Eurostar Group
Eurostar Group is the Belgian holding company that owns the Eurostar high-speed rail businesses serving the United Kingdom and continental Europe.
Last updated August 25, 2026
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Overview
Eurostar Group is a Brussels-based Belgian holding company created in 2022 to unify the ownership of two major European high-speed rail operations: Eurostar International Limited, the operator of cross-Channel Eurostar services, and THI Factory, the company that had operated the Thalys network in continental Europe. The group is majority owned by SNCF Voyageurs and markets the combined network under the Eurostar name. The group’s origins lie in two distinct rail businesses. Cross-Channel Eurostar services began on 14 November 1994, connecting Britain with France and Belgium through the Channel Tunnel. The service was initially operated by a partnership involving SNCF, NMBS/SNCB and European Passenger Services, a British Rail subsidiary. Following the privatization of British Rail in 1996, European Passenger Services became Eurostar (UK) Limited under London and Continental Railways. Financial difficulties surrounding the Channel Tunnel Rail Link and weaker-than-expected patronage led to continuing government involvement. In 2010, the British operator was renamed Eurostar International Limited, and the three national operations were consolidated within that company. Its ownership was subsequently reorganized, with SNCF holding the majority stake and the British government’s former interest later sold to CDPQ and Hermes Infrastructure. The continental business developed separately under the Thalys brand. SNCF and NMBS/SNCB began operating international passenger services between France and Belgium in 1996, later extending the network to the Netherlands and Germany. Thalys International managed the operation, with Deutsche Bahn briefly holding a minority interest after 2007. In 2015, THI Factory assumed direct operational responsibility for Thalys services. Thalys International was absorbed into THI Factory in 2022. The planned combination of the two businesses was known as Green Speed. Announced publicly in 2019, the project was intended to reduce duplicated costs, simplify ticketing, create a single loyalty proposition and offer passengers a more integrated international network. The COVID-19 pandemic delayed implementation, but the project resumed in 2021. The European Commission approved the transaction in March 2022, and Eurostar Group was established in Belgium the following month. Full ownership of Eurostar International Limited and THI Factory was transferred to the new holding company. The integration involved retiring the Thalys brand and operating both businesses under the Eurostar identity. During the transition, the former Eurostar operation was informally characterized as Eurostar Blue and the former Thalys operation as Eurostar Red. The resulting network connects major cities including London, Paris, Brussels, Amsterdam, Rotterdam, Cologne and other destinations through high-speed international rail routes. Eurostar Group’s strategic proposition is based on international city-centre rail travel, combining the Channel Tunnel service with continental high-speed routes. It competes with airlines and, on some corridors, other rail operators. The business promotes rail as a lower-carbon alternative to short-haul air travel, while seeking the operational efficiencies and customer recognition associated with a unified brand. In January 2024, the group reported 18.9 million passengers for 2023, a 22 percent increase over 2022 and a return to pre-pandemic passenger levels. It stated an ambition to reach 30 million annual passengers by 2030.
History
Eurostar Group emerged from the consolidation of two European high-speed rail businesses that had developed under separate ownership and brand structures. The first was the cross-Channel Eurostar operation, launched on 14 November 1994 after the opening of the Channel Tunnel. It was initially organized as a joint venture involving SNCF in France, NMBS/SNCB in Belgium and European Passenger Services, a British Rail subsidiary. The British element changed substantially after the privatization of British Rail in 1996. European Passenger Services was transferred to London and Continental Railways, the private consortium responsible for developing and operating the Channel Tunnel Rail Link, later known as High Speed 1. The business was renamed Eurostar (UK) Limited, with the expectation that Eurostar revenue would contribute to financing the new rail infrastructure. Passenger demand did not meet the original expectations, and London and Continental Railways required government support. In 2010, Eurostar (UK) Limited became Eurostar International Limited. The three national Eurostar operations were then brought together under EIL, whose ownership was restructured among SNCF, London and Continental Railways and NMBS/SNCB. In 2014, the British government received the former LCR interest, and in 2015 sold that 40 percent stake to CDPQ and Hermes Infrastructure for £760 million. The second business was the Thalys network. SNCF and NMBS/SNCB began jointly operating high-speed passenger services between France and Belgium in 1996. The network later expanded to the Netherlands and Germany. Thalys International, initially known as Westrail International, managed the service as a Belgian cooperative structure. SNCF and NMBS/SNCB were its principal shareholders, while Deutsche Bahn acquired a minority stake in 2007 before announcing its withdrawal in 2013. After Deutsche Bahn’s departure, SNCF and NMBS/SNCB created THI Factory with a 60:40 ownership division. THI Factory assumed direct operation of Thalys in March 2015, and Thalys International was absorbed into it in February 2022. The two businesses began pursuing a merger under the Green Speed project, publicly reported in 2019. The proposed structure was designed to reduce duplicated activities, provide a common ticketing platform and loyalty program, and make the combined international network easier to use. The European Passengers’ Federation criticized the plan over concerns that reduced competition could create a stronger monopoly position and contribute to higher fares. The COVID-19 pandemic delayed the timetable, but the project resumed in October 2021. The European Commission approved the transaction on 29 March 2022. Eurostar Group was incorporated in Belgium in April 2022, and ownership of EIL and THI Factory was transferred to it. SNCF retained majority control, while the group’s other shareholders reflected the former ownership of the two operating companies. The commercial strategy called for the Thalys name to be retired and all services to be presented under the Eurostar brand. The legacy Eurostar and Thalys operations were temporarily distinguished as Eurostar Blue and Eurostar Red during the integration process. The resulting group operates an international high-speed passenger network spanning the United Kingdom, France, Belgium, the Netherlands and Germany. Its principal competitive proposition is direct city-centre rail travel through the Channel Tunnel and across continental Europe, offering an alternative to short-haul aviation. In 2023, the group carried 18.9 million passengers, a 22 percent increase from the previous year. Eurostar Group stated a goal of reaching 30 million passengers annually by 2030.
- 2023
Passenger volumes return to pre-pandemic levels
[1]The combined group records 18.9 million passengers during the year.
- 2022
European Commission approves the combination
[1]Regulatory approval is granted on 29 March for the integration of the Eurostar and THI Factory businesses.
- 2022
Eurostar Group is established
[1]The Belgian holding company is created and becomes the owner of Eurostar International Limited and THI Factory.
- 2019
Green Speed merger plan reported
[1]Eurostar International Limited and THI Factory shareholders pursue a plan to combine the two high-speed rail businesses.
- 2015
THI Factory takes over direct Thalys operations
[1]The Belgian company THI Factory assumes direct operational responsibility for the Thalys network.
- 2010
Eurostar International Limited created
[1]Eurostar (UK) Limited is renamed Eurostar International Limited and the national Eurostar operations are consolidated under it.
- 1996
British Eurostar operation transferred after rail privatization
[1]European Passenger Services becomes part of London and Continental Railways and is renamed Eurostar (UK) Limited.
- 1996
Thalys services begin
[1]SNCF and NMBS/SNCB begin operating international high-speed passenger services between France and Belgium under the Thalys concept.
- 1994
Cross-Channel Eurostar services begin
[1]Eurostar services begin on 14 November, linking the United Kingdom with France and Belgium through the Channel Tunnel.
Products and positioning
A premium international high-speed rail group positioned as a convenient, city-centre alternative to short-haul air travel and as a unified European rail brand.
Passenger rail service · 1994
Eurostar international high-speed rail
The group’s core offering is international high-speed passenger rail connecting the United Kingdom with France and Belgium through the Channel Tunnel, together with routes linking major cities in France, Belgium and the Netherlands. Services are designed around city-centre to city-centre travel and compete primarily with short-haul air routes.
Passenger rail service · 1996
Former Thalys continental network
The former Thalys operation forms the continental-European component of the group’s network. It developed from services launched by SNCF and NMBS/SNCB in 1996 and expanded to destinations in Belgium, France, the Netherlands and Germany. Following the brand integration, these services are operated and marketed within the Eurostar system.
Customer platform · 2022
Integrated ticketing and loyalty proposition
A central objective of the Green Speed integration was to provide passengers with a more unified booking, ticketing and loyalty experience across the former Eurostar and Thalys networks. The combined proposition is intended to make cross-border journeys easier to plan and support a single international brand relationship.
Marketing campaigns
- 2021Green Speed
Belgium · France · Germany · Netherlands · United Kingdom
Green Speed was the strategic integration program for combining Eurostar International Limited and THI Factory. Its stated goals included lower operating complexity, common ticketing, a shared loyalty program and a more seamless passenger experience across the two networks.
Outcome. Regulatory approval was obtained in 2022, Eurostar Group was formed, and the Thalys brand was subsequently replaced by Eurostar.
Brand decisions
2022
Creation of Eurostar GroupM&ABackground
Eurostar International Limited and THI Factory operated overlapping international routes but remained separate companies and brands.
Action taken
A Belgian holding company was established to take full ownership of both operating businesses and combine their strategic direction.
Aftermath
SNCF retained majority control, the Thalys brand was retired, and the combined network was presented under Eurostar.
2022
Retirement of the Thalys brandStrategyBackground
The Green Speed plan sought to create a single recognizable international high-speed rail brand.
Action taken
Thalys services were placed under the Eurostar identity, with the legacy businesses temporarily described as Eurostar Red and Eurostar Blue.
Aftermath
Eurostar became the customer-facing brand for the group’s combined United Kingdom and continental European network.
2015
Sale of the British government’s former Eurostar stakeM&ABackground
The British government had acquired London and Continental Railways’ interest in Eurostar International Limited after the restructuring of the Channel Tunnel Rail Link business.
Action taken
HM Treasury sold the 40 percent stake to CDPQ and Hermes Infrastructure for £760 million.
Aftermath
The transaction left SNCF with majority ownership of Eurostar International Limited while introducing long-term infrastructure investors as minority shareholders.
Sale value. £760 million (2015)
Sources1 sources
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