Financial structure and financial costs (Tables)

12 Months Ended

Dec. 31, 2025

Financial structure, financial costs and financial instruments

Schedule of non-current financial debt and related financial instruments


As of December 31, 2025
(M$)
(Assets) / Liabilities		Secured		Unsecured		Total
Non-current financial debt		8,699		40,296		48,995
of which hedging instruments of non-current financial debt (liabilities)		–		962		962
Non-current financial assets		(1,279)		(1,991)		(3,270)
of which hedging instruments of non-current financial debt (assets)		–		(812)		(812)
NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS		7,420		38,305		45,725
Variable rate bonds or bonds after fair value hedge		–		9,305		9,305
Fixed rate bonds or bonds after cash flow hedge		–		28,740		28,740
Other floating rate debt		136		722		858
Other fixed rate debt		512		460		972
Lease obligations		8,051		–		8,051
Non-current financial assets excluding derivative financial instruments		(1,279)		(925)		(2,204)
Non-current instruments held for trading		–		3		3
NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS		7,420		38,305		45,725


As of December 31, 2024
(M$)
(Assets) / Liabilities		Secured		Unsecured		Total
Non-current financial debt		8,518		35,015		43,533
of which hedging instruments of non-current financial debt (liabilities)		–		2,313		2,313
Non-current financial assets		(1,278)		(1,027)		(2,305)
of which hedging instruments of non-current financial debt (assets)		–		(546)		(546)
NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS		7,240		33,988		41,228
Variable rate bonds or bonds after fair value hedge		43		9,712		9,755
Fixed rate bonds or bonds after cash flow hedge		–		23,446		23,446
Other floating rate debt		305		304		609
Other fixed rate debt		348		726		1,074
Lease obligations		7,822		–		7,822
Non-current financial assets excluding derivative financial instruments		(1,278)		(134)		(1,412)
Non-current instruments held for trading		–		(66)		(66)
NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS		7,240		33,988		41,228


As of December 31, 2023
(M$)
(Assets) / Liabilities		Secured		Unsecured		Total
Non-current financial debt		8,427		32,051		40,478
of which hedging instruments of non-current financial debt (liabilities)		–		2,198		2,198
Non-current financial assets		(1,166)		(1,229)		(2,395)
of which hedging instruments of non-current financial debt (assets)		–		(673)		(673)
NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS		7,261		30,822		38,083
Variable rate bonds or bonds after fair value hedge		–		7,051		7,051
Fixed rate bonds or bonds after cash flow hedge		–		22,839		22,839
Other floating rate debt		430		408		838
Other fixed rate debt		241		840		1,081
Lease obligations		7,756		–		7,756
Non-current financial assets excluding derivative financial instruments		(1,166)		(142)		(1,308)
Non-current instruments held for trading		–		(174)		(174)
NON-CURRENT NET FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS		7,261		30,822		38,083

Schedule of fair value of bonds after taking into account currency and interest rates swaps


				Amount		Amount		Amount
Bonds after fair value hedge or variable rate				after		after		after
bonds		Currency of		December 31,		December 31,		December 31,
(M$)		issuance		2025		2024		2023^(a)
Bond		USD		5,299		6,332		3,542
Bond		EUR		2,611		2,636		3,209
Bond		Others		903		1,542		1,539
Current portion (less than one year)				(204)		(1,648)		(2,118)
Principal financing entities^(b)				8,609		8,862		6,172
Other consolidated subsidiaries				696		893		879
TOTAL VARIABLE RATE BONDS OR BONDS AFTER FAIR VALUE HEDGE				9,305		9,755		7,051


				Amount		Amount		Amount
Bonds after cash flow hedge or				after		after		after
fixed rate bonds		Currency of		December 31,		December 31,		December 31,
(M$)		issuance		2025		2024		2023
Bond		EUR		19,584		13,768		15,448
Bond		USD		10,402		10,523		8,301
Bond		Others		1,044		1,048		2,254
Current portion (less than one year)				(2,341)		(1,909)		(3,175)
Principal financing entities^(b)				28,689		23,430		22,828
Other consolidated subsidiaries				51		16		11
TOTAL BONDS AFTER CASH FLOW HEDGE OR FIXED RATE BONDS				28,740		23,446		22,839

(a)

The IBOR rate reform mainly impacted the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USD LIBOR rate. At December 31, 2023, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE was $ 8,290 million.

(b)	All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies SE as to payment of principal, premium, if any, interest and any other amounts due:

-

TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE;

-

TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies SE. It acted as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE;

-

TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE.

Schedule of loan repayment schedule (excluding current portion)


				of which hedging				of which hedging
				instruments				instruments		Non-current net
As of December 31,				of non‑current		Non-current		of non-current		financial debt and
2025		Non‑current		financial debt		financial		financial debt		related financial
(M$)		financial debt		(liabilities)		assets		(assets)		instruments		%
2027		4,476		11		(635)		(169)		3,841		8	%
2028		4,607		63		(218)		(71)		4,389		10	%
2029		5,778		369		(379)		(150)		5,399		12	%
2030		2,971		62		(287)		(12)		2,684		6	%
2031 and beyond		31,163		457		(1,751)		(410)		29,412		64	%
TOTAL		48,995		962		(3,270)		(812)		45,725		100	%


				of which hedging				of which hedging
				instruments				instruments		Non-current net
As of December 31,				of non‑current		Non-current		of non-current		financial debt and
2024		Non‑current		financial debt		financial		financial debt		related financial
(M$)		financial debt		(liabilities)		assets		(assets)		instruments		%
2026		4,498		411		(572)		(71)		3,926		10	%
2027		3,906		173		(292)		(14)		3,614		9	%
2028		4,596		391		(267)		(135)		4,329		11	%
2029		5,755		723		(348)		(233)		5,407		13	%
2030 and beyond		24,778		615		(826)		(93)		23,952		57	%
TOTAL		43,533		2,313		(2,305)		(546)		41,228		100	%


				of which hedging				of which hedging
				instruments				instruments		Non-current net
As of December 31,				of non‑current		Non-current		of non-current		financial debt and
2023		Non‑current		financial debt		financial		financial debt		related financial
(M$)		financial debt		(liabilities)		assets		(assets)		instruments		%
2025		5,381		369		(434)		(110)		4,947		13	%
2026		4,013		323		(304)		(102)		3,709		10	%
2027		3,720		85		(349)		(55)		3,371		9	%
2028		4,502		304		(246)		(142)		4,256		11	%
2029 and beyond		22,862		1,117		(1,062)		(264)		21,800		57	%
TOTAL		40,478		2,198		(2,395)		(673)		38,083		100	%

Schedule of analysis by currency and interest rate


As of December 31,
(M$)		2025		%		2024		%		2023		%
U.S. dollar		36,225		79	%	38,002		92	%	34,789		91	%
Euro		8,682		19	%	2,206		5	%	2,322		6	%
Other currencies		818		2	%	1,020		3	%	972		3	%
TOTAL		45,725		100	%	41,228		100	%	38,083		100	%


As of December 31,
(M$)		2025		%		2024		%		2023		%
Fixed rate		35,740		78	%	30,922		75	%	30,311		80	%
Floating rate		9,985		22	%	10,306		25	%	7,772		20	%
TOTAL		45,725		100	%	41,228		100	%	38,083		100	%

Schedule of current financial assets and liabilities


As of December 31,
(M$)
(Assets) / Liabilities		2025		2024		2023
Current financial debt^(a)		7,622		4,462		2,377
Current lease obligations		1,876		2,095		1,721
Current portion of non-current financial debt		2,540		3,467		5,492
Current borrowings (note 14)		12,038		10,024		9,590
Current portion of hedging instruments of debt (liabilities)		218		425		268
Other current financial instruments (liabilities)		170		239		178
Other current financial liabilities (note 14)		388		664		446
Current deposits beyond three months		(2,136)		(5,476)		(5,450)
Marketable securities		(707)		(683)		(519)
Financial receivables on sub-lease, current		(239)		(378)		(329)
Current portion of hedging instruments of debt (assets)		(81)		(29)		(91)
Other current financial instruments (assets)		(169)		(348)		(196)
Current financial assets (note 14)		(3,332)		(6,914)		(6,585)
NET CURRENT BORROWINGS		9,094		3,774		3,451

(a)	As of December 31, 2025, December 31, 2024 and December 31, 2023, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally secured by TotalEnergies SE.

Schedule of variations of financial debt


						Non-cash changes
		As of				Change in scope,						Reclassification				As of
		January 1,		Cash		including IFRS 5		Foreign		Changes in		Non-current /				December 31,
(M$)		2025		changes		reclassification		currency		fair value		Current		Other		2025
Non-current financial instruments - assets^(a) and non-current financial assets		(2,305)		(16)		40		(105)		(159)		350		(1,075)		(3,270)
Non-current financial debt		43,533		7,981		(1,216)		720		593		(4,941)		2,325		48,995
Non-current financial debt and related financial instruments		41,228		7,965		(1,176)		615		434		(4,591)		1,250		45,725

Current financial instruments - assets^(a)		(755)		593		30		(40)		164		(350)		(131)		(489)
Current borrowings		10,024		(4,746)		(172)		1,395		264		4,941		332		12,038
Current financial instruments - liabilities^(a)		664		–		(1)		27		(302)		–		–		388
Current financial debt and related financial instruments		9,933		(4,153)		(143)		1,382		126		4,591		201		11,937

Financial debt and financial assets classified as held for sale		44		–		118		3		–		–		–		165
NET FINANCIAL DEBT		51,205		3,812		(1,201)		2,000		560		–		1,451		57,827

(a)	Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments.


						Non-cash changes
		As of				Change in scope,						Reclassification				As of
		January 1,		Cash		including IFRS 5		Foreign		Changes in		Non-current /				December 31,
(M$)		2024		changes		reclassification		currency		fair value		Current		Other		2024
Non-current financial instruments - assets^(a) and non-current financial assets		(2,395)		–		37		37		132		340		(456)		(2,305)
Non-current financial debt		40,478		7,532		(299)		(241)		(453)		(6,080)		2,596		43,533
Non-current financial debt and related financial instruments		38,083		7,532		(262)		(204)		(321)		(5,740)		2,140		41,228

Current financial instruments - assets^(a)		(616)		609		(2)		20		(107)		(340)		(319)		(755)
Current borrowings		9,590		(5,751)		321		(760)		(138)		6,080		682		10,024
Current financial instruments - liabilities^(a)		446		–		(3)		(17)		238		–		–		664
Current financial debt and related financial instruments		9,420		(5,142)		316		(757)		(7)		5,740		363		9,933

Financial debt and financial assets classified as held for sale		310		–		(261)		(5)		–		–		–		44
NET FINANCIAL DEBT		47,813		2,390		(207)		(966)		(328)		–		2,503		51,205

(a)	Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments.


						Non-cash changes
		As of				Change in scope,						Reclassification				As of
		January 1,		Cash		including IFRS 5		Foreign		Changes in		Non-current /				December 31,
(M$)		2023		changes		reclassification		currency		fair value		Current		Other		2023
Non-current financial instruments - assets ^(a) and non-current financial assets		(2,731)		–		(96)		(21)		353		387		(287)		(2,395)
Non-current financial debt		45,264		130		667		65		(343)		(7,573)		2,268		40,478
Non-current financial debt and related financial instruments		42,533		130		571		44		10		(7,186)		1,981		38,083

Current financial instruments - assets^(a)		(401)		383		(1)		(8)		(68)		(387)		(134)		(616)
Current borrowings		15,502		(14,660)		181		389		121		7,573		484		9,590
Current financial instruments - liabilities^(a)		488		–		6		11		(59)		–		–		446
Current financial debt and related financial instruments		15,589		(14,277)		186		392		(6)		7,186		350		9,420

Financial debt and financial assets classified as held for sale		(38)		–		341		7		–		–		–		310
NET FINANCIAL DEBT		58,084		(14,147)		1,098		443		4		–		2,331		47,813

(a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments.

Schedule of monetary changes in non-current financial debt


For the year ended December 31,
(M$)		2025		2024		2023
Issuance of non-current debt		8,163		7,563		189
Repayment of non-current debt		(182)		(31)		(59)
NET AMOUNT		7,981		7,532		130

Schedule of cash and cash equivalents


For the year ended December 31,
(M$)		2025		2024		2023
Cash		15,618		17,475		16,956
Cash equivalents		10,584		8,369		10,307
TOTAL		26,202		25,844		27,263

Schedule of net-debt-to-capital ratio


As of December 31,
(M$)
(Assets) / Liabilities		2025		2024		2023
Current borrowings^(a)		10,162		7,929		7,869
Other current financial liabilities		388		664		446
Current financial assets^(a)		(3,093)		(6,536)		(6,256)
Net financial assets and liabilities held for sale or exchange^(a)		7		33		17
Non-current financial debt^(a)		40,944		35,711		32,722
Non-current financial assets^(a)		(1,991)		(1,027)		(1,229)
Cash and cash equivalents		(26,202)		(25,844)		(27,263)
Net financial debt excluding leases		20,215		10,930		6,306

Shareholders’ equity – TotalEnergies share		114,883		117,858		116,753
Distribution of the income based on existing shares at the closing date		2,640		2,397		2,700
Shareholders’ equity		117,523		120,255		119,453

NET-DEBT-TO-CAPITAL RATIO EXCLUDING LEASES		14.7	%	8.3	%	5.0	%

(a)	Excluding lease receivables & lease debts.

Fair value hedge

Financial structure, financial costs and financial instruments

Schedule of hedging instruments

For the year ended December 31, 2025

(M$)

Cumulative FVH

Nominal

adjustments included

amount of

Carrying amount of

Carrying amount of

in the carrying amount

Line items in the

Hedging

hedging

hedging instruments

hedged items

of the hedged items

statement of

Hedged items

instruments

instruments

Assets

Liabilities

Assets

Liabilities

Assets

Liabilities

financial position

Interest Rate

Financial debt /

Bonds

Swaps

5,250

25

(295)

–

(5,028)

222

–

Financial assets

Cross Currency

Financial debt /

Bonds

Swaps

3,454

92

(216)

–

(3,391)

63

–

Financial assets

End of hedging (before 2018)

–

–

–

–

–

–

27

For the year ended December 31, 2024

(M$)

Cumulative FVH

Nominal

adjustments included

amount of

Carrying amount of

Carrying amount of

in the carrying amount

Line items in the

Hedging

hedging

hedging instruments

hedged items

of the hedged items

statement of

Hedged items

instruments

instruments

Assets

Liabilities

Assets

Liabilities

Assets

Liabilities

financial position

Interest Rate

Financial debt /

Bonds

Swaps

6,250

–

(230)

–

(6,103)

–

147

Financial assets

Cross Currency

Financial debt /

Bonds

Swaps

4,084

27

(618)

–

(3,588)

–

496

Financial assets

End of hedging (before 2018)

–

–

–

–

–

–

21

For the year ended December 31, 2023

Cumulative FVH

(M$)

Nominal

adjustments included

amount of

Carrying amount of

Carrying amount of

in the carrying amount

Line items in the

Hedging

hedging

hedging instruments

hedged items

of the hedged items

statement of

Hedged items

instruments

instruments

Assets

Liabilities

Assets

Liabilities

Assets

Liabilities

financial position

Bonds

Interest Rate
Swaps

3,500

–

(86)

–

(3,457)

–

43

Financial debt /
Financial assets

Bonds

Cross Currency
Swaps

4,671

45

(559)

–

(4,232)

–

439

Financial debt /
Financial assets

End of hedging (before 2018)

–

–

–

–

–

–

10

Cash flow hedge

Financial structure, financial costs and financial instruments

Schedule of hedging instruments


				Nominal
		Nature of		amount of		Carrying amount of				Line items in the
For the year ended December 31, 2025		hedging		hedging		hedging instruments				statement of
(M$)		instruments		instruments		Assets		Liabilities		financial position
		Interest Rate								Financial debt /
Bonds		Swaps		11,998		411		(28)		Financial assets
		Cross Currency								Financial debt /
Bonds		Swaps		13,126		365		(641)		Financial assets


				Nominal
		Nature of		amount of		Carrying amount of				Line items in the
For the year ended December 31, 2024		hedging		hedging		hedging instruments				statement of
(M$)		instruments		instruments		Assets		Liabilities		financial position
		Interest Rate								Financial debt /
Bonds		Swaps		12,577		543		–		Financial assets
		Cross Currency								Financial debt /
Bonds		Swaps		15,055		5		(1,890)		Financial assets


				Nominal
		Nature of		amount of		Carrying amount of				Line items in the
For the year ended December 31, 2023		hedging		hedging		hedging instruments				statement of
(M$)		instruments		instruments		Assets		Liabilities		financial position
		Interest Rate								Line items in the statement of
Bonds		Swaps		12,023		611		–		financial position
		Cross Currency								Financial debt /
Bonds		Swaps		17,511		108		(1,821)		Financial assets

Interest rate risk

Financial structure, financial costs and financial instruments

Schedule of sensitivity analysis on interest rate and foreign exchange risk


						Change in fair value due to a change in
						interest rate by
Assets / (Liabilities)		Carrying		Estimated		+ 10 basis		- 10 basis
(M$)		amount		fair value		points		points
As of December 31, 2025
Bonds (non-current portion, before swaps)		(37,895)		(38,347)		343		(343)
Swaps hedging bonds (liabilities)		(962)		(962)		–		–
Swaps hedging bonds (assets)		812		812		–		–
Total swaps hedging bonds (assets and liabilities)		(150)		(150)		(15)		15
Current portion of non-current debt after swaps (excluding lease obligations)		(2,677)		(2,671)		3		(3)
Other interest rates swaps		11		11		3		(3)
Currency swaps and forward exchange contracts		(15)		(15)		–		–
As of December 31, 2024
Bonds (non-current portion, before swaps)		(31,434)		(31,806)		291		(291)
Swaps hedging bonds (liabilities)		(2,313)		(2,313)		–		–
Swaps hedging bonds (assets)		546		546		–		–
Total swaps hedging bonds (assets and liabilities)		(1,767)		(1,767)		(54)		54
Current portion of non-current debt after swaps (excluding lease obligations)		(3,863)		(3,851)		3		(3)
Other interest rates swaps		91		91		3		(3)
Currency swaps and forward exchange contracts		86		86		–		–
As of December 31, 2023
Bonds (non-current portion, before swaps)		(28,365)		(29,216)		162		(162)
Swaps hedging bonds (liabilities)		(2,198)		(2,198)		–		–
Swaps hedging bonds (assets)		673		673		–		–
Total swaps hedging bonds (assets and liabilities)		(1,525)		(1,525)		(12)		12
Current portion of non-current debt after swaps (excluding lease obligations)		(5,669)		(5,680)		(1)		(7)
Other interest rates swaps		240		240		17		(17)
Currency swaps and forward exchange contracts		(29)		(29)		–		–

The impact of changes in interest rates on the cost of net debt before tax is as follows:


For the year ended December 31,
(M$)		2025		2024		2023
Cost of net debt		(2,067)		(1,230)		(1,019)
Interest rate translation of :
+ 10 basis points		17		15		10
‑ 10 basis points		(17)		(15)		(10)

Foreign exchange risk

Financial structure, financial costs and financial instruments

Schedule of sensitivity analysis on interest rate and foreign exchange risk


		Dollar / Euro exchange		Dollar / Pound sterling
Closing rate		rates		exchange rates
December 31, 2025		0.85		0.74
December 31, 2024		0.96		0.80
December 31, 2023		0.90		0.79


As of December 31, 2025								Pound		Other
(M$)		Total		Euro		Dollar		sterling		currencies
Shareholders’ equity at historical exchange rate		128,916		16,012		93,346		4,116		15,442
Currency translation adjustment before net investment hedge		(14,028)		(7,875)		–		(2,144)		(4,009)
Net investment hedge – open instruments		(5)		(5)		–		–		–
Shareholders’ equity at exchange rate as of December 31, 2025		114,883		8,132		93,346		1,972		11,433


As of December 31, 2024								Pound		Other
(M$)		Total		Euro		Dollar		sterling		currencies
Shareholders’ equity at historical exchange rate		133,117		20,336		93,078		4,439		15,264
Currency translation adjustment before net investment hedge		(15,254)		(8,584)		–		(2,372)		(4,298)
Net investment hedge – open instruments		(5)		(5)		–		–		–
Shareholders’ equity at exchange rate as of December 31, 2024		117,858		11,747		93,078		2,067		10,966


As of December 31, 2023								Pound		Other
(M$)		Total		Euro		Dollar		sterling		currencies
Shareholders’ equity at historical exchange rate		130,454		19,198		92,202		4,732		14,322
Currency translation adjustment before net investment hedge		(13,696)		(7,881)		–		(2,285)		(3,530)
Net investment hedge – open instruments		(5)		(5)		–		–		–
Shareholders’ equity at exchange rate as of December 31, 2023		116,753		11,312		92,202		2,447		10,792

Based on the 2025 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):


As of December 31, 2025				Pound
(M$)		Euro		sterling
Impact of an increase of 10% of exchange rates on:
– Shareholders’ equity		813		197
– net income (TotalEnergies share)		(53)		25
Impact of a decrease of (10)% of exchange rates on:
– Shareholders’ equity		(813)		(197)
– net income (TotalEnergies share)		53		(25)

Financial structure, financial costs and financial instruments

Schedule of liquidity risk - maturity of financial assets and liabilities

As of December 31, 2025

 

Assets/(Liabilities)

Less than

 

 

 

 

 

More than

(M$)

one year

1-2 years

2-3 years

3-4 years

4-5 years

5 years

Total

Non-current financial debt (notional value excluding interests)

–

(4,242)

(4,526)

(5,614)

(2,948)

(30,599)

(47,929)

Non-current financial assets excluding derivative financial instruments

–

401

138

215

264

1,186

2,204

Current borrowings

(12,038)

–

–

–

–

–

(12,038)

Other current financial liabilities

(388)

–

–

–

–

–

(388)

Current financial assets

3,332

–

–

–

–

–

3,332

Net financial assets and liabilities held for sale or exchange

(165)

–

–

–

–

–

(165)

Cash and cash equivalents

26,202

–

–

–

–

–

26,202

Net amount before financial expense

16,943

(3,841)

(4,388)

(5,399)

(2,684)

(29,413)

(28,782)

Financial expense on non-current financial debt

(1,052)

(1,021)

(1,027)

(934)

(885)

(14,193)

(19,112)

Interest differential on swaps

(263)

(211)

(213)

(160)

(90)

(415)

(1,352)

NET AMOUNT

15,628

(5,073)

(5,628)

(6,493)

(3,659)

(44,021)

(49,246)

As of December 31, 2024

 

Assets/(Liabilities)

Less than

 

 

 

 

 

More than

(M$)

one year

1-2 years

2-3 years

3-4 years

4-5 years

5 years

Total

Non-current financial debt (notional value excluding interests)

–

(4,109)

(3,889)

(4,459)

(5,521)

(24,662)

(42,640)

Non-current financial assets excluding derivative financial instruments

–

183

275

130

114

710

1,412

Current borrowings

(10,024)

–

–

–

–

–

(10,024)

Other current financial liabilities

(664)

–

–

–

–

–

(664)

Current financial assets

6,914

–

–

–

–

–

6,914

Net financial assets and liabilities held for sale or exchange

(44)

–

–

–

–

–

(44)

Cash and cash equivalents

25,844

–

–

–

–

–

25,844

Net amount before financial expense

22,026

(3,926)

(3,614)

(4,329)

(5,407)

(23,952)

(19,202)

Financial expense on non-current financial debt

(827)

(822)

(784)

(785)

(608)

(12,802)

(16,628)

Interest differential on swaps

(342)

(295)

(247)

(240)

(183)

(535)

(1,842)

NET AMOUNT

20,857

(5,043)

(4,645)

(5,354)

(6,198)

(37,289)

(37,672)

As of December 31, 2023

 

Assets/(Liabilities)

Less than

More than

(M$)

one year

1-2 years

2-3 years

3-4 years

4-5 years

5 years

Total

Non-current financial debt (notional value excluding interests)

–

(5,079)

(3,816)

(3,615)

(4,356)

(22,525)

(39,391)

Non-current financial assets excluding derivative financial instruments

–

132

107

244

100

725

1,308

Current borrowings

(9,590)

–

–

–

–

–

(9,590)

Other current financial liabilities

(446)

–

–

–

–

–

(446)

Current financial assets

6,585

–

–

–

–

–

6,585

Net financial assets and liabilities held for sale or exchange

(310)

–

–

–

–

–

(310)

Cash and cash equivalents

27,263

–

–

–

–

–

27,263

Net amount before financial expense

23,502

(4,947)

(3,709)

(3,371)

(4,256)

(21,800)

(14,581)

Financial expense on non-current financial debt

(469)

(517)

(460)

(430)

(390)

(4,242)

(6,508)

Interest differential on swaps

(355)

(265)

(261)

(216)

(209)

(537)

(1,843)

NET AMOUNT

22,678

(5,729)

(4,430)

(4,017)

(4,855)

(26,579)

(22,932)

Schedule of financial assets and liabilities related to operating activities


As of December 31,
Assets/(Liabilities)
(M$)		2025		2024		2023
Accounts payable		(38,065)		(39,932)		(41,335)
Other operating liabilities		(21,774)		(20,242)		(19,937)
including derivative financial instruments related to commodity contracts (liabilities)		(4,395)		(7,680)		(7,650)
Accounts receivable, net		18,559		19,281		23,442
Other operating receivables		13,932		16,846		14,952
including derivative financial instruments related to commodity contracts (assets)		5,710		9,072		7,012
TOTAL		(27,348)		(24,047)		(22,878)

Financial structure, financial costs and financial instruments

Schedule of maximum credit risk exposure


As of December 31,
Assets/(Liabilities)
(M$)		2025		2024		2023
Loans to equity affiliates (note 8)		7,425		6,533		4,562
Loans and advances (note 6)		2,241		2,175		2,222
Other non-current financial assets related to operational activities (note 6)		386		1,677		1,761
Non-current financial assets (note 15.1)		3,270		2,305		2,395
Accounts receivable (note 5)		18,559		19,281		23,442
Other operating receivables (note 5)		13,932		16,846		14,952
Current financial assets (note 15.1)		3,332		6,914		6,585
Cash and cash equivalents (note 15.1)		26,202		25,844		27,263
TOTAL		75,347		81,575		83,182

Financial instruments, excluding commodity contracts

Financial structure, financial costs and financial instruments

Schedule of impact on the statement of income per nature of financial instruments


For the year ended December 31,
(M$)		2025		2024		2023
Loans and receivables		770		1,335		1,420
Financing liabilities and associated hedging instruments		(2,424)		(2,321)		(2,190)
Fair value hedge (ineffective portion)		13		1		2
Lease assets and obligations		(628)		(552)		(499)
Assets and liabilities held for trading		202		307		248
IMPACT ON THE COST OF NET DEBT		(2,067)		(1,230)		(1,019)

Schedule of maturity of derivative instruments

For the year ended December 31, 2025

2026

2027 and beyond

Notional value schedule 2027 and beyond

(M$)

Fair

Notional

Fair

Notional

2031

Assets / (Liabilities)

value

value

value

value

2027

2028

2029

2030

and beyond

Fair value hedge

Swaps hedging bonds (assets)

49

202

68

1,451

Swaps hedging bonds (liabilities)

–

–

(511)

7,051

Total swaps hedging bonds - fair value hedge

49

202

(443)

8,502

820

1,000

789

875

5,018

Cash flow hedge

Swaps hedging bonds (assets)

32

823

744

14,879

Swaps hedging bonds (liabilities)

(218)

3,245

(451)

6,177

Total swaps hedging bonds - cash flow hedge

(186)

4,068

293

21,056

2,070

4,672

5,643

450

8,221

Forward exchange contracts related to operating activities (assets)

12

358

25

328

Forward exchange contracts related to operating activities (liabilities)

(1)

99

(3)

325

Total forward exchange contracts related to operating activities

11

457

22

653

328

325

–

–

–

Held for trading

Other interest rate swaps (assets)

137

50,776

250

30,186

Other interest rate swaps (liabilities)

(124)

41,730

(252)

31,207

Total other interest rate swaps

13

92,506

(2)

61,393

31,266

7,141

3,878

2,983

16,124

Currency swaps and forward exchange contracts (assets)

32

7,052

5

360

Currency swaps and forward exchange contracts (liabilities)

(46)

9,860

(6)

515

Total currency swaps and forward exchange contracts

(14)

16,912

(1)

875

735

140

–

–

–

Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.

For the year ended December 31, 2024

2025

2026 and beyond

Notional value schedule 2026 and beyond

(M$)

Fair

Notional

Fair

Notional

2030

Assets / (Liabilities)

value

value

value

value

2026

2027

2028

2029

and beyond

Fair value hedge

Swaps hedging bonds (assets)

–

–

27

403

Swaps hedging bonds (liabilities)

(45)

1,630

(803)

8,301

Total swaps hedging bonds - fair value hedge

(45)

1,630

(776)

8,704

202

820

1,000

789

5,893

Cash flow hedge

Swaps hedging bonds (assets)

29

2,428

519

11,317

Swaps hedging bonds (liabilities)

(380)

2,059

(1,510)

11,828

Total swaps hedging bonds - cash flow hedge

(351)

4,487

(991)

23,145

4,116

2,143

4,740

5,667

6,479

Forward exchange contracts related to operating activities (assets)

–

94

–

–

Forward exchange contracts related to operating activities (liabilities)

(13)

271

(23)

634

Total forward exchange contracts related to operating activities

(13)

365

(23)

634

307

327

–

–

–

Held for trading

Other interest rate swaps (assets)

154

50,861

342

36,851

Other interest rate swaps (liabilities)

(124)

59,075

(281)

36,220

Total other interest rate swaps

30

109,936

61

73,071

52,496

8,714

2,739

2,821

6,300

Currency swaps and forward exchange contracts (assets)

196

17,698

5

322

Currency swaps and forward exchange contracts (liabilities)

(115)

5,212

–

(45)

Total currency swaps and forward exchange contracts

81

22,910

5

277

116

161

–

–

–

Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.

For the year ended December 31, 2023

2024

2025 and beyond

Notional value schedule 2025 and beyond

(M$)

Fair

Notional

Fair

Notional

2029

Assets / (Liabilities)

value

value

value

value

2025

2026

2027

2028

and beyond

Fair value hedge

Swaps hedging bonds (assets)

–

250

45

403

Swaps hedging bonds (liabilities)

(75)

1,837

(570)

5,681

Total swaps hedging bonds - fair value hedge

(75)

2,087

(525)

6,084

1,630

202

820

1,000

2,432

Cash flow hedge

Swaps hedging bonds (assets)

91

2,114

628

14,830

Swaps hedging bonds (liabilities)

(193)

1,574

(1,628)

11,016

Total swaps hedging bonds - cash flow hedge

(102)

3,688

(1,000)

25,846

4,509

4,153

2,135

4,686

10,363

Forward exchange contracts related to operating activities (assets)

2

83

8

311

Forward exchange contracts related to operating activities (liabilities)

(14)

234

(2)

240

Total forward exchange contracts related to operating activities

(12)

317

6

551

285

266

–

–

–

Held for trading

Other interest rate swaps (assets)

149

38,415

393

7,690

Other interest rate swaps (liabilities)

(94)

37,170

(208)

7,407

Total other interest rate swaps

55

75,585

185

15,097

8,692

1,580

1,500

1,908

1,417

Currency swaps and forward exchange contracts (assets)

66

10,325

21

1,071

Currency swaps and forward exchange contracts (liabilities)

(84)

8,513

(32)

773

Total currency swaps and forward exchange contracts

(18)

18,838

(11)

1,844

1,840

(2)

6

–

–

Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.

Schedule of fair value hierarchy for financial instruments


		Quoted prices in
		active markets		Prices based		Prices based on
		for identical		on observable		non observable
As of December 31, 2025		assets		data		data
(M$)		(level 1)		(level 2)		(level 3)		Total
Fair value hedge instruments		–		(394)		–		(394)
Cash flow hedge instruments		–		142		–		142
Assets and liabilities held for trading		–		(6)		–		(6)
Equity instruments		290		–		–		290
TOTAL		290		(258)		–		32


		Quoted prices in
		active markets		Prices based		Prices based on
		for identical		on observable		non observable
As of December 31, 2024		assets		data		data
(M$)		(level 1)		(level 2)		(level 3)		Total
Fair value hedge instruments		–		(821)		–		(821)
Cash flow hedge instruments		–		(1,375)		–		(1,375)
Assets and liabilities held for trading		–		174		–		174
Equity instruments		391		–		–		391
TOTAL		391		(2,022)		–		(1,631)


		Quoted prices in
		active markets		Prices based		Prices based on
		for identical		on observable		non observable
As of December 31, 2023		assets		data		data
(M$)		(level 1)		(level 2)		(level 3)		Total
Fair value hedge instruments		–		(600)		–		(600)
Cash flow hedge instruments		–		(1,104)		–		(1,104)
Assets and liabilities held for trading		–		207		–		207
Equity instruments		255		–		–		255
TOTAL		255		(1,497)		–		(1,242)

Financial instruments, excluding commodity contracts | Fair value hedge

Financial structure, financial costs and financial instruments

Schedule of impact of the hedging strategies


For the year ended December 31,
(M$)		2025		2024		2023
Revaluation impact at market value of bonds		(1,372)		(568)		(765)
Swaps hedging bonds		1,385		569		767
INEFFECTIVE PORTION OF THE FAIR VALUE HEDGE		13		1		2

Financial instruments, excluding commodity contracts | Cash flow hedge

Financial structure, financial costs and financial instruments

Schedule of impact of the hedging strategies


For the year ended December 31,
(M$)		2025		2024		2023
Profit (Loss) recorded in other comprehensive income of the period		(330)		448		128
Recycled amount from other comprehensive income to the income statement of the period		158		(260)		140