Ladies and gentlemen, dear shareholders, good morning. Hello. I am pleased to welcome you to this TotalEnergies Annual General Meeting at the company's headquarters in this auditorium of the Coupole Tower, and in the annex room connected to the auditorium. Jacques Aschenbroich, your Lead Director, and Jean-Pierre Sbraire, your Chief Financial Officer, are here with me. Members of your board of directors and executive committee are also in attendance, and I thank them for that. This annual general meeting is a key occasion for the expression of shareholder democracy, to which the company is particularly committed. We hope that the meeting will proceed smoothly, so that you can participate in the most important decisions affecting your company.
Since the auditorium has limited seating, some of you are attending this meeting via a video link from an adjacent room, where you will be able to watch the presentations, participate in the discussions. There will be microphones circulating, and you can ask your questions and vote. I would also like to welcome the many shareholders who are following this meeting live via the webcast on our website, totalenergies.com. They cannot vote in person, but they were able to cast their ballots in advance by mail or online, and we thank them for that. I would also like to point out that court officers and journalists are present and attending the assembly. I would therefore like to welcome all shareholders and interested parties who are following this meeting, wherever they may be. I call the meeting to order. We will now proceed to elect the Assembly's Bureau.
The TotalEnergies Actionnariat France employees ownership fund, represented by Mr Christophe Hallé, and Amundi, represented by Ms Bernadette Scazzitti, have agreed to serve as scrutineers for this meeting. They both have, according to this sheet, the largest number of votes among the shareholders present in the room. You can see them at the other table. I now announce the Bureau to be duly constituted. I propose to appoint your Chief Financial Officer, Jean-Pierre Sbraire, who is standing next to me as Secretary of the Assembly. According to the provisional attendance, 73.3%. It's not 1,700,000 actions for about 35,000 shareholders. This is provisional because it's temporary. We will have the final count at the end of the assembly, and sometimes it takes longer to count all the votes.
The number the shareholders present and represented have cast a vote, so 73.42% that are duly represented for the opening of this ordinary and extraordinary general meeting, I hereby say that the quorum is 20% for the resolution of the ordinary meeting and 25% for that of the competence of the extraordinary meeting. I hereby declare the general meeting duly convened. The documents certifying that the general meeting was properly convened or necessary for its convening have been submitted to the Bureau. They were made available to shareholders prior to this meeting and were provided to those who requested them in accordance with the applicable regulations. I spare you the list of the documents. I remind that we are here to deliberate on the agenda present on page four in your invitation. It is in the invitation that was submitted to your disposal.
Under these conditions, let's not proceed to their reading. We are now going to present the different topics we want to tackle here today. First, Jean-Pierre Sbraire, your financial director, will represent the financial results of the company for FY 2025. Your auditors will then present the different reports established for this assembly in a session that was recorded. Jacques Aschenbroich on my left, your Lead Director, who will talk about the governance of the company, give account of the works made by the board, its committees, and present the renewal of mandates submitted to your approval, and also will present his role and give account of his mission in 2025 as Lead Director. Dierk Paskert, who is President of the Compensation Committee, will present the compensation elements of your board members and the CEO of the company in a part that is also recorded.
Aurélien Hamelle, your Strategy and Sustainability Director, will present the largest part of the progress report 2025 for the ambition of the company in terms of sustainable development and energy transition. This presentation is an introduction to the points that your board members have added to this agenda, which will open the session of Q&A. Finally, myself, I will pursue by taking a look at the implementation of the strategy and the outlooks. Before starting, as you know, maybe you don't know, but I will confirm that since we have two traditions within our company, in the morning, the first meeting always starts with what we call a safety moment dedicated to safety, and in the afternoon, we always start with a moment dedicated to sustainability. Someone gives a quick presentation of an example.
Since it is the afternoon, we will start this general meeting with our usual practice, and we will present a video on actions led to reduce carbon emissions in Malaysia.
Sustainability is a license to operate on top of safety. In logistics, we have progressively working on the fuel reduction. For the past five to six years, we have reduced almost 85% of the fuel consumption for our marine vessel. We also implement the EV for lift here in the warehouse. The third one, we also have implement the shore charging power station in our Miri Heli Base. Whenever the vessels come in, they will plug into the shore charging power instead of burning the fuel at supply base. For emission reduction, basically, we are low carbon intensity. In fact, among the affiliates, we are top three lowest. That doesn't stop us to do more initiative. The most important initiative is to do the methane detection. We have two project we implement in Malaysia. One is AUSEA.
The other one is we have fixed methane monitoring project. Currently ongoing is 267 sensors around Jerun A platform to detect the emission at the source of leak.
We have three out of five platforms that are fully solar panel power generation. You don't have gas turbine on the platform. You don't burn any flare gas. You have only batteries and solar panels.
For Jerun and B15, we design for zero venting. For flaring, basically for Jerun, we started initiative in July this year. We are replacing the hydrocarbon purging, which is a component of flare, with nitrogen purging. By doing that, we are reducing our flare volume, hydrocarbon flare volume.
Ladies and gentlemen, it is my pleasure this afternoon to present the financial results of the company. If you wish, before we start the figures, I'm going to take a few moments to come back to the highlights and the main events of the past year. As you know, we have a balanced strategy that is anchored on two pillars. The first pillar is hydrocarbons, oil and gas. The second one is Integrated Power and electricity. Concerning the first pillar, we started the production of two major fields last year, one in the U.S., Ballymore, the other one in Brazil, Mero 4. Namibia is now a very promising region for TotalEnergies, with the discovery of the Venus field that we did a while back, and on which we are working for an FID investment decision, if possible, before the end of 2029.
Our entry as operator into the license, making Namibia a major country for the future of the company in that region of the world. With our approach, we've renewed our exploration portfolio. We've entered new permits, new licenses. We only want to mention the most important offshore in the U.S., Nigeria, Malaysia, Indonesia as well, and this ensures a pipeline of future projects for the company. In the field of gas and LNG, we've taken the final investment decision on the fourth train of the LNG project in Rio Grande, securing additional supply of 1.5 million tons of LNG per year, reinforcing our position as leaders and first exporters of U.S. LNG to European markets mostly. At the same time, we have continued our upstream integration in the U.S. by taking some participation in several gas fields in the United States. We have entered new gas discoveries in Malaysia.
Malaysia will become a new hub of gas production, ideally positioned to supply the Asian markets. We have signed an agreement with NEO Energy in the U.K. to merge our assets with theirs and generate some economies of scale. As you can see, the results, the growth of production in 2025 was greater than what we anticipated. Our forecast was 3%. We had a growth of more than 4%. We continued to be the leader in cost per barrel. We've got a production cost per barrel, which is the lowest amongst our peer, $5 per barrel. Very important to prepare the future of the group, we've renewed our reserves. You can see the rate of replacement of our reserves hit 120% in 2025.
We've got 12 years of productions for proven reserves ahead of us. This is how we're preparing the future of the company concerning this first pillar of oil and gas. On the second pillar, Integrated Power with electricity, we were very active in 2025 with a growth of 20% of our electricity production. It's an organic growth from our portfolio. We have a production of more than eight gigawatts of additional gross capacity in production. We had a transaction with EPH at the end of last year. We finalize it at the end of April. It will make us a leader in the top three of the electricity production from flexible assets. It's going to increase our integration in the electricity gas chain in Europe. We've also signed several contracts with data centers for more than six terawatts per hour per year.
We are really surfing on the wave of the data centers in the U.S. and Europe, and we're ideally positioned to answer in a profitable and efficient way to this increase in demand for power. We've also implemented our model in this sector of Integrated Power by meeting our objectives of partial divestment, our renewable disclosure in the U.S., in Greece, in Portugal, in France, recycling EUR 2 billion of capital and increasing the profitability of our Integrated Power sector. This was for 2025. It was a busy year. Before we look at the results in detail, I just wanted to give you the main parameters of environment for 2025. On average, for the year, Brent is the marker for the price of crude. It is at EUR 69 per barrel in 2025. It's a decrease of EUR 11 compared to 2024. The gas prices remain at a very high level.
The price of European gas has been around $12 per million BTUs, but with limited arbitration opportunities between the various consumption catchment areas between the European and Asian markets. The downstream environment has increased refining margin during the second half of 2025, sustained by the constraints linked to the perspective of additional sanctions by the U.S. towards the exports of products coming from Russia. In this environment, as you can see, TotalEnergies really used its integrated strategy with a strong growth of its production to once again generate very solid results last year. Let us go to the figure. You can see the cash flow from operations in 2025. This cash flow from operations was close to $28 billion, $27.8 to be precise. We had a net adjusted income of $15.6 billion and an IFRS net income of $13.1 billion, after taking into account the non-recurring elements.
You can see the profitability of the capital was 12.6%, and the one of the equity of 13.6%. The left-hand side of the graph shows how this cash flow from operations was generated and the split in the various activity sectors. All of the sectors have significantly contributed to this cash flow. First of all, Exploration & Production for $15.6 billion, which is 55% of the cash flow because of the accretive growth of our production. 15% of this cash flow from operations, $4.7 billion, was generated by the integrated LNG activities in spite of the decrease of the average price of LNG and a year with less volatility impacting the activities of gas trading. Electricity Integrated Power generated $2.6 billion, which is about 10% of the cash flow from operations of the company.
It is beyond the objective that we had for 2025, which was at 2.5, and the profit, the ROACE, was almost 10%. Almost 10% of the cash flow from operation was generated by the downstream, demonstrate once again the value and the resilience of the integrated model of refining and chemicals and marketing and services, especially with a use rate of our refinery that was very high, around 85% over the year, and they were able to capture the market's margins thusly. The part in yellow on the right-hand side shows how this cash flow was allocated. We dedicated $17.1 billion to net investments. These are organic investments plus the net between acquisitions and divestment, and I'll come back to that later on. And you can see in the return to shareholder, significant amounts dedicated to the dividend of $8.1 billion.
It's a new growth of the dividend plus 7.2% over one year and a EUR 7.5 billion dedicated to our share buyback. The return to the shareholder, dividend plus share buyback, represented EUR 15.6 billion, which is a distribution that is close to 55% of distribution to the shareholders from the cash flow generated in 2025. This performance was met while keeping a solid balance sheet because the debt ratio was below 15% at 14.7%. Let us look at the investments. Like the previous year, we have continued in 2025 a rigorous and disciplined allocation of our capital. We had communicated at the beginning of the year that we would have a range of investment for CapEx between EUR 17 billion and EUR 17.5 billion, and we wrap up the year at EUR 17.1 billion. This does show our discipline in terms of allocating our capital.
This diagram shows how this CapEx, how this investment was split, business sector by business sector. It shows the implementation of our balanced growth strategy. We have one-third of these CapEx that were allocated to new oil and gas projects. These are the projects that will contribute to the future growth of the company. Around $3.5 billion were dedicated to the Integrated Power sector and more generally to low-carbon energy, mainly electricity. Lastly, a little bit more than a third of this CapEx was dedicated to maintaining our oil and gas activities. This figure of $17.1 billion covers what we call the organic investments, which are the investment to maintain and develop our existing portfolio. It also takes into account the net between the acquisition and the divestment. This was very balanced in 2025, we had a significant amount for acquisitions and one of divestment.
EUR 3.5 billion for acquisitions and EUR 3.6 billion for the divestments. This means that we were very active in terms of M&A to improve our portfolio and to benefit and capture all of the opportunities that made it possible to be in line with our strategy and once again, to improve our performance and portfolio. Overall, when you add up all of these acquisitions and divestment, it's EUR 8 billion of assets that have been recycled in our portfolio in 2025. To only mention the main acquisitions, still in this idea of the integration strategy on the value chain of gas, electricity, there was the acquisition of one of the main renewable developers in Germany, VSB. We finalized it at the end of last year. In the gas upstream in the U.S., the acquisition of additional interest in gas. We've also entered new permits in Malaysia.
Looking at the disposals, we have divested from marginal mature assets in Nigeria, Argentina, or Congo to mention the main ones. It is my pleasure every year to present this slide. It is the comparison of TotalEnergies compared to our peers. From the U.S. side, Exxon and Chevron, and from the European side, Shell and BP. We have illustrated this performance. We were better than our peers in 2025 on four key indicators. The first one was the ROACE, the profitability over the average capital employed, to 2.6% in 2025. For the fourth consecutive year, TotalEnergies had the best ROACE amongst our peers. This demonstrates that you can be the most profitable major while being a leader in energy transition. The second indicator is the total yield for the shareholders. We have overperformed our shareholders with 7%.
This means that a shareholder who bought a TotalEnergies share on the 31st of December 2025, made a gain of 28% throughout the year of 2025. The lifetime of the proven reserve is above 12%. This is making us ahead of our peers with Exxon, very far ahead of our other competitors, BP, Shell, and Chevron. It is an important indicator to guarantee the future growth of the company. This indicator does show the depth and richness of our portfolio of assets. In terms of production cost, at $5 per barrel, it is a competitive advantage that we have over our peers. It is the lowest amongst our competitors.
For the past 10 years, we've had this competitive advantage, and of course, it is advantage that we intend to keep and reinforce throughout the year to be resilient when the prices are low and to be able to maximize the cash flow when the prices are high. I think that these indicators do demonstrate the pertinence of our strategy and the efficiency of its execution. All of these elements allow us to have an attractive return to the shareholder. Dividend is a key part of this return to the shareholder. As you know, the board proposes to this general assembly a dividend for 2025 of EUR 3.40 per share. It is an increase of 5.6% compared to 2024. When we go back over the past four years, the dividend will have grown by more than 30%.
At the end of April, your board has decided to increase of 5.9% the first dividend payment, bringing it from EUR 0.85 to EUR 0.90 per share. We will continue this in 2026, adjusting the pace to the price of energy. We will continue our policy of share buyback. For the first quarter, we have bought $750 million. The board has allowed us to go to $1.5 billion for the second quarter. Mechanically, of course, these share buybacks contribute to increase the yield per share and associated to the growth of the company. We are growing on both pillars. These share buybacks sustain the future increase of dividends per share.
For the whole of 2026, your board has decided to confirm continuing an attractive distribution policy with a return to the shareholder that was more than 40% of the generated cash flow via a policy of share buyback while keeping a very solid balance sheet and a debt ratio that was below 15%. On the 8th of December 2025, we have opened a new chapter of the history of the TotalEnergies shares in the United States. The ordinary share TotalEnergies is now listed on the New York Stock Exchange in the United States, which is the largest market in the world. This means that we have the same share that the one listed in Paris, listed on the New York Stock Exchange. This allows us to have a share that is listed continuously on the market from 9:00 a.m.
in Paris to 4:30 P.M. in New York, when the U.S. markets wrap up for the day. The objective of this operation is quite simple. It was giving an easier access to our investors and broaden our shareholder base. This allows us specifically to have access to new investors in the United States, especially those who only invest on shares that are directly listed on U.S. markets. I think the curve speaks for itself. Since we've listed our ordinary share on the 8th of December 2025, before the war in the Middle East, the TotalEnergies share has overperformed all of its peers. I think that this is clearly the sign that the board was right with this operation of listing on the NYSE, and it's the sign of the recognition of the markets of our performance 2025 and their confidence in the company for the future.
To summarize, this favorable evolution of our share demonstrates our capacity to bring together the short-term growth of value and preparing the future. Thank you very much.
Thank you very much, Jean-Pierre. We're now going to give the floor to Mr. Yvon Salaün from EY, who will present to you on behalf of the board various reports prepared by your auditors. It is recorded.
Thank you, Mr. Chairman and CEO. Ladies and gentlemen, shareholders, good afternoon. On behalf of the statutory auditors, PricewaterhouseCoopers Audit and Ernst & Young Audit, I would like to report on our engagement regarding the financial statements for the year ended December 31st, 2025. Our reports for the 2025 financial year are among the documents that have been made available to you and are displayed on screen. These reports on the annual and consolidated financial statements for the year, the special report on related party transactions, the sustainability and taxonomy certification report, and finally, the reports on potential proposed capital transactions.
In accordance with the custom of this meeting, I propose to present the essential points of our report. First, regarding our reports on the annual and consolidated financial statements for the year. Our audit approach and procedure took into account the specific characteristics of your company's business. Bearing in mind that our work aims in accordance with our professional standards to provide reasonable assurance that these financial statements are free from material misstatement. Regarding resolution one, concerning our report on your company's annual financial statements prepared in accordance with French accounting principles and presented on page 614 to 617 of the universal registration document. We have issued an unqualified opinion on these financial statements. Page two of our report concerning the basis for the opinion also refers to the impact of the initial application of ANC Regulation Number 2022-06, as set out in the notes to the financial statements.
In our report, we outlined the key audit findings concerning the valuation of equity securities and related receivables, as well as the work performed in this regard. We made no comments on the management report or the Board of Directors' report on corporate governance. For resolution two, concerning our report on the consolidated financial statements prepared in accordance with IFRS, as adopted in the European Union and presented on pages 448 to 452 of the Universal Registration Document. We have issued an unqualified opinion on these financial statements. Our audit approach took into account the specific characteristics of your company's business activities with respect to operations, organization, accounting rules, and internal control systems. The Audit Committee and the Board of Directors were regularly kept informed of the progress and results of our work.
In our report, we presented the following three key audit findings relating to the impact of climate change and the energy transition on the financial statements, the assessment of the impairment of non-current assets in the exploration and production activities of the exploration and production and integrated LNG sectors, the impact of the estimation of proven developed hydrocarbon reserves on the amortization of oil and gas assets in production in the same exploration and production and integrated LNG sectors. Furthermore, under the fifth resolution, our special report on regulated agreements is presented on page 271 of the Universal Registration Document. It specifies the absence of any new regulated agreements authorized and submitted to your approval. Furthermore, the agreement for the free provision of premises to the Alliance Education United Way Association, which had already been approved in previous fiscal years, continued into fiscal year 2025.
Our fourth report concerns sustainability information and taxonomy. It is presented on pages 415-417 of the universal registration document. Our limited assurance report covers compliance with ESRS and European regulations, the process implemented by your company to determine the disclosed information, the sustainability information included in the sustainability statement, and the taxonomy information. Based on the procedures we have implemented, we have not identified any material errors, omissions, or inconsistencies regarding compliance with the ESRS and European regulations. Finally, in connection with resolutions 14-20 of your meeting, we have issued reports on the capital transactions. We have not made any comments on the terms and conditions and the information provided in the board of directors report. When exercising these various authorizations, we may be required to prepare, if necessary, supplementary reports to facilitate the completion of these capital transactions carried out by your board of directors.
There you have it, ladies and gentlemen, shareholders, a summary of your various reports concerning the 2025 financial year. Thank you for your attention.
[Foreign language] Thank you, dear auditors for your work. I will now give the floor to Jacques Aschenbroich, your Lead Director, who will discuss the balance governance of your company.
Ladies and gentlemen, dear shareholders, hello. I am once again delighted to be able to address you today as Lead Independent Director of TotalEnergies, a role I have held on your board of directors for the past three years. In this capacity, I am pleased to present the governance of your company, the composition of the board, its activities, and a description of the actions I have undertaken as Lead Independent Director.
In 2025, your board of directors and its four specialized committees were fully engaged in supporting TotalEnergies in the implementation of its strategy. Your board of directors met nine times, the committees held 16 working sessions with director attendance rates approaching 100%. I would like to emphasize that this particularly high participation rate demonstrates the strong commitment of your directors to the company's work and its follow-up. Your directors are here with you today, as Patrick said, present today, demonstrating their continued support during key moments in your company's history. As we do every year, we also held a meeting of directors who do not hold executive or salary positions, which I chaired as Lead Independent Director. During this meeting, we discussed the work and operations of your board of directors.
On this occasion, the directors unanimously confirmed their support for the TotalEnergies transition strategy based on the development of its two pillars, oil and gas on the one hand and electricity on the other. Regarding Integrated Power, the directors noted very concrete progress in its growth model. This business, which your company continues to develop, unlike its major competitors in the sector, is improving its margin and net cash generation year after year, which should, moreover, become positive in the near future and thus contribute to the dividend payment. I now turn to the composition of your board. TotalEnergies benefits from a board of directors with a wealth of complementary profiles and experience, thanks to the diversity of its members. Following this annual general meeting, and subject to your approval of the resolutions adopted, your board will consist of 14 directors, including six international directors with a 50/50 gender balance.
50% women, 50% men. Your board will thus bring together a diversity of profiles and skills. This is the result of a company-wide approach over several years, enabling your board to comprehensively address all the issues submitted for its review. The board of directors, on the recommendation of the governance and ethics committee, proposes that you renew the mandates for a three-year period to Marie-Christine Coisne-Roquette, Anelise Lara, and Dierk Paskert. Regarding the mandate of Marie-Christine Coisne-Roquette, the board considered that even though she can no longer be considered as independent director under the AFEP-MEDEF code, due to her long tenure, her experience is highly beneficial to her work and that of her committees, and the board wishes to continue to benefit from her in-depth knowledge of the company's operations, its challenges, and its teams.
Furthermore, Mr. Mark Cutifani announced his decision not to seek renewal of his mandate, which was due to expire at the close of this annual general meeting, and to step down from the board of directors as of March 16th, 2026, for personal reasons. The board wishes to express its sincere gratitude to Mark Cutifani for his active contribution to the ongoing work during his nine-year term. The board has therefore decided to propose to the annual general meeting the appointment of a new independent director, Mr. Slawomir Krupa, for a three-year term. He will be able to bring to the board his experience in finance and markets and his international experience, namely in the United States. Mr. Slawomir Krupa, who is present in the room, will introduce himself in a video that will be shown in a few minutes.
Finally, on the recommendation of the governance and ethics committee, which I chair, and after review of the practices of CAC 40 companies and international vetting, the board of directors decided at its meeting of 18 March 2026 to submit for your approval the revision of the statutory age limits applicable to the position of chairman to raise it from 70 to 75 years and that of chief executive officer to raise it from 67 to 70 years. Let us now turn to the highlights of your board's activities since the last AGM. First, the board, again this year, devoted a significant portion of its work to the company's transition strategy and the associated business model. The board notably voted on the approval of the acquisition of 50% of EPH's flexible power generation asset portfolio in Europe.
The board contributed to discussions regarding the new wording of the climate ambition to comply to the new European legal framework, while reaffirming the company's commitment to its transition strategy. It closely monitored the listing of TotalEnergies ordinary shares on the New York Stock Exchange, which took place on December 9th. More recently, we have closely followed the main events that have shaped TotalEnergies news, including, of course, monitoring the crisis in the Middle East and its impact on the market and on TotalEnergies activities. During its strategic seminar, the directors examined the resilience of TotalEnergies portfolio in the face of geopolitical instability and its macroeconomic consequences. They also reviewed the integrated power strategy, differentiated according to the various target markets, with a focus on the role of offshore wind in the company's energy mix.
Finally, in 2025, your directors visited several TotalEnergies sites in groups of four or five, accompanied by a member of the executive committee. There, they met with employees, partners, and local figures in the energy sector. I am thinking, for example, of the visit of the Seagreen project site, the largest offshore wind farm in Scotland, the Antwerp refinery in Belgium, and the exploration and production assets in Nigeria. These visits make a very tangible contribution to the training of the directors. This year, again, further visits are being organized in Morocco, Germany, Angola, and France. I would like to briefly reiterate my responsibilities as lead independent director. As you know, your board of directors pays particular attention to the balance of power within the company. As lead independent director, my role is to ensure the proper functioning of governance within your board.
In this capacity, I chair the Governance and Ethics Committee, as well as at least one annual meeting of all directors external to the company, as I mentioned at the beginning of my remarks. I also lead the process for evaluating the board's performance. Furthermore, I would like to remind you that the lead independent director is the primary contact for directors regarding the prevention of conflicts of interest and may request a board meeting at any time and as often as the company's interests require to convene the board. Finally, I am involved in shareholder relations of the company, particularly on corporate governance matters. This will be the last point I will address in my presentation. Since the last annual general meeting, I have had several meetings with shareholders representing more than 20% of the share capital. This allowed me to answer their questions and gather their expectations.
From these meetings, I have identified the main topics of interest to shareholders. The first concerns the board itself, its composition, its operation, and its evaluation. In this context, I discussed with our shareholders the nominations and reelections of directors presented at the annual general meeting, including the number of terms the candidates will serve, the process for developing succession plans for corporate officers, and the changes to the statutory age limits, which are submitted for your approval today. Climate and sustainability were also addressed during these discussions. In particular, the inclusion on the agenda of the general annual meeting of a formal item for discussion without a vote on the progress report on the implementation of your company's ambitions regarding sustainable development and energy transition.
The shareholders I met with also wanted to hear my perspectives as lead independent director on the company strategies, its investments, and the management of associated risks. In this regard, we discussed, in particular, projects that have generated some controversy, such as those in Uganda and Mozambique. Dear shareholders, in conclusion, I would like to assure you that your board remains fully committed to supporting the company in its transition strategy over the coming years within the framework of a balanced and effective governance. I now suggest to watch a video of Mr. Slawomir Krupa. Thank you for your attention.
Hello, dear shareholders. Ladies and gentlemen, I'm Slawomir Krupa. I am happy and honored to address you today to present my candidacy for the position of director on the board of directors of TotalEnergies at this general meeting.
If I am speaking before you, it is at the proposal of the board of directors and in particular of its chairman, to whom I would like to express my sincere gratitude for their confidence. Please allow me to say a few words about my background. I have been CEO of Société Générale for three years now, a group I joined at the beginning of my career. Within this group, I have held various roles, sales and management positions in France and the United States, exercising responsibilities that have allowed me to build relationships across numerous regions, understand the financial markets from different perspectives, and work particularly with companies in energy. It's a company I am deeply attached to, with its French and European roots, as well as its ambitions and global presence.
We serve clients all over the world, supporting their projects, their transformation, and by providing them with ongoing advice and resources. As you can see, consider the points of convergence between Société Générale and TotalEnergies that are large, a strong pioneering culture, a long history, and a shared vocation to be an essential link in the economy by managing two rare resources, indispensable for enabling economies to move forward: capital and energy. We see geopolitical upheavals that our society is currently undergoing are unprecedented and represent significant challenges for our businesses. In this situation, governance and diversity of experience are essential. It is in this spirit that I would like to join TotalEnergies' board of directors, if you grant me with your trust. I will offer my experience as a banker and business leader. I am committed to preparing for the long term and successfully navigating these transitions.
For you and your shareholders, with your support, I pledge to contribute with conviction, a sense of responsibility, and independence to the work and deliberations of the board. Dear shareholders, thank you for listening. Thank you for your trust.
Very well. Thank you very much. I'm going to say a few words to tell you all, dear shareholders, that the board has also the great benefit of having a great senior administrator that we're very happy. He contributes to the quality of the work and makes sure that consensus is done on all questions. Thank you, Jacques, for the great functioning of our board, and I think I speak in the name of all of the board when I say this. Yes, you can give him a round of applause. I am now going to give the floor to Dierk Paskert, who is the President of the Compensation Committee. Ever since Mark Cutifani has left the company, he was member of the Committee, and he stepped up as Chair. He will speak in English, and for reasons of translation, he has recorded his sequence.
You'll have the English version of the presentation, but you'll also have the French translation for those who are in the room here. We're going to start the video.
Good day to all shareholders. My name is Dierk Paskert. Since Mark Cutifani left our board and the committee, I have the honor of chairing the Compensation Committee, working alongside Jacques Aschenbroich, Lead Independent Director, and Angel Pobo as the Employee Representative. Today, on behalf of the Board of Directors, I'm very pleased to present a summary of the implementation of company's compensation policies in 2025 and the proposed compensation policies for 2026 for your board and your Chairman and CEO. As we wrote to all shareholders in a letter published in our universal registration document, the Compensation Committee met twice since the last Annual General Meeting to review market developments and the company's performance to ensure that current practices remain sufficiently competitive and are based on a clear alignment between compensation and performance.
I can confirm that they are meeting such principles. I think the reason why the main word that I will be using today will be unchanged. Regarding the compensation for your directors, two resolutions are submitted for your approval. The Resolution Number 10 on the left-hand side of the screen concerns the approval of the information relating to the 2025 compensation of directors. Based on the number of board and committees meetings held during fiscal years 2025, and based on the actual attendance of each director, the global amount of compensation to be paid was set at €1,911,458, an amount below the cap of €2,150,000 set by the shareholders meeting in 2025. The Resolution Number 11 on the right-hand side of the screen submits for your approval the 2026 compensation policy for the directors.
After reviewing the benchmark conducted on CAC 40 companies with a compensation allocation structure among directors comparable to that of TotalEnergies, the board of directors decided to change the allocation rules of the compensation to directors as of fiscal year 2026. The maximum annual global envelope applicable in 2026 remains unchanged at €2,150,000. I will now present the 2025 compensation for your Chairman and CEO, which is composed of fixed compensation, variable compensation, and performance shares. In 2025, the fixed compensation amounted to €1,550,000, an unchanged amount since 2022. The variable compensation, conditional on the approval of the Resolution Number 12, amounted to €2,535,800, corresponding to 163.6 of % of the annual fixed compensation, out of a maximum of 180% awarded after strict compliance of the results of the safety and greenhouse gas emissions, of the financial parameters, and after evaluation of the CEO's personal contribution.
Finally, as approved previously by shareholders meeting, 140,000 performance shares have been granted to the CEO, subject to performance conditions. The final allocation of these shares will only take place in 2028 based on the rate of achievement of performance conditions assessed over a three-year period. Now coming to the 2026 compensation policy for the chairman and CEO, which is set out in resolution number 13, submitted for your approval. As approved by the annual general meeting in 2024, in connection with the chairman's and CEO's compensation policy, the annual base salary, as well as the structure and the amount of the annual variable portion applicable during the previous term of office, remain unchanged for the duration of the current term of office from 2024 to 2026. The fixed compensation of the chairman and CEO for 2026 will therefore be EUR 1,550,000, unchanged since the beginning of 2022.
The annual variable portion for 2026 therefore retains the same structure and the same amount, up to 180% of the base salary as for 2025. Upon recommendation of the Compensation Committee, the board has raised some performance criteria such as safety objectives, as well as the Scope 1 and 2 objective for the year 2026. Finally, the allocation of 140,000 performance shares for 2026 is in line with the Chairman and CEO's compensation policy set by the board of directors for the entire duration of the current term of office from 2024 to 2026. The same amount than in 2024 and in 2025. The final allocation of these shares will take place in 2029 based on the rate of achievement of performance conditions assessed over a three-year period.
On behalf of the Compensation Committee, I would like to thank you for your feedback and support and for your time and attention.
Very well. We are now going to thank you, Dierk, for this impeccable presentation. Maybe not German, but at least very clear. It's the reputation that the Germans have in France. I'm going to yield the floor to Aurélien Hamelle, our Strategy and Sustainability director, who's going to talk about the key elements of the sustainability and climate progress report, which is something that will bring you to the questions. Aurélien, the floor is yours.
Ladies and gentlemen, dear shareholders, it is my pleasure this year to talk about the progress that we've done in 2025 in implementing the strategy of transition and reducing the greenhouse gas of the company. First of all, a few words on the context in which our transition strategy is enshrined.
This context is a context in which the collective transition of energy systems has begun. We can see it with two aspects that you can see on the diagram that you can see on your screen. There is a growing decorrelation that has increased since the Paris Agreement between the economic growth that is around 3% per year and the demand for energy, which continues to grow. With a pace of growth that is now disconnected from the pace of growth of the economy. This means that the economy has gains in energy efficiency. That's a good news. The second reading of this transition that has started, is that this demand for energy is faster, especially since the Paris Agreement, than the growth of the emissions. It's quite striking. You can see it here.
When you had between 2000, 2015, you had a one-on-one ratio between the growth of energies and the growth of greenhouse gases. This has been divided by two, and it shows that the transition has started and energy is being progressively decarbonized. Electricity is the strongest growth over the period. Natural gas is constant at about 2.3% per year, and oil continues at the same rate as the global population. These are long-term trends that we can observe. Quite simply, this transition is not fast enough according to all of the experts to meet the objectives of the Paris Agreement. The IEA, in its annual World Energy Outlook, said that the objective of 1.5 degrees was now out of reach given the inertia of the energy system and the time necessary for a transition.
At the same time, half of humans don't have access to enough energy to have a satisfactory level of development. Why? Because we still need to do anything with this trilemma, with three aspects that are as important. We know, and the Paris Agreement has shown it, energy needs to be cleaner and emit less and less CO2 and greenhouse gases, and that's the sustainability in the heart of sustainable development. The geopolitical shocks since 2022 are a reminder that energy needs to be available. Energy security is at the front of the agenda now. It used to be taking a backdrop, and we know that in the current debate, the security of the states, but also the electrical security of the consumers, and we see it with blackout, is indispensable, and we can only provide energy if it's reliable 24/7.
The most important aspect for a transition is that energy needs to be affordable. We know it. Today, many people are struggling to pay an additional price or don't want to for greener energy. Transition can only be accelerated and successful if all of the players in the energy system, the producers and the consumers, are able to give clients affordable energy. It is the context for strategy. What do we do in this context? We reaffirm our strategy. As it's been said already, we have this year reformulated our ambition for the climate together with society to take into account the regulatory constraints that were mentioned because the European reporting framework brings together the term Net Zero Transition Plan with an objective that should be of 1.5 degrees of warming, and we should show the compatibility of this for every company.
The scientists and experts tell us that this objective is out of reach. We felt that it was impossible to have such transition plans in the sense of the regulation. That's our first point. We've also clarified the interdependencies of our ambitions and that of other players. For an effective transition, we need public policies to support it. We need technological innovation that make it possible, and we need the consumers, and this goes back to the question of the price, can choose the less carbonated solutions. Here we reaffirm our transition strategy. We reaffirm all of our objectives by 2030, which are in terms of greenhouse gases shown on your screen, and I'll come back to them in detail. Transition for your company is first of all a matter of energy.
In terms of energy, what best to meet this than to help both supply and demand evolve to a less carbon-intensive system. We have a strategy that relies on two pillars, with oil and gas on the one hand, and integrated electricity on the other side. You can see it, your company is now more than 100 years old. It was built as an oil and gas company over this period of 100 years, but you can see that we were not an electricity producer or seller in 2015 when the Paris Agreement was signed. In less than 10 years, our company became this company that rebalanced the part of oil and gas and became a significant seller of electricity, because last year the sales of electricity were 12% of our sales.
Our objective is to continue the strategy and to make sure that the sale of electricity will represent 20% of the energy that we're selling by 2030. It's a matter of energy, and for us, as industrialists, it's also a question of emissions. Here you have what we did and how we did it, and where we want to go in terms of reducing our greenhouse gas emissions in our operations, what we call Scope 1 and 2. We can see that between 2015 and 2025, we have reduced our emissions by 28%. It's notable because at the same time, and it's shown here, we have developed a new business which is power, composed of renewables and CCGTs, which add greenhouse gases to our operations.
If we just look at our legacy oil and gas scope, the decrease is 38% over the period, which is an excellent performance. We don't want to stop there. You know that the way to get to our objective by 2030 is something we can do through several levers. One of them is the management of the portfolio. Jean-Pierre Sbraire has spoken about it. We have done and continue to select projects with a low degree of greenhouse gas to get to a mix that will decrease our emissions for our oil and gas activities. Last year, the company was able to decrease the CO2 intensity by a barrel of produced oil and gas equivalent to 16 kilos.
That's what we use to validate all new investment projects that will have a threshold below these 16 kilos. This is a very virtuous criterion. This is an industrial work. It's linked to our assets in the field for our various divisions to improve the energy efficiency of our activities, to produce the same quantity of energy with less emissions. For instance, we can also use supplies and feedstocks that are with less carbon. We're going to be using, by 2030, low-carbon hydrogen, to replace the gray hydrogen that is being used today. All of these levers will allow us, by 2030, to meet the objective we've set for ourselves, which is a net reduction of 40% of our greenhouse gas emissions in our operations compared to 2015, starting in 2030 and only starting in 2030.
That's in the last lever. We will be using carbon credits linked to the portfolio that we are currently building of nature-based solutions to absorb CO2. Reducing methane emission is a priority for us. Why? Methane is a green gas with a short lifespan, but that warms up more than CO2. It heats up the atmosphere 80 times more than CO2. Methane is a priority for us because it has three main human sources: oil and gas industry, also the coal industry, waste, and agriculture and animal husbandry were part of the industries that emit methane. It's a priority for TotalEnergies to tackle these methane emissions. You can see that we've already reduced these methane emissions by 65% in our operations in 2025 compared to 2020.
The work had actually started before. We did this through various levers, working on routine flaring. Our objective is to stop routine flaring by 2030. We're on track to do so. We have worked on reducing venting, which is the gas released in the atmosphere, which is now recaptured and reinjected. We're working on reducing methane leaks. We do it with technological progress. You've seen it with the sustainability moment at the beginning of this shareholders' meeting. We're working with a drone that we have co-developed to do campaigns on our assets to measure the methane emissions.
We're also pioneers in the industry because in 2025, TotalEnergies is the first oil and gas company you saw in Malaysia to have installed on all of its operated oil and gas sites, continuous detection equipment for methane emissions, with a center tracking this methane, based in Pau, to track and react to a methane leak. It is this work that brings us to these results, and it puts us on the right track to meet our objective to reduce our methane emissions for our operated assets by 80% by 2030. As I said, transition is a question of system and of offers. We're working on our emissions and on our offers, but it's also a question of demand. The same way we can contribute to this and to the way our clients use energy, we use the carbon intensity index for this.
We act with our clients so that they can have less carbonized energy and reduce their emissions. This is what we can see here. Since 2015, the carbon intensity of the energy mix of products that we have available for clients has been reduced by 19% in 2025 compared to 2015, and our aim is -25%, by selling a low-carbon electricity to our customers. It's also what we do on our own emission that decreases the carbon emission in the life cycle of the energy product that we market. This is not a passive strategy. We don't wait for clients to do the work by themselves. We work proactively with them, and we've set up an entity a few years ago called One B2B that supports our key accounts and our large industries to identify with them energy solutions that have a lesser degree of carbon.
We have about 2 billion tons of emissions that we target, and it's admirable, and it's work that we do hand-in-hand with our clients. How can I summarize everything that I've said? In a few simple words, what must grow, we grow it. What must decrease, we decrease it. What must grow in an energy company? Well, it's energy and our production of electricity. Oil and gas, electricity is growing. We want to get to a mix in which electricity will be 20% of the energy that we're producing by 2030. At the same time, we need to do this in a profitable way for our shareholders. You can see that the dividend has increased, and return to the shareholder is increasing. Best performance, as Jean-Pierre Sbraire has reminded us earlier. What decreases must decrease. Debt was reduced over 10 years.
The gearing went from 31% to 15%, and I've shown you the emissions that have decreased as well. The operated Scope 1 and 2 emissions, the methane emissions, and the carbon intensity of the energy product that we make available for our clients. Thank you for your attention, and I encourage you to discover all of the other aspects of our sustainable policy concerning our environment, our employees, and our environment in our Sustainability and Climate 2026 Progress Report. Thank you very much.
Thank you, Aurélien. It's great to have a lawyer within the company and those who believe grow, those who don't believe go down. That's a summary we could give. Thank you, Aurélien. I'm coming back to now my own speech to look at the strategy. Many things have already been said, and I'll come back to a few. Once again, dear shareholders, it is with a great pleasure that I welcome you back today to the Tour Coupole, TotalEnergies headquarters, which is hosting this major event, the annual general meeting of our shareholders for the third year running. This is also likely the last time, I hope, we've been rating this for two, three years, that we will hold this meeting here within these walls. As you will probably know, we will be moving to our new headquarters, the Link, just a few hundred meters away.
We can see it from Paris from a distance since it's built. Now we need the keys. We will have them early 2027. This will be an opportunity for all employees based in La Défense to be brought together in one place in a modern building that will foster collaborative work and collective intelligence, which are central to the company's success, and I am very much looking forward to it. First of all, I would like to thank all our shareholders who are present this afternoon. You are 500 to have had the courage, despite the heat, to join us here in La Défense in these two rooms at your disposal to directly take part in our annual general meeting, a moment for direct dialogue with our shareholders.
We hope that access to the Coupole Tower were as smooth as they were last year, and we will as always, be listening to you after this general meeting to further improve the process. I would also like to greet those who are following us live today on our website. This year again, we gave you the opportunity to share your expectations and questions ahead of the annual meeting by setting up a platform on our website from May 7th to 22nd where you could ask questions and share your comments. While giving priority to questions in both rooms for people here, your meeting secretary, Jean-Pierre Sbraire, will also relay certain questions from the platform.
The shareholders relations team, whose preparatory work for this general meeting I commend, will answer each question asked. I would also like to take this opportunity to acknowledge the nearly 2 million individual non-employee shareholders that we have counted at the end of 2025 in Europe and in the U.S. Their number has increased significantly in 2025 by approximately 150,000 over the past year. They now hold 16.9% of TotalEnergies share capital. Employee share ownership is also continuing its momentum with nearly 8% of the capital held by employees, and I will come back to that later. TotalEnergies is the first European company in terms of employee share ownership and amount invested. Globally, it's 25% of the capital of company detained by physical people, private individuals.
This figure is progressing significantly year after year, and we know it's a proof of stability, continuity for the future of our company. Our ambition is thus to pursue the development of this individual shareholding to reach 30% in the near future. Dear shareholders, this general meeting is held, of course, in a context of a geopolitical international crisis with exceptional consequences for the global energy systems and global markets in energy. Once again, sets energy companies at the heart of the news, and your TotalEnergies is one of them. During the general meeting in 2025, a year ago, I used the word uncertainties to share the dominant feeling faced with evolving commercial policies and geopolitical ones facing the American administration. The context that we have to face in May 26, one year later, is as unexpected as the previous, since the beginning of the year.
We had anticipated a market oriented to a decrease towards EUR 50, EUR 60 per barrel. We had started launching a program to control our expenses in order to be resilient in this low cycle. The conflict in the Middle East, a key region in the global energy system, and birthplace of our company, born in Iraq 100 years ago, and the hostage situation in the Hormuz Strait, the spicing any international rights and use of the sea. In reality, in the context of the energy transition that we now have almost no margin to maneuver, since the only capacity for oil production non-used are located in some Gulf countries, blocked itself today. The consequences of this conflict underline how much energy beyond economic considerations constitutes a major strategic strategy for states and societies, economies, but also companies, not only for TotalEnergies.
In this context, given our strong presence in the region, also in agreement with our cardinal values, which is safety, our main value. Our first responsibility was to monitor and make sure our teams were safe and to protect all of those who reside in the Gulf and under the TotalEnergies colors. This is why we wanted to evacuate families and our staff members in the EU and Qatar and Saudi Arabia, as well as in Iraq, Jordan, Lebanon. It's almost 1,300 people that were secured in a record time, I'd like to thank all of those who were part of the organization of this operation for this aerial bridge to help make sure everyone was safe. Security of our teams will always remain our main value in all circumstances.
I also want to wish my full solidarity and my support to people in impacted countries who are suffering from the consequences of the conflict. I want to reassert my long-term engagement for all of our partners in the Middle East, our subcontractors and clients. In this regard, we have made the choice to maintain a strong presence in our operational staff in all countries. It is a strong gesture I know is well appreciated by local partners. I also want to address a special thanks to all of our operational teams present in the region and who show great professionalism in this difficult context. I myself went there and was able to measure their high level of mobilization faced to these events. Dear shareholders, this conflict has impacts and direct impacts on our operations, but it is also the opportunity to show our ability to be resilient.
What I believe that the market has understood, as is translated by the favorable share during the conflict, whereas we are the most exposed company in the Middle East. Since the very first day, we made the choice to be transparent in order to inform you in the most factual way of the consequences of the conflict on the activities in the regions. To date, the production is globally stopped in Qatar, Iraq, and on assets producing offshore in the United Arab Emirates. About 15% of the total hydrocarbon production of the company, representing 350,000 barrels per day. Despite of this all, the company is proving its resilience of its business model under exceptional circumstances. The break-even was lowered to $25 per barrel during the last 10 years by deep work on our portfolio and the discipline of the expenses, when it was higher than $80 per barrel in 2015.
The organic accretive growth of our production outside of Middle East helps us compensate the losses in the Middle East and the diversification in terms of geographies of our portfolio for LNG helps guarantee security of supply to our clients without repercussing the force majeure declared by producers in the Middle East. The integration of our downstream model for refinery trading distribution oil products helps us at the same time to use the volatility of the markets, but also guarantee the security of supply to our French clients and offer a unique commercial policy to protect their purchasing power. Our investment, finally, in the electricity value chain adds to the resilience of our business model. After the crisis, it is clear that a number of states will turn to domestic energies, electrification, renewable energies that are domestic.
TotalEnergies will be there because we were able to position the company on the energy of the 21st century, electricity. Indeed, beyond our own activities, this conflict has obviously major consequences on global energy markets. Do we have some water? Apologies. The closing of the Hormuz Strait represents a major disruption, touching about 20% of oil flows, refined product, LNG, where as I said that the production capacities excluding the Gulf are very limited. We saw a high increase of oil prices between $115 per barrel in the context of exceptional volatility amongst the highest observed in 25 years.
Even if the war was to end quickly, which we hope very much for, given the consequences of the conflict, especially on global oil stocks, the prices should maintain at very high levels, probably above $80 per barrel, and it's the lowest fork, given the different scenarios that we have studied. We need to take into account the necessary time to restart the facilities, but also logistics are necessary for the oils, the tankers. The tankers can reach the final markets, the loading in the Gulf, but then reach the end markets. We need, for example, for a tanker that's loading in Abu Dhabi, 25 days to reach its final destination in Japan or Korea. On the side, the global stocks are de-growing at a rhythm that is estimated between 10 to 12 million barrels per day. The global production being at 100.
Almost 1 billion barrels have already been taken from the stocks, which means that the inventories will be especially low after the crisis. In this very tense and volatile context, TotalEnergies' strategy shows once again its relevance by using our integrated model, but the diversification of our portfolio. I would like to note this point now. Dear shareholders, as Jean-Pierre Sbraire and Aurélien Hamelle mentioned in their speeches, the TotalEnergies strategy is anchored on two pillars of hydrocarbons and petrol and gas. TotalEnergies has been able to prove in 2025, since the beginning of 2026, its resilience, its agility, its ability to capture margins thanks to certain levers that we are implementing through our strategy. The first one, we are a growing company. Growth of production in petrol and gas in 2025 were at 4%, and we have shown quarter after quarter our ability to increase it.
The first quarter 2026 has also shown organic growth by 4%, compensating for the losses in production in the month of March in line with the conflict in the Middle East. The start-up in 2025 and the increase in power of certain projects in Brazil, U.S., Argentina, Denmark, the start of 2026 of Mabruk in Libya, Lapa in Brazil, help us to benefit from this price increase. This additional production is value-creating and generates more cash flow per barrel than the average in our portfolio. Our current results are thus not the fruit of pure chance, but choices of investments that have been privileging hydrocarbon projects with a low break-even and low emissions.
The second advantage mentioned by Jean-Pierre Sbraire is that we are maintaining our proven reserves around 12 years, and we can rely on a diversified portfolio of projects, namely feeding our growth in Uganda, in Suriname, Brazil, Mozambique, in Namibia. That recently will be complemented by new exploration licenses that we took in Nigeria, Algeria, U.S., Malaysia, in Indonesia, in Liberia, and the new prospects in Egypt, Turkey and Syria. If I'm mentioning these countries, it's not to remind you that our company has a global footprint, but because it translates the diversity of our portfolio and our reserves. This is the answer we are providing to the geopolitical risk. Maintaining a good level of reserves is an essential parameter for a gas and oil company.
We have been able to make our activities sustainable for the long term, securing our future revenues with low-cost projects and low emissions that we have been implementing since 2020 in the framework of the climate TotalEnergies ambitions. These reserves will feed our growth at 3% per year until the end of the decade and comforting this growth dynamic. Your company has also continued in 2025, not only to launch new projects, but manage in an active way its portfolio, namely through the signing of agreement of merger for mature assets in the British North Sea and the creation of the NEO Energy society, of which TotalEnergies is the first shareholder, and the disposal of some more marginal projects.
shares in projects in Nigeria and Brazil. Another major asset that I've underscored with all of these countries is diversification, complementarity, and the integration of our assets all along the value chain. We produce oil and gas in 27 countries and LNG in 11 different countries. This diversification gives us a unique advantage, which is optionality, and that made it possible for us right at the beginning of the conflict in the Middle East to guarantee the security of supply of all of our LNG clients, especially in Asia, without having to call upon force majeure. I can assure you, having visited them recently, that our clients particularly appreciate the reliability and the value of the contractual commitment of TotalEnergies.
Continue to supply natural gas to our clients is an imperative, not just from a contract perspective, but also to allow them to continue their energy transition and avoid them turning back to coal. Being a fossil fuel, natural gas does remain a good alternative to coal to produce electricity in many countries because gas power plants emit half of the CO2 than a coal power plant. A gas power plant is also a flexible means of producing electricity that does come as an addition to the intermittency of renewables and that allows our clients to have a reliable supply of energy 24/7, even if there's no wind or sun. Gas is the natural link between production and the sale of electricity, which is the second pillar of our strategy.
Dear shareholders, as you must have noted, contrarily to like many of our main competitors who decided to reduce their investment in low-carbon energies and especially renewables, TotalEnergies is staying strong with the support of the board, as Jacques Aschenbroich reminded us, and continues to invest significantly to make sure that the second pillar, electricity, represent 20% of our energy sales by 2030. Here I want to insist, implementing a transition strategy where we are is something we do over the long course, and we've decided to invest in this massively since 2020 for three main reasons that are still valid today. The first one is the growth for the demand of electricity, which exceeds 3% per year globally.
It is the energy with the steepest growth with transport that is becoming electrified by industrial processes that are becoming electric, by the increase of the life conditions in emerging countries and by the rise of digital technologies, AI and data centers. Second reason is that the technologies for renewable energies and storage electricity, so sun, wind, and batteries have changed a lot. We arrived in this market recently with almost nothing, but we were able to deploy competitive solutions without having to manage legacy assets that had a lesser performance and that were not profitable. The second aspect is the intermittency of renewables that need an addition of flexible production like CCGTs. For a global player of gas, we are the third player of gas globally. There is in this chain between gas and electricity a continuity and an obvious opportunity of value creation.
This path ask us to be coherent and constant and also to invest more than $20 billion over the past five years in power and low carbon activities, and in 2025, $3.5 billion, as Jean-Pierre Sbraire said. We aim to maintain this in 2026 and in the upcoming years between EUR 3 billion to EUR 4 billion per year to meet our objectives of 2030 with a net production of electricity of between 100-120 terawatts per hour and a profitability of our capital employed of 12% for Integrated Power. Since the beginning of the year, we have launched major projects in Kazakhstan with 1 gigawatts of project, 500 gigawatts in the Philippines in the U.S., also 1 gigawatt for the data centers of Google.
We are also reinforcing our presence in Europe with a major transaction to acquire 50% of the platform of flexible electricity production of EPH in the U.K., Italy, the Netherlands, and in France. This has led to creating the second European player in the production of flexible electricity with a total capacity of 14 gigawatts installed or under construction and a production of electricity that will be 30 terawatts per hour in 2025. This is the average annual consumption of a country like Denmark or Ireland. In France, we were also selected in 2025 to operate the greatest project of renewable project ever developed, Saint-Nazaire, which is an offshore wind. It's a project of EUR 4.5 billion and 1.5 gigawatt supplying electricity to more than 1 million households.
All of these investments have already raised our portfolio at the level of the global players in the sector with more than 35 gigawatts of gross installed capacity by the end of the first quarter of 2025 and a net production of 50 terawatts in 2025. We are halfway of our objectives in 2030. Five years of having launched Integrated Power. Integrated Power Has a 10% profitability on capital employed and should generate a positive free cash flow and contribute to the dividend for our shareholders in 2027. The transition of our model to more to electricity is not something that comes to the expense of profitability because as Jean-Pierre said, TotalEnergies in 2025, TotalEnergies was the most profitable of the five majors with a return on capital employed close to 13%. Why?
Investing massively in transition, demonstrating the strength of our economic model and the pertinence of our strategy, more energy and less emissions. We're looking at the future with serenity and an excellent visibility. I wanted to also underscore a competitive advantage of our portfolio is that our teams are able to keep our production costs in spite of inflation to below $5 per barrel, which is the lowest production cost in our peers. Beyond our financial performance, I think it's also useful to remind in the circumstances that we're experiencing with the conflict in the Middle East, the direct contribution of TotalEnergies to the energy sovereignty of our continent and of France by combining security of supply, domestic production, and energy transition.
In oil, the company ensures a significant part of imports and European production, while securing access to refined products essential through our eight refineries and biorefineries present in the continent, including five in France, and a dense distribution network in our country. We also have a central role in the position of producers of gas in Denmark, the U.K. We're the first importer of LNG on the continent. Our methane vessels can allow Europe a flexibility and autonomy faced with the geopolitical tensions that we face since the war in Ukraine and the break of supply of Russian gas via the pipelines. Sovereignty is also preparing the future with renewables, batteries, CCGTs, the assets of EPH, and rechargeable points that come to support the stability and sovereignty of European electrical systems while supporting decarbonization. Our conviction is clear.
There won't be any European sovereignty without energy actor capable of investing over a long duration. This is what TotalEnergies is doing, investing today to secure the energy of tomorrow and invest to contribute to the energy sovereignty of Europe and France while meeting the climate stakes. Our portfolio project is growing in a profitable and diversified way, but it's also facing what is at stake with the climate. Our teams in the field and their efforts reminded by Aurélien, and I want to recognize all of their commitment in terms of reductions bear fruit, and the progress we've made in 2025 demonstrate our determination to meet our objective to reduce direct emissions by 40% by 2030. Our board have decided to go for legal rigor in formulating our climate ambition.
We cannot formulate a net zero objective along the terms of the European regulation because it should show that we have a plan that is compatible with a trajectory of climate warming at 1.5 degrees, while the experts feel that this objective can no longer be met. It is the legal security of the company to do so. This doesn't show that we're backing down or decreasing our ambition. Our strategy and our objective by 2030 are resolutely the same. The will of the board is to avoid any confusion and legal risk as some legal decisions in 2025 showed, and we needed to draw the lessons of this.
By reducing our emissions, by targeting the most efficient levers like reducing the methane leaks, and we are currently the methane in the oil and gas industry for this, by massively increasing and developing low carbon energy, by supporting our clients to less carbon, our approach is ambition and pragmatic and faithful to the mindset of the Paris Agreement and anchored in the reality of the world. This is what we do. We move toward carbon neutrality together with society without any brutal breakthrough and always wanting to work for climate progress, security of supply, and supplying an affordable energy.
Ladies and gentlemen, you will have understood that TotalEnergies is a solid company with a clear strategy that demonstrates that it's possible to grow in a profitable way by contributing to energy transition, by investing in the energies of tomorrow, by decreasing the emissions, also sharing the created value in a responsible way with all of our stakeholders, our employees, our host states, our clients, and of course, you, dear shareholders. This is the point that I wanted to talk about now, the sharing of the added value of TotalEnergies. This value in 2025 was about $60 billion. Of course, it's a lot of money, obviously, in the current context with the price increase linked to the conflict in the Middle East, some can think that TotalEnergies is making too much money.
I'm sure that as shareholders, you don't think about that, and we need to absolutely be taxed and we are profiteering from anything. This performance is the constant commitment of our 100,000 employees present in 120 countries. It's collective work demanding that we do daily and over several years. TotalEnergies should not apologize for being successful. We should be proud of it with your support. Being successful is the proof that the company is well managed, is solid, and meets its commitments. This added value is fully shared. First of all, it's financing our investments, our projects for growth, our energy transition. It is translated by taxes that we pay in the countries where we operate, by compensation paid to our employees, and it's redistributed to our clients and our shareholders.
First of all, the first sharing that we do with 100,000 employees because it's their professionalism that means that our company is moving forward, innovating, and delivering solid results in a demanding context. They are on the first line to secure the supply of our clients in service stations in crisis times like those we have right now. I want to thank them all in your name for their essential contribution to the success and transition of TotalEnergies. We want to bring them on board with our results. From this perspective, our company is very dedicated to the development of employee share ownership because it brings together our employees to the performance of the company. To reinforce their feeling of belonging and to align their interest with yours as shareholders of the company.
For these reasons, we have set up for the past 10 years a voluntary policy with the ambition to get to 10% of the company held by its employees. For a company that is EUR 200 billion, it's a lot of saving with an annual capital increase, operations dedicated to the employees, and our employees massively participating in this. An increase of capital dedicated to the employees will take place in June 2026 with a discount of 20% and a matching of one free share for each share in the limit of 10. We're also granting performance shares annually, and we want to grow it because in 2026 it's more than 13,500 employees that will receive them as opposed to 13,000 in 2025 and 12,000 in 2023.
This policy continues to bear fruit because at the end of 2025, it's more than 70% of the employees of TotalEnergies who are shareholders of the company. I've said their participation to the capital of the company represents 8% at the end of 2025. It's an increase of 60% in 10 years. Our employee shareholders are amongst the first beneficiaries of the dividend hikes because they've received EUR 640 million of dividend, which is EUR 100 million more than in 2024. With this exceptional 2026 year, we won't forget to create the value created with our employees. We want to contribute a support to our 100,000 employees in the world, and we will pay them an exceptional bonus by the end of the year 2026. Second, sharing of value. We share this value with the states by paying its share of taxes in the countries where we generate profit.
In 2025, TotalEnergies has paid EUR 19 billion of taxes. That is a rate of a global imposition of 40%. In 2022, during the previous hike of the markets of energy, this average rate was more than 50%, 51%, because in many producing countries, there are mechanisms to capture exceptional bonuses and windfalls. In France in 2025, we paid more than EUR 2 billion of taxes and employee contributions on the wages of our 35,000 French employees. It's a significant contribution to the budget of the country, it's the fifth country where we pay the most amount of tax in the world, even if we don't produce oil and gas here.
I just want to remind an essential aspect of the international law in terms of taxes on the profits of TotalEnergies on production of oil and gas are not done in France, but in producing country where they are naturally taxed, and international taxes relies on a non-double imposition of the same profit. We trust France, a country of law that respects the fiscal treaty that it has signed with more than 120 country. Wanting to tax this a second time would call back into question. We share this, of course, with our clients. We want to protect them in exceptional crisis as the ones that we've been going through since March. We are, and I want to repeat it, we're the only global player to have set up a policy to cap the gasoline in our country to protect the spending power of our clients.
We have announced that we will maintain this policy across our 3,300 service stations across France while the crisis in the Middle East continues. Today, we are at EUR 199 per liter for all of our service stations in France. Some weekends, diesel, which is normally at EUR 225, decreases to EUR 2.09, and it will take place this weekend for Mother's Day. Congratulations to all of the mothers in the room and for the Father's Day in June. Let's not make anyone jealous in terms of diversity. For our clients who have the advantage for fuel can have a diesel at EUR 199 per liter. I encourage you to register for TotalEnergies because the electricity is cheaper. There is even a formula at -10%, you can even buy diesel and gasoline at EUR 199 per liter. Of course, sharing the value concerns you as shareholders.
The company is doing well financially. This solid balance sheet allows us to have an attractive policy of return to the shareholders. Carried by the results, some say that are too good. I say that they're excellent. In the first quarter, the board has decided to increase by 5.9% the first payment of a dividend at EUR 90 per action. It is the strongest growth of dividend amongst the oil majors. The board has also confirmed the objective to allocate more than 40% of the cash flow to the return to the shareholder in 2026 like it did in 2025, 2024, and 2023, and to authorize the continuation of share buybacks up to EUR 1.5 billion for the second quarter. The board has said that we also focus on the strength of the balance sheet and decreasing the gearing from 15% to 10% is also strong.
Our French individual shareholders are 730,000. They've increased by 80,000 over more than one year. It's a concrete demonstration of the commitment of the French people to the company. We have an attractive compensation. Of course, the dividend has contributed a yield of more than 6% in 2025, and it's increased by 35% over the past five years. Finally, I want to take advantage of this meeting to talk about the listing of our ordinary shares on the NYSE since the 8th of December 2025. We know that are listed now on the largest stock exchange in the world. This continuous listing between Paris and New York functions in a very smooth and efficient way without any negative impact for the people holding shares listed in Paris. By reinforcing the liquidity of the share and its visibility with U.S. and international investors, it is a lever of creation of value.
As Jean-Pierre Sbraire has demonstrated, I can't prevent myself from making a direct link between being listed in the greatest stock exchange in the world and the over-performance of our share compared to our peers since the 8th of December 2025. I also wanted to welcome our EPH partner, a major industrial partner in Europe for electricity, but they're also a shareholder because they now hold almost 4% of the capital of TotalEnergies, becoming one of our leading shareholders. We are delighted to see an industrial investor from Europe over the long term anchored in the energy reality of our continent. In a context of deep recomposition of the global energy balance, the presence of European shareholders that are solid and committed reinforces our collective capacity to develop an energy strategy that is competitive and resilient. It's a positive signal for companies and all of our shareholders.
Ladies and gentlemen, dear shareholders, I want to wrap up what I've said in this day of shareholder meeting with a simple message. This new crisis reminds us that energy is a precious good. It touches upon the security and the freedom of people, the stability of nations, and the continuity of economic life. Faced with this reality, our main responsibility is to provide more energy to the greatest number of people at the most acceptable price possible by decreasing emissions as well. We are doing this with resolution and determination. Words don't really matter. What matters is actions and consistency. If TotalEnergies can go through this period without veering off its heading, it's because of its integrated and diversified model and its good results. It allowed us to absorb shocks in 2022 and 2025 and allowed us to continue to invest us.
We are proud of this, and we're proud of your support. Our strength relies on our unity and the collective commitment of the 100,000 employees of TotalEnergies in the world. Because of everybody's mobilization and your support, dear shareholders, we are ready to meet the challenges ahead of us with confidence and determination. Thank you for your loyalty.
Let's now move on to the written questions that some shareholders have sent. They had submitted written questions in accordance with the regulations. There's one from the Responsible Investment Forum, Mr. Bernard Dutoit from Progeres, from the Friends of the Earth, a group of shareholders, LBP AM, ABN AMRO Investment Solutions, CNP Assurances, Air Liquide, the Pension Reserve Fund, Financière de l'Échiquier, PFA Pension and Van Lanschot Kempen, Mr. Zeller. Before this general meeting, we have written answers to the questions provided by the board of directors that you will find available on our website, the totalenergies.com website under the Investors General Meeting section. I will not read all of the answers, otherwise I would spend too much time. Once again, these answers have been asked and answered too on the site.
Before this general meeting, I'd like to mention that the people who sent questions outside of the regulatory framework that will receive, despite of this, an answer written by mail separately. We will now open the floor to discussion. As last year, as part of the agenda items regarding the presentation of the Sustainability and Climate 2026 Progress Report, we will set aside approximately 20 minutes for discussion of this agenda item, which is not subject of a resolution to be put to a vote by the shareholders. The hostesses are here to help guide you to the designated microphones for climate. Those who wish to ask a question, please be here for microphone one. On the next room, it's microphone five to organize the discussions. If you want to intervene during the first part of the Q&A session, micro one, microphone five.
We will resume our Q&A more general session. As a reminder, if you take the floor during this session, it's only reserved to shareholders, and I will ask you to limit yourself to one question only in order to enable more people to speak. I also want to thank all of the participants to the meeting to respect the discussions and let everyone take the floor without showing any discontent. An hourglass will appear so you know how much time is allocated. We will now proceed. The first time, microphone one that I see in front of me. If there's someone on microphone five, we will move on to the next room. I think there's one person. Yes. Let's start with microphone number one for our questions.
Hello and thank you. Dear Chair, my name is Tariq Bujh, and I work for Follow This.
I would like first of all to honor the pursuit of your investments in Integrated Power. You are showing the leadership of a few majors can show in this energy transition. My question is on the future of oil majors when central majors of the IEA anticipate a decrease that is sustainable in global demand for fossil fuels in the coming years. We would like to understand what will be for TotalEnergies a strategy to create values with such scenarios in terms of CapEx, volumes, and cash flow for this decade. I'd like to mention that we're not talking about stress tests or resilience for short-term of the price of the oil, but a structural contraction that is irreversible of the oil and gas supply and demand. Mr. Pouyanné, maybe you have a plan beyond 2030.
Could you please share your strategy for value creation for shareholders in this context of the decline in demand for hydrocarbons? Thank you very much.
Thank you. This question, the purpose was it was asked by the FIR already, so I invite you to read the question on our website. You are talking about a scenario. There are many scenarios. For the moment, the scenario of degrowth of oil and gas demand by 2040 is not the scenario that is the most spread. Nevertheless, TotalEnergies' strategy defined in 2020 is that if we are investing massively in power, and thank you for your comments, we want the company to be able to answer to these risks. We do see an evolution. We see it clearly in transportation, electric transportation. Of course, it is delayed in Europe.
We don't know, but it's moving forward, and this is why we are going to electricity and power. We haven't seen a decrease in oil demand and Aurélien Hamelle reminded us that we are at about 1% per year. It's not much. Once again, this is why we want to find growth elsewhere. For gas, they are announcing growth beyond 2040. That being said, I'm noting what you said. There are two answers to your question, what we're doing for power, and we're going to continue doing that. The board hasn't decided. I cannot set a goal for 2040. It's also a question we've received from a shareholder group, but it's like Saint Thomas. We have traveled half of the journey, but we want to do it in a profitable manner because we have to supply cash flow to feed dividends.
If we continue in the five next years, the temptation will be great to continue pursuing the strategy with power. I don't know if I'll still be there, but there will be a continuity. To say what pace we will have, that's more complicated. Even though I repeat, growth in this field and everything that's happening around AI, data centers, comforts us with the purpose of our strategy. If certain shareholders, including on the American side, had doubts on our investments, they have less doubts today because now that we've explained the source of AI and electricity. I can clearly assert this. We'll keep our strategy. I cannot tell you what pace we will move at, but we need to be pragmatic in the company as we are today.
Our ambition, we have a real ambition, but we need to be able to adapt, as was said, I think that the formula that Aurélien Hamelle said, we are keeping our strategy. We must also adapt to the pace and rhythm at which our clients can follow. Clients, it's not just us. I believe, I think that what's happening today, I mentioned it in my speech, I'm convinced that this crisis, because we already see this is how solar and wind started, because when electricity is too expensive, we find other means, other solutions, and it pushes people to find solutions for households. I think we will continue in a determined way to implement this strategy, which consists in having more energy, less emissions, more electricity, finding the right balance and adapting to the rhythm that our energy system will evolve.
Our company will be well positioned to pursue on this trajectory. Thank you for the question. Number five now. I think we have someone. We cannot hear you. Let's open the microphone, please. The mic is not open yet. [Foreign language]. Yes, now we can hear you. Go ahead.
Lorelei Limousin, I have a question on ongoing crisis. We see that the cost of the energy crisis, climate crisis today is supported by households, especially the most precarious ones, while dividends and profits are given back to shareholders. Is that acceptable? Wouldn't it be more legitimate or more morally acceptable to tax profits more in order to finance the energy transition and protect vulnerable populations facing clim ate change?
Well, the French are answering to this question, to this dilemma you are mentioning. I discussed about this with several people.
We offered a policy aiming at protecting French people through the sharing of our profits because when we have a cap on the price of gas, diesel, oil, it has an impact on the company. Maybe it's compensated, but the more we lose, in fact, that's what's happening in gas stations. When the debate settled to see whether we had to tax TotalEnergies, what French people asked in most surveys is that they prefer having a rebate or a discount at the gas station. This is why the government changed its opinion on the question rather than having a tax that could feed, in France, maybe not the energy transition, but more safely the protection of consumers and the deficit of the state, rather. Our budget is globalized in our democracies. I hear what you're saying. We are providing an answer.
I also said something important in my speech. The truth is that today, those who capture the greatest part of the profits are producing countries. Our tax rate will globally move from 40% to 50%. When you do the math, moving from 40% to 50% on average means that the taxing of our additional profits is largely captured by the producing countries. They have the raw materials, since these producing countries are based in Africa and a lot of emerging countries, we are joining your objective to support populations in these emerging countries since Angola, Nigeria, Brazil, great countries will capture more profits and they maybe will share it with the populations in these countries who are exposed to climate change, broadly because they don't have the same means to protect themselves.
In your question, I think there is a way to reconcile, and I would like to bring together both aspects. Yes, we are more taxed in our producing countries, in the South countries, those who need most to receive the revenue or the profits from oil and gas companies because they are more exposed to climate and their populations need it more than taxing TotalEnergies in the Western countries where the purchasing power is higher. Thank you. One question. Question one for climate.
Thank you. I need to ask my question in English.
You come from Denmark.
My name is Rasmus Bessing. I am co-CIO with PFA, a pension fund and longtime investor with Total. My question is about how you manage the transition strategy in a more uncertain and changing world. First of all, however, I would like to acknowledge and thank a very strong financial result for 2025, but also for the constructive dialogue we have had about human rights and in the energy transition. We appreciate that Total has remained more consistent with the transition strategy compared to your peers, and we highly appreciate that because we believe that the climate crisis is a fundamental risk to the value of our customers' pension savings. My question is less about the current direction of the strategy, but more about how you think about potential geopolitical or market trigger points that would lead you to revisit or adjust the strategy. Thank you.
It's a complex question. The gentleman asked about, I'm translating at the same time because I don't think there's simultaneous. The question is, how do current events, geopolitical events, how can they influence the implementation of the energy transition and the strategy? As I said, I think what happens today will clearly lead countries, I'm sure, to revisit their own security of supply, will lead to domestic energies, priority given to domestic energies like in 1973 because again, we had a crisis in 2022, another one 2026. In fact, it will give a push, I'm sure, to any source of domestic energy. It could be nuclear, it could be, of course, renewables.
This is where I think for me, this crisis, of course, it will add some challenge in the Middle East for TotalEnergies, where we are very well implemented. We'll need to think, of course, of the way that we can evacuate oil and gas from the Middle East. It will also encourage, I think, and give a momentum to electrification, as I said, or renewables, and we are very well positioned. From this perspective, I would say we are well positioned. Maybe as I answered to your colleague before, for obvious, it will accelerate the transition. If it is the case, we might.
adapt, adjust our investment scheme, let's see exactly what will happen from this point of view.
My question to the gentleman is to say that what I really believe is that this crisis will be translated, as in 1973, by a priority given to domestic energy. Supply will come back very high on countries' agendas and domestic energy, whether biomass in Malaysia, in Indonesia, or whether it's renewable energies, nuclear and others, they will ramp up, and we are well-positioned to follow the trends given the strategy that we have implemented and that we can follow. I will now take question number 5.
Hello, Mr. Chair. Ladies and gentlemen. The high price of oil has a positive impact for the planet when it comes to consumption. You explained that if the conflict in the Middle East would come to an end, the prices will still remain high. You said $80-$90 per barrel.
I'm quite surprised that you come to this conclusion because the stocks are low. On the one side, you have Venezuela, on the other hand, OPEC countries that want to be free to produce more. When Iran will have recovered or regained its freedom, they will produce oil again. In the same way, consumption has a tendency to decrease, whereas production is increasing strongly. I don't really understand how the barrel at the end of the year will still be at around €90 per barrel. I said it's 80 rather than 90, but once again, I'll repeat why we're saying this. Today, there are 10 to 12 million barrels per day. At the end of the year, we thought we would be able to overproduce 1 million per day compared to demand.
We see today, if we were to replace 10,000 barrels because the temptation is strong, well, countries will want to rebuild their stocks. Some countries that today had inventories that were low will increase them. Some absorb the crisis better, China, because they have a long-lasting inventory. There will be the demand to rebuild the stocks or the inventories. This means that the balances that we saw at the beginning of the year, less demand, is reversed. This will be the case for 2027. This is what we're talking about, and it will take time. It's not because there's an agreement tomorrow that the whole system, as I will say, will be in work solidly tomorrow. The question we need to ask, and I talked about it with an oil company, today we have tankers blocked in the Gulf. We have eight of ours blocked there.
They will exit, before bringing them back to the Gulf to load oil, we will check to see whether peace is long-lasting. Maybe we will not get satisfied by seeing a paper and peace has been signed.
No. We will continue to pump 10 to 12 million barrels per day. We will start putting things in order, but it will take more time. Once again, I believe that some could say with the $80 per barrel, I am quite pessimistic. Once again, this is not our aim. A company like TotalEnergies does not try or is not in favor of having a high price. $80, $90 per barrel is perfectly good. It is a stable price. It can run as we had in other years, and consumers kind of strike a balance.
At $120 per barrel, that's not a good balance because indeed, as you said, we are ramping up the disruption of demand. I'll take a question, last question, five, on climate, and then we'll continue. I'll open up to general questions. I said last question for climate. I said I would dedicate 20 minutes to it. You can stay. I will take general questions. The lady.
Hello, Brigitte Allart. Last week, my organization produced a report for TTP, there is a joint venture between TotalEnergies and EPH, the company of the billionaire Daniel Křetínský. This joint venture wants to use gas-fired power for flexible electricity and then just to reduce the dependency. The imports of LNG as well that have a high cost and that will lead to an energy dependency that are currently intermittent, since strongly impacted by the blocking of the Hormuz Strait.
In our investigation, we noticed that more than 87% of production units of gas of the joint venture use technologies that are CCGTs. They have important limits to provide flexibility for short term and depend on sustainability and profitability by increasing their intensity of CO2 emissions. My question is how will you ensure the flexibility of the European with the fleets since they are not made for this? Who will pay the bill in countries where the joint venture is used?
I'm sorry, but I am in full disagreement with what you're saying, that it's not a flexible technology. A CCGT starts in 15-30 minutes and starts in the same way, an extremely efficient way. This is why we say it's a flexible asset. This is also why European countries are implementing mechanisms for capacity in order to have as a backup, and it's notBase.
No, it doesn't work in base. It's a complement, these additional CCGTs in Europe work 30% of the time when they're called to do so, when the electric system in Europe cannot provide after renewable energies, after the nuclear plant, after hydroelectric that is less costly. The electrical system in Europe works in a rational way. They call upon production, electric means, depending on the growing cost of production. Gas comes before coal, and this is why there is a space for it, but afterwards, all of the other energies, and it is in this framework that they can complement when you have this intermittent energy, less wind in Germany. This is why the Germans will have a call for tender to develop 10 additional gigawatts for gas plants.
They see that when we want an electric mix funded on a lot of renewables, we can develop batteries. This is what we're doing. We also need additional elements that can supply. No European consumer is ready to accept a system that wouldn't deliver electricity 24 hours for 27 days a week. None will accept it. We have a duty, and this is where these gas plants can come into play and help us be flexible. Thank you. I see a gentleman who was complaining, we will take his question. Now he's smiling. I'm happy to see you smiling. I'm trying to take a look at several screens at a time. Now, it's the last question for this climate debate, and we move to general questions. The floor is yours.
Thank you very much for just feeding my patience. Which Mr. Pouyanné should we believe? The one who in 2021 was committing on -30% of fossil production by 2030, or someone who said that we are at +7% in actual. The universal registration document that you filled established, unless words don't have meaning, that TotalEnergies is exiting the Paris Agreement. You have rightfully said that the 1.5 degrees was called into question. That is a reality. Carbon neutrality is something that is real, and it requires the publishing of a transition plan that you refuse to publish today because you received supposedly an authorization of AMF that you have not received. It raises a real issue, which is that of being the bad pupil in the class.
Like me, Mr. Pouyanné, you were present last Wednesday at Capgemini. As shareholders for the climate, we said that Capgemini had respected its transition plan for Scope 1, Scope 2, Scope 3. It seems to me that that is the issue of what Mr. Aurélien Hamelle said. He spoke about the decrease of the carbon intensity of production. My question is simple. Couldn't we avoid buying EUR 7.5 billion in shares to influence the price of the share to add on decarbonization, not Scope 1, Scope 2, because you're doing the work, but the essential is in Scope 3.
Maybe I'm going to do it for you for the debate to be transparent. Your representative of just raised a written question that you are repeating, to which we have provided answers on our website. I have noted that you're working very well, but you have a strong capacity to play on words. What we had said in 2021, that we would decrease our sales by 30% and not our productions, unlike what you're saying. Productions and sales are different. You can laugh, but I'm certainly not laughing anymore because sales have decreased by 35%, and we have done what we have said. When you want to read a registration document, you need to read everything, and every word is precise. Sales have never meant production, and we have never said that we would decrease our production.
The only oil producer who tried to set that in the world, we can't say that they're in great shape right now, and we haven't followed them. Secondly, you're introducing a legal debate on the idea that you want to argue over the fact that you have your own interpretation of the European directive on CSRD. We've also answered that in writing. CSRD gives a precise definition of what net zero is. It does not absolutely make mandatory to register a transition plan that is compatible with 1.5 degrees. That is not true. It explicitly states that if we don't have one, we must state it, and this is where AMF has said, "If you're not capable of registering a plan for 1.5 degrees, say it." We had the courage of doing what we said. AMF did not tell us not to do it.
We took the decision because, once again, legally, the board of our company cannot sign a paper to say that the plan that we're implementing is compatible with 1.5 degree. The company, since 2021, you can take all of the URDs since and all of the sustainability climate reports, has shown the trajectory, has tried to quantify the trajectories that we're following. They were never in line on 1.5 degrees. They were more around 1.82 degrees. We are coherent with what we're doing. We're talking here about the legal protection of the company. Of course, you would love us to file a plan at 1.5 so you can attack us, but we're not going to give you that pleasure, sir. I'm now going to move to the general discussion
I'm not a lawyer, but I have a great lawyer who is teaching me how to really efficiently defend the company. Let's move to the general position. I'm going to switch to other microphones. I can see a person in front of me behind microphone number three.
Hello, sir. Hello, everyone. First of all, I wanted to say that you have thanked all of your employees, but you did not thank yourself, which is normal. I think that indeed, the quality of teamwork does rest on good management, so I really appreciate it. This says that I completely support Resolution 21 because it concerns you, but it does have the inconvenience that there are two age limits. At some point or the other, this will have an impact, and there will be a governance that will be modified. That's my first comment.
My second comment is that you need to have a fifth indicator concerning your competitor, and it concerns the market in New York. It would be good to have an index to compare Exxon and TotalEnergies in the evolution of the price of the share. Third comment on the payment of the dividend. I would appreciate to be able to pay the dividend in shares, given that you have the possibility to avoid dilution, to carry out share buybacks on the market. Lastly, I wanted to say that this controversy coming from the supermarkets in France saying that they cannot align on your tariffs, that we should maybe give them tit for tat because you are being told that you profit from all of your activities, given that you don't only do distribution, but also exploration and refining. I believe that supermarkets do the exact same thing.
Under normal time, they can give limited tariffs or even price at cost because they can do their profit on selling their other merchandise. I have not heard this answer from TotalEnergies. Thank you very much.
I just want to remind that everybody has one question. You've got five questions, so it's going to be a little bit complicated. You can recognize me on voted to further resolution for my compensation. I can't remember what it is. I'm not going to answer the resolution suggested by the board on statutory ages and the rationale of the board. You can read my interview in the Figaro. There are a few ideas that are shared in this. First of all, thank you for your question. This initiative comes from the board, given that we need flexibility.
You're saying yourself that the duration of a CEO and chairman is limited given the age threshold. We look at the companies of CAC 40, there is a net evolution towards the age that we've seen, which is 70 years for the CEO and 75 years for the chairman. We've considered as a board that we needed to give ourselves the greatest possible flexibility to manage the governance of the company in the best possible conditions, and at the same time, ask Patrick Pouyanné to organize the succession, because as late as possible, according to what you're saying, there will be a succession. There are two topics. Give ourselves the most degree of flexibility as a board and prepare the future, because that's the responsibility of the chairman and CEO and of the board to prepare the future of the governance of the company.
I wanted to add a comment. This company has found methods of functioning to do the transition that worked well. At one point that the CEOs become chairs support a CEO who will become chairman and CEO. I think this way of doing a transition is something that was great for Christophe de Margerie, who took over from Christophe Demaret, and myself when I took over from Christophe Demaret. I think the board had this in mind to be able to carry out those transitions so that I can support the next CEO, and then everybody flies under their own steam. I want to make a comment.
I think the company from this perspective, in terms of governance, we had three CEOs in 30, 35 years, and this way of working is good, and the characteristic of our company is that the chairmans and CEO were always found internally within the company, and I think that's what I will transmit, and it's very dear to me. There was another question. The graph that Jean-Pierre Sbraire has shown, ExxonMobil was on the graph, and it was in dollars in New York. We take New York as a reference because everybody's in dollars and it's easier, and you've got the answer. I don't know what the last question was. I'm in charge of energy and service stations. Thank you for your arguments.
Since I can ask for the store in the service stations be supplied and we can transform our shops in shops that are a little bit more, how shall I say, attractive for our clients, where we can find things that are easy and cheap. We're going to do cheap on the gasoline and cheap on the products. We're going to make them very angry. You give me a good idea, and we reposition the company closer to the French people and fighting for the spending powers on both sides. We have some progress to do from the shop side, and we might be partners with them for that, and we will have the best of both worlds on fuels on one side and on the shops on the other side. I'm moving to another question, number 8.
Don't worry, I'm changing between back and forth. Can you hear me?
Pierre-Henry Lejean. My question has to do on the impact on the public at large. This means that with all of the information that is being provided, it's vis-à-vis the shareholders and the company, that's absolutely normal. I think that there is a gap there that exists between French people and the company. My question is how can you imagine to bring to light the contributions of the company to society in general and also for other French companies?
It's a broader question. Well, the board had dedicated a session on how to better communicate. We could do better. I think that right now what is happening brings us closer to the French people. What they understand is that TotalEnergies equals oil and equals gasoline and diesel.
We're not making the multi-energy model grow, hence the proposal to link the subscription for gas, electricity, and a protection on the price of gasoline and diesel. The atmosphere means that we're not heard. We've got 800,000 people who benefit from that with new clients. We need to make them understand that we're their partners across all of energies. I understand your point. The gentleman at number 6 is a little bit impatient. He's been standing for a while. I'm going to listen to you. Sir, we'll take your question. We'll come back to the auditorium.
Can you hear me? Hello, Mr. Pouyanné. Louis Godron. I have six shares. I want to congratulate you for the 730,000 individual shareholders and for your objective to get to 30% by 2030. I have a question on that.
How are you going to get to this level of individual shareholders? I think that it's that. The company needs to belong to the individual shareholders. 2027 is going to happen, and by having the greatest amount of individual shareholders, you're going to impact the leaders. You speak to all of the political leaders who are candidates and having dinner with them, and it reassures me on the perspective of the group. I've created a fintech, Crésus.
Your question is how to improve individual share ownership. I think the best way to do it, the French people understand. We took 80,000 new ones in 2024, 80,000 in 2025. We need to trust them. They see a company where the share is improving with 5% or 6% of yield every year. We need to continue our actions everywhere to make it understand that we can be shareholders of TotalEnergies.
I think the company of relationship carries out many action. There are clubs of shareholders. You're young, so go and see young people to talk to them and attract them. I agree with your belief. A great way for companies to better make the rationale of companies in our country understood is to attract more and more people to individual share ownership. We don't have any pension fund because it's sort of a taboo in France, but we need to make efforts along this line, and it's an objective that we've given ourselves. We need to communicate. We need to show them the possibility and the benefit that they can draw. I hope that next year when you come to see us, you won't have just six shares, but eight shares. I'll take the gentleman at number one in the auditorium.
Hello, sir.
Jean Audot, a member of the consultative committee of the shareholders. My question is simple. Major discoveries of oil were done in Guyana and Suriname, where TotalEnergies is going to develop an important reservoir. I remember that you made some promising discoveries in French Guiana. Why are you not developing these reservoirs? My second question was just linked to that. What is the real potential of French Guiana for oil at a moment when we need to make do without 20% of global oil because of the closure of the Hormuz Strait? Thank you.
Thank you, sir, for this question. I answer it regularly, but nobody believes me. I don't know if I'll be believed more today. I'm going to repeat. I now have a great map. Every time I go to the parliament to see a politician, I have my map to show him.
You've got a sedimentary basin which covers Guiana and Suriname, which is to the west, and it's a hole. When you look at the maps, you've got a structural high, which means that we have a second basin, which is the basin of French Guiana. It's independent from one another. There's no continuity. It's not because we found something in Guiana and Suriname that we can find in French Guiana. The basin of French Guiana, I'm speaking in front of Anelise Lara from Brazil, it's the same basin that continues to the Foz do Amazonas basin on the Brazil side. It's the geography. On this basin, we've made one discovery well that was called Zaedyus in 2010, 2011. One well. Just not extraordinary, to be honest. We found hydrocarbons, but it encouraged us because at the time we drilled five appraisal wells that have all been negative.
To be honest, it would not have been in France. We would have stopped way before that. In general, when we make this type of discovery, we do one, two appraisal well. If two are negative, we stop and we move on from that. Even because we're a little bit obstinate and we're French, we went to dig an appraisal well by getting closer to the border with Suriname, knowing that it's the last well that was drilled in France. For exploration, it's a well that had caused a lot of brouhaha in 2017, 2018, that well was also fully negative. Why did we find hydrocarbons once and it stopped? Well, that's the mystery of geology.
The good news for you is that we can't do anything, and we have to wait because our Brazilian friends at Petrobras are currently right now drilling a well on the other side of the border, but in the same basin. There are no results right now. We'll know if it's a discovery. I don't think they'll be hiding it if so. We'll see. Waiting for this information, objectively, as TotalEnergies, we had looked on the Brazilian side as well. Given what we knew from the French Guiana side, we were not really enthusiastic to go invest with them. I'm very sorry about that. I know that nobody's going to believe me, but when the Chairman and CEO of a French oil company says we can be mistaken, geology is a difficult art, you are allowed to be wrong.
When I say that we don't see any potential, that's what I'm saying. Every time somebody raises the question, I send a request back to my geologists, and again, they re-explain this with maps, what I've just explained. I'm sorry. There's no conspiracy against French Guiana on our part. I would be delighted to be able to find and develop oil in France, even if there's a law that prohibits this. Objectively, I think our chances for success are very low, and we don't insist on this. I think that this is a lesson. It's because when there's a prohibition to search, people want to believe that we're prohibited from searching. If there wasn't a prohibition, somebody would drill, but not us, because we've spent a lot of money for six appraisal wells that all cost a lot. Each well was closer to €50, €70 million.
We've invested a lot of money in Guyana to not being able to confirm the first discovery. I'm sorry it was a little bit long. I'm going to go to the second room. There's a lot of people. I have not questioned number 7 yet. Sorry, ma'am. I'm trying to just go around. Number 7.
Hello. I wanted to talk about the trading operations within TotalEnergies because the question linked to the profit of the trading activity was in the press. The Financial Times said that your trading activities had generated $1 billion since the beginning of the war with Iran. Unfortunately, this information cannot be checked because most of the countries that have your trading activities don't appear in your tax transparency report.
They are in the category rest of world, which does weigh for 25% of the results of the group and only 8.5% of the taxes paid. Can you indicate why neither Switzerland or Singapore appear in your tax transparency report? What were their respective results and the taxes paid in the country? I have a small point of clarification. Earlier, you said we didn't need to mix sales and production. I understood that Mr. Hamelle said that you had an objective of production of electricity of 20% of all of your global production of energy. You took this objective by talking about 20% of the sales. I was a little bit lost.
Well, that's easy. You just need to listen to the French. I'm sorry to say it. Both are compatible.
I answered one question on the decrease of the sales of oil and not the production of oils. In oil, in terms of oil, TotalEnergies was selling more than what we produced or refined. That was the situation in 2020. We've decided to have a policy to decide to get our sales to the level of what we're producing or refining. We've decreased our sales, but we've not decreased our production. In terms of electricity, the situation is the reverse. In terms of electricity, we're starting from zero in both sales and production. From that perspective, we're saying in the energy mix of the sales, the sales are evolving by themselves because again, I can sell energy products that I'm buying from others. I'm just not producing what I'm selling. I can have sales that are more significant in volumes than what I'm producing.
In other energies, we're saying that the mix of sales will be 20% of electricity, and there's another objective, which is quite coherent, which is to grow the production of electricity to 100, 120 terawatts per hour. When you convert that in barrels per day, you're getting roughly to 20% of production. To come back to your question on taxes, listen, we're producing a tax transparency report. I'm going to go in front of the National Assembly soon. There are going to be plenty questions like yours. We're not forced to do it. The European requirements in terms of tax reporting are starting next year. We've been doing this for four years now.
We've taken a whole host of countries, all of the countries that the European directive makes us disclose, all those that are not considered as not enough transparent from a tax perspective, and all of the oil countries in terms of the commitment of the extractive industry. It's a lot of countries. It's 90 countries. It's more than any requirements. None of the texts that I mentioned mentioned Singapore or Switzerland as shady countries, and they're not countries where we produce oil and gas. There's a written question to which we answer, and you have the answer to your question concerning the oil trading in the Universal Registration Document. Because in chapter 10, there's a table where you find the figure that you're looking for on the results of the trading of oil in Switzerland. We're transparent. We're being asked so many questions and so much information.
There's 600 pages, too much information kills information. Oil trading is about EUR 2 billion per year. It's 10%. I'm answering that in the interview that I gave this morning to Le Figaro, which it's 10% of the results and the cash flow of the company, and it's taxed in Switzerland at 15%, which is the global rate imposed by OECD. We are taxed in Switzerland and Singapore at 15%. It was lower before, and it went up. Before we done that, the countries in question felt that they were not going to be the one. They were going to capture that. A level of taxes of 15% is highest than the current tax rate in Ireland, Hungary, and Bulgaria, to be completely comprehensive. To tell that TotalEnergies is doing tax optimization, we do zero tax optimization. Why are we in Switzerland?
Most of the trading of commodities are in Switzerland. This is where we find our traders. This is where we can recruit them. We've been in Switzerland for years and years. We have a real activity there with more than 1,000 employees who are working in Switzerland on trading activities. Last comment on your question, I explained this again in the interview to Le Figaro. Traders are looking at what is happening, and they take some risk because for an operation that make money, some have lost money. What had they observed? They had observed at the end of February that the U.S. Navy was massing near the Gulf. They took a position that wasn't an easy one to take, which was to buy oil, when markets were saying that oil was going to go down.
The risk was more important than what they thought because they had not integrated the fact that the Strait of Hormuz could close in three days. When you take this type of position, if you can't access the physical oil, you can take a heavy loss. It wasn't the case because the company is integrated. We're also producers in Abu Dhabi. We also have logistics installations in Fujairah outside of the Strait. Once again, don't believe that trading sometimes does exceptional operations, and every time that the results of the trading is exceptional, it's mentioned in our quarterly results press releases. We mention it by saying this quarter, it's not every quarter, here it was a reality. It wasn't the case during 2025 because in 2025, the volatility of the markets is low. When the volatility is low, it's hard to do results.
If they take the market reversely, they can have results. Generally, ours don't get mistaken too much. It's not because they're based in Geneva, it's because they're good. Very well. I'm going to take the gentleman at number 2. Then I'll take number 4, but I'll take number 2 before.
Hello. Adrian Cherway, individual shareholder. You've mentioned batteries in your speech. Do you have projects for batteries for electric vehicles? It seems to become a new El Dorado with significant profits.
Well, a Chinese El Dorado so far. I want to remind you that we've got a project where shareholders of the company ACC, Saft is a shareholder of them, batteries for electric vehicles. We hesitated for a while before doing this. We did this because we're a European company. Objectively, it's not easy. We're seeing ACC struggling to have an industrial plan to manufacture battery.
Saft is an excellent technological battery. Saft is more working on added value batteries for satellite, for submarines. They're very good on that. For vehicles, we knew that going from a small production that was highly technological or being a manufacturer in France where we can be competitive to move to a large production like batteries for electrical vehicle to decrease the cost. Well, the manufacturing context in France is not the best. I'm speaking in front of an expert, Jacques Aschenbroich. Everybody knows the difficulties that we have to do that. We're investing in that. Honestly, it's very difficult. We've realized that we needed to bring a little bit of Chinese know-how to set up these factories, we're doing this with the other shareholders. We're sharing ACC with Stellantis and Mercedes. We're committed to that.
Being more committed than that, I don't want to go there. We recently went with the executive committee. We spent three days in China to go and see everything that is happening over there. Objectively, it's quite surprising. China is becoming a technological country. It's no longer a low cost country. It's a technological country now. Honestly, it's a little bit like solar panels. For solar panels, we had the same story to fight on the mass low cost technologies. It's not easy. ACC is positioned on a more added value than the NMC battery, which is more for the high range of Mercedes and Stellantis. I think there we might have a battle to fight, but so far, we just want to see if we can get ACC out of the rut before we move forward with this.
Speaking about Saft, if we entered the world of batteries, for us, it wasn't to do batteries for electric vehicles. It was to do stationary electricity storage with batteries combined with solar farms or renewable farms. Saft is doing good from that aspect. Good success. They're growing, and we're very happy. We're going to focus more, and we already have in Germany a company that is developing energy storage called KION. We're building three gigawatts of batteries in Germany. Our own strategy is to be around electricity in terms of producing electricity, combination renewable batteries grid. That's the core of our work and our investment, and this is where the teams from Stéphane Michel and Integrated Power are going to work more than the batteries for electrical vehicle, which is quite a different business. I'm going to take question number 4.
The gentleman has been waiting for a while now.
Hello, Michel Codron. I'm French institutional. I'm retired. I had bothered you, I think, a few years ago by suggesting to come more often on BFM Business to express yourself. I had the great pleasure this year. For those who want to listen to this show again, it was on April 20th. It was broadcast from 7:00 A.M. to 8:45 A.M. It was a show with Rexecode leaders. You explained how you had been led to make your choices, the most relevant ones for your company. You also explained of the inconvenience that existed in France compared to neighboring countries because foreign politicians had better adapted to the reality of the current world.
We also see that our people in politics imagine, well, there are borders, whereas when you're globalized, the borders no longer exist. Above you, of course, the major shareholder who is there most of the time to influence the long-term decisions. What I'd like to know is, depending on the contacts you have with these foreign institutions, how do they see or how do they wish to see the evolution of TotalEnergies? If you have indirect information, how have you interpreted them? Finally, still on the same topic, what do you fear if the wrong decisions are made? Thank you for your answers.
Yes, I do go to BFM Business sometimes, and I will be there soon again. I share my presence between different media. Well, your question. How does a company work? A listed company such as TotalEnergies. The most important is the strategy.
The strategy is done by the board of directors, as that is essential. Jacques Aschenbroich and all of the colleagues in the front row. Well, of course, the CEO suggests the strategy, and this is what is the heart of the functioning of a company. When we meet with our shareholders, wherever they are, whoever they are, funds, French and foreign, what we explain is our strategy. You know shareholders in the end listen to you. They can challenge you. When we suggested in 2020 a strategy to diversify ourselves in electricity or power, they said, "What will be the profitability?" They didn't understand in the beginning. It's easier to explain when there are some figures to show the reality of things and show the direction we are taking.
In the end, what they look at the end of the day, just like you. What are the results? What are the dividends? It's quite simple. This is why I always insist on the fact that we are buying our freedom to implement our strategy because we have high performance. This is what the board of directors look at first and foremost, that the company is working. If we have a conviction, a clear strategy, and that is consistent, because one thing that our shareholders dislike is to see ups and downs or zigzagging. If they're told to do one thing, then we do the other, they are asking questions. This is the backbone. We need to keep the course, hold the course.
Well, sometimes people tell me we don't like what we're doing in renewable energies, but today, more people are telling me they like it than the opposite. I think that things are not really happening. What we do is we discuss, we test, and the market reacts in a good way or a bad way. If the share price goes down, they don't like it as much. There are exogenous factors. Today, the strategy is working, but there is the fact that in this crisis, the context of crisis, oil and gas were considered as a risky sector. In fact, today, they are at the heart of energy security, and they're becoming a strong value globally. I think there's an evolution in the big investors' minds, and this is a good news for you all as shareholders. I will move to the next room.
Let's take number 5.
Thank you. My name is Simon Taylor. I represent an organization called Hawk Moth. My question is to do with your divestments from the Niger Delta. Last year, the regulator in Nigeria, NUPRC, withdrew consent for your divestment to a company called Chappal. We understand that was because Chappal couldn't find the funds to pay for the deal. Now we understand there's a deal being prepared or has been prepared with VAARIS Resources, a joint venture company, and that's still waiting for approval. My questions are really about the suitability of this company and the potential risks of, since we've talked about the U.S., of what the Americans would call blowback.
The reason I'm asking that is, as you well know, the legacy of pollution, particularly centered around the operations of what used to be called the SPDC Joint Venture, which Total had 10% of, are quite notorious in Nigeria. Lots of mess, not a lot of good cleanup. There's all sorts of examples I could go into. My questions are. Does VAARIS have the money to conclude the deal? When will it be approved? If it does get approved, does VAARIS also have the money to ensure that the former SPDC Joint Venture infrastructure, some 4,000 kilometers of pipeline, alongside, obviously now Renaissance, does VAARIS have sufficient funds to put into making sure that infrastructure doesn't continually, routinely leak because there are large numbers of pipe systems that are way past their sell-by date.
Secondly, the most important bit, I think, is does VAARIS have funds to contribute to a proper cleanup of the Delta, which by many estimates could run to many tens of billions of dollars. If not, how is this divestment, just like that of Shell's, anything other than a cut and run and what amounts by any credible analysis to being really a dumping of your pollution liabilities onto the victims, the hundreds of thousands of pollution victims across the Delta. Thank you.
Okay. I'm going to answer in French because I know there's a translation in English. You confirm? Yes, I will answer in French. Is it simultaneously translated for everyone? The question is in relation with the joint venture called SPDC, operated by Shell in the past in Nigeria, along the Niger River. We had a share of 10%, Shell had 30%. Shell sold its share to a Nigerian company called Renaissance. We said that we wanted to dispose this to VAARIS, another Nigerian company. What led Shell and us to leave? Of course, this activity generated, as the gentleman said, a lot of pollution. Unfortunately, pollution didn't come from the operations of Shell that was applying the same standards as we do, but because in this Niger Delta, regularly there are sabotages of different pipes.
There's a national sport that consists in making holes in the pipes to collect the oil. It's just the Far West there, and illegal activities take place there. When we realized this, when Nicolas Terraz sent me a picture to my office, I said, "We just need to leave because we're not able and realized that Shell was the operator, and it support everything they did. We played our part as a participant, they objectively couldn't control the security of the operations in this Niger Delta. They realized that the best thing to do was to sell the activity to Renaissance. By the way, there's less sabotaging and the production increased. We decided to follow in Nigeria. Most of our activities are offshore. We have a gas production that we will pursue, we will maintain.
For gas, we were able to educate populations in the Delta region to help them understand there were green pipes and red pipes, and some they shouldn't touch because if you make a hole in a gas pipe, it's a really bad idea. We better manage things, even if it's not easy, we better manage this activity. We decided to exit, to leave the country. Objectively, there are no international investors who are ready to buy these participations, but the government supports localization for all of this business for security reasons as well. Everybody's convinced. A first buyer was identified called Chappal. By the way, to have this agreement, we need the Nigerian authorities also to agree. Chappal had a financial scheme that wasn't convincing to us. They wanted to renegotiate the transaction with us, whereas we had a signed agreement.
I said, "No, we have to stop it all." Afterwards, the authorities have withdrawn their agreement with Chappal Energies, but we told them that we wouldn't follow. TotalEnergies said they didn't want to sign with Chappal Energies, and then the authorities who had given their agreement said, "We are withdrawing since TotalEnergies doesn't agree any longer." I know we were more careful because a significant part of this transaction has already been paid for the second agreement, and Nicolas Terraz are actively working on it. We talked with the authorities. They will give their agreement as well. Concerning the point you underlined for the treatment of pollution, do these companies have the capacity to face these pollutions in the Niger Delta? There will be two cases, pollutions that appeared before and those appearing later that they will become responsible for.
TotalEnergies doesn't disappear fully from the joint venture because what we are doing is we are working on the oil production that are sources of production. We are keeping everything that is right to gas production, since gas feeds the LNG plant that we have in Nigeria. We will still be there, part of the landscape. Once again, given what is happening currently for this JV, the increase of production since we have no longer international player, I think the companies will have the means to finance the deep pollution, and there will be less sabotaging, and these pollution issues will disappear. This is what I can answer. What else? Gentleman with question number eight.
Oh, Hello. Hello. A technical part before I ask my question. We came into the room, and we had to leave our cell phones.
For those who have an emergency and responsibilities on the outside, maybe that's not so responsible to do such a thing. I'm talking about flaring. I'm a shareholder of another oil French company. There are not many French oil company. There's a listed, so you imagine which one it is. In 2023, they had reached a maximum in terms of emissions for their flaring. Where do we stand? What is the situation for us here at TotalEnergies, and what are the next steps? Two questions, short questions. This morning, I was at the general meeting for a television actor in power. Are you working together? The funny question is. We have relationships. Well, a report, sorry, that is longer than in the past. Did you work with AI to check whether there's not things we could cut out?
The state and its recommendations, are they not responsible for the heaviness of this document?
Yes, of course. We have the answer. You found it by yourself. We answer to regulations that fall upon us. The CSRD asked, there's more. Sometimes there's things that are repeated. It's very difficult for us because sometimes we have two pages with different words. Words being important, it's a risk for us. I can only encourage everyone. Well, can AI reduce it? It could copy. That's what I see year after year. Some of my colleagues said you can use AI to read quickly the reports. You can find keywords. I support your demand and your approach, which is in the things to do. If we could stop obliging us to fill out these hundreds of pages to use them.
I don't know if some of you tried to read it, the ESRS and CSRD. I do not understand much at all. Last year, I spent some time on it. Experts are doing the work for you investors. I'm not sure that all of this is done in a format that really helps you to understand the progress and effort made. It's so coded with a very ambiguous language. Unfortunately, a trend we've seen in the last years. For each theme, we want transparency, and we're adding reports, reports again and again. Too much information kills information, and our reports are not easy to read. For flaring, there's a real objective, which is to stop continuous flaring by 2030.
In the trajectory, where we want to decrease CO2 and methane emissions on both sides, and the decrease in the flaring in operations for explore production has a major contribution. This has been starting for quite a while. To give you a figure, in 2015, we were at 2.3 cubic meters per day. Today, we're at 0.7. I remember when I started working in explore and production in 2002, we divided by 80% flaring. It's a permanent action. Flaring is continuing. What is it? It's gas. It's a natural resource, and we develop more if we sell more gas everywhere. There are former facilities or ancient facilities, but we're continuing. Well, we stopped in Nigeria in 2025, 2024, 2025. We want to stop the continuous flaring by 2030. To be honest, if we don't manage it, the asset won't remain within TotalEnergies.
Our aim is not to sell flaring, but to solve the problem on our own. It's a direct contribution for the -60% of methane. The decrease in flaring contributes to half of what we're doing, so it's direct. Stopping the venting is also another part. Thank you for the question. Number 3.
Mr. Pouyanné, first, I'd like to congratulate you because you proved that you were able to make the continuity with Mr. de Margerie, whom we met. I come to my question, which is no longer there. Since you're talking about Christophe de Margerie, I'd like to honor his mother and sister because I'd like to thank them for their faithfulness to our company. Their loyalty. My question, it will be short since you've answered partially. It concerns Saft.
For me, Saft were batteries, storage batteries that helped made an intermediate storage for wind to give it back to the main grid. You talked about activities, batteries for cars by saying that it was a busy market already and for thus, what you committed was really interesting. For me, I'd like to come back to Saft batteries to store. Thank you for your answer.
You have understood it perfectly well, it's all good. That's exactly what they're positioned on first. There's not many industrialists for batteries in Europe. They're mostly Asian, Korean, Japanese, Chinese. When we ask the question to have a champion for batteries in Europe, we were solicited. Stellantis at the time was doing it, Mercedes. We provided technology. We know what NMC is, or Saft knows.
We also were clear with people, saying that Saft didn't have the industrial capacity to do it on a large scale. We were very clear on the limits of the model. Your comment. Well, you already gave the answer, and I confirm you understood it perfectly well. Question number two.
Yes, hello. Mr. Lopez, individual shareholder. Thank you to the petrol champion for the excellent results and especially higher performance compared to your American peers. This needs to be underlined. It's excellent for France's image. Everybody should love TotalEnergies. My question is, what is the secret of Patrick Pouyanné in order to do better than others, when it comes to different ratios that you presented during the beginning of the meeting and on production costs, $5, that seems very low. My question is, I know there were a number of decisions made.
What, for you, was the best decision? Could you give us an example to better understand how we can reach this such a low level?
Thank you. Gentlemen. It's not Patrick Pouyanné's secret. It's Mr. Terraz's teams who are everywhere in the world. We had very clear choices. The very clear choice we've made since 2015 is to face these cycles. It was $100 per barrel. It collapsed. The only thing we can master in our industry are our costs, our break-even point, our operational costs and amortizing. I do not master the price of barrels. That was a great lesson. We need to position ourselves on assets that are at a low price. There was a will on our side. Well, roughly the portfolio is compared the production portfolio in 2025 compared to 2015, it changed by 50%. We deliberately sold assets that had high production costs.
We repositioned ourselves on assets with low production costs. There's a region in the world where they are lower than elsewhere. It's the Middle East. This is why we have become number 1 in the Middle East for production of oil among other international companies. It represents a certain flaws today, but it was deliberate. The other strong choice, natural liquefied gas. There's a permanent work that is done, and sometimes people surprise me, because sometimes with inflation we maintain the price of the barrel, and I ask, they execute. They have the secret, I don't. We manage. I believe it's a great advantage, by the way, in the company, it wasn't easy, but there's a real awareness, a collective awareness that mastering our cost was the core of our battles. This is where we were going to be judged.
Today, when the barrel is at EUR 100 and you have a break-even, well, the price of barrel, that means I make money. When you're at 25, you're dreaming of 60. Well, with taxes, et cetera, it's only benefit profit. It's higher between 60-80 than 25, of course. I must say that the teams are proud, and they can be of the result accomplished. These were deliberate choices for projects that mean that when we invest in oil, that must be with a technical cost, CapEx plus OpEx minus EUR 20 per barrel. The OpEx can't be far from five or six, otherwise the project won't be on the right tracks. The climate policy, we must make sure that our assets don't fail. It's a whole.
This is the policies we follow, and I hope I won't announce $6 a barrel in a year, but I'm counting on my teams to put things in the right order. The lady number 1 has been waiting for a while. Your turn.
Yes. Thank you. I apologize, ladies and gentlemen, my English.
My name is Cornelia Schmid and I'm speaking on behalf of Deka Investment, one of the largest asset managers in Germany. Well, the Mozambique projects and also Uganda pose some significant reputational risks for us as institutional investors and raise human rights concerns. Following past reports about abuses by security forces, we still expect TotalEnergies to commission an independent third party investigation into these allegations. Looking forward, what specific due diligence processes are in place to monitor the conduct of Rwandan, Mozambican security forces around the project and as well as the subcontractors operating on the ground? What contingency plans do you have if Rwandan forces should withdraw as they are now subject to U.S. sanctions, or if Rwandan forces demand financial compensation to offset declining EU funding? Thank you for the answers.
We're talking about Mozambique and the question of the management in terms of human rights of the security intervention that protect the area of Afungi. I want to remind you of the scheme in Mozambique. There's an Afungi area that is granted to us. We have the responsibility of the security inside of this area, but outside of this it is the government of Mozambique through the police and the army that ensures the security for us like for all of the inhabitants of Cabo Delgado. They have the support of international forces. There were international forces and the forces from Rwanda. The question is how do we make sure that all of this is done while respecting human rights and how do we make sure that we respect the voluntary principles for human safety rights, the VPSHR?
This is work that is being carried out on a daily basis in the field. You asked me if there had been some audits of independent third parties carried out. There were several on the topics. We had ourselves commissioned a report from Mr. Jean-Christophe Rufin, who is a human rights specialist. He went in the field, he looked at things, he looked at them from the societal and the security prism. He made some recommendations that we implemented. He had asked to nominate a coordinator who was specifically in charge of this question of following the behaviors of these security forces. He did it. We've encouraged a grievance mechanism to make sure that if there are incidents that put face-to-face security forces.
Civilians, they have a capacity to warn us, and we are carrying out investigations if that is the case. We haven't had any for a while, to be clear. There have been some, there are mechanisms which mean that in case of non-observation of the fundamentals that we want to implement, fundamentals of the respect of human rights, we can keep in mind the payment that we make to the security forces, what we've already done in the past. There's a whole host of processes that were set up. In Uganda it's the same thing. We've published a new report of a third party, there are regular reports that are done, and they're done because I want to remind you that the two projects, the Yako project in Uganda and the Mozambique projects, are funded by third parties.
The lenders are very demanding in terms of observation of human rights, of environmental standards. They're probably more demanding, well, they're as demanding as we are, but they're very demanding. For instance, in case of the financing of Mozambique LNG, we have done some new reports to support the consortium that is finalizing all of the documentation, so that the conditions in which lifting the force majeure took place and the conditions that we felt the conditions to lift the force majeure were conditions linked to security.
I encourage you this month, on the site of Mozambique LNG, there was a report published, established by all of the partners within the case of the transparency of what we had with the representative of PFA, a Danish pension fund, to say that yes, the consortium, because it's not us, the consortium of Mozambique LNG would publish the reason why it was considered that the conditions were met to lift the force majeure. There were six to seven conditions linked to this and the way in which they carried out their assessment to come to this conclusion. This report is a public report, and you'll have more elements in this report on how this was done. We do keep in mind, and I can tell you it's at the heart of the dialogue that we have concerning security with the authorities in Mozambique.
The Mozambican authorities also want to ensure the security of the whole by themselves, and it's legitimate coming from a sovereign state. Right now they are coordinating, and the coordination is efficient with the Rwandese forces. On this, let's be clear, it's not our decision. What we're doing is that we're evaluating the security concept that is suggested outside of the zone, and we're concerned about what's happening inside of the area. Today, since the operation were reconducted in January, we can't really flag any incident that would have triggered our concern. I'm very conscious of the fragility of all of that, but I'm also well aware that for the authorities, it's a major project for Mozambique.
It's not just for TotalEnergies or for the Total LNG project, it's also for the populations of Cabo Delgado, and we need to stabilize this region, and we're contributing to that by making sure that there's a lot of local employment. There's more than 900 people of the village that is near Mozambique LNG who come work for us every day. It's the village of Quitunda. Security is also an ally strategy. It's not just a strength strategy. It's to make sure that the neighboring populations feel that there is a share of prosperity, and they'll be winners of this, and then they defend the project itself and not something you do to strength. You need to bring in the development of social, economic aspect because the troubles in Cabo Delgado are in poverty. The jihadis are able to convince the young people because there's extreme poverty.
We need to create employment. We've also established a foundation, the Mozambique LNG Foundation, that was established by the consortium. I encourage you to read the report on the site of the foundation to see everything that is done. The foundation that has a significant budget of EUR 200 million for 5 or 6 years, has created a lot of little activities that represent about 8,000 employments. Here, the project is trying to create a positive dynamic, and this is how we ensure security. In any case, I want to ensure the gap that is a shareholder and I meet the investors of your fund sometimes. You're an investor that we really respect. We take this topic very seriously, and it's at the top of our concerns. Who am I going to go to right now? I need to move to the other room.
I can see the gentleman at six and then the lady at seven. Six first. [Foreign language].
I am a high schooler. I am 16, I am from outside of France, it is not the case of many high schoolers to look at finance and share ownership, especially for an oil company. I just wanted to know if you, as a business leader, you had an idea or some action plans, I do not know, maybe in collaboration with the Ministry of Education to reform the program to better educate the young generation to entrepreneurship.
Well, thank you very much for the question. I encourage you. We have a lot of actions with the government. If TotalEnergies wants to get involved with education, I do not know whether it will be successful. I am going to continue to support energy, I support your idea.
I think that the teaching of economics in France should be more generally reinforced, and it's one of the explanations of the discrepancy. It's already 5:10. I've been expecting the hour and 10 minutes that we had allocated ourselves. Please, nobody take the floor anymore because I can't take anybody anymore. I'm going to take the lady at 7 and then the lady at 5. Didn't I see you earlier? You have asked a question, so you're not allowed to ask any more questions. 7 and 5, and then I'll come to the gentleman at 4. 7, 5, and then 4. 7 first.
Hello. Sarah Roussel. In France, since the beginning of the war in the Middle East, you've set up a capping of the prices for gasoline and diesel in the service stations.
You've mentioned an increase of 30% of the sales during the promotion weekends in your service station. More globally, what evolution do you see with the volumes of fuel sold and the sales figure in your service stations since that time, since you've capped this last year?
The consumption is decreasing. The consumption decreases. 30% has to do with the volume of last year, but overall, the consumption has decreased by about 13% over the course of April. French people are reacting to the spending power. There's a form of energy efficiency, of demand destruction that is happening, and it's regards to a market that is decreasing strongly. 13% less, and moreover, our service stations, well, are being rushed, especially on the motorway because at EUR 1.99 when the other service stations are at EUR 2.30, French people come to see us instead.
The idea of the price of energy is profoundly fundamental. I said seven and then five. The gentleman.
Hello.
Hello, sir.
I want to ask you a very short question. Do you think that in 2027 you will make this general assembly more inclusive for people who are deaf and hard of hearing? I'm sorry, I lose my balance. If I had not stood up, I would have never been able to ask the question.
Thank you, sir, for having stood. I'm taking the point. I don't know if today in AI we are translating in sign language. Maybe. I'm taking the point. I'm making sure that maybe our teams could do something. I like your suggestion. I'm taking it. We've got policies. I want to make sure that we include disability. It is something that is very strong within the company. Thank you for the question. I'm taking into account and we'll see how we better ask the question next year. I'm going to take it. I took number 4, the gentleman. Before the vote. Hello.
Richard, individual shareholder. I wanted you to talk about the patrimonial future of the company of Yamal. There's a question that I asked you two years ago at the beginning of these events.
On the site of RTE in France, we were using about 3,000 megawatts of gas to produce electricity while exporting 10,000. Lastly, I'd like to suggest to the assembly of shareholder to answer Mrs. Pondelier that we propose your name as Grand Cross of Légion d'honneur. Officer will be enough on the question of Yamal. The patrimonial future of Yamal on the 1st of January 2027. Yes, lady number 5, you had left the gentleman. I'll take your question. I'll come back to you. Don't worry. You're right to stay there. Yeah, I'm sorry. I'm doing two things at the same time. I'm reading two screens. For Yamal, on the 1st of January 2027, Europe doesn't want to receive any Russian LNG. It won't come anymore. We remain shareholders of Yamal because that's not prohibited.
Will TotalEnergies continue to sell the gas of Yamal outside of Europe? Well, it's not legally clear. There's several interpretation of European regulation. We'll see what happens between now and then. That's what I can tell you on Yamal and TotalEnergies. TotalEnergies is the shareholder of Yamal. We'll see what we can do, the best would be for this Russian-Ukraine conflict to come to an end. The lady at number 5, because you were very patient. Françoise Charbonne, nominative, and I'm also in a shareholders club. I'm coming back to the nice listing for the past six months. As a preliminary, congratulations to all of Total in this context that is geopolitical and in the media, that is quite delicate to always have some great financial results. You are number 1 amongst your peers.
Including our American friends, you have a great break even, you have a multi-energy strategy that your peers are starting to really broadly recognize. That allows you to have a carbon footprint that is decreasing from year to year, so very well. In the U.S., you've had your price that has grown by 38%, whereas the number two, Exxon, has increased by 28%. This means that there was a difference of 10 points. Will the decrease that you had with ADS, was it quashed? I don't know. There's still some room to grow. What is your upcoming strategy? The ambition is to continue to convince more shareholders to buy our shares. It's quite simple. The ADR was a vehicle that wasn't really very popular with the U.S. investors.
We can see it and it's clear today, Jean-Pierre Sbraire, Aurélien Hamelle, and myself are meeting investors who are generally funds. There's a lot of money in wealth management funds that don't buy ADR shares, or in Europe. It's in the U.S. There's still a difference in multiples between us and our colleagues, so there's still room for growth. We need to continue to convince them. For the share to grow, we need to convince more European shareholders to buy TotalEnergies shares, because what happened for several years is that the shares suffered a lot because we had sells in Europe and purchases in the U.S. Now we have a little bit more purchases than sells, but we need to reconquer the heart of European shareholders.
From that perspective, there are current regulations that are important for us, which are complicated regulations on the various funds and the qualification of the various funds on a European level. This morning, one of my colleagues said it's incredible that just let themselves be done when we see that our energies are essential for the security of the continent. A few years ago, I said that all of the weapons were excluded from the funds, because they were not ethical, and now they're ethical again all of a sudden. Maybe energy will become ethical again. We need to continue to do our advocacy and our strategy in the U.S., but also convince again Europeans to reinvest in European shares like those of TotalEnergies. Thank you, ma'am. We're going to stop there. I'm not exhausted, but I think we've exhausted the questions for sure.
We're going to switch to the vote of the resolutions. I'm about 10 minutes late with regards to the time. According to the latest attendance sheet finalized by the assembly's recording clerk, the shareholders present represented having cast of votes by mail hold shares with voting rights. The number of shares represent a quorum that is still greater by one quarter of voting rights, allowing us to proceed with the vote. The exact number will be published on our website tonight. We will move on with the vote of the resolution. Voting will be conducted using the electronic tablet provided to you when you signed in. The following video shows you how to use it. It's very simple. Hostesses are available to assist you if needed.
To vote, a tablet was given to you. It is strictly personal and is only used during this general meeting. When the voting for a resolution is announced, you see the window appearing automatically on the tablet, even if it is on sleep mode. To vote, nothing more simple. Press the button corresponding to your choice. For, in favor. Abstention. Against. Press on OK to validate your choice before the closing of the vote. Once your vote validated, you can no longer modify it. Thank you for returning your tablet when exiting the room.
Very well. I'm going to give the floor to Jean-Pierre, who will present the resolutions to you before we put them to a vote.
The first resolution is the approval of the company's financial statements for the fiscal year ended December 31st, 2025 with a benefit of EUR 13.7 billion. Voting is open. Voting is closed. The resolution is adopted, 99.61%. Second resolution, approval of the consolidated financial statements for the fiscal year ended December 31st, 2025 with a net benefit attributable to TotalEnergies of $13.1 billion. Voting is open
The scrutiny is closed. Voting is closed. The resolution is adopted with the same percentage, 99.1. The third resolution, appropriation of earnings and the determination of the dividend fiscal year, the distribution of the dividend per share of €3.40 per share for 2025 fiscal year. Taking into account the three interim dividend payments of €0.85 already distributed, the remaining dividend of the 2025 fiscal year amounts at €0.85 per share. It will be listed on Euronext on July 2nd, 2026, and the NYSE on the 22nd July of 2026. Voting is open. The voting is closed. Vote is closed. The resolution is adopted. You all love dividends. That's great. Moving to the fourth resolution. The purpose is to authorize your board of directors to repurchase or sell shares of the company in accordance with applicable legal provisions and the terms and conditions displayed on the screen.
This authorization will be granted for a period of 18 months from the date of this meeting. Voting is open. The voting has closed. The resolution is adopted. You also love purchasing buybacks of shares. Renewal of directors for agreements referred to in Article L2538 of the commercial code, which does not mention any new agreements. The voting is open. The vote has closed. The resolution is adopted. Resolution number 6, renewal of Ms. Marie-Christine Coisne-Roquette's term as director for three years. Voting is open. The vote is closed. The resolution is adopted. Thank you, Marie-Christine, for continuing the adventure with us. Seventh resolution. The purpose is the renewal of Mrs. Anelise Lara's term as a director for a period of three years. Voting is open. Voting is closed. The resolution is adopted. Congratulations, Anelise.
The eighth resolution, the purpose is to renew Mr. Dierk Paskert's term as director for a three-year period. Voting is open. Voting is closed. The resolution is adopted. Congratulations, Dirk, and thank you for the presidency of the Compensation Committee. The ninth resolution's purpose is to appoint Mr. Slawomir Krupa as a director for a term of three years. Voting is open. Voting is closed. Wow, the election. I'm glad somebody as tall and big as me will be sitting around the table. We will be two to share the same values. Congratulations, Slawomir. Thank you for joining us. The 10th resolution's purpose is to approve information regarding compensation of corporate officers referred to in section one of Article L210-9 of the Commercial Code, presented in the Corporate Governance Report included in the company's 2025 Universal Registration Document, Chapter 4 for 3.12 and 2 [1].
Thank you. Voting is open. The voting is closed. The resolution is adopted. 11th resolution. The purpose of the 11th resolution is to approve the compensation policy applicable to the directors, and it is set forth in the corporate governance report included in the company's universal registration 431. Voting is open. Voting is closed. The resolution is adopted. Twelfth resolution, approval of the fixed, variable, and special components comprising the total compensation and benefits of any kind paid during fiscal year 2025, or awarded for that fiscal year to Mr. Patrick Pouyanné, Chairman and Chief Executive Officer. The purpose of the 12th resolution is included in the company's 2025 universal registration document. Voting is open. Voting is closed. The resolution is adopted. I thank you.
Thirteenth resolution, approval of the compensation policy for the Chief Executive Officer, as presented in the report of the co-governance report included in the company's 2025 Universal Registration Document, chapter 3.4322. Voting is open. Voting is closed. The resolution is adopted. Resolution 14 aims to grant the Board of Directors the authority to increase the company's capital through the issuance of common stock and/or securities conferring ownership interest in the company with the incorporation of premiums, reserves, profits, and other items, with the exclusion of the shareholders' preemptive subscription rights. The voting is open. Voting is closed. The resolution is adopted. Resolution 15 grants the Board of Directors the authority to increase the company's capital as part of a public offering through the issuance of common stock and/or securities conferring ownership interest in the company, with the exclusion of shareholders' preemptive subscription rights. Voting is open.
Voting has now closed. Resolution is adopted. Resolution 16 is to delegate authority to the board of directors to issue, through an offering addressed to smaller investors or qualified, the common shares or securities given access to the company's capital, with the exclusion of the shareholders' preemptive subscription rights. Voting is now open. Voting is now closed. The resolution is adopted. The purpose of the 17th resolution is to grant the board of directors the authority to increase the number of shares to be issued in the event of a capital increase with the cancellation of the shareholders' preemptive subscription rights. Voting is now open. Voting is now closed. Resolution is adopted.
The purpose of the 18th resolution is to grant the board of directors the authority to increase the company's capital by issuing common stock in exchange for contribution of security in the event of a public exchange offer initiated by the company with exclusion of shareholders' preemptive subscription rights. Voting is open. Voting is now closed. Resolution is adopted. The purpose of the 19th resolution is to grant the board of directors the authority to increase the company's capital by issuing common stocks and/or securities conferring ownership interest in a company in consideration for contributions in kind made to the company with exclusion of the shareholders' preemptive subscription rights. Voting is now open. Voting is closed.
The resolution is adopted. The purpose of the 20th resolution is to authorize the board of directors to carry out capital increases reserved for employees and participants in a company or group savings plan. Voting is now open. Voting is closed. Resolution is adopted. Thank you for allowing us to continue this policy that is granting an increase of capital dedicatedly. For all of the employees listening to me, the resolution 21st is to amend your company's articles of incorporation, on the one hand, to revise the age limits for the position of Chairman and Chief Executive Officer, articles 12 and 15 of the articles of incorporation. Secondly, to update the articles of incorporation in accordance with the legal and regulatory provision transposing Directive EU 2022/2381, known as the Women on Boards Directive, regarding the director representing employee shareholders, article 11 of the articles of association. Voting is now open.
Voting is closed. Resolution is adopted. Now that all of the resolutions have been put to a vote, thank you for them. Please return your tablets and your headsets as you leave the room. Hostesses are available to assist you if you need it. The final results of the vote will be available on the website under General Meetings section. To help us continue to improve your meetings, we ask you to please return the evaluation forms that were handed at registration as you leave the room. The dates of our upcoming events are displayed on the screen. I would like to remind you that our next general meeting is scheduled on May 21st, 2027. The resolutions have been voted and the agenda has been exhausted, I hereby adjourn the meeting. Thank you for participating