Gaztransport & Technigaz S.A.

Good morning, ladies and gentlemen. Thank you very much for joining us for this presentation on the 2024 results of GTT. With me, there is Thierry Auchor, with the group CFO. There is Clémence Granvaux, who is head of RRC. There is Jean-Baptiste Boutier, who is VP Innovation. There is Anouar Kiasi, who is VP Digital and in charge of Essence Marocco. There is, of course, Jean-Baptiste Garnier, who is an investor relationship that you know very well. And we have also the chance to have some other fellows from GTT. We have Karim Chapeau, who is VP Technical for GTT. Well, I would like to start with some key highlights of year 2024. The core business order book amounts to 1.9 billion euros. So it's a very high level with 332 units. For LNG as a whole, we have an order book of 50 units amounting to 48 million euros. In 2024, our revenues amounted to 641 million euros, which represents an increase of 50% compared to 2023. The EBITDA amounted to 388 million euros, which represents an increase of 65% compared to 2023. The free cash flow amounted to 338 million euros, an increase of 54% compared to the year before. And we are going to propose to the shareholders meeting a dividend amounting to 7.5 euros, which will represent an increase of 80% compared to the year before. Some of the key highlights, I would like to say that 2024 is the second record year for GTT after 2022. We are still considering that there are many energy cars to be ordered for the projects which are currently under construction. We expect new FIDs in 2025, particularly in light of the American context. 2024 has been a quite remarkable year on a market that maybe you don't look at so much. It's the ethane carriers. Because it has been the first year we sold ultra-large ethane carriers. It has been, in fact, the very first ethane carriers sold by anybody. In 2024, we obtained plenty of AIPs, Authorization in Principles, from classification societies, and you know that's important landmarks for the progress of our innovations. And also in terms of digital solutions, our new services such as weather routing or real-time fleet performance have increased significantly and we've opened a new center for monitoring that, particularly in Singapore. If we look at our order book, we can see that we have 306 LNG carriers to deliver, a record number, 16 VLEC and ultra-large 18 carriers. Well, still three FSRUs, two FLNG, five onshore tanks, so quite a large order book. And now I will hand over the speech to Clément Scarfo.

Thank you. Hello everyone. So 2024 was the first year of GTTCSR roadmap which was disclosed last year in February and highlights our ESG priorities for the next three years. I'll now share with you some of the updates and achievements of the year, starting with the environment. Now, GTT has a GHG emissions reduction trajectory, covering scopes 1, 2 and 3, with targets to achieve by 2033. Consequently, this year, we've been working closely with the innovation department to further integrate climate issues in the innovation processes, notably in the project management on intellectual property. From a social standpoint, we have updated our health and safety policy to make it more comprehensive and in line with the business dynamic. We've also rolled out several trainings on environmental and social issues to ensure that we embed corporate social responsibility in the corporate culture. And lastly, gender diversity, we have pursued the actions that we initiated to promote careers in engineering and hire additional women, which led to an increase in the percentage of women in the total workforce at year end. With regard to business ethics, we have reaffirmed our commitment to continuously improve our business ethics and anti-corruption program with the renewal of the ISO 3701 certification and the adoption of a new ethics charter. Lastly, when having a look at the extra financial performance, you can see that we have increased the IT finance and system analytics ratings and have been confirmed B at the CDP climate questionnaire, therefore rewarding our efforts and ambition in terms of climate. I now hand it over to Jean-Baptiste Boutillier, VP Innovation Director. Thank you for your attention.

Good morning, everyone. Thank you, Clémence. So, for the innovate... Sorry. For the innovation roadmap, it covers vast domain. So first for the core business, we are dedicated to further reduce the CO2 footprint of the LNG which is carried by sea. To do so, we are innovating with new containment system for LNG as a cargo. And we also innovate with new design of vessels to transport LNG. So our innovation is inside the tank with new tank design, but also outside of the tank. For LNG as a fuel business, we are dedicated to offer the best technologies for alternative fuels. Beyond the LNG, we design new digital solutions to improve the operational efficiencies of the vessels across all the maritime segments. We continue to invest in our in-house R&D to support the development of our cutting-edge technologies. In addition, we also invest in innovative companies with our venture capital. To support the GTT business model, we are still very active on the intellectual property. In 2024, we filed 62 new patents, and among them, 24% were on green subjects or green projects. In addition, we took four new minority stakes in innovative startups. Now let's focus on our latest developments. As I was saying a few minutes ago, we are active on new LNG carrier design and we brought to the market innovative LNG carrier design with a capacity of 200,000 cubic meters with an optimized speed. The purpose is to deliver annually the same amount of LNG with larger vessels, with an optimized speed. Thanks to this, we are able to reduce the CO2 footprint of the LNG which is delivered by 20%. And we are also able to reduce the unit freight cost of the LNG by 5%. Thanks to an improved surface-to-volume ratio with the same technology as on standard vessels, we are able to improve the overall performance of the vessel and to reduce the boil-off rate of the containment system. This design, thanks to the three identical tanks, came with the same capex as the standard vessel of 140,000 cubic meters. And this design received approval in principle by two major classification societies, LR and BV, during GasTech in September last year. As Philippe was saying, we also received the first order of ultra-large Etan carrier. Our membrane technology enables to increase significantly the size of the ethan carrier. So we moved to a standard design size of 100,000 cubic meters to 150,000 cubic meters. And this new design comes with some additional value. The first value is increased cargo capacity with better volume occupancy. We are also improving the EDI, the Energy Efficiency Design Index, to reduce the EDI thanks to lower CO2 emission. Our membrane technology is also compatible with several types of cargo, ethylene, carbonate, propane, propylene, but also LNG. And finally, thanks to the lighter design of our membrane technology, we have reduced design drafts, which implies reduced fuel consumption and reduced CO2 emission. So our membrane technology makes possible this design of ultra-large ethan carriers, which reduce the capex, the opex, but also the CO2 emission. I now leave the floor to Philippe Market updates. Thank you.