2Q26 Results Due On July 23rd

研报英文原文证据摘录

2Q26 Results Due On July 23rd

EUROPE | Infrastructure

Getlink EquityJulyResearch8, 2026

TARGET | ESTIMATE CHANGE2Q26 Results Due On July 23rd

Q2 was good for Getlink, with Truck traffic improving on fuel scarcity, RATING HOLD

and ElecLink benefiting from energy volatility. We have increased our FY PRICE €18.57^

estimates ~2% seeing a high chance EBITDA guidance is upgraded at H1, PRICE TARGET | % TO PT €18.50 (€18.00) | -0%

however consensus is broadly already there. From here, as tailwinds which 52W HIGH-LOW €19.85 - €15.02

supported Q2 earnings begin to fade in Q3, we see risk of underperformance FLOAT (%) | ADV MM (USD) 46.5% | 18.47

post results. We raise our PT to €18.50 inline with our estimate upgrade, MARKET CAP €10.1B | $11.5B

however remain Hold rated. TICKER GET FP

^Prior trading day's closing price unless otherwise

noted.

Making hay while the sun shines. Q2 was surely one of the more supportive set of conditions

GET has experienced in some time. The Iran conflict drove fuel prices higher, supporting

market share gains in channel crossings as the price gap between ferries and the tunnel FY (Dec) CHANGE TO JEFe JEF vs CONS

narrowed. At the same time, energy market volatility was a tailwind for ElecLink, which took 2026 2027 2026 2027

advantage with accelerated capacity auctions. We expect this improved momentum to be REV NM NM NA NA

confirms with a guidance upgrade at H1, with yields likely remaining strong over the summer. EPS NA -1% NM -4%

Our worry however, is cons. already reflects +4% upgrades since Feb, and now sits +2%

above the top end of guidance. Now as oil prices retreat, GET's safe haven status becomes a 2026 (€) Q1 Q2 Q3 Q4 FY

headwind and while valuation is inexpensive on 4.7% div yield, we expect most of the upside EPS -- -- -- -- 0.57