Gaztransport et technigaz SA (GZPZF) Full Year 2025 Earnings Call Highlights: Record Revenue …

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Sat, February 21, 2026 at 10:05 AM GMT+9 3 min read

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**Revenue:** EUR 803 million, up 25% year-on-year.

**EBITDA:** EUR 542 million, up 40% year-on-year.

**Net Income:** EUR 414 million.

**Dividend:** EUR 8.94 per share.

**Order Book:** EUR 1.6 billion.

**Marine and Digital Solutions Revenue:** Increased by 131% to EUR 36 million.

**Cash Position:** EUR 347 million at the end of 2025.

**2026 Revenue Guidance:** EUR 740 million to EUR 780 million.

**2026 EBITDA Guidance:** EUR 490 million to EUR 530 million.

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Release Date: February 20, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Gaztransport et technigaz SA (GZPZF) reported a record year in 2025 with significant increases in revenue and EBITDA, marking the third consecutive year of record highs.

The company achieved a revenue increase of 25% year-on-year, reaching EUR 803 million, and a 40% increase in EBITDA to EUR 542 million.

The order book remains solid at EUR 1.6 billion, providing strong visibility for future revenues.

Gaztransport et technigaz SA (GZPZF) expanded its digital solutions with the acquisition of Denelec, enhancing its capabilities in the marine and digital sectors.

The company has a strong innovation strategy, with over 3,600 active patents and continuous improvements in its containment systems and LNGC architecture.

Negative Points

Geopolitical tensions, particularly between the U.S. and China, impacted order intake in the first half of 2025, leading to a temporary slowdown.

The LNG carrier fleet is aging, with over 300 vessels expected to be over 20 years old in the next decade, necessitating fleet replacement.

The company's EBITDA margin guidance for 2026 indicates a potential reduction in core business revenue.

There is uncertainty regarding the timing of orders related to the record FID activity in 2025, with expectations ranging from 12 to 24 months.

The digital services business, while growing, is seen as potentially dilutive to group margins.

Q & A Highlights

Q: What would convince shipyards or shipowners to adopt GTT’s new technologies like GTText1 over existing ones like NO96 or MarkfI1? A: Karim Chapot, Senior VP for Technology, explained that GTText1 offers higher reliability and efficiency, especially in a market with increasing CO2 price pressures. It is designed for future enhancements, making it attractive for shipyards and influential owners interested in low boil-off rates and cost efficiency. The CubIQ solution also reduces costs and optimizes volume, appealing to shipyards for LNG as fuel applications.

Story Continues  

Q: What is the impact of geopolitical tensions on the LNG market, and what could happen if Russian gas returns to the EU? A: Francois Michel, CEO, stated that even if sanctions on Russia are lifted, it could lead to additional ship orders for projects like Arctic LNG 2. However, current sanctions mean no immediate activity. The company is monitoring the situation closely.

Q: How does GTT plan to leverage its digital services for growth, and what is the expected revenue impact? A: Thierry Hochoa, CFO, mentioned that digital growth will be significant due to the full integration of Danelec and synergies from combining hardware and software solutions. The company expects to generate EUR 25-30 million in revenue synergies by 2030 through cross-selling opportunities across 17,000 vessels.

Q: What are the expectations for new orders and their impact on future growth? A: Francois Michel noted that the positive order dynamics seen at the start of 2026 could impact 2027 growth. The average time from order to steel cutting is 12-18 months, suggesting potential revenue growth in 2027 if current order levels are maintained.

Q: How does GTT plan to use its strong cash position, and what is the outlook for dividends? A: Thierry Hochoa emphasized that dividends remain a priority, with a policy of distributing 80% of net income. The company will continue investing in R&D and exploring M&A opportunities, particularly in digital, to maintain leadership and profitability.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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