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Good morning, everyone. I am very pleased to welcome you all here in Paris and online today for GTT's activity update for the first half of 2026. I am here with Thierry Hochoa, our CFO. And together, we will walk you through, as usual, our key business highlights, our financials for the first half of the year and a couple of updates also on our 2 divisions, GTT Marine second and GTT Energy first.

Thierry will elaborate on our financials for the first half of the year, and I will share with you closing remarks before we open the floor to your questions.

An important figure, of course, for this first half of 2026 is the 65 new orders that we have recorded over the first half of the year, including 56 new LNG carriers, which is very much in line with what we expected the last time we spoke. Second, despite the high pace of deliveries, the sustained commercial momentum led to an increase of our order book amounting to a very high level of EUR 1.9 billion on June 30, amongst the very highest level in the history of the company.

Revenue came in as expected at EUR 387 million, EBITDA at EUR 264 million. The EBITDA margin is good, 68.1% and net income is at EUR 210 million. In view of this performance, the Board of Directors has approved the payment of an interim dividend of EUR 4.30 per share.

Now looking back at the commercial dynamics of GTT Energy. As I was saying, the first half of 2026 is very much in line with our expectations. It contrasts with H1 2025 in several aspects. First, of course, the 56 new LNG carrier orders in the first half versus only 10 in H1 2025. And an important point is that only 18 of those 56 orders are tied to FIDs taken in '25 and in '26. Second, another very good point, we announced orders for LNG-related infrastructure, 5 onshore tanks, 1 FLNG and 1 FSRU, I expect more, which confirms that our membrane technology is equally well suited for complex projects and onshore applications. Those are key areas for growth in the coming years, as you know, in addition to our core of LNGC construction, and I will come back to this point later in the presentation.

On the FID forms, as you know, the positive momentum continues after the 84 million ton per annum of new liquefaction capacity last year, we have registered 37 million tons per annum of new projects that have reached FID this year. In addition to the 37 million, we have seen 29 million tons per annum of liquefaction projects that have been confirmed in limited notice to proceed. Some people call it -- call them pre-FID. But it means that even if FIDs have not yet been formally signed, stakeholders feel confident enough to start ordering long lead items or start some civil and preconstruction work in order to speed up the construction once the FIDs are reached. And of course, all of this bodes very well for the level of activity and orders to come. Again, the vast majority of the ships for the recent FIDs have not been ordered yet.

From a geographical standpoint, the location of the liquefaction units are not the Middle East, it's mostly the U.S.A. and the Western Hemisphere. So since we talk about the Middle East, a couple of comments on the situation. Of course, since we spoke in April for the Q1 business update, the situation has remained quite volatile and highly uncertain. So we are monitoring the situation by the day. But what I can share with you confidently in line with what we said before is that the conflict has not had any impact on the LNG long-term fundamentals. That's the first part, neither any material impact on the LNGC shipbuilding business.

As a reminder, today, only 3% of the global production capacity of LNG liquefaction, in fact, have been physically damaged, 2 liquefaction trains in Ras Laffan for a total of 13 million Mtpa and exports are, yes, currently constrained by the closure of the Strait. But liquefaction capacity is available in the world and will continue to increase very fast up to -- well through 2030.

When we look at LNG prices, it is true that in the short run, supply disruptions have led to an increase in LNG spot price, quite moderate versus 2022, but it is worth noting that LNG long-term contracted prices have not increased at all by the same extent. And so our reading is that, yes, there have been some short-term disruptions in this market, not the construction market, but the LNG market that the mitigation measures that have been taken and implemented by countries have worked and that none of these questions the fundamentals of the LNGC demand -- the LNG demand and LNGC demand as, in fact, we can see with a good level of FIDs recorded in the first half of the year.

So why is this demand growing? Of course, this is what we see with the long-term revision of -- with the upward revision of all demand forecasts released in June of this year, major forecasts such as Wood Mackenzie and Shell are pointing to sustained growth in demand for LNG well until 2035 with a CAGR of at least 5%. And demand is, in fact, driven by Asian growth. It is a point that I've been sharing several times, but also with growing concerns over energy security in Europe, and also a higher intake in the MENA region to secure LNG supply.

Over the long run, the increase in LNG demand is tied to 2 things: Asian growth and the growing share of gas in the global energy mix. By 2050, as you can see on the left chart, coal and oil are expected to account for a smaller share of the energy mix, while natural gas and renewables in tandem are expected to play a larger role. And this transition towards renewable and gas is supported by several long-term factors, the abundant availability and operational flexibility of natural gas, its environmental advantages, even though it is a transition energy, it is a long-term transition energy over coal and oil, of course, including lower air pollutant emissions and it's -- the key role of gas in supporting the renewable power generation by helping managing intermittency.

On the back of these drivers and after cautious, really cautious calculations and many interactions consulting with many customers. So it's not a macro view, it's a very solid work without waiting for the full year of 2026 results, we have decided to revise our 10-year estimate for LNGC orders of our technologies. We now expect that about circa 550 LNG carrier units should be ordered by 2035 to meet the LNG demand and export growing volumes primarily from the U.S.A. to Asia in particular. Second, we have also increased our estimate on onshore storage tanks to circa 30 units. We will keep revising these estimates regularly. Also, I don't see them changing in the very near future.

Another question that we look at and that we regularly have relates to shipyard capacity. Shipyards have a key role to play in delivering the LNGCs that have been ordered. And what I can share with you, also here also in confidence is that the supply chain is solid and it is well positioned to meet the expected demand of new LNG carriers. Shipyards continue to expand capacity in South Korea, a lot with schedule optimization and debottlenecking in China in new investments, new docks, which leads to additional slots, at least 100 slots per year in 2028 according to our estimates.

In addition to this base, a number of countries -- of important countries have expressed their interest in developing domestic LNG carrier construction capabilities, including first Japan, who has a plan to revive its shipbuilding industry, which could add a handful of ships, but also for the medium term, the U.S.A. and India and a couple of other countries and GTT is involved in this preliminary or advanced discussions.

Now a couple of comments on 3 important milestones for the Energy business in H1 2026. First -- the first one is the second consecutive order for a 3-tank LNG carrier, which has been placed by the same shipowner. It's a joint development with HHI, with Hyundai. And it confirms that our pioneering design, it's really a breakthrough design is able to meet customer and end users' requirements. By redesigning completely the ship with 3-tanks, we can enhance cargo handling. We can increase the volume of the cargo for the same size of the ship by about 3,000 cubic meters. We can improve the overall performance, reduce the boil-off, reduce construction costs, reduce shipping costs and all of this through advanced engineering in good cooperation with the yard.

Second important milestone, the first half of the year was also marked by the first order of FLNG infrastructure for the U.S.A in general and it's also the largest LNG production capability -- capacity in the world with a total output of 4.4 million tons per annum. It is the eighth FLNG that will be delivered with GTT technology. This is a Delfin FLNG 1 project. It will be operated off the coast of Louisiana. It will be delivered. The delivery is scheduled for mid-2030. It is also worth mentioning that among the 29 million tons per annum of projects that have been confirmed in limited notice to proceed that I was mentioning earlier, 4.4 million tons per annum are related to a second FLNG for the same project.

Last comment on GTT Energy. The first half of the year was marked by 5 orders for onshore tanks. GTT will license our GST technology for the construction first of the 3 largest LNG storage onshore storage tank ever built in the world, each with a capacity of 240,000 cubic meters, all of them in China. We are the only company able to do so. We also recorded the largest onshore ethane storage tank, ever built in the world, with a capacity of 200,000 cubic meters and also in China.

Our GST technology is very strong technology. It offers several advantages compared with traditional onshore solutions, which are functioning for small-scale tanks, but certainly not for large tanks. In the same concrete envelope, we can allow for up to 25% additional net volumes at the same capacity. Conversely, we can allow for 40% reduction in metal tonnage as well as a significant reduction in the concrete tonnage. We have major benefits in terms of operations and environmental performance of the tanks. And last, those infrastructures are in addition to being long lasting, they are also versatile. They can be used for different liquefaction gases -- liquefied gases such as LNG, ethane, but also ammonia as confirmed by the AiPs. We have received recently from classification societies. These recent developments further strengthen our track record and they pave the way, of course, for future opportunities, not only in China, but in the rest of the world. This is one area of focus for us.

Now a couple of comments on GTT Marine. I will say here that we are well on track for the integration of Danelec, which is a success. We have presented at Posidonia 2026, our concept for a unified integrated software platform. We are receiving very good feedback from customers. In terms of operations in the second quarter of this year, we have signed a key software and hardware contract with PETRONAS, which brings solutions to PETRONAS' LNGC charter fleet ranging from data collection, performance, voyage optimization to LNG solution -- software solutions. We have signed other good contracts this first half of the year, including more than 150 Shaft Power Meters sold to various shipowners, about 50 VDRs sold to European partners.

And finally, as promised, we are able to give you more color on GTT Marine's financial metrics. We will be reporting on this activity separately, even so, there are strong synergies with the core business. The revenue for this first half of the year was EUR 31.8 million, EBITDA EUR 5.7 million, and that reflects -- that represents an EBITDA margin of 17.6%, in line with our expectations, which is a good level of margin for an activity being in the scope of integration. This is -- again, this gives us a very solid base, business base and technical base to develop fast in services in general for the shipping industry, but also for the LNGC industry in particular.

So let me hand over the floor to Thierry for financials.

Thank you, Francois. Good morning, everyone. Now let's move to the financial part of the presentation. And let's start with our order book for the first semester, which evolves as follows. As mentioned by Francois, we benefit from a very high order intake with 65 orders with LNGCs and 5 onshore tanks, as you can see on the screen. Deliveries amount to 47 units with 45 LNGCs for the first semester of 2026, 1 VLEC and 1 FSRU. This results in a strong core business order book with 306 units at the end of the first semester. Regarding LNG as fuel, we did delivery of only 5 units in the first semester. We have 43 units to deliver in the coming years.

As mentioned just before, our core business order book reached 306 units at the end of June 2026, translate into EUR 1.9 billion of revenues for years to come, of which EUR 65 million for 2027 and EUR 603 million for 2028 of revenue already secured, as mentioned in the graph at the bottom right, where you can see the consumption and flows of our backlog in the years to come in terms of revenues. This gives us a very strong visibility and confidence on top of the commercial momentum.

Now moving to more details on the revenues by activity. Revenues are almost flat year-on-year for the first semester of 2026 at EUR 387 million for the first semester. This is mainly due to a lower number of LNG carriers under construction and a high comparison base in 2025, resulting in a slight decrease of GTT Energy revenue. This is partly compensated by higher revenue of GTT Marine linked to Danelec's acquisition -- compensated -- sorry, acquisition, which not contributing last year for the revenue of the group. This division of GTT Marine now accounts for 8% of group revenue. One comment on electrolysers or hydrogen revenues, which are down as Elogen is continuing its transition and repositioning.

Sorry, let's continue with the other main aggregates of the P&L, in particular with EBITDA. Our EBITDA remains very solid at EUR 264 million. This is mainly explained by our operating leverage, explained by the absence of significant delays in ship construction schedules, but explained as well by the close monitoring of our cost.

As a consequence, the EBITDA margin remains at a very high level and amounts to 68% in H1 2026. Our net income at EUR 210 million. This means an improvement of 10% -- of 17%, sorry, compared to 2025. And this is mainly due to a comparison effect with our one-off cost that we booked last year for the restructuring of Elogen.

One comment on our cash position. As you know, we financed the Danelec acquisition with cash and debt, and we still have EUR 90 million of financial debt in our books. This brings our net cash position to EUR 295 million at the end of June 2026. This is, of course, after the 2025 dividend balance payment for EUR 183 million. And on that subject, the Board approved yesterday the payment of 2026 interim dividend at EUR 4.30 per share to be paid later this year in December.

I now hand back the floor to Francois for the 2026 outlook and the conclusion.

Thank you, Thierry. No, no. I need the next page. Yes, thank you. So a couple of comments on our outlook. We are, of course, confirming our guidance for the year 2026. As a reminder, we expect revenue to be in the range of EUR 740 million to EUR 780 million, where EBITDA will be in between EUR 490 million and EUR 530 million. And we will maintain scrupulously our dividend policy that has been a commitment since the IPO. We have no intention to change this at all.

A few takeaways before taking your questions. The commercial dynamic is the one that we expected, but it is very good. 65 orders in the first half of the year. We are currently on the record level of order book. I expect more. As explained, LNG demand is solid for the medium term. It is resilient. It will keep increasing over the coming years. Of course, we are closely monitoring the situation in the Middle East. But so far and while we are cautious, we have not seen direct impact on our business or at least any material or significant impact beyond the anecdotes. The 84 million tons per annum of new liquefaction capacity decided last year, the 37 million tons decided this year, the 29 additional of pre-FID projects that we expect will drive the need for new vessels to transport new volumes that will come online for the -- in the next couple of years.

We will build on this momentum and leverage our strength on this market and our track record, our 60-year track record in this industry to bring more value for our customers first, but for all shareholders and all stakeholders in general. This will be done with the 2 divisions that we have now well in place and which are working in a very synergetic manner around the priorities that I was -- that I shared with you earlier. One is accelerating the core business innovation close to our core business, close to our customers, and you have seen examples of that. Developing a service offering built around our digital offer. And third, improving our value proposition with turnkey solutions on a couple of markets for a couple of applications, including some onshore storage and LNG as a fuel.

Thank you for your attention.

[Operator Instructions] Thank you.

For those of you who are online, we will take the question from the room first, and then we will take your questions.

Henri Patricot from UBS. The first question is on the long-term outlook, the 10-year forecast that you give us for LNGCs at around 550 units. Could you share some details on what underpins that number? What's your assumption around replacement, and the size of the LNG market that you use for that forecast?

And then secondly, on the deliveries for 2026, I think you're now expecting slightly below 100. I think at the end of the full year results, you had a bit above 100. Just wondering if there is some slippage because of the Middle East or if you're just being a bit more conservative with deliveries for this year?

Thank you. So the 550 long-term estimate that we are releasing is a solid estimate. It consists in 3 parts. First, when we look at the ships that need to be ordered for FIDs that have already been taken, we find a total of and by doing micro work, we find a total of 250 ships that need to be ordered for existing liquefaction -- FID liquefaction capacity, liquefaction trains that are being built today. That's the first bucket.

Second, we have made an estimate of new FID trains that will be most likely ordered in the coming years, that includes the 29 million tons per annum of limited notice to proceed or pre-FID projects that I spoke about earlier. And that gives me a total of, let's say, 150 to 200 ships for the second bucket, depending on how you look at it. The average shipping intensity for this, of course, we have to look at where those projects are and what is the likely customer base. But the average shipping intensity, we have taken a conservative approach of keeping it to about 2, which is around the shipping intensity today, the number of ships for 1 million tons per annum of liquification capacity is about 2. So that gives me 150 to 200.

And third, we know that over the coming 10 years old ships, and we have a list of all the ships. We know very well which ones are getting old; in particular, the old steam turbines and diesel ships will need to be retired and replaced. And here, we have taken an assumption of 150 to 200 ships to be retired. So if I take 250 plus 150, plus 150 in general, I find about 550 ships to be ordered in the coming decade. That's the base for the estimate.

Second, your question on the pace of delivery. We don't see any slippage in the pace of delivery. We are looking very closely at whether or not there could be an impact of the Middle East disruptions on the supply chain upstream from yards. I cannot say in general whether there could not be any impact, in particular on electronic components or anything like this that is beyond what I can say. But what we know is that from our deep engagement and direct engagement from myself with suppliers, for the moment, we don't see and we don't expect any deliveries. So there is no direct impact of the supply chain of the Middle East conflict on the ability of the yard to build and deliver ships. And when I share this with other member of the industries or other companies in the shipbuilding industry, this is also their analysis.

Now there is some degree of, I would say, a lot of noise around exactly which -- how many ships can be built in a single year. So that we have not -- there is no slippage whatsoever in our forecast. It's a standard noise.

Jean-Luc Romain at CIC CIB. You had very successful orders in the services business, GTT Marine. If we would compare to the order book of EUR 1.9 billion you have for GTT Energy, how much do these orders represent in terms of turnover to be booked by you in the next few years?

You discuss about services and of the correspondence regarding our backlog. I think that today, we have EUR 11 million of services. Last year, EUR 23 million. And definitely, based on the discussion that we have with GTT Marine to have a solution on LNG or digital LNG, we expect to have more revenue. We do not discuss today this potential of revenues. But definitely, if we are working on this aspect and to have synergies with GTT Marine and the Danelec acquisition, it's not to have only EUR 23 million that we booked last year. Definitely, we expect to have more and more revenues, and we will present at the beginning of September solutions during the Gastech Exhibition, and we are working on the business plan on it, and we expect to have not a guidance, but to have some key elements to share with you when we will have this solution. But first, the product and after -- and solution and after the business plan.

Kevin Roger from Kepler Cheuvreux. I have 3 questions, if I may. The first one is on the order intake, LNG cargo. You mentioned 56 units, of which 18 are related to '25, '26 FID. The gap, the roughly 40 units, do you have a view if it's speculative replacement or even, let's say, pre-'25 FID? Just to understand the 40 units, what are they related to?

The second one on GTT Marine, Thierry, is there any tools or guidance, whatever that you can share with us on the organic growth, excluding the acquisition of Danelec, just to understand the dynamic.

And the third one, is there any update that you can share with us on the new strategy, if I can call it like that, on Danelec for the LNG cargo all the services that you want to create around the cargo?

You take the first and third. I take the second?

Yes.

Okay.

I will start with your question on the order intake for 56. It's hard for us to know exactly what is speculative or what could be speculative and what can be related to previous projects. What I expect is that the vast majority is related to pre-FID projects. But I don't have exactly the details. We just don't have it. But it's a good question. Of course, we ask ourselves exactly this question. But I don't expect that the speculative investments are significant in a way that it will change the overall balance between what is directly related to current FID projects and the past. It's mostly for the past.

Second, I mean, your third question was about our strategy to build basically synergies between Danelec and in fact, the digital part and our LNG historic activity. We are very confident about the fact that integrating hardware and software and data collection and data handling capabilities as part of our offer, technical service offer, for the operations of the ships and for optimizing the maintenance of the ships can create a lot of value. For this, we need a number of bricks, developing a good LNG specific software platform for the full LNG fleet of LNG carriers in the world is one of such bricks. It's one important element as part of that. We will release this software or at least some of it before the end of the year. So that's one important element. And there are a number of other elements in the service strategy that we are working on very actively and that we will be releasing before the end of the year.

Kevin, regarding your second question, within GTT Marine, you know that we have 2 divisions. The first one is Data and Performance, the previous Ascenz Marorka legacy for software. And the other division is the Safety and Monitoring for Danelec with the black box, mainly the black box of the vessels. Regarding the black box and the Safety and Monitoring division, we expect the CAGR is around 5% within 5 years. That's internal studies, but external studies as well. And for the Data and Performance is around 12%, that's the CAGR, that's the percentage I can share with you. And we expect to capture a large portion of this market because as you know, and we discussed about this topic previously, the acquisition, our ambition is to be a leader on these different areas and because when you are a leader, you can monitor your price, your -- the pricing power. And definitely, we expect to have to capture a large portion of this market.

The synergy, I mean, what I was referring to on the building up the service business for LNGC comes on top of that, where that is really -- Danelec is a game changer for us because it gives us a base of activity that allows us to develop a service business. And you have seen in the accounts that for the moment, our service offer is not material enough. So that is the trigger if you want to develop over the long run, a very compelling case for the service business.

Jean-Francois Granjon, ODDO BHF. Three questions from my side. The first one, if you come back on the onshore tank business market, you mentioned an acceleration for this business, mainly in China, in Asia. Could you give us a overview on the market, the size of the market, the trend expected, the growth expected and what do you expect for your own business? This will represent a huge business in the coming years for the company.

The second question concerns the margin of GTT Marine. You mentioned 7.9% EBITDA margin. You expect an improvement or do you expect, yes, potential improvement for this business to be more or less more than 20%?

And the last question regarding the guidance. Despite a pretty good first half with a flat EBITDA level, why do you not improve the guidance? Do you expect a little bit decrease for the EBITDA for the full year despite the flat level for the first half?

Thank you and I'll answer you on the onshore tank dynamics. So today, it's true that the majority -- I mean, first, we have delivered about 50 onshore tanks in the world in Asia-Pacific historically, but also in Europe in a number of countries. And this over 40 years we have a long experience of onshore tanks. We have seen an acceleration for large onshore tank demand in China today, who is building up large onshore capabilities and storage capabilities. We know that the overall market for large tanks is about between -- of course, between 10 and 20 units every year.

For the moment, for, I would say, industrial reasons and a question of how we structure our affairs, it's not a market that we have pursued aggressively because we have been just in the position of a licensor and we have not marketed our -- neither nor brought to the market our GST technology with the same level of activity as what we have done on the LNGC market. So we expect that we will be taking a couple of tanks every year. I look forward to taking the first orders of tanks outside China, building of the very good track record that we have recently in China and over the long run in the rest of the world as well.

Of course, how much it will impact the P&L will depend on how much responsibility we take for those onshore tanks. I will never enter into an EPC. We are not in the world of an EPC, but we can take a little bit more responsibility than just licensing the technology on a case-by-case basis. We will do it cautiously. And I'm very confident about our ability to build tanks outside China in the coming years.

Jean-Francois, thank you for your question. I recognize the question. First, regarding the GTT margin EBITDA margin -- and the EBITDA margin at 18% is definitely in line with our expectation, but we expect to improve this EBITDA margin. We have this level of EBITDA margin because you need to consider integration cost because we bought this company last year, last summer, in August. And we have a significant program of integration to create only one based solution and the platform solution, sorry. So that's why we need to spend energies and time and cost and the cash on it. So that's why we have this level of EBITDA margin, and we expect to increase definitely. That's the first element.

Regarding your second question and the guidance, we have very robust figures that you mentioned at the end of June. You know that we are very cautious regarding our approach of our guidance because when you have delays in ship construction schedules, definitely, we can have an impact on our figures and EBITDA. And until the last minute we don't know the situation and the evolution of the situation. And so that's why we are very cautious. If we need to revise this guidance, it will be in October. And since I arrived in GTT 3 years ago, we have revised this -- we've always revised this guidance in October and not before to consider the evolution of the situation and because we are very cautious.

Guillaume Delaby, Bernstein. Two housekeeping questions, if I may. The first one, could you shed some light about how many million euros your initiatives to drive up services could represent?

And second question is on Elogen. Could you share with us what has been the loss in Elogen in H1? Or maybe can you share with us how many people are currently working on Elogen?

On services. So we are investing -- no, I will answer your question in 2 ways. One is that, of course, we want to increase our sale of services in a material manner, so in a way that will impact the P&L of the company. So I'm not talking about just small money. It will take some time. And so we have to be reasonable regarding the timing, but we are talking about something that will impact the P&L of the company, I hope in a material manner.

Second, how much money we are investing right now in developing new services, I would say, in between EUR 5 million and EUR 10 million for the full year. So a sizable investment at our scale.

Regarding Elogen, Guillaume, we do not guide the figures per BU. And we have -- we make a lot of efforts regarding GTT Energy and GTT Marine, and you can recognize that, I guess. And for Elogen, in 2024, I remind you the losses for EBITDA level were EUR 33 million. Last year, EUR 16 million, and we expect to have less for 2026.

Regarding the people, this company counts 100 people -- 110 people last year. And this year, at the end of June, it remains 45 people.

If we don't have any more questions in the room?

Just another question on Elogen. I think the press release mentioned the subvention that was received. Could you tell us how much it was? And what are actually your R&D ambitions for Elogen? And what are your aims in the future for this R&D? What should it bring about in terms of revenue?

Thank you for your question. Regarding the subsidies, we received EUR 12 million at the beginning of this year based on 2024 eligible costs. And we do not require additional subsidies for Elogen. And it means not -- because we are continuing definitely our R&D program, but we have a clause regarding the hiring of people to continue a program. So that's why we decided to accept this EUR 12 million, but to stop requiring or requesting subsidies due to the fact that we do not have the criteria of headcount for the future.

Regarding your question on the technology, Elogen has a very good technology. The hydrogen market is a market that I know well from my experience. What is -- so we keep investing in small scale, I would say, containerized stack which have a very good potential for industrial applications, not large-scale applications for hydrogen generation units for, let's say, at the unit at the power side, but more for industrial size projects. It's true that this market is uncertain and volatile in the very short run. But so we are cautious when it comes to forecast -- commercial forecast. But this technology works well. We are expecting to take a couple of -- handful of projects in the coming quarters or years. And that's enough to sustain the activity in developing this technology. And we know that hydrogen is a marathon. It's not a short-term project.

Okay. We still have a couple of questions coming from online unless someone in the room wants to ask a question.

I got my answer on subsidies, so it's okay.

So question from online it is.

So the first question from the conference call is from Guilherme Levy of Morgan Stanley.

Firstly, of course, we were given more color on the expectations for new orders over the next 10 years. I was wondering if you also have new thoughts on the balance sheet with incremental confidence on the next decade and being a very stable business. Does GTT still need to operate with a net cash position over the coming years? What prevents the company from increasing further its dividend payout policy in the remainder of the decade?

And then secondly, going to LNG as a fuel, any update on the revamping process of this business line? In the first half, there were no new orders of LNG as a fuel. Is that part of the strategy deliberately not getting new orders into the business line strategies fully revisited? Those were my questions.

Okay. Regarding the cash position and the impact of new orders, definitely, regarding the level of new orders that we receive this year and in the coming years, we expect to increase this cash position and to receive cash in advance because we have a model to recognize revenue after receiving the cash. It means that we are going to improve our working capital first and our cash position at the end, definitely regarding the level of orders that we expect in the coming years.

Regarding your question on the LNG as a fuel. So I mentioned earlier that we had a strategy to totally revamp our offer for LNG as a fuel systems, which in fact will come in steps. So we will first work on LNG as a fuel, I would say, turnkey offer to be able to bring tanks in a very easy manner to shipyards, but we are also working on the core technology of our systems to make them easier to install and cheaper. So in the short run, I don't want the teams to run around and to push things on a highly, let's say, in a very aggressive manner in terms of price. That's not our business. Our business is to deliver good solutions with very good value for the shipyards. And so I am very confident about our ability to take a better position on this market gradually from 2027 onwards.

That makes sense. If I could just squeeze in one more just for housekeeping purposes. There was a slight mismatch between the amount of taxes expensed and taxes effectively paid this quarter -- this half. Should we expect a catch-up too in the second half of this year?

Regarding the level of tax, you know that we have a specific regime in France because based on our innovation and R&D program, it means that the consequence is we have a tax credit for this innovation cost. That's the first element. But we pay taxes in China, in South Korea as well because we have resulting tax based on our revenues. And it means at the end, we have a balance between the resulting tax paid in China, in South Korea and balance with the tax credit that we receive in France regarding our R&D and innovation program.

The last question from the phone is from Richard Dawson of Berenberg.

Two from me. Firstly, on the replacement market, when do you expect there to be material orders coming from the replacement market? I assume most of the sort of near-term orders are coming from those LNG volumes under construction, but replacement market is still a large volume.

And then secondly, on the GTT Marine business, as you look to grow that, are there further inorganic opportunities that you're currently evaluating? Or will most of that growth be organic if we assume Danelec is now starting to become organic?

Thank you. Of course, the replacement market will increase gradually as the fleet is aging. So we know very well that, let's say, 200 ships will be with very old engines and more than 25 years old by 2030. So that is a very strong factor for the forecast. However, what we see is that we already saw 15 scraps last year plus 4 conversion. And we saw this year already, I would say, between 8 and 9 ships being scrapped already this year. So we know that with the scrapping, the replacement cycle starts today. So I expect a handful of ships being replaced in the coming years, perhaps starting in '27 and then it will gradually increase. That's for the sequence of the replacement market. We are cautious on this. It's after careful thoughts and modeling that we released our estimate of 150 to 200 ships to be replaced over the coming decade. It's not an aggressive forecast.

Regarding your question on the inorganic growth for the digital business. So first, what I said before is that what we have already assets in the company, GTT Energy, on the one hand, all the know-how on gas, thermodynamics and containment. And second, with the base that we have acquired with GTT Marine is enough for us to deliver good growth in the coming years, solid growth in the coming years and a lot of synergies by developing a service offer. So that I don't need anything more in terms of skill set. I don't need any additional -- any addition to this business.

So is the company completely closed to nonorganic operations to M&A activities? In general, I prefer partnerships than just outright purchases because they can create value in the very near term with people who are experts in their domains. But if we saw files which had compelling reasons, of course, we would look at them in a very cautious and careful manner, I can tell you. So -- and we have no plans whatsoever in the short run. I can also share that.

That's clear. And maybe if I just have a quick follow-up on the synergies because you spoke in the release about achieving some synergies already with Danelec for some of the cross-selling. And I think you identified EUR 25 million to EUR 30 million of synergies by 2030. Are you able to provide an update on the progress towards those?

Okay. Regarding synergies, we have 2 kinds of synergies for Danelec. The first one, that synergies that you mentioned between EUR 25 million, EUR 30 million, and we are on track regarding these synergies today. And no doubt that we will achieve this target because we have a solid basics for Danelec and Ascenz Marorka legacies. That's the first element.

And the second synergy that you need to pay attention is the fact that we are going to have synergies with GTT Energy because we will develop services based on the LNG digital that we found in Danelec regarding the data collection, it's very key elements for our strategy for GTT Energy and services. So that's why we have not yet measured this part of synergies, but we need to consider these 2 kinds of synergies regarding this Danelec acquisitions.

Gentlemen, there are no more questions from the room -- from the conference call. Thank you.

Well, unless there are any more questions, I would like to thank you for the various questions, your attention and wish you all a very good summer and safe summer.

Good afternoon. This is the conference operator. Welcome, and thank you for joining the GTT First Quarter 2026 Activity Update Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Francois Michel, the company's CEO. Please go ahead, sir.

Good afternoon, everyone, and welcome to GTT's activity update for the first quarter of 2026. I am sitting here in Paris with Thierry Hochoa, our CFO. And together, we will walk you through the usual key business highlights, but also our revenue for the first quarter.

The agenda for the presentation today is the usual one. I am sure that you have noticed that we now go with a new setup, hence, first introductory point to further explain what lies behind the One GTT brand. I will then provide you with a business update for our key activities, meaning the GTT Energy and GTT Marine divisions. Thierry will elaborate on our revenue for the first quarter, and I will then share with you closing remarks before we can open the floor to your questions.

So first, the One GTT brands. This new organization, which is as you know emphasizes the fact that GTT is now at a turning point following the very successful acquisition of Danelec last year and taking into account our ambition, which we have explained to further develop the core business, but also associated services. It was very important for us and for our customers to bring all teams together under a clear vision, but also a clear structure. So the creation of 2 divisions, GTT Energy on the one hand and GTT Marine on the other, thus provides greater clarity on our activities to our customers and to our staff. It fosters the execution of our strategy to, of course, keep the core business running but also to ensure the success of our service approach to the shipping industry, in particular, in the LNG.

I have already set very clear operational targets for these 2 divisions. For GTT Energy, it is 3 priorities: accelerate innovation, strengthen our service offer and revamp our LNG as a fuel and onshore offers. For GTT Marine, the priority is to deliver on the synergies, combining the hardware and software solutions that we have now in this division, and you will see the first results of this strategy. We have also put in place a hub of advanced technologies to put together in the same -- under the same roof, all breakthrough technologies and venture capital.

Let's turn now to our first activity, GTT Energy, very much in line with our expectations and with the messages that I had delivered at the annual results and in line with the growing need for new LNG carriers. In Q1, our order intake continued its upward trend. We have announced 29 LNGC orders in the first quarter. It marks our second best Q1 commercial performance after the 2022 record year. We are close to that level. We have also received 2 orders for very large ethane carriers, each of 100,000 cubic meters capacity and one onshore storage tank. This momentum, which I had announced, has continued despite the situation in the Middle East. We have registered 8 LNGC orders just in March and the momentum, I can tell you, continues to date in April.

We are, of course, closely monitoring the current situation in the Middle East. To date, and I will come back to this point, this conflict has no direct impact on GTT's business activity, meaning on orders and on deliveries. And if you look at deliveries year-to-date in Q1 22, LNGCs have been delivered versus 23 last year, so a level which is totally equivalent.

Now let's turn to the impact of the current situation in the Middle East on LNG global production capacity. As we all know, the closing of the Strait of Hormuz has heavily disrupted the energy and the shipping markets because about 20% of production volumes are nonavailable today. But if I now look at the production capacity, today, only about 3% of the production capacity in LNG has been damaged with the drone attacks on Ras Laffan. As you know, 2 liquefaction trains have been hit. We know that this infrastructure will restart. It will take perhaps a couple of years. Some people say between 3 and 5 years. It could be faster than that, but who knows.

I would like to underline, however, a couple of things that, first of all, the situation does not slow down or undermine the need for new vessels to export future volumes associated to FIDs. And if I look at the additional capacity, which is expected to come online by 2030, it represents 180 million tonnes per annum of additional capacity, which is 40% more than the production level today, most of this coming from the U.S.A. And of course, all of this will require new vessels.

Now if I look at the FIDs that can come on top of this already high level of FIDs that have been taken, you have the list on the screen. The list of FIDs that are likely to reach -- to be taken this year or in '27 confirms the greater exposure of the overall LNG production to the U.S.A. and to other regions than the Middle East. And as a reminder, this year, 23 million tonnes per annum of FIDs have been taken, including in Qatar and in the U.S.A., and we start the year after a record level in 2025.

Now if we look at the shipping routes and the shipping intensity, what you see is that the war confirms that energy security risk will remain persistent. Indeed, the closure of the Strait of Hormuz calls for greater flexibility to ensure energy security and all this at the most reasonable price possible. And we know that some countries with significant exposure to Qatar such as India, Pakistan, Bangladesh; I could mention Taiwan, Singapore, Korea, China, but also in Europe, Italy, will need to diversify their source of LNG. So looking ahead, what we anticipate is that we anticipate that heightened scrutiny on the LNG supply diversification, which could possibly result into a higher shipping intensity over the long run. But we also anticipate the need to create more buffers in the LNG capacity in storage in particular.

Now let's move on to our second activity, GTT Marine. The GTT Marine division won new contracts, very good contracts, both in the Performance Solutions and in the safety units. As for safety, GTT Marine has secured new accreditation from 2 new oil majors, which is a prerequisite to expand its addressable offshore fleet, very good news. And second, we start to leverage our broad customer base to sell more of the systems in performance, so for performance solutions, meaning adding performance and voyage optimization to initial data collection.

And consistent with the strategy, we have, in particular, signed a new contract, a very good contract with Petrobras a new customer to equip up to 120 vessels with combined hardware and software solutions. Third point for this new division, the integration of Danelec in the GTT Group is progressing as planned, and we are well on track to deliver the synergies that we have announced. Let me now hand over to Thierry Hochoa, our CFO.

Thank you, Francois. Good afternoon, everyone. Now moving on to the financial part of the presentation. Let's start with the order book. Continuing the commercial dynamic seen in the fourth quarter of 2025, GTT recorded a total of 32 orders in the first quarter of 2026. They include 29 orders for new LNG carriers and 2 VLEC, very large ethane carriers and 1 onshore storage. Their delivery is scheduled between the second quarter of 2028 and the fourth quarter of 2029. This is our second best first quarter commercial performance.

Over the period, 22 LNG carriers were delivered, a similar level with the first quarter of 2025, around -- not around, but 23 LNG carriers delivered last year for the first quarter. Finally, our backlog at the end of Q1 2026 remains very solid with 297 units for the core business and 46 units for LNG as a fuel.

Let's look into more details at revenue by activity at the end of Q1 2026. Total revenues at EUR 193 million are up 1% compared to Q1 2025 and driven by new builds standing at EUR 173 million, meaning minus 4% compared to last year and mainly impacting from lower order intake in 2025, driven by revenues from services increased by 28% at EUR 5.4 million, thanks to a higher level of assistance to vessels in operations and pre-engineering studies. Regarding GTT Marine, revenues increased by 208%, thanks to the contribution of Danelec acquired last July.

I now hand the floor back to Francois for the outlook and the key takeaways.

Thank you, Thierry. So in the absence of any significant order delays or cancellations, we can confirm today our 2026 objectives. Our estimated 2026 consolidated revenue ranging between EUR 740 million and EUR 780 million, our estimated EBITDA ranging between EUR 490 million and EUR 530 million. And of course, we can confirm that the dividend policy will remain unchanged.

So a couple of takeaways after this first quarter and before we move on to your questions. The first quarter is very well in line with our expectations and I think what we had announced at the annual results. We have seen a sustained level of orders recorded at the end of 2025 continued despite the geopolitical situation. And in fact, it even accelerated. We saw revenue for the first quarter slightly up versus last year, which is somewhat good news, but well on track. And we also saw a growing contribution of GTT Marine with commercial wins consistent with our combined offering, combining hardware and software solutions. Again, as of today, and we are cautious, but as of today, the conflict in the Middle East has no direct impact on GTT's business activity.

Thank you for your attention, and we are very happy to take your questions.

[Operator Instructions]

The first question is from Matt Smith of Bank of America.

I had a couple, please. I think last time we spoke, you talked to around 150 orders to come through over the next few years, perhaps next couple of years as a result of FIDs already taken on LNG projects. I guess my question really was, have your assessment on the pace of those orders coming through. I think you referenced largely in a 2-year time period. Has that assessment changed at all? Does the excess of Qatari vessels make any difference to your assessment there? That would be the first one, please.

And then the second one would be turning to digital on Marine. You point out that this is now 7% of group revenue, so quite significant. I just wondered if you could add some color, latest thinking how material could this be by 2030, perhaps in terms of group contribution? Or what's the sort of growth rate that we could see with the benefit of the acquisitions, the synergies? Any additional color there would be useful, please.

Thank you. So regarding the pace of the order intake, we have no information whatsoever today regarding a slowdown of the pace of those orders following the FIDs of last year. And the majority -- what I can say is that the majority of the ships related to the FIDs of last year still need to be ordered. So after the end of Q1, and of course, it's a little bit difficult for us to mark exactly where the -- for which FID the ships are ordered, sometimes we don't know. But from the 29 ships that have been ordered in the first -- Q1, we know that 10 ships are nonchartered, 19 ships are chartered. And from those chartered ships, only 5 are related to the FIDs from last year. So the majority of the volume that we have discussed about still needs to be ordered in the coming 2 or 3 years, I mean, with the usual uncertainty.

Second, regarding digital, we are exactly on track with our budget after the first quarter. We will report on this Marine division because it includes, in fact, Marine hardware and digital solutions at the end of the first half of this year. And we are also on track to deliver the synergies of EUR 25 million to EUR 30 million expected at the end of 2030. So today, our vision is that this division, of course, without M&A, but could represent 10% to 15% of the group revenue, perhaps a little bit more, but that's the vision today.

The next question is from Guilherme Levy of Morgan Stanley.

The first one, just thinking about secondary implications to your business from the current conflict. If we think about an environment in which the oil prices stay higher for longer, how would you think that could increase demand from shipowners for performance improvement solutions on your Marine business? And then secondly, maybe a question related to that, but on LNG as a fuel, what could be the potential in the first years if oil prices stay, say, at spot over a prolonged period of time?

Thank you for the questions, which are hard questions. In our view over the long run, it is clear that there will be longer LNG routes and also longer periods of storage and buffer storage that will increase the need for low boil-off rate and additional performance solutions, as you point out. I am not -- at least this is what we assess at the Board level. I am not yet able to put specific figures based on that, but this is the trend that we see. And I hope that I can give more specific indication after the first half of this year.

Regarding LNG as a fuel, today, we believe that the move towards LNG as a fuel is primarily due to environment concerns and that this trend will continue. I have asked the teams to totally revamp our offer of systems, including to be able to have prefabricated systems delivered on the shipyards, but also turnkey solutions, including fully installed solutions. And so the question for us is probably less a question of market evolution than a question of penetration of our solution, where I believe we can get a lot of business. So it can be very significant, but it will take me a couple of quarters to revamp the offer and to present it -- to present a fully revamped offer, new technology and new commercial systems before the end of the year. That's for sure.

The next question is from Richard Dawson of Berenberg.

Two from me. So good to see no direct impact from -- on GTT from the Middle Eastern conflict yet. But is there a risk that this could change if the duration of the conflict extends further? So can we maybe see some of the Middle Eastern clients asking for construction or deliveries on those vessels to pause as those LNG projects start-ups are delayed. So particularly the Qatari volumes from [ NFS and NFE ]. Is that potentially at a risk? And then secondly, just going back to the structuring of the business. So what does that really mean from an operational point of view? Will there be separate management teams running GTT Energy and Marine, for example? And can we maybe get more disclosure on profitability between the 2 segments?

I would say -- so thank you for all your questions. Regarding the direct impact, what I mean is that today, for instance, you have very indirect impacts on our ability to conduct business, such as logistic constraints to travel to the region, for instance, to engage with customers. And so of course, if the situation were to stay -- to last for a very prolonged time, at some point, we could expect some logistic delays or just issues in interacting with customers or supporting the customers in the region.

But it's very important to see that today, there has been absolutely no indication whatsoever of any slowdown of construction, no cancellation of FIDs nor of ships. And to the contrary, the indications that we have received from Qatar is that they ask more the engineering companies to be able to restart as soon as possible the construction and the buildup of the capacity in Qatar so as to offset at least partly even in the short run, the capacity that has been damaged. So we have no indication whatsoever that there is a long-term delay.

If there was a delay, it would be -- an impact, it would be, in my view, very indirect such as disruptions in the supply chain, in particular, in electronic components because to deliver ships, you need electronic components, but we are not yet there, I believe so and far from there.

Second, yes, in terms of new organization, for me, it means 2 business units, of course, one which is very much larger than the other one as we speak. But the Marine activity is a fully operational business unit with its management well in place with clear operational priorities. We will report on the results. It has a CEO, a CFO and a management team. Regarding GTT Energy, for the moment, because of the size of the business, in practice, I run this division myself together with the management team of the group.

The next question is from Kevin Roger of Kepler Cheuvreux.

The first one is a kind of follow-up on the order intake dynamic. Basically, Q1 has been very good, and you implicitly say that you still need to have a lot of orders for 2025 FID project. So do you expect in a sense to be able to replicate the Q1 commercial performance over the next few quarters? Just to understand what you expect as a dynamic, which is quite important in a way for the share price reaction.

And the second one is also on the, let's say, long-term outlook because when we look at the implicit comment that you made from the Middle East, which is basically new LNG project, diversification, possible increase in vessel intensity, more buffer, et cetera. Can you give us a bit of color on what it makes as an impact on the 10-year market outlook? And if you can, in a way, precise a bit the famous EUR 450 million plus, plus number that you provided at the full year earnings. If you have a bit of sense or a bit more color on where you think this number can land?

Thank you for your questions. So regarding the order intake dynamic, as you know, we cannot guide on orders and certainly not on a quarterly basis. But explicitly, I can say that the vast majority of the ships that need to be ordered after 2025 record level of FIDs, and in fact, the FIDs of this year, have not been ordered yet. And I still expect today those ships to be ordered in the coming 2 to 3 years with the usual pace.

So yes, I would not be surprised if the implication of that would be good quarters in the coming years. So that is mechanical. But I cannot guide on a specific level or normalized level quarter-by-quarter, in particular, in the current context because some orders could shift from one quarter to another, and that would have no material implications regarding our medium-term business model.

Regarding the need for more diversification and more buffers. We know talking directly to governments in Asia, I just come back from Asia. We know that when we talk to the Indians, for instance, we know that there will be more buffers from those countries, meaning more storage. This is clear. So there will be more floating storage and more onshore storage, more strategic storage of LNG in the region, but also a need to diversify the sources of gas. If you take a country like India, 60% of the Indian gas is coming today from the Middle East. It's, of course, a situation that must be controlled with more buffers, but also with more diverse routes. And so that implies a number of additional ships to be ordered over the medium term. That is our assessment today.

And it's -- this effect is material. So it's not a marginal effect on the overall volume of ships. Now can I revise the overall estimate of how many ships will need to be ordered over the next decade? We, of course, have an idea, but it would be, let's say, not cautious for us to release the figure today in the midst of the crisis in the Middle East. And so we will do it most likely, I believe, in the first half of next year when the crisis is over and when the situation is completely stabilized because we are looking at a long-term cushion.

The next question is from Henri Patricot of UBS.

Two questions from my side. The first one, following up on LNG as a fuel. Just wondering if you can give some comments on the outlook for orders for this year. I mean you mentioned that you're in the middle of revamping your offers. Does that imply that we shouldn't expect many orders this year or perhaps more coming next year? And then secondly, to follow up on the comments on the long-term outlook. Do you have any concern that the current events and disruption to LNG flows coming quite soon after the disruption that we saw back in 2022 with the Russia-Ukraine war could have a negative impact on the long term on LNG demand as the fuel is perhaps not seen as reliable as it could be for some of the buyers?

We are working on a good number of projects for LNG as a fuel as we stand today. So we have a good technology, which many shipyards can use. And so we are working very actively. What is true is that we would like to increase the penetration further because we know that in the majority of cases, LNG as a fuel can be used with membrane containment system, which is not our historical market share. So it is more, let's say, a plan to win aggressively market share in this area. And yes, of course, I expect an acceleration of the sales between this year and next year and the year after. So yes, that's totally true.

Second, regarding the long-term outlook, for me, the question is less the question of LNG that it is the question of investment in the Middle East. The Middle East, in general, has been seen as a haven, as a very safe place to invest, not only for energy, but also in a couple of other areas. It's clear that people will take a buffer when they source energy from the Middle East, not only gas. But what we try to show in the presentation is that, in fact, the largest dynamic that we see in the coming years is indeed coming from the U.S.A. And so we see that the implications -- the overall implications of the situation can be a much more diverse source of LNG, much less concentrated.

Clearly, no country is buying 100% of their gas from a single country, whatever is this country, but also longer shipping routes and more buffers. This is our situation now. I have not heard of any country, in particular in Asia, which is the largest dynamic in demand that they are thinking about not investing anymore in gas. That's not at all the situation today. It's not the situation.

The next question is from Jamie Franklin of Jefferies.

Just one left from me. So if I look at your order intake through the first quarter, obviously, about half of those were announced prior to Middle East conflict escalation, about half after that during March and onwards. But presumably, a lot of these were already in advanced stages of discussion prior to the conflict. Could you help us give us -- get a sense of kind of how many of the 1Q orders were from discussions that started post conflict? Or in other words, if you've seen any sort of acceleration or deceleration in inquiries for new orders?

Thank you. It's a good question. The majority of those orders, of course, have been discussed for a couple of weeks or a couple of months, in fact. So the cycle for us is long, and we don't see any deceleration of the discussions regarding the pace of orders. And so we don't expect a slowdown of orders in the coming quarters, if that answers your question. I hope it [ doesn't ].

[Operator Instructions]

The next question is from Jean-Luc Romain of CIC CIB.

I've got 2. The first is about the adoption of your new GTT NEXT1 technology. In light of the evolving needs of your customers and your clients, do you see this technology as possibly adopted faster? And the second question is regarding the map you show on Slide 10. I don't think it was -- I saw -- I didn't see Russia, but I think I guess it's in other producers. So just one question.

Okay. So over the medium term -- thank you for your question. Over the medium term, what we believe is that if we have longer routes of shipping and in general, longer storage and people will invest in general on systems with a low boil-off rate, and as you know, NEXT1 one has been developed as a platform, in fact, to reach a very, very low levels of boil-off. So we believe that the overall environment is conducive to an acceleration of low boil-off rate systems, including NEXT1. Yes.

And regarding your second question, the map. Okay, answered.

The last question is from Jean-Francois Granjon of ODDO BHF.

Yes. You probably already answered my 2 questions. Nevertheless, I will come back on the first one on the Middle East, taking into account the situation, do you expect a slowdown for the future FID? I think, for the ship owner, it's not very interesting to invest immediately on the new vessel, new LNGCs. So do you expect some potential risk to see a slowdown for the future orders with probably lower FIDs from the Middle East area?

And the second question, I will come back on the LNG as a fuel. You mentioned in the press release some more and more competition. So could you explain more or give us some more color about that? What do you expect? And do you consider that it will be more and more difficult to develop your own technology, membrane technology? And are you more cautious regarding the trend expected for your business in this market?

So thank you for your questions. On the Middle East, what I think is important to see is that, of course, for, let's say, consumers of LNG, in particular, in Asia Pacific, but also from the Middle East perspective, it is a crisis, but for other continents, in particular, for the U.S. and for exporters of LNG, which are not in the Middle East, this crisis is very unfortunately, but it is an opportunity. And so if anything, we don't see at all a slowdown of orders of LNGC. We don't anticipate it from the non-Middle East part, if you want.

We also don't anticipate a slowdown in FIDs from the non-Middle East part. There will be in the short run, volatility and uncertainty regarding everything that comes out of the Middle East, meaning FIDs, but also LNGC orders perhaps in the very short run. But beyond those short-term effects, what we anticipate is that it will be more than compensated by additional investments outside of the Middle East.

Regarding your second question, LNG as a fuel. Well, I think what I think is, first of all, the trend towards LNG as a fuel will continue for, again, primarily for environment concerns, but also because it's -- it has really become the fuel of choice for large container ships and for cruise ships. So I don't expect any disruptions in this trend. But what we also believe is that for many reasons, but including because of rising labor cost, lower labor availability, lower qualified labor availability, we must industrialize our membrane containment systems more to bring them in, let's say, more easy to do business with directly to the yards, which is something that GTT has not done historically.

We have been a little bit shy at providing solutions in a turnkey fashion and in a prefab fashion together with partners. And this is the core of what we are working on. And I have absolutely no doubt that -- and from my experience in the yard, I have no doubt about the fact that by making our solutions easier to do -- to use directly in the yards, we will increase the penetration of our solution. So I'm optimistic regarding this market.

Gentlemen, there are no more questions at this time.

Thank you all for your various questions and for your attention. We look forward to continuing the discussions with you and to seeing you soon.

Thank you.

Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.

Hello, everyone, and thank you for being here today with us in Paris and also online. I'm, of course, very pleased to meet you all for the first time, and I look forward to having many more interactions with you and with the financial community at large.

Today, here with Thierry Hochoa, who is GTT CFO, we will be presenting our financial results for 2025. And Karim Chapot, who is our Senior VP for Technology, will also come on stage to talk about our technologies.

Karim has been in GTT for nearly 3 decades. The other members of the Executive Committee are here with us today, and we are all available at the end of this presentation to answer any questions you may have. So the agenda for today is the usual one.

I will start by sharing the 2025 key highlights. Then together with Karim, we will give you an update on our technologies and solutions and our innovation strategy. I will then walk you through the market update. Thierry will cover our 2025 financial performance, and I will conclude this presentation with the usual guidance and some key takeaways before opening the floor to your questions.

So to start -- I will start with a couple of personal and very important comments on how I see GTT. GTT is a unique company by many, many aspects. And I find it after a couple of weeks in my role, very impressive, even more impressive than what I thought it was.

We have a unique technology and expertise which sits at the core of the LNG global value chain. Our expertise is unmatched, and it relies on a very long, very long solid track record of 60 years. There is, of course, in the company, a large number of talents of very competent staff experts and a good combination of IP and skills. It's not only formal IP, it's a lot of skills in the trade.

And all of this makes it a very strong basis to create value, which -- in a sustainable fashion, which the company has done successfully in the past and which I can assure you will continue in a very solid, very sustainable manner in the future. I wanted to make this point is something that I do believe fundamentally. That's also why I joined this company. And it is also a belief that is shared amongst our staff and employees. So it's the core DNA of the company.

Now key figures. So I'm also very proud to announce that 2025 has been a historical year for GTT. You have seen the release. We have seen a very significant increase both in revenue and in EBITDA, reaching record high levels for the third consecutive year.

Our revenue has increased to EUR 803 million or plus 25% year-on-year. Our EBITDA has increased to EUR 542 million, which is plus 40% year-on-year. Our net result has also increased markedly to EUR 414 million. And this has led the Board to propose a dividend of EUR 8.94 per share, which is in line with GTT's constant commitment since the IPO.

We continue to provide also a good visibility on the activity of the company. At the end of '25, the order book of GTT is solid. It stands at EUR 1.6 billion. Now regarding the key highlights, and this slide is very important in the presentation. And I start with the core business, which is the membrane containment solutions.

The year 2025 was extremely positive in many aspects, but it was singular also. Why? Because the first part of the year, and you see this clearly in the chart -- on the chart on the right, was impacted by very important geopolitical tensions, notably between the U.S. and China. Of course, the discussions on tariffs weighted a lot on the decisions from shipowners to place new orders.

And so we saw a moderate order intake well until Q3 and even with a through in Q2, only LNGC was ordered in Q2. It is temporary, but it is as it is. And so what is positive at the end is that the momentum picked up in Q4. You see we have registered 18 LNGC orders in Q4 alone, which is almost as much as the 19 that we have had during the first 9 months of the year. And I can assure you that the momentum continues in '26. We are seeing a very high level of activity of commercial activity. Since the beginning of the year, we have announced 14 LNGC orders since January so far in '26, and we expect many, many more to come quickly.

So this temporary slowdown, in fact, is counterbalanced for us by a very high level of activity that has picked up after the end of Q3. And this dynamic is quite similar, was quite similar for FIDs. If you look at the FIDs for new liquefaction trains, in fact, we saw a somewhat moderate start of the year overall and a clear acceleration in the second part in the second half of the year. We could have put the chart here.

And overall, '25 was a record year for the decisions to -- final investment decisions for LNG trains with a record level of 84 million tonnes per annum, of which 62 million in the U.S.A. alone.

We estimate that these FIDs announced last year will translate into additional needs for new LNGC vessels, representing roughly 150 additional vessels. And so of course, as a consequence, we are confident about the fact that the our order entry -- the level of activity or commercial activity, the order entry will be dynamic, will be good in the quarters to come, but also in the medium term.

Second important points for 2025, it is the year when our marine and digital activities, and this is how we call them today, reached a critical mass. We expanded our digital solutions with the acquisition of Danelec. This activity now brings together digital solutions and services dedicated to what we did before, which is services mostly to the LNGC market, but also right now with -- to the wider maritime fleet serving 17,000 vessels.

And we now have a very robust platform, a critical mass of people of skills and a large installed base of products, which have reached the market. It may sounds a very simple, but for a medium-sized company, the size of GTT, having an addition of almost 200 highly competent, highly expert people coming in the digital area will allow us to accelerate massively in this area versus what we had been able to do in the previous years.

So with this, we are very well equipped to create value in the digital area, marine and digital area, but also for our core LNGC market, and I will come back to it. The third type of activities that we have, and we single out what we call advanced technologies, what I call advanced technologies.

Which are the type of activities that are breakthrough in nature and with a very, very high level of technical content. As you know, GTT is a technology company. We need a couple of activities, which are really ahead of the curve, extremely innovative and where we can take perhaps sometimes together with partners, some limited risk to really push the boundaries in terms of technological innovation.

Our venture arm, GTT Strategic Ventures had an active year last year. We added 2 new participations, novoMOF, so Metal-Organic

Frameworks, but also CorPower. And we also increased our stake in bound4blue to support its industrial developments.

Our advanced engineering and modeling consulting team, which is called OS, which has been part of GTT since 2020, continued the development of its modeling solutions and a very active year for AI, in particular, for the maritime applications, but also for other types of applications. And as you know, we have actively taken the decision to focus, I would say, Elogen on the development of its core stack to take into account the slowdown on the [ hydrogen ] market and also focus [ hydrogen ] on what GTT is the best at, which is developing the core technology. So all of this well done in the year.

Now let's turn into our technologies and solutions before looking at our market. First, a couple of comments on our innovation strategy. As I was saying, technology and innovation are at the very core of the DNA of GTT. Again, that's the reason I joined because it sets this company completely apart versus traditional company.

We have a huge number of experts at the top level in the world in our field. We have more than 3,600 active patents, and we filed again last year, 68 patents, which is slightly upward versus '24. And our innovation strategy is, of course, built by the teams. It's built around the level of expertise that they have, but it's built -- it follows a very simple, I would say, step-by-step disciplined approach, which I will try to summarize as such for the core business.

First, we work to improve the efficiency of our containment systems, not only through breakthrough innovations and sometimes we communicate on the breakthrough innovations such as NEXT1, which is a fantastic system, but also with a very sustainable gradual approach to upgrading our existing systems.

We have -- our systems, Mark III and NO96 are improved, I would say, almost every quarter with new designs, with new add-ons, with new solutions that allow them to perform better for customers. And this is what makes our innovation strategy so specific.

Second, we also invest beyond our own internal systems to improve the overall performance of the LNGC tankers. For instance, we released the design of a new LNGC architecture with 3 tanks and a capacity of 200,000 cubic meters. That means lower boil-off rate, lower operating costs, lower CapEx for the owners. And all of this creates a lot of value for the industry. This comes from us. The third way, and this is an area where you will see an acceleration in the coming years because it's an area where we can invest in a value-creating fashion in a very solid manner, thanks to our newly acquired digital platform.

We, of course, have a lot of know-how and a lot of technologies to support the ship operations, especially the LNGC operations through their lifetime. Because we provide technical assistance at various steps of the ship's life because we know how to prevent sloshing because we give day-to-day advice to optimize maintenance or to, for instance, perform alternative survey scheduling.

So this is an area where we create value through innovation and that will accelerate. Now to give you more details or better illustrations than I can about those technologies, let me hand over the floor to Karim Chapot, who will present you our solutions.

Thank you, Francois. Hello, everyone. Thank you for joining us today. I'm very pleased to give you more details and share what made GTC so distinctive. As Francois said, we regularly improve our technology. So we have our standard product, NO96 [ SmartFeed ] and there are regular updates to improve the thermal performance, to improve the reliability of the technology to fit for needs of our clients, and that's something that we did for years.

But we are also developing new technologies, upgrade technologies. And this next one product is really our future product. It's really -- it's fantastic products, as said by Francois, which is an upgraded thermal performance, fantastic reliability. And we have the best product today with this next one.

And we are also developing new solutions, and that's really where the membrane shine. It's the ability to cover new needs. And for example, for ammonia and low carbon fuel, membrane is fully adapted. And that's really what matters for us for the future. We have a solution. We have upgrades to cover new future needs for fuels.

All that will be transformed in the future because we have -- we are coming in a new area, I would say, it's an area of data, and this is made possible with Danelec. And through technology, we improve data collection, and that's really new now. We have access to a lot of information. And based on this information, we are in position to better understand what's happening on shipping operation.

So to answer to very specific questions that where it was not possible in the past. So you have -- nowadays, you need to understand that you have several sensors on the ship. This sensor, we have access to the data. And through the data, we are in position to provide very detailed answers.

And let's give an example of this kind of question that we have regularly from our clients. Imagine that, for example, in the United States, we have Shell gas with very high level of nitrogen. This is typical of what we have. And this generates a lot of issues for the clients. When you have a very high level of nitrogen, it means that the cargo is very cold. It means that you have a risk of boiler freight, very high level of boiler freight at the beginning of the voyage.

You have issues regarding, I would say, the thermal efficiency of your fuel, which means risk of clocking on the propulsion, et cetera, et cetera, mixing of cargoes. This is really where GTT is very strong. It is understanding also operations. So it's not only the containment, but understanding the operation and how we can answer in a very precise manner to our clients on a day-to-day operation and provide the best answers for them to improve their operation.

And that's where we would like to focus today our efforts and provide value to our customers. This is here just one example, but we have many, many examples coming every day where we could provide answers and industrialize our answers. So through the combination of expertise and data, we can improve today and tomorrow all these digital platforms based on the know-how that we have gathered all along the year, based on this data and the understanding of the limit of the technology, we can provide real-time monitoring and answer to all their potential need.

And I would say, improve the overall value chain from the terminals from the liquefaction terminal to the regasification terminal. So we started already when you look at the maintenance, what we call the ASP alternative survey plan based on all this data and knowing exactly what happened on the ship in operation, we are in a position to really improve the operation of the ship.

And instead of opening the tank every 5 years, we propose to the client to open the tank to every 7.5 years. So we increase the time duration between the opening of the tank. And this generates, of course, an optimization of the OpEx of the -- for the owner. And so that's a great solution that is today had a lot of success.

So our objective is clear. We want to reinforce our technical leadership by providing these high-value services. This is possible because we have very, very good relation with all the shipowners. We have I would say, very good relation with all the value chain, with all the stakeholders, the charterers. And by having this very strong link, we are in a position to fully understand their needs and to fulfill those needs.

And that's really where we would like to dig into. So with this proximity and combined with decades of operational experience and having a deep know-how of experience, it's enabled us to offer relevant solution and innovation and not just be focused on the tanks. So thank you. And now I hand back to Francois.

Thank you, Karim. Now let's look at the market dynamics. My take on this is very simple, I would say. The LNG carrier demand will be very, very good, very strong in the future for very tangible, very concrete reasons.

First, there is a growing need for energy and natural gas, in particular, which is a flexible energy will grow and it's also complementary to renewables. Second, to transport this gas -- there is a growing trend to liquefy it for obvious geographic reasons, I would say, but also because it provides greater flexibility and security, both for the producers and for the consumers.

And third, and I will dive into this because it's important in our 10-year forecast. The LNG carrier fleet is aging, and this will drive a need for new vessels. So let's take those topics in turn. First, if we start with the traditional energy forecast, as I was saying, and you see it on the chart, what is interesting for us to see is that, of course, the renewable energy is growing, but it is growing in tandem with the growth coming from natural gas.

And we view natural gas as slowly, gradually step-by-step in a solid fashion, increasing its share in the overall energy mix, reaching 26% by 2035.

Second, as I was saying, natural gas can be consumed locally or exported, but for geographic reasons as well as geopolitical reasons, really core geopolitical reasons, you will see less and less pipelines and more and more liquefactions to provide greater flexibility and greater safety or security of supply to the consumers.

The results of this is that the LNG demand will grow in a steady fashion at about 4.5% in the coming years, which is higher than the gas trade, which is higher than the gas demand and of course, higher than the global energy demand growth in volume of slightly below 1%.

And this is exactly what you see in all the major forecast from Wood Mackenzie, from BP, from Shell, and they are all pointing towards a sustained growth in demand for LNG well into 2040 and most likely way beyond. It is also worth noting that the IEA has recently reintroduced its current policy scenario this year and also upgraded its stated policy scenario.

Second, it's also important to note that all of those forecasts have been revised upward recently. So we see in a consistent manner, a very, let's say, solid growth in demand for the next decades in LNG. And as you can see on the right, with the various projects that have reached FIDs in '25, we now expect the supply to be approximately enough to cover the demand into 2035 or so.

But of course, more liquefaction capabilities will be needed to meet the demand from 2030 -- 2035 onwards. One comment on what we call the shipping intensity. The shipping intensity is the number of ships that are needed to transport 1 million tonne per annum of natural gas per year. What you see on this chart is that the fastest-growing producer of LNG is the U.S.A.

The fastest-growing consumer of LNG is Asia and the longest route is the U.S.A. to Asia. If we add to that the fact that the Panama Canal is congested, you will see overall an upward movement in the LNG intensity over time for -- again, here also for very concrete, very basic reasons.

Now if we look in details at -- if we zoom in on the FIDs, as I mentioned before, 2025 was absolutely a record year in number of FIDs. We have a total number of 84 million tonnes per annum of FIDs, including 62 million in the U.S.A. And I try to compare this with the figures from the past. The average for the past few years was between 20 and 25 a year.

So very, very -- more than 3x the average of the previous years. And just this single year, not yet translated into additional LNGCs orders really for real, will represent an additional need of 150 vessels. So it's a very positive point in terms of outlook.

What is also interesting is that additional projects, more than those ones will be needed to serve the LNG demands that we have seen on the charts before and that some of those projects are well advanced in terms of SPAs. In fact, we have counted more than 50 million tonnes per annum of pre-FID SPAs, so SPAs that have not been included in signed firm FIDs yet.

And this is -- this bodes very well, in fact, for the activity level of future FIDs.

We have also put on this slide the number of projects, the list of projects which could take FID in '26 and '27. Of course, it's always very difficult to point to which project exactly will take FID when, but that gives you an idea of the material reality of this trend.

The third driver for the LNGC demand, which I wanted to underline is the fleet replacement. And here, we need robust statistics. The LNG carrier fleet is aging. And in the next 10 years, more than 300 vessels will be more than 20 years old and of which a bit more than 200 will be more than 25 years old.

And interestingly, by the way, you will see on the next slides that's when ships are being scrapped today, they are being scrapped at 25 years old. So there is a turning point in the value of the ship at about this age. And as you can see on this middle chart, less than half of the fleet today is running on the latest types of engines, which are far more efficient than the older ones.

So I would say, regardless, our view, our basic view is that regardless of additional incentives such as the EU ETS, which will, of course, put some additional pressure to decarbonize this full industry and which will further increase gradually over the years to come. But I would say, regardless of this, we are convinced that simple economics will put pressure on the fleet to scrap more and more vessels and to replace them with new ones.

And we are already seeing this happening because, as you know, and this is what you see on the left chart, we have seen last year a record number of scraps and conversion. The total number of ships being scrapped or converted has reached an all-time high of 19 ships.

All of these factors combined will lead us to review upward our long-term estimates for LNGCs over the next 10 years, which we know put here, hence, the plus-plus after the 450. It's a little bit early for me. I've not met all customers. So it's a little bit early for me to give you very specific figures on that.

But let's say, all the indications we have, markets indications we have for the moment point to a solid upward revision of this figure. So we see a very solid level of activity in our sectors for fundamental reasons. The rest of the activity is good. We see it as solid, and we have not made any revisions.

Now if I turn to another market for us, which is LNG as a fuel. As you know, LNG as a fuel -- the LNG as a fuel market continues to be booming. And in fact, it has reached more than 150 units, both in '24 and in '25, and I believe that it will stay at a very high level.

In fact, for fundamental reasons, when you talk to ship owners or the shipyards, LNG is winning the battle of the fuel compared with methanol or compared with oil, and this is clearly a fundamental trend. Second, what is also positive is that we are convinced that membrane type solutions and our solutions are the right ones for many of those LNG tanks.

Not for all, but for many of them, if not for the majority. So a very significant share. Now of course, because this market has increased very fast, we need to make sure that we bring the membrane type solutions in a way that answers to the shipyards needs and to their level of expertise in how to handle membrane type solutions as fast.

And it's also true that in the very short run, using a Type C tank is easier for a shipyard. So we will be working on that. We have a strong expertise. We have delivered a lot of systems, and we have come with a very strong action plan on this, which is summarized at the bottom here, but where I'm involved myself.

First, of course, we invest and we will continue to do so in R&D to make sure that membrane type solutions keep improving. We have come up with new systems in '24 with the recycle with the [indiscernible] technology, and we just got an AiP for GTT Cubiq in -- do a couple of weeks ago.

So you will see more and more innovation to have better membrane systems. But second, which is even more important to me, we will be working together with partners very close to the shipyards that are building the ships so that's we bring our membrane type solutions in a very, let's say, easy to do business with pre-industrialized fashion so that the shipyards can almost bring them plug and play in their own processes.

And here, I see a potential, very concrete potential creation of value leveraging on our expertise. Especially for the shipyards that have not been used to using membranes for LNGC, which I think this is the hurdle today for the growth in our solutions.

Now third market for us is marine and digital solutions. And as you know, we had already been developing a number of solutions historically in GTT, building on our own internal forces, building on advanced modeling and engineering capabilities, the OS team in particular, and also some acquisitions, Ascenz Marorka, and BPS.

Everything changed in scale and in nature. And I insist on the fact that everything -- I mean, everything gained a critical mass last year in '25 because we [ know ] have a critical mass of solutions of staff and also on the number of ships that we serve. We [indiscernible] we have systems installed on 17,000 ships, which changes everything.

The second point, which is very important and which I will underline is that we are not purely in hardware, and we are not purely in software here. We have the right mix, the right balance on the hardware and software solutions. And my view of this is -- and this is one of the reasons why we wanted to call this activity marine and digital is that it's not purely a software venture.

It's very solid, robust systems at the core of the ship's operations, mixing hardware and software. With this, it brings us a very solid base to do 2 things. First of all, to accelerate the development of the marine and digital activity led by Casper Jensen.

And we will keep developing on this. And I can tell you, I'm very confident about the synergies that we have announced so far, not only on cost, but also and more importantly, the sales synergies that will result from this. So the integration is running very well. We are confident, and we are solid there. Second, we will leverage this platform to create new services, really tangible concrete value-creating services for the LNGC fleet where we can mix this digital expertise and the expertise that we have in the membrane, in the containment systems and in the molecule handling, I would say.

So let me hand over the floor now to Thierry for the financial overview, and then I'll be back for the '26 guidance and takeaways.

Thank you, Francois. Good morning, everyone. Now moving on to the financial part of the presentation, and let's start with the order book. We can say the order intake has been more moderate than in 2025 than in previous years with 45 new orders in 2025 for the core business and 19 new orders for [ LNGs ] fuel, sorry.

As mentioned by Francois earlier, part of the orders has been delayed from 2025 to 2026 and due to geopolitical uncertainties, but our backlog remains very solid with 280 units, 88 units at the end of December for the core business and 48 units for LNG as fuel. Moreover, the beginning of this year give us positive signals and confidence with the future or for the future because we have already been booked or notified of 14 orders of LNG and [indiscernible] carriers as of today.

What does it mean 288 units in terms of consumptions and flows for the core business and in terms of revenues. This means EUR 1.6 billion in revenues already secured. This means strong visibility for GTT in the years to come with EUR 609 million in revenues in 2026, and for the core business alone. This means EUR 542 million in revenues for 2027.

Now moving on to our revenue. Total revenue amounted to EUR 803 million in 2025, up plus 25% compared to last year, mainly driven by new builds and higher numbers of constructions under construction in 2025, mainly driven by services activities as well, which are almost stable at EUR 23 million, thanks to development of our certification activities and -- but less pre-engineering studies, mainly driven by Marine and Digital Solutions increasing their revenues by 131% compared to last year at around EUR 36 million and including Danelec activities, which generated EUR 6 million in 2025 in 5 months.

And finally, revenue generated by electrolysers activities at EUR 4.6 million, reflecting our desire to mainly focus on our technology and on a few profitable projects. Let's continue with the other main aggregates of the P&L, in particularly the EBITDA and EBIT.

You can see the impressive increase, respectively, by plus 40% for the EBITDA and 26% for both -- sorry, for EBIT compared to last year. This is mainly explained by the increase in revenue from GTT's activity -- main activity. This is explained by the absence of significant delays in ship construction schedules and this is explained by a strong and close monitoring of our costs.

As a consequence, the EBITDA margins amounted or amount to 67% in 2025 compared to 60% last year. Net income also increased by 90% compared to last year, including the [ outsourcing ] cost of Elogen. Two additional comments on this slide. The first one regarding investments. Our investments increased mainly linked to the acquisition of Danelec for EUR 194 million in 2025 and the new minority stakes within the framework of GTT Ventures Capital.

And regarding our cash position at EUR 347 million at the end of 2025, if we consider our first loan taken out for the acquisition of Danelec, the net cash position reached EUR 237 million at the end of 2025. So thanks to our strong activity and robust financial figures, the dividends distributed will represent 80% of the consolidated net income as announced in our guidance last year in the same place.

This represents EUR 8.94 up -- per share, up 90% compared to last year. I will now hand to Francois to -- for the 2026 outlook and the conclusion.

Thank you, Thierry. So regarding the '26 outlook, so what we see is that we see '26 revenues ranging between EUR 740 million and EUR 780 million, still marking the second best year for GTT and following a record 2025. As we explained, there is a gradual end of the 2022 order peak, which was the very, very abnormal peak with 162 LNGC ordered in a single year and a somewhat moderate start of the '25 level.

They have a mechanical impact temporarily, I would say, on the level of activity in '26. but it's not a level that will stay on -- it's not an effect that will stay on forever. So it's very temporary in terms of, I would say, slowdown.

Second, our EBITDA level is expected in between EUR 490 million and EUR 530 million, very solid level, which I am sure you have noticed implies a very high level of EBITDA margin, and we will maintain a very strict cost discipline and execution control discipline to secure this level, I can assure you.

The third point where we will be absolutely disciplined is dividend policy. We will maintain our dividend policy, which has been the core of our promise to investors over the past years and since the IPO. So that sums it up for the '26 outlook.

Now before opening the floor to your questions, let me summarize or give you a few takeaways. So '25 is absolutely a record year for GTT. It shows that's the group has the right strategy, a fantastic, very unique positioning at the core of the LNG value chain, the capacity to execute on this positioning, the teams that are needed to secure this execution hence that also the discipline and the policy to execute it up to, of course, the dividend policies.

So it also means that the staff have done a great job, and I would like to thank all of the teams for having delivered such a fantastic performance. Of course, we have been helped by a very good market, in particular in '25, but it will continue doing so in the future.

Secondly, '25 is also a very good year for us when it comes to looking not at the past, but in the future because the record high level of FIDs that we have seen and that are solid and firm will translate into additional needs of 150 ships just for one single year. Third, at the end of '25, we still have a very solid order book at EUR 1.6 billion, which gives us a lot of -- of course, a lot of robustness in our forecast for the coming years.

We are also -- '25 has also been the year that when we have built a real marine and digital activity, which we will leverage to create more value in this field, in this sector, but also for the core business of containment systems because it allows us to do a lot of activities through the lives of the ships for LNGCs, which we could not do before.

So it will be -- it will allow us to create a lot more value.

And third, I can tell you that when I look at what lies ahead, of course, we will continue to leverage our very strong expertise, the model of GTT, which is technology expertise based in the LNG and in, I would say, in the LNG world, but mixing it with advanced know-how and the good skills in data and digital will create a lot of value for all stakeholders, for a lot for our customers, but of course, a lot also for our shareholders. Now thank you for your attention. I hope the presentation was clear. And we and together with the management group here and Thierry, in particular, we are happy to answer to your questions.

I have a question about your technologies and the adoption of your new technologies. You mentioned GTT NEXT1 is a fantastic technology and Mark III and NO96 are continuously improved. What would convince the shipyards or the shipowner to move from continuously improved NO96 or Mark III to the NEXT1 technology. Same question for Cubiq.

I will -- thank you for your question. I will let Karim Chapot answer on the particular technologies and then perhaps give you some complement on the marketing strategy.

Yes. Regarding -- that's true that NO and Mark have a fantastic legacy and had a lot of success and both clients and shipyards love this technology. But it's clear that the next one has a major advantage. It's first the level of reliability that is much higher than Mark III and NO.

And also something that is special is the ability to be enhanced. This NEXT1 technology is designed for the future, is designed to, in fact, be really efficient in a world where we are -- we have a huge tension on the CO2 price and the requirement from the client to be at a very, very low boil of freight. And we are selling a solution at 0.07, but they are strong options and optionality on the design to be further improved, and that's really where the next one shine.

So today, of course, the shipyards are looking at it. They are developing all this industrial scheme. We are working with them. We are supporting them. We are marketing the solution to the owners. And we see some very influent owners really interested by this optionality. For sure, as soon as the IMO and I would say, the LNG -- the [indiscernible] start to be important on the cost of CO2.

It will go gradually, then the next one will really shine based on its characteristic, based on this thermal capabilities in improvement, based on its design, which this optionality are rather limited, I would say, for Mark III and NO96.

Regarding the over solution, the Cubiq solution, the Cubiq solution is a solution that has the advantage of first reducing the cost. So we have removed the chamfers. So we have a solution that is fully optimized CapEx-wise. And this was promoted to the shipyard, and I can tell you they are really interested.

They are interested because it offers really an optimum in the volume occupation for the ship. So you really, for example, for a different type of ship, you really have further volume that you can promote. So for example -- well, for different kind of applications. So the design is such that you optimize the volume, but you also reduce significantly the cost.

And so that's an optimum. And we worked on the liquid motion side to reduce the sloshing load and improve the cost of the insulation. So by having all this improvement, we are in position to deliver a very good product for LNG as fuel application. And today, we see real interest for major shipyards.

Can you please give some detail about the LNG global shipping market? What's the part of EU in the shipping market? And what could happen if the Russian gas come back to EU? It may happen. That's my first question. Second question is everything seems to run perfectly. So what is your worst nightmare.

So thank you for your question. Your first question was the LNG market dynamic for the EU and Russia, right? Okay. Thank you for your questions. So first of all, there will not be -- the way we anticipate is even if there is, let's say, a ceasefire or end of the war, then there will still be sanctions and there will be no additional orders or no activities until sanctions are lifted for the Russian projects.

So no, if at some point in the future, the sanctions are lifted, we expect some Russian projects, Arctic LNG 2, for instance, to be able to reopen exports, including to the EU, and that would require additional ships, which will generate activity for us. That's the way we see it. So it's possibility to sell more. For the moment, it's totally close, and we are just monitoring the situation.

Second -- your second question is everything runs perfectly. Yes, GTT is, I would say, it's an impressive machine. So I will not say the opposite. But of course, I see many things where I believe we can accelerate and create even more value and very concrete things building on what I have seen in the past.

I will give you some very concrete grounded examples. One is, of course, leveraging what we have as a platform for digital applications to develop -- to be better in terms of service and maintenance and high value-added services for the LNGC market as a whole is something that -- I think it's a first win for us.

Second, working better for the LFS and for the onshore market, understanding better the supply chain constraints, very close to the shipyards and the manufacturing constraints is also something where I think we can remove this bottleneck and increase our market share and the penetration of our solutions for those concrete applications.

Then there is -- there are long-term very operational topics where that I will describe over time in the next couple of months, where I think the company can be even stronger on its core business and what has been done in the past. So I see a lot -- I'm very optimistic. I think I see even more potential for additional value creation and acceleration than what I thought before joining, to be frank.

I have 2 questions. The first one, I know you said it's still early, but I wanted to come back to the 450++ and wondering how much is plus, plus worth? Are we taking 25, 50, 100 more orders? And what's giving you this increased confidence around this long-term outlook?

And then secondly, on digital, you referenced the potential for synergies and growth. Just wondering, how do you expect that to translate into digital revenue growth this year and beyond?

Thank you for your questions. I did hesitate a lot on the wording of the 450++ because I knew it would trigger some questions. But I wanted to give you a deep indication on the fact that I am convinced that this number can be revised upwards. This number is the combination is the cumulative of 3 things.

It's the amount of ships that still need to be delivered for existing projects that have reached FIDs. It's the amount of ships that will be needed for new FIDs, and this is where we have the highest uncertainty. And it's the amount of ships in the coming decade that will need to be scrapped. And there, we see a solid 200 to 225 ships being scrapped and that will need to be replaced for the various reasons that I explained before.

So we had communicated before on the fact that the number would be slightly up versus 450. I see it significantly upward versus 450. That's the first thing. So significantly up, not just a handful, okay? Now let me turn to Thierry for the specific question on digital.

Okay. Just regarding the digital activities, you know that we do not provide any guidance per [ BU ] -- but I can tell you that the growth of the digital will be significant first because we are going to integrate for 100% of Danelec and for the full year of 2026. That's a mechanic approach.

And regarding the organic growth for the digital activities, we expect to deliver the synergies that we discussed last year. And we have a strong dynamic regarding the combination of hardware and software. And you know that regarding this acquisition, we do not have any common clients. And it's very easy, I guess, to combine these 2 activities and to develop common figures and common growth for the digital activities. But we do not disclose any figures per [ BU ].

Three questions from my side. The first one, regarding the expectation, we see an acceleration of new orders in the second half of last year and the case for the beginning of this year. Do you estimate that this should have a positive impact not on 2026, but on 2027 growth for the top line and for the earnings?

The second question concerns the digital business. We see a strong improvement for the gross margin, 77% versus 48% previously. So can you explain what's happened? And do you consider this sustainable to see such a level of gross margin? And the last question regarding Elogen.

We saw a strong cut for the losses last year. What do you expect for 2026 and above.

Thank you for your 3 questions. I will take number one and number three, and Thierry, you can -- Chap you can take the one on margin of digital. So one is the very positive dynamic that we see in order entry today, can it already have an impact as of '27? Yes. Yes, it definitely can. The extent for that is still unknown. But today, the average time between an order, a firm order and steel cutting is about 14 months. So I would say, in between 12 and 18 months. So it can have an impact or the beginning of an impact in '27. This is also the reason why the early '25 loss of moderate intake had an impact on our sales this year.

So we are still in the period where what we are recording right now and what has been recorded in a very positive manner last year can be integrated in '27, Yes, of course.

Francois, you expect some new growth for the top line in '27 versus '26?

It's too early to discuss, but it will have an impact. I mean if the level of orders stay at the level that we see today, of course, it will have a impact. The third -- your third question was regarding Elogen. The decision to focus Elogen on the core technology development was absolutely the right one, given the market and given also the fact that there is still a lot to do to further improve the products to make it really the best stack or the most efficient stack in, I would say, at least in the Western world.

So we are there. We are very solid in terms of technology. We have limited the losses of Elogen to just a couple of million euros a year, which is a very reasonable result. And this is what we have for today. So we keep -- we will be running on a handful of projects, not more than that, small-sized projects to keep developing the technology. We will not take long, large exposures to large projects. We don't need that in the current market conditions, and we will progress from there. Thierry, you want to say a word on the [ margin ].

Thank you, Jean-Francois, for your question and to underline the impressive increase in gross margin for the digital activities. As I've already discussed last year regarding this activity to increase and to have profitable activity, we need to have a leadership position in this area, definitely.

And in '25, we increased our price and mainly for Ascenz Marorka. So that's why we have this level of gross margin today. And we will continue in that way because today, thanks to Danelec, we have a leading position in specific areas, and we will continue to increase our price if we have this capacity and the possibility regarding these elements and the clients.

I think also Danelec brings us -- Danelec is a very structured company combining hardware and software. So it has an approach to value in this digital world, which is very grounded, very solid. The Ascenz Marorka know-how is extremely, I would say, engineering driven. And so mixing the best of both, which is a lot of technology from Ascenz Marorka and Danelec very solid P&L driven is a good way to create value, and this is what we are already seeing in the figures.

We have a couple of questions from analysts online. So we will take them. And afterwards, we can take some few questions from the room again.

The first question is from Matt Smith of Bank of America.

My first question was around the record FID activity that we've seen for LNG projects in '25. So I agree that, that really underscores a big pickup in order intake for yourself versus the 2025 results. I guess I just wanted to ask how quickly you felt that those orders need to flow through. Is that the sort of next 12 months? Or is it the next 3 years? What is your sense on timing there? That would be the first question.

And the second one, much broader. We talked to geopolitical uncertainties, a very broad term sort of impact in 2025 orders. Could you sort of zoom into some of the more specifics as it relates to LNG trade and whether some of those uncertainties we look to have a bit more clarity on today, please?

Thank you. Thank you. So thank you for the 2 clear questions. We are already seeing very active discussions regarding the potential orders after the projects that reached FIDs last year. So very concrete, very -- our teams are involved in many of those discussions as we speak.

So we expect those orders to come for some of them quite quickly and for others, I would say, within the next 18 months or so. So that's the best estimate I can give you today. But not -- it's not 3 or 4 years, I would say, within the next 18 months, perhaps 24 months for some projects, but not longer than that. So that should give us a good level of order. Perhaps there can be some slippage, but best feeling that I have today from looking at the company. Again, I'm new, but that's my best assessment.

Second to your question on geopolitical tensions. Of course, there can be -- there could be a surge in tensions between the U.S. and China. What we have seen so far, however, is that if you look at the direct impact of the trade discussions or the tough trade discussions between the U.S. and China on the LNGC market, there have been very limited -- the LNGC market has been excluded from the tariff discussions on the port duties between the U.S. and China.

And even if it were revived in one way or another, it would leave enough time for the market to adjust or to reroute the ships. Perhaps -- the one factor that could create some [ deformation ] is, of course, if there were some additional intense pressure for a lot of players in the industry not to use Chinese shipyards as there was last year.

I mean, if you look at the number of orders on 2 Chinese shipyards, it was very limited last year. And then fortunately, it came back up this year with 6 new orders. That could create some bottlenecks in the supply chain in Korea. But I would see the risk being there. But again, Korean yards have capacity. They have spare capacity today as we speak. They have also the capacity to allocate capacity resources from non-LNGC market to the LNGC market. So we are not seeing a bottleneck as we speak.

[Operator Instructions] The next question is from Richard Dawson of Berenberg.

Two from my side. Firstly, implied EBITDA margin guidance is very resilient for 2026 despite the potential reduction in the core business. So interested just to understand what's supporting that margin, and given we could see some operating leverage reduce as core revenue falls and also the digital service business ramps up, which I believe is somewhat dilutive to group margins. That's the first question.

And then secondly, maybe a bit of a broader topic, but there was some news in January that India is exploring options to construct some LNG vessels domestically. Have you had any early discussions with those Indian shipyards about using GTT's technology? And how quickly do you think any increase in shipyard slots could come online?

Thank you for your clear questions. Let me start. India is a country I know very well. And yes, we have had early discussions with Indian shipyards. Now how fast can India enter into the LNGC market, we will see. But if it is the case and when it is the case, we will be there and well positioned. That is clear. And this is an area that we are working actively on.

Second, in particular, in tandem in particular, good coordination with Korean yards, to be frank. Second, regarding your question on EBITDA, and I will let Thierry answer this one, but I can tell you the discipline on costs in GTT is strong, and I will clearly make sure it remains very strong.

Yes. We are very confident to deliver this EBITDA margin in 2026 because we have this cost discipline definitely. And I remind you that we have a flexible cost in our P&L. And definitely, when we have less activities, we can react very quickly regarding and to adjust our P&L.

So that's why we are very confident because if we have less activities in 2025 in terms of orders, our different directions and department, so we'll adjust definitely their charge to take into account these less activities. So that's why we are very confident regarding this guidance and the EBITDA margin that we need to deliver in 2026.

And yes, at this level of activity, we are very, very, very far from a position where it would start to be difficult for us to adjust our cost base.

The next question is from Guilherme Levy of Morgan Stanley.

Francois, I wish you all the best in the new position. I have 2 questions, please. The first one, you alluded in the press release to a potential of cross-selling from your digital services business of EUR 25 million to EUR 30 million by 2030. I was wondering if you can provide us more color around the progress to 2030.

And then secondly, just thinking about your currently very strong net cash position. I was wondering if you could put more of that cash to work in the near term how are you thinking about M&A? And also, just curious about dividends. But of course, you reiterated your dividend policy.

And in a year with slightly lower EBITDA, that will ultimately mean that your dividends could decline next year. Would you be keen to keep dividends flat for longer using your net cash position?

Thank you for your questions. I think your question on cross-selling for digital raises a broader question regarding how efficient we are to generate synergies between Danelec and BPS and Ascenz Marorka. But so let me give the floor to [indiscernible] for the broader question on how well we are executing the synergies. And then perhaps, Thierry, you can comment on the actual levels of the synergies and also the question on cash generation.

Thank you, Francois. On the broader side of the equation, clearly, when the announcement was made by GTT to acquire Danelec, it was mentioned that we, in combination, the Ascenz Marorka, Danelec and BPS would be on board around about 17,000 vessels. Not all those vessels carry all our solutions and all our services. The vast majority of those vessels carry either VDR or shaft power meter.

And those 2 hardware propositions are actually a way in for us to try to sell other services. But we actually, in the cross-selling activities, and I think Thierry can probably comment on the actual numbers, I can comment on the activities. We go about this in a very structured way.

So we have mapped all those 17,000 vessels down to IMO numbers with unique products and services. And then we basically reach out to all of them to see whether we can add more within our own digital domain. And as part of those 17,000 vessels, there are also some LNG core vessels that we should be able to sell more to.

So a lot of activities around that. And clearly, also one of the biggest activities is to try to streamline our offering and not do duplicate offering into the market. We want to streamline the offering around performance, around voice optimization and not have more than one solution to our customers.

Thank you, [ Kasper ].

Yes. Regarding the figures of revenue synergies, we have an estimation around EUR 25 million, EUR 30 million for these 2 activities. And the rationale is the fact that with Danelec, we have 15,000 vessels and Ascenz Marorka, we have 2,000 vessels. And the combination of the software that we have in Ascenz Marorka, our current affiliate and to impose this solution to the vessels of Danelec can deliver these synergies around EUR 25 million, EUR 30 million. That's the combination of 2 and based on this 15,000 equipped vessels of Danelec or from Danelec.

Do you want to take the question on the cash.

Can you remind me your question, sorry, regarding your cash generation? I'm sorry.

On the cash generation, I was just wondering what could we have in mind in terms of uses for your net cash position at the moment? Just thinking about dividends, your willingness to keep dividends flat even though you have reiterated your dividend policy of 80% of net income for the next year? And also if there is any sort of inorganic growth opportunity that you have identified for the near term?

Okay. Thank you for your question. And yes, I think the first element and first topic for the cash allocation is the dividends. We have a strong dividend policy, 80% of our net consolidated results and we will continue and confirm that we will use our cash for that.

The second element is organic growth. You know that we have ambition for our technology for next one. That's an example. But for the other technologies that we are working on it to protect our core business. And we will continue investing our R&D around 10% of our revenue in average, and we will continue that way.

And if tomorrow, we have opportunities in M&A, especially in digital because once again, we need to have a leadership position to have the pricing power and to be more profitable with this activity, we will continue in that way as well.

The next question is from Kevin Roger of Kepler Cheuvreux.

First of all, welcome on board, all the best for the new position at GTT. And I'm very sorry for that, but I will have maybe not a nice one for you, and it's around Elogen. For us, it's quite difficult to make the difference between the technologies available on the market.

You come from a player that has also an electrolyser of technology. So I was wondering if you can share a bit with us your take on what is different for Elogen compared to the Street in terms of value to the market, technology, et cetera. That would be the first one.

And the second one is just maybe as a kind of second derivative from the one with the cash, but you have generated a lot of cash in 2025.

You have already offset in a sense the acquisition of Danelec. So why don't you offset the provision on Elogen for the dividend payments, keeping the 80% of the net results, which include a EUR 15 million provision roughly on Elogen. So just maybe also to understand why you do not offset that for the shareholders on the dividend payments, please?

Thank you for your warm welcome. And I'm very happy to take your questions. First on Elogen. So Elogen is a specialist in high-performance PEM applications with, I would say, medium-scale electrolyzers, which are very -- at a very high level of performance for small-scale applications.

The market to produce [ hydrogen ] is, in fact, very broad, it ranges from projects of a couple of hundreds of kilowatts to sometimes up to 1 gigawatt of projects. For some projects in India, it's 650 twice to 650 megawatts for a single project.

Elogen is not playing in this market. Elogen targets and has the right technology to target projects up to a couple of megawatts. And those projects are coming at a reasonable pace. They will be -- they will come more and more as the overall hydrogen supply chain matures, which is why we should not accelerate too much in this field because we should not be ahead of the market. We need to be ready when the market develops gradually.

And during the time that the market matures, we keep investing to have the best technology to sell those, I would say, intermediate size and small-sized projects. Elogen has very good products for this kind of applications. But of course, this market is, for the moment, relatively slow. And so we want to go at the pace that is required by the market.

And we want also to keep a technological -- an edge over the technology. And I think something that GTT has done very, very well. If you look at what happens on the Elogen market is that you have some PEM players who have targeted very, very large projects and build up enormous capacities.

GTT has not done so. We are focused on the right scale of the projects to keep investing in a prudent, in a cautious manner on developing its technology for the right projects. I think it's quite successful as an approach.

The second is what about the cash and the dividend policy? I can tell you, GTT will maintain its dividend policy, which has been the core of the value for the company and for the shareholders since the beginning. Here, I see no value -- no reason to make an exception, but perhaps Thierry, you can comment.

Yes. Thank you, Kevin, for your question. And this provision, EUR 45 million for Elogen. We can say that we consider this EUR 45 million for the provision to be operational costs, and that results in a cash outflow such as the construction of the gigafactory. So we consider that operational cost, and it's part of our operational results.

So that's why we consider that's not necessary to retreat this element regarding the dividends. And second aspect, Kevin, we consider that a yield of nearly 5% remains satisfactory yield, I guess, Kevin.

The final question from the online question this is from Jamie Franklin of Jefferies.

My questions have actually been answered. Thank you so I will hand it over.

Thank you. Any more questions from the room? Okay. So I would like again to thank you all for attending this presentation, both in Paris and online. We will have a lot of, let's say, opportunities to interact. Please call us any time. We're happy to take your questions and to interact and also to take your advice guidance on how we can improve further. Thank you.

Good morning. This is the conference call operator. Welcome and thank you for joining the GTT Third Quarter 2025 Activity Update Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Philippe Berterottiere, Chairman of the Board and CEO of GTT. Please go ahead, sir.

Well, good morning, everybody. I'm very pleased to present to you the Q3 2025 activity update. I am with Thierry Hochoa, the CFO of the GTT Group and with the entire Investment Relations team. Well, year 2025 first 9 months have been quite impressive. First of all, the fundamentals are excellent with 84 million ton per annum already decided. The revenue are approaching EUR 600 million on the first 9 months, which represents an increase of 29% compared to last year. We obtained a fairly diverse orders with LNG carriers; ethane carriers; FLNG, LNG as a fuel. All that led us to upgrade our 2025 outlook when we include Danelec.

On key highlights, we introduced a new technology for LNG as a fuel that we named CUBIQ. We obtained approval in principle from Bureau Veritas. We completed the acquisition of Danelec, and we obtained a quite large contract from the Chinese shipyard, Hudong-Zhonghua for 24 LNG carriers. We continue our innovation efforts with the new partnership with Bloom Energy and Ponant Exploration Group on a new system for zero-emission ships. And we obtained a contract for an electrolyzer in Slovakia for 1 megawatt.

If we look at our order book, we've received orders, 19 orders in the first 6 -- 9 months. So not taking into account the order we received in October. So 267 LNG carriers, which are guaranteeing our activity in the next years, 22 ethane carriers, 3 FLNG and 3 FSRU.

If we look at the market, we can see that the activity in terms of SPA, sales and purchase agreement, for LNG for the contracts path to liquefaction facilities have been very important in the second and third quarter of 2025, and that is very much supporting the decisions for further FIDs.

In fact, in terms of FIDs, we can see that this year has been phenomenal. It's an all-time record with 84 million tons decided as of today. It's historic. And that means that the outlook for LNG demand for the next year is very strong. So it's the supportive trends for LNG and for energy carrier orders are very strong. But the geopolitical context remains quite complex.

I would say we could talk about that at large. But I would say that the instability of regulations between the 2 sides of the Pacific Ocean are creating a kind of concern, still perplexing the decisions of shipowners. I do hope that the recent discussions are going to be able to clarify that. In any case, the LNG carrier order inflow is expected to increase, backed by a strong long-term fundamentals on which we talked just a moment ago.

As far as LNG as a fuel is concerned, we can see that the adoption of this fuel structure is continuing to grow very significantly. It's a very good news, very good news for the planet, very good news for GTT, as this LNG at a certain point of time is going to be transported by LNG carriers and also very good news for LNG as an actor in LNG as a fuel. We can see our market share. We are trying to enlarge this market share in introducing new solutions.

And we've introduced CUBIQ, which is a new tank design, which aims at enlarging the -- increasing the cargo space, the space left for the cargo, facilitating the installation, so reducing the cost of building the tank, reducing the boil-off and so improving the total cost of return of our solution for the owners.

In our digital activity, we are scaling up our efforts in a EUR 1.25 billion market with the acquisition of Danelec that we've completed in end of July. We are in a fast-growing market, and we do expect to be able to benefit from this growth. We are in this market in -- our ambition is to benefit from recurring revenues, which will balance our other activities and to develop revenue synergies that we are targeting between EUR 25 million to EUR 30 million by 2030.

So key achievements. Well, I would say that during these first 9 months, we've released a new generation of VDR. Well, that shows you that the innovation activity, constant innovation activity of Danelec is very much in phase with what we do at GTT. And it's why the integration is going to be very easy as we are on the same wavelength. We've obtained new contracts with a very significant contract obtained from Hudong-Zhonghua for 24 LNG carriers with our SloShield system developed for mitigating the sloshing risks and optimizing cargo operations.

Now I hand the mic to Thierry Hochoa, the Group CFO, who is going to present to you the consolidated revenues.

Thank you, Philippe. Good morning, everyone. Now regarding our revenues for first 9 months of 2025. Revenues at EUR 600 million are up plus 29%, a strong increase compared to EUR 465 million for the first 9 months of 2024. Two main drivers to explain our revenue performance. The first driver is revenue from new builds standing at EUR 558 million, was up plus 30%, benefiting from a higher number of LNG and ethane carriers under construction.

The second driver is linked to the digital activities at EUR 20 million was up plus 83% and including EUR 6.5 million of revenues of Danelec, our recent acquisition. Excluding Danelec, the digital revenue growth was plus 24% compared to last year. One comment on revenues from LNG as fuel. They are down by 32% at EUR 16 million and mainly explained by the strong competition.

Regarding electrolyzers activities, revenue are down and stands at EUR 3.7 million for the first 9 months of 2025 compared to EUR 6.6 million for the first 9 months of 2024. This evolution is mainly due to the absence of contract in 2024 and the continuation of transition and repositioning of Elogen.

Finally, revenues from services slightly decreased by 3% at EUR 18 million due to a lower level of reengineering studies, which are nonrecurring by nature, but offset by a robust certification activities. All in all, the activity of the first 9 months of 2025 remains very solid.

I now back to Philippe for the outlook.

Yes. Thank you, Thierry. Well, on the back of a very strong core business performance and the integration of Danelec over 5 months period, we are upgrading our outlook, assuming no significant delays in ship construction schedules. For our revenues, instead of range between EUR 750 million to EUR 800 million, we have now an estimated range of EUR 790 million to EUR 820 million. For our EBITDA, instead of a range between EUR 490 million to EUR 540 million, we have a range now between EUR 530 million to EUR 550 million. And our payout ratio will be at least 80% of our consolidated net income.

So now we are going to answer to your questions. So please.

[Operator Instructions] The first question is from Richard Dawson of Berenberg.

First one is just on the order outlook for new LNG carrier orders because clearly, very supportive trends with new LNG capacity being sanctioned this year, but we're still seeing a bit of hesitation from shipowners really to place those orders with shipyards. So just through your conversations with your customers, when do you expect an acceleration to start to come for those LNG carrier orders?

And then maybe second question is just on shipyard capacity across Korea and China. Has this slowdown in LNG carrier orders this year put some of those -- some of that planned expansion on hold? Where are we sort of in total slots for this year?

Okay. Well, thank you very much for this question. I do agree with you about these hesitations. It's a perfect word for characterizing the current situation. In fact, the owners are weighing whether they should take the decision now. They are very much perplexed due to the instability in regulations. We had taxes on Chinese-built ships in the U.S. We don't have them anymore. We have taxes in China on ships, American ships. So they would like a more stable environment before taking decisions.

Energy carriers are the most expensive commercial ships, and that's important investment decisions. So they are weighing the risks before taking these decisions. I can say that we have a lot of discussions with shipowners. They would like to move. They would like to know whether they can go to China. They would like to know what kind of competition they can benefit from between China and Korea. So that's considerations that for the time being, they are weighing.

So when is it going to change? I think we may have orders in the last 2 months of this year. And I think that year 2026 will be significant in terms of ordering. And it goes back to your -- the second part of your question about slots. I don't think that there are many slots still available for building ships in shipyards for delivery in 2028. And so then it's in 2029. And I'm feeling that these slots are fairly far away for the needs that owners have.

So there is going to be a kind of acceleration in the market. And your last question is the shipyard capacity. Well, the current flow of orders is not reducing the capacity of the yards as they are building. So the capacity out there as they are very -- this capacity are very active. And it's important for the shipyards to maintain these capacities. And it's why we can see some pricing, some prices, which are more aggressive than what they used to be. And I think it's a factor, which is going to help the acceleration in the order flow I was speaking about.

The next question is from Jean-Luc Romain of CIC Market Solutions.

I have 2 questions, please. The first is about LNG as a fuel orders. We have seen several shipowners like CMA CGM and I think Evergreen, in Taiwan, ordering dual fuel vessels recently in Korea and China, not sure. Should it translate into orders for you? That's the first question.

Second question is, as we are seeing a slowdown in order this year in new LNG carriers, should we expect a slowdown or stabilization of your new build sales in the next couple of years? Or should we expect those to decline a little? I'm speaking about the new build sales.

For LNG as a fuel, when we have not announced a contract, I cannot comment on the fact that the contract is going to be for us. We -- it's a market where we have a market share, where we are trying to enlarge our market share and where we are going to -- where we are improving our offering, our solutions in order to do so. So it's a market with high competition where we are fighting hard.

On the slowdown of orders and the consequences it means for the years to come, well, I would say that we are giving you figures about our revenues for the next coming years. And I send you to your computations to your work for assuming what the turnover is going to be, what the results are going to be for the next years.

I cannot further help you. We are giving you all the information about that. What I can say that we may -- we are not seeing any kind of cancellations in our order book nor we see particularly delays in delivery.

[Operator Instructions] The next question is from Henri Patricot of UBS.

Two questions from my side, please. The first one on the market. I was wondering if you can comment on what you see as the potential impact of the delay to the IMO net zero framework, both for the core business and maybe driving a slower replacement of the fleet. And secondly, in terms of the speed of adoption for LNG as fuel.

And then secondly, on deliveries for this year, I believe, you targeted something close to 100 deliveries in the core business. Is that still the case? It implies quite an uptick in the fourth quarter.

Well, on the market for IMO, I think I hinted that in our last communication at the end of July for the first 6 months of the year. I was feeling that it was going too far, too quickly. And this -- the delay in the implementation of this regulation is not going to change the fundamental trend of the market for shipping, which is that shipping is switching to LNG. LNG is reducing the CO2 emissions and LNG is cheaper than other fuels. So cleaner and cheaper, it's 2 significant improvements.

And whatever -- in spite of the delay of the IMO regulation implementation, there will be -- this evolution will continue. It's not going to cause a kind of slowdown, well, in the LNG carrier decisions as that is very much driven by the need for ships for new plants and also for replacement market. And there is clearly a need for replacing old ships, which are generating twice more CO2 than modern ships.

And there are large parts of the world to begin with Europe, which are taxing CO2 emissions, heavily taxing CO2 emissions. So all these points are in place and are positive for LNG at large and positive for LNG as a fuel.

On your second question, we expect to have still a strong activity in 2025. With compared to 2024, we had 66 orders; and up to now, we had in 2025, 58 orders. And we are going to have still a significant 58 deliveries. And of course, we are going to have still at the end, in the fourth quarter of this year, a very significant number of deliveries.

The next question is from Jamie Franklin of Jefferies.

So firstly, just on LNG carriers. At the 1Q '25 update, you spoke to around 40 to 65 vessels still required for projects under construction. I just wanted to get a sense of how many of the orders that you've received in the last 6 months are for those under construction projects? And how many are for the newly FID projects this year, please?

And then second question, just on Danelec. So the integration seems to be going well. Are you still actively pursuing new M&A opportunities now? Or are you waiting for the integration of Danelec to complete? And then if you are considering new opportunities, could we assume a similar size to Danelec?

Okay. On LNG carriers, we -- I have not noticed when we said 40 to 65, but it's a time ago. But definitely, the orders we received this year are for existing projects and so are decreasing this number of projects decided before year 2025. And we have not received orders for the 84 million ton per annum decided in 2025. These are for deliveries in 2029, 2030 and 2031. So it's this long-term perspective, which are going to be supported by these investment decisions. And still, we consider that there are ships, which are needed for the projects decided before 2025.

On M&A and Danelec, yes, I confirm that the integration with Danelec is going well. We -- the priority for the time being is to continue very well this integration. It's the best guarantee that we are going to be able to obtain the synergies that we were talking about and also that we are going to be able to benefit from the growth of the sectors where we are operating.

We are looking at M&A possibilities. Of course, we are not -- meanwhile, we are not becoming blind to what we could find on the market. But I will say that for the time being, there is no opportunities, which are making sense. But it's not because there is nothing that we are not looking at that, and it's not because we have a priority succeeding the integration that we are not looking at what could make sense, which is our priority #1.

The next question is from Kevin Roger of Kepler Cheuvreux.

Sorry for that one, but it's a kind of follow-up because you used to give us the net numbers in terms of how many vessels you were seeing for the project that were sanctioned or under construction. So just if you can follow up as a kind of magnitude, the 84 million tons of projects that have been sanctioned year-to-date in '25, how many vessels do you consider are needed to transport this LNG worldwide? Just a kind of magnitude with the data that you have provided before.

And the second one on Elogen, it seems that the restructuring is almost completed. H1, you booked quite a large provision, almost EUR 50 million. Any sense on if you're going to use all those provisions or if a bit more is needed? So just a comment maybe on this provision and where you think you're going to end with the restructuring?

Okay. On the number of ships, what we can say on the 84 million tons per annum is that 17 million are not from Gulf of Mexico or Gulf of America, so to speak, to the rest of the world, where you have a very important shipping intensity and, in particular, as the Panama Canal is quite congested and where the shipping intensity is something like 2.3.

In fact, I consider 67 million tons are from Gulf of Mexico to the rest of the world and the shipping intensity can be 2.3 or, let's say, 2 ships for a million ton, to be cautious. For the rest, the 17 million tonnes, you are on Mozambique to the rest of the world and the shipping intensity is probably 0.9 or 1 ship per million ton.

So altogether, it's a very, very large number of ships. Let's say, without going to be too specific, far more than 100 ships to be ordered and probably something close or close to 150 -- around 150 ships ordered. As far Elogen is concerned, I'm going to hand the mic to Thierry.

Yes. Thank you, Philippe. Yes, you're right to mention that we booked at the end of H1 2025, EUR 40 million of cost to restructure this affiliate. It's -- you have all the costs here. We do not expect additional cost because in this cost, I remind you, we have the final [ halt ] of Vendôme Gigafactory and the write-off of this asset. And you have as well provision for the workforce reduction plan. So we do not expect additional cost at the end of this year for Elogen.

The next question is from Jean-Francois Granjon of ODDO BHF.

Two questions from my side. The first one, could you come back on the LNG as a fuel. You mentioned some more intensive competition. So could you give us more color about that? And what do you expect for you in terms of growth and trend for the development of this business? Do you expect some more delay or more time due to the more competition you mentioned?

And the second question concern Danelec. You also mentioned some cross-selling and synergy -- synergies at EUR 25 million to EUR 30 million. So in which timing do you expect that? And could you give -- explain us more how we can -- you expect to reach such level of synergy -- revenue synergy in the coming years?

Okay. Thank you. Well, on energy as a fuel, we have competition from different containment technologies, which are called Type B or Type C and which are using a thick plate of stainless steel, which has to be welded in terms of operation, it can -- it's something, which is a bit complicated. But this technology has the merit to be very easy to install inside the ship. It can be lifted and pushed inside the ship.

We -- which is very much liked by shipyards whenever they are quite busy. We need an installation in the ship, which is taking time and workmanship even though materials are far less expensive. We are existing in this market, and it's a fast-growing market. We are keeping on improving our solutions to better exist in this market. And you're going to see how we progress in this market in the years to come.

As far as Danelec is concerned, we are planning synergies between EUR 25 million and EUR 30 million by 2030. And it's mainly obtained through cross-selling between the various activities of the various pools of Danelec. We had VPS, we had Ascenz Marorka, we have Danelec. And these 3 companies have a different portfolio of customers where we are going to try to sell the solutions of the others. That's basically where the synergies that we are going to try to obtain.

Mr. Berterottiere, this was the last question of over the phone.

Okay. Thank you. We do have one question coming from online from Jean-Philippe Desmartin at Edmond de Rothschild Asset Management. Succession planning of the CEO position at GTT, do you have an update to give?

Well, what I will say is that the Special Committee of the Board of Directors is working on that and a proper information will be given in due time.

So if there is no other question, I would like to thank you for having attended this conference, and I hope to see you soon. Thank you very much.

Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.