The €1 billion project, unveiled on Tuesday morning by Trenitalia’s parent company FS Group, will be developed in partnership with Spain’s Evolyn Group, which is backed by the influential Cosmen family and the largest shareholder in UK transport operator Mobico. The collaboration marks the most serious challenge yet to Eurostar’s dominance on one of Europe’s busiest and most lucrative rail corridors.
“This will be a new era of competition and accessibility in the European high-speed rail landscape,” said FS Group CEO Stefano Antonio Donnarumma. “More competition will help to create a more efficient and customer-orientated industry, offering a real alternative to air travel.”
The announcement comes amid growing pressure across Europe to reduce carbon emissions and encourage rail travel over short-haul flights. The EU has liberalized its high-speed rail market in a bid to open routes to competition and incentivize green transport options, especially along major travel corridors.
The 2.5-hour Eurostar route between London and Paris has remained largely unchallenged since it launched in 1994. But as environmental awareness grows and regulatory hurdles fall, new entrants like Trenitalia see an opportunity to capitalize on rising demand for sustainable long-distance travel.
A New Cross-Channel Player
Trenitalia and Evolyn confirmed they have already secured operating licenses in France and have received preliminary approval from the UK’s Office of Rail and Road (ORR) for access to the Temple Mills depot, a key maintenance hub near London. Discussions on operational capacity at St Pancras International — the departure point for all London-Paris high-speed rail — are reportedly at an “advanced stage.”
While no details have been disclosed about a potential train order, industry observers consider rolling stock acquisition the greatest logistical hurdle for any new operator. However, a source within FS Group expressed confidence that train procurement would not delay the 2029 launch target.
Trenitalia is no stranger to international expansion. The company already operates high-speed services between Milan and Paris and under the Iryo brand in Spain. It also provides regional train services in Germany and oversees the driverless metro system in Riyadh. According to its 2023 annual report, Trenitalia generated more than €2 billion in revenue from its international operations.
Growing Market, Growing Momentum
Evolyn was the first company in 2023 to publicly challenge Eurostar’s monopoly. Its early-stage deal with Trenitalia now adds credibility and momentum to those ambitions. Meanwhile, other players — including Sir Richard Branson’s Virgin Group and startup Gemini — are also reportedly eyeing the market.
In response to growing interest, London St Pancras Highspeed (LSPH), the company that owns the UK end of the Channel Tunnel rail line, recently introduced new financial incentives to encourage rival operators to enter the space.
Consumer appetite for alternatives is also shifting. With flight emissions under increasing scrutiny and demand rising for affordable, eco-conscious travel, long-haul train routes up to six hours are now seen as viable competitors to short-haul air travel.
If successful, Trenitalia’s move could herald a broader wave of liberalization in Europe’s high-speed rail sector, mirroring what low-cost airlines did to air travel in the early 2000s. It could also bring cheaper fares, better service, and more frequent departures between two of Europe’s most visited capitals.
Still, much remains to be seen, including how Eurostar will respond, how infrastructure will accommodate new operators, and how funding models will evolve for such large-scale projects.
But one thing is clear: Eurostar’s grip on the London–Paris route is loosening — and the race to reshape Europe’s high-speed future is heating up.
