Extension update on the expected return to service
PARIS–(BUSINESS WIRE)–Regulatory News:
Getlink SE (Paris: GET):
As a reminder, a fault was detected on the electrical interconnector between France and the UK, leading to a suspension of activity since 25 September. This damage was the consequence of a weakness on the foundation of a support of the cable outside of the Tunnel, on the French side.
Works to correct the defect were undertaken. However, technical tests carried out ahead of reenergisation revealed a second fault on the interconnector in the nearby area, most likely caused by the original event. The repair will require dedicated work (cable section replacement and rejointing operations) and lead to an estimated extension of the outage of 8 weeks.
Subject to the completion of the testing program, the re-entry into service of the interconnector is expected on 10 February 2025.
The suspension of activity until 31 December 2024 will have an additional commercial impact estimated at approximately 11 million euros1.
The impact of suspension of activity during the first 6 weeks of 2025 is estimated at approximately 30 million euros1.
Group EBITDA target range for 2024 remains unchanged.
Getlink’s Management will host a call on Monday 16 December 2024 at 6.00 pm CET (5.00 pm UK Time) for financial analysts and institutional investors.
About Getlink
Getlink SE ( Euronext (EPA:) Paris: GET), through its subsidiary Eurotunnel, is the concession holder until 2086 for the Channel Tunnel infrastructure and operates Truck Shuttles and Passenger Shuttles (cars and coaches) between Folkestone (UK) and Calais (France). Since 31 December 2020 Eurotunnel has been developing the smart border to ensure that the Tunnel remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. Since it opened in 1994, close to 500 million people and more than 102 million vehicles have travelled through the Channel Tunnel. This unique land link, which carries a quarter of trade between the Continent and the United Kingdom (TADAWUL:), has become a vital link, reinforced by the ElecLink electricity interconnector installed in the Tunnel, which helps to balance energy needs between France and the United Kingdom. Getlink completes its sustainable mobility services with its rail freight subsidiary Europorte. Committed to “low-carbon” services that control their impact on the environment (through its activities, the Group avoids the equivalent of 1.9 million tonnes of CO2 per year), Getlink has made the place of people, nature and territories a central concern.
https://www.getlinkgroup.com
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1 This amount is composed of the commercial impact on ElecLink without taking into account the profit-sharing mechanism provision.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241215182422/en/
Press contacts :
Anne-Sophie de Faucigny : +33 (0)6.46.01.52.86
Laurence Bault : +33 (0)6.83.61.89.96
Analyst and investor contact :
Virginie Rousseau : +33 (0)6.77.41.03.39
Source: GETLINK SE
