GTT : First half 2025 results - Strong growth in revenue and EBITDA
First half 2025 results: Strong growth in revenue and EBITDA
Revenue: 389 million euros, +32% compared to H1 2024
EBITDA: 264 million euros, +49% compared to H1 2024
Confirmation of 2025 objectives
Ten LNG carriers and seven Very-Large Ethane Carriers ordered in H1
Acquisition of Danelec, a Danish company specialised in digital solutions
Interim dividend: €4 per share, in line with our distribution policy
Paris, 29 July 2025. GTT, the technological expert in membrane containment systems used to transport and store liquefied gas, today announces its results for the first half of 2025.
Presenting these results, Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: "GTT delivered a very strong financial performance in the first half of 2025, driven by the numerous orders received in recent years.
With 17 orders recorded in the first half of 2025, commercial activity in our core business remains robust, despite an uncertain geopolitical environment. In the United States, the lifting of the moratorium on new LNG projects has reignited investment decisions: three new liquefaction projects have been approved, representing a total capacity of 36 Mtpa and generating additional demand for LNG carriers.
We are also continuing our constant R&D and innovation efforts, as evidenced by the recent Approvals in Principle obtained in the first half of the year for solutions compatible with ethane transport and ammonia use. These developments further strengthen our position as a key technological partner supporting the energy transition of the maritime sector.
Our digital business experienced sustained momentum, driven by significant contracts with leading players. In addition, the acquisition of the Danish company Danelec, a specialist in the collection and analysis of maritime data, positions GTT as a global leader in vessel performance management and Voyage Data Recorders, creating a new growth pillar for the Group.
Backed by a solid order book, we achieved a 32% revenue growth in the first half of 2025. EBITDA rose by 49% at a margin of 68%, highlighting the Group's disciplined cost management.
Based on GTT's momentum seen in the first semester and in the absence of significant delays in vessel construction schedules, the Group confirms its full-year 2025 objectives."
Group business activity in the first half of 2025
- LNG and Ethane carriers
Following a record-breaking 2024 (the second highest year ever in terms of order intake), and in an uncertain geopolitical environment, GTT maintained strong commercial momentum in its core business during the first half of 2025, securing ten orders for LNG carrier and seven orders for Very Large Ethane Carriers (VLEC).
Notably, among the ten LNGC orders, six are for ultra-large vessels with a capacity of 271,000 m³ (significantly larger than the standard 174,000 m³) placed with the Chinese shipyard Hudong-Zhonghua. These vessels will be fitted with GTT's NO96 Super+ membrane containment system. Deliveries are scheduled between 2027 and 2031.
The VLECs will each have a total capacity of 100,000 m³, the largest ever for this type of vessel, and will feature GTT's Mark III membrane containment system. Deliveries are scheduled in 2027 and 2028.
- LNG as fuel: Growth in the LNG-powered container ship market
After receiving an order in February from HD Hyundai Heavy Industries for the design of cryogenic tanks (12,750 m³) for 12 new LNG-powered container ships for a European ship-owner, GTT announced a further order received in the second quarter, placed by HD Korea Shipbuilding & Offshore Engineering and concerning the design of cryogenic tanks (8,000 m³) for six new LNG-powered container ships on behalf of ship-owner Capital.
All of these LNG tanks will be fitted with GTT's Mark III Flex membrane containment system, along with the "1 barg"1 design, which allows an operating pressure of up to 1 barg (compared to 0.7 barg previously). This innovation offers a concrete response to upcoming regulations on cold ironing at quayside, confirming its added value for the maritime industry.
- Digital: Commercial success and change of scale with Danelec
During the first half of the year, the Group achieved several commercial successes in the digital field. In particular, the TMS group selected Ascenz Marorka's Smart Shipping2 solution to equip its entire fleet of over 130 vessels (oil tankers, bulk carriers, liquefied gas carriers and container ships).
China Merchants Energy Shipping (CMES) also chose Ascenz Marorka's digital solutions to equip a series of eight LNG carriers, with deliveries scheduled from late 2025 to mid-2027. These solutions include a full suite of onboard systems, a real-time vessel performance monitoring platform and its associated services, LNG cargo management modules, weather routing and voyage optimisation applications, as well as expert consulting services.
In addition, Ascenz Marorka expanded its real-time fleet performance monitoring service to the Americas region, operating out of Vancouver. With operations now spanning three strategic locations, Ascenz Marorka supports ship-owners, charterers and fleet managers in optimising their activities on a global scale.
The strong commercial performance is reflected in the gross margin generated by the digital business, which reached 57% for the first semester of 2025 compared with 48% for full year 2024.
Finally, in May 2025, GTT announced the acquisition of Danelec, a global leader in the collection and analysis of maritime data. This transaction enables the GTT Group to become the global leader in vessel performance management and positions it among the top players in the critical Voyage Data Recorders (VDR) segment, with a market share covering 15%3 of the global fleet.
- Elogen: Refocusing the business model
In a press release issued on 10 February 2025, the GTT Group presented the initial conclusions of the strategic review of its subsidiary Elogen. This review was further advanced in the first half of 2025 and it highlighted the need to refocus Elogen's business model on research and development, in order to strengthen the differentiation and competitiveness of its products by improving the solution efficiency and reducing costs. The Group therefore plans to concentrate on the production of high-power stacks at its Les Ulis site, a capability that few players in the market can offer. These developments enable Elogen to target significant positive-margin contracts.
The information and consultation procedures with employee representative bodies concluded in July. A workforce reduction plan, involving the elimination of 110 positions out of 160, will be implemented in the second half of the year. It will begin with a voluntary departure phase to minimise forced redundancies. Accordingly, the GTT Group recorded non-current operating expenses of 45 million euros in the first half of 2025 mainly related to the definitive halt of the Gigafactory construction in Vendôme and the workforce reduction plan.
- Innovation: Technological advancements recognised by classification societies
In the first half of 2025, GTT obtained several Approvals in Principle (AiPs) from leading classification societies:
Two 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.
One 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.
One from Lloyd's Register for the "NH₃-ready4" 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 enhances the flexibility of vessels by enabling them to adopt, transport or use ammonia (NH₃), a lower-carbon energy alternative, over their lifecycle.
- GTT Strategic Ventures: Two new investments to accelerate the maritime energy transition
Since the beginning of the year, the GTT Strategic Ventures investment fund has acquired minority stakes in two innovative companies:
novoMOF (April): specialising in metal-organic frameworks (MOFs), high performance materials for designing point-source CO₂ capture systems, which are particularly well-suited to constrained environments such as maritime transportation, thanks to their compactness.
CorPower Ocean (July): whose unique wave-energy technology features high resilience to storms and optimised energy efficiency under normal ocean conditions. This solution provides stable electricity generation and addresses the main challenges in renewable marine energy.
Order book as of 30 June 2025
As of 1 January 2025, GTT's order book excluding LNG as fuel comprised 332 units. The following developments have occurred since 1 January:
Deliveries completed: 36 LNG carriers, 5 onshore storage tanks;
Orders received: 10 LNG carriers and 7 ethane carriers.
As of 30 June 2025, the order book, excluding LNG as fuel, stood at 308 units, broken down as follows:
280 LNG carriers;
23 ethane carriers;
3 FSRUs (Floating Storage and Regasification Units);
2 FLNGs (Floating Liquefied Natural Gas units).
Regarding LNG as fuel, with 18 vessels ordered and 14 delivered during the period, there were 54 vessels in the order book as of 30 June 2025.
Evolution of consolidated revenue in the first half of 2025
(in millions of euros)
H1 2025
H1 2024
Change
Revenue
388.7
294.8
+31.9%
Newbuilds
364.8
271.0
+34.6%
of which LNG carriers/ethane carriers
345.7
250.7
+37.9%
of which FSRUs5/FSUs6
3.3
-
N/A
of which FLNGs7
4.3
1.4
N/A
of which onshore storage tanks and GBSs
0.0
1.7
N/A
of which LNG-powered vessels
11.5
17.2
-33.5%
Electrolysers
2.5
6.1
-59.1%
Digital
9.4
6.9
+35.9%
Services
12.0
10.8
+10.8%
Consolidated revenue for the first half of 2025 amounted to 389 million euros, up 32% compared to the first half of 2024.
Revenue from newbuilds amounted to 365 million euros, up 35% compared to the first half of 2024.
Royalties from LNG and ethane carriers amounted to 346 million euros, up 38%, driven by the growing number of LNG carriers under construction. Royalties from FLNGs amounted to 4 million euros while those from FSRUs amounted to 3 million euros.
Revenue from LNG as fuel business totalled 11 million euros, down from 2024, due to a high comparison base, with 20 LNG-powered vessels delivered in H1 2024.
The electrolysers business generated revenue of 2.5 million euros, versus 6 million euros in the first half of 2024.
The digital business grew sharply to 9 million euros, an increase of 36%, supported by equipment sales and increased subscriptions for digital solutions.
Services generated 12 million euros in revenue, an increase of 11% compared to H1 2024, notably driven by support services for vessels in operation and certification activities.
Analysis of the consolidated income statement for the first half of 2025
Summary consolidated income statement
(in millions of euros, excluding earnings per share)
H1 2025
H1 2024
Change
Revenue
388.7
294.8
+31.9%
Operating income before depreciation, amortisation and impairment of non-current assets (EBITDA)
264.5
177.2
+49.2%
EBITDA margin (on revenue, %)
68.0%
60.1%
Operating income (EBIT)
257.1
172.2
+49.3%
EBIT margin (on revenue, %)
