Getlink: Losing confidence in the shuttle inflection, Downgrade to Neutral (UBS)

Date: Prior to October 6, 2025 (from 28.pdf)

UBS sees persistent truck market weakness with no clear recovery catalyst. The Anti‑Social Dumping legislation impact continues, and French/UK budget uncertainty clouds outlook. UBS downgrades Getlink, reduces mid‑term EBITDA estimates, and flags limited rerating catalysts, but highlights upside from ferry consolidation or depot access progress.