Gaztransport & Technigaz S.A.

Good morning. This is the conference call operator. Welcome and thank you for joining the GTT third quarter 2025 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 one on their touch-tone telephones. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Philippe Bertheautier, Chairman of the Board and CEO of GTT. Please go ahead, sir.

Good morning, everybody. I'm very pleased to present to you the Q3 2025 Activity Update. I am with Thierry Ochoa, the CFO of the GTT Group and with the entire investment relation team. Well, your 20-25 first nine months have been quite impressive. First of all, the fundamentals are excellent with 84 million tonnes per annum already decided. The revenue are approaching 600 million euros on the first nine months, which represents an increase of 29% compared to last year. We obtained fairly diverse orders with energy carriers, FN Energy, Energy as a Food. All that led us to upgrade our 2025 outlook when we include Danelec. On key highlights, we introduced a new technology for energy as a fuel that we named Cubic. We obtained approval in principle from Bureau Veritas. We completed the acquisition of Danelec, and we obtained a quite large contract from the Chinese shipyard for 24 energy carriers. We continue our innovation efforts with the new partnership with Bloom Energy and Pono Exploration Group on a new system for zero-emission ships. And we obtained a contractor for an electrolyzer in Slovakia for one megawatt. If we look at our order book, we've received orders, 19 orders in the first six, nine months. So not taking into account the order we received in October. So 267 energy carriers, which are guaranteeing our activity in the next years, 22 18 carriers, three FNG and three CSIU. If we look at the market, we can see that the activity in terms of FCA, sales and purchase agreement for energy, for the contract path to decretion facilities, have been very important in the second and third quarter of 2025. And that is very much supporting the decisions for future FIDs. In fact, in terms of FIDs, we can see that this year has been phenomenal. It's an all-time record with 84 million tons decided as of today's. It's historic, and that means that the outlook for energy demand for the next year is very strong. So it's the supportive trends for energy and for energy are very strong, but the geopolitical context remains quite complex. I would say we could talk about that at large, but I would say that the instability of regulations between the two sides of the Pacific Ocean are creating a kind of concern still perplexing the decisions of shipowners. I do hope that the recent discussions are going to be able to clarify that. In any case, the energy carrier order inflow is expected to increase backed by a strong long-term fundamentals on which we talked just a moment ago. As far as energy as a fuel is concerned, we can see that the adoption of this fuel structure is continuing to grow very significantly. It's very good news, very good news for the planet, very good news for GTT, as this energy at a certain point of time is going to be transported by energy carriers, and also very good news for energy as an actor in energy as a fuel. We can see our market share. We are trying to enlarge this market share in introducing new solutions. And we've introduced Cubic, which is a new tank design, which aims at enlarging, increasing the cargo space, the space left for the cargo. facilitating the installation, so reducing the cost of building the tank, reducing the boilers, and so improving the total cost of return of our solution for the owners. In our digital activity, we are scaling up our efforts in the 1.25 billion market with the acquisition of Denelec that we've completed at the end of July. We are in a fast-growing market, and we do expect to be able to benefit from this growth. We are, in this market, our mission is to benefit from recurring revenues, which will balance our other activities, and to develop revenue synergies that we are targeting between 25 to 30 million euros by 2030. So key achievements, well, I would say that during these first nine months, we've released a new generation of VDR. Well, that shows you that the innovation activity, constant innovation activity of Danelec is very much in phase with what we do at GTT. And it's why the integration is going to be very easy as we are on the same wavelength. We've obtained new contracts with a very significant contract obtained from for 24 energy carriers with our slushing system developed for mitigating the slushing risks and optimizing cargo operations. Now, I hand the mic to Thierry Ochoa, the group CFO, who is going to present to you the consolidated revenues.

Thank you, Philippe. Good morning, everyone. Now, regarding our revenues for the first nine months of 2025, revenues at the 600 million euros are up plus 29% strong increase compared 40 or 65 million euros for the first nine months of 2024. Two main drivers to explain our working performance. The first driver is revenue from new builds standing at 558 million euros plus 30% benefiting from a higher number of LNG and HN carriers under construction. The second driver is linked to the digital activities at 20 million euros plus 83% and including 6.5 million euros of revenues of Danelec, our recent acquisition. Excluding Danelec, the digital revenue growth was plus 24% compared to last year. One comment on revenues from LNG as fuel. They are down by 32% at 16 million euros, and mainly explained by the strong competition. Regarding electrolysis activities, revenue are down and stands at 3.7 million euros for the first nine months of 2025, compared to 6.6 million euros for the first nine months of 2024. This evolution is mainly due to the absence of a contract in 2024 and the continuation of transition and repositioning of LOGEL. Finally, revenues from services slightly decreased by 3% at 18 million use due to a lower level of pre-engineering studies which are non-recurring by nature, but offset by robust certification activities. All in all, the activity of the first nine months of 2035 remains very solid. I now back to Philippe for the outlook.