Economia
GTT : First half 2025 results - Strong growth in revenue and EBITDA
First half 2025 results:
Strong growth in revenue and EBITDA
Paris, 29 July 2025. GTT, the technological expert in membrane containment systems used to transport and store liquefied gas, today announces its results for the first half of 2025.
Presenting these results, Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said :
“GTT delivered a very strong financial performance in the first half of 2025, driven by the numerous orders received in recent years.
With 17 orders recorded in the first half of 2025, commercial activity in our core business remains robust, despite an uncertain geopolitical environment. In the United States, the lifting of the moratorium on new LNG projects has reignited investment decisions: three new liquefaction projects have been approved, representing a total capacity of 36 Mtpa and generating additional demand for LNG carriers.
We are also continuing our constant R&D and innovation efforts, as evidenced by the recent Approvals in Principle obtained in the first half of the year for solutions compatible with ethane transport and ammonia use. These developments further strengthen our position as a key technological partner supporting the energy transition of the maritime sector.
Our digital business experienced sustained momentum, driven by significant contracts with leading players. In addition, the acquisition of the Danish company Danelec, a specialist in the collection and analysis of maritime data, positions GTT as a global leader in vessel performance management and Voyage Data Recorders, creating a new growth pillar for the Group.
Backed by a solid order book, we achieved a 32% revenue growth in the first half of 2025. EBITDA rose by 49% at a margin of 68%, highlighting the Group’s disciplined cost management.
Based on GTT’s momentum seen in the first semester and in the absence of significant delays in vessel construction schedules, the Group confirms its full-year 2025 objectives.”
Group business activity in the first half of 2025
- LNG and Ethane carriers
Following a record-breaking 2024 (the second highest year ever in terms of order intake), and in an uncertain geopolitical environment, GTT maintained strong commercial momentum in its core business during the first half of 2025, securing ten orders for LNG carrier and seven orders for Very Large Ethane Carriers (VLEC).
Notably, among the ten LNGC orders, six are for ultra-large vessels with a capacity of 271,000 m³ (significantly larger than the standard 174,000 m³) placed with the Chinese shipyard Hudong-Zhonghua. These vessels will be fitted with GTT’s NO96 Super+ membrane containment system. Deliveries are scheduled between 2027 and 2031.
The VLECs will each have a total capacity of 100,000 m³, the largest ever for this type of vessel, and will feature GTT’s Mark III membrane containment system. Deliveries are scheduled in 2027 and 2028.
- LNG as fuel: Growth in the LNG-powered container ship market
After receiving an order in February from HD Hyundai Heavy Industries for the design of cryogenic tanks (12,750 m³) for 12 new LNG-powered container ships for a European ship-owner, GTT announced a further order received in the second quarter, placed by HD Korea Shipbuilding & Offshore Engineering and concerning the design of cryogenic tanks (8,000 m³) for six new LNG-powered container ships on behalf of ship-owner Capital.
All of these LNG tanks will be fitted with GTT’s Mark III Flex membrane containment system, along with the “1 barg” design, which allows an operating pressure of up to 1 barg (compared to 0.7 barg previously). This innovation offers a concrete response to upcoming regulations on cold ironing at quayside, confirming its added value for the maritime industry.
- Digital: Commercial success and change of scale with Danelec
During the first half of the year, the Group achieved several commercial successes in the digital field. In particular, the TMS group selected Ascenz Marorka’s Smart Shipping solution to equip its entire fleet of over 130 vessels (oil tankers, bulk carriers, liquefied gas carriers and container ships).
China Merchants Energy Shipping (CMES) also chose Ascenz Marorka’s digital solutions to equip a series of eight LNG carriers, with deliveries scheduled from late 2025 to mid-2027. These solutions include a full suite of onboard systems, a real-time vessel performance monitoring platform and its associated services, LNG cargo management modules, weather routing and voyage optimisation applications, as well as expert consulting services.
In addition, Ascenz Marorka expanded its real-time fleet performance monitoring service to the Americas region, operating out of Vancouver. With operations now spanning three strategic locations, Ascenz Marorka supports ship-owners, charterers and fleet managers in optimising their activities on a global scale.
The strong commercial performance is reflected in the gross margin generated by the digital business, which reached 57% for the first semester of 2025 compared with 48% for full year 2024.
Finally, in May 2025, GTT announced the acquisition of Danelec, a global leader in the collection and analysis of maritime data. This transaction enables the GTT Group to become the global leader in vessel performance management and positions it among the top players in the critical Voyage Data Recorders (VDR) segment, with a market share covering 15% of the global fleet.
- Elogen: Refocusing the business model
In a press release issued on 10 February 2025, the GTT Group presented the initial conclusions of the strategic review of its subsidiary Elogen. This review was further advanced in the first half of 2025 and it highlighted the need to refocus Elogen’s business model on research and development, in order to strengthen the differentiation and competitiveness of its products by improving the solution efficiency and reducing costs. The Group therefore plans to concentrate on the production of high-power stacks at its Les Ulis site, a capability that few players in the market can offer. These developments enable Elogen to target significant positive-margin contracts.
The information and consultation procedures with employee representative bodies concluded in July.
A workforce reduction plan, involving the elimination of 110 positions out of 160, will be implemented in the second half of the year. It will begin with a voluntary departure phase to minimise forced redundancies. Accordingly, the GTT Group recorded non-current operating expenses of 45 million euros in the first half of 2025 mainly related to the definitive halt of the Gigafactory construction in Vendôme and the workforce reduction plan.
- Innovation: Technological advancements recognised by classification societies
In the first half of 2025, GTT obtained several Approvals in Principle (AiPs) from leading classification societies:
- GTT Strategic Ventures: Two new investments to accelerate the maritime energy transition
Since the beginning of the year, the GTT Strategic Ventures investment fund has acquired minority stakes in two innovative companies:
Order book as of 30 June 2025
As of 1 January 2025, GTT’s order book excluding LNG as fuel comprised 332 units. The following developments have occurred since 1 January:
As of 30 June 2025, the order book, excluding LNG as fuel, stood at 308 units, broken down as follows:
Regarding LNG as fuel, with 18 vessels ordered and 14 delivered during the period, there were 54 vessels in the order book as of 30 June 2025.
Evolution of consolidated revenue in the first half of 2025
Consolidated revenue for the first half of 2025 amounted to 389 million euros, up 32% compared to the first half of 2024.
Analysis of the consolidated income statement for the first half of 2025
Summary consolidated income statement
EBITDA (operating income before depreciation, amortisation and impairment of non-current assets) reached 264 million euros in the first half of 2025, up 49% compared to the first half of 2024. The EBITDA margin stood at 68%, compared to 60% a year earlier, driven by revenue growth and effective cost control.
Operating income (EBIT) amounted to 257 million euros, up 49% from the 172 million euros recorded in H1 2024.
Net income amounted to 180 million euros in the first half of 2025, up 6% from 170 million euros a year earlier. It was impacted by non-current operating expenses mainly related to the restructuring of Elogen, notably in connection with the definitive halt of the Gigafactory construction in Vendôme and the workforce reduction plan.
Other consolidated financial data
Capital expenditure amounted to 25 million euros in the first half of 2025, compared with 33 million euros last year. This includes, in particular, building refurbishment at GTT’s headquarters and minority investments made through the GTT Strategic Ventures investment fund.
As at 30 June 2025, the Group’s net cash position stood at 360 million euros.
Interim dividend
On 29 July 2025, the Board of Directors approved the payment of an interim dividend of 4 euros per share for the 2025 financial year. The dividend will be paid in cash according to the following schedule:
2025 objectives confirmed
As of 30 June 2025, the Group benefits from very high visibility on its revenue, supported by its core business order book. This corresponds to revenue of 1,698 million euros over the 2025-2028 period and beyond, broken down as follows: 349 million euros in H2 2025, 602 million euros in 2026, 430 million euros in 2027 and 317 million euros in 2028 and beyond.
In the absence of significant delays or cancellations, GTT confirms its objectives for the financial year 2025, excluding the contribution of Danelec :
First half 2025 results presentation
Philippe Berterottière, Chairman and Chief Executive Officer, and Thierry Hochoa, Chief Financial Officer, will present GTT’s first half 2025 financial results and answer questions from the financial community at a conference call to be held, in English, on Wednesday 30 July 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 30 July 2025 from 8:30 a.m, Paris time.
Financial calendar
About GTT
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.
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.
Investor Relations Contact:
information-financiere@gtt.fr / +33 1 30 23 20 87
Press Contact:
press@gtt.fr / +33 1 30 23 48 45
For more information, visit www.gtt.fr .
Important notice
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 25, 2025, and the half-year financial report released today. 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.
Notes (IFRS consolidated financial statements)
Note 1: Consolidated statement of financial position
Note 2: Consolidated income statement
Note 3: Consolidated cash-flows
Appendix 4: Estimated 10-year order book
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.
1 Unit of measurement, abbreviation of “bar gauge”.
2 Smart Shipping refers to a set of navigation, operational ship management, predictive maintenance, on-board energy management and fleet management services for charterers, ship-owners and operators.
3 Danelec’s market share in the Voyage Data Recorder (VDR) segment stands at 15% of the total installed base, including c. 30% of annual retrofits (source: Arkwright).
4 Compatible with ammonia.
5 Floating Storage Regasification Units.
6 Floating Storage Units.
7 Floating Liquefied Natural Gas vessels.
8 For the first half of 2025, earnings per share were calculated on the basis of the weighted average number of shares outstanding (excluding treasury shares), i.e. 37,035,825 shares.
9 Whose acquisition has not been finalised.
10 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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