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Last updated : 30/10/2026 - 17h36
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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.


GTT: 32 Orders in One Quarter, Yet Revenue Struggles to Keep Up

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

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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.



Sector Énergie › Services et équipements parapétroliers


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Context

Period
  • Period: 9M 2026
Key reported figures
  • Revenue: 570,1 millions d'euros
  • Quarterly revenue: 570,1 millions d'euros
  • Revenue growth: -4,9 %
Guidance from the release
  • the Group confirms its objectives for 2026 despite an uncertain geopolitical context
Risks mentioned
  • Ongoing conflict in the Middle East causing disruptions to energy and maritime transportation markets with uncertainties related to Strait of Hormuz navigation
  • Lower number of LNG carriers under construction linked to low order intake in first nine months of 2025 impacting revenues
  • Trend of earlier ship delivery dates reversing with dates realigning to contractual milestones, representing less than 2% of nine months revenue shift
Opportunities identified
  • Significant number of Final Investment Decisions taken for new liquefaction capacities providing high visibility for several years
  • Strong order momentum with 80 orders received (71 for LNG carriers) and orderbook of 299 units valued at 1.8 billion euros
  • GTT Energy's new services offering (LNG Performance Centre) with Cargo Insights module presenting major milestone for digital solutions development
Outlook / guidance
  • Expected revenue: 760 millions d'euros
  • Expected EBITDA: 510 millions d'euros
  • Management commentary: 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

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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