Getlink turns a fixed-asset “tunnel + grid link” platform into a 2030 growth engine—record 2025 profitability, a clear path to €1bn EBITDA, and execution risk concentrated in smart borders and macro-driven freight.
Overview
In 2025, Getlink delivered record profitability despite a flat-to-slightly-down revenue backdrop, demonstrating the operating leverage of its infrastructure platform. Group revenue was €1.595bn (-1% restated) but EBITDA rose to €859m (+4%), above guidance, helped by a €55m Eleclink insurance settlement (EBITDA still ~€822m excluding it). Eurotunnel—~75% of revenue—grew through active yield management and a shift to unbundled passenger pricing; passenger car market share rose to 56.1% while NPS held at 44. Freight volumes declined (-3%) amid weak UK conditions and aggressive ferry competition, but share remained stable. Railway Network benefited from record Eurostar demand (+5% passengers) and renewed London‑Amsterdam momentum. Eleclink normalized with lower spreads and outages, but availability improved late-year and 2026 capacity is largely pre-sold. Deleveraging, credit upgrades, and a new dividend trajectory support the 2030 plan to reach €1bn EBITDA.