Slide 1: Half-Year Results 2023
F-VEkR RESULfs 207
Slide 2: H1 2023 Highlights
x H1 2023 HIGHLIGHTS Na, x SUMMARY y] FINANCIAL RESULTS YE (3 OUTLOOK a, 7.2008 @ GETLINK
Slide 3: 1 H1 2023 Highlights
Slide 4: H1 2023 Highlights
H1 2023 HIGHLIGHTS UNPRECEDENTED FINANCIAL RESULTS THANKS TO A MORE DIVERSIFIED PORTFOLIO © © ® HALF-YEAR RESULTS 2023 RECORD H1 FOCUS ON VALUE CONTINUED COST MANAGEMENT AND INVESTMENT to support long term value creation Highest H1 EBITDA (€496M) Highest free cash flow generation €355M) ElecLink: st
Slide 5: Historic results for the Group
HISTORIC RESULTS FOR THE GROUP H1 EBITDA GENERATION o €276M 500 13 Eurotunnel 400 €13M 207 15 Europorte 300 — 34 200 100 0 H1 2022*** H1 2023 m Eurotunnel ElecLink* mEuroporte €355M"" *After deducting a €112M provision for ElecLink profit sharing mechanism in H1 23 ElecLink opening 25 May 2022 Free
Slide 6: Eurotunnel: passenger traffic recovery is gathering pace, truck traffic still impacted
EUROTUNNEL: PASSENGER TRAFFIC RECOVERY IS GATHERING PACE, TRUCK TRAFFIC STILL IMPACTED BY UK ECONOMY AND OVERCAPACITY STRONG PASSENGER PASSENGER SHUTTLE TRAFFIC RECOVERY Solid traffic increase Strong demand at peak periods 1,010k vehicles . ae . . Focus on higher yielding segments and ongoing market
Slide 7: Eurotunnel: quality of service and value optimisation remain our priorities
EUROTUNNEL: QUALITY OF SERVICE AND VALUE OPTIMISATION REMAIN OUR PRIORITIES 6% INCREASE IN AVERAGE SHUTTLE YIELD VS H1 2022 SHUTTLE YIELD H1 2022 - H1 2023 TRUCKS Energy surcharge (EVA) raised to €38 in January 120 (vs €20 since July 22) to compensate for electricity price 6 increase 100 ifs a Infla
Slide 8: Eurotunnel: quality of service and value optimisation remain our priorities
EUROTUNNEL: QUALITY OF SERVICE AND VALUE OPTIMISATION REMAIN OUR PRIORITIES WE REINFORCE OUR KEY COMPETITIVE ADVANTAGES WE LAUNCH NEW DEDICATED OFFERS AND SERVICES HALFYEAR RESULTS 2023 DELIGHT HAULIERS DELIGHT TRUCK DRIVERS A new one-stop shop New loyalty programme offering for a smart efficient an
Slide 9: Eurotunnel: Delight our passenger customers
EUROTUNNEL: "DELIGHT OUR PASSENGER CUSTOMERS" ROLL OUT OF OUR NEW IDENTITY TO SUPPORT OUR LESHUTTLE BUSINESSES RE-BRANDING AND leShuttle NEW ADVERTISING CAMPAIGN Fasterthan a ferry. Greener than a plane. Take your car By train. EMPLOYEE TRAINING: QUALITY OF SERVICE... : an Tm —_—_ Lets dothe arin, R
Slide 10: ElecLink: a very successful first year
ELECLINK: A VERY SUCCESSFULL FIRST YEAR KEY ASSET FOR ENERGY MARKET SECURITY EXCELLENT OPERATIONAL PERFORMANCE Safe and reliable asset performance since May 2022 Excellent availability (94%) >6 TWH transported between 25.05.2022 and 30.06.2023 A capacity equivalent to the consumption of 1.6m inhabit
Slide 11: ElecLink: strong performance in H1
ELECLINK: STRONG PERFORMANCE IN H1 SOLID OPERATING PERFORMANCE IN H1 AND VISIBILITY FOR H2 AND 2024 P 600, 350 oO 300 500 48 250 400 “ 300 489 0 ° 200 100 50 100 0 0 H1 2022 H1 2023 FY 2022 FY 2023 FY 2024 . ~ m Auctions Capacity markets mAncillary m Auctions Capacity Markets mAncillary STRONG OPERA
Slide 12: Europorte: good performance despite French network operator strikes
EUROPORTE: GOOD PERFORMANCE DESPITE FRENCH NETWORK OPERATOR STRIKES €73M REVENUE (+7% vs H1 22) €13M EBITDA (-13% vs H1 22) H1 heavily impacted by French Rail Network operator strikes, generating additional costs Solid profitability despite high energy prices showing robustness of business model Suc
Slide 13: Improving our ESG leadership
IMPROVING OUR ESG LEADERSHIP WE CONTINUE TO INNOVATE AND SHARE OUR CONVICTIONS "THE DECARBONISED MARGIN" the missing link between financial and extra-financial performance Exchange rate €/£ Carbon price (€/tonne CO, e) Carbon emissions Scopes 1+2 (tonnes CO;e) Carbon invoice Scopes 1+2 Scopes 1+2+3
Slide 14: 2 Financial Results
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Slide 15: Eurotunnel in H1 2023
EUROTUNNEL IN H1 2023 SHUTTLE TRAFFIC TRUCK VEHICLES (K) PASSENGERS VEHICLES (K) HALF.YEAR RESULTS 2023 767 H1 2022 872 H1 2022 624 H1 2023 1010 H1 2023 Ib TRUCK TRAFFIC -19% Penalised by a tough comparison basis (P&O temporary interruption of operations) and a relative slowdown in British household
Slide 16: Eurotunnel in H1 2023
EUROTUNNEL IN H1 2023 RAILWAY NETWORK TRAFFIC => EUROSTAR PASSENGERS EUROSTAR con PASSENGERS 3303 +54% (K) H1 22 H1 23 NUMBER OF RAIL FREIGHT TRAINS RAIL FREIGHT vss im 3% TRAINS ° H1 22 H1 23 HALF.YEAR RESULTS 2023 2007.2023 16
Slide 17: Eurotunnel in H1 2023
EUROTUNNEL IN H1 2023 €26M OF SAVINGS VS 2019 OPEX 26 8 CONTINUOUS FOCUS — ON COST DISCIPLINE * TO MITIGATE ENERGY as AND INFLATION INFLATION INCLUDES €39M OF ENERGY PRICE EFFECT (x3 ENERGY BILL VS 2019) MANAGED THROUGH: EVA** passthrough mechanism for trucks Contribution of Railways Focus on produc
Slide 18: Eurotunnel in H1 2023
EUROTUNNEL IN H1 2023 REVENUE AND EBITDA STRONG REVENUE PERFORMANCE HALF.YEAR RESULTS 2023 EUROTUNNEL Revenue 531 468 +13% Shuttle Services 339 330 +3% Railway Network 179 128 +40% Other 13 10 +30% Operating costs (255) (213) +20% EBITDA 276 255 +8% (1) Restated at H1 23 exchange rate: £1 = €1.146 2
Slide 19: ElecLink in H1 2023
ELECLINK IN H1 2023 STRONG PERFORMANCE SIGNIFICANT REVENUES & PROFITS IN CONTEXT OF EXCEPTIONAL MARKET CONDITIONS HALF.YEAR RESULTS 2023 ELECLINK Revenue 330 35 Operating costs (11) (1) EBITDA pre-profit sharing provision 319 34 bord aaaa profit sharing (112) (12) EBITDA post-profit sharing 207 22 *
Slide 20: Europorte in H1 2023
EUROPORTE IN H1 2023 REVENUE AND EBITDA PROFITABILITY IMPACTED BY SNCF STRIKES HALF.YEAR RESULTS 2023 EUROPORTE Revenue 73 68 +7% Operating costs (60) (53) +13% EBITDA 13 15 -13% 2007.2023 2» GETLINK
Slide 21: Getlink in H1 2023
GETLINK IN H1 2023 CONSOLIDATED P&L €M H1 2023 H1 2022 CHANGE Revenue 934 571 +64% Operating costs (326) (267) +22% Provision for profit sharing ElecLink (112) - na EBITDA 496 304 +63% EBIT 374 217 +72% Net finance costs (188) (173) +9% (1) Restated at H1 23 exchange rate: £1 = €1.146 a HALF-YEAR RE
Slide 22: Getlink in H1 2023
GETLINK IN H1 2023 OUTSTANDING OPERATING CASH FLOW €M H1 2023 H1 2022 CHANGE Operating cash flow 539 283 256 Capex (excl. ElecLink) (52) (59) (7) Debt service (132) (134) (2) * Operating cash flow - Eurotunnel & Europorte investments debt service (including debt repayments of €37M in H1 2023 and €32
Slide 23: Stable net debt level after dividend payment
STABLE NET DEBT LEVEL AFTER DIVIDEND PAYMENT (€M) 3 908 355 FCF 52 132 -539 Operating cash flow Investments Net debt Dec 2022 Debt service HALF.YEAR RESULTS 2023 271 Dividends 93 Others 3917 Net debt June 2023 FREE CASH FLOW €355M (after €37M scheduled debt repayment) NET DEBT €3 917M IMPROVING CRED
Slide 24: 3 Outlook
Slide 25: We are preparing for the future
WE ARE PREPARING FOR THE FUTURE WE ADAPT OUR INFRASTRUCTURE FOR FUTURE GROWTH AND TO ENHANCE OUR KEY DIFFERENTIATION FACTORS EES (>) Same throughput thanks TERMINALS to journey digitalisation THROUGHPUT Customs formalities © smart border offer: Sherpass READINESS FOR statcom (>) Successful upgrade o
Slide 26: Positive steps for our regulatory environment
POSITIVE STEPS FOR OUR REGULATORY ENVIRONMENT NEW FORTHCOMING OPPORTUNITIES FOR GETLINK SEAFARERS’ WAGES BILLS fon | + Adopted in UK (royal assent received on 23 March) >) End of social dumping ES) * Voted in Senate in France on 21 June (Assemblée Nationale on the Short Straits final adoption expect
Slide 27: 2023 Outlook
2023 OUTLOOK 2023 SET TO BE A RECORD YEAR OUR ENHANCED BUSINESS LIV * ElecLink: 84% capacity already secured * Eurostar promising performance EES postponed to 2024 UK Business rates increase limited to +€5m/year Active yield management policy .. WITH CAUTION ON SHORT TERM LESHUTTLE VOLUMES + Limited
Slide 28: Our focus: customers and operational excellence
OUR FOCUS: CUSTOMERS AND OPERATIONAL EXCELLENCE THROUGHOUT SUMMER... .. AND BEYOND Family check. Pets check. Who's got the playlist? COUPE DU MONDE RUGBY FRANCE 2023 HALF.YEAR RESULTS 2023 2007.2023 28 GETLINK
Slide 29: Contacts