- Disclosure of the total number of voting rights and shares composing the share capital as of April 30, 2026
May 1, 2026
GTT
D
Disclosure of the total number of voting rights and shares
composing the share capital as of April 30, 2026
Articles L. 233-8-II of the French Commercial Code and 223-16 of the General Regulation of the Autorité des Marchés Financiers
Saint-Rémy-lès-Chevreuse, May 1, 2026
Date Total number of shares Theoretical total number of voting rights1 Net total number of voting rights2 April 30, 2026 37,117,772 37,117,772 37,064,515
Investor Relations Contact
information-financiere@gtt.fr / + 33 1 30 23 42 64
1 Calculated on the basis of all the shares to which voting rights are attached, including shares stripped of voting rights (pursuant to article 223-11 of the General Regulation of the Autorité des marchés financiers).
2 Excluding treasury shares
Attachment
GTT Disclosure of the total number of voting rights and shares composing the share capital - April 2026
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- GTT: Notice of Availability of the 2025 Registration Document
Apr 27, 2026
GTT
NOTICE OF AVAILABILITY OF THE
2025 UNIVERSAL REGISTRATION DOCUMENT INCLUDING THE ANNUAL FINANCIAL REPORT
Paris – April 27, 2026 - The 2025 Universal Registration Document, including the Annual Financial Report, of GTT (Gaztransport et Technigaz), a technology and engineering company specialised in the design of membrane containment systems for the transportation and storage of liquefied gas, was filed with the French Financial Markets Authority (AMF – Autorité des Marchés Financiers) on April 27, 2026.
The French version is publicly available, in accordance with applicable legislation, and may be downloaded from the “Finance” section of the GTT’s website at www.gtt.fr.
The English version of the 2025 Universal Registration Document will soon be available on GTT’s website.
The 2025 Universal Registration Document includes, among other items:
the annual financial report; the management report; the report on sustainability information; the report on corporate governance; information on the fees paid to the statutory auditors; documents related to the combined shareholders’ meeting to be held on June 16, 2026 (agenda, draft resolutions and report of the Board of Directors to the combined shareholders’ meeting); and the description of the share buyback program.
Financial calendar
Shareholders’ Meeting: June 16, 2026 Ex-dividend date of the balance of the dividend for the 2025 financial year1: June 17, 2026 Payment of the balance of the dividend for the 2025 financial year1: June 19, 2026 Publication of the 2026 half-year results: July 28, 2026 (after close of trading) 2026 third-quarter activity update: October 23, 2026 (after close of trading)
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 marine and 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.
Story Continues
Investor Relations Contact:
Information-financiere@gtt.frinformation-financiere@gtt.fr / +33 (0)1 30 23 20 87 / +33 (0)1 30 23 42 64
Press Contacts:
communication@gtt.fr / +33 (0)1 30 23 56 37
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” (Facteurs de risques) section of the GTT Universal Registration Document filed with the AMF on April 27, 2026. 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.
1 Subject to the necessary approvals at the Shareholders’ Meeting of June 16, 2026.
Attachment
GTT - PR NOTICE OF AVAILABILITY OF THE 2025 UNIVERSAL REGISTRATION DOCUMENT
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- Is Gaztransport & Technigaz (ENXTPA:GTT) Still Attractive After Strong Multi‑Year Share Price Gains
Apr 24, 2026
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.
If you are wondering whether Gaztransport & Technigaz is priced attractively right now, the stock offers a detailed valuation story that goes well beyond the headline share price of €197.80. The share price performance has been mixed in the short term, with a 1.7% move over the past week and a 3.8% decline over the last 30 days, but a much stronger 27.4% year to date and 49.6% over the past year, alongside a 131.7% return across three years and 240.9% over five years. Recent coverage around Gaztransport & Technigaz has focused on its role in the energy sector and how its specialist technology positions it within global liquefied natural gas infrastructure. This backdrop helps explain why investors are paying close attention to shifts in sentiment and how those shifts feed into the current share price. On Simply Wall St's valuation checks, Gaztransport & Technigaz currently holds a 4 out of 6 value score. This sets up a closer look at P/E, P/B and cash flow based approaches shortly, along with a more complete way of thinking about valuation at the end of this article.
Gaztransport & Technigaz delivered 49.6% returns over the last year. See how this stacks up to the rest of the Oil and Gas industry.
Approach 1: Gaztransport & Technigaz Discounted Cash Flow (DCF) Analysis
A Discounted Cash Flow model projects future cash flows and then discounts them back to today, aiming to estimate what those future euros are worth right now.
For Gaztransport & Technigaz, the model used is a 2 Stage Free Cash Flow to Equity approach, based on last twelve months free cash flow of €360.95m. Analyst estimates feed into projected free cash flows such as around €419.67m in 2026 and €455.50m in 2030, with later years extrapolated by Simply Wall St beyond the analyst horizon.
When all those projected cash flows are discounted back and summed, the model arrives at an estimated intrinsic value of €277.15 per share. Compared with the current share price of €197.80, this implies an intrinsic discount of 28.6%. On this cash flow view, the stock screens as undervalued.
This model is sensitive to assumptions, but it indicates that the current price sits well below the level supported by these cash flow projections.
Result: UNDERVALUED
Our Discounted Cash Flow (DCF) analysis suggests Gaztransport & Technigaz is undervalued by 28.6%. Track this in your watchlist or portfolio, or discover 229 more high quality undervalued stocks.
Story Continues
GTT Discounted Cash Flow as at Apr 2026
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Gaztransport & Technigaz.
Approach 2: Gaztransport & Technigaz Price vs Earnings
P/E is often the go to valuation gauge for profitable companies because it links what you pay directly to the euros of earnings the business is generating today.
In general, higher growth expectations or lower perceived risk tend to support a higher, or more generous, P/E ratio. Slower growth or higher risk usually call for a lower, more cautious, multiple.
Gaztransport & Technigaz currently trades on a P/E of 17.73x. That sits above the Oil and Gas industry average of 15.74x, but below the peer group average of 24.41x, so the stock is not at either extreme compared with listed competitors.
Simply Wall St also provides a “Fair Ratio” estimate of 19.37x. This is a proprietary view of what P/E might be appropriate after considering factors such as the company’s earnings growth profile, its industry, profit margins, market capitalisation and key risks.
Because the Fair Ratio pulls these pieces together, it can give a more tailored reference point than a simple comparison with industry or peer averages. Against this Fair Ratio of 19.37x, the current P/E of 17.73x suggests Gaztransport & Technigaz trades at a discount on this metric.
Result: UNDERVALUEDENXTPA:GTT P/E Ratio as at Apr 2026
P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 95 top founder-led companies.
Upgrade Your Decision Making: Choose your Gaztransport & Technigaz Narrative
Earlier it was mentioned that there is an even better way to understand valuation. On Simply Wall St this comes through Narratives, where you set out your story for Gaztransport & Technigaz, link it to your own assumptions for future revenue, earnings and margins, and arrive at a fair value that you can compare with the current price to decide whether the share looks attractive. The platform then keeps that Narrative refreshed as new news or earnings arrive. A more optimistic investor might lean toward the higher €235.0 analyst target and build a story around stronger profitability. A more cautious investor might anchor closer to the €150.0 target and focus on the risks to LNG demand or competition. Both versions can live side by side on the Community page for you to review and adapt over time.
Do you think there's more to the story for Gaztransport & Technigaz? Head over to our Community to see what others are saying!ENXTPA:GTT 1-Year Stock Price Chart
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include GTT.PA.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- GTT: Q1 2026 Activity Update - Press Release
Apr 22, 2026
GTT
Strong commercial momentum in the first quarter of 2026;
Revenues of 193 million euros, in line with expectations
Strong commercial momentum: In the first quarter of 2026, 32 orders recorded compared with 16 in the first quarter of 2025 Revenues of 193 million euros, up 1% compared with the first quarter of 2025 To date, the Middle East conflict has no direct impact on GTT’s business activity; 2026 objectives confirmed
Paris, April 22, 2026. GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its revenues for the first quarter of the 2026 financial year.
Commenting on the results, François Michel, Chief Executive Officer of GTT, said:
“The first quarter of 2026 marked the Group’s structuring around one brand, GTT, and two divisions: GTT Energy, dedicated to containment and energy management systems, and GTT Marine, the marine and digital solutions division formed following the acquisition of Danelec in 2025. A hub dedicated to cutting-edge technologies complements this organisation, highlighting our ambition to maintain our technological leadership.
The 32 orders received in the first quarter of 2026 mark our second best first-quarter commercial performance. The sustained level of orders recorded at the end of 2025 continues, demonstrating the growing demand for energy, and in particular liquefied natural gas.
The creation of the GTT Marine division reinforces the visibility of our integrated offering of services and equipment for the shipping industry. The contracts won during the first quarter demonstrate our ability to promote complementary products and solutions while working on the integration of Danelec.
We are closely monitoring the current situation in the Middle East, which has led to disruptions in the energy and shipping market. However, to date, this conflict has no direct impact on GTT’s business activity.
Revenues for the first quarter of 2026 amounts to 192.5 million euros, up slightly compared with the first quarter of 2025. The Group’s performance is in line with the objectives announced for 2026. In this context, and in the absence of significant delays in vessels’ construction schedules, the Group confirms its 2026 objectives”.
Group business activity in the first quarter of 2026
GTT Energy: Strong commercial momentum and activity in line with expectations
Continuing the commercial dynamic seen in the fourth quarter of 2025, GTT recorded a total of 32 orders in the first quarter of 2026.
They include 29 orders for new LNG carriers and two VLECs (Very Large Ethane Carriers). Their delivery is scheduled between the second quarter of 2028 and the fourth quarter of 2029.
Story Continues
GTT also received an order for the construction of a 10,000 m3 onshore storage tank. Designed in cooperation with Shaanxi Yanchang Petroleum & Natural Gas Co. Ltd., this tank will be located near an onshore LNG liquefaction plant. This configuration is a significant step forwards for small-scale LNG infrastructure, which requires optimised energy performance due to the limited land footprint. Its delivery is scheduled for the fourth quarter of 2027.
Over the period, 22 LNG carriers were delivered, a similar level with the first quarter of 2025 (23 LNG carrier deliveries).
The GTT Energy division posted revenues of 178.1 million euros in the first quarter of 2026. This amounted to a decrease of -3.6% due to the reduced number of vessels under construction compared with the first quarter of 2025.
GTT Marine: Positioning confirmed by new commercial successes
During the first quarter of 2026, the GTT marine and digital solutions division achieved several commercial successes. The synergies between hardware and software are shaping up as planned. For example, Petrobras has chosen GTT to equip up to 120 vessels with the Group’s weather routing solutions as well as with the monitoring and performance improvement solutions. Several other contracts were signed during the period to deploy the hardware and software solutions designed by GTT Marine on commercial and cruise vessels.
The GTT Marine division posted revenues of 14.4 million euros in the first quarter of 2026. The division now contributes 7% to the Group’s revenues for the period (compared with 2% in the first quarter of 2025).
Continuation and recognition of the Group’s innovation approach
The INPI (Institut National de la Propriété Industrielle – France’s national institute of industrial property) has ranked GTT first among French medium-sized companies filing patents for the year 2025. The Group had filed 68 patent applications during the year. It maintains its 23rd position in the overall INPI ranking, confirming the consistency of its innovation strategy, driven by the excellence of its engineering teams.
In February 2026, GTT announced the signing of a JDP (Joint Development Project) with HD Hyundai Heavy Industries shipyard for the design of a 102,000-m3 VLEC incorporating GTT’s Mark III Slim™ membrane containment system. This new project paves the way for optimised integration of the membrane tank: it will focus on optimising VLEC’s hull geometry with the objective of increasing the vessel’s energy efficiency.
Conflict in the Middle East
The current situation in the Middle East has led to disruptions in the energy and shipping market. The outbreak of the conflict led to the temporary closure of several liquefied natural gas production and export facilities in Qatar and the United Arab Emirates, one of which was partially damaged in Qatar (two liquefaction trains with a total of 13 Mtpa of production capacity). The Group consider that the current situation, at this stage, has no direct impact on its business activity. To date, GTT has not observed any changes in shipyards’ construction schedules that could be associated with the ongoing conflict.
In the medium term, the situation highlights a need for flexible supply to ensure countries’ energy security.
Order book as at March 31, 2026
As of January 1, 2026, GTT’s order book, excluding LNG as fuel, comprised 288 units. The following developments have occurred since January 1:
Deliveries completed: 22 LNG carriers, 1 FSRU1; Orders received: 29 LNG carriers, 2 ethane carriers and 1 onshore storage tank;
As of March 31, 2026, the order book, excluding LNG as fuel, stood at 297 units, broken down as follows:
268 LNG carriers; 23 ethane carriers; 2 FSRUs (Floating Storage and Regasification Units); 3 FLNGs2; 1 onshore storage tank
Regarding LNG as fuel, with the delivery of 2 vessels, there were 46 vessels in the order book at March 31, 2026.
Evolution of consolidated revenues in the first quarter of 2026
(in millions of euros) Q1 2025 Q1 2026 Change Total revenues 190.5 192.5 +1.0% GTT Energy 184.7 178.1 -3.6% Containment systems 180.5 172.7 -4.3% of which LNG carriers/ethane carriers 170.4 160.4 -5.9% FSRUs3 1.7 5.2 +211.8% of which FLNGs4 2.1 2.9 +41.7% Onshore storage tanks 0.0 - - of which LNG-powered vessels 6.4 4.2 -33.6% Services to operations 4.2 5.4 +27.5% GTT Marine 4.7 14.4 +207.7% Electrolysers 1.1 0.0 n.a
Consolidated revenues for the first quarter of 2026 amounted to 192.5 million euros, a 1% increase compared with the first quarter of 2025.
Revenues from containment system construction amounted to 172.7 million euros, down -4.3% compared with the first quarter of 2025.
Royalties from LNG and ethane carriers amounted to 160.4 million euros, down -5.9%, due to a smaller number of LNG carriers under construction over the period. This decrease is in line with the gradual end of the effect of the order peak seen in 2022 and the temporary slowdown in orders seen in the first half of 2025. Royalties from the construction of FSRUs and FLNGs show an increase of +211.8% and +41.7%, respectively, driven by a larger number of units under construction in the first quarter of 2026 compared with the first quarter of 2025. Royalties generated by the LNG-as-fuel business reached 4.2 million euros in the first quarter of 2026, compared with 6.4 million euros in the first quarter of 2025. Revenues from services to operations amounted to 5.4 million euros, up +27.5% compared with the first quarter of 2025, driven by an increase in engineering studies and assistance and maintenance services provided by GTT to its customers over the period. Marine and digital solutions revenues reached 14.4 million euros. Its growth compared with the first quarter of 2025 was driven in particular by Danelec’s contribution of 10 million euros. The GTT Marine division therefore contributes to 7% of the Group’s revenues for the first quarter of 2026, compared with 2% in the first quarter of 2025. The activity of designing and manufacturing electrolysers (Elogen) did not contribute to revenues in the first quarter of 2026, as no deliveries occurred. This subsidiary is primarily focused on research and development.
2026 objectives confirmed
In the absence of any significant order delays or cancellations, GTT confirms its targets for 2026, namely:
2026 consolidated revenues between €740 M and €780 M; 2026 consolidated EBITDA between €490 M and €530 M; Dividend policy maintained5.
***
First quarter 2026 activity update presentation
François Michel, Chief Executive Officer, and Thierry Hochoa, Chief Financial Officer, will comment on GTT’s business during the first quarter of 2026 and answer questions from the financial community during a conference call to be held, in English, on Wednesday, April 22, 2026, at 6:15 p.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:
France: +33 1 70 91 87 04 UK: +44 1 212 818 004 United States: +1 718 705 87 96 Other countries: + 39 02 802 09 11
Confirmation code: 140215
The presentation document will be available on the website on April 22, 2026 at 6:15 p.m.
Financial calendar
Shareholders’ Meeting: June 16, 2026 Publication of 2026 half-year results: July 28, 2026 (after close of trading) 2026 third-quarter activity update: October 23, 2026 (after close of trading)
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 marine and 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.frinformation-financiere@gtt.fr/ +33 (0)1 30 23 20 87 / +33 (0)1 30 23 42 64
Press Contacts:
communication@gtt.fr / +33 (0)1 30 23 56 37
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 Universal Registration Document filed with the AMF on April 25, 2025, and the half-year financial report released on July 29, 2025. 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.
1 Floating Storage Regasification Units.
2 Floating Liquefied Natural Gas vessels.
3 Floating Storage Regasification Units.
4 Floating Liquefied Natural Gas vessels.
5 Subject to approval by the Shareholders’ Meeting and the amount of distributable net income in the GTT S.A. corporate financial statements.
Attachment
GTT - Q1 2026 Activity Update - Press Release
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- Disclosure of the total number of voting rights and shares composing the share capital as at February 28, 2026
Mar 2, 2026
GTT
Disclosure of the total number of voting rights and shares
composing the share capital as at February 28, 2026
Articles L. 233-8-II of the French Commercial Code and 223-16 of the General Regulation of the Autorité des Marchés Financiers
Saint-Rémy-lès-Chevreuse, March 2, 2026
Date Total number of shares Theoretical total number of voting rights1 Net total number of voting rights2 February 28, 2026 37,117,772 37,117,772 37,064,455
Investor Relations Contact
information-financiere@gtt.fr / + 33 1 30 23 42 64
1 Calculated on the basis of all the shares to which voting rights are attached, including shares stripped of voting rights (pursuant to article 223-11 of the General Regulation of the Autorité des marchés financiers).
2 Excluding treasury shares
Attachment
GTT Disclosure of the total number of voting rights and shares composing the share capital - February 2026
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- Gaztransport et technigaz SA (GZPZF) Full Year 2025 Earnings Call Highlights: Record Revenue ...
Feb 21, 2026
This article first appeared on GuruFocus.
Revenue: EUR 803 million, up 25% year-on-year. EBITDA: EUR 542 million, up 40% year-on-year. Net Income: EUR 414 million. Dividend: EUR 8.94 per share. Order Book: EUR 1.6 billion. Marine and Digital Solutions Revenue: Increased by 131% to EUR 36 million. Cash Position: EUR 347 million at the end of 2025. 2026 Revenue Guidance: EUR 740 million to EUR 780 million. 2026 EBITDA Guidance: EUR 490 million to EUR 530 million.
Warning! GuruFocus has detected 7 Warning Sign with GZPZF. Is GZPZF fairly valued? Test your thesis with our free DCF calculator.
Release Date: February 20, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Gaztransport et technigaz SA (GZPZF) reported a record year in 2025 with significant increases in revenue and EBITDA, marking the third consecutive year of record highs. The company achieved a revenue increase of 25% year-on-year, reaching EUR 803 million, and a 40% increase in EBITDA to EUR 542 million. The order book remains solid at EUR 1.6 billion, providing strong visibility for future revenues. Gaztransport et technigaz SA (GZPZF) expanded its digital solutions with the acquisition of Denelec, enhancing its capabilities in the marine and digital sectors. The company has a strong innovation strategy, with over 3,600 active patents and continuous improvements in its containment systems and LNGC architecture.
Negative Points
Geopolitical tensions, particularly between the U.S. and China, impacted order intake in the first half of 2025, leading to a temporary slowdown. The LNG carrier fleet is aging, with over 300 vessels expected to be over 20 years old in the next decade, necessitating fleet replacement. The company's EBITDA margin guidance for 2026 indicates a potential reduction in core business revenue. There is uncertainty regarding the timing of orders related to the record FID activity in 2025, with expectations ranging from 12 to 24 months. The digital services business, while growing, is seen as potentially dilutive to group margins.
Q & A Highlights
Q: What would convince shipyards or shipowners to adopt GTT's new technologies like GTText1 over existing ones like NO96 or MarkfI1? A: Karim Chapot, Senior VP for Technology, explained that GTText1 offers higher reliability and efficiency, especially in a market with increasing CO2 price pressures. It is designed for future enhancements, making it attractive for shipyards and influential owners interested in low boil-off rates and cost efficiency. The CubIQ solution also reduces costs and optimizes volume, appealing to shipyards for LNG as fuel applications.
Story Continues
Q: What is the impact of geopolitical tensions on the LNG market, and what could happen if Russian gas returns to the EU? A: Francois Michel, CEO, stated that even if sanctions on Russia are lifted, it could lead to additional ship orders for projects like Arctic LNG 2. However, current sanctions mean no immediate activity. The company is monitoring the situation closely.
Q: How does GTT plan to leverage its digital services for growth, and what is the expected revenue impact? A: Thierry Hochoa, CFO, mentioned that digital growth will be significant due to the full integration of Danelec and synergies from combining hardware and software solutions. The company expects to generate EUR 25-30 million in revenue synergies by 2030 through cross-selling opportunities across 17,000 vessels.
Q: What are the expectations for new orders and their impact on future growth? A: Francois Michel noted that the positive order dynamics seen at the start of 2026 could impact 2027 growth. The average time from order to steel cutting is 12-18 months, suggesting potential revenue growth in 2027 if current order levels are maintained.
Q: How does GTT plan to use its strong cash position, and what is the outlook for dividends? A: Thierry Hochoa emphasized that dividends remain a priority, with a policy of distributing 80% of net income. The company will continue investing in R&D and exploring M&A opportunities, particularly in digital, to maintain leadership and profitability.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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- GTT : Full Year 2025 Results - Strong growth in revenues (+25%) and EBITDA (+40%) for the third consecutive year.
Feb 19, 2026
GTT
FY 2025 results
Strong growth in revenues (+25%) and EBITDA (+40%)
for the third consecutive year.
Strong upturn in vessel orders since the fourth quarter of 2025.
2025 dividend at a record level of €8.94 per share.
Paris, February 19, 2026. GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the 2025 financial year.
Key figures for the 2025 financial year
2024 2025 2025/2024 Consolidated revenues €641 M €803 M +25% Consolidated EBITDA €388 M €542 M +40% Proposed dividend €7.50
per share €8.94
per share +19%
Highlights
45 orders received during the financial year, including 37 orders for LNG carriers, of which 18 in the fourth quarter
Order book with 288 units for the core business and 48 units for the LNG as fuel business
Record number of final investment decisions in new LNG trains (84 Mtpa) in 2025, expected to lead to a significant increase in the need for new LNG carriers Acceleration and change of scale in the field of marine and digital solutions with the acquisition of Danelec Refocusing of Elogen’s business model and implementation of measures planned as part of the strategic review
2026 guidance:
2026 consolidated revenues between €740 M and €780 M; 2026 consolidated EBITDA between €490 M and €530 M; Dividend policy maintained.
Commenting on the results, François Michel, Chief Executive Officer of GTT, said:
“GTT is building on the global momentum for liquefied natural gas and posted a record financial performance in 2025 for the third consecutive year. After a period of uncertainty related to the international context that negatively impacted the first part of the year, the fundamentals of LNG demand led to a record volume of investment decisions for new liquefaction units, thus increasing visibility on our growth potential.
The strong upturn in LNG carrier orders during the fourth quarter of 2025 and at the beginning of 2026 to meet the rise in LNG demand reaffirmed GTT’s central role in this value chain. We will continue to pay particular attention to the evolving needs of our customers and stakeholders in the energy and maritime transportation industry. The combination of this position and our expertise forms the basis of our innovation strategy, the achievements of which were again recognised by several classification societies throughout the year. The Group has also continued to invest in advanced technologies.
Our maritime and digital division was strengthened through the acquisition of Danelec in late July. We are thus expanding our service platform, enabling ship-owners and charterers to benefit from our expertise and assistance to best optimise the operation of their fleet.
繼續閱讀
In financial terms, GTT posted an increase in revenues of 25%. This performance is the result of the particularly significant level of orders received in 2022 and 2023 and the continued commitment of the GTT teams, to whom I would like to give special thanks. EBITDA showed a sharp increase of 40%, confirming the Group’s discipline in terms of cost control and its ability to ensure the profitability of its business”.
Group business activity in 2025
Containment systems and services to operations
- LNG carriers and ethane carriers: solid performance in a mixed environment in 2025
Following three record years in terms of order intake, and in an uncertain geopolitical environment, GTT achieved a solid commercial performance in its core business over the financial year 2025, with 37 LNG carrier orders and seven very large ethane carrier (VLEC) orders. This momentum confirms the resilience of global demand for LNG transport, supported by massive investment decisions in new liquefaction projects. Delivery of these 37 LNG carriers is scheduled for between 2027 and 2031.
Notably, among these 37 LNG carrier orders, six are for ultra-large vessels (271,000 m³ compared with 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.
The seven VLECs ordered will each offer a total capacity of 100,000 m³, the largest to date for this type of vessel, and will feature GTT’s Mark III membrane containment system. Delivery of these ethane carriers will take place in 2027 and 2028, confirming the growing strength of the ethane market, driven by the expansion of global petrochemicals.
Over the period, GTT also received an order for the design of the tanks for one Floating Liquefied Natural Gas unit (FLNG) with a total capacity of 238,700 m³. Ordered by Samsung Heavy Industries, this vessel will be deployed in Africa.
In addition, since the beginning of 2026, GTT has announced 14 orders for LNG carriers, four of which have a capacity of 200,000 m3, as well as two orders for VLECs, confirming the momentum seen at the end of the previous year.
- LNG as fuel: improving performance in a buoyant market
In 2025, GTT recorded a total of 18 orders for the design of cryogenic tanks for new LNG-powered container vessels, up from the 13 orders received in 2024. Among the orders reported in 2025, 12 tanks with a unit capacity of 12,750 m3 were ordered by the Korean shipyard HD Hyundai Heavy Industries and six cryogenic tanks with a unit capacity of 8,000 m3 were ordered by HD Korea Shipbuilding & Offshore Engineering.
These LNG tanks will all be fitted with GTT’s Mark III Flex membrane containment system, together with the “1 barg”1 design, which enables an operating pressure of 1 barg, compared to 0.7 barg previously. This technical innovation addresses forthcoming regulations requiring cold ironing at quayside, confirming its added value for the maritime industry. The vessels will be delivered between the second quarter of 2027 and the fourth quarter of 2028.
In the third quarter of 2025, GTT also received an order from Hudong-Zhonghua Shipbuilding Co. Ltd. for the design of tanks for an LNG bunker vessel with a total capacity of 18,600 m³, scheduled for delivery in the first quarter of 2028.
- Services for vessels equipped with membrane containment systems
Revenues from the services business were maintained at 23 million euros in 2025 (compared to 23.3 million euros in 2024), with the decline in pre-project studies, which are intermittent by nature, being offset by the growth in supplier approvals. These approvals related, in particular, to Chinese shipyard suppliers supporting LNG carrier construction and the structuring of the local supply chain.
Marine and digital solutions: a change of scale and a strengthened value proposition
The acquisition of Danish company Danelec, a major player in the collection and analysis of maritime data, significantly enhances GTT’s digital offering. Completed on July 31, 2025, this transaction enables GTT to respond more broadly to the needs of ship-owners by now offering products and services aimed at optimising vessel performance and strengthening fleet safety, as well as dedicated applications to players in the LNG value chain.
The Group is now the global leader in vessel performance management and has joined the top tier of players in the critical Voyage Data Recorders (VDR) segment, now covering 15%2 of the global fleet. The integration of Danelec, started in August 2025, is progressing as planned. Its aim is to accelerate the growth of the Marine and Digital Solutions division through cross-selling, achieving an estimated 25 to 30 million euros in 2030.
GTT’s digital solutions (hardware and software) recorded a solid commercial performance, as demonstrated by the signing of several contracts attesting to the added value of the proposed solutions. The TMS group thus selected Ascenz Marorka to equip its entire fleet of more than 130 vessels (oil tankers, bulk carriers, liquefied gas carriers and container ships) with its Smart Shipping solutions. The digital services offering for LNG market players has also been commercially successful: China Merchants Energy Shipping (CMES) chose Ascenz Marorka to equip eight LNG carriers with a complete suite of onboard systems. In addition, the contract signed with Hudong-Zhonghua Shipbuilding, a long-standing GTT partner, to equip 24 LNG carriers with its Sloshield™ system, highlights the strength of GTT’s integrated offering, combining the digital solutions developed within its Digital division with its historical expertise in the design of cryogenic membrane containment systems.
The revenues of GTT’s Marine and Digital Solutions division more than doubled in 2025, reaching 36.1 million euros, compared to 15.6 million euros in 2024. As of December 31, 2025, this division now includes the activities of the subsidiaries Ascenz Marorka, VPS and Danelec, since August 2025. Danelec’s contribution over the five months of the financial year 2025 amounts to 16.1 million euros.
Elogen: completion of the business refocusing plan
Following the conclusions of the strategic review of its subsidiary Elogen, the Group completed the planned restructuring measures announced at the beginning of the year. A redundancy plan was implemented, resulting in the elimination of 110 positions. The construction of the Vendôme gigafactory was also definitively halted. As such, GTT recorded non-current operating expenses of 45 million euros in the first half of 2025. Elogen’s business is now focused on stack research and development at the world’s highest technological level.
As of December 31, 2025, Elogen recorded revenues of 4.6 million euros, down -59.6% compared to December 31, 2024. In line with the action plan resulting from the strategic review, Elogen’s EBITDA was brought to -16.1 million euros as of December 31, 2025, compared to -33.3 million euros at the end of 2024.
Continued innovation momentum
GTT continued its strong momentum in innovation and investments in research and development. The Group thus filed a total of 68 patents in 2025, a level comparable to that of 2024 (66 filings at the Group level). GTT’s ongoing approach of cutting-edge innovation also resulted in several AiPs3 from classification societies granted in the Group’s various areas of expertise:
LNG carriers and ethane carriers:
Two AiPs from Bureau Veritas for its optimised containment systems for ethane transport, Mark III SlimTM and NO96 SlimTM. These approvals confirm major advantages: increased tank capacity, reduced costs and optimised construction time. At the Gastech exhibition and conference in Milan in September 2025, GTT also received a second AiP from Lloyd’s Register for its optimized containment systems for ethane transportation, as well as a General Approval4 for an improved version of the NO96 Super+ technology.
LNG-powered vessels:
One approval from DNV for the design of membrane tanks rated for 1 barg, intended for LNG-powered vessels. This concept provides several benefits to ship-owners: extended retention time, higher bunkering temperature and compliance with the requirements for cold ironing at quayside. An AiP from Bureau Veritas for its new GTT Cubiq™ tank technology, dedicated to container ships.
Alternative fuels:
GTT received an AiP from Lloyd’s Register for the “NH₃-ready5” rating of the Mark III containment system applicable to LNG-powered vessels, as well as LNG carriers (LNGCs), very large ethane carriers (VLECs) and bunkering vessels. This innovation strengthens the flexibility of vessels by enabling them to adopt, transport or use ammonia (NH₃), a lower-carbon energy alternative.
The Group also concluded several joint development projects with long-standing partners to strengthen the performance and competitiveness of its technologies and participate in the introduction of disruptive technologies, confirming its status as a benchmark in the LNG industry. In this respect, GTT announced a strategic partnership with BLOOM ENERGY and PONANT EXPLORATIONS GROUP to develop an integrated energy system combining Solid Oxide Fuel Cells (SOFCs) powered by LNG with Marine Carbon Capture designed to cover the vessel’s energy needs related to onboard consumption.
GTT Strategic Ventures
In 2025, the GTT Strategic Ventures fund made two additional investments, bringing the number of stakes it holds to nine.
In April 2025, GTT Strategic Ventures invested in novoMOF, a company specialising in Metal-Organic Frameworks (MOFs), compact and high-performance materials for CO₂ capture, particularly well-suited to maritime transportation. In July 2025, it invested in CorPower Ocean, whose wave energy technology harnesses the power of the sea with resilience and efficiency, offering stable and competitive electricity generation among renewable marine energies
GTT Strategic Ventures also increased its stake in bound4blue in a 38 million euro fundraising round. The increase in its stake demonstrates the Group’s long-term confidence and its ability to support the companies in its portfolio in their industrial development.
Non-financial performance
The implementation of the actions resulting from GTT’s CSR roadmap for 2024-2026 led to an improvement in its non-financial performance in 2025, and to the renewal of its “B” rating in the CDP climate questionnaire for the fourth year running. The renewal of the Group’s ISO 9001 certification reaffirms its ambition to offer its customers the best services and to guarantee operational excellence.
The results of the CSR roadmap for 2025 will be presented in the Universal Registration Document to be published at the end of April 2026.
Governance
The GTT Board of Directors acknowledged the resignation of Ms Virginie Banet on 13 February 2026 and thank her for her contribution to the Board's work. The recruitment process for her successor is underway.
Order book as of December 31, 2025
As of January 1, 2025, GTT’s order book, excluding LNG as fuel, comprised 332 units. The following developments have occurred since January 1:
Deliveries completed: 82 LNG carriers, 2 ethane carriers and 5 onshore storage tanks; Orders received: 37 LNG carriers, 7 ethane carriers and 1 FLNG
As of December 31, 2025, the order book, excluding LNG as fuel, stood at 288 units, broken down as follows:
261 LNG carriers; 21 ethane carriers; 3 FSRUs (Floating Storage and Regasification Units); 3 FLNGs (Floating Liquefied Natural Gas vessels).
Regarding LNG as fuel, with the delivery of 21 vessels and orders for 18 container ships and one LNG bunker vessel, the order book stood at 48 vessels as of December 31, 2025.
Consolidated revenue
(in millions of euros) 2024 2025 Change Total revenues 641.4 803.0 +25% Containment systems 591.1 739.3 +25% of which LNG carriers/ethane carriers 552.5 697.8 +26% of which FSRUs6 1.4 11.5 +721% of which FLNGs7 4.6 10.2 +122% Onshore storage tanks 1.7 0.0 - of which LNG-powered vessels 30.9 19.7 -36% Services to operations 23.3 23.0 -1% Marine and digital solutions 15.6 36.1 +131% Electrolysers 11.4 4.6 -60%
Consolidated revenues for the financial year 2025 stood at 803.0 million euros, up 25% compared to 2024, benefiting from the increase in the number of vessels under construction and the growth of the marine and digital business.
Revenues from new builds amounted to 739.3 million euros, up 25% compared to revenues in 2024, reflecting the increase in the number of LNG carriers under construction.
Royalties from LNG and ethane carriers amounted to 697.8 million euros (+26%), 11.5 million euros for FSRUs and 10.2 million euros for FLNGs. Royalties generated by the LNG as fuel business (19.7 million euros) saw a decrease of 36% compared to 2024, impacted by increased competition in this booming market. Revenues from services to operations were stable at 23 million euros in the financial year 2025, due to the reduced number of pre-project studies completed during the year, offset by the growth in supplier approvals. Revenues from marine and digital solutions were 36.1 million euros, up +131% in the financial year 2025, thanks to the commercial successes of the subsidiaries Ascenz Marorka and VPS, as well as the acquisition of the Danish company Danelec on July 31, 2025. Danelec’s contribution over the five months of the financial year 2025 amounts to 16.1 million euros. Revenues from Elogen’s electrolyser business line amounted to 4.6 million euros in financial year 2025, versus 11.4 million euros in 2024.
Analysis of the 2025 consolidated income statement
(in millions of euros; earnings per share in euros) 2024 2025 Change Revenue 641.4 803.0 +25.2% Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) 388.1 541.8 +39.6% EBITDA margin (on revenues, %) 60.5% 67.5% Operating income (EBIT) 374.3 521.3 +39.3% EBIT margin (on revenues, %) 58.4% 64.9% Net income 347.8 413.6 +18.9% Net margin (on revenues, %) 54.2% 51.5% Net earnings per share8 (in euros) 9.4 11.2 +18.7%
In 2025, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) amounted to 541.8 million euros, up 39.6% compared with 2024. The EBITDA margin stood at 67.5%, compared to 60.5% a year earlier, driven by business growth and effective cost control. External expenses were down slightly (-0.5%) compared to the previous financial year, in line with the decrease in costs related to tests and studies. Personnel expenses increased (+12.5%), due to higher headcount at the subsidiaries, in particular due to the integration of Danelec from August 1, 2025, and the adjustment in wages linked to inflation.
Earnings Before Interest and Taxes (EBIT) amounted to 521.3 million euros in the financial year 2025, i.e. a margin on revenues of 64.9%, compared to 58.4% in 2024.
Net income for the 2025 financial year amounted to 413.6 million euros, up 19% over the previous year.
Other 2025 consolidated financial data
(in millions of euros) 2024 2025 Change Capital expenditures
(including investment subsidies) 68.5 244.8 +258% Dividends paid 228.9 290.2 +27% Cash position 343.3 346.9 +1%
The Group’s capital expenditure for 2025 increased substantially, mainly due to the acquisition of Danelec for 194 million euros. GTT also continued to invest in the renovation of its headquarters, in line with its commitment to reducing greenhouse gas emissions, and took on new minority stakes through its GTT Strategic Ventures fund.
In view of these investments, the increase in dividend payments and a controlled increase in working capital requirements (-26.4 million euros), in a context of strong business growth, GTT had a positive net cash position of 346.9 million euros as of December 31, 2025, an amount equivalent to that of December 31, 2024.
Dividend for financial year 2025
On February 19, 2026, the Board of Directors, after approving the financial statements, decided to propose the distribution of a dividend of 8.94 euros per share for the financial year 2025, up 19% compared to 2024. Payable in cash, this dividend will be subject to approval by the Shareholders’ Meeting to be held on June 16, 2026. As an interim dividend of 4 euros per share was paid out on December 11, 2025 (in accordance with the Board of Directors’ decision on July 29, 2025), the cash payment of the balance of the dividend, amounting to 4.94 euros per share, will take place on June 19, 2026 (ex-dividend date: June 17, 2026). 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 2026 in December 2026.
Outlook
At the end of December 2025, the Group had very strong visibility on its revenues, thanks to the commercial successes of the last three years. The order book corresponds to very significant future cumulated revenues of 1,592 million euros (609 million euros in 2026, 542 million euros in 2027, 286 million euros in 2028, and 155 million euros in 2029 and beyond).
The gradual end of the effect of the order peak seen in 2022 (162 units) and the temporary slowdown in orders seen in the first half of 2025 will have a limited impact on GTT’s growth for the financial year 2026. Consequently, 2026 is expected to be the second-best financial performance in GTT’s history, allowing the Group to announce the following objectives:
For the financial year 2026:
2026 consolidated revenues between €740 M and €780 M; 2026 consolidated EBITDA between €490 M and €530 M; Dividend policy maintained9.
***
Presentation of the 2025 full-year results
François Michel, Chief Executive Officer, and Thierry Hochoa, Chief Financial Officer, will comment on GTT’s results for the financial year 2025, and answer questions from the financial community at a conference call to be held, in English, on Friday, February 20, 2026, 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:
France: +33 1 70 91 87 04 UK: +44 1 212 818 004 United States +1 718 705 87 96 Other countries: + 39 02 802 09 11
Confirmation code: 140215
The presentation document will be available on the website on February 20, 2026 from 8:30 a.m.
Financial calendar
2026 first-quarter activity update: April 22, 2026 (after close of trading) Shareholders’ Meeting: June 16, 2026 Publication of 2026 half-year results: July 28, 2026 (after close of trading) 2026 third-quarter activity update: October 23, 2026 (after close of trading)
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 marine and 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 information-financiere@gtt.fr / +33 (0)1 30 23 20 87 / +33 (0)1 30 23 42 64
Press Contacts:
communication@gtt.fr / +33 (0)1 30 23 56 37
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 Universal Registration Document filed with the AMF on April 25, 2025, and the half-year financial report released on July 29, 2025. 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.
Appendices (consolidated IFRS financial statements)
Appendix 1: Consolidated balance sheet
(in millions of euros) December 31, 2024 December 31, 2025 Intangible assets 37.3 168.4 Goodwill 19.0 104.8 Property, plant and equipment 56.5 62.7 Investments in equity-accounted companies 10.4 14.7 Non-current financial assets 8.2 14.5 Deferred tax assets 5.2 5.5 Non-current assets 136.6 370.6 Inventories 29.8 25.1 Trade receivables 186.0 189.8 Current tax receivable 82.7 69.8 Other current assets 36.0 43.7 Current financial assets 0.4 0.2 Cash and cash equivalents 343.3 346.7 Current assets 678.2 675.2 TOTAL ASSETS 814.8 1045.8
(in millions of euros) December 31, 2024 December 31, 2025 Share capital 0.4 0.4 Share premium 6.9 6.9 Treasury shares (7.4) (4.6) Reserves 113.8 172 Net income 347.8 413.6 Equity attributable to owners of the parent 461.4 588.2 Equity – share attributable to non-controlling interests 0.1 1.5 Total equity 461.5 589.8 Non-current provisions 6.2 3.8 Financial liabilities – non-current part 13.8 88.4 Deferred tax liabilities 1.2 26.3 Non-current liabilities 21.2 118.5 Current provisions 4.5 10.5 Trade payables 44.6 31.1 Payables on non-current assets 1.5 1.4 Current tax debts 9.8 11.4 Current financial liabilities 2.1 40.3 Other current liabilities 269.7 242.8 Current liabilities 332.1 337.6 TOTAL EQUITY AND LIABILITIES 814.8 1,045.8
Appendix 2: Consolidated income statement
(in millions of euros) December 31, 2024 December 31, 2025 Revenues from operating activities 641.4 803.0 Other operating income 2.3 0.2 Total operating income 643.7 803.3 Costs of sales (28.1) (20.2) External expenses (102.9) (103.5) Personnel expenses (112.4) (126.3) Tax and duties (3.9) (2.4) Depreciation and provisions (26.6) (32.9) Other current operating income and expenses 4.5 4.5 Impairment following impairment tests - (1.1) Earnings Before Interest and Taxes (EBIT) 374.3 521.3 EBIT margin on revenues (%) 58.4% 64.9% Non-current operating income 21.0 (48.7) Current and non-current operating income 395.3 472.6 Financial income 11.8 9.0 Share in the income of associated entities (0.3) (1.2) Profit (loss) before tax 406.8 480.4 Income tax (59.0) (66.9) Net income 347.8 413.6 Net income Group share 347.8 413.6 Net income of non-controlling interests - - Basic earnings per share (in euros) 9.40 11.16 Diluted earnings per share (in euros) 9.37 11.12 Average number of shares outstanding 37,007,502 37,050,170 Diluted number of shares 37,136,514 37,176,012
Appendix 3: Consolidated cash flow statement
(in millions of euros) December 31, 2024 December 31, 2025 Company profit for the year 347.8 413.6 Removal of income and expenses with no cash impact: Share of net income of equity-accounted companies 0.3 1.2 Allocation (reversal) of amortisation, depreciation, provisions and impairment 14.7 24.7 Net carrying amount of intangible assets or property, plant and equipment sold 0.0 - Financial expense (income) (8.6) (9.0) Tax expense (income) for the financial year 59.0 66.9 Payment in shares 3.4 6.0 Other operating income and expenses 0.7 24.5 Cash flow 417.3 527.7 Tax paid in the financial year (74.4) (78.1) Change in working capital requirement: 18.6 (26.4) - Inventories and work in progress (10.0) 8.9 - Trade and other receivables (27.9) 4.3 - Trade and other payables 12.2 (15.9) - Other operating assets and liabilities 44.4 (23.6) Net cash-flow generated by the business (Total I) 361.5 423.2 Investment operations Acquisition of non-current assets (61.7) (40.3) Investment subsidy 17.3 - Disposal of non-current assets - - Control acquired on subsidiaries net of cash and cash equivalents acquired (11.6) (194.1) Control lost on subsidiaries net of cash and cash equivalents sold - - Acquisitions of stakes in equity-accounted companies (4.4) (10.5) Disposal of financial assets - - Treasury shares (2.5) 0.0 Change in other fixed financial assets (5.5) Net cash-flow from investment operations (Total II) (68.5) (244.8) Financing operations Dividends paid to shareholders (228.9) (290.2) Capital increase 3.9 - Repayment of financial liabilities (2.3) (14.5) Increase of financial liabilities 1.1 120.0 Interest paid (0.5) (0.8) Interest received 9.3 11.3 Change in bank overdrafts Net cash-flow from financing operations (Total III) (217.3) (174.3) Effect of changes in currency prices (Total IV) 0.2 (0.6) Change in cash (I+II+III+IV) 75.8 3.6 Opening cash 267.5 343.3 Closing cash 343.3 346.9 Cash change 75.8 3.6
Appendix 4: Estimated 10-year order book
In units Order estimates(1) LNG carriers 450++ Ethane carriers 25-40 FSRUs ≤10 FLNGs ≤10 Onshore storage tanks and GBSs 25-30
(1) 2026-2035 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 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).
3 AiP: Approval in Principle.
4 General Approval for Ship Application (GASA).
5 Compatible with ammonia.
6 Floating Storage Regasification Units
7 Floating Liquefied Natural Gas vessel
8 Net earnings per share as of December 31, 2025, were calculated on the basis of the weighted average number of shares outstanding, i.e. 37,050,170 shares as of December 31, 2025 and 37,007,502 shares as of December 31, 2024.
9 Subject to approval by the Shareholders’ Meeting and the amount of distributable net income in the GTT S.A. corporate financial statements
Attachment
GTT - FY 2025 results - Press Release
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- European Dividend Stocks To Watch In February 2026
Feb 19, 2026
As European markets navigate volatility with the STOXX Europe 600 Index reaching new highs but ending largely unchanged, investors are closely monitoring the impact of AI disruption concerns and robust U.S. job data on their portfolios. In this climate, dividend stocks can offer a measure of stability and income, making them an attractive option for those seeking to balance growth potential with consistent returns.
Top 10 Dividend Stocks In Europe
Name Dividend Yield Dividend Rating Zurich Insurance Group (SWX:ZURN) 4.22% ★★★★★★ Les Docks des Pétroles d'Ambès -SA (ENXTPA:DPAM) 5.57% ★★★★★★ Holcim (SWX:HOLN) 4.25% ★★★★★★ HEXPOL (OM:HPOL B) 5.52% ★★★★★★ Evolution (OM:EVO) 5.58% ★★★★★★ DKSH Holding (SWX:DKSH) 3.66% ★★★★★★ Credito Emiliano (BIT:CE) 4.84% ★★★★★☆ Cembra Money Bank (SWX:CMBN) 4.28% ★★★★★★ Banque Cantonale Vaudoise (SWX:BCVN) 3.95% ★★★★★☆ Banca Popolare di Sondrio (BIT:BPSO) 4.61% ★★★★★☆
Click here to see the full list of 206 stocks from our Top European Dividend Stocks screener.
We'll examine a selection from our screener results.
Banca Generali
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Banca Generali S.p.A. is an Italian company that provides financial products and services to high net worth, affluent, and private customers through financial advisors, with a market cap of €6.29 billion.
Operations: Banca Generali S.p.A. generates revenue by offering a range of financial products and services tailored for high net worth, affluent, and private clients in Italy through its network of financial advisors.
Dividend Yield: 5.1%
Banca Generali's dividend yield is in the top 25% of Italian market payers, but its past dividend payments have been volatile and unreliable. The current payout ratio of 78.4% suggests dividends are covered by earnings, with a similar forecast for three years ahead. Despite an unstable track record, dividends have grown over the past decade. Recent earnings reported net income growth to €131.2 million from €92.6 million year-on-year, supporting current dividend sustainability amid raised earnings guidance for 2025.
Navigate through the intricacies of Banca Generali with our comprehensive dividend report here. Our expertly prepared valuation report Banca Generali implies its share price may be too high.BIT:BGN Dividend History as at Feb 2026
F.I.L.A. - Fabbrica Italiana Lapis ed Affini
Simply Wall St Dividend Rating: ★★★★★☆
Overview: F.I.L.A. - Fabbrica Italiana Lapis ed Affini S.p.A. operates in the production and distribution of art materials, with a market cap of €467.99 million.
Operations: F.I.L.A. - Fabbrica Italiana Lapis ed Affini S.p.A. generates revenue primarily from its Office Supplies segment, amounting to €584 million.
Story Continues
Dividend Yield: 8.7%
F.I.L.A.'s dividend yield ranks in the top 25% of Italian payers, supported by a low payout ratio of 30.3%, indicating dividends are well covered by earnings. However, its cash payout ratio is higher at 80.3%, suggesting tighter cash flow coverage. While dividend payments have grown over the past decade, they have been volatile and unreliable. The stock trades below estimated fair value, offering potential relative value despite declining profit margins and forecasted earnings decline.
Click to explore a detailed breakdown of our findings in F.I.L.A. - Fabbrica Italiana Lapis ed Affini's dividend report. Upon reviewing our latest valuation report, F.I.L.A. - Fabbrica Italiana Lapis ed Affini's share price might be too pessimistic.BIT:FILA Dividend History as at Feb 2026
Gaztransport & Technigaz
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Gaztransport & Technigaz SA is a technology and engineering company specializing in cryogenic membrane containment systems for the maritime transportation and storage of liquefied gases, with operations in South Korea, China, and internationally, and a market cap of €6.74 billion.
Operations: Gaztransport & Technigaz SA generates revenue from two main segments: Hydrogen, contributing €7.78 million, and Core Business Including Services, which accounts for €727.52 million.
Dividend Yield: 4.4%
Gaztransport & Technigaz's dividend yield is below the top 25% of French payers, with an 81.1% payout ratio indicating coverage by earnings but tighter cash flow coverage at 87.8%. Despite a decade of growth, dividends have been volatile and unreliable. The stock trades at a discount to estimated fair value, presenting potential relative value. Recent executive changes may impact strategic direction as François Michel assumes CEO responsibilities in January 2026.
Dive into the specifics of Gaztransport & Technigaz here with our thorough dividend report. The analysis detailed in our Gaztransport & Technigaz valuation report hints at an inflated share price compared to its estimated value.ENXTPA:GTT Dividend History as at Feb 2026
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include BIT:BGN BIT:FILA and ENXTPA:GTT.
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- Disclosure of the total number of voting rights and shares composing the share capital as at January 31, 2026
Feb 2, 2026
GTT
Disclosure of the total number of voting rights and shares
composing the share capital as at January 31, 2026
Articles L. 233-8-II of the French Commercial Code and 223-16 of the General Regulation of the Autorité des Marchés Financiers
Saint-Rémy-lès-Chevreuse, February 2, 2026
Date Total number of shares Theoretical total number of voting rights1 Net total number of voting rights2 January 31, 2026 37,117,772 37,117,772 37,063,615
Investor Relations Contact
information-financiere@gtt.fr / + 33 1 30 23 42 64
1 Calculated on the basis of all the shares to which voting rights are attached, including shares stripped of voting rights (pursuant to article 223-11 of the General Regulation of the Autorité des marchés financiers).
2 Excluding treasury shares
Attachment
GTT Disclosure of the total number of voting rights and shares composing the share capital - January 2026
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- 3 European Dividend Stocks Yielding Up To 5.2%
Jan 12, 2026
As European markets continue to show optimism with the STOXX Europe 600 Index rising by 2.27%, investors are increasingly focusing on dividend stocks as a way to capitalize on favorable economic conditions and company earnings. In this environment, selecting stocks that offer consistent dividend yields can be an effective strategy for those looking to generate income while benefiting from the broader market's positive momentum.
Top 10 Dividend Stocks In Europe
Name Dividend Yield Dividend Rating Zurich Insurance Group (SWX:ZURN) 4.30% ★★★★★★ Telekom Austria (WBAG:TKA) 4.46% ★★★★★★ Les Docks des Pétroles d'Ambès -SA (ENXTPA:DPAM) 5.64% ★★★★★★ Holcim (SWX:HOLN) 3.88% ★★★★★★ HEXPOL (OM:HPOL B) 4.81% ★★★★★★ Evolution (OM:EVO) 4.84% ★★★★★★ DKSH Holding (SWX:DKSH) 3.98% ★★★★★★ Credito Emiliano (BIT:CE) 4.80% ★★★★★☆ Cembra Money Bank (SWX:CMBN) 4.37% ★★★★★★ Bravida Holding (OM:BRAV) 4.13% ★★★★★★
Click here to see the full list of 193 stocks from our Top European Dividend Stocks screener.
Below we spotlight a couple of our favorites from our exclusive screener.
Sogeclair
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Sogeclair SA offers engineering and production services for the aeronautics, space, and civil and military transport sectors in France, with a market cap of €87.09 million.
Operations: Sogeclair SA generates revenue from its engineering and production services across the aeronautics, space, and civil and military transport sectors in France.
Dividend Yield: 3.4%
Sogeclair's dividend profile shows a mixed outlook for investors. The company's earnings growth of 76.4% last year supports its ability to cover dividends, with a payout ratio of 58.3% and cash payout ratio at 15.6%. However, the dividend yield of 3.37% is lower than the top quartile in France, and payments have been volatile over the past decade despite some growth in this period. Trading below estimated fair value may appeal to value-focused investors.
Click to explore a detailed breakdown of our findings in Sogeclair's dividend report. Insights from our recent valuation report point to the potential undervaluation of Sogeclair shares in the market.ENXTPA:ALSOG Dividend History as at Jan 2026
Gaztransport & Technigaz
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Gaztransport & Technigaz SA is a technology and engineering company that offers cryogenic membrane containment systems for the maritime transportation and storage of liquefied gases globally, with a market cap of €6.23 billion.
Operations: Gaztransport & Technigaz SA generates revenue primarily from its Core Business Including Services segment, which accounts for €727.52 million, and its Hydrogen segment, contributing €7.78 million.
Story Continues
Dividend Yield: 4.8%
Gaztransport & Technigaz's dividend profile reveals a blend of strengths and challenges. While the company's dividend yield of 4.76% is below the top quartile in France, its dividends are covered by both earnings (payout ratio: 81.1%) and cash flows (cash payout ratio: 87.8%). However, past payments have been volatile, showing over 20% annual drops at times. Recent executive changes with François Michel as CEO may influence future strategic direction and stability in dividends.
Navigate through the intricacies of Gaztransport & Technigaz with our comprehensive dividend report here. Our comprehensive valuation report raises the possibility that Gaztransport & Technigaz is priced higher than what may be justified by its financials.ENXTPA:GTT Dividend History as at Jan 2026
SAF-Holland
Simply Wall St Dividend Rating: ★★★★★☆
Overview: SAF-Holland SE manufactures and sells chassis-related assemblies and components for trailers, trucks, semi-trailers, and buses, with a market cap of €735.76 million.
Operations: SAF-Holland SE generates revenue from three main segments: €663.11 million from the Americas, €208.62 million from Asia/Pacific (APAC)/China/India, and €861.36 million from Europe, the Middle East, and Africa (EMEA).
Dividend Yield: 5.2%
SAF-Holland's dividend profile presents a mixed picture. The company's 5.2% yield ranks in the top quartile of German dividend payers, and dividends are well covered by earnings (68.9% payout ratio) and cash flows (35.5% cash payout ratio). However, past payments have been volatile with significant annual drops, reflecting an unstable track record despite recent increases over the last decade. Recent guidance revisions indicate potential challenges ahead, though a share buyback program may support shareholder value.
Get an in-depth perspective on SAF-Holland's performance by reading our dividend report here. Upon reviewing our latest valuation report, SAF-Holland's share price might be too pessimistic.XTRA:SFQ Dividend History as at Jan 2026
Taking Advantage
Click this link to deep-dive into the 193 companies within our Top European Dividend Stocks screener. Have you diversified into these companies? Leverage the power of Simply Wall St's portfolio to keep a close eye on market movements affecting your investments. Maximize your investment potential with Simply Wall St, the comprehensive app that offers global market insights for free.
Ready For A Different Approach?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ENXTPA:ALSOG ENXTPA:GTT and XTRA:SFQ.
This article was originally published by Simply Wall St.
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