Press Release: Getlink SE: 2026 Half-year Results: Strong Growth in H1, 2026 Ebitda Guidance Upgraded

Dow Jones
Jul 23
   --  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

 
 

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