TotalEnergies FY2025 Earnings Call - Accretive growth and cash resilience delivered, pivoting to a cost-saving 2026

Patrick Pouyanné, CEO, TotalEnergies: So welcome, everybody, for this presentation of 2025 results and the objective for 2026. And we are from London. It is sunny, like it’s sun for the shares of TotalEnergies until we speak, so we’ll see after that, after this call. And I’m happy to be here today with the executive committee members. You know all of them, but not Catherine. Catherine, you could stand up, well, she’s our new member in charge of People and Social Engagement and all Global Services. That’s Catherine. And there is another person which is next to us that you need to know, which is Arnaud Le Foll. Arnaud is our Deputy CFO. You will have a chance to listen to him today. We’ll make a presentation in two big parts and two focus in the middle, so to change.

So Jean-Pierre will introduce the. First, we’ll have, of course, safety moment. It will be done, and the, I would say, safety, sustainability part will be done by Nicolas Terraz, our President, Upstream. Then we’ll have Jean-Pierre will make review of the 2025 results. Then two small focus, one, Namibia by Arnaud, because Arnaud, before to be Deputy CFO, was the one in charge of the negotiation of Namibia. So let’s let him, have the opportunity to let him, listen to him. And then Stéphane will come in the focus of data centers, AI, from as a way, as a business for us, but also what we do internally. So just to focus, and then I will take the last part about what are the objective for 2026.

So it should be normally, if we are respecting the timing, not sure, it should be 1 hour, 1 hour, 5 minutes. We’ll see. But be patient when you have time to ask your question. So Nicolas, floor is yours to continue, to begin.

Nicolas Terraz, President, Upstream, TotalEnergies: Good afternoon, everyone. So first, let me take a minute for a sustainability moment, and, you know, we thought for the sustainability moment, we’ll share with you a very concrete illustration on what we are doing to fight methane emissions. And to fight methane emissions, the first step is to detect them. So what we did last year is, and we installed in all our sites a network of a detection and monitoring system, fixed, continuous. And what you see in the footage here is a picture or video taken in Argentina, in Neuquén, and we are just commissioning an infrared camera, and this infrared camera detected what is not a fire, but it’s methane, and in fact, it’s methane coming from underground.

From a pipeline, which had a pinhole, you know, so it’s a very small hole and was leaking methane in fairly modest quantities. But still, this was detected. This was, of course, immediately fixed, you know, so the pipeline was excavated and the leakage fixed. But this really illustrates, you know, the role and benefit of permanent methane detection to reach a near zero methane emissions, which is our objective, by 2030. So let me now move to safety. So you see on the slides, we are, you know, we are on a journey of continuous improvement in safety, both for safety at work and for process safety.

So for safety at work, you see on the left part of the slide, our total recordable injury rate, which has been continuously decreasing, and last year we were below 0.5 event per million man hour. So I think we’re pleased to be ahead of our peer group. Where we are not happy, in fact, is that we had one fatality last year. This happened in Angola, during the offloading of the drilling casings from a rig to a platform supply vessel, where one person working on board the supply vessel was crushed by those drilling pipes. Manoj Kumar, he was 51 years old. He was married. He had one child.

and after the accident, what we did is, what we owed to him, which is to take very strong action to reinforce the safety of, deck operations on board our supply vessels by putting, more physical barriers, you know, steel frames for pipe offloading operations, but also by taking, very strong organizational measures in terms of supervision of the dock operations, on board our supply vessels. For process safety on the prevention of major risk, it’s illustrated on the right part of the slide with a reduction of the number of primary losses of containment on our sites, which have been decreased by 60% since 2020. and so we are continuing, you know, to work on that front.

On today, more than ever, we want to ensure everyone working on our sites, either our staff or contractors, can return home safely, and we aim to achieve zero fatality in our operations. I’m now coming to our emissions. On here, we are really pleased that, in 2025, we reached and even exceeded all our emission reduction targets. So I spoke about methane just before. Now we are at -65% in our methane emissions compared to 2020. We had a target of -60%. And as I mentioned, we are monitoring this super closely, in order to reach near zero methane in 3-4 years....

For greenhouse gas, looking at our Scope 1 and 2 greenhouse gas emissions, you see that last year, for oil and gas operations, we reduced the emissions by 1 million tons compared to 2024. On the, we have a cumulative reduction of 38%. Also, the gradual evolution of our sales mix is driving down the life cycle carbon intensity of our products, of the products we are selling. And you see the figure here, -19% in 2025 compared to where we were in 2015. On the last point, but not the least one, is that, you know that we’ve invested $1 billion in energy efficiency improvement program over 2023-2025. This is paying off.

It’s paying off with a reduction in our emissions because the actions implemented through this program resulted in a reduction of 2 million tons of CO2 equivalent emissions less. But it’s also paying off in terms of dollars because this program has generated around $200 million annually of energy on CO2 savings from hundreds, in fact, of actions on our various sites. So this was about emissions, and now I’m going to hand back the floor to Jean-Pierre.

Jean-Pierre, CFO, TotalEnergies: Thank you, Nicolas. Thank you very much. Good afternoon. So I will present to you the 2025 results, and I think the key achievement of the year. So you know, we have a pretty well-balanced strategy, integrated strategy, anchored on two pillars. The first one, oil and gas, and the second one, gas and LNG. Let me go through the main achievements of 2025. So starting with oil and gas and oil in particular. So you see that you know that we started up two main oil and gas fields, one in the U.S. with Baltimore, another deep offshore development in Brazil with Mero 4. Namibia, it’s a very clear achievement of 2025. So entering the block till now operated by Galp, supporting the Mopane discovery.

So entering into that block, of course, is a very clear achievement, confirming this, Namibia as a new, I would say, golden province for TotalEnergies. Or Arnaud will come back on that to give you more details about that. To prepare the future, we have reloaded our portfolio, exploration portfolio. You see here the different geographies in which we are very active in 2025. On the gas and LNG side, Rio Grande, so we FID, we sanctioned the project, the fourth train in Rio Grande project, with an additional 1.5 million tons per year of additional LNG capacity. Acquisition of additional interest in Malaysia.

So you know that we enter into Malaysia very recently, so confirming the willingness of TotalEnergies to build a hub that, that is, that is, perfectly positioned to supply the gas market in Asia in the coming years. And continuing the integration, the upstream gas integration in the US with additional acquisition of dry gas in Anadarko Basin. And on top of that, end of 2025, we announced the agreement with Next, with NeoNext, in fact, to merge our upstream assets with those of NeoNext, creating one of the largest oil and gas or the, the major, the major oil and gas players in the UK, aiming to deliver synergies. So to summarize, yes, we grow. We are a growing company, so you see here the figures, 2025, 4% upstream growth.

You know that the guidance were above 3%, so we are largely above the, the guidance. At the same time, we keep the discipline. I will come back on the, on the CapEx. So here you see the figure for OpEx, OpEx per barrel. So the best OpEx per barrel among our peers, $5 per barrel. Of course, it’s very important for us to keep this advantage, to face a possible low price environment. And very, very important in our views, the fact that we were able to deliver a 120% proved reserve replacement rates, that mean that, we, the reserve, proved reserve we have at the end of the year, at the end of 2025, will cover twelve years of 2025 production. On the other pillar, so integrated power.

So another year of delivery of our strategy, more than 20% net power production growth, both coming from renewable and from CCGT, from flexible assets. We mentioned here three main achievements of the year. You know, the agreement we signed with EPH that will in fact accelerate our gas to power integration in Europe, supposed to be closed mid-2026. Stéphane will come back on that. So we surfed, I would say, on the wave created by data center year to sign 6 TWh per year PPA with data center, in fact.

Implementing our model, so at COD, as you know, we recycle the CapEx, the capital, and so we successively signed different farm down in the UK, in Greece, in Portugal, in France, in 25, recycling the equivalent of $2 billion. Scorecard for 2025. Well, clearly, we are a growing—we are a growing company, delivering of our objectives. First, first, more energy, growing, growing, growing, energy, growth, clear growth regarding energy production. 5% when you combine the growth coming from oil and gas and the growth coming from electricity. So more specifically on the oil and gas, I already mentioned the fact that we achieved close to 4% growth. You know that the target were above 3%.

For electricity net production, we increased the production by almost 20% between 2024 and 2025, reaching more or less 50 terawatt-hours in 2025. Refining utilization rates. So we were clear that during the first semester, ERC has to face some technical incidents, problem of reliability of some of the assets in France or in the US. The second semester, this has been fixed, and so given this performance during the second semester, you see that globally, all in all over the full year, so refining utilization rate were in line with the targets we had. LNG sales, so growing 10% more compared to last year, in line with the growth in production. And finally, on this topic, more energy.

So renewable growth installed capacity, so 24 gigawatts of growth renewable capacity at the end of the year. We were at 26 gigawatts end of 2024. That means that in the course of 2025, we are able to put into production 8 gigawatts of additional growth, renewable capacity, and it is the pace we need to achieve 8 gigawatts per year to achieve the target we have for 2030, sorry. So more energy, less emissions. I will not come back on the figures, because already Nicola presented that. Just to mention, to summarize, that we are able to lower the emission, maintain Scope 1 and Scope 2 on our operations, while at the same time being a growing company, 5% more energy produced in 2025.

More energy, less emission is good, but it’s better, of course, to, to, grow, the free cash flow to supply the shareholder returns. We’ve, of course, two main driver. The first one, maintaining the discipline on, on OpEx and maintaining this differentiation advantage we have, having an OpEx per barrel at $5 per barrel. And CapEx, I will come back on that later. So we were, of course, in the guidance, at, $17.1 billion. So globally, the FFO, I think, were not exactly available. We anticipate, when we, when we gave the objective $25 billion, but not very far, at $28 billion. so delivering, in our view, a robust, cash flow, in 2025. So now some figures regarding this 2025 performance.

So starting on the left-hand side of the slides, the cash flow and the contribution of the different factors of different business units, sorry, to this performance. So $28 billion of cash flow generated by operation. You see here the different contributions, so exploration and production. Production of the growing cash flow and the fact that I will come to that later, the cash flow are accretive and the growth is accretive. Second portion, integrated LNG. So suffering in 2025 in markets with low volatility, but compensating through the downward in prices by additional production. I mentioned to you a 10% growth regarding production and sales. Integrated power at $2.6 billion, so in line with our expectations.

So we have the target to have a cash flow above twenty – above $2.5 billion for 2025. Downstream, $6.2 billion, so both ERC and marketing and services, I think is a demonstration of the resilience of the company and the integration between ERC and marketing and services. Once again, with better utilization rate during the second semester, downstream, ERC was able to capture the good margin that we benefited from in the second part of the year. The uses, so I think the yellow parts of the graph. So used, we used more of slightly above $17 billion for CapEx, so both organic CapEx, acquisition minus divestments.

8, and the shareholder returns with two components, the first one being dividends, so $8.1 billion, so it’s the cash outs linked to the dividend taken into account, the FX rates we have in the course of 2025, so it’s growing dividends. And we execute the buy-back program for an amount of $7.5 billion globally on the full year. The net adjusted income reached $15.6 billion. And so we continue to deliver the best-in-class profitability, so return on equity at $13.6 billion and the best-in-class ROACE at 12.6%. The net income IFRS, so after non-recurring items taken into account, it’s $13.1 billion for 2025.

This has been done maintaining a strong balance sheets. So the gearing at the end of the year were below 15%, so at 14.7%. So globally, total shareholder return 15.6, so dividend plus buyback, so representing a payout when you compare this return to shareholder to the cash flow we generated in 2025. So it’s a payout close to 55%. Now CapEx. So I already mentioned that, so discipline, of course, maintained through the year 2025. So the guidance $15-$15.5 billion, and so the final figure of $15.1 billion. $16 billion, sorry, $17 billion, sorry, $17.1 billion, yes. And so this you see the repartition, the splits between the different businesses.

So more or less, one-third devoted to new oil and gas projects, and close to $3.5 billion to low-carbon energy, the main component of that being integrated power. This figure is the translation of $16.8 billion spent on organic CapEx, so the spending on the existing portfolio, the existing assets, plus $3.9 billion devoted to acquisition, minus $3.6 billion to divestments. So that mean that the M&A was quite balanced in 2025, but if you add the two figures, you end up with a figure at $7.5 billion. So that mean that we continue to be very active on our portfolio, divesting as mature assets and replacing them by assets with better performance and implementing our strategy regarding, in particular, integrated power.

So the main acquisition we made for integrated power is VSB, or the German renewable player. So I already mentioned the US, Malaysia, and on the opposite side, divestment, so it’s mature assets in Nigeria, in Congo, with Encosa. Just to give you these two example, in Argentina, Vaca Muerta assets. And on top of that, all the countries I already mentioned regarding the implementation of our strategy, the recycling of the CapEx, the capital for integrated power. We sold the investment in the US and in Europe. Let’s move in more details to see to look at the upstream performance in 2025. So once again, a growth by 4% and fed by, of course, a low decline.

We benefited for our portfolio of a decline by around 4% per year. And on top of that, as you know, we have a very deep portfolio, and so in 2025, we were able to put on production additional barrels that globally contributed to 150,000 barrels of oil equivalent per day. And this production is accretive, so it’s the demonstration. So we increased the production by 4%, but in a constant environment, we increased the upstream cash flow by 10%. What does it mean? That mean that the baseline for our portfolio has, in this environment, $70 per barrel for Brent and $12 per million BTU for gas. So generate $19 per barrel of CFFO.

The new projects, so you have the list, by the way, on the right-hand side of the slides. So this 150,000 barrel per oil equivalent of additional production has, on average, net CFFO more than $30 per barrel. So that mean that, of course, with new production, we increase the accretivity of the, of the, of the portfolio. And so the difference between this $30 per barrel with the $19 per barrel for the baseline, so created an additional $700 million in 2025 regarding the CFFO. So integrated LNG. Well, it’s clear that in 2025, we had a narrowing spread between Asian markets and European markets, so the spread between the JKM and TTF, that is lower than before.

In most of the cases, below $0.5 per million BTU. So why? Because the market is more efficient. And so now, for obvious reason, saving freight costs, the US LNG went in 2025, mainly to Europe, and on the opposite, Middle East LNG went majorly to Asia. So in that market, of course, it’s generated less possibility of arbitrage between the two markets, and on top of that, we had low volatility.

All in all, thanks to the growth, the 10% growth in production and sale, I already mentioned for integrated LNG, we were able to more or less offset the low price environment, the low volatility environment, posting for integrated LNG CFFO in 2025 $4.7 billion, so only 4% below 2024 CFFO. ... integrated power, so we continue the execution of the strategy. I think you have here the figure of the progression, the increase of the between 2021 and 2025. So, more than doubling the production, between multiply by three or multiply by four CFFO and net operating income. And at the end of 2025, we have the ROACE close to 10%. So we execute the strategy.

Once again, we farm down different assets to recycle, to recycle the CapEx, the capital. We sign this EPH acquisition, accelerating our integration in Europe. We scale up data business with additional relations with tech, signing a PPA with data center to supply them with our electricity. So good achievements confirming the objective we have for this business segment in 2025. Ordinary share. So you know that on the eighth of December of 2025, I think we will open a new chapter in the history of TotalEnergies on the NYSE in the US.

So now our ordinary share, so the same share as the share that is listed in Paris, is now listed on the NYSE, allowing, in fact, investors to buy the same share either in Paris or in the U.S. And by the way, by doing that, we have a listing almost around the clock, from 9 A.M. in Paris time to 4:30 P.M. in New York time. The objective is clear. We will ease the life of our investors by doing that. We will, of course, try to reach new shareholders that were not able or that do not want to invest in TotalEnergies through ADR.

It’s the objective we have in the coming months to try to to capture additional investors through wealth manager and financial advisors. And on top of that, by the way, by doing that, we have an option to use this listing, these shares listed in New York as a currency for a potential M&A in the US. The scorecards, the benchmark, the performance of TotalEnergies compared to the performance of our peers with four main metrics, the first one being the ROACE. Once again, we are the best in class in terms of ROACE, I think, for the fourth consecutive years. In our view, it’s a clear demonstration that we can be a leader in the transition while delivering top profitability ROACE. Second, TSR, so total shareholder returns.

Best TSR in 25 at 28%. So meaning that if you have invested in Total, in Total share, on the 31 December 2024, at the end of 2025, considering the reinvestment of the dividends, you will have a gain of 28%. Proved reserves life index, so very good and very differentiation factor compared mainly to Chevron, Shell, and BP. So we maintain the 12-year reserves, very good achievements, meaning that with this the reserves we have in our portfolio, we are comfortable to feed the growth beyond 2030. Upstream production cost, low cost, $5 per barrel, so it’s a clear competitive advantage that we want to keep.

I think I will end the presentation by this slide. So I’ve already commented the TSR, so you know pretty well the policy of TotalEnergies regarding the dividends. So in contributing to this TSR, in 2025, the performance of the share was best in class, plus 20%. So we strongly believe that our share is continue to be under-evaluated, but this is, in our view, illustration that the strategy of TotalEnergies is now well understood by the market. And to summarize, growth, accretive growth, discipline on cost, maintain CapEx as anticipated, and maintaining OpEx per barrel at low level.

delivering all the growth we have in mind on both two pillar, oil and gas on one hand, and integrated power on the other.

Patrick Pouyanné, CEO, TotalEnergies: Thank you.

Jean-Pierre, CFO, TotalEnergies: And I think-

Patrick Pouyanné, CEO, TotalEnergies: Thank you, Jean-Pierre. That’s done. That’s for 2025. That’s the past. So let’s speak about, as a bridge between both 2025 and 2026, about Namibia, which was... We didn’t make a special session like on EPH because it came late in December, but it’s an opportunity so to come back on what we have built, with this deal with agreement with Galp in Namibia, which will be for us, obviously a new major hub for future. Arnaud, the floor is yours.

Arnaud Le Foll, Deputy CFO, TotalEnergies: Thank you, Patrick. Ladies and gentlemen, let me start by setting the context for our progress in Namibia. Over the past few years, our exploration and business development efforts in the Orange Basin have led to significant discoveries that are now forming the foundation of a new deepwater golden province for TotalEnergies. And so today, I’m really thrilled to walk you through the steps already taken and what lies ahead. So here you have the core of our position, across two licenses, PL 56 and PL 83. We have already confirmed substantial discovered resources, and we begin with two operated deepwater projects, Venus and Mopane. I’ll come back to them in more details.

Together, what we have already in hand is 1.5 billion barrels of discovered resources, and we see major additional prospects in potential currently being matured. These two projects, they form the basis of a new deepwater hub for TotalEnergies, and they begin us to plan for future development, of course, but around shared infrastructure, optimized logistics, and economies of scale. So this is really the beginning and materializing the beginning of our presence in this highly prospective basin. I’ll come back to this important milestone, which was the transaction with Galp. So last December, we concluded this cashless transaction with Galp, which we expect to close by the summer, mid this year. First, for us, this deal crystallizes the value of our discoveries.

It strengthens our operated positions, and of course, it opens new opportunities in the country. So on our side, with the transaction, we secure a 40% operated interest in PL 83, which is the home to Mopane, with already resources identified to end up in a development, and more than 1.5 billion barrels of exploration potential opportunities on the same block. In return, what we give to Galp is a 10% interest in PL 56, which is the home to Venus, and slightly less interest in the neighboring PL 91 exploration block. Plus, we will carry them for 50% of their expenditures for appraisal, exploration, appraisal, and for the first development on the block.

So as a result, TotalEnergies becomes the anchor player in one of the world’s most dynamic basins, with stronger alignment across the value chain. Which is illustrated here on the slide. It shows how Venus and Mopane make TotalEnergies the reference operator in Namibia, definitely. As you know, with 10 FPSOs already operated across Africa, with one new being in construction currently, we definitely benefit from a broad deepwater projects experience in the region. This enables us to deliver fast and reliable execution, proven low-cost development, strong long-term relationship with contractors, and efficient scaling of procurement, logistics, engineering. This experience, you know, was definitely an important factor in our selection as operator of PL 83 and for the authorities of Namibia to bring their full support to the transaction.

They definitely see us as a credible partner in the basin. On the left-hand side, the production profile shows how Venus and then Mopane could sequentially ramp up from 2030 to reach about 350 KBD of production, with additional upsides thereafter. So our objective is clear, and you got it. We want to establish a sustainable multi-FPSO hub in Namibia to maximize synergies for the benefits of all the stakeholders. Turning to Venus in more detail. So Venus is our first development. Venus is fully appraised with around 750 million barrels of resources. The engineering is well advanced, the FEED is complete, and today, with recent EPC bids, we have confidence in visibility on cost.

Key parameter of the project, so it’s a 150 KBD plateau production, with cost below $20 per barrel. In terms of cost, Scope 1 plus 2 emission intensity, we are around 15 kg per per barrel, featuring the same low-emission design as in our Grand Mangoustan FPSO. So, full electric architecture, centralized power gen, closed flares, vapor recovery units, et cetera. We are now fully engaged with the Namibian authorities to progress towards an FID by mid-2026, allowing a first oil in 2030. So Venus is expected to become the first FPSO development in the country and is really the opener of the basin as a new producing region. The second project, so is Mopane, which is progressing in parallel.

We have current estimates from 800 million to 1,100 million barrels of resources, which will allow production above 200 KBD. We plan in the short term an exploration and appraisal campaign, so in 2026 and 2027, to refine the development concept and confirm the size of the first phase, including, so in 2026, the Mopane extension, well, and thereafter, two appraisal wells. Like Venus, with Mopane, we target emissions intensity below 15 kg/barrel and cost below $20/barrel, of course, taking full benefit from the synergies with Venus. So with potential FID in 2028, Mopane is the second pillar of our Namibia strategy, which will contribute significantly in production beyond 2030, and with additional potential from prospects such as, as you can see on the map, Quiver or Sobreiro in the same license....

Finally, let me zoom out, and have a look at our broader exploration portfolio in, in the basin. So beyond Venus and Mopane, we see around 10 billion barrels of exploration potential, across multiple prospects. So to the south, with our licenses, Dweb and 34B, and material well-defined prospects are in South Africa. And to the north, with the recent signature of our entry into, PL 104, that expands our operating acreage in Namibia. So you can see with discovered resources, prospective upsides, and strong operational capabilities, we think we are well positioned to lead, to lead the next development cycle in the Orange Basin. So in summary, Venus and Mopane are large, competitive, low emissions, deep water projects. For Namibia, these projects are important. They are the projects that represent the first steps toward establishing, domestic oil industry in the country.

With wider exploration portfolio, we have meaningful upsides in the future. This all together forms the foundation of a new golden province for TotalEnergies, with a multi FPSO hub, with strong long-term potential, all operated by TotalEnergies.

Patrick Pouyanné, CEO, TotalEnergies: Thank you, Arnaud. I think you will have some questions, but we gave you more insights. I was myself in Namibia last week, and we discussed with your authorities, and what Arnaud said is true. We are considered now as a major player there, and it gave us a good momentum to move forward these projects. Now, I give the floor to, Stéphane, who will, make a second focus on, on one of the other major activity, which is, of course, taking benefit from this, AI and data center revolution. Stéphane, the floor is yours.

Arnaud Le Foll, Deputy CFO, TotalEnergies9: Thank you, Patrick. Good afternoon, everyone. We’ll cover two subject. One is how we are going to power the AI revolution with our integrated power supply. The second part will be how we plan to boost our operation by using AI. I start by the first subject with a simple message: We are creating additional value by providing to data center fit-for-purpose solutions. How do we do that? What do we sell them? There are three type of products with three level of sophistication. The first one is a usual corporate PPA as produced. It’s quick to build, fast for them to connect, but it’s not base load. It’s just 100% green and quite competitive. The second product is to provide them with clean firm power. What does that mean?

That mean, a base load profile, what exactly they need and what they are going to consume. Supply, mostly by, renewables, so that, 100% of the volume of energy which is consumed is coming from green production, but at the same time, matching their profile of, consumption. And the third product, which is new and which, which is quite specific to data center, actually, is the fact that we can provide them as well with a solution to have access to land, to build their data center. And not every land, a specific land, which is close to a grid, where we have an access to the, to the connection, and where it’s going to be fast for them to, to build their data center and to get the power supply they need. I will give you an example of that.

Typically, the first kind of product is what we have sold to Microsoft and Amazon AWS in 2025. Second type of product is what we are, for example, doing with Casa dos Ventos in Brazil. And the first one is what we have just signed with Google in Texas and with prospect in, notably, in Spain. Why does that matter? Because with those kind of offer, the data center is able to create more value, because they are going to have a faster time to market. And second, they are going to have a lower cost of supply. And when you create value, you are able to share at least a part of it.

And that’s the way we are able to increase the level of the PPA we are selling, extracting a bit of premium, around 10% premium of what we sell if we were selling the same electron to any type of industry. So there is a direct impact, which helps us to upgrade our double-digit return on our CapEx. And there is as well an indirect impact because you are bringing consumption locally, which helps to develop your your pipe of project. That’s one. And second, to raise the price where the power price, where you are, which benefits to your other assets. So all that is not an ambition, it’s not on paper, it’s a reality.

We have signed, us and our partner through our JV, 4 gigawatts of projects backed by data center demand in 2005 and in 2025 and 2026. You can see the geographic spread. One-third was done directly by us. Others were done by Clearway and Casa dos Ventos in Brazil, with a variety of types of players. The big GAFA, but as well, some specific data center developers. All that will generate $250 million per year of EBITDA when all the projects are materialized. I’m going to focus on 2 specific projects. The first one is what we’ve just signed with Google in Texas.

It’s a deal that come after what we did in Malaysia. So we are going to build a 1 GW farm. It has started. We are going to sell them the 2 TWh produced by that 1 GW farm. So I would say that’s quite classical, but in addition, Google has the option, and should exercise this option, to install a data center close to our solar panel production. So on our land, and what we are going to provide them with is a direct access to our solar production, a direct access to the grid as well, because we have asked to be able to withdraw some power from the grid and should obtain it soon.

As well, the possibility to install some battery so as to smooth the profile. And with all that, they are going to be able to go fast to the market next year, and as well to lower their cost of supply, notably because they will lower the grid fee they are going to pay. So that’s one type of example where, thanks to that, we are able to sell to Google PPA at a slightly higher price than the average price in the market. Second example, which is interesting, is what we do in Brazil. Here we are blending solar, wind, we have in our portfolio, hydro, we purchase from the market, to provide data center with clean firm power, so 24/7 base load supply, 100% green.

Not only we are doing that, but with Kezar, we are as well providing to the data center land near a connection where we have secured that connection to the grid so that they can build fast their data center. And in addition, in Brazil, they are going to benefit from a tax-favored situation on one side, and on the other side, by participating as well in equity to our project benefit from other subsidy. So all that make a very, very competitive offer. And once again, for us, what is the advantage? We improve our return.

We find a consumption to develop the multi-gigawatt pipe that we have, and we create as well a demand in a region of Brazil, where otherwise part of the assets would be developed in several years. Now, we can develop them now and have a faster development pace. I move now to my second part on what are we going to do with AI for our own operation. First idea, there is no AI program if you don’t have a strong data platform, and so we have spent a lot of time on effort in 2025. Namita OneTech has spent actually a lot of effort and time on that, was to build the foundation of our data platform with two ideas in mind.

One, we want to multiply, and we are going to multiply by 10 the, the data point we have on our assets, because AI is really about lot of data and very, precise data. So that’s one aspect. And second, we want to have them real time, because we want to be able to act in real time when we manage, our asset. And so to do that, we have signed big contract with, AspenTech, which is going to deploy Dimension on, all our... 40 of our upstream site and 16 of our refining and chemical sites. It was, already done for the integrated power aspect. So that’s the layer of how to get the data.

And then we have signed as well with Cognite on how to transform, enrich, store, expose those data, so that we can then add the last layer, which will be based on AI, to at the end of the day, uplift our production and our availability. So that’s ongoing and should be fully deployed by the end of next year. That’s one aspect. The second aspect is that when you have the data, you need to do something with the data. And so we have worked on focusing our effort, and this time more on a top-down approach actually than bottom-up on the three program. One is using digital for HSE.

You had an example, with the safety moment, where we are using digital to improve monitoring and reduce emission. There are two other program. One, which is on the digital plant, how to improve the way we run our plant. And the last program is on integrated power modeling. There is a huge revolution on modelization. Just to take an example, with AI, you can cut by two the time you need to forecast weather... in a quite convincing way. You can imagine when you trade short-term power, what’s that chance to get to well in advance when you make your weather forecast, and that just the beginning.

Obviously, to do that, we need to increase our work capacity, and we have made the choice to do that by betting on India, by building a global competency center in India to be able to develop those program. I don’t have to explain why India, but our idea is, one, that will be our center with our own staff. Second idea, we want to manage all that, to give them task end-to-end, which means that they will be fully accountable for all those program. And we should reach a critical mass of at least 500 engineer by 2027. That has already started. And that’s the way, so we plan to use AI to transform our the way we act.

One discovery, though, my presentation was not yet done by an agent, so that’s probably for next year. Thank you. With that, I leave the floor to Patrick.

Patrick Pouyanné, CEO, TotalEnergies: Thank you, Stéphane. Because next, this week, no, next week, each executive of the company will be trying to have at least one agent with him. I don’t know which one I will have. It will be difficult for him to follow me, but we’ll see. So I will take the last part of the presentation now. Thank you, Stéphane, and thank you, Namita, by the way, because the second part is largely led by Namita. She knows very well India, by the way. So let’s move to the 2026 objective. We are not fully on time, but I will try to catch up, even if I know I like to speak, so I’m not sure I will catch up completely. So 2026, in fact, is a very clear, it’s continuation year for 2025. The program is the same, the same.

We’ll continue to deliver our growth. Growth in oil and gas, growth in integrated power. This growth, you will see, is also accretive. The new barrels continue, and our cash flow from operation will grow quicker than the growth itself. And at the same time, because we think the environment might be more, I would say, challenging in 2026, we have, as you know, we told you that in September, launched a cash-saving program, so in order to strengthen the resilience. I will say as well, but you will see in the presentation, the integrated power business is growing. We reach $3 billion of cash flow, and by itself, in fact, because it’s independent of the cycles of oil and gas, it reinforce the resilience of the global model of the company.

the world of the markets, I will not tell you what the price is. By the way, we are planning everything at $60, now we are at $71 or $72, so you know, things are ... but $31, $72. But the fundamentals, what we think, is that, yes, there is a demand, no more in 2025, a little less than 1 billion barrels per day, so it’s 1, a little less than 1%, but it’s continuing. We don’t see any peak demand coming in front of us at this stage, and which will come. We saw also, and we’ve seen, in fact, 2025, what, in fact, quite stable, around $70. People speak about volatility. The reality is that it was, it went down, but it was moving quite around the $69 per barrel.

We’ve seen at the beginning of the year that the fundamentals that we think, which is a good supply, and the events in Venezuela, we went down to 60, but then reactions, reactions are twofold. When OPEC decided not to stop relinquishing more oil in the market, and also we begin to see in the U.S., U.S. shale producer beginning to reduce drilling. So at $60, balance is not yet there. Additionally, on that, you had other events geopolitically. I think the most important one is maybe not Iran. For me, it’s the fact that most of the countries now are serious about taking, putting sanctions against Russian oil in the most stringent way. We’ve seen that, and this is impact on the market. Today, you have more and more Russian oil on the sea, which does not find a buyer.

Your Indians are not buying, refining, Indian refiners, Russian crude oil from March, April. So this we see as an impact, I think, on the, on the market. Remember that, Russian oil export in the market is 3-4 million barrels of oil per day, so it’s, it’s really a, a matter. We keep, we still keep a view that fundamentals, good, good supply, despite what I just say, good demand, but still supply. We plan at $60 per barrel, and this explain a certain number of decisions that I will present to you. On the gas side, I would say 2026 is more a transition year. We were at 400 million tons per year of capacity of LNG in 2022.

2025, we were at 435, so in three, four years, only 30 million tons, which was even not enough to absorb the increase of European demand. As the European demand went up from 65 million tons in 2022 to 115, so I think by 50 million tons. And this year, in 2026, yes, there is some capacity which will be put on stream in the US, in Qatar, but we think an additional 35 million tons will come. Transition year, which means we translated it by moving TTF from $12 per million BTU last year to $10, but not yet lower. By the way, today, with wintertime, we are still at $12, but we’ve seen it could go down.

I think transition as well, because there is one event, which is the fact that the EU has decided to ban Russian gas from 2027. And this will give an additional demand in the EU from 115-150 million tons. You have an additional 35 million ton per year of LNG coming in 2027, which is almost the increase of capacity of 2026. So yes, we will see this market. We’ll see, for sure, so global capacity moving from 400-600 by 2029, 2030. But the impact on the prices, our view, will be gradual, and 2027 will not yet be, I think, the low cycle of, of this, gas price, of the LNG price. Having said that, we know we have taken actions to face it.

26 are objectives, so again, the growth, 5% in energy growth globally, 3% on oil and gas. I don’t think we’ll reach 4, but by the way, I said to Nicola, "If you think you can reach 4, tell me now, because the market likes the future, not just the past results." So tell me no, but he did not tell me that. So that’s three. On electricity net production, we should grow by 25%, above 60 TWh. Of course, there is a link to when we’ll close the EPH deal, but I’m comfortable with this objective. Refining utilization rate, the real objective will come back from Vincent and his team, is to stop having some issues on big assets and availability, +2%.

So refining utilization rate is maybe not the best factor to translate it into economics. LNG sales, we will continue to grow our production 6%, so it will be translated by sales. In the sales of LNG of Stéphane teams, there are some spot volumes, so this is why we keep... Let’s keep above 44 million tons. And on the renewable gross installed capacity, 34-42 + 8 GW. This is the roadmap of the teams of integrated power. Less emissions. In methane, I think we’ll reach sooner than we thought, the -80%. We have put a target -70%, but every year we do 5% more. So we’ll go, we continue to deploy the whole program, and we are the only company to have deployed 11,000 devices to make a permanent monitoring.

So have a clear leadership, and I think it’s a real direct contribution to climate. You know, the heating power of methane is much higher than other greenhouse gas. So I think this is a good focus for all the, for the company and our capacity to demonstrate results. For the other parameters, we continue to lower Scope 1 and 2 from operated facilities and the life cycle carbon intensity of our sales, -19% to -20%, depending, of course, on the production. So we are on the way to reach the -25% we want to have by 2030, continuing to deploy the strategy and growing the integrated power business. On the upper parameter for growing free cash, I will come back on it because it’s important. I read your comments this morning.

Some of you were surprised about more than $26 billion. I think I will explain you why we’ve come from $27.8 billion in 2025, at $69 per barrel and $12 per billion BTU, down to $26 billion. If you take the environment at $60 and $10, you would find something like $25 billion. There are some reasons behind why we think we will reach more than $26 billion. In fact, it’s linked to the attractiveness of this growth of oil and gas production.

In two years, and I will come back on it, we will have in fact compensated $10 per barrel of oil price because of the growth, but also because this growth is attractive in terms of cash flow per barrel compared to where it was two years ago. And last but not least, an important target for all of us, and that we discussed on the board, we want to maintain a 15% gearing, which will lead to the management of the cash flow of the company. And I know we say less than 20. I saw the reaction. We listened to all your investors in 2025. We have a new model, which is to maintain this 15%, and we have ways to achieve it. I will come back on it.

You know, we might have some volatility during the year because of seasonality, working capital, but please, no panic, we’ll end at 15. You know, we deliver what we say. Trust us. We’ve demonstrated that year after year. A word on our cash savings program, which, in fact, is contributing to the free cash of the company directly. We said $7.5 billion in September. We increased it to $12.5 billion, because as you know, the guidance we gave you in September, around $16 billion of CapEx has been diminished to 15, like we see for 2026, because in the meantime, we have announced the EPH deal, which is in share, but at the end of the day, it’s an effort of investment, so we will save that cash.

Issuing the shares, it’s in fact an issuance of sort of capital increase we are doing, so we don’t want to double count it. We are also working on the OpEx part. So for 2026, because I know that in September we gave you objectives without some color in it. This is a program, we have $500 million savings. Part of it coming from integrated power, because the fact that we found out allow us to rationalize part of the assets we are organized and the way we don’t organize. So we are $200 million fixed cost will be saved on that part. And also both on the upstream and downstream, many initiatives on marketing and services, reorganization central services, headquarters re-streamlining. So reviewing the organization, you know, as we were when the price was down in 2016, 2017.

In the meantime, the price went up, so we have trend, teams have a little increase, so we streamline that. And initiatives all across the board. So that’s for 2026. We have also worked to launch new initiatives in order to continue to feed this cash-saving program for future years. Some of them are mentioned there. One has been mentioned, so we want the growth in integrated power and digital AI to be supported by this global competence center in India, which of course will offer competitive cost, but primarily it’s because it will give us access to talent on, and to accelerate the growth. And we need to have, I’d say, more people to deliver efficiently these various programs. So that’s one initiative.

Second one is that we are reviewing all, which is a non-proximity dependent services inside the company and move that, in low-cost country, I would say. We had a number of, service, either in IT, in engineering, in different areas, where we discover- when we’re reviewing it, you know, you need to review permanently what you do. Some of them which are not dependent on proximity to s- to our own people, are still delivered by high-cost, service, contractors, and we could move them. We will move them. We think there is more than $100 million of saving, probably more than that. We will apply the same philosophy to all these segments.

Another one, which is we actually have established what we call the procurement factories in Romania, which is in fact able to procure on some framework contracts. We have this negotiated with plenty of suppliers, and this one has been tested. Now we’ll make it mandatory for all the LBUs. We’ll move, when I say all of them, I know it’s more, we have to be pragmatic. 20 of them by 2027, and then more with than it. There is quite a good potential to centralize the sourcing of equipment and benefiting from the size of the company. So for we at least 10% of the $2 billion, and there is more to come behind.

So this is a third initiative, and the last one is to see how we could mutualize some support services across some LBUs, regionally, for example, in Africa or even in France, where we continue to have in different refineries. All support services are in each site, and there is probably there some gains. There are not probably, there will be some gains, so. But again, taking the opportunity of to review the way we work, to continue to be more efficient and resilient. CapEx for 2026, $15 billion, as announced, fifteen. Where we split is there. On integrated power low carbon, in cash, it’s $3 billion. If you add, you add one FID, I would say one year of EPH shares, the effort is equivalent to four, but $3 billion.

On the other areas, I think it’s quite similar to 20, 25. Let me be clear, there is no reduction of the, growth, ambition. All the projects which have been launched will be delivered within the budget. It’s a question to be, efficient on the way work. We revised it from 17 to 16 September, now 16 to 15 because of EPH. We are, in this figure, we are planning to divest $1 billion more than what we will acquire, so just to be clear. And, we have a flexibility, which are identified to go down to 14, in particular, I would say, on the acquisition part. If we were willing to if we were facing a lower than $50 per barrel environment. So that’s the program for, CapEx.

Growth, I mentioned, 3% for oil and gas. It will come from not only some of the growth comes from the startups of 2025, reaching their plateau of production, like Anchor, which is not yet at plateau or Mero 4. So part of this is coming from the startups of last year. New startups in this year, we have identified 5 projects, or 6 even. One is Lapa Southwest in Brazil, Morocco and Libya. They are not very big ones. Qatawi is more important. Qatawi phase one will increase the production from Qatawi field in Iraq to another 20,000 barrels per day. Then we have Tin Fouyé Tabankort upgrade of production in Algeria, around 55,000 barrels per day.

North Field East in Qatar, we plan it for Q3, and Uganda, we are planning it for Q3, now it’s Q4. I will start the first train, before year-end 2026. This 3%, and this is probably the most important slide, in fact, will be translated in terms of cash flow by a growth of 7%. So again, as Jean-Pierre told you, in 2025, the 4% growth of production was translated in 10% growth of cash flow because of this, higher CFFO per barrel of the new projects. In 2026, the 3% will be translated in 7%, according to our planning. Maybe a little more, we’ll see.

But this, of course, will help us, and in fact, when you make the math at the end of this combination, we will have a cash flow from operation from upstream at $60 per barrel in 2026, which will be equivalent to what we would have done in 2024 at $70 per barrel. So we have offset $10 per barrel, thanks to this growth and this accretive growth. So I think this is a strong message of this presentation. Maybe this was a figure that you did not have in mind. We were not so clear. I had the question September, and now in the meantime, we have managed to put all that together. We don’t stop, we never stop exploring. I know that it’s a new music, exploring for on offsite.

Since the last 10 years, we spent $1 billion per year of exploration appraisal. We have done two big, nice discoveries in the last 10 years, in particular, Grand Mangoustan and Novinus, on which we will work to sanction the project, as Arnaud explained you, in 2026. We have been quite active to have access to new licenses in 2025, the U.S., Algeria, Liberia, Congo, Nigeria, Namibia, Malaysia, Indonesia. We have a program of interesting wells, I would say, for 2026, in particular, Nigeria, Congo, Namibia, but also in Malaysia. And then, some, I would say, more frontier wells like in PNG, Indonesia, which will be drilled this year.

So the efforts continue, and then Nicolas Terraz has taken the lead of all these teams in order to, to maintain, I hope, the success rate of the company in, in exploration. On integrated LNG, we will face a year where on one side, we have a growth of production of LNG, 6%. We have two projects starting up, by the way, in 2026. One is North Field East in Qatar, the other one is the famous Energía Costa Azul in Baja California. We are waiting for him. He’s a little late, but he’s planned for Q3 as well, with quite a good offtake, by the way, of both. Those will contribute to the growth of the sales of, Stéphane’s team.

So on one side, we have this growth, on the other side, we have lower the assumption on the gas price, TTF down from 12 to 10. So of course, this has an impact, I would say, on the and also the LNG price. If we were at $60 per barrel and a TTF of 10, the average LNG price of our sales would be $8. We have announced $8.5 for Q1, so that’s the math, which gave us, compared to $9 in 2025. So when you make this 10-12% decrease on the sales and on the other side, 6% increase of the growth, we are planning to have a cash flow from operation from integrated LNG around $4.5 billion.

This year was 4.6, 4.7, I think, so more or less stable, stability, but the growth being compensated by a, a lower environment. On integrated power, of course, the year, but I will not come back, will be dominated by the closing of this deal with EPH, which will provide us, its figures are to be remembered. On a yearly basis, 15 TWh per year of net power production and $750 million per year of available cash flow. So it’s... Of course, these figures have to be integrated, and it’s a major step for us, with potentially capacity to grow beyond, because there is a pipeline coming with the 14 GW gas fiber firewall power plant fleet.

It will be translated, so for 2026, production above 60 TWh. The cash flow is expected to be above $3 billion. As we plan to have net CapEx $2.5-$3 billion, normally 2026 should be, for the first time, contributive to the dividend, free cash positive with this activity. I say normally, because we have an uncertainty on the, on the day- on the date of the closing. We are not completely in, in line, but we are for sure, if it’s not 2026, it could be 2026, but 2027 for sure, this business will be free cash positive. And I think it’s a turning point, obviously, in the way you could valorize the business inside, inside the company. It will contribute to the dividend. Refining and chemicals.

I reported to you in September that we had three bad pupils, which were Port Arthur, Donges, and Normandy. Now, this one, the good news is that the bad pupils are in better shape, if I say. Port Arthur, the problems have been identified on the reformers team. There was a bit large turnaround, which was delivered on time, and now Port Arthur is back on track with positive performance. The Donges refinery has suffered during several years. We will start up this famous Horizon project, which is an investment in order to be able to produce gasoline on spec and not on the export market. So that’s February, March, that’s coming out. So again, we reach a much better utilization rate in November.

We can consider that Donges will be back on normal availability, and the cracker problems in Normandy has always, always been repaired. And so again, this platform in Normandy is back to, I would say, a good, good availability. By the way, you’ve seen in the fourth quarter results that refining and chemicals have really being able to capture a very good margin, $11 per barrel. So the good news is that we have captured it, which means that, yes, the plants are now available, and that’s, I think, a, a good news. The global program that Vincent and his teams are implementing, which is called Boost 27, is to increase the availability by two points, and we’ll follow that, this KPI, very carefully along the year, and we’ll report to you.

Unfortunately, now margins are lower back, but you know very clearly this is the integration when price of oil is going up at $72. We are at the margin today, around 4-5, so we have a less environment. But again, it’s part of the, we, we gain on one side, we have less on the other side. This is why we think it’s good to be integrated. Marketing and services is very, growing steadily, $100 million of cash flow per year, so $2.3 billion in 2024, $2.4 billion in 2025. We plan $2.5 billion in 2026. Despite the fact, I remind you, that we have streamlined some of the networks in Europe and, in Africa, we have a, a special focus there on lubricants.

We have reorganized the lubricants business unit in a sort of a, I would say, independent business unit company. There is no, don’t think there is any plan to divest it. We love lubricants. It’s very cash. It’s a super cash cow, very little capital employed, good business, stable market share, and don’t try to rush to gain market share, better to manage your margins and keep your good margins. So we have good, and I think the focus on these units basis is giving us ideas on how to develop. We are very focused today on the auto market, to have more emphasis on the industry markets. That’s the idea behind this new organization. On the network, the focus will be down to really move forward on developing the non-fuel revenues, which is a source of potential cash.

So the global picture for 2026, to conclude, is that, so we will generate, as I said, that $60, $10 per barrel, $10 per million BTU, refining margin at $5. Above $26 billion, we will invest $15 billion, so we have a free cash of $11 billion. Dividend, more or less $8-$8.5 billion, depending on the exchange rate, $3 billion of buyback. You see the equation there. The news that I what we want to illustrate is that between 2025 and 2026, if you rebase 2025 at the same environment price, we have an additional free cash of $4 billion, $2 billion coming from the CapEx, and the other $2 billion are coming, a little more than $1 billion from the upstream, the growth accretiveness, $1.1 billion.

Around $500 million from integrated power, then marketing and services for $100, and then refining and chemicals, which is planning at the same environment because of better viability to have an additional $300 million-$400 million. So that’s why we’ll have, again, this resilience, and we’ll be able to have the same free cash at $60 in 2026, but we add at twenty-- in six, twenty-five, in, at $69 per barrel. That’s what I said. Company is more resilient and able to, to distribute dividends. So the dividends coming, on the dividends, so board’s decision has decided yesterday to come back to what was the traditional way, by the way, in TotalEnergies. And to be clear, until 2020, where we were the last, I mean, the final dividend, because it’s not a quarterly dividend.

For in French way, it’s a final dividend. We have intermediary, intermediate dividends in the French system, but we distribute quarterly. A final one is equal to the three previous ones. We have departed from this tradition last few years because we had a clear visibility on high oil price, so we were confident. The board prefers to be a little more cautious, but there is no signal on it. It gives, by the way, a growth of the dividend of 5.6% per year in euro, 13% in dollar. When I compare that to my own peers, we are good position in terms of growing the dividend. We will, of course, announce what will be the growth of the quarterly dividend by end of April. Board decided to have a better view of one quarter, see the market.

But no message there, but there will be, the idea is not to keep it at the same level. It’s just a question to come back to the traditional manner to manage this dividend. So that’s the point, and I think the 5% there is probably a good guidance. On the buyback, you, we have announced you, $3 billion-$6 billion, again, at between $60-$70 per barrel. In September, we reset that buyback guidance. We are adding, because I had a lot of questions during my roadshow, that at $50 per barrel, there will be no buyback, so the answer is quite easy. I don’t try to make a in between. Don’t ask me, there is no mathematical formula.

Today, at this stage, the board has taken the same attitude, and we want to be able to buyback $3-$6. We don’t know where we land the price of oil, crude oil, so we took a—I would say, a flexible approach by starting a first quarter at the bottom of the guidance. Then if we see that the price remain around above $70, we’ll have opportunity to, I would say, increase it. But I think it’s better to increase than to decrease. You know my view on with the markets, so good news are better than bad news. So we’ll keep in the guidance. We took the low range because, again, we don’t have a full visibility on it.

I would also say that the second message is important, is the one on priority to gearing. We have listened to investors loud and clear. So this 15% has been clearly is an anchor point. And you can see on the math, but it’s much with more or less at $60, it match more or less with $3 billion of buybacks. But this will be, I would say, the idea that we don’t increase the net debt to finance a buyback will be part of the equation of the way we will allocate the cash flow in 2026 coming forward. So that’s, I would say... Again, we have the CFFO is resilient, we have a clear investment, and we will execute the $15 billion.

The dividend is now, will be, then we have a little uncertainty, of course, on the exchange rate. Even if my view is that it will continue dollar to weaken, but we’ll see. It has an impact on us. And again, as I said, keep in mind, the gearing sustainability, which could go up to 3%, $3 billion of working capital. We anticipate $2 billion-$3 billion for the first quarter. That represent easily 2%-3% or 2.5%, 3% of gearing. So again, I say no panic. So to finish this presentation, you know, this slide, we just updated it. The, I think we offer and we continue to offer a clear and consistent strategy, which is, yes, differentiated from our peers, but differentiated in both ways.

On the oil and gas, we deliver a growth, an accretive growth. We keep, and I think it’s important, the medium and long-term view. Again, we have renewed again by more than 100% of proved reserves. I remind you the last three years, 140, 150, 120%. So the capacity to continue to identify new resources, to sanction projects is there, and I’m very confident with the pipeline we have in front of us, of FIDs to be taken in 2026 and 2027, that we’ll maintain this track record. I think this is probably one of the best foundations for the investors within TotalEnergies. And the other differentiation is about this integrated power pillar, which is, again, benefiting from a-...

Good demand for electricity, even in our Western countries, and also benefiting from this growth, and it will contribute to, to dividends, if not 2026, 2027, for sure. Thank you for your attention, and we are ready to take your questions. So let’s move to the Q&A. So raise the hand if you want to ask questions. Biraj?

Speaker 2: Hi, it’s Biraj Borkhataria, RBC. Thank you for the comprehensive presentation. First one was just on Namibia, as you visited there. We know for Venus, you were looking for an extension to the concession. Could you just talk about Mopane and whether the fiscal conditions today are sufficient for you to take an FID, and whether you’re looking for any improvement there? Any comments that would be appreciated. And then the second question is just on your LNG portfolio, and specifically Yamal. You were quoted today around sanctions and the lack of ability to divert the cargos. In the past, I think you said that you could divert some and to Asia and keep some. So what’s your latest understanding of how those sanctions will be enforced? Thanks.

Patrick Pouyanné, CEO, TotalEnergies: Okay. Namibia, first, again, the good news is that because of we made this transaction with Galp, the authorities know us, perceive us as, I would say, unavoidable. So we are there, and we will be the one, the company which will help them to establish the oil and gas industry. So the dialogue, even on Venus, was much more, I would say, engaging. We knew it’s a new administration. It’s a new country to oil and gas, so we had to learn, but they see us as the engine of capacity to deliver it. And I would say, we explained to them that we have an opportunity because now we have received the tenders, and honestly, we are within the ballpark for the CapEx we were anticipating, which is good news.

Because there is also more appetite from contractors to, to transact with TotalEnergies, they see us again. So this, this deal has generated a lot of, I would say, a good virtuous circle for us. So maybe I’m optimistic, but we have... In front of us as well, the, the Namibian authorities organize themselves now in order to be able to engage with our team, so we have working, working team. So the idea that we could sanction by middle of the year, we’ll see if we can deliver, but clearly it is on the program, blessed by the president, and we’ll see if we, we can reach the point where we can sanction that. On Mopane, it’s very different. Mopane has a permeability, which is much easier. Again, we are facing a development which is, I would say, more or less a sort of grand mogul development.

So, and again, it works with the CapEx we have in mind and the fiscal, it works without having to negotiate plenty of elements. The point on Mopane is more that we know it’s big. We don’t know if it’s very big or big, you know? So the idea of the appraisal program is it 700-800 million barrels, or is it 1.1-1.2? So we need to. Because, in fact, the last wells they drilled going on the southwest discovered clearly an extension. So we need to see up to which point is going this extension, because this could influence the way we develop the field.

So we don’t want to make. But the idea of the free wells, which have been completely, by the way, completely in line with Galp on this program. So again, the idea is that we’ll be able to win it, and if we do that, we should be able to sanction that by 2028 and then moving forward. So the idea is to have one project and the other one moving behind, and there are obviously synergies. And for TotalEnergies, by the way, it will also help to discuss all this Venus discussion because we, we have the perspective not only to have Venus, which was a little constrained, but to have more than that. So in terms of the way we will approach this fiscal discussion, it helps everybody. And I think we have, we have engaged in a smart and good way.

So 2026, for sure, for us, focus on Namibia will be important. And again, we have the opportunity to deploy our competence there in a, in a very efficient way. Yamal. Yamal. First, 2026 will be 2026. So 2026, there is no sanction. Short term, but no, we don’t have short-term deals with them. We make only the long-term contract, so 2026 will be as per of it. For 2027, there are one one thing which is clear, no more import of EU in the EU, so this contract will be diverted. In fact, today, legally, we have a question mark, because the way it’s written, there is a question mark: Is it only import to EU, or is it import everywhere in the world? That means, is a European company like TotalEnergies forbidden to manage any Russian energy?

The intent was not this one, initially, what we understood from the text, but there is... The way it’s written, today we are obliged to have engaged with, I would say, the French Treasury and the Commission, and the EU Commission, to have a clarification. And so I cannot fully answer to your questions. Maybe we’ll really have to just give up the marketing of any Russian energy, and we’ll have to obey, obviously. It was not our understanding, but the way it’s written, we could have that understanding. So we are willing to clarify that point. So at this stage, I cannot tell you more on this one. What will remain is that even if we cannot market, we can remain shareholder of Yamal, which is another issue for us.

Because, you know, Yamal, for us, is a source of two business, being a shareholder of the company itself, the plant, even if difficult to get some dividends, but it’s an activity, and then the marketing part. The sanction only covers today the marketing part, so there is no force majeure, there is no, I mean, rules which would force us to exit from Yamal. So that’s where we are for Yamal. Okay, Matt?

Arnaud Le Foll, Deputy CFO, TotalEnergies2: Thanks. Thanks, everybody. Matt Lofting at JPM. Two questions, please. But first, you talked several times about the benefits of the higher margin barrels and that sort of bridging a part of the $10 per barrel, 26 versus 24. No barrels are born equal, so I wondered if you could just expand on that a bit in terms of the key sources, you know, geologically, fiscally, size of assets, et cetera, when you think about the growth versus the base portfolio. And then second, I just wanted to ask you about M&A.

I noticed during JP’s comments, he talked or referenced that the U.S. listed shares and that potentially being a sort of a source of supporting M&A in the U.S. in the future is obviously a prudence that historically, the companies have often been pretty prudent on the view on valuations around. So any thoughts there would be appreciated.

Patrick Pouyanné, CEO, TotalEnergies: Well, you have no surprise. We have been clear that we want to increase our gas, upstream gas in the US. So, it’s quite clear, we have done different deals. We still have, I would say, a gap of almost one Bcf of this, so we can do it by many small deals, or we can do it in other ways, so we are studying that. Don’t tell you we will do it, just told you that we have a currency, we could make some M&A in the US. And, you know, when you look to, in the US, it’s better to make deals with shares. The upside is that with 10%, you can do a deal. In cash, it’s much more expensive because of fiscal regime, you know? So that’s, that’s one of the idea.

So we’ll see if it works or not. We have no, no more comment on that. But the idea to continue to find access to upstream gas in the U.S., that’s a clear priority for us. It was in 2025, it still remains, to be clear. And then on the high margin, yes, you can take if you put the slide 10, where there was your famous $30. I was sure about the questions. I would not give you all the details, but, you know, you have some oil fields, and you have some gas fields. Generally, the margin of the oil fields is much better than of the gas fields, I can tell you. And the oil fields that which are there are two in the U.S. Gulf of Mexico.

So no surprise, the U.S. Gulf of Mexico is delivering quite high margin because fiscal terms are low, in fact, compared to others. And you have Brazil, which is also giving some good cash flow also. So that’s the two ones. So I think... And then the gas generally are lower or more traditionally, one. It’s also true that in the mix, it’s not there, but we are replacing barrels from the North Sea or barrels from Nigeria, SPDC, GV, which honestly have a low margin. So we replace these type of barrels by barrels which have a much lower... Even the gas barrels have a better margin for some of them than what we had in the portfolio.

So that’s also, I would say, a mix of barrels which we grow in the portfolio. Okay. Irene?

Speaker 5: Thank you. Irene Himona at Bernstein. If I go back to the cash accretive barrels, if we think about value as not cash flow, but free cash flow, is there anything we can say about the CapEx of the new barrels in comparison with legacy oil and gas, and therefore, you know, the free cash flow generation of the new barrels? And then, my second question on integrated power. I mean, obviously, it will be a major, major milestone to turn a relatively young and very fast-growing business into free cash flow positive this year or next year. When I look at the renewable sub-sector of utilities, they’re all cash negative, and they remain cash negative, perhaps with one exception.

So I wanted to understand what it is that you have done so very differently to companies that have been in that business for far longer than you, some of which are much, much bigger than you are.

Patrick Pouyanné, CEO, TotalEnergies: I can reverse the question: Why do not they do like us? You know, I don’t know. But I know my figure. I don’t have a huge experience, and we are—Our board is asking us permanently to make some benchmarks on these big companies, but the size of the business makes quite difficult for us to, to do it. Honestly, I mean, maybe Stéphane has the, the recipe. It, it’s a mix of... I mean, again, the integration delivers the global cash. In 2026, the $3 billion, we consider it will be 60% coming from the upstream. What we call upstream is renewables and gas-fired power plants, and, uh, 40% from the downstream, which are customers, B2B, B2C, and the trading. So just to give you an idea of the source of, of cash.

It’s on the renewable part, we continue to invest, but in terms of free cash, the fact that we recycle the CapEx, you know, we recycle a lot. This year, we have sold for $2 billion of renewables, which allow us to finance, in fact, almost, not all, but 70 or 80% of the organic CapEx. So we are in now, the 8 gigawatt is stabilized. We are no more growing the construction every year. You know, the flow is 8 gigawatts. We are in a sort of permanent mode, where, in fact, we more or less finance 80% of the renewable CapEx by the recycling of the CapEx. And that helps a lot because that means that’s more $500 million, and we generate more than that with our renewable portfolio....

To be clear. So that’s, I think, the discipline. I know that the question is can you really recycle? This year we have managed to do it in a quite a strong way, and now I think we are beginning to establish some platforms, for example, in the US with some large partners. It was Apollo, now it’s KKR, maybe on the, on which we begin to see if we could follow up, you know, and follow on, I would say. And that the, the farm downs of 2026 could be done with one of these platforms. So we begin to industrialize this part of the model. But again, it’s because we have a view, a long-term view. We stabilize at 8. Maybe my peers have, I don’t know, may have other ideas to develop. I don’t know. This is the way we look at it.

But I take your point on free cash generation more globally. We didn’t look at that way, but this is what happens on the renewable. So at the end, by the way, at this year, we have, we didn’t spend $4 billion, we spent only $3.5 billion. Part of it, but on the renewable part, the CapEx, the projects have been a little slower, but we were able to manage it and to manage the growth with less. I think we are also more selective and more focused. I know we begin in 2061 of the plan on the renewable part is to get rid out of... We inherited many geographies with small projects, and that honestly, when you have plenty of small projects in many countries, it’s inefficient. You have difficulty to follow.

You have too many teams per megawatt. So we now prefer to concentrate on less countries, but I think teams which are more efficient in, I would say, megawatt per people, per staff. So that’s also the other variety. Okay. Michele?

Arnaud Le Foll, Deputy CFO, TotalEnergies4: Excuse me. Sorry. Thank you very much. I wanted to ask two questions. We’ve seen an opening up of several countries, or at least better fiscal terms, that Total has operated in, in the past, from Venezuela to Syria, Kuwait, et cetera. We’ve already seen the success you’ve had in Iraq and Libya leading to new projects. How do you think of these opportunities? And then I wanted to ask you on Tilenga. It starts up at the end of this year. It’s a major part of the growth next year. When do you expect it to reach plateau on both phases?

Patrick Pouyanné, CEO, TotalEnergies: The plateau should be raised, to be raised by mid-2027, to be clear. First one being started this year, second one, the first half of plateau by mid-2027. There is a delay, to be honest. It’s not a strong performance in terms of construction. Now, I’m sure. Honestly, it’s true that it’s quite complex to. The main difficulty we faced was to mobilize people on the ground. There was not so many, I would say, people with right competencies locally, and we have been obliged, and one of the main contractors asked this core part of his business, or one of his subcontractors, to find people, to bring people. So we have much more Chinese on the ground, but we were planning to have it, and all that makes- we lost some, I think.

We lost, for me, a year there in all the mobilization on the ground. So now it’s done. The progress is back on track. Nicolas is following that every week himself, so we are back, but there is a delay. It’s unfortunate. We have other source of growth, so it will fit next growth, next year. On the first question, first, we are like, we like what we’ve done in Iraq. We can do more in Iraq. You know, we have opened the door, some others are following, but from the Iraqi authorities, they remember that we have opened the door, so we are welcome, and we will work with them. New government will be put in place. I think we have a strong partnership with the Qataris, we have Qatar as well, with QE.

And we have established, and the teams, honestly, to have been able in two years to sign all these contracts in Iraq, it’s a huge performance for our teams to have been able to go through the world system and also good relationship, you know, with the Basra Oil Company. So all that is an ecosystem which helps. So let’s look continue to Iraq. Libya, it’s more, it’s, it’s, not Russian mountains, but, I don’t know, Libyan mountains. We managed together with Conoco, to have these new fiscal terms, so now we can we have a better terms, including which will be applied to the existing production.

But we have an incentive to invest, so we want to invest in the North Galle project, where the main challenge will be to mobilize contractors, because Libya is not yet, I would say, a fully stable country. I see a lot of enthusiasm, but it’s still... And so we need to convince good contractors and strong contractors to come and to, in order to build in Libya. But again, in both case, it’s a very cheap oil, so renewing reserves, there is a big potential there, you know? It’s good. Waha production today is around 400 or 350,000 barrels per day. But we can easily increase that to 500, 600,000 barrels per day. There is a huge potential which is identified.

It’s a matter now to execute projects in this environment. Beyond it, you mentioned some interesting countries, very different. Kuwait, I was in Kuwait, so I have an interest for Kuwait, you know. I have one dream, which is to put TotalEnergies in each of the country of the Middle East, you know, so I’m continuing. They have announced that we’ll be open to international partner to develop their offshore. True or not, we’ll see. You know? We will look at it. They need some competence. Others will look at it. Obviously, we are not the only one, but it’s an opportunity. It might be. What are the fiscal terms? I don’t know. So, I need to see if at the end, it’s... Because all that, it’s a matter of, risk and reward, you know.

Syria, the stakes are maybe not so high, in fact, and so. There are teams or explorers are looking with others together to see the, what do we think about the quality of the rocks, and I don’t want to pass judgment about it. We ask them to review, but we know onshore we were producing, but the stakes were quite small, I would say, at our size. So it’s a question at the end also for us. We don’t have infinite resources, human resources and competency, so we can go we cannot go everywhere. And, now we have this new Namibia. Clearly, I see much more potential of profits in Namibia today than in Sirte. Question of, as well of potential for the future. And Venezuela, I already answered, is not at the top of my, of the pile of my files.

Because we are consistent, you know, we have said in the past and, but, we concentrate our investments on, oil, which is lower than $20 per barrel, a low-cost oil. Oil in Venezuela does not fit with that because not only a frame, it’s also a grading and the world system, you know, we are there. So I think, we’ll, it’s not a priority. And I think all that needs to be stabilized before to rethink to all that. That’s what I think.

Speaker 8: Chris?

Speaker 3: Thank you. Two questions. Thank you for the presentation. Patrick, I’ve noticed the CFFO payout link has disappeared, and I wonder, with free cash flow inflection coming from integrated power, whether you’re considering how that changes your linkage in terms of payout policies as we move into 2027, and finally, integrated power actually helps finance some of the buybacks and dividends. That’s question number 1, and number 2 is again on M&A. I guess EPH was a great example of a non-competitive deal, but then, Namibia was very competitive, and it seems you should be in a good position to tell us what the M&A environment is like today for, let’s call them undeveloped resources. Where are you seeing the market there? Thank you.

Patrick Pouyanné, CEO, TotalEnergies: Okay. Look, the mention of the more than 40%, payout was in the last slide, if I remember well. So it did not disappear. It’s just, it’s 40. Again, I think to be clear, at this year, Jean-Pierre said 40-55% payout, it’s too high. This is a view of the board. 55, we reach a point where we are high, and in fact, the payout has been high, and we finance it by the debt. You know, fundamentally, when you look to the financial of 2025, buyback has been financed by the debt, which is possible. For me, the view I have on it is that in 2022, we benefited from incredible high cash, which have, by the way, lower the net debt, the gearing down to 7-8%.

So I think a year where somewhere we give back part of this extra cash that we get in 2022, 2023 for this buyback in 2025 is a nice way. We’ve done it for a special dividend; we do it for buyback. We come back to, I would say, what is a normal gearing around 15%. We cannot repeat that. Cannot repeat it. So the 40% guidance was probably good when we gave it to you. Okay? We’ll see. Integrated, however, is good news because of EPH deal, we will accelerate the, the year and might be 2026, where we’ll be, net cash positive. So this will change. You know, it, in our plans, it was not fully clear that we’ll reach it. We accelerate, we are more and more confident, even if I understand the doubt of your end.

What did you find? Is there something which magic which could disappear suddenly? I’m... That’s why I’m cautious. You know, I’m still continue to monitor that step after step, to observe the results, the cash flow, and then we’ll be more confident. So I cannot just change the guidance just because we have a perspective. I want this to be delivered, and then we’ll be able to build on it with you and to see, to give you more guidance, including this integrated power business. Undeveloped resource, you know, is fundamental to have access to undeveloped resource. I was looking the way we have managed to renew our reserves for the last three, four years. When we look to what we’ve done, part is coming from more exploration around Moho, Namibia, Cameia.

But of course, there were two other big sources: one, the LNG part, the Qatar deals obviously are giving quite a large resource, and also from the Emirati part or UAE concessions, which we bought in 2015. In fact, you know, we have—we are planning to produce 4 million barrels per day. Today, we are going to 5 million barrels per day, which is a huge increase. We benefit from that. Even if we have only 10%-20%, beyond it, you have quite a large resource. And so I think this is a lesson, by the way. When you acquire a license in this type of country, you should not just look what you obtain immediately, but the potential to grow beyond.

And so, yes, we continue to work on this idea, like we’ve done in Iraq, like Libya, and that’s part of the business. And you could have access to that to very, I would say, cheap, cheap costs. On Galp, we managed to get it. I don’t know if it was competitive. It was a long competition, which at a certain point, I didn’t know where we are going. At the end, we had one edge, to be honest, we were the only one to be able to offer a swap somewhere, this position in Namibia on Venus, and this was very attractive to them. So it’s thanks to exploration that somewhere we have embarked in the deal with Galp. So there are implications. I think, that’s what...

Today, the market is still high, still expensive, so you need to be smart if you don’t want to pay in cash. It’s still expensive. People still expect $70 per barrel. The deals in M&A are quite expensive, so this is not what we have done. So you need to. But I gave one constraint to Arnaud when he came to me from Galp. I told him, "Okay, it’s nice, but no cash. So find a, find a good idea." He find the idea of the swap, so to him. No cash. Let’s continue. Okay. Lydia?

Arnaud Le Foll, Deputy CFO, TotalEnergies1: Thanks. It’s Lydia from Barclays, and two questions, and both AI related. On the idea of, like, selling to, to data centers, how much of the up- I mean, when you think about 60 terawatt-hours going to 100 terawatt-hours, how much of that uplift do you think you can sell to data centers? And that 10% premium, is it actually enough? Because ultimately, the value that data centers get of having power straight away, it should possibly be... You should be able to get higher premiums. I’m just challenging you on that bit. And then the second one of TotalEnergies’ own AI. Patrick, you talked about a- you getting agents next week, but that idea of what’s the prize here? Is it increased production, 1%-2% a year? Is it recovery rates? Just what- just...

I’m not gonna hold you to any of this, but just that ambition around it.

Patrick Pouyanné, CEO, TotalEnergies: Okay. I learned that you have an agent, so you need to teach me now. No, clearly, but I will let the floor to Namita and Stéphane to answer the question. On the second one, we are more... Yes, we are looking to availability of the plants. I mean, recovery rates, maybe. I mean, on the subsurface, it’s still, we are not too clear. There is a work stream, but it’s not too clear. It’s more really on the way we run on these machines to be more efficient, to gain 1%, 2% of additional availability because we have a better maintenance. But than really on the subsurface, I’m skeptical on this one. But again, we are working. So Jean, you take the first question.

Namita, you can complement, and Nicolas, the first one- the second one.

Arnaud Le Foll, Deputy CFO, TotalEnergies9: Yeah. So on the first question, what is the potential? It’s clear that in the U.S., we see that on the, notably in Texas, where we have most of our production, that’s one-third of the growth of the market. So then, I mean, that’s an indication of what we could imagine for us in the U.S. It has yet to materialize in Europe, but we see the first deal, the ongoing discussion of the first deal, so I believe that’s going to come. And in Europe, it’s clear that it could be even more because we don’t see the same industrial demand coming, so it could be even larger than that.

Then we have to be cautious to the premium because there are, as I tried to explain, three sources of revenue. The first one is the additional premium you can sell through your PPA. That’s one. And honestly, I don’t expect to get that much higher than what it is today. But second, the fact that you are able to provide land, the fact that you are able to give them access to a connection grid can be sold, and that’s not included in the PPA, and that can be serious value that yet to materialize, but that can be a serious value.

The last point that we need to highlight, especially in a market like Texas, for example, you—we all know that the price are linked to the node, so where you are. There could be some difference between the price at the node and the price globally. If you are able to bring additional demand, you are going to improve the supply-demand balance of where you are. And that’s a strong implication on not the contract you are selling, but if you have a bulk of assets, then you are going to improve not only what you sell, but you improve what you sell on the rest of your asset. And that indirect part is as well very important.

One of the reasons why we see so many Bitcoin miners and where we try to attract them is as well to improve globally the level of the market. So if you start to accumulate the three ideas, then that’s a significant improvement of your profitability.

Patrick Pouyanné, CEO, TotalEnergies: Namita, you want to comment?

Arnaud Le Foll, Deputy CFO, TotalEnergies5: Yes, so I agree with what Patrick said. Our main goal is, of course, to increase production, and I can give you some concrete examples. The first is just digital in general. If we look at something like just process control, which was something that we did a lot in our refineries, but now can be done on our exploration and production assets with some of the tests we’ve done. Even increase of between 1%-2% of production on our assets is, of course, just enormous.

But then, if you add to that things like less breakdowns, again, we’ve focused traditionally on very large pieces of equipment, like our turbines, but what we realize is that we have a lot of breakdowns with very small pieces of equipment, and the idea of getting connections to over 70% of our equipment is to have less breakdowns. So that combination is something that obviously increases production. On the subsurface side, AI is probably in the very early stages of whether we can do more recovery, but where it can really help is accelerate. That means acceleration of FIDs, if you can, and analyze quicker, and if you can drill faster and with more precision, which means quicker tiebacks as well, and not just on large projects, but on smaller ones.

So I think those are the two sort of main focuses where I think in exploration production, we can use AI effectively.

Patrick Pouyanné, CEO, TotalEnergies: Okay. Alejandro?

Speaker 0: Hello, Alejandro Vigil from Santander. Thank you for taking my questions. The first one is, and I’m very interested about your views about CO2 regulation in Europe. Now, you’re going to be one of the largest generators in Europe after the EPH acquisition, and I understand your thoughts about the system. It needs some changes, et cetera, you know? And the second question is, we are also seeing a consolidation process in all services and drilling, and looks like there is a new wave of investments in the upstream business. Your thoughts about potential inflation, it cause in the investment in the upstream? Thank you.

Patrick Pouyanné, CEO, TotalEnergies: I don’t like consolidation. There’s a point, it depends on the market. It depends on the market, but if you have a market which is already limited to three player or four, and you go to two, this become a problem. No, and I’m, I’m clear on it. So there are some consolidation we don’t support, because at the end, we see the impact. By the way, today, I think. And we observe it in the tenders, which the offers we just received for Namibia, we see a stabilization of the market. We, I think it’s linked to the oil price. You know, we are no more at $80, but down to $70. Could go lower, so I think it has an impact clearly on the service industry. But...

To be honest, even some companies, some service companies, have tried to combine their offers by linking wells and subsea. We didn’t see, honestly, in the offers we receive any advantage of it. So they tried to promote towards an integration. Maybe it’s good for them, but as a customer, we didn’t see a lot of value of this type of approach of integration, I would say, on subsea and wells or things like that. We worked a lot, and even if we are ready to look particular on drilling, we are developing today an approach where we give more integrated contracts rather than all self taking the different bits and pieces to give it to one company. We’ve done that in Iraq for obvious reasons, to be more efficient. We are looking to do that as well for the wells in Suriname.

Where, where we see an added value for us, to select one which will integrate, it’s good for them, but it’s good for us. So on this one, the demonstration has to be done, but, we as customers are really benefiting from this type of consolidation or integration. So I like competition, you know, fundamentally. It’s better to keep competition. By the way, it’s normal in a liberal world, you know? CO2 regulation in Europe, it’s an interesting question for Stéphane, because Stéphane is a guy which they permanently told me, "You must promote the CO2 price because of renewables." Now he has some gas-fired power plant, so let’s see what he will, or he will arbitrate between the two parts of it. So the question is for you, Stéphane.

Arnaud Le Foll, Deputy CFO, TotalEnergies9: No, but I think that, there are several questions. One, we have the ETS, one system, where there is a question mark on, how fast are we going to reduce, the level of, of Qatar and what’s going to be, the consequence on the CO2 price. So as mentioned, Patrick, we are buyer of CO2 for refining, industry, and at the same time, the power world price are linked to CO2 price. I’ve got CCGT, which are more value when CO2 price is higher. I’ve got renewable, which has more value when CO2 price is higher. So it’s clear that the integrated power part, it will benefit from a, from an, from an increase of, of CO2.

There are question marks today on where that market is, is going, given, the balance between, the speed of the decrease and, and potentially the, the increase in, in demand. We are quite happy with the way the market is functioning today and with this balance, and at the end of the day, if we want the transition to take place, it will have to take place with a higher price of, of CO2. At the same time, we need to be cautious on, what’s going to happen, for, for the industry because we, we, we need as well, to maintain the demand of, of the industry. That’s one aspect. Then you have the ETS2 system and so on, but that has marginal consequence, honestly, on what we, we do.

We are more focusing on the ETS1, on which, as I said, we are quite, quite satisfied with the current situation.

Patrick Pouyanné, CEO, TotalEnergies: Okay. Fundamentally, we like a price of CO2, just to be clear. Otherwise, there will be zero transition.

Arnaud Le Foll, Deputy CFO, TotalEnergies9: Right.

Patrick Pouyanné, CEO, TotalEnergies: So up to Europe to decide what they want. And then if you want to make exception for the high emitters or your heavy industry, you have ways to, to do it if you want to, to support these industries without necessarily doing it through the price of CO2. There are two different topics. Topic, the debate mix both, but you can have other ways to support your heavy industry than just lowering the CO2 or stopping the the decrease of quota, et cetera, et cetera. I think this is a real fundamental question for the policymakers, and today the debate is, is difficult. Oi?

Arnaud Le Foll, Deputy CFO, TotalEnergies7: Thank you. I’m Patiko, UBS. Thank you for the presentation. 2 questions. The first one on FIDs for 2026, 2027.

Speaker 9: ... You’ve mentioned Venus for mid-2026. Which other projects do you see as perhaps more likely to go ahead over the next couple of years? Which ones are more challenging across oil and LNG? And then secondly, on LNG, during the presentation, you mentioned the risk of new project delays in 2026. What do you see the risk for the projects in which you’re involved in Qatar?

Patrick Pouyanné, CEO, TotalEnergies: Again, I was on the one for us on the NFE in Qatar. We were in Doha. The whole industry was in Doha last week. And we discussed. Again, I discussed not only with Qataris, with Technip Energies, which is a main contractor. They say second quarter, we put third quarter. You know, we are a little cautious, so third quarter is probably more reality. So I see that progressing well on the ground. We’ll see if a finalization, but again, I don’t see that as a risk on this one. On ECA, I think we have been long to wait, but now it’s again, so the technique is transferring the installation by May, I think, and we said third quarter.

Speaker 9: Yeah.

Patrick Pouyanné, CEO, TotalEnergies: This one, we could face some quality issues. We have a concern about the quality of the work which has been done, so it is to be checked, but again, third quarter for both. The sanctions in 2026. So we have Venus. We have a project in Nigeria called IMA, which is gas project to continue to feed this train seven, you know, famous train seven. So we have progressed a lot. Now we launched the tenders. We had a meeting last week on it, so we said, "Go." So we, the idea is to sanction the projects in 2026, and it’s important. It’s an easy project, but in Nigeria, even if easy, it’s always a little slow. We face some hurdles, local hurdles, but it seems to be this one.

Then we have the question of Papua New Guinea. So either we sanction or we have an issue, you know. So the plan is to sanction in 2026. We’ll see. There are different work streams together to put together because it’s a CapEx, it’s a FID, CapEx, financing and marketing. So you have different work streams. We should converge all of them by mid-year, I would say. It’s not done, but if we don’t manage to do it, now that we have, I think, optimized the CapEx, we don’t see what we could do better than what we have. We are around $14-$15 billion, not at 18, but not at 12. That’s why it speaks FID.

We have a clear discussion, a clear engagement with the government, and with the partners. We’ll see where we land, and we’ll have to take the decision in 2026. But I would say, what else do you have, Nicolas?

Nicolas Terraz, President, Upstream, TotalEnergies: We have the gas cap in UAE.

Patrick Pouyanné, CEO, TotalEnergies: Yeah, but that’s a license to be obtained, so it’s not yet a decision.

Nicolas Terraz, President, Upstream, TotalEnergies: ...

Patrick Pouyanné, CEO, TotalEnergies: Ooh, it’s business development. No, no, you are going too quick. No, no, no, no. No, no, no. No way. That’s the optimism of the upstream. No, no, no. There is no way to get the FID on Marsav train two in 2026, 2027, no way. No, no, there is a... You have to do it well to appraise. Okay, so I know our process. But it’s good to have some good momentum from the president of upstream, but after that, they will just ask us to report on it. So no, no. It’s still business development, this one. We are working with Oman to say if beyond the first train, we could build another one, benefit from it. We have identified some gas. We need to be sure that we have enough gas resource, you know.

I will not, we will not build a train without be sure to have the gas. That’s for me, just a fundamental when we speak about LNG. Okay, what else? Kim, go ahead.

Speaker 9: Thank you. It’s Kim Fast of, HSBC. Two quick questions on, on the upstream, please. The first one is on Mozambique LNG. You’ve now restarted construction. Could you talk about the revised timeline for the project in terms of remobilization and, and first LNG? And secondly, maybe just a word on the NeoNext Plus transaction in the UK, North Sea. What’s, I guess, what’s the impact there on production, CapEx, maybe future growth? And do you see a, a similar structure as elsewhere in the world potentially being applied?

Patrick Pouyanné, CEO, TotalEnergies: The second question, sorry-

Speaker 9: NeoNext, NeoNext.

Patrick Pouyanné, CEO, TotalEnergies: NeoNext Plus.

Speaker 9: Ah, NeoNext Plus. Okay.

Patrick Pouyanné, CEO, TotalEnergies: First one, we have been clear. We have restarted. Today, I visited, I was with the president of Mozambique on the, in Afungi, so we have almost 5,000 people on the ground already, 4,000 local, 1,000 expatriates. We need to reach 15,000 to be at full speed, so the ramp up will take off. In fact, again, I would say all the engineering is done at 90% or 95%. Procurement of all the long lead items has been done. So now it’s a matter of construction on the ground. So the plan is to deliver the project by 2029, maybe end 2028, but let’s say 2029 to be sure. This is a plan that we, on which we work today.

Again, the remobilization, no contractors are aligned, so let’s do it, and it’s really a matter now of construction. We most of the procurement, everything is ready because in fact, we spent on. We did not we were not quiet during the years, you know? We tried to advance as much as we could, the project. On the North Sea transaction. Yes, there is, at the end, we have a, we have a, an impact, positive impact on the production. 47.5% of the global production is more than what we have all share, around 10,000 barrels per day, I think. We have a positive impact on the CapEx because, we have some synergies there, so we lower the CapEx by $100 million, something like that.

And then, we’ll see what we will do together. I think clearly there will be synergies on OpEx as clear, it’s clear. Be clear, and they are doing it today between ITEC and Repsol. So we’ll bring our teams, and again, we want to optimize. You know, it’s mature. It’s better to do it free together than alone. There is another positive impact on the deal, on the abandonment cost, on the CapEx side, because the full idea is to have a sort of abandonment factory, I would say, in an efficient way. However, in each company, and by the way, from this perspective, I’m not sure our engineers are the cheapest one on the planet, you know, to abandon wells. You know, we are very cautious. So I think, I think that...

And there are a lot of works to be done and to plan it, you know, to plan it, including with your authorities, in a smarter way than if you are alone or obliged to do it. So there is also, again, from this perspective, do we want to develop the same model elsewhere? No. I don’t see where. I mean, I know we have that opportunity on—honestly, all that was led as well, as you know, because of a fiscal hike in the UK. You know, we were looking to that and the maturity of the assets.

Honestly, the assets becomes mature, and when we are looking at these assets from a pure TotalEnergies point of view, when I look to the business plan of Nicolas’ teams, I said, "But we have nothing more in three, four years." So we’ll have a huge organization, not much to manage, or do we make this slowdown and then the abandonment cost? So we realized that it was time to look to, I would say, merging with the larger groups, more efficient on the cost, again, than staying alone, which we don’t have, honestly, that in another. I mean, I don’t see I don’t see that situation at all, in particular of the neighboring country, if your question was about Norway. Norway, not at all. It’s not mature at all.

It’s continued to grow and to deliver cash, and it’s fine. I’m happy with the Norwegian assets. So it’s, this is to answer specific questions. As you know as well, I didn’t pronounce the word fiscal synergies, but you, there are some.

Arnaud Le Foll, Deputy CFO, TotalEnergies9: Okay.

Patrick Pouyanné, CEO, TotalEnergies: U.K. government knew, huh? That’s a consequence.

Arnaud Le Foll, Deputy CFO, TotalEnergies9: Henry Tarr.

Speaker 4: Hi, Henry Tarr from Berenberg. Thanks for taking my questions. Two, please. One is just on the EPH volumes when they come into your portfolio. Are they already pre-sold, if you like, or how are you looking to market them when they come through? And then the net CapEx guidance, $15 billion for the year. Is that a sort of an organic number? Are there acquisitions and divestments beyond what you’ve already sort of mentioned in terms of farm downs that we should think about in that number? Thank you.

Patrick Pouyanné, CEO, TotalEnergies: Your second question is for integrated power or globally?

Speaker 4: Uh, globally.

Patrick Pouyanné, CEO, TotalEnergies: Globally, I mentioned that the net between acquisition and divestment is minus one. One billion more of divestment than acquisition. So the organic is at $16 billion, and the net is at $15 billion, to be clear, which is feasible. I mean, we have a... We know what we have to deliver. What will be the exact amount? I don’t know, but we calibrate at the end. You know, we have always a large menu of divestments. If we want to reach investment, if you want to reach $1 billion, you need to plan $2 billion, you know, $1.5 billion. Otherwise, you can have some... Closing is always sometimes difficult, so it’s better to have a large pipeline of divestments identified in order to reach it.

So then we monitor the acquisitions related to what we anticipate on the divestment, but divestment program is today, well engaged on upstream. I see at least $1.5 billion, which are well, very clear, on which it’s a matter of closing the deals, including in Nigeria. And on, honestly, on the farm down, on your side, with what we’ve done and capacity to follow on, I’m we have also quite a good, idea on the way to progress it. EPH volume pre-sold, the answer is no, but you can explain.

Arnaud Le Foll, Deputy CFO, TotalEnergies9: No, no, they aren’t. No, they are not pre—they are not pre-sold. And actually, what’s going to happen is that after closing, we will offtake 50% of the production. Usually, those volumes are sold on the wholesale market, so you don’t have to find a customer to do that, and EPH was not selling to a third party, is, it’s a CGD. Then there is a normal program of hedging forward of those assets. It will move with EPH volume, but nothing different from normal, what a normal player would do. And as I said, so as far as the closing, we will be the one offtaking this volume and ending notably the hedge program of this volume.

Patrick Pouyanné, CEO, TotalEnergies: Okay. Lucas?

Arnaud Le Foll, Deputy CFO, TotalEnergies0: Thanks very much. It’s Lucas Hamlet, BNP. Firstly, Patrick, I mean, every time or all of you, every time... You don’t leave us with that much scope for questions, to be honest, and congratulations on-

Patrick Pouyanné, CEO, TotalEnergies: Thank you.

Arnaud Le Foll, Deputy CFO, TotalEnergies0: a much better year than many of us anticipated.

Patrick Pouyanné, CEO, TotalEnergies: Lydia said all what we want, so I will continue. She’s always pleased when I read the title.

Arnaud Le Foll, Deputy CFO, TotalEnergies0: Well, she’s right. On a serious note, and probably two end of day questions, one, one thing that hasn’t been mentioned at all is chemicals, and you’re a big player, and I guess the question I’ve got in part is really thinking about what the scope or upside may be if the chemical cycle were to normalize at a point, together with your thoughts on, you know, when that normalize. If that- if we’re seeing any signs that we may be moving to a point where players are saying, "Okay, it’s just enough pain. We’ve got to start shutting in because this can’t go on at this level forever." And the second, before you answer that, thanks very much, maybe towards Stéphane, it’s just on LNG.

In terms of contracting and building the portfolio now, you’ve pretty much achieved the, you know, 8-10 million of length that you wanted in Brent. Are we broadly done in you fixing contracts? I know that’s a silly observation because it’s an ongoing process, but just are you comfortable with where you’re at?

Patrick Pouyanné, CEO, TotalEnergies: Thank you. Stéphane will answer you. Just for all of you, we plan to propose you to make a visit of Rio Grande during this year week, like we’ve done last year for Alpha Day, and to dedicate this Alpha Day to LNG, because I know you have many questions. So if some of you will be there, we will embark you, if you accept, with us, from Houston-

Speaker 8: Invitation was sent, yes.

Patrick Pouyanné, CEO, TotalEnergies: ... ensuring the transportation. But the idea is to dedicate, I would say, like we’ve done last year on renewables and power, to dedicate this half day to LNG. So Stéphane will have plenty of time to explain you everything about our portfolio, but I think it’s time we have many questions to try to have a specific point. But Stéphane will answer you. It’s not just to... On the first one, chemicals. You know, on chemicals, on our side, when we speak about chemicals, we are mainly, we are only, we are a big volumes, but we are not a real chemical company. You know, we are just a polymer plus one, cracker plus one. You know, we make the big polyethylene and the polypropylene. So we don’t have the whole story behind it.

It’s clear that today, it’s facing large overcapacities coming from China, everybody knows it, which puts, in particular, you know, our platform in Korea, which was one of the best, five years ago, today is facing huge difficulties because the natural market of Korean platforms were export to, to China, and of course, this is closed door today. Which is a topic, by the way, as well, for all these US crackers, you know, which were built with the idea, not for the domestic market. They were built with the idea, we’ll export to China. I don’t know why everybody’s made the same mistake. Nobody’s have seen or have understood that the Chinese...

It’s a real problem for me because suddenly, last year, we discovered that the Chinese have built so many capacities that they to be almost self suppliers, in fact, to be a self, their own autonomy and themselves, by the way, because I think you have an issue of the domestic demand in China. You know, all these real estate, all that is going down, so they face themselves overcapacity for their own market. So you have a situation which is not good. Having said that, I see in our portfolio two types of petrochemicals, to be clear, I’m being constant. I have the one in Europe based on NAFTA.

This one, you can take it wherever you can want, you can be the best, it will never be competitive against petrochemicals, polyethylene done on ethane, either in the U.S. or in the Middle East. The gap of competitiveness, it’s impossible to close. So these ones, it’s a matter of managing the pain, I would say. So either you have some crackers which... But you know, we have decided this year to shut down a cracker in Antwerp. Others have decided to shut down a cracker in Normandy, not us, but next to us, which is good news for us. It’s really a matter of... So today, we are left, in terms of crackers, with Antwerp and with Normandy. We have the small one in Feyzin, but it’s very small, and which has a dedicated, I would say, market.

But we left Lavera, selling it to Ineos. We shut down the cracker. So I’m quite happy to exit step by step, to be honest. And it’s really a, a problem. Company is big. When you have integration of the cracker to the refinery, you can see some ways to manage it. But in terms of polymers, we lose money on the polymers. Then, so I’m looking to the global pictures because if I’m running my crackers, I need to have an outlet for the crackers, you know, and nobody will take my ethylene today in Europe. So I need to, to transform my ethylene, to bring it to customers in order to capture the margin of the cracker. If you don’t see it as an integration, then you are- you ask, if you just have a polymer business, why do you continue, you know?

We have a business unit of polymer, and Vincent tried to convince me to merge it with the cracker. I said, "No, no, no, I want to know the business, otherwise we will not know where exactly we’ll make the losses, you know? But I want to know where what we can fix and what are the pain." But that’s the situation. Then we have the other petrochemicals based on ethane, either in the U.S. or in, in Saudi Arabia or Qatar. This one, honestly, is competitive because we have an advantage on the feedstock. So this advantage on the feedstock absorbs, I would say, even if you lose again on your polymer, the absorption is even easier to be done. So when I see on this integration between the crackers on ethane and the polymers, I would say, it’s okay. It’s... We, we are okay....

Yeah, it makes money. It makes money. It makes money. It makes money.

Nicolas Terraz, President, Upstream, TotalEnergies: Money as in profit?

Patrick Pouyanné, CEO, TotalEnergies: Money, profit, and cash. It means profit and cash. No, otherwise, I would not tell you that, Lucas. I will say you, it’s a, it’s a disaster. We need to fix it. No, we are not yet in. No, I’m not in a panic mode, to be clear. I’m sure that we will have to take... The question for us is the European part, is there a way or not? And that’s true. That’s why, of course, Vincent is not very happy when Stefan say, "I want a high price of CO2." You know, for him, it’s just, how do we, what can we preserve from this business? So on my side, I mean, what I think is that no way to invest in any capacity on NAFTA crackers and all that. A question of how do we go down?

Surely, but it’s not easy because I think other players have the same view as us. Even if some players like, you know, Ineos bought the Lavera cracker, because they had an overview on the market, fine. I mean, I’m fine. I mean, if we find from time to time good opportunities, I’m ready to do it. We have a third polymer, which is polystyrene, on which we’d like to, in particular in the US, try to put it for divestment, this one. So that’s the way I’m looking at it. It’s ethane, so it’s Qatar, Saudi Arabia, the US. But even the US, I think we have one. I’m not sure we are ready to make another one. We’ll be cautious on it.

Nicolas Terraz, President, Upstream, TotalEnergies: LNG.

Patrick Pouyanné, CEO, TotalEnergies: You have to absorb these over capacities. It could take time. So, but again, I’m not, as a chemical company, I don’t see all what is happening behind on, in the value chain.

Nicolas Terraz, President, Upstream, TotalEnergies: Stefan?

Arnaud Le Foll, Deputy CFO, TotalEnergies9: Yes. As you mentioned, Lucas, we sold around more than 8 million tons between end 2023, beginning 2025, on the spot basis in Asia. So, we are happy with what we have done, and I consider that the portfolio is well balanced until 2030. After that, it’s an ever-going job, huh? Because you’ve got contracts that expire, you have additional production that will come from LNG growth. So we have to work on the portfolio post 2030. Maybe we’ve got time to do so, and I’m not too concerned by that. But you should expect additional sale of LNG on the spot formula at that time horizon.

Nicolas Terraz, President, Upstream, TotalEnergies: Maybe we can take a question online.

Patrick Pouyanné, CEO, TotalEnergies: I will reveal a secret to you. The net result of chemicals in 2025, in net result was $500 million, positive, globally. It’s only a small share of the net results of refining and chemicals, but it’s positive globally. It’s not too bad compared to what I listen when I’m reading the newspapers. It’s not too bad.

Nicolas Terraz, President, Upstream, TotalEnergies: Okay, Doug, you can go ahead with your question if you are there.

Patrick Pouyanné, CEO, TotalEnergies: Sorry.

Nicolas Terraz, President, Upstream, TotalEnergies: We lost Doug?

Patrick Pouyanné, CEO, TotalEnergies: We lose Doug. He prefer to be with a competitor in New York. That’s a problem, you know.

Nicolas Terraz, President, Upstream, TotalEnergies: So maybe we can take another one online. You can go, Jason Gavelman. Go ahead. We have a problem maybe with the-

Patrick Pouyanné, CEO, TotalEnergies: You are not lucky, though.

Nicolas Terraz, President, Upstream, TotalEnergies: All right. Okay, question in the room then. Anish, go ahead.

Speaker 8: Hi, it’s Anish Kapadia from Palissy Advisors. I had a question on the outlook for global gas. You know, clearly some of the strategic moves you’ve made over the last few years are on the back of your view that there’s gonna be somewhat of a narrowing of global gas prices and Henry Hub. So I just wanted to kind of get your viewpoint. If gas prices do fall further from here, you’re below your 10 TTF assumption, what are some of the measures you’ve put in place? And, you know, how can the integrated power business, such as the acquisition you made in Europe, help to mitigate some of the fall in TTF pricing?

Arnaud Le Foll, Deputy CFO, TotalEnergies9: Well, first, as I explained, we have tried to balance the portfolio so that we are selling our gas more on the brand formula than spot. So to that extent, we are not that exposed to decreasing on the TTF or JKM gas price. That’s one. Second, it’s clear that with gas price, you will have to affect, one, is that you are going to find back Asian demand that would limit that trend. And second, you are going to improve the competitiveness of gas in Europe for power production.

So, we should have a kind of parachute effect, thanks to our CCGT fleet, and should be able to benefit from that move, thanks to the full integration in Europe along the value chain between gas and power. That’s the two way to... That’s the through you, actually, we have mitigated that possible decrease of the gas price.

Nicolas Terraz, President, Upstream, TotalEnergies: Okay. Other questions in the room? Jean-Luc?

Speaker 6: ... Jean-Luc Roma at CIC Market Solutions. I had a question on the new exploration acreage you just took in, Namibia. It’s a different basin, probably a higher risk and less explored. How do you compare the potential or your geologists compare the potential of the, the Dorris Basin with Orange Basin?

Patrick Pouyanné, CEO, TotalEnergies: I mean, again, it’s Orange Basin, it’s out of the Orange Basin, so it is a basin. Clearly, it’s an exploration. It has been positive. We find hydrocarbons, Orange Basin, so the idea is we should not stop because more, more, probability of success is lower. Obviously, we had the opportunity to enter that license. The explorers love it, but we, we not only the ones from TotalEnergies, the one of Petrobras as well, because in fact, we joined forces. In fact, we are competing, so we decided it was better. That’s why I don’t—I like competition up to a point, you know? Sometimes it’s good to partner together in order to have access to the license. I think that both teams of explorers, geologists, have seen the same potential, I would say, interest.

So, it’s good to make seismic and then potentially to do it, we’ll see. But again, I think there is a certain logic, and I think the fact that we again are establishing a strong presence in Namibia encourage our teams to look to other license which might be available. Okay. Other questions? Yes, Maurizio.

Arnaud Le Foll, Deputy CFO, TotalEnergies3: Maurizio Carulli from Quilter Cheviot Investment Management. First of all, congratulations for the good results. I have a question about the electricity business, including renewables, of course. You have been able to grow it very well and with a better profitability of most of the traditional utilities companies. The question that I have here, as long as you can continue to have good opportunities for expansion, good profitability, good return on capital, and good free cash flow, do you have a strategic cap for the expansion of your electricity business long term?

Patrick Pouyanné, CEO, TotalEnergies: No, it’s a question which will be a debate at the board. Exactly the question, next strategic seminar. Because now we are... In fact, after the five years, we have more conviction about the model. We have, so we- in 2020, we said, "Let’s engage for ten years, otherwise we will never manage." If we don’t keep an horizon, I said to the board, "Either you give us ten years to do it, or it’s better not to engage, because this type of business will make obviously diversification. We can make some mistakes, but we need to see if we establish a business." Now, we are more confident, and the last strategic seminar when we were integrated more, it was more about have to increase the profitability. Let’s demonstrate the question of Iran. Why, why do you do that? Et cetera.

Now we have a better idea. So then I said, "Well, it’s time to discuss between us, where do we go beyond 2030? How much would we want to grow this business or not?" So this is, I would say, and I know that I have a good question from you. Of course, it’s linked as well to the capacity we’ll have to see the value of this business within the global company, I would say. And as it was said by one or two of you, very well by Irene, I think there is a turning point when it’s becoming free cash positive, because then your perspective will be different. As long as it’s a sort of cash sink, you know, why do they do that?

If you begin to deliver cash and we think that even if it’s positive by 2060, we could go quickly to $1-3 billion per year, then the appetite might see. I see also, to be honest, a more and more strong integration between the gas and the power. I think to answer to each part of the question is also the integration gas to power is a way to if you have a lower gas price, you could recover part of the value along the chain on the electricity part. So I see some value, and I think, by the way, my view is that the market clearly has better reacted to the EPH transaction because it was gas to power and not just renewable.

So I’m open my eyes, I’m clear, which by the way, is helping us to discuss and that the board, these are elements are very important. It’s important, you know? So the board is more and more looking to that in a way, and I will be probably more able to answer your question in one year, but today. But as we are clear that we want to reach a sort of size of 20%, what do we do beyond, at which pace? That’s a debate. The opportunities might continue to come, in fact, you know, in this business. And I think there will be a time, you know, the debates we have in European countries about the budget. I’m advocating in France today to stop to have all these CFDs which are giving.

It’s incredible what happens today in 2025. The states are taking the market risk. You secure revenues for developers, so it’s very strange system. Why the state should take the market risk of power and the value of power and not the developers and the investors? In the U.S., we are taking the market risk. We have some fiscal incentives, but fundamentally, it’s very different as a philosophy and as regime. So these technologies are mature enough today, at least for onshore solar and wind, to go to something else.

And then if this type of evolution happens, you will see, the competition will not be the same, ’cause then you will see, larger players will find back an advantage compared to plenty of smaller players, which today, in fact, are in infrastructure business with no risk, which honestly, I don’t think the European governments will be able for long to continue to finance a zero-risk business, and which is, of course, return is not very high because there is it cannot be. So-

Nicolas Terraz, President, Upstream, TotalEnergies: ... Again, this is a debate where I’m not able, but this will come now. It’s time to have it, and the board, they had their independent session. It was the main topic, so now we work for them.

Patrick Pouyanné, CEO, TotalEnergies: Thank you.

Nicolas Terraz, President, Upstream, TotalEnergies: Okay, so we have a technical problem, but I will take the question from Duke.

Patrick Pouyanné, CEO, TotalEnergies: Ah, good.

Nicolas Terraz, President, Upstream, TotalEnergies: Yes.

Patrick Pouyanné, CEO, TotalEnergies: I want Duke to be satisfied.

Nicolas Terraz, President, Upstream, TotalEnergies: Yeah.

Patrick Pouyanné, CEO, TotalEnergies: Right.

Nicolas Terraz, President, Upstream, TotalEnergies: So he sent me

Patrick Pouyanné, CEO, TotalEnergies: He will send me an email, but our technology does not work. No AI in Total, you know, even TotalEnergies, so-

Nicolas Terraz, President, Upstream, TotalEnergies: Not yet. Not yet. The first one is on Namibia. You are carrying Galp, but do you receive Galp’s share of Cost Oil? This is the first one.

Patrick Pouyanné, CEO, TotalEnergies: Of course. Otherwise, I don’t do it.

Nicolas Terraz, President, Upstream, TotalEnergies: The second one is: What is the current dividend break-even post the EPH deal and after the EPH deal is closed?

Patrick Pouyanné, CEO, TotalEnergies: Ooh, la. Dividend break-even, but it’s quite easy.

Nicolas Terraz, President, Upstream, TotalEnergies: Mm-hmm.

Patrick Pouyanné, CEO, TotalEnergies: 3 billion represent $10, so it’s $50 per barrel.

Nicolas Terraz, President, Upstream, TotalEnergies: Hmm.

Patrick Pouyanné, CEO, TotalEnergies: It’s 50. $50 per barrel, the dividend break-even. Post EPH, EPH will not change dramatically everything, so it will be $1 billion. So it’s, $1 billion is $3 to $3, so it’s 40, 48 or something like that. 48, 47 dollar per barrel. Cost Oil share, yeah, of course, we take, 50% of. In fact, we more or less, you know, we had a scheme in Suriname, which one—this one, to be honest, is a little better for us. But, no, it’s, yes, we take the cost share. It’s clear.

Nicolas Terraz, President, Upstream, TotalEnergies: Okay. Do we have questions in the room? No more questions in the room?

Patrick Pouyanné, CEO, TotalEnergies: So if you are satisfied, thank you. Thank you for your attendance, thank you for your comments, and thank you to all the teams of TotalEnergies who have delivered these results, including, of course, the different executives present in the room. So the next meeting with you, potentially, might be in Houston, for the ones who want to come participate to this, field trip on Rio Grande. And again, with a focus on LNG and the portfolio and how we manage all these times which are in front of us. Thank you for your attendance.