Getlink Raises 2026 Outlook: ElecLink Soars, Eurotunnel Struggles
On July 23, 2026, Getlink released its half-year results showing an increase and raised its 2026 EBITDA guidance to €835-870 million (from €820-860 million previously). The group recorded an EBITDA of €404 million (+12%) and a net result of €118 million (+7%), but this momentum masks a growing divergence: ElecLink's profitability is soaring while Eurotunnel is struggling.
ElecLink Drives Growth at 79%, Eurotunnel Nearly Stable
The group posted a revenue of €824 million, up 13% for the semester. However, this overall growth hides two opposing dynamics within the divisions. ElecLink shows a spectacular acceleration: its revenue grew by 71% to €157 million (compared to €92 million a year earlier) and its EBITDA surged to €93 million (from €52 million in the first half of 2025), an increase of 79%. This performance is fueled by a commercial strategy that capitalizes on market opportunities and the full availability of the cross-channel electrical interconnection. In contrast, Eurotunnel, the historical core of the group, remains fragile. Its revenue modestly increased by 3% to €574 million, thanks to increased railway network traffic and shuttle yield optimization. Its EBITDA is almost stagnant with only a 0.3% increase to €294 million, revealing squeezed margins in an economic environment described by the group as 'still contrasted'. Europorte, the railway freight branch, shows more moderate progress: revenue +12% at €93 million and EBITDA +6% at €17 million.
Robust Cash Position and Sustained EBITDA Margin Despite Pressures
Financially, Getlink displays a strong position. Cash reserves (including cash equivalents and financial management assets) reached €1,361 million as of June 30, 2026, providing a foundation for future investments. The net result stands at €118 million, up 7% year-on-year. However, the increase in net income (+7%) remains more limited than that of EBITDA (+12%), notably due to a tax charge of €13 million, compared to a tax income of €2 million in the first half of 2025. Notably, ElecLink has set aside €45 million for profit sharing, which limits the net display of its operational profitability despite the significant rise in gross EBITDA.
2026 Guidance Raised, Confidence Tempered by Market Conditions
Bolstered by this first semester's momentum, Getlink has raised its 2026 EBITDA target to a range of €835-870 million, from €820-860 million previously communicated. In February 2026, Getlink aimed for an EBITDA between €820 and €860 million. The group has now raised this range to €835-870 million, reflecting increased confidence in its outlook for the year. Yann Leriche, CEO, justifies this revision by emphasizing 'the strength of Eurotunnel's activities and its ability to enhance its competitiveness', as well as the 'value creation potential' of ElecLink. However, this optimistic approach contrasts with Eurotunnel's operational stagnation and the acknowledgment that the environment remains 'particularly challenging'.
