Getlink : & You – February 2024

The 2023

financial results

that have just been published are quite remarkable.

& YOU

Letter to shareholders

Jacques Gounon

Chairman of the

Getlink Board

DEAR SHAREHOLDERS,

As you may have gathered from my previous letter, the 2023 financial results that have just been published are quite ex- ceptional. The detail is presented below. Here are some of the Group's key figures:

• Revenue : €1,829M (+14%)
• EBITDA : €979M (+11%)
• Free Cash Flow : €638M
• Net profit: €326M

These results have been achieved in a particular context, which is worth recalling:

• The energy crisis following the Ukrainian conflict drove ElecLink to record levels, but conversely, Eurotunnel's electricity costs rose by 70% (+ €40 million). This also had an impact on Europorte.
• Inflation in both France (+4.9%) and the United Kingdom (+7.3%) has weighed on many items: purchases,

investments, salaries and debt servicing. With regard to the latter, after scheduled capital repayments of €76 million and thanks to strong cash generation, the Group's net debt continues to fall, to €3,629 million from €3,908 million in 2022.

Net capital investment of €147million is aimed at strengthening the Group. Two programmes are particularly important:

- Mid-life Renovation and modernisation of

the Passenger Shuttles: the aim is to prolong the life of our nine Shuttles for at least another 30

years. We are making good progress on the first of these, which is being treated as a prototype, with all modifications having to be validated by the Safety Authorities and the IGC.

• The smart border: we are not in charge of customs or police controls, but the aim is to keep traffic flowing as smoothly as possible through the Channel Tunnel. As you know, we have in- vested significantly in this area since Brexit. Anticipation being the key to success, we have just made a further investment to be ready when the European Union implements the new EES (En- try Exit System) on 6 October, inspired by the ESTA in the USA and the AVE in Canada, which are well known to international travellers. We have received a specific allocation of €21 million from the French government to implement the corresponding

technologies and new infrastructure. We are working to ensure that these controls, which will require prior registration, do not penalise our British customers.

Eurostar has the same determination to facilitate its traffic, which has practically returned to its previous highs levels, with

10.7 million passengers. The merger with Thalys will strengthen European services, which can only be good for us.

Net profit came to €326 million, after a provision of €156 million to take account of the fact that ElecLink will have to return to the transmission networks part of the profits generated when our return on investment exceeds the 13% rate defined by the exemption granted to us. This provision will be used once the calculation mechanisms have been established with the regu- lators. Discussions are ongoing, for example to take account

of the reality of our operating costs, when these were originally estimated theoretically. In addi- tion, the normalisation of the electricity market is obviously leading to a lower contribution from ElecLink compared to the exceptionally high levels we have experienced until now, even if it remains well above our initial estimates. Unless there is a new energy crisis, which we do not wish to see, we are returning to more traditional levels

of revenue and profitability.

Under these conditions, and with the caution that characterises us, we are announcing a ''gui- dance'' EBITDA figure for the Group's consoli-

dated EBITDA for 2024 of between €780 million and €830 million.

And we don't rule out the possibility of doing better, particularly in the light of the comments above about the electricity market.

It is therefore with the greatest confidence in our fundamentals that the Board wishes to share with you, our shareholders, the fruits of these fantastic results for 2023, by proposing that you vote at the Annual General Meeting on 7 May for a further increase in the dividend per share to €0.55. A fine decision to be taken the day after the 30th anniversary of the opening of the Tunnel, on 6 May 2024. We've come a long way...

FEBRUARY 2024	GETLINK	Page 1

+ 14%*

consolidated revenue for the year 2023 compared to 2022

€1.8 billion

consolidated revenue for the year 2023

ANALYSIS

OUTLOOK

In 2024, in the context of very intense competition in cross-Channel transport, Get- link will pursue its strategy of operational excellence and strengthening its agility in order to optimise the attractiveness of its services and its value creation.

Yann Leriche

Getlink Chief Executive

Officer

In 2023, Getlink achieved unprecedented results thanks to the exceptional performance from ElecLink and the solid results of Eurotunnel and Europorte in challenging markets. This performance confirms the Group's strategic choices to offer attractive, simple, and low- carbon services to its customers. In 2024, Getlink will further strengthen its operational excellence and agility to reinforce its competitive advantages, particularly in relation to smart borders. On 6 May 2024, the Channel Tunnel will celebrate its 30th anniversary. Green, augmented and digitalised, the Tunnel is the cornerstone of the decarbonisation of cross-Channel transports. The recent announcements from new operators wishing to launch high-speed passenger train services between London and continental Europe

attest to its market potential.

REVENUE

(€ billion)

2022

2023

1.829

1.599

+ 14%1

SHUTTLE TRAFFIC

(for January 2024)

100,022 trucks

120,621 passenger vehicles

1. Recalculated at the average exchange rate for 2023: £1 = € 1.153.
2. Defined as: cash flow from operating activities less ca- pital expenditure and debt servicing.
3. Including cash, cash equivalents and cash manage- ment financial assets.

THE GROUP

• Revenue of €1.829 billion (+14 %1)
• EBITDA of €979 million (+11%), after a provision of €156 million related to the future sharing of ElecLink's profits
• Free Cash Flow2 of €638 million
• Cash and cash management financial assets3 at 31/12/2023 of €1.56 billion
• Consolidated net profit of €326 million (+30%)

EUROTUNNEL

REVENUE	€1.121 billion
EBITDA	€582 million
ELECLINK
REVENUE	€558 million
EBITDA	€368 million
EUROPORTE
REVENUE	€150 million
EBITDA	€29 million

FEBRUARY 2024	GETLINK	Page 2

ANALYSIS

↑ OUTLOOK 2024

AN EBITDA TARGET OF BETWEEN	€780 million and €830 million
PAYMENT OF A DIVIDEND OF	€0.55 per share

Target EBITDA between €780 million and €830 million5 taking into account in particular:

• the revenue already secured for ElecLink6 (71% of the cable's capacity has been sold for €292 million subject to the actual delivery of the service), recent prices on the electricity market (which show a foreseeable normalisation of Franco-British spreads compared to the exceptional levels recorded in 2022 and 2023) and using a similar method to that used for 2023 with regard to the provision for profit sharing.
• the implementation of EES formalities from October 2024 on Eurotunnel sites, which has been the subject of intense preparation to turn it into a competitive advantage.

Payment of a dividend of €0.55 per share, subject to approval by the General Meeting of 7 May 2024, up 10% on the amount paid in 2023 and in line with the Group's desire to share value creation with its shareholders. The payment of this dividend would be effective on 5 June 2024.

↑ FINANCIAL RESULTS 2023 CONSOLIDATED REVENUE CONSOLIDATED EBITDA

The Group's consolidated revenue for the 2023 financial year is €1.829 billion.

€1.829 billion €979 million

Consolidated current EBITDA amounted to €979 million, up 11% on 2022 thanks to the increased contribution from ElecLink.

The trading result amounted to €735 million, up 12% on 2022.

The Group's consolidated net profit for 2023 is €326 million, up 30% on 2022.

Cash, cash equivalents and cash management financial assets at 31 December 2023 reached a new record level of €1.562 billion, up by €366 million compared to 31 December 2022.The net debt decreased by €279 million (-7%) at €3,629 million.

5 Based on the current scope of consolidation and an exchange rate of £1/€1.15, assuming a constant regulatory and tax environment.

6 As at 18 February 2024.

• MORE INFORMATION

Press release

published on 29 February 2024 on Getlink's website

FEBRUARY 2024	GETLINK	Page 3

DISCOVER

EUROTUNNEL REMARKABLE FOR 30 YEARS

6 May 1994 marked the fulfilment of an age-old dream dating back to the 18th century: the construction of a rail tunnel linking France and the United Kingdom. In 2024, we pay tribute to Eurotunnel's history, to its pioneering culture and to the unbreakable link it represents today between the United Kingdom and France. Much more than a feat of engineering, the construction of the Channel Tunnel was an exceptional mobilisation of talent, technology and endurance. For seven years, more than 10,000 people worked on this often perilous project of the cen- tury, where innovation was the order of the day, giving rise to groundbreaking technologies such as the emblematic giant tunnel boring machines.

In the space of 30 years, Eurotunnel has established itself as a symbol of undeniable commercial success. Every year, millions of customers use the Tunnel, with LeShuttle shuttles carrying an average of 10 million passengers a year, and Eurostar carrying a further 11 million. Celebrating 30 years of Eurotunnel is above all celebrating a symbol that unites two distinct eras. That of the origins, marked by the colossal challenge represented by the opening of the Tunnel, and our current era, in which Eurotunnel is an essential response to the ''challenge of the century'': decarbonising our economies while preserving their performance and competitiveness.

In 2024, Getlink is celebrating this exceptional anniversary alongside all those who have made this adventure possible, as well as those who continue to write this page of history. See you in May 2024 for an unforgettable moment!

Visit our page dedicated to our 30 YEARS.

CHANGES FOR THIS YEAR

This year marks a turning point of renewal in many respects, which can be seen in a number of significant changes.

The buses for the truck drivers have been refurbished, proudly displaying the new ''LeShuttle'' logo. The Truck Park entrance signs have also been refurbished as part of the implementation of

the new graphic charter. A new dynamic is emerging.

We can expect a number of visual improvements in 2024!

FEBRUARY 2024	GETLINK	Page 4

PARTICIPATE

AND FOR MARDI GRAS?

In this festive atmosphere, we chose to celebrate this day with a particularly popular tradition, that of the delicate and light crêpes often associated with Mardi Gras.

To delight our customers, a crêpe truck has been set up at the Truck Village, which was enthusiastically received, creating a warm and gourmet at- mosphere. Our loyal customers were able to taste these sweet delights. The event proved to be a great success, demonstrating our company's commitment to creating memorable moments for our customers.

VALENTINE'S DAY IN THE TRUCK VILLAGE

Valentine's Day was a new opportunity to take care of our freight customers. To mark this special day at the Pit-Stop on the French side, scarves were distributed, while on the British side, it was snoods that were given to our customers, along with a rose.

For our customers stopping off at the Truck Village, a unique experience awaited them with a free haircut, provided by a hairdresser dedicated to pampering them on the day. These warm-hearted initiative were made possible by the invaluable support of our operational teams.

IMPROVING EVERY DAY

In our constant approach to improve the services we offer our customers, we conduct regular satisfaction surveys.

These efforts are aimed at assessing the impact of our actions on customer satisfaction and generating innovative ideas to meet the needs of all our customers. In addition to these surveys, our Google platform allows customers to leave comments and give ratings, reinforcing the crucial importance our company places on the Truck Park's reputation.

The predominantly positive feedback is testament to everyone's dedication and positive reception to the recreational activities frequently organised in our reception area.

FEBRUARY 2024	GETLINK	Page 5

PARTICIPATE

DON'T FORGET OUR IMPORTANT DATES!

Don't forget that you can find all our most important dates on our website on our page:

Financial calendar

25 APRIL 2024	07 MAY 2024	25 JULY 2024
Revenue and traffic figures for the 1st quarter	General Meeting	Results for the 1st half

CHÂTEAUFORM' LE 28 GEORGE V 75 008 PARIS

The General Meeting will be held in Paris this year to celebrate 30 years of Eurotunnel.

THERE'S STILL TIME TO CHOOSE E-CONVOCATION!

Don't wait any longer, register: Choose e-notice

By logging on to the Sharinbox website (www.sharinbox.societegene- rale.com), you can receive by e-mail an invitation to attend Getlink's forthcoming general meetings.

Registering for this service is QUICK and EASY.

In order for each invitation to be effective, it is essential that you keep your contact details up to date and check your e-mail inbox regularly. We are counting on your contribution to ensure the success of this process. Please feel free to log on to the platform: https://sharinbox.sgmarkets.com/home

FEBRUARY 2024	GETLINK	Page 6