News

€2 billion order book providing high visibility

Strong growth expected in 2025

 

Key figures for the 2024 financial year

	2023	2024 Objectives	2024	2024/2023
Consolidated revenues	€428 M	€600 – 640 M	€641 M	+50 %
Consolidated EBITDA	€235 M	€345 – 385 M	€388 M	+65 %
Proposed dividend	€4.36 per share	Minimum of 80% of consolidated net profit	€7.50 per share	+72 %

Highlights

• Second record year for order intake
• High order book with 332 units for the core business and 50 units for the LNG as fuel business
• Pursuing Digital activity development with the acquisition of VPS
• Initial conclusions of the strategic review of Elogen’s activities

Outlook

• High revenue visibility for the core business and LNG as fuel with a nearly
  2 billion euros order book
• 2025 guidance:

• 2025 consolidated revenues between 750 million euros and 800 million euros;
• Consolidated EBITDA for 2025 between 490 and 540 million euros;
• 2025 dividend payout of at least 80% of consolidated net income

 

Paris – February 20, 2025. GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the 2024 financial year. 

Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said:

“Last year GTT’s core business delivered its second-best commercial performance on its core business, with a total of 72 LNG carrier orders, 12 ethane carrier orders, two regasification unit orders and one floating LNG unit order. The growing demand for LNG is driving additional LNG carrier requirements, supported by ongoing investments in liquefaction plants and increased shipyard construction capacity. Furthermore, new liquefaction projects are anticipated in the United States by the end of 2025, and the replacement market is set to gain momentum, driven by an ageing fleet and tightening environmental regulations.

Regarding LNG as fuel, GTT booked 12 container ship orders and one bunkering vessel order in 2024, in a context of strong growth in new LNG-powered vessel orders, but also intensified competition.

Ascenz Marorka, our subsidiary specialising in digital solutions, delivered very strong growth. The integration of VPS, a Danish company acquired in February 2024 and specialising in vessel performance, was successfully completed. The entire digital division secured new commercial successes and equipped numerous leading ship-owners’ vessels.

Our Services division secured several framework agreements with ship-owners, including Jovo and Maran Tankers, and conducted several pre-project studies, resulting in significant growth.

Finally, Elogen, our subsidiary specialising in electrolysers for green hydrogen production, reported an EBITDA loss of -33 million euros, in a particularly challenging market environment, leading to a lack of significant orders in 2024. The initial conclusions of the strategic review of Elogen’s activities, announced on February 10, 2025, highlight the need to reposition the company’s business model to leverage its technological strengths. Among the measures under consideration, a reorganisation and workforce adjustment plan has been announced and initiated, subject to information and consultation procedures with employee representative bodies.

The GTT Group continues its ongoing commitment to R&D and innovation, as evidenced by the numerous approvals obtained in 2024 from classification societies in the fields of LNG carriers, alternative fuels and liquid hydrogen transport. In 2024, GTT filed 62 patents.

From a financial perspective, revenues for the 2024 financial year recorded strong growth, increasing by 50% compared to 2023, driven by the gradual increase in the number of LNG carriers under construction. EBITDA for 2024 amounted to 388 million euros, up 65%, reflecting significant revenue growth in core businesses as well as effective cost management.

GTT benefits from high visibility on its core business over the coming years, with an order book of nearly two billion euros. Regarding our outlook for the current year, given the order book schedule, we estimate that consolidated revenues for 2025 should be in the range of 750 to 800 million euros, with consolidated EBITDA expected to be between 490 and 540 million euros. We also reaffirm our commitment to distributing at least 80% of the Group’s net income[1] for the 2025 financial year.”  

 

> Read the full press release