Getlink Expect H1 EBITDA to be up 8% y/y driven by Eleclink

Research evidence excerpt

Getlink Expect H1 EBITDA to be up 8% y/y driven by Eleclink

J P M O R G A N Europe Equity Research

09 July 2026

Correction (See disclosures for details)

Getlink Neutral

GETP.PA, GET FP

Expect H1 EBITDA to be up 8% y/y driven by Eleclink Price (08 Jul 26):€18.41

Price Target (Dec-27):€18.00

Getlink will report Q2/H1 results on July 23 before market open with the company European Building & Construction

to host a conference call on the same day. Overall, we expect Q2 revenues to be up and Infrastructure

~7% y/y at €439m, with the growth primarily driven by a favourable base effect Elodie Rall AC

given Eleclink’s outages during H1 2025. We see Eurotunnel revenues increasing (44-20) 7134-5911

<1% y/y, with already reported shuttle traffic down 1.9% y/y and FX headwinds elodie.rall@jpmorgan.com

offsetting positive yield developments. We look for group EBITDA growth of ~8% J.P. Morgan Securities plc

underpinned by Eleclink, with Eurotunnel EBITDA declining ~2% y/y as a result Zaim Beekawa

of weak YTD traffic trends and the opex pressures expected this year. Overall, we (44-20) 7134-4175

zaim.beekawa@jpmorgan.com

see group EBITDA of €399m and net income of €126m. We expect the focus into J.P. Morgan Securities plc

results to be on traffic expectations for the rest of the year, and on any incremental Jamie Smallbone

news regarding new entrants into the Railway Network. We note guidance is (44-20) 3493-7015

currently for FY EBITDA of €820m-€860m with consensus already above the jamie.smallbone@jpmorgan.com

range at €877m (and JPMe at €890m). Management is usually conservative, and J.P. Morgan Securities plc

so might not yet choose to revise guidance as early as H1, but in any case we do Manshi Sinha

not see scope for consensus to move much into results. (91-22) 6157 5111