Getlink: Annual Results 2024: EBITDA Target Achieved at €833 Million Driven by the Performance of the Group's Core Businesses

In This Article:

  • Group

    • Revenue: €1,614 million, down 12%1 due to the expected normalisation of electricity markets and the suspension of ElecLink's contribution in the last quarter.

    • EBITDA2: €833 million (-16%) at the top end of the guidance for 20243.

    • Cash position4 of €1,699 million at 31 December 2024 (+€137 million vs 31 December 2023).

    • Consolidated net profit of €317 million.

    • Proposed dividend of €0.58 per share, up 5.5% on 2024.

  • Eurotunnel

    • Revenue of €1,166 million (+3%).

    • EBITDA of €642 million (+8%).

  • ElecLink

    • Revenue of €280 million (-50%) due to the expected normalisation of the electricity markets and the suspension of activity between 25 September 2024 and 5 February 2025 following the identification of a weakness in the cable support structure.

    • EBITDA of €159 million (-57%), after provision of €76 million5 for interconnector profit sharing.

  • Europorte

    • Revenue of €168 million (+12%).

    • EBITDA up 10% to €32 million.

PARIS, March 06, 2025--(BUSINESS WIRE)--Regulatory News:

Getlink SE (Paris:GET):

Yann Leriche, Chief Executive Officer of Getlink, comments: "The Group has once again generated high-quality annual results, with EBITDA at the top end of the guidance set in February 2024. The performance of Eurotunnel and Europorte, as well as the good performance of ElecLink over the first nine months of the year, have partially compensated the impact of the suspension of the interconnector activity in the last quarter. These achievements - in an environment that remains highly competitive - reflect the successful execution of the Group's strategy, based on a balanced portfolio of activities, strict cost management and a constant drive to improve the quality of service we provide to our customers."

> Outlook for 2025

In 2025, against a backdrop of economic uncertainty in Europe and the United Kingdom, and with competition from ferry operators remaining intense, Getlink will continue to pursue its strategy of operational excellence in the service of its customers.

  • Consolidated EBITDA target for 2025 of between €780 million and €830 million6 taking into account:

    • Reasonable growth assumptions for Eurotunnel based on the commercial momentum observed at the beginning of the year in an environment which remains highly competitive. The central scenario assumes the implementation of EES formalities on Eurotunnel sites from October 2025, with EES having been the subject of intensive preparation to make it a competitive advantage.

    • For ElecLink, the revenue already secured as at 28 February 2025 (82% of the cable's capacity for 2025 has been sold for a total revenue of €190 million7, subject to actual delivery of the service), the consequences of the suspension of activity until 5 February, recent electricity market prices and the use of a method similar to that used for 2024 for the profit sharing provision in operating expenses.

  • Continued modernisation of assets and innovation, with a gradual increase in capital expenditure to €170-220 million over the next 5-7 years.

    • In 2025, capital expenditure should be at the lower end of the range.

    • The normalisation of capital expenditure levels should begin in 2032.

  • Payment of a dividend of €0.58 per share, subject to approval by the Annual General Meeting on 14 May 2025. This represents an increase of 5.5% on the amount paid in 2024 and is in line with the Group's commitment to sharing value creation with its shareholders. The dividend would be payable on 6 June 2025.


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