Getlink (Eurotunnel): Net profit of €118 million in the first half, 2026 target raised

Getlink achieved an "excellent first half of the year," according to its CEO, Yann Leriche. The group, which comprises Eurotunnel, rail freight operator Europorte, and the electricity interconnector ElecLink, benefited from growth in its three businesses, despite a decline in some traffic through the Channel Tunnel.

Net profit up 4,4% as reported

Getlink's consolidated net income reached €118 million, compared to €113 million in the first half of 2025, representing a 4,4% increase as reported. At constant exchange rates, the group posted a 7% increase, based on a restated 2025 profit of €110 million.

Revenue increased by 11,5% as reported, rising from €739 million to €824 million. The increase reached 13% at constant exchange rates.

Current EBITDA amounted to €404 million, an increase of 12% at constant exchange rates. This result includes a provision of €45 million related to ElecLink's profit-sharing mechanism.

ElecLink is driving the bulk of the growth

ElecLink, the electrical interconnection installed in the Channel Tunnel between France and Great Britain, recorded the strongest growth in the group. Its turnover reached 157 million euros, compared to 92 million a year earlier, representing an increase of nearly 71%.

This performance is notably linked to an interconnection availability of 99,7% in the first half of 2026, compared to 71% in the same period of 2025. ElecLink also benefited from electricity price differences between the French and British markets.

EBITDA for this activity reached €93 million, up 79%, after taking into account the provision for profit sharing. As of June 30, €148 million in revenue had already been contracted for the second half of the year, while 3% of the cable capacity remained available.

This progress comes after interruptions lasting several months that affected the operation of the interconnection in 2024 and 2025.

Eurotunnel is progressing despite the decline in road traffic

Eurotunnel's revenue reached €574 million, up 3% at constant exchange rates. Its EBITDA remained virtually stable at €294 million, representing an increase of 0,3%.

Business is benefiting in particular from a 4% increase in high-speed rail traffic. More than 5,8 million Eurostar passengers used the tunnel during the first half of the year, surpassing the previous record set in the first half of 2025.

This increase partially offsets the decline in other traffic. LeShuttle transported 962.452 passenger vehicles, a decrease of 2%, while the number of trucks transported fell by 1% to 587.710. Freight train traffic decreased by 11%.

Getlink nevertheless indicates that it has strengthened its market share. LeShuttle's share in the car market reached 60,2%, compared to 59,9% a year earlier, while its share in truck transport increased slightly, from 35,7% to 35,8%.

Europorte benefits from new rail contracts

Europorte achieved a turnover of 93 million euros, up 12%. This growth is mainly attributed to the signing of railway infrastructure management contracts by its subsidiary Socorail.

The business's EBITDA reached 17 million euros, representing a 6% increase compared to the first half of 2025.

An EBITDA forecast raised for 2026

Following these results, Getlink raises its current EBITDA target for the full year 2026. The group now aims for a range of between 835 and 870 million euros, compared to a previous forecast of 820 to 860 million euros.

This estimate is based in particular on the continued commercial momentum of Eurotunnel, limited disruptions related to the deployment of the European border entry and exit system, as well as on the revenues already secured by ElecLink.

The forecast is based on an exchange rate of 1 pound sterling to 1,165 euros and assumes a constant fiscal and regulatory environment.

"All of this gives us financial visibility" and "a certain serenity regarding the quality of what we will be able to deliver in the second half of the year," says Yann Leriche, CEO of Getlink.