GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the 2024 financial year.

Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said:
“Last year GTT’s core business delivered its second-best commercial performance on its core business, with a total of 72 LNG carrier orders, 12 ethane carrier orders, two regasification unit orders and one floating LNG unit order. The growing demand for LNG is driving additional LNG carrier requirements, supported by ongoing investments in liquefaction plants and increased shipyard construction capacity. Furthermore, new liquefaction projects are anticipated in the United States by the end of 2025, and the replacement market is set to gain momentum, driven by an ageing fleet and tightening environmental regulations.

Regarding LNG as fuel, GTT booked 12 container ship orders and one bunkering vessel order in 2024, in a context of strong growth in new LNG-powered vessel orders, but also intensified competition.

Ascenz Marorka, our subsidiary specialising in digital solutions, delivered very strong growth. The integration of VPS, a Danish company acquired in February 2024 and specialising in vessel performance, was successfully completed. The entire digital division secured new commercial successes and equipped numerous leading ship-owners’ vessels.

Our Services division secured several framework agreements with ship-owners, including Jovo and Maran Tankers, and conducted several pre-project studies, resulting in significant growth.

Finally, Elogen, our subsidiary specialising in electrolysers for green hydrogen production, reported an EBITDA loss of -33 million euros, in a particularly challenging market environment, leading to a lack of significant orders in 2024. The initial conclusions of the strategic review of Elogen’s activities, announced on February 10, 2025, highlight the need to reposition the company’s business model to leverage its technological strengths. Among the measures under consideration, a reorganisation and workforce adjustment plan has been announced and initiated, subject to information and consultation procedures with employee representative bodies.

The GTT Group continues its ongoing commitment to R&D and innovation, as evidenced by the numerous approvals obtained in 2024 from classification societies in the fields of LNG carriers, alternative fuels and liquid hydrogen transport. In 2024, GTT filed 62 patents.

From a financial perspective, revenues for the 2024 financial year recorded strong growth, increasing by 50% compared to 2023, driven by the gradual increase in the number of LNG carriers under construction. EBITDA for 2024 amounted to 388 million euros, up 65%, reflecting significant revenue growth in core businesses as well as effective cost management.

GTT benefits from high visibility on its core business over the coming years, with an order book of nearly two billion euros. Regarding our outlook for the current year, given the order book schedule, we estimate that consolidated revenues for 2025 should be in the range of 750 to 800 million euros, with consolidated EBITDA expected to be between 490 and 540 million euros. We also reaffirm our commitment to distributing at least 80% of the Group’s net income1 for the 2025 financial year.”

Evolution of Group business activity in 2024
– LNG carriers: Continued order momentum
In the 2024 financial year, GTT booked 72 LNG carrier orders, including 18 very large-capacity LNG carriers (271,000 m3). The delivery of these vessels is scheduled between 2026 and 2031. Over the period, GTT also received two FSRU2 orders and one FLNG3 order.

Additionally, since the beginning of 2025, GTT has already secured seven LNG carrier orders, including six very large-capacity LNG carriers.

– Ethane carriers: a pioneering position
In the 2024 financial year, GTT received 12 orders for large-capacity ethane carriers (including eight ultra large ethane carriers, i.e. 150,000 m3, 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.

– LNG as fuel: market recovery amid intensified competition
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 m3- 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 CO2 emissions from LNG-fuelled vessels.

– Digital solutions: very strong growth in activity
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.

– Services: strong performance by pre-project studies and vessel assistance
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.

– Elogen : initial conclusions of the strategic review
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 launch of a reorganisation and workforce adjustment project within Elogen, which could lead to the elimination of 110 positions as part of a redundancy plan. The plan would initially include a voluntary departure phase to minimise, as much as possible, the need for compulsory redundancies;
– The suspension of the construction of its Vendôme plant and the assessment of future options for the site, in consultation with local authorities.

The measures necessary to reposition Elogen’s activities are subject to information and consultation procedures with employee representative bodies, which have already begun.

– Innovation: continuous development of new technologies
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:
In June 2024, two major approvals from Bureau Veritas and Lloyd’s Register for GTT NEXT1, its next-generation LNG containment technology. This cutting-edge solution combines the best of GTT’s technologies to deliver optimal performance and enhanced reliability for the transport of LNG.

In September 2024, at the Gastech exhibition, two approvals in principle from Lloyd’s Register and Bureau Veritas for a new, ground-breaking, 200,000 m3 LNG carrier concept, specifically designed for optimised speed. By integrating three tanks instead of the traditional four, this design allows the same annual LNG delivery volume while reducing fuel consumption through a lower cruising speed. With lower investment and operating costs, this solution allows ship-owners to reduce unit transport costs by approximately 5% and cut CO2 emissions by around 20%.

Finally, regarding vessels powered by LNG or alternative fuels:
GTT obtained three approvals in principle, paving the way for the use of ammonia (ABS and Bureau Veritas) and methanol (Bureau Veritas) as alternative fuels for LNG-powered vessels equipped with the Mark III system. These innovations enable ship-owners to prepare their vessels for future conversion without major structural modifications.

GTT continued its efforts to develop new applications to meet environmental requirements and announced the implementation of its “1 barg” concept in collaboration with an Asian shipyard on two series of 12 LNG-fuelled container ships. This innovative concept will allow these vessels to comply with future port regulations requiring onshore power connections.

It should be noted that the GTT Group filed 62 patents in 2024, a level close to that of previous years.

– GTT Strategic Ventures: four investments in 2024
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:

Energo, the French technological expert in the production of synthetic molecules using plasma catalysis;
CryoCollect, a French engineering company specialising in gas treatment, liquefaction and separation technologies for gases such as biomethane, carbon dioxide and hydrogen;
Seaber.io, a Finnish software company specialising in the digitalisation of scheduling and chartering processes for bulk shipping;
Bluefins, an innovative start-up in the field of ship propulsion systems.

Since its creation in 2022, GTT Strategic Ventures has made seven minority investments.

CSR performance
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.

Order book at December 31, 2024

On January 1, 2024, GTT’s order book excluding LNG as fuel comprised 311 units. The following changes have occurred since January 1:

• Deliveries: 62 LNG carriers, 4 onshore storage tanks;
• Orders received: 72 LNG carriers, 12 ethane carriers, 2 FSRUs and 1 FLNG.

At December 31, 2024, the order book, excluding LNG as fuel, stood at 332 units, breaking down as follows:

• 306 LNG carriers;
• 16 ethane carriers;
• 3 FSRU;
• 2 FLNG;
• 5 onshore storage tanks.

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.

• Revenues from new builds amounted to 591.1 million euros, up 51.8% compared to 2023, benefiting from the increase in the number of LNG carriers under construction.
• Royalties from LNG and ethane carriers amounted to 552.5 million euros (up 56.4%), 1.4 million euros for FSRUs, 4.6 million euros for FLNGs and 1.7 million euros for onshore storage tanks.
• Royalties generated by the LNG as fuel business (30.9 million euros, up 4.6%) were stable compared to 2023, reflecting the large number of orders received in 2021 and 2022.
• Revenues from Elogen’s electrolyser business line amounted to 11.4 million euros in 2024, versus 10.1 million euros in 2023.
• Revenues in the digital business were 15.6 million euros, up 85.1% in 2024, thanks to new commercial successes with leading ship-owners and the acquisition of Danish company VPS in February 2024.
• Revenues from services increased by 18.2% to stand at 23.3 million euros in 2024, driven primarily by the strong performance by pre-project studies and assistance services for vessels in operation.

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.

Dividend for the 2024 financial year

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.

Governance

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.

Outlook

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:

• 2025 consolidated revenues of between 750 million euros and 800 million euros,
• consolidated EBITDA for 2025 between 490 and 540 million euros,
• a 2025 dividend payout target corresponding to a minimum payout of 80% of consolidated net income8.

Presentation of the 2024 full-year results

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.

Source: GTT