Getlink (GET) Q3 2024 earnings summary

Executive summary

• Q3 2024 group revenue was €475 million, stable year-over-year, with growth in Eurotunnel and Europorte offset by a decline in ElecLink due to electricity market normalization and a temporary suspension.

• Eurotunnel and Europorte both posted 5% revenue growth in Q3, while ElecLink revenue fell 21% due to market normalization and a fault-related suspension.

• Group confirms 2024 EBITDA target of €780–830 million, factoring in ElecLink's temporary suspension and secured revenues.

Financial highlights

• Q3 2024 revenue: €475 million (–0.4% year-over-year); nine-month revenue: €1,283 million (–9% year-over-year).

• Eurotunnel Q3 revenue: €359 million (+5%); Europorte: €40 million (+5%); ElecLink: €76 million (–21%).

• Eurotunnel Shuttle revenue up 1% to €237 million; Railway Network revenue up 10% to €111 million in Q3.

• For the first nine months, Eurotunnel revenue rose 2% to €899 million, Europorte up 11% to €123 million, ElecLink down 39% to €261 million.

Outlook and guidance

• 2024 EBITDA target of €780–830 million reaffirmed, incorporating ElecLink's suspension and secured capacity revenues.

• Guidance assumes ElecLink resumes service mid-November and a stable regulatory and fiscal environment.

• Uncertainty remains regarding the timing of EES formalities implementation.