2025 HALF-YEAR FINANCIAL REPORT




GAZTRANSPORT & TECHNIGAZ
A société anonyme (joint stock limited liability company) with a Board of Directors with share
capital of 371,177.72 euros.
Registered office: 1 route de Versailles – 78470 Saint-Rémy-lès-Chevreuse
662 001 403 Versailles Trade and Companies Register
Contents
DECLARATION BY THE PERSON RESPONSIBLE............................................................... 3
HALF-YEAR ACTIVITY REPORT ........................................................................................ 4
1. HIGHLIGHTS OF THE FIRST-HALF ............................................................................. 4
2. SUBSIDIARIES’ ACTIVITY........................................................................................... 9
3. ANALYSIS OF THE CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2025 ......... 11
4. ANALYSIS OF GTT’S STATEMENT OF FINANCIAL POSITION ................................... 18
5. 2025 OBJECTIVES CONFIRMED .............................................................................. 21
6. INTERIM DIVIDEND ................................................................................................ 21
7. RELATED-PARTY TRANSACTIONS ........................................................................... 21
RISK FACTORS .............................................................................................................. 21
CONDENSED HALF-YEAR FINANCIAL STATEMENTS ..................................................... 22
STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF-YEARLY FINANCIAL
INFORMATION ............................................................................................................. 50




Page 2
DECLARATION BY THE PERSON RESPONSIBLE

“I declare that, to the best of my knowledge, the interim consolidated financial statements
have been prepared in accordance with applicable accounting standards and provide a true
and fair view of the assets, liabilities, financial position and profit or loss of the parent
company, as well as of all consolidated companies, and that the half year activity report
presented on page 4 gives a true and fair view of the significant events that occurred during
the first six months of the year and their impact on the financial statements, and the main
related party transactions, as well as a description of the main risks and uncertainties for the
remaining six months of the year.”

July 29, 2025

Philippe Berterottière, Chairman and CEO




Page 3
HALF-YEAR ACTIVITY REPORT
HIGHLIGHTS OF THE FIRST-HALF
1/ Group business activity in the first half of 2025

- LNG and Ethane carriers

Following a record-breaking 2024 (the second highest year ever in terms of order intake), and
in an uncertain geopolitical environment, GTT maintained strong commercial momentum in its
core business during the first half of 2025, securing ten orders for LNG carrier and seven orders
for Very Large Ethane Carriers (VLEC).

Notably, among the ten LNGC orders, six are for ultra-large vessels with a capacity of 271,000
m³ (significantly larger than the standard 174,000 m³) placed with the Chinese shipyard Hudong-
Zhonghua. These vessels will be fitted with GTT’s NO96 Super+ membrane containment
system. Deliveries are scheduled between 2027 and 2031.

The VLECs will each have a total capacity of 100,000 m³, the largest ever for this type of vessel,
and will feature GTT’s Mark III membrane containment system. Deliveries are scheduled in 2027
and 2028.

- LNG as fuel: Growth in the LNG-powered container ship market

After receiving an order in February from HD Hyundai Heavy Industries for the design of
cryogenic tanks (12,750 m³) for 12 new LNG-powered container ships for a European ship-
owner, GTT announced a further order received in the second quarter, placed by HD Korea
Shipbuilding & Offshore Engineering and concerning the design of cryogenic tanks (8,000 m³)
for six new LNG-powered container ships on behalf of ship-owner Capital.

All of these LNG tanks will be fitted with GTT’s Mark III Flex membrane containment system,
along with the “1 barg”1 design, which allows an operating pressure of up to 1 barg (compared
to 0.7 barg previously). This innovation offers a concrete response to upcoming regulations on
cold ironing at quayside, confirming its added value for the maritime industry.

- Digital: Commercial success and change of scale with Danelec

During the first half of the year, the Group achieved several commercial successes in the digital
field. In particular, the TMS group selected Ascenz Marorka’s Smart Shipping2 solution to equip
its entire fleet of over 130 vessels (oil tankers, bulk carriers, liquefied gas carriers and container
ships).

China Merchants Energy Shipping (CMES) also chose Ascenz Marorka’s digital solutions to
equip a series of eight LNG carriers, with deliveries scheduled from late 2025 to mid-2027.
These solutions include a full suite of onboard systems, a real-time vessel performance
monitoring platform and its associated services, LNG cargo management modules, weather
routing and voyage optimisation applications, as well as expert consulting services.


1 Unit of measurement, abbreviation of “bar gauge”.

2 Smart Shipping refers to a set of navigation, operational ship management, predictive maintenance, on-board
energy management and fleet management services for charterers, ship-owners and operators.
Page 4
In addition, Ascenz Marorka expanded its real-time fleet performance monitoring service to the
Americas region, operating out of Vancouver. With operations now spanning three strategic
locations, Ascenz Marorka supports ship-owners, charterers and fleet managers in optimising
their activities on a global scale.

The strong commercial performance is reflected in the gross margin generated by the digital
business, which reached 57% for the first semester of 2025 compared with 48% for full year
2024.

Finally, in May 2025, GTT announced the acquisition of Danelec, a global leader in the collection
and analysis of maritime data. This transaction enables the GTT Group to become the global
leader in vessel performance management and positions it among the top players in the critical
Voyage Data Recorders (VDR) segment, with a market share covering 15% 3 of the global fleet.

- Elogen: Refocusing the business model

In a press release issued on 10 February 2025, the GTT Group presented the initial conclusions
of the strategic review of its subsidiary Elogen. This review was further advanced in the first half
of 2025 and it highlighted the need to refocus Elogen’s business model on research and
development, in order to strengthen the differentiation and competitiveness of its products by
improving the solution efficiency and reducing costs. The Group therefore plans to concentrate
on the production of high-power stacks at its Les Ulis site, a capability that few players in the
market can offer. These developments enable Elogen to target significant positive-margin
contracts.

The information and consultation procedures with employee representative bodies concluded in
July.
A workforce reduction plan, involving the elimination of 110 positions out of 160, will be
implemented in the second half of the year. It will begin with a voluntary departure phase to
minimise forced redundancies. Accordingly, the GTT Group recorded non-current operating
expenses of 45 million euros in the first half of 2025 mainly related to the definitive halt of the
Gigafactory construction in Vendôme and the workforce reduction plan.

- Innovation: Technological advancements recognised by classification societies

In the first half of 2025, GTT obtained several Approvals in Principle (AiPs) from leading
classification societies:
o Two from Bureau Veritas for its optimised containment systems for ethane transport,
Mark III SlimTM and NO96 SlimTM. These approvals confirm major advantages:
increased tank capacity, reduced costs and optimised construction time.
o One from DNV for the design of membrane tanks rated for 1 barg, intended for LNG-
powered vessels. This concept provides several benefits to ship-owners: extended
retention time, higher bunkering temperature and compliance with the requirements for
cold ironing at quayside.




3 Danelec’s market share in the Voyage Data Recorder (VDR) segment stands at 15% of the total installed base,
including c. 30% of annual retrofits (source: Arkwright).
Page 5
o One from Lloyd’s Register for the “NH₃-ready4” rating of the Mark III containment system
applicable to LNG-powered vessels as well as LNG carriers (LNGCs), very large ethane
carriers (VLECs) and bunkering vessels. This innovation enhances the flexibility of
vessels by enabling them to adopt, transport or use ammonia (NH₃), a lower-carbon
energy alternative, over their lifecycle.


- GTT Strategic Ventures: Two new investments to accelerate the maritime energy
transition

Since the beginning of the year, the GTT Strategic Ventures investment fund has acquired
minority stakes in two innovative companies:
o novoMOF (April): specialising in metal-organic frameworks (MOFs), high performance
materials for designing point-source CO₂ capture systems, which are particularly well-
suited to constrained environments such as maritime transportation, thanks to their
compactness.
o CorPower Ocean (July): whose unique wave-energy technology features high resilience
to storms and optimised energy efficiency under normal ocean conditions. This solution
provides stable electricity generation and addresses the main challenges in renewable
marine energy.


Order book as of 30 June 2025

As of 1 January 2025, GTT’s order book excluding LNG as fuel comprised 332 units. The
following developments have occurred since 1 January:
- Deliveries completed: 36 LNG carriers, 5 onshore storage tanks;
- Orders received: 10 LNG carriers and 7 ethane carriers.

As of 30 June 2025, the order book, excluding LNG as fuel, stood at 308 units, broken down as
follows:
- 280 LNG carriers;
- 23 ethane carriers;
- 3 FSRUs (Floating Storage and Regasification Units);
- 2 FLNGs (Floating Liquefied Natural Gas units).

Regarding LNG as fuel, with 18 vessels ordered and 14 delivered during the period, there were
54 vessels in the order book as of 30 June 2025.




4 Compatible with ammonia.

Page 6
2/ Combined annual shareholder meeting

The combined shareholders’ Annual General Meeting (AGM) of GTT (Gaztransport &
Technigaz) met on June 11, 2025 under the chairmanship of Philippe Berterottière, Chairman
and Chief Executive Officer of GTT.

All resolutions submitted to the Annual General Meeting were approved.

The shareholders approved in particular the financial statements for the fiscal year 2024
including the payment of a dividend of 7.50 euros per share, an interim dividend amounting to
3.67 euros was paid on December 12, 2024. The remaining balance amounted to 3.83 euros
per share.

The AGM of June 11, 2025 ratified the co-option of Virginie Banet as director, who was
appointed by co-option by the Board of Directors on April 17, 2025, to replace Frédérique Kalb,
for the remainder of the current term of office, i.e. until the Annual General Meeting of 2027.
The Annual General Meeting of 2025 also approved the renewal of the term of office of
Domitille Doat-Le Bigot as director.

The AGM approved the information stipulated in Article L. 22-10-9, I. of the French Commercial
Code provided in the report of corporate governance. It also approved:

- the elements of the compensation paid or allocated to Philippe Berterottière as
Chairman and Chief Executive Officer for the period from January 1 to June 12,
2024 and as Chairman of the Board of Directors for the period from June 12 to
December 31, 2024;
- the elements of the compensation paid or allocated to Jean-Baptiste Choimet as
Chief Executive Officer for the period from June 12 to December 31, 2024;
- the compensation policy of Philippe Berterottière as Chairman of the Board of
Directors for the period from January 1 to February 9, 2025, and as Chairman and
Chief Executive Officer for the period starting from February 9, 2025;
- the compensation policy of Jean-Baptiste Choimet as Chief Executive Officer for
the period from January 1 to February 9, 2025;
- the compensation policy of the members of the Board of Directors for the 2025
financial year.

Finally, the AGM authorised several financial delegations to the Board of Directors.

Therefore, the Board of directors is composed of 9 Directors (of which 4 are women and 5 are
men), and 7 are independent (i.e. 78%):
- Philippe Berterottière, Chairman of the Board
- Domitille Doat-Le Bigot, Independent Director
- Carolle Foissaud, Independent Director
- Luc Gillet, Independent Director

Page 7
- Pierre Guiollot, Director
- Pascal Macioce, Independent Director
- Catherine Ronge, Independent Director
- Antoine Rostand, Independent Director
- Virginie Banet, Independent Director.

The composition of the Board of Directors is in accordance with the recommendations of the
AFEP-MEDEF Code.




Page 8
SUBSIDIARIES’ ACTIVITY

Cryovision, a GTT subsidiary created in 2012, offers innovative services to ship-owners and
vessel operators. Cryovision markets Non-Destructive Tests of Cryogenic Containment
Systems with GTT membranes, in particular by thermal camera (TAMI) during commercial
vessel operations and by Acoustic Emission method in repair shipyards. Since 2021, Cryovision
has also conducted tightness testing on vessels using NO96 technology (Global Tests).

GTT North America, created in 2013, continues its business development activities in the
Americas. In the first half of the year, it signed service contracts for the maintenance of LNG
carriers, regasification vessels (FSRUs) and the US bunker barge Clean Jacksonville, training
contracts with major energy companies and the US Coast Guard, and a contract to equip
vessels chartered by a major energy company with Ascenz Marorka’s digital platform.

GTT Training Ltd., a subsidiary created in 2014, continues to offer all training services, including
simulator courses “online”.

GTT South East Asia (GTT SEA), a GTT subsidiary established in Singapore in 2015, carries out
commercial development activities on behalf of the Group in the Asia-Pacific region.
GTT’s presence in Singapore enables better collaboration with key players in countries such as
Singapore, Indonesia, Malaysia and Japan, where the LNG bunkering markets and small-scale
LNG chains are promising. In addition, the Singapore office extended its geographic coverage
to South Korea in early 2021.

Ascenz Marorka SAS, based in Saint-Rémy-lès-Chevreuse, specialising in digital technology, is
the result of the contributions, in July 2024, of the Singaporean company Ascenz (acquired in
January 2018), of the Icelandic company Marorka (acquired in February 2020) and of the
Danish company Vessel Performance Solutions (acquired in February 2024).

With its subsidiary Ascenz Marorka, GTT provides essential added value to ship-owners,
charterers and operators through advanced digital decision-making support solutions. These
tools enable vessel performance analysis and optimisation using data acquisition systems and,
if necessary, the integration of sensors. They also offer environmental reporting and weather
routing systems.

In the first half of 2025, Ascenz Marorka achieved several commercial successes in the digital
field. In particular, the TMS Group has selected Ascenz Marorka’s Smart Shipping5 solution for
its entire fleet of over 130 vessels (oil tankers, bulk carriers, liquefied gas carriers and container
ships) and China Merchants Energy Shipping (CMES) has also selected Ascenz Marorka’s digital
solutions for a series of eight LNG carriers.


5 Smart Shipping refers to a set of navigation, operational ship management, predictive maintenance, on-board
energy management and fleet management services for charterers, ship-owners and operators.
Page 9
Elsewhere, Ascenz Marorka expanded its real-time fleet performance monitoring service to
the Americas from a base in Vancouver. With operations now spanning three strategic
locations, Ascenz Marorka is supporting ship-owners, charterers and fleet managers in
optimising their activities all around the globe.

Finally, in May 2025, GTT announced the acquisition of Danelec, a Danish company, which is a
global leader in the collection and analysis of maritime data.

OSE, the GTT Group’s centre of expertise in digital intelligence, continues to grow in the
maritime transportation sector and particularly in tailored services for smart shipping.
Moreover, OSE has considerably developed its know-how and its customer portfolio on
autonomous systems and decision support solutions for the management of complex systems.
OSE’s customers include some of the biggest shipbuilding and automotive names in the civil
and defence sectors.

Elogen, a subsidiary of GTT since October 2020, specialising in the design and assembly of
Proton Exchange Membrane electrolysers (PEM technology). Innovation is at the heart of
Elogen’s strategy, R&D makes it possible to increase the differentiation and therefore the
competitiveness of its products by improving the efficiency of the solution and cutting costs.
Following a strategic review of Elogen’s business carried out in early 2025, the Group decided
to refocus its subsidiary’s business model on research and development, as well as the
production of high-power stacks at its Ulis site.




Page 10
ANALYSIS OF THE CONSOLIDATED RESULTS FOR THE FIRST HALF OF
2025

(in thousands of euros) 06/30/2025 06/30/2024 %

Revenue from operating activities 388,692 294,780 31.9%
Other operating income 122 471 -74.1%
Total operating income 388,814 295,251 31.7%
Costs of sales (7,836) (11,871) -34.0%
External expenses (49,583) (51,027) -2.8%
Personnel expenses (64,570) (58,848) 9.7%
Tax and duties (2,943) (2,117) 39.0%
Depreciation, amortisation and provisions, net (9,803) (3,535) 177.3%
Other current operating income and expenses 2,984 4,349 -31.4%
Impairment following impairment tests - -
Current operating income (EBIT) 257,063 172,202 49.3%
EBIT margin on revenue (%) 66.1% 58.4%
Non-current operating income and expenses (48,169) 21,000 -329.4%
Current and non-current operating income 208,894 193,202 8.1%
Financial income 6,809 5,551 22.7%
Share in the income of associated entities (361) (182) 98.1%
Profit (loss) before tax 215,342 198,571 8.4%
Income tax (35,386) (28,266) 25.2%
Net income 179,957 170,306 5.7%
Net margin on revenue (%) 46.3% 57.8%
Basic earnings per share (in euros) 4.86 4.61 5.5%
EBITDA 264,461 177,202 49.2%
EBITDA margin on revenue (%) 68.0% 60.1%



Operating income before depreciation, amortisation and impairment of assets (EBITDA)
reached 264.5 million euros in the first half of 2025, up 49.2% compared to the first half of
2024. The EBITDA margin on revenue increased from 60.1% in the first half of 2024 to 68% in
the first half of 2025.
Current operating income amounted to 257.1 million euros in the first half of 2025 compared
to 172.2 million euros in the first half of 2024, an increase of 49.3%.
Non-current operating income was a loss of 48.2 million euros in the first half of 2025,
compared to a profit of 21 million euros in the first half of 2024 (reversal of the depreciation
recognised at December 31, 2023, of a receivable of 21 million euros that was paid in the first
half of 2024). The loss of 48.2 million euros consists of non-recurring items mainly related to
the strategic review of the business of the subsidiary Elogen, notably in connection with the
definitive halt of the Gigafactory construction in Vendôme and the workforce reduction plan.
Net income increased from 170.3 million euros in the first half of 2024 to 180.0 million euros
in the first half of 2025, and the net margin went from 57.8% to 46.3%.


Page 11
The increase in net income is mainly due to a 31.9% rise in revenue over the period, which was
partially offset by non-recurring expenses related to the strategic review of the business of the
subsidiary Elogen.


Change and distribution of revenue (see “Operating activities” in the income statement)



(in thousands of euros) June 30, 2025 June 30, 2024 Change %

Revenue 388,692 294,780 93,912 31.9%
Of which vessels under construction 364,827 270,985 93,842 34.6%
LNG carriers/Ethane carriers 340,897 250,744 90,153 36.0%
VLEC 4,826 0 4,826 N/A
FSRUs/FSUs 3,326 0 3,326 N/A
FLNGs 4,299 1,354 2,945 217.5%
Onshore storage tanks and GBSs 23 1,670 (1,647) -98.7%
Vessels fuelled by LNG 11,455 17,217 (5,762) -33.5%
Of which Hydrogen 2,473 6,052 (3,579) -59.1%
Of which Digital 9,394 6,912 2,482 35.9%
Of which services 11,997 10,831 1,166 10.8%
Vessels in operation 6,143 5,970 173 2.9%
Accreditation 3,515 1,124 2,391 212.7%
Studies 1,881 3,120 (1,239) -39.7%
Training 458 617 (159) -25.8%
Other 0 0 0 N/A




Consolidated revenue for the first half of 2025 amounted to 388.7 million euros, up 31.9%
compared to the first half of 2024.

Revenue for vessels under construction amounted to 364.8 million euros, up 34.6% compared
to the first half of 2024.

Royalties from LNG carriers amounted to 340.9 million euros, up 36%. This rise is linked to the
increase in the number of LNG carriers under construction, thus generating additional income.

The royalties generated by the VLECs and FSRUs amounted to 4.8 million euros and
3.3 million euros respectively, whereas there was no income related to these activities in 2024.

The royalties generated by the FLNGs amounted to 4.4 million euros; up 218%.

The royalties generated by the LNG as fuel business were down significantly (-33.5% at
11.5 million euros) due to a high comparative basis with the delivery of 20 ship powered by
LNG as fuel in the first semester of 2024.



Page 12
Elogen’s electrolyser revenue amounted to 2.5 million euros in the first half of 2025, down
59.1% compared with 6.1 million euros in the first half of 2024, with no significant new orders
having been taken in the first half of the year.

Revenue in the digital business amounted to 9.3 million euros, up 36% compared to the first
half of 2024, and includes the business of VPS, which was acquired in February 2024.

Revenue from services were up by 11% to 12 million euros in the first half of 2025, mainly
related to support services for vessels in operation and certifications.




Page 13
Composition of GTT’s operating income

External expenses

(in thousands of euros) 06/30/2025 06/30/2024 Change %
Tests and studies 7,346 6,501 845 13.0%
Sub-contracting 18,648 19,882 (1,234) -6.2%
Fees 6,550 7,038 (488) -6.9%
Leasing, maintenance and insurance 5,063 4,028 1,036 25.7%
Transport, travel and reception expenses 5,392 7,145 (1,753) -24.5%
Other 6,585 6,433 152 2.4%
EXTERNAL EXPENSES 49,583 51,027 (1,443) -2.8%




The Group’s external expenses decreased compared to last year, from 51 million euros in the
first half of 2024 to 49.6 million euros in the first half of 2025. This decrease (-2.8%) compared
to the previous half-year is mainly due to good control of structural costs and sub-contracting
costs partially offset by increased leasing, maintenance and insurance costs.



Personnel expenses

(in thousands of euros) 06/30/2025 06/30/2024 Change %
Wages, salaries and social security costs 54,148 51,551 2,596 5.0%
Share-based payments 3,368 1,054 2,314 219.5%
Profit-sharing and incentives scheme 7,054 6,243 811 13.0%
PERSONNEL EXPENSES 64,570 58,848 5,721 9.7%




Personnel expenses were up by 5.7 million euros compared to the previous period. This
increase (+9.7%) is explained in particular by the increase in the Group’s headcount, the
inflation-related increase in salaries and share-based payments (IFRS 2) that were impacted by
the increase in the specific contribution.



Depreciation and provisions

(in thousands of euros) 06/30/2025 06/30/2024 Change %

Allocations to depreciation or amortisation of non-
6,629 5,325 1,304 24.5%
current assets
Allocations to depreciation or amortisation of non-
1,364 644 720 111.9%
current assets IFRS 16
Allocations (reversals) to provisions 1,810 (2,434) 4,244 -174.4%
ALLOCATIONS (REVERSALS) TO
DEPRECIATION, AMORTISATION AND 9,803 3,535 6,268
PROVISIONS



Page 14
Allocations (reversals) to depreciation, amortisation and provisions amounted to 9.8 million
euros, an increase of 6.3 million euros mainly due to:

- The 24.5% increase in allocations to depreciation or amortisation of non-current assets
to reach 6.6 million euros in the first half of 2025, in connection with the increase in
non-current assets noted last year;
- The increase in allocations (reversals) and provisions of 4.2 million euros in relation to
the change in clients’ depreciation (net allocation of 3.4 million euros in the first half
of 2025 compared to a net reversal of 0.6 million euros in the first half of 2024), with
the first half of 2025 also including the reversal of a provision related to litigation with
a client (2.4 million euros).



Other current operating income and expenses

(in thousands of euros) 06/30/2025 06/30/2024 Change %
Research tax credit 4,221 4,349 (128) -2.9%
Other operating income (expenses) (1,237) 0 (1,237) N/A
OTHER CURRENT OPERATING INCOME AND
2,984 4,349 (1,365) -31.4%
EXPENSES




“Other current operating income and expenses” mainly comprise the Research Tax Credit
amounting to 4.2 million euros, whose recognised amount of 4.2 million euros in the first half
of 2025 includes an estimate of the income for the current year plus the previous year’s
adjustment. The estimate is based on projects considered eligible under the research tax credit
criteria.

Other non-current operating expenses include scrapping amounting to -0.9 million euros.



Non-current operating income

In the first half of 2025, non-current operating income was a loss of 48.2 million euros and
consisted of non-recurring items mainly related to the strategic review of the business of the
subsidiary Elogen, notably in connection with the definitive halt of the Gigafactory
construction in Vendôme and the workforce reduction plan.

In the first half of 2024, this item consisted of the reversal of 21 million euros of depreciation
following the receipt of the settlement payment for infringement and unauthorised use of its
intellectual property rights. Operators conducted operations using GTT’s technology despite
the absence of a contract. A settlement for an amount of 21 million euros was recognised in
2023 following the signature of an agreement and had been fully impaired given the
uncertainty regarding its recoverability at the closing date of the financial statements.

Page 15
Change in operating income (EBIT) and EBITDA

(in thousands of euros) 06/30/2025 06/30/2024 %
EBITDA 264,461 177,202 49.2%
EBITDA margin (%) – EBITDA as a ratio of
68.0% 60.1%
revenue
Operating income (EBIT) 257,063 172,202 49.3%
EBIT margin (%) – EBIT or operating income as a
66.1% 58.4%
ratio of revenue
* EBITDA corresponds to EBIT restated for allocations to depreciation or amortisation of non-current assets, the impairment of
assets following impairment tests linked to said non-current assets, and allocation and reversals of provisions for losses on
completion, in accordance with IFRS standards.


The EBIT-to-EBITDA table is presented below:

(in thousands of euros) 06/30/2025 06/30/2024

Current operating income (EBIT) 257,063 172,202
Adjusted items
Depreciation or amortisation of non-current assets 6,629 5,325
Depreciation or amortisation of IFRS 16 non-current
1,364 644
assets
Losses on completion (reversal) (594) (969)
EBITDA 264,461 177,202



The Group’s EBIT was up 85.5 million euros, from 172.2 million euros in the first half of 2024
to 257.1 million euros in the first half of 2025. As a result, the EBIT margin rose from 58.4% in
2024 to 66.1% in 2025 (i.e. +7.7 points compared to 2024). This increase is mainly due to (i) the
growth in the Group’s core business, (ii) the absence of significant delays in the schedule for
LNG/ethane carrier construction and (iii) good cost control.

The EBITDA margin on revenue increased from 60% in the first half of 2024 to 68% in the first
half of 2025.




Page 16
Composition of GTT’s net income and earnings per share

In euros 06/30/2025 06/30/2024

Net income (in euros) 179,956,736 170,305,513
Weighted average number of shares outstanding
37,035,825 36,978,533
(excluding treasury shares)
Number of diluted shares 37,157,057 37,107,920
BASIC EARNINGS PER SHARE (IN EUROS) 4.86 4.61
DILUTED EARNINGS PER SHARE (IN EUROS) 4.84 4.59



The Group’s net income increased from 170.3 million euros in the first half of 2024 to
180.0 million euros in the first half of 2025, taking into account the items presented above.

In the first half of 2025, earnings per share were calculated based on share capital made up of
37,035,825 shares, which corresponds to the weighted average number of ordinary shares
outstanding excluding treasury shares during the period.

Therefore, earnings per share increased from 4.61 euros to 4.86 euros over the period.

Diluted earnings per share are calculated by taking into account the free share allocations
decided by the Group. Diluted earnings per share increased from 4.59 euros in the first half of
2024 to 4.84 euros in the first half of 2025.



Financial income

(in thousands of euros) 06/30/2025 06/30/2024 Change %
Financial income 6,893 6,042 852 14.1%
Other financial expenses (84) (490) 406 -82.9%
Financial income 6,809 5,551 1,258 341.2%




Financial income of 6.9 million euros consists of 6.5 million euros in interests on financial
investments and 0.4 million euros in foreign exchange gains. The increase in financial income
is mainly explained by investments in products with no risk of capital loss (term accounts,
interest-bearing time deposits, capital-guaranteed financial investments), despite a downward
trend in rates.

As at June 30, 2025, the Group had 319.5 million euros invested versus 299 million euros as at
December 31, 2024 (note 9).




Page 17
ANALYSIS OF GTT’S STATEMENT OF FINANCIAL POSITION


Non-current assets

(in thousands of euros) 06/30/2025 12/31/2024 %
Intangible assets 41,216 37,336 10.4%
Goodwill 18,966 18,966 0.0%
Property, plant and equipment 58,996 56,466 4.5%

Investments in equity-accounted companies 9,973 10,405 -4.2%

Non-current financial assets 10,896 8,236 32.3%
Deferred tax assets 4,203 5,157 -18.5%
Non-current assets 144,249 136,566 5.6%



The 7.7 million euros change in non-current assets between December 31, 2024 and June 30,
2025 is mainly due to (i) the acquisition of 2.6 million euros worth of stakes (including
convertible bonds) in companies, (ii) the activation of research and development projects as
well as the development of IT projects for 10.6 million euros and (iii) the continuation of the
renovation work on the registered office located in Saint-Rémy-lès-Chevreuse.


Current assets

(in thousands of euros) 06/30/2025 12/31/2024 %
Inventories 22,939 29,790 -23.0%
Trade receivables 178,659 136,486 30.9%
Trade receivables - Contract assets 35,592 49,534 -28.1%
Current tax receivable 87,784 82,707 6.1%
Other current assets 24,685 35,990 -31.4%
Current financial assets 406 390 3.9%
Cash and cash equivalents 360,040 343,328 4.9%
CURRENT ASSETS 710,104 678,224 4.7%



Current assets increased by 31.9 million euros between December 31, 2024 and June 30, 2025.

This change is mainly due to increases of 16.3 million euros in cash (excluding accrued interest
not yet due), 5.1 million euros in tax receivables, 28.2 million euros in trade receivables
(including contract assets), partially offset by inventories amounting to -6.9 million euros and
the -11.3 million euros decrease in other current assets.




Page 18
Equity

(in thousands of euros) 06/30/2025 12/31/2024 %
Share capital 371 371 0.0%
Share premium 6,853 6,853 0.0%
Treasury shares (4,550) (7,418) -38.7%
Reserves 317,654 113,826 179.1%
Revenue 179,961 347,760 -48.3%
Equity attributable to owners of the
500,289 461,392 8.4%
parent
Equity – share attributable to non-
70 75 -6.5%
controlling interests
Equity 500,359 461,467 8.4%


Equity was up (+8.4%) between December 31, 2024 (461.5 million euros) and June 30, 2025
(500.4 million euros). This increase is mainly due to the net income for the first half of 2025 of
180 million euros partly offset by the payment of the balance of the 2024 dividend for
142 million euros.


Non-current liabilities

(in thousands of euros) 06/30/2025 12/31/2024 %
Non-current provisions 3,685 6,210 -40.7%
Financial liabilities – non-current part 13,329 13,840 -3.7%
Deferred tax liabilities 1,091 1,154 -5.5%
NON-CURRENT LIABILITIES 18,105 21,204 -14.6%



Provisions at June 30, 2025 mainly consist of:
 provisions for litigation amounting to 0.6 million euros (compared to 3 million
euros at December 31, 2024), the change in which stems from the reversal of a
provision for risk on a construction project;

 a provision for retirement benefits.

Financial liabilities – non-current part mainly consist of:
 a residual liability for a past acquisition linked to an earn-out conditional on the
achievement of pre-defined objectives in the amount of 3 million euros;

 a debt of 9.1 million euros related to the IFRS 16 treatment of real estate
contracts.




Page 19
Current liabilities


(in thousands of euros) 06/30/2025 12/31/2024 %
Current provisions 14,680 4,486 227.2%
Trade payables 37,821 42,072 -10.1%
Suppliers of non-current assets 2,304 2,486 -7.3%
Advance payments of subsidies 1,479 1,479 0.0%
Current tax debts 13,818 9,782 41.3%
Current financial liabilities 2,159 2,142 0.8%
Other current non-financial liabilities 263,629 273,928 -3.8%
Current liabilities 335,889 332,118 1.1%



Current liabilities increased from 332.1 million euros at December 31, 2024 to
335.9 million euros at June 30, 2025.

Provisions – current portion consists of provisions for litigation, provisions for the workforce
reduction plan and provisions for losses on completion. The increase in these provisions is due
in particular to the provision for the workforce reduction plan of the subsidiary.

The Group recognises provisions for losses on completion when the estimated margin on a
given project is negative.

Other current non-financial liabilities consist of tax and social security payables (45.1 million
euros compared to 48.0 million euros at December 31, 2024) and contract liabilities
(213.6 million euros compared to 219.2 million euros at December 31, 2024).




Page 20
2025 OBJECTIVES CONFIRMED

As of June 30, 2025, the Group benefits from very high visibility on its revenue, supported by
its core business order book. This corresponds to revenue of 1,698 million euros over the 2025-
2028 period and beyond, broken down as follows: 349 million euros in the second half of 2025,
602 million euros in 2026, 430 million euros in 2027 and 317 million euros in 2028 and beyond.
In the absence of significant delays or cancellations, GTT confirms its objectives for the 2025
financial year6:
- 2025 consolidated revenue of between 750 million euros and 800 million euros;
- 2025 consolidated EBITDA of between 490 million euros and 540 million euros;
- a 2025 dividend payout target corresponding to a minimum payout of 80% of
consolidated net income7.


INTERIM DIVIDEND

On July 29, 2025, the Board of Directors decided on the distribution of an interim dividend of
4 euros per share for the 2025 financial year, to be paid in cash according to the following
schedule:

- December 9, 2025: ex-dividend date;
- December 11, 2025: payment date.


RELATED-PARTY TRANSACTIONS

During the first half of 2025, there were no related-party transactions that could have a material impact
on the Group’s financial situation or results; similarly, no change in related-party transactions likely to
have a material impact on the Group’s financial situation or results occurred during this period.



RISK FACTORS
The Group’s activities are exposed to certain macroeconomic and sectoral, operational,
market, industrial, environmental and legal risk factors. The main risk factors that the Group
may face are detailed in the “Risk factors” section of the 2024 Universal Registration
Document, filed with the AMF on April 25, 2025.




6 Excluding the contribution of Danelec, whose acquisition has not been finalised.

7 Subject to approval by the Shareholders’ Meeting and the amount of distributable net income in the GTT S.A. corporate
financial statements.
Page 21
CONDENSED HALF-YEAR FINANCIAL STATEMENTS

BALANCE SHEET

(in thousands of euros) Note 06/30/2025 12/31/2024
Intangible assets 6.1 41,216 37,336
Goodwill 6.2 18,966 18,966
Property, plant and equipment 6.3 58,996 56,466

Investments in equity-accounted companies 7 9,973 10,405

Non-current financial assets 7 10,896 8,236
Deferred tax assets 12.4 4,203 5,157
Non-current assets 144,249 136,566
Inventories 8.1 22,939 29,790
Trade receivables 8.1 214,251 186,020
Current tax receivable 87,784 82,707
Other current assets 24,685 35,990
Current financial assets 406 390
Cash and cash equivalents 9 360,040 343,328
Current assets 710,104 678,224
TOTAL ASSETS 854,353 814,789



(in thousands of euros) Note 06/30/2025 12/31/2024

Share capital 10.1 371 371
Share premium 6,853 6,853
Treasury shares (4,550) (7,418)
Reserves 317,654 113,826
Net income 179,961 347,760
Equity attributable to owners of the parent 500,289 461,392
Equity – share attributable to non-controlling
70 75
interests
Total equity 500,359 461,467
Non-current provisions 11.1 3,685 6,210
Financial liabilities – non-current part 13,329 13,840
Deferred tax liabilities 12.1 1,091 1,154
Other non-current liabilities - -
Non-current liabilities 18,105 21,204
Current provisions 11.1 14,680 4,486
Trade payables 8.2 40,125 44,558
Advance payments of subsidies 1,479 1,479
Current tax debts 13,818 9,782
Current financial liabilities 2,159 2,142
Other current liabilities 263,629 269,671
Current liabilities 335,889 332,118
TOTAL LIABILITIES 854,353 814,789


Page 22
COMPREHENSIVE INCOME

(in thousands of euros) Note 2025.06 2024.06

Revenue from operating activities 388,692 294,780
Other operating income 122 471
Total operating income 388,814 295,251
Costs of sales (7,836) (11,871)
External expenses 5.1 (49,583) (51,027)
Personnel expenses 5.2 (64,570) (58,848)
Tax and duties (2,943) (2,117)
Depreciation, amortisation and provisions, net 5.3 (9,803) (3,535)
Other current operating income and expenses 5.4 2,984 4,349
Impairment following impairment tests - -
Current operating income (EBIT) 257,063 172,202
EBIT margin on revenue (%) 66.1% 58.4%
Non-current operating income and expenses 5.5 (48,169) 21,000
Current and non-current operating income 208,894 193,202
Financial income 6,809 5,551
Share in the income of associated entities (361) (182)
Profit (loss) before tax 215,342 198,571
Income tax 12.1 (35,386) (28,266)
Net income 179,957 170,306
Basic earnings per share (in euros) 4.86 4.61


(in thousands of euros) 06/30/2025 06/30/2024

Net income 179,957 170,306
Items that will not be reclassified to profit or loss
Actuarial gains and losses
Gross amount 416 298
Deferred tax (42) (30)
Total amount, net of tax 374 268
Items that may be reclassified subsequently to profit or loss
Conversion differences (740) 1
Total – other items of comprehensive income (366) 269
COMPREHENSIVE INCOME 179,591 170,574




Page 23
STATEMENT OF CASH FLOWS


(in thousands of euros) Note 06/30/2025 06/30/2024 Change
Company profit for the year 179,957 170,306 9,651

Elimination of income and expenses with no cash impact:

Share of net income of equity-accounted companies 361 182 178
Allocation (reversal) of amortisation, depreciation, provisions and impairment 39,669 4,085 35,584
Net carrying amount of intangible assets or property, plant and equipment sold - - -
Financial expense (income) (6,809) (5,551) (1,258)
Tax expense (income) for the financial year 12.1 35,386 28,266 7,120
Payment in shares 3,368 1,503 1,865
Other operating income and expenses (140) (140)
Cash flow 251,790 198,790 53,000

Tax paid in the financial year 12.1 (41,489) (36,686) (4,803)
Change in working capital requirement: (30,667) (16,850) (13,816)
- Inventories and work in progress 8.1 6,851 (6,736) 13,587
- Trade and other receivables 8.1 (28,231) (17,342) (10,888)
- Trade and other payables 8.2 (4,121) 2,836 (6,957)
- Other operating assets and liabilities 8.3 (5,166) 4,392 (9,558)
Net cash-flow generated by the business (Total I) 179,635 145,254 34,381

Investment operations

Acquisition of non-current assets (22,874) (26,479) 3,606
Investment subsidy - 16,000 (16,000)
Disposal of non-current assets - - -
Control acquired on subsidiaries net of cash and cash equivalents acquired - (20,622) 20,622
Control lost on subsidiaries net of cash and cash equivalents sold - - -
Acquisition of stakes in equity-accounted companies and financial investments (2,556) (2,266) (290)
Disposal of financial assets - -
Treasury shares (8) (72) 64
Change in other fixed financial assets 40 (40)
Net cash-flow from investment operations (Total II) (25,438) (33,400) 7,962

Financing operations -
Dividends paid to shareholders 10.2 (141,956) (92,996) (48,960)
Capital increase - 4,383 (4,383)
Repayment of financial liabilities (1,511) (1,670) 159
Increase of financial liabilities - 8,362 (8,362)
Interest paid (73) (308) 234
Interest received 6,353 5,944 410
Net cash-flow from financing operations (Total III) (137,187) (76,284) (60,903)

Effect of changes in currency prices (Total IV) (298) (36) (262)
Change in cash (I+II+III+IV) 16,712 35,534 (18,821)
Opening cash 9 343,328 267,529 75,799
Closing cash 9 360,040 303,063 56,977
Cash change 16,712 35,534 (18,821)




Page 24
STATEMENT OF CHANGE IN EQUITY

Equity
attributable Non-
Number of Share Share Treasury Conversion
In thousands of euros Reserves Revenue to owners controlling Equity
shares capital premium shares differences
of the interests
parent
As at December 31, 2023 36,940,976 371 2,932 (8,911) 140,560 201,369 (26) 336,297 43 336,340
Capital
39,415 3,921 3,921 3,921
increase
Profit (loss) for the period 347,760 347,760 63 347,824
Other items of comprehensive
211 113 324 324
income
Allocation of the profit (loss) from the
201,369 (201,369) - -
previous period
(Purchases)/sales of treasury shares (2,623) 17 (2,606) (2,606)
Delivery of treasury shares to the
4,115 (4,115) - -
beneficiaries
Share-based payments 3,364 3,364 3,364
Distribution of the remaining
(228,891) (228,891) (228,891)
dividends
Other 1 855 856 (32) 824
Scope effects 367 367 367
As at December 31, 2024 37,007,502 371 6,853 (7,418) 113,737 347,760 87 461,392 75 461,467
Capital increase - -
Profit (loss) for the period 179,961 179,961 (4) 179,957
Actuarial gains and
416 416 416
losses
Conversion differences (740) (740) (740)
Taxes linked to other items of
(42) (42) (42)
comprehensive income
Other items of comprehensive income 374 (740) (366) (366)
Allocation of the profit (loss) from the
347,760 (347,760) - -
previous period
(Purchases)/sales of treasury shares 7 (13) (6) (6)
Delivery of treasury shares to the
2,861 (2,861) - -
beneficiaries
Share-based payments 1,585 1,585 1,585
Distribution of the remaining
(141,956) (141,956) (141,956)
dividends
Other 53 53 (1) 52
Scope effects (372) (372) (372)
As at June 30, 2025 37,035,825 371 6,853 (4,550) 318,307 179,961 (653) 500,289 70 500,359




Page 25
NOTES TO THE FINANCIAL STATEMENTS


Note 1. GENERAL INFORMATION

Gaztransport & Technigaz – GTT is a Group whose parent company, Gaztransport & Technigaz
S.A., is a société anonyme (joint stock limited liability company) under French law, whose
registered office is located in France, at 1, route de Versailles, 78,470 Saint-Rémy-lès-
Chevreuse.

GTT is an engineering group specialising in membrane containment systems used to transport
and store liquefied gas, and in particular LNG (Liquefied Natural Gas). It offers engineering
services, technical assistance and patent licences for the construction of LNG tanks installed
mainly on LNG carriers. The Group operates mainly with shipyards in Asia.

The Group has been presenting consolidated financial statements since December 31, 2017.
These include the accounts of the parent company as well as those of its 28 subsidiaries, a list
of which is in note 4 “Principal subsidiaries as at June 30, 2025”.

These financial statements are presented for the period beginning on January 1, 2025, ended
June 30, 2025.



Note 2. ACCOUNTING RULES AND METHODS

2.1. Basis of preparation of the financial statements

The condensed half-year consolidated financial statements, for the six months to June 30,
2025, are presented and have been prepared on the basis of the provisions of IAS 34 “Interim
Financial Reporting”.

As these are interim financial statements, they do not include all the information required by
IFRS for the preparation of financial statements. These notes must therefore be supplemented
by GTT’s financial statements published for the financial year ended December 31, 2024.

The financial statements are presented in thousands of euros, rounded to the nearest
thousand euros, unless otherwise indicated.

The condensed financial statements have been prepared in accordance with the accounting
principles and policies applied by the Group to the financial statements for the 2024 financial
year (described in note 2 to the IFRS financial statements as at December 31, 2024) and
supplemented by the following standards and amendments applicable from January 1, 2025:

Standard no. Name
Amendment to IAS 21 The effects of changes in foreign exchange
rates




Page 26
These standards, interpretations and amendments, mandatory as of January 1, 2025, have no
material impact on the Group’s financial statements.

The Group has not applied the following standards, amendments of standards and
interpretations adopted by the European Union and applicable as of January 1, 2026:
Standard no. Name
Amendments to IFRS 9 and 7 Financial instruments - Financial assets and
liabilities



The Group does not apply standards, amendments and interpretations published by the IASB
but not yet adopted by the European Union.
Standard no. Name
IFRS 19 Subsidiaries without public accountability

Amendment to IFRS 18 Presentation and disclosure in the financial
statements


2.2. Use of judgements and estimates

In preparing these financial statements in accordance with IFRS, Management has made
judgements, estimates and assumptions that affect the book value of assets and liabilities,
income and expenses, and the information mentioned in some of the notes.
The financial statements and information subject to significant estimates are mainly deferred
income related to options, deferred tax assets, provisions for risks and retirement benefit
plans.


Note 3. EVENTS AFTER THE REPORTING PERIOD

On May 5, 2025, the Group announced the signing of an agreement with the European
investment fund Verdane to acquire Danelec, a global leader in the collection and analysis of
maritime data, for an amount of 194 million euros. The conditions precedent have been met
and the transaction is not completed to date.

On July 17, 2025, the Group announced its acquisition of a minority stake in CorPower Ocean,
a leading technology expert and manufacturer in the field of wave energy




Page 27
Note 4. MAIN SUBSIDIARIES AS AT JUNE 30, 2025

The list of subsidiaries included in the consolidated financial statements is shown below. The
acronym FCM denotes the full consolidation method, EAM denotes the equity-accounted
consolidation method and FA denotes non-consolidated securities classified as non-current
financial assets.


Interest %
Consolidation method

Name Activity Country 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Cryovision Maintenance services France 100.0 100.0 FCM FCM
United
GTT Training Training services 100.0 100.0 FCM FCM
Kingdom
United
GTT North America Commercial office States of 100.0 100.0 FCM FCM
America
GTT SEA Commercial office Singapore 100.0 100.0 FCM FCM
Ascenz Marorka
Group
Ascenz Marorka S.A.S. Holding France 100.0 100.0 FCM FCM
Ascenz Holding Singapore 100.0 100.0 FCM FCM
Ascenz Marorka Ltd. On-board services Singapore 100.0 100.0 FCM FCM
Flowmet Pte Ltd. Distribution of equipment Singapore 70.0 70.0 FCM FCM
Shinsei Co., Ltd. Commercial office Japan 51.0 51.0 FCM FCM
Ascenz Taiwan Co. Ltd. On-board services Taiwan 100.0 100.0 FCM FCM
Ascenz Marorka Ehf On-board services Iceland 100.0 100.0 FCM FCM
Vessel Performance Digital activity/Smart
Denmark 100.0 100.0 FCM FCM
Solutions (VPS) APS shipping On-board services
OSE Engineering Engineering activity France 100.0 100.0 FCM FCM
GTT Russia Services to operations Russia 100.0 100.0 FCM FCM
GTT China Commercial office China 100.0 100.0 FCM FCM
Design, manufacture of
Elogen France France 100.0 100.0 FCM FCM
electrolysers
Elogen GmbH Commercial office Germany 100.0 100.0 FCM FCM
GTT Korea Commercial office Korea 100.0 100.0 FCM FCM
GTT Ventures Holding France 100.0 100.0 FCM FCM
Design and manufacture of
Tunable Norway 10.81 10.81 EAM EAM
gas composition sensors
Design and manufacture of
Sarus France 8.79 8.79 EAM EAM
energy recovery systems
Aegir 3D hydraulic modelling France 24.52 24.52 EAM EAM
Wind-assisted automated
Bound4blue Spain 9.07 9.07 EAM EAM
propulsion systems
Energo SAS Gas treatment technologies France 7.50 7.50 EAM EAM
Seaber.IO Smart shipping Finland 14.86 14.86 EAM EAM
CryoCollect SAS Gas treatment technologies France 8.12 8.12 FA FA
Biomimetic propulsion
Bluefins SAS France 5.17 5.17 FA FA
system
Development of high-
novoMOF performance materials for Switzerland 8.55 - FA -
CO₂ capture



Through its subsidiary GTT Ventures 1, the Group acquired a stake in novoMOF and convertible
bonds in Aegir in the first half of 2025.




Page 28
INFORMATION RELATING TO THE INCOME STATEMENT

Note 5. OPERATING INCOME



5.1. External expenses

(in thousands of euros) 06/30/2025 06/30/2024 Change %
Tests and studies 7,346 6,501 845 13.0%
Sub-contracting 18,648 19,882 (1,234) -6.2%
Fees 6,550 7,038 (488) -6.9%
Leasing, maintenance and insurance 5,063 4,028 1,036 25.7%
Transport, travel and reception expenses 5,392 7,145 (1,753) -24.5%
Other 6,585 6,433 152 2.4%
EXTERNAL EXPENSES 49,583 51,027 (1,443) -2.8%



The Group’s external expenses decreased compared to last year, from 51 million euros in the
first half of 2024 to 49.6 million euros in the first half of 2025. This decrease (-2.8%) compared
to the previous half-year is mainly due to good control of structural costs and sub-contracting
costs partially offset by increased leasing, maintenance and insurance costs.


5.2. Personnel expenses

The amount of personnel expenses breaks down as follows:

(in thousands of euros) 06/30/2025 06/30/2024 Change %
Wages, salaries and social security costs 54,148 51,551 2,596 5.0%
Share-based payments 3,368 1,054 2,314 219.5%
Profit-sharing and incentives scheme 7,054 6,243 811 13.0%
PERSONNEL EXPENSES 64,570 58,848 5,721 9.7%


Personnel expenses were up by 5.7 million euros compared to the previous period. This
increase (+9.7%) is explained in particular by the increase in the Group’s headcount, the
inflation-related increase in salaries and share-based payments (IFRS 2) that were impacted by
the increase in the specific contribution.




Page 29
5.3. Depreciation and provisions

(in thousands of euros) 06/30/2025 06/30/2024 Change %

Allocations to depreciation or amortisation of non-
6,629 5,325 1,304 24.5%
current assets
Allocations to depreciation or amortisation of non-
1,364 644 720 111.9%
current assets IFRS 16
Allocations (reversals) to provisions 1,810 (2,434) 4,244 -174.4%
ALLOCATIONS (REVERSALS) TO
DEPRECIATION, AMORTISATION AND 9,803 3,535 6,268
PROVISIONS


Net allocations to depreciation, amortisation and provisions increased by 6.3 million euros,
mainly due to:

- The 24.5% increase in allocations to depreciation or amortisation of non-current assets
to reach 6.6 million euros in the first half of 2025, in connection with the increase in
non-current assets recorded last year.
- The increase in allocations (reversals) and provisions of 4.2 million euros in relation to
the change in clients’ depreciation (net allocation of 3.4 million euros in the first half
of 2025 compared to a net reversal of 0.6 million euros in the first half of 2024), with
the first half of 2025 also including the reversal of a provision related to litigation with
a client (2.4 million euros).



5.4. Other current operating income and expenses


(in thousands of euros) 06/30/2025 06/30/2024 Change %
Research tax credit 4,221 4,349 (128) -2.9%
Other operating income (expenses) (1,237) 0 (1,237) N/A

OTHER CURRENT OPERATING INCOME AND EXPENSES 2,984 4,349 (1,365) -31.4%




“Other current operating income and expenses” mainly comprise the Research Tax Credit
amounting to 4.2 million euros, whose recognised amount in the first half of 2025 includes an
estimate of the income for the current year plus the previous year’s adjustment. The estimate
is based on projects considered eligible under the research tax credit criteria.

Other non-current operating expenses include scrapping for -0.9 million euros.




Page 30
5.5. Non-current operating income

In the first half of 2025, non-current operating income amounted to 48.2 million euros and
consisted of non-recurring items mainly related to the strategic review of the business of the
subsidiary Elogen, notably in connection with the definitive halt of the Gigafactory
construction in Vendôme and the workforce reduction plan redundancy plan.

In the first half of 2024, this item consisted of the reversal of 21 million euros of depreciation
following the receipt of the settlement payment for infringement and unauthorised use of its
intellectual property rights. Operators conducted operations using GTT’s technology despite
the absence of a contract. A settlement for an amount of 21 million euros was recognised in
2023 following the signature of an agreement and had been fully impaired given the
uncertainty regarding its recoverability at the closing date of the financial statements.




Page 31
INFORMATION RELATING TO THE STATEMENT OF FINANCIAL POSITION


Note 6. NON-CURRENT ASSETS

6.1. Intangible assets
Non-
Research current
(in thousands of euros) Software and assets in Other Total
Development progress
(*)
Gross value as at 12/31/2023 14,333 5,900 13,613 4,360 38,206
Acquisitions 226 339 10,963 878 12,406
Disposals - (4,806) - (84) (4,890)
Reclassifications 817 8,272 (1,001) (656) 7,432
Other changes (2,683) 2,323 (1,834) 1,939 (255)
Gross value as at 12/31/2024 12,693 12,028 21,740 6,437 52,899
Acquisitions 49 - 5,950 - 5,999
Disposals (10) - - - (10)
Reclassifications 43 - 414 (80) 377
Other changes (1) - 1 (89) (89)
Gross value as at 06/30/2025 12,774 12,028 28,105 6,268 59,175
Accumulated depreciation as at 12/31/2023 (9,523) (2,500) - (3,121) (15,143)
Allocation (1,831) (951) - 33 (2,749)
Reversals - 1,445 - 51 1,496
Reclassifications 4 - - - 4
Other changes 838 (8) - (0) 829
Accumulated depreciation as at 12/31/2024 (10,512) (2,014) - (3,037) (15,563)
Allocation (741) (1,664) - - (2,405)
Reversals 8 - - - 8
Reclassifications - - - - -
Other changes 1 - - - 1
Accumulated depreciation as at 06/30/2025 (11,244) (3,678) - (3,037) (17,959)
Net value as at 12/31/2023 4,810 3,400 13,613 1,239 23,062
Net value as at 12/31/2024 2,181 10,014 21,740 3,400 37,336
NET VALUE AS AT 06/30/2025 1,530 8,350 28,105 3,231 41,216
* Non-current assets in progress include investment subsidies deducted from the funded assets in accordance with
the provisions of IAS 20, in the amount of 26,210 thousand euros as at June 30, 2025. The amount of the investment
subsidy as at December 31, 2024 was 15,436 thousand euros.

The change in intangible assets between December 31, 2024 and June 30, 2025 is mainly due
to the increase in the capitalisation of research and development projects as well as the
development of IT projects.




Page 32
6.2. Goodwill

The 18,966 thousand euros item comprises goodwill related to the companies of the Ascenz
Marorka group (17,164 thousand euros) and OSE (1,802 thousand euros), as the goodwill of
Elogen has been impaired in full.

Given that the activities carried out by the Ascenz Marorka group (Ascenz, Marorka and VPS)
are closely linked and managed by the same people, their goodwill has been analysed within
the same CGU.

Other goodwill (OSE and Elogen) is in a separate CGU with its own management and cash flows
that do not depend on GTT’s licence sales activity.


6.3. Property, plant and equipment
Non-current
Non-current assets under
Land and Technical
assets in finance Other (**) Total
(in thousands of euros) buildings installations
progress (*) leases
(IFRS 16)

Gross value as at 12/31/2023 11,621 36,196 8,958 12,210 39,910 108,895
Acquisitions - 1,222 14,413 6,214 3,301 25,150
Disposals - - - - - -
Reclassifications 3,483 (1,090) (6,554) (122) 1,203 (3,080)
Other changes - 0 - 47 31 78
Gross value as at 12/31/2024 15,104 36,328 16,817 18,349 44,445 131,044
Acquisitions - 620 7,514 1,565 595 10,294
Disposals - - - (943) (1,407) (2,350)
Reclassifications (5,077) 1,380 19,099 (152) 6,746 21,996
Other changes - (1) - (210) (128) (338)
Gross value as at 06/30/2025 10,027 38,327 43,430 18,610 50,252 160,645
Accumulated depreciation as at 12/31/2023 (3,996) (25,591) - (7,135) (30,185) (66,907)
Allocation (391) (3,861) - (1,443) (3,557) (9,252)
Reversals - - - - - -
Reclassifications - 1,302 - 246 57 1,605
Other changes - (0) - (7) (16) (24)
Accumulated depreciation as at 12/31/2024 (4,387) (28,150) - (8,339) (33,701) (74,578)
Allocation (194) (1,855) (22,700) (694) (1,684) (27,127)
Reversals - (12) - - 9 (3)
Reclassifications - - - (47) - (47)
Other changes - 0 - 60 44 104
Accumulated depreciation as at 06/30/2025 (4,581) (30,017) (22,700) (9,020) (35,332) (101,650)
Net value as at 12/31/2023 7,625 10,605 8,958 5,075 9,725 41,988
Net value as at 12/31/2024 10,717 8,178 16,817 10,010 10,744 56,466
NET VALUE AS AT 06/30/2025 5,446 8,310 20,730 9,590 14,920 58,996
(*) Non-current assets in progress include investment subsidies deducted from the funded assets in accordance with
the provisions of IAS 20, in the amount of 20,185 thousand euros as at June 30, 2025. The amount of the investment
subsidy as at December 31, 2024 was 18,089 thousand euros.

(**) The “Other” category includes general installations, fixtures and fittings, furniture, and office and IT equipment.

Page 33
In the absence of external debt related to the construction of property, plant and equipment,
no interest expense was capitalised in accordance with IAS 23 – Borrowing Costs.

The 2.5 million euros increase in property, plant and equipment between December 31, 2024
and June 30, 2025 is mainly due to the renovation work on the buildings in Saint-Rémy-lès-
Chevreuse.



Note 7. INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES AND NON-CURRENT
FINANCIAL ASSETS



Investments in Financial assets
Loans and equity- at fair value
(in thousands of euros) Total
receivables accounted through profit
companies or loss
Values as at 12/31/2023 253 5,917 2,800 8,970
Acquisitions 782 4,827 4,500 10,109
Disposals (50) (339) (389)
Reclassification as current (78) (78)
Other changes 29 - 29
Values as at 12/31/2024 1,014 10,405 7,222 18,641
Acquisitions 42 43 2,661 2,746
Disposals (48) (139) - (187)
Revenue - (361) - (361)
Reclassification as current - - (9) (9)
Other changes (61) 26 74 39
Values as at 06/30/2025 947 9,973 9,948 20,869



Equity investments in the amount of 10 million euros correspond to the acquisition of
securities of Tunable and Sarus in 2022, bound4blue and Aegir in 2023, and Cryocollect, Energo
and Seaber Oy in 2024.

“Financial assets at fair value” stood at 9.9 million euros and corresponded to UCITS managed
as part of the liquidity contract, to equity investments in Bluefins in 2024 and novoMOF in
2025 and to bonds convertible into shares issued by Energo and Tunable in 2024 and Aegir in
2025.




Page 34
Note 8. WORKING CAPITAL REQUIREMENT

Notes 8.1, 8.2 and 8.3 detail the accounts in the statement of financial position that contribute
to the change in working capital requirement presented in the statement of cash flows.


8.1 Inventories and trade receivables


Net value (in thousands of euros) 06/30/2025 12/31/2024 Change
Inventories 22,939 29,790 (6,851)
Trade and other receivables 178,659 136,486 42,173
Trade receivables – Contract assets 35,592 49,534 (13,942)
TOTAL Trade receivables 214,251 186,020 28,231



The overall increase in trade receivables and contract assets is due to high billing levels in the
first half of 2025.

The carrying amount of trade receivables corresponds to a reasonable approximation of their
fair value.


8.2. Trade payables

(in thousands of euros) 06/30/2025 12/31/2024 Change
Trade and other payables 37,821 42,072 (4,251)
*excluding amounts payable on non-current assets (2,304 thousand euros in 2025 and 2,486 thousand euros in
2024) classed as investment flows



8.3. Other operating assets and liabilities


(in thousands of euros) 06/30/2025 12/31/2024 Change
Tax and social security receivables 17,576 12,952 4,625
Other receivables 2,426 19,430 (17,004)
Prepaid expenses 4,683 3,608 1,075
Total other current assets 24,685 35,990 (11,304)

Prepayments received on orders (2,232) (1,908) (324)

Tax and social security payables (45,242) (48,071) 2,830
Other debts (2,594) (451) (2,143)
Contract liabilities (213,561) (219,240) 5,679
Total other current liabilities (263,629) (269,671) 6,042
TOTAL (238,943) (233,681) (5,262)
TOTAL* (251,125) (245,959) (5,166)
*excluding subsidies receivable/advance payments of subsidies classed as investment flows and reclassifications



Page 35
Note 9. CASH AND CASH EQUIVALENTS

(in thousands of euros) 06/30/2025 12/31/2024
Marketable securities 319,541 298,964
Cash and cash equivalents 34,690 38,951
Accrued interest not yet due 5,809 5,412
Cash on statement of financial position 360,040 343,328
Bank overdrafts and equivalent - -
CASH AND CASH EQUIVALENTS 360,040 343,328



Marketable securities mainly comprise term accounts and monetary funds, measured at fair
value and meeting the criteria for classification as cash equivalents.



Note 10. EQUITY


10.1. Share capital

As at June 30, 2025, the share capital was composed of 37,117,772 shares with a nominal unit
value of 0.01 euros.

10.2. Dividends

The Shareholders’ Meeting held on June 11, 2025 approved the payment of an ordinary
dividend of 7.50 euros per share for the financial year ended December 31, 2024, payable in
cash.

As an interim dividend of 135,898 thousand euros was paid on December 12, 2024, the balance
was paid on June 19, 2025 for a total of 141,956 thousand euros.




Page 36
10.3. Share-based payments

Allocation of Free Shares (AFS)

Shares
Existing
Fair value allocated
shares
Share of the at the end
as at
Minimum Shares price on share in of the
June 30,
Allocation Vesting lock-up originally date of IFRS Expired vesting
2025
date (*) Plan no. period period allocated allocation accounting shares period
June 10, 2022 AFS no. 13 3 years variable 41,000 120 euros 101 euros 6,822 34,178 -
June 7, 2023 AFS no. 14 3 years variable 58,791 96 euros 70 euros 11,284 - 47,507
June 12, 2024 AFS no. 15 3 years variable 44,150 129 euros 93 euros 8,085 - 36,065
June 11, 2025 AFS no. 16 3 years variable 37,660 167 euros 130 euros 0 - 37,660

(*) The allocation date corresponds to the date of the Board of Directors’ meeting that allocated these plans.

For these plans, the Board of Directors set the following vesting conditions:

- AFS no. 13
o Active employment at the end of the vesting period,
o Fulfilment of performance criteria during the financial year prior to the end of
the vesting period. These criteria concern:
 Increase in consolidated net income,
 Growth in “LNG as fuel” revenue,
 Growth in “Smart Shipping” revenue,
 Growth in “Elogen” revenue,
 Improving the energy performance of GTT solutions sold on LNG
carriers,
 The performance of GTT shares compared to market indices.



- AFS no. 14
o Active employment at the end of the vesting period,
o Fulfilment of performance criteria during the financial year prior to the end of
the vesting period. These criteria concern:
 Increase in consolidated net income,
 Growth in “LNG as fuel” revenue,
 Growth in “Smart Shipping” revenue,
 Growth in “Elogen” revenue,
 Improving the energy performance of GTT solutions sold on LNG
carriers,
 The performance of GTT shares compared to market indices.




Page 37
- AFS no. 15
o Active employment at the end of the vesting period,
o Fulfilment of performance criteria during the financial year prior to the end of
the vesting period. These criteria concern:
 Increase in consolidated net income,
 Growth in “LNG as fuel” revenue,
 Growth in “Smart Shipping” revenue,
 Growth in “Elogen” revenue,
 Improving the energy performance of GTT solutions sold on LNG
carriers,
 The performance of GTT shares compared to market indices.



- AFS no. 16
o active employment at the end of the vesting period,
o fulfilment of performance criteria during the financial year prior to the end of
the vesting period. These criteria concern:
 Increase in consolidated net income,
 Growth in the “Digital Recurring” business revenue,
 Taking “Next One” orders,
 The advancement of the “Carbon Capture” technology,
 The performance of GTT shares compared to market indices.


Calculating the expense for the financial year

Pursuant to IFRS 2, an expense representative of the benefit granted to beneficiaries of these
plans is recorded under “Personnel expenses” (Operating income) (note 5.2).

The unit value is based on the share price on the allocation date weighted by the reasonable
estimate of attaining the share allocation criteria.

The expense is calculated by multiplying these unit values by the estimated number of shares
to be allocated. It is spread over the rights vesting period following the date of the decision by
the Board of Directors on each plan, and according to the probability of performance criteria
fulfilment.

For the period from January 1 to June 30, 2025, the expense recognised for the free share
allocation plans was 1.6 million euros (excluding specific contributions). It was
1.5 million euros at June 30, 2024.




Page 38
10.4. Treasury shares

The Group entered into a liquidity contract in December 2018 to replace the contract from
November 10, 2014.

In accordance with IAS 32, the buyback of treasury shares is deducted from equity. Treasury
shares held by the entity are not taken into account when calculating earnings per share.

At June 30, 2025, the Group held no treasury shares acquired under the liquidity contract, but
53,257 shares outside the liquidity contract.


06/30/2025 06/30/2024

Net income (in euros) 179,957,469 170,305,043
Weighted average number of shares outstanding (excluding treasury shares) 37,035,825 36,978,533
- AFS no. 13 - 37,250
- AFS no. 14 47,507 47,987
- AFS no. 15 36,065 44,150
- AFS no. 16 37,660 -
Number of diluted shares 37,157,057 37,107,920
Basic net earnings per share (in euros) 4.86 4.61
Diluted earnings per share (in euros) 4.84 4.59


Earnings per share at June 30, 2025 was calculated on the basis of a share capital of
37,035,825 shares, excluding treasury shares.

To date, the Group has allocated 121,232 free shares included in the calculation of diluted
earnings per share.




Page 39
Note 11. PROVISIONS

11.1. Provisions for risks and charges

Provision for
Provisions for
(in thousands of euros) Total retirement Current Non-current
litigation
benefits
Values as at 12/31/2023 14,511 11,563 2,948 8,543 5,968
Provisions 10,879 10,444 435 10,104 775
Reversals (14,680) (14,597) (83) (14,163) (517)
Reversals – unused - - - - -
Other changes (137) 3 (140) 3 (140)
Transfer non-current –
124 124 - - 124
current
Values as at 12/31/2024 10,696 7,536 3,160 4,486 6,210
Provisions 11,135 10,883 252 10,883 252
Reversals (3,096) (3,096) - (685) (2,411)
Reversals – unused - - - - -
Other changes (370) (4) (366) (4) (366)
Transfer non-current –
- - - - -
current
Values as at 06/30/2025 18,365 15,319 3,046 14,680 3,685



Provisions at June 30, 2025 mainly consist of:

 a provision for losses on completion for the design and manufacture of electrolysers
 a provision for employee litigation;
 a provision for the workforce reduction plan in the Elogen subsidiary
 a guarantee provision for electrolysers;
 a provision for retirement benefits, detailed in note 11.2.




Page 40
11.2. Defined benefit plan commitments

Provisions for retirement benefit plans are calculated as follows:


In thousands of euros
06/30/2025 12/31/2024

Closing balance of the value of the commitments (4,611) (4,694)
Closing balance of the fair value of the assets 1,565 1,534
Financial plan assets (3,046) (3,160)
Cost of unrecognised past services
Other
PROVISIONS AND (PREPAID EXPENSES) 3,046 3,160


The change in value of the commitments and of the fair value of the retirement plan assets is
as follows:


In thousands of euros
06/30/2025 12/31/2024

Opening balance of the value of the commitments net of
(3,160) (2,949)
assets
Normal cost (252) (435)
Interest income (expense) (51) (94)
Cost of past services - 83
Actuarial (losses) and gains 416 235
Asset repayments requested - -
CLOSING BALANCE OF THE VALUE OF THE
(3,046) (3,160)
COMMITMENTS NET OF ASSETS




Note 12. INCOME TAX

12.1. Analysis of tax expenses

(in thousands of euros)
06/30/2025 06/30/2024
Current tax (34,550) (25,339)
Deferred tax (836) (2,924)
Adjustment of tax due on prior period income 1 (3)
Income tax on profit (35,386) (28,266)
Research tax credit 4,221 4,349
TOTAL TAX EXPENSE NET OF TAX CREDITS (31,165) (23,917)



As at June 30, 2025, the change in the tax expense is mainly due to the increase in royalty
revenue.


Page 41
12.2. Reconciliation of income tax expense

(in thousands of euros)
06/30/2025 06/30/2024
Net income 179,957 170,305
Tax expenses 35,386 28,266
Accounting income before tax 215,342 198,570
Recorded tax rate
Ordinary tax rate (patent regime) 10.00% 10.00%
Notional tax expenses 21,534 19,857


Difference between the parent company’s standard rate and the
standard rate applicable in other French and foreign jurisdictions (8,663) (2,246)
Permanent differences for the corporate financial statements 165 34
Permanent differences for the consolidated financial statements - 964
Result subject to tax at a reduced rate or not subject to tax - -
Tax savings/additional tax on income taxed abroad 2,057 937
Tax credits, other reductions - -
Flat-rate taxes, other additional taxes 1,013 748
Savings due to tax consolidation (209) (34)
Effect of changes in tax rate (incl. rate adjustments) - -
Capping of DTA 19,858 8,395
Tax adjustment on prior period income (excluding rate adjustments) - -
Reversals or use of capping of DTA - -
Research tax credit (370) (389)
TOTAL INCOME TAX EXPENSE 35,386 28,266



12.3. Taxes and fees

In accordance with the application of IFRIC 21, property tax is recorded in full on January 1 of
its year of payment.




Page 42
12.4. Deferred tax assets and liabilities

(in thousands of euros)
06/30/2025 06/30/2024
Deferred tax assets 4,203 5,559
On differences between the tax/book value of (in)tangible
- -
assets
On provisions for non-deductible risks (excluding IAS 19) - -
On retirement benefit plans 305 284
On financial lease - -
On other temporary differences 3,668 2,921
On losses carried forward 230 2,354
On financial instruments - -
Deferred tax liabilities 1,091 -
On differences between the tax/book value of (in)tangible
1,091 40
assets
On financial lease - (40)
On other temporary differences - -
On financial instruments - -




Page 43
Note 13. Segment information

Financial information by segment now follows the same principles as internal reporting. It
replicates the internal segment information defined to manage and measure the Group’s
performance, which is reviewed by the Group’s main operational decision-maker, the Board
of Directors.

The Group has two operating segments as defined in IFRS 8 – “Operating Segments” that
reflect the organisation of the Group’s activities.

- A “Core Business” segment that includes services related to the construction of
liquefied gas storage and transport facilities, LNG as fuel, and digital activities. Assets
and liabilities are located in France. Fees and services rendered are invoiced to
companies predominantly based in Asia.
- A “Hydrogen” segment that includes the design and assembly of electrolysers for the
production of green hydrogen, based in France.


13.1. Information on products and services

(in thousands of euros) 06/30/2025 06/30/2024 Change %

Revenue 388,692 294,780 93,912 31.9%
Of which vessels under construction 364,827 270,985 93,842 34.6%
LNG carriers/Ethane carriers 340,897 250,744 90,153 36.0%
VLEC 4,826 0 4,826 N/A
FSUs 0 0 0 N/A
FSRUs 3,326 0 3,326 N/A
FLNGs 4,299 1,354 2,945 217.5%
Onshore storage tanks and GBSs 23 1,670 (1,647) -98.7%
Vessels fuelled by LNG 11,455 17,217 (5,762) -33.5%
Of which Hydrogen 2,473 6,052 (3,579) -59.1%
Of which Digital 9,394 6,912 2,482 35.9%
Of which services 11,997 10,831 1,166 10.8%
Vessels in operation 6,143 5,970 173 2.9%
Accreditation 3,515 1,124 2,391 212.7%
Studies 1,881 3,120 (1,239) -39.7%
Training 458 617 (159) -25.8%
Other 0 0 0 N/A




Page 44
13.2. Information on key indicators (revenue and EBITDA)
Revenue and EBITDA are allocated between each business segment after consolidation
restatements.

06/30/2025 06/30/2024

Core Core
In thousands of euros Hydrogen Total Hydrogen Total
Business* Business

Revenue from operating activities 386,219 2,473 388,692 288,728 6,052 294,780
Other operating income 96 26 122 146 325 471
Total operating income 386,315 2,499 388,814 288,874 6,377 295,251
Costs of sales (6,486) (1,350) (7,836) (5,520) (6,351) (11,871)
External expenses (42,517) (7,066) (49,583) (42,505) (8,522) (51,027)
Personnel expenses (61,000) (3,570) (64,570) (54,193) (4,655) (58,848)
Tax and duties (2,870) (73) (2,943) (2,049) (68) (2,117)
Depreciation and provisions (9,589) (9,014) (18,603) (3,802) 267 (3,535)
Other current operating income and expenses 3,069 515 3,584 3,894 455 4,349
Current operating income (EBIT) 266,922 (18,059) 248,863 185,452 (13,250) 172,202
EBIT margin on revenue (%) 69.1% -730.2% -661.1% 64.2% -218.9% 58.4%
Non-current operating income (3,459) (36,510) (39,969) 21,000 - 21,000
Current and non-current operating income 263,463 (54,569) 208,894 206,452 (13,250) 193,202
Financial income 6,855 (46) 6,809 6,613 (1,062) 5,551
Share in the income of associated entities (361) - (361) (182) - (182)
Profit (loss) before tax 269,957 (54,615) 215,342 212,883 (14,312) 198,571
Income tax (35,350) (36) (35,386) (28,223) (43) (28,266)
Net income 234,608 (54,651) 179,957 184,661 (14,355) 170,306
EBITDA 273,706 (9,245) 264,461 190,721 (13,519) 177,202
* including Services and Digital

13.3. Information on cash flow
The cash flow generated by each of the two business segments is presented separately.

As a reminder, cash flow generation capacity is linked to:

● Level of operating margin released;
● Capital expenditure requirements related mainly to research and development; and
● Working capital requirement.




Page 45
Cash flow from operating activities
The following table presents the reconciliation of the net income of the Group to cash flow
from operations:

06/30/2025 06/30/2024
(in thousands of euros)
Core Core
Hydrogen Total Hydrogen Total
Business* Business*

Company profit for the year 233,458 (53,501) 179,957 184,661 (14,355) 170,306

Elimination of income and expenses with no cash impact: - -

Share of net income of equity-accounted companies 361 - 361 182 182

Allocation (reversal) of amortisation, depreciation, provisions and impairment 7,257 32,412 39,669 4,354 (269) 4,085

Net carrying amount of intangible assets or property, plant and equipment
- - - - - -
sold

Financial expense (income) (6,855) 46 (6,809) (6,613) 1,062 (5,551)
Tax expense (income) for the financial year 35,350 36 35,386 28,223 43 28,266
Payment in shares 3,368 - 3,368 1,503 - 1,503
Other operating income and expenses (142) 2 (140) -
Cash flow 272,795 (21,005) 251,790 212,309 (13,519) 198,790
Tax paid in the financial year (40,972) (517) (41,489) (36,237) (449) (36,686)
Change in working capital requirement: (41,019) 10,352 (30,667) (9,779) (7,072) (16,851)
- Inventories and work in progress 348 6,503 6,851 2,110 (8,846) (6,736)
- Trade and other receivables (31,509) 3,278 (28,231) (16,482) (860) (17,342)
- Trade and other payables 2,003 (6,124) (4,121) 356 2,480 2,836
- Other operating assets and liabilities (11,861) 6,695 (5,166) 4,238 154 4,392
Net cash-flow generated by the business (Total I) 190,805 (11,170) 179,635 166,294 (21,040) 145,254
* including Services and Digital




Between the first half of 2024 and 2025, net cash from operating activities increased by
34,381 thousand euros.

In the first half of 2025, the change in working capital requirement for operating cash flows
was negative at 30,667 thousand euros (versus a negative change of
16,851 thousand euros in the first half of 2023).

It should be noted that the working capital requirement is negative during the initial stages of
vessel construction (from notification until the vessel is launched).

On the contrary, the working capital requirement is positive during the last phase of
construction (from launch to delivery).




Page 46
Cash flow from investing activities
06/30/2025 06/30/2024
(in thousands of euros)
Core Core
Hydrogen Total Hydrogen Total
Business* Business*

Cash flow 272,795 (21,005) 251,790 212,309 (13,519) 198,790
Investment operations - -
Acquisition of non-current assets (14,113) (8,761) (22,874) (11,660) (14,819) (26,479)
Investment subsidy - - - - 16,000 16,000
Disposal of non-current assets - - - - - -
Control acquired on subsidiaries net of cash
- - - (20,622) - (20,622)
and cash equivalents acquired
Control lost on subsidiaries net of cash and
- - - - - -
cash equivalents sold

Acquisition of stakes in equity-accounted
(2,556) - (2,556) (2,266) - (2,266)
companies and financial investments

Disposal of financial assets - -
Treasury shares (8) - (8) (72) - (72)
Change in other fixed financial assets - 40 40
Net cash-flow from investment operations
(16,677) (8,761) (25,438) (34,581) 1,181 (33,400)
(Total II)
* including Services and Digital

During the first half of 2025, the Group:

- invested in research and development, as well as in goods and equipment, including
the refurbishment of the registered office buildings;
- acquired minority holdings or convertible bonds in novoMOF and Aegir.




Page 47
Cash flow from financing activities


06/30/2025 06/30/2024
(in thousands of euros)
Core Core
Hydrogen Total Hydrogen Total
Business* Business*

Financing operations - -
Dividends paid to shareholders (141,956) - (141,956) (92,996) - (92,996)
Capital increase - - - 4,384 - 4,384
Repayment of financial liabilities (1,033) (478) (1,511) (1,670) - (1,670)
Increase of financial liabilities - - - 6,641 1,721 8,362
Interest paid (27) (46) (73) (308) - (308)
Interest received 6,353 - 6,353 5,944 - 5,944
Net cash-flow from financing
(136,663) (524) (137,187) (78,005) 1,721 (76,284)
operations (Total III)
* including Services and Digital

Cash flows generated by financing activities in the first half of 2025 increased by
60,903 thousand euros. This is mainly due to an increase in dividends paid to shareholders
(141,956 thousand euros in the first half of 2025 versus 92,996 thousand euros in the first half
of 2024).



13.4. Information on geographical areas
Almost all customers are located in Asia. Assets and liabilities are located in France.

13.5. Order book information
The order book of GTT’s core business as of June 30, 2025 corresponds to revenue of
1,698 million euros over the period 2025-2028 and beyond, broken down as follows:
349 million euros in the second half of 2025, 602 million euros in 2026, 430 million euros in
2027 and 317 million euros in 2028 and beyond.




Page 48
Note 14. EXECUTIVE COMPENSATION




(in thousands of euros) Change
06/30/2025 06/30/2024
Wages and bonuses 720 914 (194)
Expenses for payments in shares (IFRS 2) 644 399 245
Other long-term benefits 47 124 (77)
Total 1,411 1,437 (26)




Note 15. OFF-BALANCE SHEET COMMITMENTS

The Group has granted a 17 million euros bank guarantee to BpiFrance (in connection with the
IPCEI subsidy). This guarantee was issued on November 15, 2022 and will expire on
January 1, 2027.

The Group has also granted several guarantees to its customers for a total amount of
3.7 million euros:

Amount (in
thousands of
Purpose of the guarantees given to Elogen’s customers euros)
Performance bond 1,417
Completion bond 400
Joint and several guarantee (maximum amount) 1,735
Payment guarantee 150
Total 3,702




Note 16. OTHER EVENTS

None




Page 49
STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF-
YEARLY FINANCIAL INFORMATION
To the Shareholders,

In compliance with the assignment entrusted to us by your general assembly and in accordance with the
requirements of Article L. 451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we
hereby report to you on:

 the review of the accompanying condensed half-yearly consolidated financial statements of GTT, for the period
from January 1rst to June 30, 2025,

 the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our
role is to express a conclusion on these financial statements based on our review.


1. Conclusion on the Financial Statements

We conducted our review in accordance with professional standards applicable in France. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with professional standards applicable in France and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the condensed half-yearly
consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 – standard
of the IFRSs as adopted by the European Union applicable to interim financial information.


2. Specific Verification

We have also verified the information presented in the half-yearly management report on the condensed half-yearly
consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed half-yearly
consolidated financial statements.



Paris et Paris-La Défense, July 29, 2025

The Statutory Auditors
French original signed by

CAILLIAU DEDOUIT ET ASSOCIES ERNST & YOUNG Audit

Sandrine Le Mao Stéphane Pédron




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