Getlink (GET) H2 2025 & Investor Day 2026 earnings summary

Executive summary

• EBITDA reached €859 million in 2025, up 4% year-over-year and above guidance, with record highs for Eurotunnel and Europorte, and net profit rose 3% to €320 million.

• Management outlined a growth-focused strategy targeting €1 billion EBITDA by 2030, driven by operational excellence, customer-centricity, and leveraging unique assets like the Channel Tunnel and ElecLink.

• Dividend policy reset: proposal to increase dividends from €0.80 per share in 2026 to €1 per share by 2030, reflecting confidence in cash generation and financial solidity.

• Major milestones included new high-speed rail initiatives, insurance compensation for Eleclink, and achievement of 2025 decarbonisation goals.

• Cash position at year-end was €1,498 million after dividend payments and refinancing activities.

Financial highlights

• Revenue was €1,595 million, down 1% year-over-year due to Eleclink’s 20% revenue drop from market normalization and temporary suspensions.

• EBITDA up 4% to €859 million; EBIT up 3% to €609 million; Eurotunnel revenue grew 4% to €1,198 million; Europorte up 2% to €172 million.

• Free cash flow declined to €374 million from €471 million, mainly due to Eleclink.

• Net debt reduced by €184 million to €3,392 million; net debt/EBITDA ratio improved to 3.9 from 4.3; cash position at €1,498 million.

• Dividend per share reset to €0.80, subject to AGM approval.

Outlook and guidance

• Targeting €1 billion EBITDA by 2030, with 2026 EBITDA guidance set between €820 million and €860 million, reflecting commercial momentum and secured Eleclink revenues.

• Dividend policy aims for €0.80 per share in 2026, with €0.05 annual increases to reach €1 by 2030.

• Growth expected from LeShuttle Passenger, gradual recovery in Freight, and increased High-Speed rail passengers.

• CapEx cycle elevated until 2032 due to rolling stock and infrastructure upgrades, then expected to ease.

• Gradual implementation of EES formalities at Eurotunnel sites expected between April and September 2026.