Gaztransport & Technigaz (GTT) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw strong commercial momentum with 29 LNG carrier orders, 2 very large ethane carriers, 1 onshore storage tank, and up to 32 total orders, marking the second-best Q1 after 2022.

• Revenues reached €193 million (or €192.5 million), up 1% year-over-year and in line with expectations.

• Business restructured into GTT Energy and GTT Marine divisions after the Danelec acquisition, enhancing focus on core business and services.

• GTT Marine now contributes 7% of group revenue, up from 2% a year ago, driven by Danelec integration and new contracts.

• No direct business impact or delays from Middle East conflict; order and delivery momentum remains robust.

Financial highlights

• Q1 2026 consolidated revenue: €193 million (or €192.5 million), up 1% year-over-year.

• GTT Energy revenue: €178.1 million (-3.6% YoY); GTT Marine revenue: €14.4 million (+208% YoY), with €10 million from Danelec.

• Newbuilds revenue: €172.7 million (-4.3% YoY); services revenue: €5.4 million (+28% YoY).

• LNG as fuel revenue: €4.2 million (-33.6% YoY); FSRU revenue: €5.2 million (+211.8% YoY); FLNG revenue: €2.9 million (+41.7% YoY).

• Backlog at Q1 end: 297 core business units (268 LNG carriers, 23 ethane carriers, 2 FSRUs, 3 FLNGs, 1 onshore tank), 46 LNG as fuel units.

Outlook and guidance

• 2026 revenue guidance: €740–780 million; EBITDA: €490–530 million.

• Dividend policy maintained, with flexibility for payment in cash or shares.

• Order intake expected to remain strong over the next 2–3 years, with most ships related to recent FIDs yet to be ordered.

• Marine division could represent 10–15% of group revenue by 2030, with €25–30 million in synergies targeted.

• 2026 activity may be impacted by a temporary slowdown in order entries in H1 2025.