Gaztransport & Technigaz (GTT) Q4 2024 earnings summary

Executive summary

• 2024 saw record sales of €641–641.4 million (+50% YoY) and EBITDA of €388–388.1 million (+65–65.5% YoY), driven by strong LNG and ethane carrier demand, digital growth, and innovation.

• Order book reached €1.9–2 billion (332 units core business, 50 units LNG as fuel), providing high revenue visibility.

• Dividend proposed at €7.5/share (+72–80% YoY), representing 80% of consolidated net income.

• Significant progress in digital solutions, innovation (62 new patents, four minority stakes), and ESG initiatives with improved ratings.

• Elogen faced losses (€33.3M EBITDA loss), strategic review, and gigafactory suspension amid hydrogen market challenges.

Financial highlights

• Revenues: €641–641.4M (+50% YoY); EBITDA: €388–388.1M (+65–65.5% YoY); Net income: €347.8M (+72.7% YoY); free cash flow: €338M (+54%).

• EBITDA margin: 60.5–61%; net margin: 54.2%; EPS: €9.40.

• Digital revenues: €15.6–16M (+85% YoY); services: €23.3M (+18.2% YoY).

• Cash position: €343.3M (+28.3% YoY); capex: €68.5M (+55.7% YoY).

• Dividends paid: €228.9M (+82.2% YoY); payout ratio: 80%.

Outlook and guidance

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

• Order book supports €1.9B in future revenue through 2028 and beyond.

• Continued strong demand expected for LNG carriers, digital, and LNG as fuel segments.