Gaztransport & Technigaz Sa · EURONEXT:GTT
Gaztransport & Technigaz Sa — FY2025 / Q1 2026 Earnings Presentation
41 slides from Gaztransport & Technigaz Sa's earnings presentation, May 2026
Slide 1: FY 2025 / Q1 2026
FY 2025 / Q1 2026 TECHNOLOGY FOR A SUSTAINABLE WORLD
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 Introduction Technologies GTT Energy GTT Marine Financials & Solutions & outlook 3
Slide 4: Introduction
1 Introduction
Slide 5: 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 6: A new setup to foster the execution of our strategy
A new setup to foster the execution of our strategy Advanced ENERGY MARINE technologies hub Containment and energy Critical marine and digital solutions for Investments in breakthrough management systems vessel safety and performance technologies • LNG Carriers – Ethane Carriers – • Data collection
Slide 7: Technologies & Solutions
Technologies & Solutions Git
Slide 8: 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 9: 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 10: Energy
3 Energy
Slide 11: GTT Energy: Q1 2026 Highlights
GTT Energy: Q1 2026 Highlights LNGC orders by quarter 29 Strong order entry • 29 orders for LNGCs in the first quarter • Second best Q1 performance after 2022 18 • Order of 2 VLEC and 1 onshore storage tank 9 9 To date, no delays in LNGC deliveries • 22 LNGCs deliveries in the first quarter, in line
Slide 12: GTT Energy: update on LNG global production capacity
GTT Energy: update on LNG global production capacity LNG PRODUCTION CAPACITY BY GEOGRAPHY (Mtpa) 193 611 36 117 180 Mtpa new volumes to come online by 2030, mainly from USA 144 431 c.3% 13 13 74 13 Mtpa of production damaged in Qatar • Representing c. 3% of the global LNG 494 production 344 • 3 to 5
Slide 13: GTT Energy: overview of FIDs
GTT Energy: overview of FIDs 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 Ph1 – FLNG 2 Argentina
Slide 14: GTT Energy: increased flexibility and route diversification to secure LNG supply
GTT Energy: increased flexibility and route diversification to secure LNG supply 485 156 130 19 3 Canada 236 126 82 271 Legend: Main producers of LNG Europe (Mtpa 2025 & 2040) 106 Main consumers of LNG Qatar 1.2 (Mtpa 2025 & 2040) 1.2 x Asia* Major LNG flows USA 40 47 Arrow thickness represent route
Slide 15: Q1 2026 orderbook highlighting strong order momentum
Q1 2026 orderbook highlighting strong order momentum Order book Dec. 2025 Q1 2026 new orders Q1 2026 deliveries Order book March 2026 LNGC 261 +29 (22) 268 VLEC/ULEC 21 +2 - 23 FSRU 3 - 1 2 FLNG 3 - - 3 Onshore - +1 - 1 GTT order book movements +32 (23) (core business) 288 297 Order book Dec. 2025 Q
Slide 16: 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 / Q1 2026 presentat
Slide 17: 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 18: Marine
Gi 1 Marine
Slide 19: GTT Marine: A best in class offer combining hardware and software solutions
GTT Marine: 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 transmission Performance
Slide 20: GTT Marine: Q1 2026 key commercial highlights
GTT Marine: Q1 2026 key commercial highlights demonstrating our integrated offering of hardware and software solutions Safety Performance Solutions Marine joint approach unlocks new wins • Voyage Data Recorders: newbuild & • Data collection: signing of a contract Large contract signed with Petrobras
Slide 21: Financials & outlook
5 Financials & outlook
Slide 22: 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 23: FY 2025: Financial Performance
FY 2025: Financial Performance SUMMARY CONSOLIDATED ACCOUNTS in €m 2025 2024 Change (%) KEY HIGHLIGHTS Total Revenue 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% • Dis
Slide 24: 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 As of 31/12/2025, the core business 85 orderbook stood at 288 units, split 67 as such: 32 29 22 ➢ 261 LNG carriers 2026 2027 2028 ≥2029 ➢ 21 VLEC
Slide 25: Q1 2026: Consolidated Revenue
Q1 2026: Consolidated Revenue in €m Q1 2026 Q1 2025 Change (%) Total revenue 192.5 190.5 +1.0% GTT Energy: -3.6% YoY GTT Energy 178.1 184.7 -3.6% Newbuilds revenue: -4% YoY Newbuilds 172.7 180.5 -4.3% • Mostly linked to LNGC and Ethane carriers % of revenue 90% 95% (-6%), impacted by the high compar
Slide 26: Q1 2026 Key takeaways
Q1 2026 Key takeaways Sustained LNGC order intake • Already 29 LNGC orders • Second best Q1 for LNGCs order intake after Q1 2022 Q1 2026 Group revenue in line with expectations • 193 M€ (+1% YoY) − Newbuild revenue impacted by the high comparison base due to the 2022 order peak and lower order intak
Slide 27: 2026 Outlook confirmed
2026 Outlook confirmed Revenue(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
Slide 28: Appendices
Appendices
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: GTT membrane technologies
GTT membrane technologies Mark III system NO96 system General principles • Two membranes • Two layers of insulations • Containment system anchored to the inner hull Primary membrane GTT NEXT1 Primary insulation Secondary • Stainless Steel corrugated Primary membrane Membrane (same as MarkIII) Second
Slide 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: FY 2025 / Q1 2026
FY 2025 / Q1 2026 TECHNOLOGY FOR A SUSTAINABLE WORLD
Gaztransport & Technigaz (GTT) — FY2025 / Q1 2026 Earnings Presentation on 6ix