Getlink: +15% Revenue Increase in Q1, but Warning Signs at Eurotunnel
Getlink's consolidated revenue reached 371 million euros in the first quarter of 2026, up 15% compared to the same period in 2025. This growth is largely supported by Eleclink, whose revenue more than doubled to 70 million euros, while the group's core, Eurotunnel, recorded moderate growth and increasing operational challenges. Significant regulatory costs threaten medium-term profitability.
Uneven Growth Dynamics Within the Group
The 15% increase in consolidated revenue is based on highly uneven dynamics between the group's divisions. Eleclink, the electrical interconnection, shows the most notable progress with 70 million euros in revenue, an increase of 112% compared to Q1 2025. This surge benefits from a favorable environment in the electricity markets and a positive base effect due to the suspension of the interconnection between January and February 2025. Excluding this exceptional effect, Eleclink's adjusted growth would reach 21%. Eurotunnel, the group's historic branch, grew by only 4% to 258 million euros. This moderate growth results from a 4% increase in shuttle revenue to 152 million euros and a 3% increase in railway network revenue to 94 million euros. Europorte, the rail freight subsidiary, posted a growth of 5% to 43 million euros. Other revenues, driven by the development of Getlink Customs Services, increased by 9% to 12 million euros.
Operational Tensions Emerge at Eurotunnel
Beneath the surface of consolidated growth, operational tensions at Eurotunnel become apparent. LeShuttle Passengers transported 367,607 tourist vehicles, down 1% compared to Q1 2025, despite a rebound in March due to the calendar effect of Easter. The market share stands at 62.0%, almost stable. LeShuttle Freight saw its truck traffic decrease by 2% to 294,703 units, impacted by economic weakness in Great Britain and unfavorable weather conditions in January. The market share contracted to 35.8% in a cross-channel market described as overcapacitated and highly competitive. In stark contrast, freight trains experienced a much more pronounced decline, losing 21% of their rotations. Conversely, Eurostar saw an acceleration with a 5% increase in traffic, benefiting from the reopening of the Amsterdam terminal in February 2025 and a gradual increase in rotations. On the electrical side, Eleclink secured 291 million euros in revenue for 2026, representing 89% of its annual capacity, and 141 million euros for 2027, accounting for 36% of its capacity.
Increasing Regulatory Burden to Impact Profitability
The group faces a growing regulatory burden that will progressively weigh on its profitability. Following the failure of discussions with the British Valuation Office Agency, Getlink confirms an annual cumulative increase of 6 million euros for Eurotunnel in 2026, from 14 to 16 million euros in 2027, and from 24 to 27 million euros in 2028, compared to 2025 levels. These amounts will need to be integrated into a volatile energy inflation environment. The group has confirmed its target for consolidated current EBITDA for 2026 between 820 and 860 million euros. On the shareholder front, Eiffage and Mundys have strengthened their positions: Eiffage now holds 29.40% of the capital and 29.9% of the voting rights after acquiring an additional 1.74%, while Mundys has increased its stake to 19% of the capital and 24.8% of the voting rights, with an option to acquire an additional 6% bringing its share to 25% of the capital and 29.9% of the voting rights.
