Gaztransport & Technigaz S.A.

Hello, everyone, and thank you for being here today with us in Paris and also online. I'm, of course, very pleased to meet you all for the first time, and I look forward to having many more interactions with you and with the financial community at large. Today, here with Thierry Ochoa, who is a GTT CFO, We will be presenting our financial results for 2025. And Karim Chapeau, who is our Senior VP for Technology, will also come on stage to talk about our technologies. Karim has been in GTT for nearly three decades. The other members of the executive committee are here with us today, and we are all available at the end of this presentation to answer any questions you may have. So the agenda for today is the usual one. I will start by sharing the 2025 key highlights. Then together with Karim, we will give you an update on our technologies and solutions and our innovation strategy. I will then walk you through the market updates. Thierry will cover our 2025 financial performance and I will conclude this presentation with the usual guidance and some key takeaways before opening the floor to your questions. So to start, I will start with a couple of personal and very important comments on how I see GTT. GTT is a unique company by many, many aspects. I find it, after a couple of weeks in my role, very impressive, even more impressive than what I thought it was. We have unique technology and expertise. We sit at the core of the LNG global value chain. Our expertise is unmatched and it relies on a very long, very long solid track record of 60 years. There is, of course, in the company a large number of talents of very competent staff, experts, and a good combination of IP and skills. It's not only formal IP. It's a lot of skills in the trade. And all of this makes it a very strong basis to create value in a sustainable fashion, which the company has done successfully in the past, and which I can assure you will continue in a very solid, very sustainable manner in the future. I wanted to make this point. It's something that I do believe fundamentally. That's also why I joined this company. And it is also a belief that is shared amongst our staff and employees. So it's the core DNA of the company. Now, key figures. So I'm also very proud to announce that 2025 has been a historical year for GTT. You have seen the release. We have seen a very significant increase both in revenue and in EBITDA, reaching record high levels for the third consecutive year. Our revenue has increased to 803 million euros, or plus 25% year on year. Our EBITDA has increased to 542 million euros, which is plus 40% year on year. Our net result has also increased markedly. to 414 million euros and this has led the board to propose a dividend of 8.94 euros per share which is in line with GTT's constant commitment since the IPO. We continue to provide also a good visibility on the activity of the company. At the end of 25, the order book of GTT is solid. It stands at 1.6 billion euro. Now, regarding the key highlights, and this slide is very important in the presentation. And I start with the core business, which is the membrane containment solutions. The year 2025 was extremely positive in many aspects, but it was singular also. Why? Because the first part of the year, and you see this clearly on the chart on the right, was impacted by very important geopolitical tensions, notably between the US and China. Of course, the discussions on tariffs weighted a lot on the decisions from ship owners to place new orders. And so we saw a moderate order intake well until Q3, and even with a shoo in Q2, only one LNGC was ordered in Q2. It is temporary, but it is as it is. And so what is positive at the end is that the momentum picked up in Q4. You see we have registered 18 NGC orders in Q4 alone, which is almost as much as the 19 that we had during the first nine months of the year. And I can assure you that the momentum continues. In 26, we are seeing a very high level of activity, of commercial activity. Since the beginning of the year, we have announced 14 LNGC orders since January so far in 26, and we expect many, many more to come quickly. So this temporary slowdown, in fact, is counterbalanced for us by a very high level of activity that has picked up after the end of Q3. And this dynamic is quite similar, was quite similar for FIDs. If you look at the FIDs for new liquefaction trains, In fact, we saw a somewhat moderate start of the year overall, and a clear acceleration in the second half of the year. We could have put the chart here. And overall, 25 was a record year for the final investment decisions for LNG trains, with a record level of 84 million tons per annum, of which 62 in the USA alone. We estimate that these FIDs announced last year will translate into additional needs for new LNG-C vessels, representing roughly 150 additional vessels. And so, of course, as a consequence, we are confident about the fact that our order entry, the level of activity or commercial activity, the order entry will be dynamic, will be good in the quarters to come, but also in the medium term. Second important point for 2025, it is the year when our marine and digital activities, and this is how we call them today, reached a critical mass. We expanded our digital solutions with the acquisition of Danelec. This activity now brings together digital solutions and services dedicated to What we did before, which is services mostly to the LNGC market, but also right now to the wider maritime fleet, serving 17,000 vessels. And we now have a very robust platform, a critical mass of people, of skills. and a large install base of products which have reached the market. It may sound very simple, but for a medium-sized company, the size of GTT, having an addition of almost 200 highly competent, highly expert people coming in the digital area will allow us to accelerate massively in this area versus what we had been able to do in the previous years. So with this, we are very well equipped to create value in the digital area, marine and digital area, but also for our core LNGC market. And I will come back to it. The third type of activities that we have, and we single out what we call advanced technologies, or what I call advanced technologies. which are the type of activities that are breakthrough in nature and with a very, very high level of technical content. As you know, JTT is a technology company. We need a couple of activities which are really ahead of the curve, extremely innovative, and where we can take perhaps sometimes together partners some limited risk to really push the boundaries in terms of technological innovation. Our venture arm, GTT Strategic Venture, had an active year last year. We added two new participations, NovoMAF, so metallic organic frameworks, but also CorePower. And we also increased our stake in Bond4Blue to support its industrial development. Our advanced engineering and modeling consulting team, which is called OSE, which has been part of GTT since 2020, continued the development of its modeling solutions and a very active year for AI in particular for the maritime applications, but also for other types of applications. And as you know, we have actively taken the decision to focus, I would say, Helogen on the development of its core stack to take into account the slowdown on the hydrogen market and also focus hydrogen on what JTT is the best at, which is developing the core technology. So all of this well done in the year. Now let's turn into our technologies and solutions before looking at our market. First a couple of comments on our innovation strategy. As I was saying, technology and innovation are at the very core of the DNA of GTT. Again, that's the reason I joined, because it sets this company completely apart versus traditional company. We have a huge number of experts at the top level in the world, in our field. We have more than 3,600 active patents, and we filed, again last year, 68 patents, which is slightly upward versus... versus 24, and our innovation strategy is of course built by the teams, it's built around the level of expertise that they have, but it follows a very simple, I would say step-by-step, disciplined approach, which I will try to summarize as such for the core business. First, we work to improve the efficiency of our containment systems. not only through breakthrough innovations, and sometimes we communicate on the breakthrough innovations such as the next one, which is a fantastic system, but also with a very sustainable, gradual approach to upgrading our existing systems. Our systems, so Mark III and NO96, are improved, I would say, almost every quarter with new designs, with new add-ons, with new solutions that allow them to perform better for customers. And this is what makes our innovation strategy so specific. Second, we also invest beyond our own internal systems to improve the overall performance of the LNGC tankers. For instance, we released the design of a new LNGC architecture with three tanks and a capacity of 200 tanks. thousand cubic meters. That means lower boil-off rate, lower operating costs, lower capex for the owners. And all of this creates a lot of value for the industry. This comes from us. The third way, and this is an area where you will see an acceleration in the coming years because it's an area where we can invest in a value-creating fashion in a very solid manner thanks to our newly acquired digital platform. We, of course, have a lot of know-how and a lot of technologies to support the ship operations, especially the LNGC operations through their lifetime, because we provide technical assistance at various steps of the ship's life, because we know how to prevent sloshing, because we give day-to-day advice to optimize maintenance or to, for instance, perform alternative survey scheduling. So this is an area where we create value through innovation, and that will accelerate. Now, to give you more details or better illustrations than I can about these technologies, let me hand over the floor to Karim Chapeau, who will present you our solutions.

thank you francois hello everyone thank you for joining us today i'm very pleased to give you more details and share what makes gtt so distinctive as francois said we regularly improve our technology so we have our standard product and 096 mark 3 and our regular update to improve the thermal performance, to improve the reliability of the technology, to fit for needs of our clients, and that's something that we did for years. But we are also developing new technologies, upgrade technologies, and this next one product is really our future product. It's really... Fantastic products, as said by Francois, which is an upgraded thermal performance, fantastic reliability, and we have the best product today with this next one. And we are also developing new solutions, and that's really where the membrane shines. It's the ability to cover new needs. And, for example, for ammonia and low-carbon fuel, membrane is fully adapted, and that's really what matters for us for the future. We have a solution. We have upgrades to cover new future needs for fuels. All that will be transformed in the future because we are coming in a new area, I would say. It's an era of data. And this is made possible with Danelec. And through technology, we improve data collection. And that's really new now. We have access to a lot of information. And based on this information, we are in position to better understand what's happening on shipping operation. So to answer to very specific questions that were not possible in the past. So nowadays you need to understand that you have several sensors on the ship. This sensor we have access to the data and through the data we are in position to provide very detailed answers. And let's give an example of this kind of question that we have regularly from our clients. Imagine that, for example, in the United States we have shell gas with very high level of nitrogen. This is typical of what we have, and this generates a lot of issues for the clients. When you have a very high level of nitrogen, it means that the cargo is very cold. It means that you have a risk of very high level of boiler freight at the beginning of the voyage. You have issues regarding, I would say, the thermal efficiency of your fuel, which means risk of knocking on the propulsion, et cetera, et cetera, mixing of cargoes. This is really where GTT is very strong. is understanding also operations. So it's not only the containment, but understanding the operation and how we can answer in a very precise manner to our clients on a day-to-day operation and provide the best answers for them to improve their operation. And that's where we would like to focus today our efforts and provide value to our customers. This is here just one example, but we have many, many examples coming every day. where we could provide answers and industrialize our answers. So through the combination of expertise and data, we can improve today and tomorrow all these digital platforms. Based on the know-how that we have gathered all along the year, based on this data and the understanding of the limit of the technology, we can provide real-time monitoring and answer to all their potential needs, and I would say improve the overall value chain from the terminals, from the liquefaction terminal to the regasification terminal. So we started already when you look at the maintenance, what we call the AESP, Alternative Survey Plan, based on all this data and knowing exactly what happened on the ship in operation, we are in position to really improve maintenance the operation of the ship, and instead of opening the tank every five years, we propose to the client to open the tank every 7.5 years. So we increase the time duration between the opening of the tank, and this generates, of course, an optimization of the OPEX for the owner. And so that's a great solution that is today have a lot of success. So our objective is clear. We want to reinforce our technical leadership by providing these high value services. This is possible because we have very, very good relation with all the ship owners. i would say very good relation with all the value chain with all all the stakeholders the the charters and by having this very strong link we are in position to fully understand their needs and to fulfill those needs and that's really where we would like to dig into so with this proximity and combined with Decades of operational experience and having a deep know-how of experience, it's enabled us to offer relevant solution and innovation and not just be focused on the tanks. So thank you, and now I hand back to... Thank you, Karim.

Now let's look at the market dynamics. My take on this is very simple, I would say. The LNG carrier demand will be very good, very strong in the future for very tangible, very concrete reasons. First, there is a growing need for energy, and natural gas in particular, which is a flexible energy, will grow and grow. It's also complementary to renewables. Second, to transport this gas, there is a growing trend to liquefy it for obvious geographic reasons, I would say, but also because it provides greater flexibility and security both for the producers and for the consumers. And third, and I will dive into this because it's important in our 10-year forecast, the LNG carrier fleet is aging and this will drive for a need for new vessels. So let's take those topics in turn. First, if we start with the traditional energy forecast, as I was saying, and you see it on the chart, what is interesting for us to see is that, of course, the renewable energy is growing, but it is growing in tandem with the growth coming from natural gas. And we view natural gas as slowly, gradually, step by step, in a solid fashion, increasing its share in the overall energy mix. reaching 26% by 2035. Second, as I was saying, natural gas can be consumed locally or exported, but for geographic reasons as well as geopolitical reasons, really core geopolitical reasons, you will see less and less pipelines and more and more liquefactions to provide greater flexibility and greater safety or security of supply to the consumers. The results of this is that the LNG demand will grow in a steady fashion at about 4.5% in the coming years, which is higher than the gas trade, which is higher than the gas demand, and of course higher than the global energy demand growth in volume of slightly below 1%. And this is exactly what you see in all the major forecasts from Wood Mackenzie, from BP, from Shell. And they are all pointing towards a sustained growth in demands for LNG well into 2040 and most likely way beyond. It is also worth noting that the IEA has recently reintroduced its current policy scenario this year and also upgraded its stated policy scenario. Second, it's also important to note that all of these forecasts have been revised upward So we see, in a consistent manner, a very, let's say, solid growth in demand for the next decades in LNG. And as you can see on the right, with the various projects that have reached FIDs in 2025, we now expect the supply to be approximately enough to cover the demand into 2035 or so. But of course, more liquefaction capabilities will be needed to meet the demands from 2034, 2035 onwards. One comment on what we call the shipping intensity. The shipping intensity is the number of ships that are needed to transport one million ton per annum of natural gas per year. What you see on this chart is that the fastest growing producer of LNG is the USA. The fastest growing consumer of LNG is Asia. And the longest route is the USA to Asia. If we add to that the fact that the Panama Canal is congested, you will see overall an upward movement in the LNG intensity over time. Again, here also for very concrete, very basic reasons. Now, if we look in details at, if we zoom in on the FIDs, as I mentioned before, 2025 was absolutely a record year in number of FIDs. We have a total number of 84 million ton per annum of FIDs, including 62 in the USA. And I tried to compare this with figures from the past. The average for the past few years was between 20 and 25 a year. So very, very, more than three times the average of the previous years. And just this single year, not yet translated into additional LNGCs orders really for real, will represent an additional need of 150 vessels. So it's a very positive point in terms of outlook. What is also interesting is that additional projects, more than those ones, will be needed to serve the energy demands that we have seen on the charts before, and that some of those projects are well-advanced in terms of SPAs. In fact, we have counted more than 50 million tons per annum of pre-FID SPAs, so SPAs that have not been included in signed firm FIDs yet. And this bodes very well, in fact, for the activity level of future FIDs. We have also put on this site the number of projects, the list of projects which could take FID in 26 and 27. Of course, it's always very difficult to point to which project exactly will take FID when, but that gives you an idea of the material reality of this trend. The third driver for the LNG-C demand, which I wanted to underline, is the fleet replacement. And here we need robust statistics. The LNG carrier fleet is aging. And in the next 10 years, more than 300 vessels will be more than 20 years old, of which a bit more than 200 will be more than 25 years old. And interestingly, by the way, you will see on the next slide that when ships are being scrapped today, they are being scrapped at 25 years old. So there is a turning point in the value of the ship at about this age. And as you can see on this middle chart, less than half of the fleet today is running on the latest types of engines, which are far more efficient than the older ones. So I would say regardless, our view, basic view is that regardless of additional incentives such as the EU ETS which will of course put some additional pressure to decarbonize this full industry and which will you know further increase gradually over the years to come but I would say regardless of this we are convinced that simple economics will put pressure on the fleet to scrap more and more vessels and to replace them with new ones. And we are already seeing this happening because, as you know, and this is what you see on the left chart, we have seen last year a record number of scraps and conversion. The total number of ships being scrapped or converted has reached an all-time high of 19 ships. All of these factors combined will lead us to review upward our long-term estimates for LNGCs over the next 10 years, which we now put here, hence the plus plus after the 450. It's a little bit early for me. I've not met all customers, so it's a little bit early for me to give you very specific figures on that. But let's say all the market indications we have for the moment point to a solid upward revision of this figure. So we see a very solid level of activity in our sectors for fundamental reasons. The rest of the activity, is good, we see it as solid and we have not made any revisions. Now if I turn to another market for us which is LNG as a fuel. As you know, the LNG as a fuel market continues to be booming. And in fact, it has reached more than 150 units, both in 24 and in 25. And I believe that it will stay at a very high level. In fact, for fundamental reasons, when you talk to ship owners or the shipyards, LNG is winning the battle of the fuel compared with methanol or compared with oil. And this is clearly a fundamental trend. Second, what is also positive is that we are convinced that membrane-type solutions and our solutions are the right ones for many of those LNG tanks. Not for all, but for many of them, if not for the majority. So a very significant share. Now, of course, because this market has increased very fast, we need to make sure that we bring the membrane type solutions in a way that answers to the shipyard's needs and to their level of expertise in how to handle membrane type solutions as fast. And it's also true that in the very short run, using a type C tank is easier for a shipyard. So we will be working on that. We have a strong expertise, we have delivered a lot of systems, and we have come with a very strong action plan on this, which is summarized at the bottom here, but where I'm involved myself. First, of course, We invest and we will continue to do so in R&D to make sure that membrane-type solutions keep improving. We have come up with new systems in 24 with the recycle, with the 1 bar G technology, and we just got an AIP for GTT cubic in Doha a couple of weeks ago. So you will see more and more innovation to have better membrane systems. But second, which is even more important to me, we will be working together with partners very close to the shipyards that are building the ships so that we bring our membrane type solutions in a very, let's say, easy to do business with pre-industrialized fashion so that the shipyards can almost bring them plug and play in their own processes. And here I see a potential opportunity. very concrete potential creation of value leveraging on our expertise. Especially for the shipyards that have not been used to using membranes for LNGC, which I think this is the hurdle today for the growth in our solutions. Now, third market for us is marine and digital solutions. And as you know, we had already been developing a number of solutions historically in GTT, building on our own internal forces, building on advanced modeling and engineering capabilities, the host team in particular, and also some acquisitions, ASSENSE, and VPS. Everything changed in scale and in nature. And I insist on the fact that everything gained a critical mass last year in 25 because we now have a critical mass of solutions, of staff, and also on the number of ships that we save. We now save. We have systems installed on 17,000 ships, which changes everything. The second point, which is very important and which I will underline, is that We are not purely in hardware, and we are not purely in software here. We have the right mix, the right balance on the hardware and software solutions. And my view of this is, and this is one of the reasons why we wanted to call this activity Marian and Digital, is that it's not purely a software venture. It's very solid, robust systems at the core of the ship's operations, mixing hardware and software. With this, it brings us a very solid base to do two things. First of all, to accelerate the development of the marine and digital activity led by Kasper Jensen, and we will keep developing on this and I can tell you I'm very confident about the synergies that we have announced so far, not only on cost, but also and more importantly, the cell synergies that will result from this. So the integration is running very well. We are confident and we are solid there. Second, we will leverage this platform to create new services, really tangible, concrete value-creating services for the LNGC fleet where we can mix this digital expertise and the expertise that we have in the membrane, in the containment systems, and in the molecule handling, I would say. So let me hand over the floor now to Thierry for the financial overview, and then I'll be back for the 26 guidance and takeaways.