In a press release on 10 June 2025, Eurostar announces the ambition to run direct high-speed trains from the United Kingdom to Germany and Switzerland and from the Netherlands via Belgium to Switzerland. But will it happen? Or when?

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 to Frankfurt, London to Geneva, and Amsterdam, Brussels to Geneva”, the press release says. 

Shorter term

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 Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of €346 million 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.”

New trains

To support this growth, the company will invest approximately €2 billion 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 Siemens Velaro 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.”  

Alain Krakovitch, President of the Eurostar Group, Director of TGV-INTERCITÉS at SNCF Voyageurs, said: “2024 is an exceptional year, crowned by the successes of the Olympic Games.  Eurostar is in good shape to serve 30 million passengers and the ambition to develop our European services remains strong.”  

British Transport Secretary Heidi Alexander (Labour) 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.”

Shape, Picture, Financial Highlights – 2024 

Compared with the previous year, Eurostar Group achieved: 

• Revenue of €2.0 billion, an increase of 2.0%.
• EBITDA of €346 million.
• 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 bank debt. The group’s total bank debt at the end of 2024 stood at €650 million. 

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. 

About Eurostar 

Eurostar has a fleet of 51 high-speed trains, Eurostar operates the largest international high-speed rail network in Western Europe, serving 28 destinations across Germany, Belgium, France, the Netherlands, and the United Kingdom. 

In 2024, Eurostar carried 19.5 million passengers. 

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

Scepticism

Independent railway commentator, #CrossBorderRail and #CrossChannelRail specialist Jon Worth is very sceptical.

“Cazenaveromises sound ambitious”, Worth says in an opinion piece, “but we’ve heard them before. The company has been talking about ordering new trains for over a year now, and still nothing has been signed.”

According to Eurostar CEO Gwendoline Cazenave, up to 50 new trains will be ordered—replacing the company’s ageing 1990s fleet and allowing for expansion. 

But Worth highlights that any new trains will likely come from French manufacturer Alstom, which is already struggling with delays in delivering its Avelia Horizon model. 

“Even if Eurostar places an order soon, it’ll be stuck at the back of the queue. SNCF alone has ordered 115 of these trains, and other rail operators are ahead too”,  Worth points out. 

“On top of that, getting double-decker trains approved for the Channel Tunnel, with its stringent evacuation rules, won’t be quick or easy.”

Worth also questions why Eurostar hasn’t expanded its network in the 30 years since the Channel Tunnel opened. 

“Besides Paris and Brussels, only Amsterdam and Rotterdam have been added. That’s not much to show for three decades”, he says. 

The issue, he notes, is less about the trains and more about the stations. “To run services to London, stations need secure passport control and baggage scanning areas. These are expensive and complex to build. That’s why Amsterdam only got a proper terminal this year.”

Even with suitable infrastructure at London St. Pancras International, Worth explains, capacity remains limited. 

“The station isn’t built to handle large numbers of passengers arriving from multiple new destinations. It’s already struggling with space.” 

He also casts doubt on the feasibility of the routes themselves. “Frankfurt has no secure platforms, and Cologne’s station is one of the worst bottlenecks in Europe. Geneva might seem easier, but the Swiss are planning upgrades for national services that leave little room for an international terminal.”

Travel times are another issue. “At 4 to 5½ hours, these routes will never match the frequency or convenience of Paris or Brussels,” Worth says. “They’ll be niche, not core services.”

Competion

Meanwhile, rivals such as Evolyn, Gemini, and Virgin Trains continue to push for access to the Temple Mills depot in East London to maintain their fleets—something Eurostar currently dominates. 

“The regulator has said there’s room either for a new entrant or for Eurostar to expand. So these new plans must also be seen as part of a strategy to block competition,” Worth argues.

“Cazenave talks about demand and ambition”, he adds, “but when you look at the actual infrastructure, delivery delays, and past performance, the whole thing starts to feel like an empty promise.”

Deutsche Bahn

Deutsche Bahn has reacted to the press release via LinkedIn. “By train directly from Germany to London – who wouldn’t want that? We are currently in talks with Eurostar to bring Germany and Great Britain even closer together by rail.” 

“We would like to expand the existing sales cooperation with Eurostar, and we welcome the procurement of new trains by Eurostar. A direct connection from Germany to London is challenging from a technical, operational, and legal perspective. Several essential requirements must be met for commissioning. 

“For those who don’t want to wait: London is already easily accessible by train from Germany. There are currently up to six daily connecting connections via Brussels. 

“Many people used to think that traveling by train to abroad was only worthwhile if it took less than four hours. However, new figures show that long routes of four hours or more are becoming increasingly popular. They are even growing faster than shorter ones. International long-distance travel is booming.”

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