Gaztransport & Technigaz (GTT) Q3 2026 earnings summary

Executive summary

• Received 80 orders in 9M 2026, including 71 LNG carriers; the core-business order book reached 299 units valued at €1.85bn.

• 9M revenue was €570.1m, down 4.9% YoY, mainly reflecting fewer LNG carriers under construction and the reversal of some accelerated deliveries.

• FY 2026 objectives were reaffirmed amid strong LNG market fundamentals and sustained order discussions.

Financial highlights

• Consolidated 9M revenue was €570.1m, down 4.9% YoY from €599.6m.

• GTT Energy revenue was €522.0m, down 9.4%; newbuild revenue was €505.5m, down 9.5%.

• FSRU royalties rose 83.6% to €12.1m and FLNG royalties rose 21.4% to €8.8m; LNG-as-fuel revenue increased 1.5% to €16.7m.

• GTT Marine revenue was €47.4m, up 138.2% YoY, largely reflecting Danelec's contribution.

• Services revenue was €16.4m, down 7.0%; Elogen revenue was €0.7m, down 82.1% as activity refocused on R&D.

Outlook and guidance

• FY 2026 revenue guidance remains €740m–€780m and EBITDA guidance €490m–€530m.

• Guidance assumes no significant order delays or cancellations; order-intake variations may cause revenue fluctuations.

• Close cost management is expected to support a high EBITDA margin and absorb new initiatives.

• Dividend policy remains unchanged, with a payout ratio of at least 80%; payment is subject to shareholder approval and distributable income.