High-speed rail operator Eurostar carried 20 million passengers in 2025, setting a new annual record and an increase of approximately 500,000 passengers compared to the previous year. This trend confirms the recovery and consolidation of demand on international high-speed corridors in Western Europe, with different dynamics from one route to another.
The strongest growth was recorded on the London–Amsterdam route, where passenger numbers rose by 18.3%.
More moderate increases were reported on the London–Paris (+5%) and Paris–Brussels (+3.7%) routes, while connections between London and Germany, operated via Brussels, recorded an increase of around 10%.
Resumption of direct services, a key factor on the London–Netherlands axis
The performance on the London–Amsterdam route is largely explained by the resumption of direct high-speed services in February 2025, after a period during which passengers had to change trains in Brussels due to works at Amsterdam Centraal station.
In December, Eurostar introduced a fifth daily pair of direct trains between London, Rotterdam, and Amsterdam, increasing capacity and flexibility.
The company has indicated that this route will remain a central pillar of its growth strategy in the coming years, including before the new generation of trains enters service.
400 million passengers since the launch of services
In addition to its 2025 annual results, Eurostar has also reached a symbolic milestone: over 400 million passengers carried since the launch of services in 1994.
This figure also includes traffic previously carried by Thalys, an operator that merged with Eurostar in 2022, with the brand subsequently being withdrawn.
“Another year of growth to 20 million passengers motivates us to do more for our customers in the coming years as we expand, including into new countries, with the introduction of the new Celestia fleet,” said Eurostar CEO Gwendoline Cazenave.
Current capacity, a limit to the 30 million passenger target
Eurostar has set a long-term goal of reaching 30 million passengers annually, but the company has indicated that this level may be difficult to achieve by 2030 without the introduction of new high-capacity trains.
In this context, the operator announced in October an investment of approximately EUR 2 billion in a new fleet of up to 50 double-decker trains.
The initial order is for 30 multiple units, with options for 20 more, and the contract has been awarded to Alstom.
The new trains, called Eurostar Celestia, will offer approximately 20% more capacity than the current fleet and are scheduled to enter service in 2031.
They will also enable the launch of new direct connections, including London–Frankfurt, London–Geneva, and Amsterdam–Brussels–Geneva.
Potential competition in the medium term
In the medium term, Eurostar could face increased competition on cross-Channel routes.
British operator Virgin Trains has taken preliminary steps to launch services through the Channel Tunnel, gaining access to a key depot in London, although further approvals regarding infrastructure access and operational safety are still required.
Eurostar is majority-owned by SNCF Voyageurs, which holds 55.75% of the capital. Belgian operator SNCB has an 18.5% stake, with the remaining shares held by institutional investors.
The 2025 results confirm sustained growth in traffic on the Eurostar network, but reaching the next stage of development will depend directly on capacity expansion, with the delivery of new trains and the launch of additional routes in the coming years.
Share on:
