Gaztransport & Technigaz Sa · EURONEXT:GTT
Gaztransport & Technigaz Sa — FY 2025 Earnings Presentation
50 slides from Gaztransport & Technigaz Sa's earnings presentation, Feb 20, 2026
Slide 1: FY 2025 Results
FY 2025 Results TECHNOLOGY FOR A SUSTAINABLE WORLD 20 February 2026
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 Technologies Market Financials Outlook & Highlights & Solutions update Conclusion 3
Slide 4: GTT: A longstanding and reliable partner for the maritime and energy industries
GTT: A longstanding and reliable partner for the maritime and energy industries Our conviction is that technology is the most efficient enabler of the energy transition The technological expert in dedicated liquefied gas transport and storage systems Our Key Assets Human & intellectual capital: uniq
Slide 5: Key Highlights
1 Key Highlights
Slide 6: 2025 Key figures
2025 Key figures Revenues €803 M EBITDA €542 M EBITDA Margin 67% +25% YoY +40% YoY Net income Free Cash-Flow €414 M €271 M Dividend €8.94 Core business order book Payout ratio 80% 288 units / €1,591 M FY 2025 Results Presentation – 20 February 2026 6
Slide 7: 2025 Key highlights
2025 Key highlights Containment and energy Marine & Digital solutions Advanced technologies management systems 2025 LNGCs orders by quarter After a moderate start of the year due to geopolitical tensions, strong momentum both for FIDs and LNGCs orders 18 • 84 Mtpa FIDed* which should translate into
Slide 8: 2025 Key highlights
2025 Key highlights Containment and energy Marine & Digital solutions Advanced technologies management systems Expansion of the digital solutions and services portfolio with the acquisition of Danelec • Combined hardware and software solutions to address shipowners’ needs and grow market share • Lar
Slide 9: 2025 Key highlights
2025 Key highlights Containment and energy Marine & Digital solutions Advanced technologies management systems GTT Strategic Ventures: 2 new investments and 1 increased stake • Two new investments: novoMOF and CorPower Ocean • Increased stake in bound4blue Ose engineering • Supporting surface vessel
Slide 10: Technologies & Solutions
Technologies & Solutions Git
Slide 11: Innovation strategy: Designing forward-thinking technologies covering the integrated value chain
Innovation strategy: Designing forward-thinking technologies covering the integrated value chain Breakthrough and incremental innovations Further improve the efficiency of the containment system e.g: GTT NEXT1, optimal balance between thermal efficiency and mechanical strength Enhance LNGCs overall
Slide 12: Technologies and solutions: building on core know-how to enhance competitiveness
Technologies and solutions: building on core know-how to enhance competitiveness and expand our range of services Incremental innovation Continuous improvement Technical assistance for LNG of containment systems e.g. HEARS® e.g. sump design Studies & certifications e.g. shipyards, suppliers New cont
Slide 13: Market update: LNG carriers and other core applications
3 Market update LNG CARRIERS AND OTHER CORE APPLICATIONS
Slide 14: Dynamic LNG Carrier demand led by a combination of growth drivers
Dynamic LNG Carrier demand led by a combination of growth drivers Energy demand and growing natural gas needs 1 Natural gas is complementary to renewables Coal-to-gas switch in some geographies Pipe-to-LNG switch Growing 2 Flexibility, security of supply and reduced dependency LNG carrier Low cost o
Slide 15: LNG market fundamentals: natural gas second fastest growing energy source
LNG market fundamentals: natural gas is projected to be the second fastest growing source of energy GAS SHARE IN THE ENERGY MIX (DEMAND IN EJ) +58 EJ 659 601 Natural Gas 659 26% Natural Gas 601 24% Nuclear & Natural 2023 Coal Oil Hydropower Gas Renewables 2035 Oil Renewables Oil Renewables 33% 11% 3
Slide 16: LNG market fundamentals: LNG demand outpaces energy and gas market growths
LNG market fundamentals: LNG demand outpaces energy and gas market growths LNG IS BECOMING MORE PREVALENT THAN PIPELINE LNG GROWS FASTER THAN ENERGY DEMAND 2023-2035 CAGR 4.3% c.3% 1.3% 0.8% Energy demand Gas demand Gas Trade LNG demand and dotted lines: GTT estimates Sources: Statistical Review of
Slide 17: LNG market fundamentals: Demand/supply balance
LNG market fundamentals: Demand/supply balance LNG DEMAND OUTLOOK LNG SUPPLY DEMAND BALANCE IEA current policies 2040 S/D Gap Wood Mackenzie Q4 25 / Q3 25 in dotted line 85-135 Mtpa BP Current Trajectory Shell IEA Stated Policies Q4 25 / Q4 24 in dotted line Sources: BP Q3 25, Shell Q1 25, Wood Mack
Slide 18: LNG market fundamentals: increasing USA supply leading to higher shipping intensity
LNG market fundamentals: increasing USA supply leading to a higher shipping intensity 485 156 130 19 3 Canada 236 126 271 82 Europe 106 1.2 Qatar Asia* 1.2 USA 47 26 1.4 2.2 Africa 0.9 78 103 112 59 60 31 3.0 Australia Other producers Other consumers * Mainly China, Japan, South Korea & India Shippi
Slide 19: A favourable FID outlook after the 2025 record level
A favourable FiD outlook after the 2025 record level VOLUME Contracted Start LNG PROJECT * COUNTRY OPERATOR (Mtpa) (SPA) date Argentina Ph1 – FLNG 1 Argentina Southern Energy 2.4 2027 CP2 Phase 1 USA East Venture Global 14.4 2027 Corpus Christi MidscaleTrains 8&9 USA East Cheniere 5.0 2028 Argentina
Slide 20: Fleet Replacement: an ageing fleet becoming increasingly costly to run
Fleet Replacement: an ageing fleet becoming increasingly costly to run ANNUAL FUEL COST TO TRANSPORT 1 MTPA AGEING FLEET IN THE NEXT 10 YEARS FLEET BREAKDOWN BY ENGINE (USA - EU ROUTE IN 2026) 350 – 48% MEGI/XDF 137 – 19% DFDE 200 – 27% Steam Turbine 48 – 7% Diesel LNGC aged 20y+ old Fuel cost EU ET
Slide 21: Fleet Replacement: scrapping at record levels
Fleet Replacement: scrapping at record levels NUMBER OF LNGC SCRAPPED AND CONVERTED AGE OF VESSELS AT TIME OF SCRAPPING Scraps Conversion (FSU, FSRU, FLNG) Source: GTT, press Source: GTT, press 2025: A record year for scrapping Vessels scrapped are increasingly younger • 15 LNGC have been scrapped i
Slide 22: Long term estimates for GTT orders
Long term estimates for GTT orders ESTIMATED GTT CUMULATED ORDERS OVER 2026-2035 LNGC 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 FY 2025 Results Presentatio
Slide 23: Market update: LNG as fuel
3 Market update LNG AS FUEL
Slide 24: LNG as fuel market remains robust, intense competition from other technologies
LNG as fuel market remains robust, intense competition from other technologies LNG as fuel chosen for 2/3 of orders for 7k+ 7K+ TEU CONTAINERSHIPS ORDERS BY FUEL TEU containerships GTT membrane solution facing intense 350 competition in in shipyards 300 19 orders received in 2025 • 18 containerships
Slide 25: Market update: Marine and Digital solutions
3 Market update MARINE AND DIGITAL SOLUTIONS
Slide 26: Marine and Digital solutions: A best in class offer combining hardware and software
Marine and Digital solutions: A best in class offer combining hardware and software solutions Integrated platform serving 17,000 installed base 2025 Revenue Hardware Software Safety equipment Performance & voyage €36.1m Top 3 VDR provider #1 on retrofit optimisation Data Among top players in transmi
Slide 27: Financials
4 Financials
Slide 28: FY 2025 Orderbook
FY 2025 Orderbook Order book Dec. 2024 FY 2025 new orders FY 2025 deliveries Order book Dec. 2025 LNGC 306 +37 (82) 261 VLEC/ULEC 16 +7 (2) 21 FSRU 3 - - 3 FSU - - - - FLNG 2 +1 - 3 Onshore 5 - (5) - GTT order book movements +45 (89) (core business) 332 288 Order book Dec. 2024 FY 2025 new orders FY
Slide 29: Core business Orderbook: €1.6 Bn of secured revenues
Core business(1) Orderbook: €1.6 Bn of secured revenues ORDER BOOK BY YEAR OF DELIVERY (UNITS PER YEAR) In units As at Dec. 2024 As at Dec. 2025 101 93 91 The core business orderbook 85 stands at 288 units, split as such: 67 32 29 22 ➢ 261 LNG carriers ➢ 21 VLEC/ULEC 2026 2027 2028 ≥2029 ➢ 3 FSRU/FS
Slide 30: FY 2025: Consolidated Revenue
FY 2025: Consolidated Revenue in €m 2025 2024 Change (%) KEY HIGHLIGHTS Total revenue 803.0 641.4 +25.2% Newbuilds revenue: +25% YoY Newbuilds 739.3 591.1 +25.1% • Driven by LNGCs and Ethane carriers (+26%), reflecting more LNG carriers under construction % of revenue 92% 92% • LNG as fuel: down 36%
Slide 31: FY 2025: Financial Performance
FY 2025: Financial Performance SUMMARY CONSOLIDATED ACCOUNTS in €m 2025 2024 Change (%) KEY HIGHLIGHTS Total Revenues 803.0 641.4 +25.2% EBITDA 541.8 388.1 +39.6% EBITDA +40% YoY • 67.5% margin Margin (%) 67.5% 60.5% • Benefiting from operating leverage Operating Income/ EBIT 521.3 374.3 +26.2% • Di
Slide 32: 2025 Dividend: A record year
2025 Dividend: A record year 2018 2019 2020 2021 2022 2023 2024 2025 Consolidated net profit (IFRS) €142.8 M €143.4 M €198.9 M €134.1 M €128.3 M €201.4 M €347.8 M €413.6 M Net earnings per share(1) €3.85 €3.87 €5.36 €3.63 €3.48 €5.45 €9.41 €11.16 FY 2025 Payout ratio(2): 80% 8.94 7.50 Balance divide
Slide 33: Outlook & Conclusion
5 Outlook & Conclusion
Slide 34: 2026 Outlook
2026 Outlook Revenues(1) • 2026 to be compared with a high base of 2025 (effect of 2022 orders peak) 2026 consolidated revenue estimated in a • 2026 activity impacted by the temporary slowdown of range of €740M to €780M order entries in the first half of 2025 EBITDA • Implied EBITDA margin at a top
Slide 35: Key take-aways
Key take-aways 2025 is GTT’s third record year in a row • €803 M revenue, +25% - reaping benefit of 2022 orders wave • €542 M EBITDA, +40% - EBITDA margin at 67% Strong LNG demand underpinning future orders • Record high level of FiDs in 2025 • Order pace picking up at 2025 year-end • Solid end of y
Slide 36: Q&A
Q&A 36
Slide 37: Appendices
Appendices
Slide 38: All-time record FID activity, led by the US
All-time record FID activity, led by the US FID volume by country1, Mtpa 84 US FIDs drive a historic year, reinforcing LNG demand 56 resilience 2 61 38 37 84 Mtpa FIDs in 2025, mainly in the 33 37 29 30 5 US: 27 23 23 • Woodside Louisiana 9 20 21 31 23 Yearly average • CP2 Phase 1 9 29 32 15 • Port
Slide 39: Continuous improvement of Boil-off rate
Continuous improvement of Boil-off rate Boil-off rate of GTT technologies(1) 0.15% 0.15% Boil-off rate (%/d) 0.125% 0.10% Enabling better 0.085% 0.085% energy efficiency 0.07% 0.07% by halving boil-off rate in a decade Mark III Mark III Mark III NO96 NO96GW NO96 NO96 GTT Flex Flex+ L03+ Super+ Next1
Slide 40: Innovation GTT NEXT1 brings reliability and performance to the next level
Innovation GTT NEXT1 brings reliability and performance to the next level Benefits for GTT stakeholders: Stainless Steel corrugated Primary Membrane (same as MarkIII) Invar Secondary Membrane • For charterers: lower consumption and optimum compatibility (same as NO96) to new systems or alternative f
Slide 41: Innovation in LNG as fuel
Innovation in LNG as fuel GTT Cubiq TM 1 barg design Recycool TM More cargo space via enhanced volumetric Suitable for LNG powered vessels Reliquefy excess boil-off gas from LNG-fuelled efficiency ships equipped with high-pressure engines. Easier installation thanks to simplified Key benefits: Recov
Slide 42: GTT Strategic Ventures: Investing in a sustainable world
GTT Strategic Ventures: Investing in a sustainable world Q3 22 Q4 22 Q3 23 Q2 24 Q2 24 Developer of an Finnish specialist in Norwegian specialist in French designer of automated wind- management of Cargo Cryogenics expert and multi-gas & emission an energy assisted propulsion and maritime fleets lea
Slide 43: Marine and Digital solutions: 2025 Key Achievements
Marine and Digital solutions: 2025 Key Achievements Safety & Monitoring Data & Performance Remote Piloting and remote navigational assistance Fleet Centre expansion Completed remote piloting testing with Danish company 3 European shipping Expanded global support: 3 fleet centers providing companies
Slide 44: Elogen: 2025 key figures & update in strategic review
Elogen: 2025 key figures & update in strategic review 2025 Revenue Key updates on strategic review €4.6m Business model ▪ Focus on R&D and high-power stack production at les Ulis 2025 EBITDA Workforce €-16.1m ▪ Workforce reduction of 110 FTEs down to 55 FTE at year end reduction 2025 order book ▪ Op
Slide 45: 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 Source: BV Fuel EU regulation – Effective from 1 January 2025 Emissions from vessels calling to/from the EU are submitted to • Scope: applies to all ships >5,000GT calling from or to EU por
Slide 46: CSR performance consistent with the roadmap
CSR performance consistent with the roadmap Steady ESG performance in 2025 • Pursuit of headquarters’ refurbishment E • • Supply chain engagement to accelerate the switch to HFO New patents files on ammonia readiness, liquified hydrogen transportation and carbon capture MSCI BBB Sustainalytics 18 (l
Slide 47: Performance of GTT shares since the IPO
Performance of GTT shares since the IPO GTT total return +637% GTT +296% SBF 120 +84% Stoxx 600 Oil & Gas +36% Market capitalization as of February 16, 2026: €6.729 billion FY 2025 Results Presentation – 20 February 2026 47
Slide 48: An attractive business model supporting high cash generation
An attractive business model supporting high cash generation INVOICING AND REVENUE RECOGNITION Business model supports % of contract (1) high cash generation c. 9 to12 months c. 18 months Delivery 10000 studies royalties • Revenue is recognized pro-rata temporis between construction milestones • Ini
Slide 49: 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 50: FY 2025 Results
FY 2025 Results TECHNOLOGY FOR A SUSTAINABLE WORLD 20 February 2026
Gaztransport & Technigaz — FY 2025 Earnings Presentation on 6ix