Gaztransport & Technigaz (GTT) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €191 million, up 32% year-over-year, driven by strong order intake 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 continued with 66 patents filed in 2024 and a minority investment in novoMOF for CO₂ capture technology.

• Digital solutions expanded globally, highlighted by Smart Shipping deployment across TMS Group's 130+ vessel fleet and new certifications.

• The global market environment was mixed, with positive regulatory developments in the U.S. but ongoing tariff disputes and increased competition from Chinese shipyards.

Financial highlights

• Q1 2025 consolidated revenue was €191 million, up 32% year-over-year; newbuild revenues rose 36% to €181 million.

• Royalties from LNG and ethane carriers reached €170.4 million (+39.3%); digital revenue increased 88% to €4.7 million.

• Elogen (electrolyzers) revenue dropped 63% to €1.1 million due to ongoing business repositioning.

• Service revenues fell 31% to €4.2 million, reflecting fewer non-recurring pre-engineering studies.

• LNG as fuel royalties declined to €6.4 million from €9.7 million year-over-year.

Outlook and guidance

• 2025 consolidated revenues are expected between €750 million and €800 million.

• EBITDA guidance is €490 million to €540 million.

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