Lower profit for Channel Tunnel operator Getlink

Getlink, the operator of the Channel Tunnel, posted a net profit of 317 million euros last year, down 5% from 2023. The drop in profits is due to the suspension of services from ElecLink, the high-voltage cable linking France and England through the Channel Tunnel. Competition from ferries also played tricks on Getlink.

EuroTunnel, Getlink’s subsidiary that manages the tunnel’s vehicle and passenger transport operations, posted an operating profit (EBITDA) that rose 8% to 642 million euros on a turnover of 1.17 billion euros (+3%).

Passenger and truck traffic fall

The group, accounting for a 55.2% market share in cross-Channel car transport, saw passenger traffic fall by 2.2% to 2.2 million passengers cars carried.

According to Getlink, this was mainly due to “intensifying competition from ferry companies, some deviating from the social models applicable to ships sailing under British and French flags.

Due to intense competition from ferry companies, truck traffic also fell slightly (1%). In contrast, Eurostar traffic, the high-speed train service connecting Paris, London, Brussels, and Amsterdam, rose 5% to 11.2 million passengers, more than in the record year 2019.

New EU border controls

ElecLink, Getlink’s subsidiary, operates the electricity interconnector between the United Kingdom and France and includes two direct current cables inside the Channel Tunnel. Its operating profit fell from 57% to 159 million.

That solid drop in profit was mainly due to the suspension of cable operations from September to early February. The commercial impact of the suspension of high-voltage wire operations is estimated at 78 million euros.

The group said Getlink’s 2024 revenues fell 12% to 1.61 billion. This was offset by an operating profit (EBITDA) of 833 million euros.

For 2025, Getlink expects an operating profit (EBITDA) of 780 to 830 million euros. That cautious forecast can be explained by the expected impact of implementing new EU border controls, namely ETIAS (European Travel Information and Authorization System) and EES (Entry/Exit System), which aim to enhance security and simplify border checks.

Getlink expects them to be implemented around October, as the EU has not yet set an official date.

Getlink’s principal shareholders are French construction group Eiffage (about 20%), the Benetton family’s Mundy’s group (15,5%), and the Abu Dhabi Investment Authority (5%).