly leases real estate, service stations, ships, and other equipment (refer to Note 7 to the Consolidated Financial Statements).
The future minimum lease payments on leases to which TotalEnergies is committed are as follows:
| \n For the year ended December 31, 2025 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2026 | \n\n 861 | \n\n 2,616 | \n
| \n 2027 | \n\n 644 | \n\n 1,828 | \n
| \n 2028 | \n\n 449 | \n\n 1,430 | \n
| \n 2029 | \n\n 343 | \n\n 1,257 | \n
| \n 2030 | \n\n 306 | \n\n 1,056 | \n
| \n 2031 and beyond | \n\n 565 | \n\n 6,793 | \n
| \n Total minimum payments | \n\n 3,168 | \n\n 14,980 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (5,053) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,927 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (1,876) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 8,051 | \n
| \n For the year ended December 31, 2024 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2025 | \n\n 772 | \n\n 2,713 | \n
| \n 2026 | \n\n 494 | \n\n 1,916 | \n
| \n 2027 | \n\n 497 | \n\n 1,414 | \n
| \n 2028 | \n\n 418 | \n\n 1,202 | \n
| \n 2029 | \n\n 337 | \n\n 1,086 | \n
| \n 2030 and beyond | \n\n 911 | \n\n 6,215 | \n
| \n Total minimum payments | \n\n 3,429 | \n\n 14,546 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (4,629) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,917 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (2,095) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 7,822 | \n
| \n For the year ended December 31, 2023 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2024 | \n\n 643 | \n\n 2,473 | \n
| \n 2025 | \n\n 406 | \n\n 1,607 | \n
| \n 2026 | \n\n 249 | \n\n 1,384 | \n
| \n 2027 | \n\n 231 | \n\n 1,142 | \n
| \n 2028 | \n\n 163 | \n\n 1,007 | \n
| \n 2029 and beyond | \n\n 529 | \n\n 6,188 | \n
| \n Total minimum payments | \n\n 2,221 | \n\n 13,801 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (4,324) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,477 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (1,721) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 7,756 | \n
For the year ended December\u00a031, 2025, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $417\u00a0million and $173\u00a0million, respectively.
For the year ended December\u00a031, 2024, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $641\u00a0million and $103\u00a0million, respectively.
For the year ended December\u00a031, 2023, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $1,007\u00a0million and $183\u00a0million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note\u00a015 to the Consolidated Financial Statements.
(420)Refer to the press release published by the Company on October\u00a011, 2023 contesting the accusations.
Accounting principles
A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate.
Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks.
Accounting principles
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
Accounting principles
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
12.2Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Mozambique
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April\u00a026, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure which was lifted end of 2025 paving the way for the project to resume.
Legal and arbitration proceedings
Disputes relating to Climate
In France, TotalEnergies\u00a0SE was summoned in January\u00a02020 before Nanterre\u2019s Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company\u2019s activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July\u00a06, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June\u00a018, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies\u00a0SE considers that it has fulfilled its obligations under the French law on the vigilance duty. A new action against the Corporation, with similar requests for injunction, has started in March\u00a02024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against TotalEnergies\u00a0SE, with the purpose of proving that since May\u00a02021 \u2013 after the change of name of TotalEnergies \u2013 the Corporation\u2019s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. By decision dated October\u00a023, 2025, the Paris Judicial Court ruled that the Corporation\u2019s institutional communication of an informational nature did not fall under the Consumer Code or the scope\u00a0of misleading commercial practices. The claims concerning the communication campaign related to its name change in 2021, as well as those targeting its institutional communication on the role of natural gas and biofuels in the energy transition, were all dismissed. No \u201cadvertising\u201d by TotalEnergies\u2019 subsidiaries in France was condemned by the court. However, the court requested the removal of three paragraphs relating to carbon neutrality ambitions from the website of its commercial subsidiary TotalEnergies \u00c9lectricit\u00e9 et Gaz France intended for customers. Neither party appealed the ruling.
In France, on July\u00a04, 2023, nine shareholders (two companies and seven individuals holding a small number\u00a0of the Corporation\u2019s shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no.\u00a03 passed by the Corporation\u2019s Annual Shareholders\u2019 Meeting on May\u00a026, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies\u2019 assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (Scope\u00a03) and carbon cost assumptions presented as too low. The claimants request for annulment of the Shareholders\u2019 Meeting resolution has been dismissed on September\u00a025, 2025, for lack of interest during a preliminary procedural phase. They have appealed this judgment.
In the United States, the Corporation and several of its US subsidiaries of were summoned, amongst many other companies and professional associations, in several \u201cclimate litigation\u201d cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Company considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
Mozambique
In France, victims and heirs of deceased persons filed a complaint against TotalEnergies\u00a0SE in October\u00a02023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March\u00a02021. This complaint would allege that the Corporation is liable for \u201cunvoluntary manslaughter\u201d and, \u201cfailure to assist people in danger\u201d. The Corporation considers these accusations as unfounded in both law and fact(420).
Kazakhstan
On April\u00a01, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
(420)Refer to the press release published by the Company on October\u00a011, 2023 contesting the accusations.
13.1Off-balance sheet commitments and contractual obligations
| \n As of December 31, 2025 (M$) | \n\n Maturity and installments | \n|||
|---|---|---|---|---|
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (note 15) | \n\n 38,953 | \n\n \u2013 | \n\n 13,097 | \n\n 25,856 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (note\u00a015) | \n\n 2,677 | \n\n 2,677 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (note 13.2) | \n\n 9,927 | \n\n 1,876 | \n\n 3,782 | \n\n 4,269 | \n
| \n Asset retirement obligations (note 12) | \n\n 9,262 | \n\n 504 | \n\n 1,238 | \n\n 7,520 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 60,819 | \n\n 5,057 | \n\n 18,117 | \n\n 37,645 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (note 13.2) | \n\n 3,168 | \n\n 861 | \n\n 1,743 | \n\n 564 | \n
| \n Purchase obligations | \n\n 198,957 | \n\n 13,026 | \n\n 50,521 | \n\n 135,410 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 202,125 | \n\n 13,887 | \n\n 52,264 | \n\n 135,974 | \n
| \n Total of contractual obligations | \n\n 262,944 | \n\n 18,944 | \n\n 70,381 | \n\n 173,619 | \n
| \n Guarantees given to customs authorities | \n\n 2,146 | \n\n 2,056 | \n\n 5 | \n\n 85 | \n
| \n Guarantees given on borrowings | \n\n 27,653 | \n\n 146 | \n\n 18,212 | \n\n 9,295 | \n
| \n Guarantees related to sales of businesses | \n\n 321 | \n\n 168 | \n\n 153 | \n\n \u2013 | \n
| \n Guarantees of current liabilities | \n\n 243 | \n\n 223 | \n\n 6 | \n\n 14 | \n
| \n Guarantees to customers/suppliers | \n\n 29,685 | \n\n 8,388 | \n\n 6,394 | \n\n 14,903 | \n
| \n Letters of credit | \n\n 4,308 | \n\n 4,102 | \n\n 179 | \n\n 27 | \n
| \n Other operating commitments | \n\n 19,153 | \n\n 6,013 | \n\n 2,037 | \n\n 11,103 | \n
| \n Total of other commitments given | \n\n 83,509 | \n\n 21,096 | \n\n 26,986 | \n\n 35,427 | \n
| \n Assets received as collateral (security interests) | \n\n 43 | \n\n 12 | \n\n 16 | \n\n 15 | \n
| \n Sales obligations | \n\n 115,446 | \n\n 9,588 | \n\n 51,780 | \n\n 54,078 | \n
| \n Other commitments received | \n\n 33,331 | \n\n 26,642 | \n\n 3,595 | \n\n 3,094 | \n
| \n Total of commitments received | \n\n 148,820 | \n\n 36,242 | \n\n 55,391 | \n\n 57,187 | \n
| \n of which commitments given relating to joint-ventures | \n\n 33,915 | \n\n 378 | \n\n 12,304 | \n\n 21,233 | \n
| \n of which commitments given relating to associates | \n\n 65,185 | \n\n 169 | \n\n 14,562 | \n\n 50,454 | \n
| \n As of December\u00a031, 2024 (M$) | \n\n Maturity and installments | \n|||
|---|---|---|---|---|
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (note 15) | \n\n 34,684 | \n\n \u2013 | \n\n 13,950 | \n\n 20,734 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (note 15) | \n\n 3,863 | \n\n 3,863 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (note 13.2) | \n\n 9,917 | \n\n 2,095 | \n\n 3,893 | \n\n 3,929 | \n
| \n Asset retirement obligations (note 12) | \n\n 11,359 | \n\n 524 | \n\n 1,588 | \n\n 9,247 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 59,823 | \n\n 6,482 | \n\n 19,431 | \n\n 33,910 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (note 13.2) | \n\n 3,429 | \n\n 772 | \n\n 1,746 | \n\n 911 | \n
| \n Purchase obligations | \n\n 188,827 | \n\n 12,307 | \n\n 47,855 | \n\n 128,665 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 192,256 | \n\n 13,079 | \n\n 49,601 | \n\n 129,576 | \n
| \n Total of contractual obligations | \n\n 252,079 | \n\n 19,561 | \n\n 69,032 | \n\n 163,486 | \n
| \n Guarantees given to customs authorities | \n\n 1,908 | \n\n 1,839 | \n\n 9 | \n\n 60 | \n
| \n Guarantees given on borrowings | \n\n 22,317 | \n\n 419 | \n\n 12,887 | \n\n 9,011 | \n
| \n Guarantees related to sales of businesses | \n\n 306 | \n\n 154 | \n\n 152 | \n\n \u2013 | \n
| \n Guarantees of current liabilities | \n\n 167 | \n\n 167 | \n\n \u2013 | \n\n \u2013 | \n
| \n Guarantees to customers/suppliers | \n\n 27,510 | \n\n 11,618 | \n\n 1,599 | \n\n 14,293 | \n
| \n Letters of credit | \n\n 3,974 | \n\n 3,767 | \n\n 189 | \n\n 18 | \n
| \n Other operating commitments | \n\n 19,093 | \n\n 6,198 | \n\n 818 | \n\n 12,077 | \n
| \n Total of other commitments given | \n\n 75,275 | \n\n 24,162 | \n\n 15,654 | \n\n 35,459 | \n
| \n Assets received as collateral (security interests) | \n\n 40 | \n\n 17 | \n\n 12 | \n\n 11 | \n
| \n Sales obligations | \n\n 116,850 | \n\n 10,743 | \n\n 55,870 | \n\n 50,237 | \n
| \n Other commitments received | \n\n 25,736 | \n\n 19,822 | \n\n 2,838 | \n\n 3,076 | \n
| \n Total of commitments received | \n\n 142,626 | \n\n 30,582 | \n\n 58,720 | \n\n 53,324 | \n
| \n of which commitments given relating to joint-ventures | \n\n 35,755 | \n\n 87 | \n\n 12,267 | \n\n 23,401 | \n
| \n of which commitments given relating to associates | \n\n 90,221 | \n\n 674 | \n\n 21,074 | \n\n 68,473 | \n
| \n As of December 31, 2023 (M$) | \n\n Maturity and installments | \n|||
|---|---|---|---|---|
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (note 15) | \n\n 31,493 | \n\n \u2013 | \n\n 13,068 | \n\n 18,425 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (note 15) | \n\n 5,669 | \n\n 5,669 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (note 13.2) | \n\n 9,477 | \n\n 1,721 | \n\n 3,652 | \n\n 4,104 | \n
| \n Asset retirement obligations (note 12) | \n\n 11,585 | \n\n 453 | \n\n 1,452 | \n\n 9,680 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 58,224 | \n\n 7,843 | \n\n 18,172 | \n\n 32,209 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (note 13.2) | \n\n 2,221 | \n\n 643 | \n\n 1,049 | \n\n 529 | \n
| \n Purchase obligations | \n\n 178,772 | \n\n 14,536 | \n\n 40,850 | \n\n 123,386 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 180,993 | \n\n 15,179 | \n\n 41,899 | \n\n 123,915 | \n
| \n Total of contractual obligations | \n\n 239,217 | \n\n 23,022 | \n\n 60,071 | \n\n 156,124 | \n
| \n Guarantees given to customs authorities | \n\n 2,001 | \n\n 1,913 | \n\n 47 | \n\n 41 | \n
| \n Guarantees given on borrowings | \n\n 19,219 | \n\n 582 | \n\n 9,506 | \n\n 9,131 | \n
| \n Guarantees related to sales of businesses | \n\n 312 | \n\n 160 | \n\n \u2013 | \n\n 152 | \n
| \n Guarantees of current liabilities | \n\n 67 | \n\n 67 | \n\n \u2013 | \n\n \u2013 | \n
| \n Guarantees to customers/suppliers | \n\n 23,382 | \n\n 6,768 | \n\n 3,946 | \n\n 12,668 | \n
| \n Letters of credit | \n\n 3,294 | \n\n 3,002 | \n\n 270 | \n\n 22 | \n
| \n Other operating commitments | \n\n 20,409 | \n\n 8,698 | \n\n 1,083 | \n\n 10,628 | \n
| \n Total of other commitments given | \n\n 68,684 | \n\n 21,190 | \n\n 14,852 | \n\n 32,642 | \n
| \n Assets received as collateral (security interests) | \n\n 42 | \n\n 22 | \n\n 8 | \n\n 12 | \n
| \n Sales obligations | \n\n 97,436 | \n\n 8,470 | \n\n 47,178 | \n\n 41,788 | \n
| \n Other commitments received | \n\n 25,365 | \n\n 18,025 | \n\n 3,355 | \n\n 3,985 | \n
| \n Total of commitments received | \n\n 122,843 | \n\n 26,517 | \n\n 50,541 | \n\n 45,785 | \n
| \n of which commitments given relating to joint-ventures | \n\n 32,846 | \n\n 906 | \n\n 10,643 | \n\n 21,297 | \n
| \n of which commitments given relating to associates | \n\n 97,130 | \n\n 850 | \n\n 14,676 | \n\n 81,604 | \n
A)Contractual obligations
Debt obligations
\u201cNon-current debt obligations\u201d are included in the items \u201cNon-current financial debt\u201d and \u201cNon-current financial assets\u201d of the Consolidated Balance Sheet. It includes the non-current portion of swaps hedging bonds and excludes non-current lease obligations of $8,051\u00a0million.
The current portion of non-current debt is included in the items \u201cCurrent borrowings\u201d, \u201cCurrent financial assets\u201d and \u201cOther current financial liabilities\u201d of the Consolidated Balance Sheet. It includes the current portion of swaps hedging bonds and excludes the current portion of lease obligations of $1,876\u00a0million.
The information regarding contractual obligations linked to indebtedness is presented in Note\u00a015 to the Consolidated Financial Statements.
Lease contracts
The information regarding leases is presented in Note\u00a013.2 to the Consolidated Financial Statements.
Asset retirement obligations
This item represents the discounted present value of Exploration & Production and Integrated LNG asset retirement obligations, primarily asset removal costs at the completion date. The information regarding contractual obligations linked to asset retirement obligations is presented in Note\u00a012 to the Consolidated Financial Statements.
Purchase obligations
Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on the Company and specify all significant terms, including the amount and the timing of the payments.
These obligations mainly include: unconditional hydrocarbon purchase contracts (except where an active, highly-liquid market exists and when the hydrocarbons are expected to be re-sold shortly after purchase) in the Integrated LNG segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production and Integrated LNG segment, and contracts for capital investment projects in the Refining & Chemicals segment.
B)Other commitments given
Guarantees given to customs authorities
These consist of guarantees given by TotalEnergies to customs authorities in order to guarantee the payments of taxes and excise duties on the importation of oil and gas products, mostly in France.
Guarantees given on borrowings
TotalEnergies guarantees bank debt and lease obligations of certain non-consolidated subsidiaries and equity affiliates. Maturity dates vary, and guarantees will terminate on payment and/or cancellation of the obligation. A payment would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee, and no assets are held as collateral for these guarantees. As of December\u00a031, 2025, the maturities of these guarantees are up to 2049.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Mozambique LNG project amount to $4,600\u00a0million as in 2024.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Ichthys LNG project amount to $3,914\u00a0million. As of December\u00a031, 2024, the guarantees amounted to $4,022\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Yamal LNG project amount to $3,299\u00a0million. As of December\u00a031, 2024, the guarantees amounted to $3,243\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Amiral project amount to $2,584\u00a0million as in 2024.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Oranje Wind (HKW) project, amount to $1,469\u00a0million. As of December\u00a031, 2024 the guarantees amounted to $1,299\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,400\u00a0million as in 2024.
As of December\u00a031, 2025, the guarantee provided by TotalEnergies\u00a0SE in connection with the financing of the North Field South project, amount to $1,300\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the EACOP project, amount to $1,245\u00a0million.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Arctic LNG2 project amount to $1,116\u00a0million. As of December\u00a031, 2024, the guarantees amounted to $987\u00a0million.
As of December\u00a031, 2025, TotalEnergies\u00a0SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia\u00a0SAS shareholders\u2019 advances for an amount of $1,025\u00a0million as in 2024.
As of December\u00a031, 2025, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Rio Grande LNG project amount to $800\u00a0million as in 2024.
Indemnities related to sales of businesses
In the ordinary course of business, TotalEnergies executes contracts involving standard indemnities for the oil industry and indemnities specific to transactions such as sales of businesses. These indemnities might include claims against any of the following: environmental, tax and shareholder matters, intellectual property rights, governmental regulations and employment-related matters, and commercial contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a third party claim. TotalEnergies regularly evaluates the probability of having to incur costs associated with these indemnities.
Other guarantees given
Non-consolidated subsidiaries
TotalEnergies also guarantees the current liabilities of certain non\u2011consolidated subsidiaries. Performance under these guarantees would be triggered by a financial default of the entity.
Operating agreements
As part of normal ongoing business operations and consistent with generally accepted industry practices, TotalEnergies enters into numerous agreements with other parties. These commitments are often entered into for commercial purposes, for regulatory purposes or for other operating agreements.
C)Commitments received
Sales obligations
These amounts represent binding obligations to sell goods, including in particular hydrocarbon sales contracts (except where an active, highly\u2011liquid market exists and when the volumes are expected to be re-sold shortly after purchase).
13.2Lease contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies. | \n\n \n | \n\n Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments. | \n\n\n | \n|
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
TotalEnergies mainly leases real estate, service stations, ships, and other equipment (refer to Note 7 to the Consolidated Financial Statements).
The future minimum lease payments on leases to which TotalEnergies is committed are as follows:
| \n For the year ended December 31, 2025 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2026 | \n\n 861 | \n\n 2,616 | \n
| \n 2027 | \n\n 644 | \n\n 1,828 | \n
| \n 2028 | \n\n 449 | \n\n 1,430 | \n
| \n 2029 | \n\n 343 | \n\n 1,257 | \n
| \n 2030 | \n\n 306 | \n\n 1,056 | \n
| \n 2031 and beyond | \n\n 565 | \n\n 6,793 | \n
| \n Total minimum payments | \n\n 3,168 | \n\n 14,980 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (5,053) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,927 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (1,876) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 8,051 | \n
| \n For the year ended December 31, 2024 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2025 | \n\n 772 | \n\n 2,713 | \n
| \n 2026 | \n\n 494 | \n\n 1,916 | \n
| \n 2027 | \n\n 497 | \n\n 1,414 | \n
| \n 2028 | \n\n 418 | \n\n 1,202 | \n
| \n 2029 | \n\n 337 | \n\n 1,086 | \n
| \n 2030 and beyond | \n\n 911 | \n\n 6,215 | \n
| \n Total minimum payments | \n\n 3,429 | \n\n 14,546 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (4,629) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,917 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (2,095) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 7,822 | \n
| \n For the year ended December 31, 2023 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2024 | \n\n 643 | \n\n 2,473 | \n
| \n 2025 | \n\n 406 | \n\n 1,607 | \n
| \n 2026 | \n\n 249 | \n\n 1,384 | \n
| \n 2027 | \n\n 231 | \n\n 1,142 | \n
| \n 2028 | \n\n 163 | \n\n 1,007 | \n
| \n 2029 and beyond | \n\n 529 | \n\n 6,188 | \n
| \n Total minimum payments | \n\n 2,221 | \n\n 13,801 | \n
| \n Less financial expenses | \n\n \u00a0 | \n\n (4,324) | \n
| \n Nominal value of contracts | \n\n \u00a0 | \n\n 9,477 | \n
| \n Less current portion of lease contracts (note\u00a015) | \n\n \u00a0 | \n\n (1,721) | \n
| \n Non-current lease liabilities | \n\n \u00a0 | \n\n 7,756 | \n
For the year ended December\u00a031, 2025, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $417\u00a0million and $173\u00a0million, respectively.
For the year ended December\u00a031, 2024, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $641\u00a0million and $103\u00a0million, respectively.
For the year ended December\u00a031, 2023, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $1,007\u00a0million and $183\u00a0million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note\u00a015 to the Consolidated Financial Statements.
Accounting principles
A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies.
Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments.
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
| \n As of December 31, 2025 (M$) ASSETS/(LIabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other comprehensive income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
|---|---|---|---|---|---|---|
| \n Equity affiliates: loans | \n\n 6,255 | \n\n 1,170 | \n\n \u2013 | \n\n \u2013 | \n\n 7,425 | \n\n 7,425 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,320 | \n\n 594 | \n\n \u2013 | \n\n 1,914 | \n\n 1,914 | \n
| \n Non-current financial assets | \n\n 1,279 | \n\n 1,008 | \n\n 171 | \n\n 812 | \n\n 3,270 | \n\n 3,270 | \n
| \n Other non-current assets | \n\n 2,627 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,627 | \n\n 2,627 | \n
| \n Accounts receivable, net(b) | \n\n 18,559 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 18,559 | \n\n 18,559 | \n
| \n Other operating receivables | \n\n 8,222 | \n\n 5,638 | \n\n 72 | \n\n \u2013 | \n\n 13,932 | \n\n 13,932 | \n
| \n Current financial assets | \n\n 2,375 | \n\n 876 | \n\n \u2013 | \n\n 81 | \n\n 3,332 | \n\n 3,332 | \n
| \n Cash and cash equivalents | \n\n 26,202 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 26,202 | \n\n 26,202 | \n
| \n Total financial assets | \n\n 65,519 | \n\n 10,012 | \n\n 837 | \n\n 893 | \n\n 77,261 | \n\n 77,261 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 213,794 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 291,055 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (47,775) | \n\n (258) | \n\n \u2013 | \n\n (962) | \n\n (48,995) | \n\n (49,447) | \n
| \n Accounts payable(b) | \n\n (38,065) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (38,065) | \n\n (38,065) | \n
| \n Other operating liabilities | \n\n (17,379) | \n\n (4,357) | \n\n (38) | \n\n \u2013 | \n\n (21,774) | \n\n (21,774) | \n
| \n Current borrowings(a) | \n\n (12,038) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (12,038) | \n\n (12,032) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (170) | \n\n \u2013 | \n\n (218) | \n\n (388) | \n\n (388) | \n
| \n Total financial liabilities | \n\n (115,257) | \n\n (4,785) | \n\n (38) | \n\n (1,180) | \n\n (121,260) | \n\n (121,706) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (169,795) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (291,055) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note\u00a015 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $6,930\u00a0million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
| \n As of December 31, 2024 (M$) ASSETS/(LIabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other comprehensive income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
|---|---|---|---|---|---|---|
| \n Equity affiliates: loans | \n\n 6,240 | \n\n 293 | \n\n \u2013 | \n\n \u2013 | \n\n 6,533 | \n\n 6,533 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,154 | \n\n 511 | \n\n \u2013 | \n\n 1,665 | \n\n 1,665 | \n
| \n Non-current financial assets | \n\n 1,278 | \n\n 348 | \n\n 133 | \n\n 546 | \n\n 2,305 | \n\n 2,305 | \n
| \n Other non-current assets | \n\n 3,852 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,852 | \n\n 3,852 | \n
| \n Accounts receivable, net(b) | \n\n 19,281 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 19,281 | \n\n 19,281 | \n
| \n Other operating receivables | \n\n 7,774 | \n\n 9,033 | \n\n 39 | \n\n \u2013 | \n\n 16,846 | \n\n 16,846 | \n
| \n Current financial assets | \n\n 5,206 | \n\n 1,679 | \n\n \u2013 | \n\n 29 | \n\n 6,914 | \n\n 6,914 | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n\n 25,844 | \n
| \n Total financial assets | \n\n 69,475 | \n\n 12,507 | \n\n 683 | \n\n 575 | \n\n 83,240 | \n\n 83,240 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 202,247 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 285,487 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (40,939) | \n\n (281) | \n\n \u2013 | \n\n (2,313) | \n\n (43,533) | \n\n (43,905) | \n
| \n Accounts payable(b) | \n\n (39,932) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (39,932) | \n\n (39,932) | \n
| \n Other operating liabilities | \n\n (12,562) | \n\n (7,665) | \n\n (15) | \n\n \u2013 | \n\n (20,242) | \n\n (20,242) | \n
| \n Current borrowings(a) | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n\n (10,012) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (239) | \n\n \u2013 | \n\n (425) | \n\n (664) | \n\n (664) | \n
| \n Total financial liabilities | \n\n (103,457) | \n\n (8,185) | \n\n (15) | \n\n (2,738) | \n\n (114,395) | \n\n (114,755) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (171,092) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (285,487) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note\u00a015 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $5,718\u00a0million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other comprehensive income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
|---|---|---|---|---|---|---|
| \n Equity affiliates: loans | \n\n 4,260 | \n\n 302 | \n\n \u2013 | \n\n \u2013 | \n\n 4,562 | \n\n 4,562 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,188 | \n\n 355 | \n\n \u2013 | \n\n 1,543 | \n\n 1,543 | \n
| \n Non-current financial assets | \n\n 1,166 | \n\n 414 | \n\n 142 | \n\n 673 | \n\n 2,395 | \n\n 2,395 | \n
| \n Other non-current assets | \n\n 3,983 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,983 | \n\n 3,983 | \n
| \n Accounts receivable, net(b) | \n\n 23,442 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 23,442 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 7,940 | \n\n 6,775 | \n\n 237 | \n\n \u2013 | \n\n 14,952 | \n\n 14,952 | \n
| \n Current financial assets | \n\n 5,046 | \n\n 1,448 | \n\n \u2013 | \n\n 91 | \n\n 6,585 | \n\n 6,585 | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n\n 27,263 | \n
| \n Total financial assets | \n\n 73,100 | \n\n 10,127 | \n\n 734 | \n\n 764 | \n\n 84,725 | \n\n 84,725 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 198,929 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 283,654 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (38,040) | \n\n (240) | \n\n \u2013 | \n\n (2,198) | \n\n (40,478) | \n\n (41,329) | \n
| \n Accounts payable(b) | \n\n (41,335) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (41,335) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (12,287) | \n\n (7,573) | \n\n (77) | \n\n \u2013 | \n\n (19,937) | \n\n (19,937) | \n
| \n Current borrowings(a) | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n\n (9,601) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (178) | \n\n \u2013 | \n\n (268) | \n\n (446) | \n\n (446) | \n
| \n Total financial liabilities | \n\n (101,252) | \n\n (7,991) | \n\n (77) | \n\n (2,466) | \n\n (111,786) | \n\n (112,648) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (171,868) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (283,654) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note\u00a015 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $5,897\u00a0million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
15.1Financial debt and related financial instruments
A)Non-current financial debt and related financial instruments
| \n As of December 31, 2025 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,699 | \n\n 40,296 | \n\n 48,995 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 962 | \n\n 962 | \n
| \n Non-current financial assets | \n\n (1,279) | \n\n (1,991) | \n\n (3,270) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (812) | \n\n (812) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,420 | \n\n 38,305 | \n\n 45,725 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 9,305 | \n\n 9,305 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 28,740 | \n\n 28,740 | \n
| \n Other floating rate debt | \n\n 136 | \n\n 722 | \n\n 858 | \n
| \n Other fixed rate debt | \n\n 512 | \n\n 460 | \n\n 972 | \n
| \n Lease obligations | \n\n 8,051 | \n\n \u2013 | \n\n 8,051 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,279) | \n\n (925) | \n\n (2,204) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n 3 | \n\n 3 | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,420 | \n\n 38,305 | \n\n 45,725 | \n
| \n As of December 31, 2024 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,518 | \n\n 35,015 | \n\n 43,533 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,313 | \n\n 2,313 | \n
| \n Non-current financial assets | \n\n (1,278) | \n\n (1,027) | \n\n (2,305) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (546) | \n\n (546) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n 43 | \n\n 9,712 | \n\n 9,755 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 23,446 | \n\n 23,446 | \n
| \n Other floating rate debt | \n\n 305 | \n\n 304 | \n\n 609 | \n
| \n Other fixed rate debt | \n\n 348 | \n\n 726 | \n\n 1,074 | \n
| \n Lease obligations | \n\n 7,822 | \n\n \u2013 | \n\n 7,822 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,278) | \n\n (134) | \n\n (1,412) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (66) | \n\n (66) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n As of December 31, 2023 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,427 | \n\n 32,051 | \n\n 40,478 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,198 | \n\n 2,198 | \n
| \n Non-current financial assets | \n\n (1,166) | \n\n (1,229) | \n\n (2,395) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (673) | \n\n (673) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 7,051 | \n\n 7,051 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 22,839 | \n\n 22,839 | \n
| \n Other floating rate debt | \n\n 430 | \n\n 408 | \n\n 838 | \n
| \n Other fixed rate debt | \n\n 241 | \n\n 840 | \n\n 1,081 | \n
| \n Lease obligations | \n\n 7,756 | \n\n \u2013 | \n\n 7,756 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,166) | \n\n (142) | \n\n (1,308) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (174) | \n\n (174) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
The bonds, as of December\u00a031, 2025, after taking into account currency and interest rates swaps fair value, are detailed as follows:
| \n Bonds after fair value hedge or\u00a0variable rate bonds | \n\n Currency of issuance | \n\n Amount after December\u00a031, 2025 | \n\n Amount after December\u00a031, 2024 | \n\n Amountafter December\u00a031, 2023(a) | \n
|---|---|---|---|---|
| \n Bond | \n\n USD | \n\n 5,299 | \n\n 6,332 | \n\n 3,542 | \n
| \n Bond | \n\n EUR | \n\n 2,611 | \n\n 2,636 | \n\n 3,209 | \n
| \n Bond | \n\n Others | \n\n 903 | \n\n 1,542 | \n\n 1,539 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (204) | \n\n (1,648) | \n\n (2,118) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 8,609 | \n\n 8,862 | \n\n 6,172 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 696 | \n\n 893 | \n\n 879 | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \u00a0 | \n\n 9,305 | \n\n 9,755 | \n\n 7,051 | \n
| \n Bonds after cash flow hedge or\u00a0fixed\u00a0rate\u00a0bonds | \n\n Currency of issuance | \n\n Amount after December\u00a031, 2025 | \n\n Amount after December\u00a031, 2024 | \n\n Amount after December\u00a031, 2023 | \n
|---|---|---|---|---|
| \n Bond | \n\n EUR | \n\n 19,584 | \n\n 13,768 | \n\n 15,448 | \n
| \n Bond | \n\n USD | \n\n 10,402 | \n\n 10,523 | \n\n 8,301 | \n
| \n Bond | \n\n Others | \n\n 1,044 | \n\n 1,048 | \n\n 2,254 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (2,341) | \n\n (1,909) | \n\n (3,175) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 28,689 | \n\n 23,430 | \n\n 22,828 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 51 | \n\n 16 | \n\n 11 | \n
| \n Total bonds after cash flow hedge or fixed rate bonds | \n\n \u00a0 | \n\n 28,740 | \n\n 23,446 | \n\n 22,839 | \n
| \n (a)The IBOR rate reform mainly impacted the bonds after fair value hedge, on principal financing entities and TotalEnergies\u00a0SE, indexed on the USD LIBOR rate. At December\u00a031, 2023, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies\u00a0SE was $8,290\u00a0million. (b)All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies\u00a0SE as to payment of principal, premium, if any, interest and any other amounts due: \u2013TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE; \u2013TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE. It acted as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE; \u2013TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE. | \n
Loan repayment schedule (excluding current portion)
| \n As of December 31, 2025 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2027 | \n\n 4,476 | \n\n 11 | \n\n (635) | \n\n (169) | \n\n 3,841 | \n\n 8% | \n
| \n 2028 | \n\n 4,607 | \n\n 63 | \n\n (218) | \n\n (71) | \n\n 4,389 | \n\n 10% | \n
| \n 2029 | \n\n 5,778 | \n\n 369 | \n\n (379) | \n\n (150) | \n\n 5,399 | \n\n 12% | \n
| \n 2030 | \n\n 2,971 | \n\n 62 | \n\n (287) | \n\n (12) | \n\n 2,684 | \n\n 6% | \n
| \n 2031 and beyond | \n\n 31,163 | \n\n 457 | \n\n (1,751) | \n\n (410) | \n\n 29,412 | \n\n 64% | \n
| \n Total | \n\n 48,995 | \n\n 962 | \n\n (3,270) | \n\n (812) | \n\n 45,725 | \n\n 100% | \n
| \n As of December 31, 2024 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2026 | \n\n 4,498 | \n\n 411 | \n\n (572) | \n\n (71) | \n\n 3,926 | \n\n 10% | \n
| \n 2027 | \n\n 3,906 | \n\n 173 | \n\n (292) | \n\n (14) | \n\n 3,614 | \n\n 9% | \n
| \n 2028 | \n\n 4,596 | \n\n 391 | \n\n (267) | \n\n (135) | \n\n 4,329 | \n\n 11% | \n
| \n 2029 | \n\n 5,755 | \n\n 723 | \n\n (348) | \n\n (233) | \n\n 5,407 | \n\n 13% | \n
| \n 2030 and beyond | \n\n 24,778 | \n\n 615 | \n\n (826) | \n\n (93) | \n\n 23,952 | \n\n 57% | \n
| \n Total | \n\n 43,533 | \n\n 2,313 | \n\n (2,305) | \n\n (546) | \n\n 41,228 | \n\n 100% | \n
| \n As of December 31, 2023 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2025 | \n\n 5,381 | \n\n 369 | \n\n (434) | \n\n (110) | \n\n 4,947 | \n\n 13% | \n
| \n 2026 | \n\n 4,013 | \n\n 323 | \n\n (304) | \n\n (102) | \n\n 3,709 | \n\n 10% | \n
| \n 2027 | \n\n 3,720 | \n\n 85 | \n\n (349) | \n\n (55) | \n\n 3,371 | \n\n 9% | \n
| \n 2028 | \n\n 4,502 | \n\n 304 | \n\n (246) | \n\n (142) | \n\n 4,256 | \n\n 11% | \n
| \n 2029 and beyond | \n\n 22,862 | \n\n 1,117 | \n\n (1,062) | \n\n (264) | \n\n 21,800 | \n\n 57% | \n
| \n Total | \n\n 40,478 | \n\n 2,198 | \n\n (2,395) | \n\n (673) | \n\n 38,083 | \n\n 100% | \n
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial net debt.
| \n As of December 31, | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n U.S. dollar | \n\n 36,225 | \n\n 79% | \n\n 38,002 | \n\n 92% | \n\n 34,789 | \n\n 91% | \n
| \n Euro | \n\n 8,682 | \n\n 19% | \n\n 2,206 | \n\n 5% | \n\n 2,322 | \n\n 6% | \n
| \n Other currencies | \n\n 818 | \n\n 2% | \n\n 1,020 | \n\n 3% | \n\n 972 | \n\n 3% | \n
| \n Total | \n\n 45,725 | \n\n 100% | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n
| \n As of December 31, | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n Fixed rate | \n\n 35,740 | \n\n 78% | \n\n 30,922 | \n\n 75% | \n\n 30,311 | \n\n 80% | \n
| \n Floating rate | \n\n 9,985 | \n\n 22% | \n\n 10,306 | \n\n 25% | \n\n 7,772 | \n\n 20% | \n
| \n Total | \n\n 45,725 | \n\n 100% | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d.
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three\u00a0months) classified as \u201cLoans and receivables\u201d;
\u2013financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013ineffective portion of bond hedging;
\u2013financial income and financial expense on lease contracts; and
\u2013financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 770 | \n\n 1,335 | \n\n 1,420 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,424) | \n\n (2,321) | \n\n (2,190) | \n
| \n Fair value hedge (ineffective portion) | \n\n 13 | \n\n 1 | \n\n 2 | \n
| \n Lease assets and obligations | \n\n (628) | \n\n (552) | \n\n (499) | \n
| \n Assets and liabilities held for trading | \n\n 202 | \n\n 307 | \n\n 248 | \n
| \n Impact on the cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Revaluation impact at market value of bonds | \n\n (1,372) | \n\n (568) | \n\n (765) | \n
| \n Swaps hedging bonds | \n\n 1,385 | \n\n 569 | \n\n 767 | \n
| \n Ineffective portion of the fair value hedge | \n\n 13 | \n\n 1 | \n\n 2 | \n
The ineffective portion is not representative of TotalEnergies\u2019 performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December\u00a031, 2025, 2024 and 2023 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (330) | \n\n 448 | \n\n 128 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n 158 | \n\n (260) | \n\n 140 | \n
As of December\u00a031, 2025, 2024 and 2023, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
\u2013the nominal amounts and carrying amounts of hedging instruments;
\u2013the carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
\u2013the hedged items that have ceased to be adjusted for hedging gains and losses.
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 5,250 | \n\n 25 | \n\n (295) | \n\n \n | \n\n \u2013 | \n\n (5,028) | \n\n \n | \n\n 222 | \n\n \u2013 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 3,454 | \n\n 92 | \n\n (216) | \n\n \n | \n\n \u2013 | \n\n (3,391) | \n\n \n | \n\n 63 | \n\n \u2013 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 27 | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 6,250 | \n\n \u2013 | \n\n (230) | \n\n \n | \n\n \u2013 | \n\n (6,103) | \n\n \n | \n\n \u2013 | \n\n 147 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,084 | \n\n 27 | \n\n (618) | \n\n \n | \n\n \u2013 | \n\n (3,588) | \n\n \n | \n\n \u2013 | \n\n 496 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 21 | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 3,500 | \n\n \u2013 | \n\n (86) | \n\n \n | \n\n \u2013 | \n\n (3,457) | \n\n \n | \n\n \u2013 | \n\n 43 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,671 | \n\n 45 | \n\n (559) | \n\n \n | \n\n \u2013 | \n\n (4,232) | \n\n \n | \n\n \u2013 | \n\n 439 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 10 | \n\n \n | \n
Cash flow hedge
The following charts regarding cash flow hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (interest rate swaps and cross currency swaps).
According to IFRS\u00a09, there is no accounting entry related to cash flow hedge on hedged items.
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 11,998 | \n\n 411 | \n\n (28) | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 13,126 | \n\n 365 | \n\n (641) | \n\n Financial debt/Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,577 | \n\n 543 | \n\n \u2013 | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 15,055 | \n\n 5 | \n\n (1,890) | \n\n Financial debt/Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,023 | \n\n 611 | \n\n \u2013 | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 108 | \n\n (1,821) | \n\n Financial debt/Financial assets | \n
C)Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
| \n For the year ended December 31, 2025 (M$) Assets/(Liabilities) | \n\n 2026 | \n\n 2027 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n 2031 and beyond | \n|
| \n Fair value hedge | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 49 | \n\n 202 | \n\n 68 | \n\n 1,451 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (511) | \n\n 7,051 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n 49 | \n\n 202 | \n\n (443) | \n\n 8,502 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 875 | \n\n 5,018 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 32 | \n\n 823 | \n\n 744 | \n\n 14,879 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (218) | \n\n 3,245 | \n\n (451) | \n\n 6,177 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (186) | \n\n 4,068 | \n\n 293 | \n\n 21,056 | \n\n 2,070 | \n\n 4,672 | \n\n 5,643 | \n\n 450 | \n\n 8,221 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 12 | \n\n 358 | \n\n 25 | \n\n 328 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (1) | \n\n 99 | \n\n (3) | \n\n 325 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total forward exchange contracts related to operating activities | \n\n 11 | \n\n 457 | \n\n 22 | \n\n 653 | \n\n 328 | \n\n 325 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (assets) | \n\n 137 | \n\n 50,776 | \n\n 250 | \n\n 30,186 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 41,730 | \n\n (252) | \n\n 31,207 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total other interest rate swaps | \n\n 13 | \n\n 92,506 | \n\n (2) | \n\n 61,393 | \n\n 31,266 | \n\n 7,141 | \n\n 3,878 | \n\n 2,983 | \n\n 16,124 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 32 | \n\n 7,052 | \n\n 5 | \n\n 360 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (46) | \n\n 9,860 | \n\n (6) | \n\n 515 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total currency swaps and forward exchange contracts | \n\n (14) | \n\n 16,912 | \n\n (1) | \n\n 875 | \n\n 735 | \n\n 140 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2024 (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2026 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 and beyond | \n|
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 27 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (45) | \n\n 1,630 | \n\n (803) | \n\n 8,301 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (45) | \n\n 1,630 | \n\n (776) | \n\n 8,704 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 5,893 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 29 | \n\n 2,428 | \n\n 519 | \n\n 11,317 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (380) | \n\n 2,059 | \n\n (1,510) | \n\n 11,828 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (351) | \n\n 4,487 | \n\n (991) | \n\n 23,145 | \n\n 4,116 | \n\n 2,143 | \n\n 4,740 | \n\n 5,667 | \n\n 6,479 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n \u2013 | \n\n 94 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (13) | \n\n 271 | \n\n (23) | \n\n 634 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (13) | \n\n 365 | \n\n (23) | \n\n 634 | \n\n 307 | \n\n 327 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 50,861 | \n\n 342 | \n\n 36,851 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 59,075 | \n\n (281) | \n\n 36,220 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 30 | \n\n 109,936 | \n\n 61 | \n\n 73,071 | \n\n 52,496 | \n\n 8,714 | \n\n 2,739 | \n\n 2,821 | \n\n 6,300 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 196 | \n\n 17,698 | \n\n 5 | \n\n 322 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (115) | \n\n 5,212 | \n\n \u2013 | \n\n (45) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n 81 | \n\n 22,910 | \n\n 5 | \n\n 277 | \n\n 116 | \n\n 161 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2023 (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2025 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 and beyond | \n|
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n 250 | \n\n 45 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (75) | \n\n 1,837 | \n\n (570) | \n\n 5,681 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (75) | \n\n 2,087 | \n\n (525) | \n\n 6,084 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 2,432 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 91 | \n\n 2,114 | \n\n 628 | \n\n 14,830 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (193) | \n\n 1,574 | \n\n (1,628) | \n\n 11,016 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (102) | \n\n 3,688 | \n\n (1,000) | \n\n 25,846 | \n\n 4,509 | \n\n 4,153 | \n\n 2,135 | \n\n 4,686 | \n\n 10,363 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 2 | \n\n 83 | \n\n 8 | \n\n 311 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (14) | \n\n 234 | \n\n (2) | \n\n 240 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (12) | \n\n 317 | \n\n 6 | \n\n 551 | \n\n 285 | \n\n 266 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 149 | \n\n 38,415 | \n\n 393 | \n\n 7,690 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (94) | \n\n 37,170 | \n\n (208) | \n\n 7,407 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 55 | \n\n 75,585 | \n\n 185 | \n\n 15,097 | \n\n 8,692 | \n\n 1,580 | \n\n 1,500 | \n\n 1,908 | \n\n 1,417 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 66 | \n\n 10,325 | \n\n 21 | \n\n 1,071 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (84) | \n\n 8,513 | \n\n (32) | \n\n 773 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (18) | \n\n 18,838 | \n\n (11) | \n\n 1,844 | \n\n 1,840 | \n\n (2) | \n\n 6 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
15.1Financial debt and related financial instruments
A)Non-current financial debt and related financial instruments
| \n As of December 31, 2025 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,699 | \n\n 40,296 | \n\n 48,995 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 962 | \n\n 962 | \n
| \n Non-current financial assets | \n\n (1,279) | \n\n (1,991) | \n\n (3,270) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (812) | \n\n (812) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,420 | \n\n 38,305 | \n\n 45,725 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 9,305 | \n\n 9,305 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 28,740 | \n\n 28,740 | \n
| \n Other floating rate debt | \n\n 136 | \n\n 722 | \n\n 858 | \n
| \n Other fixed rate debt | \n\n 512 | \n\n 460 | \n\n 972 | \n
| \n Lease obligations | \n\n 8,051 | \n\n \u2013 | \n\n 8,051 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,279) | \n\n (925) | \n\n (2,204) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n 3 | \n\n 3 | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,420 | \n\n 38,305 | \n\n 45,725 | \n
| \n As of December 31, 2024 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,518 | \n\n 35,015 | \n\n 43,533 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,313 | \n\n 2,313 | \n
| \n Non-current financial assets | \n\n (1,278) | \n\n (1,027) | \n\n (2,305) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (546) | \n\n (546) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n 43 | \n\n 9,712 | \n\n 9,755 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 23,446 | \n\n 23,446 | \n
| \n Other floating rate debt | \n\n 305 | \n\n 304 | \n\n 609 | \n
| \n Other fixed rate debt | \n\n 348 | \n\n 726 | \n\n 1,074 | \n
| \n Lease obligations | \n\n 7,822 | \n\n \u2013 | \n\n 7,822 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,278) | \n\n (134) | \n\n (1,412) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (66) | \n\n (66) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n As of December 31, 2023 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,427 | \n\n 32,051 | \n\n 40,478 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,198 | \n\n 2,198 | \n
| \n Non-current financial assets | \n\n (1,166) | \n\n (1,229) | \n\n (2,395) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (673) | \n\n (673) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 7,051 | \n\n 7,051 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 22,839 | \n\n 22,839 | \n
| \n Other floating rate debt | \n\n 430 | \n\n 408 | \n\n 838 | \n
| \n Other fixed rate debt | \n\n 241 | \n\n 840 | \n\n 1,081 | \n
| \n Lease obligations | \n\n 7,756 | \n\n \u2013 | \n\n 7,756 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,166) | \n\n (142) | \n\n (1,308) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (174) | \n\n (174) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
The bonds, as of December\u00a031, 2025, after taking into account currency and interest rates swaps fair value, are detailed as follows:
| \n Bonds after fair value hedge or\u00a0variable rate bonds | \n\n Currency of issuance | \n\n Amount after December\u00a031, 2025 | \n\n Amount after December\u00a031, 2024 | \n\n Amountafter December\u00a031, 2023(a) | \n
|---|---|---|---|---|
| \n Bond | \n\n USD | \n\n 5,299 | \n\n 6,332 | \n\n 3,542 | \n
| \n Bond | \n\n EUR | \n\n 2,611 | \n\n 2,636 | \n\n 3,209 | \n
| \n Bond | \n\n Others | \n\n 903 | \n\n 1,542 | \n\n 1,539 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (204) | \n\n (1,648) | \n\n (2,118) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 8,609 | \n\n 8,862 | \n\n 6,172 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 696 | \n\n 893 | \n\n 879 | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \u00a0 | \n\n 9,305 | \n\n 9,755 | \n\n 7,051 | \n
| \n Bonds after cash flow hedge or\u00a0fixed\u00a0rate\u00a0bonds | \n\n Currency of issuance | \n\n Amount after December\u00a031, 2025 | \n\n Amount after December\u00a031, 2024 | \n\n Amount after December\u00a031, 2023 | \n
|---|---|---|---|---|
| \n Bond | \n\n EUR | \n\n 19,584 | \n\n 13,768 | \n\n 15,448 | \n
| \n Bond | \n\n USD | \n\n 10,402 | \n\n 10,523 | \n\n 8,301 | \n
| \n Bond | \n\n Others | \n\n 1,044 | \n\n 1,048 | \n\n 2,254 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (2,341) | \n\n (1,909) | \n\n (3,175) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 28,689 | \n\n 23,430 | \n\n 22,828 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 51 | \n\n 16 | \n\n 11 | \n
| \n Total bonds after cash flow hedge or fixed rate bonds | \n\n \u00a0 | \n\n 28,740 | \n\n 23,446 | \n\n 22,839 | \n
| \n (a)The IBOR rate reform mainly impacted the bonds after fair value hedge, on principal financing entities and TotalEnergies\u00a0SE, indexed on the USD LIBOR rate. At December\u00a031, 2023, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies\u00a0SE was $8,290\u00a0million. (b)All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies\u00a0SE as to payment of principal, premium, if any, interest and any other amounts due: \u2013TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE; \u2013TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE. It acted as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE; \u2013TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies\u00a0SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies\u00a0SE. | \n
Loan repayment schedule (excluding current portion)
| \n As of December 31, 2025 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2027 | \n\n 4,476 | \n\n 11 | \n\n (635) | \n\n (169) | \n\n 3,841 | \n\n 8% | \n
| \n 2028 | \n\n 4,607 | \n\n 63 | \n\n (218) | \n\n (71) | \n\n 4,389 | \n\n 10% | \n
| \n 2029 | \n\n 5,778 | \n\n 369 | \n\n (379) | \n\n (150) | \n\n 5,399 | \n\n 12% | \n
| \n 2030 | \n\n 2,971 | \n\n 62 | \n\n (287) | \n\n (12) | \n\n 2,684 | \n\n 6% | \n
| \n 2031 and beyond | \n\n 31,163 | \n\n 457 | \n\n (1,751) | \n\n (410) | \n\n 29,412 | \n\n 64% | \n
| \n Total | \n\n 48,995 | \n\n 962 | \n\n (3,270) | \n\n (812) | \n\n 45,725 | \n\n 100% | \n
| \n As of December 31, 2024 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2026 | \n\n 4,498 | \n\n 411 | \n\n (572) | \n\n (71) | \n\n 3,926 | \n\n 10% | \n
| \n 2027 | \n\n 3,906 | \n\n 173 | \n\n (292) | \n\n (14) | \n\n 3,614 | \n\n 9% | \n
| \n 2028 | \n\n 4,596 | \n\n 391 | \n\n (267) | \n\n (135) | \n\n 4,329 | \n\n 11% | \n
| \n 2029 | \n\n 5,755 | \n\n 723 | \n\n (348) | \n\n (233) | \n\n 5,407 | \n\n 13% | \n
| \n 2030 and beyond | \n\n 24,778 | \n\n 615 | \n\n (826) | \n\n (93) | \n\n 23,952 | \n\n 57% | \n
| \n Total | \n\n 43,533 | \n\n 2,313 | \n\n (2,305) | \n\n (546) | \n\n 41,228 | \n\n 100% | \n
| \n As of December 31, 2023 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
|---|---|---|---|---|---|---|
| \n 2025 | \n\n 5,381 | \n\n 369 | \n\n (434) | \n\n (110) | \n\n 4,947 | \n\n 13% | \n
| \n 2026 | \n\n 4,013 | \n\n 323 | \n\n (304) | \n\n (102) | \n\n 3,709 | \n\n 10% | \n
| \n 2027 | \n\n 3,720 | \n\n 85 | \n\n (349) | \n\n (55) | \n\n 3,371 | \n\n 9% | \n
| \n 2028 | \n\n 4,502 | \n\n 304 | \n\n (246) | \n\n (142) | \n\n 4,256 | \n\n 11% | \n
| \n 2029 and beyond | \n\n 22,862 | \n\n 1,117 | \n\n (1,062) | \n\n (264) | \n\n 21,800 | \n\n 57% | \n
| \n Total | \n\n 40,478 | \n\n 2,198 | \n\n (2,395) | \n\n (673) | \n\n 38,083 | \n\n 100% | \n
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial net debt.
| \n As of December 31, | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n U.S. dollar | \n\n 36,225 | \n\n 79% | \n\n 38,002 | \n\n 92% | \n\n 34,789 | \n\n 91% | \n
| \n Euro | \n\n 8,682 | \n\n 19% | \n\n 2,206 | \n\n 5% | \n\n 2,322 | \n\n 6% | \n
| \n Other currencies | \n\n 818 | \n\n 2% | \n\n 1,020 | \n\n 3% | \n\n 972 | \n\n 3% | \n
| \n Total | \n\n 45,725 | \n\n 100% | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n
| \n As of December 31, | \n\n 2025 | \n\n % | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n Fixed rate | \n\n 35,740 | \n\n 78% | \n\n 30,922 | \n\n 75% | \n\n 30,311 | \n\n 80% | \n
| \n Floating rate | \n\n 9,985 | \n\n 22% | \n\n 10,306 | \n\n 25% | \n\n 7,772 | \n\n 20% | \n
| \n Total | \n\n 45,725 | \n\n 100% | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n
B)Current financial assets and liabilities
Current borrowings consist mainly of drawings on commercial papers or treasury bills and of bank loans. Current deposits beyond three\u00a0months include initial margins held as part of the Company\u2019s activities on organized markets.
| \n As of December 31, (M$) (Assets)/Liabilities | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Current financial debt(a) | \n\n 7,622 | \n\n 4,462 | \n\n 2,377 | \n
| \n Current lease obligations | \n\n 1,876 | \n\n 2,095 | \n\n 1,721 | \n
| \n Current portion of non-current financial debt | \n\n 2,540 | \n\n 3,467 | \n\n 5,492 | \n
| \n Current borrowings (note 14) | \n\n 12,038 | \n\n 10,024 | \n\n 9,590 | \n
| \n Current portion of hedging instruments of debt (liabilities) | \n\n 218 | \n\n 425 | \n\n 268 | \n
| \n Other current financial instruments (liabilities) | \n\n 170 | \n\n 239 | \n\n 178 | \n
| \n Other current financial liabilities (note 14) | \n\n 388 | \n\n 664 | \n\n 446 | \n
| \n Current deposits beyond three months | \n\n (2,136) | \n\n (5,476) | \n\n (5,450) | \n
| \n Marketable securities | \n\n (707) | \n\n (683) | \n\n (519) | \n
| \n Financial receivables on sub-lease, current | \n\n (239) | \n\n (378) | \n\n (329) | \n
| \n Current portion of hedging instruments of debt (assets) | \n\n (81) | \n\n (29) | \n\n (91) | \n
| \n Other current financial instruments (assets) | \n\n (169) | \n\n (348) | \n\n (196) | \n
| \n Current financial assets (note 14) | \n\n (3,332) | \n\n (6,914) | \n\n (6,585) | \n
| \n Net current borrowings | \n\n 9,094 | \n\n 3,774 | \n\n 3,451 | \n
| \n (a)As of December\u00a031, 2025, December\u00a031, 2024 and December\u00a031, 2023, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally secured by TotalEnergies\u00a0SE. | \n
D)Cash and cash equivalents
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value. | \n\n \n | \n\n Investments with maturity greater than three\u00a0months and less than 12\u00a0months are shown under \u201cCurrent financial assets\u201d. Changes in current financial assets and liabilities are included in the financing activities section of the consolidated statement of cash flows. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Cash and cash equivalents are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Cash | \n\n 15,618 | \n\n 17,475 | \n\n 16,956 | \n
| \n Cash equivalents | \n\n 10,584 | \n\n 8,369 | \n\n 10,307 | \n
| \n Total | \n\n 26,202 | \n\n 25,844 | \n\n 27,263 | \n
Cash equivalents are mainly composed of deposits with a maturity of less than three\u00a0months, deposited in government institutions or deposit banks selected in accordance with strict criteria.
As of December\u00a031, 2025, the cash and cash equivalents include $2,050\u00a0million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
Accounting principles
Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value.
Investments with maturity greater than three\u00a0months and less than 12\u00a0months are shown under \u201cCurrent financial assets\u201d.
Changes in current financial assets and liabilities are included in the financing activities section of the consolidated statement of cash flows.
As of December\u00a031, 2025, the cash and cash equivalents include $2,050\u00a0million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
15.2Fair value of financial instruments (excluding commodity contracts)
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following: Cash management Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. Long-term financing When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as: 1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and: \u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement; \u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items. In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship. | \n\n \n | \n\n 2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss. 3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges. Foreign subsidiaries\u2019 equity hedge Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity. The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d. Commitments to purchase shares held by non-controlling interests (put options written on minority interests) Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three\u00a0months) classified as \u201cLoans and receivables\u201d;
\u2013financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013ineffective portion of bond hedging;
\u2013financial income and financial expense on lease contracts; and
\u2013financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 770 | \n\n 1,335 | \n\n 1,420 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,424) | \n\n (2,321) | \n\n (2,190) | \n
| \n Fair value hedge (ineffective portion) | \n\n 13 | \n\n 1 | \n\n 2 | \n
| \n Lease assets and obligations | \n\n (628) | \n\n (552) | \n\n (499) | \n
| \n Assets and liabilities held for trading | \n\n 202 | \n\n 307 | \n\n 248 | \n
| \n Impact on the cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Revaluation impact at market value of bonds | \n\n (1,372) | \n\n (568) | \n\n (765) | \n
| \n Swaps hedging bonds | \n\n 1,385 | \n\n 569 | \n\n 767 | \n
| \n Ineffective portion of the fair value hedge | \n\n 13 | \n\n 1 | \n\n 2 | \n
The ineffective portion is not representative of TotalEnergies\u2019 performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December\u00a031, 2025, 2024 and 2023 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (330) | \n\n 448 | \n\n 128 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n 158 | \n\n (260) | \n\n 140 | \n
As of December\u00a031, 2025, 2024 and 2023, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
\u2013the nominal amounts and carrying amounts of hedging instruments;
\u2013the carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
\u2013the hedged items that have ceased to be adjusted for hedging gains and losses.
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 5,250 | \n\n 25 | \n\n (295) | \n\n \n | \n\n \u2013 | \n\n (5,028) | \n\n \n | \n\n 222 | \n\n \u2013 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 3,454 | \n\n 92 | \n\n (216) | \n\n \n | \n\n \u2013 | \n\n (3,391) | \n\n \n | \n\n 63 | \n\n \u2013 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 27 | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 6,250 | \n\n \u2013 | \n\n (230) | \n\n \n | \n\n \u2013 | \n\n (6,103) | \n\n \n | \n\n \u2013 | \n\n 147 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,084 | \n\n 27 | \n\n (618) | \n\n \n | \n\n \u2013 | \n\n (3,588) | \n\n \n | \n\n \u2013 | \n\n 496 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 21 | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 3,500 | \n\n \u2013 | \n\n (86) | \n\n \n | \n\n \u2013 | \n\n (3,457) | \n\n \n | \n\n \u2013 | \n\n 43 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,671 | \n\n 45 | \n\n (559) | \n\n \n | \n\n \u2013 | \n\n (4,232) | \n\n \n | \n\n \u2013 | \n\n 439 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 10 | \n\n \n | \n
Cash flow hedge
The following charts regarding cash flow hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (interest rate swaps and cross currency swaps).
According to IFRS\u00a09, there is no accounting entry related to cash flow hedge on hedged items.
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 11,998 | \n\n 411 | \n\n (28) | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 13,126 | \n\n 365 | \n\n (641) | \n\n Financial debt/Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,577 | \n\n 543 | \n\n \u2013 | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 15,055 | \n\n 5 | \n\n (1,890) | \n\n Financial debt/Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,023 | \n\n 611 | \n\n \u2013 | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 108 | \n\n (1,821) | \n\n Financial debt/Financial assets | \n
C)Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
| \n For the year ended December 31, 2025 (M$) Assets/(Liabilities) | \n\n 2026 | \n\n 2027 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n 2031 and beyond | \n|
| \n Fair value hedge | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 49 | \n\n 202 | \n\n 68 | \n\n 1,451 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (511) | \n\n 7,051 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n 49 | \n\n 202 | \n\n (443) | \n\n 8,502 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 875 | \n\n 5,018 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 32 | \n\n 823 | \n\n 744 | \n\n 14,879 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (218) | \n\n 3,245 | \n\n (451) | \n\n 6,177 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (186) | \n\n 4,068 | \n\n 293 | \n\n 21,056 | \n\n 2,070 | \n\n 4,672 | \n\n 5,643 | \n\n 450 | \n\n 8,221 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 12 | \n\n 358 | \n\n 25 | \n\n 328 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (1) | \n\n 99 | \n\n (3) | \n\n 325 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total forward exchange contracts related to operating activities | \n\n 11 | \n\n 457 | \n\n 22 | \n\n 653 | \n\n 328 | \n\n 325 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (assets) | \n\n 137 | \n\n 50,776 | \n\n 250 | \n\n 30,186 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 41,730 | \n\n (252) | \n\n 31,207 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total other interest rate swaps | \n\n 13 | \n\n 92,506 | \n\n (2) | \n\n 61,393 | \n\n 31,266 | \n\n 7,141 | \n\n 3,878 | \n\n 2,983 | \n\n 16,124 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 32 | \n\n 7,052 | \n\n 5 | \n\n 360 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (46) | \n\n 9,860 | \n\n (6) | \n\n 515 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total currency swaps and forward exchange contracts | \n\n (14) | \n\n 16,912 | \n\n (1) | \n\n 875 | \n\n 735 | \n\n 140 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2024 (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2026 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 and beyond | \n|
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 27 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (45) | \n\n 1,630 | \n\n (803) | \n\n 8,301 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (45) | \n\n 1,630 | \n\n (776) | \n\n 8,704 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 5,893 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 29 | \n\n 2,428 | \n\n 519 | \n\n 11,317 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (380) | \n\n 2,059 | \n\n (1,510) | \n\n 11,828 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (351) | \n\n 4,487 | \n\n (991) | \n\n 23,145 | \n\n 4,116 | \n\n 2,143 | \n\n 4,740 | \n\n 5,667 | \n\n 6,479 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n \u2013 | \n\n 94 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (13) | \n\n 271 | \n\n (23) | \n\n 634 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (13) | \n\n 365 | \n\n (23) | \n\n 634 | \n\n 307 | \n\n 327 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 50,861 | \n\n 342 | \n\n 36,851 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 59,075 | \n\n (281) | \n\n 36,220 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 30 | \n\n 109,936 | \n\n 61 | \n\n 73,071 | \n\n 52,496 | \n\n 8,714 | \n\n 2,739 | \n\n 2,821 | \n\n 6,300 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 196 | \n\n 17,698 | \n\n 5 | \n\n 322 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (115) | \n\n 5,212 | \n\n \u2013 | \n\n (45) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n 81 | \n\n 22,910 | \n\n 5 | \n\n 277 | \n\n 116 | \n\n 161 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2023 (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2025 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 and beyond | \n|
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n 250 | \n\n 45 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (75) | \n\n 1,837 | \n\n (570) | \n\n 5,681 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (75) | \n\n 2,087 | \n\n (525) | \n\n 6,084 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 2,432 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 91 | \n\n 2,114 | \n\n 628 | \n\n 14,830 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (193) | \n\n 1,574 | \n\n (1,628) | \n\n 11,016 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (102) | \n\n 3,688 | \n\n (1,000) | \n\n 25,846 | \n\n 4,509 | \n\n 4,153 | \n\n 2,135 | \n\n 4,686 | \n\n 10,363 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 2 | \n\n 83 | \n\n 8 | \n\n 311 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (14) | \n\n 234 | \n\n (2) | \n\n 240 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (12) | \n\n 317 | \n\n 6 | \n\n 551 | \n\n 285 | \n\n 266 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 149 | \n\n 38,415 | \n\n 393 | \n\n 7,690 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (94) | \n\n 37,170 | \n\n (208) | \n\n 7,407 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 55 | \n\n 75,585 | \n\n 185 | \n\n 15,097 | \n\n 8,692 | \n\n 1,580 | \n\n 1,500 | \n\n 1,908 | \n\n 1,417 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 66 | \n\n 10,325 | \n\n 21 | \n\n 1,071 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (84) | \n\n 8,513 | \n\n (32) | \n\n 773 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (18) | \n\n 18,838 | \n\n (11) | \n\n 1,844 | \n\n 1,840 | \n\n (2) | \n\n 6 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
D)Fair value hierarchy
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n According to IFRS\u00a013, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used. Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account. As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts. | \n\n \n | \n\n The methods used are as follows: Financial debts, swaps The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end. Other financial instruments The fair value of interest rate swaps and of FRA\u2019s (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities. Exchange options are valued based on models commonly used by the market. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
| \n As of December 31, 2025 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (394) | \n\n \u2013 | \n\n (394) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n 142 | \n\n \u2013 | \n\n 142 | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n (6) | \n\n \u2013 | \n\n (6) | \n
| \n Equity instruments | \n\n 290 | \n\n \u2013 | \n\n \u2013 | \n\n 290 | \n
| \n Total | \n\n 290 | \n\n (258) | \n\n \u2013 | \n\n 32 | \n
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (821) | \n\n \u2013 | \n\n (821) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,375) | \n\n \u2013 | \n\n (1,375) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 174 | \n\n \u2013 | \n\n 174 | \n
| \n Equity instruments | \n\n 391 | \n\n \u2013 | \n\n \u2013 | \n\n 391 | \n
| \n Total | \n\n 391 | \n\n (2,022) | \n\n \u2013 | \n\n (1,631) | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (600) | \n\n \u2013 | \n\n (600) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,104) | \n\n \u2013 | \n\n (1,104) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 207 | \n\n \u2013 | \n\n 207 | \n
| \n Equity instruments | \n\n 255 | \n\n \u2013 | \n\n \u2013 | \n\n 255 | \n
| \n Total | \n\n 255 | \n\n (1,497) | \n\n \u2013 | \n\n (1,242) | \n
15.3Financial risks management
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes\u00a014, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, banking institutions, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, financial credit ratings, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The USD LIBOR maturities ceased to be published end of June\u00a02023 and was replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January\u00a03, 2022 and was replaced by the ESTR rate.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note\u00a015.1 \u201cFinancial debt and related financial instruments\u201d.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note\u00a015.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note\u00a015.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis\u00a0points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2025, 2024 and 2023.
| \n Assets/(Liabilities) (M$) | \n\n Carrying amount | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
|---|---|---|---|---|
| \n +10 basis points | \n\n -10 basis points | \n|||
| \n As of December\u00a031, 2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (37,895) | \n\n (38,347) | \n\n 343 | \n\n (343) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (962) | \n\n (962) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 812 | \n\n 812 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (150) | \n\n (150) | \n\n (15) | \n\n 15 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (2,677) | \n\n (2,671) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 11 | \n\n 11 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n (15) | \n\n (15) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December\u00a031, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n - | \n\n - | \n
| \n As of December\u00a031, 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n +10 basis\u00a0points | \n\n 17 | \n\n 15 | \n\n 10 | \n
| \n -10 basis\u00a0points | \n\n (17) | \n\n (15) | \n\n (10) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three\u00a0years, is essentially related to the fluctuation of the euro and the pound sterling and is set forth in the table below:
| \n Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling exchange rates | \n
|---|---|---|
| \n December\u00a031, 2025 | \n\n 0.85 | \n\n 0.74 | \n
| \n December\u00a031, 2024 | \n\n 0.96 | \n\n 0.80 | \n
| \n December\u00a031, 2023 | \n\n 0.90 | \n\n 0.79 | \n
| \n As of December\u00a031, 2025 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 128,916 | \n\n 16,012 | \n\n 93,346 | \n\n 4,116 | \n\n 15,442 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (14,028) | \n\n (7,875) | \n\n \u2013 | \n\n (2,144) | \n\n (4,009) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2025 | \n\n 114,883 | \n\n 8,132 | \n\n 93,346 | \n\n 1,972 | \n\n 11,433 | \n
| \n As of December\u00a031, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n (4,298) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n (3,530) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n 10,792 | \n
Based on the 2025 financial statements, a conversion using rates different from + or -10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2025 (M$) | \n\n Euro | \n\n Pound sterling | \n
|---|---|---|
| \n Impact of an increase of 10% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n 813 | \n\n 197 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (53) | \n\n 25 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n (813) | \n\n (197) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 53 | \n\n (25) | \n
Stock market risk
TotalEnergies holds interests in a number\u00a0of publicly-traded companies (refer to Note\u00a08 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies\u00a0SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December\u00a031, 2025, these credit facilities amounted to $19,767\u00a0million and were entirely undrawn. The agreements underpinning credit facilities granted to TotalEnergies\u00a0SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December\u00a031, 2025, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies\u00a0SE, was $20,398\u00a0million, of which $20,225\u00a0million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies\u00a0SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2025, 2024 and 2023 (refer to Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2025 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,242) | \n\n (4,526) | \n\n (5,614) | \n\n (2,948) | \n\n (30,599) | \n\n (47,929) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 401 | \n\n 138 | \n\n 215 | \n\n 264 | \n\n 1,186 | \n\n 2,204 | \n
| \n Current borrowings | \n\n (12,038) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (12,038) | \n
| \n Other current financial liabilities | \n\n (388) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (388) | \n
| \n Current financial assets | \n\n 3,332 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,332 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (165) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (165) | \n
| \n Cash and cash equivalents | \n\n 26,202 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 26,202 | \n
| \n Net amount before financial expense | \n\n 16,943 | \n\n (3,841) | \n\n (4,388) | \n\n (5,399) | \n\n (2,684) | \n\n (29,413) | \n\n (28,782) | \n
| \n Financial expense on non-current financial debt | \n\n (1,052) | \n\n (1,021) | \n\n (1,027) | \n\n (934) | \n\n (885) | \n\n (14,193) | \n\n (19,112) | \n
| \n Interest differential on swaps | \n\n (263) | \n\n (211) | \n\n (213) | \n\n (160) | \n\n (90) | \n\n (415) | \n\n (1,352) | \n
| \n Net amount | \n\n 15,628 | \n\n (5,073) | \n\n (5,628) | \n\n (6,493) | \n\n (3,659) | \n\n (44,021) | \n\n (49,246) | \n
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December\u00a031, 2025, 2024 and 2023 (refer to note\u00a014 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (38,065) | \n\n (39,932) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (21,774) | \n\n (20,242) | \n\n (19,937) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (4,395) | \n\n (7,680) | \n\n (7,650) | \n
| \n Accounts receivable, net | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 5,710 | \n\n 9,072 | \n\n 7,012 | \n
| \n Total | \n\n (27,348) | \n\n (24,047) | \n\n (22,878) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies\u2019 maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies\u2019 maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans to equity affiliates (note\u00a08) | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Loans and advances (note\u00a06) | \n\n 2,241 | \n\n 2,175 | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities (note\u00a06) | \n\n 386 | \n\n 1,677 | \n\n 1,761 | \n
| \n Non-current financial assets (note\u00a015.1) | \n\n 3,270 | \n\n 2,305 | \n\n 2,395 | \n
| \n Accounts receivable (note\u00a05) | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables (note\u00a05) | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n Current financial assets (note\u00a015.1) | \n\n 3,332 | \n\n 6,914 | \n\n 6,585 | \n
| \n Cash and cash equivalents (note\u00a015.1) | \n\n 26,202 | \n\n 25,844 | \n\n 27,263 | \n
| \n Total | \n\n 75,347 | \n\n 81,575 | \n\n 83,182 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes\u00a05 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December\u00a031, 2025, the net margin call paid amounted to $1,094\u00a0million (against $3,002\u00a0million paid as of December\u00a031, 2024 and $2,435\u00a0million paid as of December\u00a031, 2023).
TotalEnergies has established a number\u00a0of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December\u00a031, 2025, the net value of receivables sold amounted to $9,864\u00a0million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
The Company has also put in place supplier financing arrangements (reverse factoring). Under these arrangements, a bank commits to settle the amounts owed to participating suppliers in respect of the invoices that the Company owes them, and the Company reimburses the bank at a later date.
The Company accounts for these arrangements as trade payables, as the original liabilities have not been substantially modified, in particular since the payment terms are not extended beyond the normal conditions agreed with other non\u2011participating suppliers.
The amount of operating liabilities concerned at year\u2011end is $842\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Integrated LNG & Integrated Power segments
Gas & Power activities
Trading of Gas & Power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining.
For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other credit-rating agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services Division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
16.1Financial instruments related to commodity contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies\u2019 exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities. Certain energy derivatives are also held as part of a cash flow hedge for future transactions. | \n\n \n | \n\n The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps | \n\n 304 | \n\n (329) | \n\n \n | \n\n (108) | \n\n 108 | \n\n \n | \n\n 196 | \n\n (221) | \n\n \u2013 | \n\n (25) | \n\n (25) | \n
| \n Forwards(a) | \n\n 4,326 | \n\n (2,692) | \n\n \n | \n\n (94) | \n\n 94 | \n\n \n | \n\n 4,232 | \n\n (2,598) | \n\n \u2013 | \n\n 1,634 | \n\n 1,634 | \n
| \n Options | \n\n 129 | \n\n (8) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 129 | \n\n (8) | \n\n \u2013 | \n\n 121 | \n\n 121 | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 123 | \n\n 123 | \n\n 123 | \n
| \n Total Gas & Power | \n\n 4,759 | \n\n (3,029) | \n\n \n | \n\n (202) | \n\n 202 | \n\n \n | \n\n 4,557 | \n\n (2,827) | \n\n 123 | \n\n 1,853 | \n\n 1,853 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 87 | \n\n (53) | \n\n \n | \n\n (33) | \n\n 33 | \n\n \n | \n\n 54 | \n\n (20) | \n\n \u2013 | \n\n 34 | \n\n 34 | \n
| \n Forwards(a) | \n\n 1,061 | \n\n (1,389) | \n\n \n | \n\n (1) | \n\n 1 | \n\n \n | \n\n 1,060 | \n\n (1,388) | \n\n \u2013 | \n\n (328) | \n\n (328) | \n
| \n Options | \n\n 55 | \n\n (202) | \n\n \n | \n\n (42) | \n\n 42 | \n\n \n | \n\n 13 | \n\n (160) | \n\n \u2013 | \n\n (147) | \n\n (147) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 60 | \n\n (34) | \n\n \n | \n\n (34) | \n\n 34 | \n\n \n | \n\n 26 | \n\n \u2013 | \n\n \u2013 | \n\n 26 | \n\n 26 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 1,263 | \n\n (1,678) | \n\n \n | \n\n (110) | \n\n 110 | \n\n \n | \n\n 1,153 | \n\n (1,568) | \n\n \u2013 | \n\n (415) | \n\n (415) | \n
| \n Total | \n\n 6,022 | \n\n (4,707) | \n\n \n | \n\n (312) | \n\n 312 | \n\n \n | \n\n 5,710 | \n\n (4,395) | \n\n 123 | \n\n 1,438 | \n\n 1,438 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
| \n As of December 31, 2024 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 117 | \n\n (129) | \n\n \n | \n\n (7) | \n\n 7 | \n\n \n | \n\n 110 | \n\n (122) | \n\n \u2013 | \n\n (12) | \n\n (12) | \n
| \n Forwards(a) | \n\n 8,060 | \n\n (6,595) | \n\n \n | \n\n (79) | \n\n 79 | \n\n \n | \n\n 7,981 | \n\n (6,516) | \n\n \u2013 | \n\n 1,465 | \n\n 1,465 | \n
| \n Options | \n\n 277 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 277 | \n\n \u2013 | \n\n \u2013 | \n\n 277 | \n\n 277 | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 403 | \n\n 403 | \n\n 403 | \n
| \n Total Gas & Power | \n\n 8,454 | \n\n (6,724) | \n\n \n | \n\n (86) | \n\n 86 | \n\n \n | \n\n 8,368 | \n\n (6,638) | \n\n 403 | \n\n 2,133 | \n\n 2,133 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 85 | \n\n (46) | \n\n \n | \n\n (44) | \n\n 44 | \n\n \n | \n\n 41 | \n\n (2) | \n\n \u2013 | \n\n 39 | \n\n 39 | \n
| \n Forwards(a) | \n\n 656 | \n\n (1,012) | \n\n \n | \n\n (14) | \n\n 14 | \n\n \n | \n\n 642 | \n\n (998) | \n\n \u2013 | \n\n (356) | \n\n (356) | \n
| \n Options | \n\n 70 | \n\n (102) | \n\n \n | \n\n (60) | \n\n 60 | \n\n \n | \n\n 10 | \n\n (42) | \n\n \u2013 | \n\n (32) | \n\n (32) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 66 | \n\n (55) | \n\n \n | \n\n (55) | \n\n 55 | \n\n \n | \n\n 11 | \n\n \u2013 | \n\n \u2013 | \n\n 11 | \n\n 11 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 877 | \n\n (1,215) | \n\n \n | \n\n (173) | \n\n 173 | \n\n \n | \n\n 704 | \n\n (1,042) | \n\n \u2013 | \n\n (338) | \n\n (338) | \n
| \n Total | \n\n 9,331 | \n\n (7,939) | \n\n \n | \n\n (259) | \n\n 259 | \n\n \n | \n\n 9,072 | \n\n (7,680) | \n\n 403 | \n\n 1,795 | \n\n 1,795 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
| \n As of December 31, 2023 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 116 | \n\n (125) | \n\n \n | \n\n (27) | \n\n 27 | \n\n \n | \n\n 89 | \n\n (98) | \n\n \u2013 | \n\n (9) | \n\n (9) | \n
| \n Forwards(a) | \n\n 5,875 | \n\n (6,369) | \n\n \n | \n\n (253) | \n\n 253 | \n\n \n | \n\n 5,622 | \n\n (6,116) | \n\n \u2013 | \n\n (494) | \n\n (494) | \n
| \n Options | \n\n 540 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n 540 | \n
| \n Futures | \n\n 2 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 109 | \n\n 109 | \n\n 109 | \n
| \n Total Gas & Power | \n\n 6,533 | \n\n (6,494) | \n\n \n | \n\n (280) | \n\n 280 | \n\n \n | \n\n 6,253 | \n\n (6,214) | \n\n 109 | \n\n 148 | \n\n 148 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 66 | \n\n (50) | \n\n \n | \n\n (28) | \n\n 28 | \n\n \n | \n\n 38 | \n\n (22) | \n\n \u2013 | \n\n 16 | \n\n 16 | \n
| \n Forwards(a) | \n\n 655 | \n\n (1,348) | \n\n \n | \n\n (13) | \n\n 13 | \n\n \n | \n\n 642 | \n\n (1,335) | \n\n \u2013 | \n\n (693) | \n\n (693) | \n
| \n Options | \n\n 23 | \n\n (97) | \n\n \n | \n\n (23) | \n\n 23 | \n\n \n | \n\n \u2013 | \n\n (74) | \n\n \u2013 | \n\n (74) | \n\n (74) | \n
| \n Futures | \n\n 1 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Options on futures | \n\n 287 | \n\n (214) | \n\n \n | \n\n (209) | \n\n 209 | \n\n \n | \n\n 78 | \n\n (5) | \n\n \u2013 | \n\n 73 | \n\n 73 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 1,032 | \n\n (1,709) | \n\n \n | \n\n (273) | \n\n 273 | \n\n \n | \n\n 759 | \n\n (1,436) | \n\n \u2013 | \n\n (677) | \n\n (677) | \n
| \n Total | \n\n 7,565 | \n\n (8,203) | \n\n \n | \n\n (553) | \n\n 553 | \n\n \n | \n\n 7,012 | \n\n (7,650) | \n\n 109 | \n\n (529) | \n\n (529) | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
Commitments on crude oil and refined products have, for the most part, a short-term maturity (less than one year).
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Fair value as of January 1, | \n\n Impact on income | \n\n Settled contracts | \n\n Other | \n\n Fair value as of December 31, | \n
|---|---|---|---|---|---|
| \n Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2025 | \n\n 1,730 | \n\n 1,024 | \n\n (1,094) | \n\n 70 | \n\n 1,730 | \n
| \n 2024 | \n\n 39 | \n\n (345) | \n\n 2,000 | \n\n 36 | \n\n 1,730 | \n
| \n 2023 | \n\n 2,347 | \n\n (5,792) | \n\n 3,681 | \n\n (197) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2025 | \n\n (338) | \n\n 10,079 | \n\n (10,124) | \n\n (32) | \n\n (415) | \n
| \n 2024 | \n\n (677) | \n\n 10,118 | \n\n (9,779) | \n\n \u2013 | \n\n (338) | \n
| \n 2023 | \n\n (901) | \n\n 11,033 | \n\n (10,812) | \n\n 3 | \n\n (677) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2025 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (119) | \n\n 1,409 | \n\n 440 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 24 | \n\n (439) | \n\n \u2013 | \n\n (415) | \n
| \n Total | \n\n (95) | \n\n 970 | \n\n 440 | \n\n 1,315 | \n
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (78) | \n\n (38) | \n\n 1,846 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 13 | \n\n (351) | \n\n \u2013 | \n\n (338) | \n
| \n Total | \n\n (65) | \n\n (389) | \n\n 1,846 | \n\n 1,392 | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n 1,054 | \n\n 1,677 | \n\n (2,692) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 73 | \n\n (750) | \n\n \u2013 | \n\n (677) | \n
| \n Total | \n\n 1,127 | \n\n 927 | \n\n (2,692) | \n\n (638) | \n
Financial instruments classified as level 3 are mainly composed of long-term liquefied natural gas purchase and sale contracts which relate to the trading activity.
The management of positions is carried out on the basis of a net value of LNG purchase and sale commitments; the valuation of contracts is based on observable market data, such as commodity forward prices, but it also takes into account unobservable data on contract performance (assumptions on the variable terms of the contracts, on the availability of infrastructures, on the performance of counterparties...).
The valuation of LNG contracts is sensitive to changes in oil and natural gas prices on North American, Asian and European markets, as well as to these assumptions on contract performance.
TotalEnergies\u2019 management horizon is 12\u00a0months in 2025 (as in 2024 and 2023), and includes the full annual delivery program of LNG cargoes for the following year.
The analysis of the fair value of the LNG portfolio over the period beyond 12\u00a0months carried out by the Company, allows to verify that there is no material asset or liability to be recognized in its accounts for that period. This analysis, which takes into account the specific characteristics of LNG contracts and of the gas market, including its liquidity, incorporates valuation parameters that are unobservable over this period, in particular Company internal assumptions on the long-term evolution of hydrocarbon prices, the execution of contracts and the performance of counterparties, the renegotiation of price terms in contracts or the exercise of their contractual flexibilities.
The description of each fair value level is presented in Note\u00a015 to the Consolidated Financial Statements.
Cash flow hedge
The impact on the income statement and other comprehensive income of the hedging instruments related to commodity contracts and qualified as cash flow hedges is detailed as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (730) | \n\n 2,670 | \n\n 2,770 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (807) | \n\n (2,671) | \n\n 117 | \n
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
As of December\u00a031, 2025, the ineffective portion of these financial instruments is $8\u00a0million (the ineffective portion of the financial instruments was $127\u00a0million in 2024 and $124\u00a0million in 2023).
16.2Oil, Gas and Power markets related risks management
Due to the nature of its business, TotalEnergies has significant oil and gas trading activities as part of its day-to-day operations in order to optimize revenues from its oil and gas production and to obtain favorable pricing to supply its refineries.
In its international oil trading business, TotalEnergies usually follows a policy of not selling its future production. However, in connection with this trading business, TotalEnergies, like most other oil companies, uses energy derivative instruments to adjust its exposure to price fluctuations of crude oil, refined products, natural gas, and power. TotalEnergies also uses freight rate derivative contracts in its shipping business to adjust its exposure to freight-rate fluctuations. To hedge against this risk, TotalEnergies uses various instruments such as futures, forwards, swaps and options on organized markets or over-the-counter markets. The list of the different derivatives held by TotalEnergies in these markets is detailed in Note\u00a016.1 to the Consolidated Financial Statements.
As part of its gas and power trading activity, TotalEnergies also uses derivative instruments such as futures, forwards, swaps and options in both organized and over-the-counter markets. In general, the transactions are settled at maturity date through physical delivery. TotalEnergies measures its market risk exposure, i.e., potential loss in fair values, on its trading business using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a one-day period. The calculation of the range of potential changes in fair values takes into account a snapshot of the end-of-day exposures and the set of historical price movements for the past two\u00a0years for all instruments and maturities in the global trading business.
Gas& Power Division trading: \u201cvalue-at-risk\u201d with a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
|---|---|---|---|---|
| \n 2025 | \n\n 108 | \n\n 11 | \n\n 38 | \n\n 36 | \n
| \n 2024 | \n\n 139 | \n\n 19 | \n\n 54 | \n\n 77 | \n
| \n 2023 | \n\n 111 | \n\n 16 | \n\n 54 | \n\n 54 | \n
The Trading & Shipping Division measures its market risk exposure, i.e.,\u00a0potential loss in fair values, on its crude oil, refined products and freight rates trading activities using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a 24-hour period. The calculation of the range of potential changes in fair values is based on the end-of-day exposures and historical price movements of the last 400 business\u00a0days for all traded instruments and maturities. Options are systematically re-evaluated using appropriate models.
The \u201cvalue-at-risk\u201d represents the most unfavorable movement in fair value obtained with a 97.5% confidence level. This means that TotalEnergies\u2019 portfolio result is likely to exceed the value-at-risk loss measure once over 40\u00a0business\u00a0days if the portfolio exposures were left unchanged.
Trading & Shipping: \u201cvalue-at-risk with\u201d a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
|---|---|---|---|---|
| \n 2025 | \n\n 41 | \n\n 11 | \n\n 20 | \n\n 13 | \n
| \n 2024 | \n\n 53 | \n\n 8 | \n\n 24 | \n\n 16 | \n
| \n 2023 | \n\n 74 | \n\n 17 | \n\n 37 | \n\n 28 | \n
TotalEnergies has implemented strict policies and procedures to manage and monitor these market risks. These are based on the separation of control and front-office functions and on an integrated information system that enables real-time monitoring of trading activities.
Limits on trading positions are approved by TotalEnergies\u2019 Executive Committee and are monitored daily. To increase flexibility and encourage liquidity, hedging operations are performed with numerous independent operators, including other oil companies, major energy producers or consumers and financial institutions. TotalEnergies has established counterparty limits and monitors outstanding amounts with each counterparty on an ongoing basis.
15.2Fair value of financial instruments (excluding commodity contracts)
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following: Cash management Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. Long-term financing When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as: 1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and: \u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement; \u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items. In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship. | \n\n \n | \n\n 2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss. 3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges. Foreign subsidiaries\u2019 equity hedge Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity. The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d. Commitments to purchase shares held by non-controlling interests (put options written on minority interests) Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three\u00a0months) classified as \u201cLoans and receivables\u201d;
\u2013financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013ineffective portion of bond hedging;
\u2013financial income and financial expense on lease contracts; and
\u2013financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 770 | \n\n 1,335 | \n\n 1,420 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,424) | \n\n (2,321) | \n\n (2,190) | \n
| \n Fair value hedge (ineffective portion) | \n\n 13 | \n\n 1 | \n\n 2 | \n
| \n Lease assets and obligations | \n\n (628) | \n\n (552) | \n\n (499) | \n
| \n Assets and liabilities held for trading | \n\n 202 | \n\n 307 | \n\n 248 | \n
| \n Impact on the cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Revaluation impact at market value of bonds | \n\n (1,372) | \n\n (568) | \n\n (765) | \n
| \n Swaps hedging bonds | \n\n 1,385 | \n\n 569 | \n\n 767 | \n
| \n Ineffective portion of the fair value hedge | \n\n 13 | \n\n 1 | \n\n 2 | \n
The ineffective portion is not representative of TotalEnergies\u2019 performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December\u00a031, 2025, 2024 and 2023 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (330) | \n\n 448 | \n\n 128 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n 158 | \n\n (260) | \n\n 140 | \n
As of December\u00a031, 2025, 2024 and 2023, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
\u2013the nominal amounts and carrying amounts of hedging instruments;
\u2013the carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
\u2013the hedged items that have ceased to be adjusted for hedging gains and losses.
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 5,250 | \n\n 25 | \n\n (295) | \n\n \n | \n\n \u2013 | \n\n (5,028) | \n\n \n | \n\n 222 | \n\n \u2013 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 3,454 | \n\n 92 | \n\n (216) | \n\n \n | \n\n \u2013 | \n\n (3,391) | \n\n \n | \n\n 63 | \n\n \u2013 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 27 | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 6,250 | \n\n \u2013 | \n\n (230) | \n\n \n | \n\n \u2013 | \n\n (6,103) | \n\n \n | \n\n \u2013 | \n\n 147 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,084 | \n\n 27 | \n\n (618) | \n\n \n | \n\n \u2013 | \n\n (3,588) | \n\n \n | \n\n \u2013 | \n\n 496 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 21 | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 3,500 | \n\n \u2013 | \n\n (86) | \n\n \n | \n\n \u2013 | \n\n (3,457) | \n\n \n | \n\n \u2013 | \n\n 43 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,671 | \n\n 45 | \n\n (559) | \n\n \n | \n\n \u2013 | \n\n (4,232) | \n\n \n | \n\n \u2013 | \n\n 439 | \n\n Financial debt/ Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 10 | \n\n \n | \n
Cash flow hedge
The following charts regarding cash flow hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (interest rate swaps and cross currency swaps).
According to IFRS\u00a09, there is no accounting entry related to cash flow hedge on hedged items.
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 11,998 | \n\n 411 | \n\n (28) | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 13,126 | \n\n 365 | \n\n (641) | \n\n Financial debt/Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,577 | \n\n 543 | \n\n \u2013 | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 15,055 | \n\n 5 | \n\n (1,890) | \n\n Financial debt/Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement | \n|
|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,023 | \n\n 611 | \n\n \u2013 | \n\n Financial debt/Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 108 | \n\n (1,821) | \n\n Financial debt/Financial assets | \n
C)Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
| \n For the year ended December 31, 2025 (M$) Assets/(Liabilities) | \n\n 2026 | \n\n 2027 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n\n 2031 and beyond | \n|
| \n Fair value hedge | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 49 | \n\n 202 | \n\n 68 | \n\n 1,451 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (511) | \n\n 7,051 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n 49 | \n\n 202 | \n\n (443) | \n\n 8,502 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 875 | \n\n 5,018 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 32 | \n\n 823 | \n\n 744 | \n\n 14,879 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (218) | \n\n 3,245 | \n\n (451) | \n\n 6,177 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (186) | \n\n 4,068 | \n\n 293 | \n\n 21,056 | \n\n 2,070 | \n\n 4,672 | \n\n 5,643 | \n\n 450 | \n\n 8,221 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 12 | \n\n 358 | \n\n 25 | \n\n 328 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (1) | \n\n 99 | \n\n (3) | \n\n 325 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total forward exchange contracts related to operating activities | \n\n 11 | \n\n 457 | \n\n 22 | \n\n 653 | \n\n 328 | \n\n 325 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (assets) | \n\n 137 | \n\n 50,776 | \n\n 250 | \n\n 30,186 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 41,730 | \n\n (252) | \n\n 31,207 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total other interest rate swaps | \n\n 13 | \n\n 92,506 | \n\n (2) | \n\n 61,393 | \n\n 31,266 | \n\n 7,141 | \n\n 3,878 | \n\n 2,983 | \n\n 16,124 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 32 | \n\n 7,052 | \n\n 5 | \n\n 360 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (46) | \n\n 9,860 | \n\n (6) | \n\n 515 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total currency swaps and forward exchange contracts | \n\n (14) | \n\n 16,912 | \n\n (1) | \n\n 875 | \n\n 735 | \n\n 140 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2024 (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2026 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 and beyond | \n|
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 27 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (45) | \n\n 1,630 | \n\n (803) | \n\n 8,301 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (45) | \n\n 1,630 | \n\n (776) | \n\n 8,704 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 5,893 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 29 | \n\n 2,428 | \n\n 519 | \n\n 11,317 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (380) | \n\n 2,059 | \n\n (1,510) | \n\n 11,828 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (351) | \n\n 4,487 | \n\n (991) | \n\n 23,145 | \n\n 4,116 | \n\n 2,143 | \n\n 4,740 | \n\n 5,667 | \n\n 6,479 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n \u2013 | \n\n 94 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (13) | \n\n 271 | \n\n (23) | \n\n 634 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (13) | \n\n 365 | \n\n (23) | \n\n 634 | \n\n 307 | \n\n 327 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 50,861 | \n\n 342 | \n\n 36,851 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 59,075 | \n\n (281) | \n\n 36,220 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 30 | \n\n 109,936 | \n\n 61 | \n\n 73,071 | \n\n 52,496 | \n\n 8,714 | \n\n 2,739 | \n\n 2,821 | \n\n 6,300 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 196 | \n\n 17,698 | \n\n 5 | \n\n 322 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (115) | \n\n 5,212 | \n\n \u2013 | \n\n (45) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n 81 | \n\n 22,910 | \n\n 5 | \n\n 277 | \n\n 116 | \n\n 161 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2023 (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2025 and beyond | \n\n Notional value schedule | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n Fair value | \n\n Notional value | \n\n Fair value | \n\n Notional value | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 and beyond | \n|
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n 250 | \n\n 45 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (75) | \n\n 1,837 | \n\n (570) | \n\n 5,681 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (75) | \n\n 2,087 | \n\n (525) | \n\n 6,084 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 2,432 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 91 | \n\n 2,114 | \n\n 628 | \n\n 14,830 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (193) | \n\n 1,574 | \n\n (1,628) | \n\n 11,016 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (102) | \n\n 3,688 | \n\n (1,000) | \n\n 25,846 | \n\n 4,509 | \n\n 4,153 | \n\n 2,135 | \n\n 4,686 | \n\n 10,363 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 2 | \n\n 83 | \n\n 8 | \n\n 311 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (14) | \n\n 234 | \n\n (2) | \n\n 240 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (12) | \n\n 317 | \n\n 6 | \n\n 551 | \n\n 285 | \n\n 266 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 149 | \n\n 38,415 | \n\n 393 | \n\n 7,690 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (94) | \n\n 37,170 | \n\n (208) | \n\n 7,407 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 55 | \n\n 75,585 | \n\n 185 | \n\n 15,097 | \n\n 8,692 | \n\n 1,580 | \n\n 1,500 | \n\n 1,908 | \n\n 1,417 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 66 | \n\n 10,325 | \n\n 21 | \n\n 1,071 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (84) | \n\n 8,513 | \n\n (32) | \n\n 773 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (18) | \n\n 18,838 | \n\n (11) | \n\n 1,844 | \n\n 1,840 | \n\n (2) | \n\n 6 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
D)Fair value hierarchy
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n According to IFRS\u00a013, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used. Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account. As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts. | \n\n \n | \n\n The methods used are as follows: Financial debts, swaps The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end. Other financial instruments The fair value of interest rate swaps and of FRA\u2019s (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities. Exchange options are valued based on models commonly used by the market. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
| \n As of December 31, 2025 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (394) | \n\n \u2013 | \n\n (394) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n 142 | \n\n \u2013 | \n\n 142 | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n (6) | \n\n \u2013 | \n\n (6) | \n
| \n Equity instruments | \n\n 290 | \n\n \u2013 | \n\n \u2013 | \n\n 290 | \n
| \n Total | \n\n 290 | \n\n (258) | \n\n \u2013 | \n\n 32 | \n
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (821) | \n\n \u2013 | \n\n (821) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,375) | \n\n \u2013 | \n\n (1,375) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 174 | \n\n \u2013 | \n\n 174 | \n
| \n Equity instruments | \n\n 391 | \n\n \u2013 | \n\n \u2013 | \n\n 391 | \n
| \n Total | \n\n 391 | \n\n (2,022) | \n\n \u2013 | \n\n (1,631) | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (600) | \n\n \u2013 | \n\n (600) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,104) | \n\n \u2013 | \n\n (1,104) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 207 | \n\n \u2013 | \n\n 207 | \n
| \n Equity instruments | \n\n 255 | \n\n \u2013 | \n\n \u2013 | \n\n 255 | \n
| \n Total | \n\n 255 | \n\n (1,497) | \n\n \u2013 | \n\n (1,242) | \n
15.3Financial risks management
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes\u00a014, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, banking institutions, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, financial credit ratings, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The USD LIBOR maturities ceased to be published end of June\u00a02023 and was replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January\u00a03, 2022 and was replaced by the ESTR rate.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note\u00a015.1 \u201cFinancial debt and related financial instruments\u201d.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note\u00a015.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note\u00a015.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis\u00a0points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2025, 2024 and 2023.
| \n Assets/(Liabilities) (M$) | \n\n Carrying amount | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
|---|---|---|---|---|
| \n +10 basis points | \n\n -10 basis points | \n|||
| \n As of December\u00a031, 2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (37,895) | \n\n (38,347) | \n\n 343 | \n\n (343) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (962) | \n\n (962) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 812 | \n\n 812 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (150) | \n\n (150) | \n\n (15) | \n\n 15 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (2,677) | \n\n (2,671) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 11 | \n\n 11 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n (15) | \n\n (15) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December\u00a031, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n - | \n\n - | \n
| \n As of December\u00a031, 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n +10 basis\u00a0points | \n\n 17 | \n\n 15 | \n\n 10 | \n
| \n -10 basis\u00a0points | \n\n (17) | \n\n (15) | \n\n (10) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three\u00a0years, is essentially related to the fluctuation of the euro and the pound sterling and is set forth in the table below:
| \n Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling exchange rates | \n
|---|---|---|
| \n December\u00a031, 2025 | \n\n 0.85 | \n\n 0.74 | \n
| \n December\u00a031, 2024 | \n\n 0.96 | \n\n 0.80 | \n
| \n December\u00a031, 2023 | \n\n 0.90 | \n\n 0.79 | \n
| \n As of December\u00a031, 2025 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 128,916 | \n\n 16,012 | \n\n 93,346 | \n\n 4,116 | \n\n 15,442 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (14,028) | \n\n (7,875) | \n\n \u2013 | \n\n (2,144) | \n\n (4,009) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2025 | \n\n 114,883 | \n\n 8,132 | \n\n 93,346 | \n\n 1,972 | \n\n 11,433 | \n
| \n As of December\u00a031, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n (4,298) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n (3,530) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n 10,792 | \n
Based on the 2025 financial statements, a conversion using rates different from + or -10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2025 (M$) | \n\n Euro | \n\n Pound sterling | \n
|---|---|---|
| \n Impact of an increase of 10% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n 813 | \n\n 197 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (53) | \n\n 25 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n (813) | \n\n (197) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 53 | \n\n (25) | \n
Stock market risk
TotalEnergies holds interests in a number\u00a0of publicly-traded companies (refer to Note\u00a08 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies\u00a0SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December\u00a031, 2025, these credit facilities amounted to $19,767\u00a0million and were entirely undrawn. The agreements underpinning credit facilities granted to TotalEnergies\u00a0SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December\u00a031, 2025, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies\u00a0SE, was $20,398\u00a0million, of which $20,225\u00a0million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies\u00a0SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2025, 2024 and 2023 (refer to Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2025 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,242) | \n\n (4,526) | \n\n (5,614) | \n\n (2,948) | \n\n (30,599) | \n\n (47,929) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 401 | \n\n 138 | \n\n 215 | \n\n 264 | \n\n 1,186 | \n\n 2,204 | \n
| \n Current borrowings | \n\n (12,038) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (12,038) | \n
| \n Other current financial liabilities | \n\n (388) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (388) | \n
| \n Current financial assets | \n\n 3,332 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,332 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (165) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (165) | \n
| \n Cash and cash equivalents | \n\n 26,202 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 26,202 | \n
| \n Net amount before financial expense | \n\n 16,943 | \n\n (3,841) | \n\n (4,388) | \n\n (5,399) | \n\n (2,684) | \n\n (29,413) | \n\n (28,782) | \n
| \n Financial expense on non-current financial debt | \n\n (1,052) | \n\n (1,021) | \n\n (1,027) | \n\n (934) | \n\n (885) | \n\n (14,193) | \n\n (19,112) | \n
| \n Interest differential on swaps | \n\n (263) | \n\n (211) | \n\n (213) | \n\n (160) | \n\n (90) | \n\n (415) | \n\n (1,352) | \n
| \n Net amount | \n\n 15,628 | \n\n (5,073) | \n\n (5,628) | \n\n (6,493) | \n\n (3,659) | \n\n (44,021) | \n\n (49,246) | \n
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December\u00a031, 2025, 2024 and 2023 (refer to note\u00a014 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (38,065) | \n\n (39,932) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (21,774) | \n\n (20,242) | \n\n (19,937) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (4,395) | \n\n (7,680) | \n\n (7,650) | \n
| \n Accounts receivable, net | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 5,710 | \n\n 9,072 | \n\n 7,012 | \n
| \n Total | \n\n (27,348) | \n\n (24,047) | \n\n (22,878) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies\u2019 maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies\u2019 maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans to equity affiliates (note\u00a08) | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Loans and advances (note\u00a06) | \n\n 2,241 | \n\n 2,175 | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities (note\u00a06) | \n\n 386 | \n\n 1,677 | \n\n 1,761 | \n
| \n Non-current financial assets (note\u00a015.1) | \n\n 3,270 | \n\n 2,305 | \n\n 2,395 | \n
| \n Accounts receivable (note\u00a05) | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables (note\u00a05) | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n Current financial assets (note\u00a015.1) | \n\n 3,332 | \n\n 6,914 | \n\n 6,585 | \n
| \n Cash and cash equivalents (note\u00a015.1) | \n\n 26,202 | \n\n 25,844 | \n\n 27,263 | \n
| \n Total | \n\n 75,347 | \n\n 81,575 | \n\n 83,182 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes\u00a05 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December\u00a031, 2025, the net margin call paid amounted to $1,094\u00a0million (against $3,002\u00a0million paid as of December\u00a031, 2024 and $2,435\u00a0million paid as of December\u00a031, 2023).
TotalEnergies has established a number\u00a0of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December\u00a031, 2025, the net value of receivables sold amounted to $9,864\u00a0million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
The Company has also put in place supplier financing arrangements (reverse factoring). Under these arrangements, a bank commits to settle the amounts owed to participating suppliers in respect of the invoices that the Company owes them, and the Company reimburses the bank at a later date.
The Company accounts for these arrangements as trade payables, as the original liabilities have not been substantially modified, in particular since the payment terms are not extended beyond the normal conditions agreed with other non\u2011participating suppliers.
The amount of operating liabilities concerned at year\u2011end is $842\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Integrated LNG & Integrated Power segments
Gas & Power activities
Trading of Gas & Power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining.
For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other credit-rating agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services Division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
16.1Financial instruments related to commodity contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies\u2019 exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities. Certain energy derivatives are also held as part of a cash flow hedge for future transactions. | \n\n \n | \n\n The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps | \n\n 304 | \n\n (329) | \n\n \n | \n\n (108) | \n\n 108 | \n\n \n | \n\n 196 | \n\n (221) | \n\n \u2013 | \n\n (25) | \n\n (25) | \n
| \n Forwards(a) | \n\n 4,326 | \n\n (2,692) | \n\n \n | \n\n (94) | \n\n 94 | \n\n \n | \n\n 4,232 | \n\n (2,598) | \n\n \u2013 | \n\n 1,634 | \n\n 1,634 | \n
| \n Options | \n\n 129 | \n\n (8) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 129 | \n\n (8) | \n\n \u2013 | \n\n 121 | \n\n 121 | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 123 | \n\n 123 | \n\n 123 | \n
| \n Total Gas & Power | \n\n 4,759 | \n\n (3,029) | \n\n \n | \n\n (202) | \n\n 202 | \n\n \n | \n\n 4,557 | \n\n (2,827) | \n\n 123 | \n\n 1,853 | \n\n 1,853 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 87 | \n\n (53) | \n\n \n | \n\n (33) | \n\n 33 | \n\n \n | \n\n 54 | \n\n (20) | \n\n \u2013 | \n\n 34 | \n\n 34 | \n
| \n Forwards(a) | \n\n 1,061 | \n\n (1,389) | \n\n \n | \n\n (1) | \n\n 1 | \n\n \n | \n\n 1,060 | \n\n (1,388) | \n\n \u2013 | \n\n (328) | \n\n (328) | \n
| \n Options | \n\n 55 | \n\n (202) | \n\n \n | \n\n (42) | \n\n 42 | \n\n \n | \n\n 13 | \n\n (160) | \n\n \u2013 | \n\n (147) | \n\n (147) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 60 | \n\n (34) | \n\n \n | \n\n (34) | \n\n 34 | \n\n \n | \n\n 26 | \n\n \u2013 | \n\n \u2013 | \n\n 26 | \n\n 26 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 1,263 | \n\n (1,678) | \n\n \n | \n\n (110) | \n\n 110 | \n\n \n | \n\n 1,153 | \n\n (1,568) | \n\n \u2013 | \n\n (415) | \n\n (415) | \n
| \n Total | \n\n 6,022 | \n\n (4,707) | \n\n \n | \n\n (312) | \n\n 312 | \n\n \n | \n\n 5,710 | \n\n (4,395) | \n\n 123 | \n\n 1,438 | \n\n 1,438 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
| \n As of December 31, 2024 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 117 | \n\n (129) | \n\n \n | \n\n (7) | \n\n 7 | \n\n \n | \n\n 110 | \n\n (122) | \n\n \u2013 | \n\n (12) | \n\n (12) | \n
| \n Forwards(a) | \n\n 8,060 | \n\n (6,595) | \n\n \n | \n\n (79) | \n\n 79 | \n\n \n | \n\n 7,981 | \n\n (6,516) | \n\n \u2013 | \n\n 1,465 | \n\n 1,465 | \n
| \n Options | \n\n 277 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 277 | \n\n \u2013 | \n\n \u2013 | \n\n 277 | \n\n 277 | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 403 | \n\n 403 | \n\n 403 | \n
| \n Total Gas & Power | \n\n 8,454 | \n\n (6,724) | \n\n \n | \n\n (86) | \n\n 86 | \n\n \n | \n\n 8,368 | \n\n (6,638) | \n\n 403 | \n\n 2,133 | \n\n 2,133 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 85 | \n\n (46) | \n\n \n | \n\n (44) | \n\n 44 | \n\n \n | \n\n 41 | \n\n (2) | \n\n \u2013 | \n\n 39 | \n\n 39 | \n
| \n Forwards(a) | \n\n 656 | \n\n (1,012) | \n\n \n | \n\n (14) | \n\n 14 | \n\n \n | \n\n 642 | \n\n (998) | \n\n \u2013 | \n\n (356) | \n\n (356) | \n
| \n Options | \n\n 70 | \n\n (102) | \n\n \n | \n\n (60) | \n\n 60 | \n\n \n | \n\n 10 | \n\n (42) | \n\n \u2013 | \n\n (32) | \n\n (32) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 66 | \n\n (55) | \n\n \n | \n\n (55) | \n\n 55 | \n\n \n | \n\n 11 | \n\n \u2013 | \n\n \u2013 | \n\n 11 | \n\n 11 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 877 | \n\n (1,215) | \n\n \n | \n\n (173) | \n\n 173 | \n\n \n | \n\n 704 | \n\n (1,042) | \n\n \u2013 | \n\n (338) | \n\n (338) | \n
| \n Total | \n\n 9,331 | \n\n (7,939) | \n\n \n | \n\n (259) | \n\n 259 | \n\n \n | \n\n 9,072 | \n\n (7,680) | \n\n 403 | \n\n 1,795 | \n\n 1,795 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
| \n As of December 31, 2023 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 116 | \n\n (125) | \n\n \n | \n\n (27) | \n\n 27 | \n\n \n | \n\n 89 | \n\n (98) | \n\n \u2013 | \n\n (9) | \n\n (9) | \n
| \n Forwards(a) | \n\n 5,875 | \n\n (6,369) | \n\n \n | \n\n (253) | \n\n 253 | \n\n \n | \n\n 5,622 | \n\n (6,116) | \n\n \u2013 | \n\n (494) | \n\n (494) | \n
| \n Options | \n\n 540 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n 540 | \n
| \n Futures | \n\n 2 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 109 | \n\n 109 | \n\n 109 | \n
| \n Total Gas & Power | \n\n 6,533 | \n\n (6,494) | \n\n \n | \n\n (280) | \n\n 280 | \n\n \n | \n\n 6,253 | \n\n (6,214) | \n\n 109 | \n\n 148 | \n\n 148 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 66 | \n\n (50) | \n\n \n | \n\n (28) | \n\n 28 | \n\n \n | \n\n 38 | \n\n (22) | \n\n \u2013 | \n\n 16 | \n\n 16 | \n
| \n Forwards(a) | \n\n 655 | \n\n (1,348) | \n\n \n | \n\n (13) | \n\n 13 | \n\n \n | \n\n 642 | \n\n (1,335) | \n\n \u2013 | \n\n (693) | \n\n (693) | \n
| \n Options | \n\n 23 | \n\n (97) | \n\n \n | \n\n (23) | \n\n 23 | \n\n \n | \n\n \u2013 | \n\n (74) | \n\n \u2013 | \n\n (74) | \n\n (74) | \n
| \n Futures | \n\n 1 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Options on futures | \n\n 287 | \n\n (214) | \n\n \n | \n\n (209) | \n\n 209 | \n\n \n | \n\n 78 | \n\n (5) | \n\n \u2013 | \n\n 73 | \n\n 73 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 1,032 | \n\n (1,709) | \n\n \n | \n\n (273) | \n\n 273 | \n\n \n | \n\n 759 | \n\n (1,436) | \n\n \u2013 | \n\n (677) | \n\n (677) | \n
| \n Total | \n\n 7,565 | \n\n (8,203) | \n\n \n | \n\n (553) | \n\n 553 | \n\n \n | \n\n 7,012 | \n\n (7,650) | \n\n 109 | \n\n (529) | \n\n (529) | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
Commitments on crude oil and refined products have, for the most part, a short-term maturity (less than one year).
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Fair value as of January 1, | \n\n Impact on income | \n\n Settled contracts | \n\n Other | \n\n Fair value as of December 31, | \n
|---|---|---|---|---|---|
| \n Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2025 | \n\n 1,730 | \n\n 1,024 | \n\n (1,094) | \n\n 70 | \n\n 1,730 | \n
| \n 2024 | \n\n 39 | \n\n (345) | \n\n 2,000 | \n\n 36 | \n\n 1,730 | \n
| \n 2023 | \n\n 2,347 | \n\n (5,792) | \n\n 3,681 | \n\n (197) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2025 | \n\n (338) | \n\n 10,079 | \n\n (10,124) | \n\n (32) | \n\n (415) | \n
| \n 2024 | \n\n (677) | \n\n 10,118 | \n\n (9,779) | \n\n \u2013 | \n\n (338) | \n
| \n 2023 | \n\n (901) | \n\n 11,033 | \n\n (10,812) | \n\n 3 | \n\n (677) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2025 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (119) | \n\n 1,409 | \n\n 440 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 24 | \n\n (439) | \n\n \u2013 | \n\n (415) | \n
| \n Total | \n\n (95) | \n\n 970 | \n\n 440 | \n\n 1,315 | \n
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (78) | \n\n (38) | \n\n 1,846 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 13 | \n\n (351) | \n\n \u2013 | \n\n (338) | \n
| \n Total | \n\n (65) | \n\n (389) | \n\n 1,846 | \n\n 1,392 | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n 1,054 | \n\n 1,677 | \n\n (2,692) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 73 | \n\n (750) | \n\n \u2013 | \n\n (677) | \n
| \n Total | \n\n 1,127 | \n\n 927 | \n\n (2,692) | \n\n (638) | \n
Financial instruments classified as level 3 are mainly composed of long-term liquefied natural gas purchase and sale contracts which relate to the trading activity.
The management of positions is carried out on the basis of a net value of LNG purchase and sale commitments; the valuation of contracts is based on observable market data, such as commodity forward prices, but it also takes into account unobservable data on contract performance (assumptions on the variable terms of the contracts, on the availability of infrastructures, on the performance of counterparties...).
The valuation of LNG contracts is sensitive to changes in oil and natural gas prices on North American, Asian and European markets, as well as to these assumptions on contract performance.
TotalEnergies\u2019 management horizon is 12\u00a0months in 2025 (as in 2024 and 2023), and includes the full annual delivery program of LNG cargoes for the following year.
The analysis of the fair value of the LNG portfolio over the period beyond 12\u00a0months carried out by the Company, allows to verify that there is no material asset or liability to be recognized in its accounts for that period. This analysis, which takes into account the specific characteristics of LNG contracts and of the gas market, including its liquidity, incorporates valuation parameters that are unobservable over this period, in particular Company internal assumptions on the long-term evolution of hydrocarbon prices, the execution of contracts and the performance of counterparties, the renegotiation of price terms in contracts or the exercise of their contractual flexibilities.
The description of each fair value level is presented in Note\u00a015 to the Consolidated Financial Statements.
Cash flow hedge
The impact on the income statement and other comprehensive income of the hedging instruments related to commodity contracts and qualified as cash flow hedges is detailed as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (730) | \n\n 2,670 | \n\n 2,770 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (807) | \n\n (2,671) | \n\n 117 | \n
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
As of December\u00a031, 2025, the ineffective portion of these financial instruments is $8\u00a0million (the ineffective portion of the financial instruments was $127\u00a0million in 2024 and $124\u00a0million in 2023).
16.2Oil, Gas and Power markets related risks management
Due to the nature of its business, TotalEnergies has significant oil and gas trading activities as part of its day-to-day operations in order to optimize revenues from its oil and gas production and to obtain favorable pricing to supply its refineries.
In its international oil trading business, TotalEnergies usually follows a policy of not selling its future production. However, in connection with this trading business, TotalEnergies, like most other oil companies, uses energy derivative instruments to adjust its exposure to price fluctuations of crude oil, refined products, natural gas, and power. TotalEnergies also uses freight rate derivative contracts in its shipping business to adjust its exposure to freight-rate fluctuations. To hedge against this risk, TotalEnergies uses various instruments such as futures, forwards, swaps and options on organized markets or over-the-counter markets. The list of the different derivatives held by TotalEnergies in these markets is detailed in Note\u00a016.1 to the Consolidated Financial Statements.
As part of its gas and power trading activity, TotalEnergies also uses derivative instruments such as futures, forwards, swaps and options in both organized and over-the-counter markets. In general, the transactions are settled at maturity date through physical delivery. TotalEnergies measures its market risk exposure, i.e., potential loss in fair values, on its trading business using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a one-day period. The calculation of the range of potential changes in fair values takes into account a snapshot of the end-of-day exposures and the set of historical price movements for the past two\u00a0years for all instruments and maturities in the global trading business.
Gas& Power Division trading: \u201cvalue-at-risk\u201d with a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
|---|---|---|---|---|
| \n 2025 | \n\n 108 | \n\n 11 | \n\n 38 | \n\n 36 | \n
| \n 2024 | \n\n 139 | \n\n 19 | \n\n 54 | \n\n 77 | \n
| \n 2023 | \n\n 111 | \n\n 16 | \n\n 54 | \n\n 54 | \n
The Trading & Shipping Division measures its market risk exposure, i.e.,\u00a0potential loss in fair values, on its crude oil, refined products and freight rates trading activities using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a 24-hour period. The calculation of the range of potential changes in fair values is based on the end-of-day exposures and historical price movements of the last 400 business\u00a0days for all traded instruments and maturities. Options are systematically re-evaluated using appropriate models.
The \u201cvalue-at-risk\u201d represents the most unfavorable movement in fair value obtained with a 97.5% confidence level. This means that TotalEnergies\u2019 portfolio result is likely to exceed the value-at-risk loss measure once over 40\u00a0business\u00a0days if the portfolio exposures were left unchanged.
Trading & Shipping: \u201cvalue-at-risk with\u201d a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
|---|---|---|---|---|
| \n 2025 | \n\n 41 | \n\n 11 | \n\n 20 | \n\n 13 | \n
| \n 2024 | \n\n 53 | \n\n 8 | \n\n 24 | \n\n 16 | \n
| \n 2023 | \n\n 74 | \n\n 17 | \n\n 37 | \n\n 28 | \n
TotalEnergies has implemented strict policies and procedures to manage and monitor these market risks. These are based on the separation of control and front-office functions and on an integrated information system that enables real-time monitoring of trading activities.
Limits on trading positions are approved by TotalEnergies\u2019 Executive Committee and are monitored daily. To increase flexibility and encourage liquidity, hedging operations are performed with numerous independent operators, including other oil companies, major energy producers or consumers and financial institutions. TotalEnergies has established counterparty limits and monitors outstanding amounts with each counterparty on an ongoing basis.
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d.
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d.
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS\u00a09, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS\u00a09, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in\u00a0the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d.
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in\u00a0shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in\u00a0accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
According to IFRS\u00a013, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used.
Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account.
As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts.
The methods used are as follows:
Financial debts, swaps
The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end.
Other financial instruments
The fair value of interest rate swaps and of FRA\u2019s (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities.
Exchange options are valued based on models commonly used by the market.
15.3Financial risks management
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes\u00a014, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, banking institutions, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, financial credit ratings, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The USD LIBOR maturities ceased to be published end of June\u00a02023 and was replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January\u00a03, 2022 and was replaced by the ESTR rate.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note\u00a015.1 \u201cFinancial debt and related financial instruments\u201d.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note\u00a015.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note\u00a015.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis\u00a0points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2025, 2024 and 2023.
| \n Assets/(Liabilities) (M$) | \n\n Carrying amount | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
|---|---|---|---|---|
| \n +10 basis points | \n\n -10 basis points | \n|||
| \n As of December\u00a031, 2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (37,895) | \n\n (38,347) | \n\n 343 | \n\n (343) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (962) | \n\n (962) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 812 | \n\n 812 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (150) | \n\n (150) | \n\n (15) | \n\n 15 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (2,677) | \n\n (2,671) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 11 | \n\n 11 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n (15) | \n\n (15) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December\u00a031, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n - | \n\n - | \n
| \n As of December\u00a031, 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n +10 basis\u00a0points | \n\n 17 | \n\n 15 | \n\n 10 | \n
| \n -10 basis\u00a0points | \n\n (17) | \n\n (15) | \n\n (10) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three\u00a0years, is essentially related to the fluctuation of the euro and the pound sterling and is set forth in the table below:
| \n Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling exchange rates | \n
|---|---|---|
| \n December\u00a031, 2025 | \n\n 0.85 | \n\n 0.74 | \n
| \n December\u00a031, 2024 | \n\n 0.96 | \n\n 0.80 | \n
| \n December\u00a031, 2023 | \n\n 0.90 | \n\n 0.79 | \n
| \n As of December\u00a031, 2025 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 128,916 | \n\n 16,012 | \n\n 93,346 | \n\n 4,116 | \n\n 15,442 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (14,028) | \n\n (7,875) | \n\n \u2013 | \n\n (2,144) | \n\n (4,009) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2025 | \n\n 114,883 | \n\n 8,132 | \n\n 93,346 | \n\n 1,972 | \n\n 11,433 | \n
| \n As of December\u00a031, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n (4,298) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n (3,530) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n 10,792 | \n
Based on the 2025 financial statements, a conversion using rates different from + or -10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2025 (M$) | \n\n Euro | \n\n Pound sterling | \n
|---|---|---|
| \n Impact of an increase of 10% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n 813 | \n\n 197 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (53) | \n\n 25 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n (813) | \n\n (197) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 53 | \n\n (25) | \n
Stock market risk
TotalEnergies holds interests in a number\u00a0of publicly-traded companies (refer to Note\u00a08 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
15.3Financial risks management
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes\u00a014, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, banking institutions, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, financial credit ratings, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The USD LIBOR maturities ceased to be published end of June\u00a02023 and was replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January\u00a03, 2022 and was replaced by the ESTR rate.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note\u00a015.1 \u201cFinancial debt and related financial instruments\u201d.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note\u00a015.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note\u00a015.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis\u00a0points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2025, 2024 and 2023.
| \n Assets/(Liabilities) (M$) | \n\n Carrying amount | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
|---|---|---|---|---|
| \n +10 basis points | \n\n -10 basis points | \n|||
| \n As of December\u00a031, 2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (37,895) | \n\n (38,347) | \n\n 343 | \n\n (343) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (962) | \n\n (962) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 812 | \n\n 812 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (150) | \n\n (150) | \n\n (15) | \n\n 15 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (2,677) | \n\n (2,671) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 11 | \n\n 11 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n (15) | \n\n (15) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December\u00a031, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n - | \n\n - | \n
| \n As of December\u00a031, 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (2,067) | \n\n (1,230) | \n\n (1,019) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n +10 basis\u00a0points | \n\n 17 | \n\n 15 | \n\n 10 | \n
| \n -10 basis\u00a0points | \n\n (17) | \n\n (15) | \n\n (10) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three\u00a0years, is essentially related to the fluctuation of the euro and the pound sterling and is set forth in the table below:
| \n Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling exchange rates | \n
|---|---|---|
| \n December\u00a031, 2025 | \n\n 0.85 | \n\n 0.74 | \n
| \n December\u00a031, 2024 | \n\n 0.96 | \n\n 0.80 | \n
| \n December\u00a031, 2023 | \n\n 0.90 | \n\n 0.79 | \n
| \n As of December\u00a031, 2025 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 128,916 | \n\n 16,012 | \n\n 93,346 | \n\n 4,116 | \n\n 15,442 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (14,028) | \n\n (7,875) | \n\n \u2013 | \n\n (2,144) | \n\n (4,009) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2025 | \n\n 114,883 | \n\n 8,132 | \n\n 93,346 | \n\n 1,972 | \n\n 11,433 | \n
| \n As of December\u00a031, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n (4,298) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Shareholders\u2019 equity at historical exchange rate | \n\n 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n (3,530) | \n
| \n Net investment hedge \u2013 open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders\u2019 equity at exchange rate as of December\u00a031, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n 10,792 | \n
Based on the 2025 financial statements, a conversion using rates different from + or -10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2025 (M$) | \n\n Euro | \n\n Pound sterling | \n
|---|---|---|
| \n Impact of an increase of 10% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n 813 | \n\n 197 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (53) | \n\n 25 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders\u2019 equity | \n\n (813) | \n\n (197) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 53 | \n\n (25) | \n
Stock market risk
TotalEnergies holds interests in a number\u00a0of publicly-traded companies (refer to Note\u00a08 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies\u00a0SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December\u00a031, 2025, these credit facilities amounted to $19,767\u00a0million and were entirely undrawn. The agreements underpinning credit facilities granted to TotalEnergies\u00a0SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December\u00a031, 2025, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies\u00a0SE, was $20,398\u00a0million, of which $20,225\u00a0million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies\u00a0SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2025, 2024 and 2023 (refer to Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2025 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,242) | \n\n (4,526) | \n\n (5,614) | \n\n (2,948) | \n\n (30,599) | \n\n (47,929) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 401 | \n\n 138 | \n\n 215 | \n\n 264 | \n\n 1,186 | \n\n 2,204 | \n
| \n Current borrowings | \n\n (12,038) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (12,038) | \n
| \n Other current financial liabilities | \n\n (388) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (388) | \n
| \n Current financial assets | \n\n 3,332 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,332 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (165) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (165) | \n
| \n Cash and cash equivalents | \n\n 26,202 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 26,202 | \n
| \n Net amount before financial expense | \n\n 16,943 | \n\n (3,841) | \n\n (4,388) | \n\n (5,399) | \n\n (2,684) | \n\n (29,413) | \n\n (28,782) | \n
| \n Financial expense on non-current financial debt | \n\n (1,052) | \n\n (1,021) | \n\n (1,027) | \n\n (934) | \n\n (885) | \n\n (14,193) | \n\n (19,112) | \n
| \n Interest differential on swaps | \n\n (263) | \n\n (211) | \n\n (213) | \n\n (160) | \n\n (90) | \n\n (415) | \n\n (1,352) | \n
| \n Net amount | \n\n 15,628 | \n\n (5,073) | \n\n (5,628) | \n\n (6,493) | \n\n (3,659) | \n\n (44,021) | \n\n (49,246) | \n
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December\u00a031, 2025, 2024 and 2023 (refer to note\u00a014 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (38,065) | \n\n (39,932) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (21,774) | \n\n (20,242) | \n\n (19,937) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (4,395) | \n\n (7,680) | \n\n (7,650) | \n
| \n Accounts receivable, net | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 5,710 | \n\n 9,072 | \n\n 7,012 | \n
| \n Total | \n\n (27,348) | \n\n (24,047) | \n\n (22,878) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies\u2019 maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies\u2019 maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Loans to equity affiliates (note\u00a08) | \n\n 7,425 | \n\n 6,533 | \n\n 4,562 | \n
| \n Loans and advances (note\u00a06) | \n\n 2,241 | \n\n 2,175 | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities (note\u00a06) | \n\n 386 | \n\n 1,677 | \n\n 1,761 | \n
| \n Non-current financial assets (note\u00a015.1) | \n\n 3,270 | \n\n 2,305 | \n\n 2,395 | \n
| \n Accounts receivable (note\u00a05) | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables (note\u00a05) | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n Current financial assets (note\u00a015.1) | \n\n 3,332 | \n\n 6,914 | \n\n 6,585 | \n
| \n Cash and cash equivalents (note\u00a015.1) | \n\n 26,202 | \n\n 25,844 | \n\n 27,263 | \n
| \n Total | \n\n 75,347 | \n\n 81,575 | \n\n 83,182 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes\u00a05 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December\u00a031, 2025, the net margin call paid amounted to $1,094\u00a0million (against $3,002\u00a0million paid as of December\u00a031, 2024 and $2,435\u00a0million paid as of December\u00a031, 2023).
TotalEnergies has established a number\u00a0of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December\u00a031, 2025, the net value of receivables sold amounted to $9,864\u00a0million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
The Company has also put in place supplier financing arrangements (reverse factoring). Under these arrangements, a bank commits to settle the amounts owed to participating suppliers in respect of the invoices that the Company owes them, and the Company reimburses the bank at a later date.
The Company accounts for these arrangements as trade payables, as the original liabilities have not been substantially modified, in particular since the payment terms are not extended beyond the normal conditions agreed with other non\u2011participating suppliers.
The amount of operating liabilities concerned at year\u2011end is $842\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Integrated LNG & Integrated Power segments
Gas & Power activities
Trading of Gas & Power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining.
For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other credit-rating agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services Division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
Liquidity risk
TotalEnergies\u00a0SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December\u00a031, 2025, these credit facilities amounted to $19,767\u00a0million and were entirely undrawn. The agreements underpinning credit facilities granted to TotalEnergies\u00a0SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December\u00a031, 2025, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies\u00a0SE, was $20,398\u00a0million, of which $20,225\u00a0million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies\u00a0SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2025, 2024 and 2023 (refer to Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2025 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,242) | \n\n (4,526) | \n\n (5,614) | \n\n (2,948) | \n\n (30,599) | \n\n (47,929) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 401 | \n\n 138 | \n\n 215 | \n\n 264 | \n\n 1,186 | \n\n 2,204 | \n
| \n Current borrowings | \n\n (12,038) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (12,038) | \n
| \n Other current financial liabilities | \n\n (388) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (388) | \n
| \n Current financial assets | \n\n 3,332 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,332 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (165) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (165) | \n
| \n Cash and cash equivalents | \n\n 26,202 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 26,202 | \n
| \n Net amount before financial expense | \n\n 16,943 | \n\n (3,841) | \n\n (4,388) | \n\n (5,399) | \n\n (2,684) | \n\n (29,413) | \n\n (28,782) | \n
| \n Financial expense on non-current financial debt | \n\n (1,052) | \n\n (1,021) | \n\n (1,027) | \n\n (934) | \n\n (885) | \n\n (14,193) | \n\n (19,112) | \n
| \n Interest differential on swaps | \n\n (263) | \n\n (211) | \n\n (213) | \n\n (160) | \n\n (90) | \n\n (415) | \n\n (1,352) | \n
| \n Net amount | \n\n 15,628 | \n\n (5,073) | \n\n (5,628) | \n\n (6,493) | \n\n (3,659) | \n\n (44,021) | \n\n (49,246) | \n
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than 1\u00a0year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December\u00a031, 2025, 2024 and 2023 (refer to note\u00a014 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (38,065) | \n\n (39,932) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (21,774) | \n\n (20,242) | \n\n (19,937) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (4,395) | \n\n (7,680) | \n\n (7,650) | \n
| \n Accounts receivable, net | \n\n 18,559 | \n\n 19,281 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 13,932 | \n\n 16,846 | \n\n 14,952 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 5,710 | \n\n 9,072 | \n\n 7,012 | \n
| \n Total | \n\n (27,348) | \n\n (24,047) | \n\n (22,878) | \n
These financial assets and liabilities mainly have a maturity date below one year.
16.1Financial instruments related to commodity contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies\u2019 exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities. Certain energy derivatives are also held as part of a cash flow hedge for future transactions. | \n\n \n | \n\n The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2025 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps | \n\n 304 | \n\n (329) | \n\n \n | \n\n (108) | \n\n 108 | \n\n \n | \n\n 196 | \n\n (221) | \n\n \u2013 | \n\n (25) | \n\n (25) | \n
| \n Forwards(a) | \n\n 4,326 | \n\n (2,692) | \n\n \n | \n\n (94) | \n\n 94 | \n\n \n | \n\n 4,232 | \n\n (2,598) | \n\n \u2013 | \n\n 1,634 | \n\n 1,634 | \n
| \n Options | \n\n 129 | \n\n (8) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 129 | \n\n (8) | \n\n \u2013 | \n\n 121 | \n\n 121 | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 123 | \n\n 123 | \n\n 123 | \n
| \n Total Gas & Power | \n\n 4,759 | \n\n (3,029) | \n\n \n | \n\n (202) | \n\n 202 | \n\n \n | \n\n 4,557 | \n\n (2,827) | \n\n 123 | \n\n 1,853 | \n\n 1,853 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 87 | \n\n (53) | \n\n \n | \n\n (33) | \n\n 33 | \n\n \n | \n\n 54 | \n\n (20) | \n\n \u2013 | \n\n 34 | \n\n 34 | \n
| \n Forwards(a) | \n\n 1,061 | \n\n (1,389) | \n\n \n | \n\n (1) | \n\n 1 | \n\n \n | \n\n 1,060 | \n\n (1,388) | \n\n \u2013 | \n\n (328) | \n\n (328) | \n
| \n Options | \n\n 55 | \n\n (202) | \n\n \n | \n\n (42) | \n\n 42 | \n\n \n | \n\n 13 | \n\n (160) | \n\n \u2013 | \n\n (147) | \n\n (147) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 60 | \n\n (34) | \n\n \n | \n\n (34) | \n\n 34 | \n\n \n | \n\n 26 | \n\n \u2013 | \n\n \u2013 | \n\n 26 | \n\n 26 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 1,263 | \n\n (1,678) | \n\n \n | \n\n (110) | \n\n 110 | \n\n \n | \n\n 1,153 | \n\n (1,568) | \n\n \u2013 | \n\n (415) | \n\n (415) | \n
| \n Total | \n\n 6,022 | \n\n (4,707) | \n\n \n | \n\n (312) | \n\n 312 | \n\n \n | \n\n 5,710 | \n\n (4,395) | \n\n 123 | \n\n 1,438 | \n\n 1,438 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
| \n As of December 31, 2024 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 117 | \n\n (129) | \n\n \n | \n\n (7) | \n\n 7 | \n\n \n | \n\n 110 | \n\n (122) | \n\n \u2013 | \n\n (12) | \n\n (12) | \n
| \n Forwards(a) | \n\n 8,060 | \n\n (6,595) | \n\n \n | \n\n (79) | \n\n 79 | \n\n \n | \n\n 7,981 | \n\n (6,516) | \n\n \u2013 | \n\n 1,465 | \n\n 1,465 | \n
| \n Options | \n\n 277 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 277 | \n\n \u2013 | \n\n \u2013 | \n\n 277 | \n\n 277 | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 403 | \n\n 403 | \n\n 403 | \n
| \n Total Gas & Power | \n\n 8,454 | \n\n (6,724) | \n\n \n | \n\n (86) | \n\n 86 | \n\n \n | \n\n 8,368 | \n\n (6,638) | \n\n 403 | \n\n 2,133 | \n\n 2,133 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 85 | \n\n (46) | \n\n \n | \n\n (44) | \n\n 44 | \n\n \n | \n\n 41 | \n\n (2) | \n\n \u2013 | \n\n 39 | \n\n 39 | \n
| \n Forwards(a) | \n\n 656 | \n\n (1,012) | \n\n \n | \n\n (14) | \n\n 14 | \n\n \n | \n\n 642 | \n\n (998) | \n\n \u2013 | \n\n (356) | \n\n (356) | \n
| \n Options | \n\n 70 | \n\n (102) | \n\n \n | \n\n (60) | \n\n 60 | \n\n \n | \n\n 10 | \n\n (42) | \n\n \u2013 | \n\n (32) | \n\n (32) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 66 | \n\n (55) | \n\n \n | \n\n (55) | \n\n 55 | \n\n \n | \n\n 11 | \n\n \u2013 | \n\n \u2013 | \n\n 11 | \n\n 11 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 877 | \n\n (1,215) | \n\n \n | \n\n (173) | \n\n 173 | \n\n \n | \n\n 704 | \n\n (1,042) | \n\n \u2013 | \n\n (338) | \n\n (338) | \n
| \n Total | \n\n 9,331 | \n\n (7,939) | \n\n \n | \n\n (259) | \n\n 259 | \n\n \n | \n\n 9,072 | \n\n (7,680) | \n\n 403 | \n\n 1,795 | \n\n 1,795 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
| \n As of December 31, 2023 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 116 | \n\n (125) | \n\n \n | \n\n (27) | \n\n 27 | \n\n \n | \n\n 89 | \n\n (98) | \n\n \u2013 | \n\n (9) | \n\n (9) | \n
| \n Forwards(a) | \n\n 5,875 | \n\n (6,369) | \n\n \n | \n\n (253) | \n\n 253 | \n\n \n | \n\n 5,622 | \n\n (6,116) | \n\n \u2013 | \n\n (494) | \n\n (494) | \n
| \n Options | \n\n 540 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n 540 | \n
| \n Futures | \n\n 2 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 109 | \n\n 109 | \n\n 109 | \n
| \n Total Gas & Power | \n\n 6,533 | \n\n (6,494) | \n\n \n | \n\n (280) | \n\n 280 | \n\n \n | \n\n 6,253 | \n\n (6,214) | \n\n 109 | \n\n 148 | \n\n 148 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 66 | \n\n (50) | \n\n \n | \n\n (28) | \n\n 28 | \n\n \n | \n\n 38 | \n\n (22) | \n\n \u2013 | \n\n 16 | \n\n 16 | \n
| \n Forwards(a) | \n\n 655 | \n\n (1,348) | \n\n \n | \n\n (13) | \n\n 13 | \n\n \n | \n\n 642 | \n\n (1,335) | \n\n \u2013 | \n\n (693) | \n\n (693) | \n
| \n Options | \n\n 23 | \n\n (97) | \n\n \n | \n\n (23) | \n\n 23 | \n\n \n | \n\n \u2013 | \n\n (74) | \n\n \u2013 | \n\n (74) | \n\n (74) | \n
| \n Futures | \n\n 1 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Options on futures | \n\n 287 | \n\n (214) | \n\n \n | \n\n (209) | \n\n 209 | \n\n \n | \n\n 78 | \n\n (5) | \n\n \u2013 | \n\n 73 | \n\n 73 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum products | \n\n 1,032 | \n\n (1,709) | \n\n \n | \n\n (273) | \n\n 273 | \n\n \n | \n\n 759 | \n\n (1,436) | \n\n \u2013 | \n\n (677) | \n\n (677) | \n
| \n Total | \n\n 7,565 | \n\n (8,203) | \n\n \n | \n\n (553) | \n\n 553 | \n\n \n | \n\n 7,012 | \n\n (7,650) | \n\n 109 | \n\n (529) | \n\n (529) | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS\u00a032. | \n
Commitments on crude oil and refined products have, for the most part, a short-term maturity (less than one year).
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Fair value as of January 1, | \n\n Impact on income | \n\n Settled contracts | \n\n Other | \n\n Fair value as of December 31, | \n
|---|---|---|---|---|---|
| \n Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2025 | \n\n 1,730 | \n\n 1,024 | \n\n (1,094) | \n\n 70 | \n\n 1,730 | \n
| \n 2024 | \n\n 39 | \n\n (345) | \n\n 2,000 | \n\n 36 | \n\n 1,730 | \n
| \n 2023 | \n\n 2,347 | \n\n (5,792) | \n\n 3,681 | \n\n (197) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n 2025 | \n\n (338) | \n\n 10,079 | \n\n (10,124) | \n\n (32) | \n\n (415) | \n
| \n 2024 | \n\n (677) | \n\n 10,118 | \n\n (9,779) | \n\n \u2013 | \n\n (338) | \n
| \n 2023 | \n\n (901) | \n\n 11,033 | \n\n (10,812) | \n\n 3 | \n\n (677) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2025 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (119) | \n\n 1,409 | \n\n 440 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 24 | \n\n (439) | \n\n \u2013 | \n\n (415) | \n
| \n Total | \n\n (95) | \n\n 970 | \n\n 440 | \n\n 1,315 | \n
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (78) | \n\n (38) | \n\n 1,846 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 13 | \n\n (351) | \n\n \u2013 | \n\n (338) | \n
| \n Total | \n\n (65) | \n\n (389) | \n\n 1,846 | \n\n 1,392 | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n 1,054 | \n\n 1,677 | \n\n (2,692) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 73 | \n\n (750) | \n\n \u2013 | \n\n (677) | \n
| \n Total | \n\n 1,127 | \n\n 927 | \n\n (2,692) | \n\n (638) | \n
Financial instruments classified as level 3 are mainly composed of long-term liquefied natural gas purchase and sale contracts which relate to the trading activity.
The management of positions is carried out on the basis of a net value of LNG purchase and sale commitments; the valuation of contracts is based on observable market data, such as commodity forward prices, but it also takes into account unobservable data on contract performance (assumptions on the variable terms of the contracts, on the availability of infrastructures, on the performance of counterparties...).
The valuation of LNG contracts is sensitive to changes in oil and natural gas prices on North American, Asian and European markets, as well as to these assumptions on contract performance.
TotalEnergies\u2019 management horizon is 12\u00a0months in 2025 (as in 2024 and 2023), and includes the full annual delivery program of LNG cargoes for the following year.
The analysis of the fair value of the LNG portfolio over the period beyond 12\u00a0months carried out by the Company, allows to verify that there is no material asset or liability to be recognized in its accounts for that period. This analysis, which takes into account the specific characteristics of LNG contracts and of the gas market, including its liquidity, incorporates valuation parameters that are unobservable over this period, in particular Company internal assumptions on the long-term evolution of hydrocarbon prices, the execution of contracts and the performance of counterparties, the renegotiation of price terms in contracts or the exercise of their contractual flexibilities.
The description of each fair value level is presented in Note\u00a015 to the Consolidated Financial Statements.
Cash flow hedge
The impact on the income statement and other comprehensive income of the hedging instruments related to commodity contracts and qualified as cash flow hedges is detailed as follows:
| \n As of December 31, (M$) | \n\n 2025 | \n\n 2024 | \n\n 2023 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (730) | \n\n 2,670 | \n\n 2,770 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (807) | \n\n (2,671) | \n\n 117 | \n
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
As of December\u00a031, 2025, the ineffective portion of these financial instruments is $8\u00a0million (the ineffective portion of the financial instruments was $127\u00a0million in 2024 and $124\u00a0million in 2023).
16.1Financial instruments related to commodity contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies\u2019 exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities. Certain energy derivatives are also held as part of a cash flow hedge for future transactions. | \n\n \n | \n\n The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Accounting principles
Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies\u2019 exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities.
Certain energy derivatives are also held as part of a cash flow hedge for future transactions.
The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value.
There are no post-balance sheet events that could have a material impact on the Company\u2019s financial statements.