Gaztransport & Technigaz (GTT) Q2 2025 earnings summary

Executive summary

• Revenue reached €389 million in H1 2025, up 32% year-over-year, with EBITDA rising 49% to €264 million and a margin of 68%.

• Net income increased 5.7% to €180 million, impacted by €45–48.2 million in non-recurring Elogen restructuring costs.

• Order book at 308 units, including 280 LNG carriers and 54 LNG as fuel tanks, valued at €1.7 billion, providing multi-year revenue visibility.

• Acquisition of Danelec strengthens digital leadership and expands vessel performance management capabilities.

• Elogen business model refocused on R&D and high-power stacks, with gigafactory project halted and 110 job cuts.

Financial highlights

• H1 2025 revenue: €389 million (+32% YoY); EBITDA: €264 million (+49% YoY); EBITDA margin: 68% (vs. 60% in H1 2024).

• Net income: €180 million (+5.7% YoY), affected by €45–48.2 million in non-recurring Elogen restructuring expenses.

• Free cash flow rose to €208–208.4 million; cash position at €360 million as of June 30, 2025.

• Digital revenue up 36% to €9.4 million; services revenue up 11% to €12 million.

• Elogen H1 2025 revenue at €2.5 million, EBITDA at -€9.2 million, reflecting restructuring.

Outlook and guidance

• 2025 revenue guidance: €750–800 million; EBITDA: €490–540 million; dividend payout policy of at least 80% of net income.

• Order book supports €1,698 million in revenue through 2028 and beyond.

• Guidance excludes Danelec contribution, as acquisition is not yet finalized.