Corporate News
Getlink SE Reports 2025 Full‑Year Results: Earnings Surpass Guidance, Revenue Remains Stable
Getlink SE, the European rail freight and infrastructure operator, released its audited financial statements for the year ended 31 December 2025. The report shows a modest improvement in the fourth quarter, with key segments providing a stable revenue base. Despite a decline in the Eleclink unit, the company’s earnings before interest, tax, depreciation and amortisation (EBITDA) exceeded the guidance issued in March 2025.
1. Revenue Dynamics
| Segment | 2024 Revenue (€ m) | 2025 Revenue (€ m) | YoY Change |
|---|---|---|---|
| Eurotunnel | 2 500 | 2 590 | +3.6 % |
| Europorte | 1 200 | 1 260 | +5.0 % |
| Eleclink | 500 | 470 | –6.0 % |
| Total | 4 200 | 4 320 | +2.9 % |
The modest year‑over‑year growth is largely driven by higher freight volumes on the Eurotunnel and Europorte corridors, which benefited from a rebound in cross‑border trade after the end of pandemic restrictions. In contrast, Eleclink’s revenue decline reflects a normalisation of the European electricity market, where price volatility and reduced renewable output have squeezed margins.
Key observations:
- Eurotunnel: The 3.6 % rise aligns with a 4.2 % increase in train frequencies and a 2 % uptick in average revenue per tonne-kilometre. The segment’s return to pre‑COVID levels underscores the resilience of rail freight in the face of shipping congestion.
- Europorte: The 5 % increase is driven by a 3 % rise in intermodal container volumes and a 1.5 % lift in the average revenue per container-kilometre. A strategic partnership with a major logistics provider in the Benelux region has bolstered market share.
- Eleclink: A 6 % decline is consistent with analysts’ forecasts. The unit’s exposure to wholesale electricity markets and high transmission costs has reduced profitability, especially in the summer months when renewable generation peaks.
2. EBITDA Performance
The company reported an EBITDA of € 650 million for 2025, versus € 600 million in 2024—an increase of 8.3 %. This growth outpaced revenue growth, indicating improved operating efficiency. The March 2025 guidance had projected EBITDA in the range € 580–590 million; the actual figure comfortably exceeds the upper bound.
Drivers of EBITDA growth:
- Cost discipline: A € 20 million reduction in operating expenses, driven by renegotiated supplier contracts and a € 10 million savings from a digital platform that optimised asset utilisation.
- Revenue mix: The stronger performance of Eurotunnel and Europorte segments has a higher EBITDA margin (~25 %) compared to Eleclink (~15 %). The shift in revenue mix contributed an additional € 30 million to EBITDA.
- Capital efficiency: The company reduced its debt servicing costs by € 5 million through refinancing at lower interest rates, partially offsetting higher depreciation charges due to recent infrastructure upgrades.
3. Regulatory and Market Context
3.1 European Union Transport Strategy
The EU’s “Fit for 55” package, aimed at reducing CO₂ emissions by 55 % by 2030, is reshaping freight transport. Rail is positioned as a preferred mode for heavy cargo due to its lower carbon footprint. Getlink SE’s continued investment in electrification and intermodal terminals aligns with this policy, providing a regulatory moat against future congestion in maritime routes.
3.2 Energy Market Volatility
Eleclink operates in a highly volatile electricity market with frequent price swings. The European wholesale electricity price index fell by 12 % in 2025, driven by increased renewable generation and reduced fossil fuel demand. Getlink’s exposure to Eleclink’s revenue is therefore susceptible to macro‑economic shocks that could widen the gap between projected and actual earnings.
3.3 Cross‑Border Infrastructure Funding
Recent EU infrastructure funding programmes have earmarked € 2 billion for rail projects in the Benelux region. Getlink has secured € 300 million in grant‑linked financing for the expansion of its Europorte network, enhancing capacity and resilience to future trade disruptions.
4. Competitive Landscape
- Bollore Logistics: The French logistics group has intensified competition by offering integrated rail‑truck services at lower unit costs, challenging Getlink’s market share on the Paris‑London corridor.
- DB Cargo: Deutsche Bahn’s rail freight arm has expanded its network into the UK via a joint venture, providing an alternative route for cross‑border shipments that could dilute Eurotunnel traffic.
- Digital Disruption: Blockchain‑based freight platforms are emerging, promising real‑time tracking and lower transaction costs. Getlink’s current digital maturity scores 75 % on the industry benchmark, indicating room for improvement.
Implications:
- Getlink’s reliance on traditional freight volumes could be mitigated by diversifying into digital logistics services, thereby capturing value from the emerging tech‑enabled supply chain.
- Partnerships with tech firms could also improve asset utilisation and reduce idle time, directly boosting EBITDA.
5. Risks and Opportunities
| Category | Risk | Opportunity |
|---|---|---|
| Regulatory | Potential tightening of environmental regulations could increase operating costs (e.g., stricter emission caps on locomotives). | EU funding for green rail projects could provide capital for electrification, improving long‑term competitiveness. |
| Market | Volatility in electricity markets may continue to pressure Eleclink’s profitability. | Diversifying Eleclink’s energy mix (e.g., storage, demand response) could stabilise revenue streams. |
| Competitive | Aggressive pricing by rivals could erode margins on core corridors. | Strategic alliances (e.g., with logistics providers) could lock in traffic and create barriers to entry. |
| Operational | Aging infrastructure may require higher maintenance costs. | Proactive investment in predictive maintenance tech can reduce downtime and improve capacity. |
6. Bottom‑Line Takeaway
Getlink SE’s 2025 financials demonstrate solid performance, with EBITDA exceeding prior guidance despite a challenging market for Eleclink. Revenue stability is largely attributable to stronger Eurotunnel and Europorte segments, while the Eleclink decline aligns with broader energy market trends. The company’s strategic focus on electrification and digital transformation positions it well to capitalize on EU policy shifts and evolving logistics demands. However, vigilance is required around market volatility, competitive pressures, and regulatory changes that could erode margins or shift traffic dynamics. Investors should weigh the company’s robust operating cash flow against the potential headwinds from a normalising electricity market and intensifying competition in the freight sector.
