Getlink posts steady Q3 revenue, confirms 2025 EBITDA guidance

Investing.com -- Getlink SA on Tuesday reported broadly steady third-quarter revenue, largely in line with expectations, and confirmed full-year 2025 EBITDA guidance.

Group revenue for the quarter reached €472 million, just below consensus estimates of €473 million.

Slightly softer pricing in Railway Network and Shuttle Services contributed to the marginal shortfall. 

Eurostar passenger volumes rose 7.1% year-over-year to 3,194,000, slightly above the consensus of 3,184,000, supporting Railway Network revenues of €108 million, compared with €110 million expected.

Shuttle Services revenues were €242 million, reflecting a 1.1% increase in pricing year-over-year, slightly below the 1.2% anticipated. 

Combined divisional revenue for Eurotunnel was €364 million versus a consensus of €365 million. Europorte revenues were €42 million, in line with estimates.

ElecLink, the company’s electricity transmission business, posted revenues of €66 million for the quarter, down 13% year-over-year, in line with forecasts. 

As of September 2025, ElecLink had secured €217 million in revenue for the year, representing roughly 97% of capacity, up from €205 million and 92% respectively in June. 

For 2026, €176 million in revenue has been secured, covering approximately 59% of capacity, compared with 46% in June, according to Jefferies.

The French infrastructure company reiterated full-year EBITDA guidance of €780 million to €830 million, based on an exchange rate of £1 = €1.184. 

Analysts at Kepler Cheuvreux noted that shuttle traffic remains below pre-pandemic levels, while Eurostar has recovered more rapidly due to a more balanced passenger mix, though regulated pricing limits full inflation protection.

Getlink trades on a next-twelve-month free cash flow yield of 5.1% and a dividend yield of 4.2%, compared with three-year averages of approximately 7.2% and 3.9%, respectively, according to Jefferies.

Kepler Cheuvreux flagged that the company’s performance is influenced by traffic on Shuttle and Eurostar services and by the price differential between France and the UK electricity markets. 

The brokerage also noted that Getlink is prepared for the new European Entry/Exit System border controls, which are expected to be operational but have no immediate impact on results.

ElecLink’s contribution to overall revenue has normalized year-over-year, and continued competition from ferries is being offset in part by anti-dumping regulations in France and the UK and by EU emissions pressures, according to Kepler Cheuvreux. 

Analysts also noted that moderate dividend growth and yield may be less attractive in a high bond yield environment.

According to Kepler Cheuvreux key risks to the company’s outlook include sharp variations in Shuttle and Eurostar traffic, material changes in the France/UK electricity price gap, and sudden shifts in the bond yield environment.