Qatar Gas Transport Company (QGTS) Q4 2025 earnings summary

Executive summary

• Net profit rose 3.1% year-on-year to QAR 1.69 billion in 2025, driven by higher revenues from wholly owned LNG vessels, subsidiary consolidation, and reduced finance charges.

• Total income increased 5.6% to QAR 4.78 billion, reflecting new vessel revenues and full consolidation of LPG and shipyard operations.

• EBITDA reached QAR 3.62 billion, up 0.5% year-on-year, reflecting operational growth despite higher costs.

• Board recommended a total annual dividend of QAR 0.144 per share (QAR 798 million) for 2025.

• Consolidated financial statements for 2025 were audited by KPMG, who issued an unqualified opinion.

Financial highlights

• Revenue from operations rose 7% year-on-year to QAR 4.65 billion, mainly due to higher LNG and LPG segment revenues and subsidiary consolidation.

• Operating expenses rose 27% to QAR 1.03 billion, mainly from consolidation of LPG vessels and shipyard.

• Finance costs decreased 10.3% to QAR 1.01 billion due to refinancing at lower margins and scheduled repayments.

• Cash and deposits grew 21.3% to QAR 3.2 billion, driven by strong operational cash flow and JV dividends.

• Property, plant, and equipment increased 4.8% to QAR 25.72 billion, reflecting newbuild investments.

Outlook and guidance

• Fleet expansion underway with 40 vessels on order (36 LNG, 4 LPG/ammonia), deliveries starting end-2026 and ramping up in 2027.

• No significant revenue improvement expected in 2026; major ramp-up anticipated in 2027 as new vessels are delivered.

• Long-term contracts provide 844 years of firm backlog and 585 years of options.

• LNG market fundamentals remain strong, with global liquefaction capacity projected to rise 84% by 2031.

• Stable cash flows expected due to long-term charter agreements and hedging strategies.