KBC Group: Publication of transparency notification(s) received by KBC Group NV
Summary of the notification(s)
KBC Group NV has received an updated transparency notification on 27 May 2025, which states that FMR has a stake of 3.29% in KBC Group (total voting rights and equivalent financial instruments). The reason for the update is a crossing of the 3%- reporting threshold.
Content of the notification(s)
The notification(s) contain(s) following information:
Reason for the notification(s): 'Acquisition or disposal of voting securities or voting rights'
Notification(s) by: FMR LLC.
Persons subject to the notification requirement: see annex
Date(s) on which the 3% threshold is crossed: 21 May 2025.
Threshold that is crossed: KBC Group's Articles of Association set a notification threshold of 3% of the total number of voting rights. In addition, the legal thresholds of 5% or any multiple thereof also apply.
Denominator (number of shares KBC Group NV): 417 544 151
Notified details: see annex.
Chain of controlled undertakings through which the holding is effectively held:See '11: Full chain of controlled undertakings through which the holding is effectively held' in the PDF-file(s) on www.kbc.com (see below).
The relevant notification(s) is (are) available at www.kbc.com > Investor relations > Shareholder information > Shareholder structure.
For more information, please contact:
Kurt De Baenst, General Manager Investor Relations, KBC GroupE-mail: IR4U@kbc.com
Katleen Dewaele, General Manager Corporate Communication, KBC Grouppressofficekbc@kbc.be
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KRISTEN WELKER: This Sunday: Economic shakeup. After a weak jobs report, President Trump fires the official behind the jobs numbers. PRES. DONALD TRUMP: I believe the numbers were phony just like they were before the election, and there were other times. So, you know what I did. I fired her. SEN. DICK DURBIN: Tells you what he's looking for: blind loyalty. KRISTEN WELKER: As his trade war heats up, disrupting global markets. I'll talk to White House National Economic Advisor Kevin Hassett. Plus, battle lines: Democrats clash over how to fight the Trump presidency. SEN. AMY KLOBUCHAR: You can't just pick out a few bills that came out of a committee and say, 'I'm going to stop those.' SEN. CORY BOOKER: It's time for Democrats to have a backbone. It's time for us to fight. It's time for us to draw lines. KRISTEN WELKER: As former Vice President Harris says she's not running for governor of California. FMR. VICE PRES. KAMALA HARRIS: I don't want to go back into the system. 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[END TAPE] KRISTEN WELKER: The move prompting a backlash on Capitol Hill, with some Republicans expressing concern and Democrats denouncing the president's actions. [BEGIN TAPE] SEN. THOM TILLIS: If she was just fired because the president or whoever decided to fire the director just did it because they didn't like the numbers, they ought to grow up. SEN. CYNTHIA LUMMIS: If the president is firing the statistician because he doesn't like the numbers but they are accurate, then that's a problem. SEN. BERNIE SANDERS: It is the sign of an authoritarian type that when you get information you don't like, rather than deal with the issue, you fire the people who gave you the bad news. SEN. CHUCK SCHUMER: It's classic Donald Trump. When he gets the news he doesn't like, he shoots the messenger. [END TAPE] KRISTEN WELKER: In addition to the lackluster July report, jobs numbers for May and June were also revised downward, leading to the worst three months of job growth since the pandemic. 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TIM KAINE: They're very, very worried about an economy that was the strongest economy in the world, not a perfect one, but it was strongest economy in the world in December of 2024. Now it's got nothing but smoke coming out of it and red lights flashing. [END TAPE] KRISTEN WELKER: And joining me now is the director of the White House National Economic Council, Kevin Hassett. Mr. Hassett, welcome to Meet the Press. KEVIN HASSETT: It's great to be here. Thank you. KRISTEN WELKER: It's great to have you here. Let's start with President Trump's decision to fire the head of the Bureau of Labor Statistics, Erika McEntarfer, who he accused of manipulating job numbers. Mr. Hassett, what evidence does the administration have that she manipulated the jobs numbers? KEVIN HASSETT: Right. Well, what we've seen over the last few years is massive revisions to the jobs numbers. In fact they were extremely reliable, the kind of numbers that you want to guide policy decisions and markets through Covid. And then when Covid happened because response rates went down a lot, then revision rates skyrocketed. So the typical monthly revision often was bigger than the number itself. And now we had a number that just came out, the actual number for the month wasn't so bad. But the two months before were revised down by more than it ever happened since 1968. And in 2015, Alan Greenspan and I were asked to attend a conference at BLS where we were asked to give advice about how to modernize the data. And we warned that if they didn't try to let the data collection and calculation keep up with the data that was happening in the economy that we would have problems like this. And, finally, in the U.K. they had a very similar problem. And in 2023, they had to for a while shut down the data agency of the U.K. for the same kinds of problems. KRISTEN WELKER: But just to be very clear, do you have – does the administration have any evidence that it was 'rigged,' as the president said? And will you be presenting that to the American public? KEVIN HASSETT: Well, the evidence is that there have been a bunch of revisions that could -- KRISTEN WELKER: But hard evidence? KEVIN HASSETT: Well, I mean, the revisions are hard evidence. For example, there was an 818,000 revision making the Joe Biden job record a lot worse that came out after he withdrew from the presidential campaign. There have been a bunch of patterns that could make people wonder. And I think the most important thing for people to know is that it's the president's highest priority that the data be trusted and that people get to the bottom of why these revisions are so unreliable. KRISTEN WELKER: Well, let me ask you about what William Beach, he was the last commissioner of the Bureau of Labor Statistics. He was appointed by President Trump. He was sharply critical of this decision to get rid of his successor. I want to read you what he wrote. He says, quote, "These numbers are constructed by hundreds of people. They're finalized by about 40 people. These 40 people are very professional people who've served under Republicans and Democrats. And the commissioner does not see these numbers until the Wednesday prior to the release on Friday. By that time, the numbers are completely set into the IT system. They've been programmed. They are simply reported to the commissioner so the commissioner can on Thursday brief the president's economic team. The commissioner doesn't have any hand or any influence or any way of even knowing the data until they are completely done." Isn't this the very definition of shooting the messenger? KEVIN HASSETT: No, absolutely not. I mean, the bottom line is that there were people involved in creating these numbers. And if I were running the BLS and I had a number that was a huge politically important revision, the biggest since 1968, actually revisions should be smaller, right? Because computers are better and so on. Then I would have a really long report explaining exactly what happened. And we didn't get that. We didn't get that. And so right now people, you know, Goldman Sachs, people on Wall Street are wondering, "Where did these revisions come from? And why do they keep happening?" And what we need is a fresh set of eyes over the BLS. And there are great career staffers. One of the top BLS staffers is actually working in the White House to help us understand the jobs numbers. When I saw the jobs revisions, I literally called up that person and said, "I think there's a typo." Because I've been following these numbers all the way back when I worked with Alan Greenspan for something like 40 years. And I've never seen revisions like this. KRISTEN WELKER: But just to be very clear, I mean, 40 people put these numbers together. Is the president planning to fire all 40 people involved in putting these numbers together? KEVIN HASSETT: We're going to try to get the numbers so that they're transparent and reliable. KRISTEN WELKER: President Trump himself was happy to accept the jobs numbers issued under McEntarfer's leadership when the numbers were good. Take a listen to what he said in the past. [BEGIN TAPE] PRES. DONALD TRUMP: The numbers were much better as you know than projected by the media. PRES. DONALD TRUMP: In three months we have created 350,000 jobs. Think of that. PRES. DONALD TRUMP: A lot of jobs are being created. That's what – that's what happened this morning. [END TAPE] KRISTEN WELKER: So is the president prepared to fire anyone who reports data that he disagrees with? KEVIN HASSETT: No, absolutely not. The president wants his own people there so that when we see the numbers, they're more transparent and more reliable. And if there are big changes and big revisions – we expect more big revisions for the jobs data in September, for example – then we want to know why. We want people to explain it to us. KRISTEN WELKER: All right. But bottom line, were the numbers wrong? Do you have any hard evidence that you can present to the American public that these numbers, these revisions that were reported, and there were plenty of revisions under former President Biden including right before the election. Do you have any hard evidence that these numbers were wrong? KEVIN HASSETT: Yes. There is very hard evidence that we're looking at the biggest revision since -- KRISTEN WELKER: Are you going to present those? KEVIN HASSETT: – 1968. KRISTEN WELKER: Are you going to present the evidence -- KEVIN HASSETT: No, if you look at the number itself, it is the evidence. KRISTEN WELKER: But just saying it's an outlier is not evidence, Mr. Hassett. KEVIN HASSETT: It's a historically important outlier. It's something that's unprecedented -- KRISTEN WELKER: Still doesn't -- KEVIN HASSETT: So unprecedented that -- KRISTEN WELKER: It's still not evidence though -- KEVIN HASSETT: – I've been looking at it for 40 years. And I'm like, "It must be a typo." KRISTEN WELKER: Okay. All right. Let's move on to tariffs, the other big news of this week. Are the tariff rates locked in? Or are they still up for negotiation? KEVIN HASSETT: I think these – we have eight deals that cover about 55% of world GDP with our biggest trading partners, the E.U., Japan, Korea, and so on. And I expect that those matters are more or less locked in. Although there'll have to be some, you know, dancing around the edges about exactly what we mean when we do this or that. For the deals that aren't ready yet, they're going to get the reciprocal rates, you know, soon. And then we would expect that there might continue to be negotiations with those countries. KRISTEN WELKER: But for those eight deals that you say are deals that are announced, you're saying 'more or less.' Are they locked in? KEVIN HASSETT: Yes. I mean, the president will decide what the president decides. But the president likes those deals. The Europeans like those deals. And they're absolutely historically wonderful deals. Think about it. We've got Europe agreeing to open their markets to our products so our farmers, our small businessmen can sell stuff in Europe like they never could before. And they're letting us charge a 50% tariff, which is going to raise maybe about $100 million a year. KRISTEN WELKER: And I think people are curious because they remember that back in April when President Trump first announced these tariffs, he then backtracked when the bond market was spooked. Could a market reaction prompt President Trump to change these tariff rates again? KEVIN HASSETT: The markets have seen what we're doing and celebrated it. And so I don't see how that would happen. KRISTEN WELKER: Okay, but not ruling it out. KEVIN HASSETT: No, I would rule it out. Because these are the final deals. KRISTEN WELKER: All right. Let's talk about prices now. New inflation data released this week shows higher prices on products like household furniture, clothing. You have companies like Adidas, Procter & Gamble, Black and Decker all saying they will increase prices. They cite the tariffs. Prices are already up on some of Amazon's products. As you know, President Trump campaigned on a promise to bring prices down. What is your message to Americans who feel like the president's breaking that promise? KEVIN HASSETT: Well, he's not. In fact every measure of inflation, if you aggregate it, if you look at the top-line numbers, is lower than it's been in five months. And we just had the GDP released this week, which was a healthy 3%. And the most important GDP inflation number said it was 2.1%. And so inflation has come down a lot. That number by the way, the 2.1% was 3.7%. That's the number that President Trump inherited. And so inflation has come down. And inflation has come down for a lot of reasons. But I think the main reason is that we're no longer printing money and sending it to people like the Bidens did. That's a recipe for inflation. KRISTEN WELKER: Okay. Let me ask you about this talk of tariff rebates. The president consistently arguing that consumers don't pay tariffs. If that is the case, Mr. Hassett, why would you issue a rebate? KEVIN HASSETT: Well, what's going to happen, right, is the CBO has estimated that we're going to get $3 trillion more in revenue. And so what Congress is going to do when they see all the revenue is they're going to decide, "What are we going to do with it?" They could use it all to reduce the debt. Or they could give some of it back to consumers. And the president looks forward to working with Congress in the second half of the year to decide on what the best way to use that money is. In fact, we think the CBO estimate of $3 trillion is now pretty low, given the new deals that we've had. KRISTEN WELKER: What do you think Congress should do? Rebates or work to pay down the debt? Because you have, for example, some Republican senators, Senator Rick Scott, "We ought to do everything we can to give money back to the American public. But we've got to first balance our budget." KEVIN HASSETT: Well, I think that there are a lot of people that think that balancing the budget is the top priority for the economy right now. But we're also mindful of the fact that there's a legislative process where people dicker over the details. And so I'm not sure. I can't predict right now which way it's going to end up. KRISTEN WELKER: There's been a lot of focus on Fed chair Jerome Powell, obviously President Trump really pressuring him to lower interest rates, which he did not do. So the question becomes, "Who will replace him once his term ends?" If President Trump taps you to be the next Fed chair, will you accept? Do you want to be? KEVIN HASSETT: You know, I've been working with the president for about eight years. And, you know, as one of his closest economic advisors, of course, we've talked about the Federal Reserve. Right now he's set up an active search with Secretary Bessent. And they're going to go through a list of names. And I'm sure the president will pick the best available person. KRISTEN WELKER: Well, if that's you, will you say yes? KEVIN HASSETT: We'll have to see if he chooses me. But I think that I have the best job in the world. And I – really well placed at the National Economic Council -- KRISTEN WELKER: In general, should a Fed chair take direction from the Oval Office, or from the economic conditions? KEVIN HASSETT: I think that a Fed chair should listen to all the voices, especially their critics, to try to think about, "What am I getting right? What am I getting wrong?" The Fed chair also has a transparency responsibility, which I think that Jay has fallen down on a little bit. That if you're going to come out and say, for example, that you think that tariffs are going to cause inflation, then for goodness sake, you should put out a model that explains how much inflation and why you think that way. Because there are others that disagree. Have a lively academic debate, and if you go to actually put your finger on the scale of 'tariffs cause inflation,' then you need to explain why. I don't think that the Fed or the BLS should be a black box. I think it should be transparent. KRISTEN WELKER: All right. Before I let you go, President Trump has now been in office for more than six months. Is this now the Trump economy? KEVIN HASSETT: I mean, there is definitely a lot of policy yet to happen. We've just passed the Big, Beautiful Bill. It's going into effect in July. And it's going to have massive impact on the economy. There are residual problems that we've inherited, in part, the runaway spending from the previous term. And so whose economy is it is more of a political question than an economist question. KRISTEN WELKER: Well, but you just touted all the benefits that you see at this point -- KEVIN HASSETT: With the eye on the horizon. KRISTEN WELKER: Does the president own the economy at this point? He's been in office for six months. KEVIN HASSETT: With the eye on the horizon, the economic outlook is huge. It's great. We've got the Big, Beautiful Bill. We've got AI increasing productivity. We've got everything. And we've got all the tariff revenue coming in. So we have every confidence that the economy is headed way, way up from here. KRISTEN WELKER: All right. Kevin Hassett, thank you so much -- KEVIN HASSETT: Thank you. KRISTEN WELKER: – for being here. KEVIN HASSETT: It's great to be here. KRISTEN WELKER: We really appreciate it. When we come back, Democratic Senator Alex Padilla of California joins me next. KRISTEN WELKER: Welcome back. Joining me now is Democratic Senator Alex Padilla of California. Senator Padilla, welcome back to Meet the Press. SEN. ALEX PADILLA: Thanks for having me back. KRISTEN WELKER: Thank you so much for being here in person. Let's start with the economy. President Trump, as I was just discussing with Kevin Hassett, his decision to fire the head of the BLS, of course it has prompted some backlash. We've just heard Kevin Hassett defend the move. Now that the president is appointing a replacement to head the BLS, my question for you, will you trust the job numbers when they come out? SEN. ALEX PADILLA: Well, and that's a big question for members of Congress who have to confirm, just as members of the Senate who have to confirm whoever Trump replaces. It's what confirmation hearings are supposed to be about, is it going to be somebody that will maintain the independence of the Bureau of Labor Statistics, like so many other departments and agencies that need to have the independence from political pressure of the White House to do their job reliably, or will this be another 'yes' person for the president that's going to be more interested in propaganda than statistics, more interested in propaganda than the facts. KRISTEN WELKER: Well, you know, it's interesting because two former BLS commissioners wrote a letter, calling on Congress, actually, to investigate what led to the firing of the commissioner and possibly to reverse the move. And we're even hearing some criticism from your Republican colleagues. Senator, do you think there would be enough bipartisan support to launch an investigation into the firing of the BLS commissioner? And would you support that? SEN. ALEX PADILLA: Yeah. I think an investigation is certainly in order, right? Just as I've called for an investigation, by the way, on Hatch Act violations on the redistricting in Texas conversation. There is example after example of Donald Trump weaponizing, no longer just the Department of Justice — but when he's trying to weaponize the Bureau of Labor Statistics, that tells you a lot about their insecurity about the economy and the state of economic affairs in America because everything that they're claiming to be true is not true. Prices are still going up. And this is from a president who promised to bring prices down. And so American people are feeling it. The impact of tariffs, $2,400 a year for working families across the country, that's the reality of tariffs. KRISTEN WELKER: Well, we are going to get to redistricting, in just a moment. But first, I want to talk to you about another issue that you're deeply engaged in — the issue of immigration. The Trump administration is touting record low illegal crossings at the southern border. You've obviously been very critical of the president's deportation policies. You were very outspoken, for example, at a press conference of the Homeland Security Secretary, wound up getting handcuffed there. But do you give President Trump credit for these record low crossings at the border? SEN. ALEX PADILLA: We should debate how the reduction in crossings has come about, but I think most importantly, let's look at the different pieces of what the immigration system looks like. Border security, everybody agrees, we need an orderly, humane border. There is an element of people wanting to come to the United States and how those programs need to be modernized and updated. My focus has been on the people who have been here, millions of long-term residents of the United States who happen to be undocumented, that have been the target of this administration's increasingly aggressive and cruel arrest, detention and deportation policies. If, and this is important to emphasize, they were truly only going after the dangerous, violent criminals they so often talk about, there would be no debate, there would be no discussion. But the vast majority of the people they're arresting, detaining and even deporting, many without due process, do not have those criminal violent convictions on their records. They're actually people who are critical to the economy. KRISTEN WELKER: All right. I know that debate continues. Something will continue to track. Let's talk now about what you just brought up, the midterms, congressional maps obviously in focus. They are usually redrawn every decade. But in Texas, as you referenced, Republicans there rolled out a new map that could actually add up to five GOP seats. You now have Governor Gavin Newsom promising that California would respond with a new map that would boost Democratic seats in that state. Let me ask you, Senator. Do you believe it's hypocritical for Democrats to deploy the same strategy that they're criticizing by Republicans in Texas? SEN. ALEX PADILLA: Well, first of all, let's understand why Donald Trump is asking for five more Republican seats out of Texas. It's because his policies, especially his economic policies, have been so bad, right? The prior guest referenced the Big Beautiful Bill. Wait until people start losing their healthcare and their healthcare costs go up, right? If Republicans were confident on their policy agenda, they would be eager to defend it with the people and to defend it at the ballot box, next November. But they know they're in trouble. And so they're trying to rig the system to hold on to power next November. That's what this redistricting move is really about. KRISTEN WELKER: You know, powerful language that you're using: "Rig the system." I mean, some of your party warn that going down this path could actually erode trust in the system. Here's California State Assembly Member Alex Lee. This is what he said. He said, quote, "Trying to save democracy by destroying democracy is dangerous and foolish. By legitimizing the race to the bottom of gerrymandering, Democrats will ultimately lose." Do Democrats run the risk of destroying voters' faith in the entire system, Senator? SEN. ALEX PADILLA: I'll tell you what's destroying faith in the system. It's everything coming out of the White House right now. The ideal scenario, Kristen, is for Texas to stand down. They don't have to do this. They shouldn't do this. But if they were to go forward and deliver Trump his five additional Republican seats, that's what he's asked for, just like he asked the Georgia secretary of state for 11,000 more votes after the 2020 stakes are simply too high; the economic stakes, the state of our democracy, the health of our institutions, the checks and balances in our country. So, yes, California and others are going to look at what options we have to defend what we believe America should stand for. KRISTEN WELKER: All right. Let me talk about another recent split in your party. A lot of debate going on. Senator Cory Booker clashed with fellow Democrats over their support, just to explain to our audience, okay, this was their support for bills that would fund police departments. Senator Booker is arguing that these bills would only reward police departments in states favored by the Trump administration. I want to play one exchange that he had with Senator Klobuchar and get your reaction on the other side. SEN. ALEX PADILLA: Sure. [BEGIN TAPE] SEN. KLOBUCHAR: You can't just pick out a few bills that came out of a committee and say, "I'm going to stop those." SEN. CORY BOOKER: That is complicity with an authoritarian leader who is trashing our Constitution. It's time for Democrats to have a backbone. It's time for us to fight. It's time for us to draw lines. [END TAPE] KRISTEN WELKER: Is Senator Booker's approach, where he's basically saying he's not willing to give an inch to President Trump, is that the right approach for Democrats? SEN. ALEX PADILLA: Well, I think what he's doing is using his powers and opportunity as a member of the Judiciary Committee, he and I sit side by side, and on the floor of the Senate, to call out what this administration is doing, you know, budget reconciliation, which we went through a couple months ago, rescissions more recently. On a daily basis, the Trump administration is withholding funds in so many categories from Democratic states and Democratic cities but not so in Republican jurisdictions. That is absolutely wrong, especially when it comes to an issue as important as public safety. So to withhold funds from New Jersey for public safety programs is dangerous. KRISTEN WELKER: But is his no-holds-barred approach the right one, do you think? SEN. ALEX PADILLA: Look, I think the extreme way in which this administration is conducting itself calls for higher and higher profile ways of pushing back and doing right by our own constituents. KRISTEN WELKER: I want to ask you about the big news now for the Democratic Party and your state, former Vice President Kamala Harris announced she will not run for election as California's governor. The move, of course, left the door open for a potential run in 2028. Here's how she explained her decision not to launch a statewide race in an interview this week. Take a look. [BEGIN TAPE] KAMALA HARRIS: For now, I don't want to go back in the system. I think it's broken. I always believed that, as fragile as our democracy is, our systems would be strong enough to defend our most fundamental principles. And I think right now that they're not as strong as they need to be. [END TAPE] KRISTEN WELKER: She says the system is broken. That is very strong language. Do you agree? Is the system broken? SEN. ALEX PADILLA: I think the system is under duress because of both the attacks of the Trump administration and the unwillingness of Republicans in Congress to stand up and do their job as a co-equal branch of government. And so what do we need to regain and strengthen the system? Democrats are doing our parts, trying to stand up and push back. But the people across the country are increasingly standing up and speaking up on so many things that are going wrong. KRISTEN WELKER: I know we've got to get through 2026 first, but let me ask you about 2028. Some Democrats are starting to privately express concerns about a possible run by the former vice president. One top operative noted to POLITICO, quote, "Downballot candidates outperformed her in 2024, and she was a drag on them." Would you encourage former Vice President Kamala Harris to run for president in 2028? SEN. ALEX PADILLA: I would encourage Vice President Harris to follow her heart. And I think right now, she says, okay, she's not running for governor, but she's going to spend time trying to help elect more Democrats across the country. And it should be not just for federal office, for state office, for local office. That's the best way to improve our position as Democrats for the 2028 cycle. Let's make sure we do well or very, very well in 2026. KRISTEN WELKER: Alright, I have to ask you about the hunger crisis in Gaza, turning to overseas. Last year, the International Criminal Court issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu, charging him with war crimes for "starvation as a method of warfare," among other charges. I have to ask you, Senator, do you believe Prime Minister Netanyahu has committed war crimes? SEN. ALEX PADILLA: Yeah. Well, look, the situation in Gaza is absolutely heartbreaking. And it truly is a humanitarian crisis. So Israel needs to do more. And the United States, the Trump administration, can and should do more to address that. Absolutely. KRISTEN WELKER: But do you think that he's committed a war crime? SEN. ALEX PADILLA: Well, let's let the experts conduct their research investigation and reach those conclusions. Again, what's happening in Gaza is heartbreaking. We need to be doing more. But addressing the humanitarian crisis in Gaza and Israel's right to defend itself are not mutually exclusive. KRISTEN WELKER: You're saying the U.S. has to do more. More than half of your caucus this week, a record number, voted to block sales to some weapons to Israel. You did not though, Senator. Why do you think the U.S. should keep sending weapons to Israel, and does that undercut your message that the U.S. should do more? SEN. ALEX PADILLA: Well, I don't think it does. I think we should actually focus on the humanitarian piece and move, not just resolutions, but policy and investments accordingly. What the resolution spoke to is much broader than just Israel and Gaza in those negotiations because, as you know, Israel's under constant threat from Hamas still — from Hezbollah, from the Houthis, from Iran, on a more broader level. And so we need to try to do what we can to maintain the security and stability of the region and address the humanitarian crisis in Gaza. KRISTEN WELKER: Senator Alex Padilla, thank you so much for being here today. We really appreciate it. When we come back, the jobs report that rattled the president and the markets. The panel is next. KRISTEN WELKER: Welcome back. The panel is here. NBC News White House White House correspondent Yamiche Alcindor; Susan Glasser, staff writer for The New Yorker; Stephen Hayes, editor and CEO of The Dispatch; and Symone Sanders Townsend, former chief spokesperson for Vice President Harris and co-host of 'The Weeknight' on MSNBC. Thanks to all of you for being here.A lot of news to talk about this week. Yamiche, let me start with you and President Trump's decision to fire the head of the Bureau of Labor Statistics. You heard my conversation with Kevin Hassett. It's obviously going to continue to get backlash heading into this week. What are your sources telling you inside the White House about what was behind this? YAMICHE ALCINDOR: Based on my reporting and a lot of conversations with White House officials, this had been brewing for a while. The president had been attacking the Bureau of Labor Statistics even back when he was a candidate in 2024. But White House officials told me that he was liking the job report numbers so he essentially held off on firing the commissioner because he was okay with the data coming out. Then on Friday, when he saw the July numbers and then saw the revisions to May and June, he decided to pull the trigger. And even though Kevin Hassett said these revisions are evidence, there really isn't any hard evidence that this commissioner was cooking the books. And also, William Beach, who held that job before and was appointed by Donald Trump, called her firing "dangerous." So the big question now is who ends up in that job? The president was asked specifically, "Are you going to get somebody with experience in statistics and in data?" And he said, "I want someone who's honest', and I also want someone,essentially, who I like and who's going to be supportive of my goals. So, it's going to be very, very telling who he puts in that job because, if you can't trust those numbers and if the president installs someone that doesn't have the confidence of the 40-odd-plus people, as you said, who put this together, it's going to be a real problem not just for his administration but for America on a whole. KRISTEN WELKER: Talk about the implications of this. Why is it significant and why does it run the risk of eroding public trust? SUSAN GLASSER: Yeah, absolutely. I mean, this is, you know, for many people who've lived and worked in other authoritarian countries, this seems like a move right out of the authoritarian playbook. You know, it's the move of a person, an individual, or a system that doesn't like what it hears and chooses not to address the problem but simply to fire the messenger. And I was really struck by your interview with Kevin Hassett. Not only could he not provide any evidence but he went out of his way essentially to say, "The facts are whatever we think they are. And if we don't like it, you know, the president has the right to act arbitrarily." That, again, is something-- in the past, Donald Trump has insisted on his own facts. But in Trump 2.0, he's moving to create a world where he can fire people on the basis or what he himself admitted the other day was, quote, "My opinion." And I just think that is a transition and an escalation in Donald Trump's tactics that we should take very seriously. KRISTEN WELKER: Symone, pick up on that point. And you are hearing with very fiery language from Democrats. Leader Chuck Schumer saying, quote, "This is classic Donald Trump, shooting the messenger." What recourse do Democrats have in this moment? SYMONE SANDERS TOWNSEND: Well, look, I do think you had Senator Padilla here. Democrats are in the minority, I would note. But in the Senate they do have a little more leeway to hold things up, to go to the floor, to make a speech, to find, some, one or two other senators that want to join with them. And I do think an investigation here is warranted. We do have examples across the world, the globe, of other countries, Venezuela, Argentina, the Soviet Union, okay, the former Soviet Union, of what happens when data is manipulated or changed or maybe just underreported because you want to keep some people happy, like the person at the top, in this case, the president. And in every single one of those instances, the economy has been destabilized. The currency is affected. Business is affected. So there are long-term implications for what looks like a short-term gain. KRISTEN WELKER: And. Yeah– STEPHEN HAYES: –This just really is banana republic stuff. I mean, really. It's like breaking the thermometer because you don't like that it's hot outside. It's not the way that civilized nations behave. And one would hope that Republicans who disagree with this, and behind the scenes are criticizing the president for this, would find their voice at a moment like this. You know, you talk to Republicans who aren't fully on board with the Trump train. And they will say privately they'll criticize him all along and they'll say, "Well, I've got to pick and choose when I'm criticizing him. I don't want to criticize him for everything." Well, now would be the time to find your voice. You know, this was an impetuous decision from the president, sort of a tantrum. We've seen this kind of thing from him before. Remember when there was a black sharpie drawn to show the direction of a hurricane. You remember during Covid he said he wanted to stop testing because he didn't want the results of the tests. The MS-13 photoshop. He just tries to bend reality to meet his perceptions in a way that I think is just fundamentally dishonest. KRISTEN WELKER: It's fascinating to hear some of the backlash from Republicans themselves. In terms of what's dividing Democrats right now, Yamiche, you have to think about Gaza. You heard me have that discussion with Senator Padilla. And this debate over whether funds should continue to flow to Israel. President Trump, actually expressing some frustration privately, amid questions about whether the images coming out of Gaza are real. He's been told, "Yes, they're real." And he's been very firm with the prime minister, apparently. He wants something done about it. YAMICHE ALCINDOR: Yes. And my sources at the White House tell me that the president was very moved by the images of these children and families starving in Gaza, and who really couldn't be? You see these images and they're heartbreaking, right? That said, this break between the president and the prime minister, Netanyahu, it might be in some ways over this one issue. But they are still very much allied in the mission of it. And let's remember that President Trump has essentially called for the clearing out of Gaza and said that he wants to turn it into essentially a real estate resort. So there's also that going on. But, the president has been clear. He wants to get people fed. He had an interview with NBC News this week saying he wants to get people fed in Gaza. But, we think about the long-term goal and how he talked about Gaza, and that's not lost on folks. And then, yeah, you have one the Democratic side Senator Bernie Sanders getting as many Democrats as he's ever had before backing this idea of stopping giving weapons to Israel. But that doesn't mean– Senator Padilla said, "Well, I still voted against that." And he's getting by that. So that's also where a majority of Democrats are. KRISTEN WELKER: It's a great point. Susan, you wrote about it this week and that there is mounting pressure on both sides to do something. SUSAN GLASSER: No, that's exactly right. But let's be clear here that Donald Trump, you know, what he's expressing is not so much a foreign policy shift as it is a series of social media postings. And Trump's own policy bears a lot of responsibility for what's happening right now in Gaza. Remember that there was a ceasefire. Donald Trump hailed the ceasefire in January as epic, essentially a world historical event. When it collapsed in March, that was because Benjamin Netanyahu, the prime minister of Israel, almost unilaterally pulled out from that ceasefire. You did not hear Donald Trump talking about the subsequent blockade of aid. You did not hear Donald Trump changing American policy to address the very obvious consequence of a near blockade of aid which is going to mean starvation. So, these pictures that he's seeing, he is, in part, the author of them. And I have not heard this week – he sent his envoy Steve Witkoff on a trip to Israel, including a visit to Gaza. I have not heard a major shift in what the U.S. is actually going to do. This is Donald Trump doing what he does which is watching the television and acting in a sort of media feedback loop with it. YAMICHE ALCINDOR: Can I just also say that our reporting on the ground from NBC is that, that was sort of a publicity stunt in some people's eyes, including medical professionals. And that Steve Witkoff really wasn't seeing the reality on the ground in Gaza. Of course he's saying something different, but I just want to point out what our reporting is showing. SYMONE SANDERS TOWNSEND: I mean, they announced the trip prior to going. And when you go to a zone, such as, given what's happening on the ground in Gaza, you do not announce a trip like that prior to for security reasons, to ensure that you can see what you need to see and then report out when you leave. The proactive note I think is something to take. KRISTEN WELKER: Quick thought, Steve, before we break -- STEPHEN HAYES: Yes. I mean, look, we should level set here. Hamas is responsible for the deaths and the starvation. They were responsible for starting the war. I think the risk for Israel at this point is the loss of moral authority. Israel has had moral authority since October 7th. They risk losing it now because there clearly is starvation on the ground. KRISTEN WELKER: And that increasingly, I think, becomes the debate and where that goes. Thank you all. Pause for a moment. When we come back, the mystery of Jimmy Hoffa continues 50 years after he vanished. Our Meet the Press minute is next. KRISTEN WELKER: Welcome back. Fifty years ago this week, labor leader Jimmy Hoffa vanished. An unsolved mystery that still looms large, fueled by his alleged ties to the mafia. In 1961, Hoff had just been reelected to lead the powerful Teamsters Union despite mounting allegations of corruption that would later land him behind bars. He joined Meet the Press at the time to address those claims. [BEGIN TAPE] LAWRENCE SPIVAK: Mr. Hoffa, you have been investigated, as you yourself have said, more than almost any man in this country. Wouldn't it help you if you kept records? Wouldn't it help you if you paid by check instead of by cash and having no records at all of what you did? Doesn't that open you to suspicion? JIMMY HOFFA: There is an old story Mr. Spivak that figures don't lie but liars figure. I go on the premise that I have been investigated by the entire United States Senate, by almost every precinct agency in this country. And I question whether or not any one of the four of you sitting there can go through the same investigation Hoffa did and come out with the record Hoffa can proudly say is his after three and a half years, that they have found nothing wrong with Hoffa's finances. [END TAPE] KRISTEN WELKER: When we come back, former Vice President Kamala Harris calls the system "broken" and issues a dire warning for the country. More with the panel next. [BEGIN TAPE] STEPHEN COLBERT: Who's leading the Democratic Party? I'm just curious. FORMER VICE PRES. KAMALA HARRIS: There are lots of leaders. I think it is a mistake for us who want to figure out how to get out and through this and get out of it to put it on the shoulders of any one person. It's really on all of our shoulders. It really is. [END TAPE] KRISTEN WELKER: That was former Vice President Kamala Harris on 'The Late Show' this week, her first interview since losing the 2024 presidential election. The panel is back with us. Symone, of course I have to start with you. You used to work with the former vice president. Look, I've been talking to Democrats. They're divided over where they think she should run for president. She obviously left the door open to that. Some people say, yes, she should run. Other people say she can't run after losing 2024, that that was the end of her political career. What are you hearing? What do you – SYMONE SANDERS TOWNSEND: Look, what I'm hearing, I'm hearing the same things you're hearing. But I will say this: I think that the vice president is someone that understands the landscape. And I think the statement that she put out today and her interview on Colbert was actually very illuminating. For me, I was struck by the fact that she says she wants to – she doesn't want to go back in the system right now. She's – she's not confident in the system. And some could read that as she's not confident in her prospects, but I read that as she is not confident in what is currently happening. Should she, will she be the Democratic nominee in 2028? We have no idea. You know, at this time, in 2007, no one knew it was Barack Obama, right? This time, in 2019, they definitely were saying it wasn't Joe Biden, and we know how that went. So I just think people need to hold their horses. But she absolutely has the right to be out here. She got 75 million votes. She lost by 1.5%. I think the woman has earned her right to speak up and do what she wants. KRISTEN WELKER: Susan, what are you hearing, and the reaction to this comment that the system is broken? SUSAN GLASSER: Yes. I think that was the most notable thing, right? I mean, how striking that, you know, this person who has benefited from the system, who has been the first woman vice president of the United States, just a few months after losing this historic presidential election she says, "Actually, the system is broken." But, you know, we talked about Cory Booker earlier in this show, and I'm really struck by the fact that, you know, many Democrats, millions of Democrats want their leaders to fight. They want them to be in the fight. So it's very hard to say, "I might want the mantle of authority in 2028, but right now I'm going to opt out of the fight." And so that's one challenge. The other issue though is are we looking forward or are we looking back? And American politics generally is looking forward. Now, I will say this: It'll be interesting, the conversation ignited by the former vice president's memoir. But many Democrats I speak with, they are still almost incandescent with rage, many of them, not at Kamala Harris but with her former boss, the former president, Joe Biden. And to the extent that that's the conversation Democrats are having rather than a conversation about how to counter Donald Trump, I don't know, you know, whether that benefits, putting aside their political interests, the country's interests right now. KRISTEN WELKER: Well, Steve, therein lies the problem, I think, for a number of Democratic – STEPHEN HAYES: Yes. KRISTEN WELKER: – candidates, this question about how to respond to the extraordinary arc of former President Biden. His decision to drop out of the race, that debate. That certainly would loom large over a Harris candidacy, should she run, over a Pete Buttigieg – STEPHEN HAYES: For sure. KRISTEN WELKER: – candidacy, should he run. STEPHEN HAYES: Yes. Look, I think we can't overstate the importance, I think, to the general electorate of what that meant. That, not only have Democrats lost twice to Donald Trump in national elections, but the last time they did it they did it in part because the party apparatus covered up the decline of the existing – of the sitting president. And then Kamala Harris had 107 days to try to run. She wasn't a very good candidate, I don't think. And I think that that moment on Colbert was – sort of captures the Democratic Party at this moment where the most recent Democratic leader couldn't name or refused to name Democratic leaders when asked about it. And if you look at what she was doing, she announces that she's, rather than going to try to fix the system, she's going to sit back. She's not going to try to fix the system. I mean, if you're looking for a leader – SYMONE SANDERS TOWNSEND: No, I – STEPHEN HAYES: – that's not it. SYMONE SANDERS TOWNSEND: – Kamala Harris has spent her entire life within the system. And, frankly, I think she mirrors a lot of women elected officials, a lot of Black women in the Democratic Party apparatus that say, "I have been in this. I have been fighting. And I am a little tired, and I'm – I'm a little dismayed by what I'm seeing. So let me –" STEPHEN HAYES: But is that leadership, though? SYMONE SANDERS TOWNSEND: "-- try in a different way." STEPHEN HAYES: Is that leadership? SYMONE SANDERS TOWNSEND: I mean – STEPHEN HAYES: How is she leading? SYMONE SANDERS TOWNSEND: I think – I think Kamala Harris is going to go out there and campaign for folks. I think she's going to raise money for people. And I think she's going to help get some people elected in – KRISTEN WELKER: Yamiche, you covered her campaign. SYMONE SANDERS TOWNSEND: – midterm elections. YAMICHE ALCINDOR: I did. KRISTEN WELKER: What are you watching for? YAMICHE ALCINDOR: So I'm watching for a couple things. One, Our reporting is that she still wants to keep the door open on looking at 2028. I'm also looking at who she ends up campaigning for and how that goes. Who wants her out there on the campaign trail? I think the other thing, when you hear talk about the system being broken, I think Symone is right about the idea of a lot of Black women feeling like the system is broken. Senator Padilla said it's "under duress." He wouldn't say "broken." But, to me, the language is very much mirroring the fact that they see all this power that President Trump has amassed and they're very shaken by it. And they're not, also, really understanding how, not only did they lose, yes, it was a close election, but they lost every battleground state. And that's something that I think Democrats are still trying to wrap their heads around. KRISTEN WELKER: Susan, this comes against the backdrop of this debate that we saw in the Senate between Cory Booker, Amy Klobuchar. You referenced it. But this idea about how to fight back against Donald Trump. SUSAN GLASSER: Yes. I mean, what's extraordinary is that you see Donald Trump's shock-and-awe campaign unleashed on the federal government and – and, you know, segments of the American people over the last six months. And you have Democrats still having a circular fight about this. And I just – I have to say too, Symone, like, I get the idea that she's, you know, going to do what she's going to do. But to define that as leadership, you know, right now? And I – I get the idea that, you know, there are many Americans who are suffering right now as a result of, you know, what they perceive to be the Trump administration's policies. But saying, "Well, I'm – I'm going to wash my hands of the fight because the system is broken," I find that hard to believe, just as a matter of politics, that that's going to be a winning message for Democrats next year in – SYMONE SANDERS TOWNSEND: I just – I didn't hear – SUSAN GLASSER: – a midterm election. SYMONE SANDERS TOWNSEND: – the "washing hands of the fight." I think I've heard a lot of people interpret what she said that way, and I didn't hear it that way. I think that power has never come from – real power and the grassroots and the energy has actually never come from the elected leaders, and especially not here in Washington, DC. Even in the resistance movement, if you will, post-2016, those were people in the streets. And so I hear Kamala Harris saying, "I'm about to go over here and get out here with the resistance because what I'm seeing in Washington is not working." STEPHEN HAYES: I think if – if Democrats – KRISTEN WELKER: Steve, the final 30 seconds. STEPHEN HAYES: – look at Donald Trump and his ascent to the pinnacle of American politics, he did it with one thing: He fought. He fought everybody at all times. He blew up what the Republican Party had thought of it – thought of itself, ideologically and philosophically. And I think you're seeing Democrats, Cory Booker being the most notable, trying to imitate that, trying to make that same case. KRISTEN WELKER: All right, guys, thank you so much. Great conversation. That is all for today. Thank you for watching. We'll be back next week because, if it's Sunday, it's Meet the Press.
Business Wire
24-07-2025
- Business Wire
Getlink SE: 2025 Half-Year Results: Growth in Eurotunnel Results, Lower Contribution From Eleclink, 2025 EBITDA Guidance Reiterated
PARIS--(BUSINESS WIRE)--Regulatory News: Getlink SE (Paris:GET): Yann Leriche, Chief Executive Officer, commented: 'Our half-year results confirm the solid performance of the Group's historical activities and as expected, reflect the lower contribution from Eleclink. The strict application of our strategy focused on quality of service and operational excellence, as well as AI integration are bearing fruit in our core activities and enables us to confirm our EBITDA guidance for 2025. The half-year was also marked by positive developments in high-speed rail between London and Europe, with the British regulator's announcement of immediate available capacity at the Temple Mills depot for train maintenance, plans to extend St. Pancras station and the announcement of interest by a new operator." Half-year highlights: Governance Main resolutions approved at the Annual General Meeting, held on 14 May 2025: Reappointment of Yann Leriche as Director for four years. Amendment to Article 19 of the Articles of Association, raising the statutory age limit for the Chairman of the Board of Directors from 70 to 75. Reappointment of Forvis Mazars SA and appointment of Deloitte & Associés to replace KPMG as statutory auditors responsible for certifying the financial statements and sustainability information. On 23 July 2025, the Board of Directors co-opted Andrea Mangoni, CEO of Mundys, as a non-independent director. He replaces Jean Mouton, who has resigned, for the remainder of his term of office 5. The ratification of this co-optation will be proposed at the next Annual General Meeting. Nicola Lyons joined the Group as Chief Human Resources Officer and member of the Executive Committee. She leads the Group's human resources strategy and key projects, including training, career development, recruitment and integration, as well as the diversity and inclusion policy. ESG strategy Confirmation of the Group's strategic relevance through further improvements in ESG ratings: inclusion in the CDP A List (vs B) and an upgrade in the MSCI France index rating to AAA (vs AA). Additionally, Getlink reconfirmed its carbon A score in the Axylia's Vérité40 index. Group EBITDA of €366 million after provision for Eleclink profit sharing of €23 million. Free cash flow of €218 million 6 vs €274 million in H1 2024. Distribution of €314 million in dividends (€0.58 per share) for the 2024 financial year, up €16 million compared to H1 2024. Acquisition on 31 January 2025 of Associated Shipping Agencies (ASA) and its subsidiary Boulogne International Maritime Services (BIMS), leading providers of customs services between France and Great Britain. Getlink SE rating upgraded to BB+ by S&P Global Ratings and Fitch Ratings (vs BB) and CLEF 7 rating upgraded to BBB+ by S&P Global Ratings (vs BBB with a positive outlook). Issue of €600 million Green Bonds maturing in April 2030, with an annual coupon of 4.125%. The proceeds of this issue, closed on 4 April, together with cash on balance sheet, enabled the early repayment of the €850 million Green Bonds due in October 2025. Eurotunnel: LeShuttle Traffic up 2% with 985,847 passenger vehicles transported. Increase of car market share to 59.9% (vs 59.3% in H1 2024), confirming leadership position on the car market. Launch of a new fare structure offering greater booking flexibility to better match customers' needs and improve their experience. LeShuttle Freight Truck traffic down 2%, impacted by a subdued economic environment in Great Britain and in the context of a highly competitive cross-Channel market. Market share increased to 35.7% (vs 35.5% in H1 2024). Railway Network Eurostar traffic up 4% to more than 5.6 million passengers, exceeding the record level of H1 2024. Reopening of the new international terminal at Amsterdam Centraal station in February. Full resumption of direct service at the end of April with an increase in the number of rotations. Signing of a strategic cooperation partnership with London St. Pancras Highspeed (ex-HS1) to promote the growth of rail services between Great Britain and continental Europe. Passenger Shuttle refurbishment programme Contract withdrawal by a supplier in charge of part of the programme. Reorganisation of the current programme underway, in accordance with the anticipated scenario prepared by the teams. Europorte Stable revenue vs H1 2024. Enhanced profitability with EBITDA up 2%. On 6 June, signing of an agreement to acquire 67% of the shares in Electrofer SAS, a company specialising in rail processing. Eleclink Revenue of €92 million, down 50%, impacted by the combined effects of the expected normalisation of electricity markets and the suspensions of activity until 5 February and between 19 May and 2 June. EBITDA of €52 million, down 56%, after provision for profit sharing of €23 million and the recognition of €5 million of income as compensation for operating losses linked to the suspension of the interconnector's service. Interconnector availability rate of around 71% in H1 2025. €113 million of revenue already contracted for H2 8, with 14% of cable capacity still available for H2. Operating profit impacted by lower contribution from Eleclink Group revenue for H1 2025 was €739 million, down 9% compared to H1 2024 due to the lower contribution from Eleclink. Supported by record high-speed passenger traffic and a 3% increase in Shuttle yield, Eurotunnel revenue rose by 4%, while Europorte revenue remained stable. The Group's operating costs, excluding the provision for profit sharing for Eleclink, were up 7% in H1 2025 to €355 million. Eurotunnel operating costs rose by 6% to €266 million. While lower energy costs offset general inflation, the increase in Eurotunnel costs was due to higher taxes (local and social), scope effects and operational development, as well as reinforced maintenance on certain key equipment. Group EBITDA reached €366 million in H1 2025, down 14% due to the lower contribution from Eleclink (-56%), while Eurotunnel and Europorte EBITDA were each up 2%. Net financial costs reached €146 million, up 1% in the first six months of 2025. Taxes represented net income of €2 million (vs income of €15 million in H1 2024), with the change mainly related to the decrease in the activation of tax losses carried forward for deferred tax purposes. The Group's consolidated net profit for H1 2025 reached €113 million, down 35% compared to the first six months of 2024. Operating cash flow was €402 million in H1 2025, compared with €457 million in H1 2024. The Group's free cash flow was €218 million in H1 2025, down €56 million compared to the same period in 2024 due to the lower contribution from Eleclink. Capital expenditure was close to the level of H1 2024 at €65 million (vs €67 million). Cash position at 30 June 2025 reached €1,355 million (vs €1,497 million at 30 June 2024) following the distribution of €314 million in dividends (€0.58 per share) for the 2024 financial year and the reduction in gross debt of €250 million as part of the early repayment of €850 million Green Bonds maturing in 2025 and the issuance of €600 million new Green Bonds (maturing in 2030). GUIDANCE The first-half performance enables the Group to reiterate its EBITDA guidance for 2025 of between €780 million and €830 million 9. This guidance takes into account: Reasonable growth assumptions for Eurotunnel based on the commercial momentum observed at the beginning of the year in an environment which remains competitive. The central scenario assumes the implementation of EES formalities on Eurotunnel sites from October 2025, with EES having been the subject of intensive preparation to make it a competitive advantage. The revenue already secured for Eleclink (as at 30 June, 92% of the cable's capacity for 2025 has been sold for total revenue of €205 million, subject to actual delivery of the service), the consequences of the suspension of activity until 5 February and between 19 May and 2 June 2025, recent electricity market prices and the use of a method similar to that used for 2024 for the profit sharing provision in operating costs. GROUP REVENUE First half-year (January-June) Second quarter (April-June) First-quarter reminder (January-March) €million Q1 2025 unaudited Q1 2024 restated* Change Q1 2024 published Exchange rate €/£ 1.201 1.201 1.169 Shuttle Services 150 151 -1% 148 Railway Network 93 91 2% 90 Other revenue 11 6 83% 6 Sub-total Eurotunnel 254 248 2% 244 Europorte 41 40 2% 40 Eleclink 33 106 -69% 107 Revenue 328 394 -17% 391 * Recalculated at the average exchange rate for the first quarter of 2025. Expand EUROTUNNEL TRAFFIC First half-year (January-June) Second quarter (April-June) First-quarter reminder (January-March) * Including motorcycles, vehicles with trailers, caravans, motorhomes and coaches. ** Only passengers using the Tunnel are included in these tables, which excludes journeys between Continental stations (Brussels-Calais, Brussels-Lille, Brussels-Paris, etc.). *** Trains operated by railway companies (DB Cargo on behalf of BRB, SNCF and its subsidiaries, and GB Railfreight) that use the Tunnel. Expand The accounts for the financial year ended 30 June 2025 were approved by the Board of Directors on 23 July 2025 and are subject to a limited review by the statutory auditors. The presentation of the results for H1 2025 is available at Third quarter revenue will be published on 21 October 2025. ******************** Disclaimer: This report contains forward-looking information. All forward-looking statements are Getlink SE's present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed description of these risks and uncertainties, please refer to the "Risk Factors" section of the Universal Registration Document and the documents filed with the Autorité des marchés financiers (AMF) (available on the Group's website at Getlink SE undertakes no obligation to publicly update or revise any of these forward-looking statements. About Getlink Getlink SE (Euronext Paris: GET) is, through its subsidiary Eurotunnel, the concession holder until 2086 for the Channel Tunnel infrastructure and operates the Truck and Passenger (cars and coaches) Shuttle services between Folkestone (GB) and Calais (France). Since 31 December 2020, Eurotunnel has been developing services around the smart border to ensure that the Tunnel remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. Since its opening in 1994, more than 518 million people and over 106 million vehicles have travelled through the Channel Tunnel. This unique land link, which carries a quarter of all trade between the Continent and Great Britain has become a vital link, reinforced by the Eleclink electricity interconnector installed in the Tunnel, which helps balance energy needs between France and Great Britain. Getlink complements its sustainable mobility services with its rail freight subsidiary Europorte. Committed to low-carbon services that minimise their impact on the environment, Getlink places people, nature and the regions at the heart of its concerns. HALF-YEAR FINANCIAL REPORT for the six months to 30 June 2025 CONTENTS * HALF-YEAR ACTIVITY REPORT AT 30 JUNE 2025 1 Context of the preparation of the half-year financial report 1 Analysis of consolidated income statement 1 Analysis of consolidated statement of financial position 6 Analysis of consolidated cash flows 7 Other financial indicators 8 Covenant relating to the Group's debt 8 Outlook 9 Risks 10 Related parties 10 SUMMARY HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS 11 Consolidated income statement 11 Consolidated statement of other comprehensive income 11 Consolidated statement of financial position 12 Consolidated statement of changes in equity 13 Consolidated statement of cash flows 14 Notes to the financial statements 15 A. Important events 15 B. Principles of preparation, main accounting policies and methods 16 C. Scope of consolidation 17 D. Operating data 17 E. Personnel expenses and benefits 20 F. Intangible and tangible property, plant and equipment 21 G. Financing and financial instruments 22 H. Share capital and earnings per share 25 I. Income tax expense 27 J. Events after the reporting period 27 STATUTORY AUDITORS' REVIEW REPORT ON THE 2025 HALF-YEAR FINANCIAL INFORMATION 28 DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2025 29 Expand Accounting standards applied and presentation of the consolidated financial statements Pursuant to EC Regulation 1606/2002 of 19 July 2002 on the application of international accounting standards, the consolidated financial statements of Getlink SE for the six-month period 1 January to 30 June 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS). Expand HALF-YEAR ACTIVITY REPORT AT 30 JUNE 2025 Context of the preparation of the half-year financial report The Group's results for the first half of 2025 were marked by the impact on Eleclink's contribution to the Group's results of the continued normalisation of the electricity market and the suspension of the electricity interconnector's activity until 5 February 2025 and from 19 May to 2 June 2025. During the first half of 2025, the Group has continued to prepare for its future through its operational and commercial excellence programmes and capital expenditure programmes. The Group has maintained its high level of liquidity, with net cash and cash management financial assets at 30 June 2025 of €1,355 million after a dividend distribution of €314 million and the early debt repayment of €850 million and the issue of €600 million in new Green Bonds. Analysis of consolidated income statement To enable a better comparison between the two periods, the consolidated income statement for the first half of 2024 presented in this half-year activity report has been recalculated at the exchange rate used for the 2025 half-year income statement of £1=€1.187. At €739 million for the first half of 2025, the Group's consolidated revenue decreased by €73 million (-9%) compared to the first half of 2024 due in particular to the impact on the Eleclink segment of the normalisation of the energy market and the suspensions of the electricity interconnector's activity in the first half of the year. Operating costs, which totalled €378 million in the period, decreased by €8 million (2%) compared to 2024, mainly due to the reduction between the two periods in the charge for the provision for sharing of the profit of the Eleclink interconnector in relation to the reduction in its activity. The Group's current EBITDA was down by €60 million to €366 million due to the €65 million decrease in Eleclink's contribution. After taking into account the €13 million decrease in depreciation charges (due to the end of depreciation on Eurotunnel assets with a 30-year useful life), the operating profit for the first six months of 2025 amounted to €257 million, down by €47 million compared to 2024. After taking into account an increase in net finance costs of €1 million (including other financial income and charges), the Group's pre-tax result for the first half of 2025 was a profit of €111 million, a reduction of €48 million compared to the first half of 2024. After taking into account a net tax income of €2 million, the Group's consolidated net result for the first six months of 2025 was a profit of €113 million compared to a profit of €174 million (restated) in the first half of 2024, a decrease of €61 million. 1 EUROTUNNEL SEGMENT This segment includes the activities of the Eurotunnel sub-group companies, as well as those of the Group's holding company, Getlink SE and its other direct subsidiaries excluding Europorte and Eleclink. Eurotunnel, which represents the Group's core business, operates and directly markets its Shuttle Services and also provides access, on payment of a toll, for the circulation of the Railway Companies' High-Speed Passenger Trains (Eurostar) and Rail Freight Services through its Railway Network. The Eurotunnel segment's current EBITDA for the first half of 2025 was €298 million, up 2% compared to the first half of 2024. 1.1 EUROTUNNEL SEGMENT REVENUE Revenue generated by this segment, which in the first six months of 2025 represented 76% of the Group's total revenue (67% in the first six months of 2024), amounted to €564 million, up 4% compared to 2024. 1.1.1 Shuttle Services At €341 million for the first half of 2025, Shuttle Services revenue rose by 3% compared to 2024 in a highly competitive Short Straits market. Truck Shuttle Compared with the same period in 2024, the Pas-de-Calais Short Straits market for trucks contracted by 2 % in the first half of 2025. With 591,746 trucks carried, Eurotunnel's traffic was down 2%. In a market that is currently in overcapacity, Eurotunnel's Truck Shuttle service continues to be market leader with a market share of 35.7% for the first half of 2025 (35.5% in the first half of 2024). Passenger Shuttle The Short Straits market in the first half of 2025 grew by 1% compared to the first half of 2024 and Eurotunnel's car traffic increased by 2%. Eurotunnel's car traffic market share is up 0.6 point year-on-year to 59.9%. In a market that contracted by 8% compared to the first half of 2024, Eurotunnel's coach traffic decreased by 5%. The Passenger Shuttle service's coach market share for the first half of 2025 was 17.6% (17.1% in the first half of 2024). 1.1.2 Railway Network In the first half of 2025, revenues of €200 million were generated from the use of the Tunnel's Railway Network by Eurostar's high-speed passenger trains and by the cross-Channel rail freight trains, up 3% compared to 2024. In the first half of 2025, 5,609,981 Eurostar passengers used the Tunnel, 4% above the same period in 2024 driven by strong growth on the London-Paris route due to increased supply. This marks a new record for a first half of the year. Cross-Channel rail freight traffic was down 13% compared to the first half of 2024. 1.2 EUROTUNNEL SEGMENT OPERATING COSTS At €266 million in the first half of 2025, operating expenses were up 6% compared to 2024. While lower energy bills offset general inflation, Eurotunnel's higher expenses in the first half of the year were due to higher taxes (local and social), scope effects and increased maintenance on specific key equipment. 2 EUROPORTE SEGMENT The Europorte segment, which covers the entire rail freight transport logistics chain in France as well as cross-border flows to Belgium and Germany, includes most notably Europorte France and Socorail. In the first half of 2025, Europorte recorded an improvement in current EBITDA of 2% compared to the first half of 2024. 3 ELECLINK SEGMENT Eleclink's revenues come mainly from sales of interconnector capacity. The decrease in Eleclink's revenue in the first half of 2025 reflects the continued normalisation of the electricity market and the suspension of electricity interconnector activity until 5 February 2025 and from 19 May to 2 June 2025. Eleclink generated revenues of €92 million and a current EBITDA of €52 million during the first half of 2025. As at 30 June 2025, the Group recognised €5 million of business interruption compensation related to the suspension of the Eleclink interconnector service (see note A.2 to the summary half-year consolidated financial statements as at 30 June 2025). During the first half of 2025, Eleclink's operating costs amounted €45 million, including €23 million in respect of the estimated amount of restitution of interconnector sharing of profits achieved during the period with the French and UK national electricity grid operators in accordance with the exemption granted to Eleclink in 2014 (see note D.6 to the summary consolidated half-year financial statements at 30 June 2025). Current EBITDA by business segment evolved as follows: The Group's current EBITDA reduced by 14% compared to 2024 to €366 million for the first half of 2025 mainly due to the lower contribution from Eleclink. Eurotunnel's current EBITDA was up by €5 million. 5 TRADING PROFIT AND OPERATING PROFIT (EBIT) Depreciation charges decreased by €13 million compared to the first half of 2024 to €108 million due to the impact on the Eurotunnel segment of the end of depreciation of assets with a useful life of 30 years (the Concessionaires' activity began in 1994). Trading profit in the first half of 2025 was €258 million, down by €47 million compared to 2024. Operating profit for the first six months of 2025 was down by €47 million compared to 2024, to €257 million. 6 NET FINANCIAL CHARGES At €139 million for the first six months of 2025, net finance costs increased by €12 million compared to 2024 at a constant exchange rate, mainly due to the €9 million decrease in interest received on cash investments due to the lower cash balances largely due to the €250 million debt repayment (see note A.1 to the summary half-year consolidated financial statements as at 30 June 2025 on the refinancing of the Green Bonds) and the impact of higher inflation rates in the United Kingdom and France on expenses on the indexed tranches of the debt of €5 million. Other net financial income/charges in the first half of 2025 include a charge for the unwinding of the provision for profit sharing with Eleclink in accordance with IAS 37 of €15 million (2024: €19 million) and interest received on the G2 notes held by the Group of €7 million (2024: €8 million) as well as net foreign exchange gains of €4 million (2024: losses of €5 million). 7 NET CONSOLIDATED RESULT The Group's pre-tax result for the first six months of 2025 was a profit of €111 million, down €48 million compared to 2024 at a constant exchange rate. The evolution of the pre-tax result by segment compared to the first half of 2024 is presented below: After taking into account a net tax income of €2 million reflecting the evolution of Eleclink and Eurotunnel activities, the Group's net consolidated result for the first half of 2025 was a profit of €113 million compared to a profit of €174 million for the first half of 2024, a decrease of €61 million. The table above summarises the Group's consolidated statement of financial position as at 30 June 2025 and 31 December 2024. The main elements and changes between the two dates, presented at the exchange rate for each period, are as follows: At 30 June 2025, Fixed assets include property, plant and equipment, right-of-use assets and intangible assets amounting to €5,626 million for the Eurotunnel segment, €861 million for the Eleclink segment and €118 million for the Europorte segment. Other non-current assets at 30 June 2025 include the G2 inflation-linked notes held by the Group amounting to €347 million, deferred tax asset of €224 million and UK pension assets of €6 million. At 30 June 2025, Cash, cash equivalents and cash management financial assets amounted to €1,355 million after a dividend payment of €314 million, the net repayment of €250 million as part of refinancing of Green Bonds, €119 million in debt service costs (net interest, repayments and fees) and net capital expenditure of €65 million. Equity decreased by €30 million as a result of the impact of payment of €314 million in dividends relating to the 2024 financial year. This reduction was partially offset by the impact of the net result for the period (profit of €113 million), the change in the fair value of the partially terminated hedging instruments of €117 million and the impact of the change in the exchange rate on the translation adjustment (€49 million). Financial liabilities decreased by €344 million compared to 31 December 2024 due to the net repayment of €250 million as part of the refinancing of the Green Bonds, the impact of the change in exchange rate on the sterling-denominated debt (€80 million) and contractual debt repayments of €43 million. These decreases have been partially offset by an increase of €38 million arising from the effect of inflation on the index-linked debt tranches of the Term Loan and a decrease in lease liabilities of €8 million. The liability in respect of the fair value of the interest rate derivatives decreased by €96 million mainly due to the impact of higher long term rates on the market value of the hedging instruments. Other liabilities include €934 million of trade and other payables, provisions, deferred income, pension and other liabilities. ANALYSIS OF CONSOLIDATED CASH FLOWS Consolidated cash flows At €436 million, net cash generated from trading in the first half of 2025 decreased by €27 million compared to the first half of 2024. This change is mainly due to the impact on Eleclink's contribution of the normalisation of the energy market and the suspensions of the electricity interconnector's activity during the period: net cash flow from Eurotunnel's activities increased by €53 million to €345 million (first half 2024: €292 million); net cash flow from Europorte's activities increased by €2 million to €12 million (first half 2024: €10 million); and net cash flow from Eleclink's activities decreased by €82 million to €79 million (first half 2024: €161 million) reflecting the normalisation of the energy market and the suspension of activity on the electricity interconnector. In the first half of 2025, cash flow from other net operating and taxes is mainly related to net tax payments of €34 million. In the first half of 2025, net cash flows from investing activities of €77 million comprised mainly: net payments of €60 million relating to the Eurotunnel segment (2024: €61 million); the main expenditure during the period comprised €21 million on rolling stock and €20 million on infrastructure projects; net payments of €3 million relating to Europorte (2024: €2 million); payments of €2 million related to Eleclink (2024: €4 million); and payments of €12 million relating to acquisitions (see notes A and C to the summary half-year consolidated financial statements at 30 June 2025). Net financing payments in the first half of 2025 was a cash outflow of €656 million compared with a cash outflow of €416 million in the first half of 2024. In 2025, cash flow from financing mainly comprised: dividend payment of €314 million paid in respect of the 2024 financial year (2024: €298 million); €119 million of net debt service costs including: - €96 million paid in interest on the Term Loan and on other borrowings (2024: €104 million); - €43 million paid in respect of the scheduled repayments on the Term Loan and other borrowings (2024: €40 million); - €5 million received from the scheduled repayment of the G2 notes held by the Group and €4 million received in interest thereon (2024: €4 million and €4 million respectively); - €10 million paid in relation to leasing contracts (2024: €9 million) presented in cash flows related to financing activities in accordance with IFRS 16; - €25 million received in interest on cash and cash equivalents (2024: €33 million); - €3 million paid relating to financial operations concluded in previous years (2024 : €3 million); €254 million net payment related to the refinancing of the Green Bonds with the net repayment of €250 million and €4 million in fees (see notes A.1 and G.1 to the summary consolidated half-year financial statements as at 30 June 2025) and the receipt of the repayment of €30.5 million previously held in the Green Bond 'Debt Service Reserve Account". OTHER FINANCIAL INDICATORS Free Cash Flow The Group's Free Cash Flow represents the cash generated by current activities in the normal course of business as defined by the Group in section 2.1.4.a of the 2024 Universal Registration Document. At €218 million in the first half of 2025, Free Cash Flow has decreased by €56 million compared to the same period in 2024 for the reasons set out above. Current EBITDA to finance cost ratio The ratio of the Group's consolidated current EBITDA to its finance costs (excluding interest received and indexation) as defined in section 2.1.4.b of the 2024 Universal Registration Document was 2.8 at 30 June 2025 (30 June 2024 restated: 3.2). Net debt to current EBITDA ratio The Group's net debt to current EBITDA ratio is defined in section 2.1.4.c of the 2024 Universal Registration Document. The Group does not consider it appropriate to publish this ratio when calculated based on the activity of a six-month period. At 31 December 2024, the ratio was 4.3. COVENANT RELATING TO THE GROUP'S DEBT The debt service cover ratio and the synthetic service cover ratio on the Term Loan apply to the Eurotunnel Holding SAS sub-group. These ratios are described in note G.1.2.b to the consolidated financial statements contained in section 2.2.1 of the 2024 Universal Registration Document. For the 12 months to 30 June 2025, Eurotunnel has respected its financial covenants under the Term Loan. OUTLOOK As indicated in this half-year activity report, the Group's results for the first half of 2025 were marked by revenue growth for the Eurotunnel segment in a difficult economic environment, particularly for the Truck Shuttle activity, and by a decline in activity in the Eleclink segment compared with 2024, due to the expected normalisation of the electricity markets and the suspensions of the electricity interconnector's activity between 25 September 2024 and 5 February 2025 and between 19 May and 2 June 2025. The Group's balanced business model limits the impact of the deteriorating geopolitical environment and economic situation in Europe and the United Kingdom on the Group's activities, particularly those of Eurotunnel. In addition, the Group's strategy, which focuses on customer service, quality of service and strengthening its position as the green leader in European transport, enables it to create value and lay the foundations for the transformation of its business in the years to come. During the first half of 2025, car traffic volumes on Eurotunnel 's Passenger Shuttles increased by 2%. The teams remain focused on service quality and optimising value creation. The cross-Channel truck market continues to be impacted by the economic slowdown in the United Kingdom, as well as by the long-term effects of Brexit. Truck Shuttle traffic was down 2% in the first half of 2025. Despite these factors and the intensifying competitive environment in the Short Straits market, Truck Shuttle activity maintained its market leadership thanks to a targeted and segmented marketing strategy, continuous focus on service quality, and the expansion of its range of services for customers with the development of its paperless border formalities management offering, reinforced by the acquisitions of ChannelPorts in April 2024 and ASA and BIMS in January 2025. In recent years, the Short Straits market has seen some ferry operators move towards a business model that differs from the social models applicable to domestic British and French shipping. In the United Kingdom and France, new regulations have been in force since 2024 to counter this trend. These new regulations could rebalance the cost structures of the various players. In 2025, the Group will continue to focus on its competitive advantages – speed, simplicity and environmental friendliness – by leveraging its LeShuttle brand and an innovative, customer-focused marketing strategy, capitalising on targeted partnerships that enable it to maintain its premium positioning. The cross-Channel passenger rail market also continued to grow in 2025, with Eurostar passenger volumes reaching a new record high in the first half of 2025, despite the closure of the Amsterdam international terminal between mid-June 2024 and 10 February 2025, which interrupted the direct link between Amsterdam and London. Eurostar's plans for new destinations and announcements by new operators wishing to launch new high-speed passenger services confirm the strong growth potential of the international rail travel market between the United Kingdom and continental Europe. The Group is continuing to work in partnership with other infrastructure managers to accelerate the development of this market. It should be noted that the implementation of EES – a biometric border control system in Europe – is scheduled for October 2025. The work carried out on the terminals and the various simulations carried out using the digital tools developed make the Group confident in its ability to maintain traffic flow despite these new controls. However, they could have a negative impact on demand when they are implemented. After adjusting its capital expenditure levels during the Covid-19 crisis, the Group has relaunched its investment programme for the Fixed Link. This programme, which focuses on improving capacity and availability, innovation, obsolescence management and environmental sustainability, is a key element of the Group's strategy, which is centred on the customer, strengthening the quality of its services and adapting its offering to the changing needs of its customers in order to promote growth and profitability. In the first half of 2025, the Eurotunnel segment continued to benefit from the normalisation of energy markets on its cost base), the impact of which was offset by the decrease in the electricity value adjustment (EVA) for Truck Shuttle customers and recognised in revenue. During the first half of the year, the change in Eurotunnel's operating costs also reflects the segment's expansion, with operating costs related to ChannelPorts, ASA and BIMS, as well as the strengthening of operational performance. Europorte continued its successful strategy of managing its contract portfolio with targeted acquisitions (Renofer, Giravert and Electrofer since December 2023). The reduction in Eleclink 's revenue to €92 million for the first half of 2025 reflects the normalisation of electricity markets since the first half of 2023 and the suspension of its activity for 54 days during the six-month period, including 19 days of preventive maintenance. As of 30 June 2025, Eleclink had already secured sales for 92 % of its capacity for the year 2025, generating revenues of around €205 million, subject to the effective delivery of the service. Nevertheless, markets remain volatile in the current economic and geopolitical environment and market conditions in the second half of the year remain uncertain. Discussions with national regulators on the application of the profit-sharing mechanism provided for in the Eleclink exemption continue and are expected to be completed over the next few months. The Group is pursuing its strategy of prudent cash management and, as at 30 June 2025, maintained its high level of liquidity, with cash and cash equivalents and cash management assets of €1,355 million, after the €254 million net impact of the refinancing of Green Bonds in the first half of 2025 and €314 million in dividend payments. The Group continues to explore opportunities to optimise its financing structure in order to minimise the cost of its debt when market conditions allow. Objectives The performance in the first-half of 2025 enables the Group to reiterate its guidance for consolidated current EBITDA for 2025 of between €780 million and €830 million issued in March 2025 which was based on the scope of consolidation at that date, an exchange rate of £1=€1.184 and assuming a constant regulatory and tax environment. This guidance takes into account: Reasonable growth assumptions for Eurotunnel based on the commercial momentum observed at the beginning of the year in an environment which remains competitive. The central scenario assumes the implementation of EES formalities on Eurotunnel sites from October 2025, with EES having been the subject of intensive preparation to make it a competitive advantage. The revenue already secured by Eleclink (as at 30 June 2025, 92 % of the cable's capacity for 2025 has been sold for total revenue of €205 million, subject to the actual delivery of the service), the consequences of the suspension of activity until 5 February and between 19 May and 2 June 2025, recent electricity market prices and the use of a method similar to that used for 2024 for the profit sharing provision in operating expenses. RISKS The principal risks and uncertainties that the Group may face in the remaining six months of the financial year are identified in chapter 3 "Risks and Control" of the 2024 Universal Registration Document which includes a detailed description of the risk factors to which the Group is exposed, and in particular, those relating to the competitive environment and the geopolitical and economic context. However, other risks, not identified at the date of publication of this half-year financial report, may exist. RELATED PARTIES In the first half of 2025, the Group did not have any related parties transactions as defined by IAS 24. SUMMARY HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS € million Note 1st half 2025 1st half 2024 Full year 2024 Revenue D.2 739 808 1,614 Other income D.3 5 – – Total turnover D.1 744 808 1,614 Operating expenses D.4 (221 ) (245 ) (489 ) Employee benefits expense E (157 ) (139 ) (292 ) Current EBITDA * D.1 366 424 833 Depreciation F (108 ) (121 ) (229 ) Trading profit 258 303 604 Other operating income D.5 – 1 1 Other operating expenses D.5 (1 ) (2 ) (7 ) Operating profit 257 302 598 Finance income G.6 25 34 66 Finance costs G.6 (164 ) (160 ) (319 ) Net finance costs (139 ) (126 ) (253 ) Other financial income G.7 11 9 12 Other financial charges G.7 (18 ) (27 ) (53 ) Pre-tax profit from continuing operations 111 158 304 Income tax income/(expense) of continuing operations I.1 2 15 13 Net profit for the period 113 173 317 Net profit attributable to: Group share 113 173 317 Earnings per share (€): H.3 Basic earnings per share: Group share 0.21 0.32 0.59 Diluted earnings per share: Group share 0.21 0.32 0.58 Basic earnings per share from continuing operations 0.21 0.32 0.59 Diluted earnings per share from continuing operations 0.21 0.32 0.58 * Trading profit before depreciation charges. Expand CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME The accompanying notes form an integral part of these summary half-year consolidated financial statements. The exchange rates used for the preparation of these financial statements are set out in note B.2 below. CONSOLIDATED STATEMENT OF FINANCIAL POSITION The accompanying notes form an integral part of these summary half-year consolidated financial statements. The exchange rates used for the preparation of these financial statements are set out in note B.2 below. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY The accompanying notes form an integral part of these summary half-year consolidated financial statements. The exchange rates used for the preparation of these financial statements are set out in note B.2 below. Movement during the period The accompanying notes form an integral part of these summary half-year consolidated financial statements. The exchange rates used for the preparation of these financial statements are set out in note B.2 below. NOTES TO THE FINANCIAL STATEMENTS Getlink SE is the Group's consolidating entity. Its registered office is at 37-39 rue de la Bienfaisance, 75008 Paris, France, and its shares are listed on Euronext Paris. The term 'Getlink SE' refers to the holding company which is governed by French law. The term 'Group' refers to Getlink SE and all its subsidiaries. The main activities of the Group are the design, financing, construction and operation by the Eurotunnel segment of the Fixed Link's infrastructure and transport system in accordance with the terms of the Concession (which will expire in 2086), the rail freight activity of the Europorte segment as well as the construction and operation of the 1 GW electricity interconnector in the Tunnel by Eleclink. The summary half-year consolidated financial statements for 2025 were approved by the Board of Directors at its meeting held on 23 July 2025. A. IMPORTANT EVENTS A.1 Issuance of new 2030 Green Bonds and redemption of 2025 Green Bonds On 23 March 2025, Getlink SE completed the issuance of €600 million in senior secured green bonds (the '2030 Green Bonds'). The bonds were issued at par on 4 April 2025, bear interest at an annual rate of 4.125% and will mature in April 2030. The net proceeds from this issue, together with cash available on the balance sheet, were used to redeem the existing Green Bonds issued in 2020 for an amount of €850 million. Information on the Green Bonds 2030 and the terms and conditions attached to them are detailed in note G.1. below. A.2 Eleclink activity In the first half of 2025, Eleclink posted revenue of €92 million, down 50% compared with the first half of 2024. As this decline was in part anticipated in the forecasts, the analyses did not identify any indication of impairment relating to Eleclink's assets. This significant reduction is due to two factors: the continued normalisation of the electricity market and the suspensions of the interconnector activity from 25 September 2024 to 5 February 2025 and between 19 May and 2 June 2025. On 25 September 2024, a malfunction in the interconnector was detected outside the tunnel in France, leading to the suspension of Eleclink's operations. After completion of the cable repair work, service was resumed on 5 February. As of 30 June 2025, the Group has recognised €5 million in compensation for business interruption, of which €3 million was received as of 30 June 2025 and the remaining €2 million was received in early July 2025. Discussions with insurers are continuing in the second half of the year. As part of the enhanced monitoring operations implemented by Eleclink in 2025, a slight misalignment of the cable was detected in a limited area outside the Tunnel in the United Kingdom. As a precautionary measure, and in order to carry out the necessary inspections and tests, operations were suspended on 19 May 2025 for a period of two weeks, with service resuming on 2 June. This suspension had an estimated commercial impact of approximately €20 million. A.3 Acquisition of Associated Shipping Agencies (ASA) and its subsidiary Boulogne International Maritime Services (BIMS) On 31 January 2025, the Group acquired, through its subsidiary Getlink Services SAS, Associated Shipping Agencies (ASA) and its subsidiary Boulogne International Maritime Services (BIMS), French companies and leading providers of customs services between France and the United Kingdom, for €12 million. As of 30 June 2025, the Group recognised provisional goodwill of €10.8 million on its balance sheet (see note C below). A.4 Passenger Shuttle renovation programme: withdrawal by a supplier in charge of part of the programme In accordance with the scenario prepared by the Group in anticipation, the reorganisation of the current programme is underway which will result in a longer renovation period, although maintenance plans will be reinforced to maintain the highest level of safety and quality of service to customers. Analysis of the contractual considerations is ongoing. B. PRINCIPLES OF PREPARATION, MAIN ACCOUNTING POLICIES AND METHODS B.1 Statement of compliance The summary half-year consolidated financial statements have been prepared in accordance with IFRS as adopted by the European Union and applicable on 30 June 2025. They have been prepared in accordance with IAS 34 and therefore do not contain all the information required for complete annual financial statements and must be read in conjunction with Getlink SE's consolidated financial statements for the year ended 31 December 2024. B.2 Basis of preparation and presentation of the consolidated financial statements The summary half-year consolidated financial statements for Getlink SE and its subsidiaries are prepared as at 30 June. The summary half-year consolidated financial statements have been prepared using the principles of currency conversion as defined in the annual financial statements as at 31 December 2024. The average and closing exchange rates used in the preparation of the 2025 and 2024 half-year accounts and the 2024 annual accounts are as follows: €/£ 30 June 2025 30 June 2024 31 December 2024 Closing rate 1.169 1.182 1.206 Average rate 1.187 1.172 1.184 Expand B.3 Changes in accounting standards as at 30 June 2025 The standards and interpretations used and described in the annual financial statements as at 31 December 2024 have been supplemented by the standards, amendments and interpretations whose application is mandatory for financial years beginning on or after 1 January 2025. B.3.1 Standards, interpretations and amendments to existing standards adopted by the European Union whose application is compulsory from 1 January 2025 The following text, concerning accounting rules and methods specifically applied by the Group, has been approved by the European Union: amendment to IAS 21 – Lack of Exchangeability (published by the IASB on 15 August 2023); and IFRIC interpretations published in the first half of the year: IFRS 8, IAS 7, IFRS 15, IFRS 9 and IAS 38. These amendments and decisions do not have a material impact on the Group's consolidated financial statements. B.3.2 Standards, interpretations and amendments to existing standards that are mandatory after 31 December 2025 The following texts, concerning accounting rules and methods specifically applied by the Group, have been approved by the European Union but their application is not yet compulsory: amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments (issued by the IASB on 30 May 2024); IFRS 18 and related amendments – Presentation and Disclosure in Financial Statements (which replaces IAS 1), for periods beginning on or after 1 January 2027; and IFRS 19 and related amendments – Subsidiaries without Public Accountability: Disclosures (published by the IASB on 9 May 2024). B.4 Use of estimates and judgements The preparation of consolidated financial statements requires the use of estimates and assumptions that affect the value of assets and liabilities on the balance sheet, as well as the amount of income and expenses for the period. The Group's management and the Board of Directors periodically review the valuations and estimates based on their experience and any other relevant factors useful for determining a reasonable and appropriate valuation of the assets and liabilities presented in the balance sheet. In addition, the estimates underlying the preparation of the half-year consolidated financial statements as at 30 June 2025 have been made in the current economic and geopolitical context. Depending on changes in these assumptions, actual results may differ from current estimates. The valuation methods applied by the Group in the condensed half-year consolidated financial statements are identical to those used in the consolidated financial statements as at 31 December 2024. The use of estimates mainly concerns the measurement of provisions, in particular the provision for the return of profits for the Eleclink business (note D.6), the measurement of the Group's deferred tax position (see note I), the measurement of the Group's retirement liabilities (note E) and certain items relating to the measurement of financial assets and liabilities (see note G.5). C. SCOPE OF CONSOLIDATION The scope of consolidation at 30 June 2025 is the same as that at 31 December 2024, with the exception of the acquisitions of Associated Shipping Agencies and Boulogne International Maritime Services detailed below and the dissolution of CustomsPro Limited (a subsidiary of ChannelPorts Limited). Acquisition of Associated Shipping Agencies and Boulogne International Maritime Services On 31 January 2025, Getlink acquired, through its subsidiary Getlink Services SAS, Associated Shipping Agencies (ASA) and its subsidiary Boulogne International Maritime Services (BIMS), leading providers of customs services between France and the United Kingdom, for an acquisition price of €12 million. ASA and BIMS have been fully consolidated in the Group's financial statements since 31 January 2025, the date on which Getlink Services, a subsidiary of Getlink SE, took control, and are reported in the Eurotunnel segment. This acquisition is central to the transport challenges and the need to simplify cross-Channel trade. Getlink thus offers a unique service and support package to facilitate the exchange of goods between Europe and the United Kingdom, while being fully in line with the Group's strategy embodying its Low Carbon – High Simplicity ambition. The provisional goodwill arising from the acquisition amounts to €11 million and corresponds to the excess of the acquisition cost of ASA and BIMS over the net assets acquired. It has been recognised as an asset in the consolidated balance sheet as at 30 June 2025. The Group plans to allocate the goodwill between the identifiable assets and liabilities within 12 months of the acquisition date. Acquisition of a majority equity interest in Electrofer As part of its business development, Socorail, a subsidiary of Europorte SAS, acquired 67% of Electrofer SAS on 6 June 2025. Electrofer SAS specialises in rail treatment to ensure the correct curvature required for future assembly, as well as the reloading of worn rails on railway construction sites in France, for a total of €0.5 million. As at 30 June 2025, the Group recognised this investment in other non-current financial assets for €0.5 million. The integration will be effective for the consolidated financial statements as at 31 December 2025. Electrofer is reported in the Europorte segment. D. OPERATING DATA D.1 Segment information The Group is organised around the following three sectors, which correspond to the internal information reviewed and used by the main operational decision makers (the Executive Committee): the 'Eurotunnel' segment, includes the activities of the Eurotunnel sub-group companies, as well as those of the Group's parent company, Getlink SE and its other direct subsidiaries excluding Europorte and Eleclink, the 'Europorte' segment, the main activity of which is that of rail freight operator, and the 'Eleclink' segment, whose activity is the construction and operation of a 1 GW electricity interconnector running through the Channel Tunnel. Information by segment € million Eurotunnel Eleclink Europorte Total 30 June 2025 Revenue 564 92 83 739 Current EBITDA 298 52 16 366 Trading profit 218 35 5 258 Pre-tax result 93 14 4 111 Net consolidated result 113 Investment in property, plant and equipment 51 1 2 54 Intangible property, plant and equipment 73 161 2 236 Right-of-use property, plant and equipment 8 3 49 60 Tangible property, plant and equipment 5,545 697 67 6,309 External financial liabilities 5,077 – 7 5,084 At 30 June 2024 Revenue 540 185 83 808 Current EBITDA 291 117 16 424 Trading profit 198 100 5 303 Pre-tax result 73 81 4 158 Net consolidated result 173 Investment in property, plant and equipment 60 2 2 64 Intangible property, plant and equipment 65 167 2 234 Right-of-use property, plant and equipment 4 – 61 65 Tangible property, plant and equipment 5,558 721 69 6,348 External financial liabilities 5,372 – 9 5,381 At 31 December 2024 Revenue 1,166 280 168 1,614 Current EBITDA 642 159 32 833 Trading profit 470 125 9 604 Pre-tax result 212 85 7 304 Net consolidated result 317 Investment in property, plant and equipment 152 4 5 161 Intangible property, plant and equipment 67 163 1 231 Right-of-use property, plant and equipment 7 3 58 68 Tangible property, plant and equipment 5,571 711 68 6,350 External financial liabilities 5,412 – 7 5,419 Expand D.2 Revenue Revenue is analysed as follows: € million 1st half 2025 1st half 2024 Full year 2024 Shuttle Services 341 328 727 Railway Network 200 193 398 Other revenues 23 19 41 Sub-total Eurotunnel 564 540 1,166 Eleclink 92 185 280 Europorte 83 83 168 Total 739 808 1,614 Expand The first half of 2025 was marked by the impact of Eleclink's contribution to the Group's results of the expected normalisation of the electricity market and the suspensions of Eleclink's activities until 5 February 2025 and from 19 May to 2 June 2025, as indicated in note A.2 above. At 30 June 2025, Eleclink had already secured sales for 92% of its capacity for 2025 and revenues of €205 million, subject to effective delivery of the service. D.3 Other income In the first half of 2025, the Group has accounted for €5 million relating to business interruption insurance indemnities arising from the suspensions of Eleclink's electricity interconnector activity (see note A.2 above). D.4 Operating costs Operating costs are analysed as follows: € million 1st half 2025 1st half 2024 Full year 2024 Operations and maintenance: sub-contracting and spares 67 61 131 Electricity * 23 32 57 Cost of sales and commercial costs ** 14 12 37 Regulatory costs, insurance and local taxes 30 26 49 General overheads and centralised costs 12 14 30 Sub-total Eurotunnel 146 145 304 Profit sharing (see note D.6) 23 55 76 Other 19 11 39 Sub-total Eleclink 42 66 115 Europorte 33 34 70 Total 221 245 489 * Net of a credit of €5 million at 31-December 2024 relating to EDF energy certificates in respect of the operation of the new Truck Shuttles. ** Including new activities. Expand D.5 Other operating income and (expenses) € million 1st half 2025 1st half 2024 Full year 2024 Other operating income – 1 1 Sub-total other operating income – 1 1 Net loss on disposal or write-off of assets – – (4 ) Other (1 ) (2 ) (3 ) Sub-total other operating expenses (1 ) (2 ) (7 ) Total (1 ) (1 ) (6 ) Expand D.6 Provisions € million 1 January 2025 Charge to income statement Release of unspent provisions Provisions utilised Exchange difference 30 June 2025 Eleclink profit sharing 406 38 – – – 444 Total non-current 406 38 – – – 444 Litigation 18 – – – – 18 Other 6 – (1 ) (1 ) – 4 Total current 24 – (1 ) (1 ) – 22 Expand Provision for Eleclink profit sharing The exemption granted to Eleclink in 2014 by the European Commission and the national regulators includes a profit sharing condition according to which, above a certain cumulative level in absolute value of return on investment, profits in excess of this return from the interconnector must be shared between Eleclink and the national grids, National Grid and RTE. The definitive rules for the application of this profit-sharing condition need to be clarified. Nevertheless, on the basis of this regulatory commitment, it is highly likely that the financial profit realised by Eleclink since the start of its operations as well as those estimated over the duration of the exemption will lead Eleclink to reach the contractual level of return on investment in absolute terms. In this context, the Group has recognised in its consolidated accounts at 30 June 2025 a provision of €444 million (31 December 2024: €406 million) in respect of the sharing of the profits of the interconnector in accordance with IAS 37 (see note D.4 above). The unwinding of the discounting for the period is booked under other financial expenses (see note G.7 below). The total provision was adjusted at 30 June 2025 on the basis of updated underlying assumptions that take account of the normalisation of electricity market trends. The amount of this provision has been established with the help of external experts, based on in-depth analyses and by performing sensitivity tests of the main key assumptions. However, this amount is subject to many assumptions and factors, including a highly volatile macroeconomic environment and uncertainties related to the components and the calculation method. Discussions with national regulators continue in 2025. There have been no cash outflows linked to this profit-sharing mechanism since the start of commercial operations. E. PERSONNEL EXPENSES AND BENEFITS E.1 Share-based payments E.1.1 Free share plans with no performance conditions Following the approval by the general meeting of shareholders on 14 May 2025 of the plan to issue existing free shares, Getlink SE's Board of Directors decided on 14 May 2025 to grant a total of 367,400 Getlink SE ordinary shares (100 shares per employee) to all employees of Getlink SE and its related companies with the exception of executive and corporate officers of Getlink SE. The vesting period for these shares is one year and is followed by a three-year lock-up period. During the first half of 2025, 423,800 free shares issued in 2024 were acquired by employees. Movements on the free share plans with no performance conditions Number of shares 2025 2024 In issue at 1 January 437,320 400,375 Granted during the period 367,400 448,240 Renounced during the period (16,120 ) (19,795 ) Acquired during the period (423,800 ) (391,500 ) In issue at the end of the period 364,800 437,320 Expand Assumptions used for the fair value measurement on the grant date Year of grant 2025 Fair value of free shares on grant date (€) 16.39 Share price on grant date (€) 16.96 Number of beneficiaries 3,674 Expand E.1.2 Free share plan subject to performance conditions On 14 May 2025, the general meeting of shareholders authorised the Board of Directors to grant free shares to executives and senior staff of Getlink SE and its subsidiaries, which may be acquired at the end of a three-year period subject to the achievement of performance conditions, up to a maximum total of 550,000 ordinary shares of a nominal value of €0.40 each. Under this scheme, the Board approved on 14 May 2025 the grant of 550,000 shares. Movements on the free share plans subject to performance conditions Number of shares 2025 2024 In issue at 1 January 1,094,316 935,685 Granted during the period 550,000 450,000 Renounced during the period (1,220 ) (45,767 ) Acquired during the period (152,089 ) (55,261 ) Cancelled during the period (130,846 ) (190,341 ) In issue at the end of the period 1,360,161 1,094,316 Expand 152,089 free shares with performance conditions granted in 2022 were acquired by beneficiaries during the first half of 2025 and the remainder were cancelled due to the non-achievement of the performance conditions. Information on the free share plan subject to performance conditions Date of grant / main staff concerned Number of shares granted Conditions for acquiring rights Vesting period Ordinary shares granted to key executives and senior staff on 14 May 2025 550,000 Staff must remain as employees of the Group. External performance condition for 40% of the attributable volume, based on the dual performance of the Getlink ordinary shares over 3 years in terms of both relative and absolute performance. Internal performance condition for 35% of the attributable volume, based on the business's economic performance, assessed by reference to the Group's average consolidated current EBITDA growth rate over a 3-year period. Internal performance condition for 25% of the attributable volume based on the 2027 intermediate objective of reducing the direct greenhouse gas emissions. 3 years Expand Assumptions used for the fair value measurement of free shares with performance conditions on the grant date 2025 plan Fair value on grant date (€) 11.92 Share price on grant date (€) 16.96 Number of beneficiaries 65 Risk-free interest rate (based on government bonds): 1 year 3.28 % 2 years 3.13 % 3 years 3.15 % Expand E.1.3 Charges to income statement € million 1st half 2025 1st half 2024 Full year 2024 Free shares with no performance conditions 3 3 6 Free shares with performance conditions 3 1 3 Total 6 4 9 Expand E.2 Retirement benefits At 30 June 2025, the Group reviewed the main assumptions used in its actuarial calculations and updated the amount of its pension obligations in respect of its defined benefit pension scheme in the United Kingdom, The Channel Tunnel Group Pension Fund. On this basis, as at 30 June 2025, the UK pension asset of €6 million decreased by €1 million compared to 31 December 2024 mainly due to higher discount rates. F. Intangible and tangible property, plant and equipment Indications of impairment and impairment tests As at 30 June 2025, the Group has not identified any impairment of the assets of the Concession, Europorte or Eleclink, nor of the various goodwill assets. Acquisition of ChannelPorts Limited and CustomsPro Limited In April 2024, the Group, through its subsidiary Getlink Services SAS, acquired all of the shares in ChannelPorts and CustomsPro, one of the UK's leading customs services providers, for a net purchase price of £40 million (€46.8 million). The goodwill arising from the acquisition, corresponding to the excess of the acquisition cost of the companies over the net assets acquired, was allocated to intangible assets in the amount of £10.4 million (€12.2 million), mainly comprising software and related deferred taxes. After allocation, the residual goodwill amounts to £22 million (€25 million). G. Financing and financial instruments G.1 Financial liabilities The movements in financial liabilities during the period were as follows: € million 31 December 2024 published Impact of change in exchange rate* Reclassification Drawdown Repayment Interest, indexation and fees 30 June 2025 Green Bonds – – – 600 – (4 ) 596 Term Loan 4,470 (78 ) (32 ) – – 20 4,380 Europorte loan 6 – – – – – 6 Total non-current financial liabilities 4,476 (78 ) (32 ) 600 – 16 4,982 Green Bonds 849 – – – (850 ) 1 – Term Loan 88 (2 ) 32 – (43 ) 15 90 Europorte loans 1 – – – – – 1 Accrued interest on loans: Green Bonds – – – – – 6 6 Term Loan 5 – – – – – 5 Total current financial liabilities 943 (2 ) 32 – (893 ) 22 102 Total 5,419 (80 ) – 600 (893 ) 38 5,084 * Impact of recalculation of financial liabilities at 31 December 2024 (calculated at the year-end exchange rate of £1=€1.206) at the exchange rate at 30 June 2025 (£1=€1.169). Expand Senior Secured Notes issued as Green Bonds Getlink SE issued €600 million 4.125% Senior Secured Notes due 2030 (the '2030 Green Bonds') on 4 April 2025. These bonds are listed on the Official List of the Luxembourg Stock Exchange and are admitted to trading on the Euro MTF Market thereof. The 2030 Green Bonds align with the International Capital Markets Association's (ICMA) Green Bond Principles 2021 and Loan Market Association's (LMA) Green Loan Principles 2023 and therefore they fall into the category of 'green' financing in accordance with Getlink SE's Green Finance Framework (the 'Green Finance Framework'). The net proceeds of the 2030 Green Bonds were used by Getlink SE, together with available cash, to repay Getlink SE's previous €850 million 2025 Green Bonds. In accordance with its Green Finance Framework, Getlink publishes a green finance allocation report within one year of the issuance of the 2030 Green Bonds (and, if applicable, annually until full allocation of the amount equal to the net proceeds of the issue). This report provides information on the allocation and environmental impact of the 2030 Green Bonds issued. The 2030 Green Bonds are governed by an English law trust deed (the 'Trust Deed') between Getlink SE and BNY Mellon Corporate Trustee Services Limited, as trustee for the holders of the 2030 Green Bonds. The 2030 Green Bonds are due on 15 April 2030 and interest thereon is payable semi-annually in arrears on 15 April and 15 October of each year, commencing on 15 October 2025. The fees directly attributable to the transaction amounting to €4 million are amortised over the life of the 2030 Green Bonds. As at 30 June 2025, Getlink SE was rated BB+ by S&P and BB+ by Fitch. Security and ranking The 2030 Green Bonds are subject to an English law intercreditor agreement (the 'Intercreditor Agreement') between, inter alios, Getlink SE and BNY Mellon Corporate Trustee Services Limited, as security agent. The 2030 Green Bonds are secured by first ranking liens (the 'Notes Security') on all shares in the capital of Eurotunnel Holding SAS and GET Elec Ltd Covenants The Trust Deed provides for certain incurrence covenants that are customary for this type of financing. These covenants are only tested upon the occurrence of an event, rather than on an on-going basis. Unless certain conditions are respected, certain prohibitions apply in relation to: The subscription of additional debt: for example, additional debt may be incurred as long as, on a pro forma basis, the following ratios of the Group are met: (a) the total net financial leverage ratio is equal to or less than 7.0; and (b) the debt service coverage ratio (the 'DSCR') is equal to or greater than 1.25. In addition, certain types of debt may be incurred if they comply with a debt capacity ratio. These include a basket for credit facilities at the level of Getlink SE up to the greater of the following amounts: €585 million and 75% of consolidated EBITDA; and a basket to finance the activities of Getlink SE or one of its subsidiaries up to the greater of the following amounts: €500 million or 65% of consolidated EBITDA. The making of certain restricted payments, including dividend distributions and purchases of treasury shares. Any such restricted payments will be permitted if (i) there is no event of default and (ii) the DSCR for the previous 12 months is at least 1.25 to 1.0. Any restricted payments using the proceeds of a Europorte sale and restricted payments in the aggregate amount not to exceed €300 million (and €150 million in each year), are not subject to the DSCR restriction above. Other operations, including certain sales of assets, granting of certain liens and consummation of certain merger and consolidation transactions. As is customary for financings of this type, there are a number of exceptions to the incurrence covenants noted above that are aimed to ensure that the Group has sufficient flexibility to operate its business. Events of default Key events of default applicable to the 2030 Green Bonds and listed in the Trust Deed are set out below: a failure to pay principal when due; a failure for more than 30 days to pay interest when due; a failure for more than 60 days after receipt of a notice from the trustee or holders of at least 25% of the aggregate principal amount of the 2030 Green Bonds outstanding to comply with other covenants or agreements in the Trust Deed; a cross-acceleration or payment default under certain other indebtedness; a failure to pay certain final judgments; an impairment of Notes Security above a certain value; and certain customary bankruptcy and insolvency events of default. None of these situations arose during the period. G.2 Hedging instruments In 2007, the Group put in place hedging contracts to cover its floating rate loans (tranches C1 and C2) in the form of swaps for the same duration and for the same value (EURIBOR against a fixed rate of 4.90% and SONIA plus a spread of 0.2766% (previously LIBOR) against a fixed rate of 5.26%). The nominal value of hedging swap is €953 million and £350 million. These derivatives were partially terminated as part of the refinancing of tranche C of the Term Loan in June 2017 and of tranche C2A in May 2022. These derivatives have been measured at their fair value as a liability on the statement of financial position as follows: € million Contracts in euros Contracts in sterling Total At 31 December 2024 310 32 342 Changes in market value * (79 ) (17 ) (96 ) 30 June 2025 231 15 246 * Recorded directly in equity. Expand The amount of negative reserves for hedging instruments changed as follows: € million Contracts in euros Contracts in sterling Total At 31 December 2024 450 105 555 Recycling of partial terminations 2017 and 2022 (17 ) (8 ) (25 ) Changes in market value (79 ) (17 ) (96 ) Exchange difference – (3 ) (3 ) 30 June 2025 354 77 431 Expand These derivatives generated a net charge recorded in the income statement of €25 million for the first half of 2025 (a charge of €25 million for the first half of 2024). G.3 Other financial assets € million 30 June 2025 31 December 2024 G2 notes 347 361 Net assets on retirement liabilities (see note E.2) 6 7 Other* 15 46 Total non-current 368 414 Cash management financial assets 44 160 Other* 10 14 Total current 54 174 Total 422 588 * Including €31 million at 31 December 2024 held in the DSRA in accordance with the terms of the Trust Deed for the 2025 Green Bonds (repaid in the first half of 2025) and €10 million in guarantees paid by Eleclink project at 30 June 2025 (31 December 2024: €13 million). Expand G.4 Other financial liabilities € million 30 June 2025 31 December 2024 Fees on financial operations 26 27 IFRS 16 lease obligations 42 50 Total non-current 68 77 Fees on financial operations 2 2 IFRS 16 lease obligations 19 19 Total current 21 21 Total 89 98 Expand G.5 Matrix of class of financial instrument and recognition categories and fair value The table below presents the carrying amount and fair value of financial assets and liabilities. The different levels of fair value are defined in note G.9 to the consolidated financial statements at 31 December 2024. At 30 June 2025 € million Carrying amount Fair value Class of financial instrument Assets at fair value through profit and loss Securities at amortised cost Receivables at amortised cost Hedging instruments Liabilities at amortised cost Total net carrying value Level 1 Level 2 Level 3 Total Financial assets measured at fair value Other non-current financial assets – – – – – – – – – – Financial assets not measured at fair value Trade receivables – – 128 – – 128 – 128 – 128 Other current and non-current financial assets (note G.3) – 422 – – – 422 56 – 273 329 Cash and cash equivalents 1,311 – – – – 1,311 1,311 – – 1,311 Financial liabilities measured at fair value Interest rate derivatives (note G.2) – – – 246 – 246 – 246 – 246 Financial liabilities not measured at fair value Financial liabilities (note G.1) – – – – 5,084 5,084 – 612 4,186 4,798 Other financial liabilities (note G.4) – – – – 89 89 – 89 – 89 Trade payables – – – – 300 300 – 300 – 300 Expand At 30 June 2025, information relating to the fair value of the financial liabilities takes into account the evolution of the yield curves at 30 June 2025 and remains as described in note G.9 to the annual consolidated financial statements at 31 December 2024. G.6 Net finance costs € million 1st half 2025 1st half 2024 Full year 2024 Finance income 25 34 66 Total finance income 25 34 66 Interest on loans before hedging: Term Loan and other (89 ) (89 ) (178 ) Amortisation of hedging costs related to partial termination (25 ) (25 ) (51 ) Interest on loans: Getlink (14 ) (15 ) (30 ) Impact of the effective interest rate (5 ) (5 ) (9 ) Sub-total (133 ) (134 ) (268 ) Inflation indexation of the nominal (31 ) (26 ) (51 ) Total finance costs (164 ) (160 ) (319 ) Total net finance costs (139 ) (126 ) (253 ) Expand The inflation indexation of the loan principal estimated at 30 June 2025 reflects the estimated effect of annual French and British inflation rates on the principal amount of the A tranches of the Term Loan as described in note G.1.2 of the annual consolidated financial statements at 31 December 2024. G.7 Other financial income and (charges) € million 1st half 2025 1st half 2024 Full year 2024 Net exchange gains* 4 – – Interest received on G2 notes owned by the Group (see note G.3) 7 8 10 Other – 1 2 Other financial income 11 9 12 Costs related to financial operations (2 ) (2 ) (3 ) Net exchange losses* – (5 ) (16 ) Interest charges on IFRS 16 lease contracts (1 ) (1 ) (2 ) Unwinding of the discount on Eleclink's provision for profit sharing (15 ) (19 ) (32 ) Other financial charges (18 ) (27 ) (53 ) Total (7 ) (18 ) (41 ) Of which net unrealised exchange gains/(losses) 7 (8 ) (15 ) * Mainly arising from the re-evaluation of intra-group debtors and creditors. Expand H. Share capital and earnings per share H.1 Changes in share capital € 30 June 2025 31 December 2024 550,000,000 fully paid-up ordinary shares each with a nominal value of €0.40 220,000,000.00 220,000,000.00 Total 220,000,000.00 220,000,000.00 Expand H.2 Treasury shares The movements in the number of own shares held during the period were as follows: Share buyback programme Liquidity contract Total At 1 January 2025 8,305,455 262,634 8,568,089 Shares transferred to staff (free share scheme) (575,889 ) – (575,889 ) Net purchase/(sale) under liquidity contract – (13,367 ) (13,367 ) At 30 June 2025 7,729,566 249,267 7,978,833 Expand Treasury shares held as part of the share buyback programme approved by the general meetings of shareholders and implemented by decisions of the Board of Directors are allocated, in particular, to cover the grant of free shares. H.3 Earnings per share H.3.1 Number of shares 1st half 2025 1st half 2024 Full year 2024 Weighted average number: – of issued ordinary shares 550,000,000 550,000,000 550,000,000 – of treasury shares (8,348,014 ) (8,912,528 ) (8,732,707 ) Number of shares used to calculate the result per share (A) 541,651,986 541,087,472 541,267,293 – effect of free shares 1,039,378 1,095,227 1,149,707 Potential number of ordinary shares (B) 1,039,378 1,095,227 1,149,707 Number of shares used to calculate the diluted result per share (A+B) 542,691,364 542,182,699 542,417,000 Expand The calculations were made on the following bases: on the assumption of the acquisition of all the free shares allocated to staff (details of free shares are given in note E.1 above and note E.4.1 to the consolidated financial statements at 31 December 2024); and on the assumption of the acquisition of all the free shares with performance conditions attached and still in issue at 30 June 2025. Conversion of these shares is subject to achieving certain targets and remaining in the Group's employment as described in note E.4.2 to the consolidated financial statements at 31 December 2024. H.3.2 Earnings per share 1st half 2025 1st half 2024 Full year 2024 Group share: profit/(loss) Net result (€ million) (C) 113 173 317 Basic earnings per share (€) (C/A) 0.21 0.32 0.59 Diluted earnings per share (€) (C/(A+B)) 0.21 0.32 0.58 Expand H.4 Detail of consolidated reserves by origin € million 30 June 2025 31 December 2024 Hedging contracts (431 ) (555 ) Share based payments and treasury shares (41 ) (47 ) Retirement liability 55 56 Deferred tax 47 54 Retained earnings 597 594 Total 227 102 Expand Dividend On the 14 May 2025, the ordinary general meeting of Getlink SE decided on the payment of the dividend for the financial year 2024, for an amount of €0.58 per share. This dividend was paid in June 2025 for a total amount of €314 million. I. Income tax expense I.1 Tax accounted for through the income statement € million 1st half 2025 1st half 2024 Full year 2024 Current income tax (16 ) (14 ) (38 ) Deferred tax 18 29 51 Total 2 15 13 Expand The tax charge is accounted for by integrating into the half year's result the estimated effective tax rate, based on internal forecasts for the full year. The determination of deferred taxes was based on the latest business plan presented to the Board of Directors. I.2 Changes to deferred tax during the period 2025 impact on: € million At 31 December 2024 published Impact of change in exchange rate income statement other comprehensive income At 30 June 2025 Tax effect of temporary differences related to: Property, plant and equipment (119 ) 12 (3 ) – (110 ) Intangible Eleclink (27 ) – 1 – (26 ) Deferred taxation of restructuring profit (352 ) – – – (352 ) Hedging contracts 54 – – (7 ) 47 Tax losses and other 659 (14 ) 20 – 665 Net tax assets/(liabilities) 215 (2 ) 18 (7 ) 224 Expand J. Events after the reporting period Nothing to report. STATUTORY AUDITORS' REVIEW REPORT ON THE 2025 HALF-YEAR FINANCIAL INFORMATION This is a free translation into English of the statutory auditors' review report on the half-year financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group's half-year activity report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France. To the Shareholders, In compliance with the assignment entrusted to us by the general meeting and in accordance with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code ("Code monétaire et financier"), we hereby report to you on: the review of the accompanying summary half-year consolidated financial statements of Getlink SE, for the period from 1 January to 30 June 2025, the verification of the information presented in the half-year activity report. These summary half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review. Conclusion on the financial statements We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the accompanying summary half-year consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRS as adopted by the European Union applicable to interim financial information. Specific verification We have also verified the information presented in the half-yearly activity report on the summary half-yearly consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and consistency with the summary half-yearly consolidated financial statements. The statutory auditors, 23 July 2025, Forvis Mazars SA Levallois‑ Perret French original signed by Eddy Bertelli Partner Deloitte & Associés Paris la Défense Olivier Broissand Partner Expand DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2025 I declare that, to the best of my knowledge, these summary half-year consolidated financial statements have been prepared in accordance with applicable accounting standards and present fairly and honestly the assets, financial situation and results of Getlink SE and of all the companies included in the consolidation, and that this half-year financial report presents fairly the important events of the first six months of the financial year, their effect on the summary half-year consolidated financial statements, the main transactions between related parties, and a description of the main risks and uncertainties for the remaining six months of the financial year. Yann Leriche Chief Executive Officer of Getlink SE 23 July 2025 ______________________________ Expand 1 All comparisons with the income statement for the first half of 2024 are made at the average exchange rate for the first half of 2025 of £1 = €1.187. 2 In this release, "EBITDA" is equivalent to "current EBITDA" as defined in note D.4 of the 2024 consolidated financial statements: it is calculated by adding back depreciation charges to the trading profit. 3 In this release, "cash" refers to cash, cash equivalents and cash management financial assets. 4 Guidance set in March 2025 based on the scope of consolidation at that date and an exchange rate of £1=€1.184, assuming a constant regulatory and tax environment. 5 Until the conclusion of the Annual General Meeting convened to approve the financial statements for the year ending 31 December 2025. 6 This indicator is defined in section 2.1.4.a of the 2024 Universal Registration Document. To date, no payment has been made under the Eleclink profit-sharing mechanism. 7 Channel Link Enterprises Finance Ltd is the debt securitisation vehicle of the Eurotunnel sub-group. 8 At 30 June 2025, subject to actual delivery of service. 9 Guidance set in March 2025 based on the scope of consolidation at that date and an exchange rate of £1 = €1.184, assuming a constant regulatory and tax environment. * English translation of Getlink SE's 'rapport financier semestriel' for information purposes only.
