Gaztransport & Technigaz S.A.

Good morning, everyone. I am very pleased to welcome you all here in Paris and online today for GTC's activity update for the first half of 2026. I am here with Thierry Ochoa, our CFO, and together... S.A. An important figure, of course, for this first half of 2026 is the 65 new orders that we have recorded over the first half of the year, including 56 new LNG carriers, which is very much in line with what we expected the last time we spoke. Second, despite the high pace of deliveries, the sustained commercial momentum led to an increase of our order book amounting to a very high level of 1.9 billion euros on June 30th, amongst the very highest level in the history of the company. Revenue came in as expected at €387 million, EBITDA at €264 million, the EBITDA margin is good, 68.1%, and net income is at €210 million. In view of this performance, the Board of Directors has approved the payment of an interim dividend of €4.30 per share. Now, looking back at the commercial dynamics of GTT Energy, as I was saying, the first half of 2026 is very much in line with our expectations. It contrasts with H1 2025 in several aspects. First, of course, the 56 new LNG carrier orders in the first half versus only 10 in H1 2025. And an important point is that only 18 of those 56 orders are tied to FIDs taken in 25 and in 26. Second, another very good point, we announced orders for LNG-related infrastructure, five onshore tanks, one FLNG and one FSRU, I expect more, which confirms that our membrane technology is... equally well suited for complex projects and onshore applications. Those are key areas for growth in the coming years, as you know, in addition to our core of LNG-C construction, and I will come back to this point later in the presentation. On the FID front, as you know, the positive momentum continues. After the 84 million tonnes per annum of new liquefaction capacity last year, we have registered 37 million tonnes per annum of new projects that have reached FID this year. In addition to the 37, we have seen 29 million tonnes per annum of liquefaction projects that have been confirmed in a limited notice to proceed. Some people call them pre-FID. But it means that even if FIDs have not yet been formally signed, stakeholders feel confident enough to start ordering long-league items or start some civil and pre-construction work. in order to speed up the construction once FIDs are reached. And of course, all of this bodes very well for the level of activity and orders to come. Again, the vast majority of the ships for the recent FIDs have not been ordered yet. From a geographical standpoint, the location of the liquefaction units are not the Middle East. It's mostly the USA and the Western Hemisphere. So since we talk about the Middle East, a couple of comments on the situation. Of course, since we spoke in April for the Q1 business updates, the situation has remained quite volatile and highly uncertain. So we are monitoring the situation by the day. But what I can share with you confidently, in line with what we said before, is that the conflict has not had any impact on the LNG long-term fundamentals. That's the first part. Neither any material impact on the LNGC shipbuilding business. As a reminder, today only 3% of the global production capacity of LNG liquefaction, in fact, have been physically damaged. Two liquefaction trains in Ras Laffan for a total of 13 million MTPA and exports are, yes, currently constrained by the closure of the straits, but liquefaction capacity is available in the world and will continue to increase very fast up to well through 2030. When we look at LNG prices, it is true that in the short run, supply disruptions have led to an increase in energy spot price, quite moderate versus 2022. But it is worth noting that LNG long-term contract prices have not increased at all. by the same extent. And so our reading is that, yes, there have been some short-term disruptions in this market, not the construction market, but the LNG market, that the mitigation measures that have been taken and implemented by countries have worked, and that none of these questions the fundamentals of the LNG demand and LNGC demand. as, in fact, we can see with a good level of FIDs recorded in the first half of the year. So, why is this demand growing? Of course, this is what we see with the long-term revision, with the upward revision of all demand forecasts released in June of this year. Major forecasts, such as Wood-Backenzie and Shell, are pointing to sustained growth in demand for LNG well until 2035 with a CAGR of at least 5%. And demand is in fact driven by Asian growth. It is a point that I've been sharing several times. But also with growing concerns over energy security in Europe and also higher intake in the MENA region to secure LNG supply. over the long run, the increase in LNG demand is tied to two things, Asian growth and the growing share of gas in the global energy mix. By 2050, as you can see on the left chart, coal and oil are expected to account for a smaller share of the energy mix, while natural gas and renewables in tandem are expected to play a larger role. and this transition towards renewable and gas is supported by several long-term factors the abundant availability and operational flexibility of natural gas its environmental advantages even though it is a transition energy it is a long-term transition energy over coal and oil of course including lower air pollutant emissions and it's the key role of gas in supporting the renewable power generation by helping managing intermittency. On the back of these drivers, and after cautious calculations and many interactions, consulting with many customers, so it's not a macro view, it's a very solid work, without waiting for the full year 2026 results, We have decided to revise our 10-year estimates for LNGC orders of our technologies. We now expect that about circa 550 LNG carrier units should be ordered by 2035 to meet the LNG demand and export growing volumes primarily from the USA to Asia in particular. Second, we have also increased our estimate on onshore storage tanks to circa 30 units. We will keep revising these estimates regularly, although I don't see them changing in the very near future. Another question that we look at and that we regularly have relates to shipyard capacity. Shipyards have a key role to play in delivering the LNGCs that have been ordered and what I can share with you also here, also in confidence, is that the supply chain is solid and it is well positioned to meet the expected demand of new LNG carriers. Shipyards continue to expand capacity. In South Korea, a lot with a schedule optimization and debottlenecking. In China, in new investments, new docks, which leads to additional slots, at least 100 slots per year in 2028, according to our estimates. In addition to this base, a number of important countries have expressed their interest in developing domestic LNG carrier construction capabilities, including first Japan, who has a plan to revive its shipbuilding industry. which could add a handful of ships, but also for the medium term, the USA and India and a couple of other countries, and GTT is involved in this preliminary or advanced discussions. Now, a couple of comments on three important milestones for the energy business in H1 2026. First, the first one is the second consecutive order for three tank LNG carrier, which has been placed by the same ship owner. It's a joint development with HHI, with Hyundai. And it confirms that our pioneering design, it's really a breakthrough design, is able to meet customer and end-users requirements by redesigning completely the ship with three tanks. We can enhance cargo handling. We can increase the volume of the cargo for the same size of the ship by about 3,000 cubic meters. We can improve the overall performance, reduce the boil-off, reduce construction costs, reduce shipping costs. And all of this through advanced engineering in good cooperation with the yard. Second important milestone, the first half of the year was also marked by the first order of FLNG infrastructure for the USA in general, and it's also the largest LNG production capacity in the world with a total output of 4.4 million tonnes per annum. It is the eighth FLNG that will be delivered with GTT's technology. This is a Delphine FLNG-1 project. It will be operated off the coast of Louisiana. It will be delivered. The delivery is scheduled for mid-2030. It is also worth mentioning that amongst the 29 million tonnes per annum of projects that have been confirmed in limited notice to proceed, that I was mentioning earlier, 4.4 million tonnes per annum are related to a second FLNG project. for the same project. Last comment on GTT Energy. The first half of the year was marked by five orders for onshore tanks. GTT will license our GST technology for the construction first of the three largest LNG onshore storage tanks ever built in the world. Each with a capacity of 240,000 cubic meters, all of them in China. We are the only company able to do so. We also recorded the largest onshore methane storage tank S.A. S.A. S.A. S.A. S.A. These recent developments further strengthen our track record and they pave the way, of course, for future opportunities, not only in China, but in the rest of the world. This is one area of focus for us. Now, a couple of comments on GTT Marine. I will say here that we are well on track for the integration of Danelec, which is a success. We have presented at Posidonia 2026 our concept for a unified integrated software platform. We are receiving very good feedback from customers. In terms of operations in the second quarter of this year, we have signed a key software and hardware contract with Petronas, which brings solutions to Petronas' LNG-C chartered fleet, ranging from data collection, performance, voyage optimization to LNG software solutions. We have signed other good contracts this first half of the year, including more than 150 shaft power meters sold to various ship owners, about 50 VDR sold to European partners. And finally, as promised, we are able to give you more color on GTT Marine's financial metrics. We will be reporting on this activity separately, even though there are strong synergies with the core business. The revenue for this first half of the year was €31.8 million, EBITDA €5.7 million, and that represents an EBITDA margin of 17.6% in line with our expectations, which is a good level of margin for an activity being in the scope of integration. Again, this gives us a very solid base, business base and technical base to develop fast in services in general for the shipping industry, but also for the LNG sea industry in particular. Let me hand over the floor to Thierry for final shows.

Thank you, Francois. Good morning, everyone. Now let's move to the financial part of the presentation. And let's start with our order book for the first semester, which evolves as follows. As mentioned by Francois, we benefit from a very high order intake with 65 orders with LNGCs and five onshore tanks, as you can see on the screen. Deliveries amount to 47 units with 45 LNGCs for the first semester of 2026, one VLEC and one FSRU. This results in a strong core business order book with 306 units at the end of the first semester. Regarding energy as fuel, with the delivery of only five units in the first semester, we have 43 units to deliver in the coming years. As mentioned just before, our core business order book with which 306 units at the end of June 2026 translate into 1.9 billion euros of revenues for years to come. of which 65 million euros for 2027 and 603 million euros for 2028 of revenue already secured, as mentioned in the graph at the bottom right, where you can see the consumption and flows of our backlog in the years to come in terms of revenues. This gives us a very strong visibility and confidence on top of the commercial momentum. Now, moving to more details on revenues by activity. Revenues are almost flat year on year for the first semester of 2026 at 387 million euros for the first semester. This is mainly due to a lower number of energy carriers under construction and a high comparison based in 2025, resulting in a slight decrease of GTT energy revenue. This is partly compensated by higher revenue of GTT Marine linked to Danelex acquisition which not contributing last year for the revenue of the group. This division of GTT Marine now accounts for 8% of group revenue. One comment on electrolyzers or hydrogen. We have news which are down as Helogen is continuing its transition and repositioning. Let's continue with the other main aggregates of the P&L, in particular with EBITDA. Our EBITDA remains very solid at 264 million euros. This is mainly explained by our operating leverage, explained by the absence of significant delays in ship construction schedules, but explained as well by the close monitoring of our costs. As consequence, the EBITDA margin remains at a very high level and amounts to 68% in H1 2026. Our net income at 210 million euros. This means an improvement of 17% compared to 2025. And this is mainly due to a comparison effect with our one-off cost that we booked last year for the restructuring of Helogen. One comment on our cash position. As you know, we finance the Danelec acquisition with cash and debt, and we still have 90 million euros of financial debt in our books. This brings our net cash position to 295 million euros at the end of June 2026. This is, of course, after the 2025 dividend balance payment for €183 million. And on that subject, the Board approved yesterday the payment of 2026 interim dividend at €4.30 per share to be paid later this year in December. I now hand back the floor to François for the 2026 outlook and the conclusion.

Thank you, Thierry. No. I need the next... No, no, no, no. I need the... A couple of comments on our outlook. We are, of course, confirming our guidance for the year 2026. As a reminder, we expect revenue to be in the range of 740 million to 780 million euros. EBITDA will be in between 490 and 530 million euros and we will maintain scrupulously our dividend policy that has been a commitment since the IPO. We have no intention to change this at all. A few takeaways before taking your questions. The commercial dynamic is the one that we expected, but it is very good. 65 orders in the first half of the year. We are currently on records level of order book. I expect more. As explained, LNG demand is solid for the medium term. It is resilient. It will keep increasing over the coming years. Of course, we are closely monitoring the situation in the Middle East. But so far, and while we are cautious, we have not seen a direct impact on our business, or at least any material or significant impact beyond the anecdotes. The 84 million tonnes per annum of new liquefaction capacity decided last year, the 37 million tonnes decided last, S.A. We will build on this momentum and leverage our strengths on this market and our track record, our 60-year track record in this industry to bring more value for our customers first but for all shareholders and all stakeholders in general. This will be done with the two divisions that we have know well in place and which are working in a very synergetic manner around the priorities that I shared with you earlier. One is accelerating the core business innovation close to our core business, close to our customers, and you have seen examples of that. Developing a service offering built around our digital offer. And third, improving our value proposition with turnkey solutions on a couple of markets for a couple of applications, including some onshore storage and LNG as a fuel. Thank you for your attention.