Slide 1: Half Year Results 2022
/ ,\ HALF YEAR GETLINK y RESULTS 2022
Slide 2: Summary
SUMMARY 1 H1 2022 HIGHLIGHTS 2 FINANCIAL RESULTS 4 3 OUTLOOK cel) HALF YEAR RESULTS 2022
Slide 3: H1 2022 Highlights
= H12022 HIGHLIGHTS
Slide 4: H1 2022 Highlights
H1 2022 HIGHLIGHTS Eurotunnel traffic recovery Dealing with inflation through pricing power and cost management Solid EBITDA ElecLink successful operational and commercial start Europorte Environment plan on track Truck traffic +19% vs H1 2021and 44% market share Car traffic x3.5 and 70% market shar
Slide 5: Traffic recovery across Eurotunnel, Eurostar and Europorte
Covid Safe P&O disruption and airports difficulties 863k, x3.5 vs 2021 Market share: 70% 11% of traffic / +600bp vs H1 2019 3,303k, x16 vs 2021 17% month over month growth of bookings with the new App (launched in May 2021) Flexible organisation deployed: Brexit stage 2 / Congestion in Kent / P&O di
Slide 6: Strong recovery of traffic: customer engagement strategy with new CRM
@ STRONG RECOVERY OF TRAFFIC AMBITIOUS CUSTOMER ENGAGEMENT STRATEGY WITH NEW CRM SYSTEM LAUNCHED IN MAY ae! Implemented a new CRM system with Salesforce, creating a new customer engagement programme to further boost acquisition, activation and retention Deliver hyper personalised messages and offeri
Slide 7: Dealing with inflation and energy crisis
t 2 DEALING WITH INFLATION AND ENERGY CRISIS PRICING INFLATION AND RISING ENERGY COST Yield +c.31% vs H1 2019 French CPI Test of ‘First’ (priority lane) and +6% vs H1 2019* Electricity Value Adjustment for trucks UK RPI +14% vs H1 2019* Improved marketing enabling optimised offering and passenger yi
Slide 8: Solid EBITDA
© SOLID EBITDA EBITDA CASH held at 30/06/2022 * Restated at H1 2022 exchange rate: £1 = €1.182 fon) aw €309M +€208M* vs 2021 +€49M* vs 2019 €597M HALF YEAR RESULTS 2022 SOLID EBITDA Eurotunnel EBITDA above 2019 level and first contribution of ElecLink SOLID CASH POSITION €425M C2A tranche refinanced
Slide 9: ElecLink project completed
r+) ELECLINK PROJECT COMPLETED - END OF CONSTRUCTION & COMMISSIONING ELECLINK ANSWERS THE NEED FOR GREATER ELECTRICITY INTERCONNECTION * 1000 MW of bidirectional transmission capacity between the UK and France * ElecLink (i) improves security of supply in both the UK and France; (ii) contributes to
Slide 10: First ElecLink contribution to revenue
6 FIRST ELECLINK CONTRIBUTION TO REVENUE €35M REVENUE IN THE FIRST FIVE WEEKS OF OPERATION ® First auction on 24 May Diversified contract portfolio already built Volatile auction results due to exceptional market conditions €35M revenue in H1 2022 (five weeks of operation) Auction calendar and resul
Slide 11: Fundamental value of an interconnector derived from price differentials
6 THE FUNDAMENTAL VALUE OF AN INTERCONNECTOR IS DERIVED FROM PRICE DIFFERENTIALS ELECLINK CAPTURES A SIGNIFICANT PART OF THE SPREAD Correlation between the spread and the auctions results * ElecLink generates revenue by capturing a portion of 300.0 the difference in energy prices between GB and Fran
Slide 12: Europorte: increased development possibilities
ts } EUROPORTE: INCREASED DEVELOPMENT POSSIBILITIES INVESTMENT IN ETCS + First French rail freight company to equip Euro4000 locomotives with innovative rail signaling technology + Will support the growth of Europorte's international business + Will promote modal shift at European level over long di
Slide 13: Shuttle recycling and maintenance improvement
To improve maintenance and operational costs To enhance inter-operability and increase capacity 221 wagons: 7,800 tonnes of metal Project fully funded by the revenues from the metal sold Two periods: "Sept 2021 - June 2022 (3 Shuttles) "March 2023 - Dec 2023 (3 Shuttles) 95 wagons dismantled and 3,2
Slide 14: Financial Results
FINANCIAL Sm RESULTS
Slide 15: Eurotunnel in H1 2022: shuttle traffic
EUROTUNNEL IN H1 2022 SHUTTLE TRAFFIC TRUCK VOLUMES = H1 2020 CAR VOLUMES 545 H1 2020 ® 646 H1 2021 H1 2022 248 H1 2021 H1 2022 HALF YEAR RESULTS 2022 (8 GD TRUCK TRAFFIC +19 % Normalisation of truck market CAR TRAFFIC x3.5 End of travel restrictions
Slide 16: Eurotunnel in H1 2022: confirmed pricing power
EUROTUNNEL IN H1 2022 SHUTTLE: CONFIRMED PRICING POWER FOR BOTH CARS AND TRUCKS +4% vs H1 2021* +31% vs H1 2019* 131 100 H1 H1 H1 2019 2021 2022 cefin) * ow. 1.1% from EVA HALF YEAR RESULTS 2022 iD STRONG YIELD LEVERAGES TRAFFIC RECOVERY TRUCKS Reasonable price increase in a transition period Introd
Slide 17: Eurotunnel in H1 2022: railway network traffic
EUROTUNNEL IN H1 2022 RAILWAY NETWORK TRAFFIC NUMBER OF RAIL FREIGHT TRAINS ® 1993 202 H1 2020 H1 2021 857 873 H1 2020 H1 2021 H1 2022 H1 2022 HALF YEAR RESULTS 2022 (k) 25 EUROSTAR PASSENGERS x16 Rebound in Q2 marks strong desire/need of people to travel RAIL FREIGHT TRAINS -13% 17
Slide 18: Eurotunnel in H1 2022: focus on cost management
EUROTUNNEL IN H1 2022 FOCUS ON COST MANAGEMENT EUROTUNNEL OPERATING COSTS H1 2019-H1 2022 250 (€M) 6) ” (35) Sos a Saal 210 190 170 150 OPEX H1 2019 Brexit Inflation Activity Savings OPEX H1 2019* One-offs Covid H1 2022 “o™ * Recalculated at H1 2022 exchange rate: £1 = €1.182 GELUNK 7 ** ys. 2019 co
Slide 19: Eurotunnel in H1 2022: revenue and EBITDA above pre-Covid level
EUROTUNNEL IN H1 2022 REVENUE AND EBITDA ABOVE PRE-COVID LEVEL EUROTUNNEL P&L €M H1 2022 H1 2021°) CHANGE Revenue 474 262 +81% + Shuttle Services 335 190 +76% REVENUE AND EBITDA + Railway Network 129 67 +93% + Other 2 10 5 +100% Operating costs (214) (179) +20% EBITDA 260 83 +213% 1) Restated at H1
Slide 20: Europorte in H1 2022: confirmed profitability
EUROPORTE IN H1 2022 CONFIRMED PROFITABILITY REVENUE AND PROFIT INCREASE EUROPORTE €M H1 2022 H1 2021 CHANGE Revenue 68 66 +3% Operating costs (53) (52) +2% EBITDA 15 14 +6% HALF YEAR RESULTS 2022 20
Slide 21: ElecLink in H1 2022
ELECLINK IN H1 2022 FIRST CONTRIBUTION TO REVENUE AND EBITDA HIGH SPREADS DRIVE STRONG FIRST REVENUE AND EBITDA CONTRIBUTION DURING FIRST 35 DAYS ELECLINK Revenue Operating costs EBITDA HALF YEAR RESULTS 2022 35 34 21
Slide 22: Getlink in H1 2022: consolidated P&L
GETLINK IN H1 2022 CONSOLIDATED P&L €M H1 2022 H1 2021 CHANGE Total turnover 577 328 +76% The increase in net finance costs relates mainly to the Operating costs (268) (231) +16% impact of inflation on the indexed-linked tranches of the Eurotunnel debt (no Operating margin (EBITDA) 309 101 +206% imm
Slide 23: Getlink in H1 2022: positive free cash flow
GETLINK IN H1 2022 POSITIVE FREE CASH FLOW Operating CF 283 Capex (excl. ElecLink) (59) Debt service (and other) (134) FCF * 90 Capex ElecLink (and other) (29) FCF after ElecLink 61 * Operating cash flow - Eurotunnel & Europorte investments - debt service (including €32M scheduled debt repayment) Ge
Slide 24: Outlook
wy OUTLOOK
Slide 25: Focus on customer service excellence to strengthen leadership
IN A CONTEXT OF TRAFFIC RECOVERY, WE CONTINUE TO FOCUS ON CUSTOMER SERVICE EXCELLENCE TO STRENGHTEN OUR LEADERSHIP EUROTUNNEL: ENVIRONMENT REMAINS FOCUS ON DELIVERING CUSTOMER CHALLENGING SERVICE & OPERATIONAL EXCELLENCE Strong competition Border control (incl. EES) Fighting the battle of fluidity a
Slide 26: Eurotunnel: new European Entry/Exit System (EES)
EUROTUNNEL: NEW EUROPEAN ENTRY/EXIT SYSTEM (EES) TO BE IMPLEMENTED ENTRY / EXIT SYSTEM (EES) How will the system work? EES will record: een Eee es Lest Choe if EES wil collet: ES wil replace: ‘To whom will it apply? Who is using EES data? ‘The competent Member State authorities th Who will be able t
Slide 27: Strong short term profitability potential for ElecLink
STRONG SHORT TERM PROFITABILITY POTENTIAL FOR ELECLINK ELECLINK WILL BOOST THE GROUP’S PROFITABILITY AND CASH FLOWS WITH REVENUES NOT CORRELATED TO THE GROUP'S HISTORICAL MARKETS 2022: COMMERCIAL & OPERATIONAL LAUNCH 2023+: STANDARD OPERATION MODE ‘Lage of available capacity sold* revenue m 100% 35M
Slide 28: Way forward
WAY FORWARD IN A VOLATILE ENVIRONMENT, OUR AMBITION REMAINS TO DELIVER LOW CARBON + HIGH SIMPLICITY SERVICES TO OUR CUSTOMERS, OUTPERFORM OUR MARKETS AND ENHANCE SHAREHOLDER RETURN Our immediate focus ——_a—— Delivering a great summer GETLINK } HALF YEAR RESULTS 2022 28
Slide 29: Appendix
APPENDIX
Slide 30: Getlink in H1 2022: financial debt
GETLINK IN H1 2022 FINANCIAL DEBT FIXED INTEREST RATE LONG AVERAGE DURATION INFLATION-LINKED TRANCHES ALIGNED WITH RAILWAY USAGE CONTRACT REVENUE CURRENCY MATCHING REVENUE AMORTISING REPAYMENT SCHEDULE FIRST CONTRACTUAL BULLET REPAYMENT IN 2025 (1) ater = €1.165 cefin) (2) Valued at €344M in the Gro
Slide 31: Contact
CONTACT JEAN BAPTISTE ROUSSILLE co-Director of IR 00 33 1 40 98 04 81 Jean-baptiste.roussille@getlinkgroup.com ® MICHAEL SCHULLER Corporate Finance Director co-Head of IR 00 44 1303 288 719 Michael.schuller@getlinkgroup.com HALF YEAR RESULTS 2022
Slide 32: Slide 32