Getlink : & You – 27 July 2023

				Jacques Gounon
				Chairman of the
				Getlink Board
	Dear shareholders,
Your Group's results for the first half of 2023 demonstrate	Macro-economic factors such as	inflation	and the
its ability to adapt and its great progress year on year.	rise in	energy prices have effects that represent
Revenues reached €934M (+64%) and EBITDA €496M	pluses and minuses for our Group:
(+63%). The Group's free cash flow reached €355M.	-inflation		has an impact on the index-linked	tranches
Details of these figures, activity by activity, are given below.	of the debt, but also results in an increase in revenues;
This leap forward is largely due to the full contribution of	- the energy crisis, a direct consequence of the war in Ukraine,
is considerably increasing our traction costs, both for trains
ElecLink, which was only partial last year, with its entering	in the Tunnel and for Europorte, but on the other hand is
service on 25 May 2022. Our core business	- Eurotunnel -	enabling	ElecLink to achieve record levels of revenues.
is also performing well, with passenger traffic levels up	In this complicated environment, we are continuing to
sharply for our Shuttle activity and Eurostar, which is	apply the rigorous management discipline that have
almost back to its level before the health crisis. Our	made us a success: cost control, targeted investment,
great flexibility enables us to adapt our	service offe-	quality of service and cash management. After the distri-
ring to the needs of our clients, and to meet this de-	bution of €271M in dividends and the repayment of €37M
mand without deteriorating our quality	of service.	in debt capital2, our cash posi�on at the end of June has
Brexit has resulted in weak British growth				reached a record level of €1,294M.
(+0.1%)1, and complex customs formalities,				You can also count on the vigilance of our
leading to a reduction in truck traffic on the	The results
Short Straits. Our priority is to support hauliers	demonstrate its	Board. Following the appointment of Mr
and make it easier for them to cross with the	Benoît de Ruffray and	Mrs Marie Lemarié
smart border we have set up. In general, we	ability to adapt		by your General Mee�ng of 27 April 2023, I
are continuing to invest in order to remove	and its great		am pleased to welcome Mr Jean Mouton,
border-related constraints as far as possible.		who was co-opted on 19 July to replace Mr
This is currently the case with the facili�es	progress		Carlo Bertazzo, CEO of Atlantia, who has re-
that will enable us to respond to Europe's in-	year on year		signed. On behalf of the Board, I would like to
troduction of the Entry Exit System. In parti-		extend my warmest thanks to Carlo Bertazzo,
cular, it is out of the question for our English				who over the years has made a very positive
terminal to find itself in the situation of the				contribution to our discussions, thanks to his

Port of Dover, which has experienced major bottlenecks. We are fortunate in that our Concession stipulates that the States must ensure the fluidity of our traffic. It should also be noted that the French Parliament has just passed a law

• to stop social dumping » in response to the employment conditions deemed aggressive by certain ferry operators. The British government, which was the first to condemn the massive redundancies by P&O in 2022, has embarked on a similar process. This development, which we very much welcome, should normalise operating methods on the Short Straits.

considerable expertise and experience in our infrastructure businesses. I know that Jean Mouton, whose short presentation you will find later on in this letter, will provide us with useful support. It's in this new configuration that we look forward to the summer and the end of the year with some pleasant prospects: the Rugby World Cup, while waiting to celebrate the 30th anniversary of the opening of the Tunnel and the Olympic Games in Paris in 2024. All this should enable us to continue to prosper. So it is with confidence in the future that I wish those who are able to take advantage of an excellent holiday.

1 In May 2023, the Office for National Statistics (ONS) announced growth of 0.1% for the UK in the first quarter of 2023

2 Payment of €37M in respect of contractual repayments of the Term Loan and other borrowings (2022: €32M)

27 JULY 2023	GETLINK	Page 1

+ 64 %

revenue

€159M

consolidated net profit

Analyse

Yann Leriche

Getlink Chief

Excutive Officer

The Group once again achieved a high-quality operating and financial performance, thanks to our historic activities and the growth drivers offered by our successful

diversification.

Revenue	EBITDA		Net profit	Free Cash Flow
Revenue is up by 64%	EBITDA of €496 million	The	Group's	consolidated	The Group's Free Cash
to €934M, driven by the	after €112 million pro-	net	result	for the first	Flow is €355M; it is up by
passenger traffic and the	vision for ElecLink profit	half of 2023 is up 218%	€265M compared to the
performance of ElecLink.	sharing.	with a profit of €159M.	same period in 2022.

Group

half-year RESULTS 2023

(in € million)

H1 2022

H1 2023

934

EUROTUNNEL

• LeShuttle: increased passenger traffic (see key figures below) & new brand identity.
• LeShuttle Freight: commercial success of "First", launch of the Drivers Club (first loyalty programme for truck drivers), truck traffic down (-19%).
• Railway Network: very strong growth in Eurostar passenger traffic with more than 5 million passengers (+54%).

571

+ 64%

EUROPORTE

• Impact of the strike movements of the public operator of the rail

network in France.

Revenue

496

• Renewal of ISO 9001 and ECE Function 4 wagon certifications.

• EBITDA of €13M.

304

+ 63%

ELECLINK

• EBITDA of €207M, after provision of €112M for profit sharing of the

interconnector.

EBITDA

159

50	X 3

Net profit

*2022 figures restated at H1 2023 average

excharge rate of £1 =€1,146

27 JULY 2023

• Solid operational performance with more than 2.87 TWh transported

in the first half and a remarkable availability rate of 100%.

• €212M of revenue already contracted for the second half, with 16%

of the cable capacity still available.

624,435	1,009.899 tourism	5 million
trucks	vehicles	passengers
transported in H1 2023	transported in H1 2023	Eurostar in H1 2023
(+54% vs H1 2022)
(-19% vs H1 2022)	(+16% vs H1 2022)
GETLINK	Page 2

Discover

New member of the Board

of Directors

On 19 July 2023, the Board of Directors co-optedJean Mouton as a non-independent director to replace Carlo Bertazzo, who resigned. Jean Mouton is a graduate of the École Supérieure des Travaux Publics and holds an MBA from the University of Chicago. He has worked for Vinci in the Middle East and then mainly in France and Italy since joining Boston Consul�ng Group in 1982 in a wide range of industrial sectors, including energy, industrial goods and infrastructure; he has helped multinational companies redefine their strategies and organisations, and supported numerous clients in mergers and acquisitions. He was Senior Partner and Managing Director of Boston Consul�ng Group until 30 April 2019, and then Senior Advisor until 30 April 2020. Chairman of the board of directors of Nexans since 15 May 2019, he is also a member of the supervisory board of Aéroports de la Côte d'Azur and a member of the board of Egis, an international player in consulting, construction engineering and mobility services. Jean Mouton is also the chairman of Stelmax SASU.

Ratification of the appointment of the new Board member will be proposed at the 2024 AGM.

New LeShu�le brand iden�ty

The approach of the Channel Tunnel's 30th anniversary is an ideal time to reaffirm the DNA of the LeShuttle brand and its values. The new look of the brand under which Euro- tunnel's rail shuttle service operates reflects the significant changes taking place in transport between the UK, France and Europe. The new logo, simple and sober, visually embodies the essence of its offer: speed and efficiency, while referring to the technological prowess of the Channel Tunnel infrastructure.

Getlink unveils Sherpass

A one-stop shop for a smart, efficient and fast border! Sher- pass aims to simplify the border crossing process between France and the UK by introducing a one-stop shop. The aim of this initiative is to save a considerable amount of �me by eliminating the need to enter information several times and by reducing multiple interactions linked to the management of documentation, while maintaining a op�mum level of security. In October 2023, road hauliers and logistics operators will have access to this service.

27 JULY 2023	GETLINK	Page 3

Commit

Are listed companies capable of

meeting their carbon bill ?

Yann Leriche

In 2023, Getlink will be one of the companies able to pay its bills for CO2 emissions. This initiative was launched by Axylia, a consultancy specialising in responsible investment, which has developed an innovative methodology called the Vérité40 index.

This method converts all CO2 emissions into euros, allowing the carbon bill to be deducted from the company's operating results. Getlink has successfully risen to the challenge thanks to the measures taken throughout the year, resulting in a significant improvement in its carbon score from a C in 2022 to an A.

This places Getlink among the leading companies. A car crossing via LeShuttle emits 73 �mes less greenhouse gas than an iden�cal journey by ferry! Our company is on the right track and will continue to progress in this direction to achieve its am- bi�on of becoming the company of tomorrow.

Between 2019 and 2025, we aim to reduce our greenhouse gas emissions by 30%, and we'll be continuing our efforts beyond that date!

Yann Leriche

Les

Rencontres

du Climat

Taking part in the CommonGoodSummit

Getlink took part in the CommonGoodSummit on 1 and 2 June 2023. This event brings together experts who clarify their approaches to the common good in order to find answers to the challenges facing our planet. Yann Leriche, our Chief Execu�ve Officer, represented Getlink at this event. The CommonGoodSummit was organised jointly by Challenges, the Toulouse School of Economics and Les Echos, in collaboration with Parisien Événements. What are the risks for businesses? How can we be carbon neutral by 2050? European industry between energy sobriety and compe��veness? You can listen to the replay

of this event on the website:

h�ps://www.commongoodsummit.com/en/sessions

The 2023 Rencontres du Climat

On 5 April 2023, Getlink organised the first session of the Rencontres du Climat with the participation of Eu- ronext and our partner Toulouse School of Economics. This session addressed the issue of «the flaws in ESG ra- �ngs and their impact on the effec�veness of corporate climate ac�on». This debate is part of our objectives to improve our assessment of climate resilience by anticipating the progressive impact of European and British carbon pricing, and to guide our investment choices in terms of decarbonisa�on. We also want to improve the transparency and objectivity of our climate indicators.

Watch the discussion on our channel:

Les Rencontres du Climat - Session inaugurale du 5 avril

*english substimes available

27 JULY 2023	GETLINK	Page 4

€15,81

GET share price

(on 18 July 2023)

+6%

Performance of

the GET share

(from 2 January to 2 July

2023)

	Decrypt
	Evolu�on of the GET share price
	From 01 January 2022 to 11 July 2023	€8.6 BN
115,0		market capitaliza�on
110,0		(On 18 July 2023)

105,0

100,0

95,0

90,0

85,0

80,0

Getlink	See the GET
	share in real �me

Thank you

The Group would like to extend our sincere thanks to each

and every one of you for your active participation in our 2023

General Meeting.

Getlink

The Group would like to extend our sincere thanks to each and every one of you for your active participation in our 2023 General Mee�ng. Your presence and commitment have greatly contributed to the success of this major event for our company.

This year's General Meeting achieved a record quorum of 77.55%! This shows your interest in and confidence in our company, and your commitment to our mission and vision.

We look forward to con�nuing to inform and involve you in the future developments of our company.

THANKS

GENERAL MEETING

A p r i l

Recording of the general

mee�ng and results

YoumaywatchthewebcastoftheGeneral Meeting and consult our documents related to this event, such as the press release, the presenta�ons and the detailed table of results by resolution on:

Getlinkgroup-General-Mee�ng-2023

27 JULY 2023	GETLINK	Page 5