Getlink (GET) H1 2024 earnings summary

Executive summary

• H1 2024 delivered strong results amid a normalising electricity market, with group EBITDA up 4% and net profit rising 7% year-over-year.

• Group revenue for H1 2024 was €808 million, down 14% year-over-year due to ElecLink's normalisation.

• EBITDA reached €424 million, down 15%, after a €55 million provision for ElecLink profit sharing.

• Eurotunnel maintained leadership in high-speed rail, though shuttle volumes faced competitive pressures; Europorte and ElecLink showed solid operational performance.

• New customer initiatives, acquisitions, and cost optimisations supported growth and competitiveness.

Financial highlights

• Group revenue was €808M, down 14% year-over-year, mainly due to ElecLink's normalisation; group EBITDA at €424M, down 15%.

• Net consolidated profit reached €173M, up 7% compared to H1 2023.

• Operating cash flow was €457M, with free cash flow at €274M after €40M scheduled debt repayment.

• Cash position stood at €1,497M, up €203M year-over-year; net debt increased to €3,737M.

• Dividend of €298M paid in June 2024.

Outlook and guidance

• EBITDA guidance for 2024 confirmed at €780–830M, after ElecLink profit-sharing provision.

• 85% of ElecLink's 2024 capacity sold, securing €324M in revenue, subject to delivery.

• Positive structural changes underway, including regulatory shifts and new high-speed rail opportunities.

• EES implementation expected in Q4 2024, with operational readiness confirmed.

• Group to focus on operational excellence, cost control, and leveraging EES formalities as a competitive advantage.