- Revenue & EBITDA Surge Revenue hit €803M (+25% YoY), EBITDA soared to €542M (+40% YoY) in 2025.
- Strong Order Book Growth Order book reached €1.6B by late 2025, with 280 LNGC units secured.
- Membrane Business Expansion 18 LNGC orders in Q4 2025, surpassing 19 orders in H1–H3 2025 combined.
- Innovation Leadership 3,600+ active patents and 68 new patents filed in 2025, driving containment efficiency.
- Future Fleet Replacement Demand ~150 LNGCs needed by 2030–2035 due to aging fleet and 84M tonne FID surge in 2025.
Operational Highlights
The membrane containment solutions business was a standout, with 18 LNGC orders in Q4 alone, almost as many as the 19 orders in the first 9 months of the year. The momentum continues into 2026, with 14 LNGC orders announced since January. GTT's marine and digital activities reached a critical mass with the acquisition of Danelec, expanding digital solutions and services dedicated to the LNGC market and wider maritime fleet. The company is leveraging this platform to create new services and value-creating solutions for the LNGC fleet.
Innovation and R&D
GTT remains committed to innovation, with over 3,600 active patents and 68 patents filed in 2025. The innovation strategy involves improving containment system efficiency, investing in digital platforms, and supporting ship operations. The company's advanced technologies, including its venture arm GTT Strategic Ventures, had an active year, adding new participations and increasing stakes in existing ones.
Market Outlook
The market outlook is positive, with growing demand for energy and natural gas driven by the need for flexibility and security. The LNG carrier fleet is aging, driving a need for new vessels. GTT expects LNG demand to grow steadily at 4.5% in the coming years, driving demand for LNG carriers. The company is confident about its order entry and commercial activity in the quarters to come, with an estimated 150 additional vessels needed due to FIDs announced last year.
Valuation and Dividend Policy
With a P/E Ratio of 16.96 and a Dividend Yield of 4.14%, GTT's valuation appears reasonable. The company's dividend policy remains unchanged, with a payout of 80% of consolidated net income. The implied EBITDA margin guidance is resilient for 2026, supported by cost discipline and flexible costs. Analysts estimate next year's revenue growth at 3.2%, indicating a stable outlook.
Digital Business Growth
The company has made significant progress in its Marine and Digital Solutions segment, with 131% revenue growth in 2025. The integration of Danelec is running well, and the company is confident about the synergies and sales potential. GTT aims to achieve revenue synergies of €25-30 million by 2030 through cross-selling and combining Danelec, Ascenz Marorka, and BPS.