Getlink (GET) Q2 2025 earnings summary

Executive summary

• Group revenue declined 9% year-over-year to €739m, mainly due to a 50% drop in Eleclink revenue following electricity market normalization and outages.

• Eurotunnel delivered solid results, with revenue up 4% to €564m and EBITDA up 2%, supported by record high-speed passenger traffic and yield management.

• Europorte maintained stable revenue at €83m and improved EBITDA by 2%, reflecting operational discipline and selective growth.

• Net consolidated profit fell 35% year-over-year to €113m, reflecting Eleclink's lower contribution.

• Cash position at 30 June 2025 was €1,355m after €314m in dividends and early repayment of €850m Green Bonds, replaced by a €600m new Green Bond issue.

Financial highlights

• Eurotunnel contributed 76% of group revenue, with Shuttle Services and Railway Network both up 3% year-over-year.

• Eleclink revenue dropped to €92m (down 50%), EBITDA down 56% to €52m, including a €23m profit sharing provision.

• Group operating costs increased 7% to €355m, mainly due to inflation and development costs.

• Free cash flow was €218m, down from €274m in H1 2024, reflecting lower Eleclink contribution.

• Basic EPS for H1 2025 was €0.21, down from €0.32 in H1 2024.

Outlook and guidance

• 2025 EBITDA guidance reiterated at €780m–€830m, assuming stable regulatory and tax environment and EES implementation from October 2025.

• Eleclink had 92% of 2025 cable capacity sold as of 30 June, with €205m revenue secured, subject to service delivery.

• Political and regulatory developments, including anti-social dumping laws and UK-EU trade agreements, expected to support Shuttle business.

• High-Speed Rail momentum accelerating, with capacity expansions and new operator interest.