Editorial
“Energy is an essential good. Our responsibility is to provide more energy to more people, at an affordable price, while reducing emissions. TotalEnergies assumes this responsibility with consistency.”
Fellow Shareholders,
I was delighted to be with you at our Shareholders’ Meeting, held at the Tour Coupole, in La Défense. More than 500 shareholders attended in person, and nearly 2,300 also took part remotely via the live webcast on our website. I would like to warmly thank you for your participation and commitment, which make this event an essential moment for dialogue.
As you know, this Annual General Meeting took place in a context of international geopolitical tensions, with exceptional consequences for energy markets.
In this challenging and volatile environment, TotalEnergies’ strategy once again demonstrates its relevance, leveraging the strength of its integrated model and the diversification of its portfolio.
The year 2025 further confirmed the resilience of our model: TotalEnergies was the most profitable Company among the majors, with a return on capital employed close to 13%, while continuing to invest significantly in the energy transition. With a very strong balance sheet, low gearing, and production costs below $5 per barrel, we have robust fundamentals to navigate periods of uncertainty. At the same time, the actions undertaken to reduce emissions are delivering results, in line with our objectives.
TotalEnergies’ performance enables us to create value and share it. In 2025, this value, generated by the commitment of our 100,000 employees, was distributed to all our stakeholders: our employees, our host countries, our customers, and of course, you, our shareholders. Building on the strong results of the first quarter, the Board of Directors has decided to increase the first 2026 interim dividend by 5.9%, bringing it to €0.90 per share. Notably, this represents the highest dividend growth among oil majors, reaffirming our commitment to steadily increasing the dividend.
Beyond financial performance, it is also important to highlight that TotalEnergies directly contributes to the energy sovereignty of Europe and France by combining security of supply, domestic production, and energy transition. This is at the core of our approach: moving towards carbon neutrality together with society, without abrupt disruption, by reconciling climate progress, security of supply, and access to affordable energy.
Energy is an essential good. Our responsibility is to provide more energy to more people, at an affordable cost, while reducing emissions.
TotalEnergies assumes this responsibility with consistency. If we are able to navigate these periods without deviating from our course, it is thanks to the strength of our business model and the discipline of our strategy. With the commitment of our 100,000 employees worldwide, and your support, dear shareholders, we are ready to meet the challenges ahead with confidence and determination.
Thank you for your trust and loyalty, and I wish you an enjoyable read of this Shareholder Newsletter.
Patrick Pouyanné