TotalEnergies SE CMD 2026

We start today, of course, with the presentation, which will last a bit more than one hour probably, and will be presented by Patrick and the leadership team of the key business units of the company. We will then move to a comprehensive Q&A session where, of course, you will have the opportunity to ask all the questions that you have. We have, as usual, an open line for people who are not able to join today. We should break around 11:30, 11:45 to go for the lunch, which is next door. You should have your number of table for today. It should be indicated on your badge. We will resume this afternoon at 2:00 P.M. for our now traditional roundtables sessions with the executive committee members. You should have all the details of your individual program. If not, ask a member of my team.

As you know, at TotalEnergies, we love rituals. When we are starting a meeting in the morning, we do systematically a safety moment. The safety moment of today is a video which was recorded a few days ago on the CLOV FPSO, which is located in Deep Water, Angola on the Block 17, and which is one of the six FPSOs that the company operates in Angola. Let's watch the video and enjoy the show.

Protecting our people is my main priority. It's my job. TotalEnergies in Angola, it's about 20 million man-hours per year and sometimes some tricky operation. So it's clearly a challenge. In TotalEnergies, we have high safety standard, but they can always be improved. One of the tricky operation is work at height. Work at height is covered by golden rule number 10.

My name is Kevin Smith. I'm the new Rope Access Technical Authority for TotalEnergies Angola. This position has been created to raise the level of excellence at the same level as which we have the CPL Technical Authority. I start by challenging the teams to make sure that no other option is feasible. I then do risk analysis, and I confirm that we have competent people on board. As with in TotalEnergies Angola, all rope access activities are approved by the MD.

On FPSO like CLOV, corrosion is strong, and we have to follow an intensive inspection program. Unfortunately, some pressure vessels or piping are quite often at high in areas which is not accessible. To reduce the rope access activity, we are using a new technology that holds ultrasonic telescopic probe that can be deployed at 12 meters to perform remote inspection. This tool allow us to do thickness measurements as well visual inspection. With this new tool, we hope that we will save our lives. Safety for me, for you, for all.

Good morning. I think this video from Angola is a very concrete illustration of the work we are doing to reduce human exposure in our operations. Here it is for work at heights, but we're doing the same for inspection of confined spaces, for subsea works. Each time looking at technology to avoid exposing people. It connects directly to this first slide on safety, showing our journey of continuous improvement on both occupational safety and process safety. I will start with occupational safety. You know our first objective is zero fatality in our operations. Today, I am very pleased to share with you that we have achieved 500 days just recently without any fatal accident in our operations. It was not the case last year at the same time. But now here we are, 500 days. At the same time, our recordable injury rate is continuously decreasing.

We are at 0.45 injury per million man-hour, a reduction of 35% over the past five years, which places us in the best position amongst our peer group. For process safety on its graph on the right part of the slide, we track the primary losses of containment, so the leaks in our facilities, which is a key leading indicator of process safety. Those losses of containment are down 60% over the past five years. All these results, they've been achieved through the daily commitment of all our teams on site every day, as you could see on the video in CLOV FPSO. At TotalEnergies, safety is a value. These results, they are certainly not a signal to relax, but they are clearly an encouragement to carry on. Thank you. Thank you, Nicolas.

Good morning, everybody in New York. Good afternoon in Europe to all of our listeners. Happy to join you again for our traditional ritual Strategic outlook that we do regularly end of beginning of October and for some years here in New York. I'm happy today to be together, not alone, but with most, except one, because one person stayed in Paris in case of we face a crisis there. Catherine is not with us, but I'm sure she's listening to us. Good morning, Catherine, as well, or good afternoon. I'm here with the executive committee members. Some of them, as you know them well, they will intervene during the session, during the presentation. Others are in the room.

Just to introduce you have Namita Shah, that you know, and they will all participate with roundtables this afternoon but me, so that is good. We have a new face, Emmanuelle. You can maybe stand up. Emmanuelle Guégan, which is our new President for Marketing & Services. She has taken over Bernard Pinatel, who has elected to retire. I am sure I am waiting. Somebody else. Aurélien, sorry. I see two women and so they are hiding you, Aurélien. Aurélien Hamelle. Aurélien, I know him. He is our Strategy President. We will engage this. This presentation, of course, is taking care of a time of quite, I would say, I do not know if I can use unusual times because when I am looking to the last six years or seven years, 2020, there was a COVID, completely unexpected events to have the world closed almost during six months, a year. 2022, another totally unexpected event.

War is back in Europe with the Russian invasion of Ukraine. 2026, we have what seems to be quite unexpected, which is a closure of the Strait of Hormuz. War in the Middle East, unfortunately, we could have expected that, but the consequence was not so clear to most of us. We are clearly in a world where there are regular, I would say, crises, which impact all of them, by the way. The energy. Energy is clearly for those who have doubts in the middle of a center of geopolitics.

It was impact of COVID on the energy markets were quite down, but we had to demonstrate our capacity to react. The Russian invasion of Ukraine has some huge consequences on the gas and power markets. Again, this year, it is oil and gas. We expand, I would say, the impacts. That is, I would say, interesting to see how the companies react. I would say from this perspective, what you will observe and the message today is a message of confidence in our business model of TotalEnergies. We are demonstrating that we are very resilient to these different crises, but we are also more interesting, of course, for investors able to capture the value which is created by the crisis.

Because we have two fundamentals characteristics, which is one is our integration, and I will come back on that. The other one is a diversification of our portfolio. Of course, more than that, we are growing. The other message today, of course, and it was before the crisis, is to give you more information on the growth, the growth towards 2030. As you have probably noticed, there is no link with the meeting, but the last two projects which were still to be sanctioned, which were Ima in Nigeria and Absheron in Azerbaijan, have been sanctioned. All the projects are now sanctioned. We can count in front of you. Now it is really just a matter of execution of the project, but no more decision of the project to reach the target of growing the oil and gas production by more than 3%.

And more importantly, you will come back on that's the core of the presentation, the increase of the free cash flow. That's on one part of oil and gas. On the other part, for power, we will come back as well on it. As you notice, we have made this major transaction of gas to power in Europe, which give a clear visibility to the capacity of the integrated power segment to become cash positive. Balance in 2026, even a little more, and for sure net cash positive in 2027. So that gives, of course, a very strong basis until 2030.

The presentation will also give you more visibility on beyond 2030, because even if we begin, of course, to work for 2030, 2035, and you will see that through the presentation, we have a strong portfolio, strong basis to express an ambition of growth on both segments, oil and gas and power. So that's, I would say, growth, resiliency, integration, diversification. That's the four keywords which allow us to, again, face this short term, but also to be confident and strongly confident on the long term. Just not to be longer, it's clear that, as I just said, the energy is more and more an attractive sector. Some people a few years ago were afraid by the energy because of transition. Today, honestly, what all these events demonstrate that it's really at the core of all the economic growth on the planet. It's combining a growth value.