Getlink SE reported a softer start to 2026 after January traffic volumes came in lower than the comparable month a year earlier. The company said truck shuttle activity fell 5.3% year-over-year in January, a larger decline than the 2.3% year-over-year decrease recorded in December.
Passenger shuttle volumes also deteriorated, slipping 3.9% year-over-year in January compared with a 2.6% decline in December. Getlink attributed the weaker opening to 2026 to "adverse weather conditions" at the beginning of January, which it said depressed traffic through the Channel Tunnel.
Despite the weaker monthly numbers, current market consensus estimates anticipate a recovery across the year. Analysts projecting the full year 2026 expect roughly 0.9% growth in truck volumes and about 2.0% growth in passenger volumes, signaling an expectation that volumes will rebound after the January disruption.
On the equity side, Getlink is trading at 17.28. Analyst coverage remains at a Hold rating with a price target of 16.50, which implies approximately a 5% downside from the prevailing market price noted above.
Investors will look to the company's upcoming full-year results and Capital Markets Day for fresh details on capital allocation and demand for assets. Management is expected to provide updates on those topics at those events, although some market observers remain cautious about the outlook for asset demand.
Separately, material included with the prior release raised the question: "Is GETP a bargain right now?" and referenced a Fair Value calculator that uses a mix of 17 industry valuation models to assess worth. That material was presented as a tool to evaluate GETP alongside thousands of other stocks.
Context and implications
The month-on-month deterioration from December to January in both truck and passenger shuttle categories highlights the sensitivity of Channel Tunnel traffic to short-term disruptions. The January weather-related impact was cited directly by the company and framed as the primary reason for the weaker volumes reported for the month.
Looking ahead, the market's full-year volume growth assumptions imply an expectation that the adverse weather effect will be transitory and that traffic will recover over the remainder of 2026. The companys forthcoming public disclosures at its full-year results and Capital Markets Day will be focal points for investors seeking clarity on capital deployment and future asset demand.