GTT, a technology specialist in membrane containment systems for the transportation and storage of liquefied gases, reported continued commercial activity across its LNG carrier, infrastructure, marine services and digital solutions businesses.
Chief Executive Officer François Michel said the company’s performance reflected sustained demand for LNG, supported by final investment decisions for new liquefaction capacity and a strong pipeline of vessel orders. The Group’s order book provides visibility over future activity, although geopolitical uncertainty and disruptions to energy and maritime transportation markets remain important considerations.
GTT continues to focus on innovation and expanding its services offering. Its LNG Performance Centre is designed to help shipowners and charterers optimise LNG carrier performance and cargo management. The platform combines expert support with digital solutions, proprietary data and advanced analytical models. Cargo Insights, its first module, provides real-time cargo monitoring.
The Group is also expanding its integrated marine offering, combining onboard data collection equipment with digital tools for performance monitoring and optimisation. These activities are intended to strengthen customer relationships and diversify revenue streams.
GTT’s revenue performance reflects a lower number of LNG carriers under construction, following a weaker period of order intake. Changes in vessel delivery schedules have also influenced the timing of revenue recognition. In addition, the Group is allocating resources to develop its services business and expand its digital capabilities.
Despite these factors and an uncertain geopolitical environment, GTT maintains its financial objectives. Over the longer term, the company expects to benefit from investment in LNG liquefaction capacity, continued vessel orders and its substantial order book
Business activity
GTT Energy: diversified orders and infrastructure projects
GTT recorded 80 orders across its activities, including 71 LNG carriers scheduled for delivery across the coming years. The orders included additional 177,000-cubic-metre LNG carriers featuring a three-tank configuration and four 200,000-cubic-metre LNG carriers incorporating Mark III Flex+ technology.
The Group was also selected to design cryogenic tanks for two very large ethane carriers (VLECs), with deliveries planned across the relevant project schedule.
Infrastructure activity included orders for onshore storage facilities, comprising three LNG tanks with capacities of 240,000 cubic metres and one ethane tank with a capacity of 200,000 cubic metres. The tanks, to be built in China using GTT’s GST® technology, are designed to accommodate large-scale storage requirements.
Additional projects included an order for a 170,000-cubic-metre floating storage and regasification unit (FSRU) and the selection of GTT to design tanks for a floating LNG production unit (FLNG) in the United States. The FLNG forms part of the Delfin FLNG 1 project and is intended to have substantial production capacity.
Vessel deliveries included 66 LNG carriers, two VLECs and one FSRU.
GTT Energy generated revenue of €522 million, reflecting a decline compared with the corresponding prior-year reporting period. The decrease was primarily attributable to the lower number of LNG carriers under construction.
GTT Marine: expansion of integrated services
GTT Marine continued developing its integrated product and service offering, supported by its marine equipment and digital capabilities.
The division secured contracts to equip container ships with shaft power meters and onboard performance solutions. Activities involving voyage data recorders and electronic fuel monitoring systems also continued to expand, supported by industry accreditations.
Commercial agreements with Petrobras and Petronas, together with a contract involving a Greek shipowner to equip its fleet with data collection and performance optimisation solutions, demonstrate demand for integrated monitoring and route optimisation services.
GTT Marine generated revenue of €47.4 million, benefiting from the integration of Danelec and the contribution of its safety equipment and performance data collection activities.
Innovation and technology development
GTT continues to develop technologies intended to improve vessel efficiency, operational flexibility and safety.
Lloyd’s Register granted approval in principle for extending the interval between dry-dockings for LNG carriers equipped with GTT membrane containment systems from five years to 7.5 years. A longer interval could improve vessel availability and reduce maintenance costs while maintaining safety and reliability standards.
GTT and Lloyd’s Register Advisory also confirmed the compatibility of 200,000-cubic-metre LNG carriers with most existing LNG terminals. A joint development project involving GTT, Shell and Lloyd’s Register is examining a vessel concept combining hybrid-electric propulsion with GTT NEXT1® cargo containment technology.
The adoption of three-tank LNG carrier configurations represents another development in vessel design. By improving the ratio between cargo volume and insulation surface area, the configuration is intended to improve thermal efficiency and reduce LNG boil-off gas rates while preserving operational flexibility.
The Group is also expanding its services capabilities through the LNG Performance Centre, which focuses on three areas: cargo management, voyage optimisation and containment system performance monitoring. The offering combines specialist advice with digital tools designed to support fleet performance and operational decision-making.
Market conditions and geopolitical risks
The ongoing conflict in the Middle East has disrupted energy and maritime transportation markets, including creating uncertainty around navigation through the Strait of Hormuz.
GTT considers the direct near-term impact on its business to be limited, although changes in vessel delivery schedules and broader market conditions may affect operations. The Group expects the longer-term effects to remain manageable if the LNG market’s underlying fundamentals remain strong.
Order book
GTT’s order book, excluding LNG as fuel, comprised 288 units at the beginning of the reporting period. Subsequent deliveries and new orders resulted in an order book of 299 units at the end of the period.
The closing order book comprised:
- 266 LNG carriers
- 21 ethane carriers
- Three FSRUs
- Four FLNG units
- Five onshore storage tanks
The LNG-as-fuel order book comprised 40 vessels following the delivery of eight ships.
The order book provides visibility across several years, supported by demand for LNG transportation vessels and related infrastructure.
Financial performance
Consolidated revenue amounted to €570.1 million, down 4.9% compared with the corresponding prior-year period.
Revenue from the construction of containment systems reached €505.5 million. This included:
- Royalties from LNG and ethane carriers of €467.9 million, down 11.4%, reflecting the lower number of LNG carriers under construction.
- Higher royalties from FSRUs and FLNG units, which increased by 83.6% and 21.4%, respectively, as more units were under construction.
- LNG-as-fuel royalties of €16.7 million, up 1.5%.
Revenue from operational services declined by 7% to €16.4 million, compared with €17.7 million in the corresponding prior-year period. The decrease primarily reflected weaker certification activity, partly offset by growth in assistance services and engineering studies.
Marine and digital solutions generated €47.4 million in revenue, an increase of 138.2%, driven by Danelec and the safety equipment and performance data collection businesses. GTT Marine accounted for approximately 8% of Group revenue.
Revenue from Elogen’s electrolyser design and manufacturing activities amounted to €0.7 million, reflecting the company’s focus on research and development.
Financial outlook
GTT maintains its financial objectives for the 2026 financial year:
- Consolidated revenue of €740 million to €780 million.
- Consolidated EBITDA of €490 million to €530 million.
- Continuation of its dividend policy.
The Group expects vessel delivery schedules to remain an important influence on revenue recognition, with delivery dates moving back towards their original contractual milestones after a period of earlier deliveries. Investment in services and digital activities is also expected to continue as part of its diversification strategy.
Over the longer term, GTT expects to benefit from new LNG liquefaction investment decisions, continued demand for LNG carriers and its substantial order book, which provides visibility over future activity.
