TotalEnergies SE Q1 FY2026 earnings call

• Offshore wind: Concentrate on UK, Germany, France as they have limited onshore renewables space, offshore wind needs to be big to be profitable, exiting small unprofitable projects in Denmark. • Battery storage: Necessary for renewables to avoid curtailment and grid management, cost of batteries has decreased, company investing in batteries in Germany, acquired SAFT which is strong in energy storage systems and sees potential for further cost reduction.

Discussed offshore wind focusing on certain markets like UK, Germany, France as they have limited onshore space and offshore wind needs to be big to be profitable, exiting small projects in Denmark; Also mentioned battery storage is necessary for renewables, company investing in batteries in Germany with SAFT being strong in energy storage systems.

• Demonstrated strength of the model. • Share of TotalEnergies since listing on NYSE has overperformed peers. • Hopes results will help maintain share performance and attract more shareholders.

• Dislocation between physical and paper markets in refining indicators, with differences between realized refining margin and headline margin indicator, doubts about consistency of refining indicators.

Q: About battery storage growth in Europe, role of Total and SAFT; A: Battery storage necessary for renewables, cost of batteries decreased, company investing in Germany with acquired company and SAFT strong in energy storage.

Q: On refining margin dislocation; A: Realized refining margin in first quarter around 10.5% vs indicator around 11.4%, April ERM around $25 vs realized margin on variable cost around $21.5, dislocations between paper and physical markets in refining