Gaztransport & Technigaz S.A.

Good afternoon, this is the Conference Operator. Welcome and thank you for joining the GTT Q3 2026 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 1 on their touch-tone telephone. 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. Francois Michel, CEO of GTD. Please go ahead, sir.

Thank you. Good evening, everyone. I am pleased to welcome you all today online. I am sitting here in Paris with Thierry Hochoa, our CFO, and together, as usual, we will walk you through our key business highlights and our revenue for the first nine months of this year. As usual, after I share the key highlights, I will provide you with an activity update on our two divisions, GTT Energy and GTT Marine. Thierry will walk you through the nine-month revenue, and I will share with you my closing remarks before we open the floor to your questions. Over the first nine months of the year, we have received, which is a very good level, 80 new orders, including 71 orders for new LNG carriers, which can be compared with 27 over the first nine months of 2025. This is very much in line with the expectations that I had shared with you all at the beginning of the year. This sustained commercial momentum led to a good level of order book amounting at the end of Q3 to 1.85 billion euros, again amongst the very highest level in the history of the company. Our revenue stood at 570 million euros for the first nine months of 2026, which is a 4.9% decrease compared with 2025. This is primarily reflecting the lower level of LNG carrier under construction, some of which is in fact related to the quite low level of order intake during the first month of 2025. We have also noted over the past few months that a couple of ship delivery dates, which used to be accelerated in the first part of the year, are reversing back to initial contractual milestones. This is a slight shift. It has small consequences on our revenues, representing less than 2% of our nine-month 2026 revenues. Again, this effect is small and it is temporary. On the market side, the signing of 51 million tons per annum of new liquefaction capacities over the period brings to 135 million tons per annum the total of investment decisions signed for new liquefaction units since January 2025, which is a record level, which bodes very well for the activity of our group for the coming years. We have also reached a major milestone in September at GazTech, where, as promised, we introduced our new service platform dedicated to the LNG industry, the LNG Performance Center, which I will elaborate on later in this presentation. It is also during GazTech that GTT Energy released several new designs and developments. I will come back to this. Our GTT Marine Division also sustained commercial momentum during the first nine months of this year, reflected in the signing of very good contracts, key contracts with major players. And as you all know, the integration of Danelec is progressing very well. We are now ready to launch our integrated software platform in early 2027. A couple of comments on FIDs. As you know, the FID level is very important for us. It's a leading indicator of our future order in tech. On this front, the positive momentum continues. After the 84 million tonnes per annum last year, we have registered 51 million tonnes per annum of new projects that have reached FID by end September. In addition to this, We still have 15 million tons per annum of projects which are in limited notice to proceed and which should go quite quickly. So all this bodes very well for future orders and another good point on that is that the vast vast majority of the ships for this recent FIDs 2025 and 2026 have not been ordered yet and those orders will come surely. Now, a couple of comments on the Middle East situation, which we are following closely. Together with our partners, we are, of course, monitoring the situation, which remains volatile. It remains a volatile situation. The developments in the region are... Such that it's hard to predict the state of the transit in the Strait of Hormuz, which is not totally closed, as you can see on the top right chart. Our reading is that this transit remains highly uncertain, and that, secondly, we saw that the spot charter rate has declined to a very low level, in part due to a higher number of vessels are now available on the spot market. Having said that, these disruptions are having a very limited impact on our activity. In particular, we have seen a couple of ships' delivery dates returning to initial contractual milestones, but again, we don't see more than that, and this effect is small on top of our eyes. This is having, in total, a slight impact of less than 2% on our turnover for the first nine months of 2026. Over the long run, we believe that even if these disruptions were to last, their effects on our business would be limited as the fundamentals of the LNG market remain strong. Turning now to significant developments for GTT Energy, I am happy and I would say proud to share that we have successfully presented our service offer the fully new service offer, the LNG Performance Center at GazTech in September, as I announced before. It is a new service ecosystem, fully new service ecosystem, developed by GTT in record time, which will support ship owners and charters in optimizing LNG carrier fleet performance and their cargo management performance. This service offer will consist of Three modules, Cargo Management, Voyage Optimization and Containment System Performance and Maintenance Optimization. I will come back to this maintenance optimization part. The offering will combine advice from experts and seasoned seafarers and captains available 24-7 with a suite of digital solutions underpinned by GTT's proprietary data and advanced models. We are the only ones to be able to offer this. Cargo Insight is the very first module of this offer. It will focus on cargo management as this is what our customers, charters and ship owners have asked us to address as a priority. And it will be rolled out with a couple of key partners over the coming months and quarters. Coming back to innovation, we have kept, in addition to this service offer, we have kept a very high pace on innovation on our core business. And we have focused on the priorities that I had been sharing before. First, we continue to enhance the LNG carrier's overall performance. by demonstrating the fact that the most advanced designs, in particular here the 200,000 cubic meter design, can be used in the vast majority of existing LNG carriers, LNG terminals. Second, we provide more and more services to operations. You know that services is one of my major focus here by reducing maintenance costs and we are able here to extend the time interval between two inspections Supporting Preventive Maintenance from 5 years to 7.5 years, which of course reduces the cost associated with downtime. This service will be included in the LNG Performance Center offer in the third pillar that I just mentioned. Third, to expand the use case of our membrane technology, we have improved a lot our LNG as a fuel offer by launching a 2-bar G offer and that will create a platform to regain and gain market share on this business. These recent developments demonstrate that we are keeping our innovation efforts at a very high pace which, as you know, is one of our priorities. Now, a couple of comments on GTT Marine before I leave the mic to Thierry Hochoa. The GTT Marine Division performs well. We continue to see gains in commercial traction with contracts secured from leading market players which confirm the attractiveness of our integrated offering. The integration of DANELEC is well advanced. A lot of focus in this integration was dedicated not only to, let's say, Revenue Synergies, but also to innovation over the period. We have announced, as you know, the launch of an integrated software platform at the Trade Fair SMM in September. We have also released a very innovative software, Boca software, which opens new perspectives on the safety market. As you know, VDRs can be used for regulatory compliance today, but we can turn them into an incident investigation tool and an active component of the shipowner's digital safety ecosystem. As you can also notice on the right side of the slide, our installed base continues to increase, plus 4% since the start of the year, and we can confirm that our revenue synergies are well on track to reach the 25 million to 30 million euros by 2030. Thierry, the floor is yours.

Thank you, Francois. Good evening, everyone. Now let's move to the financial part of the presentation. Let's start with our order book for the 9 months of 2026, which evolved as follows. As mentioned by Francois, we benefit from a very high order intake with 80 orders, of which 71 LNG carriers and 5 onshore tanks. Deliveries amounted to 69 with 66 LNGCs, 2 VLECs and 1 FSRU. This results in a strong core business order book of 299 units at the end of September 2026. Regarding LGS fuel, with the delivery of 8 units in the first 9 months of 2026, we have 40 units to deliver in the coming years. As outlined in our key highlights, our order book amounts to a very high level of 1,085,000,000 euros of revenue secured among the highest levels in the history of the company. This gives us a very strong visibility for the years to come. Now, moving to more details on revenue by activity for the first nine months of 2026. Consolidated revenues stand at 570 million euros for the first nine months of 2026, down 5% compared to last year. Two main drivers to explain the revenue variation. The first driver is new build revenue of GTC Energy at €505 million are down minus 9.4% compared to last year. This decrease is consistent with a decline in the number of energy carriers under construction, reflecting the low level of orders recorded during the first nine months of 2025. This decrease also takes into account a lower level of accelerated deliveries at certain shipyards, reversing back to initial contractual milestones. This decrease is however partially offset by royalties from FSRU and FLNG, which increased by 84% and 22% respectively due to the higher number of units under construction compared with last year. It should also be noted in GTT Energy that revenue from services to operations decreased slightly to 16.4 million in the first nine months of 2026, compared with 17.7 million last year, mainly due to the slowdown in certification activities, partly compensated by a higher level of assistance to vessels in operations. Second driver is revenue from GTC Marine at 47 million euros, up 138% compared to last year, driven by the contribution of Danelec, which was not contributing to the group revenue until August last year. One comment on Elogen, revenue amounted to 0.7 million, reflecting the refocusing on research and development. I now turn back to Francois for the outlook and the key takeaways.