Slide 1: Half-Year Results 2025
HALF-YEAR RESULTS 2025 24/07/2025
Slide 2: Agenda
AGENDA 1 H1 2025 HIGHLIGHTS 2 H1 2025 FINANCIAL RESULTS 3 OUTLOOK 2
Slide 3: 2025 EBITDA guidance reiterated of between €780m and €830m
2025 EBITDA guidance reiterated of between €780m and €830m Solid performance of historical businesses in H1 +2% → Excellent market dynamic for High-Speed Rail → Competitive environment for LeShuttle in a subdued market €366m → Active yield management strategy €739m → Continued focus on cost manageme
Slide 4: H1 2025 Highlights
H1 2025 HIGHLIGHTS Yann Leriche, Chief Executive Officer Half-Year Results 2025
Slide 5: H1 EBITDA impacted by expected lower contribution from Eleclink
H1 EBITDA impacted by expected lower contribution from Eleclink €426m 450 €366m 400 Normalisation of 117 electricity markets 350 & suspension 52 300 16 16 250 200 150 293 298 100 50 - H1 2024* H1 2025 Eurotunnel Europorte Eleclink** * Restated at H1 2025 average exchange rate: £1 = €1.187 ** After p
Slide 6: Eurotunnel: Strong yield and positive market share performance
Eurotunnel: Strong yield and positive market share performance in an environment that remains competitive LeShuttle FREIGHT LeShuttle PASSENGER 591,746 trucks TRUCK MARKET SHARE: 985,847 vehicles* CAR MARKET SHARE: 35.7% +2% (+60bps) -2% 59.9% (+30bps) vs H1 2024 vs H1 2024 Average Shuttle yield (in
Slide 7: Eurotunnel: An optimised pricing structure to support our yield strategy
Eurotunnel: An optimised pricing structure to support our yield strategy New Fare Structure Flexible services: options to better match individual needs Convenient upgrades: easily switch and add services (priority boarding, exclusive lounge access, etc.) Customer-centric Simplified pricing: transpar
Slide 8: Eurotunnel: New standards to enhance our quality of service
Eurotunnel: New standards to enhance our quality of service & attractiveness Customers are at the centre of our value creation strategy NPS* Score NPS* Score 62 vs 52 YTD June 2025 vs June 2024 48 vs 40 YTD June 2025 vs June 2024 LeShuttle FREIGHT LeShuttle PASSENGER * Net Promoter Score (Average) H
Slide 9: Eurotunnel: Disciplined investment to renew our assets
Eurotunnel: Disciplined investment to renew our assets and underpin our customer excellence strategy We deploy and adapt our investment programme… €60m invested in H1 2025 as part of our “lifecycle and attractivity reinforcement programme” Reorganisation of our Shuttle mid-life refurbishment program
Slide 10: Eurotunnel: AI for optimised asset performance and enhanced productivity
Eurotunnel: AI for optimised asset performance and enhanced productivity AI solutions to further enhance our operational productivity and reliability objectives PERFORMANCE AI AUGMENTATION AI ANTICIPATION AI Detect failures Automate Accompany Create unique before they happen maintenance processes op
Slide 11: Eurotunnel: A new record high for High-Speed Rail
Eurotunnel: A new record high for High-Speed Rail High-Speed Rail passenger numbers reached a record high in H1 2025 (K pax) Increased capacity to meet rising demand +4.3% Eurostar increased number of rotations on London to Paris route in H1 5,610 Reopening of direct service between 5,378 Amsterdam
Slide 12: Eleclink: Normalisation of electricity market
Eleclink: Normalisation of electricity market Revenues (€m) Continuous monitoring to maintain operational availability and reliability 185 -50% o/w ~half linked to 2 Since 2025, enhanced controls and data analysis to outages 20 ensure highest level of availability of the cable and its structure 92 3
Slide 13: Europorte: Continued robust performance
Europorte: Continued robust performance €83m €16m Revenue EBITDA (stable vs H1 2024) (+2% vs H1 2024) Expanding range of services in railway maintenance and infrastructure works Acquisition of a 67% stake in Electrofer A company specialising in rail processing Half-Year Results 2025 13
Slide 14: ESG leadership underpins our financial performance
ESG leadership underpins our financial performance Getlink’s ESG credentials confirmed… … while ferries charge additional costs to customers due to EU carbon regulation A 2024 2025 Ticket fare Ticket fare + + surcharge ETS* surcharge ETS €2-4 €6-8 Carbon cost for ferries will further increase in 202
Slide 15: H1 2025 Financial Results
H1 2025 FINANCIAL RESULTS Géraldine Périchon, Deputy CEO & Chief Financial Officer Half-Year Results 2025
Slide 16: Eurotunnel in H1 2025
Eurotunnel in H1 2025 Revenue and EBITDA €m H1 2025 H1 2024* change Revenue 564 544 +4% Shuttle Services 341 330 +3% Solid results underpinned by passenger traffic (Passenger Shuttle and High-Speed Rail) and Railway Network 200 195 +3% active yield management Other 23 19 +21% Operating costs (266) (
Slide 17: Eurotunnel in H1 2025: Operating costs
Eurotunnel in H1 2025 Operating costs (€m) 280 Lower operating costs due to energy 8 costs more than offsetting other 270 general inflation 266 7 -5 260 6 Continued operating cost discipline via lean management programmes 251 2 250 and AI integration -3 240 Change in scope and one-off effects due to
Slide 18: Eleclink in H1 2025
Eleclink in H1 2025 Revenue and EBITDA €m H1 2025 H1 2024 change Eleclink performance impacted by Revenue 92 185 -50% expected normalisation of electricity market and suspension of activity Other income 5 - Operating costs (22) (13) +70% A €5m interim payment from (excl. profit sharing provision) in
Slide 19: Europorte in H1 2025
Europorte in H1 2025 Revenue and EBITDA €m H1 2025 H1 2024 change Revenue 83 83 +0.0% A solid profitability illustrating the Operating costs (67) (67) -0.3% constant selectivity and discipline in operations EBITDA 16 16 +1.5% Half-Year Results 2025 19
Slide 20: Getlink in H1 2025: Consolidated P&L
Getlink in H1 2025 Consolidated P&L €m H1 2025 H1 2024* change Revenue 739 812 -9% Other income 5 - - Operating costs (355) (331) +7% Provision for Eleclink profit sharing (23) (55) -58% EBITDA 366 426 -14% EBIT 257 304 -15% Net finance costs (146) (145) +1% Taxes 2 15 - Net consolidated profit 113
Slide 21: Getlink in H1 2025: Free Cash Flow
Getlink in H1 2025 Free Cash Flow €m H1 2025 H1 2024 change Operating cash flow was impacted Operating cash flow 402 457 -55 by lower Eleclink contribution Capex(1) (65) (67) -2 Capex globally stable compared to Debt service (119) (116) +3 H1 2024 o/w scheduled debt repayment (43) (40) +3 Free Cash
Slide 22: The Group continues its strong cash generation
The Group continues its strong cash generation Evolution of net debt (€m) Free Cash Flow €218m FCF* €218m (after €43m scheduled debt repayment) 314 -86 3 ,576 3 ,586 Net debt €3,586m (+€10m vs 31 December 2024) 65 119 -402 Cash position** €1,355m (vs € 1,699m at 31 December 2024) Successful issue of
Slide 23: Outlook
OUTLOOK Yann Leriche, Chief Executive Officer Half-Year Results 2025
Slide 24: Eleclink will continue to deliver solid results offering medium-term visibility
Eleclink will continue to deliver solid results offering medium-term visibility Eleclink: UK-FR electricity spreads … enabling to secure revenue above remain at an attractive level… initial investment case UK-FR spreads (€/MWh) Eleclink secured revenue* (in €m as of 30 June 2025) 300 70 250 60 92% 5
Slide 25: Political agenda will be a key catalyst for our Shuttle business
Political agenda will be a key catalyst for our Shuttle business Shuttle: Restoring a level playing field Stimulating UK-EU trades Political willingness to accelerate the enforcement of anti social UK-EU Agreement of a Strategic Partnership, dumping laws since implementation in UK & FR in 2024 worki
Slide 26: Momentum is accelerating for High-Speed Rail (1/3)
Momentum is accelerating for High-Speed Rail (1/3) ORR green light on immediate available LSPH* initiatives to support fast capacity at Temple Mills International (TMI) growing demand depot for train maintenance and stabling Plan to expand St Pancras station capacity “Some of this capacity can be ac
Slide 27: Momentum is accelerating for High-Speed Rail (2/3)
Momentum is accelerating for High-Speed Rail (2/3) Recent official interest announcements by two operators Potential partnership development ~2029* €1bn planned investment Planning to purchase 10 new trains ~2029* Confirmation of Eurostar plan to order Commercial partnership with Uber up to 50 train
Slide 28: Momentum is accelerating for High-Speed Rail (3/3)
Momentum is accelerating for High-Speed Rail (3/3) Immediate potential for key +2.5m destinations NETHERLANDS: +2m ~8.5m * GERMANY: 2m Additional Rail Passengers SWITZERLAND: Finalised works to unlock capacity 2m * Estimates based on airline market size / potential market share rail can reach Rail p
Slide 29: 2025 Guidance reiterated
2025 Guidance reiterated 2025 EBITDA This guidance* takes into account 01 Reasonable growth assumptions for Eurotunnel based on EXPECTED BETWEEN 02 the commercial momentum observed at the beginning of the year in an environment which remains competitive. The central scenario assumes the implementati
Slide 30: Q&A
AGENDA Q&A
Slide 31: Contact
CONTACT Virginie Rousseau Capital Markets Director virginie.rousseau@getlinkgroup.com +33 6 77 41 03 39 Dana Badaoui Investor Relations dana.badaoui@getlinkgroup.com +33 6 80 01 39 46 31
Slide 32: Disclaimer
DISCLAIMER All forward-looking statements in this presentation are Getlink SE’s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed d
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