Eurostar passenger growth was one of the clearest signs in 2025 that demand for international rail travel remained firm. The operator carried more passengers and lifted revenue, while its investment programme continued despite inflation and high infrastructure costs.

Eurostar passenger growth drives 2025 gains
Eurostar passenger growth drives 2025 gains

Eurostar passenger growth and route momentum

Eurostar said it carried 20 million passengers in 2025, up 3 percent from the previous year. In practical terms, that meant about 500,000 more people used the operator’s network, reflecting continued interest in high speed, cross-border European rail travel, according to the company’s official 2025 results statement.

The London–Amsterdam route delivered the strongest increase, with passenger numbers rising by 18.3 percent. Services between London and Germany via Brussels grew by 10 percent. Traffic also increased on London–Brussels services by 5.8 percent and on the London–Paris route by 5 percent.

The financial results moved in the same direction. Eurostar revenue exceeded 2 billion EUR in 2025, a 1.7 percent increase, while earnings before interest, taxes, depreciation and amortisation reached 337 million EUR.

Investment programme expands Eurostar fleet plans

The improvement came with pressure still visible in the background. Eurostar said inflationary pressures and high infrastructure costs continued to weigh on the business, with the UK described as a particularly expensive market for rail operations.

Capacity remains a central part of the company’s longer-term planning. In 2025, Eurostar made an initial payment of 90 million EUR to Alstom under a 2 billion EUR investment programme tied to the planned acquisition of up to 50 new trains. The wider fleet plan was also previously covered by Railway Supply.

The new fleet is intended to increase passenger capacity and support future international routes. The services under consideration include London–Frankfurt and London–Geneva, along with connections between Amsterdam, Brussels and Geneva. Alstom also described the Eurostar order in its official Avelia Horizon press release.

Eurostar also kept working on projects linked to the passenger experience. These included the opening of a new cross-Channel terminal in Amsterdam, intended to raise capacity on the London–Amsterdam corridor, as well as refurbishment of the PBKA fleet and major maintenance of e320 trains.

Eurostar Chief Executive Gwendoline Cazenave said:

“Our 2025 results demonstrate the strength of demand to travel with Eurostar and the allure of high speed, cross-border European rail travel. At the same time, we are concretely investing in the future with a bespoke new fleet on its way, enhanced stations and an improved customer experience. Even in difficult economic conditions, Eurostar continues to welcome more passengers than ever from across the world and forge the future of sustainable travel in Europe.”

Revenue, sustainability and debt position

Eurostar also pointed to the environmental case for rail on its routes. The company said train journeys can produce significantly lower carbon emissions than equivalent flights, and it listed measures such as food waste recycling and redistribution of unsold products to improve resource efficiency.

The operator has set a target to source all electricity used by its trains from renewable sources by 2030. At the end of 2025, Eurostar reported gross debt of 650 million EUR after a refinancing process completed in 2024. The company said debt repayment is continuing, with a scheduled repayment made in April 2026.