Gaztransport & Technigaz Sa · EURONEXT:GTT
Gaztransport & Technigaz Sa — H1 2025 Earnings Presentation
37 slides from Gaztransport & Technigaz Sa's earnings presentation, Jul 30, 2025
Slide 1: H1 2025 Results
H1 2025 RESULTS TECHNOLOGY FOR A SUSTAINABLE WORLD 30 July 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 Key Strategy & Financials Outlook & Highlights Activity Conclusion 3
Slide 4: Key Highlights
1 Key Highlights
Slide 5: H1 2025 Key Highlights
H1 2025 Key Highlights 17 new orders for the Core business core business • LNG demand remains strong, as evidenced by four Final Investments Decisions (FIDs) on new liquefaction projects year-to-date 18 new orders for • Orderbook stands at 308 units representing €1.7bn in revenue, providing strong L
Slide 6: Robust H1 2025 orderbook supports long-term visibility
Robust H1 2025 orderbook supports long-term visibility Order book Dec. 2024 H1 2025 new orders H1 2025 deliveries Order book June 2025 LNGC 306 +10 (36) 280 VLEC/ULEC 16 +7 - 23 FSRU/FSU 3 - - 3 FLNG 2 - - 2 Onshore 5 - (5) 0 +17 (41) GTT order book movements (core business) 332 308 Order book Dec.
Slide 7: Innovation in H1 2025: New Approvals in Principle (AiP) for key technologies
Innovation in H1 2025: New Approvals in Principle (AiP) for key technologies Ethane Slim 1 barg NH3-Ready One AiP from DNV for membrane Two AiPs from Bureau Veritas One AiP from Lloyd’s Register for tank design (rated 1 barg) for Mark III Slim™ and NO96 “NH₃-Ready” notation on Mark III . Slim™ syste
Slide 8: GTT Strategic Ventures: Investing in innovation for a sustainable world
GTT Strategic Ventures: Investing in innovation for a sustainable world Latest investment in July 2025 Nine ventures backed since inception Swedish developer of a Wave Energy Converter, generating electricity from one of the last and largest untapped sources of clean energy, offering high availabili
Slide 9: Strategy & Activity: LNG Carriers and Other Core Applications
2 Strategy & Activity LNG CARRIERS AND OTHER CORE APPLICATIONS
Slide 10: Supportive trends for LNG amid a complex geopolitical context
Supportive trends for LNG amid a complex geopolitical context Tailwinds for the industry … … balanced by near-term headwinds • US LNG momentum strengthened by end of • Geopolitical tensions (Ukraine/Russia, DoE permit freeze and supportive policies Middle East) affecting sentiment • New FIDs in the
Slide 11: Strong LNG growth: Central scenarios show upward revisions to estimates
Strong LNG growth: Central scenarios show upward revisions to estimates BP Current Trajectory Shell 2025 (2024 in dotted line) CENTRAL Wood Mackenzie SCENARIOS LNG demand outlook (Q2 25) CAGR 2024-2030: c.6% (Q4 24 in dotted line) strengthened in central scenarios Shell: +25 Mtpa in central scenario
Slide 12: Liquefaction market: Exceptional US SPA activity
Liquefaction market: Exceptional US SPA activity SPA volume, Mtpa 20 Post-FID 15 Other pre-FID 10 US pre-FID 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024
Slide 13: FID activity resumes with strong US contribution
FID activity resumes with strong US contribution FID volume by country1, Mtpa US FIDs drive YTD recovery, reinforcing LNG demand resilience ~38 Mtpa sanctioned in 2025 so far, mainly in the US (Woodside Louisiana, CP2 Phase 1, Corpus Christi) Strong momentum in H1 2025 Positive signals for further F
Slide 14: New FIDs in 2025: Growing momentum, more decisions ahead
New FIDs in 2025: Growing momentum, more decisions ahead LNG PROJECT * COUNTRY OPERATOR VOLUME (Mtpa) Contracted (SPA) Comments Woodside Louisiana Phase 1 US East Woodside 16.5 FIDs Argentina Ph1 – FLNG 1 Argentina Southern Energy 2.4 Repositioning of the existing Gimi FLNG in 2025 c.38 Mtpa Corpus
Slide 15: New proposed IMO regulation creates strong renewal incentive
New proposed IMO regulation creates strong renewal incentive COMPLIANCE COSTS FOR OLDER LNGCS WOULD RISE SHARPLY BY 2035 SCRAPPING & CONVERSIONS Extra fuel cost in K$/day for 174k m3eq. old DFDE / Steam Turbine High level of scrapping in H1 2025 vs. new MEGI & Extra cost linked to IMO regulation 70
Slide 16: 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 H1 2025 Results – 3
Slide 17: Strategy & Activity: LNG as Fuel
2 Strategy & Activity LNG AS FUEL
Slide 18: LNG adoption as fuel continues to grow
LNG adoption as fuel continues to grow LNG confirming its position as the leading fuel of choice LNG fuel total market: 350 70% - 490 LNG fuel orders cumulated up to June 30, 2025 300 60% - LNG fuel market share increasing 250 50% over Methanol since 2024 (>60%) Market share 200 40% GTT membrane sys
Slide 19: Strategy & Activity: Digital Solutions
2 Strategy & Activity DIGITAL SOLUTIONS
Slide 20: Digital: H1 2025 Key Achievements
Digital: H1 2025 Key Achievements Fleet Centre expansion GTT’S DIGITAL REVENUE* Expanded global support (in €m) Opened a new fleet centre in March Vancouver to strengthen global reach and provide 24/7 support 15.6 for shipowners, charterers, and fleet managers +59% CAGR New contract 9.4 8.4 Fleet-wi
Slide 21: Acquisition of Danelec, a recognised player in maritime digitalisation
Acquisition of Danelec, a recognised player in maritime digitalisation SAFETY SHIP PERFORMANCE A global leader in data collection & analysis, for safer, more efficient and sustainable maritime operations 64% of revenue* 31% of revenue* 15,500 Voyage Data Annual Shaft Power c. €44m Maritime SaaS Reco
Slide 22: Unlocking significant synergy potential
Unlocking significant synergy potential Extensive vessel base equipped with Advanced solutions offering additional Ship Performance options for customers high-frequency data devices compatible with Ascenz Marorka solutions Voyage Optimisation / Danelec large customer base is a natural fit for Ascenz
Slide 23: Strategy & Activity: Elogen
2 Strategy & Activity ELOGEN
Slide 24: Elogen: H1 2025 key figures & Strategic review update
Elogen: H1 2025 key figures & Strategic review update Strategic review update Order book* • New business model focused on R&D and high-power stacks production at Les Ulis, targeting mid-to-large size contracts with positive margins €3.0m • Information and consultation procedures with employee repres
Slide 25: Financials
3 Financials
Slide 26: H1 2025 core business orderbook: €1.7bn in secured revenue
H1 2025 core business(1) orderbook: €1.7bn in secured revenue ORDER BOOK BY YEAR OF DELIVERY (UNITS PER YEAR) In units As of June 2024 As of June 2025 99 99 94 86 90 The core business orderbook 58 67 66 stands at 308 units, split as such: 40 (2) 41 280 LNG carriers 2025 2026 2027 ≥2028 23 VLEC/U
Slide 27: H1 2025: Consolidated revenue
H1 2025: Consolidated revenue in €m H1 2025 H1 2024 Change (%) KEY HIGHLIGHTS Total revenue 388.7 294.8 +31.9% Revenue from Newbuilds +35% YoY Newbuilds 364.8 271.0 +34.6% • Driven by LNGC and Ethane carriers (+38%), % of revenue 94% 92% reflecting more LNG carriers under construction LNG/Ethane car
Slide 28: H1 2025: Financial performance
H1 2025: Financial performance SUMMARY CONSOLIDATED ACCOUNTS in €m H1 2025 H1 2024 Change (%) KEY HIGHLIGHTS Total revenue 388.7 294.8 +31.9% EBITDA +49% YoY EBITDA 264.5 177.2 +49.2% • 68% margin Margin (%) 68.0% 60.1% • Benefiting from operating leverage Operating income/ EBIT 257.1 172.2 +49.3% •
Slide 29: Outlook & Conclusion
4 Outlook & Conclusion
Slide 30: 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 Payment1 * Excluding contribution from Danelec, with the acquisition
Slide 31: Q&A
Q&A 31
Slide 32: Appendices
Appendices
Slide 33: LNG supply/demand balance: New liquefaction capacities needed in the coming years
LNG supply/demand balance: New liquefaction capacities needed in the coming years LNG SUPPLY/DEMAND BALANCE 800 2040 S/D Gap 150-200 Mtpa 700 600 500 Mtpa 400 300 200 100 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Demand range Supply -
Slide 34: GTT's strategic roadmap: Towards a low-carbon future
GTT’s strategic roadmap: Towards a low-carbon future Venture capital • 9 minority interests Transformation • Gas management Digital services technologies • Energy optimisation • Carbon capture • Emissions monitoring • Electrolysers • Operational excellence Core services • Consulting • Intervention s
Slide 35: 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 to 24 months Delivery 10000 studies royalties • Cash collection: − Initial payment collect
Slide 36: 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 37: H1 2025 Results
H1 2025 RESULTS TECHNOLOGY FOR A SUSTAINABLE WORLD 30 July 2025
Gaztransport & Technigaz — H1 2025 Earnings Presentation on 6ix