Getlink (GET) Trading Update summary

Group financial performance

• Consolidated revenue for 2024 was €1.614 billion, a 12% decrease from 2023, mainly due to ElecLink's lower contribution and suspension of activity since late September.

• Eurotunnel and Europorte achieved record revenues, with Eurotunnel up 3% to €1.166 billion and Europorte up 12% to €168 million.

• ElecLink revenue dropped 50% to €280 million, impacted by electricity market normalization and operational suspension.

• Fourth quarter group revenue fell 22% year-on-year, reflecting ElecLink's interruption.

• EBITDA for 2024 is expected to be between €780 and €830 million.

Segment and operational highlights

• Eurotunnel's Shuttle Services revenue declined 1% due to lower truck (-1%) and passenger (-2%) traffic, affected by economic conditions and competition.

• Railway Network revenue rose 7% to €398 million, with Eurostar passenger numbers up 5% to over 11.2 million, surpassing 2019 levels.

• Europorte's growth was driven by strong traction activity, infrastructure segment performance, and recent acquisitions.

• In Q4, LeShuttle Freight truck volumes increased 3%, and Eurostar traffic rose 9% despite service disruptions.

• Other revenue benefited from the ChannelPorts acquisition and higher duty-free sales.

ElecLink update and outlook

• ElecLink activity was suspended from 25 September 2024 due to a detected fault, with Q4 revenue limited to €19 million.

• The suspension's impact for Q4 is estimated at €78 million.

• 74% of 2025 interconnector capacity has been sold, securing nearly €159 million in revenue, pending service resumption expected on 10 February 2025.

• Group reiterates confidence in achieving its 2024 EBITDA target.

• Eurotunnel maintains leading market shares: 35.6% for truck shuttles and 55.2% for passenger vehicles in 2024.