TotalEnergies extends its targets to 2035 and aims for more than 5% annual dividend increase by 2030
Meeting in New York, TotalEnergies' executive committee detailed the Company's energy and financial roadmap.
Beyond renewing the targets set for 2030, management presented growth ambitions now covering the 2035 horizon, accompanied by a shareholder return policy clarified by the Board of Directors.
Production and free cash-flow growth targeted until 2030
TotalEnergies confirmed all of its growth objectives for the 2030 horizon, with a progression of its overall energy production (oil, gas and electricity) of 4% per year. The Company aims for average growth of more than 3% per year in its Oil & Gas production between 2025 and 2030, driven by a portfolio of low-cost projects described as "all in execution".
Electricity generation is expected to grow by more than 20% on average per year to reach 100 to 120 TWh per year by 2030, or approximately 20% of the energy mix. The Integrated Power division plans for positive free cash-flow in 2027 (balanced in 2026) and profitability (ROACE) of 12% in 2030.
The Company expects an increase in free cash-flow of approximately 10 billion dollars between 2025 and 2030 at constant prices, or more than 4 dollars per share. These objectives are accompanied by a reduction in operational emissions, with a 50% reduction in Scope 1+2 Oil & Gas by 2030 compared to 2015.
2035 ambitions and new shareholder return policy
For the 2030-2035 period, TotalEnergies presented an ambition for growth of 2 to 3% per year in Oil & Gas, relying on proven reserves of more than 12 years and a portfolio of organic projects (Namibia, Nigeria, Libya, Malaysia, Mozambique, Papua New Guinea). In electricity, the Company aims for a net generation growth rate of 10 to 12 TWh per year, bringing electricity's share to 25% of the energy mix by 2035. Net investments planned are between 14 and 17 billion dollars per year over 2027-2032.
From a financial standpoint, the Board of Directors, meeting on September 27, 2026, adopted a dividend policy aiming for an increase of more than 5% per year for fiscal years 2026 to 2030. It confirmed a shareholder return of at least 40% of cash flow, while targeting a debt ratio below 10%, anticipated below this threshold as of the end of 2026.
Within this framework, the Board authorized share buybacks of 2.5 billion dollars in the fourth quarter of 2026, then between 2 and 2.5 billion dollars in the first quarter of 2027.
