Gaztransport & Technigaz S.A.

Good afternoon. This is the conference operator. Welcome and thank you for joining the GTT first quarter 2026 activity update conference call. After the presentation, there will be an opportunity to ask questions. Anyone wishing to ask a question may press star and one on the telephone. At this time, I would like to turn the conference over to Mr. François Michel, the company's CEO. Please go ahead, sir.

Good afternoon everyone and welcome to GCT's activity update for the first quarter of 2026. I am sitting here in Paris with Thierry Ochoa, our CFO, and together we will walk you through the usual key business highlights, but also our revenue for the first quarter. The agenda for the presentation today is the usual one. I am sure that you have noticed that we now go with a new setup, hence a first introductory point to further explain what lies behind the one JTT brand. I will then provide you with a business update for our key activities, meaning the JTT Energy and JTT Marine divisions. Thierry will elaborate on our revenue for the first quarter, and I will then share with you closing remarks before we can open the floor to your questions. So, first, the wanted GTT grants. This new organization, which is ours, emphasizes the fact that GTT is now at a turning point. following the very successful acquisition of Danelec last year and taking into account our ambition which we have explained to further develop the core business but also associated services. It was very important for us and for our customers to bring all teams together under a clear vision but also a clear structure. So the creation of two divisions, GTT Energy on the one hand and GTT Marine on the other, thus provides greater clarity on our activities to our customers and to our staff. It fosters the execution of our strategy to, of course, keep the core business running, but also to ensure the success of our service approach to the shipping industry, in particular in the LNG. I have already set very clear operational targets for these two divisions. For GTT Energy, it is three priorities. Accelerate innovation, strengthen our service offer and revamp our LNG as a fuel and onshore offers. For GTT Marine, the priority is to deliver on the synergies combining the hardware and software solutions that we have known in this division and you will see the first results of this strategy. We have also put in place a hub of advanced technologies to put together under the same roof all breakthrough technologies and venture capital. Let's turn now to our first activity, GTC Energy, very much in line with our expectations and with the messages that I had delivered at the annual results and in line with the growing need for new LNG carriers. In Q1, our order intake continued its upward trend We have announced 29 LNGC orders in the first quarter. It marks our second best Q1 commercial performance after the 2022 record year. We are close to that level. We have also received two orders for very large FN carriers, each of 100,000 cubic meters capacity, and one onshore storage tank. This momentum, which I had announced, has continued despite the situation in the Middle East. We have registered eight LNGC orders just in March, and the momentum, I can tell you, continues to date in April. We are, of course, closely monitoring the current situation in the Middle East. To date, and I will come back to this point, this conflict has no direct impact on GTC's business activity, meaning on orders and on deliveries. And if you look at deliveries, year to date, in Q1, 20-22 LNGC have been delivered versus 23 last year, so a level which is totally equivalent. So let's turn to the impact of the current situation in the Middle East on LNG global production capacity. As we all know, the closing of the Strait of Hormuz has heavily disrupted the energy and the shipping markets, because about 20% of production volumes are not available today. But if I now look at the production capacity, today only about 3% of the production capacity in LNG has been damaged with the drone attacks on Ratlafan. As you know, two liquefaction trains have been hit. We know that this infrastructure will restart. It will take perhaps a couple of years. Some people say between three and five years. It could be faster than that, but who knows. I would like to underline, however, a couple of things. First of all, the situation does not slow down or undermine the need for new vessels to export future volumes associated to FIDs. If I look at the additional capacity which is expected to come online by 2030, It represents 180 million tons per annum of additional capacity, which is 40% more than the production level today, most of this coming from the USA. And of course, all of this will require new vessels. If I look at the FIDs that can come on top of this already high level of FIDs that have been taken, you have the list on the screen. The list of FIDs that are likely to be taken this year or in 2027 confirms the greater exposure of the overall LNG production to the USA and to other regions than the Middle East. And as a reminder, this year, 23 million tonnes per annum of FIDs have been taken, including in Qatar and in the USA, and we start the year after a record level in 2025. Now, if we look at the shipping routes and the shipping intensity, what you see is that the war confirms that energy security risks will remain persistent. Indeed, the closure of the Strait of Hormuz calls for greater flexibility to ensure energy security, and all this at the most reasonable price possible. And we know that some countries with significant exposure to Qatar, such as India, Pakistan, Bangladesh, I could mention Taiwan, Singapore, Korea, China, but also in Europe, Italy, will need to diversify their source of LNG. So looking ahead, what we anticipate is that We anticipate that heightened scrutiny on the LNG supply diversification, which could possibly result into a higher shipping intensity over the long run. But we also anticipate the need to create more buffers in the LNG capacity in storage in particular. Now, let's move on to our second activity, QCT Marine. The GCT Marine Division won new contracts, very good contracts, both in the performance solution and in the safety units. As for safety, GCT Marine has secured new accreditation from two new oil majors, which is a prerequisite to expand its addressable offshore fleet. Very good news. we start to leverage our broad customer base to sell more of the systems in performance, so for performance solutions, meaning adding performance and voyage optimization to initial data collection. And consistent with this strategy, we have in particular signed a new contract, a very good contract with Petrobras, a new customer to equip up to 120 vessels with combined hardware and software solutions. Third point for this new division, the integration of Danelec in the GTT group is progressing as planned and we are well on track to deliver the synergies that we have announced. Let me now hand over to Thierry Ochoa, our CFO.

Thank you, François. Good afternoon, everyone. Now, moving on to the financial part of the presentation, let's start with the order book, continuing the commercial dynamic seen in the fourth quarter of 2025. GTC recorded a total of 32 orders, in the first quarter of 2026. They include 29 orders for new LNG carriers and two VLEC, very large lithium carriers, and one onshore storage. Their delivery is scheduled between the second quarter of 2028 and the fourth quarter of 2029. This is our second best first quarter commercial performance. Over the period, 22 LNG cars were delivered, a similar level with the first quarter of 2025 around, not around, but 23 LNG cars delivered last year for the first quarter. Finally, our backlog at the end of Q1 2026 remains very solid with 297 units for the core business and 46 units for LNG as fuel. Let's look into more details at the revenue by activity at the end of Q1 2026. Total revenues at 193 million euros are up 1% compared to Q1 2025, and driven by new bills standing at 173 million euros, meaning minus 4% compared to last year, and mainly impacting from lower order intake in 2025. Driven by revenues from services increased by 28% at 5.4 million thanks to a higher level of assistance to vessels in operations and pre-engineering studies. Regarding GTT marine, revenues increased by 208% thanks to the contribution of DANELEC acquired last July. I now hand the floor back to François for the outlook and the key takeaways.