Eurostar to expand fleet after strong financial results

Eurostar Group has unveiled plans to increase its fleet by investing in up to 50 new trains.

The news comes as Eurostar which is majority owned by SNCF Voyageurs and merged with the French based Thalys in 2022 celebrated strong financial results in 2023. The group posted revenue of just over €2 billion euros for the first time and earnings of just over €400 million euros alongside a continued growth in passenger numbers, which reached nearly 19 million last year.

Eurostar are planning for the new fleet to operate alongside Eurostar’s cross-channel fleet which consists of 17 e320’s (class 374), and eight e300’s (class 373). In total, the new trains will increase the Eurostar fleet to 67, up from the current 51 with the remaining new fleet replacing older stock. Eurostar has set a timeline for the first of the new trains to be in service from the early 2030’s, however, no manufacturer has been chosen yet.

However, the company will be hoping for very few delays as they plan to increase passenger numbers carried on its services to 30 million per year.

Gwendoline Cazenave, Eurostar chief operating officer, said: “In our 30th birthday year, Eurostar has set out ambitious plans to carry 30 million 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.”

The company hasn’t revealed any new routes, but Cazenove told the Financial Times last week, that it the company was hoping to say more on new routes by 2025. It currently runs services between London and Paris as well as three services a day to Amsterdam via Brussels.

The announcement of the new Eurostar fleet raises questions about the capacity at its current key terminals, including St Pancras. HS1 Ltd, who own the station is looking to increase capacity at the station, aiming to increase passenger numbers to 2,700 per hour an hour by 2025 and launched a tender document in March, which included a feasibility study on how it can be achieved. The deadline for responses closed last month and when approached for comment, HS1 said they were hoping to appoint an organisation in early autumn.

A spokesman said: “We received a huge amount of interest in this opportunity.  We are now undertaking a detailed assessment before we choose our partner for this important work who values both the history of this unique station whilst embracing modern approaches and technological solutions.

“We expect the appointed organisation to begin work as soon as appointed and for us to see some early output in the autumn.” 

It is also expected that the Eurostar terminal at Gare Du Nord station in Paris will also be expanded over the coming years, although no confirmation has been announced and renovations at Amsterdam Centraal, which began last year are continuing. The new terminal at the station will help increase capacity on the Eurostar network.

The investment in the new fleet also comes at a time when competitors are looking at the channel tunnel as a potential expansion route. The tunnel has capacity for up to 1000 services per day and is currently operating at just over 400 including freight, and five companies, including Virgin Group, Mobico (formerly known as National Express) and start-ups Evolyn and Heuro have expressed interest in running services on the route.