The operator reported revenue above EUR 2bn, a 1.7% increase, and EBITDA of EUR 337m.
London–Amsterdam recorded the strongest route growth on the Eurostar network, with passenger numbers up 18.3%. London–Brussels traffic increased by 5.8%, London–Paris by 5%, and London–Germany services via Brussels by 10%.
Eurostar said it carried 500,000 more passengers in 2025 than in the previous year. The results came during a period of inflationary pressure and high infrastructure costs, particularly in the UK.
The operator made a EUR 90m first payment to Alstom in 2025 under its EUR 2bn fleet investment programme. The programme covers up to 50 new Celestia trains, intended to support capacity growth and planned routes including London–Frankfurt, London–Geneva, and Amsterdam/Brussels–Geneva.
Eurostar also opened the new cross-Channel terminal in Amsterdam in 2025. The facility triples capacity on the London–Amsterdam route.
Work continued on the Ruby refurbishment programme for Eurostar’s continental PBKA fleet. The company also carried out heavy maintenance overhauls on its cross-Channel e320 trains.
Following its 2024 debt refinancing, Eurostar’s gross debt stood at EUR 650m at the end of 2025. In April 2026, the group made a scheduled EUR 130m repayment, reducing gross debt to EUR 520m.
Eurostar has set a target to power all its trains with renewable electricity by 2030. The company also reported circularity measures including food waste composting and redistribution of unsold products.
