GTT announced that its first-quarter revenue reached 192.5 million euros (consensus: 190 million euros), up 1% compared to the same period last year.

In detail, performance remains mixed across segments. The GTT Energy division, which accounts for the bulk of revenue, reported sales of 178.1 million euros, down 3.6%. This was penalized by a lower number of vessels under construction, despite a sharp increase in activity for containment systems destined for FSRU (+211.8%) and FLNG (+41.7%) floating units.

Meanwhile, the GTT Marine division recorded a marked progression in activity, with revenue of 14.4 million euros compared to 4.7 million euros a year earlier (+207%), driven notably by the contribution from Danelec. Its share of total revenue has now reached 7%, up from 2% a year ago.

Middle East conflict has no impact on operations

On the commercial front, the quarter was characterized by strong momentum with 32 orders recorded, compared to 16 a year earlier. "This constitutes our second-best commercial performance ever reported for a first quarter," emphasized CEO François Michel, further noting that the Group's performance is in line with the targets announced for 2026.

GTT indeed reports that the conflict in the Middle East has, at this stage, no direct impact on its business or construction schedules.

For 2026, GTT is targeting revenue between 740 million euros and 780 million euros (consensus stands at 768 million euros) and EBITDA between 490 million euros and 530 million euros (consensus: 520 million euros), subject to the absence of significant order deferrals or cancellations.

Modest but reassuring orders

As a reminder, GTT announced earlier this week that it had received an order from the Samsung Heavy Industries shipyard for the tank design of two new LNG carriers on behalf of the shipowner Celsius Tankers.

"Modest in absolute value, this order is nonetheless important for short-term sentiment: it increases GTT's order book and maintains visible order flow at a time when the market is closely monitoring new order figures," noted Frédéric Lorec, the analyst covering the stock at AlphaValue.

GTT shares rose 1.7% today in Paris and have posted a gain of nearly 28% since the beginning of the year.