Getlink's Cross-Channel Traffic Shows Divergent Trends: Trucks Struggle While Passengers Surge

Getlink SE, operator of the Channel Tunnel linking the UK and continental Europe, has reported mixed traffic results for April 2025 and the first four months of the year. While passenger vehicle traffic surged, truck volumes declined, reflecting a growing divide in demand across its core services. This divergence raises questions about the company’s near-term performance and long-term strategic priorities.

Trucks Under Pressure, Passengers on the Rise

In April 2025, Getlink’s truck shuttle service (LeShuttle Freight) carried 98,751 trucks—a 3% drop from April 2024. Year-to-date (YTD), truck traffic fell 1% to 400,895 trucks, underscoring a persistent softness in freight volumes. This decline likely reflects broader economic challenges, including lingering supply chain inefficiencies, higher energy costs, or shifts in trade patterns post-Brexit.

By contrast, passenger vehicle traffic boomed, with 204,685 vehicles transported in April—a 18% year-on-year jump. YTD passenger traffic rose 4% to 574,802 vehicles, driven by strong cross-Channel tourism and possibly lower pricing or promotional offers. The surge in personal travel suggests pent-up demand for European road trips, which could continue as seasonal tourism picks up.

Strategic Context: Infrastructure, Sustainability, and Diversification

Getlink’s position as the Channel Tunnel’s concession holder until 2086 provides a structural advantage. The tunnel handles a quarter of UK-Europe trade and has transported over 518 million passengers and 106 million vehicles since its 1994 opening. The company’s expansion into electricity interconnection—via its ElecLink project, which connects the UK and France’s grids—adds diversification, though its revenue impact remains modest.

Investors should also note Getlink’s emphasis on low-carbon transport. Its rail services emit 85% less CO2 per ton-km than trucks, aligning with EU green policies. This could shield it from future regulatory pressures on high-emission alternatives like trucking.

Stock Performance and Data Insights

Getlink’s shares have historically been tied to cross-Channel trade volumes and macroeconomic conditions. Current valuations may underprice the company’s resilience in passenger traffic growth.

Conclusion: A Company at a Crossroads

Getlink’s results highlight a critical balancing act. The truck segment’s weakness—potentially tied to broader economic malaise—poses a near-term headwind, while passenger growth offers optimism. With passenger traffic now accounting for nearly 58% of YTD vehicle movements (versus trucks’ 42%), the company may need to pivot further toward tourism and premium services to offset freight volatility.

Crucially, Getlink’s long-term moat—the Channel Tunnel’s irreplaceable role in UK-Europe trade—remains intact. Its passenger resilience and diversification into electricity interconnection suggest it can navigate cyclical downturns. Investors should monitor whether truck traffic stabilizes and whether passenger growth persists through 2025. With its strong balance sheet and unique infrastructure assets, Getlink remains a strategic holding for those betting on resilient cross-continental demand.

The company’s next update, due June 6 for May 2025 data, will be pivotal in determining whether these trends endure or reverse. For now, the stock’s valuation—trading at 15x consensus forward earnings—appears reasonable, particularly if passenger momentum continues to offset freight headwinds.