Gaztransport & Technigaz S.A.

Good afternoon. This is the conference operator. Welcome and thank you for joining the GTT First Quarter 2025 Activity Update Conference Call. As a reminder, all participants are in a listening 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 the touch-tone telephone. Would anyone need assistance during the conference call, they may signal an operator who represents Star and Zero on the telephone. At this time, I would like to turn the conference over to Mr. Philippe Bertautier, Chairman and CEO of GDT. Please, go ahead, sir.

Thank you very much. Good evening, everybody. I'm very pleased to be with you this evening. I'm joined this evening by Thierry Autour, CFO of the GTT Group, and Jean-Baptiste Garnier, Head of Investor Relations. Let's begin with a few key highlights. Q1 2025 marks a solid start to the year with revenue of 191 million euros, up 32% compared to Q1 2024. In the first three months, we received 16 new orders for our core business and 12 new orders for LNGSU. As for the global market environment, this quarter has been sort of a mixed bag. On the one hand, there were positive regulatory developments for the industry with the end of the moratorium and the removal of the construction deadline in the U.S. On the other hand, the current tariff dispute has added complexity to the environment. On the innovation front, we improved our position among French companies in the latest INPI ranking. In April, our venture capital fund announced an investment in Novomath, a specialist in advanced materials for compact and efficient CO2 capture designs, particularly relevant for maritime transports. These materials will help In digital, Essence Maraca opened a new fleet center in Vancouver to cover the Americas time zone, and in March, it announced the deployment of its smart shipping solution across the entire TMS group fleet. Lastly, regarding Elogem, we are in the process of repositioning the business model of the company, and discussions with employees' representatives are ongoing. Let's now have a closer look at our order book. As of end of March, we had 325 units in our core business order book. Orders were diversified this quarter, including nine LNG chaos and seven ECN chaos. For LNG as fuel, the order book stands at 55 units, including the 12-unit order for European ship owner announced in February. This solid backlog provides strong visibility for future activities. As you know, energy demand growth remains a key structural driver. Expectations from major players, such as BP or Shell, support a positive outlook for energy demand with an anticipated 7.5 to the end of the decade. Sorry, 5.7%, not 7.5%. What's new? In its 2025 outlook, Shell revised its forecast upwards by approximately 25 million tons per annum for the 2030-2040 period. compared to its 2024 scenario. The gap between the projected supply and demand by 2040 is now estimated at 165 million to 210 million tons per annum. That should trigger new liquefaction projects. This bodes well for future ship orders, including replacements for aging vessels. Several projects could be sanctioned in 2025-2026 after a relatively quiet 2024 in terms of FIDs. Since February, no additional projects have been sanctioned, but several are progressing well and have moved in the most likely FID category. For instance, the Rio Grande 24 for next decade, having now around 80% contracted, following Total Energy's recent announcements. The CP2 Phase 1 project for Venture Global has launched its FID process. While regulatory developments in the U.S. are encouraging, ongoing geopolitical uncertainty and the third dispute may impact the timing of these decisions. I'm now over to Thierry for a closer look at our Q1 review.

Thank you, Philippe. Good evening, everyone. Let's look into more details at revenue by activity at the end of Q1 2025. Total revenues at 191 million euros are up 32% compared to Q1 2024 and driven by new bills standing at 181 million euros, meaning plus 36%, and benefiting from a higher number of LNG carriers under construction in Q1 2025. Driven by electrolyzers' revenues through our Elogen affiliate, which are down at minus 63% and stand at 1.1 million euros as a Elogen continues its transition and repositioning and following 2024 with very few orders. Regarding digital activities, through our ASSENS Marocca affiliate, which increased its revenues by 88% at 4.7 million euros, reflecting strong momentum and benefiting also from the integration of VPS. Finally, revenues from services decreased by 31% at 42 million euros due to a lower level of pre-engineering studies in Q1 2025 compared to Q1 2024, which are non-recurring by nature. All in all, this is a solid start to the year for GTT. And now, back to Philippe for the outlook.