Gaztransport & Technigaz S.A.

Good morning, ladies and gentlemen. I thank you very much to join us for this presentation of the GTT Alphorn 2025 results. In fact, GTT delivered very strong financial performance during these first six months. Let's look at that. The energy demand The LNG demand is remaining very strong as evidenced by four financial investment decisions already taken. Another key point is that we've acquired Danelec in May. Also, and we are going to talk about it, we are restructuring of Elogen and it's largely done. Our revenue has increased by 32% compared to the first six months of GTT last year, and our EBITDA has increased by 49%. And we have an EBITDA margin of 68%. That shows that we did not lose our lean and fit approach to costs and management. The order book is very strong and is supporting a long-term visibility. We have 280 energy carriers to deliver and we have 54 energy as a fuel tanks to deliver. which is more important than one we had in December 2024. I will leave the floor now to Thierry Vallaud, who is VP Innovation, Group VP Innovation.

Thank you, Philippe. As highlighted earlier this year in our innovation roadmap, we remain committed to driving innovation across all fronts, enhancing our core technologies, developing maritime digitalization, enabling energy transition, and preparing the solutions for the future. But let me give you a few tangible results from this first half. We obtained three approvals in principles from leading classification societies, each reinforcing our leadership in our strategic markets. First, Bureau Veritas approved our ethane slim version of our Mark III and NO96 technologies, This creates a specific version of our membrane technologies for the ethane carriers with additional benefits in terms of cost, in terms of volume, and also in terms of timeline. Then we got the approval from DNV for our one bar gauge membrane design. This is for LNG as a fuel technology. enables, it gives a higher flexibility for ship owners and ship operators, giving them some flexibility and preparing them for the future cold ironing regulations and also giving them more flexibility for warm bunkering. Finally, Lloyd's register approved our ammonia ready mark for Mark III technology. for both LNG as a fuel, LNG carriers, lithium carriers and vanquished vessels. This gives additional flexibility for ship owners and preparing the energy transition. Each of these improvements reflect our ability to use our technological expertise to create practical value for ship owners. But our innovation efforts go beyond our internal R&D. Through GTT's strategic venture, we support the development of disruptive technology with a strong potential for energy transition. Our most recent investment in a core power ocean CorePower Ocean is a Swedish pioneer in wave energy transition. You can see on the picture the first K1 prototype of this buoy. This technology proved its capacity to generate consistent power in normal conditions and at the same time to resist the harshest weather conditions up to waves over 18 meters high. following this, so this has qualified this technology for the future. By backing Core Power and the eight other ventures in which we have invested since the creation of our venture capital body, we are actively contributing to the emergence of alternative sustainable energy sources. These partnerships enable us to explore adjacent technologies to our core technologies. They give us strategic insights and they also give us some potential access to potential additional capabilities for our long-term roadmap. To sum up, our approach is both focused on open enhancing our core technologies, preparing the solution for the future, and broadening our reach through strategic venture. With that, I give it back to Philippe.

Thank you, Jay. So let's look at our strategy and activity. And first of all, let's look at the situation of the market, of the energy market. We can see a supportive trend in a complex geopolitical context. We have very strong tailwinds supporting the industry. There is a new SLNG momentum which is strengthening the perspectives. and the new American administration has stopped the pause put on LNG projects as soon as the 20th of January and we saw several FIDs in the US representing tens of millions tons of LNG per annum. There are also some headwinds in the near term First, the geopolitical tensions that we know in the Middle East and also in Asia and in Europe. And there are also tariffs and taxes. And the new American administration has installed a tax on Chinese-built ships whenever they are calling American harbors. In this situation, the owners are a little bit perplexed on where they should buy ships. Chinese ships are taxed. They are driven to buy American-built ships. which is not really in the competences of American shipyards. And current ships are enjoying a very strong position in this situation and are not particularly accommodating lower prices than those they were offering. So, ship owners that we are meeting on a very regular basis are assessing their timing of ordering I made these strong long-term fundamentals. We could add the European-US agreement last weekend on that. But we could add many things. But for exporting energy, you need ships. So let's see what it means for us. Another way to look at this strong tailwind is to see the expectations from energy companies or agencies or consultants on the energy demand. And since we gathered together last February, the expectations have increased. For example, the central scenario for demand of energy up to 2040 is at an average growth of 6% per year. Shell, as the largest energy industrial company in the world, has increased its long-term perspectives. We can see that also through the sale and purchase agreement of energy, sales and purchase agreements, that the agreements buyers are passing with energy providers. And we can see that in the second quarter of 2025, there was a very strong activity both for pre-FID projects, in the US for pre-FID projects elsewhere and for post-FID projects. We can see that this activity has never been so high in the past. which is clearly highlighting that something is going on in the LNG business and that should build our confidence for the future and in particular for future FID announcements when we see all the pre-FID contracts. Talking about the FID, we can see that this first part of this year has been very, very strong. You can see on this graph that 2023 was very strong with 56 million tons per annum decided. And in this first part of this year, we are already at 38 million tons per annum. so well on our way to possibly beat year 2023. It's mainly US projects which are there and there is another one in the Americas, in Argentina to be specific. Well, the list of the projects on top of the list you can see the projects which have been decided since the beginning of this year. And below you can see the projects which are in their things and we analyze them. For us, some should be decided by the end of this year or next year, but there is a lot of activity for new energy projects. Another strong factor and We keep on talking to you about that, its regulations. The International My Time Organization has passed a new regulation which creates a strong renewal incentive. In fact, it's a regulation which is largely mimicking the European regulations on taxing the emissions of ships and on incentivizing owners to switch to biofuel, bioenergy or e-fuel, e-energy. And you can see that on this graph that shapes are going to be significantly taxed. And compared to what was in place before, There is a category of shifts, the DFD shifts, built a bit before 2010, a bit after, but which are not that old, which are going to be significantly taxed as they have important emissions. On the right-hand side of the slide, you can see the scrapping and conversions which are taking place. And you can see that in this first half of this year, the number of scrapping and conversions has been almost equal to what has happened last year. So definitely this renewal is on the move, is coming, and all the indicators are confirming that. This new regulation, we consider that it should impact, as soon as 2028, 350 ships. Of course, owners are going to pay the taxes, are not going to stop operating these 350 ships, but these taxes will keep on growing. and the incentive for renewing ships will be increasing. Once a year, in February, we publish our long-term estimates. We don't modify them, so we are not going to modify them, but we are maintaining our long-term estimates for 450 units over the next 10 years as far as the energy carriers are concerned. I would like to talk to you about energy as a fuel. As we are saying for many years, energy is more and more the fuel of choice for shipping. And many ships are ordered currently with energy as a fuel. We are receiving some. We received 18 orders since the beginning of this year. We have a market share of about 25%. We are trying, we are fighting, we are struggling to enlarge this market share, both through commercial efforts and also through technological efforts. And Cherie Vallaud explained to you a bit earlier the one-bar gold interest for the ship owners. Now I will give the floor, I will pass the floor to Anouar Kassi, VP Digital, who is going to present to you our digital solutions.