GTT: Revenue Down 4.9% Over Nine Months, 80 Orders Secured
The activity update released by GTT on October 23, 2026 at the end of the day juxtaposes two different time periods. Revenue for the first nine months, at €570.1 million, reflects notably the decline in the number of methane carriers under construction, linked to the low level of orders recorded during the first nine months of 2025.
Since January 1, 2026, the specialist in membrane containment systems has secured 80 orders, including 71 methane carriers with deliveries scheduled between 2028 and 2030. The order book thus reaches 299 units, compared to 288 at the start of the year. GTT has confirmed its annual targets, namely revenue of €740 to €780 million and EBITDA of €490 to €530 million, in an uncertain geopolitical context.
Methane Carrier Royalties Down 11.4%, GTT Marine Up 138.2%
Consolidated revenue stands at €570.1 million, compared to €599.6 million a year earlier, representing a decline of 4.9%. The GTT Energy segment, which represents the bulk of activity, totals €522 million, down 9.4%. Royalties related to methane carriers and ethane carriers amount to €467.9 million, compared to €528.1 million, a decline of 11.4%.
Other lines are growing. Royalties from floating storage and regasification units (FSRU) increased from €6.6 million to €12.1 million (+83.6%) and those from floating liquefaction units (FLNG) from €7.3 million to €8.8 million (+21.4%), due to a larger number of units under construction. LNG fuel activity reaches €16.7 million (+1.5%). Operations services decline by 7%, to €16.4 million, mainly due to slower certification pace.
The GTT Marine segment reaches €47.4 million, compared to €19.9 million in the first nine months of 2025, a progression of 138.2%. This increase is driven by the contribution of Danelec and Safety activities. The segment now represents 8% of group revenue. Elogen electrolyzer activity generates only €0.7 million, a level that reflects, according to the group, the refocusing of its activities on research and development.
80 Orders Recorded and Order Book Valued at €1.8 Billion
The group itself draws the link between orders in one year and activity billed in subsequent years. Weak order intake in 2025 weighs on 2026 revenue, while new orders feed the order book. GTT presents this pace of 80 orders as its second-best commercial performance.
Since January 1, the group has delivered 66 methane carriers, 2 large-capacity ethane carriers and 1 FSRU. Over the same period, it recorded orders for 71 methane carriers, 2 ethane carriers, 5 onshore tanks, 1 FSRU and 1 FLNG. The order book, excluding LNG fuel, comprises 299 units as of September 30, 2026: 266 methane carriers, 21 ethane carriers, 3 FSRUs, 4 FLNGs and 5 onshore tanks. Its value reaches €1.8 billion for the main activity. In LNG fuel, 40 vessels remain on order after 8 deliveries.
Chief Executive Officer François Michel links this momentum to investment decisions in new liquefaction plants. These reach 51 Mtpa in 2026, after 84 Mtpa in 2025. In the semi-annual publication on July 28, 2026, the group reported 37 Mtpa. Among orders for the period are the first three-tank methane carriers and 240,000 m³ onshore tanks in China, presented as the largest equipped with GST technology.
2026 Targets Confirmed, with Slight Delivery Delay
GTT notes that vessel delivery dates, previously advanced, tend to revert to original contractual milestones. This results in a slight delay, less than 2% of revenue over nine months. The group also clarifies that it is allocating additional resources to developing its new service activities, complementing investments dedicated to its digital offering. It is in this framework that it launched in September the LNG Performance Centre, whose first module, Cargo Insights, is dedicated to real-time cargo tracking.
Regarding the Middle East conflict, the group believes that disruptions have limited impact on its activity in the short term. It recalls that two liquefaction trains representing 13 Mtpa of capacity were partially damaged in Qatar.
2026 targets remain unchanged: revenue of €740 to €780 million and EBITDA of €490 to €530 million. When publishing 2025 results on April 29, 2026, guidance stood at €760 million in revenue and €510 million in EBITDA. Prior to publication, analysts anticipated on average €768 million in revenue for the fiscal year. The confirmed range is below the €803 million achieved in 2025, while maintaining the dividend distribution policy remains subject to approval by the general assembly.
