Getlink Secures 55 Million Euros in Compensation for Eleclink Interruption
Getlink has reached an agreement with its insurers for a compensation of 55 million euros to offset the operating losses of Eleclink, according to the company's statement. This compensation follows the suspension of the electrical interconnection activity from September 25, 2024, to February 5, 2025.
Details of the Compensation
The total compensation amount is 55 million euros, the company indicates. Out of this amount, 5 million euros had already been accounted for in the financial statements for the first half of 2025. The remainder will be recognized in the group's consolidated financial statements for the fiscal year 2025. According to the statement, this compensation significantly exceeds the initial conservative estimate of 15 million euros included in the EBITDA forecasts for 2025 established in March 2025. This initial estimate was set while awaiting the complete damage assessment, expert evaluations, and final validation with the insurers.
Impact of the Eleclink Interruption
The Eleclink electrical interconnection was forced to suspend its operations from September 25, 2024, to February 5, 2025, approximately a four and a half month period. According to the company, this interruption resulted in operating losses, which are now covered by the insurance compensation. Eleclink, located in the Channel Tunnel, normally facilitates the balancing of energy needs between France and Great Britain. The statement does not specify the exact nature of the incident that caused this suspension of activity.
2025 EBITDA Guidance Remains Unchanged
Getlink's EBITDA guidance for 2025 remains unchanged, within a range of 780 million to 830 million euros, the company states. These forecasts, established in March 2025, are based on the consolidation scope at that time and an exchange rate of 1 British pound to 1.184 euros, assuming a stable regulatory and tax environment. The company notes that the initial compensation estimate of 15 million euros had been prudently integrated into this guidance, without accounting for the profit-sharing provision. The final compensation of 55 million euros is therefore expected to mechanically improve the consolidated results compared to the initial assumptions.
