Eurostar CEO Gwendoline Cazenave Leads €2B Green Revival
Summary
Eurostar has announced a €2 billion order for 50 Alstom-built double-decker Avelia Horizon trains, branded Celestia — the largest fleet expansion in the company’s history. The new trains will begin entering service as older models are phased out by 2030, boosting capacity by around 30% and cutting electricity use per seat by about 20%.
Under CEO Gwendoline Cazenave, Eurostar has recovered from pandemic losses and returned to profitability in 2024. The company expects revenues to exceed €2 billion by 2026. Major shareholders include CDPQ and SNCF Voyageurs following the Thalys merger that created the unified Eurostar Group.
Celestia is positioned as both a climate and commercial play: recyclable materials, improved digital connectivity and lower running costs aim to make cross-border rail more competitive with short-haul flights. However, financing the project will add long-term obligations and Eurostar still faces regulatory, border-control and station-access challenges stemming from post‑Brexit arrangements.
Key Points
- €2 billion investment for 50 Alstom Avelia Horizon (Celestia) double-decker trains — largest expansion in Eurostar history.
- New fleet increases passenger capacity by ~30% and reduces electricity consumption per seat by ~20%.
- Eurostar returned to profitability in 2024 and projects annual revenues above €2 billion by 2026.
- Ownership mix: Caisse de dépôt et placement du Québec (CDPQ) and SNCF Voyageurs, with smaller stakes held by others.
- Celestia focuses on sustainability (recyclable materials) and digital connectivity to improve passenger experience and lower maintenance costs.
- Major risks include higher long-term debt from financing, regulatory and border-control hurdles, and potential demand fluctuations.
Why should I read this?
Quick and blunt — this is big. If you care about sustainable travel, transport strategy or corporate turnarounds, Eurostar’s €2bn bet tells you where European rail is headed. It’s a snapshot of greener infrastructure meeting hard-nosed finance. We’ve read the detail so you don’t have to — here’s the gist.
Context and Relevance
This investment sits at the intersection of three ongoing trends: decarbonisation of transport, the fight for modal shift away from short-haul aviation, and consolidation/modernisation of legacy rail operators after pandemic and Brexit disruptions. Eurostar’s move signals confidence in cross-border rail demand and could spur competitors and policymakers to prioritise rail infrastructure and harmonised border procedures across Europe.
