FY 2023 Results: Revenue and EBITDA in the upper half of the guidance range; continuation of good order intake momentum, offering very good visibility; strong growth expected in 2024


Key figures for the 2023 financial year

  • Consolidated revenues: 428 million euros, up 39.2% compared to 2022
  • Consolidated EBITDA: 235 million euros, up 45.6% compared to 2022
  • Proposed dividend: 4.36 euros per share[1], up 40.6% compared to 2022


  • Order book at a record level with 311 units for the core business and 76 units for the LNG as fuel business
  • Numerous approvals in principle, notably in the field of liquid hydrogen transport and for the innovative three-tank LNG carrier concept, highlighting the dynamism of the Group’s R&D
  • Construction of the Elogen gigafactory commenced in early 2024


  • Very good visibility on core business, with 1,815 million euros in cumulated revenues over the period from 2024 to 2029
  • 2024 guidance:
    • 2024 consolidated revenues between 600 million euros and 640 million euros;
    • Consolidated EBITDA for 2024 between 345 and 385 million euros;
    • 2024 dividend payout of at least 80% of consolidated net income.


Paris – February 26, 2024. GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the 2023 financial year.

Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said: “With a total of 73 LNG carrier orders, two ethane carrier orders, and one FLNG unit order in the financial year 2023, the commercial performance of our core business remains buoyant. Demand for LNG remains particularly high and sustainable, as borne out by the number of final investment decisions for new liquefaction plants – involving substantial volumes – that were confirmed at the beginning of the financial year. Continued strong demand for LNG, coupled with the construction of new liquefaction plants, will continue to fuel further demand for LNG carriers. In addition, with the ageing of fleets and the introduction of new environmental regulations, the replacement market is expected to grow in the coming years.

For LNG as fuel, GTT booked 15 orders in 2023, with commercial momentum benefitting from a return to normal LNG spot prices.

In 2023, Ascenz Marorka was awarded several major contracts with leading ship-owners, highlighting the relevance of our digital solutions. Furthermore, we are also announcing today the acquisition of VPS, a Danish company specialising in ship performance management.

Finally, Elogen, our subsidiary specialising in PEM electrolysers for green hydrogen production, posted a strong increase in revenues. With the January 2024 launch of construction of its gigafactory in Vendôme, Elogen also achieved a major milestone in its move towards mass production.

The GTT Group continues to pursue its ongoing efforts in R&D and innovation, as evidenced by the numerous new approvals obtained from classification societies in 2023, notably in the fields of alternative fuels and liquid hydrogen transport.

On the financial front, revenues rose significantly in the financial year 2023 – up 39% compared to 2022 – driven by the progressive increase in the number of LNG carriers under construction, Elogen’s growth, and the services business line. EBITDA increased by 46% in 2023 to stand at 235 million euros, due to sound cost management and the absence of significant delays in shipbuilding schedules.

GTT benefits from very strong visibility on its core business over the coming years, with cumulated revenues for the period from 2024 to 2029 amounting to 1,815 million euros. Regarding our outlook for the current year, considering the distribution of order book over time, we estimate that consolidated revenues for 2024 should be within the range of 600 to 640 million euros, and consolidated EBITDA within the range of 345 to 385 million euros, and we maintain our commitment to distribute at least 80% of the Group’s net income[2] for the 2024 financial year.”   


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[1] Subject to approval by the Shareholders’ Meeting of June 12, 2024.

[2] Consolidated net income, subject to approval by the Shareholders’ Meeting and the amount of distributable reserves in the GTT S.A. corporate financial statements.