Getlink Exceeds its 2025 EBITDA Target with 859 Million Euros
Getlink Group concluded 2025 with an EBITDA of 859 million euros, surpassing the upper range of its annual guidance. The consolidated revenue stood at 1,595 million euros, slightly down by 1% due to challenges at Eleclink, while the group's core activities showed solid growth.
Robust Performance in Core Activities
Getlink delivered robust 2025 results marked by the strength of its main activities. The consolidated EBITDA reached 859 million euros, up by 4% compared to 2024, significantly exceeding the top of the 2025 guidance range which was between 780 and 830 million euros. The group's revenue declined to 1,595 million euros, a decrease of 1% year-on-year. This contraction mainly reflects the impact of the normalization of the electricity market and two activity suspensions at Eleclink, occurring between September and February and then in May-June 2025. Eurotunnel, the core of the group, showed an opposite trend with revenue up by 4% to 1,198 million euros and EBITDA increasing by 5% to 667 million euros. Europorte also recorded a positive performance with revenue growing by 2% to 172 million euros and EBITDA up by 6% to 34 million euros.
Net Income and Cash Flow Developments
The consolidated net income grew by 3% to 320 million euros, driven by improved operational performance and favorable exchange gains of 8 million euros in 2025, compared to losses of 16 million euros in 2024. The consolidated cash position reached 1,498 million euros as of December 31, 2025, slightly lower than the level of 1,699 million euros a year earlier, mainly due to the payment of a dividend of 314 million euros for 2024 and the early repayment of 250 million euros of Green Bonds debt. The group issued a new green bond of 600 million euros in April 2025, maturing in April 2030 with a coupon of 4.125%. The net debt decreased by 184 million euros to 3,392 million euros, while the net debt to EBITDA ratio improved to 3.9 from 4.3 in 2024. The group's Free Cash Flow came out at 374 million euros, down by 97 million euros compared to 2024 due to the reduced contribution from Eleclink.
Dividend Proposal and Outlook for 2026
The board of directors proposes to the general assembly on May 27, 2026, a distribution of 80 euro cents per share, a significant increase from the 58 cents paid in 2024. This dividend will be detached on June 2, 2026, for payment on June 6, 2026. For 2026, Getlink anticipates a consolidated current EBITDA between 820 and 860 million euros. This guidance includes assumptions of moderate growth for Eurotunnel in a competitive environment, a gradual implementation of EES formalities between April and September 2026, and for Eleclink, a secured revenue amounting to 81% of its annual capacity, equivalent to 242 million euros.
