GTT Gaztransport : Activité du premier trimestre 2024 - Présentation (en anglais uniquement)

Q1 2024

Activity update

TECHNOLOGY FOR A SUSTAINABLE WORLD

19 April 2024

Disclaimer

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The market data and certain industry forecasts included in this presentation were obtained from internal surveys, estimates, reports and studies, where appropriate, as well as external market research, including Poten & Partners, Wood Mackenzie and Clarkson Research Services Limited, publicly available information and industry publications. GTT, its affiliates, shareholders, directors, officers, advisors and employees have not independently verified the accuracy of any such market data and industry forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only.

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Q1 2024 Activity update- 19 April 2024

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Q1 2024 Key Highlights

Orders and revenues

• Core business: 29 new orders in Q1 2024
• 8 additional LNGC orders announced in April
• Q1 2024 revenues: 144,8 M€, +81% vs Q1 2023

Market

• LNG demand remains strong

Innovation

• New AiPs for key technologies, notably LH2 carriers

CSR

• Publication of GTT's first CSR roadmap in
  February

Services

• Two new global services contracts with JOVO in China
• Digital solutions
• • Ascenz Marorka obtains type approval for cyber- security from Bureau Veritas for its digital solutions
  • Acquisition of VPS, a Danish company specialised in vessel performance

Elogen

• Green H2 demand supported by need for decarbonisation and new regulations
• Launch of construction of the gigafactory
• Strong R&D to further improve energy efficiency of its solutions

Q1 2024 Activity update- 19 April 2024

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Q1 2024 Orderbook: Strong commercial momentum continues

LNGC

VLEC

FSRU

FSU

FLNG

Onshore

GTT order book movements (core business)

Order book Dec. 2023	Q1 2024 new orders
296	+25
4	+4
1	-
0	-
1	-
9	-

+29

311

Q1 2024 deliveries

(11)

-

-

-

-

-

(11)

Order book March 2024

310

8

1

0

1

9

329

Order book at historical record level

Order book Dec. 2023

Q1 2024 new orders

Q1 2024 deliveries

Order book March 2024

LNG as Fuel

76

-

(10)

66

Q1 2024 Activity update- 19 April 2024

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Strong LNG demand growth by 2030 and 2040

Mtpa

LNG DEMAND OUTLOOK	LNG SUPPLY/DEMAND BALANCE

800								800																			2040 S/D Gap
																									150-250 Mtpa
					BP New
750					Momentum
700		CENTRAL SCENARIOS		Wood Mackenzie	CENTRAL		700
	CAGR 2023-2030		Q4 23	SCENARIOS
			(and Q2 23 in dotted lines)										2030 Supply/Demand Gap
650		+4.9 to 5.7%/y
			Shell			600									up to 30 Mtpa
600
550								500
					BP Accelerated	NET ZERO	Mtpa
500						SCENARIOS(1)
					IEA Stated Policies	COMMITMENT		400
450
400								300
350								200
300		BP Q1 23, Shell Q1 24, Wood Mackenzie Q4 23, IEA Q4 23
250		(1) taking into account full commitment from EU, Japan, Korea			100
			by 2050 and China by 2060
200								0
2015	2020	2025	2030	2035	2040
		2000	2002	2004	2006	2008	2010	2012	2014	2016	2018	2020	2022	2024	2026	2028	2030	2032	2034	2036	2038	2040
Strong market growth expected by 2030
			Demand range		Supply - Operational		Supply - Under Construction
• 4.9 to 5.7%/y CAGR between 2023 and 2030

Wood Mackenzie has upgraded their 2030-2040 LNG demand forecast

• + 100 million tons between the Q2 and Q4 2023 forecast

Q1 2024 Activity update- 19 April 2024

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Q1 2024: Consolidated Revenues

SUMMARY REVENUES

in €m	Q1 2023	Q1 2024	Change (%)
Total Revenues	79.9	144.8	+81,2%
		Newbuilds	73.5	133.2	+81.3%
		% of revenues	92%	92%
		LNG/Ethane carriers	66.2	122.3	+84.7%
		FSU	1.2	-	nm
		FSRU	-	-	-
		FLNG	-	0.3	nm
		Onshore & GBS tanks	1.1	0.8	-25.4%
		LNG as Fuel	4.9	9.7	+97.9%
		Electrolysers	1.5	3.0	+103.3%
		% of revenues	2%	2%
		Services	4.9	8.6	+73.8%
		% of revenues	6%	6%

KEY HIGHLIGHTS

Strong growth in revenues in Q1 2024 (+81.2% vs Q1 2023)

Revenues from newbuilds (royalties):

• €133.2 million, +81.3% vs Q1 2023
• Revenues from LNGC and Ethane carriers: +84.7%, due to higher number of LNG carriers under construction, generating additional revenues
• Revenues from LNG as fuel picking up (+97.9%), thanks to 2021 and 2022 strong order flow

Q1 2024 revenues from Elogen:

• €3.0 million, +103.3% vs Q1 2023

Q1 2024 revenues from Services:

• €8.6 million, +73.8% vs Q1 2023: Very good momentum for pre-engineering studies, Services to vessels in operation and Digital Services

Q1 2024 Activity update- 19 April 2024

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2024 Outlook confirmed

Revenue

EBITDA

Dividend

Payment(1)

2024 consolidated revenue estimated in a range of €600M to €640M

2024 consolidated EBITDA estimated in a range of €345M to €385M

2024 dividend payout of at least 80% of consolidated net income

Note: In the absence of any significant delays or cancellations in orders.
(1) Subject to approval of Shareholders' meeting. GTT by-laws provide that dividends	Q1 2024 Activity update- 19 April 2024	7
may be paid in cash or in shares based on each shareholder's preference

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Appendices

An attractive business model

supporting high cash generation

INVOICING AND REVENUE RECOGNITION

% of contract (1)

	c. 9 to12 months		c. 18 months	Delivery
10000	studies		royalties
				Ship
			launching
		Keel laying
		Steel cutting
0				Months from receipt of order
0	5	10	15	20	25
		Cash collection		Revenue IFRS 15

Business model supports high cash generation

• Revenue is recognized pro-rata temporis between construction milestones
• Initial payment collected from shipyards
  at the effective date of order of a particular vessel (10%)
• • Steel cutting (20%)
  • Keel laying (20%)
  • Ship launching (20%)
  • Delivery (30%)

(1) Illustrative cycle for the first LNGC ordered by a particular customer, including engineering studies completed by GTT

Q1 2024 Activity update- 19 April 2024

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