2025 Annual results - Annual and half-year reports

This Universal Registration Document was filed on 19 March 2026 with the Autorité des marchés financiers (the French financial market regulator, or AMF), in its capacity as the competent authority under (EU) Regulation n° 2017/1129 without prior approval in accordance with article 9 of the said Regulation.

The Universal Registration Document may be used for the purposes of a public offer of financial securities or the admission of financial securities to trading on a regulated market if it is supplemented by a prospectus and, when appropriate, a summary and any amendments made to the universal registration document. The resulting document is approved by the AMF in accordance with (EU)°Regulation 2017/1129.

1. ‌BUSINESS MODEL

   Getlink is a major player in low carbon energy, facilitating the movement of people, goods and energy between the UK and continental Europe. Getlink is committed on a daily basis to facilitating trade, supporting economic activity and bringing people, business and cultures together all while creating value for all its stakeholders. Capitalising on the Group's expertise gained over more than 30 years, Getlink brings complementary activities together through several corporate and commercial brands, which confirm its role as a leader in the transition towards sustainable transport.

   The Group's results show the robustness of its business model, supported by strict operational and financial discipline across all its activities. The movements in the Group's consolidated results for the 2025 financial year are set out in section 2.1 of this Universal Registration Document.

   
   
   

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   1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

   A vital cross -Channel link

   Since its creation, the Group's purpose has been to bring people, companies and cultures together. The Tunnel, the Group's historic core business, is a vital link between the UK and continental Europe. In 2025, the Tunnel enabled around 19 million passengers, 2.2 million cars and 1.2 million trucks to cross the Short Straits between France and the UK quickly and safely. The speed and reliability of the Tunnel enables about a quarter of exports between the EU and the UK1. The entry into service of the Eleclink interconnector reinforces the vital nature of the Tunnel in that the interconnector strengthens the security of supply and the robustness of electricity networks.

   Looking to the future, the Group is the market leader in the Short Straits transport and trade market. The Group has constantly transformed and diversified to meet economic challenges and mobility needs. Accordingly, Getlink has successfully expanded its core business into several other areas: Europorte, the leading private rail freight operator in France; Eleclink, the electricity interconnector between Great Britain and France; CIFFCO, the Group's private rail training centre in France; as well as Getlink Customs Services which offers border formalities management services.

   Assets that stand out in a changing market: Low Carbon - High Simplicity

   All the Group's activities are geared towards offering Low Carbon - High Simplicity services to support dynamic transformation and movement.

   Low Carbon: the business manages some of the lowest greenhouse gas-emitting mobility solutions and infrastructures. In particular, Getlink's activities contribute significantly to climate change mitigation. Indeed, with a 97% eligibility rate and a 89% alignment rate of its 2025 revenue under the European Taxonomy the sustainability of the Group's activities is at exceptionally high levels. The ESRS E and Taxonomy sections of the sustainability statement (chapter 6 of this Universal Registration Document) present in detail the assumptions used to calculate those rates, as well as other Group's sustainability indicators. In tangible terms, on the basis of an update carried out in 2024, the carbon emissions generated by rail freight transported in Eurotunnel's Shuttles are on average 20 times lower than for transport by sea on the Calais-Dover2 crossing. More generally, a one-person journey between Paris and London emits 30 times fewer greenhouse gases than by air3, and freight transport on the Europorte fleet emits five times lower emissions than road transport4.

   The year 2025 marks the completion of Getlink's 2025 Environment Plan and opens a new strategic phase looking ahead to 2030, continuing its environmental ambition and embedding it in a cross-functional CSR strategy structured around four areas of impact: environmental contribution, social and societal contribution, cooperation for a robust value chain, and sustainability culture and governance.

   The Group has also demonstrated its commitment to sustainable development by joining the United Nations Global Compact in 2013 and by taking part in sectoral and multi-sectoral initiatives promoting sustainability such as joining the College of Sustainable Development Directors (C3D) in 2025.

   High Simplicity: the Group offers simple yet innovative business offerings and solutions and with a quality of service and premium positioning that meets high customer and stakeholder expectations. In a post-Brexit context, this means simplifying new border crossing formalities and, with regard to rail development, contributing to the simplification of technical constraints in respect of launching a new rail service (see the paragraph Development of New Destinations below in section 1.2.2.a. below).

   Creating shared value for all stakeholders

   As the Concession operator until 2086, Getlink benefits from the length of the Concession's long-term revenue stream and is a creator of sustainable value for all its stakeholders: customers, employees, shareholders, suppliers, local economic players and inhabitants of the regions served.

   First and foremost, the Group stands out for its corporate culture founded on ethics, collective commitment and the importance placed on the customer. Getlink also enjoys a firm foothold in the areas of Calais (France) and Kent (England), two regions that it helps to promote. At the end of 2025 Eurotunnel had 2,824 employees, of whom almost 400 were employed in 1994. Eurotunnel is responsible for some 5,000 indirect and related jobs in France and is the leading private employer in the Calais5 area.

   The Group has also demonstrated its commitment to combatting social dumping that may be being practised by certain shipping companies operating in the Short Straits. As an infrastructure, the Tunnel plays a key role in shaping its hinterland, particularly on the UK side, where exports passing through the Tunnel alone support approximately 220,000 jobs in the UK6.

   ‌1Source: "Economic footprint of the Channel Tunnel in the EU. An analysis of the value of trade and passenger traffic travelling through the Channel Tunnel between the UK and EU countries", June 2018.‌

   2 Details of the study can be found at: https://www.leshuttle.com/uk-en/discover/why-choose-leshuttle/the-environmentally-friendly-way-to-travel-to-france

   ‌3 See the emissions of a plane journey (without taking into account condensation trails ): https://www.eurostar.com/uk-en/sustainability

   ‌4 A Europorte journey emits an average of 14 gCO2eq/tonne.km, while a 40-44 ton articulated lorry emits an average of 71.1 gCO2eq/tonne.km (ADEME Empreinte database).

   ‌5 https://www.lerail.com/news /83582-1994%E2%80%932024-le-tunnel-sous-la-manche-%E2%80%93-30-ans -d%E2%80%99une-histoire-unique

   ‌6Source: "Economic footprint of the Channel Tunnel fixed link: An analysis of the economic value of trade and passenger traffic travelling

   through the Channel Tunnel", October 2016: https://www.getlinkgroup.com/content/uploads/2019/09/EY-Channel-UK-2016.pdf

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   PRESENTATION OF THE GROUP AND ITS BUSINESSES 1

   Through its rail transport business, the Group participates in regional development, while rail freight offers a means to reduce road congestion and decrease the environmental footprint of transport activities. Reliable and fast, the Channel Tunnel Fixed Link plays a decisive role in the development of e-commerce and the new economy. By strengthening the electricity supply for households and connecting with the European power grid, Eleclink serves the common interest in France and the UK with minimal impact on the environment.

2. ‌GROUP STRATEGY

   The Group has unique assets, a robust business model and a strategy to create sustainable growth, which aims to create value by improving Tunnel utilisation, relying on upstream and downstream value-added services and on controlled diversification by developing synergies around its core business.

   The Group's ambition is to increase revenue and customer satisfaction, while reducing its environmental footprint.

   Adaptation of services

   Brexit has created new challenges for the Group in terms of developing and streamlining the transport of goods and people whilst retaining a competitive edge.

   Therefore, from 2021, the Group has designed and implemented, in collaboration with customs, a smart border system aimed at keeping border crossings simple in both directions. This system has required terminals and customer paths to be adapted to take account of a number of new issues, such as the matching of customs documents on arrival at the terminal, customs and health checks on goods and the proper circulation of information between stakeholders. This system has been supplemented by an innovative service developed by Eurotunnel, called "Border Pass", which helps carriers to prepare documents prior to the crossing. To date, this service remains a differentiating and simplifying factor. Subsequently, and since 2023, the Group has enhanced its service offering in terms of customs formalities with the deployment of an even more sophisticated platform for obtaining and managing customs declarations and processing all formalities relating to border crossings. These services, which are aimed at carriers, logisticians and even shippers directly, draw on the expertise of ChannelPorts in the UK and ASA and BIMS in France (registered customs representatives in France and acquired in 2024 and 2025) and grouped under the Getlink Customs Services brand name.

   In addition to re-establishing the border, Brexit has also had an impact on the regulations applicable to passenger transport. The UK's exit from the European Union means that a certain number of rules for residents of non-EU countries apply to travellers between the two countries. For example, the Entry/Exit System (EES), provided for in a 2017 European regulation, the principle of which was mooted by the European Commission as long ago as 2008, applies to British travellers. This European regulation provides for the setting up of a central database for the European border requiring prior registration and the capture of biometric data. The implementation, which began at the Group's terminals in October 2025 for trucks and coaches, represents a major challenge. To ensure fluidity, simplicity and a competitive advantage, the Group has been working over the last few years to set up a vehicle flow management system. The system, which has required investment and a major transformation of the customer journey, is ready to go live and will be able to start up in line with the timetable set by the authorities.

   In addition to EES, crossing the border also requires new travel authorisation formalities to be carried out upstream, with the introduction in 2025 of ETA (Electronic Travel Authorisation) for entry into the UK, and, from the fourth quarter of 2026, of ETIAS (European Travel Information and Authorisation System) for entry into the Schengen area. These procedures are mainly carried out before the crossing.

   Aware of these challenges, the Group has a duty to anticipate these new regulations and has set itself the goal of remaining at the forefront of innovation and simplicity in border management, for the benefit of its customers.

   Developing growth drivers

   While tunnel utilisation rates remain limited, the Group is developing all opportunities for volume growth to optimise value creation. In the Railway Network business, this involves working with national authorities and rail operators to remove barriers to the development of new services and new operators. As discussed in section 1.2.2.2 below, the Group's actions have reduced the time to market from 10 to five years for operators deciding to launch a new service between London and the European cities of Cologne, Frankfurt, Geneva and Zurich. Confirmation of strong demand for high-speed rail transport and announcements of new capacity (Eurostar and new operators) due to be delivered from 2030 onwards make the Group confident in its ability to increase traffic by 10 million passengers (compared to 2025) in the medium term.

   The Group is also launching new initiatives aimed at accelerating traffic growth in new markets for its Shuttle business. This includes initiatives to attract new nationalities of customers (development of LeShuttle traffic from continental Europe to the UK) and new types of customers (development of the partnership with Avios targeting a new category of travellers).

   Transformation at the heart of Group activity

   Getlink is committed to continuous improvement and transformation in order to maintain its leadership, strengthen the Group's competitive advantage and sustain profitable growth for the future. Performance and transformation are based on various factors.

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   1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

   Quality of service

   The Group has embarked on a major workstream to improve service quality, in particular through the Delight programme launched in 2022 at Eurotunnel level, which in 2025 led to further improvements in service quality and customer satisfaction, as measured by the NPS (Net Promoter Score). This programme focuses on initiatives that have the greatest impact on improving service quality and offers a comprehensive and pragmatic response to customer satisfaction challenges. It provides personal touches while addressing complex, cross-functional issues. The Group pursues improvements in real time and adapts its services to the specific needs of each of its customer segments such as heavy goods drivers, electric vehicle owners, people travelling with their pets or people with reduced mobility. In addition to the on-site experience, the Group is continuing to improve its customer relationship management with tools and a commercial approach that enable it to get to know its customers better and target their needs and promoting loyalty.

   Innovation

   Innovation is intensifying thanks to technological advances in digitalisation and AI. The deployment of those technologies is transforming business processes, such as maintenance, and providing data-assisted decision-making tools. The Group has developed effective tools for measuring and analysing data to improve the reliability of rolling stock, and continues to deploy AI, with a number of use cases in the pipeline.

   Project management

   From 2024, the Group has begun to roll out a set of methods and best practices known as the Getlink Way of Project Management, aimed at harmonising and improving efficiency in project management and monitoring. This is necessary in order to ensure the renewal of assets at the end of their life cycle and to invest in projects with a financial, commercial or environmental return on capital to prepare for the future and maintain a high level of competitiveness in all areas of activity.

   Continuous improvement and Lean Management

   The Group is continuing to roll out Lean Management as part of a drive for continuous improvement in operational efficiency, based on the deployment of AI and the simplification of certain processes. For example, the Group is improving the efficiency of its purchasing processes in order to speed up supplier management and checks.

   In addition, the Group has continued its operational discipline through an EPP (Eurotunnel Performance Plan) at Eurotunnel aimed at identifying and promoting performance actions in the operational and corporate sphere in order to optimise its financial and operational performance.

   General management and the Board of Directors have established the generation of long-term value for all stakeholders as their founding principle. Getlink is delivering on this objective with a renewed approach to performance based on continuous improvement of its practices, adjusting to customer needs and control of resources.

   Fundamentals and strategic levers

   Assets

   The Group's main competitive advantage lies in the unique nature of its main asset, the Tunnel and the Concession, at the heart of major challenges: the evolution of mobility practices, the digitalisation of the economy and customer relations and the evolution of the economy towards a low carbon model.

   Eurotunnel's concession model offers a degree of flexibility that enables it to develop its services to best meet customer needs and to adapt the pricing policy for the Shuttles service. Getlink is particularly committed to pursuing its dynamic pricing policy and to constantly improving its rail system, taking into account the need to anticipate and support new market trends in order to make them part of a sustainable value creation strategy.

   As well as offering a benchmark mode of transport between Europe and Great Britain with high-quality Shuttles and links with the high-speed trains that form the core activity that is the Tunnel, the unique positioning of this asset also opens up opportunities to offer complementary services upstream and downstream of the Tunnel.

   Indeed, the development of complementary services is based on opportunities linked to the simplification of borders, the facilitation of trade and the development of new modes of transport and sustainable travel. The Group's presence in rail freight through Europorte provides a solution for facilitating the development of multimodal traffic, while at the same time meeting the priorities of national public strategies at a domestic level.

   The Tunnel's unique position also enables it to develop other activities in synergy with transport-related services, as part of a controlled diversification of revenues. For example, the Group is taking advantage of the development of interconnectors between fibre optic networks and electricity grids, which meet the economic and strategic challenges between France and Great Britain. Through Eleclink, the Group is contributing to the energy transition, which involves an increase in electricity exchanges on a European scale linked to the growth in demand and the growth in intermittent electricity production from renewable sources.

   All the initiatives undertaken by the Group towards an enhanced low carbon strategy, targeted investments and continuous strengthening of the teams' skills will contribute to the creation of value in future years. This ambition has been at the heart of Getlink's mission since 1987.

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   PRESENTATION OF THE GROUP AND ITS BUSINESSES 1

   
   
   

   Investment policy

   Getlink has entered a phase of major investment in order to meet the challenges of asset renewal and modernisation in the Eurotunnel segment, thus creating the necessary conditions for future growth. Against the background of the management of the lifecycle of its assets after more than 30 years of operation, the Group needs to undertake major projects to maintain and renew its infrastructure and rolling stock as part of a continuous improvement approach in respect of safety and operational reliability, develop traffic and improve customer service. The Group's investment policy must therefore enable it to successfully complete complex projects by drawing on the technical expertise of its teams in an infrastructure that is unique in terms of its size, regulatory constraints and security as well as more efficient project management. The major projects faced by the Group also require strict financial management to optimise the use of resources as well as a cross -functional vision to anticipate the technical, operational and technological impacts.

   Getlink's investment policy, which also aims to reduce its environmental impact, is set out in section 1.5 below.

   A controlled diversification of revenue streams

   Alongside operating its core business of the Concession, Getlink intends to continue the controlled diversification of its revenues by maximising Tunnel usage, developing services that support the Tunnel's activity and positioning itself in activities upstream and downstream of the flows through the Tunnel that can generate synergies and create value.

   Maximising the use of the core asset of the Tunnel is based first and foremost on developing Shuttle Service traffic and the Railway Network through targeted marketing campaigns and a high quality of service. In addition, the Group wishes to continue developing complementary services upstream and downstream of the Tunnel, such as digital services, which will contribute to better integration with transport chains and mobility ecosystems to support growth in volume and revenue. This will involve developing services for users, partnerships and the retail offer (section 1.2.2). The Group is also pursuing the development of new high value-added activities in synergy with the Tunnel including new uses for the infrastructure, such as the Eleclink interconnector brought into service in 2022 (section 1.3 of this Universal Registration Document), the installation of new fibre optic cables in the Tunnel and the development of user services as well as all new activities that could benefit from the unique position of the Concession. Lastly, the Group's presence in rail freight transport through Europorte strengthens its expertise in the rail sector and consolidates its knowhow in the areas of rolling stock, rail infrastructure management and cross-border operations. Indeed, Europorte's involvement in rail freight transport and the maintenance of rail infrastructure creates synergies with the Tunnel such as creating the right conditions for growth of Rail Freight Services traffic in the Tunnel. In addition, the sharing of experience between Eurotunnel and Europorte creates synergies in both directions.

   This controlled diversification of revenues and new growth drivers, in conjunction with its historic activities, is accompanied in particular by a strategy of external growth. In the course of the last few years, the Group has successfully concluded several new acquisitions (especially by Europorte and Getlink Customs Services activities) while ensuring that these businesses were properly integrated into the Group's activities.

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   1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

   Agile management of the financing structure

   In the current economic environment, the Group is continuing its strict cost discipline with robust investment decisions in order to drive continued productivity improvement and modernisation.

   Following the successful refinancing of the C2A tranche of Eurotunnel's Term Loan in May 2022 and the issue of the Green Bonds in April 2025, the Group continues to monitor opportunities to optimise its funding structure in line with market conditions in order to retain the flexibility required to deploy its strategy and minimise the cost of its debt.

   Key resources

   Getlink is able to offer Eurotunnel's services thanks to the initial private investment of over €20 billion in the Fixed Link. This unique rail infrastructure beneath the sea is regularly maintained and improved, such as with the modernisation of its fleet of Truck Shuttles and club cars and the Passenger Shuttle Mid-Life Programme as set out in section 1.5.1 of this Universal Registration Document. Over the life of the Concession period, revenue from rail tolls (a regulated activity) and the Shuttle business is sufficient to cover the repayment of bank borrowings and remunerate equity contributed by investors via the payment of dividends. In addition, since Getlink SE is a listed company, investors are able to trade in its shares based on their own expectations of traffic levels and fluctuations in exchange rates and borrowing rates over the remaining Concession period.

   The Group has a number of strengths and unique characteristics that are key resources:

   • Human resources: the Group's performance is the result of the hard work and commitment of all its team members (described in sections 6.1.7 to 6.1.9 of this Universal Registration Document) who, through their professionalism and sense of service which are displayed both on a daily basis as well as in exceptional situations, make Getlink the great company that it is. The Group's team members bring focused technical expertise to the Group, enabling it to master challenges in a number of areas. The company's internal culture - marked by strong ethics, a collective commitment and an emphasis on customer relations - is a key resource and has enabled the Group to weather the crises and difficulties that could arise. In line with the increase in operational efficiency and the evolution of certain functions, the organisation is in a good position to adapt its workforce in a concerted way. In order to successfully complete the major infrastructure maintenance and renewal projects during the Getlink's current investment phase (section 1.5 of this Universal Registration Document), the organisation will use this adaptability to draw on the necessary resources. At the same time, Getlink is strengthening its action to diversify the profile of team members particularly in respect of gender equality and is working to enhance leadership at all levels of management. In addition to defining standards and providing training, the Group regularly encourages employees to share best practice in terms of management and to reflect on how to continuously improve managerial practices and behaviour.

   • Regional foothold: due to its foothold in the Kent and Calais areas, the organisation has contributed significantly for more than 30 years to the development of the regional economy as set out in section 6.1.11 of this Universal Registration Document.

   • Concession Agreement: the Concession Agreement provides a secure legal framework and a long-term Concession period (described in section 8.2.2 of this Universal Registration Document).

   • Eleclink: Getlink has a unique asset, the entry into service of which in mid-2022 has reinforced the indispensable role of the Group and the strategic nature of the Tunnel against a background of tension and energy market volatility (as described in section 2.1 of this Universal Registration Document).

   • Border: the reintroduction of a border following the UK's exit from the European Union adds complexity but also an opportunity in that it enables the Group to implement differentiating and high value-added solutions in order to maintain a quick and simple customer experience (described in section 1.2.1 of this Universal Registration Document).

   • Innovation: the Group leads initiatives by drawing on the skills of its employees, on technology, data management and external partnerships. The Group's recent iconic achievements in innovation include the deployment of AI for rolling stock and infrastructure maintenance and the development of a digital twin for planning operations. The Group has a strong culture of innovation, notably with academic partners such as ENPC (l'École Nationale des Ponts et Chaussées) for sleeper blocks and track monitoring, the L2EP Laboratory (Laboratoire Electrotechnique et d'Electronique de Puissance de Lille) on the detection of catenary-related faults and disruptions, and UKRRIN (UK Rail Research and Innovation Network) on research into vibration analysis to better understand the stresses and wear of rolling stock on the track described in section 6.2.5.2 of this Universal Registration Document).

     CSR ambition and environmental strategy

     For Getlink, striving for greater sustainability is structurally a prerequisite for long-term success: committing to sustainability is also a guarantee of robustness in terms of limiting risks, preserving social and environmental capital, and gaining competitiveness. This is why, following on from the 2025 Environment Plan, Getlink renewed its CSR roadmap in 2025 and defined new commitments for 2030. This CSR 2030 trajectory sets out the main objectives established in response to the major sustainability challenges identified in the areas of social, environmental and governance issues, with clear priorities for action agreed with internal and external stakeholders. Their implementation is described in chapter 6 of this Universal Registration Document.

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     PRESENTATION OF THE GROUP AND ITS BUSINESSES 1

     In 2025, Getlink continued to reduce its environmental impact and followed its investment programme with a particular focus on installing 80,000 solar panels on the Coquelles terminal with a view to self-consumption of energy and continuing to reduce its greenhouse gas emissions. The Group has also strengthened its social and societal trajectory, the 2030 objectives and successes of which are described in chapter 6 of this Universal Registration Document.

     To support the long-term value creation approach shared with all its stakeholders, Getlink continues to strengthen its environmental leadership, which is based firstly on the low-emission nature of the rail solution for crossing the Channel and secondly on the desire to support the decarbonisation of the value chains in which the Group is involved. From this point of view, Getlink has two key levers at its disposal, through the possibility of encouraging modal shift and by supporting the evolution of the engines of vehicles crossing the Channel.

     Getlink favours an equitable approach to sharing value via a combination of economic, financial and non-financial performance, while investing to ensure the long-term success of the Group. It intends to consolidate its competitive advantages and its green leadership through its actions and achievements, while making its voice heard by the stakeholders concerned on issues such as decarbonisation and decent working conditions, particularly in the face of the risks of unfair competition and social dumping.

     Ethics is a fundamental pillar of Getlink's commitment to responsible business conduct. Getlink's governing bodies have

     zero tolerance for abusive practices, such as corruption or human rights violations.

     The risk factors relating to the company's activities and its environment are presented in chapter 3 of this Universal

     Registration Document.

     Board members with diverse skills adapted to the Group's strategic challenges

     In accordance with its diversity policy, the Board of Directors ensures that the skills of its members are balanced and diverse in relation to the Group's strategic challenges. The Board is attentive to the diversity of experience of its members and to balanced gender representation, while ensuring that each member adheres to the fundamental values of the business as detailed in chapter 4 of this Universal Registration Document:

   • enhanced Board competence with regard to CSR;

   • a deep understanding of public affairs and Franco-British relations in a highly regulated environment;

   • diversified expertise in customer relations;

   • strong financial skills;

   • an increasing appetite for new technology; and

   • strong industrial and transport expertise as well as expertise in risk and safety.

   The Board Directors work together in a complementary way in their respective fields of expertise, with Board decisions made collectively.

3. ‌GROUP STRUCTURE

   Getlink SE is a European company regulated by French law with a Board of Directors. It is incorporated in Paris and is governed by the relevant provisions of prevailing French and EU laws and regulations. Getlink SE is registered with the Paris Trade and Companies Registry under RCS Paris registration number 483 385 142 (SIRET: 483 385 142 00060, principal activity (APE) code: 70.10Z, LEI: 9695007ZEQ7M0OE74G82). The registered office of Getlink SE is located at 37-39, rue de la Bienfaisance, 75008 Paris, France.

   The legal structure of Getlink SE was incorporated on 6 July 2005 for a fixed period of 99 years from the date of its registration in the Paris Trade and Companies Registry, i.e. until 3 August 2104. The company was converted on 26 December 2014 to a European company and its name changed to Groupe Eurotunnel SE at that time and then to Getlink SE by a decision of the General Meeting of 18 April 2018.

   The ordinary shares issued by Getlink SE are listed on Euronext Paris.

   Getlink SE's role with regards to its subsidiaries is set out in the introduction to the notes to the Getlink SE parent company accounts in sections 2.2.2 and 2.4.4 of this Universal Registration Document.

   In 2025, the structure of the Group was organised around the following three sectors of activity:

   • the Eurotunnel segment: cross-Channel Fixed Link Concession, including Getlink Customs Services, the Group's

     corporate services as well as the CIFFCO railway training centre;

   • the Europorte segment: rail freight; and

   • the Eleclink segment: the electricity interconnector between France and Great Britain.

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   1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

   Simplified legal chart of the Group as at 31 December 2025

   As shown in the following chart, the Group consists of a total of 41 subsidiaries as at 31 December 2025, including 22 located in France and 16 located in the UK.

   Eurotunnel Financial Services Ltd

Getlink Services UK Ltd

Eurotunnel Agen Services Ltd

Le Shuttle Ltd

London Carex Ltd

Euro-

TransManche Holding SAS

Getlink

Maintenance

Holding SAS

Euro Immo GET

SAS

Electrofer SAS

Giravert SAS

Associated Shipping Agencies SAS

Renofer SAS

NABU SAS

TS Rail SAS

Getlink

Projects 2 Ltd

Eleclink Ltd

ChannelPorts

Ltd

Sherpass SAS

Europorte Channel SAS

Manutention Transport Service SAS

Europorte Channel Ltd

Getlink SE

Europorte France SAS

Europorte Deutschland GmbH

Eurotunnel Developments Ltd

Eurotunnel Services Ltd

Socorail SAS

Eurotunnel SE

1. ‌EUROTUNNEL ACTIVITIES

   Eurotunnel is the operator of the Fixed Link under the English Channel, a unique structure connecting France and the UK via three tunnels, two of which are for rail traffic and one for service traffic. This strategic infrastructure, which entered into service in 1994, is a major route for passenger and freight transport between mainland Europe and the UK.

   The Fixed Link refers to an integrated road and rail transport system that includes Shuttle services (for cars and trucks) and a rail service (for passenger and freight trains). The Concessionaires FM and CTG operate the transport system with Shuttles and make paths available to licence holders, allowing them to operate cross-Channel High-Speed Passenger Trains and Rail Freight Services.

   The Fixed Link comprises three tunnels under the English Channel of a length of about 50 kilometres each, two terminals at Folkestone in the UK and Coquelles in France as well as fixed equipment and related installations:

   • two rail tunnels with a single track are, during normal service, each used by the trains moving in a single direction;

   • the third tunnel, located for most of its length between the two main rail tunnels, is a secure means for evacuation and is also used for Tunnel maintenance; and

   • two crossover points between the rail tunnels allow trains to change between tunnels during maintenance work on certain sections of the tunnels.

     
     
     

     The Fixed Link is directly connected to the British and French motorway networks, via the Folkestone and Coquelles terminals which are the departure and arrival points. Retail and food service areas are available to customers at each terminal. The Fixed Link is also connected to the national French and British rail networks and more particularly to the highspeed lines.

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     1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

     The Eurotunnel segment generated revenue of €1,198 million in 2025, representing 75% of the Group's revenues,

     comprising:

   • revenue from its Truck and Passenger Shuttle Services for the transport of trucks, cars, coaches and other vehicles between the UK and France;

   • payments received for the use of the Tunnel Railway Network by High-Speed Passenger Trains (Eurostar) and by Train

     Operators' Rail Freight Services; and

   • ancillary revenues.

   Revenue by activity

   2024* 2025

   Railway

   Network

   €395m

   (34%)

   Shuttle

   Services

   €721m

   (62%)

   Other

   €41m

   (4%)

   Other

   Shuttle

   Services

   €738m

   (62%)

   Railway Network

   €411m

   (34%)

   €49m

   (4%)

   * Restated at the rate of exchange used for the 2025 income statement (£1=€1.165).

   The Concession Agreement granted the Concessionaires the right and obligation to design, finance, construct and operate the Fixed Link between France and the UK without prejudice to the sovereign role of the States in terms of control and border enforcement. The Concession Agreement is described in section 8.2.2 of this Universal Registration Document.

   1. ‌EUROTUNNEL'S MAIN MARKETS

      Eurotunnel operates in the transport market carrying passengers, cars, coaches, trucks and goods between continental Europe and the UK.

      1. Freight market

         Freight traffic between continental Europe and the UK is based on three corridors:

         • the Short Straits: all routes from continental Europe to Dover, Folkestone and Ramsgate (including the Tunnel);

         • the English Channel: all routes from continental Europe to ports on the south coast of the UK south west of Folkestone; and

         • the North Sea: all routes from continental Europe to ports on the east coast of the UK north of Ramsgate (including the Thames estuary).

           Freight traffic is commonly divided into four distinct modes:

         • accompanied Roll-On/Roll-Off: trucks and trailers crossing the Channel or the North Sea on Shuttles or ferries at the same time as the road tractor and driver, mostly via the Short Straits;

         • unaccompanied Roll-On/Roll-Off: trailers crossing the Channel or the North Sea independently of the road tractor and its driver, mostly via North Sea routes;

         • rail freight: conventional or Intermodal trains running through the Tunnel; and

         • Lift-On/Lift-Off: moveable containers or swap bodies loaded on Lift-On/Lift-Off container ships, mostly on the North Sea routes.

           The modal distribution varies by geographic zone and time constraints.

           The Short Straits market

           In the freight market, the Truck Shuttle Service (LeShuttle Freight) is in competition with ferry operators. To date and notwithstanding the impact of the UK's exit from the European Union, the Short Straits remain the main route for trade with the UK as well as the shortest route for crossing the Channel.

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      2. Passenger market

         Transport services for passengers travelling without their vehicles between the UK and continental Europe are mainly provided by airlines or by High-Speed Passenger Trains and they represent a marginal and indirect source of competition for Eurotunnel's Passenger Shuttle Service (LeShuttle). Eurostar services operate in the transport market for passengers principally between London and Paris, Brussels and Amsterdam. Eurostar's main competitors are the airlines proposing air services between the UK and continental Europe.

         The Short Straits market

         The Shuttles and the ferries carry passengers travelling with their vehicles across the Short Straits between the Hauts -de-France region in France (Coquelles for the Shuttles, Calais and Dunkirk for the ferries) and Kent in the UK (Folkestone for the Shuttles and Dover for the ferries).

      3. Competitive position in the Short Straits market

         1. Ferry operators

            The Short Straits market is covered by two major players: Eurotunnel's Shuttle Services for passengers and trucks and ferry companies operating between Dover and Calais. This competition is based on key criteria such as speed, frequency, flexibility and cost. Eurotunnel stands out for its regularity, frequency and speed of crossing. Ferry operators in the cross -Channel market are deploying increasingly larger vessels with greater capacity, thereby enabling economies of scale. In 2021, the new port of Calais also increased its capacity to accommodate new shipping routes, all of which are factors likely to generate overcapacity. In 2025, a total of 11 ships will be operating on the Short Straits market.

            The following ferry companies operate on the Short Straits market:

            P&O

            P&O Ferries ("P&O") is a UK-based ferry operator. It is in direct competition with Eurotunnel in both the freight and passenger markets. Since the end of 2024, the three ships making up the P&O fleet are the Liberté, the Pioneer and the Spirit of France.

            DFDS Seaways

            DFDS Seaways ("DFDS") is owned by the Danish company DFDS. Since 2022, DFDS has operated three vessels on the

            Dover-Dunkirk route and three others on the Calais-Dover route.

            Iris h Ferries

            Irish Ferries, owned by Irish Continental Group, began operating a service from Dover to Calais service in 2021 with one ship (the Isle of Inishmore). Between 2022 and 2023, Irish Ferries put two additional ships into service (the Isle of Inishee r and the Isle of Innisfree). In June 2024, a more modern ship, the Oscar Wilde, replaced the Isle of Innisfree at which time and a capacity sharing agreement was entered into with P&O which enabled the two companies to load customers on to the first available ship. At the end of 2025, Irish Ferries was operating with two ships (the Isle of Inishmore and the Oscar Wilde).

            Regulatory developments affecting ferry operators

            Social dumping

            In the UK, the Seafarers' Wages Act 2023 came into force on 1 December 2024. The new law aims to prevent people working on ships operating an international service from being paid less than the UK national minimum wage. Under the amendment to existing legislation, port authorities impose fines on ship operators who fail to provide evidence that they are paying their seafarers the equivalent of the UK national minimum wage and will refuse port access to those who continue to fail to comply with the law.

            In France, the law combatting cross-Channel social dumping and strengthening maritime transport safety came into force on 1 July 2024 and seeks to counter the risk of worser working conditions and wages for seafarers employed by passenger transport companies making regular cross-Channel crossings.

            Bilateral cooperation, formalised in September 2025, provides for the real-time exchange of inspection data to harmonise practices. Despite these advances, in 2025 the Group called for tighter controls to ensure fair working conditions.

            Increase in the EU Emissions Trading System (ETS) tax for shipping

            Since 1 January 2024, shipping has been included in the European Union Emissions Trading System7. Aimed at encouraging the reduction of greenhouse gas emissions in an economically efficient way, this tax is in effect an emissions tariff for ships that will provide an incentive for shipping companies to reduce them.

            This tax, which reflects the negative impact of carbon emissions on society, is based on the price per tonne of CO2 on the quota market. It covered 40% of emissions in 2024, 70% in 2025 and will cover 100% in 2026. This tax, which reflects the cost of CO2 produced as determined by the ETS, will be levied on 100% of emissions for intra-European voyages (between European Union and European Economic Area ports) and 50% of emissions for non-wholly European voyages (between a EU/EEA port and a non-EU/EEA port). The UK has also announced its intention to introduce a similar scheme, meaning that UK domestic routes and routes between the UK and the EU will in future be covered by the ETS.

            The ETS surcharge is calculated on the basis of a one-month average price in euros per metric tonne for CO2 emissions and is largely or wholly rebilled by ferry operators to their customers.

            ‌7 Source: https://www.mer.gouv.fr/marche-carbone-europeen-ets-transport-maritime

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            1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

         2. Activities of competitors on alternative routes (unaccompanied)

            DFDS has operated a dedicated unaccompanied trailer service on the Dunkirk-Rosslare route with five return services per week as well as on the Dunkirk-Dover route. DFDS no longer operates a service between Calais and Tilbury.

            Irish Ferries operates a dedicated unaccompanied trailer service on all its routes between Ireland and the UK (Holyhead-Dublin and Pembroke-Rosslare) and between Ireland and France (Cherbourg-Dublin, Rosslare-Cherbourg and Rosslare-Roscoff).

            The Eurotunnel unaccompanied trailer transport activity on the Short Straits, which started in 2021, was discontinued in 2025 amid continued fierce competition in the cross-Channel market.

         3. Eurotunnel's Shuttle Services

            Competitive advantages of Eurotunnel's Shuttle Service compared to ferry services

            The Group considers that, under normal operating conditions, its Shuttle Service benefits from the following competitive advantages over ferries:

            Low Carbon - High Simplicity

            • frequency: the frequency of Shuttles departures is higher than that offered by each of the Group's competitors and services run every day of the year;

            • speed: the travel time between the French and British motorways is much shorter than that of its competitors;

            • reliability: unlike ferries, Shuttle Services are not affected by sailing conditions and are largely unaffected by the weather;

            • environmentally-friendly: the electricity used for traction generates much lower greenhouse gas emissions than the fossil fuel used by ferries: i.e. 14 times lower for trucks and 52 times lower for passengers;

            • security and safety: the Group is offering improved security arrangements at the Coquelles site and enhanced pre-boarding checks;

            • border controls - the Entry/Exit system (EES): the passenger flow has been adapted and streamlined to incorporate the new European EES regulations, for which additional biometric checks will be required for third-country passengers (including UK nationals); and

            • convenience: with the GSM-P system, Shuttle Services customers have uninterrupted access to GSM and 4G services in the Tunnel as well as free Wi-Fi access throughout the terminals.

            The Group has deployed a strategic action plan as set out in sections 1.1.3 and 1.2.2 of this Universal Registration Document including developing its infrastructure and digitalising and adapting its ways of working to keep and strengthen these advantages.

         4. Airlines

            Airlines serve many destinations in continental Europe (including France) and thus compete with operators in the Short Straits, including the Passenger Shuttle Service in the short stay leisure market.

         5. Eurostar

         To a lesser extent, Eurostar's High-Speed Passenger Trains compete indirectly with the Passenger Shuttle Service in the leisure market.

   2. ‌EUROTUNNEL'S MAIN ACTIVITIES

      Eurotunnel operates and directly markets a Shuttle Service which comprise Truck Shuttles ("LeShuttle Freight") transporting heavy goods vehicles and Passenger Shuttles ("LeShuttle") transporting passengers in their vehicles (including cars, coaches, motorbikes and motor homes). Railway Companies' High-Speed Passenger Trains and Rail Freight Services may also travel through the Tunnel in return for payment of a toll: Eurotunnel does not operate these services but manages their transit through the Railway Network in terms of safety and regularity.

      1. Shuttle transport activities

         In 2025, operation of the Passenger and Truck Shuttle Services generated revenue of €738 million, up 2% compared to 2024, and representing 46% of overall Group revenue in 2025 compared to 45% of overall Group revenue in 2024.

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         1. Truck Shuttle Service: LeShuttle Freight

            LeShuttle Freight carries trucks between France and the UK on Truck Shuttles. At each terminal, drivers pass through dedicated check-in, safety, security and border control facilities. Drivers and passengers do not remain in their vehicles during the crossing, but travel in specially designed carriages called club cars.

            Eurotunnel's teams strive to offer the best possible service to customers and to ensure smooth passage and efficient border controls. The various safety, security and migration checks and the collection of data on cargo in trucks have been brought together at a single point before border controls at each terminal called "pit-stops". A SIVEP (the French veterinary and phytosanitary service) customs centre built near the Coquelles terminal carries out the customs, veterinary and phytosanitary controls and a similar facility has been built at Sevington near Ashford.

            Eurotunnel has re-established customs formalities in such a way as to keep a smooth service. The Eurotunnel Border Pass service enables goods customs declarations to be sent securely online to Eurotunnel and then to the authorities in both countries. The information is automatically matched with the truck's registration plate.

            The implementation of new formalities and controls linked to Brexit has not had a significant impact on the quality of service for trucks. The Group has continued to adapt to Brexit-related regulatory changes. Since 30 April 2024, the UK authorities have introduced sanitary and phytosanitary (SPS) checks, which consist of documentary, identity and physical checks at border control posts, when crossing the border. Following the UK-EU summit in July 2025, the SPS checks were eased: the UK suspended the application of new inspections planned for plant and animal products from the European Union, in particular medium-risk fruit and vegetables until 31 January 2027. The Council of the EU, through a decision of 13 November 2025, formally authorised the Commission to open negotiations with the UK on an SPS agreement. This agreement will focus on the creation of a common SPS area endorsing the relaxation of border controls with the particular aim of aligning UK regulations with EU SPS standards including legal mechanisms to ensure effective enforcement. The objective is to reduce constraints on businesses and facilitate agrifood trade while maintaining a high level of health protection.

            LeShuttle Freight Village, a secure area in which truck drivers can relax and unwind, is ideally located in the heart of the Eurotunnel Freight Terminal in France and is open 24 hours a day, seven days a week. It offers 309 secure parking spaces for trucks, hook-ups for refrigeration units as well as various services for drivers including showers and sanitary facilities, a lounge with self-service complimentary coffee, a food truck, self-service laundry machines and an automated convenience store. On the British side, lorry drivers also benefit from the Folkestone Services secure car park, which is managed by the Group and which offers nearly 200 spaces for lorries and coaches, as well as reception, catering, relaxation and sanitary facilities.

            Strategy

            Truck service marketing strategy

            The strategy is based on optimising Truck Shuttle revenue and a pricing policy that reflects the fair value of the service provided by Eurotunnel - its speed, ease, reliability and safety.

            Eurotunnel has put a mechanism in place to optimise Truck Shuttle revenue by means of an adjustment to the pricing policy, whilst maintaining service quality during peak days.

            An Electricity Value Adjustment (EVA) surcharge has been added to the price of the crossing to reflect the rising cost of electricity, a practice used by ferry companies to take account of variations in the cost of oil by means of the Bunker Adjustment Factors (BAF).

            Truck Shuttle Service market share

            Eurotunnel estimates that its share of the Truck Shuttle Service market on the Short Straits has evolved as follows:

            	2025 Market share Vehicles (estimate)		2024 2023 Market Market Vehicles share Vehicles share
            Trucks *	1,163,124	35.4%	1,198,052	35.6%	1,206,754	35.9%

            * Number of accompanied and unaccompanied trucks transported by the Truck Shuttle Service. The Short Straits market share has been calculated using market data as reported by IRN Services Limited.

            The Short Straits truck market shrank 2.4 % in 2025 compared with 2024. Eurotunnel carried 1,163,124 trucks and its traffic decreased by 3% compared to 2024 due to strong competition in the market. In a Short Straits market that is currently experiencing excess capacity, the Truck Shuttle Service remains a market leader, with a market share of 35.4% for the year (35.6% in 2024).

         2. Passenger Shuttle Service: LeShuttle

         LeShuttle carries cars, motor homes, caravans, coaches and motorcycles (together with trailers as the case may be) between France and the UK onboard trains (Shuttles). Small commercial vehicles with a reservation may also travel in Passenger Shuttles provided they meet security requirements and after their cargo has been checked by the scanners installed at both Eurotunnel passenger terminals.

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         1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

         Customers can stay in their vehicles throughout the crossing, which lasts approximately 35 minutes. Each Passenger Shuttle has two sections: a double deck section mainly for cars and motorcycles and a single deck section reserved for vehicles higher than 1.85 metres, mainly coaches, minibuses and cars with roof boxes or towing caravans.

         The Group has prepared for the implementation of the new European Entry/Exit System (EES) regulations, which came in effect on 12 October 2025 for the Truck Shuttles operations and for coaches using the Passenger Shuttles. EES aims to strengthen border safety in the Schengen area by automating the collection of data on third country nationals (TCNs) travelling for short stays (less than 90 days). This data will be centralised in a European database, making it easier to trace movements. This modernisation of border control will replace the manual stamping of passports. It is based on facial and digital biometric recognition technology.

         For Eurotunnel, the challenge mainly concerns the passenger business, which has a majority of third country nationals customers (its customers being mainly British) who will therefore have to undergo EES pre-registration in 2026. In order to deal with this new requirement, the Group has made significant and innovative investments to maintain the smooth flow of passenger traffic: two dedicated pre-registration zones each being able to handle 50 vehicles at once have been created. At each bay, customers will have the use of two self-service kiosks to pre-register. In addition to the pre-registration areas, Eurotunnel has introduced dynamic signage and an intelligent allocation system, capable of recognising the status of the vehicle. On arrival at check-in, an ANPR (Automatic Number Plate Recognition) camera reads the vehicle's number plate. The system then combines this information with that entered when the customer made the reservation in order to determine the vehicle's status.

         Strategy

         In the context of the organisation's business model, the aim is to improve Passenger Shuttle revenue by optimising the

         average revenue per Shuttle.

         Pricing policy: dynamic pricing

         The pricing system adjusts ticket prices according to departure time and Shuttle load factor, thereby optimising passenger revenue and the average ticket price for passenger vehicles (including cars, motor homes, caravans and motorcycles).

         A pricing structure involving fares based on vehicle size helps to optimise the Shuttle load factor and the average ticket yield of the Passenger Shuttle business.

         LeShuttle tickets can be bought in advance from the website (https://www.leshuttle.com), using mobile apps, by telephone from the customer service centre, from travel agents and on arrival at check-in. More than 90% of LeShuttle customer bookings are made online.

         Adapting capacity to demand

         The LeShuttle capacity is regularly adjusted to offer the best balance between the frequency of services offered to customers, the optimisation of the load factor and costs reduction. Operational adjustments are made to enable this, such as a better distribution of Shuttle departures during the day, with limited Passenger Shuttles at off peak times, increased services during peak times and the optimisation of train crew management.

         The customer experience

         As a service business, Eurotunnel LeShuttle has a customer-centric strategy and it has an ongoing transformation programme to improve the end-to-end customer experience with the aim of driving customer satisfaction, loyalty and repeat business. Eurotunnel offers services and experience to meet the needs of its customers:

         • adjusting services to the specific needs of each customer segment, such as owners of electric vehicles or motorbikes, people travelling with their pets or people with reduced mobility;

         • the premium service provided to Flexiplus customers, who enjoy priority boarding, as well as access to two private lounges with a range of services (snacks, newspapers, Wi-Fi);

         • the actions and developments carried out to strengthen safety, in the context of Brexit, while making the passage of travellers at borders more fluid, both on boarding and on arrival;

         • enhanced real-time information as part of the roll-out of the digital transformation programme;

         • check-in zones equipped with automatic kiosks and vehicle number plate recognition for all pre-booked customers;

         • the acceleration of the business's digital transformation with the main objectives of improving the customer experience,

           increasing the fluidity of service and optimising the maintenance of the Tunnel and Shuttles;

         • the modernisation of reception buildings and furniture to improve customer comfort; and

         • the development of the range of shops and duty-free outlets to meet customer expectations and increase revenue per passenger.

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         Passenger Shuttle Service market share

         Eurotunnel estimates its share of the car and coach passenger markets on the Short Straits has evolved as follows:

         	2025 Market share Vehicles (estimate)		2024 2023 Market Market Vehicles share Vehicles share
         Cars *	2,221,693	56.1%	2,187,146	55.2%	2,236,713	58.4%
         Coaches **	12,400	18.5%	12,691	17.0%	18,130	23.7%

         * Number of vehicles transported by the Passenger Shuttle Service. The market share has been calculated by converting the numbe r of vehicles transported into Car Equivalent Units ("CEU") and determining the Passenger Shuttle Service's share of total CEU trans ported on the Short Straits as reported by IRN Services Limited.

         ** Number of coaches transported by the Passenger Shuttle Service. The market share has been calculated using market data as reported by IRN Services Limited.

         For the 2025 year, in a Short Straits market that is stable compared to 2024, the Passenger Shuttle Service is the market leader with a car market share of 56.1%, up by 0.8 points year-on-year despite strong competition from ferry operators.

         In a Short Straits coach market that contracted by 10.3% in 2025, Eurotunnel's Passenger Shuttle coach traffic contracted by 2% and its market share increased by 1.5 points to 18.5% (2024: 17.0%).

      2. Railway Network

         In 2025, the Group earned 26% of its revenue from the use of the Railway Network by Railway Companies' High-Speed Passenger Trains and Rail Freight Services. The Group does not operate these trains but manages their passage through the Tunnel.

         The use of the Tunnel by the Railway Companies is governed by the Railway Usage Contract with the national Railways, which is in force until 2052, as presented in section 8.2.3 of this Universal Registration Document. Under this charging framework, the train operators are obliged to pay to the Group variable charges according to the number of passengers on High-Speed Passenger Trains as well as fixed annual charges. The variable and the fixed annual charges are determined on the basis of a toll formula, which takes into account the effects of French and British inflation rates with a reduction of 1.1%. In addition, the Railways are required to contribute to the operating costs of the System, as well as to investment costs relating to the renewal of equipment.

         The Group publishes annually in its Network Statement its effective and non-discriminatory access conditions, offering all railway businesses, including new entrants, the opportunity to operate cross -Channel High-Speed Passenger Trains on existing routes or to new destinations, as well as the conditions for operating Rail Freight Services.

         The Group's revenue from its Railway Network is thus generated from variable charges received based on the number of passengers transported by Eurostar High-Speed Passenger Trains and the number of Rail Freight Services trains, annual fixed charges and the contribution to the operating costs of the System as well as investments costs relating to the renewal of equipment.

         1. High-Speed Passenger Trains (Euros tar and future new market entrants) Market developments and the competitive environment

            The market for High-Speed Passenger Train services (Eurostar and future new entrants) comprises business and leisure

            passengers travelling between the UK and continental Europe. The market is geographically diverse and includes, on the one hand, inter-capital travel between London and Paris or London and Brussels and Amsterdam and, on the other hand, a wider flow of passengers travelling between the UK and France, Belgium, the Netherlands, Germany and Switzerland.

            The High-Speed Passenger Train service competes directly with airline services (traditionally based on a competitive economic model) operating on these routes, rivalling them in the business and leisure travel sectors in terms of journey time, frequency, comfort and price.

            Combined data on market growth for Eurostar and the airlines are presented below.

            Air and rail market	2025 (estimate) Passengers (thousands) Growth		2024 2023 Passengers Passengers (thousands) Growth (thousands) Growth
            London-Paris	9,928	+2.8%	9,658	+6.8%	9,043	+24.0%
            London-Brussels/
            Amsterdam	8,195	+0.8%	8,129	+6.3%	7,649	+29.4%
            Total	18,123	+1.9%	17,788	+6.6%	16,691	+26.5%

            Sources: BRB, SNCF and CAA. The figures in the above table now include data for London-Southend and Paris-Le Bourget airports .

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            Market share

            The table below summarises Eurostar's High-Speed Passenger Trains' share of the market on the Paris-London and Brussels/Amsterdam-London routes.

            High-Speed Passenger Train passenger numbers and market share (Eurostar)	2025 (estimate) Passengers * Market (thousands) share		2024 2023 Passengers * Market Passengers * Market (thousands) share (thousands) share
            London-Paris	7,632	76.9%	7,203	74.6%	6,969	77.1%
            London-Brussels/
            Amsterdam	4,182	51.0%	3,998	49.2%	3,747	49.0%
            Total	11,815	65.2%	11,201	63.0%	10,716	64.2%

            * The market share percentages have been calculated as the share of the volume of rail passengers in the total rail and air traffic between Paris and London and between Amsterdam, Brussels and London as reported by CAA, BRB and SNCF. The figures in the above table now include data for London-Southend and Paris-Le Bourget airports .

            The cross-Channel passenger rail market has seen a favourable trend in the long term, with more than a decade of robust performance.

            In 2025, 11,814,753 Eurostar passengers used the Tunnel in 2025, an increase of 5% compared to 2024 and representing a new record.

            High-Speed Passenger Trains (Euros tar)

            Eurostar

            Eurostar's High-Speed Passenger Train services are operated by Eurostar International Limited, which became a subsidiary (alongside Thalys) of the Eurostar Group holding company in April 2022. 55.75% of Eurostar Group is owned by SNCF Voyageurs, 19.31% by CDPQ, 18.5% by SNCB, and 6.44% by funds managed by Federated Hermes Infrastructure.

            The Eurostar group, which brings Thalys and Eurostar together, announced on 14 January 2026 that it had transported 20 million passengers in 2025 and that it had set a target to carry 30 million passengers a year by 20308.

            Eurostar currently operates direct trains from London to the following major European cities: Paris (France), Lille (France), Brussels (Belgium), Rotterdam (Netherlands), and Amsterdam (Netherlands). In June 2025, Eurostar unveiled its ambition to expand its network with new trains that will enable it to open three new direct routes from London, including Frankfurt (Germany) and Geneva (Switzerland). These developments will be made possible by the delivery of new trains. In October 2025, Eurostar announced an initial order for 30 Avelia Horizon high-speed trains from Alstom with an option for 20 more. These new trains, named Eurostar Celestia, will be 200 metres long and will offer approximately 540 seats each and 1,080 in multiple units, representing a capacity increase of around 20% per train compared to the current e320 fleet. The first deliveries are scheduled for January 2031 with six trains expected to enter service in May 2031.

            Promoting competition and new developments

            The Group continues its long-term efforts with national authorities and rail operators to remove barriers to the development of new routes and new operators, with improvements in the implementation of Open Access (market liberalisation) for international passenger services across Europe.

            The Group is also strengthening its cross-border cooperation with rail infrastructure managers regarding the coordinated development of interoperable signalling systems on the London-Paris-Brussels routes (ERTMS) and regarding funding requests for this structural project for the trans-European transport network.

            As part of its strategy to accelerate the development of new high-speed direct links via the Tunnel, in December 2023 Eurotunnel announced a reduction in the time to market from 10 years to five years for operators deciding to launch new services between London and the European cities of Cologne, Frankfurt, Geneva and/or Zurich. This reduction in the time needed to launch new direct services is the result of Eurotunnel's work in cooperation with all the partners in the European rail ecosystem (infrastructure managers, authorities, manufacturers, regulators) on four areas of simplification:

            • the identification of new destinations through market studies carried out by Eurotunnel;

            • the standardisation of Tunnel regulations with the relevant authorities;

            • the integration of standards with manufacturers in their offer of new-generation rolling stock; and

            • the preparation of cross-Channel links for network and station managers.

              To encourage the development of these new opportunities, Eurotunnel has developed the ETICA-Pax (Eurotunnel Incentive for Capacity Additions - Passengers), a financial assistance mechanism for the launch of new cross-Channel High-Speed Passenger Train services. Through the ETICA-Pax programme, the Group contributes to creating direct services to new destinations by reducing the launch cost of these new services and proportionally rewarding Railway Companies for their market development efforts.

              ‌8Eurostar-Media Centre.

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              Arrival of new operators

              In accordance with the European directives and national regulations aimed at opening up the international rail passenger transport market to competition, the cross-Channel Fixed Link is open to use by any railway company on an Open Access basis along a rail network offering transparent, fair and non-discriminatory conditions with an exemplary level of long-term visibility. The Tunnel and the Railway Networks connected to it have been designed to be able to handle more than 20 million high-speed cross-Channel passengers a year, which is almost double the historic figure. As the infrastructure manager, Eurotunnel fulfils its role of informing and supporting operators in their prospective research of new rail services using the Tunnel.

              2023 and 2024 were marked by strong interest from rail operators in the potential for growth in high-speed traffic through the Tunnel, with projects at various stages of development. The announcements by Evolyn, Gemini, FS Group, Heuro Trains and Virgin Trains illustrated this momentum and confirmed the attractiveness of the market.

              In 2025, this momentum was confirmed with the announcement of capacity allocation at the Temple Mills depot in the UK which is used for train maintenance and preparation. After conducting an independent audit9 confirming available capacity at the depot, in June 2025 the ORR (Office of Rail and Road) launched a call for projects to operators. On 30 October 2025, it granted access rights to the depot to Virgin Trains, paving the way for the emergence of a competing player on the cross-Channel corridor.

              Virgin Trains has announced that it intends to place an order for 12 Alstom Avelia Stream trains, with service scheduled to launch by 2030, providing connections between London, Paris, Brussels and Amsterdam.

              Other aspiring operators, such as Trenitalia, continued their work with a view to entering the cross-Channel market by 2029.

              Development of new destinations

              Amsterdam and Rotterdam

              The launch of the direct link between London and Amsterdam through the Tunnel was a key milestone in the expansion of high-speed rail travel in this market of more than five million airline passengers in 2019. The London-Rotterdam journey takes less to three hours and the London-Amsterdam journey takes less to four hours. This direct and low carbon route enhances attractiveness and competitiveness with air services, with around one million passengers carried in 2025 and a future market potential estimated at three million passengers a year.

              The development of these new services has required Eurostar and its Dutch rail partners to create cross-Channel terminals in the main stations in Amsterdam and Rotterdam and for the UK and Dutch governments to enter into the necessary international treaties relating to juxtaposed border controls on departure from the Netherlands.

              Between, 2018 and 2022, Eurostar has gradually scaled up the route through a series of stages:

            • the launch in April 2018 of two direct outward journeys from London then a third daily return service on the route in June 2019. In October 2020, Eurostar began a direct return service between London and Amsterdam before increasing the frequency of services in 2022 to three then four daily return services;

            • the construction in 2024 of a new cross-Channel terminal with increased capacity at Amsterdam Centraal, leading to the closure of the current terminal in the second half of 2024 and suspension of the direct return service from Amsterdam to London; and

            • the limited relaunch by Eurostar in February 2025 of the direct service from Amsterdam. The service was temporarily closed from 30 March to 22 April 2025 in order to allow additional work to be carried out on the tracks. Direct services between London and Amsterdam gradually resumed from April 2025 onwards, with a fifth frequency announced from 15 December 2025.

            Cologne and Frankfurt

            The air market between London and Frankfurt and the Cologne region (Dusseldorf and the Ruhr valley), which can potentially be served by future direct rail services between four and five hours' journey time, presents a major opportunity for a modal shift from air to rail and for a reduction in greenhouse gas emissions, with more than three million airline passengers in 2025 and a potential rail market estimated at 1.7 million passengers a year by 2035.

            Eurotunnel has worked in cooperation with the rail infrastructure managers to prepare the necessary processes for the introduction of new direct high-speed rail services to serve this market including the development of efficient train paths to use the capacity of the lines and stations concerned, as well as a study of stations to identify suitable areas for the management of border controls. These studies will significantly reduce the time to market for the development of these routes, which are currently being promoted to potential operators with the help of the ETICA-Pax programme. Eurostar has confirmed its interest in these destinations by signing in 2025 a memorandum of understanding with Deutsche Bahn to launch a direct service between London, Frankfurt and Cologne in the early 2030s and by placing an order for trains, some of which are intended for the development of these new destinations.

            ‌9 https://www.orr.gov.uk/sites/default/files/2025-03/ipex-temple-mills -depot-independent-capacity-assessment-2025.pdf

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            Geneva, Basle and Zurich

            The airline market between London and the Swiss cities of Geneva, Basle and Zurich (approximately five million passengers in 2025), potentially accessible by future direct rail services around five and six hours, presents a significant modal shift opportunity fully aligned with the Swiss federal authorities' policy aimed at encouraging rail for journeys up to six hours. The potential market share for a direct high-speed service is estimated at 1.9 million passengers a year by 2035, with increased seasonal demand in the winter period, offering complementary opportunities with rail resources on other cross -Channel routes.

            Eurotunnel is working with rail infrastructure managers and local stakeholders to study and promote new direct high-speed rail services to serve this market, with the development of efficient rail paths and the identification of areas in stations for border control management. To promote the growth of high-speed services between the UK and Switzerland, a memorandum of understanding was entered into between the UK and Swiss authorities in May 2025 with the aim of developing the route, with operations scheduled to commence in the early 2030s.

            Other markets

            Beside Germany and Switzerland, further opportunities for direct services exist, notably towards the north of England (Birmingham and Manchester) and the south of France. Moreover, government initiatives and public awareness about low-carbon mobility and respect for the environment result in growing interest in the development and use of sustainable rail mobility services over longer distances, which could facilitate the emergence of high-speed cross-Channel rail services to new destinations, hitherto the province of air services. Lastly, projects for linking various lines in the European high-speed network may produce significant journey time savings towards destinations such as Milan and Barcelona in due course.

         2. Railway Companies' Rail Freight Services

         Market developments

         The Railway Companies' Rail Freight Services traffic has been significantly disrupted in recent years by national strikes as well as recurring disruptions on the networks (particularly in Germany in 2025). These events have led to a fall in traffic due to the lack of service reliability.

         Railway Companies' Rail Freight Services

         Rail Freight Services between continental Europe and the UK are run by Railway Companies including DB Cargo (on behalf of BRB), SNCF (and its subsidiaries), GB Railfreight and potentially any goods train operator in open access. Three different types of Rail Freight Services use the Tunnel's Railway Network:

         • Intermodal trains, composed of platform or pocket wagons transporting containers, swap bodies or semi-trailers;

         • conventional trains (carrying palletised goods in enclosed wagons or bulk loads in adapted wagons such as tankers, hoppers, platforms, and so on) carried as a trainload; and

         • trains with specialised wagons for transporting new cars.

           The freight volume transported by Rail Freight Services is summarised below:

           Railway Companies' Rail Freight Services	2025	2024 2023
           Number of train crossings	1,102	1,233 1,417

           Sources: Eurotunnel, DB Cargo on behalf of BRB, SNCF and its subsidiaries, GB Railfreight.

           Competitive environment of the Railway Companies' Rail Freight Services

           Railway Companies' Rail Freight Services compete with most means of road and sea transport between continental Europe and the UK. They offer their own advantages of efficiency and attractiveness with a Channel crossing with no load transfer required and a means of transport that is particularly environmentally-friendly and potentially a quality of service not affected by traffic congestion or weather conditions.

           Nevertheless, at an international level the development of rail freight remains limited by inadequate national infrastructure, in particular the lack of an intermodal gauge on the standard Kent line, restrictions on train weight and length, the availability of train paths in France and a shortage of interoperable wagons and locomotives. In addition to these constraints, there are regulatory and technical barriers and distortions of competition in favour of maritime or road transport, particularly with unaccompanied services via the North Sea and road or rail transport in continental Europe.

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           Development of services and competitiveness

           The Group is working with governments and the Railway Companies on implementing solutions to develop rail freight traffic through:

         • a full-train scanner installed on the national railway lines in Fréthun that enables customs officials to check Rail Freight Services trains at a speed of 20 km/h thereby reducing the need for physical interventions and improving the security and fluidity of cross-Channel rail freight and consequently its attractiveness;

         • digitalised customs formalities relocated to departure and arrival rail terminals, thereby offering a robust process that is attractive to carriers;

         • specific simplified certification agreements allowing UK rail operators to operate under Eurotunnel's safety authorisation

           in the French part of the Tunnel, until such time as a binational agreement is put in place;

         • new services: Eurotunnel actively supports projects to develop Intermodal services and rolling motorways in order to improve the connectivity of the Tunnel with its hinterland;

         • wagon certification: Eurotunnel helps fleet owners with the certification process, which resulted in the authorisation of more than 1,000 new intermodal wagons in 2022;

         • the ETICA-Freight financial grant programme to support the launch of new destinations, thereby generating growing interest in the development of new services.

         The Group continues to draw the attention of the authorities to the need to progressively address the barriers to development existing on the national networks. It highlights the major opportunities for modal shift and the challenges of reducing greenhouse gas emissions through the aimed at improving the initiatives gauge and tonnage limits of the lines connected to the Fixed Link, as well as developing the accessibility of intermodal terminals that can be connected to the Tunnel. It is stepping up its efforts with the authorities to get these projects off the ground and remove these productivity bottlenecks.

      3. Other revenue

         In 2025, Eurotunnel's other revenue was €49 million, representing 3% of the Group's total revenue. This revenue relates mainly to the new Getlink Customs Services activity, to revenue earned from third-party retail businesses operating within the terminals on both sides of the Tunnel, revenues linked to the provision of work facilities for other rail operators, revenue generated from CIFFCO's training activity, revenue received from telecommunication cables in the Tunnel, revenue related to the property business and as well as revenue from the sale of travel insurance products in the UK.

         Getlink Customs Services

         As part of its drive to expand services to complement its LeShuttle Freight business, in 2024 the Group strengthened its offering with the development of its customs services designed to facilitate border crossings for its transport and logistics customers between Europe and the UK. It created the Getlink Customs Services activity, which brings together the Group's expertise in customs formalities support services for all trade between the UK and Europe.

         In 2024, Getlink acquired ChannelPorts Ltd, one of the UK's leading customs service providers. Founded in 1974 and based in Folkestone in the Kent region of the UK, ChannelPorts handles customs formalities with the UK authorities on behalf of hauliers, logistics providers and shippers, which have been mandatory since Brexit. ChannelPorts relies in particular on a CustomsPro digital platform, which simplifies data exchanges and improves the productivity of operations.

         On 31 January 2025, Getlink acquired Associated Shipping Agencies (ASA) and its subsidiary Boulogne International Maritime Services (BIMS), key players in customs formalities services between France and the UK. The companies, which have the status of registered customs representatives (RCR), carry out the customs and health formalities that have become compulsory since the implementation of Brexit on behalf of their haulier, logistics provider and shipper customers. They also provide consignment and assistance services to the logistics and port ecosystem in the Calais area. With offices in Calais, Boulogne-sur-Mer and Dunkirk, ASA and BIMS have nearly 50 employees.

         In the second half of 2025, the Group continued this growth strategy with the acquisition of C4A and the partnership with customs representative CPS Zoll, which complements the service offering with a presence at a major road border crossing between Switzerland, Germany and France. The Group is also investing in AI and digital technology to automate customs formalities, including through its acquisition of a stake in NABU, a start-up specialising in agent-based AI for customs declarations.

         Thanks to these acquisitions, Getlink Customs Services is becoming an integrated support service offering to facilitate the exchange of goods between Europe and the UK and is confirming its ambition to become the leading independent player in the simplified and digitised management of customs and health formalities.

         Revenue from third-party retail businesses including duty free sales

         At its two terminals, in France and the UK, Eurotunnel welcomes its customers in buildings containing shops and other retail outlets. Access to the shops, cafés and restaurants is available only to customers travelling on the LeShuttle. The outlets are operated by third parties and are located inside the terminals after check-in.

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         1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

         Eurotunnel's strategy is to offer travellers a choice of services that improve the customer experience. The passengers buildings at the Folkestone and Coquelles terminals offer a pleasant environment where customers can relax, refresh and unwind before continuing their journey and the Flexiplus lounges offer a premium service to their clientele (lounges and priority lanes).

         The duty free shop in the Folkestone and Coquelles terminals began duty-free sales to LeShuttle passenger customers in 2021.

         Since 2024, a new partner, "Le Marché", a subsidiary of Mumbai Travel Retail Private Limited took over the duty free

         operations at the French terminal.

         Revenue from telecommunications cables in the Tunnel

         In 2021, in order to leverage its fibre optic assets in the Tunnel, the Group entered into a contract with Colt Technology Services for the installation and operation of a network of high bandwidth fibre optic cables in the Tunnel for a period of 25 years, as well as for the operation of the existing cables in the Tunnel at the end of the current contracts with their current users (end of 2024).

         Colt operates its high connectivity smart network in accordance with the Tunnel's safety and security regulations whilst the

         Group is responsible for maintenance.

         Hosting activity for the Eleclink interconnector cable

         In 2021, Channel Tunnel Group and France Manche signed the Interconnector Access Agreement with Eleclink. This defined the services and access rights granted by Eurotunnel in relation to the operation and maintenance of an interconnector cable through and around the Fixed Link.

         Training activity: CIFFCO, the Opal Coast international railway training centre

         CIFFCO is a railway training centre and is a technical resource to support the Group's growth as the Tunnel Concessionaire

         and a railway business.

         Property business

         The Group owns and manages plots of land near its French and British terminals. From the outset of the Fixed Link project, the Group was given responsibility for local land development as an extension of its mission to design, build and operate the Fixed Link. The Fixed Link is not just a transport infrastructure: it was also designed as a platform for the future economic development of the Kent and Calais regions.

      4. Other projects

         Between France and the UK, three electricity interconnectors are currently in service: IFA 2000 (1986), IFA2 (January 2021), and Eleclink (May 2022). Getlink is studying a new interconnector project using the Tunnel, as are the regulators who are considering the need to reassess the value of new interconnector capacity with the UK. This recent project is at a preliminary development stage. Detailed studies have begun, particularly with a view to defining optimised connection solutions in both countries, as well as obtaining administrative authorisations.

   3. ‌EUROTUNNEL: CAPACITY OF THE FIXED LINK

      1. The System

         1. The Tunnel

            The Tunnel can only accommodate a limited number of trains or Shuttles per hour. Tunnel capacity is expressed in terms of the number of "standard paths", which are defined as the time it takes a Shuttle train operating at 140 km/h to cover the section of the Tunnel shared by all trains travelling through the Tunnel. The current signalling arrangements permits 20 standard paths per hour in each direction.

            In accordance with the Railway Usage Contract, Railway Companies' trains using the Railway Network are entitled to use up to 50% of the hourly capacity of the Tunnel. This amounts to 10 standard paths per hour in each direction for High-Speed Passenger Trains (Eurostar and future new entrants) and Rail Freight Services. Railway Companies' High-Speed Passenger Trains and Rail Freight Services, because of their faster or slower speeds relative to the Shuttles' baseline speed of 140 km per hour (subject to the information in section 1.2.4.2 below), use more than one standard path. At peak times, speeds can be adjusted to accommodate more trains and Shuttles.

            Goods trains currently transport on average a load of about 500 to 600 tonnes each (although some can transport more than 1,000 tonnes of freight) and travel at speeds varying between 100 and 120 km/h. An increase in the average load or travel speed of these trains would allow the Railway Companies to increase rail freight traffic without additional use of the Tunnel's capacity. Similarly, increasing unit capacity and occupancy on High-Speed Passenger Trains (those of Eurostar and new market entrants) and, for example, synchronising them so that they can run in batches would enable more passengers to be transported without using additional Tunnel capacity. For both types of traffic, the increased unit occupancy rate of the trains enables Railway Companies to increase the economic efficiency of their services, thus creating a natural incentive to make optimum use of the Tunnel capacity. In this context, the e320 trains in service since 2015 offer a 20% increase in unit capacity compared to the original fleet, leading to a proportional increase in the Tunnel capacity in terms of the number of passengers. In the same way, the pricing structure by goods trains helps improve the average load factor.

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            Under the terms of the Railway Usage Contract, Eurotunnel may use any surplus capacity not used by the Railway Companies if they have not confirmed their capacity requirement by the previous day. Use of this surplus capacity provides the Group with additional flexibility in optimising the flow of traffic and scheduling Railway Companies' and Shuttle Service departures.

            At the date of this Universal Registration Document, the Tunnel's capacity under normal operating conditions does not constitute a significant constraint to growth in the different types of traffic. The average path occupancy rate, which corresponds to the total current consumption of paths (Eurotunnel Shuttles and Railways) over the total capacity available, was almost 45.6% in 2025.

            In the medium or long term, the Group believes that it will be possible to increase the Tunnel's capacity by the following

            means:

            • setting uniform operating speeds for all trains, which would allow more trains to run on the same number of standard paths. Currently, goods trains travel in the Tunnel at a speed of 100 or 120 km/h, while High-Speed Passenger Trains can reach a speed of 160 km/h in the Tunnel. These speed differentials use a large part of the System capacity, because they require Eurotunnel to leave greater intervals between trains than would be necessary if they all travelled at the same speed. Use of the System's capacity could therefore be improved by shifting slow or infrequent freight trains to off-peak times, and by scheduling trains that travel at speeds higher (160 km/h) or lower (120 km/h) than the standard path (140 km/h) so that they run in batches during peak hours;

            • improving journey times and speeds at the Tunnel entrances (capacity control section) by increasing the power of the locomotives pulling the Shuttles and at the end of 2021 by removing the power limitation on the departure of Truck Shuttles;

            • improving the electrical power supply by replacing the booster with better and more powerful equipment, aimed at improving the quality of the electrical signal as set out in section 1.5.1.1 below;

            • reducing the spacing between trains using the Tunnel so as to raise System capacity to 24 standard paths per hour in both directions via an improvement in the fixed equipment and the installation of an ATO (Automatic Train Operation) on board trains to reduce the impact of safety rules specific to the Tunnel relating to train spacing; and

            • renewing and managing the ageing rail signalling system, notably with the European Train Control System (ETCS) that aims to optimise border crossings while guaranteeing traffic safety.

              In addition to these steps, the Group is also working on optimising the use of the Tunnel, with economic, commercial and environmental objectives.

              Some of these measures require approval of the supervisory authorities as set out in section 8.1.2 of this Universal Registration Document.

              As part of the strategy to continually improve and modernise the infrastructure to offer increased interoperability with the whole of the trans-European rail network, Eurotunnel uses GSM-R (Global System for Mobile Communications - Railway), a ground to train radio communications network in the Tunnel. Eurotunnel is also investing in modernising its path study and design tools over the next two years to ensure the best possible use of capacity for customers while allowing for all the availability required to carry out maintenance and development work on its infrastructure.

         2. Terminals

         Currently, each of the French and UK terminal has 10 boarding platforms in service. Both terminals were designed so that the number of boarding platforms can be increased to 16 at each terminal.

         Eurotunnel continually works to optimise loading and unloading times so that it can, when appropriate, increase the frequency of departures on the existing platforms.

         Since Brexit, Eurotunnel set up differentiated routes and adapted its facilities to the specific needs of the various controls.

         As described in section 1.5.1 below, for several years Eurotunnel has benefited from the investments made with the support of the authorities in order to enhance the efficiency of border controls.

         These developments have helped improve traffic flows and levels of security as well as the quality of service.

      2. Rolling stock

         Eurotunnel has 15 Truck Shuttles. The Group has launched a project to rationalise and modernise the Shuttle fleet. Against that background, a programme has been under way since 2022 to replace the six first generation ("Breda" type) Truck Shuttles by new Shuttles with improved availability and reduced maintenance costs has been completed.

         Eurotunnel has nine specially designed LeShuttle Passenger Shuttles, each capable of carrying up to 180 cars or 120 cars and 12 coaches. Cars are loaded via a ramp usually onto double-deck wagons. Single-deck wagons are designed for large vehicles such as motorhomes, coaches and caravans.

         The Passenger Shuttle Mid-Life Programme began its design phase in 2021. It is essential that all the issues involved in renovating the Shuttles are taken on board so that the Shuttles can be renovated using an industrialised process. The renovation programme will continue in stages over the next few years, in order to gradually modernise the Shuttles fleet and maximise its availability for commercial use.

         Planned changes in the Shuttle fleet are described in section 1.5.1 below.

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         1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

      3. Industrial maintenance facilities and equipment

         Eurotunnel uses a large number of service tracks and large industrial maintenance buildings (the F46 maintenance workshop being 800 metres long can accommodate two complete Shuttles side by side), which will be adapted to the new maintenance technologies for the modernised trains and, if necessary, to the additional mileage travelled by the Shuttle fleet.

   4. ‌EUROTUNNEL: RELIABILITY OF THE SYSTEM

      1. Digital maintenance strategy

         Eurotunnel's digital strategy includes three aspects that directly relate to optimising maintenance:

         • optimising infrastructure and rolling stock management through the appropriate level of maintenance of the asset base and data analysis;

         • increasing the reliability and availability of infrastructure and rolling stock through predictive maintenance, digitisation of teams on the ground and optimisation of planning schedules; and

         • building a global digital platform to enable collection, visualisation, analysis and prediction using reliable and secure data and accessible to maintenance staff in real time.

           In order to improve responsiveness, the digital strategy has been supplemented since 2024 with the introduction of a "commando" team capable of attending trains in order to respond with great agility to commercial imperatives and ensure punctuality and quality of service for customers.

      2. Maintenance and availability of the Tunnel

         Scheduled weekly maintenance of the Tunnel is planned and structured so as to promote efficient use of the Tunnel and avoid disruption to commercial operations. In order to optimise infrastructure maintenance, it is envisaged that the productivity of work in the two rail tunnels will be improved through the use of digital inspection tools. Eurotunnel has invested in rapid-action cameras to inspect the track and catenary, which are used weekly in the Tunnel. Over the last ten years, the infrastructure division has gradually introduced tools to enable the automatic monitoring of equipment in tunnels. The first step was to monitor the catenary using on-board equipment capable of producing high-definition videos at commercial speeds. AI is playing an increasingly important role in the use of the images and measurements collected, making it possible to effectively plan specific next steps in a move towards predictive maintenance. This approach, also known as 4.0, is now being extended to other equipment in tunnels, where "robotised" surveillance promises significant progress in optimising maintenance.

         AI is also widely used in the analysis of complex technical problems, in which the processing of data, gathered in increasingly structured and organised IT environments, makes it possible to identify causes and their order of influence, leading to more agile solutions.

         In terms of tunnel maintenance, the aim is to concentrate all signals from the various systems in a hypervisor so that they can be analysed en masse:

         • an algorithm using AI to analyse faults in tunnel track circuits and issue predictive alerts about faults is in the course of production;

         • work on the catenary truck to automate the analysis of videos taken in the tunnel using AI is continuing; and

         • a computer vision algorithm developed by the University of Birmingham to film and analyse the sides of train carriages has been developed.

           As in previous years, service disruptions due to fixed equipment failure were relatively low in 2025.

           The operational plan aiming to limit fire risk (the Salamandre Plan) and the creation of fire-fighting (SAFE) stations contribute to protecting the infrastructure in case of fire on board a Shuttle or a train. The Tunnel has specialist rescue mission teams who patrol the service tunnel 24 hours a day. Four SAFE stations are operational in the Tunnel central Intervals so that in the event of a fire on a Truck Shuttle, the 800-metre long train can rapidly reach one of these stations. The Tunnel is the only infrastructure in the world equipped with a system of this kind.

           In order to test response plans for the emergency services and successful coordination in the event of an accident in the Tunnel, the Group and the public authorities organise an annual major full-scale safety exercise: the Binat (as in binational). The 2025 Binat exercise in January 2025 brought together representatives of the authorities and services of both States in the operational security control centres of the Eurotunnel terminals in France and the UK.

           As part of its multi-year Tunnel equipment plan, Eurotunnel continued the programme begun in 2023 to replace the Tunnel fire detection system.

           For several years, Eurotunnel has also provided support and expertise to the adjacent rail network by providing locomotives and drivers for maintenance operations on the London St Pancras Highspeed line ("LSPH" formerly called HS1 i.e. the highspeed line between the Tunnel and London used by Eurostar and international freight trains) and by dealing with train breakdowns on LSPH.

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           PRESENTATION OF THE GROUP AND ITS BUSINESSES 1

      3. Rolling stock maintenance and availability

         The process of optimising the rolling stock maintenance strategy aims to:

         • improve the availability, performance and quality of the Shuttles;

         • increase processing capacity and so optimise the total cost of maintenance; and

         • rationalise technical choices and industrial resources. This process is based on several workstreams:

         • optimisation of the use of the train maintenance industrial tool by concentrating the short-term programmed activities on one Shuttle at a time;

         • technical redesign of maintenance on systems that have a high impact on performance and quality, focusing on the relevance of maintenance instructions and the implementation of appropriate large-scale maintenance programmes; and

         • optimisation of key processes such as corrective maintenance, re-profiling and axle replacement, and including improvement in the efficiency of human, industrial and IT resources.

           Eurotunnel seeks to make the best use of its transport capacity by improving the load factor and availability of its rolling stock by adapting its maintenance processes.

           Eurotunnel's repair and maintenance programmes have helped to improve the reliability of the electric locomotives and Truck and Passenger Shuttles. In planning its maintenance programme, Eurotunnel's objectives are to:

         • ensure that safety requirements are met;

         • limit rolling stock unavailability for ongoing maintenance operations; and

         • maximise the number of Shuttles available at peak hours.

           Under current maintenance programmes, light maintenance and safety inspections are carried out every 44 days or 30,000 km for the locomotives, Truck Shuttles and Passenger Shuttles. Every 600 to 1,200 days, depending on the type of equipment and the number of kilometres it has covered, each piece of equipment is taken out of service for one to six weeks to undergo an extensive preventive maintenance programme.

           The large-scale maintenance programme aims to:

         • meet safety requirements (e.g. bogies, brakes, couplings and batteries);

         • restore and improve the reliability of systems (e.g. canopies and hydraulics on single deck loaders);

         • extend the life of wagons (e.g. floors);

         • ensure customer comfort (e.g. air conditioning, toilets and interiors); and

         • perform work requiring down time and specific equipment.

           Eurotunnel is implementing simplification and renovation programmes aimed at further reducing future maintenance requirements and improving reliability of rolling stock.

           Since 2024, the maintenance of rolling stock has undergone a digital transformation based on big data and AI. The main challenges are to:

         • speed up incident diagnosis;

         • detect anomalies before they occur; and

         • optimise preventive maintenance plans.

           In terms of rolling stock maintenance, the aim is to make locomotives able to communicate so that information on the

           Shuttles' "health" can be transmitted in near real time.

         • three test locomotives were equipped with sensors in mid-2025 and the signals transmitted were decrypted. The other locomotives will be equipped at the end of the test phase if it proves successful;

         • an algorithm using AI is being used to analyse the brake temperatures recorded in the tunnel and issue predictive alerts

           about "locked brakes";

         • a classification automation tool using automatic language processing has been implemented, enabling 80% of work requests to be classified in order of repair;

         • a big data tool for analysing repair orders, which should enable production processes to be analysed in detail and to ward of the emergence of weak signals is under construction; and

         • an aid for monitoring parts stocks to detect variations in consumption and avoid over- or under-stocking is under development.

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           1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

      4. Wheel-track interface

         The analysis of rolling stock and infrastructure unavailability rates, coupled with the asset obsolescence monitoring programme, has made it possible to adopt a new maintenance approach to the wheel-track interface. This programme of work follows interface issues between the rolling stock and the Truck Shuttles track identified in the second half of 2023. It comprises a number of areas:

         • speed regulation to optimise electricity costs while preserving rolling stock and equipment without significantly impacting customer journey times;

         • a programme of studies in 2024 and 2025 on a phased regeneration programme to the track in the Tunnel began at the end of 2025; and

         • a maintenance programme targeting Truck Shuttle rolling stock (reprofiling of axles and/or modification or replacement of the bogies).

           The programme of detailed analyses and studies relating to the current interface, which began in 2023, is part of a cross -disciplinary vision of assets that is regularly reviewed with the regulatory authorities, with a view to anticipating and controlling their renewal.

2. ‌ELECLINK ACTIVITIES

   In order to enhance the value of its infrastructure, Getlink operates an electricity interconnector in the Tunnel linking the French and British grids. With a bi-directional transmission capacity of 1GW via high-voltage direct current cabling, this interconnection allows electricity produced on either side of the Channel to flow between the two countries according to demand, thereby reducing consumer energy bills and helping to secure the electricity supply of both countries. Furthermore, the increased flexibility provided by large scale interconnection reduces the risks of intermittency posed by some forms of renewable generation thereby supporting their on-going expansion. Installed in the north rail tunnel, Eleclink entered into service, after 10 years of development, on 25 May 2022 and represents a world first in an undersea tunnel.

   Eleclink Limited owns the only fully private cross-Channel electricity interconnector, which benefits from a 25-year exemption from certain European regulations, namely article 17 of European Directive 714/2009, as superseded by article 63 of Regulation 2019/943 (the European Union Electricity Regulation). This enables Eleclink to retain the revenues generated by the asset subject to the profit-sharing mechanisms agreed under the exemption, which were the subject of a provision set out in note D.8 of the consolidated financial statements in section 2.2.1 of this Universal Registration Document.

   The Eleclink interconnector asset encompasses two converter stations in France and Great Britain, direct current cables in the Channel Tunnel and the underground high voltage alternating current cables to connect each converter station to the national power grids. In Great Britain, the Eleclink converter station is connected to the grid at the National Grid Electricity Transmission (the GB Electricity Transmission System Operator) substation at Sellindge. In France, RTE (the French Transmission System Operator) has provided the underground cables connecting the Eleclink converter station to the RTE Les Mandarins substation.

   
   
   

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   On 25 September 2024, a HVDC cable fault in France led to the suspension of Eleclink's activity. The cause of the HVDC cable fault was found to be a defect in the structural foundations of the cable support system outside the Tunnel on the French side. Work was completed to correct the defect and Eleclink was able to return to service on 5 February 2025.

   Following the fault, Eleclink continues to strengthen its inspection and monitoring operations including developing and implementing state of the art optical AI analytical systems to review the high-speed video surveillance footage for anomalies in the cable system. This new capability supplements Eleclink's 24/7 manned cable monitoring centre, based with Prysmian in Palermo, which checks for the cables' condition in real time including core temperature, any acoustic anomalies and partial discharges, enabling instant diagnostics of the cable's condition. This combined approach improves the accuracy of interventions, reduces risks, and optimizes cable availability and condition-based maintenance in a complex environment.

   As part of the enhanced monitoring operations, on the 19 May 2025 a 'slight cable misalignment' was detected within a limited area outside the tunnel in Great Britain. As a preventive measure, and to carry out the necessary inspection and verification checks, operations were suspended for a two-week period and resumed on 2 June 2025.

   During the 2025 financial year, Eleclink generated revenues of €225 million and an EBITDA of €158 million. In 2025, the

   Group recorded €55 million in compensation for operational losses linked to the suspension of the service.

   Eleclink generates revenue for the Group from the following sources:

   Revenue from the auctioning of physical transmission rights (81% of Eleclink's revenue in 2025)

   Revenue from the auctioning of physical transmission rights is the primary source of revenue for Eleclink and provides electricity market participants (traders, generators and suppliers) with the opportunity to purchase transmission capacity in either direction of flow over a number of timeframes. Eleclink is able to offer both long-term (e.g. annual, seasonal, quarterly and monthly) and short-term (i.e. day ahead10 and intraday) products. The allocation of Eleclink's transmission capacity by product (long-term/short-term) is defined in the capacity allocation splitting rules 11. All products are made available to the market through open, transparent and non-discriminatory auction mechanisms in compliance with the Eleclink Access Rules, which were approved by the national energy regulators, the Office of Gas and Electricity Markets (Ofgem) in Great Britain and the Commission de régulation de l'énergie (CRE) in France. The auction schedule and their results are public and available on the Joint Allocation Office platform. Given the weight of long-term products in Eleclink's revenue, a large portion of income is secured in advance. Thus, by the end of 2025, Eleclink has already sold 79% of its available 2026 capacity and 20% of its 2027 capacity, subject to the effective delivery of the service.

   The Eleclink Access Rules set out the terms on which third parties can purchase and use the transmission capacity of the interconnector12. In addition, the Charging Methodology Statement for the Eleclink interconnector, which was also approved by Ofgem, sets out the methods and principles on which charges for the use of the interconnector are based13.

   Revenue from the capacity markets in France14 and Great Britain15 (16% of Eleclink's revenue in 2025)

   In France and Great Britain, capacity mechanisms are systems implemented by the authorities to ensure security of electricity supply. They compensate stakeholders (interconnections, producers, and capacity providers) who commit to being available to supply electricity in case of high demand.

   Through these national mechanisms (administered by Réseau de transport d'électricité (RTE) in France and by National Energy System Operator NESO in Great Britain) Eleclink is remunerated, either through the sale of capacity certificates to energy suppliers in France or through annual capacity agreements awarded through auctions in Great Britain.

   In France, Eleclink entered into an agreement with RTE in 2019 confirming its participation in the French capacity market and to date has certified 900MW for delivery in 2026.

   In Great Britain, Eleclink participated successfully in the T-4 auctions for the delivery years 2025/26, 2026/27, 2027/28 and 2028/29. Those auctions have secured agreements equating to a total of £148.2 million covering the delivery years from 2026 to 2029.

   ‌10Following the withdrawal of Great Britain from the European internal energy market, day-ahead products are allocated through explicit auctions until a regional day-ahead mechanism is put in place in accordance with the Trade & Cooperation Agreement entered into between the European Union and Great Britain.

   ‌11 Deliberation No. 2021-213: 'CRE Deliberation of July 1, 2021 regarding the decision on the procedures for applying the rules for longterm capacity allocation at the border between France and Great Britain, https://www.cre.fr/documents/deliberations /modalites -de-saisine-des-regles-de-repartition-des-capacites-a-long-terme-a-la-frontiere-entre-la-france-et-la-grande-bretagne.html‌

   12 The latest Eleclink Access Rules approved by CRE and Ofgem: https://www.eleclink.co.uk/customers/document-library

   ‌13 The Charging Methodology Statement approved by Ofgem in December 2020: https://www.eleclink.co.uk/cus tomers/document-library

   ‌14A description of the French capacity market: www.services -rte.com/fr/decouvrez-nos-offres-de-services/participez-au-mecanisme-de-capacite.html

   ‌15 Further information on the capacity market in Great Britain: https://www.emrdeliverybody.com/cm/home.as px

   GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 27

   1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

   Revenue from the provision of ancillary services to the national Transmission System Operators (TSOs ) in France and Great Britain (3% of Eleclink's revenue in 2025)

   The ancillary services to the national TSOs in France and Great Britain facilitate short-term changes to the flow of energy over the interconnector and are used by the national TSOs to ensure the security and quality of supply of electricity in their grids. They include the provision of voltage support, frequency support and congestion management services which have been or may be agreed from time to time between Eleclink and the national TSOs.

3. ‌EUROPORTE ACTIVITIES

   Europorte operates across the entire rail freight logistics chain with a dense coverage in France and with capacity to serve industrial sites in Belgium and Germany. This includes activities such as collecting and routing on secondary and mainline networks (Europorte France), loading and unloading of wagons on private branch lines on industrial sites (Socorail) and maintaining rolling stock and managing rail infrastructure in France (Europorte Services).

   Europorte is developing its various complementary activities concurrently in order to offer its customers complete and customised solutions that meet their expectations for integrated logistics chains and high quality of service.

   Europorte acts as a service provider for Eurotunnel. In 2025, Europorte won a three-year contract to maintain the railway infrastructure in partnership with Somarail thereby demonstrating its expertise in railway maintenance work.

   Europorte recorded revenue of €172 million in 2025, up by 2% compared to 2024, once again boosted by the growth of its cement and petrochemicals transport activities. Europorte transported 1.9 billion tonne-kilometres in 2025, up 4% compared with 2024, representing an estimated market share of 5%.

   Europorte France (65% of Europorte's revenue)

   Europorte France is a private rail company that offers its customers a service hauling goods trains throughout the railway network. Every day, Europorte France carries out main line rail haulage operations 24 hours a day and seven days a week throughout France. It also provides connections to neighbouring European countries, in partnership or in Open Access operator, particularly in Belgium where Europorte France has its own railway authorisations (licence and certificate).

   In order to haul 181 commercial trains on average per week in 2025 (using a base of 48 weeks), Europorte France has a fleet of 73 main line electric and diesel locomotives which are interoperable with neighbouring European countries. They are operated by around 284 drivers and agents authorised for safety operations on the French railway network and, in some cases, in Belgium.

   Europorte France has designed its operating model based on six key parameters, specifically with a view to serving its private industrial customers:

   • optimisation of transport plans based on regular paths;

   • organisation of the rail businesses through regional hubs;

   • guaranteed service through the provision of reliable human and other resources dedicated to traffic;

   • regular and punctual delivery of goods;

   • safety on customers' private branch lines and on the national railway network; and

   • communication on the status of customers' freight traffic.

     Since 31 March 2006, rail freight transport (international and domestic freight) has been fully open to competition in France, in application of European texts (the "railway packages" presented in chapter 8 of this Universal Registration Document). According to figures from the French Ministry for Ecological Transition, the modal share of rail freight transport stabilised in 2024, rising from 8.9% in 2023 to 9.2% in 2024, with a total volume of 33 billion tonne-kilometres, an increase of 7% compared to 2023, a year marked by high electricity prices, railway workers' protests against pension reforms in the spring and a landslide in the Maurienne Valley.

     Europorte France transports all types of goods, with the exception of explosive, nuclear and biological materials. It is pursuing a strategy of diversifying the goods transported in order to balance the risks of cyclical variations. Europorte France is also continuing to consolidate its rail activities along France's north/south corridor through its hubs. Its entire operating system is designed in accordance with the rules on transporting dangerous goods in order to maximise the safety of its operations.

     In 2021, alongside the start-up of new cross-border flows to Belgium and Germany in line with its profitable growth strategy, Europorte France launched a new, regular Flex Express rail freight service between France, Germany and the Benelux countries, linking the main industrial and petrochemical sites in the three countries. This capacity offer gives both existing and new customers access to transport facilities that complement an existing transport structure for both conventional and dangerous goods transport. Since 2022, Europorte France has been successfully consolidating and extending that new service, to wagon load and block trains, one-off and last-minute transport (spot trains), while continuing to develop its activities in its target segments and internationally.

     28 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT

     PRESENTATION OF THE GROUP AND ITS BUSINESSES 1

     Since 2021, Europorte has been rolling out an innovative solution to decarbonise its rail freight activities by integrating Oleo100, a biofuel produced from 100% French rapeseed, as a substitute for non-road diesel (NRD) used in its locomotives. This alternative enables a reduction of approximately 60% in greenhouse gas emissions over the entire life cycle of Oleo100 production. In 2025, Europorte France confirmed the roll-out of biofuel use for its locomotives as set out in section 6.1.2 of this Universal Registration Document.

     In 2025, the company maintained that course and through its results proved once again the relevance and robustness of its positioning despite a mixed economic situation, particularly in the automotive segment, and external factors.

     In 2025, Europorte France continued traction tests on various types of equipment on the national rail network and on cross -border routes between France, Belgium, Luxembourg and Germany.

     All main line locomotives are equipped with GPS positioning and exchange all relevant technical data with the operating and maintenance teams. The electric locomotives are fitted with new meters and remote transmission units for monitoring electricity consumption. The command post agents are able to display information on tablets such as the position of the train, its schedule in relation to its paths, the battery condition and the amount of fuel in its tank. In turn, drivers are gradually being equipped with tablets incorporating driving documents and traffic information (alert reports and so on).

     Europorte France and the Ecole Polytechnique launched a research chair in 2020 on the predictive maintenance of motor engines. Initial work resulted in the publication of a scientific article in 2022 on optimising the charge and thus the life of batteries using a predictive model based on neural networks. This initiative has a dual purpose: to demonstrate Europorte's commitment to serving its customers and rail freight while reducing its environmental footprint. In 2023, the research fellowship was extended for a further three years.

     Lastly, Europorte France is modernising its Euro4000 locomotive fleet by investing in ETCS (European Train Control System) technology. True to its pioneering spirit, Europorte is the first French rail freight business to equip 10 Euro4000 locomotives with this innovative rail signalling technology, which will promote the growth of its international activity. The first locomotives equiped with this system should be in service from 2026.

     Socorail (30% of Europorte's revenue)

     For more than 40 years, Socorail has been providing internal logistics services on industrial sites: wagon handling operations, track maintenance, loading and unloading of wagons and trucks, and operations on ships. Socorail's activities cover a range of services to industry, mainly involving dispatch and reception of raw, semi-finished or finished products, and management of rail infrastructure:

   • management of industrial sidings including reception, handling and dispatch of loaded or unloaded wagons and the associated administrative processing;

   • loading or unloading wagons, particularly tank wagons;

   • terminal rail services in port zones and on the French railway network;

   • provision of rail haulage engines on a full service basis;

   • track maintenance;

   • traffic management of rail networks at various ports;

   • management of front offices and loading tracks for tank wagons;

   • operation of the port terminal for an oil refinery; and

   • ancillary services, including training in these activities.

     Socorail operates at around 40 industrial sites, spread throughout the country, including around 20 sites classified as Seves o II in the oil, chemicals, steel making, automotive and construction material sectors. Socorail is MASE and ISO 9001 certified including in rail shunting and wagon and truck loading.

     Socorail is also developing a service offering to rail infrastructure managers consisting of traffic management and railway maintenance. In that respect, Socorail was involved in eight major French maritime or river ports in 2024 (Dunkirk, Le Havre, Nantes Saint-Nazaire, La Rochelle, Strasbourg, Calais-Boulogne, Sète and Arles). The company is also responsible for the maintenance of feeder lines in the Hauts-de-France region for the regional council and in the eastern France region for SNCF Réseau.

     In 2024, Socorail successfully tendered to manage rail and traffic maintenance at the multimodal platform at Dourges and in 2025 that of the Grand Port Maritime de Rouen (HAROPA).

     The delegated infrastructure management sector is Socorail's largest business followed by the oil/hydrocarbon refining sector at 18%. The chemicals, automobile and services to port terminals sectors contributed 17%, 7% and 5% of its activity respectively.

     Europorte Channel

     Europorte manages ground rail operations at the Calais-Fréthun site adjoining the Concession as well as cross-Channel rail freight traffic. Like all Railway Companies, Europorte is liable to pay the charge for the use of the Fixed Link, as explained in section 1.2.2.2.b above.

     GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 29

     1 PRESENTATION OF THE GROUP AND ITS BUSINESSES

     New activities since 2023: TS Rail, Renofer, Giravert and Electrofer (5% of Europorte's revenue)

     In the course of the last few years, Europorte has developed its service offering through targeted external growth initiatives. In December 2023, Europorte, through its subsidiary Socorail, acquired:

   • a 20% minority stake in Track Solutions Rail, a company specialising in maintenance and new track work in the private and semi-private sectors; and

   • a 67% stake in Renofer. The company, based in Montauban-de-Bretagne in the French département 35, specialises in railway work on urban networks, branch-line terminal installations and the national rail network. Its main customers are SNCF Réseau, RATP and the Société d'économie mixte des transports en commun de l'agglomération nantaise, the public transport system in the Nantes area.

     In July 2024, Europorte acquired through its subsidiary Socorail a 67% stake in Giravert. Based in Arsy in the French département 60, the company has recognised expertise in the treatment of vegetation (weed control, brush cutting and turfing) and has specialised equipment for work on railway networks (road-rail locomotives) and motorways, as well as for turfing (hydroseeders). Its customers range from industrial groups to local authorities.

     In June 2025, Europorte continued its external growth strategy through its subsidiary Socorail with the acquisition of a 67% stake in Electrofer. Based in Quédillac in the French département 35, Electrofer specialises in rail treatment to ensure the correct curvature required for future assembly, as well as the reconditioning of worn rails on all railway construction sites in France.

     Through these acquisitions, Europorte has:

   • extended the scope of its infrastructure management activities, opening the way to new outlets, particularly in the field of urban rail networks,

   • strengthened its expertise in existing contracts which opens the door to markets that were previously inaccessible, since the necessary authorisations are needed (infrastructure management agreement, etc.).

   In June 2024, Europorte announced a partnership with Kerlink, a global provider of solutions dedicated to the Internet of Things and the development of Track Value, a solution/technology that will make it possible to track and monitor the movements and condition of goods in real time. This innovation enables Track Value customers to manage their logistics flows more efficiently and securely. Following the success of the prototypes launched in 2025, Track Value is scheduled for launch in the first half of 2026.

4. ‌MAJOR INVESTMENTS

   1. ‌MAJOR INVESTMENTS

      Productivity, punctuality, reliability, adaptability, safety, optimisation of capacity and respect for the environment within the context of its plan to reduce CO2 emissions are the guiding principles of Getlink's investment plan:

      • always enhancing operational safety;

      • simplifying operating conditions throughout the customer journey, placing the safety of people, control of operating processes and improvement of the customer experience at the centre of the Group's requirements, while also taking into account developments in administrative formalities;

      • digitalising and automating processes to improve the customer experience, increasing the fluidity of service and improving maintenance of the Tunnel and its equipment;

      • optimising the operational availability of infrastructure and rolling stock, through a policy of quality and of achieving a significant improvement in the RAMS indicators (Reliability, Availability, Maintainability and Safety);

      • simplifying and optimising the operating performance of the Shuttle Services by generating gains through the standardisation of services and technical solutions in order to improve the load factor, mainly through the use of digital tools; and

      • increasing transport capacity by making Shuttle maintenance cycle times more reliable and limiting production losses.

      Investments are selected based on their ROI and their contribution to value creation, and investment and purchasing decisions factor in CSR, particularly environmental responsibilities and performance.

      1. Major investments over the last three years

         As set out in section 2.1.4 of this Universal Registration Document, the Group's net Free Cash Flow relating to investment activities in the last three years totals €144 million for the 2023 financial year, €155 million for the 2024 financial year and

         €190 million for the 2025 financial year.

         In the last three financial years, the Group's investments for the Eurotunnel segment have included:

         • The Passenger Shuttle Mid-Life Programme consisting of the dismantling, renovation and modernisation of the nine Passenger Shuttles as part of a three-stage programme: studies and drawing up contracts, tests and validation of prototypes and then production. This programme includes the replacement of certain systems with new technology and innovative equipment including air conditioning units running on a more environmentally-friendly refrigerant; fire barriers located at the connecting spaces between carriages that are simpler and more ergonomic for customers and on-board staff, allowing an increase in the number of vehicles transported per Shuttle; electrical power converters supplying onboard equipment; all the carriages' electrical cable harnesses and pipework; network and communications systems; the