By Mathias de Rozario and Johan BODINIER (Reuters) - Transport and infrastructure operator Getlink reported a better-than-expected drop in its full-year core profit, as growth in its Eurotunnel and
Getlink Reports Core Profit Decline, Exceeds Market Expectations
By Mathias de Rozario and Johan BODINIER
(Reuters) - Transport and infrastructure operator Getlink reported a better-than-expected drop in its full-year core profit, as growth in its Eurotunnel and Europorte activities held back the fall due to Eleclink's shutdown.
The Channel Tunnel Operator now expects for 2025 a core profit in line with its 2024 guidance.
WHY IT'S IMPORTANT
Getlink continues to benefit from an operational resilience, despite the shutdown of ElecLink's activities, as cross-Channel flows remain steady in both the freight and passenger segments.
The acquisition of Associated Shipping Agencies and BIMS underlines the group's strategic push into customs services, enhancing its capacity to manage cross-border operations at a time when streamlined logistics are key to revenue growth - with EES controls looming for 2025.
CONTEXT
In addition to a normalisation of the electricity markets, Getlink has been impacted by the suspension of Eleclink's electrical interconnector between France and Britain between September 25 and February 10 due to a damaged cable.
In 2023, the unit accounted for 37.59% of the group's core profit.Eurotunnel continues to anchor its business, supported by a increased EBITDA of 8% year-on-year.
KEY NUMBERS
Getlink's EBITDA fell to 833 million euros ($897.39 million) in 2024, from 979 million euros, a year ago.
Analysts were expecting on average an EBITDA at 815.49 million euros, LSEG-aggregated consensus shows.
The EBITDA was hit by a 57% drop in core profit for its ElecLink unit, at 159 million euros.
It however said it would propose a dividend of 0.58 euros per share and expects EBITDA to come between 780 and 830 million euros in 2025.
($1 = 0.9282 euros)
(Reporting by Johan Bodinier and Mathias de Rozario in Gdansk; Editing by Chizu Nomiyama)
