Getlink's Cross-Channel Traffic Divergence: A Tale of Two Markets

Getlink SE’s April 2025 traffic report reveals a stark contrast in demand for its services: passenger vehicle traffic surged by 18% year-over-year, while truck freight volumes dipped by 3%. This divergence underscores both opportunities and challenges for the operator of the Channel Tunnel, which remains a critical artery for UK-Continental trade and travel. The data highlights the company’s dual role as a transportation and energy infrastructure giant—positioned to capitalize on passenger demand while navigating freight market headwinds.

Passenger Traffic: A Resurgent Market

LeShuttle transported 204,685 passenger vehicles (cars, coaches, and motorhomes) in April 2025, marking the fifth consecutive month of growth exceeding 10%. Year-to-date figures of 575,000 vehicles signal a sustained recovery from pandemic-era lows. This growth likely reflects rising tourism, business travel rebound, and the absence of Brexit-related border disruptions post-2021. Getlink’s “smart border” system—introduced in late 2020—has streamlined customs checks, reducing delays and enhancing reliability for travelers.

The passenger boom aligns with broader trends in cross-Channel traffic. shows a 14% increase since April 2024, suggesting investors are betting on sustained demand. Yet, the company’s reliance on discretionary travel (e.g., tourism) introduces volatility, as passenger volumes could wane if economic uncertainty or geopolitical tensions resurface.

Truck Traffic: A Cautionary Signal

The 3% decline in freight volumes—98,751 trucks in April 2025 versus 2024—hints at softer demand in manufacturing and trade. The Channel Tunnel handles a quarter of UK-Continental trade, so truck traffic often mirrors broader economic health. Slowing industrial production in Europe, supply chain shifts (e.g., nearshoring), or fuel cost pressures could be culprits.

Cumulative freight figures (400,000 trucks YTD) remain below pre-pandemic levels, raising questions about long-term freight demand. Investors should monitor May’s traffic data—due June 6—to gauge whether this dip is a blip or a trend. A sustained decline could pressure Getlink’s margins, as freight typically generates higher margins than passenger services.

The Elephant in the Tunnel: ElecLink and Diversification

Getlink’s resilience stems not just from its tunnel operations but also from its energy division. The ElecLink interconnector, which facilitates power trading between the UK and France, contributed significantly to the company’s €979 million EBITDA in 2023. This revenue stream provides a steady counterweight to cyclical traffic trends.

Moreover, the Channel Tunnel’s strategic importance is enshrined in its concession until 2086, ensuring Getlink’s dominance as a cross-Channel infrastructure player. This long-term certainty reduces regulatory risk, a key consideration for long-term investors.

Conclusion: Navigating Two Markets, One Future

Getlink’s April data paints a nuanced picture. The passenger surge and ElecLink’s stability offer growth catalysts, while truck traffic’s dip demands vigilance. Investors should weigh two factors: 1) The company’s ability to sustain passenger demand amid economic headwinds and 2) the potential for freight volumes to rebound as trade dynamics stabilize.

With passenger traffic at pre-pandemic levels and ElecLink’s earnings power intact, Getlink remains a compelling play on cross-Channel connectivity. However, the freight decline serves as a reminder that infrastructure operators are not immune to macroeconomic shifts. For now, the stock’s valuation—currently trading at 12.5x 2025E EV/EBITDA—appears reasonable, but investors should await May’s data and monitor freight trends closely.

The Channel Tunnel’s dual role as a trade artery and travel hub ensures Getlink’s relevance, but its future hinges on balancing the whims of two very different markets.