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.
A. Eurotunnel Shuttles
-- Truck Shuttle business: LeShuttle Freight traffic was stable over the
first three months of 2025, in a sluggish market. Eurotunnel confirms its
position as the leading cross-Channel player, with a first-quarter truck
market share of 36.4%.
-- Passenger Shuttle activity: Passenger Shuttle traffic was down by 3% in
the first quarter of 2025, due to the shift of the Easter weekend and the
UK holidays to April this year. Eurotunnel confirms its leading position
on the Short Straits, with a 62.1% share of the car market for the
quarter.
B. Railway Network
-- High-speed passenger trains: Eurostar recorded traffic growth of 4% in
the first quarter, with almost 2.5 million passengers, despite the
closure of the international terminal Amsterdam Centraal station until 10
February 2025.
-- Cross-Channel rail freight: Cross-Channel rail freight traffic grew by 2%
in the first three months of 2025 compared with the same period in 2024.
*****************************************
Disclaimer: All forward-looking statements in this presentation are Getlink SE management's present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed description of these factors and uncertainties, please refer to the section "risk factors" in our Universal Registration Document and documents filed by the Group with the French securities regulator (AMF) (available on the Group's website https://www.getlinkgroup.com). Getlink SE undertakes no obligation to publicly update or revise any of these forward-looking statements.
About Getlink
Getlink SE (Euronext Paris: GET), through its subsidiary Eurotunnel, is the concession holder until 2086 for the Channel Tunnel infrastructure and operates Truck Shuttles and Passenger Shuttles (cars and coaches) between Folkestone (UK) and Calais (France). Since 31 December 2020 Eurotunnel has been developing the smart border to ensure that the Tunnel remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. Since it opened in 1994, more than 518 million people and 106 million vehicles have travelled through the Channel Tunnel. This unique land link, which carries a quarter of trade between the Continent and the United Kingdom, has become a vital link, reinforced by the ElecLink electricity interconnector installed in the Tunnel, which helps to balance energy needs between France and the United Kingdom. Getlink completes its sustainable mobility services with its rail freight subsidiary Europorte. Committed to "low-carbon" services that control their impact on the environment, Getlink has made the place of people, nature and territories a central concern.
https://www.getlinkgroup.com
_________________________ (1) All comparisons with the first-quarter of 2024 revenues are made at the average first-quarter 2025 exchange rate of GBP1 = EUR1.201. (2) Channel Link Enterprises Finance Ltd is the debt securitisation vehicle of the Eurotunnel sub-group (3) This amount includes revenue from the auction of physical transmission rights for the period 5 February 2025 to 31 December 2025, and secured revenues from capacity mechanisms in France and Great Britain for 2025, net of estimated penalties for non-availability of assets before 5 February. (4) Target set in March 2025 based on the scope of consolidation at that date and an exchange rate of GBP1 = EUR1.184, assuming a constant regulatory and tax environment.
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CONTACT: Press contacts:
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Analyst and investor contacts:
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(END) Dow Jones Newswires
April 24, 2025 01:30 ET (05:30 GMT)