Getlink SE: First-Quarter 2025 Revenues of EUR328 Million

Growth in the Group's historical businesses

Return to service of the ElecLink interconnector on 5 February

   -- First quarter 2025 
 
          -- Group's consolidated revenue for the first quarter of 2025 
             amounted to EUR328 million, down 17% on the same period in 20241. 
 
          -- Eurotunnel: revenue up 2% to EUR254 million. 
 
          -- Europorte: revenue up 2% to EUR41 million. 
 
          -- ElecLink: revenue of EUR33 million (-69%) reflecting the expected 
             normalisation of the electricity market and the suspension of 
             activity until 5 February. 
 
          -- Credit: Bond issue of EUR600 million and upgrading of Getlink SE 
             rating to BB+ (vs BB previously) by S&P Global Ratings and Fitch 
             Ratings. 
PARIS--(BUSINESS WIRE)--April 24, 2025-- 

Regulatory News:

Getlink SE (Paris:GET):

Yann Leriche, CEO of Getlink, commented: "The Group's historical activities - Eurotunnel and Europorte - continued to grow, with revenue up by 2%. While LeShuttle volumes for the quarter reflect the sluggish economic environment and calendar effects, the continued improvement in the attractiveness of our services has enabled us to increase our passenger and truck market shares. As expected, ElecLink's contribution was down, as a result of the normalisation of electricity markets and the suspension of activity until 5 February."

First quarter 2025: business highlights

   -- Group 
 
          -- Credit rating: Getlink SE upgraded to BB+ by S&P Global Ratings 
             and by Fitch Ratings (vs. BB previously) and CLEF2 upgraded to 
             BBB+ by S&P Global Ratings (vs. BBB with positive outlook 
             previously). 
 
          -- Green bond issue of EUR600 million maturing in April 2030 with an 
             annual coupon of 4.125%. The proceeds of this issue, together with 
             available cash on the balance sheet, were used to redeem early the 
             EUR850 million Green Bond maturing in October 2025. 
 
          -- Acquisition of Associated Shipping Agencies $(ASA)$ and its 
             subsidiary Boulogne International Maritime Services (BIMS), key 
             players in customs services between France and the UK. These 
             acquisitions complement that of ChannelPorts Ltd in April 2024 and 
             strengthen the range of services and support available to 
             facilitate the exchange of goods between Europe and the UK. 
   -- Eurotunnel 
 
          -- LeShuttle 
 
                 -- Number of passenger vehicles transported down 3% in Q1 2025 
                    compared with Q1 2024. While traffic was up by 5% over the 
                    first two months of the year, March volumes were impacted 
                    by the shift of the Easter weekend and the UK school 
                    holidays to April this year. 
 
                 -- Improvement in car market share to 62.1% in Q1 2025 (vs. 
                    61.5% in Q1 2024). 
 
          -- LeShuttle Freight 
 
                 -- Stable Truck Shuttle traffic in Q1, still penalised by a 
                    sluggish economic environment. 
 
                 -- Confirmation of leading position on the Short Straits, with 
                    a market share of 36.4% in Q1 2025, up on Q1 2024 (35.6%). 
 
          -- Railway Network 
 
                 -- Continued growth in Eurostar traffic, 4% in the quarter, 
                    despite works on the international terminal at Amsterdam 
                    Centraal station, which led to the suspension of the direct 
                    service between Amsterdam and London and a reduction in 
                    train frequency between London and Amsterdam until 10 
                    February. 
 
                 -- Signing of a strategic cooperation partnership with London 
                    St. Pancras Highspeed (ex-HS1) to promote the growth of 
                    rail services between Great Britain and continental Europe. 
 
          -- Passenger Shuttle renovation programme 
 
                 -- Contract termination by one of our suppliers in charge of 
                    part of the programme. 
 
                 -- Given the difficulties encountered with this supplier, 
                    Getlink had prepared itself operationally for this 
                    eventuality. Without prejudice to contractual 
                    considerations with this supplier, a reorganisation of the 
                    programme has been launched. This will result in a longer 
                    renovation period, with maintenance plans being reinforced 
                    to maintain the quality of service provided to our 
                    customers. 
   -- Europorte 
 
          -- Business growth in both the traction and rail infrastructure 
             management segments. 
 
          -- Good momentum in customer orders in rail traction, driven in 
             particular by the Single Wagons business. 
   -- ElecLink 
 
          -- Finalisation of the repairs and tests required following the 
             incident that led to the suspension of operations in September 
             2024. 
 
          -- Service resumed on 5 February 2025. 

REVENUE: FIRST QUARTER

First-quarter revenue (1 January to 31 March)

 
                   1(st) quarter     1(st) quarter              1(st) quarter 
                        2025              2024                       2024 
 EUR million          unaudited       recalculated*   Change     published** 
----------------  ----------------  ----------------  -------  --------------- 
 Eurotunnel 
  Shuttles              150               151           -1%          148 
 Railway Network         93                91           2%           90 
 Other revenue           11                6            83%           6 
----------------  ----------------  ----------------  -------  --------------- 
 Sub-total 
  Eurotunnel            254               248           2%           244 
----------------  ----------------  ----------------  -------  --------------- 
 Europorte               41                40           2%           40 
----------------  ----------------  ----------------  -------  --------------- 
 ElecLink                33               106          -69%          107 
----------------  ----------------  ----------------  -------  --------------- 
 Revenue                328               394          -17%          391 
----------------  ----------------  ----------------  -------  --------------- 
* Recalculated using the average exchange rate for the first quarter of 2025 
of GBP1 = EUR1.201. 
** The average exchange rate for the first quarter of 2024 was GBP1 = 
EUR1.169. 
 

A. Group

Group consolidated revenue for the first quarter fell by 17% at constant exchange rates, to EUR328 million.

B. Eurotunnel

At EUR254 million, Eurotunnel's revenue was up 2% on the first quarter of 2024.

Shuttle revenue totalled EUR150 million, down slightly (-1%) in the first quarter compared with the same period last year, penalised by lower passenger traffic (calendar effect).

Railway Network revenue was up 2% to EUR93 million, driven by higher Eurostar traffic.

Other revenue reached EUR11 million (+83%), thanks in particular to the integration of ChannelPorts and, to a lesser extent, ASA, acquired in April 2024 and at the end of January 2025 respectively.

C. Rail freight operators: Europorte and its subsidiaries

Europorte reported a 2% increase in sales to EUR41 million.

D. ElecLink

In the first quarter, ElecLink revenue was down 69% compared with the first quarter of 2024, reflecting the expected normalisation of the energy markets and the impact of the suspension of activity until 5 February.

As of 31 March, ElecLink had secured just over EUR200 million in revenue for 2025 (representing 83% of annual capacity) and EUR125 million for 2026 (representing 35% of annual capacity), subject to effective delivery of the service (3) .

OUTLOOK

Getlink confirms that it expects a consolidated current EBITDA of between EUR780 and EUR830 in 2025.(4)

EUROTUNNEL TRAFFIC

First-quarter traffic (1 January to 31 March)

 
                                                   Q1 2025    Q1 2024   Change 
------------------------------------------------  ---------  ---------  ------ 
 Truck Shuttles           Trucks                   302,144    301,801     0% 
-----------------------  -----------------------  ---------  ---------  ------ 
 Passenger Shuttles       Passenger vehicles(1)    370,117    381,319    -3% 
-----------------------  -----------------------  ---------  ---------  ------ 
 High-speed passenger 
  trains (Eurostar)(2)    Passengers              2,477,962  2,393,479    4% 
-----------------------  -----------------------  ---------  ---------  ------ 
 Rail freight trains 
  (3)                     Number of trains           318        313       2% 
-----------------------  -----------------------  ---------  ---------  ------ 
(1) Including motorcycles, vehicles with trailers, caravans, motorhomes and 
coaches. 
(2) Only Eurostar passengers using the Channel Tunnel are included in this 
table, which excludes journeys between continental stations (Brussels-Calais, 
Brussels-Lille, Brussels-Amsterdam, etc.). 
(3) Trains from railway companies (DB Cargo on behalf of BRB, SNCF and its 
subsidiaries and GB Railfreight) using the Tunnel. 
 

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