GTT nine-month revenue falls as orders and backlog remain strong

GTT reported revenue of €570.1 million for the first nine months of 2026, down 4.9% from a record €599.6 million a year earlier. The French technology group said lower numbers of LNG carriers under construction, reflecting weak order intake in the first nine months of 2025, weighed on current royalties. It also cited a partial reversal of earlier vessel-delivery acceleration: dates moved back toward original contractual milestones, shifting revenue by less than 2% of the nine-month total.

The softer revenue period coincided with a strong new-order tally. GTT recorded 80 orders through 30 September, including 71 for new LNG carriers expected to be delivered from 2028 to 2030. The remaining orders comprised two ethane carriers, five onshore storage tanks, one floating storage and regasification unit (FSRU), and one floating LNG vessel (FLNG). The company described this as its second-best commercial performance, while emphasizing that orders support future work rather than current-period revenue.

GTT’s core order book stood at 299 units at 30 September, valued by the company at €1.8 billion. It included 266 LNG carriers, 21 ethane carriers, three FSRUs, four FLNG vessels and five onshore tanks. The count excludes LNG-as-fuel vessels; that separate category had 40 vessels in the order book after eight deliveries. The two categories should not be combined when interpreting the 299-unit figure.

Containment-system revenue was €505.5 million, down 9.5%. Royalties from LNG and ethane carriers fell 11.4% to €467.9 million as fewer vessels were under construction. Revenue tied to FSRUs rose 83.6% to €12.1 million and FLNG-related revenue increased 21.4% to €8.8 million, reflecting more units under construction than a year earlier. Operations services declined 7% to €16.4 million, mainly because certification activity slowed.

GTT Marine revenue reached €47.4 million, up 138.2%, with the release attributing the increase to the integration of Danelec and the Safety business. That division accounted for 8% of group revenue. GTT also cited contracts with Petrobras and Petronas and a third-quarter agreement with a Greek shipowner to equip its fleet with data-collection systems and route-optimisation tools. It presented these as early commercial synergies from combining shipboard equipment with digital performance services.

The group used the September Gastech event in Bangkok to present the LNG Performance Centre, a services platform for shipowners and charterers. Its three intended areas are cargo management, voyage optimisation and containment-system monitoring. Cargo Insights, the first module, provides real-time cargo monitoring. Separately, GTT said Lloyd’s Register granted an Approval in Principle to extend dry-docking intervals for certain membrane-system LNG carriers from five to 7.5 years; it described the possible availability and maintenance benefits as a potential, subject to operating and safety requirements.

GTT confirmed 2026 targets of €740 million to €780 million in consolidated revenue and €490 million to €530 million in consolidated EBITDA. It said ship-delivery dates were realigning with contractual milestones and that it was investing additional resources in new services and digital offerings. The targets are management forecasts, not results already achieved, and the company noted geopolitical uncertainty, including disruption to energy and maritime transport linked to the Middle East conflict.

The period therefore combines lower royalties from carrier construction with a large order flow and a sizeable outstanding order book. Revenue is a nine-month flow; the 80 orders are contracts recorded during that period; and 299 units are the core order-book stock at the reporting date. GTT’s longer-term outlook depends on conversion of orders and liquefaction projects into construction activity. It scheduled publication of full-year 2026 results for 24 February 2027.