Getlink (GETP.PA): 1H26 in line, guidance raised

Research evidence excerpt

Getlink (GETP.PA): 1H26 in line, guidance raised

Equity Research

23 July 2026 | 8:03AM CEST

Getlink published 1H26 results this morning (23rd July). Group EBITDA of €404mn Patrick Creuset

+33(1)4212-1380 |

was in line with expectations (GSe: 404mn, company consensus €402mn), with all patrick.creuset@gs.com

Goldman Sachs Bank Europe SE - Paris

divisions broadly in line with expectations. On outlook, the company raised its FY26 Branch

EBITDA guidance to €835-870mn (from €820-860mn) in 2026, with the midpoint Dan-Arthur Coseru

2-3% below expectations (GSe €871mn, Company Consensus €881mn). Given +44(20)7552-2216arthur.coseru@gs.com| dan-

management’s traditional conservatism on guidance we see this as an in line, and a Goldman Sachs International

Nathan Arnaudconstructive sign that the company felt comfortable to raise guidance ahead of FY. +33(1)4212-1691 |

We continue to believe that continued outperformance vs. the company’s targets nathan.arnaud@gs.comGoldman Sachs Bank Europe SE - Paris

could also pave the way for additional shareholder returns next year, considering the Branch

company’s low leverage and gross cash position. Looking ahead to 2027, ElecLink

now secured €271mn revenues for FY27, related to 71% of its capacity sold so far,

implying scope for upgrades to FY27 revenue expectations (Company Cons €285mn).

Price Target Risks and Methodology - Getlink

We are Buy rated on Getlink with a 12-month price target of €21.5 (70% DCF/30%

M&A valuation derived from a target multiple of 26x 2027E EV/EBITDA, based on

precedent transactions). Key risks to our view and price target include: idiosyncratic

incidents; cost and capex discipline lower than forecast; a high level of fixed costs,

lower-than-expected earnings could also pose financial risks and impair the