Gaztransport & Technigaz (GTT) Q2 2026 earnings summary

Executive summary

• 65 new orders in H1 2026, including 56 LNG carriers, 2 ethane carriers, 5 onshore storage tanks, 1 FSRU, and 1 FLNG, driving the order book to a record €1.9 billion and 306 units.

• Revenue reached €387.3 million, EBITDA €263.6 million (68.1% margin), and net income €210.4 million, up 17% year-over-year.

• Interim dividend of €4.30 per share approved for December 2026, with €183.3 million paid in H1 2026.

• Strong commercial momentum driven by global LNG demand, significant FIDs, and robust order intake.

• No direct business impact from Middle East conflict; order book and construction schedules unaffected.

Financial highlights

• Revenue nearly flat year-over-year at €387.3 million (-0.4%), mainly due to fewer LNG carriers under construction.

• EBITDA stable at €263.6 million (68.1% margin); operating income (EBIT) €248.2 million, down 3.4% year-over-year.

• Net income rose 17% year-over-year to €210.4 million, reflecting lower non-recurring expenses.

• Free cash flow increased 17% year-over-year to €243.8 million.

• Net cash position at €294.7 million after dividend and Danelec acquisition loan.

Outlook and guidance

• 2026 guidance confirmed: revenue €740–780 million, EBITDA €490–530 million.

• Dividend policy maintained; interim dividend of €4.30/share approved for 2026.

• Order book provides revenue visibility of €1.85 billion through 2029 and beyond.

• LNG demand expected to remain robust, supported by new liquefaction capacity and pre-FID projects.

• No material impact from Middle East conflict on business or LNGC shipbuilding fundamentals.