Paris-based gas engineering group, GTT, reported a record breaking 2024 EBITDA of €388 mill, a rise of 65% year-on-year.
This rise was down to significant revenue growth in its core businesses, as well as the undertaking of effective cost management.
GTT also said it had a high orderbook of 332 units in the core business and 50 units for the LNG as a fuel sector, bringing the total orderbook value up to nearly €2 bill.
The company also gave a 2025 guidance of consolidated revenues of between €750 mill and €800 mill for this year, while consolidated EBITDA was forecast to be between €490 and €540 mill.
Commenting on the results, Philippe Berterottière, GTT’s Chairman and reinstated CEO, 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 US 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 containership 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 shipowners’ vessels.
“Our Services division secured several framework agreements with shipowners, 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 mill, 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 10th February, 2025, highlighted the need to reposition the company’s business model to leverage its technological strengths.
“Among the measures under consideration, a re-organisation 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.
“Regarding our outlook for the current year, given the orderbook schedule, we estimate that consolidated revenues for 2025 should be in the range of €750 to €800 mill, with consolidated EBITDA expected to be between €490 and €540 mill. We also reaffirm our commitment to distributing at least 80% of the Group’s net income for the 2025 financial year,” he said.
Robust orders
In the 2024 financial year, GTT booked 72 LNGC orders, including 18 very large-capacity vessels of 271,000 cu m. Their deliveries are scheduled for between 2026 and 2031.
In addition, GTT received two FSRUs and one FLNG order.
Since the beginning of this year, GTT has secured another seven LNGC orders, including six very large capacity LNGCs.
As of 31st December, 2024, GTT’s orderbook, excluding LNG as fuel, stood at 332 units, broken down as follows:
• 306 LNGCs;
• 16 ethane carriers;
• 3 FSRUs;
• 2 FLNGs;
• 5 onshore storage tanks.
Regarding LNG as fuel, with the delivery of 39 vessels and orders for 12 containerships and one LNG bunker vessel, there were 50 vessels on the orderbook at the end of last year.
