Slide 1: Full-Year Results 2024
06.03.2025 FULL-YEAR RESULTS 2024
Slide 2: Summary
SUMMARY
Slide 3: 2024 Highlights
Slide 4: 2024 Highlights: results at the top end of guidance
A a \ RESULTS AT THE ee TOP END OF OUR Vi y, GUIDANCE EBITDA at €833M vs guidance between €780M and €830M* Eurotunnel and Europorte at record highs Above expected contribution of ElecLink (before outage) Asolid free cash flow to equity generation 471M) n February 2024 on the basi it date and an FULL
Slide 5: 2024: Sound Financial Results
2024: SOUND FINANCIAL RESULTS EUROTUNNEL AND EUROPORTE EBITDA AT RECORD HIGH GROUP EBITDA GENERATION €990M €833M €1, 699 M Group, (+€137M vs 2023) Normalisation of electricity markets + outage CASH POSITION ——— nid ce) Record levels . a €317M (-5% vs 2023*) Group 2023* 2024 Eurotunnel mEuroporte mEl
Slide 6: Market share: car market share
MARKET SHARE: CAR MARKET SHARE:
Slide 7: Our customers are at the center of our value creation strategy
OUR CUSTOMERS ARE AT THE CENTER OF OUR VALUE CREATION STRATEGY To tackle aggressive competition, we continue to reinforce our competitive edge and offer additional services to our customers ENHANCING THE BESPOKE HEIGHTENED A NEW PORTFOLIO CUSTOMER JOURNEY PARTNERSHIPS DRIVER CARE OF CUSTOMS New duty
Slide 8: Eurotunnel: record cross-channel high-speed passenger rail traffic
EUROTUNNEL: RECORD CROSS-CHANNEL HIGH-SPEED PASSENGER RAIL TRAFFIC A traffic record in 2024 despite Amsterdam terminal closure from mid-June 2024 +5% 11,201k 11,047k 10972 10,716k 8,295k 2,503k 1,638k 2018 2019 2020 2021 2022 2023 2024 FULL-YEAR RESULTS 2024 & eurostar Eurostar plans to order up to
Slide 9: Eurotunnel: strict cost and inflation management
EUROTUNNEL: STRICT COST & INFLATION MANAGEMENT (2 NORMALISING INFLATION & ENERGY tty cost Levels of inflation in the UK and Europe are normalising suk 2.5% CPI (vs 7.3% in 2023) () FRANCE 2.0% CPI (vs 4.9% in 2023) Electricity costs (€/MWh) Average 2024: €58 €47 2021 2022 2023 2024 Source: Epex spot
Slide 10: ElecLink: technical interruption
ELECLINK: TECHNICAL INTERRUPTION ELECLINK HAS BEEN BACK IN SERVICE SINCE 5 FEBRUARY On 25 September 2024, a weakness in the foundation of a support of the cable was detected leading to the suspension of activity Technical works and extensive tests were carried out enabling return to service on 5 Feb
Slide 11: ElecLink: normalising trends and outage
ELECLINK: NORMALISING TRENDS AND OUTAGE MARKET NORMALISATION IS MORE PROGRESSIVE THAN INITIALLY EXPECTED UK-FR spreads widened around summer 2024 UK-FR spreads (€/MWh) 01/24 04/24 07/24 10/24 01/25 —— Cal26 —— Cal27 Win 25 Sum 25 Source: Energy market price Contribution remains above investment case
Slide 12: Europorte: outstanding internal and external growth
EUROPORTE: OUTSTANDING INTERNAL AND EXTERNAL GROWTH €168M REVENUE (+12% vs 2023) €32M EBITDA (+10% vs 2023) Growth is fuelled by specific and attractive offer of services, positive market trends and selective external growth strategy. FULL-YEAR RESULTS 2024 osoa205 © (12 GETLINK
Slide 13: We continue to improve our sustainability profile
WE CONTINUE TO IMPROVE OUR SUSTAINABILITY PROFILE WHILE ESG 1S BECOMING A CONSTRAINT FOR OUR COMPETITORS Our decarbonised S margin: ex 96% EBITDA GHG REDUCTION (Sc. 1&2) REACHED 27% IN 2024 (vs 2019) 24839 24994 11.658, 11334 um 3 Wepp DISCLOSURE INSIGHT ACTION ‘From a score of "B Carbon cost for fe
Slide 14: Financial Results
Slide 15: Eurotunnel in 2024
EUROTUNNEL IN 2024 €M 2024 2023) CHANGE Revenue 1,166 1,136 +3% Shuttle Services 727 736 1% @ Railway Network 398 373 +7% NES) Other a 27 +52% Operating costs (524) (543) -3% Including energy (57) (97) 41% PROFITABLE GROWTH EBITDA 642 593 +8% (1) 2023 figures restated at 2024 average exchange rate o
Slide 16: Eurotunnel in 2024: cost inflation easing off
EUROTUNNEL IN 2024 COST INFLATION EASING OFF IN 2024 (€M) 600 550 543 500 450 400 2023 a —— OPERATING COST BASE BENEFITS FROM NORMALISING ENERGY COSTS 15 4 | 9 a -34 -13 Exceptional Price (mainly energy) Productivity & optimisation Activity New developments. 2024 ‘ay In a less inflationary environme
Slide 17: ElecLink in 2024
ELECLINK IN 2024 (a New, RESULTS IMPACTED BY ELECTRICITY MARKET NORMALISATION AND OUTAGE FULL-YEAR RESULTS 2024 €M 2024 2023 CHANGE Revenue 280 558 -50% Orewingcoteiocsrg a ea 130% orovicio Pre-profit sharing 235 524 55% Profit sharing provision) (76) (156) 51% EBITDA post-profit sharing 159 368 -57
Slide 18: Europorte in 2024
EUROPORTE IN 2024 OUTSTANDING GROWTH FULL-YEAR RESULTS 2024 €M 2024 2023 CHANGE Revenue 168 150 +12% Operating costs (136) (121) +12% EBITDA 32 29 +10% tN (06,03.2025 18 Y GETLINK
Slide 19: Getlink in 2024: consolidated P&L
GETLINK IN 2024 CONSOLIDATED P&L FULL-YEAR RESULTS 2024 €M 2024 Revenue 1,614 Operating costs (705) Provision for profit sharing ElecLink (76) EBITDA 833 EBIT 598 Net finance costs (294) Taxes 13 Net consolidated result 317 (1) 2023 figures restated at 2024 average exchange rate of £1=€1.184 CHANGE
Slide 20: Getlink in 2024: net finance costs
GETLINK IN 2024 NET FINANCE COSTS The decrease in net finance costs relates to the impact of a lower level of inflation on the indexed-linked tranches of the Eurotunnel debt (no immediate direct cash impact) and higher income generated by cash management while finance costs are impacted by the unwin
Slide 21: Getlink in 2024: solid operating cash flow
€M 2024 2023 CHANGE Operating cash flow 865 1,036 a7 Capex”) (155) (144) 1 GETLINK IN 2024 sebt semen oa) oss os SOLID OPERATING CASH fw schedbled debs repayment (e5) 7) 49 FLOW (1) In 2023: net of €21M public subsidy for Brexit-related expenses (2) Operating cash flow less net capital expenditure l
Slide 22: A solid balance sheet
A SOLID BALANCE SHEET tne) 471 FCF* FREE CASH FLOW €471M fter €85M scheduled deb 3629 -_ 573 (after scheduled debt repayment) ] NET DEBT: €3,576M (-€53M) ws CASH POSITION AT €1,699M [7 SOLID CREDIT METRICS BB rating (positive outlook) at Fitch Operating cash flow investments (1) Others : Net debt De
Slide 23: Outlook
Slide 24: 2025: main highlights of the start of the year
2025: MAIN HIGHLIGHTS OF THE START OF THE YEAR Strong passenger traffic growth, truck penalised by subdued UK economy YTD TRAFFIC GROWTH As of 28 February 2025 5% Truck Shuttles -1% Passenger Shuttles Reopening of Amsterdam International Terminal on 10 February Las 2 A market est. at 3m pax (vs 1m i
Slide 25: 2025: we continue to push the opportunities we have initiated
2025: WE CONTINUE TO PUSH THE OPPORTUNITIES WE HAVE INITIATED 1/2 THESE INITIATIVES WILL ENABLE THE GROUP TO THRIVE IN AN UNCERTAIN ENVIRONMENT Macro-economic / political / fiscal In an uncertain environment... EES implementation Competitor behaviour and overcapacity on the Short Straits We continue
Slide 26: Strategic partnership to boost international high-speed rail services
Strategic partnership to boost international high-speed rail services, signed 19 February
Slide 27: We continue to optimise our asset management
WE CONTINUE TO OPTIMISE OUR ASSET MANAGEMENT A LIFECYCLE MANAGEMENT AND ATTRACTIVITY REINFORCEMENT PROGRAMME INFRASTRUCTURE Al8 data analysis da Operational Signaling ayer (ERTMS) Passenger Shuttle refurbishment Track & track: wheel interface excellence Locomotives Fire detection sym Energy efficien
Slide 28: Capex: we deploy our value creating programme
CAPEX: WE DEPLOY OUR VALUE CREATING PROGRAMME THE PASSENGER SHUTTLES MIDLIFE REFURBISHMENT WE ARE RESETTING THE MID-LIFE PROGRAMME AND OPTIMISING OUR EXISTING SHUTTLES TO EXTEND THEIR LIFETIME * One of our partners is experiencing delays which impact the overall mid-life programme schedule * We are
Slide 29: 2025 Outlook
2025 OUTLOOK ENCOURAGING PROSPECTS ENABLING THE GROUP TO PURSUE ITS GROWING DIVIDEND POLICY 2025 EBITDA dies EXPECTED a €780M » \ AND €830M jo) This target takes into account in particular: - Reasonable growth assumptions for Eurotunnel based on the commercial momentum observed at the beginning of t
Slide 30: Q&A
Slide 31: Disclaimer
Slide 32: @getlinkgroup.com
@getlinkgroup.com x ‘