Eurostar to offer direct services to Frankfurt and Geneva with new fleet

Eurostar has announced positive year-end results and growth for the third year running, alongside brand-new destinations the business intends to serve with its new trains. The fleet of up to 50 trains will be in service from early 2030s and is planned to operate three new direct routes, which Eurostar will now work with partners on: London -Frankfurt, London - Geneva and Amsterdam/Brussels - Geneva. In the shorter term, the successful re-instatement of direct services between London, Rotterdam and Amsterdam in February 2025 will see a fourth daily service added from 9 September and a fifth from mid-December.  

The news comes as Eurostar announces its 2024 financial results. Despite a challenging economic climate, driven by high inflation and increases in fixed costs, Eurostar achieved an EBITDA of 346 million EUR due to growth in passengers travelling and focused cost management. Reflecting the continued demand for international rail travel across Europe, passenger numbers rose to over 19.5 million, marking a 5 % year-on-year increase.

This brings Eurostar closer to its ambitious target or carrying 30 million passengers annually. To support this growth, the company will invest approximately 2 billion EUR in up to 50 new trains which will all be able to operate across its whole network. The new trains will operate alongside Eurostar’s current fleet of 17 e320s, bringing its total fleet to 67 trains – a 30 % increase on today.  

Gwendoline Cazenave, Eurostar CEO, said: “We’re seeing strong demand for train travel across Europe, with customers wanting to go further by rail than ever before and enjoy the unique experience we provide. Despite the challenging economic climate, Eurostar is growing and has bold ambitions for the future. Our new fleet will make new destinations for customers a reality – notably direct trains between London and Germany, and between London and Switzerland for the first time. A new golden age of international sustainable travel is here.” 

Transport Secretary Heidi Alexander said: “I am pleased to welcome this exciting investment into Eurostar services, which is a huge step in promoting green travel across Europe and boosting our international rail connections. Last month, I signed a landmark agreement to deliver a direct rail link between London and Switzerland, paving the way for direct commercial services. Today’s announcement by Eurostar shows that the government’s plan for change is rapidly strengthening the links between major cities in counties across Europe, creating more opportunities to travel, work, and socialise.”

Financial Highlights - 2024 

Compared with the previous year, Eurostar Group achieved: 
- Revenue of 2.0 billion EUR, an increase of 2.0 %- 
- EBITDA of 346 million EUR.
- Passenger numbers of 19.5 million, up 5 % from 18.6 million in 2023.

Eurostar currently operates in five countries: the United Kingdom, Belgium, France, the Netherlands, and Germany. The strongest-performing routes in 2024 included: 
- London – Paris (+280,000 passengers),
- London – Brussels (+250,000 passengers), 
- Paris – Brussels (+160,000 passengers),
- Paris – Netherlands (+140,000 passengers).

In 2024, Eurostar successfully refinanced its existing 963.7 million EUR bank debt. The group’s total bank debt at the end of 2024 stood at 650 million EUR. 

Fleet 

Eurostar currently operates a fleet of 51 trains: 17 e320 (894 seats), 8 e300 (750 seats), 17 PBKA (371 – 399 seats), 9 PBA (371 seats). The e320 and e300 are used on cross-Channel routes, while the PBKA and PBA trains operate on continental services. With the upcoming investment, the fleet will grow to up to 67 trains - 17 e320s and up to 50 new units - expanding capacity and supporting new route development. 

Ownership of Eurostar is shared between: SNCF Voyages Développement (55.75 %), a subsidiary of SNCF Voyageurs, CDPQ (19.31 %), SNCB (18.50 %) and Federated Hermes Infrastructure funds (6.44 %)