GTT, the Paris-based technology and engineering group behind membrane containment systems for liquefied gas carriers, reported a sharp rise in new orders in the first nine months of 2026, a development that pushed its shares higher after the company's quarterly call. The stock rose 3.27% to $205 from $198.5, moving closer to the top of its 52-week range.
The company received 80 new orders in the first nine months of 2026, compared with 27 in the same period of 2025. Of those, 71 were for LNG carriers, with further orders for ethane carriers, floating storage units and onshore storage facilities. Management said the order book stood at €1.85 billion at the end of the quarter, among the highest levels in the company's history. The core business order book was reported at 299 units valued at €1.8 billion.
Revenue told a different story. Revenue for the first nine months fell 4.9% to €570 million. The company attributed the decline mainly to a lower number of LNG carriers under construction, which reflected weak order intake in the first nine months of 2025, along with some ship delivery dates moving back to original contractual milestones. Management described the timing effect as small and temporary, saying it accounted for less than 2% of nine-month revenue.
Revenue from services to operations was down 7%, to €16.4 million from €17.7 million, mainly because of a slowdown in the certification business. Elogen revenue was €0.7 million, as that business remains focused on research and development.
GTT confirmed its 2026 guidance, with consolidated revenue expected between €740 million and €780 million and consolidated EBITDA between €490 million and €530 million. It also maintained its dividend policy, noting that a record dividend was paid in 2025, subject to shareholder approval. The company said its implied EBITDA margin is expected to remain at a top level, potentially its second-best financial performance in its history.
Chief executive François Michel said the company had received, in his words, a very good level of new orders, and that the order book was amongst the very highest in the company's history. Management tied the orders to continued investment in LNG infrastructure and the replacement of an ageing fleet, and pointed to the conversion of recent final investment decisions into ship orders as a further driver. The company also highlighted the gradual scaling of new service offerings from GTT Energy.
GTT noted ongoing uncertainty linked to the conflict in the Middle East and said it was maintaining close dialogue with customers and partners. Its next half-year results are scheduled for publication on July 28, 2027.