As opposed to 910 million euros in 2023, the operator of the channel tunnel announced that it now expects earnings before interest, taxes, depreciation, and amortization (EBITDA) to be between 780 and 830 million euros in 2024.
“We have come through 4 years of extraordinary conditions, and ElecLink in particular has benefited from exceptional market conditions. Today, the energy market is returning to normal.”
Yann Leriche, Getlink’s Chief Executive Officer
“We have come through 4 years of extraordinary conditions, and ElecLink in particular has benefited from exceptional market conditions. Today, the energy market is returning to normal.” said Yann Leriche, Getlink’s Chief Executive Officer in a call with journalists.
The war in Ukraine has resulted in significant pricing differences for electricity between France and the United Kingdom. Getlink’s ElecLink unit, an underwater cable that facilitates electricity exchange between the two nations, was launched in May 2022.
According to Getlink, the company has sold 71% of its interconnector capacity for 2024, which would have brought in 292 million euros.
The company’s 2023 earnings were somewhat better than predicted by the market, with an EBITDA of 979 million euros compared to LSEG’s surveyed analysts’ forecasts of 960 million euros.
Consolidated net profit reached 326 million euros in 2023, slightly above expectations of 305 million euros.
