Getlink SE (GETP.PA): 1H26 results: in-line results; FY26 guidance upgraded

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Getlink SE (GETP.PA): 1H26 results: in-line results; FY26 guidance upgraded

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23 Jul 2026 02:16:10 ET │ 11 pages

Getlink SE (GETP.PA)

1H26 results: in-line results; FY26 guidance upgraded

CITI'S TAKE

Buy Getlink's 1H26 results were largely in line with CITIe and consensus.

EBITDA increased 12% to €404m, driven primarily by strong Eleclink Short-Term View: Upside, expires 25-AUG-26

performance, where EBITDA rose 79% to €93m (including €45m profit- Price (22 Jul 26 17:30) €18.65

sharing provision), supported by better availability and wider UK-France Target price €21.00

power spreads. Eurotunnel EBITDA was flat as strong yield management Expected share price return 12.6%

offset softer underlying traffic, with Passenger volumes down 2% and Expected dividend yield 4.6%

Truck volumes down 1%, while margins began to see slight pressure from Expected total return 17.2%

higher business rates, maintenance activity and EES-related costs. Free

Market Cap €10,258M cash flow of €295m also exceeded both CITIe and company consensus. A

US$11,705M key positive was management's FY26 EBITDA guidance upgrade to €835-

870m (from €820-860m), reflecting commercial momentum at

Eurotunnel and strong visibility at Eleclink. Investor focus is likely to

centre on H2 traffic trends, particularly freight market share gains and Marc Ip Tat KuenAC

summer passenger demand, alongside the ongoing Eleclink profit-sharing +44-20-7508-9453

process and its implications. marc.iptatkuen@citi.com

Jenny Ping

Implications — Consensus FY26 EBITDA (€881m, company compiled) is slightly +44-207-986-6974

above the upgraded guidance range, although the gap may partly reflect differing

jenny.ping@citi.com

expectations for the magnitude of the Eleclink profit-sharing provision.

Getlink SE (EUR)