Getlink (GET) Q1 2025 earnings summary

Executive summary

• Consolidated revenue for Q1 2025 was €328 million, a 17% decrease year-over-year, mainly due to ElecLink's lower contribution following market normalization and a temporary suspension of service.

• Eurotunnel and Europorte, the Group's historical businesses, both achieved 2% revenue growth compared to Q1 2024.

• ElecLink resumed operations on 5 February 2025 after repairs, but Q1 revenue dropped 69% year-over-year.

Financial highlights

• Eurotunnel revenue: €254 million (+2% year-over-year); Europorte: €41 million (+2%); ElecLink: €33 million (–69%).

• Eurotunnel Shuttle revenue: €150 million (–1%); Railway Network: €93 million (+2%); Other revenue: €11 million (+83%).

• Group issued a €600 million green bond (4.125% coupon, maturing 2030) and redeemed an €850 million bond early.

Outlook and guidance

• Consolidated current EBITDA for 2025 is expected between €780 and €830 million.