Gaztransport & Technigaz S.A.

Operator, welcome and thank you for joining the GTT First Quarter 2024 Activity Update Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. Should anyone need assistance during the conference call, they may signal an operator by pressing star and 0 on their telephone. At this time, I would like to turn the conference over to Mr. Philippe Berthoud, here, CEO. Please go ahead, sir.

Good evening, everybody. I'm very pleased to be with you tonight. I am with Thierry Autorat, who is the CFO of GTT, and also Jean-Baptiste Garnier, who is the investor relations. So we are going to talk about the first quarter 2024 activity update. Some key highlights. First, in the core business, during the first three months of the year, we received 29 new orders. Since we received an additional order for eight energy carriers. In the first quarter, our revenues have amounted to 144.8 million euros, which represents an increase of 81% compared to the first quarter of 2023. Some other key elements, I would like to mention the Corporate Social Responsibility Roadmap that we published in February. and which is really showing the very strong commitment we have on this matter, which is at the basis of our vision and of our strategy. If we look at the commercial momentum, we can see that it's continuing and abetted, and we are wishing a recalled level with 310 energy carriers in our order book, eight ethene carriers, which is really something that we've never approached. So it's something which is definitely very remarkable which is giving a long-term visibility for the activities of GTT. We look at the LNG demand goals. Of course, this demand for LNG carriers is sustained, supported by long-term LNG demand. which is fairly positive. And we can see on the right-hand side part of the slide the expectations of what should be the demand by the end of the next decade. We consider that by that time, we should add 150 to 250 million tons per annum in terms of energy production. which is going to require significant investments and which is going to require many, many ships to build. So all that is supported by elements that we are talking regularly and mainly by the need to reduce the reliance of the world in terms of energy, the reliance on coal of the world. Now, I will hand over the floor to Thierry Autrein in order to present to you our contributed revenues for the first quarter.

Thank you, Philippe. I suggest you look in more detail at the revenue per main activities at the end of Q1 2024. Total revenue amounts to 145 million euros, up 81% compared to Q1 2023, driven by the by new builds and higher number of energy carriers and the constructions in Q1 2024, generating additional revenues. Driven by revenues from energy as fuel, up 98% compared to Q1 2023, thanks to 2021 and 2022 strong order flows. Driven by electrolyzers as well, double EloGence revenues to 3 million euros compared to 1.5 million euros in Q1 2023. Driven by services as well, the revenue increased by 74% thanks to pre-engineering studies, development of our digital activities and services to vessels in operations. This is where we are, Philippe, in terms of revenue details.