GTT: 32 Orders in One Quarter, Yet Revenue Struggles to Keep Up
GTT, the cryogenic containment system expert, posted a revenue of 192.5 million euros in the first quarter of 2026, up 1% compared to the same period in 2025. Meanwhile, the company recorded 32 orders, its second-best performance for a first quarter, but this commercial momentum contrasts with the limited growth in accounting revenue, reflecting the time lag between contract signing and revenue recognition.
Order Details and Delivery Schedules
GTT received 32 orders during the first quarter of 2026, including 29 for LNG carriers, two for large-capacity ethane carriers (VLEC), and one for a land-based tank. The LNG carriers and VLECs ordered in the first quarter of 2026 are scheduled for delivery between the second quarter of 2028 and the fourth quarter of 2029, while the land-based tank is expected in the fourth quarter of 2027. In the first quarter of 2025, the group had delivered 23 LNG carriers, compared to 22 in the first quarter of 2026, a comparable level. The order book stands at 297 units as of March 31, 2026 (excluding LNG fuel), up from 288 units on January 1, 2026. For the LNG fuel segment, the order book includes 46 ships as of March 31, 2026.
Revenue Performance by Business Division
GTT Energy, dedicated to containment systems and energy management, reported revenue of 178.1 million euros in the first quarter of 2026, down 3.6% due to a decrease in the number of ships under construction compared to the same period in 2025. The GTT Marine division, formed following the acquisition of Danelec in 2025, recorded 14.4 million euros in revenue, representing 7% of the total group revenue (compared to 2% in the first quarter of 2025). Synergies between hardware and software are being established: Petrobras has selected GTT to equip up to 120 ships with its weather routing and performance monitoring solutions. Several other contracts have been signed to deploy GTT Marine's equipment and solutions on commercial and cruise ships.
2026 Outlook and Strategic Developments
GTT confirms its targets for the 2026 fiscal year. This confirmation is based on the assumption of no significant delays or cancellations of orders. The group is closely monitoring the situation in the Middle East, marked by disruptions in the energy and maritime transport markets. Two liquefaction trains in Qatar have been damaged (representing 13 Mtpa of capacity), and several liquefied natural gas production and export facilities in Qatar and the United Arab Emirates have been temporarily closed. At this stage, GTT does not observe any changes in the construction schedules of shipyards that can be associated with the conflict. The group also maintains its innovation strategy: the INPI ranked it as the top intermediate-sized enterprise patent filer in France for 2025 after 68 patent applications, and it remains in the 23rd position in the overall ranking.
