Getlink SE Reports Strong First‑Half Performance and Raises FY26 EBITDA Outlook
Getlink SE, the French operator of the Channel Tunnel and other transport‑infrastructure assets, announced on Thursday that its first‑half 2026 results surpassed expectations, driven by robust performance across its Eurotunnel, Eleclink, and Europorte divisions. The company also upgraded its FY26 EBITDA guidance, signalling confidence in sustained growth despite a mixed macroeconomic backdrop.
First‑Half 2026 Highlights
| Metric | H1 2026 | YoY Change | H1 2025 | Comments |
|---|---|---|---|---|
| Net profit | €118 million | +7 % | €110 million | Margin improvement reflects operational efficiency |
| Revenue | €824 million | +13 % | €735 million | Strong lift in Eleclink revenue (71 % YoY) |
| Group EBITDA | €404 million | +12 % | €361 million | EBITDA margin steady at ~49 % |
| Cash position (30 Jun 2026) | €1 361 million | – | – | Provides cushion for investment in digital initiatives |
The company’s divisions delivered differentiated growth:
- Eurotunnel reported a modest 3 % rise in revenue (€574 million) and a 0.3 % increase in EBITDA (€294 million), attributable to higher rail network traffic and an optimised shuttle yield.
- Eleclink experienced a 71 % revenue jump to €157 million, driven by a commercial strategy that capitalises on market opportunities and full interconnector availability. EBITDA rose to €93 million, up from €52 million, after a €45 million profit‑sharing provision.
- Europorte increased revenue by 12 % to €93 million, with EBITDA up 6 % to €17 million, bolstered by new railway infrastructure management contracts.
FY26 EBITDA Outlook Upgrade
In light of the first‑half performance, Getlink raised its FY26 EBITDA guidance to a range of €835 million–€870 million, up from the previous €820 million–€860 million. The adjustment reflects the company’s conviction that the momentum in Eleclink and the stability of Eurotunnel operations will continue to deliver above‑average profitability.
Operational and Regulatory Context
- Digital Border Security: Chief Executive Yann Leriche warned that the biometric component of the European Union’s Entry/Exit System (EES) for car passengers could face delays beyond the September 6 target due to software instability. Getlink has already invested €80 million to prepare its terminals for the EES, underscoring its commitment to compliance while mitigating potential disruptions.
- Concession Horizon: The Channel Tunnel concession remains in force until 2086, providing long‑term operational stability and a predictable revenue base.
Market Reaction
On the Paris Exchange, GET.PA closed at €18.65, a 0.75 % decline from the previous session, despite the positive earnings release. The market’s cautious stance likely reflects concerns over the EU biometric rollout and broader economic uncertainty. Nevertheless, the company’s strong earnings and upgraded guidance bolster its valuation profile, with a 52‑week high of €19.85 and a market cap of approximately €10.2 billion.
Forward‑Looking Perspective
Getlink’s diversified model—combining toll‑based revenues from Eurotunnel, interconnector services through Eleclink, and asset management via Europorte—positions it well to capture synergies across the transport‑infrastructure sector. The upgraded EBITDA outlook, coupled with a healthy cash position, provides ample runway to invest in digital transformation, capacity expansion, and potential acquisitions that reinforce its competitive edge.
As the EU’s digital border framework stabilises, Getlink will likely see operational efficiencies translate into further cost savings and revenue optimisation. The company’s long‑term concession and commitment to infrastructure upgrades suggest a resilient business model capable of weathering short‑term regulatory uncertainties while delivering sustainable shareholder value.
