Getlink (GET) Q4 2025 TU earnings summary

Executive summary

• Group revenue for 2025 was €1.595 billion, down 1% year-over-year, with growth in Eurotunnel and Europorte offset by a decline in Eleclink due to electricity market normalization and activity suspensions.

• Eurotunnel and Europorte achieved record revenues for the third consecutive year, with Eurotunnel up 4% and Europorte up 2% compared to 2024.

• The passenger business gained market share, and high-speed train traffic showed sustained growth, supported by new destinations and operators.

Financial highlights

• Eurotunnel revenue reached €1.198 billion (+4%), with Shuttle Services up 2% to €738 million and Railway Network up 4% to €411 million.

• Eleclink revenue fell 20% to €225 million, impacted by market normalization and two periods of suspended activity.

• Europorte revenue increased 2% to €172 million, driven by growth across all segments and recent acquisitions.

• Q4 2025 group revenue rose 18% year-over-year to €384 million, with Eleclink rebounding from prior suspension.

Outlook and guidance

• Confident in exceeding the 2025 EBITDA target set in March, supported by a €55 million insurance compensation agreement for Eleclink's 2024 operating losses.

• Eleclink has secured €237 million in revenue for 2026 (79% of capacity) and nearly €100 million for 2027 (20% of capacity).