New leadership for Eurostar

Christophe Fanichet has been appointed as the new general director of Eurostar, effective December 1, 2026, succeeding Gwendoline Cazenave, who has led the company for four years. Until then, Matthieu Quyollet, director of finance, strategy, and transformation and deputy general director of Eurostar, will act as interim general director.

Fanichet’s background and experience

Fanichet previously served as CEO of SNCF Voyageurs from January 2020 to July 2026, but was removed from that position by Jean Castex, the head of the public railway company. However, Fanichet was "reinstated" in the direction of SNCF Voyageurs during the summer by Jean Castex, the new president of the group.

Expertise and vision for Eurostar

Fanichet, who has spent more than twenty years within the SNCF Group, has expertise in high-speed rail, international operations, opening up the railway transport markets to competition, performance, and innovation. He has been a member of Eurostar's board since 2022.

Cazenave’s achievements and new developments

Gwendoline Cazenave's tenure was marked by the integration of Eurostar and Thalys under a single brand and the achievement of the 20 million annual passengers milestone. Revenue has increased by more than 30% since 2022, with an EBITDA margin of 18%, and the company has committed 2 billion euros to Eurostar Celestia, its new two-level high-speed train fleet.

New train fleet and routes

The company has ordered Alstom to provide 30 high-speed trains (plus 20 as an option) for an amount of 1.4 to 2 billion euros. The seating capacity of these two-level trains will increase by 20%, to 540 seats. When operated in pairs, they will offer approximately 1,080 seats per service. These new trains will bring the total fleet to 67 trains and should be delivered starting in 2031.

Future goals and competition

Fanichet will have to lead the counter-offensive initiated by Cazenave with the objective of reaching 30 million passengers by 2030, compared to 20 million last year. The operator faces competition from new players who could begin operating as early as 2030, including Virgin Trains and Trenitalia (the most advanced), as well as "pure players" such as Gemini or Heurotrain.

Economic challenges and performance

Despite the 20 million passenger milestone, the performance of 2025 was somewhat disappointing, as profitability (Ebitda) is down 2.6% to 337 million euros. This decline is explained by "a difficult economic context, marked by persistent inflationary pressures and high infrastructure costs, particularly in the United Kingdom," explains the group.