Economia
GTT: Full Year 2024 Results - Record sales (+50%) and EBITDA (+65%) in a dynamic market
GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the 2024 financial year.
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In the 2024 financial year, GTT booked 72 LNG carrier orders, including 18 very large-capacity LNG carriers (271,000 m ). The delivery of these vessels is scheduled between 2026 and 2031. Over the period, GTT also received two FSRU orders and one FLNG order.
Additionally, since the beginning of 2025, GTT has already secured seven LNG carrier orders, including six very large-capacity LNG carriers.
In the 2024 financial year, GTT received 12 orders for large-capacity ethane carriers (including eight ultra large ethane carriers, i.e. 150,000 m , a world first). These vessels are scheduled for delivery in 2026 and 2027.
Additionally, since the beginning of 2025, GTT has received three orders for very large ethane carriers.
In 2024, GTT received an order from the HD KSOE shipyard to design the cryogenic tanks for 12 very large LNG-powered container ships for CMA CGM. These vessels are scheduled for delivery between the second quarter of 2027 and the second quarter of 2028.
In the third quarter of 2024, GTT also received a new order from the Ibaizabal Group for an 18,600 m - LNG bunkering vessel, which will be chartered by TotalEnergies.
Additionally, in February 2025, the Group received a new order for 12 very large LNG-fuelled container ships.
GTT also secured an order, in collaboration with Nikkiso, to equip ten LNG-fuelled container ships with the Recycool™ reliquefaction system. Developed by GTT, this passive boil-off gas management system significantly reduces CO emissions from LNG-fuelled vessels.
Revenues from digital solutions grew by 85% in 2024 compared to the previous year, reaching 15.6 million euros, with a gross margin of 48%. This performance was driven by new commercial successes with leading ship-owners and the acquisition of VPS, a Danish company specialising in vessel performance management, whose integration was successfully completed.
Numerous contracts were signed with key industry players. In particular, Ascenz Marorka's weather routing solution was selected to equip several vessels in Latsco fleet, the “Smart Shipping” solution was chosen to equip the entire LNG carrier fleet of Gazocean, and VPS's “Vesper” performance management platform was adopted for several vessels in the Harren Shipping Services' fleet.
Moreover, Ascenz Marorka has been granted “cybersecurity” approval for its digital solutions by the classification society, Bureau Veritas.
In 2024, revenues from services increased by 18.2% compared to the previous year, reaching 23.3 million euros. This growth was primarily driven by the strong performance by pre-project studies and assistance services for vessels in operation. In 2024, the Services division secured several framework agreements with leading ship-owners, including Jovo, Maran Tankers and ENI for the Coral Sul FLNG in Mozambique.
For the 2024 financial year, Elogen generated revenues of 11.4 million euros, an increase of 12.7% compared to 2023, and an EBITDA loss of -33.3 million euros (compared to -20 million euros in 2023). In a challenging green hydrogen market, with numerous projects postponed or cancelled and increased competition, Elogen did not secure any significant orders during the year.
In a press release dated February 10, 2025, the GTT Group announced the initial conclusions of the strategic review of its Elogen subsidiary's activities. These conclusions highlight the need for the GTT Group to reposition Elogen's business model, focusing on R&D to leverage its technological strengths.
This plan to refocus Elogen's activities involves the following measures:
The measures necessary to reposition Elogen's activities are subject to information and consultation procedures with employee representative bodies, which have already begun.
In early 2024, as part of a joint development project between GTT, TotalEnergies, LMG Marin and Bureau Veritas, GTT received two approvals in principle from Bureau Veritas: one for the design of a cryogenic membrane containment system for liquefied hydrogen, and the other for the preliminary design of a large-capacity hydrogen carrier. These approvals mark the first major achievement in the development of a liquid hydrogen transport sector.
In the field of LNG carriers, the Group received:
Finally, regarding vessels powered by LNG or alternative fuels:
It should be noted that the GTT Group filed 62 patents in 2024, a level close to that of previous years.
As part of the implementation of the Group's innovation strategy, GTT's investment fund made four minority investments in 2024, acquiring stakes in the following companies:
Since its creation in 2022, GTT Strategic Ventures has made seven minority investments.
In February 2024, GTT unveiled its CSR roadmap for the 2024-2026 period, setting out objectives and action plans aligned with its environmental and social priorities. This approach has enabled the Group to accelerate the implementation of its CSR ambitions from 2024 onwards. Furthermore, the CDP once again recognised the quality of GTT's GHG emission reduction strategy, awarding it a “B” rating in the Climate questionnaire for the third consecutive year. The results of this CSR roadmap will be disclosed in the Universal Registration Document to be published at the end of April 2025.
On January 1, 2024, GTT's order book excluding LNG as fuel comprised 311 units. The following changes have occurred since January 1:
At December 31, 2024, the order book, excluding LNG as fuel, stood at 332 units, breaking down as follows:
Regarding LNG as fuel, with the delivery of 39 vessels and orders for 12 container ships and one LNG bunker vessel, there were 50 vessels on order at December 31, 2024.
Consolidated revenues for the 2024 financial year stood at 641.4 million euros, up 50.0% compared to 2023, benefiting from the increase in the number of LNG carriers under construction and, to a lesser extent, the growth in the digital business.
In 2024, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) amounted to 388.1 million euros, up 65.5% compared to 2023, reflecting strong revenue growth, the absence of significant delays in shipbuilding schedules and effective cost management. External expenses were higher (+19.4%) compared to the previous financial year, linked to the increase in subcontracted tests and studies. Personnel expenses increased by 17.6%, driven by higher headcount in subsidiaries and salary adjustment in line with inflation.
Operating income (EBIT) amounted to 374.4 million euros in 2024, representing an operating margin of 58.4%, a significant increase compared to the previous year, linked to the growth in activity.
Net income amounted to 347.8 million euros for the 2024 financial year, up 72.7% over the previous year.
The Group's capital expenditure increased sharply, mainly due to building renovation work at GTT's headquarters, the acquisition of VPS, and minority investments made by GTT Strategic Ventures. Additionally, the Group effectively managed its working capital requirements (WCR) in a context of strong growth in activity. As of December 31, 2024, GTT held a positive net cash position of 343.3 million euros, representing a 28.3% increase compared to December 31, 2023.
On February 20, 2025, the Board of Directors, after approving the financial statements, decided to propose the distribution of a dividend of 7.50 euros per share for the 2024 financial year, representing an increase of 72% compared to 2023. Payable in cash, this dividend will be subject to approval by the Shareholders' Meeting to be held on June 11, 2025. As an interim dividend of 3.67 euros per share was paid out on December 12, 2024 (in accordance with the Board decision on July 25, 2024), the cash payment of the balance of the dividend, amounting to 3.83 euros per share, will take place on June 19, 2025 (ex-dividend date: June 17, 2025). This proposed dividend corresponds to a payout ratio of 80% of consolidated net income.
In addition, the Company plans to pay out an interim dividend for 2025 in December 2025.
The Board of Directors announced the resignation of Jean-Baptiste Choimet as Chief Executive Officer of GTT on February 10, 2025.
On the recommendation of its Compensation and Nominations Committee, GTT's Board of Directors, at its meeting on February 9, 2025, designated Philippe Berterottière, Chairman of the Board of Directors, as Chief Executive Officer of GTT on an interim basis.
The Board of Directors immediately initiated a process to select a new Chief Executive Officer.
As of the end of December 2024, the Group has very strong revenue visibility, supported by the order book for its core business. This represents a cumulative future revenue of 1,902 million euros (675 million euros in 2025, 586 million euros in 2026, 395 million euros in 2027, and 247 million euros in 2028 and beyond).
In the absence of any significant order delays or cancellations, GTT announces its targets for 2025, namely:
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Philippe Berterottière, Chairman and Chief Executive Officer, and Thierry Hochoa, Chief Financial Officer, will present GTT's 2024 financial results and answer questions from the financial community at a conference call to be held, in English, on Friday, February 21, 2025, at 8.30 a.m., Paris time.
This conference will be broadcast live on GTT's website.
To join the conference call, please dial one of the following numbers five to ten minutes before the start of the conference:
Confirmation code: 140215
The presentation document will be available on the website on February 21, 2025 from 8:30 a.m.
Information-financiere@gtt.fr information-financiere@gtt.fr / +33 1 30 23 20 87
Olivier Jay: +33 6 30 13 71 80
Charlotte L'Hélias: +33 6 11 85 14 80
gtt@teneo.com
GTT is a technology and engineering group with expertise in the design and development of cryogenic membrane containment systems for use in the transport and storage of liquefied gases. Over the past 60 years, the GTT Group has designed and developed, to the highest standards of excellence, some of the most innovative technologies used in LNG carriers, floating terminals, onshore storage tanks and multi-gas carriers. As part of its commitment to building a sustainable world, GTT develops new solutions designed to support ship-owners and energy providers in their journey towards a decarbonised future. As such, the Group offers systems designed to enable commercial vessels to use LNG as fuel, develops cutting-edge digital solutions to enhance vessels' economic and environmental performance, and actively pursues innovation in the field of low-carbon solutions. Through its subsidiary, Elogen, which designs and manufactures proton exchange membrane (PEM) electrolysers, GTT is also actively involved in the green hydrogen sector.
GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in the CAC Next 20, SBF 120, Stoxx Europe 600 and MSCI Small Cap indices.
www.gtt.fr.
The figures presented here are those customarily used and communicated to the markets by GTT. This message includes forward-looking information and statements. Such statements include financial projections and estimates, the assumptions on which they are based, as well as statements about projects, objectives and expectations regarding future operations, profits or services, or future performance. Although GTT management believes that these forward-looking statements are reasonable, investors and GTT shareholders should be aware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predict and beyond the control of GTT, and may cause results and developments to differ significantly from those expressed, implied or predicted in the forward-looking statements or information. Such risks include those explained or identified in the public documents filed by GTT with the French Financial Markets Authority (AMF – Autorité des Marchés Financiers), including those listed in the “Risk Factors” section of the GTT Registration Document filed with the AMF on April 29, 2024, and the half-year financial report released on July 30, 2024. Investors and GTT shareholders should note that if some or all of these risks are realised they may have a significant unfavourable impact on GTT.
2025-2034 period. The Company points out that the number of new orders may see large-scale variations from one quarter to another and even from one year to another, without the fundamentals on which its business model is based being called into question.
Consolidated net income, subject to approval by the Shareholders' Meeting and the amount of distributable reserves in the GTT S.A. corporate financial statements.
Floating Storage Regasification Unit.
Floating LNG unit.
Floating Storage Unit for LNG.
Floating Storage Regasification Unit for LNG.
Floating Liquefied Natural Gas vessel: LNG liquefaction unit.
Net earnings per share were calculated on the basis of the weighted average number of shares outstanding, i.e. 36,940,976 shares at December 31, 2023 and 37,007,502 shares at December 31, 2024.
Subject to approval by the Shareholders' Meeting and the amount of distributable net income in the GTT S.A. corporate financial statements.
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