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1. Company Snapshot

1.a. Company Description

Gaztransport & Technigaz SA, a technology and engineering company, provides cryogenic membrane containment systems for the maritime transportation and storage of liquefied gas and liquefied natural gas (LNG) in South Korea, China, Russia, and internationally.The company offers solutions, such as commercial vessel tanks, small and medium-capacity LNG carriers, bunker barges and vessels, and floating storage structures and bunkering stations for supplying LNG to merchant vessels other than LNG carriers; and LNG fuel storage solutions and related systems for the merchant vessels that use LNG as a marine fuel to replace the conventional fuel oils.It also provides membrane technology system for the bulk transportation and storage of LNG; and LNG Brick, a package for storage of gas for propulsion dedicated to ships requiring a small quantity of LNG.


Further, it provides consultancy and engineering study, construction assistance, emergency response, training, and maintenance support services; and designs and assembles electrolysers for the production of green hydrogen, as well as offers smart shipping services; and digital services, such as in-depth data analytics.In addition, the company licenses its technologies to shipyards.The company serves shipyards, ship-owners, terminal operators, gas companies, and classification societies.


Gaztransport & Technigaz SA was founded in 1963 and is headquartered in Saint-Rémy-lès-Chevreuse, France.

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1.b. Last Insights on GTT

Gaztransport & Technigaz SA's recent performance was driven by strong revenue growth, with a 25% increase in consolidated revenues for the 2025 financial year. The company's robust order book and strategic digital expansion also contributed to its positive performance. Additionally, the company's dividend payout reached a record level of €8.94 per share, providing a stable source of income for shareholders.

1.c. Company Highlights

2. GTT's Stellar Performance and Bright Outlook

GTT reported a remarkable year in 2025, with revenue surging to €803 million, a 25% year-on-year increase, and EBITDA reaching €542 million, a 40% year-on-year increase. The net result also saw a significant boost, rising to €414 million, which led the Board to propose a dividend of €8.94 per share. Earnings per share (EPS) came in at €6.28, beating analyst estimates of €5.95. The order book stood at €1.6 billion at the end of 2025, providing a solid foundation for future growth.

Publication Date: Feb -24

📋 Highlights
  • 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.

3. NewsRoom

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Disclosure of the total number of voting rights and shares composing the share capital as at February 28, 2026

Mar -02

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Gaztransport et technigaz SA (GZPZF) Full Year 2025 Earnings Call Highlights: Record Revenue ...

Feb -21

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GTT : Full Year 2025 Results - Strong growth in revenues (+25%) and EBITDA (+40%) for the third consecutive year.

Feb -19

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European Dividend Stocks To Watch In February 2026

Feb -19

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Disclosure of the total number of voting rights and shares composing the share capital as at January 31, 2026

Feb -02

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3 European Dividend Stocks Yielding Up To 5.2%

Jan -12

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Disclosure of the total number of voting rights and shares composing the share capital as at December 31, 2025

Jan -05

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Appointment of François Michel as Chief Executive Officer of the GTT Group

Dec -15

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.10%)

6. Segments

Methaners/Ethaners

Expected Growth: 12.0%

Strong demand for LNG carriers and FSRUs, driven by increasing global LNG trade and energy transition, coupled with Gaztransport & Technigaz SA's technological expertise in Methaners/Ethaners, supports the 12.0% growth rate. Additionally, the company's strong order book, strategic partnerships, and expanding presence in emerging markets contribute to its growth momentum.

Liquid Natural Gas Powered Vessels

Expected Growth: 11.5%

The 11.5% growth of Liquid Natural Gas (LNG) powered vessels from Gaztransport & Technigaz SA is driven by increasing demand for eco-friendly shipping, stringent emission regulations, and rising LNG production. Additionally, the need for energy efficiency, reduced operating costs, and growing adoption in offshore and cargo shipping also contribute to this growth.

Services - Ships in Operation

Expected Growth: 13.5%

Strong demand for LNG shipping, increasing global energy demand, and a growing need for cleaner energy sources drive the 13.5% growth in Gaztransport & Technigaz SA's Ships in Operation segment. Additionally, the company's expertise in cryogenic membrane containment systems and its strong order book contribute to this growth.

Hydrogen

Expected Growth: 14.0%

Hydrogen from Gaztransport & Technigaz SA's 14.0% growth driven by increasing demand for clean energy, government incentives for renewable energy adoption, and strategic partnerships for large-scale hydrogen production and transportation infrastructure development.

Land Tanks and Gravity-Based Structure

Expected Growth: 12.5%

The 12.5% growth of Land Tanks and Gravity-Based Structure from Gaztransport & Technigaz SA is driven by increasing demand for LNG storage and regasification, growing adoption of FSRU and FLNG solutions, and rising investments in energy infrastructure projects, particularly in Asia and the Middle East.

Services - Studies

Expected Growth: 12.8%

Gaztransport & Technigaz SA's 12.8% growth in Services - Studies is driven by increasing demand for LNG carriers, rising energy consumption, and growing investments in offshore oil and gas projects. Additionally, the company's expertise in cryogenic membrane containment systems and its strong order book contribute to its growth momentum.

Floating Storage Units

Expected Growth: 11.8%

The 11.8% growth of Floating Storage Units from Gaztransport & Technigaz SA is driven by increasing global energy demand, rising LNG trade, and growing need for flexible and cost-effective storage solutions. Additionally, the company's technological advancements, strategic partnerships, and expanding presence in emerging markets also contribute to this growth.

Services - Approval

Expected Growth: 13.2%

Approval from Gaztransport & Technigaz SA drives growth in Services segment, leveraging their expertise in cryogenic membrane containment systems. This partnership enables increased market share, improved operational efficiency, and enhanced customer offerings, contributing to 13.2% growth.

Services - Training

Expected Growth: 12.2%

Gaztransport & Technigaz SA's 12.2% growth in Services - Training is driven by increasing demand for LNG transportation and processing, rising adoption of cleaner energy sources, and the company's expertise in providing specialized training for the oil and gas industry. Additionally, strategic partnerships and expansion into new markets have contributed to the segment's growth.

Services - Others

Expected Growth: 12.0%

Gaztransport & Technigaz SA's 12.0% growth in Services - Others is driven by increasing demand for LNG shipping and regasification services, expansion into new markets, and strategic partnerships. Additionally, the company's expertise in cryogenic membrane containment systems and its ability to provide customized solutions to clients contribute to its growth in this segment.

7. Detailed Products

Membrane Containment Systems

Gaztransport & Technigaz SA designs and manufactures membrane containment systems for the transportation and storage of liquefied gases, such as LNG, LPG, and LEG.

Insulated Cargo Tanks

The company offers insulated cargo tanks for the transportation of liquefied gases, providing high thermal insulation performance and minimizing boil-off gas.

LNG Fuel Tanks

Gaztransport & Technigaz SA designs and manufactures LNG fuel tanks for the maritime industry, providing a safe and efficient solution for LNG-powered vessels.

Onshore Storage Tanks

The company offers onshore storage tanks for the storage of liquefied gases, providing a safe and efficient solution for the oil and gas industry.

FSRU and LNG Terminal Solutions

Gaztransport & Technigaz SA provides FSRU and LNG terminal solutions, including design, engineering, and construction services.

8. Gaztransport & Technigaz SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Gaztransport & Technigaz SA is medium due to the presence of alternative technologies and products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Gaztransport & Technigaz SA is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Gaztransport & Technigaz SA is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Gaztransport & Technigaz SA is high due to the low barriers to entry in the market.

Intensity Of Rivalry

The intensity of rivalry for Gaztransport & Technigaz SA is high due to the presence of multiple competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.42%
Debt Cost 6.24%
Equity Weight 97.58%
Equity Cost 6.24%
WACC 6.24%
Leverage 2.48%

11. Quality Control: Gaztransport & Technigaz SA passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Gaztransport Technigaz

A-Score: 6.9/10

Value: 3.0

Growth: 8.1

Quality: 9.4

Yield: 6.9

Momentum: 8.5

Volatility: 5.7

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Quality: 5.1

Yield: 6.2

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Value: 7.5

Growth: 5.2

Quality: 6.1

Yield: 4.4

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Volatility: 5.0

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SBM Offshore

A-Score: 5.9/10

Value: 6.7

Growth: 5.3

Quality: 4.1

Yield: 3.1

Momentum: 9.0

Volatility: 7.0

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TechnipFMC

A-Score: 4.9/10

Value: 4.0

Growth: 5.1

Quality: 7.1

Yield: 0.6

Momentum: 9.0

Volatility: 3.3

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Saipem

A-Score: 4.7/10

Value: 7.8

Growth: 3.2

Quality: 4.4

Yield: 5.0

Momentum: 3.5

Volatility: 4.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

197.5$

Current Price

197.5$

Potential

-0.00%

Expected Cash-Flows