Note 13 Off-balance sheet commitments and lease contracts

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13.1 OFF-BALANCE SHEET COMMITMENTS AND CONTRACTUAL OBLIGATIONS

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A.    Contractual obligations

Debt obligations

“Non-current debt obligations” are included in the items “Non-current financial debt” and “Non-current financial assets” of the Consolidated Balance Sheet. It includes the non-current portion of swaps hedging bonds and excludes non-current lease obligations of $8,051 million.

The current portion of non-current debt is included in the items “Current borrowings”, “Current financial assets” and “Other current financial liabilities” of the Consolidated Balance Sheet. It includes the current portion of swaps hedging bonds and excludes the current portion of lease obligations of $1,876 million.

The information regarding contractual obligations linked to indebtedness is presented in Note 15 to the Consolidated Financial Statements.

Lease contracts

The information regarding leases is presented in Note 13.2 to the Consolidated Financial Statements.

Asset retirement obligations

This item represents the discounted present value of Exploration & Production and Integrated LNG asset retirement obligations, primarily asset removal costs at the completion date. The information regarding contractual obligations linked to asset retirement obligations is presented in Note 12 to the Consolidated Financial Statements.

Purchase obligations

Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on the company and specify all significant terms, including the amount and the timing of the payments.

These obligations mainly include: unconditional hydrocarbon purchase contracts (except where an active, highly-liquid market exists and when the hydrocarbons are expected to be re-sold shortly after purchase) in the Integrated LNG segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production and Integrated LNG segment, and contracts for capital investment projects in the Refining & Chemicals segment.

B.    Other commitments given

Guarantees given to customs authorities

These consist of guarantees given by TotalEnergies to customs authorities in order to guarantee the payments of taxes and excise duties on the importation of oil and gas products, mostly in France.

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Guarantees given on borrowings

TotalEnergies guarantees bank debt and lease obligations of certain non-consolidated subsidiaries and equity affiliates. Maturity dates vary, and guarantees will terminate on payment and/or cancellation of the obligation. A payment would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee, and no assets are held as collateral for these guarantees. As of December 31, 2025, the maturities of these guarantees are up to 2049.

As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Mozambique LNG project amount to $4,600 million as in 2024.

As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Ichthys LNG project amount to $3,914 million. As of December 31, 2024, the guarantees amounted to $4,022 million.

As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Yamal LNG project amount to $3,299 million. As of December 31, 2024, the guarantees amounted to $3,243 million.

As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Amiral project amount to $2,584 million as in 2024.

As of December 31, 2025, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Oranje Wind (HKW) project, amount to $1,469 million. As of December 31, 2024 the guarantees amounted to $1,299 million.

As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,400 million as in 2024.

As of December 31, 2025, the guarantee provided by TotalEnergies SE in connection with the financing of the North Field South project, amount to $1,300 million.

As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the EACOP project, amount to $1,245 million.

As of December 31, 2025, the guarantees provided by TotalEnergies SE in connection with the financing of the Arctic LNG2 project amount to $1,116 million. As of December 31, 2024, the guarantees amounted to $987 million.

As of December 31, 2025, TotalEnergies SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia SAS shareholders' advances for an amount of $1,025 million as in 2024.

As of December 31, 2025, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Rio Grande LNG project amount to $800 million as in 2024.

Indemnities related to sales of businesses

In the ordinary course of business, TotalEnergies executes contracts involving standard indemnities for the oil industry and indemnities specific to transactions such as sales of businesses. These indemnities might include claims against any of the following: environmental, tax and shareholder matters, intellectual property rights, governmental regulations and employment-related matters, and commercial contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a third party claim. TotalEnergies regularly evaluates the probability of having to incur costs associated with these indemnities.

Other guarantees given

Non-consolidated subsidiaries

TotalEnergies also guarantees the current liabilities of certain non-consolidated subsidiaries. Performance under these guarantees would be triggered by a financial default of the entity.

Operating agreements

As part of normal ongoing business operations and consistent with generally accepted industry practices, TotalEnergies enters into numerous agreements with other parties. These commitments are often entered into for commercial purposes, for regulatory purposes or for other operating agreements.

C.    Commitments received

Sales obligations

These amounts represent binding obligations to sell goods, including in particular hydrocarbon sales contracts (except where an active, highly-liquid market exists and when the volumes are expected to be re-sold shortly after purchase).

13.2 LEASE CONTRACTS

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TotalEnergies mainly leases real estate, service stations, ships, and other equipment (refer to Note 7 to the Consolidated Financial Statements).

The future minimum lease payments on leases to which TotalEnergies is committed are as follows:

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For the year ended December 31, 2025, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $417 million and $173 million, respectively.

For the year ended December 31, 2024, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $641 million and $103 million, respectively.

For the year ended December 31, 2023, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $1,007 million and $183 million, respectively.

Other information required on lease debts, notably their maturity, is presented in Note 15 to the Consolidated Financial Statements.