TotalEnergies confirmed, following its annual strategic seminar, the continuation of its multi-energy growth strategy based on hydrocarbons and electricity, while adjusting its shareholder return policies. The Board of Directors validated a focus on dividend growth, while adapting share buyback levels to energy market developments and macroeconomic variables.
Dividend prioritised, share buybacks adjusted
The Board reaffirmed its objective to redistribute at least 40% of cash flow to shareholders, regardless of energy prices. The dividend remains a priority, having increased by more than 20% over the past three years and never having been cut in over forty years. For 2025, share buybacks will amount to $7.5bn (€7.02bn), with a fourth-quarter level set at $1.5bn (€1.40bn). In 2026, buybacks are expected to range between $0.75bn and $1.5bn per quarter, based on a crude oil price between $60 and $70 per barrel and an exchange rate around $1.20/€.
Energy production and investment maintained
TotalEnergies’ management is maintaining its objective of a 4% annual increase in overall energy production (oil, gas, electricity) through 2030. This is supported by a disciplined investment policy and anticipated growth in cash flows between 2025 and 2030. The offshore wind project “Centre Manche 2”, awarded to the company in France, is part of this strategy.
Stronger focus on employee shareholding
The Board approved a new capital increase reserved for employees in 2026. This operation is expected to bring employee ownership to over 9% of the company’s capital. By the end of the second quarter of 2025, employee shareholding already represented 8.9%, up more than 50% over ten years, making it the largest amount invested by employees in their company in Europe.
Conversion of ADRs into ordinary shares
The Board also approved the technical conversion of American Depositary Receipts (ADRs), listed on the New York Stock Exchange since 1991, into ordinary shares. This operation will have no impact on holders of ordinary shares listed on Euronext Paris, which will remain the company’s primary listing market.
