This article first appeared on GuruFocus .
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Revenue:EUR387 million for the first half of 2026.
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EBITDA:EUR264 million, with an EBITDA margin of 68.1%.
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Net Income:EUR210 million, a 17% improvement compared to 2025.
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Order Book:EUR1.9 billion as of June 30, 2026.
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New Orders:65 new orders, including 56 LNG carriers.
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Interim Dividend:EUR4.30 per share approved for payment.
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Net Cash Position:EUR295 million at the end of June 2026.
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GTT Marine Revenue:EUR31.8 million, with an EBITDA of EUR5.7 million and a margin of 17.6%.
Release Date: July 29, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Gaztransport et technigaz SA ( GZPZF ) recorded 65 new orders in the first half of 2026, including 56 new LNG carriers, indicating strong demand and commercial momentum.
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The company's order book reached a historic high of EUR1.9 billion as of June 30, 2026, providing strong visibility and confidence for future revenues.
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Gaztransport et technigaz SA ( GZPZF ) reported a solid EBITDA margin of 68.1% and a net income of EUR210 million, reflecting strong financial performance.
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The company announced an interim dividend of EUR4.30 per share, demonstrating a commitment to returning value to shareholders.
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Gaztransport et technigaz SA ( GZPZF ) is expanding its service offerings and digital solutions, particularly through the integration of Danelec, which is expected to drive future growth.
Negative Points
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Despite strong order intake, the revenue for the first half of 2026 remained flat year-on-year at EUR387 million, due to a lower number of energy carriers under construction.
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The company is cautious about potential impacts from geopolitical tensions in the Middle East, which could affect supply chains and delivery schedules.
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There were no new orders for LNG as a fuel in the first half of 2026, indicating challenges in this segment as the company revamps its strategy.
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The Elogen division continues to face challenges, with a reduction in workforce from 110 to 45 people and ongoing financial losses.
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Gaztransport et technigaz SA ( GZPZF ) maintained a cautious outlook for the full year 2026, not revising its guidance despite a strong first half, due to potential delays in ship construction schedules.
Q & A Highlights
Q: Can you provide details on the 10-year forecast for LNG carriers, specifically the assumptions around replacement and market size? Also, is there any slippage in 2026 deliveries due to the Middle East situation? A: The 550 LNG carrier estimate is based on three parts: 250 ships needed for existing FID projects, 150-200 ships for new FID trains, and 150-200 ships for replacing old vessels. There is no slippage in 2026 deliveries; the Middle East situation has not impacted the supply chain or delivery schedules.
Q: How do the successful orders in the services business compare to the order book for GTT Energy? A: Currently, services represent EUR11 million, with expectations to increase. The focus is on synergies with GTT Marine and the Danelec acquisition to boost revenue, with more details to be shared at the upcoming gas tech exhibition.
Q: Regarding the 56 LNG carrier orders, what is the nature of the 40 units not tied to recent FIDs? Also, what is the strategy for GTT Marine and Danelec? A: The majority of the 40 units are likely related to pre-FID projects. The strategy for GTT Marine involves integrating Danelec's hardware and software capabilities to enhance service offerings, with new software releases expected by year-end.
Q: Can you elaborate on the onshore tank business and its market potential? Also, what are the expectations for GTT Marine's EBITDA margin and guidance for the year? A: The onshore tank market is growing, especially in China, with expectations to secure a few orders annually. GTT Marine's EBITDA margin is expected to improve post-integration costs, and guidance remains cautious due to potential ship construction delays.
Q: What are the plans for the cash position and dividend policy given the stable business outlook? Also, any updates on LNG as a fuel strategy? A: The cash position is expected to improve with new orders, and the dividend policy remains unchanged. The LNG as a fuel strategy involves revamping the offer for turnkey solutions, with a focus on delivering value rather than aggressive pricing.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
