TotalEnergies delivers strong earnings growth, with adjusted net income at $5.4 billion and cash flow at $8.6 billion and announces a 5.9% increase in interim dividend

4% organic production growth offsetting the impact of the Middle East conflict
Integrated model in oil, gas and power demonstrating its ability to fully capture the environment upside

Regulatory News:

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

	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Cash flow from operations excluding working capital (CFFO)⁽¹⁾ (B$)	8.6	7.2	+20%	7.0	+23%
Adjusted net income (TotalEnergies share)⁽¹⁾
- in billions of dollars (B$)	5.4	3.8	+41%	4.2	+29%
- in dollars per share (fully-diluted)	2.45	1.73	+42%	1.83	+34%
Net income (TotalEnergies share) (B$)	5.8	2.9	+100%	3.9	+51%
Adjusted EBITDA⁽¹⁾ (B$)	12.6	10.1	+25%	10.5	+19%

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on April 28, 2026, to approve the 1^st quarter 2026 financial statements. On the occasion, Patrick Pouyanné said:

"Driven by a 4% year-on-year organic production growth, offsetting the impact on production of the current Middle East conflict, TotalEnergies reports adjusted net income of $5.4 billion and a cash flow of $8.6 billion in the first quarter, demonstrating its ability to capture price upside through a high-performing and diversified integrated portfolio in oil, gas and power. IFRS net income amounted to $5.8 billion.

First quarter Oil & Gas production reached 2.553 Mboe/d, benefiting from the ramp-ups and start-ups of new projects, in particular this quarter Lapa SW in Brazil and Mabruk in Libya, offsetting production losses in the Middle East (around 100 kboe/d on average over the quarter).

Exploration & Production delivered adjusted net operating income of $2.6 billion and cash flow of $4.6 billion, rising sharply quarter-to-quarter, fully reflecting the sensitivity to the increase of the average liquids price and the accretive contribution of the new projects. TotalEnergies successfully continued the active management of its portfolio by completing the merger of its UK Upstream assets with NEO NEXT this quarter and announcing two hydrocarbon discoveries on the Moho field in Congo.

Integrated LNG generated adjusted net operating income of $1.3 billion and cash flow of $1.8 billion in the first quarter of 2026. These results are underpinned by a 12% increase in LNG production and trading activities capturing market volatility. The Company has resumed this quarter construction of Mozambique LNG project, which will contribute to the diversification of its portfolio.

Integrated Power delivered adjusted net operating income of $0.5 billion and cash flow of $0.6 billion. The completion, as early as end of April, of the transaction with EPH accelerates the Company's gas-to-power integration strategy in Europe and marks a major milestone for the Integrated Power business segment towards its objective of generating positive free cash flow by 2027. Furthermore, the Company is pursuing its growth in renewable energies portfolio with 8 GW commissioned over the last twelve months.

Downstream delivered adjusted net operating income of $1.9 billion and cash flow of $2.1 billion for the quarter. Refining units recovered their full operational performance (utilization rate above 90%), capturing the exceptional margins in March. Crude oil and petroleum products trading activities also achieved a very strong performance in March.

The gearing ratio stood at 15.5% at the end of the quarter, as cash flow growth driven by higher energy prices partly offset a $5.1 billion increase in working capital, half of it reflecting business seasonality and half of it linked to the impact of higher hydrocarbon prices at the end of the quarter, notably on inventories.

Given Company's strong cash flow generation in the first quarter and supported by the ability of the Company to maintain a strong balance sheet, the Board of Directors decided to increase the first interim dividend by 5.9% to €0.90 per share, the highest dividend growth among the Oil and Gas majors. Furthermore, the Board authorized the continuation of share buybacks up to $1.5 billion in the second quarter and confirmed the objective of a payout ratio above 40% over the year."

1. Highlights ⁽²⁾

Social and environmental responsibility

Publication of 2025 Universal Registration Document
Publication of the Sustainability & Climate – 2026 Progress Report presenting the progress made by the Company in 2025 in the implementation of its strategy and its climate ambition
France: implementation of consumer protection measures through price caps on gasoline and diesel across TotalEnergies French retail network
Uganda: publication of the independent assessment of the land acquisition program in Uganda together with the associated action plan

Upstream

United Kingdom: completion of the creation of NEO NEXT+, the country's largest oil and gas producer, with TotalEnergies holding a 47.5% stake
Angola: start-up of Quiluma non-operated gas field, supplying gas to Angola LNG
Brazil: start-up of Lapa SW operated project, with a capacity of 25,000 b/d
Libya: start-up of Mabruk onshore oil field, with a capacity of 25,000 b/d
Republic of the Congo: hydrocarbon discoveries of around 100 Mb of oil on the Moho license
Kuwait: signature of a technical cooperation agreement with Kuwait Oil Company to develop resources
Turkey: signature of a cooperation agreement with TPAO on exploration opportunities

Integrated LNG

Full restart of all activities of the Mozambique LNG project
Signature of a preliminary agreement for the offtake of 2 Mt/y over 20 years, from Alaska LNG project

Integrated Power

Europe: completion of the acquisition of 50% of a portfolio of flexible power generation assets from EPH (UK, Italy, the Netherlands, France)
United States: agreement with federal authorities to relinquish offshore wind concessions awarded in 2022 in consideration for the retrocession of lease fees paid for these concessions ($928 million)
Agreement to create a joint venture with Masdar to develop renewable energies in nine countries in Central Asia and Asia Pacific
Sale to Allianz Global Investors of a 50% stake in a battery storage project portfolio of 800 MW in Germany

Downstream

Start-up of France's first chemical plastics recycling plant on the Grandpuits platform
Signing with EDF of a 12-year low-carbon electricity supply contract for TotalEnergies' Refining & Chemicals sites in France, starting in 2028

Status of the impact of the conflict in the Middle East

As of today, Upstream production shut down in Qatar, Iraq and UAE offshore represents approximately 15% of the total oil and gas production of the Company (around 360,000 b/d in April on average compared to prior conflict levels)
Following the incidents on April 8 which affected three units on SATORP site and triggered its shutdown as a safety precaution, units which were not damaged were restarted and the refinery has been operating at a capacity of 230,000 b/d since April 14

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

In millions of dollars, except effective tax rate, earnings per share and number of shares	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Adjusted EBITDA ⁽¹⁾	12,552	10,066	+25%	10,504	+19%
Adjusted net operating income from business segments	6,300	4,633	+36%	4,792	+31%
Exploration & Production	2,576	1,805	+43%	2,451	+5%
Integrated LNG	1,318	922	+43%	1,294	+2%
Integrated Power	545	564	-3%	506	+8%
Refining & Chemicals	1,599	1,001	+60%	301	x5.3
Marketing & Services	262	341	-23%	240	+9%
Contribution of equity affiliates to adjusted net income	709	739	-4%	715	-1%
Effective tax rate ⁽³⁾	39.1%	38.8%	-	41.4%	-
Adjusted net income (TotalEnergies share)⁽¹⁾	5,394	3,837	+41%	4,192	+29%
Adjusted fully-diluted earnings per share (dollars) ⁽⁴⁾	2.45	1.73	+42%	1.83	+34%
Adjusted fully-diluted earnings per share (euros) ⁽⁵⁾	2.10	1.48	+42%	1.74	+21%
Fully-diluted weighted-average shares (millions)	2,164	2,176	-1%	2,246	-4%

Net income (TotalEnergies share)	5,810	2,906	+100%	3,851	+51%

Organic investments ⁽¹⁾	4,650	4,019	+16%	4,501	+3%
Acquisitions net of assets sales ⁽¹⁾	(172)	(1,573)	ns	420	ns
Net investments ⁽¹⁾	4,478	2,446	+83%	4,921	-9%

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	8,576	7,168	+20%	6,992	+23%
Debt Adjusted Cash Flow (DACF) ⁽¹⁾	8,979	7,593	+18%	7,276	+23%
Cash flow from operating activities	3,361	10,471	-68%	2,563	+31%
Gearing ⁽¹⁾ of 15.5% at March 31, 2026 vs 14.7% at December 31, 2025 and 14.3% at March 31, 2025

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

3.1 Environment – liquids and gas price realizations, refining margins

	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Brent ($/b)	81.1	63.7	+27%	75.7	+7%
Henry Hub ($/Mbtu)	3.5	4.1	-15%	3.9	-11%
TTF ($/Mbtu)	13.7	10.3	+34%	14.4	-5%
JKM ($/Mbtu)	14.1	10.6	+32%	14.1	-
Average price of liquids ^(6),(7) ($/b) Consolidated subsidiaries	73.7	61.4	+20%	72.2	+2%
Average price of gas ^(6),(8) ($/Mbtu) Consolidated subsidiaries	5.59	5.11	+10%	6.60	-15%
Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	8.48	8.48	-	10.00	-15%
European Refining Margin Marker (ERM) ^(6),(10) ($/b)	11.4	11.4	-	3.9	x2.9

3.2 Greenhouse gas emissions ⁽¹¹⁾

Scope 1+2 emissions ⁽¹²⁾ (MtCO₂e)	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Scope 1+2 from operated perimeter ⁽¹⁾	7.9	8.3	-5%	8.4	-6%
of which Oil & Gas	6.9	7.0	-1%	7.2	-4%
of which CCGT	1.0	1.3	-23%	1.2	-17%
Scope 1+2 - ESRS perimeter ⁽¹⁾	10.4	11.2	-7%	11.1	-6%

Methane emissions (ktCH₄)	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Methane emissions from operated perimeter ⁽¹⁾	4	6	-33%	6	-33%
Estimated quarterly emissions.

Methane emissions from operated facilities are down 33% year-on-year, notably due to the continued reduction in flaring and fugitive emissions at Exploration & Production facilities.

Scope 1+2 emissions from operated installations decreased by 6% year-on-year mainly because of continued reduction of flaring in Exploration & Production and lower activity at gas-fired power plants.

First quarter 2026 Scope 3⁽¹³⁾ Category 11 emissions are estimated at 83 Mt CO₂e.

3.3 Production ⁽¹⁴⁾

Hydrocarbon production	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Hydrocarbon production (kboe/d)	2,553	2,545	-	2,558	-
Oil (including bitumen) (kb/d)	1,326	1,404	-6%	1,355	-2%
Gas (including condensates and associated NGL) (kboe/d)	1,227	1,141	+8%	1,203	+2%

Hydrocarbon production (kboe/d)	2,553	2,545	-	2,558	-
Liquids (kb/d)	1,481	1,555	-5%	1,516	-2%
Gas (Mcf/d)	5,799	5,381	+8%	5,655	+3%

Hydrocarbon production averaged 2,553 thousand barrels of oil equivalent per day in the first quarter of 2026, stable year-on-year, due to the following factors:

+4% from project start-ups and ramp-ups, notably Mero-3, Mero-4 and Lapa SW in Brazil, Anchor and Ballymore in the United States, Tyra in Denmark, Begonia and Clov Phase 3 in Angola and Mabruk in Libya,
+2% due to a higher availability of production facilities,
-2% due to the natural decline of fields,
-4% due to the impact of the conflict in the Middle East.

Excluding the impact of the conflict in the Middle East, production increased by around 4% year-on-year, supported by new projects start-ups and ramp-ups.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

Hydrocarbon production	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
EP (kboe/d)	1,948	2,002	-3%	1,976	-1%
Liquids (kb/d)	1,408	1,485	-5%	1,442	-2%
Gas (Mcf/d)	2,863	2,779	+3%	2,848	+1%

4.1.2 Results

In millions of dollars, except effective tax rate	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Adjusted net operating income	2,576	1,805	+43%	2,451	+5%
including adjusted income from equity affiliates	139	211	-34%	150	-7%
Effective tax rate ⁽¹⁵⁾	49.5%	51.7%	-	49.4%	-

Organic investments⁽¹⁾	2,724	1,905	+43%	2,684	+1%
Acquisitions net of assets sales ⁽¹⁾	(227)	(530)	ns	116	ns
Net investments⁽¹⁾	2,497	1,375	+82%	2,800	-11%

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	4,564	3,611	+26%	4,291	+6%
Cash flow from operating activities	2,969	3,821	-22%	3,266	-9%

In the first quarter of 2026, the adjusted net operating income of the Exploration & Production segment amounted to $2,576 million, rising significantly by more than 40% quarter-to-quarter, fully reflecting the sensitivity to the increase of the average liquids price (+$12.4/b over the quarter, including the price lag effect in the United Arab Emirates) and the accretive contribution of the new projects.

Exploration & Production cash flow from operations excluding working capital (CFFO) amounted to $4,564 million, up 26% quarter-to-quarter, for the same reasons.

4.2 Integrated LNG

4.2.1 Production

Hydrocarbon production for LNG	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Integrated LNG (kboe/d)	605	543	+12%	582	+4%
Liquids (kb/d)	73	70	+4%	74	-1%
Gas (Mcf/d)	2,936	2,602	+13%	2,807	+5%

Liquefied Natural Gas in Mt	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Overall LNG sales	12.4	12.2	+1%	10.6	+16%
incl. Sales from equity production*	4.1	3.9	+6%	4.0	+3%
incl. Sales by TotalEnergies from equity production and third party purchases	10.9	10.8	+1%	9.4	+16%
* The Company's equity production may be sold by TotalEnergies or by the joint ventures.

LNG hydrocarbon production increased by 12% quarter-to-quarter, mainly supported by production growth in Australia, the United States and Malaysia.

LNG sales are stable quarter-to-quarter, in the context of strong spot activity.

4.2.2 Results

In millions of dollars	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	8.48	8.48	-	10.00	-15%

Adjusted net operating income	1,318	922	+43%	1,294	+2%
including adjusted income from equity affiliates	431	394	+9%	535	-19%

Organic investments⁽¹⁾	410	744	-45%	752	-45%
Acquisitions net of assets sales ⁽¹⁾	92	49	+88%	140	-34%
Net investments⁽¹⁾	502	793	-37%	892	-44%

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	1,785	1,156	+54%	1,249	+43%
Cash flow from operating activities	(1,120)	2,102	ns	1,743	ns
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

In the first quarter of 2026, the adjusted net operating income and cash flow from operations excluding working capital (CFFO) of Integrated LNG amounted to $1,318 million and $1,785 million respectively, increasing significantly quarter-to-quarter, underpinned by the LNG production increase and strong trading activities benefiting from market volatility.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

Integrated Power	1Q25	4Q24	1Q25 vs 4Q24	1Q24	1Q25 vs 1Q24
Net power production (TWh) *	11.7	12.6	-7%	11.3	+3%
o/w production from renewables	8.2	8.1	+1%	6.8	+20%
o/w production from gas flexible capacities	3.5	4.5	-22%	4.5	-22%
Portfolio of power generation net installed capacity (GW) **	26.8	26.0	+3%	22.7	+18%
o/w renewables	19.8	19.0	+4%	16.2	+22%
o/w gas flexible capacities	7.0	7.0	-	6.5	+8%
Portfolio of renewable power generation gross capacity (GW) ,*	109.7	108.7	+1%	97.5	+13%
o/w installed capacity	35.6	34.1	+5%	27.8	+28%
Clients power - BtB and BtC (Million) **	6.1	6.0	+2%	6.0	+2%
Clients gas - BtB and BtC (Million) **	2.7	2.7	-	2.8	-2%
Sales power - BtB and BtC (TWh)	15.2	13.2	+15%	14.5	+5%
Sales gas - BtB and BtC (TWh)	31.5	27.0	+17%	35.7	-12%
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 17.25% of Adani Green Energy Ltd's gross capacity, 50% of Clearway Energy Group's gross capacity and 49% of Casa dos Ventos' gross capacity.

Net electricity production is increasing year-on-year to 11.7 TWh, with the growth of power generation from renewables of 20% offsetting the lower utilization of gas flexible capacities, in the context of lower winter demand in Europe and the United States.

Gross installed renewable power generation capacity reached 35.6 GW at the end of the first quarter of 2026, representing close to 8 GW of additional capacity year-on-year.

4.3.2 Results

In millions of dollars	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Adjusted net operating income	545	564	-3%	506	+8%
including adjusted income from equity affiliates	52	97	-46%	44	+18%

Organic investments⁽¹⁾	823	525	+57%	645	+28%
Acquisitions net of assets sales ⁽¹⁾	(77)	(1,070)	ns	238	ns
Net investments⁽¹⁾	746	(545)	ns	883	-16%

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	574	788	-27%	597	-4%
Cash flow from operating activities	(145)	1,300	ns	(399)	ns

In the first quarter of 2026, the adjusted net operating income of the Integrated Power segment amounted to $545 million, in line with the first quarter 2025, with no farm-down registered this quarter unlike in fourth quarter 2025.

Integrated Power cash flow from operations excluding working capital (CFFO) amounted to $574 million, for the same reasons. Production activities (including renewables and gas-fired power plants) accounted for 35% and marketing activities (B2B, B2C and trading) accounted for 65%, this split being in line with the first quarter of 2025 due to the seasonal nature of marketing activities (higher consumption during the winter).

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

In millions of dollars	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Adjusted net operating income	1,861	1,342	+39%	541	x3.4

Organic investments⁽¹⁾	654	731	-11%	386	+69%
Acquisitions net of assets sales ⁽¹⁾	39	(46)	ns	(75)	ns
Net investments⁽¹⁾	693	685	+1%	311	x2.2

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	2,136	1,970	+8%	1,117	+91%
Cash flow from operating activities	2,632	3,068	-14%	(1,415)	ns

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

Refinery throughput and utilization rate*	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Total refinery throughput (kb/d)	1,624	1,489	+9%	1,549	+5%
France	462	502	-8%	435	+6%
Rest of Europe	677	572	+18%	627	+8%
Rest of world	485	415	+17%	487	-
Utilization rate based on crude only**	92%	84%		87%
* Based on distillation capacity at the beginning of the year

Petrochemicals production and utilization rate	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Monomers* (kt)	1,183	1,227	-4%	1,250	-5%
Polymers (kt)	1,159	1,184	-2%	1,173	-1%
Steam cracker utilization rate**	74%	79%		78%
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year.

Refinery throughput increased by 9% quarter-to-quarter, as units have recovered their full operational performance, reaching a utilization rate of 92% in the absence of turnaround during the first quarter of 2026.

Petrochemicals production decreased by 4% quarter-to-quarter for monomers and by 2% for polymers, mainly due to major turnarounds at BTP in the United States and at Feluy in Belgium.

4.5.2 Results

In millions of dollars	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
European Refining Margin Marker (ERM) ($/b) *	11.4	11.4	-	3.9	x2.9

Adjusted net operating income	1,599	1,001	+60%	301	x5.3

Organic investments⁽¹⁾	518	508	+2%	236	x2.2
Acquisitions net of assets sales ⁽¹⁾	75	(1)	ns	-	ns
Net investments⁽¹⁾	593	507	+17%	236	x2.5

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	1,716	1,378	+25%	633	x2.7
Cash flow from operating activities	1,564	1,716	-9%	(1,983)	ns
* This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.

Adjusted net operating income for Refining & Chemicals amounted to $1,599 million for the quarter, up by nearly $600 million versus the fourth quarter of 2025, driven by a strong operational performance of refineries which captured high refining margins in March, and crude oil and petroleum products trading activities which benefited from a favorable environment in March.

Cash flow from operations excluding working capital (CFFO) amounted to $1,716 million, for the same reasons.

4.6 Marketing & Services

4.6.1 Petroleum product sales

Sales in kb/d*	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Total Marketing & Services sales	1,206	1,247	-3%	1,266	-5%
Europe	686	723	-5%	714	-4%
Rest of world	520	524	-1%	551	-6%
* Excludes trading and bulk refining sales.

Petroleum products sales decreased by 5% versus the first quarter of 2025, notably reflecting the disposal of networks in Brazil and African Sahel.

4.6.2 Results

In millions of dollars	1Q26	4Q25	Change vs 4Q25	1Q25	Change vs 1Q25
Adjusted net operating income	262	341	-23%	240	+9%

Organic investments⁽¹⁾	136	223	-39%	150	-9%
Acquisitions net of assets sales ⁽¹⁾	(36)	(45)	ns	(75)	ns
Net investments⁽¹⁾	100	178	-44%	75	+33%

Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	420	592	-29%	484	-13%
Cash flow from operating activities	1,068	1,352	-21%	568	+88%

Adjusted net operating income for Marketing & Services amounted to $262 million, up 9% compared to the first quarter of 2025, reflecting higher unit margins.

Cash flow from operations excluding working capital (CFFO) amounted to $420 million in the first quarter of 2026, due to the tax impact of higher prices on the valuation of petroleum product inventories.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income from business segments amounted to $6,300 million in the first quarter of 2026, compared with $4,633 million in the fourth quarter of 2025, reflecting mainly higher oil and gas prices as well as strong performance of trading activities in crude oil, petroleum products and LNG.

5.2 Adjusted net income ⁽¹⁾ (TotalEnergies share)

Adjusted net income (TotalEnergies share) amounted to $5,394 million in the first quarter of 2026, compared with $3,837 million in the fourth quarter of 2025.

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

Adjustment items to net income totaled $0.4 billion in the first quarter of 2026, consisting mainly of:

$1.4 billion of inventory valuation and fair value effects,
($0.9) billion of non-recurring items: gain on sales from the creation of NEO NEXT+ in the UK and exceptional provisions and depreciations, notably linked to the agreement with US federal authorities related to offshore wind leases and to the strategic review of the renewables portfolio outside of key focus markets.

The average tax rate for TotalEnergies was 39.1% in the first quarter of 2026, versus 38.8% in the fourth quarter of 2025.

5.3 Adjusted earnings per share

Diluted adjusted net income per share amounted to $2.45 in the first quarter of 2026, calculated on the basis of a weighted average diluted number of shares of 2,164 million, compared with $1.73 in the fourth quarter of 2025.

As of March 31, 2026, the number of diluted shares was 2,165 million.

TotalEnergies repurchased* 9.4 million shares in the first quarter of 2026, for an amount of $0.75 billion.

5.4 Acquisitions – asset sales

Acquisitions amounted to $392 million in the first quarter of 2026, mainly related to the closing of the acquisition, from Continental Resources, of interests in dry gas fields in Anadarko basin, in the United States.

Divestments amounted to $564 million in the first quarter of 2026, mainly reflecting the closing of the transaction with NEO NEXT and the disposal of West of Shetland assets, in the UK.

5.5 Net cash flow ⁽¹⁾

TotalEnergies' net cash flow amounted to $4,098 million in the first quarter of 2026, compared to $4,722 million in the previous quarter, as the $2,032 million increase in net investment was partially offset by a $1,408 million increase in CFFO over the quarter.

Operating cash flow amounted to $3,361 million in the first quarter of 2026, corresponding to cash flow from operations excluding working capital (CFFO) of $8,576 million and a $5.1 billion increase in working capital including:

$2.5 billion related to business seasonality,
$2.6 billion refl

TotalEnergies SE: First Quarter 2026 Results