Getlink SE (Eurotunnel) stock (FR0010533075): tunnel operator rides traffic recovery and dividend momentum

Getlink SE, operator of the Channel Tunnel between France and the UK, benefits from robust traffic and a higher dividend after publishing 2024 results and its 2025 outlook. We explain what drives the stock and why the business model matters for international investors.

Getlink SE (Eurotunnel), operator of the Channel Tunnel between France and the United Kingdom, remains in focus after publishing its full-year 2024 results and confirming a higher dividend alongside a solid traffic outlook for 2025, according to the company’s release dated 02/20/2025 and subsequent investor materials as of 04/24/2025Getlink press releases as of 02/20/2025Getlink regulatory information as of 04/24/2025.

In that context, the stock has been trading around the high teens in euros on Euronext Paris in recent weeks, according to market data from late April 2025 on Euronext and major financial portalsEuronext data as of 04/28/2025.

As of: 22.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Getlink
• Sector/industry: Transport infrastructure, rail tunnel operations
• Headquarters/country: Paris region, France
• Core markets: Cross-Channel transport between the UK and continental Europe
• Key revenue drivers: Shuttle services for cars and trucks, railway access charges, energy unit ElecLink
• Home exchange/listing venue: Euronext Paris (ticker: GET)
• Trading currency: Euro (EUR)

Getlink SE (Eurotunnel): core business model

Getlink SE operates the fixed rail link under the English Channel, known as the Channel Tunnel or Eurotunnel, providing a strategic transport corridor between northern France and southern England for passengers and freight, according to the group’s corporate profile published on its website on 03/18/2025Getlink activities overview as of 03/18/2025.

The company’s core operations are structured around the Eurotunnel Shuttle services, which transport passenger cars, coaches, and trucks on dedicated shuttle trains running through the tunnel, and rail access for high-speed passenger trains and rail freight, as outlined in the same profile and investor presentations issued in 2024Getlink investor presentation as of 09/19/2024.

Besides transport activities, Getlink also owns and operates the ElecLink electricity interconnector, a cable installed within the Channel Tunnel that allows electricity exchange between the UK and France, which started commercial operations in 2022 and has become a third business pillar in the group’s disclosures as of 2024Getlink ElecLink information as of 07/11/2024.

The economic logic of the business model is based on long-life critical infrastructure with high upfront investment and subsequently relatively stable operating costs, enabling Getlink to generate recurring cash flows from tolls and access charges over decades, as highlighted in its 2024 universal registration document published in April 2025Getlink universal registration document 2024 as of 04/24/2025.

Compared with many transport companies that lease or operate vehicle fleets, Getlink’s asset base is heavily concentrated in the tunnel infrastructure and shuttle trains, which are protected by long-term concessions and binational treaties between France and the UK, a framework referenced in the group’s regulatory filings and governance documents released in 2024Getlink concession framework as of 05/16/2024.

This legal setup means that Getlink operates in a quasi-monopoly for fixed rail transport across the Channel, while still facing indirect competition from ferries and airlines; the company’s traffic statistics show how demand shifts between modes depending on fuel prices, economic growth, and specific events, according to its monthly traffic updates for 2024 and early 2025Getlink traffic figures as of 01/16/2025.

Main revenue and product drivers for Getlink SE (Eurotunnel)

Getlink’s revenue mix is dominated by its Eurotunnel Shuttle activity, which generates income from vehicle transport tariffs, complemented by railway network usage fees paid by operators like Eurostar and by revenue from the ElecLink interconnector, according to the full-year 2024 results announcement dated 02/20/2025Getlink 2024 results as of 02/20/2025.

In that results release, management reported that group revenue for 2024 increased compared with 2023, supported by resilient truck shuttle traffic and growth in ElecLink capacity auctions, while passenger car volumes reflected normalization after the post-pandemic rebound; the release specified figures and growth rates for each business line for the year ended 12/31/2024Getlink 2024 results as of 02/20/2025.

Profitability metrics, including EBITDA, also improved in 2024 compared with 2023, benefiting from operating leverage and the contribution of ElecLink, whose margins are structurally high due to the nature of capacity-based auctions, again according to detailed tables in the 2024 results press release and the universal registration document published in April 2025Getlink financial information 2024 as of 04/24/2025.

For 2025, management provided guidance that anticipates continued growth in revenue and EBITDA, driven by steady truck shuttle demand, gradual normalization in passenger travel between the UK and continental Europe, and full-year operation of ElecLink at robust utilization levels, as stated in the outlook section of the 2024 results release dated 02/20/2025Getlink 2025 outlook as of 02/20/2025.

Another important driver for Getlink’s equity story has been its dividend policy: for the 2024 financial year, the company proposed an increased dividend per share compared with 2023 and confirmed this proposal at its annual general meeting in April 2025, according to the AGM documentation and resolutions published on the investor relations siteGetlink AGM 2025 documentation as of 04/30/2025.

Beyond dividends, management has emphasized deleveraging and disciplined capital expenditure, with a focus on maintenance of the tunnel, modernization of shuttle trains, and selective investments around digitalization and energy efficiency; these priorities were reiterated during the 2024 results presentation to analysts held in February 2025 and summarized in the slide deck available on the company’s websiteGetlink results presentation as of 02/21/2025.

Traffic data remains a day-to-day indicator that investors monitor: monthly statistics for cars, coaches, and trucks can signal whether external shocks such as strikes, weather events, or changes in UK–EU trade conditions are affecting volumes, as illustrated by the group’s regular publications of 2024 and early 2025 figures on its news pageGetlink traffic figures as of 03/14/2025.

From a strategic standpoint, ElecLink adds diversification: its revenue is less directly tied to cross-Channel travel and instead depends on electricity price differentials and auctioned capacity volumes between the UK and France; the company emphasized this diversification benefit in its 2024 annual report published in April 2025Getlink annual report 2024 as of 04/24/2025.

For equity investors, the combination of infrastructure-style cash flows, exposure to UK–EU trade, and an energy interconnector positions Getlink as a hybrid between a transport operator and a regulated-like asset business, a positioning reflected in how the company describes its risk profile and long-term value creation strategy in its 2024 registration document issued in April 2025Getlink universal registration document 2024 as of 04/24/2025.

Industry trends and competitive position

The cross-Channel transport market is influenced by macroeconomic growth in the UK and the Eurozone, fuel prices, environmental regulations, and post-Brexit customs arrangements, all of which affect the relative attractiveness of ferries, tunnel shuttles, air travel, and unaccompanied freight; Getlink analyzed these factors in its market overview section of the 2024 annual report published in April 2025Getlink annual report 2024 as of 04/24/2025.

In terms of direct competition, traditional ferry operators crossing the Channel remain the main alternative for cars and trucks, offering flexibility and sometimes lower prices but longer crossing times; Getlink’s shuttle services emphasize speed and reliability, particularly for time-sensitive freight, themes that the company regularly highlights in its customer-focused communications and sustainability reports released in 2024Getlink sustainable mobility report 2024 as of 06/12/2024.

Environmental regulation is another structural driver: European climate policy increasingly favors rail and more efficient transport routes, and the Channel Tunnel’s lower per-vehicle emissions compared with air travel and some ferry routes form part of Getlink’s ESG narrative, as documented in the company’s non-financial performance statement and carbon disclosures published in 2024Getlink CSR report 2024 as of 04/25/2025.

The ElecLink interconnector operates within the European electricity market, connecting two large and liquid power systems; it is designed to enhance security of supply and enable trading of electricity in response to price differences between the UK and France, a role described in ElecLink’s regulatory filings and information sheets updated in 2024ElecLink regulatory information as of 07/11/2024.

For Getlink’s competitive stance, the long-term concession for the tunnel and its status as the only fixed link between the two countries create high barriers to entry; at the same time, the group must continually invest in security, rolling stock, and IT systems to maintain reliability and meet regulatory requirements, aspects that the infrastructure maintenance program for 2024–2028 set out in the April 2025 registration document aims to addressGetlink capex program 2024–2028 as of 04/24/2025.

Why Getlink SE (Eurotunnel) matters for US investors

Although Getlink is listed on Euronext Paris and reports in euros, the stock is accessible to many US investors through international brokerage platforms and via trading on certain over-the-counter markets in the United States, as indicated by cross-listing information on financial data portals updated in 2024OTC Markets overview as of 09/10/2024.

The company offers exposure to UK–EU trade flows and European travel demand, themes that can diversify a US-centric equity portfolio and provide indirect sensitivity to European macroeconomic conditions, which are discussed in Getlink’s 2024 investor day materials summarizing its cross-border role and customer baseGetlink investor day presentation as of 11/14/2024.

Getlink’s infrastructure-like profile, with long-lived assets and recurring cash flows, may behave differently from cyclical US sectors such as technology hardware or domestic retail; its dividend policy and leverage targets are framed in a European regulatory and interest-rate environment, creating a distinct risk-return pattern that some US investors evaluate as part of their international holdings, according to themes discussed by management in conference call transcripts distributed via financial newswires in February 2025Results call coverage as of 02/21/2025.

Currency exposure is another consideration for US-based holders: returns are influenced by both the share price in euros and the EUR–USD exchange rate; the company pays dividends in euros, and American investors receiving those dividends through brokers may experience currency translation effects that amplify or dampen the underlying performance, a point referenced in the dividend section of Getlink’s investor FAQ updated in 2024Getlink dividend information as of 05/23/2024.

Conclusion

Getlink SE (Eurotunnel) combines the characteristics of a strategic transport asset with those of an energy interconnector, producing diversified revenue streams from cross-Channel traffic and electricity trading. Recent 2024 results showed revenue and EBITDA growth, supported by resilient truck volumes and stronger ElecLink contributions, while the board proposed a higher dividend and outlined a deleveraging-focused financial policy, according to company disclosures published between February and April 2025. For US and international investors, the stock offers a way to gain targeted exposure to UK–EU goods and passenger flows and to European power markets, but it remains sensitive to macroeconomic conditions, regulatory changes, and operational risks specific to large-scale infrastructure. As always, individual investors should assess how these factors align with their own risk tolerance, time horizon, and overall portfolio objectives.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.