Akim

Akim asked for more color on the increasing competitiveness in the LNG trading market and the decline in profits, and how TotalEnergies plans to ensure compliance with EU sustainability rules (CSDD) for its LNG supply.

Answer

Patrick Pouyanné, Chairman and CEO, clarified that LNG trading profits are returning to a 'normal environment' after exceptional years (2021-2023), with lower volatility, and are in line with 2024 results, emphasizing TotalEnergies' asset-based trading model. Regarding EU CSDD rules, he highlighted concerns from U.S. and Qatar energy ministers about disproportionate penalties and the risk to LNG supply security, stating TotalEnergies' U.S. and Qatar LNG production is compliant with vigilance laws.

Akim asked for more color on the increasing competitiveness of the LNG market and the decline in trading profits, distinguishing between heightened competition and normalized conditions. He also inquired about TotalEnergies' strategy for ensuring compliance with new EU sustainability rules (CSDD) and options for redirecting non-compliant LNG supply.

Answer

Patrick Pouyanné, Chairman and CEO, explained that LNG trading profits are returning to a normal environment after exceptional years (2021-2023) with lower volatility, and 2025 results are in line with 2024. He emphasized that TotalEnergies' trading is asset-based, benefiting from growing volumes and long-term contracts. Regarding EU CS3D, he highlighted concerns from the U.S. and Qatar about disproportionate penalties (up to 5% of worldwide turnover) and stated TotalEnergies is compliant with vigilance laws in the U.S. and Qatar.