TotalEnergies posts refining losses in France, CEO says

French energy giant TotalEnergies reported losses from its refining activities in France last year, which led the company not to pay corporate tax in the country, CEO Patrick Pouyanne said.

Speaking on French television, Pouyanne said TotalEnergies recorded a fiscal loss of between 200 million and 300 million euros in France, mainly due to weak refining performance during the first half of the year, News.Az reports, citing Reuters.

The comments come after the company reported strong global results, posting adjusted net income of $15.6 billion for 2025. Despite this, losses in France meant the company did not trigger corporate surtax payments on large companies.

Pouyanne also said TotalEnergies’ global tax rate stands at around 40%, higher than French rates, and noted the company was among the largest contributors to France’s tax on share buybacks.

The CEO warned that increasing taxes on large corporations to address France’s budget deficit could discourage investment and reduce economic activity.

News.Az 

By Aysel Mammadzada