Getlink raises 2026 outlook after ElecLink drives stronger first-half performance

Getlink SE (EU:GET) increased its full-year 2026 earnings guidance after reporting first-half EBITDA slightly ahead of market expectations, supported by a sharp improvement in performance from its ElecLink electricity interconnector.

ElecLink delivers strong earnings contribution

First-half EBITDA exceeded analyst forecasts by around 50 basis points, with ElecLink emerging as the main growth driver. EBITDA from the electricity interconnector climbed 79% year-on-year, benefiting from the absence of one-off provisions that affected results in the prior-year period.

The company also increased its full-year EBITDA guidance to a range of €835 million to €870 million. The midpoint of €852.5 million represents an improvement of around 150 basis points compared with previous guidance, although it remains below the company-compiled consensus estimate of €881 million.

Shuttle operations maintain positive momentum

Getlink reported resilient trading across its shuttle businesses during the first half of the year. Passenger vehicle services delivered solid pricing performance, while truck shuttle operations continued to gain market share, particularly in the closing months of the reporting period.

Free cash flow came in ahead of expectations, supported by favourable working capital movements. Capital expenditure reached €81 million, marginally above the company consensus forecast of €79 million, while overall EBITDA remained broadly in line with market projections.

Capacity sales strengthen outlook

ElecLink has already secured advance sales worth €305 million, covering around 98% of its available capacity for 2026. At full utilisation, expected revenue would reach approximately €311 million, slightly ahead of analyst expectations of €307 million.

Getlink operates the Channel Tunnel linking the United Kingdom and France, providing passenger shuttle, freight shuttle and rail infrastructure services. It also owns and operates the ElecLink subsea electricity interconnector connecting the two countries.

Management’s upgraded guidance reflects confidence in the group’s operational performance, although analysts expect consensus forecasts to remain largely unchanged following the results. Based on 2027 estimates, Getlink currently trades on an implied free cash flow yield of around 3.5% and a dividend yield of approximately 4.7%.