Getlink's Power Surge: How an Undersea Cable Electrified Profits

PARIS, France – July 23, 2026

Getlink SE, the company synonymous with the Channel Tunnel, has delivered a powerful message to markets: its future is as much about megawatts as it is about miles of track. The operator's half-year results reveal a company being re-energized by a strategic diversification that is paying off handsomely. While the iconic Eurotunnel remains its bedrock, it is the Eleclink electricity interconnector—a high-voltage cable running unseen within the tunnel—that has supercharged profits, driven a significant upgrade in full-year guidance, and solidified the confidence of its most powerful shareholders.

In a testament to this new reality, Getlink posted a 13% rise in group revenue to €824 million for the first half of 2026, with EBITDA climbing 12% to €404 million. This performance prompted the company to raise its full-year EBITDA forecast to a range of €835-870 million. As CEO Yann Leriche stated, the results illustrate “the effectiveness of Getlink’s diversified model,” where the stability of Eurotunnel is now amplified by the “potential for value creation” from Eleclink. This isn't just a good quarter; it's the validation of a strategy years in the making.

The Eleclink Effect: An Energy Arbitrage Machine

The star of Getlink's half-year report is undoubtedly Eleclink. The division's revenue skyrocketed 71% to €157 million, while its EBITDA surged by an even more impressive 79% to €93 million. This performance single-handedly drove the group's overall profit growth and demonstrates how a piece of infrastructure can become a highly lucrative trading asset.

Eleclink's success is built on two pillars: exceptional operational reliability and a savvy commercial strategy that exploits the structural differences between the UK and French energy markets. The interconnector boasted an almost perfect availability rate of 99.7% in the first half of the year, a massive improvement from 71% in the same period last year. This near-constant uptime allowed it to fully capitalize on price arbitrage opportunities. With UK wholesale electricity prices consistently higher than in France—driven by different energy generation mixes—the 1GW cable has become a vital and profitable conduit, primarily for power flowing from France to Great Britain. Getlink has effectively turned its tunnel into a toll road for electrons.

Crucially, this is not speculative, short-term gain. The company has already locked in much of this success for the future. As of the end of June, 98% of Eleclink's capacity for the entire year of 2026 had been sold, securing total revenue of €305 million. This de-risks future earnings and provides the kind of long-term visibility that infrastructure investors crave. Buoyed by this success, Getlink is already in the early stages of planning “Eleclink 2,” a second cable that would double its capacity and further entrench its role as a key player in European energy security.

A Vote of Confidence as Titans Double Down

This robust performance and clear strategic direction have not gone unnoticed by Getlink's largest investors. In a significant vote of confidence, French construction giant Eiffage and Italian infrastructure group Mundys have both substantially increased their holdings. Following market acquisitions, Eiffage now holds 29.40% of the share capital, while Mundys has raised its stake to 25.0%.

For seasoned infrastructure players like Eiffage and Mundys, this is more than a simple stock purchase. It is a strategic move based on the perceived value of unique, long-life assets with predictable cash flows. Their increased involvement suggests a strong belief in Getlink's diversified model and the long-term profitability of both its transport and energy arms. While a concentration of ownership can raise questions about corporate governance, it also brings the potential for enhanced strategic alignment and oversight from investors with deep industry expertise. Their presence on the shareholder register acts as a powerful endorsement, signaling to the wider market that Getlink's assets are considered critical and undervalued.

Navigating Headwinds: Rates, Rules, and Rivalries

Despite the electrifying results from its energy division, Getlink is not without its challenges. The core Eurotunnel business, while stable, faces a more complex operating environment. Revenue for the segment grew a modest 3%, but its EBITDA was nearly flat, squeezed by rising costs in a difficult economic climate. Shuttle traffic for both cars and trucks saw minor dips, reflecting a subdued UK economy and intense competition from cross-Channel ferries.

More troublingly, Getlink is squaring up for a major battle with the UK government. The company has initiated legal proceedings against the UK's Valuation Office Agency (VOA) over what it calls a “disproportionate” increase in its business rates—a form of property tax for commercial premises. The hikes are projected to add a cumulative €24-27 million to its annual costs by 2028 compared to 2025 levels. For a fixed asset like the Channel Tunnel, such a steep and sudden rise in unavoidable costs represents a significant threat to profitability. Getlink's decision to not only challenge the VOA in UK courts but also reserve the right to seek international arbitration signals the gravity of the dispute. It is a clear warning that it will vigorously defend its financial position against what it perceives as an unfair regulatory burden.

Adding to the operational complexity is the impending full rollout of the EU's new Entry/Exit System (EES). While Getlink’s guidance assumes “limited disruptions,” the implementation of new digital border controls for millions of passengers always carries the risk of delays and teething problems that could impact the customer experience and traffic flow.

Infrastructure for a Low-Carbon Future

Underpinning Getlink's strategy is a firm commitment to sustainability, which is increasingly recognized as a core component of its value. The company's recent 'A' rating from the CDP and an upgraded 'Prime' rating from ISS ESG are not just accolades; they reflect a tangible business advantage. The Eleclink project itself is a case study in sustainable development, using existing infrastructure to avoid the environmental disruption of building a new subsea cable.

By facilitating the flow of electricity, Eleclink helps balance grids and integrate more renewable energy, contributing to both French and British climate goals. This dual role—as a critical piece of transport and energy infrastructure that also supports the low-carbon transition—positions Getlink at the heart of the modern economy. In a world grappling with energy security and climate change, the ability to operate and expand this kind of foundational asset is becoming as vital as the physical connection it provides.