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FULL-YEAR RESULTS 2025 26/02/2026
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All forward-looking statements in this presentation are Getlink SE’s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed description of these factors and uncertainties, please refer to the section “Risk Factors” in our Universal Registration Document and documents filed by the Group with the French securities regulator (AMF) (available on the Group’s website https://www.getlinkgroup.com). Getlink SE undertakes no obligation to publicly update or revise any of these forward-looking statements. DISCLAIMER
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AGENDA 2025 HIGHLIGHTS 2025 FINANCIAL RESULTS 3 2026 OUTLOOK 1 2 3
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Full-Year Results 2025 4 2025 Highlights: EBITDA above guidance G r o u p E B I T D A +4% v s 2 0 2 4 €859m G u i d a n c e b e t w e e n € 7 8 0 m a n d € 8 3 0 m * * Eurotunnel +5% Eleclink €55m insurance compensation Stable EBITDA Europorte +6% High Speed Rail Major steps successfully achieved towards the opening of new destinations & the arrival of new players ESG 2025 decarbonisation goals reached * * 2024 restated at the average exchange rate for the 2025 financial year: £1 = €1.165 ** Guidance set in March 2025 based on the scope of consolidation at that date and an exchange rate of £1=€1.184, and a constant fiscal and regulatory environment. This target conservatively included the assumption of an initial tranche of insurance compensation for Eleclink's operating losses of €15 million (before taking into account the provision for profit sharing). EBITDA ACROSS BUSINESSES MAJOR MILESTONES
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2025 HIGHLIGHTS Yann Leriche, Chief Executive Officer Full-Year Results 2025
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Full-Year Results 2025 6 * Restated at the average exchange rate for the 2025 financial year: £1 = €1.165 ** After provision for profit sharing of €80 million (FY 2025) vs €76 million (FY 2024) 635 667 32 34 159 158 2024* 2025 Eurotunnel Europorte Eleclink** €826m* €859m Normalisation of electricity markets & suspensions 2025 Group results: Eurotunnel & Europorte EBITDA at record highs +4% Group EBITDA generation Net Debt€3,392m Group -€184m vs 2024 Net profit€320m Group +3% vs 2024* +5% +6%
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Full-Year Results 2025 LeShuttle Passenger: Continuous focus on customer satisfaction supporting our attractiveness 7 2,234,093 vehicles** +2%vs 2024 CAR MARKET SHARE: 56.1% +80bps ** Including cars, motorcycles, vehicles with trailers, caravans, camper vans and coaches NPS* Score 44 vs 44 FY 2025 vs FY 2024 * Net Promoter Score TRAFFIC • Increased market share driven by a successful customer-centric strategy • Market leader position reinforced on the Short Straits • Yield increase enabled by better customer insights
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1,163,124 trucks Full-Year Results 2025 LeShuttle Freight: Resilient in a demanding environment 8 NPS* Score 65 vs 56 FY 2025 vs FY 2024 * Net Promoter Score -3%vs 2024 TRUCK MARKET SHARE: 35.4% -20bpsTRAFFIC • Stable market share in a competitive environment • Excellent customer satisfaction (improved NPS*) supported by enhanced services standards 1st electric truck to cross Channel Tunnel
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Full-Year Results 2025 Eurotunnel: Quality of service to support yield optimisation 9 * including Electricity Value Adjustment • Decrease in electricity costs enabled us to lower energy surcharge (EVA) to €19 in 2025 (vs. €22 in 2024) • Inflation price increases maintained T R U C K S • Continued fare structure optimisation enhancing customer offer with more optionalities (unbundling of services) • Continued tactical evolution of offer in response to customers’ changing patterns C A R S R E D U C T I O N I N E N E R G Y S U R C H A R G E I M P R O V I N G C O M P E T I T I V E N E S S N E W F A R E S T R U C T U R E avg. Shuttle yield* FY 2025 vs FY 2024 +3%
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10,972 11,047 10,716 11,201 11,815 2018 2019 2023 2024 2025 Full-Year Results 2025 10 High-Speed Rail passenger numbers reached another record high in 2025 (K pax) Eurotunnel: A new record high for High Speed Rail +5% London–Amsterdam Reopening of direct service between Amsterdam-London end of April +18% traffic uplift vs 2024* Increased capacity to meet rising demand London–Paris +6% vs 2024 * As stated by Eurostar
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Major investment in new trains and new direct routes Order of 30 new double-decker trains, with options for a further 20, placed with Alstom in October First services expected from 2031* New trains for new destinations incl. London-Frankfurt, London-Geneva Full-Year Results 2025 11 Eurotunnel: Acceleration of the agenda for new High Speed Rail services * According to operators’ announcement ~2030* Plan to build a new facility outside of Paris to store a fleet of 10 trains London Paris Brussels Amsterdam ORR decision to grant access to Temple Mills Depot to Virgin trains London Paris ~2029*
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12 Eurotunnel: Continued disciplined cost & project management Full-Year Results 2025 Maintaining strict cost discipline thanks to lean & digital initiatives Continued focus on delivering our services at best cost Eurotunnel costs +2% Targeted investment to renew key assets and strengthen future profitability Rigorous approach to maintaining high levels of safety, performance & quality of service • Necessary renewal at the end of 30-year assets lifecycle • Focus on return on investment • Efficient allocation of resources, with appropriate alignment of related Opex UK FRANCE 3.4% CPI (vs 2.5% in 2024) 0.8% CPI (vs 2.0% in 2024)
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Full-Year Results 2025 13 233 182 43 37 4 6 2024 2025 Auctions Capacity markets Ancillary 280 225 Eleclink: High attractivity of the asset Revenues (€m) -20% Strong contribution despite 2024 & 2025 outages Compelling electricity spreads UK-FR spreads (€/MWh) Source: Energy market price Activity suspension periods: 25 Sept 2024 - 5 Feb 2025 19 May - 2 June 2025 Average spread capture on 2027 annual contracts secured in 202597% 0 10 20 30 40 50 60 Cal-27 Cal-28 Sum-26 Sum-27 Win-26
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Full-Year Results 2025 14 €172m EBITDA +2% vs 2024 Revenue €34m +6% vs 2024 Europorte: Continuous focus on profitability Improved profitability in a competitive rail freight market
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Full-Year Results 2025 Confirmed ESG leadership: 2025 key milestone achieved Confirmation of our ESG Strategy relevance CDP A List for the 2nd year in a row Among 4% of companies worldwide acknowledged for demonstrating environmental best practices & leadership Decarbonisation targets reached -32% GHG reduction in Scopes 1 & 2 (vs 2019) -30% 2025 TARGET 2025 ACHIEVEMENT -54% 2030 TARGET 15
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2025 FINANCIAL RESULTS Géraldine Périchon, Deputy CEO & Chief Financial Officer Full-Year Results 2025
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Good results underpinned by passenger traffic (LeShuttle Passenger and High Speed Rail) and active yield management Other revenue driven by Getlink Customs Services growth Strict operating costs management Full-Year Results 2025 17 €m 2025 2024* change Revenue 1,198 1,157 +4% Shuttle Services 738 721 +2% Railway Network 411 395 +4% Other 49 41 +20% Operating costs (531) (522) +2% EBITDA 667 635 +5% * 2024 figures restated at 2025 average exchange rate: £1 = €1.165 Revenue and EBITDA Eurotunnel in 2025
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Full-Year Results 2025 18 -6 0 7 8 7 -7 522 531 2024 Taxes & social contributions Inflation incl. energy Activity Maintenance Productivity & other Development & scope effects 2025 Eurotunnel in 2025 Operating costs (€m) A confirmed focus on operating cost discipline via lean management programmes, new activities and innovation 522 531
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Full-Year Results 2025 19 Business rates: Eurotunnel to challenge the unjustified planned increase Assuming above calculation, annual cumulative increase in the charge* related to Business Rates for Eurotunnel compared to 2025 = x( ( -£ £ % Eurotunnel’s Business Rates Rateable value increase by ~200% Multiplier 0.508 in 2026-2027 Eligible transitional relief Continued efforts to negotiate Rateable Value with the VOA & supervisory authorities until the final valuation decision expected end of March 2026. If the proposed amount were confirmed, Eurotunnel would pursue all measures at its disposal to assert its rights before the competent authorities, courts and/or tribunals * Based on an average exchange rate on 31 December 2025 of £1=€1.165 and on the assumption that the multiplier remains close to current levels and with a tapering transitional relief over a 3-year period. 2026 + c.€6m 2027 + c.€14-16m 2028 + c.€24-27m
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Full-Year Results 2025 20 €m 2025 2024 change Revenue 225 280 -20% Other income** 55 - Operating costs (excl. profit sharing provision) (42) (45) -7% EBITDA pre-profit sharing provision 238 235 +1% Provision for profit sharing (80) (76) +5% EBITDA post-profit sharing 158 159 -1% Eleclink in 2025 Revenue and EBITDA Eleclink performance impacted by evolution of electricity market and suspension of activity* A total amount of €55 million in insurance compensation recorded in 2025** * Suspension of Eleclink activity between 25 September 2024 and 5 February 2025 and from 19 May to 2 June 2025 ** Insurance compensation linked to September 2024 to February 2025 outage
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Full-Year Results 2025 21 Eleclink: Discussions have progressed on profit-sharing mechanism Discussions with regulators have helped confirm certain key parameters used for the provision calculation Public formalisation of the application of the mechanism remains to be clarified… Before ≤ IRR threshold After > IRR threshold Impact on EBITDA Impact on Free Cash flow -50% of revenue0 Provision for profit-sharing Provision for profit-sharing
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Full-Year Results 2025 22 A solid profitability illustrating the contract selectivity and discipline in operations €m 2025 2024 change Revenue 172 168 +2% Operating costs (138) (136) +1% EBITDA 34 32 +6% Europorte in 2025 Revenue and EBITDA
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Full-Year Results 2025 23 €m 2025 2024* change Revenue 1,595 1,605 -1% Other income** 55 - - Operating costs (791) (779) +2% o/w provision for Eleclink profit sharing (80) (76) +5% EBITDA 859 826 +4% EBIT 609 591 +3% Net finance costs (293) (292) +0% Taxes 4 13 - Net consolidated profit 320 312 +3% Getlink in 2025 Consolidated P&L * 2024 figures restated at 2025 average exchange rate: £1 = €1.165 ** Insurance compensation linked to Eleclink’s September 2024 to February 2025 outage
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Full-Year Results 2025 24 €m 2025 2024(1) change Interest receivable 44 66 -22 Other net financial charges (2) (14) (42) +28 Interest on loans (202) (206) +4 Amortisation of hedging costs (51) (51) - Impact of effective rate adjustment (9) (9) - Inflation indexation (61) (50) -11 Total Net Finance Costs (293) (292) -1 (1) 2024 figures restated at 2025 average exchange rate: £1 = €1.165 (2) Including in 2025 €30m (vs €32m in 2024) a non-cash charge linked to the unwinding of the discount of provision for Eleclink profit- sharing mechanism in accordance with IAS 37 and interest received on the G2 notes held by the Group of €13m (vs €11m in 2024) Getlink in 2025 Net Finance Costs Net Finance Costs globally flat with an increase in inflation indexed debt costs more than offset by a positive effect of exchange gains/losses
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Full-Year Results 2025 25 (1) Excluding investment in new activities and movement in cash management financial assets (2) Operating cash flow less net capital expenditure less debt service No payments in relation to the Eleclink profit sharing have yet been made Getlink in 2025 Free Cash Flow Operating cash flow was impacted by lower Eleclink contribution. Only €5m of the compensation (out of €55m agreed with insurers) was received in 2025. 2/3 of Eurotunnel Capex was for infrastructure and rolling stock €m 2025 2024 change Operating cash flow 816 865 -49 Capex(1) (190) (155) -35 o/w Eurotunnel (181) (144) -37 Free Cash Flow to Firm 626 710 -84 Debt service (252) (239) -13 o/w scheduled debt repayment (88) (85) -3 Free Cash Flow(2) 374 471 -97
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Full-Year Results 2025 26 Free Cash Flow (after €88m scheduled debt repayment) * No payments have yet been made in relation to Eleclink profit sharing ** Including cash management financial assets *** Channel Link Enterprises Finance Ltd is the securitisation vehicle of the Eurotunnel sub-group debt - 816 252 190 314 - 124 3 392 3 576 Net debt Dec 2024 Operating cash flow Debt service Investments Dividends Others Net debt Dec 2025 €374 m FCF* €374m Net debt (-€184m vs 31 December 2024)€3,392m Cash position** (vs € 1,699m at 31 December 2024)€1,498m Credit ratings at target Getlink at BB+ at S&P and Fitch Ratings CLEF*** at BBB+ at S&P The Group continues its strong cash generation Successful issue of €600m Green Bonds , , Evolution of net debt (€m)
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2026 OUTLOOK Yann Leriche, Chief Executive Officer Full-Year Results 2025
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Full-Year Results 2025 28 2026: Main highlights of the start of the year LeShuttle January traffic … impacted by December disruptions & adverse weather conditions Eleclink continued to secure revenue above investment case scenario * Subject to actual delivery of service. Eleclink secured revenue* (in €m as of 15 February 2026) 81% 36% % capacity sold 2026 2027 Auctions Capacity Markets €242m €141m -5% -4% Truck Shuttle Passenger Shuttle …but solid passengers bookings +6% Jan. 2026 vs Jan. 2025 +
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EBITDA EXPECTED BETWEEN €820m & €860m 2026 Guidance Reasonable growth assumptions for Eurotunnel based on the commercial momentum observed at the beginning of the year in a competitive environment. The central scenario assumes the gradual implementation of EES formalities on Eurotunnel sites between April andSeptember 2026. For Eleclink, the revenue already secured as at 15 February 2026 (81% of the cable's capacity for 2026 has been sold for a total revenue of €242 million, subject to actual delivery of the service), recent electricity market prices and the use of a method similar to that used for 2025 for the profit-sharing provision in operating expenses. This guidance* takes into account 01 02 * Guidance set based on the current scope of consolidation and activity, an exchange rate of £1=€1.165 and assuming a constant fiscal and regulatory environment. Full-Year Results 2025 29 *
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A reset of our shareholder remuneration Full-Year Results 2025 30 €0.80 Dividend per share * Subject to Annual General Meeting approval on 27 May 2026 * €0.36 €0.05 €0.10 €0.50 €0.55 €0.58 €0.80* 2019 2020 2021 2022 2023 2024 2025 2026
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AGENDA Q&A Full-Year Results 2025
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Full-Year Results 2025 32 Thursday, 26 February 2026 14:00 - 17:30 CET Presentation & Strategic sessions Live webcast
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CONTACT 33 Virginie Rousseau Capital Markets Director virginie.rousseau@getlinkgroup.com +33 6 77 41 03 39 Dana Badaoui Investor Relations dana.badaoui@getlinkgroup.com +33 6 80 01 39 46