(Reuters) – Getlink on Thursday communicated a turnover forecast for 2024 down compared to last year, stressing that its ElecLink branch, which allows electricity exchanges between France and the United Kingdom, has experienced “four exceptional years” with the energy crisis in Europe.
The Channel Tunnel operator says it now anticipates earnings before interest, taxes, depreciation and amortization (Ebitda) of between 780 million and 830 million euros for 2024, compared to 910 million euros last year.
Getlink has experienced “four years of extraordinary conditions, in particular ElecLink which benefited from exceptional market conditions”, declared the group’s general manager, Yann Leriche. “Today, the energy market is returning to normal,” he added during a conference call with journalists.
Commissioned in May 2022, ElecLink took advantage of significant differences in electricity prices between France and the United Kingdom, a situation caused by the war in Ukraine.
The branch has sold 71% of its cable capacity for 2024, or 292 million euros already secured, Getlink said in a press release.
Looking to 2023, Getlink beat expectations with an Ebitda of 979 million euros, while the consensus was 960 million euros according to LSEG data.
Consolidated net profit stood at 326 million euros last year, an amount higher than analysts’ expectations (305 million euros).
(Written by Nathan Vifflin; French version Jean Terzian, edited by Tangi Salaün)
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