Getlink : 2025 Universal Registration Document for Getlink SE

About this update from Getlink Se

Universal Registration Document 2025 PROFILE Getlink is a leading player in low-carbon infrastructure and transport for freight, passengers , and electricity across Europe. The Group offers simple and innovative s ervices designed to meet the highest standards of excellence expected by its customers . It brings together the activities of the following commercial brands: MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER Outstanding 2025 Results The 2025 financial results published on 26 February 2026 are robust. With a current EBITDA of €859 million, up 4% and above the announced guidance, Getlink confirms the strength of its operational and financial performance. This momentum is driven primarily by the sustained growth of its historical activities, Eurotunnel and Europorte, which have reached record levels, while Eleclink returns to a normalised market environment. In the medium term, we are pursuing clear ambitions: to consolidate the growth of our historical activities, to support the development of the high-speed rail market, and to maintain a strong investment trajectory in support of sustainable, efficient and resilient European mobility. This performance enables the Board of Directors to propose to the General Meeting a dividend distribution of €0.80 per share, marking a significant increase and reflecting confidence in the Group's cash generation and the visibility of its outlook. We look forward to seeing you at the General Meeting on 27 May 2026. In 2025, Getlink once again demonstrated the quality of its execution, exceeding the EBITDA target set in March 2025. This performance reflects the groundwork carried out by our teams in operational excellence, service quality, cost control and the continuous improvement of the customer experience. Despite a decline in revenue linked to market conditions and the temporary suspension of activity, Eleclink has become a major contributor to the Group's results. These results confirm the relevance of the strategic decisions we have made, aimed at providing our customers with attractive, simple and low-carbon services. The simplification work undertaken in the high-speed rail market, the ambitions expressed by new operators, and Eurostar's intention to extend its network of direct routes to Germany and Switzerland open up solid and sustainable growth prospects. In 2026, we will continue to strengthen our operational excellence across all our businesses and entities. We will maintain our agility and capacity for innovation, drawing increasingly on the opportunities offered by artificial intelligence to reinforce our competitive advantages over the long term. Jacques Gounon Chairman Yann Leriche Chief Executive Officer KEY FIGURES OUTSTANDING 2025 RESULTS €1.595bn €374m CONSOLIDATED FREE CASH REVENUE FLOW €859m €320m CONSOLIDATED CURRENT EBITDA A RENEWED DYNAMIC FOR OUR DIVIDEND POLICY €0.80 DIVIDEND PER SHARE* (vs €0.58 in 2025) (including 96% decarbonised EBITDA) NET CONSOLIDATED PROFIT 2026 EBITDA TARGET BETWEEN €820m and €860m (AT AN EXCHANGE RATE OF £1=€1.165 AND BASED ON THE CURRENT SCOPE OF CONSOLIDATION) *subject to approval by the General Meeting on 27 May 2026 GOVERNANCE A BALANCED AND ADAPTED GOVERNANCE* 42% WOMEN ON THE BOARD 50% INDEPENDENT BOARD MEMBERS 1 1 SENIOR INDEPENDENT DIRECTOR ENVIRONMENT & CLIMATE LEAD DIRECTOR BOARD OF DIRECTORS Jacques Gounon Chairman Mark Cornwall Staff Representative Director Sharon Flood Independent Director Yann Leriche Non independent Director Peter Ricketts Independent Director Corinne Bach Independent Director Elisabetta De Bernardi di Valserra Non independent Director Jean-Marc Janaillac Independent Director Andrea Mangoni Non independent Director Stéphane Sauvage Staff Representative Director Bertrand Badré Independent Director Benoît de Ruffray Non independent Director Marie Lemarié Non independent Director Brune Poirson Independent Director Philippe Vanderbec Staff Representative Director 7 BOARD MEETINGS IN 2025 98% BOARD ATTENDANCE RATE IN 2025 The Board of Directors is organised, as at 25 February 2026, into 4 committees with complementary expertise: Committee Chair Attendance rate Audit Committee Remuneration Committee Ethics and CSR Committee Safety and Security Committee Jean-Marc Janaillac Peter Ricketts 100% 100% Corinne Bach 100% Sharon Flood 100% 22 Board committee meetings in total *as at 25 February 2026 SUSTAINABILITY EXCEEDING CLIMATE PERFORMANCE TARGETS GREENHOUSE GAS REDUCTION TRAJECTORY (VS 2019) 2025 RESULTS IN-LINE WITH SBTi CERTIFIED TRAJECTORY 2019-2025 SCOPES 1 & 2 57,372 -32% 54,633 2023 2024 2025 26,391 39,031 -54% 41,766 43,901 vs -30% target 49,038 51,361 tCO 2 eq 2030 2021 2022 2020 2019 54% LOW-CARBON ELECTRICITY CONSUMED BY THE GROUP 89% REVENUE ALIGNED WITH THE EUROPEAN TAXONOMY (CLIMATE) 21% BIOFUEL IN EUROPORTE TRAFFIC SCOPE 3 20% REDUCTION IN 2025 ON THE SBTi SCOPE * *the categories Purchases of goods and services and Capital expenditure. SUSTAINABILITY 2025 SOCIAL INDICATORS 3,892 EMPLOYEES AS OF 31 DECEMBER 2025* 2,858 DIVERSITY GENDER PAY GAP (CSRD method) 1,034 5% UNITED KINGDOM FRANCE MEN'S SALARY WOMEN'S SALARY GROUP WORKFORCE BY COUNTRY WORKFORCE BY ENTITY COMEX 945 EUROPORTE 48 GETLINK CUSTOMS SERVICES 38 ELECLINK 25 GETLINK SE 12 CIFFCO 2,824 EUROTUNNEL 44% 56% WOMEN MEN €1.8m SPENT IN THE SHELTERED EMPLOYMENT SECTOR 25% WOMEN IN THE TOP THREE MANAGEMENT TIERS *The companies acquired during 2025 (ASA, BIMS, Customs 4 All and Electrofer, representing fewer than 70 FTEs) are not included. The Group's profile, strategy and objectives 2 Eurotunnel activities 11 Eleclink activities 26 Europorte activities 28 Major investments 30 Analysis of consolidated financial results 35 Annual financial statements 45 Trends, objectives and ambitions, and recent and subsequent events 121 Other financial information 123 Risk factors 128 Legal and arbitration proceedings 138 Insurance and risk coverage 139 Internal control and risk management arrangements 139 Management of the Group 148 Composition and functioning of the Board of Directors 153 Statutory auditors' report on regulated agreements 203 Shareholder communications and investor relations 204 Chief Executive Officer, Chairman and Board Remuneration 208 Summary tables of remuneration paid or awarded to the Chairman and the Chief Executive Officer in respect of the 2025 financial year 222 Share option plans/allocations of preference shares: past allocations to executive officers 227 Senior management remuneration 228 Sustainability Statement 232 Other aspects of non-financial performance 385 Share capital 396 Dividend distribution policy 398 Share buyback 399 Major shareholders 401 Travel privileges 403 Regulatory framework 406 Material contracts 410 Constitutional document and Articles of Association 418 Information on shareholdings 421 Statutory auditors 423 Responsible person 423 Information received from third parties, statements of experts and interested parties 423 CONTENTS All photographs are from the Group's photographic stock: photographers Jacky Lannoy, Ady Kerry, Aimée Thirion, Une Belle Image, Rémi Daugeron. 2025 UNIVERSAL REGISTRATION DOCUMENT * 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. This Universal Registration Document is a reproduction in PDF format of the official version of the Universal Registration Document prepared in XHTML format, filed with the AMF on 19 March 2026 and available on the websites of the AMF ( www.amf-france.org) and Getlink SE (www.getlinkgroup.com ). A PDF version accessible to the visually impaired is also available on www.getlinkgroup.com. The term "Getlink SE" in this Universal Registration Document refers to the holding company which is governed by French law. The term "Group" refers to the economic grouping consisting of Getlink SE and all its subsidiaries. Unless otherwise indicated, the information in this Universal Registration Document originates from sources within the Group. The internet source references, such as those mentioned in the footnotes, are not part of this Universal Registration Document. Unless indicated otherwise, all the figures in this Universal Registration Document have been calculated by applying either the euro/sterling exchange rate on 31 December 2025 (£1=€1.146) for balance sheet items, or the average rate for 2025 (£1=€1.165) for elements of the income statement. * This document (the "2025 Universal Registration Document") is a free English language translation of Getlink SE's "Document d'Enregistrement Universel 2025" filed with the AMF on 19 March 2026. In the event of any inconsistencies between this document and the original French document (which is available on the Group's website), the text of the French document shall be considered authoritative. 1 PRESENTATION OF THE GROUP AND ITS BUSINESSES 4 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT PRESENTATION OF THE GROUP AND ITS BUSINESSES 1 ‌PRESENTATION OF THE GROUP AND ITS BUSINESSES Getlink: from the construction of the Channel Tunnel until today 2 Business model 3 Group strategy 5 Group structure 9 Eurotunnel's main markets 12 Eurotunnel's main activities 14 Eurotunnel: capacity of the Fixed Link 22 Eurotunnel: reliability of the System 24 Major investments 30 Trademarks, patents and licences 33 GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 1 PRESENTATION OF THE GROUP AND ITS BUSINESSES ‌THE GROUP'S PROFILE, STRATEGY AND OBJECTIVES ‌GETLINK: FROM THE CONSTRUCTION OF THE CHANNEL TUNNEL UNTIL TODAY Initially the promoter of the Tunnel, which is a historic and technological feat, the Group has transformed itself to become the vital link for the cross-Channel transport of passengers, goods and electricity and a leading player in infrastructure and low carbon transport. The Group was created in 1986 with the signing of the Concession Agreement, which awarded the construction, financing and operation of the Tunnel to the Franco-British consortium of France Manche SA and The Channel Tunnel Group Limited. The operation of the Tunnel began in 1994 with an extremely long Concession (for a duration of 55 years then extended to 99 years up until 2086) based on an integrated rail system beneath the sea enabling the Eurotunnel segment's cross-Channel services to be operated. In 30 years, the Tunnel has fundamentally transformed exchanges and connections between the UK and continental Europe by enabling the development of new cross-border logistics chains for goods and the emergence of new forms of mobility for people between major European cities. In 2018 the Group became Getlink, which embodies the dynamism of exchanges and so marks the Group's entry into a new era of mobility infrastructures. The brand reflects the Group's ambition to position itself as one of the leading players in the management of safe, modern and environmentally friendly infrastructures and services. The Group has diversified its activities beyond the Eurotunnel segment and is structured around three complementary segments: Eurotunnel (1994), Europorte (2010) and Eleclink (2022). Eurotunnel's cross-Channel services: 75% of the Group's revenue in 2025 Eurotunnel firstly offers a transport service between Calais in France and Folkestone in the UK aboard its Shuttles. The Truck Shuttles transport heavy goods vehicles (LeShuttle Freight), while the Passenger Shuttles (LeShuttle) transport passengers in their own vehicles (cars, coaches, motorbikes and motor homes). In 2025, the Shuttle Services generated 46% of the Group's total revenue. Eurotunnel secondly makes its infrastructure available for third party railway companies to provide links between continental Europe and the UK. Eurostar operates High Speed Passenger Train journeys between London and Paris, Brussels and Amsterdam. Eurotunnel also manages the passage of rail freight companies' trains through the Railway Network (but does not operate these services). The use of the Tunnel Railway Network by the Railway Companies' High-Speed Passenger Trains and Rail Freight Services earned the Group 26% of its revenue in 2025. The cross-Channel Shuttle services are now supplemented by Getlink Customs Services' range of customs formalities and border assistance services. All Eurotunnel's services are described in section 1.2 below. Eleclink's electricity interconnector activity: 14% of the Group's revenue in 2025 In 2016, the Group began the construction of Eleclink, the 1GW electricity interconnector linking Great Britain and France through the Tunnel, which represents a world first for a tunnel beneath the sea. Commercial operations started on 25 May 2022. This activity is set out in section 1.3 below. Europorte's rail freight activity: 11% of the Group's revenue in 2025 Europorte is involved in the entire rail freight transport logistics chain, with traction services in France and cross -border transport with Germany and Belgium. It also offers infrastructure management services at branch terminals. The segment's activity is set out in section 1.4 below. - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT PRESENTATION OF THE GROUP AND ITS BUSINESSES 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. GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 3 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-Dove r 2 crossing. More generally, a one-person journey between Paris and London emits 30 times fewer greenhouse gases than by ai r 3 , and freight transport on the Europorte fleet emits five times lower emissions than road transpor t 4 . 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. ‌1 Source: "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 gCO 2 eq/tonne.km, while a 40-44 ton articulated lorry emits an average of 71.1 gCO 2 eq/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 ‌6 Source: "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 4 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT 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. ‌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. GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 5 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. 6 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT 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. GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 7 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. 8 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT 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. ‌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. GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 9 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 Services GIE Centre International de Formation Ferroviaire Côte d'Opale SAS Eurotunnel Holding SAS Europorte SAS GET Elec Ltd Getlink Projects 1 Ltd France Manche 1% 39% 79% SA The Channel Tunnel Group Ltd 20% Eurotunnel Finance Ltd 21% 20% 25% 25% 67% Eurotunnel Developments Ltd 30% 25% 75% 67% 5% 67% Boulogne International Customs 4 All Maritime Services SAS SAS 50% 50% Eurotunnel Trustees Ltd Eurotunnel Services Ltd Socorail SAS Getlink Services SAS Eurotunnel SE t Unless mentioned otherwise, all of the subsidiaries are fully owned in terms of capital and voting rights. Registered in France Registered in the United Kingdom Registered elsewhere Getlink Getlink SE is the Group's listed parent company. In 2007, a holding company, Groupe Eurotunnel SA, was set up. It was proposed to all shareholders of the former Eurotunnel structure that they exchange their twinned shares for ordinary shares of Groupe Eurotunnel SA. This offer was accepted by more than 93% of shareholders. In late 2007, Eurotunnel PLC and Eurotunnel SA became TNU PLC and TNU SA respectively and they were then absorbed by Groupe Eurotunnel SA in May 2009 and October 2010 respectively. Groupe Eurotunnel SA became Groupe Eurotunnel SE in December 2014 and was subsequently renamed Getlink SE in April 2018. The Centre International de Formation Ferroviaire de la Côte d'Opale (CIFFCO) supplies professional training services particularly in the rail sector as described in section 1.2.2.3 below. Getlink Services SAS's purpose is to hold or acquire stakes in any companies specialising in the provision of services aimed at developing and facilitating the transport of goods or people and more generally the provision of any related consultancy services ("Getlink Customs Services"). This company, incorporated in 2023, acquired the UK company ChannelPorts in 2024. ChannelPorts provides customs services and its business is operationally structured within "Getlink Customs Services". On 31 January 2025, it acquired Associated Shipping Agencies and Boulogne International Maritime Services, as indicated in section 1.2.2.3 below. as well as a stake in NABU and (indirectly) in Customs 4 All in the second half of the year. Eurotunnel Agent Services Limited is the structure that holds the G2 notes as mentioned in note G.7 to the consolidated financial statements contained in section 2.2.1 of this Universal Registration Document. Eurotunnel Eurotunnel Holding SAS is the parent company of the Eurotunnel sub-group of which the following are the key entities: France Manche SA (FM) and The Channel Tunnel Group Limited (CTG) operate the Tunnel as Concessionaires in accordance with the Treaty of Canterbury and the Concession Agreement as described in chapter 8 of this Universal Registration Document. FM and CTG, whose shares are twinned, are the borrowing entities under the Term Loan described in section 8.2.4 of this Universal Registration Document. Eurotunnel Services GIE (ESGIE), Eurotunnel Services Limited (ESL) and Getlink Services UK Limited employ and manage the Group's personnel including for Eurotunnel's activities. Eurotunnel SE heads the commercialisation in continental Europe (excluding France) of the Truck Shuttle Service activity. Eurotunnel Financial Services Limited is authorised by the Financial Conduct Authority (registration no. 490713) to resell insurance products offered to passengers when they make their reservations. CTG acts as a representative of Eurotunnel Financial Services Limited for these requirements. 10 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT PRESENTATION OF THE GROUP AND ITS BUSINESSES 1 Europorte The holding company Europorte SAS groups together all the Europorte segment's rail freight transport subsidiaries, which provide a wide range of integrated rail freight services, including national and international haulage, local services for secondary lines and services to industry (individual junction management, infrastructure maintenance and wagon loading and unloading). The activities of the Europorte segment are carried out by various subsidiaries of the holding company Europorte SAS including Europorte France (EPF), Socorail and Europorte Channel (EPC). Europorte SAS also owns 20% of the share capital of Manutention Transport Service SAS. Socorail, a subsidiary of Europorte SAS, has acquired 67% of Renofer SAS, Giravert SAS and Electrofer SAS as well as 20% of TS Rail SAS (see section 1.4 below). Eleclink Eleclink Ltd's corporate purpose is the operation of a 1 GW electricity interconnector between France and Great Britain. GET Elec Ltd, a subsidiary of Getlink SE, holds 100% of the share capital of Eleclink Ltd. ‌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 high-speed lines. GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 11 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. ‌EUROTUNNEL'S MAIN MARKETS Eurotunnel operates in the transport market carrying passengers, cars, coaches, trucks and goods between continental Europe and the UK. 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. 12 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT PRESENTATION OF THE GROUP AND ITS BUSINESSES 1 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). Competitive position in the Short Straits market 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 CO 2 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 CO 2 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 CO 2 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 GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 13 1 PRESENTATION OF THE GROUP AND ITS BUSINESSES 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. 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. 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. Eurostar To a lesser extent, Eurostar's High-Speed Passenger Trains compete indirectly with the Passenger Shuttle Service in the leisure market. ‌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. 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. 14 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT PRESENTATION OF THE GROUP AND ITS BUSINESSES 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). 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. GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 15 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. 16 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT PRESENTATION OF THE GROUP AND ITS BUSINESSES 1 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%). 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. 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 . GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 17 1 PRESENTATION OF THE GROUP AND ITS BUSINESSES 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. ‌8 Eurostar-Media Centre. 18 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT PRESENTATION OF THE GROUP AND ITS BUSINESSES 1 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 audi t 9 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 GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT - 19 1 PRESENTATION OF THE GROUP AND ITS BUSINESSES 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. 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. 20 - GETLINK SE - 2025 UNIVERSAL REGISTRATION DOCUMENT

View stock analysis, news, and events for Getlink Se