Getlink - Return to growth and strong first half of 2022

  • Revenue: €577 million (+76%)[1]
  • EBITDA: €309 million (+206%)
  • Net result: €52 million
  • Cash available on 30 June 2022: €597 million



  • Revenue: €474 million (+81%) 
  • EBITDA: €260 million (+213%)



  • Revenue: €68 million (+3%) 
  • EBITDA: €15 million (+6%)



  • In the context of an exceptional and volatile market, revenue of €35 million in the first 5 weeks of operation
  • EBITDA: €34 million[2]


Yann Leriche, Getlink CEO said: “In the first half of the year, we achieved very encouraging results, driven by the return of passenger traffic, the effects of our customer focused strategy and operational excellence, and the commercial launch of ElecLink. However, uncertainties linked to the evolution of both geopolitical and health events require us to remain prudent.”


Key events in the half year


  • Continued optimisation of the financing structure with the refinancing of the C2A tranche of Eurotunnel's debt.
  • Strong cash position at €597 million.
  • EBITDA at €309 million.
  • Distribution of a dividend of €0.10 for the 2021 financial year.
  • Appointment of Brune Poirson and Lord Ricketts to the Board of Directors.
  • Launch of the Chair of Initiative for effective corporate climate action with the Toulouse School of Economics, reflecting the Group's strong commitment to environmental issues.
  • Inclusion in Axylia's Vérité 40 index.
  • Improvement of the rating on the MSCI France index to AA.



  • Le Shuttle Freight
    • Growth of truck traffic (+19%).
    • Confirmed car market leader status with 43.6% market share.
    • Trial of “First”, a premium service offering an even faster crossing to certain freight customers.
  • Le Shuttle
    • Return of traffic with more than 872,000 passenger vehicles transported.
    • Confirmed car market leader status with 69.6% market share.
    • Success of the My Eurotunnel application launched a year ago, with more than 114,000 new users in 2022.
    • Partnership signed with Salesforce, enabling an even more personalised interaction with each customer and improving the travel experience.
  • Eurostar
    • Resumption of passenger traffic with more than 3.3 million passengers and an acceleration of the trend over the last few months.
    • Success of the direct London-Amsterdam service with confirmation of a fourth daily round trip from September.
  • Rail freight
    • Launch of a new cross-Channel rail freight service with CAT Group on behalf of Toyota.



  • Continued profitable growth trajectory.
  • EBITDA at €15 million.
  • Europorte becomes the first French rail freight company to invest in ETCS technology, in partnership with Beacon Rail, equipping its locomotives with this innovative rail signalling system.
  • Obtention of ECM certificates (European certification of maintenance entities) for locomotives and Wagon function 4.



  • Commercial go-live.
  • First auctions on 24 May and first electricity exchanges on 25 May in the direction GB to France.
  • A strong operational performance with 700,000 MW already transported.


Improved profitability

The Group’s consolidated revenue for the first half of 2022 totalled €577 million, up 76% compared to the first half of 2021, driven by the lifting of travel restrictions and Eurotunnel marketing activity, as well as the ElecLink go live on 25 May 2022.

The Group’s operating expenses increased by €37 million for the half year. For the Eurotunnel business, operating expenses were up 20% to €214 million reflecting the impact of the recovery in activity, as well as the increase in energy costs.

First half consolidated EBITDA of €309 million benefited from the commercial launch of ElecLink.

Net finance costs increased by €62 million for the first six months of 2022, mainly because of the effects of higher inflation rates in the UK and France on the cost of the indexed tranche of the debt.

Operating cash flow from continuing operations amounted to €288 million in the first half of 2022, compared to €110 million in the first half of 2021.

The Group’s Free Cash Flow was €90 million in the first half of 2022.

The Group’s consolidated net result for the first six months of 2022 was a profit of €52 million.

Cash available on 30 June 2022 totalled €597 million.



The unsettled general context does not affect the solidity or the long-term competitive advantages, including environmental ones, of the Group or those of its various activities, nor their medium and long-term growth potential.

The Group confirms its determination to continue to improve its financial, operational and environmental performance by capturing the opportunities offered by constantly changing markets.



First half (January – June)


Second quarter (April – June)


Reminder of first quarter (January – March)



First half (January – June)


Second quarter (April – June)


Reminder of first quarter (January – March)




  1. ^ [1] All comparisons with the half-year 2021 income statement are based on the average exchange rate for the first half of 2022 of £1=€1.182.
  2. ^ [2] Given that the commercial launch took place during the year, the operating expenses were proportionally capitalised over the period and are therefore not representative of the ongoing annual amount in the income statement.