Getlink (GET) Q1 2025 earnings summary

Executive summary

• Consolidated revenue for Q1 2025 was €328 million, down 17% year-over-year, mainly due to ElecLink's normalization and temporary suspension.

• Eurotunnel and Europorte, the group's core businesses, both posted 2% revenue growth compared to Q1 2024.

• ElecLink revenue dropped 69% year-over-year, reflecting market normalization and a service suspension until February 5.

• Strategic acquisitions in customs services (ASA, BIMS, Associated Shipping Agencies, Boulogne International Maritime Services) and ChannelPorts strengthen cross-Channel logistics offerings.

Financial highlights

• Eurotunnel revenue: €254 million (+2% year-over-year); Navettes/Shuttle: €150 million (–1%), Rail network: €93 million (+2%), Other: €11 million (+83%).

• Europorte revenue: €41 million (+2% year-over-year).

• ElecLink revenue: €33 million (–69% year-over-year).

• Group revenue: €328 million (–17% year-over-year at constant exchange rates).

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

Outlook and guidance

• 2025 consolidated recurring EBITDA expected between €780 and €830 million.

• ElecLink has secured over €200 million in 2025 revenue (83% of annual capacity) and €125 million for 2026 (35% of capacity), subject to service delivery.