GTT - First half 2026 results - Orderbook on high historical levels
First half 2026 results: Orderbook on high historical levels; Strong results; Annual objectives confirmed
- Strong business activity: 65 orders recorded in the first half of 2026
- Revenue: 387.3 million euros, stable compared with the first half of 2025
- EBITDA: 263.6 million euros, with an EBITDA margin of 68.1%
- Interim dividend: 4.30 euros per share
Paris, July 28, 2026. GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the first half of 2026.
Commenting on the results, François Michel, Chief Executive Officer of GTT, said:
“The 65 orders recorded in the first half of 2026 confirm GTT’s strong commercial performance over the period. Geopolitical disruptions have had no impact on demand for new LNG carriers. The signing of additional investment decisions for new liquefaction units totalling 37 Mtpa confirms this positive momentum. The first orders received for three-tank LNG carriers, those recorded for the largest onshore LNG and ethane storage tanks ever built using our GST® technology, together with the order for the first US FLNG unit with the world’s largest production capacity, demonstrate our ability to anticipate our customers’ future needs. These achievements are the result of our research and development efforts combined with our innovation approach, which was once again recognised by the INPI1 during this period.
GTT Marine’s business activity reflects the relevance of our approach, which consists of meeting our customers’ needs with an integrated offering to support vessels’ performance. Less than a year after acquiring Danelec, we have already secured contracts with leading players thanks to the complementarity of our offering, thereby contributing to the expected synergies. Building on these enhanced capabilities, we are also accelerating the development of digital solutions for the GTT Energy business, which will help further consolidate our position across the LNG value chain.
From a financial standpoint, revenues for the first half of 2026 amount to 387.3 million euros and our EBITDA stands at 263.6 million euros, remaining stable compared with the first half of 2025. Driven by strong commercial momentum, the order book reaches 1.9 billion euros, providing strong visibility for the coming years.
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 revenue and EBITDA objectives for the 2026 financial year. An interim dividend of 4.30 euros will be paid to shareholders in December”.
Group business activity in the first half of 2026
- GTT Energy: sustained commercial momentum
During the first half of 2026, the Group recorded a total of 65 orders, including 56 orders for new LNG carriers with deliveries expected between 2028 and 2030. The orders placed in the second quarter of 2026 included two 177,000 m3 LNG carriers featuring a three-tank configuration. This new design will equip four new vessels: two vessels ordered in November 2025 and two additional vessels ordered in May 2026.
GTT was also selected to design the cryogenic tanks for two VLECs (Very Large Ethane Carriers). Deliveries are scheduled between the fourth quarter of 2028 and the first quarter of 2029.
The Group continued to expand in the LNG (Liquefied Natural Gas) infrastructure sector. It secured an order for a new FSRU2 with a capacity of 170,000 m3 on behalf of the Malaysian ship-owner MISC, and announced the order of the first FLNG3 in the United States. With the largest production capacity in the world, this FLNG will be built as part of the Delfin LNG 1 project. The delivery of these units is scheduled for the first quarter of 2029 (FSRU) and mid-2030 (FLNG).
The Group also recorded orders for the design of five onshore storage tanks, including three LNG storage tanks, each with a capacity of 240,000 m3, and one ethane storage tank with a capacity of 200,000 m3. Built in China, they will be the largest tanks in the world equipped with GTT’s GST® technology. Delivery of the five onshore storage tanks ordered in the first half of 2026 is scheduled between the fourth quarter of 2027 and the fourth quarter of 2028.
In the first half of 2026, 45 LNG carriers were delivered, as well as one VLEC and one FSRU.
The GTT Energy division posted revenues of 355.5 million euros in the first half of 2026. Revenues fell by -5.7% compared with the first half of 2025, mainly due to a lower number of LNG carriers under construction over the period.
- GTT Marine: commercial achievements highlighting the integrated approach developed as part of Danelec’s integration
The GTT Marine division continued its commercial development and won several contracts thanks to its integrated offering combining hardware and software. In particular, it secured orders from Chinese ship-owners to equip more than 150 vessels, primarily container ships, with SPM (Shaft Power Metres) designed and distributed by GTT Marine. The development of the VDR (Voyage Data Recorder) activity also continued, with nearly 50 VDRs ordered from GTT Marine for retrofit operations scheduled for 2026. The expected commercial synergies resulting from Danelec’s integration and the creation of GTT Marine materialized during the first half of 2026 through the signing of two contracts with new customers. In the first quarter of 2026, Petrobras selected GTT to equip up to 120 vessels with the Group’s weather routing and performance improvement solutions. GTT Marine also secured a contract in the second quarter of 2026 to equip the fleet of LNG carriers chartered by the Petronas group. These vessels will be fitted with the data collection equipment required to use GTT Marine’s performance monitoring and route optimisation solutions. The contract also includes digital assistance for monitoring the fleet and LNG cargo.
Finally, at the Posidonia exhibition held in Athens in June 2026, GTT Marine presented its portfolio of integrated, high value-added hardware and digital solutions to its partners.
The GTT Marine division posted revenues of 31.8 million euros in the first half of 2026. It recorded a very strong increase (+238% compared with the first half of 2025) due to Danelec being fully integrated.
- Innovation
During the first half of 2026, GTT’s innovation approach was recognised by the INPI4. It ranked GTT first among French medium-sized companies filing patents for 2025. The Group had filed 68 patent applications and maintained its 23rd position in the overall INPI ranking.
Orders for LNG carriers featuring a three-tank configuration confirm the adoption of the innovations developed by GTT for its customers and partners. This innovative concept results from the close collaboration between GTT, the shipyard and the ship-owner BW LNG, and was subject to AiP5 by the main classification companies as early as 2022. The three-tank configuration features targeted reinforcements and design enhancements to deliver performance beyond that of a conventional four-tank 174,000 m³ LNG carrier. Equipped with GTT’s Mark III Flex membrane containment system, these vessels, each with a capacity of 177,000 m3, will retain the same dimensions as standard 174,000 m³ LNG carriers, together with the same terminal compatibility and loading and unloading capabilities, providing charterers with complete flexibility. By optimising the ratio of LNG cargo volume to insulation surface area, the design improves thermal efficiency and reduces the LNG boil-off gas rate by approximately 6% compared with a four-tank configuration equipped with the same technology.
Growing interest in GTT’s GST® onshore storage technology highlights the Group’s ability to innovate to respond to market developments and incorporate the increasing complexity of projects. Accordingly, the three onshore LNG storage tanks, each with a capacity of 240,000 m3, and the 200,000 m3 ethane storage tank to be built in China, will be the largest in the world, combining high performance with high operational flexibility. Their ability to store other liquefied gases supports future energy and industrial needs.
- Conflict in the Middle East
The situation in the Middle East is disrupting energy and shipping markets, with temporary closure of LNG infrastructure in Qatar and the United Arab Emirates, including one facility that has sustained partial damage. This situation did not affect medium and long-term LNG demand forecasts, which were revised upwards in the second quarter of 2026 by leading industry agencies and consultancies.
At this stage, the Group has not identified any direct impact on its business or any changes to shipyard construction schedules.
- Continuity of the Group’s governance
At GTT’s Shareholders’ Meeting held on June 16, 2026, the Group’s shareholders confirmed the reappointment of Philippe Berterottière, Pascal Macioce and Antoine Rostand as directors for a term of four years. Following the Annual General Meeting, Philippe Berterottière’s term of office as Chairman of the Board of Directors was confirmed by the Board of Directors for a period of two years.
Finally, on June 10, 2026, the Board of Directors appointed Sandra Lagumina as director to replace Virginie Banet, following her resignation, for the remainder of her term of office until the 2027 Annual Shareholders’ Meeting.
Order book as of June 30, 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: 45 LNG carriers, 1 VLEC, 1 FSRU;
- Orders received: 56 LNG carriers, 2 ethane carriers, 5 onshore storage tanks, 1 FSRU, 1 FLNG;
As of June 30, 2026, the order book, excluding LNG as fuel, stood at 306 units, broken down as follows:
- 272 LNG carriers;
- 22 ethane carriers;
- 3 FSRUs;
- 4 FLNGs;
- 5 onshore storage tanks.
Regarding LNG as fuel, with the delivery of 5 vessels, there were 43 vessels in the order book at June 30, 2026.
Change in consolidated revenues for the first half of 2026
| (in millions of euros) | H1 2025 | H1 2026 | Change |
| Total revenues | 388.7 | 387.3 | -0.4% |
| GTT Energy | 376.8 | 355.5 | -5.7% |
| Containment systems | 364.8 | 344.7 | -5.5% |
| of which LNG carriers/ethane carriers | 345.7 | 320.2 | -7.4% |
| of which FSRUs6 | 3.3 | 8.7 | +161.7% |
| of which FLNGs7 | 4.3 | 5.8 | +35.9% |
| of which onshore storage tanks | 0.0 | - | - |
| of which LNG-powered vessels | 11.5 | 9.9 | -13.3% |
| Services to operations | 12.0 | 10.8 | -10.1% |
| GTT Marine | 9.4 | 31.8 | +237.8% |
| Hydrogen (Elogen) | 2.5 | 0.1 | -96.5% |
Consolidated revenues for the first half of 2026 amounted to 387.3 million euros, slightly down by -0.4% compared with revenues for the first half of 2025 (an exceptionally high comparison base, following the 2022 peak of 162 orders, with a 32% increase vs H1 2024).
- Revenues from the containment system construction stood at 344.7 million euros, down -5.5% in the first half of 2026 compared with the first six months of 2025.
- Royalties from LNG and ethane carriers amounted to 320.2 million euros, down -7.4% due to a drop in the number of LNG carriers under construction over the period.
- Royalties from the construction of FSRUs and FLNGs show an increase of +162% and +36% respectively. This increase was driven by the rise in the number of units under construction.
- Royalties generated by the LNG-as-fuel business reached 9.9 million euros, down by -13.3% in the first half of 2026.
- Revenues from services amounted to 10.8 million euros. This marked a -10% drop compared with the first half of 2025 due to reduced certification business and a lower volume of maintenance services.
- Marine and digital solutions revenues reached 31.8 million euros, driven by Danelec’s contribution and the strong performance of the Safety business, dedicated to safety equipment and performance data collection. The GTT Marine division therefore contributes to 8% of the Group’s revenues for the first half of 2026, compared with 2% in the first half of 2025.
- Revenues from the designing and manufacturing of electrolysers (Elogen) reached 0.1 million euros. Elogen’s activities primarily focus on research and development after the restructuring carried out in 2025.
Analysis of the consolidated income statement for the first half of 2026
Summary consolidated income statement
| (in millions of euros; earnings per share in euros) | H1 2025 | H1 2026 | Change | |
| Revenue | 388.7 | 387.3 | -0.4% | |
| Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) | 264.5 | 263.6 | -0.3% | |
| EBITDA margin (on revenues, %) | 68.0% | 68.1% | ||
| Operating income (EBIT) | 257.1 | 248.2 | -3.4% | |
| EBIT margin (on revenues, %) | 66.1% | 64.1% | ||
| Non-current operating income | -48.2 | - | - | |
| Net income | 180.0 | 210.4 | +16.9% | |
| Net margin (on revenues, %) | 46.3% | 54.3% | ||
| Net earnings per share8 (in euros) | 4.86 | 5.68 | +16.9% | |
Earnings before interest, tax, depreciation and amortisation (EBITDA) reached 263.6 million euros in the first half of 2026, remaining stable compared with the first half of 2025. The EBITDA margin was slightly up at 68.1% in the first half of 2026, compared with 68.0% in the first half of 2025.
Operating income (EBIT) fell by -3.4% (248.2 million euros as of June 30, 2026 compared with 257.1 million euros as of June 30, 2025), taking into account depreciation and amortisation relating to GTT Marine (purchase price allocation for Danelec and R&D).
Net income amounted to 210.4 million euros in the first half of 2026, up 17% from 180.0 million euros a year earlier. It benefited from a base effect resulting from non-current operating expenses recorded in the first half of 2025, primarily related to the restructuring of Elogen.
Other consolidated financial data
| (in millions of euros) | H1 2025 | H1 2026 | Change |
| Capital expenditures (including investment subsidies) | (25.4) | (1.7) | -93.3% |
| Dividends paid | (142.0) | (183.3) | +29.1% |
| Cash position | 360.0 | 384.7 | +6.9% |
| Debt | - | (90) | - |
| Net cash position | 360.0 | 294.7 | -18.1% |
Capital expenditure fell by -93% to 1.7 million euros as of June 30, 2026, compared with 25.4 million euros as of June 30, 2025. They mainly comprised the refurbishment of GTT’s headquarters and investment in research and development, partially offset by a subsidy received for the Elogen subsidiary.
As of June 30, 2026, the Group’s cash position stood at 384.7 million euros. After the deduction of the loan taken out to finance the acquisition of Danelec, the Group’s net cash position amounted to 294.7 million euros.
Interim dividend
On July 28, 2026, the Board of Directors approved the payment of an interim dividend of 4.30 euros per share for the 2026 financial year. The dividend will be paid in cash according to the following schedule:
- December 8, 2026: ex-dividend date;
- December 10, 2026: payment date.
2026 objectives confirmed
As of June 30, 2026, the Group benefits from very high visibility on its revenue, supported by its core business order book. This corresponds to revenue of 1,853 million euros over the 2026-2029 period and beyond, broken down as follows: 300 million euros in the second half of 2026, 655 million euros in 2027, 603 million euros in 2028 and 295 million euros in 2029 and beyond.
In the absence of any significant order delays or cancellations, GTT confirms its targets for 2026, namely:
- 2026 consolidated revenues between 740 and 780 million euros,
- Consolidated EBITDA for 2026 between 490 and 530 million euros,
- Dividend policy maintained9.
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First half of 2026 activity update presentation
François Michel, Chief Executive Officer, and Thierry Hochoa, Chief Financial Officer, will comment on GTT’s business during the first half of 2026 and answer questions from the financial community during a conference call to be held, in English, on Wednesday, July 29, 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
- United Kingdom: +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 July 29, 2026 from 8:30 a.m.
Financial calendar
- 2026 third-quarter activity update: October 23, 2026 (after close of trading)
- 2026 annual results: February 24, 2027 (after close of trading)
- 2027 first-quarter activity update: April 22, 2027 (after close of trading)
- Shareholders’ Meeting: June 16, 2027
- 2027 half-year results: July 28, 2027
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 42 64 / +33 (0)1 30 23 20 87 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 27, 2026, and the half-year financial report released on July 28, 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.
Appendices (consolidated IFRS financial statements)
Appendix 1: Consolidated statement of financial position
| (in millions of euros) | June 30, 2026 | December 31, 2025 |
| Intangible assets | 169.2 | 168.4 |
| Goodwill | 104.7 | 104.8 |
| Property, plant and equipment | 58.8 | 62.7 |
| Investments in equity-accounted companies | 14.2 | 14.7 |
| Non-current financial assets | 13.7 | 14.5 |
| Deferred tax assets | 4.2 | 5.5 |
| Non-current assets | 364.8 | 370.6 |
| Inventories | 26.5 | 25.1 |
| Trade receivables | 204.5 | 189.8 |
| Current tax receivable | 40.9 | 69.8 |
| Other current assets | 49.2 | 43.7 |
| Current financial assets | 0.3 | 0.2 |
| Cash and cash equivalents | 381.6 | 346.7 |
| Current assets | 702.9 | 675.2 |
| TOTAL ASSETS | 1,067.7 | 1,045.8 |
| (in millions of euros) | June 30, 2026 | December 31, 2025 |
| Share capital | 0.4 | 0.4 |
| Share premium | 6.9 | 6.9 |
| Treasury shares | (6.0) | (4.6) |
| Reserves | 402.1 | 172.0 |
| Net income | 210.5 | 413.6 |
| Equity attributable to owners of the parent | 613.8 | 588.2 |
| Equity – share attributable to non-controlling interests | 1.5 | 1.6 |
| Total equity | 615.3 | 589.8 |
| Non-current provisions | 4.1 | 3.8 |
| Financial liabilities – non-current part | 62.7 | 88.4 |
| Deferred tax liabilities | 25.2 | 26.3 |
| Non-current liabilities | 92.1 | 118.5 |
| Current provisions | 8.5 | 10.5 |
| Trade payables | 36.0 | 31.1 |
| Advance payments of subsidies | 13.6 | 1.4 |
| Current tax debts | 17.5 | 11.4 |
| Current financial liabilities | 42.0 | 40.3 |
| Other current liabilities | 242.7 | 242.8 |
| Current liabilities | 360.3 | 337.6 |
| TOTAL LIABILITIES | 1,067.7 | 1,045.8 |
Appendix 2: Consolidated income statement
| (in millions of euros) | June 30, 2026 | June 30, 2025 |
| Revenue from operating activities | 387.3 | 388.7 |
| Other operating income | 0.7 | 0.1 |
| Total operating income | 388.0 | 388.8 |
| Costs of sales | (13.5) | (7.8) |
| External expenses | (52.2) | (49.6) |
| Personnel expenses | (66.8) | (64.6) |
| Tax and duties | (1.8) | (2.9) |
| Depreciation, amortisation and provisions | (7.3) | (9.8) |
| Other current operating income and expenses | 1.9 | 3.0 |
| Impairment following impairment tests | - | - |
| Earnings Before Interest and Taxes (EBIT) | 248.2 | 257.1 |
| EBIT margin on revenues (%) | 64.1% | 66.1% |
| Non-current operating income | - | (48.2) |
| Current and non-current operating income | 248.2 | 208.9 |
| Financial income | 0.8 | 6.8 |
| Share in the income of associated entities | (0.9) | (0.4) |
| Profit (loss) before tax | 248.2 | 215.3 |
| Income tax | (37.7) | (35.4) |
| Net income | 210.4 | 180.0 |
Appendix 3: Consolidated cash flow statement
| (in millions of euros) | June 30, 2026 | June 30, 2025 |
| Company profit for the year | 210.4 | 180.0 |
| Removal of income and expenses with no cash impact: | ||
| Share of net income of equity-accounted companies | 0.9 | 0.4 |
| Allocation (reversal) of amortisation, depreciation, provisions and impairment | 13.3 | 39.7 |
| Net carrying amount of intangible assets or property, plant and equipment sold | - | - |
| Financial expense (income) | (0.8) | (6.8) |
| Tax expense (income) for the financial year | 37.7 | 35.4 |
| Payment in shares | 4.8 | 3.4 |
| Other operating income and expenses | (0.5) | (0.1) |
| Cash flow | 265.8 | 251.8 |
| Tax paid in the financial year | (2.5) | (41.5) |
| Change in working capital requirement: | (18.1) | (30.7) |
| - Inventories and work in progress | (1.4) | 6.9 |
| - Trade and other receivables | (14.5) | (28.2) |
| - Trade and other payables | 3.8 | (4.1) |
| - Other operating assets and liabilities | (6.1) | (5.2) |
| Net cash-flow generated by the business (Total I) | 245.2 | 179.6 |
| Investment operations | ||
| Acquisition of non-current assets | (14.5) | (22.9) |
| Investment subsidy | 12.3 | - |
| Disposal of non-current assets | - | - |
| Control acquired on subsidiaries net of cash and cash equivalents acquired | - | - |
| Control lost on subsidiaries net of cash and cash equivalents sold | - | - |
| Acquisition of stakes in equity-accounted companies and financial investments | - | (2.6) |
| Financial investments | ||
| Disposal of financial assets | - | - |
| Change in other fixed financial assets | 0.5 | - |
| Net cash-flow from investment operations (Total II) | (1.7) | (25.4) |
| Financing operations | ||
| Dividends paid to shareholders | (183.3) | (142.0) |
| Capital increase | - | - |
| Repayment of financial liabilities | (21.4) | (1.5) |
| Increase of financial liabilities | - | - |
| Interest paid | (1.3) | (0.1) |
| Interest received | 5.6 | 6.4 |
| Treasury shares | (4.9) | - |
| Change in bank overdrafts | - | - |
| Net cash-flow from financing operations (Total III) | (205.4) | (137.2) |
| Effect of changes in currency prices (Total IV) | (0.3) | (0.3) |
| Change in cash (I+II+III+IV) | 37.8 | 16.7 |
| Opening cash | 346.9 | 343.3 |
| Closing cash | 384.7 | 360.0 |
| Cash change | 37.8 | 16.7 |
Appendix 4: Estimated 10-year order book
| In units | Order estimates(1) | |
| LNG carriers | c.550 | |
| Ethane carriers | 25-40 | |
| FSRUs | ≤10 | |
| FLNGs | ≤10 | |
| Onshore storage tanks | c.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 INPI: Institut National de la Propriété Industrielle – France’s national institute of industrial property
2 Floating Storage Regasification Units
3 Floating Liquefied Natural Gas vessels
4 INPI: Institut National de la Propriété Industrielle – France’s national institute of industrial property
5 Approval in Principal
6 Floating Storage Regasification Units.
7 Floating Liquefied Natural Gas vessels.
8 Net earnings per share as of June 30, 2026 were calculated on the basis of the weighted average number of shares outstanding (excluding treasury shares), i.e. 37,066,945 shares as of June 30, 2026 and 37,035,825 shares as of June 30, 2025.
9 Subject to approval by the Shareholders’ Meeting and the amount of distributable net income in the GTT S.A. corporate financial statements.
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