Getlink (GET) H1 2024 earnings summary

Executive summary

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

• EBITDA reached €424 million, down 15%, with ElecLink's EBITDA falling €90 million, while Eurotunnel and Europorte saw modest gains.

• Net consolidated profit rose 7% to €173 million, supported by lower tax expense and reduced finance costs.

• Cash position improved to €1,497 million at 30 June 2024, up €203 million year-over-year, after a €298 million dividend payment.

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

Financial highlights

• Revenue: €808 million (–14% YoY); EBITDA: €424 million (–15% YoY); Net profit: €173 million (+7% YoY).

• Eurotunnel revenue €540 million (+1%), Europorte €83 million (+14%), ElecLink €185 million (–44%).

• Operating profit (EBIT) was €302 million, down €76 million from H1 2023.

• Free cash flow was €274 million after scheduled debt repayment; operating cash flow €457 million.

• Net finance costs fell 34% to €126 million, mainly due to lower inflation-linked debt charges.

Outlook and guidance

• 2024 EBITDA guidance confirmed at €780–830 million, assuming stable regulatory and tax environment.

• ElecLink has secured 85% of 2024 capacity, with expected revenue of €324 million, subject to delivery; a second cable project is under study.

• 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.

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