Getlink : 2020 3rd quarter traffic and revenue of Getlink

PRESS RELEASE

19 October 2020 - 6:30 a.m.

Q3 2020 confirms Getlink strong fundamentals

• Third quarter 2020
• • 3rd quarter revenue in 2020 decreased by 17%1 compared to the same period in 2019 to €252.1 million, due to the effects of the COVID-19 pandemic
  • Increased net cash position at the end of September: €596 million (+€85 million vs. €511 million in June 2020)

• Eurotunnel
• • Shuttle revenue down by only 2% to €181.2 million despite a challenging environment
  • Railway Network revenue down by 57% to €36.1 million due to travel restrictions
• Europorte: strong operational performance with revenue up by 3% to €32.2 million
• Group's EBITDA target: due to travel restrictions, EBITDA target announced in July is no longer valid despite our confidence in the robustness of our results

Yann Leriche, Group Chief Executive Officer commented: "In the third quarter, the Group has served its customers by providing excellent sanitary conditions. We have used our flexible offering by providing services to meet very high demand on certain days, while adapting very quickly when travel restrictions are announced. Our financial leeway is preserved by rigorous cost management and the remarkable commitment of our teams. The Group is well prepared to make the most of the future post Brexit on 1 January 2021 as well as the changes unfolding in the world."

1 All comparisons with revenue for the first nine months of 2019 are at the average exchange rate for the first nine months of 2020: £1=€1.130.

• Q3 2020: key events
• • Group
  • • Implementation on 1 July 2020 of the separation of the roles of Chairman of the Board and Chief Executive Officer: Yann Leriche took over as Chief Executive Officer whilst Jacques Gounon remains as Chairman of the Board of Directors.
    • On 7 September 2020, the Group appointed Géraldine Périchon as Chief Financial Officer.
    • Nomination of a new Executive Committee.
    • In the context of the economic uncertainty caused by the COVID-19 pandemic, the Group has launched an action plan, with immediate focus on cost reduction and strict cash management, including furlough and activité partielle for its Eurotunnel teams.
    • Solid cash position at the end of September (€596 million).
    • Flexible financial structure management: as a precaution, the Group has secured a waiver on the Eurotunnel Term Loan's principal financial covenant2.
  • Eurotunnel
  • • Eurotunnel's Le Shuttle car activity has performed well compared to others in the transport industry with record bookings at the beginning of July at the end of the first UK quarantine, and strong traffic before the second quarantine period (-5% vs 2019 for the first week of August), leading to a 72.4% Q3 market share confirming its unquestionable leading position in the Short Straits market.
    • Strong performance in September for Le Shuttle Freight with traffic up 2% compared to September 2019.
    • Robust performance of Le Shuttle revenues; yield increase due to positive impact of mix with Flexiplus and late Passenger Shuttle bookings.
    • Strong negative impact of quarantine for Eurostar.
  • Europorte
  • • Solid performance for Europorte during the health crisis, thanks to its agility and ability to provide spot ("last minute") trains for its customers.
    • Renewal of contract at the Port of Dunkirk for 7 years.
    • Renewal of several large mainline traction contracts.

2 The waiver, which will apply for the next three testing dates (from and including December 2020 to and including December 2021) unless the Group determines that such waiver is not required by no later than two months prior to a particular testing date, is subject to certain conditions including the holding of a minimum cash balance at the level of the Eurotunnel sub-group on the relevant testing date.

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• ElecLink
• • Authorisation granted by the IGC for converter stations to be tested and connected to the French and UK grids.
  • Waiting for the IGC final approval regarding the installation of the cable in the Tunnel. The decision is expected by the end of the year.

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• REVENUES: THIRD QUARTER

Revenues for the third quarter (1 July to 30 September)

Revenue	3rd quarter	3rd quarter		3rd quarter
(€ million)	2020	2019	Change	2019
	un-audited	restated*		published**
Shuttle Services	181.2	185.5	-2%	185.8
Railway Network	36.1	83.7	-57%	83.9
Other revenues	2.5	3.6	-31%	3.6
Sub-total Eurotunnel	219.8	272.8	-19%	273.3
Europorte	32.2	31.4	+3%	31.4
Getlink	0.1	0.4	-75%	0.4
Revenue	252.1	304.6	-17%	305.1

• Restated using the average exchange rate for the first nine months of 2020: £1=€1.130.
• Average exchange rate for the first nine months of 2019: £1=€1.131.

A. Group

Due to the ongoing impact of the COVID-19 pandemic, the Group's consolidated revenue reduced by 17% in Q3 2020 compared to the same period in 2019 at a constant exchange rate, to €252.1 million.

B. Eurotunnel

Eurotunnel's revenue was €219.8 million in the third quarter of 2020, 19% below the same period last year. Total Eurotunnel revenues for the quarter declined to a lesser extent than in the first half of the year (-32%) thanks to the relatively good performance of the Group's Shuttle activities.

At €181.2 million, Eurotunnel's Shuttle revenue was down by only 2% in the third quarter of 2020 as a result of the bounce back observed following the temporary lifting of UK quarantine measures during Le Shuttle's peak summer season, the resilience of the Truck Shuttle's traffic and the positive effects of the Group's yield management strategy.

Railway Network revenue dropped by 57%, due to lower Eurostar passenger numbers and to a reduction in the number of cross-Channel rail freight trains.

C. Rail freight operators: Europorte and its subsidiaries

Europorte's revenue increased by 3% for the third quarter of 2020 to €32.2 million, reflecting the segment's recovery.

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