Getlink: Revenue up in third quarter, driven by growth in passenger traffic and ElecLink go-live

Rhea-AI Summary

In the third quarter of 2022, Getlink reported a remarkable revenue increase of 109% year-on-year, reaching €466.1 million. Key contributors included Eurotunnel with a 71% increase to €325.8 million, driven by a surge in passenger traffic. ElecLink, which commenced operations in May 2022, generated €107.4 million in its first full quarter. The group also aims for a 30% reduction in CO₂ emissions by 2025 as part of its Environmental Plan.

Positive

• Revenue for Q3 2022 increased by 109% to €466.1 million.
• Eurotunnel's revenue rose 71% to €325.8 million, boosted by passenger traffic growth.
• ElecLink contributed €107.4 million in revenue, marking its first full quarter of operations.
• Strong recovery in Eurostar traffic, with nearly 2.6 million passengers in Q3 2022.

Negative

• Rail freight services saw an 11% decline in traffic compared to the same period in 2021.

• Third quarter 2022
  • Revenue for the third quarter of 2022 totalled €466.1 million, up 109% compared to the same period in 2021¹.
  • Eurotunnel: Revenue up 71% to €325.8 million, driven by the growth in Passenger Shuttle and Eurostar traffic.
  • Europorte: Solid operational performance, with revenue up 2% to €32.9 million.
  • ElecLink: Continued successful development, with revenue of €107.4 million.

PARIS--(BUSINESS WIRE)-- Regulatory News:

GETLINK S.E. (Paris:GET):

Yann Leriche, Group Chief Executive Officer commented: "In the third quarter, the Group has stepped up its efforts to consolidate the momentum of the first half of 2022. The growth in passenger traffic, our marketing investments and ElecLink entering its operational phase allow us to establish a higher level of revenue compared to 2021 and confirm the attractiveness of our low-carbon solutions for customers.”

►Third quarter of 2022: key events

• Group
  • Environment Plan
    • Publication of the Group's Energy Efficiency Plan, setting a target of a 9% reduction in auxiliary electricity consumption by 2024 and supporting the overall trajectory of the 2025 environment plan with a 30% reduction in CO₂ emissions.
    • EcoWatt charter signed with RTE, alongside nearly 100 major French companies, making Getlink part of a collective drive to save energy.
  • Governance
    • Appointment of Anne-Sophie de Faucigny as Group Chief Communications Officer and member of the Executive Committee.
• Eurotunnel
  • Le Shuttle
    • Strong growth in the number of passenger vehicles over the first nine months with 1,661,019 vehicles transported.
    • Confirmation as market leader on the Short Straits, with a car market share of 56.1% in the third quarter of 2022.
    • Achievement of the best monthly performance for 3 years, with more than 314,000 passenger vehicles transported in August 2022.
  • Le Shuttle Freight
    • More than 1.1 million trucks crossed the English Channel on board Shuttles in the first nine months of the year, an increase of 12% compared to the same period in 2021.
    • Confirmation market leader on the Short Straits with a market share of 40.7% in the third quarter of 2022.
    • Ramp-up of the unaccompanied freight service with more than 2,600 trailers transported in the first nine months of the year.
  • Good momentum in Eurostar traffic, in particular the continued growth of the direct London-Amsterdam service.
• Europorte
  • Continued development of Oleo100 traffic with the installation of a storage tank in Strasbourg.
• ElecLink
  • Strong operational performance with 2.3 TWh transmitted and an availability rate of over 88%.

 ¹ All comparisons with revenue for the first nine months of 2021 are at the average exchange rate for the first nine months of 2022: £1=€1.173.

► REVENUE: THIRD QUARTER

Revenue for the third quarter (1 July to 30 September)

€ million	3rd quarter 2022 un-audited	3rd quarter 2021 restated*	Change	3rd quarter 2021 published**
Shuttle Services	235.1	148.8	58%	148.7
Railway Network	84.3	39.1	116%	39.2
Other revenues	6.4	2.9	121%	2.9
Sub-total Eurotunnel	325.8	190.8	71%	190.8
Europorte	32.9	32.3	2%	32.3
ElecLink	107.4	-
Revenue	466.1	223.1	109%	223.1

* Restated using the average exchange rate for the first nine months of 2022: £1=€1.173.

** Average exchange rate for the first nine months of 2021: £1=€1.161.

A. Group

The Group's consolidated revenue in the third quarter increased by 109% at a constant exchange rate, to €466.1 million. Having started its commercial operations on 25 May 2022, ElecLink contributed €107.4 million in revenue to the Group during its first full quarter of activity.

B. Eurotunnel

At €325.8 million, Eurotunnel revenue was up 71% compared to the third quarter of 2021.

Revenue from the Shuttle activity reached €235.1 million, up 58% in the third quarter compared to the same period in 2021, driven by growth in Passenger volumes and targeted marketing actions.

Railway Network revenue was up 116% at €84.3 million, driven by the recovery in Eurostar traffic.

C. Rail freight operators: Europorte and its subsidiaries

Europorte increased its revenue to €32.9 million.

Revenue for the first nine months (1 January to 30 September)

€ million   Exchange rate €/£	Year to date 30 Sept 2022 un-audited 1.173	Year to date 30 Sept 2021 restated* 1.173	Change	Year to date 30 Sept 2021 published** 1.161
Shuttle Services	570.2	339.1	68%	337.7
Railway Network	214.0	105.7	102%	105.2
Other revenues	16.8	8.5	98%	8.4
Sub-total Eurotunnel	801.0	453.3	77%	451.3
Europorte	100.5	98.0	3%	98.0
ElecLink	142.0	-	-	-
Revenue	1,043.5	551.3	89%	549.3

* Restated at the average exchange rate for the first nine months of 2022: £1=€1.173.

** Average exchange rate for the first nine months of 2021: £1=€1.161.

For the first nine months of the year, Group revenue reached a level of €1.043 billion, up 89% compared to 2021, driven by additional revenue from ElecLink and the return of passenger traffic volumes.

• Eurotunnel revenue increased by 77% to €801 million.
• Europorte revenue increased by 3% to €100.5 million.

► EUROTUNNEL TRAFFIC

Third quarter traffic (1 July to 30 September)

		Q3 2022	Q3 2021	Change
Truck Shuttles	Trucks	335,541	339,175	-1%
Passenger Shuttles	Passenger vehicles¹	788,560	380,647	107%
High-speed passenger trains² (Eurostar)	Passengers	2,591,245	442,891	485%
Rail freight trains 3	Trains	379	406	-7%

¹ Including motorcycles, vehicles with trailers, caravans, motor homes and coaches.

² Only Eurostar passengers travelling through the Channel Tunnel are included in this table, excluding those who travel between continental stations (such as Brussels-Calais, Brussels-Lille, Brussels-Amsterdam, etc.).

³ Rail freight services by train operators (DB Cargo for BRB, the SNCF and its subsidiaries, GB Railfreight, RailAdventure and Europorte) using the Tunnel.

First nine months traffic (1 January to 30 September)

		Year to date 30 Sept 2022	Year to date 30 Sept 2021	Change
Truck Shuttles	Trucks	1,102,374	985,547	12%
Passenger Shuttles	Passenger vehicles¹	1,661,019	632,015	163%
High-speed passenger trains² (Eurostar)	Passengers	5,894,180	644,913	814%
Rail freight trains 3	Trains	1,133	1,279	-11%

¹ Including motorcycles, vehicles with trailers, caravans, motor homes and coaches.

² Only Eurostar passengers travelling through the Channel Tunnel are included in this table, excluding those who travel between continental stations (such as Brussels-Calais and Brussels-Lille, Brussels-Amsterdam, etc.).

³ Rail freight services by train operators (DB Cargo for BRB, the SNCF and its subsidiaries, GB Railfreight, RailAdventure, and Europorte) using the Tunnel.

A. Eurotunnel Shuttles

• Passenger Shuttles: In a dynamic market, Eurotunnel confirms its status as leader on the Short Straits with a car market share of 56.1% in the third quarter and increased traffic, with nearly 1.7 million passenger vehicles transported in the first nine months of the year.

• Truck Shuttles: Truck traffic on Le Shuttle Freight grew by 12% over the January-September period compared to 2021, despite an intensely competitive environment. Eurotunnel confirms its position as the leading cross-Channel player with a truck market share of 40.7% in the third quarter, up 2.3 points compared to the same period in 2021, thus outperforming the market.

B. Railway Network

• High-speed trains: Eurostar recorded very strong traffic growth in the third quarter with nearly 2.6 million passengers. In the first nine months of the year, nearly 5.9 million passengers crossed the Channel on high-speed trains.

• Cross-Channel rail freight: Cross-Channel rail freight saw traffic down 11% in the first nine months of 2022 compared to the same period in 2021, impacted by strikes in the United Kingdom.

About Getlink

Getlink SE (Euronext Paris: GET) is, through its subsidiary Eurotunnel, the concession holder for the infrastructure of the Channel Tunnel until 2086. Eurotunnel operates Truck and Passenger Shuttle services (cars and coaches) between Folkestone (UK) and Calais (France). It provides the fastest, most reliable, easiest and most environmentally friendly way across the English Channel. Since its opening in 1994, more than 476 million people and 98 million vehicles have travelled through the Channel Tunnel. Carrying 25% of UK-EU trade, this unique land connection has become a vital link between the Continent and the United Kingdom. This performance is reinforced by ElecLink, the new electrical interconnector installed inside the Tunnel. Getlink’s sustainable mobility services offering is completed by its rail freight subsidiary, Europorte, which offers a wide range of integrated rail services. Committed to "low-carbon" services and reduced environmental impact (the Group prevents the equivalent of 2 million tonnes of CO₂ emission per year through its activities), Getlink puts people, nature and territories at the heart of its concerns.

https://www.getlinkgroup.com

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Getlink contacts:



For UK media enquiries contact:

John Keefe on + 44 (0) 1303 284491

Email: press@getlinkgroup.com



For other media enquiries contact:

Anne-Sophie de Faucigny on +33 (0)6 4601 5286

Romain Dufour on +33(0)6 2000 3138



For investor enquiries contact:

Jean-Baptiste Roussille on +33 (0)1 40 98 04 81

Email: jean-baptiste.roussille@getlinkgroup.com



Michael Schuller on +44 (0) 1303 288749

Email: Michael.schuller@getlinkgroup.com

Source: GETLINK S.E.

FAQ

What was Getlink's revenue for Q3 2022?

Getlink reported a revenue of €466.1 million for Q3 2022, a 109% increase from the previous year.

How much revenue did Eurotunnel generate in Q3 2022?

Eurotunnel generated €325.8 million in revenue during Q3 2022, a 71% increase compared to Q3 2021.

What is ElecLink's revenue contribution for Q3 2022?

ElecLink contributed €107.4 million in revenue in its first full quarter of operations during Q3 2022.

Did Getlink achieve any growth in passenger traffic?

Yes, Getlink experienced significant growth in passenger traffic, with Eurostar carrying nearly 2.6 million passengers in Q3 2022.

What environmental targets has Getlink set?

Getlink aims for a 30% reduction in CO2 emissions by 2025 as part of its Environmental Plan.