These latest figures align with the the infrastructure group's recent annual performance trends. Over FY 2025, consolidated net income rose by 3%, despite a slight contraction in freight activity - which appears set for a further blow, due to surging diesel costs in 2026 - and Eleclink's results getting back to "normal" accoring to expectations, following an exceptional 2024.

However, the infrastructure group's cash generation declined by 12%, particularly weighed on by a €50m insurance payout that had not yet been collected over the period, and a 23% increase in capex - primarily focused on infrastructure and rolling stock.

At the bottom line, free cash flow distributable to shareholders reached €374m. While this is 21% down from 2024, it still comfortably covered the €314m  dividend. Furthermore, the group repaid €252m in debt, bringing net debt down to €3.4bn.

Such an amount is, of course, negligible compared to the asset's replacement cost, yet it still represents 4 years of EBITDA, and over 10 years of free cash flow if 2025 results were extrapolated.

That said, as we wrote earlier this year, Eleclink's commissioning was a transformative milestone for the group, allowing it to normalize solvency ratios that were previously deep in the red.

Nevertheless, Getlink, one of Europe's premier corporate credit names, placed €600m in green bonds over the year, helping to maintain its remarkably low financing cost, which are currently around 4%. The market approves, as evidenced by the stock's performance in 2026.

Getlink entered a new dimension in 2022 with the launch of Eleclink, a second strategic pillar complementing its historical rail toll activities. While it produces volatile results, this electrical interconnection between the UK and France is very lucrative.

Getlink's valuation remains surprisingly decoupled from the interest rate environment. In a world where the French 10-year sovereign bond yields 3.7%, the German 3%, the British 4.9%, and the American 4.5%, equity investors clearly maintain full confidence in the group's solvency - as they continue to value the stock at a dividend yield of 4.4%.

It is true that the group's capital is largely locked up by two heavyweight anchor shareholders - Eiffage and Mundys (formerly Atlantia), which together control nearly 60% of its share capital.