The Railways of the Italian State, Ferrovie dello Stato Italiane (Gruppo FS / FS Group), better known under the brand Trenitalia, signed at the end of December 2025 a strategic partnership agreement with American global travel investment firm Certares aimed at accelerating the development of international high-speed rail services, with an initial focus on France and cross-border European markets.
The partnership is designed to capitalise on the liberalisation of Europe’s rail sector and to promote rail as a competitive alternative to air travel for both business and leisure passengers.
At the heart of the agreement is the creation of a joint venture and a direct investment by Certares in Trenitalia France, FS Group’s French high-speed rail subsidiary. The investment is intended to support Trenitalia France’s expansion strategy and forms part of a wider €1 billion investment programme covering France and the United Kingdom.
Focus on France and cross-border services
Trenitalia France, headquartered in Paris, currently operates high-speed passenger services on the Paris–Lyon and Paris–Marseille routes, as well as the international Paris–Milan corridor. Since launching operations, the company has carried more than 4.7 million passengers and reports customer satisfaction levels that place it among the strongest performers in the sector.
Under the new partnership, Trenitalia France aims to consolidate its position as France’s second-largest high-speed rail operator while expanding its network both domestically and internationally.
To London in 2029 (?)
A key strategic objective is entry onto the Paris–London route, with services targeted to begin by 2029, subject to regulatory approvals and operational readiness.
Investment priorities and operational growth
The capital provided through the partnership will be used to fund a wide range of operational and commercial initiatives.
These include expanding Trenitalia France’s fleet to at least 19 high-speed trainsets and developing a new maintenance facility near Paris on a site recently awarded to the company.
Service frequencies on existing routes are also set to increase, with up to 28 daily services planned on the Paris–Lyon corridor. In parallel, Trenitalia France expects to create hundreds of new jobs across operations, maintenance, and commercial functions, while continuing to invest in technology, brand development, and marketing.
International expansion remains a central pillar of the strategy. In addition to the planned Paris–London services, the company is evaluating further cross-border routes as part of its longer-term growth ambitions.
Rail as an alternative to air travel
Beyond operational expansion, the partnership places strong emphasis on encouraging a shift towards rail travel across Europe.
FS Group and Certares aim to support corporate and leisure travellers in choosing high-speed rail as a lower-carbon, reliable, and cost-effective alternative to short-haul flights.
High-speed rail offers city-centre-to-city-centre connectivity, consistent journey times, on-board Wi-Fi, and the ability to work while travelling, advantages that are increasingly valued by corporate clients seeking to reduce their environmental footprint without compromising productivity.
For leisure travellers, Trenitalia France and Certares plan to promote rail-inclusive itineraries and to integrate rail services more effectively into booking platforms and dynamic packaging tools. The goal is to make rail a default option for millions of travellers when planning trips within and across European countries.
Role of Certares’ travel distribution network
Certares brings to the partnership a significant presence in travel distribution, particularly in France and the United Kingdom.
Its portfolio includes major corporate and leisure travel businesses such as American Express Global Business Travel (including CWT, Ovation and Egencia), Marietton Développement (Havas Voyages and Selectour), Voyageurs du Monde (including Original Travel), and Internova Travel Group (including Barrhead Travel).
As part of the agreement, Certares is facilitating arm’s-length commercial arrangements between Trenitalia France and selected portfolio companies, focused on improving product distribution and market reach while respecting competition and regulatory requirements.
Alignment with FS Group’s international strategy
The partnership supports FS Group’s 2025–2029 Strategic Plan, which calls for accelerated international growth through collaboration with leading financial and industrial partners. It also strengthens FS International, the division responsible for passenger operations outside Italy, which currently generates around €3 billion in net revenues and employs approximately 12,000 people.
By combining FS Group’s operational expertise in high-speed rail with Certares’ global travel industry relationships, the partners aim to position France, the Paris–London corridor, and future markets included in the joint venture as reference points for the future of sustainable European travel.
About the partners
FS Group is a central pillar of Italy’s mobility system, integrating rail infrastructure, passenger services, freight transport, and road networks.
The group employs more than 96,000 people and manages over 17,000 kilometres of railway infrastructure, including more than 1,000 kilometres dedicated to high-speed and high-capacity services. It also operates a road network of approximately 32,000 kilometres. Innovation, digitalisation, and connectivity underpin its long-term strategy.
Founded in 2012, Certares is a global investment firm specialising in travel and tourism, with more than $7 billion in assets under discretionary management. Its portfolio companies collectively generate around $100 billion in gross sales. The firm focuses on long-term partnerships with industry operators, founders, and management teams across travel, tourism, hospitality, and related services.
Together, FS Group and Certares see the partnership as a step towards reshaping long-distance travel in Europe, placing high-speed rail at the centre of a more sustainable, integrated, and customer-focused transport system.
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