Gaztransport & Technigaz (GTT) Q4 2025 earnings summary

Executive summary

• 2025 marked a third consecutive record year with €803M revenue (+25% YoY), €542M EBITDA (+40% YoY), and €414M net income (+19% YoY), driven by strong LNG demand, robust order intake, and digital expansion through the Danelec acquisition.

• The order book stood at €1.6B at year-end, providing strong revenue visibility for future years, with 288 core business units and 48 LNG as fuel units in backlog.

• Marine and digital activities reached critical mass, notably through the Danelec acquisition, expanding the installed base to 17,000 vessels and boosting digital revenues by 131%.

• Strategic investments in sustainable technologies and increased stakes in Bound4Blue, NovoMOF, and CorPower via GTT Strategic Ventures.

• Elogen underwent strategic restructuring, narrowing focus to core technology and small projects, with workforce reduction and halted gigafactory construction.

Financial highlights

• Revenue rose to €803M (+25% YoY), mainly from new builds and increased construction activity; EBITDA reached €542M (+40% YoY, margin 67.5%); net income was €414M (+19% YoY, margin 51.5%).

• Free cash flow was €271M; cash position stable at €347M after €290M dividend payment and €194M Danelec acquisition.

• Dividend proposed at €8.94/share, representing 80% of net income, up 19% YoY.

• Capital expenditures surged to €244.8M, mainly due to the Danelec acquisition.

• Marine and digital solutions revenue more than doubled to €36.1M (+131%).

Outlook and guidance

• 2026 revenue expected between €740M–€780M, reflecting a temporary slowdown after the 2022 order peak; EBITDA guidance set at €490M–€530M, maintaining high margins through strict cost discipline.

• Dividend policy of 80% payout to be maintained, with record payout in 2025.

• Long-term LNG carrier demand outlook revised upward, with more than 450 vessels expected over the next decade.

• Order book at year-end 2025 supports strong revenue visibility through 2029 and beyond.