Getlink (GET) Q2 2025 earnings summary

Executive summary

• Group revenue for H1 2025 declined 9% year-over-year to €739 million, mainly due to a 50% drop in Eleclink revenue following electricity market normalization and service suspensions.

• Group EBITDA fell 14% to €366 million, with net consolidated profit down 35% to €113 million, reflecting Eleclink's lower contribution.

• Eurotunnel revenue grew 4% to €564 million, now 76% of group revenue, driven by record high-speed passenger traffic and increased Shuttle yields.

• Europorte revenue remained stable at €83 million, with EBITDA up 2% to €16 million, reflecting operational discipline and selective growth.

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

Financial highlights

• Eurotunnel contributed 76% of group revenue, with EBITDA up 2% to €298 million.

• Eleclink revenue dropped 50% to €92 million, EBITDA down 56% to €52 million, including €23 million provision for profit sharing.

• Free cash flow was €218 million, down €56 million year-over-year, reflecting lower Eleclink contribution.

• Net debt stood at €3,586 million, up €10 million from December 2024; cash and cash equivalents at €1,355 million.

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

Outlook and guidance

• 2025 EBITDA guidance reiterated at €780–830 million, 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 €205 million revenue secured, subject to service delivery.

• Eurotunnel expected to see reasonable growth, supported by political and regulatory developments and new operator interest in High-Speed Rail.

• EES biometric border controls to be implemented from October 2025, with preparations in place to maintain traffic flow.

• Market volatility and geopolitical risks may impact H2 2025.