Getlink SE: history, ownership, mission, how it works & makes money

Born on 13 August 1986 to finance, build and operate the Channel Tunnel, Getlink SE (formerly Groupe Eurotunnel) opened the rail link in 1994 and has since expanded into energy and freight with ElecLink launched in May 2022 and Europorte rail services, reporting a resilient €833 million EBITDA in 2024 while issuing €600 million of senior secured green notes in March 2025 to back sustainable growth; its capital structure comprises 550 million ordinary shares (nominal €0.40) and a double voting rights mechanism that helped deliver a record 79.09% quorum at the May 14, 2025 Combined General Meeting, overseen by a 15-member board (≈42% women, 50% independent) as Getlink operates shuttle services between Folkestone and Calais, manages the Channel Tunnel infrastructure, runs an electricity interconnector and rail freight arm, and pursues a mission focused on low-carbon transport with a reported decarbonized margin rate of 96% while reaffirming its 2025 EBITDA outlook in July 2025.

Getlink SE (GET.PA): Intro

• Founded: 13 August 1986 to finance, build and operate the Channel Tunnel under a bi-national concession granted by the French and UK governments.
• Channel Tunnel opening: 1994 - direct rail link between France and the UK, substantially improving cross-Channel transport and trade.
• ElecLink launch: May 2022 - an electricity interconnector using the Channel Tunnel to exchange power between France and the UK.
• 2024 financial highlight: reported EBITDA of €833 million (driven by Eurotunnel and Europorte operations).
• Debt and sustainable financing: March 2025 issuance of €600 million in senior secured green notes due 2030.
• 2025 guidance: July 2025 reaffirmation of fiscal 2025 EBITDA outlook.

• Listed entity: Euronext Paris, ticker GET.PA.
• Shareholder base: mix of institutional investors, retail shareholders and treasury shares; governance aligned with EU/UK concession obligations.
• Concession & regulation: operates under long‑term concession arrangements and cross‑border regulatory frameworks impacting pricing, capacity and investment.

• Mission: to provide a reliable, sustainable fixed link and rail logistics platform linking the UK and continental Europe and to develop complementary transport, freight and energy services.
• Strategic priorities: optimize core shuttle operations, expand rail freight and logistics (Europorte), monetize infrastructure capacity (including ElecLink), pursue sustainable financing and reduce environmental footprint.

• Eurotunnel Le Shuttle (Passenger & Vehicle Shuttle): drives ticket and toll revenues by transporting cars, coaches and passengers across the Tunnel on shuttle trains.
• Rail freight and logistics (Europorte): operates freight trains, traction services and logistics solutions across European networks for industrial and distribution customers.
• Infrastructure and track access: capacity management, track access charges and ancillary services tied to the concession and tunnel operations.
• ElecLink: sells cross‑border electricity capacity and balancing services through the interconnector installed in the Tunnel (commercialization and capacity revenues).
• Property & other services: station/terminal services, retail concessions, and property monetization linked to tunnel terminals and real estate assets.

• Passenger volumes and pricing on Le Shuttle - seasonal and economic-cycle sensitive.
• Freight volumes, contract mix and performance of Europorte - long-term contracts vs. spot freight.
• Access and capacity sales from infrastructure and interconnector (ElecLink) - regulated or contracted flows influence revenue stability.
• Fuel, energy and operating cost management - impacts margins and EBITDA.
• Debt servicing and financing costs - green financing (e.g., €600m green notes in Mar 2025) supports liquidity and ESG positioning.

Getlink SE (GET.PA): History

• Share capital structure (as of 31 October 2025): 550,000,000 ordinary shares, nominal value €0.40 each.
• Double voting rights: shares held in registered form for two years acquire double voting rights, designed to encourage long-term ownership and stewardship.
• 2025 Combined General Meeting (14 May 2025): record quorum with 79.09% of voting rights represented, reflecting heightened shareholder engagement tied to the double voting rights system.

• Board and governance updates (May 2025): shareholders reappointed Yann Leriche as Director; statutory age limit for the Chairman of the Board extended to 75 to retain experienced leadership.
• Governance balance: a 15-member Board with nearly 42% women and a 50% independence rate supports diverse perspectives and compliance with best-practice governance.

Getlink SE (GET.PA): Ownership Structure

• Mission and values: simplify and decarbonize trade across the Channel while keeping speed, reliability, ease of use and environmental performance front and centre.
• People, nature and territories are integrated into investment and operational choices (social & territorial responsibility).
• Strategic focus: combine financial returns with climate performance to strengthen customer preference and long-term resilience.
• Decarbonized margin rate: 96% (reported target/metric reflecting very high share of low-carbon activities in margins).

• How it works: Getlink operates the fixed link infrastructure (Channel Tunnel) and commercial rail shuttle services-LeShuttle for cars and trucks, Eurotunnel Freight (freight shuttles), and rail freight paths-plus property and telecom concessions on tunnel assets.
• How it makes money: ticketed shuttle services (cars & freight), rail access and track access charges, commercial leases and property development, telecom/infra rentals, and ancillary services (handling, security, on-site concessions).
• Revenue drivers and levers: traffic volumes (cars, trucks, rail freight), yield management (ticket pricing & contract terms), modal shift toward low-carbon solutions, and incremental commercial exploitation of tunnel real estate and digital infrastructure.

Getlink SE (GET.PA): Mission and Values

• Core infrastructure: management, maintenance and operation of the Channel Tunnel (rail infrastructure and terminals at Folkestone and Coquelles/Calais).
• Shuttle services: Truck Shuttle and Passenger Shuttle (cars and coaches) providing roll-on/roll-off rail transport through the tunnel with high-frequency departures.
• Rail operations: Europorte (rail freight operator) running freight services on both sides of the Channel and providing traction and logistics solutions.
• Energy interconnection: ElecLink, a high-voltage DC interconnector running through the Tunnel, enabling up to 1,000 MW of bi-directional power transfer between France and the UK.
• Smart border & services: Eurotunnel subsidiary services (border facilitation, customs and smart border technologies) improving flow, security and turnaround times for cross-Channel traffic.

• Tunnel length: 50.45 km; undersea portion ~38 km.
• Concession term: until 2086 (99 years from 1987).
• ElecLink capacity: 1,000 MW DC interconnector.
• Service mix: passenger shuttles (cars & coaches), freight shuttles (HGVs/trucks), complemented by rail freight services via Europorte.

• Shuttle fare revenue: ticket sales for Passenger Shuttle (cars/coaches) and Truck Shuttle services-primary source of transport revenue.
• Rail freight and logistics: Europorte generates revenue from freight hauling, haulage contracts, and logistics services.
• Infrastructure charges: track access and terminal use fees charged to rail operators and freight customers for use of tunnel infrastructure.
• Energy transmission: ElecLink earns revenues from capacity bookings and energy market spreads for cross-border power flows.
• Value-added services: border facilitation, security and customs services, vehicle parking and ancillary on-site commercial activities.
• Property and asset optimization: commercial leases, land/terminal site revenues and selective asset monetisation or partnerships.

• High-frequency shuttle schedule and fast turnaround times for roll-on/roll-off operations drive utilization and yield.
• Integration between infrastructure ownership and operating subsidiaries (Eurotunnel services, Europorte, ElecLink) captures multiple revenue streams from the same asset.
• Smart border solutions and digital service roll-outs reduce dwell times and increase throughput per hour at terminals.
• Energy interconnector provides diversification into regulated energy transmission revenues and arbitrage opportunities in power markets.

• Getlink is governed by a Board of Directors responsible for strategy, capital allocation, risk management and oversight of subsidiaries (Eurotunnel, Europorte, ElecLink).
• Group strategy balances safety and regulatory compliance, investment in resilience/maintenance of the tunnel, growth of rail freight, and development of energy and digital services around the fixed link.

• Traffic volatility from macro shocks, border friction and economic cycles-managed via dynamic pricing, capacity control and diversified revenues (energy, freight contracts).
• Large-scale maintenance and renewal expenditures for a 50 km fixed asset-mitigated through multi-year capex planning and regulatory/insurance frameworks.
• Regulatory and cross-border operational risk-addressed through close cooperation with French and UK authorities and investment in smart-border systems.

Getlink SE (GET.PA): How It Works

• Channel Tunnel operations - core asset: tolls and access charges for train operators, infrastructure availability payments and ancillary services.
• LeShuttle - vehicle and passenger shuttle service between Folkestone (UK) and Coquelles (FR) charging per-vehicle and per-passenger fares plus ancillary on-board and terminal sales.
• Europorte - rail freight and traction services using tunnel capacity and European rail networks; contracts with logistics and industrial customers.
• ElecLink - subsea HVDC interconnector enabling electricity trading between GB and FR; revenues from capacity auctions and merchant energy flows that capture price differentials.
• Ancillary commercial activities - property leases, retail at terminals, maintenance and engineering services to third parties.

• Usage and access fees: train operators and freight customers pay haulage and path fees to use the tunnel and terminal infrastructure.
• Ticketing and ancillary sales: LeShuttle ticket sales, priority boarding, vehicle services and on-site retail.
• Energy market capture: ElecLink sells capacity and energy transmission services, monetizing wholesale price spreads and congestion rents.
• Contracted freight services: Europorte signs multi-year contracts and spot freight contracts, blending predictable and market‑exposed income.
• Financial structuring: targeted debt issuances and green financing to lower cost of capital and fund capex while preserving liquidity.

• Daily LeShuttle departures: multiple daily shuttle services in both directions; capacity for thousands of cars per day in peak periods.
• Tunnel freight capacity: several dozen freight paths per day each way; Europorte and third-party operators utilize slots under access agreements.
• ElecLink capacity: 1 GW bi-directional HVDC link (commercially available capacity sold via auctions and bilateral contracts).

• Pricing and yield management on LeShuttle and passenger services to capture seasonal and demand surges.
• Long-term freight contracts and growth of rail modal share to raise Europorte utilization and reduce volatility.
• Energy market arbitrage via ElecLink - capturing price spreads between GB and France, especially during tight supply periods.
• Green financing (e.g., €600m senior secured green notes in March 2025) to finance capex, refinance higher-cost debt and signal ESG-aligned investors.
• Cost control and maintenance optimization to preserve tunnel availability and reliability - crucial for revenue continuity.

Getlink SE (GET.PA): How It Makes Money

• Core tolling and access fees - Getlink charges train operators (shuttle, freight and passenger services) to use the Channel Tunnel, generating long-term, volume-linked cash flows.
• Shuttle services - Le Shuttle (vehicle shuttles for cars, trucks and coaches) is a direct revenue generator through ticket sales and ancillary services.
• Freight operations - Rail freight customers pay track access and service fees; freight volumes are critical to utilization and revenue resilience.
• Energy infrastructure - ElecLink (high-voltage interconnector) and energy-related activities provide regulated/contracted revenues but have faced operational and capitalization headwinds.
• Property, retail and services - Stations, commercial leases, parking, logistics yards and on-site services contribute recurring non-toll revenue.
• Green financing and asset recycling - Capital markets access (including green bonds) supports investment while aligning financing with sustainability goals.

• Getlink is the sole operator of the Channel Tunnel, a strategic transport corridor linking Great Britain and continental Europe - a unique competitive position underpinned by high barriers to entry.
• The company's 96% decarbonized margin rate highlights strong progress toward low-carbon services, supporting regulatory and customer demand for sustainable logistics and travel.
• 2024 EBITDA of €833 million demonstrates operational resilience despite challenges in the ElecLink segment; the business mix combines predictable toll revenues with growth opportunities in sustainable transport.
• The €600 million senior secured green notes issued in March 2025 signal investor confidence, reduce refinancing risk and finance further low-carbon investments and network enhancements.
• Strategic focus areas include increasing freight modal shift to rail, expanding low-emission shuttle services, optimizing ElecLink performance, and leveraging real estate and service revenues.
• Getlink's emphasis on innovation, customer satisfaction and ESG-linked financing positions it to capture demand as Europe intensifies decarbonization of transport and logistics.