GTT: Q3 2026 Activity Update - Press Release
Revenues for the first nine months of 2026;
Excellent commercial performance;
Objectives confirmed for 2026
- 9M 2026 revenue: 570.1 million euros
- 80 orders received, including 71 for new LNG carriers: second-best commercial performance
- Order book of 299 units valued at 1.8 billion euros for the core business
- Strong innovation drive and presentation of GTT Energy’s new services offering
- 2026 objectives confirmed despite an uncertain geopolitical context
Paris – October 23, 2026. GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its revenue for the first nine months of 2026.
Commenting on the results, François Michel, Chief Executive Officer of GTT, said:
“The Group’s commercial performance during the first nine months of 2026 demonstrates the strength of the LNG market’s fundamentals: new final investment decisions have been taken for a total of 51 Mtpa, in addition to the 84 Mtpa signed in 2025, attesting to the fact that there is sustainable demand for LNG. The 80 orders recorded also provide us with very strong visibility for the coming years. We are maintaining a close dialogue with our customers and partners regarding the ongoing uncertainty caused by the current conflict in the Middle East.
Our strategy of innovation and value proposition strengthening has been illustrated with the announcement of numerous innovations at Gastech in Bangkok in September. In particular, we presented our new services offering: the LNG Performance Centre. Built for LNG industry stakeholders, this platform is designed to support ship-owners and charterers in optimising the performance of their LNG carrier fleets and managing their cargo. The deployment of Cargo Insights, the first module of this offering, marks a major milestone and demonstrates our ability to respond quickly to our customers’ and partners’ expectations.
Our new GTT Marine division continued its commercial development and the contracts signed with leading players underline the relevance of our integrated offering, which combines data collection equipment with digital solutions for performance monitoring and improvement.
Revenues for the first nine months of 2026 are down by -4.9% compared to last year’s record revenues level. The Group’s activity for the first nine month of 2026 mainly reflects the lower number of LNG carriers under construction, linked to the low level of order intake registered during the first nine months of 2025. Moreover, the recent trend towards earlier ship delivery dates appears to be reversing, with delivery dates realigning with initial contractual milestones, resulting in a slight shift, representing less than 2% of the nine months revenue.
Furthermore, the Group is dedicating additional resources to develop its new Services activities, in addition to the investments dedicated to its Digital offering, in line with its strategy.
Taking into account these elements, the Group confirms its objectives for 2026 despite an uncertain geopolitical context.
Over the long run, the Group should benefit from the significant number of Final Investments Decisions taken for new liquefaction plants, the current strong order intake trend and the very high orderbook level, which provides high visibility for several years.”
Group business activity in the first nine months of 2026
- GTT Energy: strong business activity characterized by diversified and significant orders
As of September 30, 2026, the Group recorded a total of 80 orders, including 71 orders for new LNG carriers with deliveries expected between 2028 and 2030. To be noted in the orders included in the second quarter of 2026: two additional 177,000 m3 LNG carriers1 featuring a three-tank configuration. During the period, the Group also announced two orders for four LNG carriers, each with a capacity of 200,000 m3, incorporating Mark III Flex+ technology.
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.
Business activity over the first nine months of 2026 was notably marked by the numerous orders received for infrastructure linked to the Liquefied Natural Gas (LNG) sector.
The Group has won several orders for the design of onshore storage tanks, including three LNG tanks with capacities of 240,000 m3 and one ethane 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. Their delivery is expected to be between the fourth quarter of 2027 and the fourth quarter of 2028.
The Group also booked an order for a new FSRU2 with a capacity of 170,000 m3, and was selected to design the tanks for 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 FLNG 1 project. The delivery of these units is scheduled for the first quarter of 2029 (FSRU) and mid-2030 (FLNG).
Over the first nine months of 2026, 66 LNG carriers were delivered, as well as two VLECs and one FSRU.
As of September 30, 2026, GTT Energy’s revenues stood at 522 million euros. Revenues fell by 9.4% compared with 9M 2025, due to a lower number of new LNG carriers under construction during the period.
- GTT Marine: continued development of products and services and first commercial successes enabled by the new integrated offering
The GTT Marine division continued its growth trajectory whilst pursuing the development of its integrated platform and implementing its new organisational structure.
During the period, several contracts were won to equip container ships with Shaft Power Meters (SPM) and onboard performance solutions designed and distributed by GTT Marine. Activities relating to Voyage Data Recorders (VDR) and Electronic Fuel Monitoring Systems (EFMS) have maintained their growth momentum. Notably, new contracts were won for EFMS following the granting of accreditations by oil majors in the first quarter of 2026.
The commercial synergies expected from the creation of GTT Marine are gradually materializing, thanks to its integrated offering combining hardware and software. The contracts concluded with Petrobras and Petronas in the first half of the year, as well as the contract signed with a Greek ship-owner in the third quarter of 2026 to equip its entire fleet with data collection equipment relating to performance monitoring and route optimisation solutions, highlight how the Group’s offering, which was presented at the Posidonia conference in Athens in June 2026, is meeting customers’ expectations.
As of September 30, 2026, GTT Marine revenues fully benefited from the integration of Danelec and reached 47.4 million euros.
- Innovation: recognized technological advances and a major milestone reached in the development of GTT Energy’s services offering
The Group maintained a sustained level of research and innovation activity during the first nine months of 2026.
At Gastech 2026 in Bangkok, GTT teams presented several new developments aimed at optimising the performance of LNG carriers, which have been recognised by classification societies.
GTT obtained an Approval in Principle by Lloyd’s Register to increase the interval between two dry-dockings for LNG carriers equipped with GTT membrane containment systems to 7.5 years, rather than the usual 5 years. Extending the maintenance interval could increase vessel availability while reducing maintenance requirements and lowering the associated costs, without compromising on safety and reliability standards. In addition, the confirmation by GTT and Lloyd’s Register Advisory of the compatibility of the 200,000 m3 LNG carriers with the majority of existing LNG terminals, along with the launch of a joint development project between GTT, Shell and Lloyd’s Register for a 200,000 m3 LNG carrier concept combining hybrid-electric propulsion with GTT NEXT1® cargo containment technology, confirm the relevance of the new designs proposed by the Group to its customers and partners.
The adoption of the new configurations developed and offered by GTT was also illustrated by the first orders for three-tank LNG carriers during the period. By optimising the ratio of LNG cargo volume to insulation surface area, the design improves vessels’ thermal efficiency and reduces the LNG boil-off gas rate4 without compromising on performance or operational flexibility. In addition, in LNG infrastructure, the three onshore LNG storage tanks with a capacity of 240,000 m3 and the ethane storage tank with a capacity of 200,000 m3 to be built in China demonstrate the Group’s ability to adapt its offerings in line with evolving market needs and integrate increasingly complex project requirements.
GTT reached a major milestone in September 2026 with the launch of the LNG Performance Centre, a new services ecosystem designed to support ship-owners and charterers in optimising the performance of their LNG carrier fleets and managing their cargo. GTT’s integrated approach is based on three pillars: cargo management, voyage optimisation and containment system performance monitoring. This offering will combined advice from experts and seasoned captains, available 24/7, with a suite of digital solutions underpinned by GTT’s proprietary data and advanced models. At Gastech 2026, GTT Energy teams presented the first module of the LNG Performance Centre, Cargo Insights, which is dedicated to real-time cargo monitoring.
- Conflict in the Middle East
The ongoing conflict in the Middle East continues to disrupt the energy and maritime transportation markets5, notably the persisting uncertainties related to the navigation possibility in the Strait of Hormuz. In the short-term, the Group believes that these disruptions are having a limited impact on its business, in particular on ship delivery dates, which are realigning with initial contractual milestones, after being brought forward in previous months. Over the long run, should these disruptions continue, their adverse effects should remain limited, given the strong fundamentals of the LNG market.
Order book at September 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: 66 LNG carriers, 2 VLECs, 1 FSRU;
- Orders received: 71 LNG carriers, 2 ethane carriers, 5 onshore storage tanks, 1 FSRU, 1 FLNG;
As of September 30, 2026, the order book, excluding LNG as fuel, stood at 299 units, broken down as follows:
- 266 LNG carriers;
- 21 ethane carriers;
- 3 FSRUs;
- 4 FLNGs;
- 5 onshore storage tanks.
Regarding LNG as fuel, with the delivery of 8 vessels, there were 40 vessels in the order book at September 30, 2026.
Change in consolidated revenues for the first nine months of 2026
| (in millions of euros) | 9M 2025 | 9M 2026 | Change |
| Total revenues | 599.6 | 570.1 | -4.9% |
| GTT Energy | 576.0 | 522.0 | -9.4% |
| Containment systems | 558.3 | 505.5 | -9.5% |
| of which LNG carriers/ethane carriers | 528.1 | 467.9 | -11.4% |
| of which FSRUs6 | 6.6 | 12.1 | +83.6% |
| of which FLNGs7 | 7.3 | 8.8 | +21.4% |
| of which onshore storage tanks | - | - | - |
| of which LNG-powered vessels | 16.4 | 16.7 | +1.5% |
| Services to operations | 17.7 | 16.4 | -7% |
| GTT Marine | 19.9 | 47.4 | 138.2% |
| Hydrogen (Elogen) | 3.7 | 0.7 | -82.1% |
Consolidated revenues for the first nine months of 2026 were 570.1 million euros, down 4.9% compared with the first nine months of 2025. This is in line with the lower number of LNG carriers under construction linked and the low level of orders recorded during the first nine months of 2025.
- Revenues related to the construction of containment systems stood at 505.5 million euros. They include:
- Royalties from LNG and ethane carriers, which amounted to 467.9 million euros (-11.4% vs 9M 2025), reflecting the drop in the number of LNG carriers under construction.
- Royalties from the construction of FSRUs and FLNGs, showing an increase of +83.6% and +21.4%, respectively, linked to the increased volume of units under construction compared with the first nine months of 2025.
- Royalties generated by the LNG as fuel business, totalling 16.7 million euros (+1.5%).
- Revenue from services to operations were down 7% (16.4 million euros at 9M 2026 vs 17.7 million euros at 9M 2025) primarily due to the slowdown in the certification business. This was partially offset by the slight increase in assistance services and engineering studies.
- Marine and digital solutions revenues reached 47.4 million euros at September 30, 2026 (+138.2% vs 9M 2025) driven by the contribution of Danelec and the Safety business, which is dedicated to safety equipment and performance data collection. The GTT Marine division therefore contributes 8% of the Group’s revenues.
- Revenues from the designing and manufacturing of electrolysers (Elogen) stood at 0.7 million euros, reflecting the refocusing of its activities on research and development.
Outlook
GTT recalls its targets for the 2026 fiscal year, namely:
- 2026 consolidated revenues between 740 and 780 million euros,
- Consolidated EBITDA for 2026 between 490 and 530 million euros,
- Dividend policy maintained8.
Regarding the outlook for the current year, the Group notes that ship delivery dates, instead of being ahead of schedule like observed in past few months, appear to be reversing, with delivery dates realigning with initial contractual milestones. Furthermore, the Group is dedicating additional resources to develop its new Services activities, in addition to the investments dedicated to its Digital offering, in line with its strategy.
In light of the above, the Group confirms its objectives for 2026 despite an uncertain geopolitical context.
Over the long term, the Group should benefit from the significant number of Final Investments Decisions signed for new liquefaction capacities, the current strong order momentum and the very high orderbook level, which provides high visibility for several years.
***
First nine months of 2026 activity update presentation
François Michel, Chief Executive Officer, and Thierry Hochoa, Chief Financial Officer, will comment on GTT’s activity during the first nine months of 2026 and answer questions from the financial community during a conference call to be held, in English, on Friday, October 23, 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
- 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 October 23 at 6:15 p.m.
Financial calendar
- Publication of 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
- Publication of 2027 half-year results: July 28, 2027 (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 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.
1 Two vessels ordered in November 2025 and two additional vessels ordered in May 2026
2 Floating Storage Regasification Unit
3 Floating Liquefied Natural Gas vessel
4 An approximate 6% reduction compared with a four-tank configuration equipped with the same technology
5 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 representing a total of 13 Mtpa of production capacity).
6 Floating Storage Regasification Units.
7 Floating Liquefied Natural Gas vessels.
8 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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