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, driven by strong LNG demand, digital expansion, and a wave of orders from 2022.

• Order intake was moderate in early 2025 due to geopolitical tensions but rebounded strongly in Q4, with a year-end order book of €1.6bn and momentum continuing into 2026.

• The company expanded its digital solutions through the €194M acquisition of Danelec, reaching a 17,000-vessel installed base and doubling division revenues.

• Strategic refocus and restructuring at Elogen included a redundancy plan, halting gigafactory construction, and focusing on core technology.

• Proposed dividend at a record €8.94 per share, up 19% YoY, with an 80% payout ratio.

Financial highlights

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

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

• Dividend per share proposed at €8.94, payout ratio 80%.

• 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 forecasted at €490M–€530M, maintaining high margins through strict cost discipline.

• Dividend policy of 80% payout to be maintained.

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

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