-- Group: Revenue of EUR472 million (+1%1 ) supported by higher revenue
at Eurotunnel and Europorte, against a backdrop of normalisation of
Eleclink's contribution Eurotunnel: Revenue up 3% to EUR364 million, due
to growth in Shuttle activity
-- Eleclink: Revenue down 13% to EUR66 million, reflecting the
normalisation of electricity markets
-- Europorte: Revenue up 5% to EUR42 million
-- Target EBITDA2 for 2025 of between EUR780 million and EUR830 million3
confirmed
PARIS--(BUSINESS WIRE)--October 21, 2025--
Regulatory News:
Getlink SE (Paris: GET):
Yann Leriche, Chief Executive Officer, commented: "The 3(rd) quarter performance reflects the solid momentum of the Group's core activities. Eurotunnel achieved record revenue, supported by the attractiveness of LeShuttle service and growth in High-Speed traffic. During the quarter, we successfully completed preparation for the new European Union Entry/Exit System $(EES)$ border controls. The integration of digital and artificial intelligence in developing a smooth and efficient EES customer journey further enhances the attractiveness of our offering."
Third quarter revenue by activity and Eurotunnel traffic
Revenue Q3 2025 Q3 2024 Q3 2024 EUR million unaudited recalculated* Change published** ---------------------- ---------- -------------- ------ ------------ Shuttle Services 242 233 4% 237 Railway Network 108 108 0% 111 Other revenue 14 11 27% 11 ---------------------- ---------- -------------- ------ ------------ Sub-total Eurotunnel 364 352 3% 359 ---------------------- ---------- -------------- ------ ------------ Europorte 42 40 5% 40 ---------------------- ---------- -------------- ------ ------------ Eleclink 66 76 -13% 76 ---------------------- ---------- -------------- ------ ------------ Group 472 468 1% 475 ---------------------- ---------- -------------- ------ ------------
* Restated at the average exchange rate for the first nine months of 2025: GBP1 = EUR1.172.
** Average exchange rate for the first nine months of 2023: GBP1 = EUR1.180.
Eurotunnel traffic Q3 2025 Q3 2024 Change ----------------------------------------------- --------- --------- ------ Truck Shuttles Trucks 280,994 288,849 -3% ------------------------ --------------------- --------- --------- ------ Passenger Shuttles Passenger vehicles* 796,085 777,705 2% ------------------------ --------------------- --------- --------- ------ High-speed passenger trains** Passengers 3,193,761 2,981,812 7% ------------------------ --------------------- --------- --------- ------ Rail freight trains*** Trains 272 297 -8% ------------------------ --------------------- --------- --------- ------
* Including motorcycles, vehicles with trailers, caravans, motorhomes and coaches.
** Only passengers using 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 use the Tunnel.
Quarter highlights
-- Group
The Group's consolidated revenue for the third quarter grew by 1%, at constant exchange rate, to EUR472 million.
-- Eurotunnel
At EUR364 million, Eurotunnel's revenue was up 3% compared with the third quarter of 2024.
Shuttle Services
Revenue from Shuttle activity (LeShuttle and LeShuttle Freight) reached EUR242 million, up 4% in the third quarter compared with the same period last year.
-- LeShuttle
-- Traffic up by 2% with 796,085 passenger vehicles transported in
Q3.
-- Increase of car market share to 50.8% (vs 49.8% in Q3 2024),
confirming leadership position on the car market.
-- Rollout of the new fare structure offering greater booking
flexibility to better match customers' needs.
-- LeShuttle Freight
-- Truck traffic down 3% in Q3 compared to Q3 2024, impacted by a
subdued economic environment in Great Britain and continued
intense competition on the cross-Channel market that is in
overcapacity.
-- Market share at 34.8% (vs 35.1% in Q3 2024).
Railway Network
Railway Network revenue was stable at EUR108 million, with the Group benefiting in Q3 2024 from a one-off increase in energy cost recharges.
Eurostar recorded excellent traffic growth, with a 7% increase in Q3, driven in particular by the reopening of the international terminal at Amsterdam Centraal station and the gradual increase in the number of rotations.
-- Europorte
Europorte's revenue was up 5% to EUR42 million.
Over the quarter, Europorte grew across all its segments and benefited from the integration of recent acquisitions. The traction activity was driven particularly by the grain, cement and petrochemicals sectors.
-- Eleclink
In the third quarter, Eleclink's revenue amounted to EUR66 million, down 13%, impacted by the expected normalisation of electricity markets.
Interconnector maintained an availability rate of around 97% in the third quarter.
The Group continued to participate in auctions. At 30 September, Eleclink had secured nearly EUR217 million in revenue for 2025(4) (representing 97% of capacity). For 2026, EUR176 million in revenue (59% of capacity) has been secured, subject to effective delivery of the service.
Guidance
The third-quarter performance enables the Group to confirm its EBITDA target for 2025 of between EUR780 million and EUR830 million(5) .
This guidance takes into account:
-- Reasonable growth assumptions for Eurotunnel based on the commercial
momentum observed in an environment which remains competitive.
-- The gradual implementation of EES-related controls at Eurotunnel sites
as of October 2025. These new border formalities have been the subject of
intensive preparation to make it a competitive advantage.
-- The revenue already secured for Eleclink (as at 30 September, 97% of
the cable's capacity for 2025 has been sold for total revenue of EUR217
million, subject to effective delivery of the service), the consequences
of the suspension of activity until 5 February and between 19 May and 2
June 2025, recent electricity market prices and the use of a method
similar to that used for 2024 for the profit sharing provision in
operating costs.
Revenue by activity and Eurotunnel traffic for the first nine months
Revenue 9M 2025 9M 2024 9M 2024 EUR million unaudited recalculated Change published Exchange rate EUR/GBP 1.172 1.172 1.180 ----------------------- ---------- ------------- ------ ---------- Shuttle Services 583 563 4% 565 Railway Network 308 303 2% 304 Other revenue 37 30 23% 30 ----------------------- ---------- ------------- ------ ---------- Sub-total Eurotunnel 928 896 4% 899 ----------------------- ---------- ------------- ------ ---------- Europorte 125 123 2% 123 ----------------------- ---------- ------------- ------ ---------- Eleclink 158 261 -39% 261 ----------------------- ---------- ------------- ------ ---------- Group 1,211 1,280 -5% 1,283 ----------------------- ---------- ------------- ------ ---------- Eurotunnel traffic 9M 2025 9M 2024 Change ----------------------------------------------- --------- --------- ------ Truck Shuttles Trucks 872,740 890,559 -2% ------------------------ --------------------- --------- --------- ------ Passenger Shuttles Passenger vehicles* 1,781,932 1,745,667 2% ------------------------ --------------------- --------- --------- ------ High-speed passenger trains** Passengers 8,803,742 8,359,894 5% ------------------------ --------------------- --------- --------- ------ Rail freight trains*** Trains 856 967 -11% ------------------------ --------------------- --------- --------- ------
* Including motorcycles, vehicles with trailers, caravans, motorhomes and coaches.
** Only passengers using 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 use the Tunnel.
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