Gaztransport & Technigaz (GTT) Q3 2024 earnings summary

Executive summary

• Achieved strong commercial momentum in 9M 2024 with 82 new orders, including 68 LNG carriers, 12 ethane carriers (8 ultra-large), 1 FSRU, 1 FLNG, 12 LNG-powered container vessels, and 1 bunker vessel, with deliveries through 2031.

• Innovation focus with approvals for new tank designs, alternative fuel compatibility, and expansion of digital services, supporting decarbonization and regulatory compliance.

• Strategic investments in sustainable propulsion, including Bluefins, and digital solutions, with four venture investments in 2024.

• Services and digital solutions saw significant growth, with new contracts and the acquisition of VPS enhancing smart shipping capabilities.

Financial highlights

• Nine-month 2024 revenues reached €475 million, up 55% year-over-year from €300 million, with newbuild revenues at €429 million (+57.4%) and LNG/ethane carrier royalties at €400.4 million (+62.2%).

• Services revenue increased 40.7% to €29.1 million, driven by digital and pre-engineering services.

• LNG as fuel revenues rose 22% to €24.2 million, reflecting prior years' order growth.

• Elogen electrolyser revenues remained nearly stable at €6.6 million amid weak market conditions.

Outlook and guidance

• 2024 consolidated revenues and EBITDA are expected at the top of the €600–640 million and €345–385 million ranges, respectively, assuming no major shipyard delays.

• Committed to distributing at least 80% of consolidated net income as dividends, subject to shareholder approval.

• Elogen still targeting EBITDA breakeven by mid-decade despite slower hydrogen market growth.