Getlink (AO) | Buy | Q2/H1 2026 preview: ElecLink to continue to shine

Research evidence excerpt

Getlink (AO) | Buy | Q2/H1 2026 preview: ElecLink to continue to shine

#EarningsPreview

Release date: 10 July 2026

Luis Prieto

Head of Constr., Infra & Materials

+34 914 36 5111

lprieto@keplercheuvreux.com

BuyGetlink

France | Constr., Infra & Materials Beta Profile: MCap: EUR10.2bn

Target Price: EUR21.40 Bloomberg: GET FP Reuters: GETP.PA

Current Price: EUR18.60 Free float 53%

Up/downside: 15.1% Avg. daily volume (EURm) 31.5

YTD abs performance 18.2% Market data: 09 July 2026

52-week high/low (EUR) 19.83/15.13

Q2/H1 2026 preview: ElecLink to continue to shine

Key points:

Despite better Truck Shuttles traffic in Q2 2026 than in Q1 (+1.2% YOY versus -2.5%), Passenger Shuttles, which we estimate have

a larger contribution to group revenues, experienced a marked deterioration in YOY volume growth in the second quarter (-3.4%

versus -0.7% in the previous quarter). We expect this to result in subdued revenue growth in this division in Q2, moderately

outpaced by Railway network, which is now facing a tougher basis of comparison in Q2 (Amsterdam station reopening last year).

As was the case in Q1, we expect ElecLink to post healthy YOY top-line growth in Q2, on account of the good auction results in the

current environment of uncertainty.

We envisage cost inflation pressures to translate into modest YOY declines in operating margins in all divisions in the first half of

the year. In these results, we expect investors to focus on EES (potential impact on traffic), the competitive environment on the

shuttle front (ferry fuel surcharges leading to market share gains for Getlink), and upside risk to shareholder remuneration

(beyond what was announced in February's CMD).

Reporting date 23 July (before market open)

Conference call 23 July at 10:00 CET