2022 annual results: record performance for the Group

Group

• Revenue of €1.606 billion (+107%^[1])
• EBITDA of €886 million (+198%), after provision of €142 million related to the future sharing of ElecLink's profits
• Free Cash Flow^[2] of €714 million
• Cash at 31/12/2022 of €1.2 billion
• Consolidated net profit of €252 million

Eurotunnel

• Revenue of €1.049 billion (+63%)
• EBITDA of €593 million (+120%)

Europorte

• Revenue of €137 million (+5%)
• EBITDA of €29 million (+4%)

ElecLink

• Revenue of €420 million
• EBITDA of €264 million, after provision of €142 million related to future profit sharing

Yann Leriche, Getlink CEO, said: “In 2022, Getlink achieved a high-quality performance across all its entities, driven by the commitment of its teams, its strategy of operational excellence for customers, promising good prospects for 2023. Our low-carbon model and our capacity for innovation place us favourably at the heart of the societal and economic challenges of the years to come.”

2023 outlook

In 2023, Getlink will continue to strengthen its performance and operational discipline and will keep on innovating to sustain its value creation trajectory, despite contrasting market developments. The Group will also continue to invest in its environmental leadership through the deployment of the Oleo100 biofuel, the launch of on-site green electricity projects and the virtuous renovation of the first Passenger Shuttle.

• • An EBITDA target of over €910 million^[3] (+€24 million compared to 2022), which takes into account in particular:
    • the forward pricing for electricity as observed on 2 February 2023 and the same methodology as applied in 2022 in respect of the ElecLink profit-sharing mechanism;
    • a cautious approach to the level of Eurotunnel's business rates, which the Valuation Office Agency has stated it wants to multiply by almost 2.5, i.e. an additional charge of about €25 million per annum^[4].
• • A capital expenditure budget of around €160 million for Eurotunnel to improve its operational performance and with a view to constantly reinforcing safety, enhancing its environmental leadership and strengthening its growth levers through:
    • modernisation of the rolling stock,
    • a campaign to renew the tracks in the Tunnel,
    • further development of smart border services.
• • Payment of a dividend of €0.50 per share, subject to approval at the AGM on 27 April 2023, significantly higher than the pre-pandemic level and in line with the Group's desire to share value creation with its shareholders.

HIGHLIGHTS OF THE PAST YEAR

Environment

• Alignment of 93% of the revenue of the Group's activities with European Taxonomy (86% in 2021).
• Rating of the Group as a green asset with a positive impact: through the improvement of the CDP rating to A-, the integration into the Vérité 40 indices of Axylia and CAC SBT 1.5° and the increase in the rating of MSCI France index (AA).
• Reduction of greenhouse gas emissions by 4.5% in 2022 compared to 2021, on a like-for-like basis.
• Say on Climate vote at the 2022 AGM.
• Launch of the “Initiative for Effective Corporate Climate Action” research chair with the Toulouse School of Economics^[5] to explore and anticipate the impacts of the climate transition on businesses with one of the leading academic centres in this field.
• Publication of the Energy Efficiency Action Plan.
• Getlink's commitment to the French EcoWatt system to reduce national consumption.

Group

• Cash of €1.2 billion held at the end of December, reflecting the Group's ability to continue generating Free Cash Flow.
• Active cost management limiting the effects of inflation.
• Optimisation of the financial structure with the refinancing of the C2A tranche of Eurotunnel's debt.
• Appointment of Brune Poirson and Lord Ricketts to the Board of Directors.
• Strengthening of Eiffage's shareholding as they became the Group's largest shareholder with 18.79% of the shares through the purchase of TCI Fund Management's stake.

Eurotunnel

• Le Shuttle Freight
  • Traffic up with nearly 1.45 million trucks transported (+6%) in a sluggish market, confirming its status as the cross-Channel market leader with 42.2% market share.
  • Development of the services offered at Le Truck Village.
  • Successful launch of the First offer, a new priority freight service.
  • Acceleration of the "unaccompanied transport" activity with more than 4,000 trailers transported in 2022 (compared to 162 in 2021).
• Le Shuttle
  • Confirmation of market leader status with 2.1 million passenger vehicles transported and a car market share of 62.8%.
  • Value-creation marketing approach through anticipation and taking into account changes in customer preferences and behaviour.
  • Success of the My Eurotunnel application downloaded more than 265,000 times.
• Eurostar
  • Return of volumes with 8.3 million passengers.
  • Launch of a fourth daily London – Amsterdam service.
• Rail freight trains
  • In a difficult market, launch, with the CAT group, of a cross-Channel rail freight service on behalf of Toyota.

Europorte

• Increase in Europorte's annual revenue (+5%) to €137 million.
• Continuation of the profitable growth strategy with EBITDA of €29 million, up €1 million compared to 2021.
• First French rail freight company to invest in the ETCS signalling system and to equip its locomotives with this new technology.
• Obtaining ECM certification (European certification of entities in charge of maintenance) for locomotives and Wagon function 4.

ElecLink

• ElecLink entered service on 25 May.
• Successful operational launch with a very high cable availability rate of 90% (vs 84% average IFA availability between 2011 and 2020).

FINANCIAL RESULTS

The Group's consolidated revenue for the 2022 financial year totalled €1.606 billion.

Consolidated EBITDA totalled €886 million, multiplied by almost three compared to 2021 and driven by the excellent performance of all of the Group's activities.

Trading profit amounted to €659 million, up by €551 million compared to 2021.

The Group's consolidated net profit for the 2022 financial year amounted to €252 million after a loss of €229 million in 2021.

Cash at 31 December 2022 stood at a record level of €1.2 billion, an improvement of €478 million compared to 31 December 2021.

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About Getlink

Getlink SE (Euronext Paris: GET) is, through its subsidiary Eurotunnel, the concessionaire of the Channel Tunnel infrastructure until 2086 and operates Truck and Passenger Shuttle services (cars and coaches) between Folkestone (UK) and Calais (France). Since 31 December 2020 Eurotunnel has been developing the smart border so that the Tunnel remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. Since its inauguration in 1994, more than 481 million people and 99 million vehicles have travelled through the Channel Tunnel. This unique land link, which sees 25% of trade between the Continent and the United Kingdom, has become a vital link reinforced by the ElecLink electrical interconnector installed in the Tunnel, which helps to balance energy needs between France and the United Kingdom. Getlink complements its sustainable mobility services with its rail freight subsidiary Europorte. Committed to "low-carbon" services that control their impact on its environment (through its activities the Group avoids the equivalent of 2 million tonnes of CO2 per year), Getlink has placed at the heart of its concerns the place given to people, nature and places.

https://www.getlinkgroup.com

Next meetings in 2023:

20 April 2023: traffic and first quarter revenue for 2023

27 April 2023: Getlink SE Annual General Meeting

20 July 2023: 2023 half-year results

Additional information:

The Board of Directors, meeting on Wednesday 22 February 2023 under the chairmanship of Jacques Gounon, approved the accounts for the financial year ended 31 December 2022. A report with unqualified certification is being issued by the auditors.

The financial analysis of the consolidated financial statements is available on the Group's website: www.getlinkgroup.com.

Footnotes

1. ^{^} [1] All comparisons with the 2021 income statement are made at the 2022 average exchange rate of £1=€1.168.
2. ^{^} [2] Defined as cash flow from operating activities of current activities less capital expenditure and debt service.
3. ^{^} [3] Based on the current scope of consolidation and on an exchange rate of £1=€1.15, with a constant regulatory and tax environment.
4. ^{^} [4] If confirmed, this figure would be contested by the Group.
5. ^{^} [5] Toulouse School of Economics (TSE) has received numerous academic awards, including the Nobel Prize in Economics in 2014 for Jean Tirole, currently President of the TSE.