Gaztransport & Technigaz Sa · EURONEXT:GTT
Gaztransport & Technigaz Sa — Q3 2024 Earnings Presentation
21 slides from Gaztransport & Technigaz Sa's earnings presentation, Oct 25, 2024
Slide 1: Q3 2024 Activity update
Q3 2024 Activity update TECHNOLOGY FOR A SUSTAINABLE WORLD 25 October 2024
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: 9M 2024 Key Highlights
9M 2024 Key Highlights Core Business 9M 2024 LNGC 68 new orders Core business Ethane Carriers 12 new orders • Strong momentum with 82 orders FSRU 1 new order • Pioneer in Ethane with order of world’s largest Ethane carriers FLNG 1 new order LNG as fuel LNG as fuel: • First application of 1 barg tank
Slide 4: 9M 2024 Orderbook: Strong commercial momentum continues
9M 2024 Orderbook: Strong commercial momentum continues Order book Dec. 2023 9M 2024 new orders 9M 2024 deliveries Order book Sept. 2024 LNGC 296 +68 (39) 325 VLEC/ULEC 4 +12 - 16 FSRU 1 +1 - 2 FSU 0 - - 0 Order book FLNG 1 +1 - 2 at historical Onshore 9 - (4) 5 record level (43) GTT order book move
Slide 5: Requirements for under construction plants: Numerous LNGCs still to be ordered
Requirements for under construction plants: Numerous LNGCs still to be ordered Total Volume Project Name Location Startup date Capacity (Mtpa) Plaquemines Ph1 US East 2024 13.3 Up to 85 more LNGCs needed for under Corpus Christi Stage III US East 2024 10.4 construction plants LNG Canada Canada 2025
Slide 6: Shipyards adapting capacity to meet demand
Shipyards adapting capacity to meet demand LNGC slots at Shipyards expected to SHIPYARDS’ LNGC SLOTS increase in the coming years Notably thanks to a ramping-up of Chinese Shipyards c.85 c.70 c.55 Replacement market could use the “extra” slots not taken-up by LNGCs ordered for projects under constru
Slide 7: LNG as fuel: back in the spotlight vs other fuels
LNG as fuel: back in the spotlight vs other fuels, rising competition from LNG as fuel regains favor Type B & Type C in China • Limited availability of green methanol • Methanol’s price competitiveness challenges Methanol pioneer shifts focus back to LNG GTT membrane challenged by Type B & Type C •
Slide 8: Innovation: Three-tank 200k m3 design
Innovation: Three-tank 200k m3 design Optimised speed resulting in CO2 emissions reduced by c. 20% Increased capacity (200k m3 vs 174k m3) allowing for the same shipping intensity (same volume transported per year) Better surface/volume ratio resulting in increased thermal performance (better BOR de
Slide 9: GTT: Pioneering the world's largest Ethane carriers
GTT: Pioneering the world’s largest Ethane carriers 8 Ultra Large Ethane Carriers (150k m3) ordered, paving the way for a larger and optimised ethane shipping • Increased cargo capacity: Reduces OPEX (fuel, crew, insurance, canal fees, pilot, terminal fees) • Improved EEDI compliance: Lowers CO2 emi
Slide 10: GTT Strategic Ventures: Investing in a sustainable world
GTT Strategic Ventures: Investing in a sustainable world Q3 24 Q3 22 Q4 22 Q3 23 Norwegian specialist in Developer of an • French company founded in 2021. French designer of an automated wind-assisted multi-gas & emission energy recovery system propulsion system for analysers maritime transport • In
Slide 11: 9M 2024: Consolidated Revenues
9M 2024: Consolidated Revenues SUMMARY REVENUES KEY HIGHLIGHTS in €m 9M 2023 9M 2024 Change (%) 9M 2024 strong revenue growth (+54.9% vs 9M 2023) Total Revenues 300.0 464.7 +54.9% Newbuilds 272.6 429.0 +57.4% Revenues from newbuilds (royalties): • €429.0 million, +57.4% vs 9M 2023 % of revenues 91%
Slide 12: 2024 Outlook
2024 Outlook On February 26, 2024, the Group published the following outlook for 2024: Revenue 2024 consolidated revenue estimated in a range of €600M to €640M Taking into account the absence of significant delays in ships construction EBITDA 2024 consolidated EBITDA estimated in a range of €345M to
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Slide 14: Appendices
Appendices
Slide 15: GTT's Strategic Roadmap: Towards a zero-carbon future
GTT’s Strategic Roadmap: Towards a zero-carbon future Venture capital • Tunable • Sarus • bound4blue Transformation Digital services • Electrolysers • Energy optimisation • Carbon capture • Emissions monitoring • NH3 compatibility • Operational excellence • Gas management technologies Core services
Slide 16: FIDs taken in Q2 2024 totalling 13 Mtpa
2 FIDs taken in Q2 2024 totalling 13 Mtpa PROJECT COUNTRY OPERATOR VOLUME (Mtpa) Contracted (SPA) Comments Cedar FLNG Canada Pembina/Haisla Nation 3.3 FID in Q2 2024 FID 9.6 FID in Q2 2024 Al Ruwais UAE ADNOC in 2024 Total FID in 2024 c.13 Mtpa Woodfibre W Canada Pacific O&G 2.1 100% Most likely Gen
Slide 17: Replacement: Currently picking up, expected to fasten by end of the decade
Replacement: Currently picking up, expected to fasten by end of the decade MORE THAN 300 LNGCs WILL BE 20Y+ OLD IN THE NUMBER OF LNGCs EXITING THE MARKET NEXT 10 YEARS (OF WHICH 200 WILL BE 25Y+ OLD) LNGC aged 20y+ old of which: LNGC aged 25y+ old Source: GTT, Wood Mackenzie, Clarksons Source: Wood
Slide 18: US: Despite Panama bottleneck, US LNG remains largely attractive in Asia
US: Despite Panama bottleneck, US LNG remains largely attractive in Asia US LNG still very economic US LNG COMPETITIVE IN ASIA • Rising EPC costs and bottleneck at Panama canal have slightly increased US LNG price, but it remains largely economic Source: GTT, Argus, Wood Mackenzie Q3 2024 Activity U
Slide 19: 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 20: 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 21: Q3 2024 Activity update
Q3 2024 Activity update TECHNOLOGY FOR A SUSTAINABLE WORLD 25 October 2024
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