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), supporting a proposed dividend of €8.94 per share, up 90% YoY.

• Order book at year-end reached €1.6B, providing strong revenue visibility through 2029 and beyond.

• Order intake was moderate in early 2025 due to geopolitical tensions but rebounded in Q4, with 37 LNGC orders and momentum continuing into 2026.

• Marine and digital activities expanded through the Danelec acquisition, doubling division revenues and extending digital solutions to 17,000 vessels.

• Strategic refocus at Elogen included resizing, workforce reduction, and halting gigafactory construction, with focus on core technology.

Financial highlights

• Revenue: €803M in 2025 (+25% YoY); EBITDA: €542M (+40% YoY, margin 67.5%); Net income: €414M (+19% YoY, margin 51.5%).

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

• Dividend per share: €8.94, payout ratio 80%, total payout €290M.

• Marine and digital solutions revenue more than doubled to €36.1M (+131% YoY), boosted by Danelec.

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

Outlook and guidance

• 2026 revenue expected between €740M–€780M, reflecting a temporary slowdown after the 2022 order peak.

• 2026 EBITDA guidance: €490M–€530M, with continued high margins and strict cost discipline.

• Dividend policy of 80% payout to be maintained.

• Strong order momentum in early 2026 supports medium-term growth.