Gaztransport & Technigaz (GTT) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached EUR 191 million, up 32% year-over-year, driven by strong order intake, newbuild activity, and growth in core LNG and ethane carrier business.

• 16 new core business orders and 12 LNG as fuel/container ship orders were secured, with a diversified order book including LNG and Ethane Carriers.

• Innovation momentum included 66 patents filed in 2024 and a minority investment in novoMOF for CO2 capture technology.

• Digital solutions expanded globally, with Smart Shipping deployed across TMS Group's fleet and new certifications awarded.

Financial highlights

• Q1 2025 consolidated revenue: EUR 191 million (+32% year-over-year); newbuilds/royalties revenue: EUR 181 million (+36%).

• Digital activities revenue grew 88% to EUR 4.7 million, benefiting from VPS integration and Smart Shipping contracts.

• Elogen (electrolyzers) revenue fell 63% to EUR 1.1 million due to business repositioning.

• Services revenue declined 31% to EUR 4.2 million, reflecting fewer non-recurring pre-engineering studies.

Outlook and guidance

• 2025 consolidated revenue guidance: EUR 750–800 million; EBITDA guidance: EUR 490–540 million.

• Dividend policy maintained with payout of at least 80% of consolidated net income.

• Strong backlog and positive energy demand outlook support future activity.