Getlink SE: Third Quarter 2026: Group Revenue Up 10%

• Group: Consolidated revenue of €521 million (+10%¹), driven by a strong performance across all activities

• Eurotunnel: Revenue up 4% to €383 million thanks to growth in Shuttle activity

• Eleclink: Revenue up 41% to €93 million, driven by the full availability of the interconnector and opportunities in the electricity markets

• Europorte: Revenue up 7% to €45 million

• Target EBITDA² for 2026 of between €835 million and €870 million³ confirmed

PARIS--(BUSINESS WIRE)--Regulatory News:

Getlink SE (Paris:GET):

Yann Leriche, Chief Executive Officer, comments: “The 3^rd quarter performance confirms the strength of Getlink’s business model and the complementary nature of its activities. Eurotunnel pursues its progress, driven by growth in the Shuttle services, which are gaining market share in both the passenger and truck activities. Eleclink continues to create value by capitalising on a favourable market environment, whilst Europorte benefits from the momentum of its infrastructure activities. Finally, recent developments in the cross-Channel high-speed rail market – notably Trenitalia’s order for new trains and the unveiling of Virgin’s project for a 2030 launch – reinforce our confidence in the Group’s medium-term growth potential.”

Third quarter revenue by activity and Eurotunnel traffic

Revenue in € million	Q3 2026 unaudited	Q3 2025 recalculated*	Change	Q3 2025 published**
Shuttle Services	254	243	5%	242
Railway Network	112	110	2%	108
Other revenue	17	14	21%	14
Sub-total Eurotunnel	383	367	4%	364
Europorte	45	42	7%	42
Eleclink	93	66	41%	66
Group	521	475	10%	472
* Average exchange rate for the first nine months of 2026: £1 = €1.160. ** Average exchange rate for the first nine months of 2025: £1 = €1.172.

 

Eurotunnel traffic		Q3 2026	Q3 2025	Change
Truck Shuttles	Trucks	296,079	280,994	5%
Passenger Shuttles	Passenger vehicles*	782,846	796,085	-2%
High-Speed Passenger Trains**	Passengers	3,253,954	3,193,761	2%
Rail freight trains***	Trains	243	272	-11%
* Including motorcycles, vehicles with trailers, caravans, motorhomes and coaches. ** Only passengers travelling through the Tunnel are included in these tables, which excludes journeys between mainland stations (Brussels–Calais, Brussels–Lille, Brussels–Paris, etc.). *** Trains operated by railway companies (DB Cargo on behalf of BRB, SNCF and its subsidiaries, and GB Railfreight) that have used the Tunnel.

• Group

The Group’s consolidated revenue for the third quarter grew by 10% at constant exchange rates, to €521 million.

• Eurotunnel

At €383 million, Eurotunnel’s revenue is up 4% compared with Q3 2025.

Shuttle Services

Revenue from the Shuttle activity (LeShuttle and LeShuttle Freight) reached €254 million, up 5% in Q3 compared with the same period last year.

• LeShuttle
  • A 2% decline in traffic, with 782,846 passenger vehicles transported in Q3, mainly due to temporary external factors such as uncertainties surrounding the roll-out of the EES.
  • Market share rose to 52.4% (vs 50.8% in Q3 2025), confirming leadership position in the car market.

• LeShuttle Freight
  • Truck traffic up 5% compared with Q3 2025, despite a still subdued economic environment in Great Britain.
  • Market share rose by 260 basis points to 37.4% compared with Q3 2025.

Railway Network

Railway Network revenue rose by 2% to €112 million.

Eurostar recorded a 2% increase in traffic in Q3, driven by growth on the London–Amsterdam route and strong demand in its traditional markets, despite disruption caused by the heatwave at the start of the period.

Other revenue

Other revenue rose by 21% in Q3 2026 to reach €17 million, supported by growth in the Getlink Customs Services business as well as the retail business.

• Eleclink

In the third quarter, Eleclink’s revenue amounted to €93 million, up 41%, driven by opportunities in the electricity markets.

The interconnector recorded an availability rate of 100% in the third quarter.

The Group continued to participate in capacity auctions. At 30 September, Eleclink had secured €311 million in revenue for 2026⁴ (representing 98% of annual capacity). For 2027, €306 million in revenue (83% of annual capacity) has been secured, subject to effective delivery of the service.

• Europorte

Europorte’s revenue was up 7% to €45 million.

Over the quarter, Europorte’s growth was driven in particular by its infrastructure activities.

In parallel, Europorte is strengthening its international operations, with the renewal of its safety certificate in Belgium and Germany and the extension of this certificate in Switzerland.

Guidance

The third-quarter performance enables the Group to confirm its EBITDA target for 2026 of between €835 million and €870 million⁵.

This guidance takes into account:

• Reasonable growth assumptions for Eurotunnel, based on the commercial momentum observed over recent months, assuming limited disruptions related to EES implementation and social movements in France.
• For Eleclink, the revenue already secured as at 30 September 2026 (subject to the effective delivery of the service), recent electricity market prices and use of a method similar to that used for 2025 for the profit-sharing provision in operating costs.

The Group is currently exploring refinancing options for the C2B tranche (equivalent to the CLEF⁶ A8) of Eurotunnel’s Term Loan.

Revenue by activity and Eurotunnel traffic for the first nine months

Revenue in € million	9M 2026 unaudited	9M 2025 recalculated	Change	9M 2025 published
€/£ exchange rate	1.160	1.160		1.172
Shuttle Services	597	579	3%	583
Railway Network	316	307	3%	308
Other revenue	44	37	19%	37
Sub-total Eurotunnel	957	923	4%	928
Europorte	138	125	10%	125
Eleclink	250	158	58%	158
Group	1,345	1,206	12%	1,211

Eurotunnel traffic		9M 2026	9M 2025	Change
Truck Shuttles	Trucks	883,789	872,740	1%
Passenger Shuttles	Passenger vehicles*	1,745,298	1,781,932	-2%
High-Speed Passenger Trains**	Passengers	9,095,236	8,803,742	3%
Rail freight trains***	Trains	765	856	-11%
* Including motorcycles, vehicles with trailers, caravans, motorhomes and coaches. ** These tables only include passengers travelling through the Tunnel, which excludes journeys between mainland stations (Brussels–Calais, Brussels–Lille, Brussels–Paris, etc.). *** Trains operated by railway companies (DB Cargo on behalf of BRB, SNCF and its subsidiaries, and GB Railfreight) that have used the Tunnel.

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Disclaimer: This report contains forward-looking information. This information, based on the Group’s current estimates, remains subject to numerous factors and uncertainties which could result in the actual figures differing significantly from those presented as forecasts. For a more detailed description of these risks and uncertainties, please refer in particular to the ‘Risk Factors’ section of the Universal Registration Document and the documents filed with the Autorité des marchés financiers (AMF) (available on the Group’s website at https://www.getlinkgroup.com). Getlink SE makes no commitment whatsoever to publish an update or revision of these forecasts.

About Getlink

Getlink SE (Euronext Paris: GET), through its subsidiary Eurotunnel, holds the concession for the Channel Tunnel infrastructure until 2086 and operates lorry and passenger (cars and coaches) shuttle services between Folkestone (UK) and Calais (France). Since 31 December 2020, Eurotunnel has been developing services centred on the ‘smart border’ to ensure that the Tunnel remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. Since its opening in 1994, more than 537 million people and over 109 million vehicles have travelled through the Channel Tunnel. This unique land link, which carries a quarter of all traffic between the European mainland and Great Britain, has become a vital connection, reinforced by the Eleclink electricity interconnector installed in the Tunnel, which helps to balance energy needs between France and Great Britain. Getlink complements its sustainable mobility services through its rail freight subsidiary, Europorte. Committed to ‘low-carbon’ services that minimise their environmental impact, Getlink places people, nature and local communities at the heart of its priorities. https://www.getlinkgroup.com

^1All comparisons with revenue for the first nine months of 2025 are made at the average exchange rate for the first nine months of 2026 of £1 = €1.160.

^2In this release, "EBITDA" is equivalent to "current EBITDA" as defined in note D.4 of the 2025 consolidated financial statements: it is calculated by adding back depreciation charges to the trading profit.

^3Target revised in July 2026 based on the scope of consolidation and activity as at February 2026 and an exchange rate of £1 = €1.165, assuming a constant fiscal and regulatory environment. The previous EBITDA target communicated in February was between €820 million and €860 million.

^4Subject to effective delivery of the service and taking into account the scheduled annual maintenance shutdown from 11 October 2026 at 06:00 CEST to 24 October 2026 at 00:00 CEST (vs 10 October 2025 to 16 October 2025).

^5Target revised in July 2026 based on the scope of consolidation and activity as at February 2026 and an exchange rate of £1 = €1.165, assuming a constant fiscal and regulatory environment. The previous EBITDA target communicated in February was between €820 million and €860 million.

^6Channel Link Enterprises Finance Ltd is the debt securitisation vehicle of the Eurotunnel sub-group.