Getlink SE

H1 revenue declined by 32% year over year. EBITDA was EUR 123 million, down 52% year over year. Operating costs were reduced by about EUR 16 million to EUR 17 million, while safety-related spend was EUR 2.3 million. Net finance cost was EUR 116 million, debt service of EUR 123 million was paid in June, and free cash flow was positive at EUR 11 million. For the full year, management maintained EBITDA guidance of EUR 350 million, saying early July revenue was running at about the same level as 2019 for the first three weeks and that the outlook assumes no second peak / no general relockdown.

Jacques Gounon emphasized that the company reacted early to COVID-19, prioritizing safety, service continuity, and cash preservation. He repeatedly highlighted that Eurotunnel kept running around the clock, spent EUR 2.3 million on staff/customer protections, and preserved CapEx because the concession is long-dated and Brexit-related investments must continue. He was upbeat about July traffic, confident in truck resilience and passenger recovery, and said the board is committed to resuming dividends when conditions allow.

Michael Schuller focused on cash protection, saying cash was sufficient to service debt until the end of 2021 and that there was no need for extra borrowing or a waiver in the near term. He said H1 OpEx reductions were partly temporary and partly structural, with second-half OpEx expected to be fairly flat and slightly below last year. On covenants, he explained the distinction between financial and incurrence covenants and said the company has comfortable dialogue with creditors, with over EUR 600 million of carve-outs before one test comes into play.

Analysts pressed on dividend timing, CapEx, yields/pricing, Eurostar capacity, covenants, and the risk of a second lockdown. Management said a dividend could be paid in December 2020 from 2020 earnings, but the level would depend on EBITDA and cash generation; they also said CapEx this year should be in the same magnitude as 2019, excluding ElecLink. On pricing, management denied taking opportunistic price increases, saying the higher yield reflected mix, late bookings, and fewer low-priced day-trip/frequent-traveler tickets rather than deliberate hikes. On Eurostar and a possible relockdown, management said recovery remains unclear, but truck traffic is viewed as resilient and the company is prepared with scenarios to protect cash if conditions deteriorate.