TotalEnergies SE: Second Quarter and First Half 2026 Results

By Business Wire | July 23, 2026, 2:06 AM

In a high commodity price environment, TotalEnergies is leveraging its integrated model to deliver increasing cash flow and adjusted net income of $9.8 billion and $6 billion over the quarter

TotalEnergies is giving priority to deleveraging, with a gearing ratio down to 13%, and to increasing the dividend with a second quarter dividend at €0.90/share, up 5.9%

PARIS--(BUSINESS WIRE)--Regulatory News:

TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):

	2Q26	Change vs 1Q26	1H26	Change vs 1H25
Cash flow from operations excluding working capital (CFFO)⁽¹⁾ (B$)	9.8	*+14%*	18.4	*+35%*
Adjusted net income (TotalEnergies share)⁽¹⁾
- in billions of dollars (B$)	6.0	*+12%*	11.4	*+47%*
- in dollars per share (fully-diluted)	2.68	+9%	5.14	+51%
Net income (TotalEnergies share) (B$)	5.4	-6%	11.2	+72%
Adjusted EBITDA⁽¹⁾ (B$)	13.2	+5%	25.7	+27%

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on July 22, 2026, to approve the 2^nd quarter 2026 financial statements. On the occasion, Patrick Pouyanné said:

“In a high-price environment related to the Middle East conflict, TotalEnergies is leveraging its integrated model and portfolio diversification to post adjusted net income of $6.0 billion and cash flow of $9.8 billion in the second quarter, up almost 15% quarter-to-quarter.

Second quarter Oil & Gas production reached 2.395 Mboe/d, benefiting from organic production growth of more than 4% year-on-year, notably from the ramp-up of projects started last year (Mero 4 and Lapa SW in Brazil, Ballymore in the U.S. and Mabruk in Libya) which partly compensated for the impact of production losses in the Middle East to an average 210 kboe/d over the quarter. Despite a lower lifting level because of difficulties to access the Strait of Hormuz, Exploration & Production posted adjusted net operating income of $3.2 billion and cash flow of $5.8 billion, up by more than 25% over the quarter, capturing the increase in the average selling price of liquids (+$17.9/b compared to the first quarter 2026). The Company also kept its Upstream operating costs at $5/b.

The Integrated LNG segment achieved adjusted net operating income and cash flow of $0.8 billion in the second quarter of 2026, decreasing significantly due to the underperformance of gas trading in a broadly flat to declining market in Europe, whereas it had outperformed in the first quarter. The ECA LNG project, located on the Pacific coast of Mexico, started-up early July, strengthening the diversification of the LNG portfolio of the Company towards the Asian market. Moreover, the Company pursued its strategy of signing long term oil-indexed LNG contracts with Chugoku in Japan and Hangzhou Gas in China.

Integrated Power generated adjusted cash flow of $700 million, up strongly, by 25%, supported by the contribution, in line with expectations, of EPH assets since early May, net operating income is stable quarter-to-quarter.

Downstream posted cash flow of $2.9 billion, up sharply by 35% and adjusted net operating income of $2.3 billion, up 24% in the quarter, driven by the ability of the Refining & Chemicals segment to fully capture the increase in refining and petrochemical margins and the strong performance of crude oil and petroleum products trading activities, at the same level as in the first quarter of 2026. Downstream results also benefited from the outstanding results and cash flow of Marketing & Services activities.

Net investments in the second quarter amounted to $3.4 billion and $7.9 billion in the first half of 2026, consistent with the annual guidance of $15 billion. The gearing ratio stood at 13.1% at the end of the quarter, an improvement of 2.4 percentage points, benefiting from a $3.3 billion reduction in net debt.

Given the Company’s strong cash flow generation in the first half of the year and its ability to deliver growth quarter after quarter, the Board of Directors confirmed the priority to the dividend and to the deleveraging of the Company. It has therefore decided the distribution of a second interim dividend of €0.90/share for fiscal year 2026, up 5.9% compared to 2025. The Board also authorized the continuation of share buybacks up to $1.5 billion for the third quarter.”

1. Highlights ⁽²⁾

Upstream

United Arab Emirates:
- Entry with a 10% stake into the Bab Gas Cap onshore concession in Abu Dhabi
- Final Investment Decision on the Umm Shaif Gas Cap project, targeting over 600 MMcf/d of gas production by 2030 and the monetization of associated condensates
Malaysia: Sale of a non-operated interest in the Marjoram gas field
Syria: Cooperation agreement with the Syrian Petroleum Company (SPC) for the exploration of offshore block 3
Egypt: Signature of a cooperation agreement with EGAS on offshore exploration opportunities
Signing an agreement with Dell Technologies and NVIDIA for the construction of Pangea 5, the next high-performance supercomputer, with a computing power of 150 petaflops

Integrated LNG

Mexico (Pacific Coast): Start-up of ECA LNG plant

Integrated Power

Europe: Completion of the acquisition of 50% of a portfolio of flexible power generation assets from EPH (UK, Italy, the Netherlands, France)
Kazakhstan: Final Investment Decision for the Mirrny project, a giant onshore wind farm (1 GW) with batteries (600MWh) producing approximately 100 TWh of renewable electricity over 25 years
Philippines: Start-up of the construction of a 440 MWp solar power plant, aiming for commissioning at the end of 2027 and a production of 13.5 TWh over 20 years
Europe: Sale of all distributed solar assets in seven European countries

Social and environmental responsibility

Launch of MethaneLive, a new global methane emissions monitoring center
Allocation of a fuel bonus of $200 (€200 in Europe) to its 100,000 employees* worldwide to offset the increase in energy prices
Success of the 2026 capital increase reserved for TotalEnergies’ employees
Maintaining consumer protection measures through the price cap on gasoline and diesel in France for the duration of the Middle East conflict

2. Key figures from TotalEnergies’ consolidated financial statements ⁽¹⁾

2Q26	1Q26	2Q26 vs 1Q26	2Q25	In millions of dollars, except effective tax rate, earnings per share and number of shares	1H26	1H25	1H26 vs 1H25
13,179	12,552	+5%	9,690	Adjusted EBITDA ⁽¹⁾	25,731	20,194	+27%
6,871	6,300	+9%	4,390	Adjusted net operating income from business segments	13,171	9,182	+43%
3,231	2,576	+25%	1,974	Exploration & Production	5,807	4,425	+31%
807	1,318	-39%	1,041	Integrated LNG	2,125	2,335	-9%
533	545	-2%	574	Integrated Power	1,078	1,080	-
1,800	1,599	+13%	389	Refining & Chemicals	3,399	690	x4.9
500	262	+91%	412	Marketing & Services	762	652	+17%
1,156	709	+63%	702	Contribution of equity affiliates to adjusted net income	1,865	1,417	+32%
39.3%	39.1%	-	41.5%	Effective tax rate ⁽³⁾	39.2%	41.4%	-
6,027	5,394	+12%	3,578	Adjusted net income (TotalEnergies share) ⁽¹⁾	11,421	7,770	+47%
2.68	2.45	+9%	1.57	Adjusted fully-diluted earnings per share (dollars) ⁽⁴⁾	5.14	3.41	+51%
2.31	2.10	+10%	1.38	Adjusted fully-diluted earnings per share (euros) ⁽⁵⁾	4.41	3.12	+41%
2,216	2,164	+2%	2,224	Fully-diluted weighted-average shares (millions)	2,187	2,236	-2%
							-
5,438	5,810	-6%	2,687	Net income (TotalEnergies share)	11,248	6,538	+72%
							-
4,694	4,650	+1%	4,819	Organic investments ⁽¹⁾	9,344	9,320	-
(1,247)	(172)	ns	1,813	Acquisitions net of assets sales ⁽¹⁾	(1,419)	2,233	ns
3,447	4,478	-23%	6,632	Net investments ⁽¹⁾	7,925	11,553	-31%
							-
9,804	8,576	+14%	6,618	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	18,380	13,610	+35%
10,188	8,979	+13%	6,943	Debt Adjusted Cash Flow (DACF) ⁽¹⁾	19,167	14,220	+35%
10,858	3,361	x3.2	5,960	Cash flow from operating activities	14,219	8,523	+67%
Gearing ⁽¹⁾ of 13.1% at June 30, 2026 vs. 15.5% at March 31, 2024 and 17.9% at June 30, 2025

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment – liquids and gas price realizations, refining margins

2Q26	1Q26	2Q26 vs 1Q26	2Q25		1H26	1H25	1H26 vs 1H25
103.8	81.1	+28%	67.9	Brent ($/b)	92.3	71.9	+28%
2.9	3.5	-17%	3.5	Henry Hub ($/Mbtu)	3.2	3.7	-14%
15.6	13.7	+14%	11.9	TTF ($/Mbtu)	14.7	13.2	+11%
17.5	14.1	+24%	12.2	JKM ($/Mbtu)	15.8	13.1	+20%
91.6	73.7	+24%	65.6	Average price of liquids ^(6),(7) ($/b) Consolidated subsidiaries	82.2	68.7	+20%
5.55	5.59	-1%	5.63	Average price of gas ^(6),(8) ($/Mbtu) Consolidated subsidiaries	5.57	6.13	-9%
10.20	8.48	+20%	9.10	Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	9.29	9.55	-3%
13.5	11.4	+19%	4.7	European Refining Margin Marker (ERM) ^(6),(10) ($/b)	12.4	4.3	x2.9

3.2 Greenhouse gas emissions ⁽¹¹⁾

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Scope 1+2 emissions ⁽¹²⁾ (MtCO₂e)	1H26	1H25	1H26 vs 1H25
7.3	7.9	-8%	8.0	Scope 1+2 from operated facilities ⁽¹⁾	15.1	16.4	-8%
6.4	6.9	-7%	7.1	of which Oil & Gas	13.2	14.3	-8%
0.9	1.0	-10%	0.9	of which CCGT	1.9	2.1	-10%
10.2	10.4	-2%	10.6	Scope 1+2 - ESRS share ⁽¹⁾	20.6	21.7	-5%

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Methane emissions (ktCH₄)	1H26	1H25	1H26 vs 1H25
4	4	-	6	Methane emissions from operated facilities ⁽¹⁾	8	11	-27%
Estimated quarterly emissions.

First half of 2026 Scope 3⁽¹³⁾ Category 11 emissions are estimated at 163 Mt CO₂e.

3.3 Production ⁽¹⁴⁾

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Hydrocarbon production	1H26	1H25	1H26 vs 1H25
2,395	2,553	-6%	2,503	Hydrocarbon production (kboe/d)	2,474	2,531	-2%
1,298	1,326	-2%	1,343	Oil (including bitumen) (kb/d)	1,312	1,349	-3%
1,097	1,227	-11%	1,160	Gas (including condensates and associated NGL) (kboe/d)	1,162	1,182	-2%

2,395	2,553	-6%	2,503	Hydrocarbon production (kboe/d)	2,474	2,531	-2%
1,410	1,481	-5%	1,506	Liquids (kb/d)	1,445	1,511	-4%
5,330	5,799	-8%	5,395	Gas (Mcf/d)	5,563	5,524	+1%

Hydrocarbon production was 2,395 thousand barrels of oil equivalent per day in the second quarter of 2026, down 4% year-on-year, due to the following:

+4% from project start-up and ramp-up of projects, including Mero-3, Mero-4 and Lapa SW in Brazil, Anchor and Ballymore in the United States, Begonia and Clov Phase 3 in Angola and Mabruk in Libya,
+3% due to improved plant availability,
-1% due to pricing effect,
-2% due to the natural decline of fields,
-8% due to the impact of the conflict in the Middle East.

Excluding the impact of the conflict in the Middle East, production was up more than 4% year-on-year, driven by the ramp-up and start-up of new projects and improved facility availability.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Hydrocarbon production	1H26	1H25	1H26 vs 1H25
1,845	1,948	-5%	1,956	EP (kboe/d)	1,896	1,966	-4%
1,342	1,408	-5%	1,437	Liquids (kb/d)	1,375	1,440	-4%
2,668	2,863	-7%	2,767	Gas (Mcf/d)	2,765	2,807	-1%

4.1.2 Results

2Q26	1Q26	2Q26 vs 1Q26	2Q25	In millions of dollars, except effective tax rate	1H26	1H25	1H26 vs 1H25
3,231	2,576	+25%	1,974	Adjusted net operating income	5,807	4,425	+31%
137	139	-1%	176	including adjusted income from equity affiliates	276	326	-15%
45.4%	49.5%	-	50.1%	Effective tax rate ⁽¹⁵⁾	47.3%	49.7%	-

2,231	2,724	-18%	3,053	Organic investments⁽¹⁾	4,955	5,737	-14%
(348)	(227)	ns	162	Acquisitions net of assets sales ⁽¹⁾	(575)	278	ns
1,883	2,497	-25%	3,215	Net investments⁽¹⁾	4,380	6,015	-27%

5,777	4,564	+27%	3,760	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	10,341	8,051	+28%
5,546	2,969	+87%	3,675	Cash flow from operating activities	8,515	6,941	+23%

Adjusted net operating income was $3,231 million, up 25% in the quarter, reflecting in particular the increase in the average selling price of liquids (+$17.9/b compared to the first quarter of 2026, vs +$22.7/b for Brent, reflecting a larger off-take schedule at the end of the quarter, in a bearish oil market,) affected by the effects of accounting for production not lifted.

Exploration & Production cash flow from operations excluding working capital (CFFO) was $5,777 million, up 27% in the quarter, for the same reasons.

4.2 Integrated LNG

4.2.1 Production

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Hydrocarbon production for LNG	1H26	1H25	1H26 vs 1H25
550	605	-9%	547	Integrated LNG (kboe/d)	578	565	+2%
68	73	-8%	69	Liquids (kb/d)	70	71	-1%
2,662	2,936	-9%	2,628	Gas (Mcf/d)	2,798	2,717	+3%

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Liquefied Natural Gas in Mt	1H26	1H25	1H26 vs 1H25
10.7	12.4	-13%	10.6	Overall LNG sales	23.1	21.2	+9%
3.9	4.1	-6%	3.9	incl. Sales from equity production*	8.0	7.9	+1%
9.8	10.9	-10%	9.4	incl. Sales by TotalEnergies from equity production and third party purchases	20.7	18.8	+10%
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG decreased by 9% quarter-to-quarter, mainly due to shut-in production in Qatar related to the Middle East conflict.

4.2.2 Results

2Q26	1Q26	2Q26 vs 1Q26	2Q25	In millions of dollars	1H26	1H25	1H26 vs 1H25
10.20	8.48	+20%	9.10	Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	9.29	9.55	-3%

807	1,318	-39%	1,041	Adjusted net operating income	2,125	2,335	-9%
705	431	+64%	513	including adjusted income from equity affiliates	1,136	1,048	+8%

908	410	x2.2	743	Organic investments⁽¹⁾	1,318	1,495	-12%
4	92	-96%	110	Acquisitions net of assets sales ⁽¹⁾	96	250	-62%
912	502	+82%	853	Net investments⁽¹⁾	1,414	1,745	-19%

833	1,785	-53%	1,159	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	2,618	2,408	+9%
2,137	(1,120)	ns	539	Cash flow from operating activities	1,017	2,282	-55%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

Adjusted net operating income and cash flow from operations excluding working capital (CFFO) for the Integrated LNG segment were $807 million and $833 million, respectively, significantly lower quarter-on-quarter, impacted by the underperformance of gas trading activities in an overall flat, and even bearish, European market, whereas the segment outperformed in the first quarter.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Integrated Power	1H26	1H25	1H26 vs 1H25
14.8	11.7	+26%	11.6	Net power production (TWh) *	26.4	22.9	+16%
9.6	8.2	+18%	8.4	o/w production from renewables	17.8	15.2	+17%
5.2	3.5	+47%	3.2	o/w production from gas flexible capacities	8.7	7.7	+12%
33.4	26.8	+24%	24.0	Portfolio of power generation net installed capacity (GW) **	33.4	24.0	+39%
21.1	19.8	+7%	17.4	o/w renewables	21.1	17.4	+21%
12.2	7.0	+74%	6.5	o/w gas flexible capacities	12.2	6.5	+88%
105.8	109.7	-4%	104.1	Portfolio of renewable power generation gross capacity (GW) ,*	105.8	104.1	+2%
37.4	35.6	+5%	30.2	o/w installed capacity	37.4	30.2	+24%
6.1	6.1	-	6.0	Clients power - BtB and BtC (Million) **	6.1	6.0	+2%
2.7	2.7	-	2.7	Clients gas - BtB and BtC (Million) **	2.7	2.7	-2%
11.6	15.2	-23%	10.5	Sales power - BtB and BtC (TWh)	26.8	25.0	+7%
14.5	31.5	-54%	14.9	Sales gas - BtB and BtC (TWh)	46.0	50.6	-9%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

Net electricity production was 14.8 TWh, up 28% year-on-year, driven by an increase of nearly 15% in generation from renewable sources, reflecting growth in installed capacity, and by a 2 TWh increase in production from flexible gas-fired capacity resulting notably from the completion of the transaction with EPH.

Gross installed renewable electricity generation capacity reached 37.4 GW at the end of the second quarter of 2026, representing nearly 8 GW of additional capacity year-on-year.

4.3.2 Results

2Q26	1Q26	2Q26 vs 1Q26	2Q25	In millions of dollars	1H26	1H25	1H26 vs 1H25
533	545	-2%	574	Adjusted net operating income	1,078	1,080	-
168	52	x3.2	22	including adjusted income from equity affiliates	220	66	x3.3

920	823	+12%	421	Organic investments⁽¹⁾	1,743	1,066	+63%
(749)	(77)	ns	1,568	Acquisitions net of assets sales ⁽¹⁾	(826)	1,806	ns
171	746	-77%	1,989	Net investments⁽¹⁾	917	2,872	-68%

721	574	+26%	562	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	1,295	1,159	+12%
(239)	(145)	ns	799	Cash flow from operating activities	(384)	400	ns

Integrated Power segment adjusted net operating income was $533 million in the quarter, in line with the first quarter of 2026.

Integrated Power segment cash flow from operations excluding working capital (CFFO) amounted to $721 million, supported by the contribution, in line with expectations, of EPH assets since the closing of the transaction on April 29, 2026. It breaks down between production activities, including renewables and gas-fired power plants, for around 60%, and marketing activities, including B2B, B2C and trading, for around 40%.

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

2Q26	1Q26	2Q26 vs 1Q26	2Q25	In millions of dollars	1H26	1H25	1H26 vs 1H25
2,300	1,861	+24%	801	Adjusted net operating income	4,161	1,342	x3.1

540	654	-17%	532	Organic investments⁽¹⁾	1,194	918	+30%
(156)	39	ns	(27)	Acquisitions net of assets sales ⁽¹⁾	(117)	(102)	ns
384	693	-45%	505	Net investments⁽¹⁾	1,077	816	+32%

2,877	2,136	+35%	1,483	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	5,013	2,600	+93%
4,114	2,632	+56%	1,515	Cash flow from operating activities	6,746	100	x67.5

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Refinery throughput and utilization rate*	1H26	1H25	1H26 vs 1H25
1,426	1,624	-12%	1,589	Total refinery throughput (kb/d)	1,524	1,569	-3%
354	462	-23%	463	France	408	449	-9%
684	677	+1%	632	Rest of Europe	680	629	+8%
389	485	-20%	494	Rest of world	436	491	-11%
80%	92%		90%	Utilization rate based on crude only**	86%	89%	-
* Based on distillation capacity at the beginning of the year

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Petrochemicals production and utilization rate	1H26	1H25	1H26 vs 1H25
1,100	1,183	-7%	1,164	Monomers* (kt)	2,283	2,414	-5%
1,165	1,159	-	1,127	Polymers (kt)	2,324	2,300	+1%
71%	74%		74%	Steam cracker utilization rate**	73%	76%	-
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year.

Refinery throughput was down 12% quarter-on-quarter, notably due to the deliberate decision to maximize distillates production given the higher margins. It was also impacted by the planned shutdown at Donges in France, the events in early April that affected the SATORP refinery in Saudi Arabia which has reached 70% of its nominal capacity since beginning of May and an unplanned shutdown in June of Port Arthur refinery in the United States caused by a tropical storm.

4.5.2 Results

2Q26	1Q26	2Q26 vs 1Q26	2Q25	In millions of dollars	1H26	1H25	1H26 vs 1H25
13.5	11.4	+19%	4.7	European Refining Margin Marker (ERM) ($/b) *	12.4	4.3	x2.9

1,800	1,599	+13%	389	Adjusted net operating income	3,399	690	x4.9

366	518	-29%	333	Organic investments⁽¹⁾	884	569	+55%
(1)	75	ns	(24)	Acquisitions net of assets sales ⁽¹⁾	74	(24)	ns
365	593	-38%	309	Net investments⁽¹⁾	958	545	+76%

2,030	1,716	+18%	772	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	3,746	1,405	x2.7
3,565	1,564	x2.3	887	Cash flow from operating activities	5,129	(1,096)	ns
* This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.

Refining and Chemicals adjusted net operating income was $1,800 million for the quarter, demonstrating the segment’s ability to capture higher refining and petrochemical margins, in a context where oil trading results were at the same strong level as the first quarter.

Cash flow from operations excluding working capital (CFFO) was $2,030 million, for the same reasons.

4.6 Marketing & Services

4.6.1 Petroleum product sales

2Q26	1Q26	2Q26 vs 1Q26	2Q25	Sales in kb/d*	1H26	1H25	1H26 vs 1H25
1,213	1,206	+1%	1,324	Total Marketing & Services sales	1,210	1,295	-7%
732	686	+7%	790	Europe	709	753	-6%
481	520	-8%	534	Rest of world	501	543	-8%
* Excludes trading and bulk refining sales.

Sales of petroleum products were down 8% compared to the second quarter of 2025, reflecting in particular the sale of the retail network in Burkina Faso in West Africa, and a drop in demand related to higher prices.

4.6.2 Results

2Q26	1Q26	2Q26 vs 1Q26	2Q25	In millions of dollars	1H26	1H25	1H26 vs 1H25
500	262	+91%	412	Adjusted net operating income	762	652	+17%

174	136	+28%	199	Organic investments⁽¹⁾	310	349	-11%
(155)	(36)	ns	(3)	Acquisitions net of assets sales ⁽¹⁾	(191)	(78)	ns
19	100	-81%	196	Net investments⁽¹⁾	119	271	-56%

847	420	x2	711	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	1,267	1,195	+6%
549	1,068	-49%	628	Cash flow from operating activities	1,617	1,196	+35%

Marketing & Services segment adjusted net operating income was $500 million in the quarter, driven by the positive impact of the seasonality in Europe, and up 21% year-on-year reflecting higher unit margins.

Cash flow from operations excluding working capital (CFFO) amounted to $847 million in the second quarter of 2026, up 19% year-on-year for the same reasons.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Segment adjusted net operating income was $6,871 million in the second quarter of 2026, compared to $6,300 million in the first quarter of 2026, mainly due to higher oil prices and refining and petrochemical margins as well as significant performance of crude oil and petroleum products trading activities.

5.2 Adjusted net income ⁽¹⁾ (TotalEnergies share)

Adjusted net income (TotalEnergies share) was $6,027 million in the second quarter of 2026, compared with $5,394 million in the first quarter.

Adjusted net income excludes the after-tax inventory effect, non-recurring items, and effects of changes in fair-value.

Adjusting items to net income totaled -$0.6 billion in the second quarter, consisting mainly of -$0.4 billion in changes in inventories and fair value effects and restructuring charges.

TotalEnergies’ average tax rate was 39.3% in the second quarter versus 39.1% in the first quarter of 2026.

5.3 Adjusted earnings per share

Adjusted diluted net earnings per share were as follows:

$2.68 in the second quarter of 2026, based on a diluted weighted average number of shares of 2,216 million, compared with $2.45 in the first quarter of 2026,
$5.14 in the first half of 2026, based on diluted weighted average number of shares of 2,187 million, compared with $3.41 a year ago.

As of June 30, 2026, the number of diluted shares was 2,245 million.

TotalEnergies repurchased* the following:

16.9 million shares in the second quarter of 2026, for an amount of $1.5 billion,
26.3 million shares in the first half of 2026, for an amount of $2.25 billion.

5.4 Acquisitions – asset sales

Acquisitions amounted to $141 million in the second quarter of 2026, primarily related to the redetermination of ownership interests in the Johan Sverdrup field in Norway.

Divestments amounted to $1,388 million in the second quarter of 2026, mainly reflecting the disposal of the non-operated interest in the Marjoram gas field in Malaysia, the farm-down transactions on battery storage projects in Germany and the divestment of non-core activities in Gas Renewables and Power and Marketing & Services.

Contacts

TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

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