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Tunnel under the English Channel: Getlink Still Weighed Down by Its Electric Cable Activity

Getlink reports stable Q3 revenue despite a significant decline linked to the suspended ElecLink activity. The company relies on its traditional services to offset losses.
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Getlink, the operator of the Channel Tunnel, presented a nearly stable revenue (-0.4%) in the third quarter. The decline in electricity prices continues to weigh on its electric link activity between France and England.

ElecLink, the one-gigawatt (GW) cable connecting the two countries for two years, saw its revenue drop by 21% in the third quarter, after being nearly halved in the first half of the year. According to the group, this decline is due to an expected normalization of electricity markets following two years of high prices.

Suspension of ElecLink and Financial Impact

This electric link has been suspended since September 25 and until November 16 due to a malfunction. Getlink estimated the commercial impact of this outage at approximately 46 million euros at the beginning of October. The suspension affects not only ElecLink’s revenues but also the reliability of services offered between France and the United Kingdom.

To achieve its 475 million euros in revenue in the third quarter, the group relied on the strong performance of its historical businesses, particularly the transportation of vehicles and passengers through the Channel Tunnel via Eurotunnel, which saw growth in the third quarter.

The revenue from this activity, amounting to 359 million euros, increased by 5% compared to the third quarter of the previous year, which Yann Leriche, Getlink’s CEO, described as a real satisfaction in the statement.

Traffic Details and Competition

Analyzing the traffic, the number of trucks increased by 2% in the third quarter, while that of cars decreased by 0.3%. Getlink remains affected by the intense competition from ferry operators, some of which deviate from the social models in place in the United Kingdom and France.

Despite a 1% decrease in the number of passengers, sales from Getlink’s rail network, including Eurostar, rose by 10% in the third quarter. This increase reflects a successful adaptation to the new dynamics of the rail market post-Brexit.

Financial Outlook and Objectives

Getlink took the opportunity of announcing its results to confirm its EBITDA target for 2024, expected to be between 780 and 830 million euros, below the 979 million euros achieved last year. This revision is due to the challenges faced by ElecLink and increased competition in the sector.

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