Equity affiliates, other investments and related parties (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Equity affiliates, other investments and related parties |
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| Schedule of equity affiliates in facing financials |
| | | | | | | Equity value | | | | | | | As of December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Total Associates | | 10,864 | | 10,387 | | 9,484 | Total Joint-ventures | | 19,801 | | 17,485 | | 16,411 | TOTAL | | 30,665 | | 27,872 | | 25,895 | Loans | | 7,425 | | 6,533 | | 4,562 | TOTAL | | 38,090 | | 34,405 | | 30,457 |
| | | | | | | Profit/(loss) | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Total Associates | | 1,307 | | 1,213 | | 1,132 | Total Joint-ventures | | 1,246 | | 362 | | 713 | TOTAL | | 2,553 | | 1,575 | | 1,845 |
| | | | | | | Other comprehensive income | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Total Associates | | (311) | | 112 | | (57) | Total Joint-ventures | | (173) | | (358) | | (151) | TOTAL | | (484) | | (246) | | (208) |
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| Schedule of information related to associates |
| | | | | | | | | Liquefaction entities | Exploration & Production activities (M$) | | 2025 | | 2024 | | 2023 | Non-current assets | | 33,627 | | 29,749 | | 42,197 | Current assets | | 6,118 | | 7,512 | | 5,745 | TOTAL ASSETS | | 39,745 | | 37,261 | | 47,942 | Shareholder’s equity | | 22,321 | | 22,432 | | 35,144 | Non-current liabilities | | 10,451 | | 8,746 | | 7,700 | Current liabilities | | 6,973 | | 6,083 | | 5,098 | TOTAL LIABILITIES | | 39,745 | | 37,261 | | 47,942 | Revenues from sales | | 22,227 | | 23,407 | | 26,288 | Net income | | 5,177 | | 6,769 | | 6,880 | Other comprehensive income | | – | | – | | – | % owned | | | | | | | Equity value | | 3,860 | | 3,904 | | 3,963 | Including goodwill and identifiable assets | | 27 | | 29 | | 32 | Profit/(loss) | | 660 | | 768 | | 822 | Share of other comprehensive income, net amount | | (64) | | 28 | | (19) | Dividends paid to TotalEnergies | | 708 | | 820 | | 1,052 |
| | | | | | | | Renewables and Electricity activities | | Adani Green Energy Limited | | (M$) | | 2025 | | 2024 | | 2023 | | Non-current assets | | 13,641 | | 10,936 | | 7,887 | | Current assets | | 1,075 | | 1,264 | | 1,091 | | TOTAL ASSETS | | 14,716 | | 12,200 | | 8,978 | | Shareholder’s equity | | 2,196 | | 1,137 | | 965 | | Non-current liabilities | | 10,616 | | 8,175 | | 5,712 | | Current liabilities | | 1,904 | | 2,888 | | 2,301 | | TOTAL LIABILITIES | | 14,716 | | 12,200 | | 8,978 | | Revenues from sales | | 1,268 | | 1,049 | | 1,061 | | Net income | | 187 | | 184 | | 162 | | Other comprehensive income | | (91) | | (13) | | 5 | | % owned | | 17.25 | % | 19.74 | % | 19.74 | % | Equity value | | 1,734 | | 1,863 | | 1,877 | | including goodwill and identifiable assets | | 1,355 | | 1,639 | | 1,687 | | Profit/(loss) | | 22 | | 36 | | 32 | | Share of other comprehensive income, net amount | | 4 | | 9 | | 3 | | Dividends paid to TotalEnergies | | – | | – | | – | |
| | | | | | | | | | | | | | | Saudi Aramco Total | | | | | | | Refining & Chemicals activities | | Refining & Petrochemicals | | Qatar | (M$) | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | Non-current assets | | 15,539 | | 12,023 | | 9,780 | | 3,126 | | 2,562 | | 2,882 | Current assets | | 3,042 | | 3,446 | | 2,584 | | 1,985 | | 1,971 | | 2,000 | TOTAL ASSETS | | 18,581 | | 15,469 | | 12,364 | | 5,111 | | 4,533 | | 4,882 | Shareholder’s equity | | 4,931 | | 4,062 | | 3,527 | | 2,574 | | 2,781 | | 2,748 | Non-current liabilities | | 10,125 | | 6,899 | | 5,850 | | 1,388 | | 654 | | 835 | Current liabilities | | 3,525 | | 4,508 | | 2,987 | | 1,149 | | 1,098 | | 1,299 | TOTAL LIABILITIES | | 18,581 | | 15,469 | | 12,364 | | 5,111 | | 4,533 | | 4,882 | Revenues from sales | | 12,266 | | 14,601 | | 12,994 | | 9,455 | | 9,422 | | 9,506 | Net income | | 535 | | 66 | | 584 | | 213 | | 338 | | 203 | Other comprehensive income | | (146) | | (32) | | (59) | | 24 | | 13 | | (7) | % owned | | 37.50 | % | 37.50 | % | 37.50 | % | | | | | | Equity value | | 1,849 | | 1,523 | | 1,323 | | 616 | | 670 | | 665 | including goodwill and identifiable assets | | – | | – | | – | | – | | – | | – | Profit/(loss) | | 200 | | 25 | | 219 | | 60 | | 88 | | 78 | Share of other comprehensive income, net amount | | (184) | | 34 | | (46) | | (19) | | 10 | | (7) | Dividends paid to TotalEnergies | | – | | 150 | | 321 | | 114 | | 83 | | 145 |
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| Schedule of information related to joint ventures |
| | | | | | | | | | | | | | | | | | | | | | Liquefaction entities | | | | GIP III Zephyr | | Hanwha TotalEnergies | | | | (Integrated LNG) | | | | (Integrated | | Petrochemical Co.Ltd | | | | | | | | | | | | Power) | | (Refining & Chemicals) | | (M$) | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | | Non-current assets | | 62,465 | | 59,764 | | 62,461 | | 14,320 | | 14,258 | | 13,111 | | 3,265 | | 3,373 | | 3,959 | | Current assets excluding cash and cash equivalents | | 5,446 | | 5,390 | | 2,832 | | 749 | | 366 | | 375 | | 1,693 | | 1,530 | | 2,089 | | Cash and cash equivalents | | 3,421 | | 5,184 | | 4,690 | | 746 | | 813 | | 1,313 | | 388 | | 348 | | 113 | | TOTAL ASSETS | | 71,332 | | 70,338 | | 69,983 | | 15,815 | | 15,437 | | 14,799 | | 5,347 | | 5,251 | | 6,161 | | Shareholder’s equity - Group share | | 29,162 | | 25,231 | | 20,438 | | 450 | | 539 | | 604 | | 2,305 | | 2,467 | | 2,963 | | Shareholder's equity - Non controlling interests | | – | | – | | – | | 2,425 | | 2,756 | | 1,912 | | – | | – | | – | | Other non-current liabilities | | 11,025 | | 11,822 | | 10,399 | | 2,619 | | 1,645 | | 1,460 | | 144 | | 148 | | 174 | | Non-current financial debts | | 27,422 | | 29,565 | | 36,144 | | 8,940 | | 9,538 | | 9,598 | | 1,974 | | 1,017 | | 858 | | Other current liabilities | | 1,713 | | 1,707 | | 3,002 | | 886 | | 380 | | 414 | | 565 | | 873 | | 1,137 | | Current financial debts | | 2,010 | | 2,013 | | – | | 495 | | 579 | | 811 | | 359 | | 746 | | 1,029 | | TOTAL LIABILITIES | | 71,332 | | 70,338 | | 69,983 | | 15,815 | | 15,437 | | 14,799 | | 5,347 | | 5,251 | | 6,161 | | Revenues from sales | | 14,957 | | 17,212 | | 17,605 | | 1,748 | | 1,609 | | 1,452 | | 7,548 | | 8,616 | | 8,754 | | Depreciation and depletion of tangible assets and mineral interests | | (2,904) | | (2,899) | | (2,700) | | (568) | | (490) | | (460) | | (267) | | (278) | | (281) | | Interest income | | 152 | | 55 | | 32 | | 71 | | 37 | | 40 | | – | | – | | – | | Interest expense | | (2,470) | | (2,901) | | (3,146) | | (672) | | (357) | | (315) | | (72) | | (80) | | (67) | | Income taxes | | (264) | | (2,656) | | (1,798) | | (7) | | (15) | | – | | 52 | | (8) | | 10 | | Net income | | 4,146 | | 4,986 | | 5,122 | | 121 | | 135 | | 83 | | (232) | | (136) | | (28) | | Non-controlling interests | | – | | – | | – | | (4) | | 180 | | (126) | | – | | – | | – | | Other comprehensive income | | (90) | | (76) | | (52) | | – | | – | | (2) | | 70 | | (361) | | (105) | | % owned | | | | | | | | 50.00 | % | 50.00 | % | 50.00 | % | 50.00 | % | 50.00 | % | 50.00 | % | Equity value | | 6,839 | | 5,996 | | 4,941 | | 2,186 | | 2,241 | | 2,283 | | 1,152 | | 1,234 | | 1,482 | | including goodwill and identifiable assets | | 357 | | 392 | | 430 | | 1,961 | (a) | 1,971 | | 1,981 | | – | | – | | – | | Profit/(loss) | | 891 | | 1,061 | | 1,058 | | 51 | | 58 | | 29 | | (116) | | (68) | | (14) | | Share of other comprehensive income, net amount | | (23) | | (20) | | (14) | | – | | – | | (1) | | 12 | | (176) | | (69) | | Dividends paid to TotalEnergies | | 25 | | 37 | | 418 | | 105 | | 100 | | 100 | | – | | – | | 25 | |
| (a) | Goodwill represents the valuation of this entity’s ability to generate future projects in the field of renewable energy and amounts to M$1,755 as of December 31, 2025. |
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| Schedule of main aggregated financial items in equity consolidated affiliates not presented individually |
| | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | As of December 31, | | | | Joint- | | | | Joint- | | | | Joint- | (M$) | | Associates | | ventures | | Associates | | ventures | | Associates | | ventures | Non-current assets | | 6,450 | | 20,747 | | 5,522 | | 15,929 | | 4,977 | | 13,224 | Current assets | | 1,317 | | 2,629 | | 1,352 | | 2,524 | | 1,231 | | 2,988 | TOTAL ASSETS | | 7,767 | | 23,376 | | 6,874 | | 18,453 | | 6,208 | | 16,212 | Shareholder’s equity - TotalEnergies share | | 1,535 | | 8,001 | | 1,214 | | 6,604 | | 921 | | 4,625 | Shareholder’s equity - Non controlling interests | | – | | – | | – | | (2) | | – | | 75 | Non-current liabilities | | 5,188 | | 12,875 | | 4,830 | | 9,605 | | 4,553 | | 8,798 | Current liabilities | | 1,044 | | 2,500 | | 830 | | 2,246 | | 734 | | 2,714 | TOTAL LIABILITIES | | 7,767 | | 23,376 | | 6,874 | | 18,453 | | 6,208 | | 16,212 |
| | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | For the year ended December 31, | | | | Joint- | | | | Joint- | | | | Joint- | (M$) | | Associates | | ventures | | Associates | | ventures | | Associates | | ventures | Revenues from sales | | 2,855 | | 5,468 | | 2,981 | | 6,476 | | 2,026 | | 7,451 | Net income | | 379 | | 548 | | 324 | | (666) | | 7 | | (279) | Non-controlling interests | | – | | – | | – | | 1 | | – | | (64) | Share of other comprehensive income items | | (49) | | (162) | | 31 | | (162) | | 11 | | (67) | Equity value | | 2,805 | | 9,624 | | 2,427 | | 8,016 | | 1,656 | | 7,705 | Profit/(Loss) | | 365 | | 420 | | 295 | | (689) | | (19) | | (359) | Dividends paid to TotalEnergies | | 341 | | 247 | | 296 | | 106 | | 323 | | 120 |
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| Schedule of other investments |
| | | | | | | | | | | As of | | | | | | As of | As of December 31, 2025 | | January 1, | | Increase - | | Change in | | December 31, | (M$) | | 2025 | | Decrease | | fair value | | 2025 | Next Decade Corporation | | 346 | | – | | (109) | | 237 | Automotive Cells Company | | – | | 177 | | (76) | | 101 | OGCI Climate Investments Holdings LLP | | 56 | | 4 | | 5 | | 65 | Chicago Mercantile Exchange (CME) | | 45 | | – | | 8 | | 53 | Other shares at fair value through other comprehensive income (unit value < $50M) | | 64 | | 63 | | 11 | | 138 | Equity instruments recorded at fair value through other comprehensive income | | 511 | | 244 | | (161) | | 594 | Western LNG LLC | | – | | 50 | | – | | 50 | Other shares at fair value through profit or loss (unit value < $50M) | | 1,154 | | 26 | | 90 | | 1,270 | Equity instruments recorded at fair value through profit or loss | | 1,154 | | 76 | | 90 | | 1,320 | TOTAL EQUITY INSTRUMENTS | | 1,665 | | 320 | | (71) | | 1,914 |
| | | | | | | | | | | As of | | | | | | As of | As of December 31, 2024 | | January 1, | | Increase - | | Change in | | December 31, | (M$) | | 2024 | | Decrease | | fair value | | 2024 | Next Decade Corporation | | 214 | | – | | 132 | | 346 | OGCI Climate Investments Holdings LLP | | 50 | | 7 | | (1) | | 56 | Other shares at fair value through other comprehensive income (unit value < $50M) | | 91 | | 5 | | 13 | | 109 | Equity instruments recorded at fair value through other comprehensive income | | 355 | | 12 | | 144 | | 511 | Nordian CPO (renamed TotalEnergies Charging Services España SL)(a) | | 70 | | (70) | | – | | – | Other shares at fair value through profit or loss (unit value < $50M) | | 1,118 | | 13 | | 23 | | 1,154 | Equity instruments recorded at fair value through profit or loss | | 1,188 | | (57) | | 23 | | 1,154 | Total equity instruments | | 1,543 | | (45) | | 167 | | 1,665 |
| (a) | Nordian CPO has been consolidated in 2024. |
| | | | | | | | | | | As of | | | | | | As of | As of December 31, 2023 | | January 1, | | Increase - | | Change in | | December 31, | (M$) | | 2023 | | Decrease | | fair value | | 2023 | Next Decade Corporation | | – | | 219 | | (5) | | 214 | OGCI Climate Investments Holdings LLP | | 34 | | 14 | | 2 | | 50 | Other shares at fair value through other comprehensive income (unit value < $50M) | | 85 | | 14 | | (8) | | 91 | Equity instruments recorded at fair value through other comprehensive income | | 119 | | 247 | | (11) | | 355 | Hubei Cathay Smart Energy Fund | | 54 | | (54) | | – | | – | Nordian CPO (renamed TotalEnergies Charging Services España SL)(a) | | – | | 70 | | – | | 70 | Other shares at fair value through profit or loss (unit value < $50M) | | 878 | | 264 | | (24) | | 1,118 | Equity instruments recorded at fair value through profit or loss | | 932 | | 280 | | (24) | | 1,188 | Total equity instruments | | 1,051 | | 527 | | (35) | | 1,543 |
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| Schedule of main transactions and receivable and payable balances with related parties |
| | | | | | | As of December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Balance sheet | | | | | | | Receivables | | | | | | | Debtors and other debtors | | 706 | | 876 | | 1,144 | Loans (excl. loans to equity accounted for affiliates) | | 135 | | 428 | | 232 | Payables | | | | | | | Creditors and other creditors | | 948 | | 1,324 | | 1,068 | Debts | | 4 | | 1 | | 1 |
| | | | | | | For the year ended December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Statement of income | | | | | | | Sales | | 4,637 | | 5,408 | | 7,222 | Purchases | | (10,088) | | (13,424) | | (15,574) | Financial income | | 6 | | 13 | | 3 | Financial expense | | 11 | | (6) | | (5) |
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| Schedule of affiliates direct and indirect compensation |
| | | | | | | For the year ended December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Number of people | | 13 | | 12 | | 11 | Direct or indirect compensation | | 19.2 | | 16.1 | | 13.9 | Pension expenses (a) | | 1.1 | | 1.1 | | 3.5 | Share-based payments expense (IFRS 2) (b) | | 17.8 | | 13.1 | | 8.7 |
(a) | The benefits provided for Executive Officers of the Company and the members of the Board of Directors who are employees of the Company include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $81.1 million as of December 31, 2025 (against $72.6 million as of December 31, 2024 and $82.9 million as of December 31, 2023). The increase of the commitment is in link with rate exchange effect. Converted into Euros, this commitment amounts to €69.0 million as of December 31, 2025 (against €69.9 million as of December 31, 2024 and €75 million as of December 31, 2023). The decrease in the commitment expressed in euros is mainly due to the increase in the discount rate despite the changes among the number executives (two new entries and one retirement). |
(b) | Share-based payments expense computed for the Executive Officers and the members of the Board of Directors who are employees of TotalEnergies and based on the principles of IFRS 2 “Share-based payments” described in Note 9. |
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