Eurostar leaves Brexit woes behind with plans for 50 new trains
Eurostar has unveiled plans to invest in up to 50 new trains as it ramps up capacity on the Channel Tunnel to meet booming demand.
The High Speed operator said the “milestone investment” would ensure enough capacity to carry the 30m annual passengers it has forecast by 2030.
The new fleet will operate alongside Eurostar’s current fleet of 17 e320s, bringing the total number of trains in operation to 67, a 30 per cent increase on the 51 it runs today.
The announcement comes amid growing anticipation of a Eurostar competitor in the coming years, which would break its long-held monopoly on the Channel Tunnel.
Richard Branson’s Virgin Group, Spanish rail firm Evolyn and the newly established Dutch operator Heuro are all plotting challengers.
Getlink, which manages the Channel Tunnel’s infrastructure from Paris, told City PM in an interview it had seen strong interest from a number of other companies, who wish to remain unnamed at this stage.
Eurostar’s competitor may have a tough challenge on its hands. Over the last 12 months, the operator has put Brexit and Covid-related woes firmly in the past following years of financial struggle, lower passenger numbers and route closures.
Eurostar Group netted a record €2bn (£1.72bn) revenue in 2023, with earnings before interest, taxation, depreciation, and amortization (EBITDA) of €423m (£363m). Its total debt pile now sits at €650m (£558m) after it completed a successful refinancing in April 2024.
It attributed the success to growing passenger numbers, which increased 22 per cent year-on-year to nearly 19m.
Gwendoline Cazenave, Eurostar chief executive, said: “In our 30th birthday year, Eurostar has set out ambitious plans to carry 30m passengers by 2030 and become the backbone of sustainable travel in Europe.
“Just seven months after the launch of the new Eurostar, we are well on our way, breaking records in 2023 in terms of passenger numbers and revenue.”
“There is huge demand for our services and we have big European ambitions. Investing in up to 50 new trains will provide more capacity and give customers something really special, offering a cutting-edge experience in terms of comfort, accessibility and sustainability.
“Customer service will be top of mind in the design, ensuring the unique experience Eurostar is known for long into the future.”