Gaztransport & Technigaz (GTT) Q4 2024 earnings summary

Executive summary

• 2024 marked a record year with revenues of €641.4M (+50% YoY), EBITDA of €388.1M (+65.5% YoY), and a core business order book of €1.9B and 332 units, driven by LNG carrier demand and digital growth.

• Significant innovation in vessel design, digital solutions, and ESG initiatives, with 62 new patents filed and four minority stakes in start-ups.

• Strategic review and restructuring at Elogen, including a major redundancy program and suspension of gigafactory construction, amid losses in the hydrogen market.

• Enhanced ESG performance, improved ratings, and first CSRD report to be published.

Financial highlights

• Revenues reached €641.4M in 2024, up 50% YoY; EBITDA at €388.1M (+65.5% YoY) with a 60.5% margin; net income rose 72.7% to €347.8M.

• Free cash flow increased 54% to €338M; cash position at year-end was €343.3M (+28.3% YoY).

• Dividend set at €7.50 per share (+72% YoY), with an 80% payout ratio.

• Digital revenues grew 85% to €15.6M; services revenues up 18.2% to €23.3M.

• Capex/investment reached €68.5M, reflecting R&D, digital expansion, and HQ rehabilitation.

Outlook and guidance

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

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

• Continued two-digit growth expected in digital services and focus on innovation.