-- Group:
-- Revenue: EUR824 million (+13% 1 )
-- EBITDA 2 : EUR404 million (+12%)
-- Net profit: EUR118 million (+7%)
-- Cash position 3 : EUR1,361 million as at 30 June 2026
-- Upgraded 2026 guidance: EBITDA of between EUR835 million and
EUR870 million4
-- Eurotunnel:
-- Revenue of EUR574 million (+3%) supported by growth in the
Railway Network traffic and optimised Shuttle yield in a still
mixed economic environment
-- EBITDA of EUR294 million (+0.3%)
-- Eleclink:
-- Revenue of EUR157 million (vs EUR92 million in H1 2025),
reflecting a commercial strategy capturing market opportunities
and the full availability of the interconnector
-- EBITDA of EUR93 million (vs EUR52 million in H1 2025), after
provision for profit-sharing of EUR45 million
-- Europorte:
-- Revenue of EUR93 million (+12%), driven notably by the award of
major railway infrastructure management contracts
-- EBITDA of EUR17 million (+6%)
PARIS--(BUSINESS WIRE)--July 23, 2026--
Regulatory News:
Getlink SE (Paris:GET):
Yann Leriche, Chief Executive Officer, commented: "The strong momentum in the first half of the year illustrates the effectiveness of Getlink's diversified model. Whilst Eurotunnel is demonstrating the solidity of its operations and its ability to enhance its competitiveness, Eleclink is confirming its potential for value creation through its operational and commercial excellence. This combination of strategic infrastructure enables us to continue our developments with confidence in a particularly challenging environment. Our strong outlook for the remainder of the financial year leads us to raise our EBITDA guidance for 2026 to EUR835-870 million."
Half-year highlights:
> Governance
Main resolutions approved at the Annual General Meeting, held on 27 May 2026:
-- Payment of a dividend of EUR0.80 per share.
-- Renewal of the terms of office as Directors of Jacques Gounon,
Elisabetta de Bernardi di Valserra, Andrea Mangoni, Brune Poirson and
Peter Ricketts for four years, Corinne Bach for two years, and Bertrand
Badré for three years.
-- Renewal by the Board of Directors of Jacques Gounon's mandate as
Chairman for a period of two years
-- Appointment by the Board of Directors of Yann Leriche as Vice-Chairman
of the Board5.
> Shareholding
Eiffage and Mundys, Getlink's major shareholders, announced increases in their stakes in the Group's capital:
-- Following the market acquisition of 1.74% of the share capital,
announced on 26 March, Eiffage, through Dervaux Participations 14,
declared that it now holds 29.40% of the share capital representing
29.9%6 of voting rights in Getlink.
-- On 31 March, Mundys announced that it had entered into share swap
agreements enabling its subsidiary, Aero I Global International, to
increase its stake in Getlink. On 24 April 2026, Mundys disclosed that it
had fully exercised its option to raise its holding in Getlink to 25.0%
of the share capital and 29.9% of the voting rights.
> ESG Strategy
Against a geopolitical backdrop placing significant strain on carbon-based energy resources, the Group reaffirms its leadership on climate and extra-financials. Getlink is actively pursuing its initiatives in support of climate action and social impact, commitments recognised by:
-- An "A" rating in the CDP, highlighting the quality and transparency of
the Group's environmental disclosures, as well as its engagement with its
suppliers.
-- An upgrade in the ISS ESG rating, raised from B- to "Prime",
demonstrating the Group's ability to anticipate and effectively manage
ESG risks and opportunities.
-- Confirmation of an "A" carbon score in Axylia's Vérité40
index, reflecting Getlink's ability to balance economic performance with
managing its carbon footprint.
> Group
-- EBITDA of EUR404 million after provision for Eleclink profit-sharing of
EUR45 million.
-- Free cash flow of EUR295 million7, compared with EUR218 million in H1
2025.
-- Dividend distribution of EUR434 million (EUR0.80 per share) for the
2025 financial year, an increase of EUR120 million compared with H1
2025.
-- Acquisition in April 2026 of Bongers Customs Services, a Dutch company
specialising in customs services between the United Kingdom and the
Netherlands, integrated into Getlink Customs Services, the Group's
activity dedicated to customs and regulatory formalities.
-- Moody's upgraded CLEF8's rating to Baa1 (from Baa2).
> Eurotunnel:
-- LeShuttle:
-- Traffic down 2%, with 962,452 passenger vehicles transported.
-- Increase of car market share to 60.2% (vs 59.9% in H1 2025),
confirming leadership position on the car market.
-- Continued good performance of yield, supported in particular by
the new fare structure launched in March 2025 which has enabled
the gradual roll-out of unbundled and flexible offers.
-- LeShuttle Freight:
-- Truck traffic fell by 1%, affected by a subdued economic
environment in Great Britain.
-- Market share increased to 35.8% (compared with 35.7% in H1
2025). LeShuttle Freight's market share increased significantly
towards the end of the half-year thanks to the competitive
advantage of its electric traction model, against a backdrop of
more favourable energy costs than those of ferry operators.
-- Railway Network:
-- Eurostar traffic up 4% to over 5.8 million passengers, exceeding
the record level set in H1 2025, despite the one-off impact of
heatwaves in June, driven in particular by the ramp-up of the
direct London--Amsterdam service.
-- Signing of a Memorandum of Understanding (MoU) between Eurostar,
the Swiss Federal Railways $(SBB)$ and SNCF Voyageurs in May 2026 to
explore the launch of direct London--Switzerland services.
-- UK Business rates: As discussions with the Valuation Office Agency
(VOA) did not result in an agreement, Getlink confirms a cumulative
annual increase in the cost of Eurotunnel's business rates of EUR6
million in 2026, EUR14-16 million in 2027 and EUR24-27 million in 2028
(compared with the 2025 level)9. In view of this disproportionate
increase, the Group has initiated several proceedings with a view to
bringing its case before a UK court, whilst reserving the right to seek
international arbitration.
> Europorte
-- Revenue of EUR93 million, up 12% compared with the first half of 2025,
driven in particular by the award of major infrastructure contracts to
Socorail.
-- Improved profitability, with EBITDA up 6%.
> Eleclink
-- Revenue of EUR157 million, up 71%, driven by the combined effects of a
successful commercial strategy in a favourable market and very high
interconnector availability (99.7% in H1 2026 vs 71% in H1 2025).
-- EBITDA of EUR93 million, up 79%, after a provision for Eleclink
profit-sharing of EUR45 million.
-- EUR148 million in revenue already contracted for the second half of
202610, with 3% of the cable's capacity for the period still available.
Operating profit supported by Eleclink's strong contribution
The Group's revenue for H1 2026 was EUR824 million, up 13% compared with H1 2025, supported by Eleclink's performance (revenue up 71%). Boosted by record high-speed passenger traffic and 4% increase in the Shuttle's yield, Eurotunnel's revenue rose by 3% and Europorte's by 12%.
The Group's operating costs, excluding the provision for Eleclink's profit-sharing, were up 7% in H1 2026 to EUR375 million. Eurotunnel operating costs rose by 6% to EUR280 million, primarily due to higher taxes (local and social security contributions), development projects and to a transitory increase in specific maintenance operations on certain key assets.
The Group's EBITDA reached EUR404 million in H1 2026, up 12% due to the strong contribution from Eleclink (+79%), whilst the EBITDA of Eurotunnel and Europorte rose by 0.3% and 6% respectively.
Net financial costs rose by 4% to EUR150 million in the first six months of 2026.
Taxes represented a net charge of EUR13 million (compared with an income of EUR2 million in the first half of 2025), mainly reflecting the evolution of Eleclink and Eurotunnel activities.
The Group's consolidated net profit for H1 2026 was EUR118 million, up 7% compared with the first six months of 2025.
Operating cash flow was EUR502 million in H1 2026, compared with EUR402 million in H1 2025.
The Group's free cash flow was EUR295 million in H1 2026, up EUR77 million compared with the same period in 2025, driven by the higher contribution from Eleclink. Capital expenditure totalled EUR81 million in H1 2026 (vs EUR65 million).
Cash position at 30 June 2026 reached EUR1,361 million (vs EUR1,355 million at 30 June 2025) following the distribution of EUR434 million in dividends (EUR0.80 per share) for the 2025 financial year.
GUIDANCE
The first-half performance enables the Group to upgrade its EBITDA guidance for 2026, now expected to be between EUR835 million and EUR870 million(11) .
This target takes into account:
-- Reasonable growth assumptions for Eurotunnel, based on the commercial
momentum observed over recent months and assuming limited disruptions
related to EES implementation.
-- For Eleclink, the revenue already secured as at 30 June 2026 (98% of
the cable's capacity for 2026 has been sold for total revenue of EUR305
million, subject to the actual delivery of the service), recent
electricity market prices and use of a method similar to that used for
2025 for the profit-sharing provision in operating costs.
GROUP REVENUE
First half (January--June)
H1 H1
H1 2025 2025
EUR million 2026 recalculated* Change published
EUR/GBP exchange rate 1.153 1.153 1.187
--------------------------- ------- ----------------- ------- ------------
Shuttle Services 343 336 2% 341
Railway Network 204 197 4% 200
Other revenue 27 23 17% 23
--------------------------- ------- ----------------- ------- ------------
Eurotunnel 574 556 3% 564
--------------------------- ------- ----------------- ------- ------------
Europorte 93 83 12% 83
--------------------------- ------- ----------------- ------- ------------
Eleclink 157 92 71% 92
--------------------------- ------- ----------------- ------- ------------
Revenue 824 731 13% 739
--------------------------- ------- ----------------- ------- ------------
* Recalculated at the average exchange rate for the first half of 2026.
Second quarter (April--June)
Q2 Q2
Q2 2025 2025
EUR million 2026 recalculated Change published
------------------ ----- ------------- ------ ----------
Shuttle Services 191 190 1% 191
Railway Network 110 106 4% 107
Other revenue 15 12 25% 12
------------------ ----- ------------- ------ ----------
Eurotunnel 316 308 3% 310
------------------ ----- ------------- ------ ----------
Europorte 50 42 19% 42
------------------ ----- ------------- ------ ----------
Eleclink 87 59 47% 59
------------------ ----- ------------- ------ ----------
Revenue 453 409 11% 411
------------------ ----- ------------- ------ ----------
First-quarter reminder (January--March)
Q1 Q1 Q1
2026 2025 2025
EUR million unaudited recalculated* Change published
EUR/GBP exchange rate 1.149 1.149 1.201
----------------------- ------------ ----------------- ------- -----------
Shuttle Services 152 146 4% 150
Railway Network 94 91 3% 93
Other revenue 12 11 9% 11
----------------------- ------------ ----------------- ------- -----------
Eurotunnel 258 248 4% 254
----------------------- ------------ ----------------- ------- -----------
Europorte 43 41 5% 41
----------------------- ------------ ----------------- ------- -----------
Eleclink 70 33 112% 33
----------------------- ------------ ----------------- ------- -----------
Revenue 371 322 15% 328
----------------------- ------------ ----------------- ------- -----------
* Recalculated at the average exchange rate for the first quarter of 2026.
EUROTUNNEL TRAFFIC
First half (January--June)
H1 H1
2026 2025 Change
------------------------------------------------ --------- --------- ------
Truck Shuttles Trucks 587,710 591,746 -1%
------------------------- --------------------- --------- --------- ------
Passenger Shuttles Passenger vehicles* 962,452 985,847 -2%
------------------------- --------------------- --------- --------- ------
High-Speed Passenger
Trains ** Passengers 5,841,282 5,609,981 4%
------------------------- --------------------- --------- --------- ------
Rail freight trains*** Trains 522 584 -11%
------------------------- --------------------- --------- --------- ------
Second quarter (April--June)
Q2 Q2
2026 2025 Change
------------------------------------------------ --------- --------- ------
Truck Shuttles Trucks 293,007 289,602 1%
------------------------- --------------------- --------- --------- ------
Passenger Shuttles Passenger vehicles* 594,845 615,730 -3%
------------------------- --------------------- --------- --------- ------
High-Speed Passenger
Trains ** Passengers 3,243,645 3,132,019 4%
------------------------- --------------------- --------- --------- ------
Rail freight trains*** Trains 272 266 2%
------------------------- --------------------- --------- --------- ------
First-quarter reminder (January--March)
Q1 Q1
2026 2025 Change
------------------------------------------------ --------- --------- ------
Truck Shuttles Trucks 294,703 302,144 -2%
----------------------- ----------------------- --------- --------- ------
Passenger Shuttles Passenger vehicles* 367,607 370,117 -1%
----------------------- ----------------------- --------- --------- ------
High-Speed Passenger
Trains ** Passengers 2,597,637 2,477,962 5%
----------------------- ----------------------- --------- --------- ------
Rail freight trains*** Trains 250 318 -21%
----------------------- ----------------------- --------- --------- ------
* Including motorbikes, vehicles with trailers, caravans, motorhomes and
coaches.
** These tables only include passengers travelling through the Tunnel, which
excludes journeys between continental stations (Brussels--Calais,
Brussels--Lille, Brussels--Paris, etc.).
*** Trains operated by railway companies (DB Cargo on behalf of BRB, the SNCF
and its subsidiaries, and GB Railfreight) using the Tunnel.
The financial statements for the financial year ended 30 June 2026 were approved by the Board of Directors on 22 July 2026 and were subject to a limited review by the statutory auditors.
The presentation of the results for the first half of 2026 is available at https://www.getlinkgroup.com
Third-quarter revenue will be published on 22 October 2026.
********************
Disclaimer: This report contains forward-looking information. This information, based on the Group's current estimates, remains subject to numerous factors and uncertainties which could result in the actual figures differing significantly from those presented on a forward-looking basis. For a more detailed description of these risks and uncertainties, please refer in particular to the 'Risk Factors' section of the Universal Registration Document and the documents filed with the French Financial Markets Authority (AMF) (available on the Group's website https://www.getlinkgroup.com). Getlink SE makes no commitment whatsoever to publish an update or revision of these forecasts.
About Getlink
Getlink SE (Euronext Paris: GET), through its subsidiary Eurotunnel, holds the concession for the Channel Tunnel infrastructure until 2086 and operates lorry and passenger (cars and coaches) shuttle services between Folkestone (UK) and Calais (France). Since 31 December 2020, Eurotunnel has been developing services centred on the 'smart border' to ensure that the Tunnel remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. Since its opening in 1994, more than 537 million people and over 109 million vehicles have travelled through the Channel Tunnel. This unique land link, which carries a quarter of all traffic between the European mainland and Great Britain, has become a vital connection, reinforced by the Eleclink electricity interconnector installed in the Tunnel, which helps to balance energy needs between France and Great Britain. Getlink complements its sustainable mobility services through its rail freight subsidiary, Europorte. Committed to 'low-carbon' services that minimise their environmental impact, Getlink places people, nature and local communities at the heart of its priorities.
https://www.getlinkgroup.com
The 2026 Half-Yearly Financial Report has been made available to the public and filed with the French Financial Markets Authority (AMF). It is available to the public and can be viewed and downloaded from the Group's website at the following address: https://www.getlinkgroup.com. This document includes, in particular, the half-yearly activity report, the consolidated financial statements for the first half of 2026 and the statutory auditors' report on the half-year financial information. ------------------------------------------------------------------------------
CONSOLIDATED PROFIT AND LOSS ACCOUNT
1st
half 1st half 1st half
EUR million 2026 2025 Change 2025
Improvement/(deterioration)
of result *recalculated EURM % reported
---------------------------- ----- ------------- ---- ---- --------
Exchange rate EUR/GBP 1.153 1.153 1.187
---------------------------- ----- ------------- ----- -------- --------
Eurotunnel 574 556 18 +3% 564
Europorte 93 83 10 +12% 83
Eleclink 157 92 65 +71% 92
---------------------------- ----- ------------- ---- ---- --------
Revenue 824 731 93 +13% 739
Other income -- 5 (5) -100% 5
---------------------------- ----- ------------- ---- ---- --------
Total turnover 824 736 88 +12% 744
Eurotunnel (280) (263) (17) -6% (266)
Europorte (76) (67) (9) -13% (67)
Eleclink (64) (45) (19) -42% (45)
---------------------------- ----- ------------- ---- ---- --------
Operating costs (420) (375) (45) -12% (378)
---------------------------- ----- ------------- ---- ---- --------
Current EBITDA ** 404 361 43 +12% 366
Depreciation (108) (108) -- -- (108)
---------------------------- ----- ------------- ---- ---- --------
Trading profit 296 253 43 +17% 258
Net other operating charges (15) (1) (14) (1)
---------------------------- ----- ------------- ---- -------- --------
Operating profit $(EBIT)$ 281 252 29 +12% 257
Net finance costs (135) (137) 2 +1% (139)
Net other financial income (15) (7) (8) (7)
---------------------------- ----- ------------- ---- -------- --------
Pre-tax profit 131 108 23 +21% 111
---------------------------- ----- ------------- ---- ---- --------
Income tax income (13) 2 (15) 2
---------------------------- ----- ------------- ---- -------- --------
Net consolidated profit for
the period 118 110 8 +7% 113
---------------------------- ----- ------------- ---- ---- --------
Current EBITDA excluding 0.3
other income / revenue 49.0% 48.7% pts 48.8%
---------------------------- ----- ------------- ---- -------- --------
* Restated at the rate of exchange used for the 2026 half-year income statement
(GBP1=EUR1.153).
** Trading profit before depreciation charges.
CONSOLIDATED BALANCE SHEET
30 June 31 December
EUR million Note 2026 2025
----------------------------------------- ----- -------- -----------
ASSETS
Goodwill 62 54
Intangible assets Eleclink 132 136
Intangible assets Concession 13 14
Other intangible assets 23 25
------------------------------------------------ -------- -----------
Total intangible assets F 230 229
Right-of-use assets (IFRS 16) 54 63
Concession property, plant and equipment 5,530 5,550
Other property, plant and equipment 761 772
Of which Eleclink 678 690
Europorte 66 67
------------------------------------------------ -------- -----------
Total property, plant and equipment F 6,291 6,322
Equity accounted companies 2 2
Deferred tax asset I 257 248
Other financial assets G.3 356 357
----------------------------------------- ----- -------- -----------
Total non-current assets 7,190 7,221
Inventories 4 4
Trade receivables 139 122
Other receivables 131 150
Other financial assets G.3 177 161
Cash and cash equivalents 1,194 1,348
------------------------------------------------ -------- -----------
Total current assets 1,645 1,785
------------------------------------------------ -------- -----------
Total assets 8,835 9,006
------------------------------------------------ -------- -----------
EQUITY AND LIABILITIES
Issued share capital H.1 220 220
Share premium account 1,452 1,452
Other reserves H.4 404 507
Profit for the period 118 320
Cumulative translation reserve 249 269
------------------------------------------------ -------- -----------
Equity - Group share 2,443 2,768
Non-controlling interests 1 1
------------------------------------------------ -------- -----------
Total equity 2,444 2,769
Provisions D.6 580 516
Retirement benefit obligations 7 6
Financial liabilities G.1 4,928 4,916
Other financial liabilities G.4 57 68
Interest rate derivatives G.2 208 192
----------------------------------------- ----- -------- -----------
Total non-current liabilities 5,780 5,698
Provisions D.6 26 29
Financial liabilities G.1 113 109
Other financial liabilities G.4 22 22
Trade payables 274 269
Other payables and deferred income 176 110
------------------------------------------------ -------- -----------
Total current liabilities 611 539
------------------------------------------------ -------- -----------
Total equity and liabilities 8,835 9,006
------------------------------------------------ -------- -----------
The accompanying notes form an integral part of these summary half-year consolidated financial statements. The exchange rates used for the preparation of these financial statements are set out below.
CONSOLIDATED CASH FLOW STATEMENT
1st half 1st half Full year
EUR million Note 2026 2025 2025
------------------------------ ----- --------- -------- ---------
Current EBITDA D.1 404 366 859
Restatement for exchange rates * 1 (3) (7)
Decrease/(increase) in trade and
other receivables 16 17 (29)
Increase in trade and other payables 114 56 38
------------------------------------- --------- -------- ---------
Net cash inflow from trading 535 436 861
Other net operating cash flows (3) -- --
Taxation paid (30) (34) (45)
------------------------------------- --------- -------- ---------
Net cash inflow from operating
activities 502 402 816
------------------------------------- --------- -------- ---------
Acquisition of property, plant and
equipment net of subsidies (80) (65) (192)
Acquisition of subsidiary, net of
cash acquired (7) (12) (14)
Change in cash management financial
assets (16) 114 6 Payments in loans and advances (1) -- -- ------------------------------------- --------- -------- --------- Net cash (outflow)/inflow from investing activities (104) 37 (200) ------------------------------------- --------- -------- --------- Capital transactions: Dividend paid H.4 (434) (314) (314) Liquidity contract (net) 4 -- (3) Financial transactions: Early repayment of loans -- (850) (850) Fees paid on loans -- (4) (4) Issue of new loans -- 600 600 Redemption of Green Bonds debt service reserve account -- 31 31 Net debt service cost: Fees paid on loans (3) (3) (6) Interest paid on loans (99) (96) (194) Interest paid on leasing obligations (1) (1) (2) Receipt related to hedging instruments 4 -- -- Scheduled repayment of loans (46) (43) (88) Repayment of leasing obligations (11) (10) (21) Cash received from scheduled repayment of G2 notes 6 5 10 Interest received on other financial asset 4 4 9 Interest received on cash and cash equivalents 20 25 40 ------------------------------------- --------- -------- --------- Net cash outflow from financing activities (556) (656) (792) ------------------------------------- --------- -------- --------- Decrease in cash in the period (158) (217) (176) ------------------------------------- --------- -------- --------- * The adjustment relates to the restatement of elements of the income statement at the exchange rate ruling at the period end.
EXCHANGE RATE
30 June 30 June 31 December
EUR/GBP 2026 2025 2025
------------- -------- ------- -----------
Closing rate 1.160 1.169 1.146
Average rate 1.153 1.187 1.165
------------- -------- ------- -----------
_________________________________ (1) All comparisons with the income
statement for the first half of 2025 are made using the average exchange rate
for the first half of 2026 of GBP1 = EUR1.153. (2) In this release, "EBITDA"
is equivalent to "current EBITDA" as defined in note D.4 of the 2025
consolidated financial statements: it is calculated by adding back
depreciation charges to the trading profit. (3) In this release, "cash" refers
to cash, cash equivalents and cash management financial assets. (4) Based on
the scope of consolidation and activity as at February 2026 and an exchange
rate of GBP1 = EUR1.165, assuming a constant fiscal and regulatory
environment. The previous EBITDA target communicated in February was of
between EUR820 million and EUR860 million. (5) It being noted that this
appointment does not entail any specific powers. (6) Estimate based on
Getlink's declaration of 15 April 2026 (642,638,842 voting rights). (7) This
indicator is defined in section 2.1.4 of the 2025 Universal Registration
Document. To date, no payments have been made under the Eleclink
profit-sharing mechanism. (8) Channel Link Enterprises Finance Ltd is the debt
securitisation vehicle for the Eurotunnel sub-group. (9) Based on the average
exchange rate for the 2025 financial year of GBP1 = EUR1.165 and assuming that
the multiplier remains close to current levels and with a tapering
transitional relief over a three-year period. (10) As at 30 June 2026, subject
to the actual delivery of the service. (11) Based on the scope of
consolidation and activity as at February 2026 and an exchange rate of GBP1 =
EUR1.165, assuming a constant fiscal and regulatory environment. The previous
EBITDA target communicated in February was of between EUR820 million and
EUR860 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260722576098/en/
CONTACT: Press contacts:
Anne-Sophie de Faucigny: + 33(0)6 46 01 52 86
Laurence Bault: +33 (0)6 83 61 89 96
Analysts and investors' contacts:
Virginie Rousseau: +33 (0)6 77 41 03 39
Dana Badaoui: +33 (0)6 80 01 39 46
(END) Dow Jones Newswires
July 23, 2026 01:30 ET