The channel tunnel operator said it now sees earnings before interest, taxes, depreciation, and amortization (EBITDA)comprised between 780 and 830 million euros in 2024, against 910 million euros in 2023.

"We have come through 4 years of extraordinary conditions, and ElecLink in particular has benefited from exceptional market conditions. Today, the energy market is returning to normal." said Yann Leriche, Getlink's Chief Executive Officer in a call with journalists.

Getlink's ElecLink unit, an underwater cable enabling electricity exchange between France and the U.K. launched in May 2022, benefited from the high price gaps for electricity between the two countries, caused by the war in Ukraine.

For 2024, the unit has sold 71% of its interconnector capacity, which would generate 292 million euros in revenues, Getlink said.

The company posted results for 2023 slightly above market expectations, with an EBITDA reaching 979 million euros while analysts polled by LSEG expected 960 million euros.

Consolidated net profit reached 326 million euros in 2023, slightly above expectations of 305 million euros.

(Reporting by Nathan Vifflin)

By Nathan Vifflin