Getlink (GET) H2 2024 earnings summary

Executive summary

• 2024 EBITDA reached €833M, at the top end of guidance, with Eurotunnel and Europorte at record highs, offsetting ElecLink's decline; free cash flow to equity was €471M.

• Group revenue was €1,614M, down 12% year-over-year, mainly due to ElecLink's Q4 suspension and electricity market normalization.

• Net profit was €317M, down 5% from 2023; cash position at €1,699M; net debt decreased by €53M to €3,576M.

• Dividend proposed at €0.58 per share, up 5.5%, subject to approval.

• Agility and modernization initiatives included leveraging AI, big data, and expanding customs services.

Financial highlights

• Eurotunnel revenue up 3% to €1,166M; EBITDA up 8% to €642M; operating costs down 3% due to lower energy costs.

• ElecLink revenue dropped 50% to €280M due to market normalization and outage; EBITDA post-profit sharing fell 57% to €159M.

• Europorte revenue grew 12% to €168M; EBITDA up 10% to €32M, driven by organic and external growth.

• Operating expenses fell 9% year-over-year, mainly due to lower ElecLink profit-sharing provision and energy costs.

• Net finance costs improved by €25M to €294M, mainly due to lower inflation indexation and higher interest income.

Outlook and guidance

• 2025 EBITDA expected between €780M and €830M, assuming Eurotunnel growth, EES implementation, and ElecLink recovery.

• 82% of ElecLink's 2025 capacity already sold for €190M, subject to service delivery.

• Capex ramp-up planned at €170M–€220M annually over the next 5–7 years, with normalization expected from 2032.

• Early 2025 shows strong passenger traffic growth, truck traffic subdued by UK economy; ElecLink continues to secure revenue above investment case.

• Dividend of €0.58 per share proposed for 2025, payable June 6, 2025.