Gaztransport & Technigaz Sa · EURONEXT:GTT
Gaztransport & Technigaz Sa — FY 2024 and Q1 2025 Earnings Presentation
54 slides from Gaztransport & Technigaz Sa's earnings presentation, May 2025
Slide 1: FY 2024 / Q1 2025 Investor presentation
FY 2024 / Q1 2025 Investor presentation TECHNOLOGY FOR A SUSTAINABLE WORLD May / June 2025
Slide 2: Disclaimer
Disclaimer This presentation does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction. It includes only summary information and does not purport to be comprehensive. No representation,
Slide 3: Agenda
Agenda 01 02 03 04 05 Key Innovation Market Financials Outlook & Highlights update Conclusion 3
Slide 4: Key Highlights
1 Key Highlights
Slide 5: 2024 Key figures
2024 Key figures Core business order book LNG as fuel order book 332 units / €1,902 M 50 units / €48 M Revenues EBITDA € 388 M / +65% €641 M / +50% EBITDA Margin 61% Free Cash-Flow Dividend €7.50 +54% at €338 M Payout ratio 80% Investor presentation - May / June 2025 FY 2024 Results Presentation – 2
Slide 6: Q1 2025 key highlights
Q1 2025 key highlights Q1 group revenue Innovation • €191m, up 32% year-on-year • With 66 patents filed in 2024, GTT remains a leading innovation • Mostly driven by newbuilds player among French companies, securing the 23rd position in the INPI ranking • In April, GTT Strategic Ventures announced a
Slide 7: Innovation
2 Innovation
Slide 8: Innovation Roadmap
Innovation Roadmap CORE BUSINESS LNG AS FUEL Further reducing Offering the best LNGC CO2 footprint technologies for alternative fuels Enabling better energy Enabling decarbonisation efficiency and reducing of the maritime industry, vessel construction & address new vessel operating costs segments De
Slide 9: Innovation: focus on the latest technologies
Innovation: focus on the latest technologies Three-tank 200k m3 design Ultra Large Ethane Carriers (150k m3) Optimised speed reducing CO2 emissions by Increased cargo capacity: Reduces OPEX (fuel, c. 20% crew, insurance, canal fees, pilot, terminal fees) Increased capacity (200k m3 vs 174k m3) allow
Slide 10: Market update: LNG carriers and other core applications
3 Market update LNG CARRIERS AND OTHER CORE APPLICATIONS
Slide 11: LNG market fundamentals: main LNG flows and shipping intensity
LNG market fundamentals: main LNG flows and shipping intensity 124 93 280 173 126 216 78 Europe 86 1.2 Qatar US 1.2 Asia* 1.4 2.2 0.9 81 58 63 47 3.0 Australia Other producers * Mainly China, Japan, South Korea & India Shipping intensity (Number of LNGCs Main producers of LNG (Mtpa 2024 & 2040) Main
Slide 12: Gas and LNG growing in the energy mix, while coal remains dominant
Gas and LNG growing in the energy mix, while coal remains dominant EVOLUTION OF GLOBAL ENERGY MIX CHINA ENERGY MIX (2023) 2024 China represents c. 55% of worldwide coal demand Source: Statistical review 2024 China is the world’s largest LNG importer Source: BP Q3 24 – Current trajectory Investor pre
Slide 13: Strong LNG demand growth by 2030 and 2040
Strong LNG demand growth by 2030 and 2040 LNG DEMAND OUTLOOK LNG SUPPLY/DEMAND BALANCE 2040 S/D Gap 165-210 Mtpa BP Current Trajectory CENTRAL Shell 2025 SCENARIOS (2024 in dotted line) Wood Mackenzie CAGR 2024-2030: c.5.7% IEA Stated Policies NET ZERO COMMITMENT SCENARIOS(1) BP Net Zero Sources: BP
Slide 14: Upcoming LNG FIDs: decisions expected in 2025-2026
Upcoming LNG FIDs: decisions expected in 2025-2026 LNG PROJECT * COUNTRY OPERATOR VOLUME (Mtpa) Contracted (SPA) Comments FIDs Woodside Louisiana Phase 1 US East Woodside 16.5 Equity Phase 1 of the project – total permitted capacity of 27.6 Mtpa in 2025** Southern Energy FLNG Argentina Southern Ener
Slide 15: Fleet Replacement: gaining pace, expected to intensify by 2030
Fleet Replacement: gaining pace, expected to intensify by 2030 The replacement segment accounts for approximately 10% of the FOUR KEY DRIVERS FOR REPLACEMENT current orderbook As of today Mid-term AGE: More than 300 LNGCs Scrapping & conversions will be 20y+ old in the next 10 years Age ++ +++ (of w
Slide 16: Ethane Market Growth: rising US exports & strong demand from China
Ethane Market Growth: rising US exports & strong demand from China GLOBAL ETHANE EXPORTS GLOBAL ETHANE IMPORTS Source: NGLS Source: NGLS US Ethane market surges with shale gas revolution China drives global ethane demand for plastics • Too much ethane produced to feed US ethylene crackers Other coun
Slide 17: Long term estimates for GTT orders
Long term estimates for GTT orders ESTIMATED GTT CUMULATED ORDERS OVER 2025-2034 LNGC More than 450 units ULEC/VLEC Between 25 & 40 units FSRU Up to 10 units(1) FLNG Up to 10 units Onshore & GBS tanks Between 25 & 30 units (1) Exclude conversion of existing LNG carriers into FSRU Investor presentati
Slide 18: Market update: LNG as fuel
3 Market update LNG AS FUEL
Slide 19: LNG as fuel: Strengthening market momentum
LNG as fuel: Strengthening market momentum LNG is currently the best and only CUMULATIVE ORDERS FOR 7K+ TEU CONTAINERSHIPS BY CONTAINMENT available fuel meeting both economic and regulatory demands • Ensures compliance with stricter environmental regulations • Enables shipowners to stay profitable i
Slide 20: LNG as fuel: supported by innovation & favorable market trends
LNG as fuel: supported by innovation & favorable market trends INNOVATIONS DRIVING GTT’S COMMERCIAL GROWTH LNG FUEL DEMAND BOOSTS LNGC MARKET 6 1 barg technology Combined with GTT’s Mark III Flex technology, the 1 barg tank 5 design pressure ensures LNG-fueled ships comply with future cold 4 ironing
Slide 21: Market update: Services and digital solutions
3 Market update SERVICES AND DIGITAL SOLUTIONS
Slide 22: Comprehensive LNG Services to support the industry along the value chain
Comprehensive LNG Services to support the industry all along the value chain ENGINEERING CONSTRUCTION OPERATION MAINTENANCE LNG CONSULTING SUPPLIER APPROVAL TRAINING OPERATIONS TESTS Core business TALA agreements ENGINEERING EMERGENCY MAINTENANCE Delivering advanced vessel performance solutions for
Slide 23: Ascenz Marorka: scaling maritime digitalisation while enhancing LNG performance
Ascenz Marorka: scaling maritime digitalisation while enhancing LNG performance 1. Improve LNG carriers technical, commercial and Core Business environmental performance Enhancing 2. Contribute to the adoption of the membrane technology 3. Optimize LNG membrane vessel lifecycle costs 4. Innovate wit
Slide 24: Expanding digital solutions across four maritime market segments
Expanding digital solutions across four maritime market segments within a global Smart Shipping market of ~1.8 billion by 2030 Market anticipations, 2030 Ascenz Marorka’s four market segments Smart Shipping global market Vessel Performance Management €1,800M • High growth potential CAGR +7% • Focusi
Slide 25: Targeted market segments set to reach up to €400m by 2030
Targeted market segments set to reach up to €400m by 2030 GTT’S DIGITAL REVENUES (IN €M) Targeted market Projected Expected size segments CAGR in 2030 15,6 +59% LNG applications c.4% c. €15m CAGR EFMS c.9% c. €70m 8,4 Vessel Performance c.11% c. €160m 6,2 Management 2022 2023 2024 Voyage optimizatio
Slide 26: Digital: FY 2024 Key Achievements
Digital: FY 2024 Key Achievements Expansion of the Fleet Center Sloshing virtual sensor • Launch of a second real-time fleet • New study concludes that predictive technology performance monitoring center in could extend tank inspection intervals on LNG Singapore carriers • This brings together a tea
Slide 27: Market update: Elogen
3 Market update ELOGEN
Slide 28: Elogen: FY 2024 key figures & strategic review
Elogen: FY 2024 key figures & strategic review Key figures FY 2024 Financial Performance • FY Revenues at €11.4m, +12.7% vs FY 2023 Order book* FY 2024 Revenues • EBITDA loss of -€33.3m in challenging market conditions • No significant order intake €4.4 M €11.4 M Strategic review initial conclusions
Slide 29: Financials
4 Financials
Slide 30: Q1 2025 orderbook: solid level ensuring strong visibility
Q1 2025 orderbook: solid level ensuring strong visibility Order book Dec. 2024 Q1 2025 new orders Q1 2025 deliveries Order book March 2025 LNGC 306 +9 (23) 292 VLEC/ULEC 16 +7 - 23 FSRU/FSU 3 - - 3 FLNG 2 - - 2 Onshore 5 - - 5 +16 (23) GTT order book movements (core business) 332 325 Order book Dec.
Slide 31: 2024 Core business Orderbook: €1.9 Bn of secured revenues
2024 Core business(1) Orderbook: €1.9 Bn of secured revenues ORDER BOOK IN UNITS ORDER BOOK BY YEAR OF DELIVERY (UNITS PER YEAR) In units In units As at Dec. 2023 As at Dec. 2024 100 332 84 85 93 85 311 274 52 54 13 Dec. 2022 Dec. 2023 Dec. 2024 2025 2026 2027 ≥2028 ORDER BOOK IN VALUE REVENUES EXPE
Slide 32: FY 2024: Consolidated Revenues
FY 2024: Consolidated Revenues SUMMARY REVENUES FY 2024 KEY HIGHLIGHTS in €m 2023 2024 Change (%) Total Revenue growth (+50% vs 2023) Total Revenues 427.7 641.4 +50.0% Revenues from newbuilds (royalties): Newbuilds 389.5 591.1 +51.8% • €591.1 million, +52% / +€201.6 m vs 2023 % of revenues 91% 92% •
Slide 33: FY 2024: Financial Performance
FY 2024: Financial Performance SUMMARY CONSOLIDATED ACCOUNTS KEY HIGHLIGHTS in €m 2023 2024 Change (%) EBITDA +65% vs 2023 Total Revenues 427.7 641.4 +50.0% €388.1M • In line with the increase EBITDA(1) 234.5 388.1 +65.5% in revenues from core business Margin (%) 54.8% 60.5% • Impact of Elogen Opera
Slide 34: 2024 Dividend: A record year
2024 Dividend: A record year 2018 2019 2020 2021 2022 2023 2024 Consolidated net profit (IFRS) €142.8 M €143.4 M €198.9 M €134.1 M 128.3 201.4 347.8 Net earnings per share(1) €3.85 €3.87 €5.36 €3.63 €3.48 €5.45 €9.41 7.50 FY 2024 Payout ratio(2): 80% Balance dividend of €3.83(3) 3.83 • Ex-dividend d
Slide 35: Q1 2025: consolidated revenue
Q1 2025: consolidated revenue Q1 2025 KEY HIGHLIGHTS in €m Q1 2024 Q1 2025 Change (%) Total revenue growth (+32% y-o-y) Total revenue 144.8 190.5 +31.6% Revenue from newbuilds (royalties): Newbuilds 133.2 180.5 +35.6% • €180.5 million, +36% vs Q1 2024 % of revenue 92% 95% • Revenues from LNGCs and E
Slide 36: Outlook & Conclusion
5 Outlook & Conclusion
Slide 37: 2025 outlook
2025 outlook Revenue 2025 consolidated revenue estimated in a range of €750m to €800m EBITDA 2025 consolidated EBITDA estimated in a range of €490m to €540m Dividend 2025 dividend payout of at least 80% of consolidated net income Payment(1) Note: In the absence of any significant delays or cancellat
Slide 38: Appendices
Appendices
Slide 39: GTT's strategic roadmap: towards a low-carbon future
GTT’s strategic roadmap: towards a low-carbon future Venture capital • 8 minority interests Transformation • Gas management Digital services technologies • Energy optimisation • Carbon capture • Emissions monitoring • Electrolysers • Operational excellence Core services • Consulting • Intervention s
Slide 40: CSR: accelerating progress to drive GTT's ambition
CSR : accelerating progress to drive GTT’s ambition • GHG emissions reduction trajectory approved by the Board of ESG performance Directors E • • Enhancement of the innovation process, integrating CSR criteria Intellectual property contributing to decarbonisation of maritime • MSCI : BBB, steady per
Slide 41: Continuous R&D effort driving innovation: GTT NEXT1
Continuous R&D effort driving innovation: GTT NEXT1 Latest innovation in Cargo Containment Systems (CCS) Final approvals secured from Bureau Veritas1 and Lloyd’s Register2 • Granted at the Posidonia 2024 maritime show • GTT NEXT1 is now commercially ready Continuous optimisation • Optimal balance be
Slide 42: Dynamic LNG Carrier demand led by a combination of growth drivers
Dynamic LNG Carrier demand led by a combination of growth drivers Growth drivers Natural Gas LNG Carriers Coal-to-gas switch Switch from old to new (environment & health vessels issues) LNG Renewal market driven by an ageing fleet and increasingly stringent environmental regulations Pipe-to-LNG swit
Slide 43: LNG fuel: regulation picking up in the EU
LNG fuel: regulation picking up in the EU FUEL EU MARITIME INCLUSION OF SHIPPING IN EU ETS €/ton Source: Ember Fuel EU regulation – Effective from 1 January 2025 Source: BV Emissions from vessels calling to/from the EU are submitted to • Scope: applies to all ships from or to EU ports European Carbo
Slide 44: GTT Strategic Ventures: Investing in a sustainable world
GTT Strategic Ventures: Investing in a sustainable world Q3 22 Q4 22 Q3 23 Q2 24 GTT Strategic Ventures in a nutshell • Launched in the second half of Developer of an Finnish specialist in 2022 Norwegian specialist in multi-gas & emission French designer of automated wind- management of Cargo • GTT’
Slide 45: FY 2024: Evolution of Cost Base
FY 2024: Evolution of Cost Base GTT CONSOLIDATED OPERATIONAL COSTS KEY HIGHLIGHTS in €m 2023 2024 Change (%) Goods purchased (+€10.3 million vs 2023) Goods purchased (17.8) (28.1) +58.4% €28.1M • Increase mostly due to Elogen’s % of revenues -4% -4% activity Subcontracted Tests and Studies (44.1) (5
Slide 46: An attractive business model supporting high cash generation
An attractive business model supporting high cash generation INVOICING AND REVENUE RECOGNITION • Revenue is recognized pro-rata temporis between % of contract (1) construction milestones c. 9 to12 months c. 18 months Delivery 10000 studies royalties • Cash collection: − Initial payment collected fro
Slide 47: Glossary
Glossary The following abbreviations have been used throughout this document BOR Boil Off Rate FSU Floating Storage Unit MEGI M-type, Electronically Controlled Gas Injection APAC Asia-Pacific GBS Gravity Based Structure Mtpa Million tons per annum CAGR Compound Annual Growth Rate GHG Greenhouse Gase
Slide 48: Appendices: Acquisition of Danelec
Appendices - Acquisition of Danelec
Slide 49: Acquisition of Danelec: A transformative step in GTT's digital journey
Acquisition of Danelec: A transformative step in GTT’s digital journey A key milestone in the development of GTT’s Digital division - Securing a global leadership position in the high-potential segment of vessel performance management, while achieving top-tier position in the critical Voyage Data Re
Slide 50: An acquisition delivering dual strategic value for GTT
An acquisition delivering dual strategic value for GTT Vessel Performance Management: Become the world leader in a high-potential market segment - Reaching critical mass - Covering the entire segment: from noon reports based solutions (enhanced with VPS in February 2024) to high frequency data solut
Slide 51: Danelec, a recognised player in maritime digitalisation
Danelec, a recognised player in maritime digitalisation A global leader in data collection & analysis, for safer, more efficient and sustainable maritime operations SAFETY VESSEL PERFORMANCE MANAGEMENT c. €44m 15,500 64% of revenue* 31% of revenue* FY23/24 Installed Revenue Base Voyage Data Annual S
Slide 52: Unlocking significant synergy potential
Unlocking significant synergy potential Extensive vessel base equipped with Vessel Performance Advanced solutions offering additional high-frequency data devices compatible Management options for customers with Ascenz Marorka solutions Voyage Optimization / Danelec has no proprietary Voyage Optimisa
Slide 53: An acquisition that brings value for GTT
An acquisition that brings value for GTT A transaction that reflects strong growth momentum and enables significant synergies - Contemplated acquisition of 100% of the shares for an enterprise value of €194m - Approximately 15x the 2024/2025 EBITDA (est.) before synergies - Accretive impact estimate
Slide 54: Thank you
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Gaztransport & Technigaz (GTT) — FY 2024 and Q1 2025 Earnings Presentation on 6ix