TotalEnergies SE: First Quarter 2025 Results

Thanks to a year-on-year production growth of nearly 4% for oil & gas and 18% for electricity, TotalEnergies posts solid results and maintains attractive shareholder returns despite an uncertain environment PARIS–(BUSINESS WIRE)–Regulatory News: TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE): 1Q25 4Q24 Change vs 4Q24 1Q24 Change vs 1Q24 Adjusted net income (TotalEnergies share)(1) – in billions of dollars (B$) 4.2 4.4 -5% 5.1 -18% – in dollars per share 1.83 1.90 -4% 2.14 -15% Net income (TotalEnergies share) (B$) 3.9 4.0 -3% 5.7 -33% Adjusted EBITDA(1) (B$) 10.5 10.5 – 11.5 -9% Cash flow from operations excluding working capital (CFFO)(1) (B$) 7.0 7.2 -2% 8.2 -14% The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on April 29, 2025, to approve the 1st quarter 2025 financial statements. On the occasion, Patrick Pouyanné said: “In a price environment globally similar to the fourth quarter 2024, TotalEnergies delivered strong results in the first quarter 2025 that are in line with the positive results of the fourth quarter 2024, reporting $4.2 billion of adjusted net income and $7.0 billion of CFFO. In the Oil & Gas business, first quarter production was above 2.55 Mboe/d, up 4% year-on-year, notably benefiting from the continued ramp up of projects in Brazil, the United States, Malaysia, Argentina and Denmark. The start-ups of the Ballymore offshore field in the United States during the second quarter and Mero-4 in Brazil expected in the third quarter will continue to add high-margin barrels and further reinforce the Company’s 2025 hydrocarbon production growth objective of more than 3%. Exploration & Production generated adjusted net operating income of $2.5 billion and cash flow of $4.3 billion in the first quarter, up 6% and 9% quarter-to-quarter, respectively. Cash flow benefited from the accretive effect of new oil production that is both low-cost and low-emission. Integrated LNG achieved adjusted net operating income of $1.3 billion and cash flow of $1.2 billion for the quarter, driven by LNG prices that were higher year-on-year but lower than fourth quarter 2024. LNG trading results were in line with expectations for 2025 while gas trading encountered the unexpected downturn of European markets following new heightened uncertainties on the evolution of the Russian-Ukrainian conflict. During the first quarter, Integrated Power generated adjusted net operating income of more than $500 million and cash flow of $600 million, in line with annual Company guidance. TotalEnergies continued to deploy its differentiated Integrated Power model in Germany with the closing of the acquisition of the renewable energy developer VSB in the beginning of April and the launch of battery storage projects developed by Kyon. In the context of weak refining margins together with declining petrochemical and biofuel margins in Europe, Downstream posted an adjusted net operating income of $0.5 billion, and a cash flow of $1.1 billion, below expectations due to operational performance at Donges and Port Arthur. Confident in the Company’s ability to reach its 2025 underlying growth objective and taking into account the strength of its balance sheet (normalized gearing(1) of 11% excluding the seasonal effect of working capital), the Board of Directors has confirmed the distribution of the first interim dividend of €0.85/share for fiscal year 2025, an increase of 7.6% compared to 2024 and consistent with the attractive dividend growth guidance announced in February. Furthermore, it has also decided to again continue share buybacks for up to $2 billion in the second quarter despite a softening price environment with Brent below $70/b since the beginning of April and an uncertain geopolitical and macroeconomic context.” 1. Highlights (2) Upstream Production start-up of the Ballymore offshore oil field, for 75,000 b/d, in the United States Launch, as part of GGIP, of the construction of an early gas treatment unit to stop flaring and supply gas-fired power plants in Iraq Signature of an agreement with Egypt and Cyprus for the export of Cyprus Block 6 gas through Egypt Downstream Announcement of the shut-down of the cracker NC2 in the Antwerp platform by 2027, in the context of over-capacity of petrochemicals in Europe Integrated LNG Signature of an LNG contract for 0.4 Mt/year over 10 years with GSPC, delivered in India from 2026 Signature of an agreement for the sale of 0.4 Mt/year of LNG over 15 years to Energia Natural Dominicana from 2027 Signature of an agreement with NextDecade for LNG offtake of 1.5 Mt/year over 20 years from the future Train 4 of Rio Grande LNG, in Texas Mozambique LNG: confirmation of the project financing by the US EXIM for $4.7 billion Integrated Power Signature of a Clean Firm Power contract with STMicroelectronics for 1.5 TWh over 15 years Start-up of the 640 MW Yunlin offshore wind farm, in Taiwan Launch of six new battery storage projects, for a capacity of 221 MW, in Germany Closing of the SN Power acquisition, a hydro-electricity project developer, in Africa Closing of the acquisition of the Big Sky Solar facility (184 MW installed) and agreement to acquire additional wind and solar projects of more than 600 MW, in Canada Closing of the acquisition of the German renewable energy developer VSB Carbon footprint reduction and low-carbon molecules Final Investment Decision of the second phase of the Northern Lights CCS project Launch of projects with Air Liquide to produce green hydrogen to European refineries Zeeland: Joint Venture for the construction and operation of an electrolyzer producing 30,000 tons of green hydrogen per year Antwerp: tolling agreement for 15,000 tons of green hydrogen per year Signature of an agreement with RWE for the supply of 30,000 tons of green hydrogen per year to decarbonize the Leuna refinery from 2030 Start-up of BioNorrois, the second largest biogas production unit in France Social and environmental responsibility Publication of the Sustainability & Climate – 2025 Progress Report presenting the progress made by the Company in 2024 in the implementation of its strategy and climate ambition Mozambique LNG: launch of official investigations in Mozambique, at the request of TotalEnergies, following allegations of human right abuses by members of Mozambique’s defense and security forces and request of the intervention of the National Commission of Human Rights 2. Key figures from TotalEnergies’ consolidated financial statements (1) In millions of dollars, except effective tax rate,earnings per share and number of shares 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Adjusted EBITDA (1) 10,504 10,529 – 11,493 -9% Adjusted net operating income from business segments 4,792 4,992 -4% 5,600 -14% Exploration & Production 2,451 2,305 +6% 2,550 -4% Integrated LNG 1,294 1,432 -10% 1,222 +6% Integrated Power 506 575 -12% 611 -17% Refining & Chemicals 301 318 -5% 962 -69% Marketing & Services 240 362 -34% 255 -6% Contribution of equity affiliates to adjusted net income 715 706 +1% 621 +15% Effective tax rate (3) 41.4% 41.3% – 37.8% – Adjusted net income (TotalEnergies share) (1) 4,192 4,406 -5% 5,112 -18% Adjusted fully-diluted earnings per share (dollars) (4) 1.83 1.90 -4% 2.14 -15% Adjusted fully-diluted earnings per share (euros) (5) 1.74 1.78 -2% 1.97 -12% Fully-diluted weighted-average shares (millions) 2,246 2,282 -2% 2,352 -5% Net income (TotalEnergies share) 3,851 3,956 -3% 5,721 -33% Organic investments (1) 4,501 3,839 +17% 4,072 +11% Acquisitions net of assets sales (1) 420 24 x17.4 (500) ns Net investments (1) 4,921 3,863 +27% 3,572 +38% Cash flow from operations excluding working capital (CFFO) (1) 6,992 7,151 -2% 8,168 -14% Debt Adjusted Cash Flow (DACF) (1) 7,276 7,398 -2% 8,311 -12% Cash flow from operating activities 2,563 12,507 -80% 2,169 +18% Gearing (1) of 14.3% at March 31, 2025 vs. 8.3% at December 31, 2024 and 10.5% at March 31, 2024 3. Key figures of environment, greenhouse gas emissions and production 3.1 Environment – liquids and gas price realizations, refining margins 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Brent ($/b) 75.7 74.7 +1% 83.2 -9% Henry Hub ($/Mbtu) 3.9 3.0 +29% 2.1 +84% TTF ($/Mbtu) 14.4 13.6 +6% 8.8 +65% JKM ($/Mbtu) 14.1 14.0 +1% 9.3 +52% Average price of liquids (6),(7) ($/b)Consolidated subsidiaries 72.2 71.8 +1% 78.9 -8% Average price of gas (6),(8) ($/Mbtu)Consolidated subsidiaries 6.60 6.26 +5% 5.11 +29% Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and equity affiliates 10.00 10.37 -4% 9.58 +4% European Refining Margin Marker (ERM) (6),(10) ($/t) 29.4 25.9 +14% 71.7 -59% 3.2 Greenhouse gas emissions (11) Scope 1+2 emissions (12) (MtCO2 e) 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Scope 1+2 from operated facilities (1) 8.4 9.6 -13% 8.2 +2% of which Oil & Gas 7.2 7.9 -9% 7.1 +1% of which CCGT 1.2 1.7 -29% 1.1 +9% Scope 1+2 – ESRS share (1) 11.1 12.4 -10% 10.9 +2% Methane emissions (ktCH4 ) 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Methane emissions from operated facilities (1) 6 7 -14% 8 -25% Estimated quarterly emissions. Scope 1+2 emissions from operated installations were down 13% quarter-to-quarter given continuous decline in flaring emissions on Exploration & Production facilities, carbon footprint reduction initiatives in Refining & Chemicals and the perimeter effect related to the partial sale of West Burton gas-fired capacity during the fourth quarter of 2024. First quarter 2025 Scope 3 (13) Category 11 emissions are estimated to be 84 Mt CO2 e. 3.3 Production (14) Hydrocarbon production 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Hydrocarbon production (kboe/d) 2,558 2,427 +5% 2,461 +4% Oil (including bitumen) (kb/d) 1,355 1,292 +5% 1,322 +2% Gas (including condensates and associated NGL) (kboe/d) 1,203 1,135 +6% 1,139 +6% Hydrocarbon production (kboe/d) 2,558 2,427 +5% 2,461 +4% Liquids (kb/d) 1,516 1,445 +5% 1,482 +2% Gas (Mcf/d) 5,655 5,323 +6% 5,249 +8% Hydrocarbon production was 2,558 thousand barrels of oil equivalent per day in the first quarter 2025, up 4% year-on-year, and was comprised of: +4% due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil, Fenix in Argentina, Tyra in Denmark, Anchor in the United States and Akpo West in Nigeria, -1% due to lower availability of production facilities, mainly due to planned maintenance, +3% portfolio effect related to the acquisitions of SapuraOMV in Malaysia and interests in the Eagle Ford shale gas plays in Texas, -2% due to the natural field declines. 4. Analysis of business segments 4.1 Exploration & Production 4.1.1 Production Hydrocarbon production 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 EP (kboe/d) 1,976 1,933 +2% 1,969 – Liquids (kb/d) 1,442 1,385 +4% 1,419 +2% Gas (Mcf/d) 2,848 2,924 -3% 2,937 -3% 4.1.2 Results In millions of dollars, except effective tax rate 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Adjusted net operating income 2,451 2,305 +6% 2,550 -4% including adjusted income from equity affiliates 150 207 -28% 145 +3% Effective tax rate (15) 49.4% 50.5% – 48.5% – Organic investments (1) 2,684 2,104 +28% 2,041 +32% Acquisitions net of assets sales (1) 116 (258) ns 36 x3.2 Net investments (1) 2,800 1,846 +52% 2,077 +35% Cash flow from operations excluding working capital (CFFO) (1) 4,291 3,945 +9% 4,478 -4% Cash flow from operating activities 3,266 4,500 -27% 3,590 -9% Adjusted net operating income was $2,451 million, up 6% quarter-to-quarter, driven by higher production in a slightly more favorable price environment. Cash flow from operations excluding working capital (CFFO) was $4,291 million, up 9% quarter-to-quarter, for the same reasons. 4.2 Integrated LNG 4.2.1 Production Hydrocarbon production for LNG 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Integrated LNG (kboe/d) 582 494 +18% 492 +18% Liquids (kb/d) 74 60 +24% 63 +18% Gas (Mcf/d) 2,807 2,399 +17% 2,312 +21% Liquefied Natural Gas in Mt 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Overall LNG sales 10.6 10.8 -2% 10.7 -1% incl. Sales from equity production* 4.0 3.8 +4% 4.2 -4% incl. Sales by TotalEnergies from equity production and third party purchases 9.4 9.4 – 9.3 +1% * The Company’s equity production may be sold by TotalEnergies or by the joint ventures. LNG sales were globally stable quarter-to-quarter, with increased sales from equity production offset notably by lower spot activity. 4.2.2 Results In millions of dollars 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and equity affiliates 10.00 10.37 -4% 9.58 +4% Adjusted net operating income 1,294 1,432 -10% 1,222 +6% including adjusted income from equity affiliates 535 525 +2% 494 +8% Organic investments (1) 752 554 +36% 540 +39% Acquisitions net of assets sales (1) 140 1,116 -87% (12) ns Net investments (1) 892 1,670 -47% 528 +69% Cash flow from operations excluding working capital (CFFO) (1) 1,249 1,447 -14% 1,348 -7% Cash flow from operating activities 1,743 2,214 -21% 1,710 +2% * Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. Adjusted net operating income for Integrated LNG was $1,294 million in the first quarter 2025, up 6% year-on-year and down 10% quarter-to-quarter, in line with the evolution of the average LNG price. Cash flow from operations excluding working capital (CFFO) was $1,249 million, for the same reasons and due to a timing effect in dividend payments from some equity affiliates. 4.3 Integrated Power 4.3.1 Productions, capacities, clients and sales Integrated Power 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Net power production (TWh) * 11.3 11.4 -1% 9.6 +18% o/w production from renewables 6.8 6.5 +5% 6.0 +13% o/w production from gas flexible capacities 4.5 4.9 -8% 3.6 +27% Portfolio of power generation net installed capacity (GW) ** 22.7 21.5 +6% 19.5 +17% o/w renewables 16.2 15.1 +8% 13.7 +18% o/w gas flexible capacities 6.5 6.5 +1% 5.8 +13% Portfolio of renewable power generation gross capacity (GW) **,*** 97.5 97.2 – 84.1 +16% o/w installed capacity 27.8 26.0 +7% 23.5 +18% Clients power – BtB and BtC (Million) ** 6.0 6.1 – 6.0 +1% Clients gas – BtB and BtC (Million) ** 2.8 2.8 – 2.8 – Sales power – BtB and BtC (TWh) 14.5 13.8 +5% 14.9 -3% Sales gas – BtB and BtC (TWh) 35.7 30.1 +19% 35.7 – * Solar, wind, hydroelectric and gas flexible capacities. ** End of period data. *** Includes 20% 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 power production increased 18% year-on-year, reaching 11.3 TWh, linked to the renewables production growth and the acquisition of flexible gas capacity in the United Kingdom and the United States in 2024. Gross installed renewable power generation capacity reached 27.8 GW at the end of the first quarter 2025, up 18% year-on-year, i.e. a 4.3 GW increase. 4.3.2 Results In millions of dollars 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Adjusted net operating income 506 575 -12% 611 -17% including adjusted income from equity affiliates 44 (25) ns (39) ns Organic investments (1) 645 109 x5.9 943 -32% Acquisitions net of assets sales (1) 238 (662) ns 735 -68% Net investments (1) 883 (553) ns 1,678 -47% Cash flow from operations excluding working capital (CFFO) (1) 597 604 -1% 692 -14% Cash flow from operating activities (399) 1,201 ns (249) ns Adjusted net operating income for Integrated Power was $506 million in the first quarter 2025, down 12% quarter-to-quarter in the absence of farm-downs during the quarter. Cash flow from operations excluding working capital (CFFO) was $597 million, stable over the quarter and in line with the annual guidance. 4.4 Downstream (Refining & Chemicals and Marketing & Services) 4.4.1 Results In millions of dollars 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Adjusted net operating income 541 680 -20% 1,217 -56% Organic investments (1) 386 1,013 -62% 520 -26% Acquisitions net of assets sales (1) (75) (172) ns (1,258) ns Net investments (1) 311 841 -63% (738) ns Cash flow from operations excluding working capital (CFFO) (1) 1,117 1,356 -18% 1,770 -37% Cash flow from operating activities (1,415) 4,610 ns (2,237) ns 4.5 Refining & Chemicals 4.5.1 Refinery and petrochemicals throughput and utilization rates Refinery throughput and utilization rate* 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Total refinery throughput (kb/d) 1,549 1,432 +8% 1,424 +9% France 435 424 +3% 382 +14% Rest of Europe 627 541 +16% 618 +1% Rest of world 487 467 +4% 424 +15% Utilization rate based on crude only** 87% 82% 79% * Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024 and the African refinery Natref (divested) during the 4th quarter 2024. Petrochemicals production and utilization rate 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Monomers* (kt) 1,250 1,233 +1% 1,287 -3% Polymers (kt) 1,173 1,080 +9% 1,076 +9% Steam cracker utilization rate** 78% 79% 73% * Olefins. ** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024. Refinery throughput was up by 8% quarter-on-quarter, mainly due to the restart of the Leuna refinery following a planned turnaround, setting the utilization rate at 87% during the first quarter. 4.5.2 Results In millions of dollars 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 European Refining Margin Marker (ERM) ($/t) * 29.4 25.9 +14% 71.7 -59% Adjusted net operating income 301 318 -5% 962 -69% Organic investments (1) 236 581 -59% 419 -44% Acquisitions net of assets sales (1) – (92) -100% (20) -100% Net investments (1) 236 489 -52% 399 -41% Cash flow from operations excluding working capital (CFFO) (1) 633 822 -23% 1,291 -51% Cash flow from operating activities (1,983) 3,832 ns (2,129) ns * This market indicator for European refining, calculated based on public market prices ($/t), 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. Adjusted net operating income was $301 million in the first quarter 2025, down 5% quarter-to-quarter, reflecting low refining margins and declining petrochemical and biofuel margins in Europe, together with operational difficulties at the Donges and Port-Arthur refineries. Cash flow from operations excluding working capital (CFFO) was $633 million, down 23% compared to the previous quarter which benefited from dividends received from equity affiliates. 4.6 Marketing & Services 4.6.1 Petroleum product sales Sales in kb/d* 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Total Marketing & Services sales 1,266 1,312 -4% 1,312 -4% Europe 714 724 -1% 715 – Rest of world 551 587 -6% 597 -8% * Excludes trading and bulk refining sales. Sales of petroleum products were down 4% quarter-to-quarter due to the seasonality of transport markets. 4.6.2 Results In millions of dollars 1Q25 4Q24 1Q25 vs 4Q24 1Q24 1Q25 vs 1Q24 Adjusted net operating income 240 362 -34% 255 -6% Organic investments (1) 150 432 -65% 101 +49% Acquisitions net of assets sales (1) (75) (80) ns (1,238) ns Net investments (1) 75 352 -79% (1,137) ns Cash flow from operations excluding working capital (CFFO) (1) 484 534 -9% 479 +1% Cash flow from operating activities 568 778 -27% (108) ns Marketing & Services adjusted net operating income was $240 million in the first quarter 2025, down 6% year-on-year, in line with the volume decrease. Cash flow from operations excluding working capital (CFFO) was $484 million, slightly up year-on-year with the strong performance of lubricants offsetting the decrease of volumes sold. 5. TotalEnergies results 5.1 Adjusted net operating income from business segments Adjusted net operating income from business segments was $4,792 million in the first quarter of 2025 versus $5,600 million in the first quarter 2024, mainly due to softening oil prices and refining margins, partially compensated by higher hydrocarbon production and higher gas prices. 5.2 Adjusted net income (1) (TotalEnergies share) TotalEnergies adjusted net income was $4,192 million in the first quarter 2025 versus $5,112 million in the first quarter 2024, for the same reasons. Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value. Adjustments to net income were ($0.3) billion in the first quarter 2025 consisting mainly of: ($0.2) billion of changes in fair value and stock variation, ($0.1) billion of non-recurring items, mainly related to the impact of the Energy Profit Levy in the United Kingdom. TotalEnergies’ average tax rate was stable at 41.4% in the first quarter 2025 versus 41.3% in the fourth quarter 2024. 5.3 Adjusted earnings per share Adjusted diluted net earnings per share were $1.83 in the first quarter 2025, based on 2,246 million weighted average diluted shares, compared to $1.90 in the fourth quarter 2024. As of March 31, 2025, the number of diluted shares was 2,242 million. As part of its shareholder return policy, TotalEnergies repurchased 33.3 million shares* in the first quarter 2025 for $2 billion. 5.4 Acquisitions – asset sales Acquisitions were $836 million in the first quarter 2025, primarily related to: the acquisition of an additional 10% interest in Moho field in Congo, the acquisition of SN Power, developer of hydro-electricity projects in Africa, the acquisition of the Big Sky Solar project in Canada. Divestments were $416 million in the first quarter 2025, primarily related to: the sale of interests in Nkossa and Nsoko II permits in Congo, the finalization of the divestment of fuel distributions activities in Brazil. 5.5 Net cash flow (1) TotalEnergies’ net cash flow was $2,071 million in the first quarter 2025 compared to $3,288 million in the fourth quarter 2024, reflecting the $159 million decrease in CFFO and the $1,058 million increase in net investments to $4,921 million. 2025 first quarter cash flow from operating activities was $2,563 million versus CFFO of $6,992 million, and was impacted by increased working capital of $4.4 billion, mainly due to: $1 billion reversal of exceptional working capital items which reduced working capital in the fourth quarter 2024, $2 billion seasonal effect from gas and power distribution activities in Europe and related to advanced payments happening in the first quarter of the year, $1 billion effect of the evolution of the business (stocks and sales increase at the end of the quarter). 5.6 Profitability Return on equity was 15.1% for the twelve months ended March 31, 2025. In millions of dollars April 1, 2024 January 1, 2024 April 1, 2023 March 31, 2025 December 31, 2024 March 31, 2024 Adjusted net income (TotalEnergies share) (1) 17,636 18,586 22,047 Average adjusted shareholders’ equity 116,758 117,835 115,835 Return on equity (ROE) 15.1% 15.8% 19.0% Return on average capital employed (1) was 13.2% for the twelve months ended March 31, 2025. In millions of dollars April 1, 2024 January 1, 2024 April 1, 2023 March 31, 2025 December 31, 2024 March 31, 2024 Adjusted net operating income (1) 19,125 19,974 23,278 Average capital employed (1) 144,629 135,174 140,662 ROACE (1) 13.2% 14.8% 16.5% 6. TotalEnergies SE statutory accounts Net income for TotalEnergies SE, the parent company, amounted to € 3,726 million in the first quarter 2025, compared to € 3,410 million in the first quarter 2024. 7. Annual 2025 Sensitivities (16) Change Estimated impact on adjustednet operating income Estimated impact on cash flow from operations Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$ Average liquids price (17) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$ European gas price – TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$ European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$ 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 Read full story here Der Beitrag TotalEnergies SE: First Quarter 2025 Results erschien zuerst auf subcablenews.com .