Getlink, the operator of the Channel Tunnel, recorded a 12% decline in its revenue in 2024, reaching €1.61 billion. This drop is largely attributed to challenges faced by ElecLink, its cross-channel electricity cable, as well as a generally unfavorable economic environment.
The ElecLink cable, with a capacity of one gigawatt and commissioned in May 2022, saw its revenue halved, amounting to €280 million in 2024. This decrease is linked to the normalization of electricity prices after two years of unusually high levels and a prolonged operational suspension of the cable due to a technical malfunction. This suspension, effective since September 25, resulted in a €78 million loss for the group between September and December. No new date for resuming operations has been provided.
Contrasting performance in core activities
While ElecLink heavily impacted Getlink’s results, some of its subsidiaries achieved positive outcomes. Europorte, the rail freight division, saw its revenue grow by 12%, reaching €168 million. Meanwhile, Eurotunnel, responsible for passenger and vehicle transportation through the Channel Tunnel, posted a 3% increase in revenue, totaling €1.16 billion.
However, this overall growth conceals disparities. Vehicle transportation declined by 1%, and passenger car transportation decreased by 2%, mainly due to increased competition from ferry operators. Getlink noted that these operators benefit from less restrictive labor conditions compared to those in France and the United Kingdom.
Rise in passenger traffic but decline in rail freight
Eurostar, the high-speed train operator using the tunnel, transported 11.2 million passengers in 2024, a 5% increase compared to the previous year. This figure sets a new record, surpassing pre-pandemic levels achieved in 2019.
Conversely, cross-channel rail freight experienced a 13% drop, with only 1,233 trains crossing the tunnel in 2024. This decline was especially pronounced in the fourth quarter, where train numbers fell by 16%.
Financial outlook for 2025
For 2025, Getlink aims for an EBITDA (earnings before interest, taxes, depreciation, and amortization) between €780 million and €830 million, a forecast below the €979 million achieved in 2023. The group also faces ongoing uncertainty regarding the resumption of ElecLink’s operations.
As economic and competitive dynamics remain challenging, Getlink will rely on the resilience of its rail activities to stabilize its performance while addressing the hurdles posed by its electrical infrastructure.
